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)

Ryan Larrenaga 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, 2016

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, 2016

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of actively managed investment strategies and solutions for individual, institutional and corporate clients around the world.

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $472 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 13th largest manager of long-term mutual fund assets in the U.S.** and the 4th largest manager of retail funds in the U.K.***

Our priority is the investment success of our clients. We aim to deliver the investment outcomes they expect through an investment approach that is team-based, performance-driven and risk-aware. Our culture is dynamic and interactive. By sharing our insights across asset classes and geographies, we generate richer perspectives on global, regional and local investment landscapes. The ability to exchange and debate investment ideas in a collaborative environment enriches our teams' investment processes. More importantly, it results in better informed investment decisions for our clients.

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

* In U.S. dollars as of December 31, 2015. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies. Contact us for more current data.

** Source: ICI as of December 31, 2015 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of September 2015 for Threadneedle Asset Management Limited.

Not part of the shareholder report

Investment strategies to help meet investor needs

We are committed to helping investors navigate financial challenges to reach their desired outcomes. The possibilities are endless.

Your success is our priority.

Retire comfortably

Fund college or higher education

Leave a legacy

Generate an appropriate stream of income in retirement

Traditional approaches to income may no longer be adequate — and they may no longer provide the diversification benefits they once did. Investors need to rethink how they generate retirement income.

Worried about running out of income? You are not alone.

Navigate a changing interest rate environment

Even in today's challenging interest rate environment, it's still possible to navigate markets and achieve your goals.

Make investment choices designed specifically for this market environment.

Maximize after-tax returns

In an environment where what you keep is more important than what you earn, municipal bonds can help mitigate higher taxes while providing attractive yields compared to other investment options.

You've worked too hard building your wealth to lose it to taxes.

Grow assets to achieve financial goals

Finding growth opportunities in today's complex market environment requires strong research capabilities, creative thinking and a disciplined approach.

Do your investments deliver the portfolio growth you need?

Ease the impact of volatile markets

With increasing concerns about market volatility, investors should consider diversifying their portfolios with non-traditional holdings.

Interested in turning volatility into opportunity?

To find out more, contact your financial professional, call 800.426.3750 or visit columbiathreadneedle.com/us

Not part of the shareholder report

Get the market insight you need from our investment experts and subscribe to our latest publications

Stay informed with Columbia Threadneedle Investments

Investor insight

Find economic and market commentary, investment videos, white papers, mutual fund commentary and more at columbiathreadneedle.com/us.

Subscribe to the latest information from Columbia Threadneedle. Register your information online at columbiathreadneedle.com/us/subscribe and select the publications you would like to receive, including:

n Columbia Threadneedle Investor Newsletter, highlighting the latest macro- and micro-economic trends, investment themes, products, service changes and other items of interest to our investors

n Investment Strategy Outlook, showcasing the Columbia Threadneedle Asset Allocation Team's perspective on global economic investment conditions and markets

n MarketTrack, featuring straightforward insight on current investment opportunities

n White papers that delve deep into a variety of investment topics

n Quarterly portfolio manager commentary and fund fact sheets

Update your subscriptions at any time by accessing the email subscription center.

Social media

We offer you multiple ways to access our market commentary and investment insights.

n Perspectives blog at columbiathreadneedle.com/us
Read timely posts by our investment team, including our chief investment officer, chief economist and portfolio managers.

n Twitter.com/CTinvest_US
Follow us on Twitter for quick, up-to-the-minute comments on market news and more.

n Youtube.com/CTInvestUS
View our commentaries on the economy, markets and current investment opportunities.

n Linkedin.com/company/Columbia-Threadneedle-Investments-US
Connect with us on LinkedIn for updates from our thought leaders.

Not part of the shareholder report

PRESIDENT'S MESSAGE

Dear Shareholder,

Today's investors are typically focused on outcomes, like living a certain retirement lifestyle, paying for college education or building a legacy. But in today's complex global investment landscape, even simple goals are not easily achieved.

At Columbia Threadneedle Investments, we aspire to help satisfy five core needs of today's investors:

n Generate an appropriate stream of income in retirement

Traditional approaches to generating income may not provide the diversification benefits they once did, and they may actually introduce unwanted risk in today's market. To seek to improve your potential to live comfortably long term, we endeavor to pursue investments that explore less traveled paths to income.

n Navigate a changing interest rate environment

Today's uncertain market environment includes the prospect of a rise in interest rates. Blending traditional investments with non-traditional or alternative products may help protect your wealth during periods of volatility. We can attempt to help strengthen your portfolio with agile products designed to take on the market's ups and downs.

n Maximize after-tax returns

In an environment where what you keep may be more important than what you earn, municipal bonds can help mitigate high tax burdens while providing potentially attractive yields. Our state and federal tax-exempt products are aimed at helping investors manage risk, minimize the fluctuation of capital and grow wealth on a more tax-efficient basis.

n Grow assets to achieve financial goals

We believe that finding and protecting growth comes from a disciplined security selection process designed to create excess return. Our goal is to provide investment solutions built to help you face today's market challenges and grow your assets at each crossroad of your journey.

n Ease the impact of volatile markets

Despite a bull market run that has benefited many investors over the past several years, it's important to remember the lessons of 2008 and the value that a well-diversified portfolio may provide through times of market volatility. We are here to help you hold onto the savings you have worked tirelessly to amass, and to provide you the best opportunity to maintain your standard of living regardless of market conditions.

Find out today how we can help you confidently invest to realize your dreams. Please visit us at blog.columbiathreadneedleus.com/our-best-ideas to learn more about our unique investment solutions.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us.

Sincerely,

Christopher O. Petersen
President, Columbia Funds

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and summary prospectus, which contains this and other important information about a fund, visit columbiathreadneedle.com/us. 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 2016

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

TABLE OF CONTENTS

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 columbiathreadneedle.com/us 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.

Performance Overview					3
Manager Discussion of Fund Performance					5
Understanding Your Fund's Expenses					7
Portfolio of Investments					8
Statement of Assets and Liabilities					14
Statement of Operations					16
Statement of Changes in Net Assets					17
Financial Highlights					19
Notes to Financial Statements					27
Report of Independent Registered Public Accounting Firm					35
Federal Income Tax Information					36
Trustees and Officers					37
Important Information About This Report					43

Annual Report 2016

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

PERFORMANCE OVERVIEW

Performance Summary

n Columbia Global Strategic Equity Fund (the Fund) Class A shares returned -6.66% excluding sales charges for the 12-month period that ended January 31, 2016.

n While absolute returns disappointed, the Fund outperformed its benchmark, the MSCI ACWI (Net), which returned -6.80% during the period.

n We attribute the Fund's outperformance of its benchmark primarily to positioning, via underlying funds, in information technology and materials, which more than offset positioning in consumer staples, which detracted.

Average Annual Total Returns (%) (for period ended January 31, 2016)

	Inception	1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			-6.66		6.04		4.89
Including sales charges			-12.05		4.79		4.27
Class B	08/12/97
Excluding sales charges			-7.40		5.25		4.11
Including sales charges			-10.99		4.94		4.11
Class C	10/15/96
Excluding sales charges			-7.38		5.26		4.11
Including sales charges			-8.10		5.26		4.11
Class K*	03/07/11		-6.59		6.15		4.95
Class R	01/23/06		-6.91		5.79		4.63
Class R4*	11/08/12		-6.55		6.20		4.97
Class R5*	11/08/12		-6.32		6.32		5.03
Class Z	10/15/96		-6.48		6.32		5.17
MSCI ACWI (Net)			-6.80		4.45		3.61

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 columbiathreadneedle.com/us 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 columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information.

On June 1, 2015, the MSCI ACWI (Net) (the New Index) replaced the S&P 500 Index (the Former Index) as the Fund's primary benchmark. The Fund's investment manager believes that the New Index provides a more appropriate basis for comparing the Fund's performance. Information on the New Index and the Former Index will be included for a one-year transition period.

The MSCI ACWI (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 45 country indices comprising 24 developed and 21 emerging market country indices.

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 (except the MSCI ACWI (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 2016
3

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

PERFORMANCE OVERVIEW (continued)

Performance of a Hypothetical $10,000 Investment (February 1, 2006 – January 31, 2016)

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

Annual Report 2016
4

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE

For the 12-month period that ended January 31, 2016, the Fund's Class A shares returned -6.66% excluding sales charges. While absolute returns disappointed, the Fund outperformed its benchmark, the MSCI ACWI (Net), which returned -6.80% during the period. We attribute the Fund's outperformance relative to its benchmark primarily to positioning, via underlying funds, in information technology and materials, which more than offset positioning in consumer staples, which detracted.

Global Equities Struggled Amid Low Economic Growth

The 12-month period ended January 31, 2016 was a difficult one for global equity markets. Low interest rates and low economic growth persisted across developed markets. Emerging markets were even harder hit not only by slowing economic growth but also by structural concerns, such as those seen in Greece. Most dramatically, perhaps, amid an imbalance of supply and demand, we saw plummeting commodity prices, which particularly impacted oil-producing nations and businesses. Divergent central bank policy, geopolitical risk, a strong U.S. dollar, a devaluation of China's renminbi and a broad overcapacity of industrial goods around the world further impacted global equity markets during the period.

The broad global equity market, as measured by the benchmark, underperformed the broad U.S. equity market. Within the benchmark, Denmark and Ireland were the best performers for the period, while Greece and Brazil were the biggest laggards. From a sector perspective, consumer staples was the only sector in the benchmark to post a positive absolute return during the period, as consumers benefited from savings at the gas pump. Other consumer-oriented sectors, including consumer discretionary, telecommunication services and health care, also outpaced the broad benchmark during the period. In contrast, materials and energy were the worst performers in the benchmark by a wide margin during the period, driven primarily by lower commodity prices.

Positioning In Information Technology and Materials Supported Relative Results

An overweight position in information technology and an underweight position in materials relative to the benchmark, via positions in underlying funds, contributed positively to the Fund's relative results. An overweighting allocation to Japan was the biggest regional positive contributor. Stock selection also proved effective, as the Fund's Japan sleeve, invested directly in Japanese equities, performed ahead of the relatively strong Japanese equity market. Other positive contributors included positions in underlying funds Columbia Contrarian Core Fund, Columbia Dividend Income Fund and Columbia Global Technology Growth Fund, each of which handily beat its respective underlying benchmark.

The sector that detracted most from relative results was consumer staples, as the Fund was underweight, via positions in underlying funds, the best performer in the benchmark during the period. Further, while the Fund's exposure to U.S. large-cap growth equities, via positions in Columbia Select Large Cap Growth Fund and Columbia Large Cap Growth Fund, performed well through much of the period, the significant sell-off of

Portfolio Management

Mark Burgess

Melda Mergen, CFA, CAIA*

*Effective March 9, 2016, Robert McConnaughey no longer serves as Portfolio Manager of the Fund. Melda Mergen was added as a Co-manager of the Fund.

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.

© 2016 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, 2016)
Common Stocks					10.2
Equity Funds					83.5
Exchange-Traded Funds					2.1
Fixed-Income Funds					3.8
Money Market Funds					0.4
Total					100.0

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

Annual Report 2016
5

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Investment Risks

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Asset allocation does not assure a profit or protect against loss. The Fund's investment in other funds subjects it to the investment performance (positive or negative), risks and expenses of these underlying funds. ETFs trade like stocks, are subject to investment risk and will fluctuate in market value. Investment products, including shares of mutual funds, are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses or limited gains. See the Fund's prospectus for information on these and other risks.

growth assets at year-end 2015 and early 2016 in favor of more value-oriented equities, ultimately dampened relative results for the period overall. Other notable detractors during the period were positions in underlying funds Columbia Convertible Securities Fund and Columbia Global Infrastructure Fund, which each saw surprisingly volatile asset class performance as well as relative underperformance to their respective investment universes.

Portfolio Changes

Changes within the portfolio can be driven by active trading, by directing allocations to select market segments or by market appreciation or depreciation within a given market segment, all via investments in underlying funds. During the period, the most notable changes in the Fund were driven by the change of benchmark index to the MSCI ACWI (Net). The Fund had always included significant global exposures but operated versus a U.S.-centric benchmark. To appropriately reflect this shift, we added significantly to the Fund's international exposures via underlying funds implementing global and international equity strategies.

Annual Report 2016
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COLUMBIA GLOBAL STRATEGIC EQUITY FUND

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, 2015 – January 31, 2016

	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		889.90		1,022.34		2.45		2.62		0.52		5.98		6.40		1.27
Class B		1,000.00		1,000.00		886.40		1,018.60		5.97		6.39		1.27		9.50		10.17		2.02
Class C		1,000.00		1,000.00		886.90		1,018.60		5.97		6.39		1.27		9.50		10.17		2.02
Class K		1,000.00		1,000.00		890.30		1,022.84		1.98		2.12		0.42		5.51		5.90		1.17
Class R		1,000.00		1,000.00		889.40		1,021.09		3.63		3.88		0.77		7.16		7.66		1.52
Class R4		1,000.00		1,000.00		890.80		1,023.59		1.27		1.36		0.27		4.81		5.15		1.02
Class R5		1,000.00		1,000.00		891.90		1,024.08		0.80		0.86		0.17		4.34		4.64		0.92
Class Z		1,000.00		1,000.00		891.50		1,023.59		1.27		1.36		0.27		4.81		5.15		1.02

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

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 2016
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COLUMBIA GLOBAL STRATEGIC EQUITY FUND

PORTFOLIO OF INVESTMENTS

January 31, 2016

(Percentages represent value of investments compared to net assets)

Equity Funds 83.4%

	Shares		Value ($)
DIVIDEND INCOME 13.1%
Columbia Dividend Income Fund, Class I Shares^(a)		1,546,484		26,553,134
Columbia Global Dividend Opportunity Fund, Class I Shares^(a)		3,659,863		57,789,240
Total				84,342,374
INTERNATIONAL 49.9%
Columbia Asia Pacific ex-Japan Fund, Class I Shares^(a)		1,545,119		13,875,173
Columbia Emerging Markets Fund, Class I Shares^(a)(b)		2,109,773		17,996,366
Columbia European Equity Fund, Class I Shares^(a)		9,393,015		57,297,390
Columbia Global Energy and Natural Resources Fund, Class I Shares^(a)(b)		1,206,040		16,884,557
Columbia Global Equity Value Fund, Class I Shares^(a)		1,852,643		19,045,170
Columbia Global Infrastructure Fund, Class I Shares^(a)		2,374,594		25,693,104
Columbia Global Technology Growth Fund, Class I Shares^(a)(b)		3,012,176		59,068,777
Columbia International Opportunities Fund, Class I Shares^(a)(b)		2,134,832		27,048,320
Columbia Overseas Value Fund, Class I Shares^(a)		2,425,769		18,702,676
Columbia Select Global Equity Fund, Class I Shares^(a)		6,850,002		65,212,022
Total				320,823,555
U.S. LARGE CAP 16.6%
Columbia Contrarian Core Fund, Class I Shares^(a)		1,860,167		37,240,531
Columbia Disciplined Core Fund, Class I Shares^(a)		2,393,964		21,617,496
Columbia Large Cap Growth Fund, Class I Shares^(a)(b)		1,077,990		33,881,237
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		923,460		13,574,861
Total				106,314,125
U.S. SMALL CAP 3.8%
Columbia Small Cap Growth Fund I, Class I Shares^(a)(b)		1,590,402		24,508,088
Total Equity Funds (Cost: $627,618,048)				535,988,142

Fixed-Income Funds 3.8%

	Shares		Value ($)
CONVERTIBLE 3.8%
Columbia Convertible Securities Fund, Class I Shares^(a)		1,623,781		24,600,291
Total Fixed-Income Funds (Cost: $24,360,465)				24,600,291
Exchange-Traded Funds 2.1%
Financial Select Sector SPDR Fund		623,746		13,541,526
Total Exchange-Traded Funds (Cost: $15,507,316)				13,541,526

Common Stocks 10.2%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 2.0%
Automobiles 1.2%
Fuji Heavy Industries Ltd.		76,300		3,122,419
Mazda Motor Corp.		95,400		1,736,063
Toyota Motor Corp.		47,500		2,860,904
Total				7,719,386
Household Durables 0.2%
Sony Corp.		63,400		1,471,471
Leisure Products 0.2%
Shimano, Inc.		9,400		1,499,534
Media 0.4%
Daiichikosho Co., Ltd.		59,100		2,382,394
Total Consumer Discretionary				13,072,785
CONSUMER STAPLES 0.8%
Food & Staples Retailing 0.7%
San-A Co., Ltd.		43,700		2,016,833
Tsuruha Holdings, Inc.		26,500		2,199,097
Total				4,215,930
Personal Products 0.1%
Kao Corp.		13,300		713,749
Total Consumer Staples				4,929,679

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

Annual Report 2016
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COLUMBIA GLOBAL STRATEGIC EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
FINANCIALS 2.2%
Banks 0.8%
Aozora Bank Ltd.		503,000		1,684,804
Mitsubishi UFJ Financial Group, Inc.		543,500		2,787,013
Sumitomo Mitsui Financial Group, Inc.		28,200		946,071
Total				5,417,888
Capital Markets 0.3%
Nihon M&A Center, Inc.		45,700		2,163,792
Diversified Financial Services 0.4%
ORIX Corp.		189,100		2,674,340
Insurance 0.2%
Tokio Marine Holdings, Inc.		33,000		1,180,728
Real Estate Investment Trusts (REITs) 0.1%
Invincible Investment Corp.		1,111		681,892
Real Estate Management & Development 0.4%
Relo Holdings, Inc.		19,200		2,298,908
Total Financials				14,417,548
HEALTH CARE 1.6%
Biotechnology 0.2%
PeptiDream, Inc.^(b)		34,400		1,116,260
Health Care Equipment & Supplies 1.0%
Asahi Intecc Co., Ltd.		23,900		1,101,456
CYBERDYNE, Inc.^(b)		35,000		586,113
Hoya Corp.		64,000		2,470,546
Nakanishi, Inc.		16,000		625,104
Sysmex Corp.		22,200		1,429,516
Total				6,212,735
Health Care Technology 0.2%
M3, Inc.		58,200		1,334,846
Pharmaceuticals 0.2%
Astellas Pharma, Inc.		96,600		1,337,578
Total Health Care				10,001,419
INDUSTRIALS 2.0%
Construction & Engineering 0.3%
Raito Kogyo Co., Ltd.		176,200		1,541,127

Common Stocks (continued)

Issuer	Shares		Value ($)
Machinery 0.5%
Hoshizaki Electric Co., Ltd.		16,200		1,132,885
Nihon Trim Co., Ltd.		28,300		976,817
Shinmaywa Industries Ltd.		161,000		1,300,466
Total				3,410,168
Professional Services 0.1%
Tanseisha Co., Ltd.		104,200		664,872
Road & Rail 0.4%
Central Japan Railway Co.		9,100		1,689,084
Trancom Co., Ltd.		17,300		1,033,406
Total				2,722,490
Trading Companies & Distributors 0.7%
ITOCHU Corp.		250,500		2,944,109
MonotaRO Co., Ltd		52,900		1,222,897
Total				4,167,006
Total Industrials				12,505,663
INFORMATION TECHNOLOGY 0.5%
Electronic Equipment, Instruments & Components 0.5%
Keyence Corp.		4,900		2,312,240
Murata Manufacturing Co., Ltd.		8,000		925,343
Total				3,237,583
Total Information Technology				3,237,583
MATERIALS 0.1%
Chemicals 0.1%
Nitto Denko Corp.		10,400		598,044
Total Materials				598,044
TELECOMMUNICATION SERVICES 1.0%
Diversified Telecommunication Services 0.5%
Nippon Telegraph & Telephone Corp.		82,800		3,525,013
Wireless Telecommunication Services 0.5%
KDDI Corp.		122,000		3,089,358
Total Telecommunication Services				6,614,371
Total Common Stocks (Cost: $66,612,066)				65,377,092

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

Annual Report 2016
9

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016

Money Market Funds 0.4%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.360%^(a)(c)		2,603,359		2,603,359
Total Money Market Funds (Cost: $2,603,359)				2,603,359
Total Investments (Cost: $736,701,254)				642,110,410
Other Assets & Liabilities, Net				607,255
Net Assets				642,717,665

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 the company's 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, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Asia Pacific ex-Japan Fund, Class I Shares		—		21,949,921		(1,393,614	)		(158,667	)		20,397,640		—		3,515,442		13,875,173
Columbia Contrarian Core Fund, Class I Shares		58,147,811		2,325,356		(38,336,849	)		16,438,805			38,575,123		1,154,229		1,170,567		37,240,531
Columbia Convertible Securities Fund, Class I Shares		40,390,970		3,514,688		(26,604,769	)		7,059,576			24,360,465		1,839,425		1,673,504		24,600,291
Columbia Disciplined Core Fund, Class I Shares		10,013,902		11,690,872		(4,708,966	)		1,948,994			18,944,802		—		393,185		21,617,496
Columbia Disciplined Growth Fund, Class I Shares		34,931,708		2,646		(38,859,534	)		3,925,180			—		—		—		—
Columbia Dividend Income Fund, Class I Shares		71,248,036		3,299,532		(72,155,947	)		22,537,108			24,928,729		1,477,747		1,820,595		26,553,134
Columbia Dividend Opportunity Fund, Class I Shares		56,281,445		1,182,473		(64,973,739	)		7,509,821			—		—		1,175,202		—
Columbia Emerging Markets Fund, Class I Shares		37,956,119		6,081,003		(20,730,666	)		(2,388,823	)		20,917,633		—		—		17,996,366
Columbia European Equity Fund, Class I Shares		—		73,941,069		(5,560,281	)		(192,249	)		68,188,539		1,847,384		946,414		57,297,390
Columbia Flexible Capital Income Fund, Class I Shares		43,272,274		933,960		(48,849,562	)		4,643,328			—		—		914,486		—
Columbia Global Dividend Opportunity Fund, Class I Shares		60,079,324		19,640,189		(9,506,731	)		(1,825,543	)		68,387,239		—		1,941,348		57,789,240
Columbia Global Energy and Natural Resources Fund, Class I Shares		37,672,603		7,806,713		(15,450,896	)		(5,983,999	)		24,044,421		—		—		16,884,557
Columbia Global Equity Value Fund, Class I Shares		—		24,228,395		(1,605,442	)		(87,517	)		22,535,436		166,201		315,405		19,045,170
Columbia Global Infrastructure Fund, Class I Shares		41,606,420		6,415,329		(5,194,323	)		(1,838,532	)		40,988,894		5,820,790		591,953		25,693,104
Columbia Global Technology Growth Fund, Class I Shares		—		68,832,123		(6,871,867	)		193,050			62,153,306		1,050,736		—		59,068,777
Columbia International Opportunities Fund, Class I Shares		—		34,111,809		(2,838,035	)		(102,617	)		31,171,157		—		—		27,048,320

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

Annual Report 2016
10

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016

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 Cap Growth Fund, Class I Shares		18,786,735		22,332,298		(8,304,476	)		2,671,158			35,485,715		3,559,581		—		33,881,237
Columbia Mid Cap Growth Fund, Class I Shares		50,713,121		17,724		(53,560,620	)		2,829,775			—		—		—		—
Columbia Overseas Value Fund, Class I Shares		—		48,021,673		(24,558,672	)		(1,840,058	)		21,622,943		—		515,343		18,702,676
Columbia Pacific/Asia Fund, Class I Shares		12,792,594		104,254		(16,195,078	)		3,298,230			—		41,554		51,874		—
Columbia Real Estate Equity Fund, Class I Shares		26,170,810		1,301,644		(29,933,757	)		2,461,303			—		979,351		322,294		—
Columbia Select Global Equity Fund, Class I Shares		—		79,577,146		(9,686,681	)		(206,266	)		69,684,199		—		—		65,212,022
Columbia Select Large Cap Equity Fund, Class I Shares		26,594,087		2,344,635		(26,259,516	)		(2,679,206	)		—		2,056,864		274,901		—
Columbia Select Large Cap Growth Fund, Class I Shares		56,635,538		5,250,470		(65,128,427	)		19,832,603			16,590,184		5,200,824		—		13,574,861
Columbia Short-Term Cash Fund		—		85,696,913		(83,093,554	)		—			2,603,359		—		2,386		2,603,359
Columbia Small Cap Growth Fund I, Class I Shares		47,276,556		10,441,949		(13,924,048	)		(792,369	)		43,002,088		10,402,467		—		24,508,088
Total		730,570,053		541,044,784		(694,286,050	)		77,253,085			654,581,872		35,597,153		15,624,899		563,191,792

(b) Non-income producing investment.

Fair Value Measurements

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

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

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

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

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

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

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

Annual Report 2016
11

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016

Fair Value Measurements (continued)

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

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 2016
12

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Equity Funds		535,988,142		—		—		535,988,142
Fixed-Income Funds		24,600,291		—		—		24,600,291
Exchange-Traded Funds		13,541,526		—		—		13,541,526
Common Stocks
Consumer Discretionary		—		13,072,785		—		13,072,785
Consumer Staples		—		4,929,679		—		4,929,679
Financials		—		14,417,548		—		14,417,548
Health Care		—		10,001,419		—		10,001,419
Industrials		—		12,505,663		—		12,505,663
Information Technology		—		3,237,583		—		3,237,583
Materials		—		598,044		—		598,044
Telecommunication Services		—		6,614,371		—		6,614,371
Total Common Stocks		—		65,377,092		—		65,377,092
Money Market Funds		—		2,603,359		—		2,603,359
Total Investments		574,129,959		67,980,451		—		642,110,410

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

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets and/or fund per share market values which are not considered publicly available. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

There were no transfers of financial assets between levels during the period.

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

Annual Report 2016
13

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2016

Assets
Investments, at value
Unaffiliated issuers (identified cost $82,119,382)	$	78,918,618
Affiliated issuers (identified cost $654,581,872)		563,191,792
Total investments (identified cost $736,701,254)		642,110,410
Foreign currency (identified cost $347,073)		340,020
Receivable for:
Investments sold		1,415,608
Capital shares sold		243,462
Dividends		57,123
Foreign tax reclaims		24,891
Prepaid expenses		2,955
Total assets		644,194,469
Liabilities
Payable for:
Investments purchased		432,856
Capital shares purchased		889,853
Investment management fees		1,205
Distribution and/or service fees		5,993
Transfer agent fees		62,853
Administration fees		343
Plan administration fees		1
Compensation of board members		24,039
Other expenses		59,661
Total liabilities		1,476,804
Net assets applicable to outstanding capital stock	$	642,717,665
Represented by
Paid-in capital	$	723,692,264
Undistributed net investment income		21,552
Accumulated net realized gain		13,602,335
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(3,200,764	)
Investments — affiliated issuers		(91,390,080	)
Foreign currency translations		(7,642	)
Total — representing net assets applicable to outstanding capital stock	$	642,717,665

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

Annual Report 2016
14

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016

Class A
Net assets	$	522,769,214
Shares outstanding		46,066,953
Net asset value per share	$	11.35
Maximum offering price per share^(a)	$	12.04
Class B
Net assets	$	12,278,505
Shares outstanding		1,232,609
Net asset value per share	$	9.96
Class C
Net assets	$	80,104,064
Shares outstanding		8,136,015
Net asset value per share	$	9.85
Class K
Net assets	$	91,322
Shares outstanding		7,857
Net asset value per share	$	11.62
Class R
Net assets	$	2,253,665
Shares outstanding		201,489
Net asset value per share	$	11.19
Class R4
Net assets	$	71,411
Shares outstanding		6,045
Net asset value per share	$	11.81
Class R5
Net assets	$	340,104
Shares outstanding		28,757
Net asset value per share	$	11.83
Class Z
Net assets	$	24,809,380
Shares outstanding		2,131,703
Net asset value per share	$	11.64

(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 2016
15

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

STATEMENT OF OPERATIONS

Year Ended January 31, 2016

Net investment income
Income:
Dividends — unaffiliated issuers	$	723,186
Dividends — affiliated issuers		15,624,899
Foreign taxes withheld		(47,126	)
Total income		16,300,959
Expenses:
Investment management fees		227,275
Distribution and/or service fees
Class A		1,506,143
Class B		202,349
Class C		942,935
Class R		13,112
Transfer agent fees
Class A		964,664
Class B		32,583
Class C		151,024
Class K		50
Class R		4,201
Class R4		118
Class R5		175
Class Z		67,016
Administration fees		152,348
Plan administration fees
Class K		249
Compensation of board members		18,804
Custodian fees		17,011
Printing and postage fees		103,322
Registration fees		108,069
Audit fees		18,564
Legal fees		11,313
Other		20,057
Total expenses		4,561,382
Expense reductions		(680	)
Total net expenses		4,560,702
Net investment income		11,740,257
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		(1,899,581	)
Investments — affiliated issuers		77,253,085
Capital gain distributions from underlying affiliated funds		35,597,153
Foreign currency translations		58,487
Net realized gain		111,009,144
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(3,200,764	)
Investments — affiliated issuers		(164,702,526	)
Foreign currency translations		(7,642	)
Net change in unrealized depreciation		(167,910,932	)
Net realized and unrealized loss		(56,901,788	)
Net decrease in net assets from operations	$	(45,161,531	)

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

Annual Report 2016
16

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended January 31, 2016			Year Ended January 31, 2015
Operations
Net investment income	$	11,740,257		$	8,168,863
Net realized gain		111,009,144			101,307,403
Net change in unrealized depreciation		(167,910,932	)		(39,982,660	)
Net increase (decrease) in net assets resulting from operations		(45,161,531	)		69,493,606
Distributions to shareholders
Net investment income
Class A		(13,318,216	)		(13,862,717	)
Class B		(319,406	)		(538,218	)
Class C		(1,739,569	)		(1,619,994	)
Class K		(2,283	)		(2,792	)
Class R		(53,623	)		(53,003	)
Class R4		(2,177	)		(368	)
Class R5		(8,879	)		(2,318	)
Class Z		(910,600	)		(1,303,933	)
Net realized gains
Class A		(116,440,092	)		(17,989,405	)
Class B		(3,762,199	)		(950,424	)
Class C		(20,400,096	)		(3,156,769	)
Class K		(19,260	)		(2,770	)
Class R		(511,499	)		(77,174	)
Class R4		(18,379	)		(302	)
Class R5		(69,949	)		(4,229	)
Class Z		(7,218,349	)		(1,500,258	)
Total distributions to shareholders		(164,794,576	)		(41,064,674	)
Increase (decrease) in net assets from capital stock activity		49,111,670			(28,793,992	)
Total decrease in net assets		(160,844,437	)		(365,060	)
Net assets at beginning of year		803,562,102			803,927,162
Net assets at end of year	$	642,717,665		$	803,562,102
Undistributed net investment income	$	21,552		$	549,403

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

Annual Report 2016
17

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended January 31, 2016						Year Ended January 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		4,286,880			59,866,975			3,389,380			52,903,887
Distributions reinvested		7,865,106			102,836,354			1,605,067			25,157,919
Redemptions		(6,629,625	)		(96,085,087	)		(5,275,793	)		(82,891,901	)
Net increase (decrease)		5,522,361			66,618,242			(281,346	)		(4,830,095	)
Class B shares
Subscriptions		69,249			824,483			41,381			588,201
Distributions reinvested		276,665			3,245,485			78,031			1,106,622
Redemptions^(a)		(1,158,577	)		(15,443,704	)		(1,366,697	)		(19,292,713	)
Net decrease		(812,663	)		(11,373,736	)		(1,247,285	)		(17,597,890	)
Class C shares
Subscriptions		941,822			11,545,927			689,063			9,699,013
Distributions reinvested		1,431,675			16,346,154			246,307			3,462,123
Redemptions		(1,370,592	)		(17,423,012	)		(1,062,689	)		(14,991,054	)
Net increase (decrease)		1,002,905			10,469,069			(127,319	)		(1,829,918	)
Class K shares
Distributions reinvested		1,571			20,967			335			5,350
Redemptions		—			—			(4,528	)		(73,306	)
Net increase (decrease)		1,571			20,967			(4,193	)		(67,956	)
Class R shares
Subscriptions		46,241			653,394			50,504			760,887
Distributions reinvested		40,316			523,858			8,107			125,764
Redemptions		(61,623	)		(882,713	)		(95,281	)		(1,460,159	)
Net increase (decrease)		24,934			294,539			(36,670	)		(573,508	)
Class R4 shares
Subscriptions		15,401			233,617			497			8,191
Distributions reinvested		1,585			20,033			33			531
Redemptions		(11,621	)		(154,423	)		(824	)		(13,733	)
Net increase (decrease)		5,365			99,227			(294	)		(5,011	)
Class R5 shares
Subscriptions		8,399			126,968			17,775			289,239
Distributions reinvested		5,816			78,304			396			6,405
Redemptions		(5,420	)		(76,033	)		(75	)		(1,190	)
Net increase		8,795			129,239			18,096			294,454
Class Z shares
Subscriptions		420,245			6,139,485			565,792			9,077,037
Distributions reinvested		174,109			2,367,369			50,980			814,969
Redemptions		(1,747,439	)		(25,652,731	)		(880,017	)		(14,076,074	)
Net decrease		(1,153,085	)		(17,145,877	)		(263,245	)		(4,184,068	)
Total net increase (decrease)		4,600,183			49,111,670			(1,942,256	)		(28,793,992	)

(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.

Annual Report 2016
18

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

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. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

	Year Ended January 31,															Year Ended March 31,
Class A	2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	15.35		$	14.83		$	12.96		$	11.59		$	12.25		$	10.33
Income from investment operations:
Net investment income		0.24			0.17			0.16			0.17			0.09			0.08
Net realized and unrealized gain (loss)		(1.00	)		1.16			2.02			1.42			(0.71	)		1.91
Total from investment operations		(0.76	)		1.33			2.18			1.59			(0.62	)		1.99
Less distributions to shareholders:
Net investment income		(0.33	)		(0.35	)		(0.31	)		(0.22	)		(0.04	)		(0.07	)
Net realized gains		(2.91	)		(0.46	)		—			—			—			—
Total distributions to shareholders		(3.24	)		(0.81	)		(0.31	)		(0.22	)		(0.04	)		(0.07	)
Net asset value, end of period	$	11.35		$	15.35		$	14.83		$	12.96		$	11.59		$	12.25
Total return		(6.66	%)		8.88	%		16.86	%		13.81	%		(4.98	%)		19.35	%
Ratios to average net assets^(b)
Total gross expenses		0.50	%		0.48	%		0.50	%		0.53	%		0.52	%^(c)		0.51	%
Total net expenses^(d)		0.50	%^(e)		0.48	%^(e)		0.50	%^(e)		0.48	%^(e)		0.45	%^(c)(e)		0.51	%
Net investment income		1.66	%		1.10	%		1.17	%		1.38	%		0.93	%^(c)		0.72	%
Supplemental data
Net assets, end of period (in thousands)	$	522,769		$	622,508		$	605,625		$	552,395		$	539,370		$	201,437
Portfolio turnover		75	%		16	%		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) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
19

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended January 31,															Year Ended March 31,
Class B	2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	13.88		$	13.48		$	11.79		$	10.56		$	11.21		$	9.48
Income from investment operations:
Net investment income		0.09			0.04			0.04			0.06			0.00	^(b)		0.00	^(b)
Net realized and unrealized gain (loss)		(0.85	)		1.05			1.86			1.30			(0.63	)		1.75
Total from investment operations		(0.76	)		1.09			1.90			1.36			(0.63	)		1.75
Less distributions to shareholders:
Net investment income		(0.25	)		(0.23	)		(0.21	)		(0.13	)		(0.02	)		(0.02	)
Net realized gains		(2.91	)		(0.46	)		—			—			—			—
Total distributions to shareholders		(3.16	)		(0.69	)		(0.21	)		(0.13	)		(0.02	)		(0.02	)
Net asset value, end of period	$	9.96		$	13.88		$	13.48		$	11.79		$	10.56		$	11.21
Total return		(7.40	%)		8.01	%		16.09	%		12.93	%		(5.60	%)		18.46	%
Ratios to average net assets^(c)
Total gross expenses		1.24	%		1.23	%		1.25	%		1.28	%		1.27	%^(d)		1.26	%
Total net expenses^(e)		1.24	%^(f)		1.23	%^(f)		1.25	%^(f)		1.23	%^(f)		1.20	%^(d)(f)		1.26	%
Net investment income (loss)		0.70	%		0.27	%		0.35	%		0.55	%		0.06	%^(d)		(0.05	%)
Supplemental data
Net assets, end of period (in thousands)	$	12,279		$	28,394		$	44,368		$	59,438		$	82,941		$	74,403
Portfolio turnover		75	%		16	%		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) Rounds to zero.

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

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense 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 2016
20

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended January 31,															Year Ended March 31,
Class C	2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	13.76		$	13.36		$	11.69		$	10.47		$	11.11		$	9.40
Income from investment operations:
Net investment income (loss)		0.12			0.05			0.05			0.07			0.00	^(b)		(0.00	)^(b)
Net realized and unrealized gain (loss)		(0.87	)		1.04			1.83			1.28			(0.62	)		1.73
Total from investment operations		(0.75	)		1.09			1.88			1.35			(0.62	)		1.73
Less distributions to shareholders:
Net investment income		(0.25	)		(0.23	)		(0.21	)		(0.13	)		(0.02	)		(0.02	)
Net realized gains		(2.91	)		(0.46	)		—			—			—			—
Total distributions to shareholders		(3.16	)		(0.69	)		(0.21	)		(0.13	)		(0.02	)		(0.02	)
Net asset value, end of period	$	9.85		$	13.76		$	13.36		$	11.69		$	10.47		$	11.11
Total return		(7.38	%)		8.08	%		16.06	%		12.95	%		(5.56	%)		18.41	%
Ratios to average net assets^(c)
Total gross expenses		1.25	%		1.23	%		1.25	%		1.28	%		1.27	%^(d)		1.26	%
Total net expenses^(e)		1.25	%^(f)		1.23	%^(f)		1.25	%^(f)		1.23	%^(f)		1.20	%^(d)(f)		1.26	%
Net investment income (loss)		0.90	%		0.34	%		0.42	%		0.62	%		0.06	%^(d)		(0.04	%)
Supplemental data
Net assets, end of period (in thousands)	$	80,104		$	98,125		$	96,989		$	89,630		$	90,148		$	70,437
Portfolio turnover		75	%		16	%		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) Rounds to zero.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense 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 2016
21

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended January 31,															Year Ended March 31,
Class K	2016			2015			2014			2013			2012^(a)			2011^(b)
Per share data
Net asset value, beginning of period	$	15.64		$	15.10		$	13.19		$	11.79		$	12.45		$	12.27
Income from investment operations:
Net investment income		0.27			0.19			0.19			0.17			0.11			0.01
Net realized and unrealized gain (loss)		(1.03	)		1.18			2.05			1.46			(0.72	)		0.21
Total from investment operations		(0.76	)		1.37			2.24			1.63			(0.61	)		0.22
Less distributions to shareholders:
Net investment income		(0.35	)		(0.37	)		(0.33	)		(0.23	)		(0.05	)		(0.04	)
Net realized gains		(2.91	)		(0.46	)		—			—			—			—
Total distributions to shareholders		(3.26	)		(0.83	)		(0.33	)		(0.23	)		(0.05	)		(0.04	)
Net asset value, end of period	$	11.62		$	15.64		$	15.10		$	13.19		$	11.79		$	12.45
Total return		(6.59	%)		8.98	%		17.04	%		13.93	%		(4.88	%)		1.77	%
Ratios to average net assets^(c)
Total gross expenses		0.39	%		0.35	%		0.36	%		0.38	%		0.37	%^(d)		0.51	%^(d)
Total net expenses^(e)		0.39	%		0.35	%		0.36	%		0.38	%		0.37	%^(d)		0.51	%^(d)
Net investment income		1.80	%		1.18	%		1.32	%		1.42	%		1.15	%^(d)		0.68	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	91		$	98		$	158		$	135		$	279		$	3
Portfolio turnover		75	%		16	%		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) Based on operations from March 7, 2011 (commencement of operations) through the stated period end.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense 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 2016
22

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended January 31,															Year Ended March 31,
Class R	2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	15.19		$	14.68		$	12.83		$	11.48		$	12.14		$	10.25
Income from investment operations:
Net investment income		0.19			0.13			0.13			0.14			0.05			0.06
Net realized and unrealized gain (loss)		(0.98	)		1.15			2.00			1.40			(0.68	)		1.88
Total from investment operations		(0.79	)		1.28			2.13			1.54			(0.63	)		1.94
Less distributions to shareholders:
Net investment income		(0.30	)		(0.31	)		(0.28	)		(0.19	)		(0.03	)		(0.05	)
Net realized gains		(2.91	)		(0.46	)		—			—			—			—
Total distributions to shareholders		(3.21	)		(0.77	)		(0.28	)		(0.19	)		(0.03	)		(0.05	)
Net asset value, end of period	$	11.19		$	15.19		$	14.68		$	12.83		$	11.48		$	12.14
Total return		(6.91	%)		8.64	%		16.59	%		13.49	%		(5.12	%)		18.99	%
Ratios to average net assets^(b)
Total gross expenses		0.75	%		0.73	%		0.75	%		0.78	%		0.77	%^(c)		0.76	%
Total net expenses^(d)		0.75	%^(e)		0.73	%^(e)		0.75	%^(e)		0.73	%^(e)		0.70	%^(c)(e)		0.76	%
Net investment income		1.35	%		0.81	%		0.93	%		1.18	%		0.54	%^(c)		0.54	%
Supplemental data
Net assets, end of period (in thousands)	$	2,254		$	2,681		$	3,131		$	3,312		$	3,124		$	1,463
Portfolio turnover		75	%		16	%		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.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
23

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended January 31,
Class R4	2016			2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	15.85		$	15.29		$	13.35		$	12.29
Income from investment operations:
Net investment income		0.39			0.20			0.27			0.11
Net realized and unrealized gain (loss)		(1.16	)		1.21			2.02			1.05
Total from investment operations		(0.77	)		1.41			2.29			1.16
Less distributions to shareholders:
Net investment income		(0.36	)		(0.39	)		(0.35	)		(0.10	)
Net realized gains		(2.91	)		(0.46	)		—			—
Total distributions to shareholders		(3.27	)		(0.85	)		(0.35	)		(0.10	)
Net asset value, end of period	$	11.81		$	15.85		$	15.29		$	13.35
Total return		(6.55	%)		9.15	%		17.19	%		9.50	%
Ratios to average net assets^(b)
Total gross expenses		0.27	%		0.22	%		0.24	%		0.37	%^(c)
Total net expenses^(d)		0.27	%^(e)		0.22	%^(e)		0.24	%^(e)		0.27	%^(c)
Net investment income		2.73	%		1.23	%		1.84	%		3.94	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	71		$	11		$	15		$	3
Portfolio turnover		75	%		16	%		18	%		26	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
24

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended January 31,
Class R5	2016			2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	15.85		$	15.29		$	13.35		$	12.29
Income from investment operations:
Net investment income		0.32			0.32			0.29			0.12
Net realized and unrealized gain (loss)		(1.06	)		1.10			2.02			1.05
Total from investment operations		(0.74	)		1.42			2.31			1.17
Less distributions to shareholders:
Net investment income		(0.37	)		(0.40	)		(0.37	)		(0.11	)
Net realized gains		(2.91	)		(0.46	)		—			—
Total distributions to shareholders		(3.28	)		(0.86	)		(0.37	)		(0.11	)
Net asset value, end of period	$	11.83		$	15.85		$	15.29		$	13.35
Total return		(6.32	%)		9.26	%		17.39	%		9.54	%
Ratios to average net assets^(b)
Total gross expenses		0.14	%		0.10	%		0.10	%		0.15	%^(c)
Total net expenses^(d)		0.14	%		0.10	%		0.10	%		0.15	%^(c)
Net investment income		2.15	%		2.03	%		1.96	%		4.08	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	340		$	316		$	29		$	3
Portfolio turnover		75	%		16	%		18	%		26	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
25

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Year Ended January 31,															Year Ended March 31,
Class Z	2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	15.66		$	15.11		$	13.20		$	11.80		$	12.45		$	10.49
Income from investment operations:
Net investment income		0.26			0.22			0.20			0.20			0.09			0.11
Net realized and unrealized gain (loss)		(1.01	)		1.18			2.05			1.45			(0.68	)		1.94
Total from investment operations		(0.75	)		1.40			2.25			1.65			(0.59	)		2.05
Less distributions to shareholders:
Net investment income		(0.36	)		(0.39	)		(0.34	)		(0.25	)		(0.06	)		(0.09	)
Net realized gains		(2.91	)		(0.46	)		—			—			—			—
Total distributions to shareholders		(3.27	)		(0.85	)		(0.34	)		(0.25	)		(0.06	)		(0.09	)
Net asset value, end of period	$	11.64		$	15.66		$	15.11		$	13.20		$	11.80		$	12.45
Total return		(6.48	%)		9.18	%		17.14	%		14.09	%		(4.71	%)		19.64	%
Ratios to average net assets^(b)
Total gross expenses		0.24	%		0.23	%		0.25	%		0.28	%		0.26	%^(c)		0.26	%
Total net expenses^(d)		0.24	%^(e)		0.23	%^(e)		0.25	%^(e)		0.23	%^(e)		0.20	%^(c)(e)		0.26	%
Net investment income		1.73	%		1.40	%		1.42	%		1.64	%		0.96	%^(c)		0.97	%
Supplemental data
Net assets, end of period (in thousands)	$	24,809		$	51,428		$	53,613		$	49,653		$	47,768		$	54,882
Portfolio turnover		75	%		16	%		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.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
26

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2016

Note 1. Organization

Columbia Global Strategic Equity Fund (formerly known as 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. Effective June 2, 2015, Columbia LifeGoal® Growth Portfolio was renamed Columbia Global Strategic Equity Fund.

The Fund is a "fund-of-funds", investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds).

For information on the Underlying Funds, please refer to the Fund's current 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 K, Class R, Class R4, Class R5 and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. 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 and sales charge structure.

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 after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

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 12 months after 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 investors as described in the Fund's prospectus.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund's prospectus.

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 eligible investors, which are subject to different investment minimums as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Security Valuation

Investments in the Underlying Funds are valued at the net asset value of the applicable class of the Underlying Fund determined as of the close of the New York Stock Exchange (NYSE) on the valuation date.

Annual Report 2016
27

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

All equity securities and exchange-traded funds are valued at the close of business of the NYSE. Equity securities and exchange-traded funds are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Foreign equity securities are valued based on the closing price on the foreign exchange in which such securities are primarily traded. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees (the Board), including, if available, utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by 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 quoted or published 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.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund's Portfolio of Investments.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the NYSE on any given day. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Security Transactions

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

Income Recognition

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

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.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds, other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information on the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable

Annual Report 2016
28

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by the Fund's management. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its 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.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its

current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

In May 2015, FASB issued Accounting Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Annual Report 2016
29

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

Note 3. Fees and Other Transactions with 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 Columbia proprietary funds that pay an investment management 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 management fee, exchange-traded funds, derivatives and individual securities. The effective investment management fee rate for the year ended January 31, 2016 was 0.03% 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 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. These expenses are not reflected in the expenses shown in the Understanding Your Fund's Expenses and in the Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Participating Affiliates

The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. Such coordination may include functional leadership of the business (the "Global" business). From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates will provide services to the Investment Manager (or any affiliated investment subadviser to the Fund as the case may be) either pursuant to subadvisory agreements, personnel-sharing

agreements or similar inter-company arrangements and the Fund will pay no additional fees and expenses as a result of any such arrangements.

These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered with appropriate respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.

Pursuant to some of these arrangements, certain employees of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund's prospectus and Statement of Additional Information (SAI), may provide such services to the Fund on behalf of the Investment Manager.

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, miscellaneous expenses of the Fund or the Board, including payments to Board Services Corp., a company providing limited administrative services to the Fund 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, 2016, other expenses paid by the Fund to this company were $2,509.

Compensation of Board Members

Board members, who are not officers or employees of the Investment Manager or Ameriprise Financial, are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), these Board members may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until

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30

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

distributed in accordance with the Plan. All amounts payable under the Plan constitute a general unsecured obligation of the Fund.

Transfer Agency Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Transfer Agent 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., for which the Transfer Agent receives 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 the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency 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, 2016, the Fund's effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.16	%
Class B	0.16
Class C	0.16
Class K	0.05
Class R	0.16
Class R4	0.16
Class R5	0.05
Class Z	0.16

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

applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended January 31, 2016, these minimum account balance fees reduced total expenses of the Fund by $680.

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 a monthly distribution fee at the maximum annual rate 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 $590,902 for Class A, $2,134 for Class B and $3,134 for Class C shares for the year ended January 31, 2016.

Annual Report 2016
31

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

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), so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the annual rates of:

	Contractual Expense Cap July 1, 2015 through May 31, 2016			Voluntary Expense Cap Prior to July 1, 2015
Class A		0.51	%		0.51	%
Class B		1.26			1.26
Class C		1.26			1.26
Class K		0.43			0.43
Class R		0.76			0.76
Class R4		0.26			0.26
Class R5		0.18			0.18
Class Z		0.26			0.26

The contractual agreement may be modified or amended only with approval from all parties. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend and interest expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses. The Fund's investment management fee is also excluded from the waiver/reimbursement commitment and is therefore paid by the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income

tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At January 31, 2016, these differences are primarily due to differing treatment for deferral/reversal of wash sale losses, Trustees' deferred compensation, foreign currency transactions, passive foreign investment company (PFIC) holdings 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				$	4,086,645
Accumulated net realized gain					(4,086,645	)

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

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

Year Ended January 31,	2016		2015
Ordinary income	$	16,354,753	$	17,383,342
Long-term capital gains		148,439,823		23,681,332
Total	$	164,794,576	$	41,064,674

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

At January 31, 2016, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	135,630
Undistributed long-term capital gains		17,297,889
Net unrealized depreciation		(98,377,060	)

At January 31, 2016, the cost of investments for federal income tax purposes was $740,487,470 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	7,179,534
Unrealized depreciation		(105,556,594	)
Net unrealized depreciation	$	(98,377,060	)

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations,

Annual Report 2016
32

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $567,015,921 and $638,841,583, respectively, for the year ended January 31, 2016. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The 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. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the year ended January 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At January 31, 2016, one unaffiliated shareholder of record owned 22.4% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 57.2% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Foreign Securities and Emerging Market Countries Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the various conditions, events or other factors impacting those countries and may, therefore, have a greater risk than that of a fund which is more geographically diversified.

Note 9. Subsequent Events

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

Annual Report 2016
33

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

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 http://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 quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the SEC on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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 2016
34

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Columbia Funds Series Trust and the Shareholders of
Columbia Global Strategic Equity Fund (formerly known as 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 Global Strategic Equity Fund (formerly known as Columbia LifeGoal® Growth Portfolio) (the "Fund," a series of Columbia Funds Series Trust) at January 31, 2016, and 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, 2016 by correspondence with the custodian, brokers and transfer agent, and the application of alternative auditing procedures where such confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, MN
March 23, 2016

Annual Report 2016
35

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended January 31, 2016. Shareholders will be notified in early 2017 of the amounts for use in preparing 2016 income tax returns.

Tax Designations:

Qualified Dividend Income		85.14	%
Dividends Received Deduction		44.64	%
Capital Gain Dividend	$	108,295,622
Foreign Taxes Paid	$	1,193,314
Foreign Taxes Paid Per Share	$	0.02
Foreign Source Income	$	6,660,963
Foreign Source Income Per Share	$	0.12

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.

Dividends Received Deduction. The percentage of ordinary income distributed 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.

Foreign Taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided.

Annual Report 2016
36

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Fund's 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 Fund's Trustees, 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 generally 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.

Trustees

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
the Funds and Length of
Service

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

Number of
Funds in the
Columbia
Funds Complex
Overseen

Other Directorships
Held by Trustee
During the Past
Five Years

Kathleen Blatz
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds

Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees

124

Trustee, BlueCross BlueShield of Minnesota (Chair of the Business Development Committee) since 2009; Chair of the Robina Foundation since August 2013

Edward J. Boudreau, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Trustee since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

Managing Director, E.J. Boudreau & Associates (consulting) since 2000; FINRA Industry Arbitrator, 2002-present; Chairman and Chief Executive Officer, John Hancock Funds (asset management), Chairman and Interested Trustee for open-end and closed-end funds offered by John Hancock, 1989-2000; John Hancock Life Insurance Company, including SVP and Treasurer and SVP Information Technology, 1968-1988

122

Former Trustee, Boston Museum of Science (Chair of Finance Committee), 1985-2013; former Trustee, BofA Funds Series Trust (11 funds), 2005-2011

Pamela G. Carlton
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Trustee since 7/07 for RiverSource Funds and since 6/11 for Nations Funds

President, Springboard-Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991

124

Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996

Annual Report 2016
37

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
the Funds and Length of
Service

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

Number of
Funds in the
Columbia
Funds Complex
Overseen

Other Directorships
Held by Trustee
During the Past
Five Years

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

Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds; Chair of the Board from 1/14-11/15

Retired; Co-founder, The Succession Fund (provides exit strategies to owners of privately held companies), 1998-2007; Adjunct Professor of Finance, Kelley School of Business, Indiana University, 1993-2007; Senior Vice President, Sara Lee Corporation, 1991-1993; Senior Vice President and Chief Financial Officer, Beatrice Foods Company, 1984-1990; Vice President, Esmark, Inc., 1973-1984; Associate, Price Waterhouse, 1968-1972

124

Director, The Finish Line (athletic shoes and apparel) since July 2003; Director, International Textile Corp. since 2012; Director, hhgregg since May, 2015; former Director, Cobra Electronics Corporation (electronic equipment manufacturer), 1994-August 2014; former Director, Spectrum Brands, Inc. (consumer products), 2002-2009; former Director, Simmons Company (bedding), 2004-2010; former Trustee, BofA Funds Series Trust (11 funds), 2009-2011; former Director, McMoRan Exploration Company (oil and gas exploration and development), 2010-2013

Patricia M. Flynn
901 S. Marquette Ave.
Minneapolis, MN 55402
1950

Trustee 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

124

Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010

William A. Hawkins
901 S. Marquette Ave.
Minneapolis, MN 55402
1942

Chair of the Board since 11/15; Trustee 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; Operation Hope, COO, 2004-2007; IndyMac Bancorp, President, CBG, 1999-2003; American General Bank, President, 1997-1999; Griffin Financial Services, CEO, 1981-1997; The Griffin Funds, CEO, 1992-1998

124

Former Trustee, BofA Funds Series Trust (11 funds), 2009-2015

R. Glenn Hilliard
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Trustee 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), 2003-2011; Chair & CEO, ING Americas, 1996-2003

122

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

Annual Report 2016
38

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
the Funds and Length of
Service

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

Number of
Funds in the
Columbia
Funds Complex
Overseen

Other Directorships
Held by Trustee
During the Past
Five Years

Catherine James Paglia
901 S. Marquette Ave.
Minneapolis, MN 55402
1952

Trustee 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; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.

124

Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)

Leroy C. Richie
901 S. Marquette Ave.
Minneapolis, MN 55402
1941

Trustee since 2000 for Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds

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

124

Lead Outside Director, Infinity Resources, Inc. (oil and gas exploration and production) since 1994; Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Trustee, Marygrove College (Chair of Finance Committee) since 2007; former Director, OGE Energy Corp. (energy and energy services), 2007-2014

Minor M. Shaw
901 S. Marquette Ave.
Minneapolis, MN 55402
1947

Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds

President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011

122

Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Chair of the Duke Endowment; Director, National Association of Corporate Directors, Carolinas Chapter since 2013; Chair of Greenville — Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011

Alison Taunton-Rigby
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Trustee since 11/02 for RiverSource Funds and since 6/11 for Nations Funds

Managing Director, Forester Biotech (consulting), 2001-2003; Chief Executive Officer and Director, RiboNovix, Inc., (biotechnology), 2003-2010; President and Chief Executive Officer of CMT Inc., 2001-2003; Aquila Biopharmaceuticals Inc., 1996-2000; Cambridge Biotech Corporation, 1995-1996; Mitotix Inc., 1993-1994

124

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

Annual Report 2016
39

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

TRUSTEES AND OFFICERS (continued)

Interested Trustee Not Affiliated with Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation(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

Trustee 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; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002

122

Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 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 2016
40

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliated with Investment Manager*

Name,
Address,
Year of Birth

Position Held With
the Funds and Length of
Service

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

Number of
Funds in the
Columbia
Funds Complex
Overseen

Other Directorships
Held by Trustee
During the Past
Five Years

William F. Truscott
c/o Columbia Management Investment Advisers, LLC,
225 Franklin St.
Boston, MA 02110
1960

Trustee 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.

182

Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; 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 Statement of Additional Information has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiathreadneedle.com/us.

Annual Report 2016
41

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

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. The following table provides basic information about the Officers of the Fund, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund's other officers are:

Fund Officers

Name, Address and Year of Birth	Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof	Principal Occupation(s) During Past Five Years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel January 2010-December 2014; and Vice President and Group Counsel or Counsel 2004-January 2010); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	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; senior officer of Columbia Funds and affiliated funds since 2002.
Paul B. Goucher 100 Park Avenue New York, NY 10017 Born 1968	Senior Vice President (2011), Chief Legal Officer (2015) 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).
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and 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.
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).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009; President, RiverSource Service Corporation 2004-2010.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970	Vice President and Secretary (2015)	Vice President and Group Counsel, Ameriprise Financial, Inc. since August 2011 (previously, Counsel from May 2010 to August 2011); Assistant General Counsel, Bank of America, 2005-April 2010; officer of Columbia Funds and affiliated funds since 2005.

Annual Report 2016
42

COLUMBIA GLOBAL STRATEGIC EQUITY FUND

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 columbiathreadneedle.com/us; 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 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, 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 2016
43

Columbia Global Strategic Equity Fund

P.O. Box 8081

Boston, MA 02266-8081

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 summary prospectus, which contains this and other important information about the Fund, go to columbiathreadneedle.com/us. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

columbiathreadneedle.com/us

ANN181_01_F01_(03/16)

ANNUAL REPORT

January 31, 2016

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

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

** Source: ICI as of December 31, 2015 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of September 2015 for Threadneedle Asset Management Limited.

Not part of the shareholder report

PRESIDENT'S MESSAGE

Dear Shareholder,

At Columbia Threadneedle Investments, we aspire to help satisfy five core needs of today's investors:

n Generate an appropriate stream of income in retirement

n Navigate a changing interest rate environment

n Maximize after-tax returns

n Grow assets to achieve financial goals

n Ease the impact of volatile markets

Find out today how we can help you confidently invest to realize your dreams. Please visit us at blog.columbiathreadneedleus.com/our-best-ideas to learn more about our unique investment solutions.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us.

Sincerely,

Christopher O. Petersen
President, Columbia Funds

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

Annual Report 2016

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

TABLE OF CONTENTS

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

Columbia Capital Allocation Conservative Portfolio

Performance Overview

Columbia Capital Allocation Moderate Conservative Portfolio

Performance Overview

Columbia Capital Allocation Moderate Portfolio

Performance Overview

Columbia Capital Allocation Moderate Aggressive Portfolio

Performance Overview

Columbia Capital Allocation Aggressive Portfolio

Performance Overview					11
Manager Discussion of Fund Performance					13
Understanding Your Fund's Expenses					16
Portfolio of Investments					20
Statements of Assets and Liabilities					84
Statements of Operations					90
Statements of Changes in Net Assets					92
Financial Highlights					101
Notes to Financial Statements					147
Reports of Independent Registered Public Accounting Firm					169
Federal Income Tax Information					170
Trustees and Officers					171
Important Information About This Report					177

Annual Report 2016

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Conservative Portfolio

Performance Summary

n Columbia Capital Allocation Conservative Portfolio (the Fund) Class A shares returned -2.81% excluding sales charges for the 12-month period that ended January 31, 2016.

n The Fund underperformed its Blended Index, which returned -1.00% for the same time period.

n During the same 12-month period, the Fund's domestic fixed-income market, measured by the Barclays U.S. Aggregate Bond Index, returned -0.16% and the Fund's domestic equity market, measured by the Russell 3000 Index, returned -2.48%.

n 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, 2016)

	Inception	1 Year		5 Years		10 Years
Class A	03/04/04
Excluding sales charges			-2.81		3.38		3.94
Including sales charges			-7.39		2.38		3.43
Class B	03/04/04
Excluding sales charges			-3.55		2.62		3.16
Including sales charges			-8.23		2.29		3.16
Class C	03/04/04
Excluding sales charges			-3.56		2.64		3.16
Including sales charges			-4.50		2.64		3.16
Class K	03/04/04		-2.76		3.50		4.10
Class R*	09/27/10		-3.05		3.14		3.72
Class R4*	06/13/13		-2.57		3.50		4.00
Class R5*	06/13/13		-2.60		3.54		4.02
Class Y*	06/13/13		-2.37		3.59		4.04
Class Z*	09/27/10		-2.56		3.65		4.08
Blended Index			-1.00		4.26		4.73
Barclays U.S. Aggregate Bond Index			-0.16		3.51		4.66
Russell 3000 Index			-2.48		10.40		6.38

Returns for Class A are shown with and without the maximum initial sales charge of 4.75%. 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 Blended Index consists of 66% Barclays U.S. Aggregate Bond Index, 15% Russell 3000 Index, 10% Citi Three-Month U.S. Treasury Bill Index, 5% MSCI EAFE Index (Unhedged Net) and 4% Barclays U.S. Corporate High-Yield Index. The Citi Three-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills. The MSCI EAFE 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 U.S. and Canada. The Barclays U.S. Corporate High-Yield 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 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.

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 (Unhedged 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 2016
3

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW (continued)

Columbia Capital Allocation Conservative Portfolio

Performance of a Hypothetical $10,000 Investment (February 1, 2006 – January 31, 2016)

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.

Annual Report 2016
4

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Moderate Conservative Portfolio

Performance Summary

n Columbia Capital Allocation Moderate Conservative Portfolio (the Fund) Class A shares returned -2.78% excluding sales charges for the 12-month period that ended January 31, 2016.

n The Fund underperformed its Blended Index, which returned -1.56% for the same time period.

n 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, 2016)

	Inception	1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			-2.78		4.64		4.85
Including sales charges			-8.37		3.41		4.22
Class B	08/07/97
Excluding sales charges			-3.53		3.83		4.05
Including sales charges			-8.15		3.51		4.05
Class C	10/15/96
Excluding sales charges			-3.56		3.84		4.06
Including sales charges			-4.48		3.84		4.06
Class K*	02/28/13		-2.65		4.68		4.87
Class R	01/23/06		-2.93		4.38		4.60
Class R4*	11/08/12		-2.46		4.81		4.93
Class R5*	11/08/12		-2.48		4.86		4.95
Class Y*	06/13/13		-2.38		4.87		4.96
Class Z	10/15/96		-2.56		4.89		5.09
Blended Index			-1.56		5.17		5.08
Barclays U.S. Aggregate Bond Index			-0.16		3.51		4.66
Russell 3000 Index			-2.48		10.40		6.38

The Blended Index consists of 55.5% Barclays U.S. Aggregate Bond Index, 26% Russell 3000 Index, 9% MSCI EAFE Index (Unhedged Net), 5% Citi Three-Month U.S. Treasury Bill Index and 4.5% Barclays U.S. Corporate High-Yield Index. The MSCI EAFE 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 U.S. and Canada. The Citi Three-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills. The Barclays U.S. Corporate High-Yield 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.

Annual Report 2016
5

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

Performance of a Hypothetical $10,000 Investment (February 1, 2006 – January 31, 2016)

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 2016
6

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Moderate Portfolio

Performance Summary

n Columbia Capital Allocation Moderate Portfolio (the Fund) Class A shares returned -2.89% excluding sales charges for the 12-month period that ended January 31, 2016.

n The Fund underperformed its Blended Index, which returned -2.62% for the same time period.

n During the same 12-month period, the Fund's domestic equity market, measured by the Russell 3000 Index, returned -2.48% and the Fund's domestic fixed-income market, measured by the Barclays U.S. Aggregate Bond Index, returned -0.16%.

n 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, 2016)

	Inception	1 Year		5 Years		10 Years
Class A	03/04/04
Excluding sales charges			-2.89		5.25		4.90
Including sales charges			-8.46		4.02		4.29
Class B	03/04/04
Excluding sales charges			-3.56		4.47		4.12
Including sales charges			-8.05		4.15		4.12
Class C	03/04/04
Excluding sales charges			-3.48		4.49		4.13
Including sales charges			-4.38		4.49		4.13
Class K	03/04/04		-2.83		5.34		5.07
Class R*	09/27/10		-3.06		5.01		4.65
Class R4*	06/13/13		-2.58		5.41		4.98
Class R5*	06/13/13		-2.61		5.45		5.00
Class Y*	06/13/13		-2.42		5.49		5.02
Class Z*	09/27/10		-2.65		5.52		5.04
Blended Index			-2.62		5.92		5.44
Russell 3000 Index			-2.48		10.40		6.38
Barclays U.S. Aggregate Bond Index			-0.16		3.51		4.66

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 U.S. Corporate High-Yield Index and 2% MSCI Emerging Markets Index (Net). The MSCI EAFE 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 U.S. and Canada. The Barclays U.S. Corporate High-Yield 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.

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 (Unhedged Net) and the MSCI Emerging Markets Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Annual Report 2016
7

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW (continued)

Columbia Capital Allocation Moderate Portfolio

Performance of a Hypothetical $10,000 Investment (February 1, 2006 – January 31, 2016)

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

Annual Report 2016
8

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Moderate Aggressive Portfolio

Performance Summary

n Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) Class A shares returned -3.42% excluding sales charges for the 12-month period that ended January 31, 2016.

n The Fund slightly underperformed its Blended Index, which returned -3.38% for the same time period.

n 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, 2016)

	Inception	1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			-3.42		5.56		5.33
Including sales charges			-8.98		4.31		4.70
Class B	08/13/97
Excluding sales charges			-4.15		4.78		4.53
Including sales charges			-8.62		4.45		4.53
Class C	10/15/96
Excluding sales charges			-4.08		4.78		4.54
Including sales charges			-4.98		4.78		4.54
Class K*	02/28/13		-3.32		5.65		5.37
Class R	01/23/06		-3.67		5.30		5.07
Class R4*	11/08/12		-3.23		5.74		5.42
Class R5*	11/08/12		-3.05		5.82		5.46
Class T*	03/07/11
Excluding sales charges			-3.42		5.52		5.28
Including sales charges			-8.98		4.27		4.66
Class Y*	06/13/13		-3.09		5.80		5.45
Class Z	10/15/96		-3.26		5.81		5.60
Blended Index			-3.38		6.51		5.52
Russell 3000 Index			-2.48		10.40		6.38
Barclays U.S. Aggregate Bond Index			-0.16		3.51		4.66

Returns for Class A and Class T 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 Blended Index consists of 49% Russell 3000 Index, 28.5% Barclays U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Unhedged Net), 6.5% Barclays U.S. Corporate High-Yield Index and 4% MSCI Emerging Markets Index (Net).The MSCI EAFE 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 U.S. and Canada. The Barclays U.S. Corporate High-Yield 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.

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 (Unhedged Net) and the MSCI Emerging Markets Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Annual Report 2016
9

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

Performance of a Hypothetical $10,000 Investment (February 1, 2006 – January 31, 2016)

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

Annual Report 2016
10

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Aggressive Portfolio

Performance Summary

n Columbia Capital Allocation Aggressive Portfolio (the Fund) Class A shares returned -3.92% excluding sales charges for the 12-month period that ended January 31, 2016.

n The Fund outperformed its Blended Index, which returned -4.20% for the same time period.

n 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, 2016)

	Inception	1 Year		5 Years		10 Years
Class A	03/04/04
Excluding sales charges			-3.92		6.20		4.60
Including sales charges			-9.47		4.94		3.98
Class B	03/04/04
Excluding sales charges			-4.60		5.40		3.81
Including sales charges			-9.02		5.08		3.81
Class C	03/04/04
Excluding sales charges			-4.60		5.41		3.81
Including sales charges			-5.48		5.41		3.81
Class K	03/04/04		-3.76		6.32		4.78
Class R*	09/27/10		-4.09		5.94		4.37
Class R4*	06/13/13		-3.65		6.34		4.67
Class R5*	06/13/13		-3.58		6.40		4.70
Class Y*	06/13/13		-3.54		6.41		4.70
Class Z*	09/27/10		-3.69		6.46		4.74
Blended Index			-4.20		6.97		5.48
Russell 3000 Index			-2.48		10.40		6.38
Barclays U.S. Aggregate Bond Index			-0.16		3.51		4.66

The Blended Index consists of 60% Russell 3000 Index, 15% Barclays U.S. Aggregate Bond Index, 14% MSCI EAFE Index (Unhedged Net), 6% MSCI Emerging Markets Index (Net) and 5% Barclays U.S. Corporate High-Yield Index. The MSCI EAFE 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 U.S. 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 U.S. Corporate High-Yield 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.

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 (Unhedged Net) and the MSCI Emerging Markets Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Annual Report 2016
11

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW (continued)

Columbia Capital Allocation Aggressive Portfolio

Performance of a Hypothetical $10,000 Investment (February 1, 2006 – January 31, 2016)

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

Annual Report 2016
12

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

MANAGER DISCUSSION OF FUND PERFORMANCE

All Fund returns listed below are for Class A shares excluding sales charges for the 12-month period that ended January 31, 2016. We attribute the Funds' relative performance to mixed results from asset class allocation and underlying fund performance.

n Columbia Capital Allocation Conservative Portfolio returned -2.81%. The Fund underperformed its Blended Index, which returned -1.00%.

n Columbia Capital Allocation Moderate Conservative Portfolio returned -2.78%. The Fund underperformed its Blended Index, which returned -1.56%.

n Columbia Capital Allocation Moderate Portfolio returned -2.89%. The Fund underperformed its Blended Index, which returned -2.62%.

n Columbia Capital Allocation Moderate Aggressive Portfolio returned -3.42%. The Fund slightly underperformed its Blended Index, which returned -3.38%.

n Columbia Capital Allocation Aggressive Portfolio returned -3.92%. The Fund outperformed its Blended Index, which returned -4.20%.

During the same time frame, the Russell 3000 Index, which measures the domestic equity market, returned -2.48% and the Barclays U.S. Aggregate Bond Index, which measures the domestic fixed-income market, returned -0.16%.

Global Capital Markets Struggled Amid Heightened Caution

Around the world, many investors turned cautious during the period, as lackluster economic growth, contentious geopolitical conflicts and a long-awaited shift in U.S. monetary policy weighed on confidence. Subpar global economic growth persisted for the fourth consecutive year, with China's slowdown heading the list of disappointments. Conflicts in the Middle East and terrorism, both at home and abroad, heightened security fears. Plummeting oil prices and a rising U.S. dollar rounded out the list of mounting pressures. A widening trade deficit negatively impacted U.S. economic growth.

For investors in U.S. large-cap equities, modest gains in the first half of the period were wiped out in the second half of the period. Within the U.S. equity market, large-cap stocks outperformed small-cap stocks. Growth stocks outperformed value stocks for most of the period, however, in the latter months of the period when investors grew increasingly cautious, value outperformed growth. Still, U.S. equities outperformed equities of both developed and emerging markets broadly, as a strong U.S. dollar weighed on returns from overseas investments denominated in U.S. dollars. The U.S. bond market fared better as investors flocked to asset classes perceived as safer, but both the broad U.S. fixed-income market and the broad global fixed-income market still posted negative returns for the period. High-yield corporate bonds were among the weakest performing bond market segments. Emerging market bonds were actually a relative bright spot, posting positive, albeit modest, returns.

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Conservative Portfolio Portfolio Breakdown (%) (at January 31, 2016)
Alternative Investment Funds					6.3
Common Stocks					2.6
Equity Funds					15.0
Fixed-Income Funds					71.1
Money Market Funds					5.0
Total					100.0

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

Moderate Conservative Portfolio Portfolio Breakdown (%) (at January 31, 2016)
Alternative Investment Funds					5.4
Common Stocks					1.8
Equity Funds					29.5
Fixed-Income Funds					59.7
Money Market Funds					3.6
Total					100.0

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

Moderate Portfolio Portfolio Breakdown (%) (at January 31, 2016)
Alternative Investment Funds					4.5
Common Stocks					1.7
Equity Funds					43.6
Fixed-Income Funds					45.9
Money Market Funds					4.3
Total					100.0

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

Annual Report 2016
13

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Moderate Aggressive Portfolio Portfolio Breakdown (%) (at January 31, 2016)
Alternative Investment Funds					4.2
Common Stocks					1.2
Equity Funds					56.0
Fixed-Income Funds					27.7
Money Market Funds					10.9
Total					100.0

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

Aggressive Portfolio Portfolio Breakdown (%) (at January 31, 2016)
Alternative Investment Funds					4.1
Common Stocks					2.4
Equity Funds					71.3
Fixed-Income Funds					14.8
Money Market Funds					7.4
Total					100.0

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

Investment Risks

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Funds' investment in other funds subjects them to the investment performance (positive or negative), risks and expenses of these underlying funds. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer term securities. Foreign investments subject the Funds to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investing in derivatives is a specialized activity that involves special risks that subject the Funds to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. Asset allocation does not assure a profit or protect against loss. See the Funds' prospectus for more information on these and other risks.

Positioning and Underlying Fund Performance Generated Mixed Results

Overall, asset allocation decisions had a modest effect on relative performance across all five Funds during the period. Having a slight overweight to equities added value, but was virtually offset by an underweight to fixed income in all but the most conservative Fund and by an overweight to fixed income in the most conservative Fund, which detracted. Within equities, a slight underweight to U.S. large-cap and mid-cap equities contributed positively to relative performance. Within fixed income, an overweight to emerging market bonds boosted results. An overweight allocation to absolute return strategies benefited the three most aggressive Funds but detracted in the two most conservative Funds.

Underlying fund performance had a more significant effect on all five Funds' relative results during the period. Strategies focused on international equity markets and high-yield corporate bonds proved especially beneficial to relative returns, despite the negative absolute returns posted. Conversely, performance of underlying funds focused on U.S. large-cap, mid-cap and small-cap equities dampened results as did strategies focused on investment-grade bonds and Treasury inflation-protected securities.

Further, given that almost no asset class or sector that the Funds invested in posted positive absolute returns during the period, having overweight positions in cash in the three most aggressive Funds contributed positively to relative performance, while underweight cash positions in the two most conservative Funds detracted.

Portfolio Changes

Asset class changes within the Funds can be driven by active trading, by directing allocations to select asset classes or by market appreciation or depreciation within a given asset class. During the period, we reduced the Funds' exposure to equities and increased allocations to fixed income. Within fixed income, we remained underweight in U.S. Treasuries, as we still think there are better investment opportunities elsewhere, but we did add moderately to the Funds' weighting, as we believe U.S. Treasuries can serve as stabilizers during periods of heightened risk aversion. We decreased positions in investment-grade bonds in all but the Moderate and Aggressive Portfolios, yet remained overweight in all five Funds, as we believe investment-grade bonds appear attractive from a valuation perspective. We increased already overweight exposures to alternative strategies in the most conservative and the two most aggressive Funds, as there is a strong need, in our view, for diversification going forward. Diversification does not assure a profit or protect against loss.

Derivatives Usage

During the period, the use of derivatives positions on equity indices and currency was implemented via an overlay to the Funds to efficiently allocate capital across the Funds and to allow greater flexibility in establishing exposure to a given market than might otherwise be possible. Futures were used, as we believe they can offer both a liquid

Annual Report 2016
14

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

and cost efficient means of establishing exposure in a given market and can be used to reduce, or hedge, exposure to risk. Some of the underlying funds also used forward foreign currency exchange contracts and swap contracts during the period to attempt to enhance portfolio return and for hedging purposes as market conditions warranted. Derivative usage had a net positive impact on the performance of the Funds during the period.

Annual Report 2016
15

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

Annual Report 2016
16

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

UNDERSTANDING YOUR FUND'S EXPENSES (continued)

(Unaudited)

Columbia Capital Allocation Conservative Portfolio

August 1, 2015 – January 31, 2016

	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		967.20		1,022.34		2.55		2.62		0.52		5.05		5.19		1.03
Class B		1,000.00		1,000.00		963.40		1,018.60		6.22		6.39		1.27		8.71		8.96		1.78
Class C		1,000.00		1,000.00		963.30		1,018.60		6.22		6.39		1.27		8.71		8.96		1.78
Class K		1,000.00		1,000.00		968.30		1,022.64		2.26		2.32		0.46		4.76		4.89		0.97
Class R		1,000.00		1,000.00		966.00		1,021.09		3.77		3.88		0.77		6.27		6.45		1.28
Class R4		1,000.00		1,000.00		968.30		1,023.59		1.32		1.36		0.27		3.83		3.94		0.78
Class R5		1,000.00		1,000.00		968.60		1,023.88		1.03		1.06		0.21		3.53		3.63		0.72
Class Y		1,000.00		1,000.00		969.40		1,024.13		0.79		0.81		0.16		3.29		3.38		0.67
Class Z		1,000.00		1,000.00		968.50		1,023.59		1.33		1.36		0.27		3.83		3.94		0.78

Columbia Capital Allocation Moderate Conservative Portfolio

August 1, 2015 – January 31, 2016

	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		955.50		1,022.54		2.34		2.42		0.48		5.12		5.29		1.05
Class B		1,000.00		1,000.00		951.50		1,018.80		5.98		6.19		1.23		8.76		9.06		1.80
Class C		1,000.00		1,000.00		951.10		1,018.85		5.93		6.14		1.22		8.71		9.01		1.79
Class K		1,000.00		1,000.00		955.20		1,022.94		1.95		2.02		0.40		4.73		4.89		0.97
Class R		1,000.00		1,000.00		954.30		1,021.34		3.51		3.63		0.72		6.29		6.50		1.29
Class R4		1,000.00		1,000.00		956.40		1,023.78		1.12		1.16		0.23		3.90		4.04		0.80
Class R5		1,000.00		1,000.00		956.70		1,024.13		0.78		0.81		0.16		3.56		3.68		0.73
Class Y		1,000.00		1,000.00		957.30		1,024.33		0.59		0.61		0.12		3.37		3.48		0.69
Class Z		1,000.00		1,000.00		956.20		1,023.78		1.12		1.16		0.23		3.90		4.04		0.80

Annual Report 2016
17

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

UNDERSTANDING YOUR FUND'S EXPENSES (continued)

(Unaudited)

Columbia Capital Allocation Moderate Portfolio

August 1, 2015 – January 31, 2016

	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		941.90		1,022.69		2.18		2.27		0.45		5.23		5.45		1.08
Class B		1,000.00		1,000.00		938.70		1,018.95		5.80		6.04		1.20		8.85		9.21		1.83
Class C		1,000.00		1,000.00		938.60		1,018.95		5.80		6.04		1.20		8.84		9.21		1.83
Class K		1,000.00		1,000.00		942.10		1,022.94		1.94		2.02		0.40		4.99		5.19		1.03
Class R		1,000.00		1,000.00		941.40		1,021.44		3.39		3.53		0.70		6.44		6.70		1.33
Class R4		1,000.00		1,000.00		943.40		1,023.93		0.97		1.01		0.20		4.02		4.19		0.83
Class R5		1,000.00		1,000.00		942.80		1,024.18		0.73		0.76		0.15		3.78		3.94		0.78
Class Y		1,000.00		1,000.00		943.50		1,024.48		0.44		0.45		0.09		3.49		3.63		0.72
Class Z		1,000.00		1,000.00		943.00		1,023.93		0.97		1.01		0.20		4.02		4.19		0.83

Columbia Capital Allocation Moderate Aggressive Portfolio

August 1, 2015 – January 31, 2016

	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		925.80		1,022.34		2.50		2.62		0.52		5.62		5.90		1.17
Class B		1,000.00		1,000.00		922.50		1,018.65		6.04		6.34		1.26		9.15		9.61		1.91
Class C		1,000.00		1,000.00		922.90		1,018.65		6.04		6.34		1.26		9.16		9.61		1.91
Class K		1,000.00		1,000.00		926.20		1,022.84		2.02		2.12		0.42		5.14		5.40		1.07
Class R		1,000.00		1,000.00		924.50		1,021.14		3.65		3.83		0.76		6.77		7.11		1.41
Class R4		1,000.00		1,000.00		926.70		1,023.59		1.30		1.36		0.27		4.42		4.64		0.92
Class R5		1,000.00		1,000.00		927.20		1,024.08		0.82		0.86		0.17		3.94		4.14		0.82
Class T		1,000.00		1,000.00		925.80		1,022.34		2.50		2.62		0.52		5.62		5.90		1.17
Class Y		1,000.00		1,000.00		927.50		1,024.33		0.58		0.61		0.12		3.70		3.89		0.77
Class Z		1,000.00		1,000.00		926.90		1,023.59		1.30		1.36		0.27		4.42		4.64		0.92

Annual Report 2016
18

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

UNDERSTANDING YOUR FUND'S EXPENSES (continued)

(Unaudited)

Columbia Capital Allocation Aggressive Portfolio

August 1, 2015 – January 31, 2016

	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		912.50		1,022.39		2.43		2.57		0.51		5.77		6.10		1.21
Class B		1,000.00		1,000.00		909.50		1,018.70		5.95		6.29		1.25		9.28		9.81		1.95
Class C		1,000.00		1,000.00		909.50		1,018.65		6.00		6.34		1.26		9.33		9.86		1.96
Class K		1,000.00		1,000.00		913.30		1,022.79		2.05		2.17		0.43		5.39		5.70		1.13
Class R		1,000.00		1,000.00		912.00		1,021.14		3.62		3.83		0.76		6.96		7.36		1.46
Class R4		1,000.00		1,000.00		914.10		1,023.64		1.24		1.31		0.26		4.58		4.84		0.96
Class R5		1,000.00		1,000.00		914.00		1,023.98		0.91		0.96		0.19		4.25		4.49		0.89
Class Y		1,000.00		1,000.00		914.20		1,024.18		0.72		0.76		0.15		4.06		4.29		0.85
Class Z		1,000.00		1,000.00		913.60		1,023.64		1.24		1.31		0.26		4.58		4.84		0.96

Annual Report 2016
19

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Conservative Portfolio

January 31, 2016

(Percentages represent value of investments compared to net assets)

Equity Funds 15.0%

	Shares		Value ($)
INTERNATIONAL 2.8%
Columbia European Equity Fund, Class I Shares^(a)		294,010		1,793,461
Columbia Overseas Value Fund, Class I Shares^(a)		739,593		5,702,264
Total				7,495,725
U.S. LARGE CAP 11.7%
Columbia Contrarian Core Fund, Class I Shares^(a)		221,163		4,427,685
Columbia Disciplined Core Fund, Class I Shares^(a)		831,078		7,504,630
Columbia Disciplined Growth Fund, Class I Shares^(a)		1,042,013		8,106,860
Columbia Disciplined Value Fund, Class I Shares^(a)		1,001,517		8,202,426
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		274,589		2,965,566
Total				31,207,167
U.S. SMALL CAP 0.5%
Columbia Small Cap Core Fund, Class I Shares^(a)		131,196		1,445,780
Total Equity Funds (Cost: $41,914,232)				40,148,672

Fixed-Income Funds 71.0%

EMERGING MARKETS 1.4%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)	379,657	3,830,732
HIGH YIELD 3.4%
Columbia Income Opportunities Fund, Class I Shares^(a)	988,644	9,065,865
INFLATION PROTECTED SECURITIES 4.1%
Columbia Inflation Protected Securities Fund, Class I Shares^(a)(b)	1,288,534	10,939,655
INVESTMENT GRADE 62.1%
Columbia Corporate Income Fund, Class I Shares^(a)	6,041,292	56,304,841
Columbia Limited Duration Credit Fund, Class I Shares^(a)	2,716,155	25,124,431
Columbia Mortgage Opportunities Fund, Class I Shares^(a)	416,313	3,946,652

Fixed-Income Funds (continued)

	Shares		Value ($)
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		8,540,787		46,547,287
Columbia U.S. Treasury Index Fund, Class I Shares^(a)		3,036,748		34,254,523
Total				166,177,734
Total Fixed-Income Funds (Cost: $202,204,844)				190,013,986

Alternative Investment Funds 6.2%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)	41,552	448,347
Columbia Adaptive Alternatives Fund, Class I Shares^(a)	455,212	4,269,887
Columbia Diversified Absolute Return Fund, Class I Shares^(a)	650,038	6,220,865
Columbia Multi-Asset Income Fund, Class I Shares^(a)	645,283	5,775,280
Total Alternative Investment Funds (Cost: $17,891,888)		16,714,379

Common Stocks 2.6%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.4%
Auto Components 0.1%
Cie Generale des Etablissements Michelin		788		71,892
Continental AG		314		65,892
Cooper Tire & Rubber Co.		530		19,324
Dana Holding Corp.		720		8,561
Total				165,669
Automobiles 0.1%
Fuji Heavy Industries Ltd.		2,300		94,123
Peugeot SA^(b)		5,500		81,783
Total				175,906
Diversified Consumer Services —%
Capella Education Co.		110		4,830
Hotels, Restaurants & Leisure 0.1%
Cracker Barrel Old Country Store, Inc.		150		19,684
Denny's Corp.^(b)		1,470		13,774
Flight Centre Travel Group Ltd.		2,872		80,262
Isle of Capri Casinos, Inc.^(b)		380		4,811

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

Annual Report 2016
20

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Jack in the Box, Inc.		260		20,186
Marriott Vacations Worldwide Corp.		270		13,335
Papa John's International, Inc.		10		478
Ruth's Hospitality Group, Inc.		395		6,419
Sands China Ltd.		20,400		71,252
Total				230,201
Household Durables 0.1%
Helen of Troy Ltd.^(b)		185		16,533
Iida Group Holdings Co., Ltd.		4,300		76,656
Persimmon PLC		2,940		85,787
Zagg, Inc.^(b)		250		2,305
Total				181,281
Internet & Catalog Retail —%
PetMed Express, Inc.		535		9,641
Leisure Products —%
Sturm Ruger & Co., Inc.		308		18,126
Media —%
Gray Television, Inc.^(b)		430		5,655
Nexstar Broadcasting Group, Inc., Class A		330		14,919
WPP PLC		775		16,854
Total				37,428
Multiline Retail —%
Marks & Spencer Group PLC		4,684		28,441
Specialty Retail —%
American Eagle Outfitters, Inc.		505		7,393
Cato Corp. (The), Class A		406		16,374
Children's Place, Inc. (The)		269		17,512
Guess?, Inc.		345		6,396
Outerwall, Inc.		455		15,379
Total				63,054
Textiles, Apparel & Luxury Goods —%
Movado Group, Inc.		590		15,163
Oxford Industries, Inc.		287		20,050
Wolverine World Wide, Inc.		1,000		16,910
Total				52,123
Total Consumer Discretionary				966,700

Common Stocks (continued)

Issuer	Shares		Value ($)
CONSUMER STAPLES 0.3%
Food & Staples Retailing 0.1%
Ingles Markets, Inc., Class A		72		2,762
Jeronimo Martins SGPS SA		4,562		63,623
Koninklijke Ahold NV		4,300		97,265
SUPERVALU, Inc.^(b)		1,010		4,595
Wesfarmers Ltd.		295		8,901
Total				177,146
Food Products 0.1%
Cal-Maine Foods, Inc.		370		18,674
Dean Foods Co.		995		19,880
Nestlé SA, Registered Shares		1,304		96,069
Sanderson Farms, Inc.		241		19,574
WH Group Ltd.^(b)		149,000		85,320
Total				239,517
Household Products 0.1%
Reckitt Benckiser Group PLC		1,112		98,903
Svenska Cellulosa AB, Class B		2,931		86,868
Total				185,771
Personal Products —%
Usana Health Sciences, Inc.^(b)		112		14,213
Tobacco —%
Japan Tobacco, Inc.		2,600		101,826
Swedish Match AB		149		5,300
Universal Corp.		110		6,020
Total				113,146
Total Consumer Staples				729,793
ENERGY 0.1%
Energy Equipment & Services —%
Oil States International, Inc.^(b)		365		10,304
Oil, Gas & Consumable Fuels 0.1%
Alon USA Energy, Inc.		550		6,919
Caltex Australia Ltd.		808		21,608
OMV AG		2,295		59,074
PDC Energy, Inc.^(b)		376		21,383
REX American Resources Corp.^(b)		334		17,846
Royal Dutch Shell PLC, Class B		6,322		137,743
Western Refining, Inc.		214		7,040
Total				271,613
Total Energy				281,917

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

Annual Report 2016
21

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
FINANCIALS 0.6%
Banks 0.3%
Australia and New Zealand Banking Group Ltd.		793		13,766
Banc of California, Inc.		920		13,892
Banco Latinoamericano de Comercio Exterior SA, Class E		525		12,243
BBCN Bancorp, Inc.		585		8,892
Central Pacific Financial Corp.		830		17,388
Credit Agricole SA		6,900		68,856
Customers Bancorp, Inc.^(b)		570		14,307
First BanCorp^(b)		1,895		4,927
First NBC Bank Holding Co.^(b)		495		15,538
Hilltop Holdings, Inc.^(b)		155		2,475
HSBC Holdings PLC		18,100		127,651
International Bancshares Corp.		570		13,218
Mitsubishi UFJ Financial Group, Inc.		12,400		63,586
Nordea Bank AB		8,000		80,558
Opus Bank		70		2,309
Societe Generale SA		300		11,444
Sumitomo Mitsui Financial Group, Inc.		2,550		85,549
Westpac Banking Corp.		3,864		85,573
Total				642,172
Capital Markets —%
3i Group PLC		11,196		70,985
Arlington Asset Investment Corp., Class A		1,155		12,821
Cowen Group, Inc., Class A^(b)		2,050		5,863
KCG Holdings, Inc., Class A^(b)		605		6,183
Total				95,852
Consumer Finance —%
Cash America International, Inc.		585		17,515
Nelnet, Inc., Class A		445		14,449
Total				31,964
Diversified Financial Services —%
EXOR SpA		1,960		63,894
Insurance 0.2%
Ageas		1,865		75,739
Allianz SE, Registered Shares		670		108,431
American Equity Investment Life Holding Co.		464		8,440

Common Stocks (continued)

Issuer	Shares		Value ($)
AXA SA		779		19,251
CNP Assurances		2,167		28,978
Employers Holdings, Inc.		220		5,480
Hannover Rueckversicherung AG		84		8,841
HCI Group, Inc.		142		4,722
Heritage Insurance Holdings, Inc.		880		17,442
Maiden Holdings Ltd.		1,205		15,424
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered Shares		460		88,629
Swiss Re AG		1,000		93,086
Universal Insurance Holdings, Inc.		843		15,798
Total				490,261
Real Estate Investment Trusts (REITs) 0.1%
AG Mortgage Investment Trust, Inc.		255		2,991
American Assets Trust, Inc.		175		6,543
Apollo Residential Mortgage, Inc.		455		4,937
Coresite Realty Corp.		302		19,370
Cousins Properties, Inc.		380		3,276
CubeSmart		770		24,093
CyrusOne, Inc.		230		8,476
CYS Investments, Inc.		2,510		17,294
DuPont Fabros Technology, Inc.		597		19,802
Hersha Hospitality Trust		240		4,217
Mack-Cali Realty Corp.		715		14,865
Ryman Hospitality Properties, Inc.		401		18,827
Sovran Self Storage, Inc.		200		22,536
STORE Capital Corp.		715		17,725
Summit Hotel Properties, Inc.		1,420		14,413
Sunstone Hotel Investors, Inc.		1,577		18,741
Total				218,106
Real Estate Management & Development —%
New World Development Co., Ltd.		26,000		21,284
Wheelock & Co., Ltd.		18,000		68,913
Total				90,197
Thrifts & Mortgage Finance —%
BofI Holding, Inc.^(b)		500		8,580
Flagstar Bancorp, Inc.^(b)		534		9,959
HomeStreet, Inc.^(b)		475		9,728
MGIC Investment Corp.^(b)		2,619		17,338

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

Annual Report 2016
22

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Radian Group, Inc.		1,470		14,788
Walker & Dunlop, Inc.^(b)		660		15,813
Washington Federal, Inc.		805		17,187
Total				93,393
Total Financials				1,725,839
HEALTH CARE 0.3%
Biotechnology —%
ACADIA Pharmaceuticals, Inc.^(b)		195		4,035
Acorda Therapeutics, Inc.^(b)		220		8,100
Alder Biopharmaceuticals, Inc.^(b)		215		5,199
AMAG Pharmaceuticals, Inc.^(b)		250		5,727
Anacor Pharmaceuticals, Inc.^(b)		140		10,518
ARIAD Pharmaceuticals, Inc.^(b)		680		3,414
Arrowhead Research Corp.^(b)		1,100		3,828
Curis, Inc.^(b)		1,386		2,273
Dynavax Technologies Corp.^(b)		425		10,238
Infinity Pharmaceuticals, Inc.^(b)		875		5,434
Insmed, Inc.^(b)		230		3,036
Insys Therapeutics, Inc.^(b)		270		4,684
Keryx Biopharmaceuticals, Inc.^(b)		1,575		5,560
Neurocrine Biosciences, Inc.^(b)		180		7,659
Novavax, Inc.^(b)		1,655		8,523
Portola Pharmaceuticals, Inc.^(b)		60		1,982
Spark Therapeutics, Inc.^(b)		265		7,465
TESARO, Inc.^(b)		55		1,900
Ultragenyx Pharmaceutical, Inc.^(b)		120		6,738
vTv Therapeutics, Inc., Class A^(b)		434		3,147
Total				109,460
Health Care Equipment & Supplies —%
Analogic Corp.		209		15,480
LivaNova PLC^(b)		344		19,257
Merit Medical Systems, Inc.^(b)		1,060		17,543
Orthofix International NV^(b)		425		16,775
Total				69,055
Health Care Providers & Services 0.1%
Alfresa Holdings Corp.		3,800		70,798
Chemed Corp.		15		2,105
LHC Group, Inc.^(b)		115		4,361
Magellan Health, Inc.^(b)		302		17,214

Common Stocks (continued)

Issuer	Shares		Value ($)
Medipal Holdings Corp.		4,900		79,476
Molina Healthcare, Inc.^(b)		338		18,560
Owens & Minor, Inc.		65		2,252
PharMerica Corp.^(b)		225		6,680
Triple-S Management Corp., Class B^(b)		617		13,753
WellCare Health Plans, Inc.^(b)		95		7,218
Total				222,417
Life Sciences Tools & Services —%
Affymetrix, Inc.^(b)		230		3,227
Cambrex Corp.^(b)		400		13,856
INC Research Holdings, Inc. Class A^(b)		367		15,462
PAREXEL International Corp.^(b)		122		7,803
Total				40,348
Pharmaceuticals 0.2%
GlaxoSmithKline PLC		5,900		121,543
Novo Nordisk A/S, Class B		182		10,168
Pernix Therapeutics Holdings, Inc.^(b)		1,000		2,180
Roche Holding AG, Genusschein Shares		365		94,544
Sanofi		1,379		114,678
Sucampo Pharmaceuticals, Inc., Class A^(b)		1,000		12,650
Teva Pharmaceutical Industries Ltd.		1,292		79,390
Total				435,153
Total Health Care				876,433
INDUSTRIALS 0.4%
Aerospace & Defense —%
Cubic Corp.		143		5,714
Moog, Inc., Class A^(b)		330		15,289
Total				21,003
Air Freight & Logistics —%
Air Transport Services Group, Inc.^(b)		1,135		11,043
Royal Mail PLC		12,077		79,399
Total				90,442
Airlines 0.1%
Hawaiian Holdings, Inc.^(b)		277		9,753
Japan Airlines Co., Ltd.		2,200		82,574
Total				92,327
Building Products —%
Continental Building Product^(b)		930		13,894

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

Annual Report 2016
23

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Commercial Services & Supplies —%
Deluxe Corp.		375		20,962
Interface, Inc.		230		3,885
Quad/Graphics, Inc.		1,200		12,096
West Corp.		235		4,256
Total				41,199
Construction & Engineering 0.1%
EMCOR Group, Inc.		439		20,062
Leighton Holdings Ltd.		4,571		78,837
VINCI SA		1,411		95,592
Total				194,491
Electrical Equipment 0.1%
EnerSys		318		15,401
General Cable Corp.		1,215		14,240
OSRAM Licht AG		762		34,021
Prysmian SpA		3,734		76,827
Vestas Wind Systems A/S		1,497		97,955
Total				238,444
Machinery —%
Barnes Group, Inc.		100		3,251
Global Brass & Copper Holdings, Inc.		395		8,180
Kadant, Inc.		300		11,643
KONE OYJ, Class B		244		10,725
Metso OYJ		260		5,365
Mueller Industries, Inc.		590		15,015
Wabash National Corp.^(b)		1,645		18,194
Total				72,373
Marine 0.1%
Kuehne & Nagel International AG		600		79,410
Matson, Inc.		475		19,195
Total				98,605
Professional Services —%
Insperity, Inc.		21		944
RPX Corp.^(b)		1,380		15,980
Total				16,924
Road & Rail —%
ArcBest Corp.		462		9,485

Common Stocks (continued)

Issuer	Shares		Value ($)
Trading Companies & Distributors —%
Applied Industrial Technologies, Inc.		219		8,418
ITOCHU Corp.		2,200		25,857
MRC Global, Inc.^(b)		765		7,688
Total				41,963
Total Industrials				931,150
INFORMATION TECHNOLOGY 0.2%
Communications Equipment —%
NETGEAR, Inc.^(b)		460		17,190
Plantronics, Inc.		55		2,466
Polycom, Inc.^(b)		1,065		10,852
Total				30,508
Electronic Equipment, Instruments & Components —%
Benchmark Electronics, Inc.^(b)		700		14,700
Checkpoint Systems, Inc.		728		4,717
Coherent, Inc.^(b)		44		3,400
Insight Enterprises, Inc.^(b)		265		6,262
MTS Systems Corp.		50		2,670
SYNNEX Corp.		225		18,889
Tech Data Corp.^(b)		300		18,720
Total				69,358
Internet Software & Services —%
DHI Group, Inc.^(b)		1,240		11,544
EarthLink Holdings Corp.		2,300		13,616
j2 Global, Inc.		160		11,602
LogMeIn, Inc.^(b)		330		17,239
Mixi, Inc.		400		12,816
RetailMeNot, Inc.^(b)		1,858		16,908
Web.com Group, Inc.^(b)		855		16,100
Total				99,825
IT Services —%
Convergys Corp.		67		1,638
CSG Systems International, Inc.		245		8,560
EVERTEC, Inc.		990		13,603
NeuStar, Inc., Class A^(b)		785		19,295
Sykes Enterprises, Inc.^(b)		526		15,486
Syntel, Inc.^(b)		54		2,556
Total				61,138

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

Annual Report 2016
24

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Semiconductors & Semiconductor Equipment 0.1%
Amkor Technology, Inc.^(b)		2,840		17,438
Cabot Microelectronics Corp.^(b)		178		7,234
Cirrus Logic, Inc.^(b)		90		3,125
Diodes, Inc.^(b)		745		14,252
Entegris, Inc.^(b)		200		2,332
Silicon Laboratories, Inc.^(b)		95		4,332
STMicroelectronics NV		9,686		63,279
Veeco Instruments, Inc.^(b)		160		2,982
Xcerra Corp.^(b)		1,500		8,220
Total				123,194
Software —%
Aspen Technology, Inc.^(b)		570		18,491
AVG Technologies NV^(b)		800		15,096
Check Point Software Technologies Ltd.^(b)		100		7,881
Gigamon, Inc.^(b)		400		10,460
Progress Software Corp.^(b)		242		6,265
RealPage, Inc.^(b)		445		8,584
VASCO Data Security International, Inc.^(b)		430		6,665
Total				73,442
Technology Hardware, Storage & Peripherals 0.1%
Canon, Inc.		2,400		67,062
FUJIFILM Holdings Corp.		2,250		86,935
Total				153,997
Total Information Technology				611,462
MATERIALS 0.1%
Chemicals 0.1%
BASF SE		458		30,527
Chemtura Corp.^(b)		715		18,762
Innophos Holdings, Inc.		173		4,621
Innospec, Inc.		365		18,195
Mitsubishi Chemical Holdings Corp.		14,900		83,101
Total				155,206
Construction Materials —%
Fletcher Building Ltd.		2,397		10,746
US Concrete, Inc.^(b)		175		7,959
Total				18,705

Common Stocks (continued)

Issuer	Shares		Value ($)
Metals & Mining —%
Commercial Metals Co.		567		7,893
Materion Corp.		490		12,000
Rio Tinto PLC		2,800		68,661
Total				88,554
Paper & Forest Products —%
UPM-Kymmene OYJ		4,961		80,848
Total Materials				343,313
TELECOMMUNICATION SERVICES 0.1%
Diversified Telecommunication Services 0.1%
General Communication, Inc., Class A^(b)		770		13,952
Nippon Telegraph & Telephone Corp.		2,500		106,432
Telenor ASA		3,175		51,791
Telstra Corp., Ltd.		20,812		83,859
Total				256,034
Wireless Telecommunication Services —%
NTT DoCoMo, Inc.		500		11,089
Shenandoah Telecommunications Co.		450		10,341
Total				21,430
Total Telecommunication Services				277,464
UTILITIES 0.1%
Electric Utilities 0.1%
Chubu Electric Power Co., Inc.		5,200		66,786
Endesa SA		3,282		63,537
IDACORP, Inc.		246		17,119
Tokyo Electric Power Co., Inc.^(b)		12,600		63,314
Total				210,756
Gas Utilities —%
Chesapeake Utilities Corp.		247		15,554
New Jersey Resources Corp.		467		16,448
Southwest Gas Corp.		338		19,884
WGL Holdings, Inc.		65		4,341
Total				56,227
Water Utilities —%
SJW Corp.		340		11,084
Total Utilities				278,067
Total Common Stocks (Cost: $7,374,840)				7,022,138

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

Annual Report 2016
25

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2016

Money Market Funds 5.0%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.360%^(a)(c)		13,376,044		13,376,044
Total Money Market Funds (Cost: $13,376,044)				13,376,044
Total Investments (Cost: $282,761,848)				267,275,219
Other Assets & Liabilities, Net				495,057
Net Assets				267,770,276

At January 31, 2016, cash totaling $486,979 was pledged as collateral.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at January 31, 2016

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays	3/3/2016		51,000	AUD		35,617	USD		—		(428	)
Barclays	3/3/2016		107,000	DKK		15,599	USD		55		—
Barclays	3/3/2016		222,000	ILS		56,596	USD		506		—
Barclays	3/3/2016		2,746,000	JPY		23,319	USD		625		—
Barclays	3/3/2016		184,000	NOK		20,616	USD		—		(572	)
Barclays	3/3/2016		220,000	SEK		25,801	USD		150		—
Barclays	3/3/2016		109,192	USD		109,000	CHF		—		(2,665	)
Barclays	3/3/2016		14,152	USD		13,000	EUR		—		(59	)
Barclays	3/3/2016		138,553	USD		95,000	GBP		—		(3,182	)
Barclays	3/3/2016		61,970	USD		89,000	SGD		469		—
Total									1,805		(6,906	)

Futures Contracts Outstanding at January 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
S&P500 EMINI FUT		4	USD		386,020	03/2016		—		(13,640	)
TOPIX INDX FUTR		7	JPY		832,032	03/2016		—		(89,297	)
US 10YR NOTE (CBT)		34	USD		4,405,656	03/2016		117,611		—
US LONG BOND(CBT)		13	USD		2,093,406	03/2016		102,758		—
US ULTRA BOND CBT		29	USD		4,819,438	03/2016		37,377		—
US ULTRA BOND CBT		16	USD		2,659,000	03/2016		143,346		—
Total					15,195,552			401,092		(102,937	)

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

Annual Report 2016
26

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2016

Credit Default Swap Contracts Outstanding at January 31, 2016

Buy Protection

Counterparty				Reference Entity				Expiration Date				Pay Fixed Rate (%)				Notional Amount ($)				Market Value ($)				Periodic Payments Receivable (Payable) ($)				Unrealized Appreciation ($)				Unrealized Depreciation ($)
Morgan Stanley*				Markit CDX North America Investment Grade Index, Series 25 Version 1				12/20/2020					1.000				8,500,000				(12,155	)			(9,444	)			—				(21,599	)

*Centrally cleared swap contract

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		535,207		102,092		(247,114	)		36,082			426,267		36,632		19,748		448,347
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		4,760,648		18,030		(4,531,642	)		(247,036	)		—		—		—		—
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		6,619,879		423,811		(6,901,821	)		(141,869	)		—		411,397		—		—
Columbia Adaptive Alternatives Fund, Class I Shares		—		4,536,456		—			—			4,536,456		—		36,456		4,269,887
Columbia Contrarian Core Fund, Class I Shares		5,249,892		450,844		(2,633,237	)		1,056,781			4,124,280		132,212		134,083		4,427,685
Columbia Corporate Income Fund, Class I Shares		70,088,420		2,795,012		(11,438,493	)		(49,015	)		61,395,924		—		2,263,295		56,304,841
Columbia Disciplined Core Fund, Class I Shares		6,457,572		374,367		(1,298,465	)		498,156			6,031,630		—		132,478		7,504,630
Columbia Disciplined Growth Fund, Class I Shares		9,322,468		1,378,004		(1,983,586	)		222,167			8,939,053		966,735		91,900		8,106,860
Columbia Disciplined Value Fund, Class I Shares		9,135,237		988,752		(1,264,143	)		98,506			8,958,352		418,833		161,906		8,202,426
Columbia Diversified Absolute Return Fund, Class I Shares		—		7,666,871		(1,161,741	)		(10,704	)		6,494,426		39,504		24,470		6,220,865
Columbia Emerging Markets Bond Fund, Class I Shares		4,838,435		366,060		(775,669	)		(28,480	)		4,400,346		—		137,369		3,830,732

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

Annual Report 2016
27

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2016

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 European Equity Fund, Class I Shares		3,989,100		249,830		(2,708,207	)		459,874			1,990,597		56,676		29,035		1,793,461
Columbia Global Inflation-Linked Bond Plus Fund, Class I Shares		1,278,928		74,655		(1,292,378	)		(61,205	)		—		—		44,163		—
Columbia Income Opportunities Fund, Class I Shares		9,761,076		1,524,045		(1,407,272	)		(45,431	)		9,832,418		68,310		486,738		9,065,865
Columbia Inflation Protected Securities Fund, Class I Shares		14,021,505		259,393		(870,683	)		(76,601	)		13,333,614		—		—		10,939,655
Columbia International Bond Fund, Class I Shares		796,815		6,042		(772,058	)		(30,799	)		—		—		—		—
Columbia Limited Duration Credit Fund, Class I Shares		29,379,839		891,744		(3,150,660	)		5,890			27,126,813		—		701,571		25,124,431
Columbia Mortgage Opportunities Fund, Class I Shares		—		4,794,163		(620,217	)		(2,763	)		4,171,183		43,002		153,693		3,946,652
Columbia Multi-Asset Income Fund, Class I Shares		—		6,434,738		—			—			6,434,738		—		287,738		5,775,280
Columbia Overseas Value Fund, Class I Shares		9,085,139		543,617		(3,178,215	)		(15,170	)		6,435,371		—		148,966		5,702,264
Columbia Pacific/Asia Fund, Class I Shares		1,305,130		50,147		(1,446,718	)		91,441			—		3,675		4,587		—
Columbia Select Large Cap Equity Fund, Class I Shares		—		3,384,000		—			—			3,384,000		166,727		44,274		2,965,566
Columbia Short-Term Cash Fund		37,727,043		30,572,603		(54,923,602	)		—			13,376,044		—		36,445		13,376,044
Columbia Small Cap Core Fund, Class I Shares		1,788,254		628,809		(383,614	)		17,500			2,050,949		506,955		2,807		1,445,780
Columbia U.S. Government Mortgage Fund, Class I Shares		53,311,801		1,890,584		(7,834,319	)		(27,303	)		47,340,763		142,685		1,507,056		46,547,287
Columbia U.S. Treasury Index Fund, Class I Shares		21,808,729		16,942,691		(3,926,149	)		(221,487	)		34,603,784		106,125		321,815		34,254,523
Total		301,261,117		87,347,360		(114,750,003	)		1,528,534			275,387,008		3,099,468		6,770,593		260,253,081

(b) Non-income producing investment.

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

Annual Report 2016
28

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2016

Currency Legend

AUD Australian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP British Pound

ILS Israeli Shekel

JPY Japanese Yen

NOK Norwegian Krone

SEK Swedish Krona

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.).

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

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 of the Notes to Financial Statements in the most recent shareholder report.

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

Annual Report 2016
29

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2016

Fair Value Measurements (continued)

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.

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Equity Funds		40,148,672			—			—		40,148,672
Fixed-Income Funds		190,013,986			—			—		190,013,986
Alternative Investment Funds		16,714,379			—			—		16,714,379
Common Stocks
Consumer Discretionary		293,758			672,942			—		966,700
Consumer Staples		85,718			644,075			—		729,793
Energy		63,492			218,425			—		281,917
Financials		540,825			1,185,014			—		1,725,839
Health Care		305,836			570,597			—		876,433
Industrials		264,588			666,562			—		931,150
Information Technology		381,370			230,092			—		611,462
Materials		69,430			273,883			—		343,313
Telecommunication Services		24,293			253,171			—		277,464
Utilities		84,430			193,637			—		278,067
Total Common Stocks		2,113,740			4,908,398			—		7,022,138
Money Market Funds		—			13,376,044			—		13,376,044
Total Investments		248,990,777			18,284,442			—		267,275,219
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			1,805			—		1,805
Futures Contracts		401,092			—			—		401,092
Liabilities
Forward Foreign Currency Exchange Contracts		—			(6,906	)		—		(6,906	)
Futures Contracts		(102,937	)		—			—		(102,937	)
Swap Contracts		—			(21,599	)		—		(21,599	)
Total		249,288,932			18,257,742			—		267,546,674

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

Annual Report 2016
30

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2016

Fair Value Measurements (continued)

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

Derivative instruments are valued at unrealized appreciation (depreciation).

Financial assets were transferred from Level 1 to Level 2 as the market for these assets is not considered publicly available. Fund per share market values were obtained using observable market inputs.

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In				Transfers Out
Level 1 ($)		Level 2 ($)		Level 1 ($)		Level 2 ($)
	—		37,727,043		37,727,043		—

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

There were no transfers of financial assets between Levels 2 and 3 during the period.

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

Annual Report 2016
31

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2016

(Percentages represent value of investments compared to net assets)

Equity Funds 29.4%

	Shares		Value ($)
INTERNATIONAL 7.3%
Columbia European Equity Fund, Class I Shares^(a)		3,008,706		18,353,108
Columbia Overseas Value Fund, Class I Shares^(a)		3,215,719		24,793,193
Columbia Pacific/Asia Fund, Class I Shares^(a)		202,080		1,774,262
Total				44,920,563
U.S. LARGE CAP 20.6%
Columbia Contrarian Core Fund, Class I Shares^(a)		1,056,395		21,149,017
Columbia Disciplined Core Fund, Class I Shares^(a)		2,655,844		23,982,270
Columbia Disciplined Growth Fund, Class I Shares^(a)		2,609,637		20,302,978
Columbia Disciplined Value Fund, Class I Shares^(a)		4,318,404		35,367,730
Columbia Large Cap Growth Fund, Class I Shares^(a)(b)		449,310		14,121,803
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		1,195,681		12,913,359
Total				127,837,157
U.S. SMALL CAP 1.5%
Columbia Small Cap Core Fund, Class I Shares^(a)		853,768		9,408,527
Total Equity Funds (Cost: $189,841,145)				182,166,247

Fixed-Income Funds 59.6%

EMERGING MARKETS 2.2%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)	1,341,809	13,538,857
HIGH YIELD 4.8%
Columbia Income Opportunities Fund, Class I Shares^(a)	3,229,875	29,617,953
INFLATION PROTECTED SECURITIES 2.1%
Columbia Inflation Protected Securities Fund, Class I Shares^(a)(b)	1,531,056	12,998,662
INVESTMENT GRADE 50.5%
Columbia Corporate Income Fund, Class I Shares^(a)	11,565,291	107,788,516

Fixed-Income Funds (continued)

	Shares		Value ($)
Columbia Limited Duration Credit Fund, Class I Shares^(a)		4,571,818		42,289,317
Columbia Mortgage Opportunities Fund, Class I Shares^(a)		1,004,089		9,518,761
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		17,173,866		93,597,570
Columbia U.S. Treasury Index Fund, Class I Shares^(a)		5,324,773		60,063,438
Total				313,257,602
Total Fixed-Income Funds (Cost: $388,737,729)				369,413,074

Alternative Investment Funds 5.4%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)	226,606	2,445,081
Columbia Adaptive Alternatives Fund, Class I Shares^(a)	455,212	4,269,887
Columbia Diversified Absolute Return Fund, Class I Shares^(a)	1,446,713	13,845,040
Columbia Multi-Asset Income Fund, Class I Shares^(a)	1,451,492	12,990,856
Total Alternative Investment Funds (Cost: $35,783,356)		33,550,864

Common Stocks 1.8%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.2%
Auto Components —%
Cie Generale des Etablissements Michelin		1,206		110,027
Continental AG		480		100,727
Cooper Tire & Rubber Co.		885		32,267
Dana Holding Corp.		1,200		14,268
Total				257,289
Automobiles —%
Fuji Heavy Industries Ltd.		3,500		143,230
Peugeot SA^(b)		8,346		124,103
Total				267,333
Diversified Consumer Services —%
Capella Education Co.		175		7,684
Hotels, Restaurants & Leisure 0.1%
Cracker Barrel Old Country Store, Inc.		250		32,807

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

Annual Report 2016
32

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Denny's Corp.^(b)		2,420		22,675
Flight Centre Travel Group Ltd.		4,451		124,389
Isle of Capri Casinos, Inc.^(b)		625		7,913
Jack in the Box, Inc.		435		33,773
Marriott Vacations Worldwide Corp.		445		21,979
Papa John's International, Inc.		25		1,194
Ruth's Hospitality Group, Inc.		650		10,562
Sands China Ltd.		31,200		108,974
Total				364,266
Household Durables 0.1%
Helen of Troy Ltd.^(b)		310		27,705
Iida Group Holdings Co., Ltd.		6,500		115,875
Persimmon PLC		4,451		129,877
Zagg, Inc.^(b)		400		3,688
Total				277,145
Internet & Catalog Retail —%
PetMed Express, Inc.		870		15,678
Leisure Products —%
Sturm Ruger & Co., Inc.		512		30,131
Media —%
Gray Television, Inc.^(b)		720		9,468
Nexstar Broadcasting Group, Inc., Class A		545		24,640
WPP PLC		1,187		25,814
Total				59,922
Multiline Retail —%
Marks & Spencer Group PLC		7,165		43,505
Specialty Retail —%
American Eagle Outfitters, Inc.		840		12,297
Cato Corp. (The), Class A		675		27,223
Children's Place, Inc. (The)		452		29,425
Guess?, Inc.		570		10,568
Outerwall, Inc.		755		25,519
Total				105,032
Textiles, Apparel & Luxury Goods —%
Movado Group, Inc.		975		25,057
Oxford Industries, Inc.		480		33,533
Wolverine World Wide, Inc.		1,625		27,479
Total				86,069
Total Consumer Discretionary				1,514,054

Common Stocks (continued)

Issuer	Shares		Value ($)
CONSUMER STAPLES 0.2%
Food & Staples Retailing —%
Ingles Markets, Inc., Class A		120		4,603
Jeronimo Martins SGPS SA		6,986		97,429
Koninklijke Ahold NV		6,538		147,887
SUPERVALU, Inc.^(b)		1,750		7,963
Wesfarmers Ltd.		451		13,608
Total				271,490
Food Products 0.1%
Cal-Maine Foods, Inc.		615		31,039
Dean Foods Co.		1,650		32,967
Nestlé SA, Registered Shares		1,982		146,019
Sanderson Farms, Inc.		401		32,569
WH Group Ltd.^(b)		228,000		130,557
Total				373,151
Household Products 0.1%
Reckitt Benckiser Group PLC		1,704		151,555
Svenska Cellulosa AB, Class B		4,483		132,866
Total				284,421
Personal Products —%
Usana Health Sciences, Inc.^(b)		186		23,603
Tobacco —%
Japan Tobacco, Inc.		4,000		156,655
Swedish Match AB		228		8,111
Universal Corp.		185		10,125
Total				174,891
Total Consumer Staples				1,127,556
ENERGY 0.1%
Energy Equipment & Services —%
Oil States International, Inc.^(b)		620		17,502
Oil, Gas & Consumable Fuels 0.1%
Alon USA Energy, Inc.		900		11,322
Caltex Australia Ltd.		1,236		33,054
OMV AG		3,511		90,374
PDC Energy, Inc.^(b)		625		35,544
REX American Resources Corp.^(b)		554		29,600
Royal Dutch Shell PLC, Class B		9,671		210,711
Western Refining, Inc.		355		11,680
Total				422,285
Total Energy				439,787

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

Annual Report 2016
33

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
FINANCIALS 0.4%
Banks 0.2%
Australia and New Zealand Banking Group Ltd.		1,214		21,074
Banc of California, Inc.		1,525		23,028
Banco Latinoamericano de Comercio Exterior SA, Class E		870		20,288
BBCN Bancorp, Inc.		970		14,744
Central Pacific Financial Corp.		1,380		28,911
Credit Agricole SA		10,572		105,499
Customers Bancorp, Inc.^(b)		935		23,469
First BanCorp^(b)		3,175		8,255
First NBC Bank Holding Co.^(b)		810		25,426
Hilltop Holdings, Inc.^(b)		260		4,152
HSBC Holdings PLC		27,682		195,228
International Bancshares Corp.		960		22,262
Mitsubishi UFJ Financial Group, Inc.		19,000		97,430
Nordea Bank AB		12,241		123,263
Opus Bank		120		3,959
Societe Generale SA		487		18,578
Sumitomo Mitsui Financial Group, Inc.		3,950		132,517
Westpac Banking Corp.		5,917		131,039
Total				999,122
Capital Markets —%
3i Group PLC		17,110		108,482
Arlington Asset Investment Corp., Class A		1,920		21,312
Cowen Group, Inc., Class A^(b)		3,400		9,724
KCG Holdings, Inc., Class A^(b)		995		10,169
Total				149,687
Consumer Finance —%
Cash America International, Inc.		970		29,042
Nelnet, Inc., Class A		750		24,352
Total				53,394
Diversified Financial Services —%
EXOR SpA		2,998		97,732
Insurance 0.1%
Ageas		2,856		115,985
Allianz SE, Registered Shares		1,043		168,795
American Equity Investment Life Holding Co.		779		14,170

Common Stocks (continued)

Issuer	Shares		Value ($)
AXA SA		1,193		29,482
CNP Assurances		3,315		44,330
Employers Holdings, Inc.		370		9,216
Hannover Rueckversicherung AG		129		13,577
HCI Group, Inc.		235		7,814
Heritage Insurance Holdings, Inc.		1,440		28,541
Maiden Holdings Ltd.		2,005		25,664
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered Shares		709		136,604
Swiss Re AG		1,530		142,422
Universal Insurance Holdings, Inc.		1,401		26,255
Total				762,855
Real Estate Investment Trusts (REITs) 0.1%
AG Mortgage Investment Trust, Inc.		420		4,927
American Assets Trust, Inc.		300		11,217
Apollo Residential Mortgage, Inc.		800		8,680
Coresite Realty Corp.		510		32,711
Cousins Properties, Inc.		625		5,388
CubeSmart		1,275		39,895
CyrusOne, Inc.		385		14,187
CYS Investments, Inc.		4,175		28,766
DuPont Fabros Technology, Inc.		995		33,004
Hersha Hospitality Trust		400		7,028
Mack-Cali Realty Corp.		1,190		24,740
Ryman Hospitality Properties, Inc.		665		31,222
Sovran Self Storage, Inc.		333		37,522
STORE Capital Corp.		1,190		29,500
Summit Hotel Properties, Inc.		2,370		24,055
Sunstone Hotel Investors, Inc.		2,624		31,174
Total				364,016
Real Estate Management & Development —%
New World Development Co., Ltd.		40,000		32,745
Wheelock & Co., Ltd.		28,000		107,197
Total				139,942
Thrifts & Mortgage Finance —%
BofI Holding, Inc.^(b)		830		14,243
Flagstar Bancorp, Inc.^(b)		890		16,598
HomeStreet, Inc.^(b)		795		16,282
MGIC Investment Corp.^(b)		4,330		28,665

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

Annual Report 2016
34

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Radian Group, Inc.		2,380		23,943
Walker & Dunlop, Inc.^(b)		1,100		26,356
Washington Federal, Inc.		1,375		29,356
Total				155,443
Total Financials				2,722,191
HEALTH CARE 0.2%
Biotechnology —%
ACADIA Pharmaceuticals, Inc.^(b)		320		6,621
Acorda Therapeutics, Inc.^(b)		365		13,439
Alder Biopharmaceuticals, Inc.^(b)		365		8,826
AMAG Pharmaceuticals, Inc.^(b)		410		9,393
Anacor Pharmaceuticals, Inc.^(b)		235		17,656
ARIAD Pharmaceuticals, Inc.^(b)		1,120		5,622
Arrowhead Research Corp.^(b)		1,900		6,612
Curis, Inc.^(b)		2,307		3,783
Dynavax Technologies Corp.^(b)		725		17,465
Infinity Pharmaceuticals, Inc.^(b)		1,455		9,036
Insmed, Inc.^(b)		390		5,148
Insys Therapeutics, Inc.^(b)		450		7,808
Keryx Biopharmaceuticals, Inc.^(b)		2,620		9,249
Neurocrine Biosciences, Inc.^(b)		315		13,403
Novavax, Inc.^(b)		2,750		14,162
Portola Pharmaceuticals, Inc.^(b)		115		3,798
Spark Therapeutics, Inc.^(b)		450		12,676
TESARO, Inc.^(b)		90		3,109
Ultragenyx Pharmaceutical, Inc.^(b)		200		11,230
vTv Therapeutics, Inc., Class A^(b)		723		5,242
Total				184,278
Health Care Equipment & Supplies —%
Analogic Corp.		348		25,776
LivaNova PLC^(b)		570		31,909
Merit Medical Systems, Inc.^(b)		1,720		28,466
Orthofix International NV^(b)		705		27,826
Total				113,977
Health Care Providers & Services 0.1%
Alfresa Holdings Corp.		5,800		108,061
Chemed Corp.		25		3,508
LHC Group, Inc.^(b)		200		7,584
Magellan Health, Inc.^(b)		500		28,500

Common Stocks (continued)

Issuer	Shares		Value ($)
Medipal Holdings Corp.		7,500		121,647
Molina Healthcare, Inc.^(b)		556		30,530
Owens & Minor, Inc.		100		3,465
PharMerica Corp.^(b)		380		11,282
Triple-S Management Corp., Class B^(b)		1,020		22,736
WellCare Health Plans, Inc.^(b)		157		11,929
Total				349,242
Life Sciences Tools & Services —%
Affymetrix, Inc.^(b)		380		5,331
Cambrex Corp.^(b)		662		22,932
INC Research Holdings, Inc. Class A^(b)		611		25,742
PAREXEL International Corp.^(b)		203		12,984
Total				66,989
Pharmaceuticals 0.1%
GlaxoSmithKline PLC		9,042		186,269
Novo Nordisk A/S, Class B		279		15,587
Pernix Therapeutics Holdings, Inc.^(b)		1,700		3,706
Roche Holding AG, Genusschein Shares		559		144,795
Sanofi		2,110		175,469
Sucampo Pharmaceuticals, Inc., Class A^(b)		1,700		21,505
Teva Pharmaceutical Industries Ltd.		1,976		121,420
Total				668,751
Total Health Care				1,383,237
INDUSTRIALS 0.2%
Aerospace & Defense —%
Cubic Corp.		240		9,590
Moog, Inc., Class A^(b)		545		25,250
Total				34,840
Air Freight & Logistics —%
Air Transport Services Group, Inc.^(b)		1,885		18,341
Royal Mail PLC		18,493		121,580
Total				139,921
Airlines —%
Hawaiian Holdings, Inc.^(b)		460		16,197
Japan Airlines Co., Ltd.		3,400		127,613
Total				143,810
Building Products —%
Continental Building Product^(b)		1,565		23,381

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

Annual Report 2016
35

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Commercial Services & Supplies —%
Deluxe Corp.		625		34,938
Interface, Inc.		390		6,587
Quad/Graphics, Inc.		2,090		21,067
West Corp.		390		7,063
Total				69,655
Construction & Engineering 0.1%
EMCOR Group, Inc.		730		33,361
Leighton Holdings Ltd.		6,999		120,714
VINCI SA		2,159		146,266
Total				300,341
Electrical Equipment 0.1%
EnerSys		530		25,668
General Cable Corp.		2,020		23,674
OSRAM Licht AG		1,166		52,058
Prysmian SpA		5,714		117,566
Vestas Wind Systems A/S		2,292		149,976
Total				368,942
Machinery —%
Barnes Group, Inc.		150		4,877
Global Brass & Copper Holdings, Inc.		650		13,461
Kadant, Inc.		485		18,823
KONE OYJ, Class B		373		16,395
Metso OYJ		398		8,212
Mueller Industries, Inc.		980		24,941
Wabash National Corp.^(b)		2,775		30,691
Total				117,400
Marine —%
Kuehne & Nagel International AG		904		119,644
Matson, Inc.		780		31,520
Total				151,164
Professional Services —%
Insperity, Inc.		35		1,573
RPX Corp.^(b)		2,290		26,518
Total				28,091
Road & Rail —%
ArcBest Corp.		770		15,808

Common Stocks (continued)

Issuer	Shares		Value ($)
Trading Companies & Distributors —%
Applied Industrial Technologies, Inc.		365		14,031
ITOCHU Corp.		3,400		39,960
MRC Global, Inc.^(b)		1,290		12,964
Total				66,955
Total Industrials				1,460,308
INFORMATION TECHNOLOGY 0.2%
Communications Equipment —%
NETGEAR, Inc.^(b)		765		28,588
Plantronics, Inc.		90		4,035
Polycom, Inc.^(b)		1,775		18,087
Total				50,710
Electronic Equipment, Instruments & Components —%
Benchmark Electronics, Inc.^(b)		1,170		24,570
Checkpoint Systems, Inc.		1,197		7,757
Coherent, Inc.^(b)		72		5,563
Insight Enterprises, Inc.^(b)		435		10,279
MTS Systems Corp.		80		4,272
SYNNEX Corp.		375		31,481
Tech Data Corp.^(b)		500		31,200
Total				115,122
Internet Software & Services —%
DHI Group, Inc.^(b)		2,035		18,946
EarthLink Holdings Corp.		3,800		22,496
j2 Global, Inc.		266		19,287
LogMeIn, Inc.^(b)		550		28,732
Mixi, Inc.		600		19,224
RetailMeNot, Inc.^(b)		3,109		28,292
Web.com Group, Inc.^(b)		1,425		26,833
Total				163,810
IT Services —%
Convergys Corp.		113		2,762
CSG Systems International, Inc.		405		14,151
EVERTEC, Inc.		1,642		22,561
NeuStar, Inc., Class A^(b)		1,305		32,077
Sykes Enterprises, Inc.^(b)		875		25,760
Syntel, Inc.^(b)		90		4,260
Total				101,571

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

Annual Report 2016
36

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Semiconductors & Semiconductor Equipment 0.1%
Amkor Technology, Inc.^(b)		4,715		28,950
Cabot Microelectronics Corp.^(b)		300		12,192
Cirrus Logic, Inc.^(b)		150		5,208
Diodes, Inc.^(b)		1,235		23,626
Entegris, Inc.^(b)		325		3,790
Silicon Laboratories, Inc.^(b)		160		7,296
STMicroelectronics NV		14,816		96,794
Veeco Instruments, Inc.^(b)		260		4,846
Xcerra Corp.^(b)		2,495		13,673
Total				196,375
Software —%
Aspen Technology, Inc.^(b)		950		30,818
AVG Technologies NV^(b)		1,330		25,097
Check Point Software Technologies Ltd.^(b)		200		15,762
Gigamon, Inc.^(b)		650		16,997
Progress Software Corp.^(b)		405		10,485
RealPage, Inc.^(b)		740		14,275
VASCO Data Security International, Inc.^(b)		705		10,928
Total				124,362
Technology Hardware, Storage & Peripherals 0.1%
Canon, Inc.		3,700		103,387
FUJIFILM Holdings Corp.		3,450		133,301
Total				236,688
Total Information Technology				988,638
MATERIALS 0.1%
Chemicals 0.1%
BASF SE		696		46,391
Chemtura Corp.^(b)		1,190		31,226
Innophos Holdings, Inc.		290		7,746
Innospec, Inc.		605		30,159
Mitsubishi Chemical Holdings Corp.		22,800		127,161
Total				242,683
Construction Materials —%
Fletcher Building Ltd.		3,670		16,453
US Concrete, Inc.^(b)		300		13,644
Total				30,097

Common Stocks (continued)

Issuer	Shares		Value ($)
Metals & Mining —%
Commercial Metals Co.		935		13,015
Materion Corp.		805		19,714
Rio Tinto PLC		4,312		105,738
Total				138,467
Paper & Forest Products —%
UPM-Kymmene OYJ		7,597		123,807
Total Materials				535,054
TELECOMMUNICATION SERVICES 0.1%
Diversified Telecommunication Services 0.1%
General Communication, Inc., Class A^(b)		1,285		23,284
Nippon Telegraph & Telephone Corp.		3,900		166,033
Telenor ASA		4,869		79,425
Telstra Corp., Ltd.		31,855		128,355
Total				397,097
Wireless Telecommunication Services —%
NTT DoCoMo, Inc.		800		17,743
Shenandoah Telecommunications Co.		700		16,086
Total				33,829
Total Telecommunication Services				430,926
UTILITIES 0.1%
Electric Utilities 0.1%
Chubu Electric Power Co., Inc.		7,900		101,463
Endesa SA		5,026		97,300
IDACORP, Inc.		409		28,462
Tokyo Electric Power Co., Inc.^(b)		19,300		96,981
Total				324,206
Gas Utilities —%
Chesapeake Utilities Corp.		405		25,503
New Jersey Resources Corp.		775		27,295
Southwest Gas Corp.		560		32,945
WGL Holdings, Inc.		109		7,280
Total				93,023
Water Utilities —%
SJW Corp.		565		18,419
Total Utilities				435,648
Total Common Stocks (Cost: $11,771,114)				11,037,399

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

Annual Report 2016
37

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2016

Money Market Funds 3.6%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.360%^(a)(c)		22,212,738		22,212,738
Total Money Market Funds (Cost: $22,212,738)				22,212,738
Total Investments (Cost: $648,346,082)				618,380,322
Other Assets & Liabilities, Net				1,373,644
Net Assets				619,753,966

At January 31, 2016, cash totaling $1,225,951 was pledged as collateral.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at January 31, 2016

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays	3/3/2016		79,000	AUD		55,172	USD		—		(663	)
Barclays	3/3/2016		163,000	DKK		23,763	USD		84		—
Barclays	3/3/2016		339,000	ILS		86,424	USD		773		—
Barclays	3/3/2016		4,206,000	JPY		35,718	USD		958		—
Barclays	3/3/2016		281,000	NOK		31,484	USD		—		(874	)
Barclays	3/3/2016		336,000	SEK		39,406	USD		229		—
Barclays	3/3/2016		170,299	USD		170,000	CHF		—		(4,155	)
Barclays	3/3/2016		22,860	USD		21,000	EUR		—		(95	)
Barclays	3/3/2016		211,475	USD		145,000	GBP		—		(4,858	)
Barclays	3/3/2016		94,000	USD		135,000	SGD		711		—
Total									2,755		(10,645	)

Futures Contracts Outstanding at January 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
S&P MID 400 EMINI		20	USD		2,629,600	03/2016		—		(134,149	)
TOPIX INDX FUTR		30	JPY		3,565,853	03/2016		—		(382,701	)
US 10YR NOTE (CBT)		141	USD		18,270,516	03/2016		487,738		—
US LONG BOND(CBT)		32	USD		5,153,000	03/2016		252,942		—
US ULTRA BOND CBT		82	USD		13,627,375	03/2016		306,701		—
Total					43,246,344			1,047,381		(516,850	)

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

Annual Report 2016
38

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2016

Credit Default Swap Contracts Outstanding at January 31, 2016

Buy Protection

Counterparty				Reference Entity				Expiration Date				Pay Fixed Rate (%)				Notional Amount ($)				Market Value ($)				Periodic Payments Receivable (Payable) ($)				Unrealized Appreciation ($)				Unrealized Depreciation ($)
Morgan Stanley*				Markit CDX North America Investment Grade Index, Series 25				12/20/2020					1.000				13,000,000				(18,590	)			(14,444	)			—				(33,034	)

*Centrally cleared swap contract

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		2,405,924		376,475		(544,747	)		75,347			2,312,999		202,711		109,278		2,445,081
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		11,047,318		11,523		(10,506,731	)		(552,110	)		—		—		—		—
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		15,378,197		983,780		(15,856,276	)		(505,701	)		—		942,817		—		—
Columbia Adaptive Alternatives Fund, Class I Shares		—		4,536,456		—			—			4,536,456		—		36,456		4,269,887
Columbia Contrarian Core Fund, Class I Shares		23,146,263		1,634,385		(11,306,534	)		4,598,411			18,072,525		632,343		641,293		21,149,017
Columbia Corporate Income Fund, Class I Shares		137,668,717		5,632,585		(26,080,881	)		(221,477	)		116,998,944		—		4,457,850		107,788,516
Columbia Disciplined Core Fund, Class I Shares		20,558,502		800,570		(3,325,876	)		1,504,273			19,537,469		—		424,510		23,982,270
Columbia Disciplined Growth Fund, Class I Shares		22,245,816		2,948,867		(3,686,805	)		701,322			22,209,200		2,435,322		231,508		20,302,978
Columbia Disciplined Value Fund, Class I Shares		38,613,588		3,083,728		(2,426,427	)		84,957			39,355,846		1,817,047		702,406		35,367,730
Columbia Diversified Absolute Return Fund, Class I Shares		—		15,240,850		(772,757	)		(8,426	)		14,459,667		88,083		54,561		13,845,040
Columbia Emerging Markets Bond Fund, Class I Shares		19,005,223		805,901		(4,359,933	)		(185,061	)		15,266,130		—		488,470		13,538,857

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

Annual Report 2016
39

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2016

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 European Equity Fund, Class I Shares		21,306,614		1,729,928		(3,622,708	)		764,483			20,178,317		582,840		298,589		18,353,108
Columbia Global Inflation-Linked Bond Plus Fund, Class I Shares		1,525,553		144,155		(1,604,980	)		(64,728	)		—		—		51,652		—
Columbia Income Opportunities Fund, Class I Shares		28,438,560		5,646,400		(2,612,397	)		98,184			31,570,747		221,834		1,549,063		29,617,953
Columbia Inflation Protected Securities Fund, Class I Shares		15,451,697		254,039		(387,880	)		(63,957	)		15,253,899		—		—		12,998,662
Columbia International Bond Fund, Class I Shares		3,676,343		—		(3,513,004	)		(163,339	)		—		—		—		—
Columbia Large Cap Growth Fund, Class I Shares		12,692,142		1,851,223		(3,422,187	)		1,526,732			12,647,910		1,432,397		—		14,121,803
Columbia Limited Duration Credit Fund, Class I Shares		46,438,690		1,495,716		(3,393,197	)		47,139			44,588,348		—		1,157,416		42,289,317
Columbia Mortgage Opportunities Fund, Class I Shares		—		11,085,168		(1,016,705	)		(8,521	)		10,059,942		104,649		368,343		9,518,761
Columbia Multi-Asset Income Fund, Class I Shares		—		14,474,235		—			—			14,474,235		—		647,235		12,990,856
Columbia Overseas Value Fund, Class I Shares		30,566,410		1,206,453		(3,887,831	)		41,706			27,926,738		—		651,969		24,793,193
Columbia Pacific/Asia Fund, Class I Shares		3,791,988		385,985		(2,508,655	)		140,631			1,809,949		9,180		22,700		1,774,262
Columbia Select Large Cap Equity Fund, Class I Shares		—		14,657,055		—			—			14,657,055		660,961		184,095		12,913,359
Columbia Short-Term Cash Fund		81,183,164		67,291,237		(126,261,663	)		—			22,212,738		—		81,399		22,212,738
Columbia Small Cap Core Fund, Class I Shares		10,656,827		3,651,584		(948,813	)		86,537			13,446,135		3,277,724		18,148		9,408,527
Columbia U.S. Government Mortgage Fund, Class I Shares		102,602,529		4,066,382		(11,392,434	)		(78,992	)		95,197,485		282,831		2,944,939		93,597,570
Columbia U.S. Treasury Index Fund, Class I Shares		11,194,137		51,863,239		(3,095,771	)		(159,371	)		59,802,234		177,538		293,602		60,063,438
Total		659,594,202		215,857,919		(246,535,192	)		7,658,039			636,574,968		12,868,277		15,415,482		607,342,923

(b) Non-income producing investment.

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

Annual Report 2016
40

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2016

Currency Legend

AUD Australian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP British Pound

ILS Israeli Shekel

JPY Japanese Yen

NOK Norwegian Krone

SEK Swedish Krona

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.).

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

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 of the Notes to Financial Statements in the most recent shareholder report.

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

Annual Report 2016
41

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2016

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Equity Funds		182,166,247		—		—		182,166,247
Fixed-Income Funds		369,413,074		—		—		369,413,074
Alternative Investment Funds		33,550,864		—		—		33,550,864
Common Stocks
Consumer Discretionary		487,533		1,026,521		—		1,514,054
Consumer Staples		142,869		984,687		—		1,127,556
Energy		105,648		334,139		—		439,787
Financials		900,212		1,821,979		—		2,722,191
Health Care		509,989		873,248		—		1,383,237
Industrials		440,324		1,019,984		—		1,460,308
Information Technology		635,932		352,706		—		988,638
Materials		115,504		419,550		—		535,054
Telecommunication Services		39,370		391,556		—		430,926
Utilities		139,904		295,744		—		435,648
Total Common Stocks		3,517,285		7,520,114		—		11,037,399
Money Market Funds		—		22,212,738		—		22,212,738
Total Investments		588,647,470		29,732,852		—		618,380,322

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

Annual Report 2016
42

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2016

Fair Value Measurements (continued)

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			2,755			—		2,755
Futures Contracts		1,047,381			—			—		1,047,381
Liabilities
Forward Foreign Currency Exchange Contracts		—			(10,645	)		—		(10,645	)
Futures Contracts		(516,850	)		—			—		(516,850	)
Swap Contracts		—			(33,034	)		—		(33,034	)
Total		589,178,001			29,691,928			—		618,869,929

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

Derivative instruments are valued at unrealized appreciation (depreciation).

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In				Transfers Out
Level 1 ($)		Level 2 ($)		Level 1 ($)		Level 2 ($)
	—		81,183,164		81,183,164		—

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

There were no transfers of financial assets between Levels 2 and 3 during the period.

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

Annual Report 2016
43

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Moderate Portfolio

January 31, 2016

(Percentages represent value of investments compared to net assets)

Equity Funds 43.5%

	Shares		Value ($)
INTERNATIONAL 12.0%
Columbia Emerging Markets Fund, Class I Shares^(a)(b)		1,528,192		13,035,477
Columbia European Equity Fund, Class I Shares^(a)		10,372,672		63,273,298
Columbia Overseas Value Fund, Class I Shares^(a)		8,386,559		64,660,371
Columbia Pacific/Asia Fund, Class I Shares^(a)		4,458,755		39,147,871
Total				180,117,017
U.S. LARGE CAP 29.6%
Columbia Contrarian Core Fund, Class I Shares^(a)		3,863,495		77,347,175
Columbia Disciplined Core Fund, Class I Shares^(a)		6,793,919		61,349,086
Columbia Disciplined Growth Fund, Class I Shares^(a)		8,129,492		63,247,449
Columbia Disciplined Value Fund, Class I Shares^(a)		11,370,206		93,121,987
Columbia Large Cap Growth Fund, Class I Shares^(a)(b)		674,233		21,191,149
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		5,657,911		61,105,436
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		2,512,162		36,928,788
Columbia Select Large-Cap Value Fund, Class I Shares^(a)		1,602,773		31,606,686
Total				445,897,756
U.S. SMALL CAP 1.9%
Columbia Select Smaller-Cap Value Fund, Class I Shares^(a)(b)		272,768		4,776,162
Columbia Small Cap Core Fund, Class I Shares^(a)		1,821,075		20,068,247
Columbia Small Cap Growth Fund I, Class I Shares^(a)(b)		296,947		4,575,954
Total				29,420,363
Total Equity Funds (Cost: $662,153,037)				655,435,136

Fixed-Income Funds 45.8%

EMERGING MARKETS 1.8%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)					2,695,962				27,202,257

Fixed-Income Funds (continued)

	Shares		Value ($)
HIGH YIELD 8.1%
Columbia High Yield Bond Fund, Class I Shares^(a)		2,770,111		7,534,703
Columbia Income Opportunities Fund, Class I Shares^(a)		12,420,039		113,891,762
Total				121,426,465
INFLATION PROTECTED SECURITIES 1.0%
Columbia Inflation Protected Securities Fund, Class I Shares^(a)(b)		1,785,233		15,156,629
INVESTMENT GRADE 34.9%
Columbia Corporate Income Fund, Class I Shares^(a)		13,371,007		124,617,788
Columbia Intermediate Bond Fund, Class I Shares^(a)		21,757,049		195,595,873
Columbia Limited Duration Credit Fund, Class I Shares^(a)		3,633,330		33,608,303
Columbia Mortgage Opportunities Fund, Class I Shares^(a)		2,698,992		25,586,441
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		18,285,464		99,655,779
Columbia U.S. Treasury Index Fund, Class I Shares^(a)		4,201,587		47,393,896
Total				526,458,080
Total Fixed-Income Funds (Cost: $725,683,634)				690,243,431

Alternative Investment Funds 4.5%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)	846,712	9,136,023
Columbia Adaptive Alternatives Fund, Class I Shares^(a)	455,212	4,269,887
Columbia Diversified Absolute Return Fund, Class I Shares^(a)	3,161,367	30,254,277
Columbia Multi-Asset Income Fund, Class I Shares^(a)	2,687,995	24,057,558
Total Alternative Investment Funds (Cost: $71,516,156)		67,717,745

Common Stocks 1.7%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.2%
Auto Components —%
Cie Generale des Etablissements Michelin		870		79,373
Cooper Tire & Rubber Co.		4,360		158,966

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

Annual Report 2016
44

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Dana Holding Corp.		5,850		69,556
Magna International, Inc.		2,700		93,803
Total				401,698
Automobiles —%
Fuji Heavy Industries Ltd.		3,600		147,322
Peugeot SA^(b)		8,618		128,148
Renault SA		241		20,450
Total				295,920
Diversified Consumer Services —%
Capella Education Co.		900		39,519
New Oriental Education & Technology Group, Inc., ADR		1,100		34,551
Total				74,070
Hotels, Restaurants & Leisure 0.1%
Cracker Barrel Old Country Store, Inc.		1,240		162,725
Denny's Corp.^(b)		11,710		109,722
Flight Centre Travel Group Ltd.		4,841		135,288
Isle of Capri Casinos, Inc.^(b)		3,100		39,246
Jack in the Box, Inc.		2,145		166,538
Marriott Vacations Worldwide Corp.		2,200		108,658
Papa John's International, Inc.		100		4,775
Ruth's Hospitality Group, Inc.		3,200		52,000
Total				778,952
Household Durables —%
Helen of Troy Ltd.^(b)		1,530		136,736
Iida Group Holdings Co., Ltd.		4,500		80,221
Persimmon PLC		4,541		132,503
Zagg, Inc.^(b)		2,000		18,440
Total				367,900
Internet & Catalog Retail —%
PetMed Express, Inc.		4,520		81,450
Leisure Products —%
Sturm Ruger & Co., Inc.		2,520		148,302
Media —%
Gray Television, Inc.^(b)		3,500		46,025
Nexstar Broadcasting Group, Inc., Class A		2,690		121,615
Total				167,640
Multiline Retail —%
Marks & Spencer Group PLC		16,335		99,185

Common Stocks (continued)

Issuer	Shares		Value ($)
Specialty Retail 0.1%
American Eagle Outfitters, Inc.		4,150		60,756
Cato Corp. (The), Class A		3,320		133,896
Children's Place, Inc. (The)		2,220		144,522
Guess?, Inc.		2,800		51,912
Outerwall, Inc.		3,735		126,243
Total				517,329
Textiles, Apparel & Luxury Goods —%
Movado Group, Inc.		4,800		123,360
Oxford Industries, Inc.		2,350		164,171
Wolverine World Wide, Inc.		8,000		135,280
Total				422,811
Total Consumer Discretionary				3,355,257
CONSUMER STAPLES 0.1%
Beverages —%
Ambev SA		27,000		125,961
Food & Staples Retailing —%
Alimentation Couche-Tard, Inc., Class B		2,300		100,117
Ingles Markets, Inc., Class A		585		22,441
Koninklijke Ahold NV		6,643		150,262
SUPERVALU, Inc.^(b)		8,460		38,493
Wal-Mart de Mexico SAB de CV, Class V		52,642		132,144
Total				443,457
Food Products 0.1%
Cal-Maine Foods, Inc.		3,025		152,672
Dean Foods Co.		8,150		162,837
JBS SA		9,600		25,921
Sanderson Farms, Inc.		1,975		160,410
WH Group Ltd.^(b)		94,000		53,826
Total				555,666
Household Products —%
Reckitt Benckiser Group PLC		722		64,216
Svenska Cellulosa AB, Class B		2,525		74,835
Total				139,051
Personal Products —%
Usana Health Sciences, Inc.^(b)		915		116,113
Tobacco —%
Japan Tobacco, Inc.		3,400		133,157
Universal Corp.		910		49,804
Total				182,961
Total Consumer Staples				1,563,209

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

Annual Report 2016
45

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
ENERGY 0.1%
Energy Equipment & Services —%
Oil States International, Inc.^(b)		2,960		83,561
Oil, Gas & Consumable Fuels 0.1%
Alon USA Energy, Inc.		4,400		55,352
MOL Hungarian Oil and Gas NyRt		400		19,449
OMV AG		1,760		45,303
PDC Energy, Inc.^(b)		3,070		174,591
Polski Koncern Naftowy Orlen SA		2,723		41,760
REX American Resources Corp.^(b)		2,735		146,131
Royal Dutch Shell PLC, Class B		6,843		149,095
S-Oil Corp.		2,070		136,282
SK Innovation Co., Ltd.^(b)		867		95,815
Western Refining, Inc.		1,750		57,575
Total				921,353
Total Energy				1,004,914
FINANCIALS 0.4%
Banks 0.1%
Abu Dhabi Commercial Bank PJSC		25,271		41,831
Banc of California, Inc.		7,500		113,250
Banco Latinoamericano de Comercio Exterior SA, Class E		4,290		100,043
Banco Santander Brasil SA		19,495		63,606
Bank of China Ltd., Class H		307,000		120,212
Bank of Communications Co., Ltd., Class H		34,000		20,787
Bank of Montreal		900		48,325
BBCN Bancorp, Inc.		4,800		72,960
Canadian Imperial Bank of Commerce		1,900		123,746
Central Pacific Financial Corp.		6,790		142,250
China Merchants Bank Co., Ltd., Class H		19,000		36,934
Credit Agricole SA		10,792		107,694
Customers Bancorp, Inc.^(b)		4,605		115,586
Erste Group Bank AG^(b)		1,481		42,781
First BanCorp^(b)		15,775		41,015
First NBC Bank Holding Co.^(b)		3,970		124,618
Hilltop Holdings, Inc.^(b)		1,275		20,362
HSBC Holdings PLC		25,277		178,267
International Bancshares Corp.		4,740		109,921
KBC Groep NV		130		7,450

Common Stocks (continued)

Issuer	Shares		Value ($)
Mitsubishi UFJ Financial Group, Inc.		15,000		76,918
Nordea Bank AB		9,226		92,903
Opus Bank		600		19,794
Societe Generale SA		412		15,717
Sumitomo Mitsui Financial Group, Inc.		3,600		120,775
Woori Finance Holdings Co., Ltd.		7,669		56,685
Total				2,014,430
Capital Markets —%
3i Group PLC		1,618		10,259
Arlington Asset Investment Corp., Class A		9,380		104,118
Cowen Group, Inc., Class A^(b)		16,700		47,762
KCG Holdings, Inc., Class A^(b)		4,950		50,589
Total				212,728
Consumer Finance —%
Cash America International, Inc.		4,750		142,215
Nelnet, Inc., Class A		3,650		118,515
Total				260,730
Diversified Financial Services —%
EXOR SpA		2,832		92,321
Insurance 0.1%
Ageas		2,708		109,974
Allianz SE, Registered Shares		985		159,409
American Equity Investment Life Holding Co.		3,794		69,013
Employers Holdings, Inc.		1,815		45,212
HCI Group, Inc.		1,150		38,238
Heritage Insurance Holdings, Inc.		7,060		139,929
Maiden Holdings Ltd.		9,880		126,464
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered Shares		653		125,814
Power Corp. of Canada		5,600		118,764
Swiss Re AG		1,543		143,632
Universal Insurance Holdings, Inc.		6,872		128,781
Total				1,205,230
Real Estate Investment Trusts (REITs) 0.1%
AG Mortgage Investment Trust, Inc.		2,100		24,633
American Assets Trust, Inc.		1,500		56,085
Apollo Residential Mortgage, Inc.		3,800		41,230
Coresite Realty Corp.		2,495		160,029

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

Annual Report 2016
46

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Cousins Properties, Inc.		3,100		26,722
CubeSmart		6,275		196,345
CyrusOne, Inc.		1,890		69,647
CYS Investments, Inc.		20,600		141,934
DuPont Fabros Technology, Inc.		4,900		162,533
Hersha Hospitality Trust		1,950		34,262
Mack-Cali Realty Corp.		5,850		121,621
Ryman Hospitality Properties, Inc.		3,275		153,761
Sovran Self Storage, Inc.		1,640		184,795
STORE Capital Corp.		5,850		145,021
Summit Hotel Properties, Inc.		11,600		117,740
Sunstone Hotel Investors, Inc.		12,935		153,666
Total				1,790,024
Real Estate Management & Development —%
Wheelock & Co., Ltd.		6,000		22,971
Thrifts & Mortgage Finance 0.1%
BofI Holding, Inc.^(b)		4,100		70,356
Flagstar Bancorp, Inc.^(b)		4,400		82,060
HomeStreet, Inc.^(b)		3,880		79,462
MGIC Investment Corp.^(b)		21,300		141,006
Radian Group, Inc.		11,910		119,815
Walker & Dunlop, Inc.^(b)		5,400		129,384
Washington Federal, Inc.		6,675		142,511
Total				764,594
Total Financials				6,363,028
HEALTH CARE 0.2%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.^(b)		1,580		32,690
Acorda Therapeutics, Inc.^(b)		1,795		66,092
Alder Biopharmaceuticals, Inc.^(b)		1,770		42,799
AMAG Pharmaceuticals, Inc.^(b)		2,020		46,278
Anacor Pharmaceuticals, Inc.^(b)		1,170		87,902
ARIAD Pharmaceuticals, Inc.^(b)		5,540		27,811
Arrowhead Research Corp.^(b)		9,700		33,756
Curis, Inc.^(b)		11,352		18,617
Dynavax Technologies Corp.^(b)		3,445		82,990
Infinity Pharmaceuticals, Inc.^(b)		7,155		44,433
Insmed, Inc.^(b)		1,920		25,344
Insys Therapeutics, Inc.^(b)		2,230		38,690

Common Stocks (continued)

Issuer	Shares		Value ($)
Keryx Biopharmaceuticals, Inc.^(b)		12,905		45,555
Neurocrine Biosciences, Inc.^(b)		1,550		65,952
Novavax, Inc.^(b)		13,325		68,624
Portola Pharmaceuticals, Inc.^(b)		525		17,341
Spark Therapeutics, Inc.^(b)		2,225		62,678
TESARO, Inc.^(b)		445		15,370
Ultragenyx Pharmaceutical, Inc.^(b)		980		55,027
vTv Therapeutics, Inc., Class A^(b)		3,552		25,752
Total				903,701
Health Care Equipment & Supplies —%
Analogic Corp.		1,710		126,660
LivaNova PLC^(b)		2,810		157,304
Merit Medical Systems, Inc.^(b)		8,475		140,261
Orthofix International NV^(b)		3,400		134,198
Total				558,423
Health Care Providers & Services 0.1%
Alfresa Holdings Corp.		2,900		54,030
Chemed Corp.		120		16,838
LHC Group, Inc.^(b)		1,050		39,816
Magellan Health, Inc.^(b)		2,465		140,505
Medipal Holdings Corp.		6,600		107,050
Molina Healthcare, Inc.^(b)		2,730		149,904
Owens & Minor, Inc.		575		19,924
PharMerica Corp.^(b)		1,850		54,927
Triple-S Management Corp., Class B^(b)		5,035		112,230
WellCare Health Plans, Inc.^(b)		770		58,505
Total				753,729
Life Sciences Tools & Services —%
Affymetrix, Inc.^(b)		1,825		25,605
Cambrex Corp.^(b)		3,260		112,926
INC Research Holdings, Inc. Class A^(b)		3,006		126,643
PAREXEL International Corp.^(b)		1,000		63,960
Total				329,134
Pharmaceuticals —%
GlaxoSmithKline PLC		1,379		28,408
Novo Nordisk A/S, Class B		2,211		123,525
Pernix Therapeutics Holdings, Inc.^(b)		8,600		18,748
Roche Holding AG, Genusschein Shares		786		203,593
Sanofi		1,564		130,063

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

Annual Report 2016
47

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Sucampo Pharmaceuticals, Inc., Class A^(b)		8,300		104,995
Teva Pharmaceutical Industries Ltd.		1,902		116,873
Total				726,205
Total Health Care				3,271,192
INDUSTRIALS 0.2%
Aerospace & Defense —%
Cubic Corp.		1,175		46,953
Moog, Inc., Class A^(b)		2,690		124,628
Total				171,581
Air Freight & Logistics —%
Air Transport Services Group, Inc.^(b)		9,295		90,440
Royal Mail PLC		18,749		123,263
Total				213,703
Airlines —%
Hawaiian Holdings, Inc.^(b)		2,265		79,750
Japan Airlines Co., Ltd.		3,200		120,107
Total				199,857
Building Products —%
Continental Building Product^(b)		7,810		116,681
Commercial Services & Supplies —%
Deluxe Corp.		3,070		171,613
Interface, Inc.		1,900		32,091
Quad/Graphics, Inc.		10,100		101,808
West Corp.		1,900		34,409
Total				339,921
Construction & Engineering —%
EMCOR Group, Inc.		3,575		163,377
Leighton Holdings Ltd.		6,556		113,073
VINCI SA		2,130		144,302
Total				420,752
Electrical Equipment 0.1%
EnerSys		2,600		125,918
General Cable Corp.		9,950		116,614
OSRAM Licht AG		1,246		55,630
Prysmian SpA		2,402		49,421
Vestas Wind Systems A/S		2,260		147,882
Total				495,465

Common Stocks (continued)

Issuer	Shares		Value ($)
Machinery 0.1%
Barnes Group, Inc.		800		26,008
Global Brass & Copper Holdings, Inc.		3,200		66,272
Kadant, Inc.		2,380		92,368
Mueller Industries, Inc.		4,825		122,796
PT United Tractors Tbk		106,500		136,114
Wabash National Corp.^(b)		13,600		150,416
Total				593,974
Marine —%
Kuehne & Nagel International AG		204		26,999
Matson, Inc.		3,790		153,154
Total				180,153
Professional Services —%
Insperity, Inc.		175		7,863
RPX Corp.^(b)		11,260		130,391
Total				138,254
Road & Rail —%
ArcBest Corp.		3,770		77,398
Trading Companies & Distributors —%
Applied Industrial Technologies, Inc.		1,800		69,192
MRC Global, Inc.^(b)		6,300		63,315
Total				132,507
Total Industrials				3,080,246
INFORMATION TECHNOLOGY 0.3%
Communications Equipment —%
NETGEAR, Inc.^(b)		3,750		140,137
Plantronics, Inc.		450		20,174
Polycom, Inc.^(b)		8,600		87,634
Total				247,945
Electronic Equipment, Instruments & Components 0.1%
Benchmark Electronics, Inc.^(b)		5,750		120,750
Checkpoint Systems, Inc.		5,985		38,783
Chimei Innolux Corp.		413,000		118,039
Coherent, Inc.^(b)		360		27,817
Delta Electronics Thailand PCL^(b)		4,400		9,833
Hon Hai Precision Industry Co., Ltd.		56,000		131,746
Insight Enterprises, Inc.^(b)		2,210		52,222
MTS Systems Corp.		400		21,360
SYNNEX Corp.		1,800		151,110
Tech Data Corp.^(b)		2,500		156,000
Total				827,660

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

Annual Report 2016
48

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Internet Software & Services 0.1%
DHI Group, Inc.^(b)		10,020		93,286
EarthLink Holdings Corp.		18,850		111,592
j2 Global, Inc.		1,310		94,988
LogMeIn, Inc.^(b)		2,680		140,003
NetEase, Inc., ADR		700		109,298
RetailMeNot, Inc.^(b)		15,290		139,139
Web.com Group, Inc.^(b)		7,025		132,281
Total				820,587
IT Services 0.1%
CGI Group, Inc., Class A^(b)		2,400		102,860
Convergys Corp.		574		14,028
CSG Systems International, Inc.		2,000		69,880
EVERTEC, Inc.		8,085		111,088
NeuStar, Inc., Class A^(b)		6,430		158,049
Sykes Enterprises, Inc.^(b)		4,325		127,328
Syntel, Inc.^(b)		450		21,303
Total				604,536
Semiconductors & Semiconductor Equipment —%
Amkor Technology, Inc.^(b)		23,170		142,264
Cabot Microelectronics Corp.^(b)		1,475		59,944
Cirrus Logic, Inc.^(b)		725		25,172
Diodes, Inc.^(b)		6,050		115,737
Entegris, Inc.^(b)		1,600		18,656
Silicon Laboratories, Inc.^(b)		775		35,340
Taiwan Semiconductor Manufacturing Co., Ltd.		16,000		68,895
Veeco Instruments, Inc.^(b)		1,300		24,232
Xcerra Corp.^(b)		12,280		67,294
Total				557,534
Software —%
Aspen Technology, Inc.^(b)		4,670		151,495
AVG Technologies NV^(b)		6,540		123,410
Check Point Software Technologies Ltd.^(b)		100		7,881
Gigamon, Inc.^(b)		3,200		83,680
Progress Software Corp.^(b)		2,000		51,780
RealPage, Inc.^(b)		3,650		70,408
VASCO Data Security International, Inc.^(b)		3,550		55,025
Total				543,679

Common Stocks (continued)

Issuer	Shares		Value ($)
Technology Hardware, Storage & Peripherals —%
Asustek Computer, Inc.		2,000		16,214
Foxconn Technology Co., Ltd.		3,000		5,812
FUJIFILM Holdings Corp.		1,700		65,684
Total				87,710
Total Information Technology				3,689,651
MATERIALS 0.1%
Chemicals 0.1%
Chemtura Corp.^(b)		5,850		153,504
Innophos Holdings, Inc.		1,425		38,062
Innospec, Inc.		2,985		148,802
Mitsubishi Chemical Holdings Corp.		19,600		109,314
Total				449,682
Construction Materials —%
US Concrete, Inc.^(b)		1,500		68,220
Metals & Mining —%
Commercial Metals Co.		4,617		64,269
Eregli Demir ve Celik Fabrikalari TAS		71,156		74,694
Materion Corp.		4,090		100,164
Rio Tinto PLC		4,946		121,285
Severstal PAO		6,664		54,938
Total				415,350
Paper & Forest Products —%
Stora Enso OYJ, Class R		917		7,473
UPM-Kymmene OYJ		7,287		118,755
Total				126,228
Total Materials				1,059,480
TELECOMMUNICATION SERVICES —%
Diversified Telecommunication Services —%
China Telecom Corp., Ltd., Class H		126,000		59,264
General Communication, Inc., Class A^(b)		6,310		114,337
Nippon Telegraph & Telephone Corp.		3,700		157,519
Telstra Corp., Ltd.		2,464		9,928
Turk Telekomunikasyon AS		14,359		26,303
Total				367,351
Wireless Telecommunication Services —%
China Mobile Ltd.		12,500		137,302
Shenandoah Telecommunications Co.		3,400		78,132
Total				215,434
Total Telecommunication Services				582,785

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

Annual Report 2016
49

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
UTILITIES 0.1%
Electric Utilities —%
Chubu Electric Power Co., Inc.		700		8,990
Endesa SA		3,209		62,124
IDACORP, Inc.		2,010		139,876
Korea Electric Power Corp.^(b)		2,975		130,597
Tokyo Electric Power Co., Inc.^(b)		2,400		12,060
Transmissora Alianca de Energia Eletrica SA		8,000		34,782
Total				388,429
Gas Utilities 0.1%
Chesapeake Utilities Corp.		2,000		125,940
New Jersey Resources Corp.		3,815		134,364
Southwest Gas Corp.		2,750		161,783
WGL Holdings, Inc.		530		35,399
Total				457,486
Multi-Utilities —%
RWE AG		576		8,068

Common Stocks (continued)

Issuer	Shares		Value ($)
Water Utilities —%
SJW Corp.		2,770		90,302
Total Utilities				944,285
Total Common Stocks (Cost: $27,872,052)				24,914,047

Money Market Funds 4.3%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.360%^(a)(c)		64,953,566		64,953,566
Total Money Market Funds (Cost: $64,953,566)				64,953,566
Total Investments (Cost: $1,552,178,445)				1,503,263,925
Other Assets & Liabilities, Net				3,204,361
Net Assets				1,506,468,286

At January 31, 2016, cash totaling $2,385,877 was pledged as collateral.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at January 31, 2016

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
BNP	3/3/2016		490,000	BRL		119,010	USD		—		(2,441	)
BNP	3/3/2016		163,000	CAD		115,691	USD		—		(662	)
BNP	3/3/2016		545,000	CNY		81,810	USD		—		(703	)
BNP	3/3/2016		1,106,000	DKK		161,245	USD		575		—
BNP	3/3/2016		567,634,000	IDR		40,130	USD		—		(1,168	)
BNP	3/3/2016		346,000	ILS		88,225	USD		806		—
BNP	3/3/2016		201,573,000	KRW		168,497	USD		1,839		—
BNP	3/3/2016		839,000	MXN		47,287	USD		1,122		—
BNP	3/3/2016		70,000	PLN		17,447	USD		299		—
BNP	3/3/2016		98,000	TRY		31,998	USD		—		(888	)
BNP	3/3/2016		1,021,000	TWD		30,156	USD		—		(321	)
BNP	3/3/2016		3,612,000	TWD		107,901	USD		81		—
BNP	3/3/2016		134,083	USD		192,000	AUD		1,617		—
BNP	3/3/2016		161,266	USD		161,000	CHF		—		(3,918	)
BNP	3/3/2016		65,377	USD		60,000	EUR		—		(335	)

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

Annual Report 2016
50

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2016

Forward Foreign Currency Exchange Contracts Open at January 31, 2016 (continued)

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
BNP	3/3/2016		207,087	USD		142,000	GBP		—		(4,744	)
BNP	3/3/2016		144,113	USD		9,670,000	INR		—		(2,335	)
BNP	3/3/2016		129,727	USD		15,278,000	JPY		—		(3,466	)
BNP	3/3/2016		31,364	USD		138,000	MYR		1,960		—
BNP	3/3/2016		24,082	USD		215,000	NOK		676		—
BNP	3/3/2016		22,851	USD		1,103,000	PHP		162		—
BNP	3/3/2016		71,693	USD		103,000	SGD		568		—
BNP	3/3/2016		22,880	USD		818,000	THB		—		(8	)
BNP	3/3/2016		109,800	USD		1,784,000	ZAR		1,888		—
Total									11,593		(20,989	)

Futures Contracts Outstanding at January 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
S&P MID 400 EMINI		91	USD		11,964,680	03/2016		—		(610,378	)
S&P500 EMINI FUT		69	USD		6,658,845	03/2016		—		(235,287	)
TOPIX INDX FUTR		39	JPY		4,635,609	03/2016		—		(497,511	)
US 10YR NOTE (CBT)		387	USD		50,146,734	03/2016		1,338,686		—
US LONG BOND(CBT)		74	USD		11,916,312	03/2016		584,929		—
US ULTRA BOND CBT		73	USD		12,131,688	03/2016		654,017		—
Total					97,453,868			2,577,632		(1,343,176	)

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		8,778,841		1,206,954		(1,672,231	)		256,830			8,570,394		759,891		409,643		9,136,023
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		29,342,802		876		(27,842,449	)		(1,501,229	)		—		—		—		—
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		34,940,036		2,149,463		(36,043,723	)		(1,045,776	)		—		2,149,062		—		—

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

Annual Report 2016
51

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2016

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 Adaptive Alternatives Fund, Class I Shares		—		4,536,456		—			—			4,536,456		—		36,456		4,269,887
Columbia Contrarian Core Fund, Class I Shares		101,055,637		4,749,251		(54,718,303	)		23,285,467			74,372,052		2,323,245		2,356,131		77,347,175
Columbia Corporate Income Fund, Class I Shares		135,769,462		4,698,686		(5,549,603	)		(70,584	)		134,847,961		—		4,590,247		124,617,788
Columbia Disciplined Core Fund, Class I Shares		43,123,754		1,129,943		(6,609,125	)		3,565,415			41,209,987		—		1,094,717		61,349,086
Columbia Disciplined Growth Fund, Class I Shares		67,514,448		8,387,259		(10,168,294	)		4,032,077			69,765,490		7,603,510		722,811		63,247,449
Columbia Disciplined Value Fund, Class I Shares		102,173,027		6,704,677		(5,382,485	)		201,124			103,696,343		4,786,955		1,850,469		93,121,987
Columbia Diversified Absolute Return Fund, Class I Shares		—		32,590,018		(965,764	)		(19,552	)		31,604,702		193,529		119,876		30,254,277
Columbia Emerging Markets Bond Fund, Class I Shares		30,325,054		996,894		(1,157,575	)		(81,078	)		30,083,295		—		964,272		27,202,257
Columbia Emerging Markets Fund, Class I Shares		15,745,379		87,125		(994,978	)		72,387			14,909,913		—		—		13,035,477
Columbia European Equity Fund, Class I Shares		63,955,328		3,162,371		(8,465,196	)		2,257,506			60,910,009		2,012,850		1,031,182		63,273,298
Columbia High Yield Bond Fund, Class I Shares		—		8,287,473		(96,787	)		(2,530	)		8,188,156		—		357,950		7,534,703
Columbia Income Opportunities Fund, Class I Shares		121,156,484		6,948,610		(8,605,444	)		1,721,293			121,220,943		862,136		6,003,959		113,891,762
Columbia Inflation Protected Securities Fund, Class I Shares		16,435,941		2,459,786		(1,049,761	)		(118,351	)		17,727,615		—		—		15,156,629
Columbia Intermediate Bond Fund, Class I Shares		210,817,422		7,180,957		(16,406,266	)		736,296			202,328,409		2,356,305		4,698,960		195,595,873
Columbia Large Cap Growth Fund, Class I Shares		16,578,363		2,225,182		(4,266,860	)		2,416,769			16,953,454		2,196,604		—		21,191,149
Columbia Limited Duration Credit Fund, Class I Shares		38,196,062		960,570		(2,846,556	)		(91,575	)		36,218,501		—		931,319		33,608,303
Columbia Mortgage Opportunities Fund, Class I Shares		—		29,131,866		(2,055,377	)		(30,596	)		27,045,893		281,347		990,968		25,586,441
Columbia Multi-Asset Income Fund, Class I Shares		—		26,804,605		—			—			26,804,605		—		1,198,604		24,057,558

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

Annual Report 2016
52

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2016

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 Overseas Value Fund, Class I Shares		80,799,010		1,777,541		(8,254,038	)		(206,155	)		74,116,358		—		1,701,495		64,660,371
Columbia Pacific/Asia Fund, Class I Shares		38,103,709		626,511		(4,417,179	)		1,198,678			35,511,719		115,385		394,102		39,147,871
Columbia Select Large Cap Equity Fund, Class I Shares		29,632,879		48,813,059		(7,146,019	)		(844,395	)		70,455,524		4,180,692		1,013,595		61,105,436
Columbia Select Large Cap Growth Fund, Class I Shares		33,898,738		5,696,349		(6,797,538	)		2,415,943			35,213,492		5,614,580		—		36,928,788
Columbia Select Large-Cap Value Fund, Class I Shares		23,380,096		1,612,742		(1,657,701	)		739,650			24,074,787		945,076		608,665		31,606,686
Columbia Select Smaller-Cap Value Fund, Class I Shares		6,800,652		636,808		(3,332,723	)		995,145			5,099,882		523,745		—		4,776,162
Columbia Short-Term Cash Fund		177,683,380		149,575,529		(262,305,343	)		—			64,953,566		—		181,255		64,953,566
Columbia Small Cap Core Fund, Class I Shares		22,763,461		7,123,667		(1,699,818	)		177,738			28,365,048		7,014,747		38,839		20,068,247
Columbia Small Cap Growth Fund I, Class I Shares		—		7,498,977		—			—			7,498,977		1,917,977		—		4,575,954
Columbia U.S. Government Mortgage Fund, Class I Shares		108,950,506		3,492,539		(10,929,126	)		(87,581	)		101,426,338		303,881		3,148,289		99,655,779
Columbia U.S. Treasury Index Fund, Class I Shares		—		46,596,524		—			—			46,596,524		—		77,524		47,393,896
Total		1,557,920,471		427,849,268		(501,436,262	)		39,972,916			1,524,306,393		46,141,517		34,521,328		1,478,349,878

(b) Non-income producing investment.

Abbreviation Legend

ADR American Depositary Receipt

Currency Legend

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CNY China, Yuan Renminbi

DKK Danish Krone

EUR Euro

GBP British Pound

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

Annual Report 2016
53

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2016

Currency Legend (continued)

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW Korean Won

MXN Mexican Peso

MYR Malaysia Ringgits

NOK Norwegian Krone

PHP Philippine Peso

PLN Polish Zloty

SGD Singapore Dollar

THB Thailand Baht

TRY Turkish Lira

TWD Taiwan Dollar

USD US Dollar

ZAR South African Rand

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).

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 of the Notes to Financial Statements in the most recent shareholder report.

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

Annual Report 2016
54

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2016

Fair Value Measurements (continued)

used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Equity Funds		655,435,136		—		—		655,435,136
Fixed-Income Funds		690,243,431		—		—		690,243,431
Alternative Investment Funds		67,717,745		—		—		67,717,745
Common Stocks
Consumer Discretionary		2,532,767		822,490		—		3,355,257
Consumer Staples		1,086,913		476,296		—		1,563,209
Energy		517,210		487,704		—		1,004,914
Financials		4,779,694		1,583,334		—		6,363,028
Health Care		2,507,650		763,542		—		3,271,192
Industrials		2,163,455		916,791		—		3,080,246
Information Technology		3,273,428		416,223		—		3,689,651
Materials		573,021		486,459		—		1,059,480
Telecommunication Services		192,469		390,316		—		582,785
Utilities		722,446		221,839		—		944,285
Total Common Stocks		18,349,053		6,564,994		—		24,914,047
Money Market Funds		—		64,953,566		—		64,953,566
Total Investments		1,431,745,365		71,518,560		—		1,503,263,925

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

Annual Report 2016
55

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2016

Fair Value Measurements (continued)

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			11,593			—		11,593
Futures Contracts		2,577,632			—			—		2,577,632
Liabilities
Forward Foreign Currency Exchange Contracts		—			(20,989	)		—		(20,989	)
Futures Contracts		(1,343,176	)		—			—		(1,343,176	)
Total		1,432,979,821			71,509,164			—		1,504,488,985

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

Derivative instruments are valued at unrealized appreciation (depreciation).

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In				Transfers Out
Level 1 ($)		Level 2 ($)		Level 1 ($)		Level 2 ($)
	—		177,683,380		177,683,380		—

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

There were no transfers of financial assets between Levels 2 and 3 during the period.

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

Annual Report 2016
56

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2016

(Percentages represent value of investments compared to net assets)

Equity Funds 55.7%

	Shares		Value ($)
INTERNATIONAL 15.6%
Columbia Emerging Markets Fund, Class I Shares^(a)(b)		6,820,687		58,180,457
Columbia European Equity Fund, Class I Shares^(a)		14,773,787		90,120,100
Columbia Overseas Value Fund, Class I Shares^(a)		13,720,887		105,788,041
Columbia Pacific/Asia Fund, Class I Shares^(a)		8,113,224		71,234,107
Total				325,322,705
U.S. LARGE CAP 38.2%
Columbia Contrarian Core Fund, Class I Shares^(a)		6,550,052		131,132,044
Columbia Disciplined Core Fund, Class I Shares^(a)		13,599,425		122,802,810
Columbia Disciplined Growth Fund, Class I Shares^(a)		11,052,283		85,986,759
Columbia Disciplined Value Fund, Class I Shares^(a)		20,187,972		165,339,489
Columbia Large Cap Growth Fund, Class I Shares^(a)(b)		2,014,851		63,326,764
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		8,762,886		94,639,175
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		4,922,157		72,355,707
Columbia Select Large-Cap Value Fund, Class I Shares^(a)		3,249,854		64,087,113
Total				799,669,861
U.S. SMALL CAP 1.9%
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares^(a)		2,374,784		13,085,061
Columbia Select Smaller-Cap Value Fund, Class I Shares^(a)(b)		416,654		7,295,610
Columbia Small Cap Core Fund, Class I Shares^(a)		936,359		10,318,681
Columbia Small Cap Growth Fund I, Class I Shares^(a)(b)		615,713		9,488,131
Total				40,187,483
Total Equity Funds (Cost: $1,173,541,399)				1,165,180,049

Fixed-Income Funds 27.6%

	Shares		Value ($)
EMERGING MARKETS 1.3%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)		2,650,301		26,741,538
HIGH YIELD 8.7%
Columbia High Yield Bond Fund, Class I Shares^(a)		22,409,071		60,952,673
Columbia Income Opportunities Fund, Class I Shares^(a)		13,298,788		121,949,882
Total				182,902,555
INFLATION PROTECTED SECURITIES 0.5%
Columbia Inflation Protected Securities Fund, Class I Shares^(a)(b)		1,221,538		10,370,861
INVESTMENT GRADE 17.1%
Columbia Corporate Income Fund, Class I Shares^(a)		17,929,057		167,098,813
Columbia Mortgage Opportunities Fund, Class I Shares^(a)		1,981,065		18,780,494
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		28,038,937		152,812,208
Columbia U.S. Treasury Index Fund, Class I Shares^(a)		1,637,558		18,471,652
Total				357,163,167
Total Fixed-Income Funds (Cost: $611,376,992)				577,178,121

Alternative Investment Funds 4.2%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)	1,180,421	12,736,745
Columbia Adaptive Alternatives Fund, Class I Shares^(a)	455,212	4,269,887
Columbia Diversified Absolute Return Fund, Class I Shares^(a)	3,841,332	36,761,547
Columbia Multi-Asset Income Fund, Class I Shares^(a)	3,771,025	33,750,671
Total Alternative Investment Funds (Cost: $92,570,109)		87,518,850

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

Annual Report 2016
57

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2016

Common Stocks 1.2%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.2%
Auto Components —%
Cie Generale des Etablissements Michelin		607		55,378
Cooper Tire & Rubber Co.		4,825		175,919
Dana Holding Corp.		6,500		77,285
Magna International, Inc.		1,900		66,010
Total				374,592
Automobiles —%
Fuji Heavy Industries Ltd.		2,500		102,307
Peugeot SA^(b)		6,014		89,427
Renault SA		168		14,255
Total				205,989
Diversified Consumer Services —%
Capella Education Co.		1,000		43,910
New Oriental Education & Technology Group, Inc., ADR		800		25,128
Total				69,038
Hotels, Restaurants & Leisure 0.1%
Cracker Barrel Old Country Store, Inc.		1,370		179,785
Denny's Corp.^(b)		13,070		122,466
Flight Centre Travel Group Ltd.		3,380		94,458
Isle of Capri Casinos, Inc.^(b)		3,400		43,044
Jack in the Box, Inc.		2,380		184,783
Marriott Vacations Worldwide Corp.		2,440		120,512
Papa John's International, Inc.		100		4,775
Ruth's Hospitality Group, Inc.		3,630		58,988
Total				808,811
Household Durables —%
Helen of Troy Ltd.^(b)		1,700		151,929
Iida Group Holdings Co., Ltd.		3,200		57,046
Persimmon PLC		3,170		92,498
Zagg, Inc.^(b)		2,200		20,284
Total				321,757
Internet & Catalog Retail —%
PetMed Express, Inc.		4,980		89,740
Leisure Products —%
Sturm Ruger & Co., Inc.		2,800		164,780

Common Stocks (continued)

Issuer	Shares		Value ($)
Media —%
Gray Television, Inc.^(b)		3,900		51,285
Nexstar Broadcasting Group, Inc., Class A		3,070		138,795
Total				190,080
Multiline Retail —%
Marks & Spencer Group PLC		11,400		69,220
Specialty Retail 0.1%
American Eagle Outfitters, Inc.		4,600		67,344
Cato Corp. (The), Class A		3,695		149,019
Children's Place, Inc. (The)		2,465		160,472
Guess?, Inc.		3,150		58,401
Outerwall, Inc.		4,135		139,763
Total				574,999
Textiles, Apparel & Luxury Goods —%
Movado Group, Inc.		5,350		137,495
Oxford Industries, Inc.		2,610		182,335
Wolverine World Wide, Inc.		8,850		149,653
Total				469,483
Total Consumer Discretionary				3,338,489
CONSUMER STAPLES 0.1%
Beverages —%
Ambev SA		18,800		87,706
Food & Staples Retailing —%
Alimentation Couche-Tard, Inc., Class B		1,600		69,647
Ingles Markets, Inc., Class A		650		24,934
Koninklijke Ahold NV		4,637		104,887
SUPERVALU, Inc.^(b)		9,430		42,907
Wal-Mart de Mexico SAB de CV, Class V		36,739		92,223
Total				334,598
Food Products 0.1%
Cal-Maine Foods, Inc.		3,340		168,570
China Milk Products Group Ltd.^(b)(c)(d)(e)		322,000		—
Dean Foods Co.		9,050		180,819
JBS SA		6,700		18,091
Sanderson Farms, Inc.		2,180		177,060
WH Group Ltd.^(b)		65,500		37,506
Total				582,046

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

Annual Report 2016
58

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Household Products —%
Reckitt Benckiser Group PLC		504		44,826
Svenska Cellulosa AB, Class B		1,762		52,222
Total				97,048
Personal Products —%
Usana Health Sciences, Inc.^(b)		1,020		129,438
Tobacco —%
Japan Tobacco, Inc.		2,400		93,993
Universal Corp.		1,000		54,730
Total				148,723
Total Consumer Staples				1,379,559
ENERGY —%
Energy Equipment & Services —%
Oil States International, Inc.^(b)		3,340		94,288
Oil, Gas & Consumable Fuels —%
Alon USA Energy, Inc.		4,900		61,642
MOL Hungarian Oil and Gas NyRt		279		13,565
OMV AG		1,228		31,609
PDC Energy, Inc.^(b)		3,415		194,211
Polski Koncern Naftowy Orlen SA		1,900		29,139
REX American Resources Corp.^(b)		3,042		162,534
Royal Dutch Shell PLC, Class B		4,774		104,016
S-Oil Corp.		1,440		94,805
SK Innovation Co., Ltd.		605		66,861
Western Refining, Inc.		1,950		64,155
Total				822,537
Total Energy				916,825
FINANCIALS 0.3%
Banks 0.1%
Abu Dhabi Commercial Bank PJSC		17,630		29,183
Banc of California, Inc.		8,400		126,840
Banco Latinoamericano de Comercio Exterior SA, Class E		4,750		110,770
Banco Santander Brasil SA		13,600		44,372
Bank of China Ltd., Class H		214,000		83,796
Bank of Communications Co., Ltd., Class H		24,000		14,673
Bank of Montreal		600		32,216
BBCN Bancorp, Inc.		5,350		81,320

Common Stocks (continued)

Issuer	Shares		Value ($)
Canadian Imperial Bank of Commerce		1,300		84,668
Central Pacific Financial Corp.		7,540		157,963
China Merchants Bank Co., Ltd., Class H		13,000		25,270
Credit Agricole SA		7,532		75,162
Customers Bancorp, Inc.^(b)		5,155		129,391
Erste Group Bank AG^(b)		1,033		29,840
First BanCorp^(b)		17,475		45,435
First NBC Bank Holding Co.^(b)		4,405		138,273
Hilltop Holdings, Inc.^(b)		1,450		23,157
HSBC Holdings PLC		17,641		124,414
International Bancshares Corp.		5,290		122,675
KBC Groep NV		91		5,215
Mitsubishi UFJ Financial Group, Inc.		10,500		53,843
Nordea Bank AB		6,470		65,151
Opus Bank		650		21,444
Societe Generale SA		288		10,987
Sumitomo Mitsui Financial Group, Inc.		2,500		83,872
Woori Finance Holdings Co., Ltd.		5,352		39,559
Total				1,759,489
Capital Markets —%
3i Group PLC		1,129		7,158
Arlington Asset Investment Corp., Class A		10,450		115,995
Cowen Group, Inc., Class A^(b)		18,500		52,910
KCG Holdings, Inc., Class A^(b)		5,500		56,210
Total				232,273
Consumer Finance —%
Cash America International, Inc.		5,300		158,682
Nelnet, Inc., Class A		4,000		129,880
Total				288,562
Diversified Financial Services —%
EXOR SpA		1,976		64,416
Insurance 0.1%
Ageas		1,889		76,714
Allianz SE, Registered Shares		687		111,182
American Equity Investment Life Holding Co.		4,233		76,998
Employers Holdings, Inc.		2,020		50,318
HCI Group, Inc.		1,275		42,394
Heritage Insurance Holdings, Inc.		8,120		160,939

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

Annual Report 2016
59

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Maiden Holdings Ltd.		10,960		140,288
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered Shares		456		87,858
Power Corp. of Canada		3,900		82,710
Swiss Re AG		1,077		100,254
Universal Insurance Holdings, Inc.		7,653		143,417
Total				1,073,072
Real Estate Investment Trusts (REITs) 0.1%
AG Mortgage Investment Trust, Inc.		2,250		26,393
American Assets Trust, Inc.		1,600		59,824
Apollo Residential Mortgage, Inc.		4,200		45,570
Coresite Realty Corp.		2,765		177,347
Cousins Properties, Inc.		3,500		30,170
CubeSmart		6,975		218,248
CyrusOne, Inc.		2,110		77,753
CYS Investments, Inc.		22,800		157,092
DuPont Fabros Technology, Inc.		5,425		179,947
Hersha Hospitality Trust		2,200		38,654
Mack-Cali Realty Corp.		6,500		135,135
Ryman Hospitality Properties, Inc.		3,650		171,367
Sovran Self Storage, Inc.		1,820		205,078
STORE Capital Corp.		6,500		161,135
Summit Hotel Properties, Inc.		12,900		130,935
Sunstone Hotel Investors, Inc.		14,327		170,202
Total				1,984,850
Real Estate Management & Development —%
Wheelock & Co., Ltd.		4,000		15,314
Thrifts & Mortgage Finance —%
BofI Holding, Inc.^(b)		4,500		77,220
Flagstar Bancorp, Inc.^(b)		4,850		90,453
HomeStreet, Inc.^(b)		4,340		88,883
MGIC Investment Corp.^(b)		23,690		156,828
Radian Group, Inc.		13,240		133,194
Walker & Dunlop, Inc.^(b)		5,990		143,520
Washington Federal, Inc.		7,400		157,990
Total				848,088
Total Financials				6,266,064

Common Stocks (continued)

Issuer	Shares		Value ($)
HEALTH CARE 0.2%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.^(b)		1,760		36,414
Acorda Therapeutics, Inc.^(b)		1,995		73,456
Alder Biopharmaceuticals, Inc.^(b)		1,970		47,635
AMAG Pharmaceuticals, Inc.^(b)		2,250		51,548
Anacor Pharmaceuticals, Inc.^(b)		1,290		96,918
ARIAD Pharmaceuticals, Inc.^(b)		6,050		30,371
Arrowhead Research Corp.^(b)		10,700		37,236
Curis, Inc.^(b)		12,595		20,656
Dynavax Technologies Corp.^(b)		3,945		95,035
Infinity Pharmaceuticals, Inc.^(b)		7,945		49,338
Insmed, Inc.^(b)		2,120		27,984
Insys Therapeutics, Inc.^(b)		2,450		42,508
Keryx Biopharmaceuticals, Inc.^(b)		14,330		50,585
Neurocrine Biosciences, Inc.^(b)		1,670		71,058
Novavax, Inc.^(b)		14,820		76,323
Portola Pharmaceuticals, Inc.^(b)		590		19,488
Spark Therapeutics, Inc.^(b)		2,485		70,002
TESARO, Inc.^(b)		495		17,097
Ultragenyx Pharmaceutical, Inc.^(b)		1,070		60,080
vTv Therapeutics, Inc., Class A^(b)		3,947		28,616
Total				1,002,348
Health Care Equipment & Supplies —%
Analogic Corp.		1,900		140,733
LivaNova PLC^(b)		3,125		174,937
Merit Medical Systems, Inc.^(b)		9,470		156,729
Orthofix International NV^(b)		3,800		149,986
Total				622,385
Health Care Providers & Services 0.1%
Alfresa Holdings Corp.		2,000		37,262
Chemed Corp.		135		18,943
LHC Group, Inc.^(b)		1,130		42,850
Magellan Health, Inc.^(b)		2,750		156,750
Medipal Holdings Corp.		4,600		74,611
Molina Healthcare, Inc.^(b)		3,031		166,432
Owens & Minor, Inc.		650		22,522
PharMerica Corp.^(b)		2,075		61,607

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

Annual Report 2016
60

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Triple-S Management Corp., Class B^(b)		5,570		124,155
WellCare Health Plans, Inc.^(b)		860		65,343
Total				770,475
Life Sciences Tools & Services —%
Affymetrix, Inc.^(b)		2,055		28,832
Cambrex Corp.^(b)		3,610		125,050
INC Research Holdings, Inc. Class A^(b)		3,331		140,335
PAREXEL International Corp.^(b)		1,110		70,996
Total				365,213
Pharmaceuticals —%
GlaxoSmithKline PLC		962		19,818
Novo Nordisk A/S, Class B		1,563		87,322
Pernix Therapeutics Holdings, Inc.^(b)		9,500		20,710
Roche Holding AG, Genusschein Shares		549		142,204
Sanofi		1,091		90,728
Sucampo Pharmaceuticals, Inc., Class A^(b)		9,300		117,645
Teva Pharmaceutical Industries Ltd.		1,327		81,541
Total				559,968
Total Health Care				3,320,389
INDUSTRIALS 0.1%
Aerospace & Defense —%
Cubic Corp.		1,300		51,948
Moog, Inc., Class A^(b)		3,000		138,990
Total				190,938
Air Freight & Logistics —%
Air Transport Services Group, Inc.^(b)		10,345		100,657
Royal Mail PLC		13,080		85,992
Total				186,649
Airlines —%
Hawaiian Holdings, Inc.^(b)		2,525		88,905
Japan Airlines Co., Ltd.		2,200		82,574
Total				171,479
Building Products —%
Continental Building Product^(b)		8,600		128,484
Commercial Services & Supplies —%
Deluxe Corp.		3,400		190,060
Interface, Inc.		2,150		36,314

Common Stocks (continued)

Issuer	Shares		Value ($)
Quad/Graphics, Inc.		11,200		112,896
West Corp.		2,150		38,936
Total				378,206
Construction & Engineering —%
EMCOR Group, Inc.		3,975		181,658
Leighton Holdings Ltd.		4,574		78,889
VINCI SA		1,486		100,672
Total				361,219
Electrical Equipment —%
EnerSys		2,875		139,236
General Cable Corp.		11,000		128,920
OSRAM Licht AG		869		38,798
Prysmian SpA		1,676		34,484
Vestas Wind Systems A/S		1,577		103,190
Total				444,628
Machinery 0.1%
Barnes Group, Inc.		900		29,259
Global Brass & Copper Holdings, Inc.		3,550		73,521
Kadant, Inc.		2,590		100,518
Mueller Industries, Inc.		5,350		136,157
PT United Tractors Tbk		74,300		94,960
Wabash National Corp.^(b)		15,000		165,900
Total				600,315
Marine —%
Kuehne & Nagel International AG		142		18,793
Matson, Inc.		4,180		168,914
Total				187,707
Professional Services —%
Insperity, Inc.		200		8,986
RPX Corp.^(b)		12,470		144,403
Total				153,389
Road & Rail —%
ArcBest Corp.		4,190		86,021
Trading Companies & Distributors —%
Applied Industrial Technologies, Inc.		1,995		76,688
MRC Global, Inc.^(b)		7,000		70,350
Total				147,038
Total Industrials				3,036,073

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

Annual Report 2016
61

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
INFORMATION TECHNOLOGY 0.2%
Communications Equipment —%
NETGEAR, Inc.^(b)		4,175		156,020
Plantronics, Inc.		500		22,415
Polycom, Inc.^(b)		9,500		96,805
Total				275,240
Electronic Equipment, Instruments & Components 0.1%
Benchmark Electronics, Inc.^(b)		6,400		134,400
Checkpoint Systems, Inc.		6,544		42,405
Chimei Innolux Corp.		288,000		82,313
Coherent, Inc.^(b)		400		30,908
Delta Electronics Thailand PCL^(b)		3,100		6,927
Hon Hai Precision Industry Co., Ltd.		39,000		91,752
Insight Enterprises, Inc.^(b)		2,460		58,130
MTS Systems Corp.		450		24,030
SYNNEX Corp.		2,050		172,097
Tech Data Corp.^(b)		2,700		168,480
Total				811,442
Internet Software & Services 0.1%
DHI Group, Inc.^(b)		11,190		104,179
EarthLink Holdings Corp.		20,950		124,024
j2 Global, Inc.		1,450		105,140
LogMeIn, Inc.^(b)		2,965		154,892
NetEase, Inc., ADR		500		78,070
RetailMeNot, Inc.^(b)		16,985		154,563
Web.com Group, Inc.^(b)		7,775		146,403
Total				867,271
IT Services —%
CGI Group, Inc., Class A^(b)		1,700		72,859
Convergys Corp.		615		15,030
CSG Systems International, Inc.		2,200		76,868
EVERTEC, Inc.		8,973		123,289
NeuStar, Inc., Class A^(b)		7,100		174,518
Sykes Enterprises, Inc.^(b)		4,775		140,576
Syntel, Inc.^(b)		500		23,670
Total				626,810
Semiconductors & Semiconductor Equipment —%
Amkor Technology, Inc.^(b)		25,720		157,921
Cabot Microelectronics Corp.^(b)		1,625		66,040

Common Stocks (continued)

Issuer	Shares		Value ($)
Cirrus Logic, Inc.^(b)		825		28,644
Diodes, Inc.^(b)		6,750		129,127
Entegris, Inc.^(b)		1,800		20,988
Silicon Laboratories, Inc.^(b)		875		39,900
Taiwan Semiconductor Manufacturing Co., Ltd.		11,000		47,365
Veeco Instruments, Inc.^(b)		1,400		26,096
Xcerra Corp.^(b)		13,620		74,638
Total				590,719
Software —%
Aspen Technology, Inc.^(b)		5,180		168,039
AVG Technologies NV^(b)		7,260		136,996
Check Point Software Technologies Ltd.^(b)		100		7,881
Gigamon, Inc.^(b)		3,600		94,140
Progress Software Corp.^(b)		2,210		57,217
RealPage, Inc.^(b)		4,050		78,125
VASCO Data Security International, Inc.^(b)		3,900		60,450
Total				602,848
Technology Hardware, Storage & Peripherals —%
Asustek Computer, Inc.		2,000		16,214
Foxconn Technology Co., Ltd.		2,000		3,874
FUJIFILM Holdings Corp.		1,200		46,366
Total				66,454
Total Information Technology				3,840,784
MATERIALS 0.1%
Chemicals 0.1%
Chemtura Corp.^(b)		6,510		170,823
Innophos Holdings, Inc.		1,575		42,068
Innospec, Inc.		3,305		164,754
Mitsubishi Chemical Holdings Corp.		13,700		76,408
Total				454,053
Construction Materials —%
US Concrete, Inc.^(b)		1,600		72,768
Metals & Mining —%
Commercial Metals Co.		5,119		71,256
Eregli Demir ve Celik Fabrikalari TAS		49,640		52,108
Materion Corp.		4,540		111,185

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

Annual Report 2016
62

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Rio Tinto PLC		3,451		84,625
Severstal PAO		4,649		38,326
Total				357,500
Paper & Forest Products —%
Stora Enso OYJ, Class R		640		5,216
UPM-Kymmene OYJ		5,077		82,739
Total				87,955
Total Materials				972,276
TELECOMMUNICATION SERVICES —%
Diversified Telecommunication Services —%
China Telecom Corp., Ltd., Class H		88,000		41,390
General Communication, Inc., Class A^(b)		7,040		127,565
Nippon Telegraph & Telephone Corp.		2,600		110,689
Telstra Corp., Ltd.		1,719		6,926
Turk Telekomunikasyon AS		10,021		18,357
Total				304,927
Wireless Telecommunication Services —%
China Mobile Ltd.		9,000		98,858
Shenandoah Telecommunications Co.		3,800		87,324
Total				186,182
Total Telecommunication Services				491,109
UTILITIES —%
Electric Utilities —%
Chubu Electric Power Co., Inc.		500		6,422
Endesa SA		2,240		43,365
IDACORP, Inc.		2,230		155,186
Korea Electric Power Corp.		2,076		91,133
Tokyo Electric Power Co., Inc.^(b)		1,700		8,542
Transmissora Alianca de Energia Eletrica SA		5,600		24,347
Total				328,995

Common Stocks (continued)

Issuer	Shares		Value ($)
Gas Utilities —%
Chesapeake Utilities Corp.		2,225		140,108
New Jersey Resources Corp.		4,235		149,157
Southwest Gas Corp.		3,050		179,431
WGL Holdings, Inc.		590		39,406
Total				508,102
Multi-Utilities —%
RWE AG		402		5,631
Water Utilities —%
SJW Corp.		3,080		100,408
Total Utilities				943,136
Total Common Stocks (Cost: $27,938,736)				24,504,704

Money Market Funds 10.9%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.360%^(a)(f)		227,930,997		227,930,997
Total Money Market Funds (Cost: $227,930,997)				227,930,997
Total Investments (Cost: $2,133,358,233)				2,082,312,721
Other Assets & Liabilities, Net				9,033,738
Net Assets				2,091,346,459

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

Annual Report 2016
63

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2016

At January 31, 2016, cash totaling $5,921,700 was pledged as collateral.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at January 31, 2016

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citigroup	3/3/2016		342,000	BRL		83,034	USD		—		(1,734	)
Citigroup	3/3/2016		110,000	CAD		78,067	USD		—		(454	)
Citigroup	3/3/2016		399,000	CNY		59,843	USD		—		(566	)
Citigroup	3/3/2016		772,000	DKK		112,540	USD		390		—
Citigroup	3/3/2016		395,979,000	IDR		28,020	USD		—		(789	)
Citigroup	3/3/2016		241,000	ILS		61,433	USD		542		—
Citigroup	3/3/2016		140,617,000	KRW		116,874	USD		614		—
Citigroup	3/3/2016		585,000	MXN		32,990	USD		801		—
Citigroup	3/3/2016		49,000	PLN		12,221	USD		218		—
Citigroup	3/3/2016		68,000	TRY		22,204	USD		—		(615	)
Citigroup	3/3/2016		3,326,000	TWD		99,058	USD		—		(226	)
Citigroup	3/3/2016		93,726	USD		134,000	AUD		981		—
Citigroup	3/3/2016		112,139	USD		112,000	CHF		—		(2,680	)
Citigroup	3/3/2016		47,939	USD		44,000	EUR		—		(241	)
Citigroup	3/3/2016		144,379	USD		99,000	GBP		—		(3,309	)
Citigroup	3/3/2016		100,151	USD		6,746,000	INR		—		(1,243	)
Citigroup	3/3/2016		90,346	USD		10,657,000	JPY		—		(2,273	)
Citigroup	3/3/2016		21,768	USD		96,000	MYR		1,415		—
Citigroup	3/3/2016		16,807	USD		150,000	NOK		466		—
Citigroup	3/3/2016		15,936	USD		770,000	PHP		129		—
Citigroup	3/3/2016		50,083	USD		72,000	SGD		430		—
Citigroup	3/3/2016		15,972	USD		571,000	THB		—		(5	)
Citigroup	3/3/2016		76,702	USD		1,245,000	ZAR		1,242		—
Total									7,228		(14,135	)

Futures Contracts Outstanding at January 31, 2016

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
Russell 2000 Mini		225	USD		23,206,500	03/2016		—		(1,942,315	)
S&P MID 400 EMINI		174	USD		22,877,520	03/2016		—		(1,167,096	)
S&P500 EMINI FUT		529	USD		51,051,145	03/2016		—		(1,803,869	)
US 10YR NOTE (CBT)		386	USD		50,017,156	03/2016		1,335,227		—
US LONG BOND(CBT)		65	USD		10,467,031	03/2016		513,789		—
US ULTRA BOND CBT		68	USD		11,300,750	03/2016		609,222		—
Total					168,920,102			2,458,238		(4,913,280	)

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

Annual Report 2016
64

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2016

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		12,674,212		1,705,928		(2,707,498	)		356,239			12,028,881		1,079,865		582,134		12,736,745
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		24,038,585		66		(22,852,035	)		(1,186,616	)		—		—		—		—
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		19,426,328		1,190,627		(19,989,223	)		(627,732	)		—		1,190,621		—		—
Columbia Adaptive Alternatives Fund, Class I Shares		—		4,536,456		—			—			4,536,456		—		36,456		4,269,887
Columbia Contrarian Core Fund, Class I Shares		156,957,016		8,009,025		(66,249,434	)		22,794,652			121,511,259		3,936,420		3,992,140		131,132,044
Columbia Corporate Income Fund, Class I Shares		182,451,896		6,728,274		(8,599,033	)		(377,370	)		180,203,767		—		6,191,375		167,098,813
Columbia Disciplined Core Fund, Class I Shares		91,004,253		2,279,840		(11,708,996	)		4,862,109			86,437,206		—		2,191,019		122,802,810
Columbia Disciplined Growth Fund, Class I Shares		97,761,238		11,394,714		(13,388,088	)		1,687,788			97,455,652		10,345,543		983,476		85,986,759
Columbia Disciplined Value Fund, Class I Shares		179,875,887		11,958,702		(7,029,417	)		146,847			184,952,019		8,511,064		3,290,079		165,339,489
Columbia Diversified Absolute Return Fund, Class I Shares		—		40,786,898		(2,322,481	)		(64,183	)		38,400,234		237,070		146,846		36,761,547
Columbia Emerging Markets Bond Fund, Class I Shares		30,708,946		1,106,463		(1,682,412	)		(128,617	)		30,004,380		—		953,749		26,741,538
Columbia Emerging Markets Fund, Class I Shares		59,676,295		13,263,672		(6,222,062	)		(271,828	)		66,446,077		—		—		58,180,457
Columbia European Equity Fund, Class I Shares		104,226,262		4,633,462		(15,917,416	)		3,822,146			96,764,454		2,860,706		1,465,539		90,120,100
Columbia High Yield Bond Fund, Class I Shares		22,852,644		46,750,683		(3,413,763	)		17,821			66,207,385		—		3,279,553		60,952,673
Columbia Income Opportunities Fund, Class I Shares		131,034,808		7,722,647		(9,409,184	)		405,879			129,754,150		926,468		6,478,396		121,949,882
Columbia Inflation Protected Securities Fund, Class I Shares		8,766,016		3,421,550		(946,714	)		(35,858	)		11,204,994		—		—		10,370,861

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

Annual Report 2016
65

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2016

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 International Bond Fund, Class I Shares		21,408,707		12		(20,460,659	)		(948,060	)		—		—		—		—
Columbia Large Cap Growth Fund, Class I Shares		50,390,756		6,533,290		(11,650,170	)		6,970,196			52,244,072		6,480,885		—		63,326,764
Columbia Mortgage Opportunities Fund, Class I Shares		20,980,286		1,078,789		(2,244,952	)		(20,960	)		19,793,163		209,339		809,986		18,780,494
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares		10,313,360		1,430,933		(727,316	)		427,452			11,444,429		1,273,485		90,274		13,085,061
Columbia Multi-Asset Income Fund, Class I Shares		—		37,604,538		—			—			37,604,538		—		1,681,538		33,750,671
Columbia Overseas Value Fund, Class I Shares		128,278,620		2,973,603		(12,730,465	)		1,471,301			119,993,059		—		2,814,827		105,788,041
Columbia Pacific/Asia Fund, Class I Shares		68,275,679		1,196,181		(6,626,186	)		1,770,547			64,616,221		209,232		716,491		71,234,107
Columbia Select Large Cap Equity Fund, Class I Shares		50,300,368		66,274,142		(7,273,898	)		(978,721	)		108,321,891		6,211,132		1,546,268		94,639,175
Columbia Select Large Cap Growth Fund, Class I Shares		68,754,909		11,186,363		(12,527,760	)		3,554,372			70,967,884		11,108,942		—		72,355,707
Columbia Select Large-Cap Value Fund, Class I Shares		51,591,866		3,249,660		(1,996,438	)		858,807			53,703,895		1,918,504		1,235,589		64,087,113
Columbia Select Smaller-Cap Value Fund, Class I Shares		8,607,895		842,037		(964,055	)		214,763			8,700,640		798,719		—		7,295,610
Columbia Short-Term Cash Fund		338,213,798		219,643,973		(329,926,774	)		—			227,930,997		—		403,864		227,930,997
Columbia Small Cap Core Fund, Class I Shares		11,508,308		3,665,840		(660,330	)		57,597			14,571,415		3,601,205		19,939		10,318,681
Columbia Small Cap Growth Fund I, Class I Shares		13,576,154		4,031,992		(2,351,525	)		154,605			15,411,226		3,957,960		—		9,488,131
Columbia U.S. Government Mortgage Fund, Class I Shares		167,893,644		5,691,087		(17,846,419	)		(60,959	)		155,677,353		469,054		4,876,642		152,812,208
Columbia U.S. Treasury Index Fund, Class I Shares		20,028,037		444,425		(1,857,594	)		(83,068	)		18,531,800		97,084		283,419		18,471,652
Total		2,151,576,773		531,335,872		(622,282,297	)		44,789,149			2,105,419,497		65,423,299		44,069,599		2,057,808,017

(b) Non-income producing investment.

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

Annual Report 2016
66

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2016

Notes to Portfolio of Investments (continued)

(c) Identifies securities considered by the Investment Manager to be illiquid and may be difficult to sell. The aggregate value of such securities at January 31, 2016 was $0, which represents less than 0.01% of net assets. Information concerning such security holdings at January 31, 2016 is as follows:

Security Description				Acquisition Date				Cost ($)
China Milk Products Group Ltd.				11/17/2010					172,880

(d) Negligible market value.

(e) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2016, the value of these securities amounted to $0, which represents less than 0.01% of net assets.

(f) The rate shown is the seven-day current annualized yield at January 31, 2016.

Abbreviation Legend

ADR American Depositary Receipt

Currency Legend

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CNY China, Yuan Renminbi

DKK Danish Krone

EUR Euro

GBP British Pound

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW Korean Won

MXN Mexican Peso

MYR Malaysia Ringgits

NOK Norwegian Krone

PHP Philippine Peso

PLN Polish Zloty

SGD Singapore Dollar

THB Thailand Baht

TRY Turkish Lira

TWD Taiwan Dollar

USD US Dollar

ZAR South African Rand

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

Annual Report 2016
67

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2016

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).

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 of the Notes to Financial Statements in the most recent shareholder report.

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

Annual Report 2016
68

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2016

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs($)			Level 3 Significant Unobservable Inputs ($)			Total ($)
Investments
Equity Funds		1,165,180,049			—			—			1,165,180,049
Fixed-Income Funds		577,178,121			—			—			577,178,121
Alternative Investment Funds		87,518,850			—			—			87,518,850
Common Stocks
Consumer Discretionary		2,763,900			574,589			—			3,338,489
Consumer Staples		1,046,125			333,434			0	^(a)		1,379,559
Energy		576,830			339,995			—			916,825
Financials		5,162,203			1,103,861			—			6,266,064
Health Care		2,786,903			533,486			—			3,320,389
Industrials		2,397,721			638,352			—			3,036,073
Information Technology		3,545,973			294,811			—			3,840,784
Materials		632,854			339,422			—			972,276
Telecommunication Services		214,889			276,220			—			491,109
Utilities		788,043			155,093			—			943,136
Total Common Stocks		19,915,441			4,589,263			0	^(a)		24,504,704
Money Market Funds		—			227,930,997			—			227,930,997
Total Investments		1,849,792,461			232,520,260			0	^(a)		2,082,312,721
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			7,228			—			7,228
Futures Contracts		2,458,238			—			—			2,458,238
Liabilities
Forward Foreign Currency Exchange Contracts		—			(14,135	)		—			(14,135	)
Futures Contracts		(4,913,280	)		—			—			(4,913,280	)
Total		1,847,337,419			232,513,353			0	^(a)		2,079,850,772

(a) Rounds to zero

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Annual Report 2016
69

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2016

Fair Value Measurements (continued)

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In				Transfers Out
Level 1 ($)		Level 2 ($)		Level 1 ($)		Level 2 ($)
	—		338,213,798		338,213,798		—

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

The Fund does not hold any significant investments (greater than one percent of net assets) 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.

There were no transfers of financial assets between Levels 2 and 3 during the period.

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

Annual Report 2016
70

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Aggressive Portfolio

January 31, 2016

(Percentages represent value of investments compared to net assets)

Equity Funds 71.1%

	Shares		Value ($)
INTERNATIONAL 19.0%
Columbia Emerging Markets Fund, Class I Shares^(a)(b)		3,465,613		29,561,681
Columbia European Equity Fund, Class I Shares^(a)		4,582,981		27,956,188
Columbia Overseas Value Fund, Class I Shares^(a)		4,647,726		35,833,965
Columbia Pacific/Asia Fund, Class I Shares^(a)		3,061,777		26,882,402
Total				120,234,236
U.S. LARGE CAP 48.6%
Columbia Contrarian Core Fund, Class I Shares^(a)		2,604,980		52,151,693
Columbia Disciplined Core Fund, Class I Shares^(a)		4,206,752		37,986,973
Columbia Disciplined Growth Fund, Class I Shares^(a)		5,372,336		41,796,774
Columbia Disciplined Value Fund, Class I Shares^(a)		7,534,590		61,708,289
Columbia Large Cap Growth Fund, Class I Shares^(a)(b)		607,855		19,104,900
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		4,096,043		44,237,262
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		1,889,926		27,781,906
Columbia Select Large-Cap Value Fund, Class I Shares^(a)		1,176,170		23,194,074
Total				307,961,871
U.S. SMALL CAP 3.5%
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares^(a)		1,076,972		5,934,117
Columbia Select Smaller-Cap Value Fund, Class I Shares^(a)(b)		252,247		4,416,840
Columbia Small Cap Core Fund, Class I Shares^(a)		860,055		9,477,811
Columbia Small Cap Growth Fund I, Class I Shares^(a)(b)		168,715		2,599,891
Total				22,428,659
Total Equity Funds (Cost: $456,057,663)				450,624,766

Fixed-Income Funds 14.8%

	Shares		Value ($)
EMERGING MARKETS 0.5%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)		321,005		3,238,938
HIGH YIELD 7.0%
Columbia High Yield Bond Fund, Class I Shares^(a)		8,467,828		23,032,492
Columbia Income Opportunities Fund, Class I Shares^(a)		2,304,472		21,132,007
Total				44,164,499
INVESTMENT GRADE 7.3%
Columbia Corporate Income Fund, Class I Shares^(a)		2,769,544		25,812,151
Columbia Mortgage Opportunities Fund, Class I Shares^(a)		406,485		3,853,483
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		3,042,073		16,579,297
Total				46,244,931
Total Fixed-Income Funds (Cost: $99,284,013)				93,648,368

Alternative Investment Funds 4.1%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)	189,149	2,040,917
Columbia Adaptive Alternatives Fund, Class I Shares^(a)	455,212	4,269,887
Columbia Diversified Absolute Return Fund, Class I Shares^(a)	1,021,514	9,775,890
Columbia Multi-Asset Income Fund, Class I Shares^(a)	1,098,776	9,834,042
Total Alternative Investment Funds (Cost: $27,594,306)		25,920,736

Common Stocks 2.3%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.3%
Auto Components 0.1%
Cie Generale des Etablissements Michelin		719		65,597
Cooper Tire & Rubber Co.		2,150		78,389
Dana Holding Corp.		2,910		34,600
Magna International, Inc.		2,300		79,906
Total				258,492

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

Annual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Automobiles —%
Fuji Heavy Industries Ltd.		3,000		122,769
Peugeot SA^(b)		7,120		105,872
Renault SA		199		16,886
Total				245,527
Diversified Consumer Services —%
Capella Education Co.		450		19,760
New Oriental Education & Technology Group, Inc., ADR		900		28,269
Total				48,029
Hotels, Restaurants & Leisure 0.1%
Cracker Barrel Old Country Store, Inc.		610		80,050
Denny's Corp.^(b)		5,775		54,112
Flight Centre Travel Group Ltd.		4,001		111,813
Isle of Capri Casinos, Inc.^(b)		1,550		19,623
Jack in the Box, Inc.		1,055		81,910
Marriott Vacations Worldwide Corp.		1,085		53,588
Papa John's International, Inc.		50		2,388
Ruth's Hospitality Group, Inc.		1,585		25,756
Total				429,240
Household Durables —%
Helen of Troy Ltd.^(b)		755		67,474
Iida Group Holdings Co., Ltd.		3,700		65,960
Persimmon PLC		3,753		109,510
Zagg, Inc.^(b)		950		8,759
Total				251,703
Internet & Catalog Retail —%
PetMed Express, Inc.		2,245		40,455
Leisure Products —%
Sturm Ruger & Co., Inc.		1,245		73,268
Media —%
Gray Television, Inc.^(b)		1,725		22,684
Nexstar Broadcasting Group, Inc., Class A		1,330		60,129
Total				82,813
Multiline Retail —%
Marks & Spencer Group PLC		13,481		81,856
Specialty Retail 0.1%
American Eagle Outfitters, Inc.		2,050		30,012
Cato Corp. (The), Class A		1,645		66,343

Common Stocks (continued)

Issuer	Shares		Value ($)
Children's Place, Inc. (The)		1,105		71,935
Guess?, Inc.		1,400		25,956
Outerwall, Inc.		1,840		62,192
Total				256,438
Textiles, Apparel & Luxury Goods —%
Movado Group, Inc.		2,375		61,037
Oxford Industries, Inc.		1,160		81,038
Wolverine World Wide, Inc.		3,925		66,372
Total				208,447
Total Consumer Discretionary				1,976,268
CONSUMER STAPLES 0.1%
Beverages —%
Ambev SA		22,300		104,035
Food & Staples Retailing 0.1%
Alimentation Couche-Tard, Inc., Class B		1,900		82,706
Ingles Markets, Inc., Class A		290		11,124
Koninklijke Ahold NV		5,489		124,159
SUPERVALU, Inc.^(b)		4,210		19,156
Wal-Mart de Mexico SAB de CV, Class V		43,504		109,205
Total				346,350
Food Products —%
Cal-Maine Foods, Inc.		1,490		75,200
Dean Foods Co.		4,025		80,419
JBS SA		7,900		21,331
Sanderson Farms, Inc.		975		79,190
WH Group Ltd.^(b)		77,500		44,378
Total				300,518
Household Products —%
Reckitt Benckiser Group PLC		597		53,098
Svenska Cellulosa AB, Class B		2,086		61,824
Total				114,922
Personal Products —%
Usana Health Sciences, Inc.^(b)		450		57,105
Tobacco —%
Japan Tobacco, Inc.		2,800		109,658
Universal Corp.		440		24,081
Total				133,739
Total Consumer Staples				1,056,669

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

Annual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
ENERGY 0.1%
Energy Equipment & Services —%
Oil States International, Inc.^(b)		1,465		41,357
Oil, Gas & Consumable Fuels 0.1%
Alon USA Energy, Inc.		2,175		27,362
MOL Hungarian Oil and Gas NyRt		331		16,094
OMV AG		1,454		37,426
PDC Energy, Inc.^(b)		1,515		86,158
Polski Koncern Naftowy Orlen SA		2,250		34,506
REX American Resources Corp.^(b)		1,349		72,077
Royal Dutch Shell PLC, Class B		5,653		123,167
S-Oil Corp.		1,719		113,174
SK Innovation Co., Ltd.^(b)		716		79,128
Western Refining, Inc.		860		28,294
Total				617,386
Total Energy				658,743
FINANCIALS 0.6%
Banks 0.2%
Abu Dhabi Commercial Bank PJSC		20,876		34,556
Banc of California, Inc.		3,725		56,248
Banco Latinoamericano de Comercio Exterior SA, Class E		2,110		49,205
Banco Santander Brasil SA		16,104		52,542
Bank of China Ltd., Class H		254,000		99,459
Bank of Communications Co., Ltd., Class H		28,000		17,119
Bank of Montreal		700		37,586
BBCN Bancorp, Inc.		2,375		36,100
Canadian Imperial Bank of Commerce		1,600		104,207
Central Pacific Financial Corp.		3,355		70,287
China Merchants Bank Co., Ltd., Class H		15,500		30,130
Credit Agricole SA		8,917		88,983
Customers Bancorp, Inc.^(b)		2,305		57,856
Erste Group Bank AG^(b)		1,223		35,328
First BanCorp^(b)		7,800		20,280
First NBC Bank Holding Co.^(b)		1,960		61,525
Hilltop Holdings, Inc.^(b)		625		9,981
HSBC Holdings PLC		20,885		147,292
International Bancshares Corp.		2,295		53,221

Common Stocks (continued)

Issuer	Shares		Value ($)
KBC Groep NV		108		6,189
Mitsubishi UFJ Financial Group, Inc.		12,400		63,586
Nordea Bank AB		7,619		76,721
Opus Bank		290		9,567
Societe Generale SA		336		12,818
Sumitomo Mitsui Financial Group, Inc.		3,000		100,646
Woori Finance Holdings Co., Ltd.		6,327		46,766
Total				1,378,198
Capital Markets —%
3i Group PLC		1,337		8,477
Arlington Asset Investment Corp., Class A		4,680		51,948
Cowen Group, Inc., Class A^(b)		8,300		23,738
KCG Holdings, Inc., Class A^(b)		2,450		25,039
Total				109,202
Consumer Finance —%
Cash America International, Inc.		2,350		70,359
Nelnet, Inc., Class A		1,805		58,608
Total				128,967
Diversified Financial Services —%
EXOR SpA		2,339		76,249
Insurance 0.1%
Ageas		2,237		90,847
Allianz SE, Registered Shares		814		131,735
American Equity Investment Life Holding Co.		1,877		34,143
Employers Holdings, Inc.		895		22,294
HCI Group, Inc.		570		18,952
Heritage Insurance Holdings, Inc.		3,495		69,271
Maiden Holdings Ltd.		4,875		62,400
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered Shares		539		103,850
Power Corp. of Canada		4,600		97,556
Swiss Re AG		1,275		118,685
Universal Insurance Holdings, Inc.		3,411		63,922
Total				813,655
Real Estate Investment Trusts (REITs) 0.2%
AG Mortgage Investment Trust, Inc.		1,025		12,023
American Assets Trust, Inc.		700		26,173
Apollo Residential Mortgage, Inc.		1,900		20,615

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

Annual Report 2016
73

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Coresite Realty Corp.		1,240		79,534
Cousins Properties, Inc.		1,550		13,361
CubeSmart		3,100		96,999
CyrusOne, Inc.		920		33,902
CYS Investments, Inc.		10,150		69,933
DuPont Fabros Technology, Inc.		2,420		80,271
Hersha Hospitality Trust		975		17,131
Mack-Cali Realty Corp.		2,875		59,771
Ryman Hospitality Properties, Inc.		1,620		76,059
Sovran Self Storage, Inc.		810		91,271
STORE Capital Corp.		2,875		71,271
Summit Hotel Properties, Inc.		5,750		58,363
Sunstone Hotel Investors, Inc.		6,413		76,190
Total				882,867
Real Estate Management & Development —%
Wheelock & Co., Ltd.		5,000		19,142
Thrifts & Mortgage Finance 0.1%
BofI Holding, Inc.^(b)		2,000		34,320
Flagstar Bancorp, Inc.^(b)		2,150		40,098
HomeStreet, Inc.^(b)		1,925		39,424
MGIC Investment Corp.^(b)		10,585		70,073
Radian Group, Inc.		5,935		59,706
Walker & Dunlop, Inc.^(b)		2,670		63,973
Washington Federal, Inc.		3,275		69,921
Total				377,515
Total Financials				3,785,795
HEALTH CARE 0.3%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.^(b)		780		16,138
Acorda Therapeutics, Inc.^(b)		885		32,586
Alder Biopharmaceuticals, Inc.^(b)		875		21,158
AMAG Pharmaceuticals, Inc.^(b)		1,010		23,139
Anacor Pharmaceuticals, Inc.^(b)		580		43,575
ARIAD Pharmaceuticals, Inc.^(b)		2,710		13,604
Arrowhead Research Corp.^(b)		4,800		16,704
Curis, Inc.^(b)		5,603		9,189
Dynavax Technologies Corp.^(b)		1,700		40,953
Infinity Pharmaceuticals, Inc.^(b)		3,535		21,952

Common Stocks (continued)

Issuer	Shares		Value ($)
Insmed, Inc.^(b)		900		11,880
Insys Therapeutics, Inc.^(b)		1,160		20,126
Keryx Biopharmaceuticals, Inc.^(b)		6,355		22,433
Neurocrine Biosciences, Inc.^(b)		750		31,913
Novavax, Inc.^(b)		6,525		33,604
Portola Pharmaceuticals, Inc.^(b)		235		7,762
Spark Therapeutics, Inc.^(b)		1,085		30,564
TESARO, Inc.^(b)		220		7,599
Ultragenyx Pharmaceutical, Inc.^(b)		490		27,514
vTv Therapeutics, Inc., Class A^(b)		1,777		12,883
Total				445,276
Health Care Equipment & Supplies —%
Analogic Corp.		845		62,589
LivaNova PLC^(b)		1,390		77,812
Merit Medical Systems, Inc.^(b)		4,175		69,097
Orthofix International NV^(b)		1,700		67,099
Total				276,597
Health Care Providers & Services 0.1%
Alfresa Holdings Corp.		2,400		44,715
Chemed Corp.		60		8,419
LHC Group, Inc.^(b)		470		17,822
Magellan Health, Inc.^(b)		1,220		69,540
Medipal Holdings Corp.		5,400		87,586
Molina Healthcare, Inc.^(b)		1,360		74,678
Owens & Minor, Inc.		300		10,395
PharMerica Corp.^(b)		915		27,166
Triple-S Management Corp., Class B^(b)		2,470		55,056
WellCare Health Plans, Inc.^(b)		380		28,873
Total				424,250
Life Sciences Tools & Services —%
Affymetrix, Inc.^(b)		690		9,681
Cambrex Corp.^(b)		1,605		55,597
INC Research Holdings, Inc. Class A^(b)		1,490		62,774
PAREXEL International Corp.^(b)		495		31,660
Total				159,712
Pharmaceuticals 0.1%
GlaxoSmithKline PLC		1,134		23,361
Novo Nordisk A/S, Class B		1,872		104,586
Pernix Therapeutics Holdings, Inc.^(b)		4,200		9,156

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

Annual Report 2016
74

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Roche Holding AG, Genusschein Shares		649		168,107
Sanofi		1,292		107,443
Sucampo Pharmaceuticals, Inc., Class A^(b)		4,100		51,865
Teva Pharmaceutical Industries Ltd.		1,571		96,533
Total				561,051
Total Health Care				1,866,886
INDUSTRIALS 0.3%
Aerospace & Defense —%
Cubic Corp.		580		23,177
Moog, Inc., Class A^(b)		1,350		62,545
Total				85,722
Air Freight & Logistics —%
Air Transport Services Group, Inc.^(b)		4,580		44,563
Royal Mail PLC		15,488		101,824
Total				146,387
Airlines —%
Hawaiian Holdings, Inc.^(b)		1,120		39,435
Japan Airlines Co., Ltd.		2,600		97,587
Total				137,022
Building Products —%
Continental Building Product^(b)		3,860		57,668
Commercial Services & Supplies —%
Deluxe Corp.		1,550		86,645
Interface, Inc.		950		16,046
Quad/Graphics, Inc.		5,000		50,400
West Corp.		950		17,204
Total				170,295
Construction & Engineering 0.1%
EMCOR Group, Inc.		1,770		80,889
Leighton Holdings Ltd.		5,416		93,411
VINCI SA		1,759		119,168
Total				293,468
Electrical Equipment 0.1%
EnerSys		1,280		61,991
General Cable Corp.		4,900		57,428
OSRAM Licht AG		1,029		45,941

Common Stocks (continued)

Issuer	Shares		Value ($)
Prysmian SpA		1,984		40,821
Vestas Wind Systems A/S		1,867		122,166
Total				328,347
Machinery 0.1%
Barnes Group, Inc.		400		13,004
Global Brass & Copper Holdings, Inc.		1,575		32,618
Kadant, Inc.		1,195		46,378
Mueller Industries, Inc.		2,385		60,698
PT United Tractors Tbk		88,000		112,470
Wabash National Corp.^(b)		6,700		74,102
Total				339,270
Marine —%
Kuehne & Nagel International AG		168		22,235
Matson, Inc.		1,915		77,385
Total				99,620
Professional Services —%
Insperity, Inc.		90		4,044
RPX Corp.^(b)		5,570		64,500
Total				68,544
Road & Rail —%
ArcBest Corp.		1,880		38,596
Trading Companies & Distributors —%
Applied Industrial Technologies, Inc.		880		33,827
MRC Global, Inc.^(b)		3,125		31,407
Total				65,234
Total Industrials				1,830,173
INFORMATION TECHNOLOGY 0.3%
Communications Equipment —%
NETGEAR, Inc.^(b)		1,855		69,321
Plantronics, Inc.		225		10,087
Polycom, Inc.^(b)		4,200		42,798
Total				122,206
Electronic Equipment, Instruments & Components 0.1%
Benchmark Electronics, Inc.^(b)		2,825		59,325
Checkpoint Systems, Inc.		2,943		19,071
Chimei Innolux Corp.		341,000		97,461
Coherent, Inc.^(b)		175		13,522
Delta Electronics Thailand PCL^(b)		3,700		8,268
Hon Hai Precision Industry Co., Ltd.		46,000		108,220

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

Annual Report 2016
75

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Insight Enterprises, Inc.^(b)		1,090		25,757
MTS Systems Corp.		200		10,680
SYNNEX Corp.		900		75,555
Tech Data Corp.^(b)		1,200		74,880
Total				492,739
Internet Software & Services 0.1%
DHI Group, Inc.^(b)		4,985		46,410
EarthLink Holdings Corp.		9,350		55,352
j2 Global, Inc.		645		46,769
LogMeIn, Inc.^(b)		1,325		69,218
NetEase, Inc., ADR		600		93,684
RetailMeNot, Inc.^(b)		7,572		68,905
Web.com Group, Inc.^(b)		3,450		64,964
Total				445,302
IT Services 0.1%
CGI Group, Inc., Class A^(b)		2,000		85,716
Convergys Corp.		289		7,063
CSG Systems International, Inc.		980		34,241
EVERTEC, Inc.		3,990		54,823
NeuStar, Inc., Class A^(b)		3,155		77,550
Sykes Enterprises, Inc.^(b)		2,130		62,707
Syntel, Inc.^(b)		220		10,415
Total				332,515
Semiconductors & Semiconductor Equipment —%
Amkor Technology, Inc.^(b)		11,390		69,935
Cabot Microelectronics Corp.^(b)		735		29,870
Cirrus Logic, Inc.^(b)		360		12,499
Diodes, Inc.^(b)		2,990		57,199
Entegris, Inc.^(b)		800		9,328
Silicon Laboratories, Inc.^(b)		380		17,328
Taiwan Semiconductor Manufacturing Co., Ltd.		13,000		55,977
Veeco Instruments, Inc.^(b)		625		11,650
Xcerra Corp.^(b)		6,060		33,209
Total				296,995
Software —%
Aspen Technology, Inc.^(b)		2,305		74,774
AVG Technologies NV^(b)		3,230		60,950
Check Point Software Technologies Ltd.^(b)		100		7,881

Common Stocks (continued)

Issuer	Shares		Value ($)
Gigamon, Inc.^(b)		1,600		41,840
Progress Software Corp.^(b)		975		25,243
RealPage, Inc.^(b)		1,800		34,722
VASCO Data Security International, Inc.^(b)		1,750		27,125
Total				272,535
Technology Hardware, Storage & Peripherals —%
Asustek Computer, Inc.		2,000		16,214
Foxconn Technology Co., Ltd.		2,000		3,874
FUJIFILM Holdings Corp.		1,400		54,093
Total				74,181
Total Information Technology				2,036,473
MATERIALS 0.1%
Chemicals —%
Chemtura Corp.^(b)		2,895		75,965
Innophos Holdings, Inc.		700		18,697
Innospec, Inc.		1,470		73,280
Mitsubishi Chemical Holdings Corp.		16,200		90,351
Total				258,293
Construction Materials —%
US Concrete, Inc.^(b)		700		31,836
Metals & Mining 0.1%
Commercial Metals Co.		2,283		31,779
Eregli Demir ve Celik Fabrikalari TAS		58,779		61,702
Materion Corp.		2,020		49,470
Rio Tinto PLC		4,086		100,196
Severstal PAO		5,505		45,383
Total				288,530
Paper & Forest Products —%
Stora Enso OYJ, Class R		758		6,177
UPM-Kymmene OYJ		5,982		97,488
Total				103,665
Total Materials				682,324
TELECOMMUNICATION SERVICES 0.1%
Diversified Telecommunication Services 0.1%
China Telecom Corp., Ltd., Class H		104,000		48,916
General Communication, Inc., Class A^(b)		3,115		56,444
Nippon Telegraph & Telephone Corp.		3,000		127,718
Telstra Corp., Ltd.		2,035		8,199

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

Annual Report 2016
76

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2016

Common Stocks (continued)

Issuer	Shares		Value ($)
Turk Telekomunikasyon AS		11,867		21,738
Total				263,015
Wireless Telecommunication Services —%
China Mobile Ltd.		10,500		115,334
Shenandoah Telecommunications Co.		1,800		41,364
Total				156,698
Total Telecommunication Services				419,713
UTILITIES 0.1%
Electric Utilities 0.1%
Chubu Electric Power Co., Inc.		600		7,706
Endesa SA		2,652		51,341
IDACORP, Inc.		990		68,894
Korea Electric Power Corp.^(b)		2,458		107,902
Tokyo Electric Power Co., Inc.^(b)		2,000		10,050
Transmissora Alianca de Energia Eletrica SA		6,600		28,695
Total				274,588
Gas Utilities —%
Chesapeake Utilities Corp.		985		62,025
New Jersey Resources Corp.		1,885		66,390
Southwest Gas Corp.		1,360		80,009
WGL Holdings, Inc.		265		17,699
Total				226,123

Common Stocks (continued)

Issuer	Shares		Value ($)
Multi-Utilities —%
RWE AG		476		6,668
Water Utilities —%
SJW Corp.		1,370		44,662
Total Utilities				552,041
Total Common Stocks (Cost: $16,350,612)				14,865,085

Money Market Funds 7.4%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.360%^(a)(c)		46,742,052		46,742,052
Total Money Market Funds (Cost: $46,742,052)				46,742,052
Total Investments (Cost: $646,028,646)				631,801,007
Other Assets & Liabilities, Net				1,713,138
Net Assets				633,514,145

At January 31, 2016, cash totaling $1,249,800 was pledged as collateral.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at January 31, 2016

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
JPMorgan	3/3/2016		405,000	BRL		98,325	USD		—		(2,058	)
JPMorgan	3/3/2016		139,000	CAD		98,658	USD		—		(564	)
JPMorgan	3/3/2016		472,000	CNY		70,672	USD		—		(789	)
JPMorgan	3/3/2016		914,000	DKK		133,284	USD		506		—
JPMorgan	3/3/2016		468,806,000	IDR		33,040	USD		—		(1,067	)
JPMorgan	3/3/2016		286,000	ILS		72,910	USD		650		—
JPMorgan	3/3/2016		166,478,000	KRW		138,512	USD		870		—
JPMorgan	3/3/2016		693,000	MXN		39,057	USD		925		—

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

Annual Report 2016
77

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2016

Forward Foreign Currency Exchange Contracts Open at January 31, 2016 (continued)

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
JPMorgan	3/3/2016		58,000	PLN		14,457	USD		249		—
JPMorgan	3/3/2016		81,000	TRY		26,452	USD		—		(730	)
JPMorgan	3/3/2016		3,827,000	TWD		113,812	USD		—		(427	)
JPMorgan	3/3/2016		111,024	USD		159,000	AUD		1,353		—
JPMorgan	3/3/2016		133,244	USD		133,000	CHF		—		(3,261	)
JPMorgan	3/3/2016		56,662	USD		52,000	EUR		—		(292	)
JPMorgan	3/3/2016		170,652	USD		117,000	GBP		—		(3,933	)
JPMorgan	3/3/2016		118,628	USD		7,987,000	INR		—		(1,525	)
JPMorgan	3/3/2016		110,484	USD		13,008,000	JPY		—		(2,983	)
JPMorgan	3/3/2016		25,648	USD		113,000	MYR		1,641		—
JPMorgan	3/3/2016		19,831	USD		177,000	NOK		551		—
JPMorgan	3/3/2016		18,858	USD		911,000	PHP		149		—
JPMorgan	3/3/2016		59,158	USD		85,000	SGD		475		—
JPMorgan	3/3/2016		18,862	USD		675,000	THB		13		—
JPMorgan	3/3/2016		90,699	USD		1,474,000	ZAR		1,582		—
Total									8,964		(17,629	)

Futures Contracts Outstanding at January 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
S&P MID 400 EMINI		48	USD		6,311,040	03/2016		—		(321,958	)
S&P500 EMINI FUT		146	USD		14,089,730	03/2016		—		(497,854	)
US 10YR NOTE (CBT)		116	USD		15,031,063	03/2016		401,260		—
US LONG BOND(CBT)		25	USD		4,025,781	03/2016		197,611		—
Total					39,457,614			598,871		(819,812	)

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		1,902,588		330,640		(390,055	)		48,438			1,891,611		174,780		94,220		2,040,917
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		6,937,261		47,408		(6,605,319	)		(379,350	)		—		—		—		—
Columbia Adaptive Alternatives Fund, Class I Shares		—		4,536,456		—			—			4,536,456		—		36,456		4,269,887

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

Annual Report 2016
78

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2016

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		2,268,615		344,799		(1,835,397	)		(778,017	)		—		—		—		—
Columbia Contrarian Core Fund, Class I Shares		56,012,736		3,226,717		(21,484,295	)		10,591,552			48,346,710		1,565,312		1,587,469		52,151,693
Columbia Corporate Income Fund, Class I Shares		26,567,008		2,332,216		(866,113	)		(29,289	)		28,003,822		—		925,253		25,812,151
Columbia Disciplined Core Fund, Class I Shares		23,643,554		899,169		(966,018	)		523,237			24,099,942		—		672,307		37,986,973
Columbia Disciplined Growth Fund, Class I Shares		39,024,463		10,351,274		(2,668,825	)		1,009,867			47,716,779		5,040,134		479,129		41,796,774
Columbia Disciplined Value Fund, Class I Shares		63,468,892		6,234,323		(271,246	)		(1,053	)		69,430,916		3,152,523		1,218,655		61,708,289
Columbia Diversified Absolute Return Fund, Class I Shares		—		10,711,908		(492,388	)		(10,236	)		10,209,284		62,660		38,813		9,775,890
Columbia Emerging Markets Bond Fund, Class I Shares		3,378,691		266,358		(73,409	)		(6,498	)		3,565,142		—		112,320		3,238,938
Columbia Emerging Markets Fund, Class I Shares		29,053,969		5,470,193		(805,547	)		122,387			33,841,002		—		—		29,561,681
Columbia European Equity Fund, Class I Shares		32,209,543		2,384,011		(8,350,730	)		1,744,622			27,987,446		880,004		450,826		27,956,188
Columbia High Yield Bond Fund, Class I Shares		10,182,994		15,145,533		(610,709	)		(42,727	)		24,675,091		—		872,603		23,032,492
Columbia Income Opportunities Fund, Class I Shares		20,922,072		1,881,887		(672,854	)		51,802			22,182,907		158,309		1,084,810		21,132,007
Columbia Large Cap Growth Fund, Class I Shares		12,038,342		2,047,042		(1,936,972	)		1,090,859			13,239,271		1,952,899		—		19,104,900
Columbia Mortgage Opportunities Fund, Class I Shares		3,990,218		317,629		(241,846	)		(3,354	)		4,062,647		42,363		160,112		3,853,483
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares		4,661,455		998,925		(98,441	)		58,393			5,620,332		566,646		40,168		5,934,117
Columbia Multi-Asset Income Fund, Class I Shares		—		10,956,955		—			—			10,956,955		—		489,955		9,834,042
Columbia Overseas Value Fund, Class I Shares		44,821,676		1,558,726		(5,310,953	)		(71,424	)		40,998,025		—		937,480		35,833,965
Columbia Pacific/Asia Fund, Class I Shares		24,754,397		1,219,321		(1,573,252	)		401,629			24,802,095		76,482		266,802		26,882,402
Columbia Select Large Cap Equity Fund, Class I Shares		31,121,651		22,168,328		(1,339,883	)		(167,752	)		51,782,344		3,090,609		743,149		44,237,262
Columbia Select Large Cap Growth Fund, Class I Shares		23,740,336		4,746,623		(2,324,291	)		798,971			26,961,639		4,169,023		—		27,781,906

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

Annual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2016

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		17,142,772		2,107,334		(104,919	)		45,237			19,190,424		687,556		442,812		23,194,074
Columbia Select Smaller-Cap Value Fund, Class I Shares		4,106,564		720,437		(311,548	)		70,989			4,586,442		474,920		—		4,416,840
Columbia Short-Term Cash Fund		90,301,754		65,050,698		(108,610,400	)		—			46,742,052		—		94,435		46,742,052
Columbia Small Cap Core Fund, Class I Shares		9,688,963		3,805,539		(179,192	)		19,607			13,334,917		3,248,353		17,986		9,477,811
Columbia Small Cap Growth Fund I, Class I Shares		3,280,485		1,184,535		(341,287	)		(4,354	)		4,119,379		1,071,462		—		2,599,891
Columbia U.S. Government Mortgage Fund, Class I Shares		16,692,905		1,122,037		(1,015,785	)		(4,753	)		16,794,404		49,671		504,081		16,579,297
Total		601,913,904		182,167,021		(169,481,674	)		15,078,783			629,678,034		26,463,706		11,269,841		616,935,922

(b) Non-income producing investment.

Abbreviation Legend

ADR American Depositary Receipt

Currency Legend

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CNY China, Yuan Renminbi

DKK Danish Krone

EUR Euro

GBP British Pound

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW Korean Won

MXN Mexican Peso

MYR Malaysia Ringgits

NOK Norwegian Krone

PHP Philippine Peso

PLN Polish Zloty

SGD Singapore Dollar

THB Thailand Baht

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

Annual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2016

Currency Legend (continued)

TRY Turkish Lira

TWD Taiwan Dollar

USD US Dollar

ZAR South African Rand

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).

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 of the Notes to Financial Statements in the most recent shareholder report.

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

Annual Report 2016
81

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2016

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Equity Funds		450,624,766			—			—		450,624,766
Fixed-Income Funds		93,648,368			—			—		93,648,368
Alternative Investment Funds		25,920,736			—			—		25,920,736
Common Stocks
Consumer Discretionary		1,296,005			680,263			—		1,976,268
Consumer Staples		663,552			393,117			—		1,056,669
Energy		255,248			403,495			—		658,743
Financials		2,477,217			1,308,578			—		3,785,795
Health Care		1,234,555			632,331			—		1,866,886
Industrials		1,074,550			755,623			—		1,830,173
Information Technology		1,692,366			344,107			—		2,036,473
Materials		281,027			401,297			—		682,324
Telecommunication Services		97,808			321,905			—		419,713
Utilities		368,374			183,667			—		552,041
Total Common Stocks		9,440,702			5,424,383			—		14,865,085
Money Market Funds		—			46,742,052			—		46,742,052
Total Investments		579,634,572			52,166,435			—		631,801,007
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			8,964			—		8,964
Futures Contracts		598,871			—			—		598,871
Liabilities
Forward Foreign Currency Exchange Contracts		—			(17,629	)		—		(17,629	)
Futures Contracts		(819,812	)		—			—		(819,812	)
Total		579,413,631			52,157,770			—		631,571,401

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

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

Annual Report 2016
82

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2016

Fair Value Measurements (continued)

service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

Derivative instruments are valued at unrealized appreciation (depreciation).

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In				Transfers Out
Level 1 ($)		Level 2 ($)		Level 1 ($)		Level 2 ($)
	—		90,301,754		90,301,754		—

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

There were no transfers of financial assets between Levels 2 and 3 during the period.

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

Annual Report 2016
83

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2016

	Columbia Capital Allocation Conservative Portfolio		Columbia Capital Allocation Moderate Conservative Portfolio		Columbia Capital Allocation Moderate Portfolio
Assets
Investments, at value
Unaffiliated issuers (identified cost $7,374,840, $11,771,114, $27,872,052)	$	7,022,138	$	11,037,399	$	24,914,047
Affiliated issuers (identified cost $275,387,008, $636,574,968, $1,524,306,393)		260,253,081		607,342,923		1,478,349,878
Total investments (identified cost $282,761,848, $648,346,082, $1,552,178,445)		267,275,219		618,380,322		1,503,263,925
Cash		1,930		3,207		15,807
Margin deposits		486,979		1,225,951		2,385,877
Unrealized appreciation on forward foreign currency exchange contracts		1,805		2,755		11,593
Receivable for:
Investments sold		58,596		52,069		644,702
Capital shares sold		248,652		454,819		1,089,477
Dividends		441,317		888,405		1,779,967
Foreign tax reclaims		553		796		551
Variation margin		110,430		394,851		1,098,572
Prepaid expenses		2,020		2,713		4,516
Total assets		268,627,501		621,405,888		1,510,294,987
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		6,906		10,645		20,989
Payable for:
Investments purchased		434,688		877,727		1,752,571
Capital shares purchased		267,029		614,250		1,797,105
Variation margin		5,827		8,912		—
Investment management fees		309		521		1,391
Distribution and/or service fees		2,755		5,943		14,232
Transfer agent fees		19,757		45,266		90,370
Administration fees		145		336		814
Plan administration fees		1		—		2
Compensation of board members		76,132		27,506		33,616
Other expenses		43,676		60,816		115,611
Total liabilities		857,225		1,651,922		3,826,701
Net assets applicable to outstanding capital stock	$	267,770,276	$	619,753,966	$	1,506,468,286

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

Annual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Represented by
Paid-in capital	$	281,233,467		$	639,402,256		$	1,524,283,819
Undistributed net investment income		482,258			860,363			2,207,343
Accumulated net realized gain		1,270,812			8,972,093			27,671,762
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(352,702	)		(733,715	)		(2,958,005	)
Investments — affiliated issuers		(15,133,927	)		(29,232,045	)		(45,956,515	)
Foreign currency translations		(1,087	)		(4,593	)		(5,178	)
Forward foreign currency exchange contracts		(5,101	)		(7,890	)		(9,396	)
Futures contracts		298,155			530,531			1,234,456
Swap contracts		(21,599	)		(33,034	)		—
Total — representing net assets applicable to outstanding capital stock	$	267,770,276		$	619,753,966		$	1,506,468,286
Class A
Net assets	$	216,422,768		$	495,849,417		$	1,295,481,967
Shares outstanding		22,895,078			48,906,317			125,234,541
Net asset value per share	$	9.45		$	10.14		$	10.34
Maximum offering price per share^(a)	$	9.92		$	10.76		$	10.97
Class B
Net assets	$	3,364,093		$	7,911,631		$	23,990,857
Shares outstanding		357,039			784,787			2,331,483
Net asset value per share	$	9.42		$	10.08		$	10.29
Class C
Net assets	$	43,719,328		$	85,096,856		$	178,547,718
Shares outstanding		4,650,668			8,506,114			17,392,615
Net asset value per share	$	9.40		$	10.00		$	10.27
Class K
Net assets	$	94,079		$	2,764		$	290,895
Shares outstanding		10,054			277			28,153
Net asset value per share	$	9.36		$	9.99	^(b)	$	10.33
Class R
Net assets	$	490,358		$	5,007,452		$	1,341,656
Shares outstanding		51,897			493,037			130,040
Net asset value per share	$	9.45		$	10.16		$	10.32
Class R4
Net assets	$	145,179		$	1,082,080		$	201,786
Shares outstanding		15,456			107,607			19,715
Net asset value per share	$	9.39		$	10.06		$	10.24

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

Annual Report 2016
85

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016

	Columbia Capital Allocation Conservative Portfolio		Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Class R5
Net assets	$	321,723	$	685,650		$	3,802,609
Shares outstanding		34,247		68,239			371,678
Net asset value per share	$	9.39	$	10.05		$	10.23
Class Y
Net assets	$	166,343	$	9,703		$	368,272
Shares outstanding		17,718		977			35,985
Net asset value per share	$	9.39	$	9.94	^(b)	$	10.23
Class Z
Net assets	$	3,046,405	$	24,108,413		$	2,442,526
Shares outstanding		322,364		2,407,962			236,406
Net asset value per share	$	9.45	$	10.01		$	10.33

(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 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 2016
86

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016

	Columbia Capital Allocation Moderate Aggressive Portfolio		Columbia Capital Allocation Aggressive Portfolio
Assets
Investments, at value
Unaffiliated issuers (identified cost $27,938,736, $16,350,612)	$	24,504,704	$	14,865,085
Affiliated issuers (identified cost $2,105,419,497, $629,678,034)		2,057,808,017		616,935,922
Total investments (identified cost $2,133,358,233, $646,028,646)		2,082,312,721		631,801,007
Cash		16,600		7,837
Foreign currency (identified cost $1,698, $—)		1,697		—
Margin deposits		5,921,700		1,249,800
Unrealized appreciation on forward foreign currency exchange contracts		7,228		8,964
Receivable for:
Investments sold		614,341		124,496
Capital shares sold		1,143,540		500,354
Dividends		1,847,227		343,936
Foreign tax reclaims		490		452
Variation margin		3,226,523		672,436
Prepaid expenses		5,772		2,753
Trustees' deferred compensation plan		101,905		—
Total assets		2,095,199,744		634,712,035
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		14,135		17,629
Payable for:
Investments purchased		1,778,192		323,813
Capital shares purchased		1,465,934		712,209
Investment management fees		3,880		940
Distribution and/or service fees		18,077		5,811
Transfer agent fees		174,276		40,446
Administration fees		1,125		340
Plan administration fees		1		—
Compensation of board members		143,459		22,350
Other expenses		152,301		74,352
Trustees' deferred compensation plan		101,905		—
Total liabilities		3,853,285		1,197,890
Net assets applicable to outstanding capital stock	$	2,091,346,459	$	633,514,145

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

Annual Report 2016
87

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Represented by
Paid-in capital	$	2,101,235,191		$	634,757,441
Undistributed (excess of distributions over) net investment income		(235,873	)		(11,821	)
Accumulated net realized gain		43,854,609			13,225,777
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(3,434,032	)		(1,485,527	)
Investments — affiliated issuers		(47,611,480	)		(12,742,112	)
Foreign currency translations		(7	)		(7	)
Forward foreign currency exchange contracts		(6,907	)		(8,665	)
Futures contracts		(2,455,042	)		(220,941	)
Total — representing net assets applicable to outstanding capital stock	$	2,091,346,459		$	633,514,145
Class A
Net assets	$	1,646,275,620		$	549,678,307
Shares outstanding		147,606,249			49,603,191
Net asset value per share	$	11.15		$	11.08
Maximum offering price per share^(a)	$	11.83		$	11.76
Class B
Net assets	$	31,227,824		$	11,969,846
Shares outstanding		2,833,955			1,081,493
Net asset value per share	$	11.02		$	11.07
Class C
Net assets	$	206,181,056		$	66,937,876
Shares outstanding		18,399,796			6,157,202
Net asset value per share	$	11.21		$	10.87
Class K
Net assets	$	90,112		$	56,523
Shares outstanding		8,104			5,089
Net asset value per share	$	11.12		$	11.11
Class R
Net assets	$	3,555,554		$	1,028,935
Shares outstanding		319,215			93,442
Net asset value per share	$	11.14		$	11.01
Class R4
Net assets	$	1,119,063		$	778,974
Shares outstanding		99,609			71,536
Net asset value per share	$	11.23		$	10.89

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

Annual Report 2016
88

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016

	Columbia Capital Allocation Moderate Aggressive Portfolio		Columbia Capital Allocation Aggressive Portfolio
Class R5
Net assets	$	3,536,865	$	1,041,175
Shares outstanding		314,971		95,674
Net asset value per share	$	11.23	$	10.88
Class T
Net assets	$	85,134,751	$	—
Shares outstanding		7,633,083		—
Net asset value per share	$	11.15	$	—
Maximum offering price per share^(a)	$	11.83	$	—
Class Y
Net assets	$	379,388	$	213,532
Shares outstanding		34,458		19,637
Net asset value per share	$	11.01	$	10.87
Class Z
Net assets	$	113,846,226	$	1,808,977
Shares outstanding		10,224,289		163,932
Net asset value per share	$	11.13	$	11.03

(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 2016
89

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF OPERATIONS

Year Ended January 31, 2016

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Net investment income
Income:
Dividends — unaffiliated issuers	$	53,728		$	78,506		$	264,836
Dividends — affiliated issuers		6,770,593			15,415,482			34,521,328
Interest		16			782			860
Foreign taxes withheld		(2,040	)		(3,180	)		(3,183	)
Total income		6,822,297			15,491,590			34,783,841
Expenses:
Investment management fees		154,823			347,094			793,979
Distribution and/or service fees
Class A		583,760			1,322,522			3,505,364
Class B		55,694			123,800			360,960
Class C		470,775			895,492			1,838,731
Class R		1,962			17,352			7,659
Transfer agent fees
Class A		274,232			617,074			1,523,779
Class B		6,611			14,553			39,595
Class C		55,272			104,400			199,574
Class K		48			2			150
Class R		454			3,994			1,665
Class R4		188			1,206			117
Class R5		62			153			406
Class Z		3,727			30,212			2,775
Administration fees		58,025			132,333			325,491
Plan administration fees
Class K		240			8			749
Compensation of board members		12,853			17,376			29,262
Custodian fees		32,893			34,028			32,048
Printing and postage fees		40,890			76,477			215,579
Registration fees		111,350			111,841			142,922
Audit fees		16,963			16,464			16,460
Legal fees		7,850			10,485			17,372
Other		17,929			19,683			34,832
Total expenses		1,906,601			3,896,549			9,089,469
Expense reductions		(20	)		(140	)		(80	)
Total net expenses		1,906,581			3,896,409			9,089,389
Net investment income		4,915,716			11,595,181			25,694,452
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		(120,861	)		(217,939	)		(1,283,010	)
Investments — affiliated issuers		1,528,534			7,658,039			39,972,916
Capital gain distributions from underlying affiliated funds		3,099,468			12,868,277			46,141,517
Foreign currency translations		(22,166	)		(60,425	)		(107,744	)
Forward foreign currency exchange contracts		(9,680	)		(13,923	)		(1,757	)
Futures contracts		579,920			1,986,963			5,260,170
Swap contracts		14,994			21,545			39,271
Net realized gain		5,070,209			22,242,537			90,021,363
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(352,702	)		(733,715	)		(2,958,005	)
Investments — affiliated issuers		(18,108,604	)		(50,840,055	)		(155,873,376	)
Foreign currency translations		2,740			34,289			37,995
Forward foreign currency exchange contracts		(5,101	)		(7,890	)		(9,396	)
Futures contracts		300,010			(128,321	)		(324,450	)
Swap contracts		(21,599	)		(33,034	)		—
Net change in unrealized depreciation		(18,185,256	)		(51,708,726	)		(159,127,232	)
Net realized and unrealized loss		(13,115,047	)		(29,466,189	)		(69,105,869	)
Net decrease in net assets from operations	$	(8,199,331	)	$	(17,871,008	)	$	(43,411,417	)

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

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90

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF OPERATIONS (continued)

Year Ended January 31, 2016

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Net investment income
Income:
Dividends — unaffiliated issuers	$	276,108		$	142,944
Dividends — affiliated issuers		44,069,599			11,269,841
Interest		1,864			7
Foreign taxes withheld		(2,219	)		(2,288	)
Total income		44,345,352			11,410,504
Expenses:
Investment management fees		1,571,091			401,992
Distribution and/or service fees
Class A		4,488,482			1,468,437
Class B		464,085			172,808
Class C		2,168,021			680,297
Class R		20,864			4,478
Class T		237,020			—
Transfer agent fees
Class A		2,761,917			737,802
Class B		71,726			21,821
Class C		333,346			85,379
Class K		48			29
Class R		6,416			1,124
Class R4		1,796			982
Class R5		743			254
Class T		145,883			—
Class Z		194,028			2,074
Administration fees		457,297			135,323
Plan administration fees
Class K		241			147
Compensation of board members		37,436			17,537
Custodian fees		44,690			31,552
Printing and postage fees		297,651			111,709
Registration fees		139,387			126,374
Audit fees		20,064			18,260
Legal fees		22,083			10,604
Other		40,558			23,027
Total expenses		13,524,873			4,052,010
Expense reductions		(10,788	)		(180	)
Total net expenses		13,514,085			4,051,830
Net investment income		30,831,267			7,358,674
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		(1,255,655	)		(630,418	)
Investments — affiliated issuers		44,789,149			15,078,783
Capital gain distributions from underlying affiliated funds		65,423,299			26,463,706
Foreign currency translations		43,829			(7,773	)
Forward foreign currency exchange contracts		(1,136	)		(1,089	)
Futures contracts		8,263,683			2,908,659
Swap contracts		19,938			10,875
Net realized gain		117,283,107			43,822,743
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(3,261,152	)		(1,485,527	)
Investments — affiliated issuers		(212,591,305	)		(74,733,347	)
Foreign currency translations		2,112			621
Forward foreign currency exchange contracts		(6,907	)		(8,665	)
Futures contracts		(4,466,171	)		(719,759	)
Net change in unrealized depreciation		(220,323,423	)		(76,946,677	)
Net realized and unrealized loss		(103,040,316	)		(33,123,934	)
Net decrease in net assets from operations	$	(72,209,049	)	$	(25,765,260	)

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

Annual Report 2016
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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, 2016			Year Ended January 31, 2015			Year Ended January 31, 2016			Year Ended January 31, 2015
Operations
Net investment income	$	4,915,716		$	4,884,142		$	11,595,181		$	11,031,975
Net realized gain		5,070,209			9,970,600			22,242,537			32,208,591
Net change in unrealized appreciation (depreciation)		(18,185,256	)		1,153,821			(51,708,726	)		(1,904,201	)
Net increase (decrease) in net assets resulting from operations		(8,199,331	)		16,008,563			(17,871,008	)		41,336,365
Distributions to shareholders
Net investment income
Class A		(4,448,036	)		(4,678,256	)		(10,811,068	)		(11,069,734	)
Class B		(57,097	)		(102,358	)		(138,567	)		(252,795	)
Class C		(547,575	)		(534,918	)		(1,186,601	)		(1,145,791	)
Class K		(1,945	)		(1,900	)		(66	)		(110	)
Class R		(7,103	)		(3,179	)		(74,076	)		(38,385	)
Class R4		(3,344	)		(1,859	)		(24,707	)		(17,563	)
Class R5		(4,091	)		(54	)		(10,527	)		(3,855	)
Class Y		(1,638	)		(55	)		(188	)		(84	)
Class Z		(66,888	)		(68,020	)		(602,055	)		(598,245	)
Net realized gains
Class A		(4,217,753	)		(13,788,348	)		(15,881,079	)		(40,886,882	)
Class B		(84,291	)		(522,244	)		(329,065	)		(1,568,580	)
Class C		(858,561	)		(2,614,805	)		(2,747,116	)		(6,706,213	)
Class K		(1,788	)		(5,265	)		(93	)		(250	)
Class R		(8,908	)		(10,594	)		(117,251	)		(159,791	)
Class R4		(3,054	)		(3,616	)		(31,447	)		(54,567	)
Class R5		(3,797	)		(137	)		(12,668	)		(11,651	)
Class Y		(1,675	)		(137	)		(258	)		(226	)
Class Z		(54,705	)		(181,112	)		(790,424	)		(1,994,601	)
Total distributions to shareholders		(10,372,249	)		(22,516,857	)		(32,757,256	)		(64,509,323	)
Increase (decrease) in net assets from capital stock activity		(18,116,381	)		(15,261,332	)		(12,096,589	)		11,455,155
Total increase (decrease) in net assets		(36,687,961	)		(21,769,626	)		(62,724,853	)		(11,717,803	)
Net assets at beginning of year		304,458,237			326,227,863			682,478,819			694,196,622
Net assets at end of year	$	267,770,276		$	304,458,237		$	619,753,966		$	682,478,819
Undistributed net investment income	$	482,258		$	242,223		$	860,363		$	736,696

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

Annual Report 2016
92

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, 2016			Year Ended January 31, 2015			Year Ended January 31, 2016			Year Ended January 31, 2015
Operations
Net investment income	$	25,694,452		$	23,547,452		$	30,831,267		$	27,083,878
Net realized gain		90,021,363			113,856,823			117,283,107			194,214,422
Net change in unrealized appreciation (depreciation)		(159,127,232	)		(28,096,334	)		(220,323,423	)		(59,935,306	)
Net increase (decrease) in net assets resulting from operations		(43,411,417	)		109,307,941			(72,209,049	)		161,362,994
Distributions to shareholders
Net investment income
Class A		(27,562,443	)		(28,758,842	)		(31,928,009	)		(34,516,560	)
Class B		(366,818	)		(648,567	)		(403,740	)		(824,921	)
Class C		(2,312,461	)		(2,229,702	)		(2,383,812	)		(2,619,905	)
Class K		(6,180	)		(6,121	)		(1,839	)		(1,977	)
Class R		(25,036	)		(26,729	)		(61,435	)		(81,372	)
Class R4		(3,442	)		(470	)		(24,085	)		(14,448	)
Class R5		(49,239	)		(1,103	)		(57,960	)		(14,202	)
Class T		—			—			(1,678,969	)		(1,847,218	)
Class Y		(5,079	)		(63	)		(5,799	)		(58	)
Class Z		(57,266	)		(70,355	)		(2,545,167	)		(2,775,192	)
Net realized gains
Class A		(77,452,249	)		(126,283,047	)		(100,812,247	)		(169,563,640	)
Class B		(1,745,165	)		(4,982,956	)		(2,379,517	)		(6,697,170	)
Class C		(10,404,243	)		(15,421,095	)		(12,245,374	)		(19,458,283	)
Class K		(16,894	)		(24,386	)		(5,407	)		(8,980	)
Class R		(84,727	)		(132,155	)		(230,256	)		(454,217	)
Class R4		(6,698	)		(1,275	)		(65,357	)		(46,911	)
Class R5		(110,284	)		(2,921	)		(130,866	)		(58,047	)
Class T		—			—			(5,315,962	)		(9,299,777	)
Class Y		(11,037	)		(225	)		(11,157	)		(230	)
Class Z		(139,513	)		(278,188	)		(7,066,677	)		(11,996,520	)
Total distributions to shareholders		(120,358,774	)		(178,868,200	)		(167,353,635	)		(260,279,628	)
Increase (decrease) in net assets from capital stock activity		(705,114	)		75,905,360			9,089,709			88,664,254
Total increase (decrease) in net assets		(164,475,305	)		6,345,101			(230,472,975	)		(10,252,380	)
Net assets at beginning of year		1,670,943,591			1,664,598,490			2,321,819,434			2,332,071,814
Net assets at end of year	$	1,506,468,286		$	1,670,943,591		$	2,091,346,459		$	2,321,819,434
Undistributed (excess of distributions over) net investment income	$	2,207,343		$	907,701		$	(235,873	)	$	931,029

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

Annual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Year Ended January 31, 2016			Year Ended January 31, 2015
Operations
Net investment income	$	7,358,674		$	5,490,272
Net realized gain		43,822,743			68,322,682
Net change in unrealized appreciation (depreciation)		(76,946,677	)		(27,002,909	)
Net increase (decrease) in net assets resulting from operations		(25,765,260	)		46,810,045
Distributions to shareholders
Net investment income
Class A		(9,360,758	)		(12,809,041	)
Class B		(120,732	)		(359,699	)
Class C		(640,020	)		(902,180	)
Class K		(994	)		(1,956	)
Class R		(15,063	)		(17,686	)
Class R4		(22,722	)		(9,909	)
Class R5		(21,607	)		(9,276	)
Class Y		(4,922	)		(69	)
Class Z		(34,270	)		(33,396	)
Net realized gains
Class A		(39,256,522	)		(41,325,025	)
Class B		(1,044,471	)		(1,746,156	)
Class C		(4,701,579	)		(4,383,783	)
Class K		(3,849	)		(6,379	)
Class R		(65,849	)		(64,168	)
Class R4		(54,834	)		(26,545	)
Class R5		(46,277	)		(25,694	)
Class Y		(7,475	)		(189	)
Class Z		(117,323	)		(95,212	)
Total distributions to shareholders		(55,519,267	)		(61,816,363	)
Increase (decrease) in net assets from capital stock activity		49,105,387			42,200,788
Total increase (decrease) in net assets		(32,179,140	)		27,194,470
Net assets at beginning of year		665,693,285			638,498,815
Net assets at end of year	$	633,514,145		$	665,693,285
Excess of distributions over net investment income	$	(11,821	)	$	(9,501	)

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

Annual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Conservative Portfolio												Columbia Capital Allocation Moderate Conservative Portfolio
	Year Ended January 31, 2016						Year Ended January 31, 2015						Year Ended January 31, 2016						Year Ended January 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		2,526,066			25,121,440			2,621,777			27,140,318			5,576,851			60,564,594			5,541,896			63,029,176
Distributions reinvested		843,495			8,241,451			1,725,455			17,624,946			2,300,914			24,473,485			4,244,327			47,459,752
Redemptions		(4,741,051	)		(47,178,086	)		(5,556,640	)		(57,682,238	)		(8,689,832	)		(94,438,223	)		(8,770,781	)		(100,034,271	)
Net increase (decrease)		(1,371,490	)		(13,815,195	)		(1,209,408	)		(12,916,974	)		(812,067	)		(9,400,144	)		1,015,442			10,454,657
Class B shares
Subscriptions		16,958			170,969			38,446			395,003			33,232			359,669			92,475			1,046,557
Distributions reinvested		13,764			134,536			58,706			598,857			39,619			420,807			146,052			1,627,147
Redemptions^(a)		(443,974	)		(4,416,213	)		(535,351	)		(5,532,938	)		(852,725	)		(9,261,357	)		(1,077,387	)		(12,199,564	)
Net decrease		(413,252	)		(4,110,708	)		(438,199	)		(4,539,078	)		(779,874	)		(8,480,881	)		(838,860	)		(9,525,860	)
Class C shares
Subscriptions		917,744			9,088,962			928,139			9,555,122			1,530,067			16,400,103			1,621,177			18,239,558
Distributions reinvested		139,171			1,351,229			298,654			3,036,129			344,213			3,610,210			645,039			7,123,139
Redemptions		(1,172,463	)		(11,568,458	)		(1,073,515	)		(11,082,639	)		(1,692,662	)		(18,082,443	)		(1,575,771	)		(17,728,564	)
Net increase (decrease)		(115,548	)		(1,128,267	)		153,278			1,508,612			181,618			1,927,870			690,445			7,634,133
Class K shares
Subscriptions		62			605			52			537			—			—			17			189
Distributions reinvested		376			3,638			686			6,944			3			26			5			61
Redemptions		(19	)		(182	)		(755	)		(7,849	)		(19	)		(199	)		(4,746	)		(54,329	)
Net increase (decrease)		419			4,061			(17	)		(368	)		(16	)		(173	)		(4,724	)		(54,079	)
Class R shares
Subscriptions		31,147			315,995			4,621			47,946			360,874			3,845,506			65,432			740,588
Distributions reinvested		1,611			15,675			1,332			13,591			14,946			157,524			13,337			149,354
Redemptions		(1,238	)		(12,407	)		(2,938	)		(30,795	)		(85,630	)		(910,701	)		(72,943	)		(834,372	)
Net increase (decrease)		31,520			319,263			3,015			30,742			290,190			3,092,329			5,826			55,570
Class R4 shares
Subscriptions		6,500			64,994			16,804			172,489			43,013			459,448			90,075			1,023,566
Distributions reinvested		648			6,303			528			5,285			5,320			56,026			6,503			71,883
Redemptions		(7,196	)		(71,028	)		(2,065	)		(20,819	)		(29,409	)		(315,011	)		(8,116	)		(89,475	)
Net increase (decrease)		(48	)		269			15,267			156,955			18,924			200,463			88,462			1,005,974
Class R5 shares
Subscriptions		34,554			338,277			5,813			58,066			54,090			572,346			13,248			150,449
Distributions reinvested		815			7,792			—			—			2,218			23,065			1,381			15,256
Redemptions		(7,172	)		(69,298	)		—			—			(7,985	)		(82,485	)		(1,240	)		(13,979	)
Net increase		28,197			276,771			5,813			58,066			48,323			512,926			13,389			151,726
Class Y shares
Subscriptions		17,151			165,939			—			—			962			10,320			166			1,851
Distributions reinvested		339			3,213			—			—			30			315			5			58
Redemptions		(9	)		(88	)		—			—			(366	)		(3,908	)		(41	)		(452	)
Net increase		17,481			169,064			—			—			626			6,727			130			1,457

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

Annual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Conservative Portfolio												Columbia Capital Allocation Moderate Conservative Portfolio
	Year Ended January 31, 2016						Year Ended January 31, 2015						Year Ended January 31, 2016						Year Ended January 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		213,994			2,096,292			159,935			1,672,487			470,076			5,022,976			713,743			7,988,759
Distributions reinvested		9,674			94,396			19,198			196,142			58,675			616,172			96,806			1,068,999
Redemptions		(204,935	)		(2,022,327	)		(138,649	)		(1,427,916	)		(525,729	)		(5,594,854	)		(654,233	)		(7,326,181	)
Net increase		18,733			168,361			40,484			440,713			3,022			44,294			156,316			1,731,577
Total net increase (decrease)		(1,803,988	)		(18,116,381	)		(1,429,767	)		(15,261,332	)		(1,049,254	)		(12,096,589	)		1,126,426			11,455,155

(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.

Annual Report 2016
96

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, 2016						Year Ended January 31, 2015						Year Ended January 31, 2016						Year Ended January 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		10,333,555			117,917,557			12,947,125			156,209,088			11,604,996			143,928,857			12,890,460			168,780,106
Distributions reinvested		9,395,199			103,690,280			12,992,838			153,064,805			9,395,759			113,615,323			13,509,586			173,522,840
Redemptions		(19,550,249	)		(222,999,413	)		(19,719,911	)		(237,538,126	)		(19,147,608	)		(237,749,912	)		(19,449,855	)		(255,169,724	)
Net increase (decrease)		178,505			(1,391,576	)		6,220,052			71,735,767			1,853,147			19,794,268			6,950,191			87,133,222
Class B shares
Subscriptions		56,625			645,503			167,118			2,007,411			70,638			862,866			209,854			2,707,214
Distributions reinvested		190,624			2,102,322			477,608			5,606,845			198,084			2,378,909			487,292			6,205,799
Redemptions^(a)		(2,096,547	)		(23,986,672	)		(2,448,067	)		(29,299,200	)		(2,440,858	)		(30,260,236	)		(2,901,317	)		(37,705,712	)
Net decrease		(1,849,298	)		(21,238,847	)		(1,803,341	)		(21,684,944	)		(2,172,136	)		(27,018,461	)		(2,204,171	)		(28,792,699	)
Class C shares
Subscriptions		3,249,915			36,695,291			3,260,986			39,051,679			2,871,075			35,637,176			2,858,744			37,738,722
Distributions reinvested		1,153,671			12,625,304			1,498,025			17,515,321			1,006,697			12,223,008			1,398,343			18,053,716
Redemptions		(2,792,354	)		(31,606,349	)		(2,598,610	)		(31,062,362	)		(2,513,149	)		(31,310,351	)		(2,430,791	)		(32,107,001	)
Net increase		1,611,232			17,714,246			2,160,401			25,504,638			1,364,623			16,549,833			1,826,296			23,685,437
Class K shares
Subscriptions		1,780			20,150			1,899			22,946			45			581			456			5,992
Distributions reinvested		2,077			22,887			2,567			30,203			586			7,058			830			10,629
Redemptions		(1,142	)		(12,932	)		(8,930	)		(110,339	)		(440	)		(5,714	)		(1,432	)		(19,118	)
Net increase (decrease)		2,715			30,105			(4,464	)		(57,190	)		191			1,925			(146	)		(2,497	)
Class R shares
Subscriptions		39,494			452,709			45,969			554,037			117,899			1,460,199			106,419			1,398,886
Distributions reinvested		9,850			108,793			13,527			158,879			23,993			290,150			41,780			535,584
Redemptions		(59,708	)		(670,748	)		(14,901	)		(178,125	)		(165,990	)		(2,026,526	)		(139,518	)		(1,793,685	)
Net increase (decrease)		(10,364	)		(109,246	)		44,595			534,791			(24,098	)		(276,177	)		8,681			140,785
Class R4 shares
Subscriptions		16,349			182,991			2,412			28,623			22,127			277,972			79,609			1,064,857
Distributions reinvested		936			9,952			127			1,461			7,345			89,265			4,805			61,080
Redemptions		(91	)		(1,000	)		(230	)		(2,725	)		(13,921	)		(169,625	)		(909	)		(11,835	)
Net increase		17,194			191,943			2,309			27,359			15,551			197,612			83,505			1,114,102
Class R5 shares
Subscriptions		360,086			3,972,903			6,536			76,537			268,249			3,318,687			3,520			46,661
Distributions reinvested		15,097			159,332			326			3,737			15,836			188,647			5,571			71,967
Redemptions		(10,312	)		(113,121	)		(267	)		(3,000	)		(20,784	)		(246,098	)		(1,524	)		(19,728	)
Net increase		364,871			4,019,114			6,595			77,274			263,301			3,261,236			7,567			98,900
Class T shares
Subscriptions		—			—			—			—			55,836			693,652			51,867			676,876
Distributions reinvested		—			—			—			—			454,646			5,499,006			669,576			8,601,109
Redemptions		—			—			—			—			(698,845	)		(8,669,705	)		(726,050	)		(9,535,902	)
Net decrease		—			—			—			—			(188,363	)		(2,477,047	)		(4,607	)		(257,917	)

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

Annual Report 2016
97

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, 2016						Year Ended January 31, 2015						Year Ended January 31, 2016						Year Ended January 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		35,546			389,318			—			—			41,904			498,953			1			10
Distributions reinvested		1,511			15,923			—			—			1,461			16,773			—			—
Redemptions		(1,284	)		(13,155	)		—			—			(9,094	)		(106,618	)		(16	)		(210	)
Net increase (decrease)		35,773			392,086			—			—			34,271			409,108			(15	)		(200	)
Class Z shares
Subscriptions		142,637			1,615,688			121,993			1,471,293			1,257,040			15,423,589			1,315,174			17,147,355
Distributions reinvested		12,420			136,931			24,054			283,239			490,413			5,921,054			699,684			8,970,274
Redemptions		(178,853	)		(2,065,558	)		(165,444	)		(1,986,867	)		(1,840,996	)		(22,697,231	)		(1,568,691	)		(20,572,508	)
Net increase (decrease)		(23,796	)		(312,939	)		(19,397	)		(232,335	)		(93,543	)		(1,352,588	)		446,167			5,545,121
Total net increase (decrease)		326,832			(705,114	)		6,606,750			75,905,360			1,052,944			9,089,709			7,113,468			88,664,254

(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.

Annual Report 2016
98

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Year Ended January 31, 2016						Year Ended January 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		4,794,249			60,144,147			4,456,735			58,954,134
Distributions reinvested		3,959,049			48,186,327			4,161,553			53,807,701
Redemptions		(5,250,361	)		(66,074,788	)		(5,746,418	)		(76,231,760	)
Net increase		3,502,937			42,255,686			2,871,870			36,530,075
Class B shares
Subscriptions		33,216			406,259			46,579			616,874
Distributions reinvested		94,616			1,159,885			161,578			2,092,473
Redemptions^(a)		(806,208	)		(10,206,926	)		(904,483	)		(11,901,859	)
Net decrease		(678,376	)		(8,640,782	)		(696,326	)		(9,192,512	)
Class C shares
Subscriptions		1,449,242			17,781,114			1,310,072			17,020,272
Distributions reinvested		441,119			5,279,382			410,360			5,215,821
Redemptions		(805,578	)		(9,874,715	)		(663,516	)		(8,632,474	)
Net increase		1,084,783			13,185,781			1,056,916			13,603,619
Class K shares
Subscriptions		570			7,178			521			6,953
Distributions reinvested		380			4,628			618			8,075
Redemptions		(1,313	)		(16,991	)		(7,540	)		(101,407	)
Net decrease		(363	)		(5,185	)		(6,401	)		(86,379	)
Class R shares
Subscriptions		37,493			458,163			19,059			251,376
Distributions reinvested		5,776			69,997			6,367			81,855
Redemptions		(23,015	)		(279,771	)		(2,734	)		(35,753	)
Net increase		20,254			248,389			22,692			297,478
Class R4 shares
Subscriptions		75,164			927,695			36,616			490,394
Distributions reinvested		6,592			77,345			2,877			36,200
Redemptions		(50,509	)		(577,499	)		(1,235	)		(16,046	)
Net increase		31,247			427,541			38,258			510,548
Class R5 shares
Subscriptions		73,667			901,567			10,369			135,788
Distributions reinvested		5,797			67,672			2,730			34,714
Redemptions		(14,685	)		(177,904	)		(12,685	)		(167,643	)
Net increase		64,779			791,335			414			2,859

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

Annual Report 2016
99

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Year Ended January 31, 2016						Year Ended January 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		20,732			247,809			—			—
Distributions reinvested		1,064			12,182			—			—
Redemptions		(2,355	)		(25,801	)		(16	)		(200	)
Net increase (decrease)		19,441			234,190			(16	)		(200	)
Class Z shares
Subscriptions		64,561			808,452			66,669			888,250
Distributions reinvested		11,894			143,726			9,435			121,213
Redemptions		(27,280	)		(343,746	)		(35,808	)		(474,163	)
Net increase		49,175			608,432			40,296			535,300
Total net increase		4,093,877			49,105,387			3,327,703			42,200,788

(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.

Annual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class A	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	10.10		$	10.34		$	10.63		$	10.32		$	10.44
Income from investment operations:
Net investment income		0.18			0.18			0.20			0.24			0.25
Net realized and unrealized gain (loss)		(0.46	)		0.35			0.14			0.54			0.14
Total from investment operations		(0.28	)		0.53			0.34			0.78			0.39
Less distributions to shareholders:
Net investment income		(0.19	)		(0.19	)		(0.27	)		(0.35	)		(0.25	)
Net realized gains		(0.18	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)
Total distributions to shareholders		(0.37	)		(0.77	)		(0.63	)		(0.47	)		(0.51	)
Net asset value, end of period	$	9.45		$	10.10		$	10.34		$	10.63		$	10.32
Total return		(2.81	%)		5.24	%		3.28	%		7.62	%		3.90	%
Ratios to average net assets^(a)
Total gross expenses		0.52	%		0.55	%		0.50	%		0.48	%		0.49	%
Total net expenses^(b)		0.52	%^(c)		0.55	%^(c)		0.50	%^(c)		0.48	%^(c)		0.49	%^(c)
Net investment income		1.83	%		1.69	%		1.91	%		2.28	%		2.35	%
Supplemental data
Net assets, end of period (in thousands)	$	216,423		$	245,212		$	263,334		$	282,382		$	251,178
Portfolio turnover		24	%		12	%		22	%		19	%		88	%

Notes to Financial Highlights

(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

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

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

Annual Report 2016
101

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class B	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	10.07		$	10.31		$	10.60		$	10.29		$	10.40
Income from investment operations:
Net investment income		0.10			0.09			0.11			0.15			0.16
Net realized and unrealized gain (loss)		(0.45	)		0.37			0.15			0.54			0.16
Total from investment operations		(0.35	)		0.46			0.26			0.69			0.32
Less distributions to shareholders:
Net investment income		(0.12	)		(0.12	)		(0.19	)		(0.26	)		(0.17	)
Net realized gains		(0.18	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)
Total distributions to shareholders		(0.30	)		(0.70	)		(0.55	)		(0.38	)		(0.43	)
Net asset value, end of period	$	9.42		$	10.07		$	10.31		$	10.60		$	10.29
Total return		(3.55	%)		4.46	%		2.51	%		6.79	%		3.19	%
Ratios to average net assets^(a)
Total gross expenses		1.27	%		1.30	%		1.25	%		1.23	%		1.24	%
Total net expenses^(b)		1.27	%^(c)		1.30	%^(c)		1.25	%^(c)		1.23	%^(c)		1.24	%^(c)
Net investment income		0.98	%		0.90	%		1.07	%		1.47	%		1.56	%
Supplemental data
Net assets, end of period (in thousands)	$	3,364		$	7,759		$	12,454		$	19,598		$	24,717
Portfolio turnover		24	%		12	%		22	%		19	%		88	%

Notes to Financial Highlights

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

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

Annual Report 2016
102

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class C	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	10.05		$	10.28		$	10.58		$	10.28		$	10.39
Income from investment operations:
Net investment income		0.11			0.10			0.12			0.16			0.17
Net realized and unrealized gain (loss)		(0.46	)		0.37			0.13			0.53			0.16
Total from investment operations		(0.35	)		0.47			0.25			0.69			0.33
Less distributions to shareholders:
Net investment income		(0.12	)		(0.12	)		(0.19	)		(0.27	)		(0.18	)
Net realized gains		(0.18	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)
Total distributions to shareholders		(0.30	)		(0.70	)		(0.55	)		(0.39	)		(0.44	)
Net asset value, end of period	$	9.40		$	10.05		$	10.28		$	10.58		$	10.28
Total return		(3.56	%)		4.57	%		2.43	%		6.75	%		3.28	%
Ratios to average net assets^(a)
Total gross expenses		1.27	%		1.30	%		1.26	%		1.23	%		1.24	%
Total net expenses^(b)		1.27	%^(c)		1.30	%^(c)		1.26	%^(c)		1.23	%^(c)		1.24	%^(c)
Net investment income		1.08	%		0.95	%		1.18	%		1.54	%		1.62	%
Supplemental data
Net assets, end of period (in thousands)	$	43,719		$	47,899		$	47,435		$	45,368		$	36,637
Portfolio turnover		24	%		12	%		22	%		19	%		88	%

Notes to Financial Highlights

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

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

Annual Report 2016
103

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class K	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	10.01		$	10.24		$	10.54		$	10.25		$	10.35
Income from investment operations:
Net investment income		0.19			0.18			0.23			0.24			0.25
Net realized and unrealized gain (loss)		(0.46	)		0.37			0.12			0.53			0.16
Total from investment operations		(0.27	)		0.55			0.35			0.77			0.41
Less distributions to shareholders:
Net investment income		(0.20	)		(0.20	)		(0.29	)		(0.36	)		(0.25	)
Net realized gains		(0.18	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)
Total distributions to shareholders		(0.38	)		(0.78	)		(0.65	)		(0.48	)		(0.51	)
Net asset value, end of period	$	9.36		$	10.01		$	10.24		$	10.54		$	10.25
Total return		(2.76	%)		5.48	%		3.35	%		7.62	%		4.14	%
Ratios to average net assets^(a)
Total gross expenses		0.46	%		0.47	%		0.41	%		0.39	%		0.41	%
Total net expenses^(b)		0.46	%		0.47	%		0.41	%		0.39	%		0.39	%
Net investment income		1.91	%		1.79	%		2.16	%		2.27	%		2.43	%
Supplemental data
Net assets, end of period (in thousands)	$	94		$	96		$	99		$	12		$	79
Portfolio turnover		24	%		12	%		22	%		19	%		88	%

Notes to Financial Highlights

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

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

Annual Report 2016
104

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class R	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	10.10		$	10.33		$	10.63		$	10.32		$	10.44
Income from investment operations:
Net investment income		0.17			0.15			0.20			0.25			0.22
Net realized and unrealized gain (loss)		(0.47	)		0.37			0.11			0.50			0.15
Total from investment operations		(0.30	)		0.52			0.31			0.75			0.37
Less distributions to shareholders:
Net investment income		(0.17	)		(0.17	)		(0.25	)		(0.32	)		(0.23	)
Net realized gains		(0.18	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)
Total distributions to shareholders		(0.35	)		(0.75	)		(0.61	)		(0.44	)		(0.49	)
Net asset value, end of period	$	9.45		$	10.10		$	10.33		$	10.63		$	10.32
Total return		(3.05	%)		5.07	%		2.94	%		7.39	%		3.66	%
Ratios to average net assets^(a)
Total gross expenses		0.77	%		0.80	%		0.76	%		0.72	%		0.75	%
Total net expenses^(b)		0.77	%^(c)		0.80	%^(c)		0.76	%^(c)		0.72	%		0.75	%
Net investment income		1.72	%		1.46	%		1.91	%		2.36	%		2.07	%
Supplemental data
Net assets, end of period (in thousands)	$	490		$	206		$	179		$	114		$	3
Portfolio turnover		24	%		12	%		22	%		19	%		88	%

Notes to Financial Highlights

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

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

Annual Report 2016
105

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class R4	2016			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	10.04		$	10.29		$	10.53
Income from investment operations:
Net investment income		0.20			0.25			0.18
Net realized and unrealized gain (loss)		(0.45	)		0.30			0.09
Total from investment operations		(0.25	)		0.55			0.27
Less distributions to shareholders:
Net investment income		(0.22	)		(0.22	)		(0.26	)
Net realized gains		(0.18	)		(0.58	)		(0.25	)
Total distributions to shareholders		(0.40	)		(0.80	)		(0.51	)
Net asset value, end of period	$	9.39		$	10.04		$	10.29
Total return		(2.57	%)		5.41	%		2.56	%
Ratios to average net assets^(b)
Total gross expenses		0.27	%		0.31	%		0.23	%^(c)
Total net expenses^(d)		0.27	%^(e)		0.31	%^(e)		0.23	%^(c)(e)
Net investment income		2.06	%		2.44	%		2.67	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	145		$	156		$	2
Portfolio turnover		24	%		12	%		22	%

Notes to Financial Highlights

(a) Based on operations from June 13, 2013 (commencement of operations) through the stated period end.

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

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
106

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class R5	2016			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	10.05		$	10.29		$	10.53
Income from investment operations:
Net investment income		0.25			0.17			0.18
Net realized and unrealized gain (loss)		(0.50	)		0.40			0.09
Total from investment operations		(0.25	)		0.57			0.27
Less distributions to shareholders:
Net investment income		(0.23	)		(0.23	)		(0.26	)
Net realized gains		(0.18	)		(0.58	)		(0.25	)
Total distributions to shareholders		(0.41	)		(0.81	)		(0.51	)
Net asset value, end of period	$	9.39		$	10.05		$	10.29
Total return		(2.60	%)		5.60	%		2.64	%
Ratios to average net assets^(b)
Total gross expenses		0.21	%		0.25	%		0.12	%^(c)
Total net expenses^(d)		0.21	%		0.25	%		0.12	%^(c)
Net investment income		2.66	%		1.80	%		2.78	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	322		$	61		$	2
Portfolio turnover		24	%		12	%		22	%

Notes to Financial Highlights

(a) Based on operations from June 13, 2013 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class Y	2016			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	10.04		$	10.29		$	10.53
Income from investment operations:
Net investment income		0.20			0.20			0.19
Net realized and unrealized gain (loss)		(0.43	)		0.36			0.09
Total from investment operations		(0.23	)		0.56			0.28
Less distributions to shareholders:
Net investment income		(0.24	)		(0.23	)		(0.27	)
Net realized gains		(0.18	)		(0.58	)		(0.25	)
Total distributions to shareholders		(0.42	)		(0.81	)		(0.52	)
Net asset value, end of period	$	9.39		$	10.04		$	10.29
Total return		(2.37	%)		5.55	%		2.68	%
Ratios to average net assets^(b)
Total gross expenses		0.15	%		0.17	%		0.07	%^(c)
Total net expenses^(d)		0.15	%		0.17	%		0.07	%^(c)
Net investment income		2.13	%		2.08	%		2.83	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	166		$	2		$	2
Portfolio turnover		24	%		12	%		22	%

Notes to Financial Highlights

(a) Based on operations from June 13, 2013 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
108

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class Z	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	10.10		$	10.33		$	10.63		$	10.32		$	10.44
Income from investment operations:
Net investment income		0.21			0.20			0.24			0.30			0.28
Net realized and unrealized gain (loss)		(0.46	)		0.37			0.12			0.51			0.14
Total from investment operations		(0.25	)		0.57			0.36			0.81			0.42
Less distributions to shareholders:
Net investment income		(0.22	)		(0.22	)		(0.30	)		(0.38	)		(0.28	)
Net realized gains		(0.18	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)
Total distributions to shareholders		(0.40	)		(0.80	)		(0.66	)		(0.50	)		(0.54	)
Net asset value, end of period	$	9.45		$	10.10		$	10.33		$	10.63		$	10.32
Total return		(2.56	%)		5.60	%		3.42	%		7.91	%		4.19	%
Ratios to average net assets^(a)
Total gross expenses		0.27	%		0.30	%		0.26	%		0.22	%		0.24	%
Total net expenses^(b)		0.27	%^(c)		0.30	%^(c)		0.26	%^(c)		0.22	%^(c)		0.24	%^(c)
Net investment income		2.09	%		1.96	%		2.26	%		2.80	%		2.71	%
Supplemental data
Net assets, end of period (in thousands)	$	3,046		$	3,067		$	2,719		$	700		$	52
Portfolio turnover		24	%		12	%		22	%		19	%		88	%

Notes to Financial Highlights

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

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

Annual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,															Year Ended March 31,
Class A	2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	10.98		$	11.37		$	11.33		$	10.96		$	10.89		$	10.04
Income from investment operations:
Net investment income		0.20			0.19			0.25			0.25			0.21			0.26
Net realized and unrealized gain (loss)		(0.49	)		0.51			0.44			0.71			0.07			0.85
Total from investment operations		(0.29	)		0.70			0.69			0.96			0.28			1.11
Less distributions to shareholders:
Net investment income		(0.22	)		(0.23	)		(0.33	)		(0.32	)		(0.21	)		(0.26	)
Net realized gains		(0.33	)		(0.86	)		(0.32	)		(0.27	)		—			—
Total distributions to shareholders		(0.55	)		(1.09	)		(0.65	)		(0.59	)		(0.21	)		(0.26	)
Net asset value, end of period	$	10.14		$	10.98		$	11.37		$	11.33		$	10.96		$	10.89
Total return		(2.78	%)		6.23	%		6.18	%		8.94	%		2.63	%		11.21	%
Ratios to average net assets^(b)
Total gross expenses		0.48	%		0.51	%		0.47	%		0.70	%		0.64	%^(c)(d)		0.50	%
Total net expenses^(e)		0.48	%^(f)		0.51	%^(f)		0.47	%^(f)		0.57	%^(f)		0.57	%^(c)(d)(f)		0.50	%
Net investment income		1.86	%		1.70	%		2.15	%		2.19	%		2.37	%^(c)		2.52	%
Supplemental data
Net assets, end of period (in thousands)	$	495,849		$	545,696		$	553,593		$	71,321		$	68,452		$	63,807
Portfolio turnover		21	%		14	%		30	%		38	%		55	%		87	%

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 is less than 0.01%.

(e) Total net expenses include the impact of certain fee waivers/expense 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 2016
110

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,															Year Ended March 31,
Class B	2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	10.92		$	11.31		$	11.28		$	10.91		$	10.85		$	10.00
Income from investment operations:
Net investment income		0.11			0.10			0.15			0.15			0.14			0.18
Net realized and unrealized gain (loss)		(0.48	)		0.51			0.45			0.73			0.07			0.85
Total from investment operations		(0.37	)		0.61			0.60			0.88			0.21			1.03
Less distributions to shareholders:
Net investment income		(0.14	)		(0.14	)		(0.25	)		(0.24	)		(0.15	)		(0.18	)
Net realized gains		(0.33	)		(0.86	)		(0.32	)		(0.27	)		—			—
Total distributions to shareholders		(0.47	)		(1.00	)		(0.57	)		(0.51	)		(0.15	)		(0.18	)
Net asset value, end of period	$	10.08		$	10.92		$	11.31		$	11.28		$	10.91		$	10.85
Total return		(3.53	%)		5.46	%		5.32	%		8.17	%		1.96	%		10.43	%
Ratios to average net assets^(b)
Total gross expenses		1.23	%		1.26	%		1.22	%		1.44	%		1.39	%^(c)(d)		1.25	%
Total net expenses^(e)		1.23	%^(f)		1.26	%^(f)		1.22	%^(f)		1.32	%^(f)		1.31	%^(d)(f)(c)		1.25	%
Net investment income		0.98	%		0.88	%		1.30	%		1.36	%		1.58	%^(c)		1.75	%
Supplemental data
Net assets, end of period (in thousands)	$	7,912		$	17,080		$	27,184		$	8,335		$	14,587		$	26,181
Portfolio turnover		21	%		14	%		30	%		38	%		55	%		87	%

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 is less than 0.01%.

(e) Total net expenses include the impact of certain fee waivers/expense 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 2016
111

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,															Year Ended March 31,
Class C	2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	10.84		$	11.23		$	11.20		$	10.84		$	10.78		$	9.94
Income from investment operations:
Net investment income		0.12			0.11			0.16			0.16			0.14			0.18
Net realized and unrealized gain (loss)		(0.49	)		0.50			0.44			0.71			0.07			0.84
Total from investment operations		(0.37	)		0.61			0.60			0.87			0.21			1.02
Less distributions to shareholders:
Net investment income		(0.14	)		(0.14	)		(0.25	)		(0.24	)		(0.15	)		(0.18	)
Net realized gains		(0.33	)		(0.86	)		(0.32	)		(0.27	)		—			—
Total distributions to shareholders		(0.47	)		(1.00	)		(0.57	)		(0.51	)		(0.15	)		(0.18	)
Net asset value, end of period	$	10.00		$	10.84		$	11.23		$	11.20		$	10.84		$	10.78
Total return		(3.56	%)		5.50	%		5.35	%		8.13	%		1.97	%		10.39	%
Ratios to average net assets^(b)
Total gross expenses		1.23	%		1.26	%		1.23	%		1.45	%		1.39	%^(c)(d)		1.25	%
Total net expenses^(e)		1.23	%^(f)		1.26	%^(f)		1.23	%^(f)		1.32	%^(f)		1.32	%^(c)(d)(f)		1.25	%
Net investment income		1.12	%		0.96	%		1.38	%		1.44	%		1.61	%^(c)		1.77	%
Supplemental data
Net assets, end of period (in thousands)	$	85,097		$	90,199		$	85,756		$	23,470		$	24,156		$	23,651
Portfolio turnover		21	%		14	%		30	%		38	%		55	%		87	%

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 is less than 0.01%.

(e) Total net expenses include the impact of certain fee waivers/expense 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 2016
112

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,
Class K	2016			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	10.82		$	11.22		$	11.25
Income from investment operations:
Net investment income		0.21			0.18			0.32
Net realized and unrealized gain (loss)		(0.48	)		0.52			0.32
Total from investment operations		(0.27	)		0.70			0.64
Less distributions to shareholders:
Net investment income		(0.23	)		(0.24	)		(0.35	)
Net realized gains		(0.33	)		(0.86	)		(0.32	)
Total distributions to shareholders		(0.56	)		(1.10	)		(0.67	)
Net asset value, end of period	$	9.99		$	10.82		$	11.22
Total return		(2.65	%)		6.31	%		5.72	%
Ratios to average net assets^(b)
Total gross expenses		0.41	%		0.41	%		0.38	%^(c)
Total net expenses^(d)		0.41	%		0.41	%		0.38	%^(c)
Net investment income		1.92	%		1.53	%		3.10	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	56
Portfolio turnover		21	%		14	%		30	%

Notes to Financial Highlights

(a) Based on operations from February 28, 2013 (commencement of operations) through the stated period end.

(c)�� Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
113

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,															Year Ended March 31,
Class R	2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	10.99		$	11.38		$	11.34		$	10.96		$	10.90		$	10.04
Income from investment operations:
Net investment income		0.21			0.17			0.21			0.23			0.18			0.23
Net realized and unrealized gain (loss)		(0.52	)		0.50			0.45			0.72			0.07			0.86
Total from investment operations		(0.31	)		0.67			0.66			0.95			0.25			1.09
Less distributions to shareholders:
Net investment income		(0.19	)		(0.20	)		(0.30	)		(0.30	)		(0.19	)		(0.23	)
Net realized gains		(0.33	)		(0.86	)		(0.32	)		(0.27	)		—			—
Total distributions to shareholders		(0.52	)		(1.06	)		(0.62	)		(0.57	)		(0.19	)		(0.23	)
Net asset value, end of period	$	10.16		$	10.99		$	11.38		$	11.34		$	10.96		$	10.90
Total return		(2.93	%)		5.95	%		5.87	%		8.76	%		2.34	%		11.03	%
Ratios to average net assets^(b)
Total gross expenses		0.73	%		0.76	%		0.74	%		0.96	%		0.89	%^(c)(d)		0.75	%
Total net expenses^(e)		0.73	%^(f)		0.76	%^(f)		0.74	%^(f)		0.81	%^(f)		0.82	%^(c)(d)(f)		0.75	%
Net investment income		1.92	%		1.46	%		1.85	%		2.04	%		2.03	%^(c)		2.28	%
Supplemental data
Net assets, end of period (in thousands)	$	5,007		$	2,230		$	2,243		$	2,148		$	1,102		$	428
Portfolio turnover		21	%		14	%		30	%		38	%		55	%		87	%

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 is less than 0.01%.

(e) Total net expenses include the impact of certain fee waivers/expense 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 2016
114

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,
Class R4	2016			2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	10.89		$	11.29		$	11.25		$	11.30
Income from investment operations:
Net investment income		0.23			0.24			0.27			0.09
Net realized and unrealized gain (loss)		(0.48	)		0.48			0.46			0.26
Total from investment operations		(0.25	)		0.72			0.73			0.35
Less distributions to shareholders:
Net investment income		(0.25	)		(0.26	)		(0.37	)		(0.17	)
Net realized gains		(0.33	)		(0.86	)		(0.32	)		(0.23	)
Total distributions to shareholders		(0.58	)		(1.12	)		(0.69	)		(0.40	)
Net asset value, end of period	$	10.06		$	10.89		$	11.29		$	11.25
Total return		(2.46	%)		6.44	%		6.52	%		3.11	%
Ratios to average net assets^(b)
Total gross expenses		0.23	%		0.26	%		0.19	%		0.51	%^(c)
Total net expenses^(d)		0.23	%^(e)		0.26	%^(e)		0.19	%^(e)		0.37	%^(c)
Net investment income		2.15	%		2.19	%		2.36	%		3.68	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,082		$	966		$	2		$	2
Portfolio turnover		21	%		14	%		30	%		38	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
115

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,
Class R5	2016			2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	10.89		$	11.28		$	11.25		$	11.30
Income from investment operations:
Net investment income		0.30			0.26			0.38			0.10
Net realized and unrealized gain (loss)		(0.55	)		0.48			0.35			0.25
Total from investment operations		(0.25	)		0.74			0.73			0.35
Less distributions to shareholders:
Net investment income		(0.26	)		(0.27	)		(0.38	)		(0.17	)
Net realized gains		(0.33	)		(0.86	)		(0.32	)		(0.23	)
Total distributions to shareholders		(0.59	)		(1.13	)		(0.70	)		(0.40	)
Net asset value, end of period	$	10.05		$	10.89		$	11.28		$	11.25
Total return		(2.48	%)		6.63	%		6.53	%		3.13	%
Ratios to average net assets^(b)
Total gross expenses		0.16	%		0.18	%		0.13	%		0.41	%^(c)
Total net expenses^(d)		0.16	%		0.18	%		0.13	%		0.29	%^(c)
Net investment income		2.89	%		2.33	%		3.35	%		3.77	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	686		$	217		$	74		$	2
Portfolio turnover		21	%		14	%		30	%		38	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
116

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,
Class Y	2016			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	10.77		$	11.18		$	11.32
Income from investment operations:
Net investment income		0.26			0.25			0.22
Net realized and unrealized gain (loss)		(0.50	)		0.48			0.28
Total from investment operations		(0.24	)		0.73			0.50
Less distributions to shareholders:
Net investment income		(0.26	)		(0.28	)		(0.32	)
Net realized gains		(0.33	)		(0.86	)		(0.32	)
Total distributions to shareholders		(0.59	)		(1.14	)		(0.64	)
Net asset value, end of period	$	9.94		$	10.77		$	11.18
Total return		(2.38	%)		6.66	%		4.51	%
Ratios to average net assets^(b)
Total gross expenses		0.12	%		0.09	%		0.08	%^(c)
Total net expenses^(d)		0.12	%		0.09	%		0.08	%^(c)
Net investment income		2.48	%		2.24	%		3.02	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	10		$	4		$	2
Portfolio turnover		21	%		14	%		30	%

Notes to Financial Highlights

(a) Based on operations from June 13, 2013 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
117

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,															Year Ended March 31,
Class Z	2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	10.85		$	11.25		$	11.21		$	10.85		$	10.78		$	9.94
Income from investment operations:
Net investment income		0.23			0.22			0.28			0.27			0.23			0.28
Net realized and unrealized gain (loss)		(0.49	)		0.50			0.44			0.71			0.07			0.84
Total from investment operations		(0.26	)		0.72			0.72			0.98			0.30			1.12
Less distributions to shareholders:
Net investment income		(0.25	)		(0.26	)		(0.36	)		(0.35	)		(0.23	)		(0.28	)
Net realized gains		(0.33	)		(0.86	)		(0.32	)		(0.27	)		—			—
Total distributions to shareholders		(0.58	)		(1.12	)		(0.68	)		(0.62	)		(0.23	)		(0.28	)
Net asset value, end of period	$	10.01		$	10.85		$	11.25		$	11.21		$	10.85		$	10.78
Total return		(2.56	%)		6.47	%		6.49	%		9.22	%		2.85	%		11.49	%
Ratios to average net assets^(b)
Total gross expenses		0.23	%		0.26	%		0.24	%		0.45	%		0.39	%^(c)(d)		0.25	%
Total net expenses^(e)		0.23	%^(f)		0.26	%^(f)		0.24	%^(f)		0.32	%^(f)		0.32	%^(c)(d)(f)		0.25	%
Net investment income		2.11	%		1.97	%		2.46	%		2.45	%		2.61	%^(c)		2.77	%
Supplemental data
Net assets, end of period (in thousands)	$	24,108		$	26,084		$	25,287		$	20,710		$	21,157		$	21,839
Portfolio turnover		21	%		14	%		30	%		38	%		55	%		87	%

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 is less than 0.01%.

(e) Total net expenses include the impact of certain fee waivers/expense 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 CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class A	2016			2015			2014			2013			2012			��
Per share data
Net asset value, beginning of period	$	11.50		$	12.00		$	11.61		$	10.75		$	10.71
Income from investment operations:
Net investment income		0.19			0.18			0.20			0.22			0.23
Net realized and unrealized gain (loss)		(0.49	)		0.63			0.86			0.93			0.06
Total from investment operations		(0.30	)		0.81			1.06			1.15			0.29
Less distributions to shareholders:
Net investment income		(0.22	)		(0.24	)		(0.31	)		(0.29	)		(0.25	)
Net realized gains		(0.64	)		(1.07	)		(0.36	)		—			—
Total distributions to shareholders		(0.86	)		(1.31	)		(0.67	)		(0.29	)		(0.25	)
Net asset value, end of period	$	10.34		$	11.50		$	12.00		$	11.61		$	10.75
Total return		(2.89	%)		6.77	%		9.26	%		10.87	%		2.84	%
Ratios to average net assets^(a)
Total gross expenses		0.46	%		0.48	%		0.46	%		0.46	%		0.43	%
Total net expenses^(b)		0.46	%^(c)		0.48	%^(c)		0.46	%^(c)		0.46	%^(c)		0.43	%^(c)
Net investment income		1.68	%		1.49	%		1.64	%		1.98	%		2.11	%
Supplemental data
Net assets, end of period (in thousands)	$	1,295,482		$	1,437,972		$	1,425,904		$	1,331,311		$	1,215,462
Portfolio turnover		17	%		16	%		23	%		23	%		58	%

Notes to Financial Highlights

(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the Fund's reported expense ratios.

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

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

Annual Report 2016
119

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class B	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	11.44		$	11.94		$	11.55		$	10.70		$	10.66
Income from investment operations:
Net investment income		0.09			0.08			0.10			0.13			0.14
Net realized and unrealized gain (loss)		(0.46	)		0.64			0.87			0.93			0.07
Total from investment operations		(0.37	)		0.72			0.97			1.06			0.21
Less distributions to shareholders:
Net investment income		(0.14	)		(0.15	)		(0.22	)		(0.21	)		(0.17	)
Net realized gains		(0.64	)		(1.07	)		(0.36	)		—			—
Total distributions to shareholders		(0.78	)		(1.22	)		(0.58	)		(0.21	)		(0.17	)
Net asset value, end of period	$	10.29		$	11.44		$	11.94		$	11.55		$	10.70
Total return		(3.56	%)		6.00	%		8.47	%		9.99	%		2.03	%
Ratios to average net assets^(a)
Total gross expenses		1.21	%		1.23	%		1.21	%		1.20	%		1.18	%
Total net expenses^(b)		1.21	%^(c)		1.23	%^(c)		1.21	%^(c)		1.20	%^(c)		1.18	%^(c)
Net investment income		0.80	%		0.66	%		0.81	%		1.17	%		1.32	%
Supplemental data
Net assets, end of period (in thousands)	$	23,991		$	47,829		$	71,473		$	94,225		$	117,235
Portfolio turnover		17	%		16	%		23	%		23	%		58	%

Notes to Financial Highlights

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

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

Annual Report 2016
120

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class C	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	11.41		$	11.92		$	11.53		$	10.69		$	10.65
Income from investment operations:
Net investment income		0.11			0.09			0.11			0.14			0.15
Net realized and unrealized gain (loss)		(0.47	)		0.62			0.86			0.91			0.07
Total from investment operations		(0.36	)		0.71			0.97			1.05			0.22
Less distributions to shareholders:
Net investment income		(0.14	)		(0.15	)		(0.22	)		(0.21	)		(0.18	)
Net realized gains		(0.64	)		(1.07	)		(0.36	)		—			—
Total distributions to shareholders		(0.78	)		(1.22	)		(0.58	)		(0.21	)		(0.18	)
Net asset value, end of period	$	10.27		$	11.41		$	11.92		$	11.53		$	10.69
Total return		(3.48	%)		5.92	%		8.51	%		9.95	%		2.10	%
Ratios to average net assets^(a)
Total gross expenses		1.21	%		1.23	%		1.21	%		1.21	%		1.18	%
Total net expenses^(b)		1.21	%^(c)		1.23	%^(c)		1.21	%^(c)		1.21	%^(c)		1.18	%^(c)
Net investment income		0.95	%		0.77	%		0.92	%		1.25	%		1.38	%
Supplemental data
Net assets, end of period (in thousands)	$	178,548		$	180,143		$	162,357		$	132,770		$	107,827
Portfolio turnover		17	%		16	%		23	%		23	%		58	%

Notes to Financial Highlights

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

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

Annual Report 2016
121

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class K	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	11.49		$	11.99		$	11.60		$	10.74		$	10.70
Income from investment operations:
Net investment income		0.20			0.19			0.21			0.21			0.23
Net realized and unrealized gain (loss)		(0.49	)		0.63			0.86			0.95			0.08
Total from investment operations		(0.29	)		0.82			1.07			1.16			0.31
Less distributions to shareholders:
Net investment income		(0.23	)		(0.25	)		(0.32	)		(0.30	)		(0.27	)
Net realized gains		(0.64	)		(1.07	)		(0.36	)		—			—
Total distributions to shareholders		(0.87	)		(1.32	)		(0.68	)		(0.30	)		(0.27	)
Net asset value, end of period	$	10.33		$	11.49		$	11.99		$	11.60		$	10.74
Total return		(2.83	%)		6.88	%		9.39	%		10.94	%		2.94	%
Ratios to average net assets^(a)
Total gross expenses		0.40	%		0.40	%		0.36	%		0.34	%		0.34	%
Total net expenses^(b)		0.40	%		0.40	%		0.36	%		0.34	%		0.34	%
Net investment income		1.76	%		1.55	%		1.77	%		1.93	%		2.18	%
Supplemental data
Net assets, end of period (in thousands)	$	291		$	292		$	359		$	298		$	748
Portfolio turnover		17	%		16	%		23	%		23	%		58	%

Notes to Financial Highlights

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

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

Annual Report 2016
122

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class R	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	11.47		$	11.97		$	11.58		$	10.74		$	10.70
Income from investment operations:
Net investment income		0.16			0.15			0.23			0.18			0.30
Net realized and unrealized gain (loss)		(0.47	)		0.63			0.80			0.93			(0.02	)
Total from investment operations		(0.31	)		0.78			1.03			1.11			0.28
Less distributions to shareholders:
Net investment income		(0.20	)		(0.21	)		(0.28	)		(0.27	)		(0.24	)
Net realized gains		(0.64	)		(1.07	)		(0.36	)		—			—
Total distributions to shareholders		(0.84	)		(1.28	)		(0.64	)		(0.27	)		(0.24	)
Net asset value, end of period	$	10.32		$	11.47		$	11.97		$	11.58		$	10.74
Total return		(3.06	%)		6.52	%		9.02	%		10.46	%		2.66	%
Ratios to average net assets^(a)
Total gross expenses		0.71	%		0.73	%		0.72	%		0.70	%		0.71	%
Total net expenses^(b)		0.71	%^(c)		0.73	%^(c)		0.72	%^(c)		0.70	%^(c)		0.71	%
Net investment income		1.37	%		1.29	%		1.92	%		1.67	%		2.93	%
Supplemental data
Net assets, end of period (in thousands)	$	1,342		$	1,610		$	1,147		$	138		$	60
Portfolio turnover		17	%		16	%		23	%		23	%		58	%

Notes to Financial Highlights

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

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

Annual Report 2016
123

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class R4	2016			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	11.39		$	11.90		$	11.82
Income from investment operations:
Net investment income		0.28			0.26			0.18
Net realized and unrealized gain (loss)		(0.54	)		0.57			0.53
Total from investment operations		(0.26	)		0.83			0.71
Less distributions to shareholders:
Net investment income		(0.25	)		(0.27	)		(0.27	)
Net realized gains		(0.64	)		(1.07	)		(0.36	)
Total distributions to shareholders		(0.89	)		(1.34	)		(0.63	)
Net asset value, end of period	$	10.24		$	11.39		$	11.90
Total return		(2.58	%)		7.06	%		6.11	%
Ratios to average net assets^(b)
Total gross expenses		0.21	%		0.23	%		0.21	%^(c)
Total net expenses^(d)		0.21	%^(e)		0.23	%^(e)		0.21	%^(c)(e)
Net investment income		2.61	%		2.22	%		2.36	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	202		$	29		$	3
Portfolio turnover		17	%		16	%		23	%

Notes to Financial Highlights

(a) Based on operations from June 13, 2013 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
124

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class R5	2016			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	11.39		$	11.90		$	11.82
Income from investment operations:
Net investment income		0.51			0.39			0.19
Net realized and unrealized gain (loss)		(0.77	)		0.46			0.53
Total from investment operations		(0.26	)		0.85			0.72
Less distributions to shareholders:
Net investment income		(0.26	)		(0.29	)		(0.28	)
Net realized gains		(0.64	)		(1.07	)		(0.36	)
Total distributions to shareholders		(0.90	)		(1.36	)		(0.64	)
Net asset value, end of period	$	10.23		$	11.39		$	11.90
Total return		(2.61	%)		7.21	%		6.21	%
Ratios to average net assets^(b)
Total gross expenses		0.15	%		0.16	%		0.11	%^(c)
Total net expenses^(d)		0.15	%		0.16	%		0.11	%^(c)
Net investment income		4.80	%		3.39	%		2.51	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3,803		$	78		$	3
Portfolio turnover		17	%		16	%		23	%

Notes to Financial Highlights

(a) Based on operations from June 13, 2013 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
125

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class Y	2016			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	11.38		$	11.90		$	11.82
Income from investment operations:
Net investment income		0.16			0.23			0.19
Net realized and unrealized gain (loss)		(0.40	)		0.61			0.54
Total from investment operations		(0.24	)		0.84			0.73
Less distributions to shareholders:
Net investment income		(0.27	)		(0.29	)		(0.29	)
Net realized gains		(0.64	)		(1.07	)		(0.36	)
Total distributions to shareholders		(0.91	)		(1.36	)		(0.65	)
Net asset value, end of period	$	10.23		$	11.38		$	11.90
Total return		(2.42	%)		7.16	%		6.25	%
Ratios to average net assets^(b)
Total gross expenses		0.09	%		0.06	%		0.07	%^(c)
Total net expenses^(d)		0.09	%		0.06	%		0.07	%^(c)
Net investment income		1.59	%		1.92	%		2.56	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	368		$	2		$	3
Portfolio turnover		17	%		16	%		23	%

Notes to Financial Highlights

(a) Based on operations from June 13, 2013 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
126

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class Z	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	11.49		$	11.99		$	11.59		$	10.75		$	10.71
Income from investment operations:
Net investment income		0.22			0.21			0.23			0.28			0.26
Net realized and unrealized gain (loss)		(0.49	)		0.63			0.87			0.88			0.07
Total from investment operations		(0.27	)		0.84			1.10			1.16			0.33
Less distributions to shareholders:
Net investment income		(0.25	)		(0.27	)		(0.34	)		(0.32	)		(0.29	)
Net realized gains		(0.64	)		(1.07	)		(0.36	)		—			—
Total distributions to shareholders		(0.89	)		(1.34	)		(0.70	)		(0.32	)		(0.29	)
Net asset value, end of period	$	10.33		$	11.49		$	11.99		$	11.59		$	10.75
Total return		(2.65	%)		7.05	%		9.65	%		10.98	%		3.15	%
Ratios to average net assets^(a)
Total gross expenses		0.21	%		0.23	%		0.21	%		0.22	%		0.19	%
Total net expenses^(b)		0.21	%^(c)		0.23	%^(c)		0.21	%^(c)		0.22	%^(c)		0.19	%^(c)
Net investment income		1.92	%		1.77	%		1.90	%		2.54	%		2.49	%
Supplemental data
Net assets, end of period (in thousands)	$	2,443		$	2,989		$	3,352		$	2,544		$	836
Portfolio turnover		17	%		16	%		23	%		23	%		58	%

Notes to Financial Highlights

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

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

Annual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,															Year Ended March 31,
Class A	2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	12.45		$	13.01		$	12.04		$	11.30		$	11.61		$	10.23
Income from investment operations:
Net investment income		0.18			0.16			0.18			0.18			0.15			0.19
Net realized and unrealized gain (loss)		(0.55	)		0.76			1.21			1.07			(0.30	)		1.37
Total from investment operations		(0.37	)		0.92			1.39			1.25			(0.15	)		1.56
Less distributions to shareholders:
Net investment income		(0.22	)		(0.25	)		(0.25	)		(0.22	)		(0.14	)		(0.18	)
Net realized gains		(0.71	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.93	)		(1.48	)		(0.42	)		(0.51	)		(0.16	)		(0.18	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—
Net asset value, end of period	$	11.15		$	12.45		$	13.01		$	12.04		$	11.30		$	11.61
Total return		(3.42	%)		7.03	%		11.67	%		11.28	%		(1.20	%)		15.48	%
Ratios to average net assets^(c)
Total gross expenses		0.52	%		0.52	%		0.50	%		0.53	%		0.51	%^(d)(e)		0.50	%^(e)
Total net expenses^(f)		0.52	%^(g)		0.52	%^(g)		0.50	%^(g)		0.53	%^(g)		0.51	%^(d)(e)(g)		0.50	%^(e)
Net investment income		1.42	%		1.22	%		1.38	%		1.51	%		1.60	%^(d)		1.75	%
Supplemental data
Net assets, end of period (in thousands)	$	1,646,276		$	1,815,185		$	1,805,239		$	679,109		$	665,859		$	291,758
Portfolio turnover		16	%		20	%		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) Rounds to zero.

(d) Annualized.

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

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

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

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

Annual Report 2016
128

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,															Year Ended March 31,
Class B	2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	12.32		$	12.89		$	11.94		$	11.21		$	11.53		$	10.16
Income from investment operations:
Net investment income		0.06			0.05			0.07			0.07			0.07			0.10
Net realized and unrealized gain (loss)		(0.52	)		0.77			1.21			1.08			(0.29	)		1.37
Total from investment operations		(0.46	)		0.82			1.28			1.15			(0.22	)		1.47
Less distributions to shareholders:
Net investment income		(0.13	)		(0.16	)		(0.16	)		(0.13	)		(0.08	)		(0.10	)
Net realized gains		(0.71	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.84	)		(1.39	)		(0.33	)		(0.42	)		(0.10	)		(0.10	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—
Net asset value, end of period	$	11.02		$	12.32		$	12.89		$	11.94		$	11.21		$	11.53
Total return		(4.15	%)		6.32	%		10.78	%		10.45	%		(1.87	%)		14.63	%
Ratios to average net assets^(c)
Total gross expenses		1.27	%		1.27	%		1.25	%		1.27	%		1.26	%^(d)(e)		1.25	%^(e)
Total net expenses^(f)		1.27	%^(g)		1.27	%^(g)		1.25	%^(g)		1.27	%^(g)		1.26	%^(d)(e)(g)		1.25	%^(e)
Net investment income		0.53	%		0.37	%		0.53	%		0.65	%		0.75	%^(d)		0.99	%
Supplemental data
Net assets, end of period (in thousands)	$	31,228		$	61,673		$	92,956		$	53,009		$	85,005		$	133,770
Portfolio turnover		16	%		20	%		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) Rounds to zero.

(d) Annualized.

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

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

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

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

Annual Report 2016
129

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,															Year Ended March 31,
Class C	2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	12.51		$	13.07		$	12.11		$	11.36		$	11.68		$	10.29
Income from investment operations:
Net investment income		0.09			0.06			0.08			0.09			0.08			0.11
Net realized and unrealized gain (loss)		(0.55	)		0.77			1.21			1.08			(0.30	)		1.38
Total from investment operations		(0.46	)		0.83			1.29			1.17			(0.22	)		1.49
Less distributions to shareholders:
Net investment income		(0.13	)		(0.16	)		(0.16	)		(0.13	)		(0.08	)		(0.10	)
Net realized gains		(0.71	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.84	)		(1.39	)		(0.33	)		(0.42	)		(0.10	)		(0.10	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—
Net asset value, end of period	$	11.21		$	12.51		$	13.07		$	12.11		$	11.36		$	11.68
Total return		(4.08	%)		6.30	%		10.71	%		10.49	%		(1.85	%)		14.64	%
Ratios to average net assets^(c)
Total gross expenses		1.27	%		1.27	%		1.25	%		1.28	%		1.26	%^(d)(e)		1.25	%^(e)
Total net expenses^(f)		1.27	%^(g)		1.27	%^(g)		1.25	%^(g)		1.28	%^(g)		1.26	%^(d)(e)(g)		1.25	%^(e)
Net investment income		0.69	%		0.49	%		0.63	%		0.75	%		0.81	%^(d)		1.00	%
Supplemental data
Net assets, end of period (in thousands)	$	206,181		$	213,166		$	198,837		$	84,349		$	86,321		$	91,556
Portfolio turnover		16	%		20	%		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) Rounds to zero.

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

(d) Annualized.

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

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

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

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

Annual Report 2016
130

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,
Class K	2016			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	12.42		$	12.98		$	12.07
Income from investment operations:
Net investment income		0.19			0.18			0.18
Net realized and unrealized gain (loss)		(0.55	)		0.75			1.17
Total from investment operations		(0.36	)		0.93			1.35
Less distributions to shareholders:
Net investment income		(0.23	)		(0.26	)		(0.27	)
Net realized gains		(0.71	)		(1.23	)		(0.17	)
Total distributions to shareholders		(0.94	)		(1.49	)		(0.44	)
Net asset value, end of period	$	11.12		$	12.42		$	12.98
Total return		(3.32	%)		7.17	%		11.31	%
Ratios to average net assets^(b)
Total gross expenses		0.41	%		0.41	%		0.38	%^(c)
Total net expenses^(d)		0.41	%		0.41	%		0.38	%^(c)
Net investment income		1.53	%		1.34	%		1.57	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	90		$	98		$	105
Portfolio turnover		16	%		20	%		22	%

Notes to Financial Highlights

(a) Based on operations from February 28, 2013 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
131

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

		Year Ended January 31,															Year Ended March 31,
Class R		2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period		$	12.44		$	12.99		$	12.03		$	11.29		$	11.60		$	10.22
Income from investment operations:
Net investment income	��		0.14			0.13			0.13			0.15			0.13			0.16
Net realized and unrealized gain (loss)			(0.54	)		0.76			1.22			1.07			(0.30	)		1.38
Total from investment operations			(0.40	)		0.89			1.35			1.22			(0.17	)		1.54
Less distributions to shareholders:
Net investment income			(0.19	)		(0.21	)		(0.22	)		(0.19	)		(0.12	)		(0.16	)
Net realized gains			(0.71	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—
Total distributions to shareholders			(0.90	)		(1.44	)		(0.39	)		(0.48	)		(0.14	)		(0.16	)
Proceeds from regulatory settlements			—			—			—			—			0.00	^(b)		—
Net asset value, end of period		$	11.14		$	12.44		$	12.99		$	12.03		$	11.29		$	11.60
Total return			(3.67	%)		6.86	%		11.31	%		11.01	%		(1.39	%)		15.21	%
Ratios to average net assets^(c)
Total gross expenses			0.77	%		0.77	%		0.75	%		0.78	%		0.77	%^(d)(e)		0.75	%^(e)
Total net expenses^(f)			0.77	%^(g)		0.77	%^(g)		0.75	%^(g)		0.78	%^(g)		0.77	%^(d)(e)(g)		0.75	%^(e)
Net investment income			1.11	%		1.01	%		1.02	%		1.26	%		1.40	%^(d)		1.54	%
Supplemental data
Net assets, end of period (in thousands)		$	3,556		$	4,270		$	4,347		$	4,664		$	3,908		$	1,517
Portfolio turnover			16	%		20	%		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) Rounds to zero.

(d) Annualized.

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

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

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

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

Annual Report 2016
132

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,
Class R4	2016			2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	12.54		$	13.08		$	12.11		$	11.71
Income from investment operations:
Net investment income		0.21			0.53			0.18			0.11
Net realized and unrealized gain (loss)		(0.56	)		0.44			1.25			0.65
Total from investment operations		(0.35	)		0.97			1.43			0.76
Less distributions to shareholders:
Net investment income		(0.25	)		(0.28	)		(0.29	)		(0.14	)
Net realized gains		(0.71	)		(1.23	)		(0.17	)		(0.22	)
Total distributions to shareholders		(0.96	)		(1.51	)		(0.46	)		(0.36	)
Net asset value, end of period	$	11.23		$	12.54		$	13.08		$	12.11
Total return		(3.23	%)		7.41	%		11.95	%		6.60	%
Ratios to average net assets^(b)
Total gross expenses		0.27	%		0.29	%		0.22	%		0.24	%^(c)
Total net expenses^(d)		0.27	%^(e)		0.29	%^(e)		0.22	%^(e)		0.24	%^(c)
Net investment income		1.72	%		4.16	%		1.39	%		3.98	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,119		$	1,054		$	7		$	3
Portfolio turnover		16	%		20	%		22	%		34	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
133

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,
Class R5	2016			2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	12.53		$	13.08		$	12.11		$	11.71
Income from investment operations:
Net investment income		0.38			0.21			0.33			0.11
Net realized and unrealized gain (loss)		(0.71	)		0.77			1.12			0.66
Total from investment operations		(0.33	)		0.98			1.45			0.77
Less distributions to shareholders:
Net investment income		(0.26	)		(0.30	)		(0.31	)		(0.15	)
Net realized gains		(0.71	)		(1.23	)		(0.17	)		(0.22	)
Total distributions to shareholders		(0.97	)		(1.53	)		(0.48	)		(0.37	)
Net asset value, end of period	$	11.23		$	12.53		$	13.08		$	12.11
Total return		(3.05	%)		7.46	%		12.07	%		6.64	%
Ratios to average net assets^(b)
Total gross expenses		0.17	%		0.16	%		0.18	%		0.12	%^(c)
Total net expenses^(d)		0.17	%		0.16	%		0.18	%		0.12	%^(c)
Net investment income		3.15	%		1.62	%		2.56	%		4.10	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3,537		$	648		$	577		$	3
Portfolio turnover		16	%		20	%		22	%		34	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
134

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,															Year Ended March 31,
Class T	2016			2015			2014			2013			2012^(a)			2011^(b)
Per share data
Net asset value, beginning of period	$	12.45		$	13.00		$	12.04		$	11.30		$	11.61		$	11.49
Income from investment operations:
Net investment income		0.18			0.16			0.16			0.17			0.15			0.02
Net realized and unrealized gain (loss)		(0.55	)		0.76			1.22			1.07			(0.30	)		0.13
Total from investment operations		(0.37	)		0.92			1.38			1.24			(0.15	)		0.15
Less distributions to shareholders:
Net investment income		(0.22	)		(0.24	)		(0.25	)		(0.21	)		(0.14	)		(0.03	)
Net realized gains		(0.71	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.93	)		(1.47	)		(0.42	)		(0.50	)		(0.16	)		(0.03	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(c)		—
Net asset value, end of period	$	11.15		$	12.45		$	13.00		$	12.04		$	11.30		$	11.61
Total return		(3.42	%)		7.07	%		11.52	%		11.23	%		(1.23	%)		1.28	%
Ratios to average net assets^(d)
Total gross expenses		0.52	%		0.56	%		0.55	%		0.58	%		0.56	%^(e)(f)		0.55	%^(e)
Total net expenses^(g)		0.52	%^(h)		0.54	%^(h)		0.55	%^(h)		0.58	%^(h)		0.56	%^(e)(f)(h)		0.55	%^(e)
Net investment income		1.42	%		1.20	%		1.24	%		1.46	%		1.58	%^(e)		2.26	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	85,135		$	97,408		$	101,766		$	100,955		$	102,913		$	3
Portfolio turnover		16	%		20	%		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) Based on operations from March 7, 2011 (commencement of operations) through the stated period end.

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

(e) Annualized.

(f) Ratios include line of credit interest expense which is less than 0.01%.

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

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

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

Annual Report 2016
135

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,
Class Y	2016			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	12.31		$	12.87		$	12.35
Income from investment operations:
Net investment income		0.13			0.21			0.18
Net realized and unrealized gain (loss)		(0.45	)		0.76			0.78
Total from investment operations		(0.32	)		0.97			0.96
Less distributions to shareholders:
Net investment income		(0.27	)		(0.30	)		(0.27	)
Net realized gains		(0.71	)		(1.23	)		(0.17	)
Total distributions to shareholders		(0.98	)		(1.53	)		(0.44	)
Net asset value, end of period	$	11.01		$	12.31		$	12.87
Total return		(3.09	%)		7.58	%		7.88	%
Ratios to average net assets^(b)
Total gross expenses		0.12	%		0.09	%		0.07	%^(c)
Total net expenses^(d)		0.12	%		0.09	%		0.07	%^(c)
Net investment income		1.16	%		1.64	%		2.22	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	379		$	2		$	3
Portfolio turnover		16	%		20	%		22	%

Notes to Financial Highlights

(a) Based on operations from June 13, 2013 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 2016
136

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,															Year Ended March 31,
Class Z	2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	12.44		$	12.99		$	12.03		$	11.29		$	11.60		$	10.21
Income from investment operations:
Net investment income		0.21			0.19			0.19			0.20			0.17			0.21
Net realized and unrealized gain (loss)		(0.56	)		0.77			1.23			1.08			(0.30	)		1.39
Total from investment operations		(0.35	)		0.96			1.42			1.28			(0.13	)		1.60
Less distributions to shareholders:
Net investment income		(0.25	)		(0.28	)		(0.29	)		(0.25	)		(0.16	)		(0.21	)
Net realized gains		(0.71	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.96	)		(1.51	)		(0.46	)		(0.54	)		(0.18	)		(0.21	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—
Net asset value, end of period	$	11.13		$	12.44		$	12.99		$	12.03		$	11.29		$	11.60
Total return		(3.26	%)		7.40	%		11.87	%		11.57	%		(1.00	%)		15.89	%
Ratios to average net assets^(c)
Total gross expenses		0.27	%		0.27	%		0.25	%		0.28	%		0.26	%^(d)(e)		0.25	%^(e)
Total net expenses^(f)		0.27	%^(g)		0.27	%^(g)		0.25	%^(g)		0.28	%^(g)		0.26	%^(d)(e)(g)		0.25	%^(e)
Net investment income		1.67	%		1.47	%		1.49	%		1.72	%		1.86	%^(d)		2.03	%
Supplemental data
Net assets, end of period (in thousands)	$	113,846		$	128,314		$	128,234		$	147,433		$	146,805		$	56,805
Portfolio turnover		16	%		20	%		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) Rounds to zero.

(d) Annualized.

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

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

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

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

Annual Report 2016
137

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Aggressive Portfolio

	Year Ended January 31,
Class A	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	12.54		$	12.82		$	11.41		$	10.19		$	10.28
Income from investment operations:
Net investment income		0.15			0.12			0.12			0.13			0.12
Net realized and unrealized gain (loss)		(0.57	)		0.86			1.53			1.25			(0.07	)
Total from investment operations		(0.42	)		0.98			1.65			1.38			0.05
Less distributions to shareholders:
Net investment income		(0.19	)		(0.30	)		(0.24	)		(0.16	)		(0.14	)
Net realized gains		(0.85	)		(0.96	)		—			—			—
Total distributions to shareholders		(1.04	)		(1.26	)		(0.24	)		(0.16	)		(0.14	)
Net asset value, end of period	$	11.08		$	12.54		$	12.82		$	11.41		$	10.19
Total return		(3.92	%)		7.50	%		14.41	%		13.63	%		0.60	%
Ratios to average net assets^(a)
Total gross expenses		0.51	%		0.54	%		0.52	%		0.52	%		0.49	%
Total net expenses^(b)		0.51	%^(c)		0.54	%^(c)		0.52	%^(c)		0.51	%^(c)		0.49	%^(c)
Net investment income		1.18	%		0.92	%		0.98	%		1.25	%		1.18	%
Supplemental data
Net assets, end of period (in thousands)	$	549,678		$	577,868		$	554,189		$	495,722		$	472,855
Portfolio turnover		12	%		27	%		29	%		21	%		83	%

Notes to Financial Highlights

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

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	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	12.53		$	12.81		$	11.41		$	10.17		$	10.24
Income from investment operations:
Net investment income		0.03			0.01			0.02			0.04			0.04
Net realized and unrealized gain (loss)		(0.53	)		0.87			1.53			1.26			(0.07	)
Total from investment operations		(0.50	)		0.88			1.55			1.30			(0.03	)
Less distributions to shareholders:
Net investment income		(0.11	)		(0.20	)		(0.15	)		(0.06	)		(0.04	)
Net realized gains		(0.85	)		(0.96	)		—			—			—
Total distributions to shareholders		(0.96	)		(1.16	)		(0.15	)		(0.06	)		(0.04	)
Net asset value, end of period	$	11.07		$	12.53		$	12.81		$	11.41		$	10.17
Total return		(4.60	%)		6.72	%		13.54	%		12.80	%		(0.22	%)
Ratios to average net assets^(a)
Total gross expenses		1.25	%		1.28	%		1.27	%		1.26	%		1.24	%
Total net expenses^(b)		1.25	%^(c)		1.28	%^(c)		1.27	%^(c)		1.26	%^(c)		1.24	%^(c)
Net investment income		0.26	%		0.04	%		0.14	%		0.41	%		0.38	%
Supplemental data
Net assets, end of period (in thousands)	$	11,970		$	22,043		$	31,473		$	39,020		$	49,003
Portfolio turnover		12	%		27	%		29	%		21	%		83	%

Notes to Financial Highlights

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

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	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	12.32		$	12.62		$	11.24		$	10.04		$	10.14
Income from investment operations:
Net investment income		0.06			0.03			0.03			0.05			0.04
Net realized and unrealized gain (loss)		(0.55	)		0.83			1.50			1.24			(0.07	)
Total from investment operations		(0.49	)		0.86			1.53			1.29			(0.03	)
Less distributions to shareholders:
Net investment income		(0.11	)		(0.20	)		(0.15	)		(0.09	)		(0.07	)
Net realized gains		(0.85	)		(0.96	)		—			—			—
Total distributions to shareholders		(0.96	)		(1.16	)		(0.15	)		(0.09	)		(0.07	)
Net asset value, end of period	$	10.87		$	12.32		$	12.62		$	11.24		$	10.04
Total return		(4.60	%)		6.66	%		13.56	%		12.86	%		(0.23	%)
Ratios to average net assets^(a)
Total gross expenses		1.25	%		1.29	%		1.27	%		1.27	%		1.24	%
Total net expenses^(b)		1.25	%^(c)		1.29	%^(c)		1.27	%^(c)		1.26	%^(c)		1.24	%^(c)
Net investment income		0.46	%		0.22	%		0.27	%		0.52	%		0.44	%
Supplemental data
Net assets, end of period (in thousands)	$	66,938		$	62,488		$	50,676		$	38,461		$	33,266
Portfolio turnover		12	%		27	%		29	%		21	%		83	%

Notes to Financial Highlights

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

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	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	12.56		$	12.84		$	11.43		$	10.20		$	10.30
Income from investment operations:
Net investment income		0.16			0.10			0.14			0.15			0.13
Net realized and unrealized gain (loss)		(0.56	)		0.89			1.52			1.25			(0.07	)
Total from investment operations		(0.40	)		0.99			1.66			1.40			0.06
Less distributions to shareholders:
Net investment income		(0.20	)		(0.31	)		(0.25	)		(0.17	)		(0.16	)
Net realized gains		(0.85	)		(0.96	)		—			—			—
Total distributions to shareholders		(1.05	)		(1.27	)		(0.25	)		(0.17	)		(0.16	)
Net asset value, end of period	$	11.11		$	12.56		$	12.84		$	11.43		$	10.20
Total return		(3.76	%)		7.60	%		14.52	%		13.84	%		0.64	%
Ratios to average net assets^(a)
Total gross expenses		0.43	%		0.43	%		0.40	%		0.37	%		0.35	%
Total net expenses^(b)		0.43	%		0.43	%		0.40	%		0.37	%		0.35	%
Net investment income		1.25	%		0.72	%		1.13	%		1.37	%		1.30	%
Supplemental data
Net assets, end of period (in thousands)	$	57		$	68		$	152		$	126		$	451
Portfolio turnover		12	%		27	%		29	%		21	%		83	%

Notes to Financial Highlights

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

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Year Ended January 31,
Class R	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	12.46		$	12.75		$	11.35		$	10.16		$	10.25
Income from investment operations:
Net investment income		0.12			0.10			0.14			0.11			0.10
Net realized and unrealized gain (loss)		(0.56	)		0.83			1.47			1.24			(0.07	)
Total from investment operations		(0.44	)		0.93			1.61			1.35			0.03
Less distributions to shareholders:
Net investment income		(0.16	)		(0.26	)		(0.21	)		(0.16	)		(0.12	)
Net realized gains		(0.85	)		(0.96	)		—			—			—
Total distributions to shareholders		(1.01	)		(1.22	)		(0.21	)		(0.16	)		(0.12	)
Net asset value, end of period	$	11.01		$	12.46		$	12.75		$	11.35		$	10.16
Total return		(4.09	%)		7.19	%		14.13	%		13.38	%		0.33	%
Ratios to average net assets^(a)
Total gross expenses		0.76	%		0.79	%		0.78	%		0.79	%		0.70	%
Total net expenses^(b)		0.76	%^(c)		0.79	%^(c)		0.78	%^(c)		0.76	%^(c)		0.70	%
Net investment income		0.97	%		0.72	%		1.12	%		1.03	%		0.98	%
Supplemental data
Net assets, end of period (in thousands)	$	1,029		$	912		$	644		$	182		$	3
Portfolio turnover		12	%		27	%		29	%		21	%		83	%

Notes to Financial Highlights

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

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 R4	2016			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	12.34		$	12.63		$	11.82
Income from investment operations:
Net investment income		0.24			0.54			0.20
Net realized and unrealized gain (loss)		(0.61	)		0.46			0.88
Total from investment operations		(0.37	)		1.00			1.08
Less distributions to shareholders:
Net investment income		(0.23	)		(0.33	)		(0.27	)
Net realized gains		(0.85	)		(0.96	)		—
Total distributions to shareholders		(1.08	)		(1.29	)		(0.27	)
Net asset value, end of period	$	10.89		$	12.34		$	12.63
Total return		(3.65	%)		7.78	%		9.08	%
Ratios to average net assets^(b)
Total gross expenses		0.26	%		0.28	%		0.29	%^(c)
Total net expenses^(d)		0.26	%^(e)		0.28	%^(e)		0.29	%^(c)(e)
Net investment income		1.97	%		4.28	%		2.54	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	779		$	497		$	26
Portfolio turnover		12	%		27	%		29	%

Notes to Financial Highlights

(a) Based on operations from June 13, 2013 (commencement of operations) through the stated period end.

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

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

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Year Ended January 31,
Class R5	2016			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	12.33		$	12.63		$	11.82
Income from investment operations:
Net investment income		0.31			0.16			0.04
Net realized and unrealized gain (loss)		(0.68	)		0.85			1.06
Total from investment operations		(0.37	)		1.01			1.10
Less distributions to shareholders:
Net investment income		(0.23	)		(0.35	)		(0.29	)
Net realized gains		(0.85	)		(0.96	)		—
Total distributions to shareholders		(1.08	)		(1.31	)		(0.29	)
Net asset value, end of period	$	10.88		$	12.33		$	12.63
Total return		(3.58	%)		7.83	%		9.27	%
Ratios to average net assets^(b)
Total gross expenses		0.18	%		0.18	%		0.19	%^(c)
Total net expenses^(d)		0.18	%		0.18	%		0.19	%^(c)
Net investment income		2.61	%		1.22	%		0.47	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,041		$	381		$	385
Portfolio turnover		12	%		27	%		29	%

Notes to Financial Highlights

(a) Based on operations from June 13, 2013 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 Y	2016			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	12.32		$	12.62		$	11.82
Income from investment operations:
Net investment income		0.08			0.17			0.15
Net realized and unrealized gain (loss)		(0.44	)		0.84			0.95
Total from investment operations		(0.36	)		1.01			1.10
Less distributions to shareholders:
Net investment income		(0.24	)		(0.35	)		(0.30	)
Net realized gains		(0.85	)		(0.96	)		—
Total distributions to shareholders		(1.09	)		(1.31	)		(0.30	)
Net asset value, end of period	$	10.87		$	12.32		$	12.62
Total return		(3.54	%)		7.88	%		9.23	%
Ratios to average net assets^(b)
Total gross expenses		0.15	%		0.14	%		0.06	%^(c)
Total net expenses^(d)		0.15	%		0.14	%		0.06	%^(c)
Net investment income		0.69	%		1.30	%		1.95	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	214		$	2		$	3
Portfolio turnover		12	%		27	%		29	%

Notes to Financial Highlights

(a) Based on operations from June 13, 2013 (commencement of operations) through the stated period end.

(d) Total net expenses include the impact of certain fee waivers/expense 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 Z	2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	12.49		$	12.78		$	11.36		$	10.16		$	10.26
Income from investment operations:
Net investment income		0.19			0.17			0.19			0.21			0.14
Net realized and unrealized gain (loss)		(0.58	)		0.83			1.50			1.19			(0.07	)
Total from investment operations		(0.39	)		1.00			1.69			1.40			0.07
Less distributions to shareholders:
Net investment income		(0.22	)		(0.33	)		(0.27	)		(0.20	)		(0.17	)
Net realized gains		(0.85	)		(0.96	)		—			—			—
Total distributions to shareholders		(1.07	)		(1.29	)		(0.27	)		(0.20	)		(0.17	)
Net asset value, end of period	$	11.03		$	12.49		$	12.78		$	11.36	��	$	10.16
Total return		(3.69	%)		7.70	%		14.82	%		13.87	%		0.83	%
Ratios to average net assets^(a)
Total gross expenses		0.26	%		0.29	%		0.28	%		0.28	%		0.24	%
Total net expenses^(b)		0.26	%^(c)		0.29	%^(c)		0.28	%^(c)		0.26	%^(c)		0.24	%^(c)
Net investment income		1.55	%		1.30	%		1.51	%		2.00	%		1.40	%
Supplemental data
Net assets, end of period (in thousands)	$	1,809		$	1,433		$	951		$	413		$	168
Portfolio turnover		12	%		27	%		29	%		21	%		83	%

Notes to Financial Highlights

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

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS

January 31, 2016

Note 1. Organization

Columbia Funds Series Trust and Columbia Funds Series Trust II, (each a Trust, and collectively, the Trusts) are registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. Columbia Funds Series Trust is organized as a Delaware statutory trust and Columbia Funds Series Trust II is organized as a Massachusetts business trust.

Information presented in these financial statements pertains to the following series of the Trusts (each, a Fund and collectively, the Funds): Columbia Capital Allocation Moderate Conservative Portfolio 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", investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds).

For information on the Underlying Funds, please refer to the Fund's current prospectus and the prospectuses of the Underlying Funds.

Fund Shares

Each Trust may issue an unlimited number of shares (without par value) that can be allocated among the separate series as designated by the Board of Trustees (the Board).

Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate 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. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. 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 and sales charge structure.

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 after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after 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 12 months after 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 investors as described in the Fund's prospectus.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund's prospectus.

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.

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

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 after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after 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 previous fund reorganizations.

Class Y shares are not subject to sales charges and are generally available only to certain retirement plans as described in the Fund's prospectus.

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

Each Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no

sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Investments in the Underlying Funds are valued at the net asset value of the applicable class of the Underlying Fund determined as of the close of the NYSE on the valuation date.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of transactions, at the mean of the latest quoted bid and ask prices.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Foreign Currency Transactions and Translations

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

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 Statement of Operations.

Derivative Instruments

Each Fund may invest in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its 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 marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty. With exchange-traded or centrally cleared derivatives, there is reduced 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 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 account. 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 (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives 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.

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 over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its

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January 31, 2016

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 transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivatives 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. The Funds utilized forward foreign currency exchange to hedge the currency exposure associated with some or all of the Fund's securities, to shift investment exposure from one currency to another and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark and/or to recover an underweight country exposure in its portfolio. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Funds will realize a gain or loss when the forward foreign currency exchange contract is closed or expires.

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

Upon entering into a futures contract, the Fund 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.

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January 31, 2016

Swap Contracts

Swap contracts are negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. Unlike a bilateral swap contract, for centrally cleared swap contracts, the Fund has minimal credit exposure to the counterparty because the CCP stands between the Fund and the counterparty. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Credit Default Swap Contracts

The Funds entered into credit default swap contracts to manage credit risk exposure and increase or decrease its credit exposure to an index.

These instruments may be used for other purposes in future periods. Credit default swap contracts are agreements in which one party pays fixed periodic payments to a counterparty in consideration for a guarantee from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as

a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

Any premium paid or received by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk. The Fund will enter into credit default swap transactions only with counterparties that meet certain standards of creditworthiness, as determined by the Investment Manager.

Effects of Derivative Transactions in the Financial Statements

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

Columbia Capital Allocation Conservative Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

instruments for accounting disclosure purposes) at January 31, 2016:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		1,805
Interest rate risk	Net assets — unrealized appreciation on futures contracts		401,092	*
Total			402,897

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized depreciation on swap contracts		21,599	*
Equity risk	Net assets — unrealized depreciation on futures contracts		102,937	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		6,906
Total			131,442

*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 (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended January 31, 2016:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—			—			14,994			14,994
Equity risk		—			941,965			—			941,965
Foreign exchange risk		(9,680	)		—			—			(9,680	)
Interest rate risk		—			(362,045	)		—			(362,045	)
Total		(9,680	)		579,920			14,994			585,234
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—			—			(21,599	)		(21,599	)
Equity risk		—			(101,082	)		—			(101,082	)
Foreign exchange risk		(5,101	)		—			—			(5,101	)
Interest rate risk		—			401,092			—			401,092
Total		(5,101	)		300,010			(21,599	)		273,310

The following table provides a summary of the average outstanding volume by derivative instrument for the year ended January 31, 2016:

Derivative Instrument	Average Notional Amounts ($)
Futures contracts — Long		15,696,640	*
Credit default swap contracts — buy protection		46,575	**
Credit default swap contracts — sell protection		719,178	**

Derivative Instrument				Average Unrealized Appreciation ($)*				Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts					1,552				(2,810)

*Based on the ending quarterly outstanding amounts for the year ended January 31, 2016.

**Based on the ending daily outstanding amounts for the year ended January 31, 2016.

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

Columbia Capital Allocation Moderate Conservative Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2016:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		2,755
Interest rate risk	Net assets — unrealized appreciation on futures contracts		1,047,381	*
Total			1,050,136

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized depreciation on swap contracts		33,034	*
Equity risk	Net assets — unrealized depreciation on futures contracts		516,850	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		10,645
Total			560,529

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—			—			21,545			21,545
Equity risk		—			2,800,778			—			2,800,778
Foreign exchange risk		(13,923	)		—			—			(13,923	)
Interest rate risk		—			(813,815	)		—			(813,815	)
Total		(13,923	)		1,986,963			21,545			1,994,585
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—			—			(33,034	)		(33,034	)
Equity risk		—			(806,064	)		—			(806,064	)
Foreign exchange risk		(7,890	)		—			—			(7,890	)
Interest rate risk		—			677,743			—			677,743
Total		(7,890	)		(128,321	)		(33,034	)		(169,245	)

The following table provides a summary of the average outstanding volume by derivative instrument for the year ended January 31, 2016:

Derivative Instrument	Average Notional Amounts ($)
Futures contracts — Long		51,773,604	*
Credit default swap contracts — buy protection		71,233	**
Credit default swap contracts — sell protection		899,315	**

Derivative Instrument				Average Unrealized Appreciation ($)*				Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts					1,922				(3,866)

*Based on the ending quarterly outstanding amounts for the year ended January 31, 2016.

**Based on the ending daily outstanding amounts for the year ended January 31, 2016.

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

Columbia Capital Allocation Moderate Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2016:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		11,593
Interest rate risk	Net assets — unrealized appreciation on futures contracts		2,577,632
Total			2,589,225

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		1,343,176	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		20,989
Total			1,364,165

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)		Total ($)
Credit risk		—			—			39,271		39,271
Equity risk		—			6,389,422			—		6,389,422
Foreign exchange risk		(1,757	)		—			—		(1,757	)
Interest rate risk		—			(1,129,252	)		—		(1,129,252	)
Total		(1,757	)		5,260,170			39,271		5,297,684
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)		Total ($)
Equity risk		—			(2,004,333	)		—		(2,004,333	)
Foreign exchange risk		(9,396	)		—			—		(9,396	)
Interest rate risk		—			1,679,883			—		1,679,883
Total		(9,396	)		(324,450	)		—		(333,846	)

The following table provides a summary of the average outstanding volume by derivative instrument for the year ended January 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		116,101,616
Credit default swap contracts — sell protection		4,062,500

Derivative Instrument				Average Unrealized Appreciation ($)*				Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts					6,955				(9,993)

*Based on the ending quarterly outstanding amounts for the year ended January 31, 2016.

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

Columbia Capital Allocation Moderate Aggressive Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31 2016:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		7,228
Interest rate risk	Net assets — unrealized appreciation on futures contracts		2,458,238	*
Total			2,465,466

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		4,913,280	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		14,135
Total			4,927,415

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)		Total ($)
Credit risk		—			—			19,938		19,938
Equity risk		—			10,364,347			—		10,364,347
Foreign exchange risk		(1,136	)		—			—		(1,136	)
Interest rate risk		—			(2,100,664	)		—		(2,100,664	)
Total		(1,136	)		8,263,683			19,938		8,282,485
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)		Total ($)
Equity risk		—			(6,732,311	)		—		(6,732,311	)
Foreign exchange risk		(6,907	)		—			—		(6,907	)
Interest rate risk		—			2,266,140			—		2,266,140
Total		(6,907	)		(4,466,171	)		—		(4,473,078	)

The following table provides a summary of the average outstanding volume by derivative instrument for the year ended January 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		203,716,027
Credit default swap contracts — sell protection		2,062,500

Derivative Instrument				Average Unrealized Appreciation ($)*				Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts					4,617				(6,996)

*Based on the ending quarterly outstanding amounts for the year ended January 31, 2016.

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

Columbia Capital Allocation Aggressive Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2016:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		8,964
Interest rate risk	Net assets — unrealized appreciation on futures contracts		598,871	*
Total			607,835

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		819,812	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		17,629
Total			837,441

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)		Total ($)
Credit risk		—			—			10,875		10,875
Equity risk		—			3,344,204			—		3,344,204
Foreign exchange risk		(1,089	)		—			—		(1,089	)
Interest rate risk		—			(435,545	)		—		(435,545	)
Total		(1,089	)		2,908,659			10,875		2,918,445
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)		Total ($)
Equity risk		—			(1,318,630	)		—		(1,318,630	)
Foreign exchange risk		(8,665	)		—			—		(8,665	)
Interest rate risk		—			598,871			—		598,871
Total		(8,665	)		(719,759	)		—		(728,424	)

The following table provides a summary of the average outstanding volume by derivative instrument for the year ended January 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		48,074,932
Futures contracts — Short		77,969
Credit default swap contracts — sell protection		1,125,000

Derivative Instrument				Average Unrealized Appreciation ($)*				Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts					5,625				(8,595)

*Based on the ending quarterly outstanding amounts for the year ended January 31, 2016.

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

Offsetting of Assets and Liabilities

The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of January 31, 2016:

Columbia Capital Allocation Conservative Portfolio

	Barclays ($)			Morgan Stanley ($)			Total ($)
Assets
Forward foreign currency exchange contracts		1,805			—			1,805
Total Assets		1,805			—			1,805
Liabilities
Centrally cleared credit default swap contracts^(a)		—			5,827			5,827
Forward foreign currency exchange contracts		6,906			—			6,906
Total Liabilities		6,906			5,827			12,733
Total Financial and Derivative Net Assets		(5,101	)		(5,827	)		(10,928	)
Total collateral received (pledged)^(b)		—			(5,827	)		(5,827	)
Net Amount^(c)		(5,101	)		—			(5,101	)

(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

Columbia Capital Allocation Moderate Conservative Portfolio

	Barclays ($)			Morgan Stanley ($)			Total ($)
Assets
Forward foreign currency exchange contracts		2,755			—			2,755
Total Assets		2,755			—			2,755
Liabilities
Centrally cleared credit default swap contracts^(a)					8,912			8,912
Forward foreign currency exchange contracts		10,645			—			10,645
Total Liabilities		10,645			8,912			19,557
Total Financial and Derivative Net Assets		(7,890	)		(8,912	)		(16,802	)
Total collateral received (pledged)^(b)		—			(8,912	)		(8,912	)
Net Amount^(c)		(7,890	)		—			(7,890	)

(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

Columbia Capital Allocation Moderate Portfolio

	BNP ($)
Assets
Forward foreign currency exchange contracts		11,593
Total Assets		11,593
Liabilities
Forward foreign currency exchange contracts		20,989
Total Liabilities		20,989
Total Financial and Derivative Net Assets		(9,396	)
Total collateral received (pledged)^(a)		—
Net Amount^(b)		(9,396	)

(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

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

Columbia Capital Allocation Moderate Aggressive Portfolio

	Citigroup ($)
Assets
Forward foreign currency exchange contracts		7,228
Total Assets		7,228
Liabilities
Forward foreign currency exchange contracts		14,135
Total Liabilities		14,135
Total Financial and Derivative Net Assets		(6,907	)
Total collateral received (pledged)^(a)		—
Net Amount^(b)		(6,907	)

(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

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

Columbia Capital Allocation Aggressive Portfolio

	JPMorgan ($)
Assets
Forward foreign currency exchange contracts		8,964
Total Assets		8,964
Liabilities
Forward foreign currency exchange contracts		17,629
Total Liabilities		17,629
Total Financial and Derivative Net Assets		(8,665	)
Total collateral received (pledged)^(a)		—
Net Amount^(b)		(8,665	)

(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

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

Security Transactions

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

Income Recognition

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

The Funds may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds, other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information on the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by the Fund's management. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Expenses

General expenses of the Trusts are allocated to the Funds and other 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 Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of a Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

For federal income tax purposes, each Fund is treated as a separate entity. The Funds intend to qualify each year as separate regulated investment companies under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of their taxable income for their tax year, and as such will not be subject to federal income taxes. In addition, the Funds intend to distribute in each calendar year substantially all of their net investment income, capital gains and certain other amounts, if any, such that the Funds should not be subject to federal excise tax. Therefore, no federal income or excise tax provisions are recorded.

Foreign Taxes

Each Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

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. Distributions from net investment income, if any, are declared and paid annually for Columbia Capital Allocation Aggressive Portfolio. Net realized capital gains, if any, are distributed along with the income dividend. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trusts' organizational documents and, in some cases, by contract, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Funds' contracts with their service providers contain general indemnification

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

clauses. The Funds' maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined, and the Funds have no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

Note 3. Fees and Other Transactions with 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 management 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 management fee, exchange-traded funds, derivatives and individual securities.

The effective investment management fee rates, net of any waivers, based on each Fund's average daily net assets for the year ended January 31, 2016 were as follows:

Columbia Capital Allocation Conservative Portfolio	0.05	%
Columbia Capital Allocation Moderate Conservative Portfolio	0.05
Columbia Capital Allocation Moderate Portfolio	0.05
Columbia Capital Allocation Moderate Aggressive Portfolio	0.07
Columbia Capital Allocation Aggressive Portfolio	0.06

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 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. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Participating Affiliates

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 Fund or the Board, including payments to Board Services Corp., a company providing limited

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

administrative services to the Fund 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, 2016, other expenses paid by the Fund to this company were as follows:

Fund	Amount ($)
Columbia Capital Allocation Conservative Portfolio		1,738
Columbia Capital Allocation Moderate Conservative Portfolio		2,344
Columbia Capital Allocation Moderate Portfolio		3,919
Columbia Capital Allocation Moderate Aggressive Portfolio		4,994
Columbia Capital Allocation Aggressive Portfolio		2,368

Compensation of Board Members

Board members, who are not officers or employees of the Investment Manager or Ameriprise Financial, are compensated for their services to the Funds as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), these Board members 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. All amounts payable under the Plan constitute a general unsecured obligation of the Funds.

Transactions with Affiliates

For the year ended January 31, 2016, the Funds engaged in purchase and/or sale transactions with affiliates and/or accounts that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers. Those purchase and sale transactions complied with provisions of Rule 17a-7 under the 1940 Act and for each Fund aggregated to:

Fund	Purchases ($)		Sales ($)		Realized gain from sale transactions ($)
Columbia Capital Allocation Conservative Portfolio		0		149,624		10,088
Columbia Capital Allocation Moderate Conservative Portfolio		1,901		253,489		16,586
Columbia Capital Allocation Moderate Portfolio		0		1,204,947		75,489
Columbia Capital Allocation Moderate Aggressive Portfolio		0		1,353,663		91,428
Columbia Capital Allocation Aggressive Portfolio		0		583,159		38,743

Transfer Agency Fees

Transfer Agent receives 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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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

For the year ended January 31, 2016, the Funds' effective transfer agency 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		0.12		0.12		0.12		0.05		0.12		0.12		0.05		—		0.12
Columbia Capital Allocation Moderate Conservative Portfolio		0.12		0.12		0.12		0.05		0.12		0.12		0.05		—		0.12
Columbia Capital Allocation Moderate Portfolio		0.11		0.11		0.11		0.05		0.11		0.11		0.05		—		0.11
Columbia Capital Allocation Moderate Aggressive Portfolio		0.15		0.15		0.15		0.05		0.15		0.15		0.05		0.15		0.15
Columbia Capital Allocation Aggressive Portfolio		0.13		0.13		0.13		0.05		0.13		0.12		0.05		—		0.13

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations.

For the year ended January 31, 2016, these minimum account balance fees reduced total expenses as follows:

Fund	Amount ($)
Columbia Capital Allocation Conservative Portfolio		20
Columbia Capital Allocation Moderate Conservative Portfolio		140
Columbia Capital Allocation Moderate Portfolio		80
Columbia Capital Allocation Moderate Aggressive Portfolio		10,788
Columbia Capital Allocation Aggressive Portfolio		180

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 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 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 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		1,594,000		246,000
Columbia Capital Allocation Moderate Conservative Portfolio		2,726,000		414,000
Columbia Capital Allocation Moderate Portfolio		5,109,000		1,594,000
Columbia Capital Allocation Moderate Aggressive Portfolio		4,543,000		1,177,000
Columbia Capital Allocation Aggressive Portfolio		1,360,000		299,000

These amounts are based on the most recent information available as of September 30, 2015, 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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January 31, 2016

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 contractually limited to an aggregate annual rate of not more than 0.25% of the Fund's average daily net assets attributable to Class T shares. The effective shareholder services fee rate for the year ended January 31, 2016 was 0.25 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, 2016, are as follows:

Fund	Class A ($)		Class B ($)		Class C ($)		Class T ($)
Columbia Capital Allocation Conservative Portfolio		232,631		1.098		2,946		—
Columbia Capital Allocation Moderate Conservative Portfolio		563,692		1,188		6,616		—
Columbia Capital Allocation Moderate Portfolio		2,020,872		5,189		17,995		—
Columbia Capital Allocation Moderate Aggressive Portfolio		2,409,967		5,834		16,337		13,722
Columbia Capital Allocation Aggressive Portfolio		1,219,905		2,534		8,787		—

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), 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 Fund's custodian, do not exceed the annual rates of:

	Contractual Expense Cap July 1, 2015 Through May 31, 2016
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		0.46		0.76		0.26		0.21		N/A		0.16		0.26
Columbia Capital Allocation Moderate Conservative Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26
Columbia Capital Allocation Moderate Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26
Columbia Capital Allocation Moderate Aggressive Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		0.51		0.16		0.26
Columbia Capital Allocation Aggressive Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26
	Voluntary Expense Cap June 1, 2015 Through June 30, 2015
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		0.46		0.76		0.26		0.21		N/A		0.16		0.26
Columbia Capital Allocation Moderate Conservative Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26
Columbia Capital Allocation Moderate Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26
Columbia Capital Allocation Moderate Aggressive Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		0.51		0.16		0.26
Columbia Capital Allocation Aggressive Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

	Voluntary Expense Cap Prior to June 1, 2015
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		0.45		0.76		0.26		0.20		N/A		0.15		0.26
Columbia Capital Allocation Moderate Conservative Portfolio		0.51		1.26		1.26		0.45		0.76		0.26		0.20		N/A		0.15		0.26
Columbia Capital Allocation Moderate Portfolio		0.51		1.26		1.26		0.45		0.76		0.26		0.20		N/A		0.15		0.26
Columbia Capital Allocation Moderate Aggressive Portfolio		0.51		1.26		1.26		0.45		0.76		0.26		0.20		0.51		0.15		0.26
Columbia Capital Allocation Aggressive Portfolio		0.51		1.26		1.26		0.45		0.76		0.26		0.20		N/A		0.15		0.26

The contractual agreement may be modified or amended only with approval from all parties. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend and interest expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses. Each Fund's investment management fee is also excluded from the waiver/reimbursement commitment and is therefore paid by the Funds. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At January 31, 2016, these differences are primarily due to differing treatments for deferral/reversal of wash sale losses, Trustees' deferred compensation, distribution reclassifications, foreign currency transactions, post-October capital losses, re-characterization of distributions for 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 Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Fund	Undistributed (Excess of Distributions Over) Net Investment Income ($)		Accumulated Net Realized Gain (Loss) ($)			Paid-in Capital Increase (Decrease) ($)
Columbia Capital Allocation Conservative Portfolio		462,036		(462,036	)		—
Columbia Capital Allocation Moderate Conservative Portfolio		1,376,341		(1,376,341	)		—
Columbia Capital Allocation Moderate Portfolio		5,993,154		(5,993,153	)		(1	)
Columbia Capital Allocation Moderate Aggressive Portfolio		7,092,646		(7,092,646	)		—
Columbia Capital Allocation Aggressive Portfolio		2,860,094		(2,860,096	)		2

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

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

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

	Year Ended January 31, 2016						Year Ended January 31, 2015
Fund	Ordinary Income ($)		Long-term Capital Gains ($)		Total ($)		Ordinary Income ($)		Long-term Capital Gains ($)		Total ($)
Columbia Capital Allocation Conservative Portfolio		5,511,697		4,860,552		10,372,249		6,182,132		16,334,725		22,516,857
Columbia Capital Allocation Moderate Conservative Portfolio		14,425,969		18,331,287		32,757,256		15,263,292		49,246,031		64,509,323
Columbia Capital Allocation Moderate Portfolio		33,388,988		86,969,786		120,358,774		35,250,039		143,618,161		178,868,200
Columbia Capital Allocation Moderate Aggressive Portfolio		44,229,587		123,124,048		167,353,635		46,134,442		214,145,186		260,279,628
Columbia Capital Allocation Aggressive Portfolio		11,902,853		43,616,414		55,519,267		15,101,868		46,714,495		61,816,363

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

At January 31, 2016, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income ($)		Undistributed Long-term Capital Gains ($)		Net Unrealized Appreciation (Depreciation) ($)
Columbia Capital Allocation Conservative Portfolio		753,538		2,156,875		(16,186,435	)
Columbia Capital Allocation Moderate Conservative Portfolio		1,579,709		11,459,797		(32,241,327	)
Columbia Capital Allocation Moderate Portfolio		2,678,485		35,649,693		(55,610,224	)
Columbia Capital Allocation Moderate Aggressive Portfolio		—		49,575,049		(58,028,275	)
Columbia Capital Allocation Aggressive Portfolio		—		19,026,664		(20,061,334	)

At January 31, 2016, 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		283,461,654		2,102,561		(18,288,996	)		(16,186,435	)
Columbia Capital Allocation Moderate Conservative Portfolio		650,621,649		9,735,725		(41,977,052	)		(32,241,327	)
Columbia Capital Allocation Moderate Portfolio		1,558,874,149		45,116,638		(100,726,862	)		(55,610,224	)
Columbia Capital Allocation Moderate Aggressive Portfolio		2,140,340,996		78,649,639		(136,677,914	)		(58,028,275	)
Columbia Capital Allocation Aggressive Portfolio		651,862,341		31,458,909		(51,520,243	)		(20,061,334	)

For the year ended January 31, 2016, the amount of capital loss carryforward utilized, expired unused and permanently lost were as follows:

Fund	Utilized ($)
Columbia Capital Allocation Moderate Aggressive Portfolio		388,505
Columbia Capital Allocation Aggressive Portfolio		7,841

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

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, 2016, the Funds will elect to treat the following late-year ordinary losses and post-October capital losses as arising on February 1, 2016:

Fund	Post-October Capital Losses ($)
Columbia Capital Allocation Moderate Aggressive Portfolio		1,192,719
Columbia Capital Allocation Aggressive Portfolio		188,131

Management of the Funds has concluded that there are no significant uncertain tax positions in the Funds 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.

Note 5. Portfolio Information

For the year ended January 31, 2016, the cost of purchases and proceeds from sales of investments in the Underlying Funds, excluding investments in money market funds and derivatives, if any, for each Fund aggregated to:

	Other Investment Securities
Fund	Purchases ($)		Proceeds ($)
Columbia Capital Allocation Conservative Portfolio		67,531,922		63,086,990
Columbia Capital Allocation Moderate Conservative Portfolio		165,635,297		125,349,878
Columbia Capital Allocation Moderate Portfolio		326,972,463		258,658,837
Columbia Capital Allocation Moderate Aggressive Portfolio		361,907,387		313,530,276
Columbia Capital Allocation Aggressive Portfolio		144,232,189		70,998,228

The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

Each Fund may invest 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. Line of Credit

Each Fund has access to a revolving credit facility whereby the Funds may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Funds and certain other funds

managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. 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. Each Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

No Fund had borrowings during the year ended January 31, 2016.

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

Note 8. Significant Risks

Shareholder Concentration Risk

At January 31, 2016, 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 were owned beneficially. Subscription and redemption activity of these accounts

may have a significant effect on the operations of the Funds. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

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		—		—		84.4
Columbia Capital Allocation Moderate Conservative Portfolio		—		—		79.5
Columbia Capital Allocation Moderate Portfolio		—		—		94.1
Columbia Capital Allocation Moderate Aggressive Portfolio		1		14.9		57.4
Columbia Capital Allocation Aggressive Portfolio		—		—		91.6

Note 9. Subsequent Events

Note 10. Information Regarding Pending and Settled Legal Proceedings

of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at http://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.

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Columbia Funds Variable Series Trust and the Shareholders of
Columbia Capital Allocation Moderate Conservative Portfolio and
Columbia Capital Allocation Moderate Aggressive 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 Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio (the "Funds," constituting part of Columbia Funds Variable Series Trust) at January 31, 2016, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the period 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, 2016 by correspondence with the custodian, brokers and transfer agent, and the application of alternative auditing procedures where such confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, MN
March 23, 2016

To the Trustees of Columbia Funds Variable 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 statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio (the "Funds," constituting part of Columbia Funds Variable Series Trust II) at January 31, 2016, the results of each of their operations for the year ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the four 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, 2016 by correspondence with the custodian, brokers and transfer agent, and the application of alternative auditing procedures where such confirmations had not been received, provide a reasonable basis for our opinion. The financial highlights for the Funds for the periods ended on 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, MN
March 23, 2016

Annual Report 2016
169

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Funds hereby designate the following tax attributes in the fiscal year ended January 31, 2016. Shareholders will be notified in early 2017 of the amounts for use in preparing 2016 income tax returns.

	Qualified Dividend Income (%)		Dividends Received Deduction (%)		Capital Gain Dividend ($)		Foreign Taxes Paid ($)		Foreign Taxes Paid Per Share ($)		Foreign Source Income ($)		Foreign Source Income Per Share ($)
Columbia Capital Allocation Conservative Portfolio		6.45		7.67		4,971,840		24,514		0.00		339,559		0.01
Columbia Capital Allocation Moderate Conservative Portfolio		26.35		18.80		20,327,881		126,811		0.00		1,483,300		0.02
Columbia Capital Allocation Moderate Portfolio		37.97		27.93		82,462,570		479,337		0.00		4,045,949		0.03
Columbia Capital Allocation Moderate Aggressive Portfolio		48.29		36.63		106,708,627		924,070		0.00		5,837,312		0.03
Columbia Capital Allocation Aggressive Portfolio		67.66		53.10		39,640,733		350,311		0.01		1,749,293		0.03

Dividends Received Deduction. The percentage of ordinary income distributed 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.

Annual Report 2016
170

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

TRUSTEES AND OFFICERS

Trustees

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
the Funds and Length of
Service

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

Number of
Funds in the
Columbia
Funds Complex
Overseen

Other Directorships
Held by Trustee
During the Past
Five Years

Kathleen Blatz
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds

124

Trustee, BlueCross BlueShield of Minnesota (Chair of the Business Development Committee) since 2009; Chair of the Robina Foundation since August 2013

Edward J. Boudreau, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Trustee since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

122

Former Trustee, Boston Museum of Science (Chair of Finance Committee), 1985-2013; former Trustee, BofA Funds Series Trust (11 funds), 2005-2011

Pamela G. Carlton
901 S. Marquette Ave.
Minneapolis, MN 55402
1954

Trustee since 7/07 for RiverSource Funds and since 6/11 for Nations Funds

124

Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996

Annual Report 2016
171

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
the Funds and Length of
Service

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

Number of
Funds in the
Columbia
Funds Complex
Overseen

Other Directorships
Held by Trustee
During the Past
Five Years

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

Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds; Chair of the Board from 1/14-11/15

124

Patricia M. Flynn
901 S. Marquette Ave.
Minneapolis, MN 55402
1950

Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

124

Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010

William A. Hawkins
901 S. Marquette Ave.
Minneapolis, MN 55402
1942

Chair of the Board since 11/15; Trustee since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

124

Former Trustee, BofA Funds Series Trust (11 funds), 2009-2015

R. Glenn Hilliard
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Trustee since 6/11 for RiverSource Funds and since 1/05 for Nations Funds

122

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

Annual Report 2016
172

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

TRUSTEES AND OFFICERS (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
the Funds and Length of
Service

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

Number of
Funds in the
Columbia
Funds Complex
Overseen

Other Directorships
Held by Trustee
During the Past
Five Years

Catherine James Paglia
901 S. Marquette Ave.
Minneapolis, MN 55402
1952

Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds

124

Leroy C. Richie
901 S. Marquette Ave.
Minneapolis, MN 55402
1941

Trustee since 2000 for Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds

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

124

Minor M. Shaw
901 S. Marquette Ave.
Minneapolis, MN 55402
1947

Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds

President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011

122

Alison Taunton-Rigby
901 S. Marquette Ave.
Minneapolis, MN 55402
1944

Trustee since 11/02 for RiverSource Funds and since 6/11 for Nations Funds

124

Annual Report 2016
173

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

TRUSTEES AND OFFICERS (continued)

Interested Trustee Not Affiliated with Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation(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

Trustee since 6/11 for RiverSource Funds and since 1/08 for Nations Funds

122

Annual Report 2016
174

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

TRUSTEES AND OFFICERS (continued)

Interested Trustee Affiliated with Investment Manager*

Name,
Address,
Year of Birth

Position Held With
the Funds and Length of
Service

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

Number of
Funds in the
Columbia
Funds Complex
Overseen

Other Directorships
Held by Trustee
During the Past
Five Years

William F. Truscott
c/o Columbia Management Investment Advisers, LLC,
225 Franklin St.
Boston, MA 02110
1960

Trustee 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

182

* 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.

Annual Report 2016
175

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

TRUSTEES AND OFFICERS (continued)

Fund Officers

Name, Address and Year of Birth	Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof	Principal Occupation(s) During Past Five Years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel January 2010-December 2014; and Vice President and Group Counsel or Counsel 2004-January 2010); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	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; senior officer of Columbia Funds and affiliated funds since 2002.
Paul B. Goucher 100 Park Avenue New York, NY 10017 Born 1968	Senior Vice President (2011), Chief Legal Officer (2015) 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).
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and 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.
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).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009; President, RiverSource Service Corporation 2004-2010.
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970	Vice President and Secretary (2015)	Vice President and Group Counsel, Ameriprise Financial, Inc. since August 2011 (previously, Counsel from May 2010 to August 2011); Assistant General Counsel, Bank of America, 2005-April 2010; officer of Columbia Funds and affiliated funds since 2005.

Annual Report 2016
176

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

IMPORTANT INFORMATION ABOUT THIS REPORT

Annual Report 2016
177

Columbia Capital Allocation Portfolios

P.O. Box 8081

Boston, MA 02266-8081

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

columbiathreadneedle.com/us

ANN124_01_F01_(03/16)

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics described in 2(a) above that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Edward J. Boudreau, Pamela G. Carlton, William P. Carmichael and Alison Taunton-Rigby, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Boudreau, Ms. Carlton, Mr. Carmichael 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 three series of the registrant whose report to stockholders are included in this annual filing. Both fiscal years also include fees from a fund that liquidated during the period.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended January 31, 2016 and January 31, 2015 are approximately as follows:

2016		2015
$	43,300	$	58,400

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, 2016 and January 31, 2015 are approximately as follows:

2016		2015
$	1,200	$	1,600

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 2016 and 2015, Audit-Related Fees consist of agreed-upon procedures performed for semi-annual shareholder reports.

During the fiscal years ended January 31, 2016 and January 31, 2015, 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, 2016 and January 31, 2015 are approximately as follows:

2016		2015
$	25,400	$	18,900

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 2016 also includes Tax Fees for agreed-upon procedures related to a fund liquidation and a final tax return.

During the fiscal years ended January 31, 2016 and January 31, 2015, 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, 2016 and January 31, 2015 are approximately as follows:

2016		2015
$	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, 2016 and January 31, 2015 are approximately as follows:

2016		2015
$	110,000	$	440,000

In fiscal years 2016 and 2015, All Other Fees primarily consists of fees billed for internal control examinations of the registrant’s transfer agent and investment adviser.

(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 2016 and 2015 were pre-approved by the registrant’s Audit Committee.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended January 31, 2016 and January 31, 2015 are approximately as follows:

2016		2015
$	136,600	$	460,500

(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/ Christopher O. Petersen
	Christopher O. Petersen, President and Principal Executive Officer


Date		March 23, 2016

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

By (Signature and Title)		/s/ Christopher O. Petersen
	Christopher O. Petersen, President and Principal Executive Officer


Date		March 23, 2016


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


Date		March 23, 2016

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