Columbia Funds Series Trust II NCSRS Certified semi-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			811-21852

Columbia Funds Series Trust II
(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end:	May 31

Date of reporting period:		November 30, 2013

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Semiannual Report

November 30, 2013

Active Portfolios® Multi-Manager Value Fund
(formerly Columbia Active Portfolios® — Diversified
Equity Income Fund)

Not FDIC insured • No bank guarantee • May lose value

President's Message

Dear Shareholders,

A market rally led by equities

Despite threats of military action in Syria, rumblings from Iran and an impending showdown over the debt ceiling here at home, the U.S. financial markets delivered positive results in the third quarter of 2013. Stocks outperformed bonds by a substantial margin. Still, robust growth continued to elude the U.S. economy, which merely plodded along. New job growth was solid but not spectacular. Consumer spending remained steady, but the only obvious beneficiary was the auto industry. Gains in the housing market met some headwinds, as mortgage rates rose and sales slipped somewhat. Nevertheless, the recovery in housing remained intact.

The Federal Reserve (the Fed) unsettled investors with a hint that it was ready to taper its purchase of U.S. Treasury and mortgage securities. However, its failure to take any action in a September meeting rallied stocks to new highs and brought bonds back into positive territory for the quarter. Small-cap stocks were the U.S. market leaders. Growth outperformed value in a quarter dominated by the materials, industrials and consumer discretionary sectors. Developed markets led the global rally, driven by strengthening economic conditions in the eurozone. Certain emerging stock markets, including China's, bounced back with returns in line with those of the United States. India and Indonesia were exceptions to that trend, as fears of the Fed's tapering efforts rattled investors in both countries.

Improved risk appetites boosted fixed income

Following a weak second quarter, the fixed-income markets made up some ground in the third quarter of 2013. As yields fell, bond prices rallied enough to push returns on non-Treasury sectors into positive territory. Risk appetites improved in response to continued liquidity from the Fed. Against this backdrop, U.S. high-yield and foreign bonds led the fixed-income markets, along with mortgage-backed securities and emerging market bonds. The U.S. municipal bond market was the exception, as it slipped into negative territory in the final week of the period, pressured by heightened concerns over Puerto Rico, potential municipal bankruptcies and continued fund redemptions.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation's largest asset managers. At the heart of our success and, most importantly, that of our investors, are highly talented industry professionals, brought together by a unique way of working. At Columbia Management, reaching our performance goals matters, and how we reach them matters just as much.

Visit columbiamanagement.com for:

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

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

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

Investing involves risk including the risk of loss of principal.

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

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

Semiannual Report 2013

Active Portfolios® Multi-Manager Value Fund

Table of Contents

Performance Overview					2
Portfolio Overview					3
Understanding Your Fund's Expenses					4
Portfolio of Investments					5
Statement of Assets and Liabilities					11
Statement of Operations					12
Statement of Changes in Net Assets					13
Financial Highlights					14
Notes to Financial Statements					15
Important Information About This Report					21

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

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

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

Semiannual Report 2013

Active Portfolios® Multi-Manager Value Fund

Performance Overview

(Unaudited)

Performance Summary

> Active Portfolios^® Multi-Manager Value Fund (the Fund) Class A shares returned 8.31% excluding sales charges for the six months ended November 30, 2013.

> The Fund underperformed its benchmark, the Russell 1000 Value Index, which returned 10.54% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2013)

	Inception	6 Months cumulative		1 Year		Life
Class A	04/20/12		8.31		27.81		18.81
Russell 1000 Value Index			10.54		31.92		23.16

All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

The Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

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

Semiannual Report 2013
2

Active Portfolios® Multi-Manager Value Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2013)
General Electric Co.					4.0
Chevron Corp.					3.6
JPMorgan Chase & Co.					3.3
Wells Fargo & Co.					3.0
Johnson & Johnson					3.0
Pfizer, Inc.					2.9
AT&T, Inc.					2.2
Procter & Gamble Co. (The)					2.1
Lorillard, Inc.					2.0
Packaging Corp. of America					1.8

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Portfolio Breakdown (%) (at November 30, 2013)
Common Stocks					96.7
Consumer Discretionary					6.6
Consumer Staples					10.2
Energy					9.7
Financials					14.9
Health Care					16.3
Industrials					9.9
Information Technology					8.5
Materials					4.9
Telecommunication Services					9.6
Utilities					6.1
Convertible Bonds					0.2
Equity-Linked Notes					0.9
Money Market Funds					2.2
Total					100.0

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

Portfolio Management

Columbia Management Investment
Advisers, LLC

Steve Schroll

Paul Stocking

Dean Ramos, CFA

Dimensional Fund Advisors, L.P.*

Joseph Chi, CFA

Jed Fogdall

Henry Gray

* Effective December 11, 2013, Dimensional Fund Advisors was named as a subadvisor to 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.

© 2014 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Semiannual Report 2013
3

Active Portfolios® Multi-Manager Value 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 service (Rule 12b-1) fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund's Expenses

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

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.

June 1, 2013 – November 30, 2013

Account Value at the Beginning
of the Period ($)

Account Value at the End of the
Period ($)

Expenses Paid During the
Period ($)

Fund's Annualized
Expense Ratio (%)

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Actual

Class A

1,000.00

1,083.10

1,019.55

5.61

5.44

1.08

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.

Expenses do not include fees and expenses incurred indirectly by the Fund from the underlying funds in which the Fund may invest (also referred to as "acquired funds"), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds).

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

Semiannual Report 2013
4

Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments

November 30, 2013 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 96.3%

Issuer	Shares		Value ($)
Consumer Discretionary 6.6%
Automobiles 2.0%
Daimler AG, Registered Shares		101,390		8,403,898
Ford Motor Co.		705,834		12,055,645
Total				20,459,543
Hotels, Restaurants & Leisure 1.8%
Las Vegas Sands Corp.		64,481		4,621,998
McDonald's Corp.		135,554		13,198,893
Total				17,820,891
Household Durables 0.8%
Leggett & Platt, Inc.		261,654		7,904,567
Media 2.0%
Gannett Co., Inc.		287,708		7,785,378
Reed Elsevier PLC		212,971		3,080,602
Regal Entertainment Group, Class A		194,737		3,793,477
Time Warner, Inc.		74,776		4,913,531
Total				19,572,988
Total Consumer Discretionary				65,757,989
Consumer Staples 10.2%
Beverages 1.0%
Coca-Cola Co. (The)		238,762		9,595,845
Food & Staples Retailing 0.5%
SYSCO Corp.		159,872		5,376,495
Food Products 2.6%
ConAgra Foods, Inc.		205,721		6,786,736
Kellogg Co.		30,955		1,877,111
Kraft Foods Group, Inc.		239,155		12,703,914
Mondelez International, Inc., Class A		120,638		4,044,992
Total				25,412,753
Household Products 2.5%
Procter & Gamble Co. (The)		237,037		19,963,256
Reckitt Benckiser Group PLC		63,719		5,118,289
Total				25,081,545
Tobacco 3.6%
Altria Group, Inc.		208,246		7,700,937
Lorillard, Inc.		384,756		19,749,526
Philip Morris International, Inc.		99,821		8,538,688
Total				35,989,151
Total Consumer Staples				101,455,789

Common Stocks (continued)

Issuer	Shares		Value ($)
Energy 9.7%
Energy Equipment & Services 1.0%
Seadrill Ltd.		231,454		9,885,400
Oil, Gas & Consumable Fuels 8.7%
Chevron Corp.		283,746		34,741,860
ConocoPhillips		211,968		15,431,270
Enbridge, Inc.		178,754		7,389,690
Occidental Petroleum Corp.		163,456		15,521,782
Phillips 66		85,916		5,980,613
Spectra Energy Corp.		202,318		6,787,769
Williams Companies, Inc. (The)		23,584		830,629
Total				86,683,613
Total Energy				96,569,013
Financials 14.8%
Capital Markets 1.2%
BlackRock, Inc.		39,699		12,018,872
Commercial Banks 8.4%
Bank of Montreal		143,090		9,980,527
Fifth Third Bancorp		268,497		5,455,859
M&T Bank Corp.		103,688		11,961,448
National Australia Bank Ltd.		85,707		2,699,585
Toronto-Dominion Bank (The)		109,454		10,005,190
U.S. Bancorp		370,791		14,542,423
Wells Fargo & Co.		671,000		29,537,420
Total				84,182,452
Diversified Financial Services 4.5%
Bank of America Corp.		837,395		13,247,589
JPMorgan Chase & Co.		552,808		31,631,674
Total				44,879,263
Insurance 0.4%
PartnerRe Ltd.		34,685		3,569,086
Real Estate Investment Trusts (REITs) 0.3%
Omega Healthcare Investors, Inc.		101,211		3,308,588
Total Financials				147,958,261
Health Care 16.2%
Health Care Equipment & Supplies 1.4%
Boston Scientific Corp.^(a)		735,447		8,516,476
Medtronic, Inc.		90,597		5,193,020
Total				13,709,496

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

Semiannual Report 2013
5

Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Providers & Services 0.3%
Cardinal Health, Inc.		48,369		3,124,638
Pharmaceuticals 14.5%
AbbVie, Inc.		218,100		10,566,945
Actavis Plc^(a)		24,321		3,966,025
Bristol-Myers Squibb Co.		111,662		5,737,194
Eli Lilly & Co.		201,688		10,128,771
GlaxoSmithKline PLC, ADR		239,149		12,655,765
Johnson & Johnson		306,354		28,999,470
Merck & Co., Inc.		290,823		14,491,710
Novartis AG, ADR		112,591		8,908,200
Pfizer, Inc.		895,815		28,424,210
Roche Holding AG, ADR		157,438		11,028,532
Sanofi, ADR		184,016		9,721,565
Total				144,628,387
Total Health Care				161,462,521
Industrials 9.8%
Aerospace & Defense 2.5%
Honeywell International, Inc.		110,431		9,774,248
Lockheed Martin Corp.		106,934		15,149,340
Total				24,923,588
Commercial Services & Supplies 1.3%
RR Donnelley & Sons Co.		390,399		7,222,382
Waste Management, Inc.		126,535		5,780,119
Total				13,002,501
Electrical Equipment 1.0%
Eaton Corp. PLC		136,679		9,931,096
Industrial Conglomerates 4.4%
General Electric Co.		1,460,235		38,929,865
Siemens AG, ADR		35,818		4,732,274
Total				43,662,139
Machinery 0.6%
Illinois Tool Works, Inc.		82,107		6,534,075
Total Industrials				98,053,399
Information Technology 8.4%
Communications Equipment 1.4%
Cisco Systems, Inc.		683,462		14,523,568
Computers & Peripherals 1.7%
Apple, Inc.		30,161		16,771,627

Common Stocks (continued)

Issuer	Shares		Value ($)
IT Services 0.4%
Paychex, Inc.		97,773		4,275,613
Semiconductors & Semiconductor Equipment 3.7%
Analog Devices, Inc.		132,162		6,372,852
Intel Corp.		504,616		12,030,045
Maxim Integrated Products, Inc.		82,900		2,360,992
Microchip Technology, Inc.		285,278		12,349,685
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		197,081		3,494,246
Total				36,607,820
Software 1.2%
CA, Inc.		122,481		4,041,873
Microsoft Corp.		214,089		8,163,214
Total				12,205,087
Total Information Technology				84,383,715
Materials 4.9%
Chemicals 1.4%
Dow Chemical Co. (The)		186,462		7,283,206
LyondellBasell Industries NV, Class A		94,744		7,312,342
Total				14,595,548
Containers & Packaging 2.1%
MeadWestvaco Corp.		92,656		3,253,152
Packaging Corp. of America		283,130		17,344,544
Total				20,597,696
Metals & Mining 0.2%
Southern Copper Corp.		79,399		1,992,915
Paper & Forest Products 1.2%
International Paper Co.		252,562		11,782,017
Total Materials				48,968,176
Telecommunication Services 9.6%
Diversified Telecommunication Services 8.6%
AT&T, Inc.		594,664		20,938,119
BCE, Inc.		167,578		7,405,272
Bt Group Plc-spon Adr		110,616		6,756,425
CenturyLink, Inc.		382,375		11,738,913
Deutsche Telekom AG, ADR		939,297		14,925,429
Telstra Corp., Ltd.		1,322,472		6,084,473
Verizon Communications, Inc.		192,047		9,529,372
Vivendi SA		341,665		8,679,242
Total				86,057,245

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

Semiannual Report 2013
6

Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Wireless Telecommunication Services 1.0%
Vodafone Group PLC, ADR		260,397		9,658,125
Total Telecommunication Services				95,715,370
Utilities 6.1%
Electric Utilities 2.3%
American Electric Power Co., Inc.		84,979		3,999,112
Duke Energy Corp.		125,128		8,753,955
PPL Corp.		170,920		5,248,953
Terna Rete Elettrica Nazionale SpA		1,061,111		5,124,294
Total				23,126,314
Multi-Utilities 3.8%
Ameren Corp.		132,070		4,734,710
Dominion Resources, Inc.		93,778		6,087,130
National Grid PLC		523,599		6,639,928
PG&E Corp.		116,410		4,699,472
Public Service Enterprise Group, Inc.		97,663		3,192,603
SCANA Corp.		37,106		1,750,290
Sempra Energy		75,139		6,645,293
TECO Energy, Inc.		252,428		4,301,373
Total				38,050,799
Total Utilities				61,177,113
Total Common Stocks (Cost: $864,303,866)				961,501,346
Convertible Bonds 0.2%

Issuer

Coupon
Rate

Principal
Amount ($)

Value ($)

Building Materials 0.2%

Cemex SAB de CV
Subordinated Notes
03/15/18

3.750

1,200,000

1,538,250

Total Convertible Bonds
(Cost: $1,067,900)

1,538,250

Equity-Linked Notes 0.9%

Issuer

Coupon
Rate

Shares

Value ($)

Goldman Sachs Group, Inc. (The)
Senior Unsecured^(b)12/17/13

8.900

252,800

8,837,595

Total Equity-Linked Notes
(Cost: $9,095,744)

8,837,595

Money Market Funds 2.2%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.094%^(c)(d)		21,801,349		21,801,349
Total Money Market Funds (Cost: $21,801,349)				21,801,349
Total Investments (Cost: $896,268,859)				993,678,540
Other Assets & Liabilities, Net				4,220,910
Net Assets				997,899,450

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

Semiannual Report 2013
7

Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Notes to Portfolio of Investments

(a) Non-income producing.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2013, the value of these securities amounted to $8,837,595 or 0.89% of net assets.

(d) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2013, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					9,038,156				302,137,880				(289,374,687	)			21,801,349				14,141				21,801,349

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

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

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

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

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

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

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

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

Semiannual Report 2013
8

Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

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.

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Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		54,273,489		11,484,500		—		65,757,989
Consumer Staples		96,337,500		5,118,289		—		101,455,789
Energy		96,569,013		—		—		96,569,013
Financials		145,258,676		2,699,585		—		147,958,261
Health Care		161,462,521		—		—		161,462,521
Industrials		98,053,399		—		—		98,053,399
Information Technology		84,383,715		—		—		84,383,715
Materials		48,968,176		—		—		48,968,176
Telecommunication Services		80,951,655		14,763,715		—		95,715,370
Utilities		49,412,891		11,764,222		—		61,177,113
Total Equity Securities		915,671,035		45,830,311		—		961,501,346
Bonds
Convertible Bonds		—		1,538,250		—		1,538,250
Total Bonds		—		1,538,250		—		1,538,250
Other
Equity-Linked Notes		—		8,837,595		—		8,837,595
Total Other		—		8,837,595		—		8,837,595
Mutual Funds
Money Market Funds		21,801,349		—		—		21,801,349
Total Mutual Funds		21,801,349		—		—		21,801,349
Total		937,472,384		56,206,156		—		993,678,540

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

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

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

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

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Active Portfolios® Multi-Manager Value Fund

Statement of Assets and Liabilities

November 30, 2013 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $874,467,510)	$	971,877,191
Affiliated issuers (identified cost $21,801,349)		21,801,349
Total investments (identified cost $896,268,859)		993,678,540
Receivable for:
Investments sold		4,641,362
Capital shares sold		3,862,528
Dividends		3,499,932
Interest		9,375
Reclaims		5,299
Expense reimbursement due from Investment Manager		7,133
Prepaid expenses		4,021
Other assets		4,019
Total assets		1,005,712,209
Liabilities
Payable for:
Investments purchased		4,825,620
Capital shares purchased		2,712,532
Investment management fees		34,882
Distribution and/or service fees		13,678
Transfer agent fees		159,359
Administration fees		3,146
Compensation of board members		12,071
Other expenses		51,471
Total liabilities		7,812,759
Net assets applicable to outstanding capital stock	$	997,899,450
Represented by
Paid-in capital	$	804,097,377
Undistributed net investment income		3,793,274
Accumulated net realized gain		92,602,674
Unrealized appreciation (depreciation) on:
Investments		97,409,681
Foreign currency translations		(3,556	)
Total — representing net assets applicable to outstanding capital stock	$	997,899,450
Class A
Net assets	$	997,899,450
Shares outstanding		77,281,074
Net asset value per share	$	12.91

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

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Active Portfolios® Multi-Manager Value Fund

Statement of Operations

Six Months Ended November 30, 2013 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	11,380,059
Dividends — affiliated issuers		14,141
Interest		35,380
Foreign taxes withheld		(59,184	)
Total income		11,370,396
Expenses:
Investment management fees		2,796,880
Distribution and/or service fees
Class A		1,091,339
Transfer agent fees
Class A		989,246
Administration fees		252,560
Compensation of board members		12,415
Custodian fees		11,416
Printing and postage fees		78,656
Registration fees		38,886
Professional fees		16,083
Other		18,109
Total expenses		5,305,590
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(591,004	)
Total net expenses		4,714,586
Net investment income		6,655,810
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		78,856,836
Foreign currency translations		(27,928	)
Net realized gain		78,828,908
Net change in unrealized appreciation (depreciation) on:
Investments		(13,021,148	)
Foreign currency translations		(2,351	)
Net change in unrealized appreciation (depreciation)		(13,023,499	)
Net realized and unrealized gain		65,805,409
Net increase in net assets resulting from operations	$	72,461,219

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

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Active Portfolios® Multi-Manager Value Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2013 (Unaudited)			Year Ended May 31, 2013
Operations
Net investment income	$	6,655,810		$	11,327,932
Net realized gain		78,828,908			15,700,643
Net change in unrealized appreciation (depreciation)		(13,023,499	)		140,700,515
Net increase in net assets resulting from operations		72,461,219			167,729,090
Distributions to shareholders
Net investment income
Class A		(4,764,961	)		(10,916,018	)
Total distributions to shareholders		(4,764,961	)		(10,916,018	)
Increase (decrease) in net assets from capital stock activity		179,268,534			17,352,399
Total increase in net assets		246,964,792			174,165,471
Net assets at beginning of period		750,934,658			576,769,187
Net assets at end of period	$	997,899,450		$	750,934,658
Undistributed net investment income	$	3,793,274		$	1,902,425

	Six Months Ended November 30, 2013 (Unaudited)						Year Ended May 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		21,568,004			264,924,453			21,469,577			228,799,780
Distributions reinvested		402,054			4,764,821			1,052,005			10,915,667
Redemptions		(7,299,746	)		(90,420,740	)		(20,690,586	)		(222,363,048	)
Net increase		14,670,312			179,268,534			1,830,996			17,352,399
Total net increase		14,670,312			179,268,534			1,830,996			17,352,399

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

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Active Portfolios® Multi-Manager Value Fund

Financial Highlights

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

	Six Months Ended November 30, 2013			Year Ended May 31,
Class A	(Unaudited)			2013			2012^(a)
Per share data
Net asset value, beginning of period	$	11.99		$	9.49		$	10.00
Income from investment operations:
Net investment income		0.09			0.18			0.02
Net realized and unrealized gain (loss)		0.90			2.50			(0.53	)
Total from investment operations		0.99			2.68			(0.51	)
Less distributions to shareholders:
Net investment income		(0.07	)		(0.18	)		—
Total distributions to shareholders		(0.07	)		(0.18	)		—
Net asset value, end of period	$	12.91		$	11.99		$	9.49
Total return		8.31	%		28.49	%		(5.10	%)
Ratios to average net assets^(b)
Total gross expenses		1.22	%^(c)		1.24	%		1.38	%^(c)
Total net expenses^(d)		1.08	%^(c)		1.08	%		1.08	%^(c)
Net investment income		1.52	%^(c)		1.70	%		2.46	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	997,899		$	750,935		$	576,769
Portfolio turnover		80	%		55	%		3	%

Notes to Financial Highlights

(a) For the period from April 20, 2012 (commencement of operations) to May 31, 2012.

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

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

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

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Active Portfolios® Multi-Manager Value Fund

Notes to Financial Statements

November 30, 2013 (Unaudited)

Note 1. Organization

Active Portfolios^® Multi-Manager Value Fund (formerly known as Columbia Active Portfolios^® — Diversified Equity Income Fund) (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust. Effective December 11, 2013, Columbia Active Portfolios^® — Diversified Equity Income Fund was renamed Active Portfolios^® Multi-Manager Value Fund.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund only offers Class A shares that are available only to certain eligible investors through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. (Ameriprise Financial) or its affiliates.

Class A shares are not subject to any front-end sales charge or contingent deferred sales charge.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

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

Security Valuation

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.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units

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

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

Investments in open-end investment companies, including money market funds, are valued at net asset value.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market price for the security.

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

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day's

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Active Portfolios® Multi-Manager Value Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the 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.

Equity-Linked Notes

The Fund may invest in equity-linked notes (ELNs). An ELN is a debt instrument whose value is based on the value of a single equity security, basket of equity securities or an index of equity securities (each, an Underlying Equity). An ELN typically provides interest income, thereby offering a yield advantage over investing directly in an Underlying Equity. However, the holder of an ELN may have limited or no benefit from any appreciation in the Underlying Equity, but is exposed to various risks, including, without limitation, volatility, issuer and market risk. The Fund may purchase ELNs that trade on a securities exchange or those that trade on the over-the-counter markets, including securities offered and sold under Rule 144A of the Securities Act of 1933, as amended. The Fund may also purchase an ELN in a privately negotiated transaction with the issuer of the ELN (or its broker-dealer affiliate).

Security Transactions

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

Income Recognition

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.

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

The Fund may receive distributions from holdings in business development companies (BDCs), exchange traded funds (ETFs) and real estate investment trusts (REITs), which report

information on the character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on estimates made by the Fund's management if actual information has not yet been 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. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the BDCs, ETFs and 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.

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.

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Active Portfolios® Multi-Manager Value Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadviser (see Subadvisory Agreement below) shares the responsibility for the day-to-day portfolio management of the Fund with the Investment Manager. The investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.66% to 0.49% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2013 was 0.64% of the Fund's average daily net assets.

Subadvisory Agreement

Effective December 11, 2013, the Investment Manager entered into a Subadvisory Agreement with Dimensional Fund Advisors, L.P. (DFA) to subadvise a portion of the assets of the Fund. The Investment Manager compensates DFA to manage a portion of the investment of the Fund's assets.

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 a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The annualized effective

administration fee rate for the six months ended November 30, 2013 was 0.06% 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 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 six months ended November 30, 2013, other expenses paid to this company were $1,362.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not "interested persons" of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees

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

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

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

Semiannual Report 2013
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Active Portfolios® Multi-Manager Value Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

For the six months ended November 30, 2013, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets for Class A shares was 0.23%.

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), 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.

The Fund may pay distribution and service fees up to a maximum annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares (comprised of up to 0.25% for distribution services and up to 0.25% for shareholder liaison services).

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through September 30, 2014, unless sooner terminated at the sole discretion of the Board, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the annual rate of 1.08% of Class A share's average daily net assets.

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At November 30, 2013, the cost of investments for federal income tax purposes was approximately $896,269,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	100,743,000
Unrealized depreciation		(3,333,000	)
Net unrealized appreciation	$	97,410,000

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $850,298,679 and $676,183,117, respectively, for the six months ended November 30, 2013.

Note 6. Affiliated Money Market Fund

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

Note 7. Shareholder Concentration

At November 30, 2013, affiliated shareholder accounts owned 100% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. (JPMorgan) whereby the Fund may borrow for the temporary

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Active Portfolios® Multi-Manager Value Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 10, 2013, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, continues to permit collective borrowings up to $500 million under the same terms and interest rates as described above. Effective December 10, 2013, the Fund pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum.

The Fund had no borrowings during the six months ended November 30, 2013.

Note 9. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Notes 1 and 3 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information Regarding Pending and Settled Legal Proceedings

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

SEC and the MDOC in these legal proceedings, and have made regular reports to the Funds' Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Semiannual Report 2013
19

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Semiannual Report 2013
20

Active Portfolios® Multi-Manager Value 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 columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting columbiamanagement.com; or searching the website of the SEC at sec.gov.

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

Semiannual Report 2013
21

Active Portfolios® Multi-Manager Value Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

SAR116_05_D01_(01/14)

Semiannual Report

November 30, 2013

Columbia Absolute Return Emerging Markets Macro Fund

Not FDIC insured • No bank guarantee • May lose value

President's Message

Dear Shareholders,

A market rally led by equities

Improved risk appetites boosted fixed income

Stay on track with Columbia Management

Visit columbiamanagement.com for:

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

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

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

Investing involves risk including the risk of loss of principal.

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

Semiannual Report 2013

Columbia Absolute Return Emerging Markets Macro Fund

Table of Contents

Performance Overview					2
Portfolio Overview					3
Understanding Your Fund's Expenses					4
Portfolio of Investments					5
Statement of Assets and Liabilities					11
Statement of Operations					13
Statement of Changes in Net Assets					14
Financial Highlights					16
Notes to Financial Statements					24
Important Information About This Report					37

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

Semiannual Report 2013

Columbia Absolute Return Emerging Markets Macro Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Absolute Return Emerging Markets Macro Fund (the Fund) Class A shares returned -2.13% excluding sales charges for the six months ended November 30, 2013.

> The Fund underperformed its benchmarks, the Citigroup 3-Month U.S. Treasury Bill Index and the 1 Month USD LIBOR which returned 0.02% and 0.09% for the same time period, respectively.

Average Annual Total Returns (%) (for period ended November 30, 2013)

	Inception	6 Months cumulative		1 Year		Life
Class A	04/07/11
Excluding sales charges			-2.13		-2.70		1.19
Including sales charges			-7.76		-8.31		-1.05
Class B	04/07/11
Excluding sales charges			-2.52		-3.46		0.40
Including sales charges			-7.40		-8.29		-0.73
Class C	04/07/11
Excluding sales charges			-2.54		-3.58		0.39
Including sales charges			-3.52		-4.54		0.39
Class I	04/07/11		-1.93		-2.25		1.59
Class R	04/07/11		-2.23		-2.95		0.91
Class R5*	11/08/12		-2.03		-2.36		1.36
Class W	04/07/11		-2.22		-2.79		1.13
Class Z	04/07/11		-2.01		-2.48		1.42
Citigroup 3-Month U.S. Treasury Bill Index			0.02		0.05		0.06
1 Month USD LIBOR			0.09		0.20		0.59

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 any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

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

The 1 Month USD LIBOR is the average interest rate at which a selection of banks in London lend U.S. dollar funds from one another with a maturity of one month. The LIBOR interest rates are used by banks as the base rate in setting the level of their savings, mortgage and loan interest rates.

Semiannual Report 2013
2

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio Overview

(Unaudited)

Sector Allocation (%) (at November 30, 2013)
Sovereign					26.4
USD denominated					11.5
non-USD denominated					14.9
Quasi Sovereign					12.8
Corporate Bonds & Notes					3.7
Short-Term Investments Segregated in Connection with Open Derivatives Contracts^(a)					57.1
Total					100.0

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

(a) Includes investments in Money Market Funds (amounting to $63.1 million) which have been segregated to cover obligations related to the Fund's investment in derivatives which provides exposure to multiple markets. For a description of the Fund's investments in derivatives, see Investments in Derivatives following the Portfolio of Investments, and Note 2 to the financial statements.

Foreign Debt Percentages by Country (%) at November 30, 2013
China	9.9
Colombia	8.1
Mexico	7.0
Russian Federation	4.6
Peru	4.0
Brazil	3.9
Singapore	3.5
Indonesia	3.1
Panama	2.8
South Korea	2.7
Venezuela	2.6
Chile	2.5
Dominican Republic	2.5
Qatar	2.2
Trinidad and Tobago	1.1
Romania	1.0
Guatemala	0.9
United Arab Emirates	0.8
Morocco	0.8
Slovenia	0.4
Greece	0.0	^(a)
Turkey	(2.4	)

Percentages indicated are based upon Fund net assets and include market value of credit default swaps valued at notional but do not include investments in forward foreign currency contracts. The Fund's portfolio composition is subject to change.

Foreign debt exposure is defined as exposure to foreign debt, through bond or derivative investments, issued in a currency different from the currency that the sovereign entity can produce (print) itself.

(a) Rounds to zero.

Portfolio Management

Jim Carlen, CFA

Henry Stipp, Ph.D.

John Peta

Quality Breakdown (%) (at November 29, 2013)
AAA rating					8.4
AA rating					21.1
A rating					2.0
BBB rating					30.7
BB rating					2.1
B rating					12.1
Not rated					23.6
Total					100.0

Percentages indicated are based upon total fixed income securities (excluding Money Market Funds).

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from AAA (highest) to D (lowest), and are subject to change. The ratings shown are determined by using the middle rating of Moody's, S&P, and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used. When a bond is not rated by one of these agencies, it is designated as Not rated. Credit ratings are subjective opinions and not statements of fact.

Semiannual Report 2013
3

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

Analyzing Your Fund's Expenses

Compare With Other Funds

June 1, 2013 – November 30, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		978.70		1,017.50		7.35		7.49		1.49
Class B		1,000.00		1,000.00		974.80		1,013.71		11.08		11.30		2.25
Class C		1,000.00		1,000.00		974.60		1,013.71		11.08		11.30		2.25
Class I		1,000.00		1,000.00		980.70		1,019.70		5.19		5.29		1.05
Class R		1,000.00		1,000.00		977.70		1,016.21		8.63		8.80		1.75
Class R5		1,000.00		1,000.00		979.70		1,019.45		5.43		5.54		1.10
Class W		1,000.00		1,000.00		977.80		1,017.45		7.40		7.54		1.50
Class Z		1,000.00		1,000.00		979.90		1,018.70		6.17		6.29		1.25

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

Semiannual Report 2013
4

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments

November 30, 2013 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes 3.7%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Colombia 3.7%
Corporación Andina de Fomento Senior Unsecured 01/15/16		3.750	%		3,965,000		4,135,673
Total Corporate Bonds & Notes (Cost: $3,998,998)							4,135,673
Inflation-Indexed Bonds^(a) 6.6%
Mexico 6.6%
Mexican Udibonos 12/19/13		3.500	%	MXN	98,013,375		7,495,299
Total Inflation-Indexed Bonds (Cost: $7,716,429)							7,495,299
Foreign Government Obligations^(a) 31.5%
Chile 2.5%
Chile Government International Bond Senior Unsecured 08/05/20		5.500	%	CLP	1,500,000,000		2,872,950
Colombia 2.5%
Colombia Government International Bond Senior Unsecured 07/12/21		4.375	%		1,700,000		1,768,000
Empresa de Energia de Bogota SA Senior Unsecured^(b)11/10/21		6.125	%		1,000,000		1,025,991
Total							2,793,991
Dominican Republic 2.5%
Dominican Republic International Bond Senior Unsecured^(b)05/06/21		7.500	%		2,600,000		2,782,187
Greece —%
Hellenic Republic Government Bond Senior Unsecured^(c)(d)10/15/42		0.000	%	EUR	1,417,500		23,113
Guatemala 0.9%
Guatemala Government Bond Senior Unsecured^(b)06/06/22		5.750	%		1,000,000		1,015,000

Foreign Government Obligations^(a) (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Indonesia 3.0%
Indonesia Treasury Bond Senior Unsecured 10/15/14		11.000	%	IDR	9,090,000,000		782,671
09/15/16		7.375	%	IDR	9,600,000,000		787,662
PT Perusahaan Listrik Negara Senior Unsecured^(b)11/22/21		5.500	%		1,945,000		1,890,114
Total							3,460,447
Mexico 0.4%
Mexican Bonos 12/15/16		7.250	%	MXN	5,671,000		467,891
Morocco 0.8%
Morocco Government International Bond Senior Unsecured^(b)12/11/22		4.250	%		1,000,000		922,019
Qatar 2.2%
Qatar Government International Bond Senior Unsecured 04/09/19		6.550	%		2,050,000		2,442,062
Romania 1.0%
Romanian Government International Bond Senior Unsecured^(b)02/07/22		6.750	%		1,000,000		1,132,279
Russian Federation 4.6%
Russian Foreign Bond — Eurobond Senior Unsecured^(b)04/04/17		3.250	%		2,000,000		2,087,200
Sberbank of Russia Via SB Capital SA Senior Unsecured^(b)02/07/17		4.950	%		3,000,000		3,152,337
Total							5,239,537
Singapore 3.5%
Singapore Government Bond Senior Unsecured 03/01/27		3.500	%	SGD	4,700,000		3,994,830
Slovenia 0.4%
Slovenia Government Bond^(b)05/10/23		5.850	%		500,000		502,086
South Korea 2.7%
Export-Import Bank of Korea Senior Unsecured 11/20/15		1.250	%		3,000,000		3,012,285

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

Semiannual Report 2013
5

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Foreign Government Obligations^(a) (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Trinidad and Tobago 1.1%
Petroleum Co. of Trinidad & Tobago Ltd. Senior Unsecured^(b)08/14/19		9.750	%		1,000,000		1,267,500
United Arab Emirates 0.8%
Abu Dhabi National Energy Co. Senior Unsecured^(b)01/12/23		3.625	%		1,000,000		931,250
Venezuela 2.6%
Petroleos de Venezuela SA 11/02/17		8.500	%		3,660,000		2,909,700
Total Foreign Government Obligations (Cost: $37,026,371)							35,769,127

Money Market Funds 55.7%

Shares

Value ($)

Columbia Short-Term Cash Fund,
0.094%^(e)(f)

63,129,727

Total Money Market Funds
(Cost: $63,129,727)

63,129,727

Total Investments
(Cost: $111,871,525)

110,529,826

Other Assets & Liabilities, Net

2,880,248

Net Assets

113,410,074

Forward Foreign Currency Exchange Contracts Open at November 30, 2013

Counterparty

Exchange Date

Currency to
be Delivered

Currency to
be Received

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

Standard Chartered Bank

December 4, 2013

667,530
(USD)

8,613,000
(MXN)

—

(11,174

)

J.P. Morgan Securities, Inc.

December 5, 2013

2,830,000
(SGD)

2,276,017
(USD)

20,765

—

Standard Chartered Bank

December 5, 2013

2,953,774
(USD)

6,786,000
(BRL)

—

(48,048

)

HSBC Securities (USA), Inc.

December 5, 2013

4,559,147
(USD)

28,000,000
(CNY)

34,177

—

Goldman, Sachs & Co.

December 5, 2013

3,827,555
(USD)

11,746,000
(PLN)

—

(30,798

)

Goldman, Sachs & Co.

December 5, 2013

594,020
(USD)

1,184,000
(TRY)

—

(8,405

)

UBS Securities

December 11, 2013

3,048,000
(EUR)

4,206,880
(USD)

65,271

—

HSBC Securities (USA), Inc.

December 12, 2013

3,374,186
(USD)

110,373,000
(RUB)

—

(50,726

)

Standard Chartered Bank

December 20, 2013

8,112,669
(USD)

25,864,000
(MYR)

—

(99,809

)

Total

120,213

(248,960

)

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

Semiannual Report 2013
6

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Investments in Derivatives

Credit Default Swap Contracts Outstanding at November 30, 2013

Buy Protection

Counterparty				Reference Entity				Expiration Date				Pay Fixed Rate (%)				Notional Amount ($)				Market Value ($)				Unamortized Premium (Paid) Received ($)				Periodic Payments Receivable (Payable) ($)				Unrealized Appreciation ($)				Unrealized Depreciation ($)
Citigroup Global Markets Limited				Republic of Turkey				December 20, 2015					1.00				2,700,000				22,510				(65,270	)			(5,325	)			—				(48,085	)

Credit Default Swap Contracts Outstanding at November 30, 2013

Sell Protection

Counterparty	Reference Entity	Expiration Date	Receive Fixed Rate (%)		Implied Credit Spread (%)**		Notional Amount ($)		Market Value ($)			Unamortized Premium (Paid) Received ($)		Periodic Payments Receivable (Payable) ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citibank	Republic of Peru	September 20, 2016		1.00		.943		1,500,000		2,382			23,701		2,958		29,041		—
Citibank	Republic of Peru	September 20, 2016		1.00		.943		3,000,000		4,765			20,012		5,917		30,694		—
Citibank	People's Republic of China	December 20, 2016		1.00		.325		1,500,000		31,015			18,267		2,958		52,240		—
Citibank New York	People's Republic of China	December 20, 2016		1.00		.325		9,700,000		200,566			161,713		19,131		381,410		—
Citibank	Federative Republic of Brazil	December 20, 2017		1.00		1.763		2,200,000		(65,895	)		10,279		4,339		—		(51,277	)
Citibank	Republic of Colombia	December 20, 2017		1.00		1.067		2,200,000		(5,906	)		2,577		4,339		1,010		—
Citibank	Republic of Panama	December 20, 2017		1.00		1.017		3,200,000		(2,158	)		2,501		6,311		6,654		—
Barclays	Federative Republic of Brazil	March 20, 2018		1.00		1.840		2,260,000		(78,661	)		18,614		4,457		—		(55,590	)
Total																	501,049		(106,867	)

**Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

Semiannual Report 2013
7

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Notes to Portfolio of Investments

(a) Principal amounts are denominated in United States Dollars unless otherwise noted.

(d) Variable rate security.

(e) The rate shown is the seven-day current annualized yield at November 30, 2013.

(f) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2013, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					64,958,776				14,114,851				(15,943,900	)			63,129,727				32,062				63,129,727

Currency Legend

BRL Brazilian Real

CLP Chilean Peso

CNY China, Yuan Renminbi

EUR Euro

IDR Indonesian Rupiah

MYR Malaysia Ringgits

MXN Mexican Peso

PLN Polish Zloty

RUB Russian Rouble

SGD Singapore Dollar

TRY Turkish Lira

USD US Dollar

Fair Value Measurements

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

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

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

Semiannual Report 2013
8

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Fair Value Measurements (continued)

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

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

Semiannual Report 2013
9

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Bonds
Corporate Bonds & Notes		—		4,135,673			—		4,135,673
Inflation-Indexed Bonds		—		7,495,299			—		7,495,299
Foreign Government Obligations		—		35,769,127			—		35,769,127
Total Bonds		—		47,400,099			—		47,400,099
Mutual Funds
Money Market Funds		63,129,727		—			—		63,129,727
Total Mutual Funds		63,129,727		—			—		63,129,727
Investments in Securities		63,129,727		47,400,099			—		110,529,826
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—		120,213			—		120,213
Swap Contracts		—		501,049			—		501,049
Liabilities
Forward Foreign Currency Exchange Contracts		—		(248,960	)		—		(248,960	)
Swap Contracts		—		(154,952	)		—		(154,952	)
Total		63,129,727		47,617,449			—		110,747,176

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Semiannual Report 2013
10

Columbia Absolute Return Emerging Markets Macro Fund

Statement of Assets and Liabilities

November 30, 2013 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $48,741,798)	$	47,400,099
Affiliated issuers (identified cost $63,129,727)		63,129,727
Total investments (identified cost $111,871,525)		110,529,826
Foreign currency (identified cost $2,363,533)		2,354,550
Unrealized appreciation on forward foreign currency exchange contracts		120,213
Unrealized appreciation on swap contracts		501,049
Premiums paid on outstanding swap contracts		65,270
Receivable for:
Capital shares sold		59,349
Dividends		4,627
Interest		545,457
Reclaims		52,449
Expense reimbursement due from Investment Manager		2,816
Total assets		114,235,606
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		248,960
Unrealized depreciation on swap contracts		154,952
Premiums received on outstanding swap contracts		257,664
Payable for:
Capital shares purchased		107,281
Investment management fees		5,723
Distribution and/or service fees		459
Transfer agent fees		24,749
Administration fees		498
Compensation of board members		9,282
Other expenses		15,964
Total liabilities		825,532
Net assets applicable to outstanding capital stock	$	113,410,074
Represented by
Paid-in capital	$	112,630,284
Undistributed net investment income		2,796,443
Accumulated net realized loss		(879,062	)
Unrealized appreciation (depreciation) on:
Investments		(1,341,699	)
Foreign currency translations		(13,242	)
Forward foreign currency exchange contracts		(128,747	)
Swap contracts		346,097
Total — representing net assets applicable to outstanding capital stock	$	113,410,074

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

Semiannual Report 2013
11

Columbia Absolute Return Emerging Markets Macro Fund

Statement of Assets and Liabilities (continued)

November 30, 2013 (Unaudited)

Class A
Net assets	$	301,324
Shares outstanding		29,816
Net asset value per share	$	10.11
Maximum offering price per share^(a)	$	10.73
Class B
Net assets	$	2,511
Shares outstanding		250
Net asset value per share	$	10.04
Class C
Net assets	$	14,674
Shares outstanding		1,471
Net asset value per share^(b)	$	9.97
Class I
Net assets	$	79,972,286
Shares outstanding		7,859,623
Net asset value per share	$	10.18
Class R
Net assets	$	2,525
Shares outstanding		250
Net asset value per share	$	10.10
Class R5
Net assets	$	2,427
Shares outstanding		239
Net asset value per share^(b)	$	10.16
Class W
Net assets	$	33,080,650
Shares outstanding		3,270,908
Net asset value per share	$	10.11
Class Z
Net assets	$	33,677
Shares outstanding		3,289
Net asset value per share	$	10.24

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

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

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

Semiannual Report 2013
12

Columbia Absolute Return Emerging Markets Macro Fund

Statement of Operations

Six Months Ended November 30, 2013 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$	32,062
Interest		1,139,411
Foreign taxes withheld		(20,161	)
Total income		1,151,312
Expenses:
Investment management fees		531,277
Distribution and/or service fees
Class A		444
Class B		13
Class C		75
Class R		6
Class W		47,191
Transfer agent fees
Class A		1,726
Class B		13
Class C		73
Class R		13
Class R5		1
Class W		183,108
Class Z		49
Administration fees		46,198
Compensation of board members		6,645
Custodian fees		7,742
Printing and postage fees		30,068
Registration fees		45,201
Professional fees		19,583
Other		40,464
Total expenses		959,890
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(269,715	)
Total net expenses		690,175
Net investment income		461,137
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		11,687
Foreign currency translations		(83,519	)
Forward foreign currency exchange contracts		(419,820	)
Swap contracts		142,158
Net realized loss		(349,494	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,478,924	)
Foreign currency translations		(11,871	)
Forward foreign currency exchange contracts		149,162
Swap contracts		(14,797	)
Net change in unrealized appreciation (depreciation)		(2,356,430	)
Net realized and unrealized loss		(2,705,924	)
Net decrease in net assets from operations	$	(2,244,787	)

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

Semiannual Report 2013
13

Columbia Absolute Return Emerging Markets Macro Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2013 (Unaudited)			Year Ended May 31, 2013
Operations
Net investment income	$	461,137		$	823,750
Net realized gain (loss)		(349,494	)		1,711,949
Net change in unrealized appreciation (depreciation)		(2,356,430	)		2,169,718
Net increase (decrease) in net assets resulting from operations		(2,244,787	)		4,705,417
Distributions to shareholders
Net investment income
Class A		—			(3,554	)
Class C		—			(178	)
Class I		—			(757,870	)
Class R		—			(11	)
Class R5		—			(25	)
Class W		—			(198,389	)
Total distributions to shareholders		—			(960,027	)
Increase (decrease) in net assets from capital stock activity		1,589,211			4,543,253
Total increase (decrease) in net assets		(655,576	)		8,288,643
Net assets at beginning of period		114,065,650			105,777,007
Net assets at end of period	$	113,410,074		$	114,065,650
Undistributed net investment income	$	2,796,443		$	2,335,306

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

Semiannual Report 2013
14

Columbia Absolute Return Emerging Markets Macro Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2013 (Unaudited)						Year Ended May 31, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		—			—			25,237			262,214
Distributions reinvested		—			—			339			3,534
Redemptions		(14,404	)		(146,626	)		(5,239	)		(54,755	)
Net increase (decrease)		(14,404	)		(146,626	)		20,337			210,993
Class C shares
Subscriptions		—			—			2,297			23,716
Distributions reinvested		—			—			16			161
Redemptions		(1,092	)		(11,188	)		—			—
Net increase (decrease)		(1,092	)		(11,188	)		2,313			23,877
Class I shares
Subscriptions		655,742			6,723,110			165,465			1,733,216
Distributions reinvested		—			—			72,521			757,844
Redemptions		(79,284	)		(808,754	)		(324,248	)		(3,353,085	)
Net increase (decrease)		576,458			5,914,356			(86,262	)		(862,025	)
Class R5 shares
Subscriptions		—			—			239			2,500
Net increase		—			—			239			2,500
Class W shares
Subscriptions		613,124			6,236,323			1,134,695			11,789,033
Distributions reinvested		—			—			19,020			198,374
Redemptions		(1,018,789	)		(10,428,652	)		(655,346	)		(6,782,717	)
Net increase (decrease)		(405,665	)		(4,192,329	)		498,369			5,204,690
Class Z shares
Subscriptions		2,626			26,965			605			6,265
Redemptions		(192	)		(1,967	)		(4,177	)		(43,047	)
Net increase (decrease)		2,434			24,998			(3,572	)		(36,782	)
Total net increase		157,731			1,589,211			431,424			4,543,253

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

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

Semiannual Report 2013
15

Columbia Absolute Return Emerging Markets Macro 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, and is not annualized for periods of less than one year.

	Six Months Ended November 30, 2013			Year Ended May 31,
Class A	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	10.33		$	9.99		$	10.01		$	10.00
Income from investment operations:
Net investment income (loss)		0.03			0.04			0.12			(0.00	)^(b)
Net realized and unrealized gain (loss)		(0.25	)		0.38			(0.01	)		0.01
Total from investment operations		(0.22	)		0.42			0.11			0.01
Less distributions to shareholders:
Net investment income		—			(0.08	)		(0.13	)		—
Total distributions to shareholders		—			(0.08	)		(0.13	)		—
Net asset value, end of period	$	10.11		$	10.33		$	9.99		$	10.01
Total return		(2.13	%)		4.19	%		1.09	%		0.10	%
Ratios to average net assets^(c)
Total gross expenses		2.47	%^(d)		2.46	%		1.79	%		7.31	%^(d)
Total net expenses^(e)		1.49	%^(d)		1.48	%		1.48	%		1.45	%^(d)
Net investment income (loss)		0.50	%^(d)		0.43	%		1.16	%		(0.24	%)^(d)
Supplemental data
Net assets, end of period (in thousands)	$	301		$	457		$	238		$	3
Portfolio turnover		7	%		1	%		285	%		5	%

Notes to Financial Highlights

(a) For the period from April 7, 2011 (commencement of operations) to May 31, 2011.

(b) Rounds to zero.

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

(d) Annualized.

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

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

Semiannual Report 2013
16

Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class B	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	10.30		$	9.96		$	10.00		$	10.00
Income from investment operations:
Net investment income (loss)		(0.01	)		(0.03	)		0.08			(0.01	)
Net realized and unrealized gain (loss)		(0.25	)		0.37			(0.05	)		0.01
Total from investment operations		(0.26	)		0.34			0.03			—
Less distributions to shareholders:
Net investment income		—			—			(0.07	)		—
Total distributions to shareholders		—			—			(0.07	)		—
Net asset value, end of period	$	10.04		$	10.30		$	9.96		$	10.00
Total return		(2.52	%)		3.41	%		0.26	%		0.00	%
Ratios to average net assets^(b)
Total gross expenses		3.25	%^(c)		3.19	%		2.95	%		8.00	%^(c)
Total net expenses^(d)		2.25	%^(c)		2.23	%		2.23	%		2.21	%^(c)
Net investment income (loss)		(0.19	%)^(c)		(0.25	%)		0.76	%		(0.93	%)^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	2		$	2
Portfolio turnover		7	%		1	%		285	%		5	%

Notes to Financial Highlights

(a) For the period from April 7, 2011 (commencement of operations) to May 31, 2011.

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

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

Semiannual Report 2013
17

Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class C	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	10.23		$	9.96		$	10.00		$	10.00
Income from investment operations:
Net investment income (loss)		(0.01	)		(0.04	)		0.08			(0.01	)
Net realized and unrealized gain (loss)		(0.25	)		0.38			(0.05	)		0.01
Total from investment operations		(0.26	)		0.34			0.03			—
Less distributions to shareholders:
Net investment income		—			(0.07	)		(0.07	)		—
Total distributions to shareholders		—			(0.07	)		(0.07	)		—
Net asset value, end of period	$	9.97		$	10.23		$	9.96		$	10.00
Total return		(2.54	%)		3.40	%		0.26	%		0.00	%
Ratios to average net assets^(b)
Total gross expenses		3.22	%^(c)		3.21	%		2.95	%		8.00	%^(c)
Total net expenses^(d)		2.25	%^(c)		2.23	%		2.23	%		2.21	%^(c)
Net investment income (loss)		(0.26	%)^(c)		(0.34	%)		0.76	%		(0.93	%)^(c)
Supplemental data
Net assets, end of period (in thousands)	$	15		$	26		$	2		$	2
Portfolio turnover		7	%		1	%		285	%		5	%

Notes to Financial Highlights

(a) For the period from April 7, 2011 (commencement of operations) to May 31, 2011.

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

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

Semiannual Report 2013
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Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class I	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	10.38		$	10.01		$	10.01		$	10.00
Income from investment operations:
Net investment income		0.05			0.09			0.15			0.00	^(b)
Net realized and unrealized gain (loss)		(0.25	)		0.39			(0.01	)		0.01
Total from investment operations		(0.20	)		0.48			0.14			0.01
Less distributions to shareholders:
Net investment income		—			(0.11	)		(0.14	)		—
Total distributions to shareholders		—			(0.11	)		(0.14	)		—
Net asset value, end of period	$	10.18		$	10.38		$	10.01		$	10.01
Total return		(1.93	%)		4.74	%		1.40	%		0.10	%
Ratios to average net assets^(c)
Total gross expenses		1.26	%^(d)		1.21	%		1.10	%		6.95	%^(d)
Total net expenses^(e)		1.05	%^(d)		1.05	%		1.10	%		1.16	%^(d)
Net investment income		0.95	%^(d)		0.88	%		1.51	%		0.11	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	79,972		$	75,567		$	73,788		$	15,003
Portfolio turnover		7	%		1	%		285	%		5	%

Notes to Financial Highlights

(a) For the period from April 7, 2011 (commencement of operations) to May 31, 2011.

(b) Rounds to zero.

(d) Annualized.

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

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

Semiannual Report 2013
19

Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class R	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	10.33		$	9.98		$	10.00		$	10.00
Income from investment operations:
Net investment income (loss)		0.02			0.02			0.13			(0.01	)
Net realized and unrealized gain (loss)		(0.25	)		0.37			(0.05	)		0.01
Total from investment operations		(0.23	)		0.39			0.08			—
Less distributions to shareholders:
Net investment income		—			(0.04	)		(0.10	)		—
Total distributions to shareholders		—			(0.04	)		(0.10	)		—
Net asset value, end of period	$	10.10		$	10.33		$	9.98		$	10.00
Total return		(2.23	%)		3.93	%		0.81	%		0.00	%
Ratios to average net assets^(b)
Total gross expenses		2.74	%^(c)		2.68	%		2.64	%		7.54	%^(c)
Total net expenses^(d)		1.75	%^(c)		1.73	%		1.73	%		1.73	%^(c)
Net investment income (loss)		0.32	%^(c)		0.24	%		1.26	%		(0.46	%)^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	2		$	3
Portfolio turnover		7	%		1	%		285	%		5	%

Notes to Financial Highlights

(a) For the period from April 7, 2011 (commencement of operations) to May 31, 2011.

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

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

Semiannual Report 2013
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Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

Class R5	Six Months Ended November 30, 2013 (Unaudited)			Year Ended May 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	10.37		$	10.47
Income from investment operations:
Net investment income		0.04			0.05
Net realized and unrealized loss		(0.25	)		(0.05	)^(b)
Total from investment operations		(0.21	)		0.00	^(c)
Less distributions to shareholders:
Net investment income		—			(0.10	)
Total distributions to shareholders		—			(0.10	)
Net asset value, end of period	$	10.16		$	10.37
Total return		(2.03	%)		0.04	%
Ratios to average net assets^(d)
Total gross expenses		1.33	%^(e)		1.28	%^(e)
Total net expenses^(f)		1.10	%^(e)		1.08	%^(e)
Net investment income		0.82	%^(e)		0.79	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	2
Portfolio turnover		7	%		1	%

Notes to Financial Highlights

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

(b) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of sales and repurchases of Fund shares in relation to fluctuations in the market value of the portfolio.

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

(e) Annualized.

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

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

Semiannual Report 2013
21

Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class W	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	10.34		$	9.97		$	10.01		$	10.00
Income from investment operations:
Net investment income (loss)		0.03			0.05			0.12			(0.00	)^(b)
Net realized and unrealized gain (loss)		(0.26	)		0.38			(0.03	)		0.01
Total from investment operations		(0.23	)		0.43			0.09			0.01
Less distributions to shareholders:
Net investment income		—			(0.06	)		(0.13	)		—
Total distributions to shareholders		—			(0.06	)		(0.13	)		—
Net asset value, end of period	$	10.11		$	10.34		$	9.97		$	10.01
Total return		(2.22	%)		4.31	%		0.92	%		0.10	%
Ratios to average net assets^(c)
Total gross expenses		2.47	%^(d)		2.45	%		1.88	%		7.27	%^(d)
Total net expenses^(e)		1.50	%^(d)		1.48	%		1.48	%		1.48	%^(d)
Net investment income (loss)		0.49	%^(d)		0.45	%		1.18	%		(0.20	%)^(d)
Supplemental data
Net assets, end of period (in thousands)	$	33,081		$	37,999		$	31,699		$	3
Portfolio turnover		7	%		1	%		285	%		5	%

Notes to Financial Highlights

(a) For the period from April 7, 2011 (commencement of operations) to May 31, 2011.

(b) Rounds to zero.

(d) Annualized.

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

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

Semiannual Report 2013
22

Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class Z	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	10.45		$	10.00		$	10.01		$	10.00
Income from investment operations:
Net investment income (loss)		0.04			0.09			0.17			(0.01	)
Net realized and unrealized gain (loss)		(0.25	)		0.36			(0.04	)		0.02
Total from investment operations		(0.21	)		0.45			0.13			0.01
Less distributions to shareholders:
Net investment income		—			—			(0.14	)		—
Total distributions to shareholders		—			—			(0.14	)		—
Net asset value, end of period	$	10.24		$	10.45		$	10.00		$	10.01
Total return		(2.01	%)		4.50	%		1.27	%		0.10	%
Ratios to average net assets^(b)
Total gross expenses		2.24	%^(c)		2.18	%		1.75	%		12.46	%^(c)
Total net expenses^(d)		1.25	%^(c)		1.23	%		1.23	%		1.21	%^(c)
Net investment income (loss)		0.76	%^(c)		0.82	%		1.71	%		(0.40	%)^(c)
Supplemental data
Net assets, end of period (in thousands)	$	34		$	9		$	44		$	17,532
Portfolio turnover		7	%		1	%		285	%		5	%

Notes to Financial Highlights

(a) For the period from April 7, 2011 (commencement of operations) to May 31, 2011.

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

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

Semiannual Report 2013
23

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements

November 30, 2013 (Unaudited)

Note 1. Organization

Columbia Absolute Return Emerging Markets Macro Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a non-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 Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R, Class R5, Class W and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required 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 structure and sales charges, as applicable.

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

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

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

Class I shares are not subject to sales charges and are available only to the Columbia Family of Funds.

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

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

Class W shares are not subject to sales charges and are available only to investors purchasing through authorized

investment programs managed by investment professionals, including discretionary managed account programs.

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

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

Investments in open-end investment companies, including money market funds, are valued at net asset value.

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

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

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

Semiannual Report 2013
24

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

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

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to maintain cash reserves while maintaining exposure to certain other assets, to offset anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

contract; therefore, the counterparty credit risk is limited to failure of the clearinghouse. However, credit risk still exists in exchange traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker's customers, potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is an agreement between a 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 mark to market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g. $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Semiannual Report 2013
25

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

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

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

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are typically intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund utilized forward foreign currency exchange contracts to shift investment exposure from one currency to another. These instruments may be used for other purposes in future periods.

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

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

Swap Contracts

Swap contracts are privately 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, the swap contract is novated to a central counterparty (the CCP) and the Fund faces the CCP through a broker. Upon entering into a 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 Statements of Assets and Liabilities as

margin deposits. Unlike a bilateral swap contract, for centrally cleared swap contacts, the Fund has minimal credit exposure to the counterparty as 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 Statements of Assets and Liabilities.

Credit Default Swap Contracts

The Fund entered into credit default swap contracts to increase or decrease its credit exposure to a single issuer of debt securities. 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 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. Credit events are contact specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on the notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or premiums received upon entering into the

Semiannual Report 2013
26

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments. These potential amounts may be partially offset by any recovery values of the respective reference obligations or premiums received upon entering into the agreement.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

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.

Offsetting of Derivative Assets and Derivative Liabilities

The following tables present the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of November 30, 2013:

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
					Net Amounts of
	Gross Amounts of Recognized Assets ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Assets Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)^(a)		Cash Collateral Received ($)		Securities Collateral Received ($)		Net Amount ($)^(b)
Asset Derivatives:
Forward Foreign Currency Exchange Contracts		120,213		—		120,213		34,177		—		—		86,036
Over-the-Counter Swap Contracts		501,049		—		501,049		99,361		—		—		401,688
Total		621,262		—		621,262		133,538		—		—		487,724
							Gross Amounts Not Offset in the Statement of Assets and Liabilities
					Net Amounts of
	Gross Amounts of Recognized Liabilities ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Liabilities Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)^(c)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)		Net Amount($)^(d)
Liability Derivatives:
Forward Foreign Currency Exchange Contracts		248,960		—		248,960		34,177		—		—		214,783
Over-the-Counter Swap Contracts		154,952		—		154,952		99,361		—		—		55,591
Total		403,912		—		403,912		133,538		—		—		270,374

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

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

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

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

Semiannual Report 2013
27

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

Effects of Derivative Transactions in the Financial Statements

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

The following table is a summary of the fair value of derivative instruments at November 30, 2013:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized appreciation on swap contracts		501,049	*
Credit risk	Premiums paid on outstanding swap contracts		65,270
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		120,213
Total			686,532
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized depreciation on swap contracts		154,952	*
Credit risk	Premiums received on outstanding swap contracts		257,664
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		248,960
Total			661,576

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

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended November 30, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—			142,158			142,158
Foreign exchange risk		(419,820	)		—			(419,820	)
Total		(419,820	)		142,158			(277,662	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—			(14,797	)		(14,797	)
Foreign exchange risk		149,162			—			149,162
Total		149,162			(14,797	)		134,365

The following table is a summary of the volume of derivative instruments for the six months ended November 30, 2013:

Derivative Instrument	Contracts Opened
Forward foreign currency exchange contracts		108
Swap contracts		1

Treasury Inflation Protected Securities

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

Security Transactions

Income Recognition

Dividend income is recorded on the ex-dividend date.

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28

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

Expenses

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

Foreign Taxes

Distributions to Shareholders

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

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.92% to 0.80% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2013 was 0.92% of the Fund's average daily net assets.

The Investment Manager has entered into a personnel-sharing arrangement with its affiliate, Threadneedle Investments (Threadneedle). Threadneedle, like the Investment Manager, is a wholly-owned subsidiary of Ameriprise Financial and is an SEC-registered investment adviser. Pursuant to this arrangement, certain employees of Threadneedle 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 research and related services, and discretionary investment management services (including acting as portfolio managers) 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 a percentage of the Fund's average daily net assets that declines from 0.08% to 0.05% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2013 was 0.08% of the Fund's average daily net assets.

Semiannual Report 2013
29

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

Other Expenses

Compensation of Board Members

Transfer Agent Fees

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

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

For the six months ended November 30, 2013, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.97	%
Class B	1.01
Class C	0.97
Class R	1.00
Class R5	0.05
Class W	0.97
Class Z	0.97

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class' initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2013, no minimum account balance fees were charged by the Fund.

Distribution 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. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class A and Class W shares, a fee at an annual rate of up to 0.50% of the Fund's average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services) and a fee at an annual rate of up to 1.00% of the Fund's average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $10,000 for Class C shares. These amounts are based on the most recent information available as of September 30, 2013, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

For the six months ended November 30, 2013, there were no Sales charges, including front-end charges and CDSCs received by the Distributor for distributing Fund shares.

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30

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

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

	October 1, 2013 through September 30, 2014			Prior to October 1, 2013
Class A		1.53	%		1.48	%
Class B		2.28			2.23
Class C		2.28			2.23
Class I		1.08			1.03
Class R		1.78			1.73
Class R5		1.13			1.08
Class W		1.53			1.48
Class Z		1.28			1.23

Note 4. Federal Tax Information

At November 30, 2013, the cost of investments for federal income tax purposes was approximately $111,872,000 and the

aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	781,000
Unrealized depreciation		(2,123,000	)
Net unrealized depreciation	$	(1,342,000	)

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

Year of Expiration				Amount
Unlimited short-term				$	529,568

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $6,513,483 and $3,199,092, respectively, for the six months ended November 30, 2013.

Note 6. Affiliated Money Market Fund

The Fund significantly 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. Shareholder Concentration

Note 8. Line of Credit

Semiannual Report 2013
31

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum. The commitment fee is included in other expenses in the Statement of Operations.

The Fund had no borrowings during the six months ended November 30, 2013.

Note 9. Significant Risks

Derivatives Risk

Losses involving derivative instruments may be substantial, because a relatively small price movement in the underlying security(ies) instrument, commodity, currency or index may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk and liquidity risk.

Foreign Securities 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.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Non-Diversification Risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. The Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

Note 10. Subsequent Events

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

Note 11. Information Regarding Pending and Settled Legal Proceedings

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Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

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Semiannual Report 2013
36

Columbia Absolute Return Emerging Markets Macro Fund

Important Information About This Report

Semiannual Report 2013
37

Columbia Absolute Return Emerging Markets Macro Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

SAR105_05_D01_(01/14)

Semiannual Report

November 30, 2013

Columbia High Yield Bond Fund

Not FDIC insured • No bank guarantee • May lose value

President's Message

Dear Shareholders,

A market rally led by equities

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Semiannual Report 2013

Columbia High Yield Bond Fund

Table of Contents

Performance Overview					2
Portfolio Overview					3
Understanding Your Fund's Expenses					4
Portfolio of Investments					5
Statement of Assets and Liabilities					20
Statement of Operations					22
Statement of Changes in Net Assets					23
Financial Highlights					26
Notes to Financial Statements					37
Important Information About This Report					49

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

Semiannual Report 2013

Columbia High Yield Bond Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia High Yield Bond Fund (the Fund) Class A shares returned 1.73% excluding sales charges for the six months ended November 30, 2013.

> The Fund underperformed its benchmark, the Bank of America Merrill Lynch (BofAML) U.S. High Yield Cash Pay Constrained Index, which returned 2.47% during the same time frame.

Average Annual Total Returns (%) (for period ended November 30, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	12/08/83
Excluding sales charges			1.73		7.03		17.28		8.30
Including sales charges			-3.09		1.84		16.10		7.77
Class B	03/20/95
Excluding sales charges			1.35		6.23		16.40		7.48
Including sales charges			-3.60		1.23		16.18		7.48
Class C	06/26/00
Excluding sales charges			1.42		6.34		16.40		7.47
Including sales charges			0.43		5.34		16.40		7.47
Class I*	03/04/04		2.28		7.84		17.74		8.71
Class K	03/20/95		1.79		7.15		17.40		8.45
Class R*	12/11/06		1.61		6.76		17.02		7.99
Class R4*	12/11/06		1.87		7.29		17.24		8.27
Class R5*	12/11/06		1.92		7.42		17.68		8.55
Class W*	12/01/06		1.72		7.03		17.33		8.22
Class Y*	11/08/12		1.94		7.48		17.38		8.35
Class Z*	09/27/10		1.86		7.30		17.46		8.38
BofAML U.S. High Yield Cash Pay Constrained Index			2.47		8.46		20.03		8.56

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 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. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The BofAML U.S. High Yield Cash Pay Constrained Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt, currently in a coupon paying period that is publicly issued in the U.S. domestic market.

Semiannual Report 2013
2

Columbia High Yield Bond Fund

Portfolio Overview

(Unaudited)

Portfolio Breakdown (%) (at November 30, 2013)
Common Stocks	0.0	^(a)
Consumer Discretionary	0.0	^(a)
Corporate Bonds & Notes	89.9
Limited Partnerships	0.0	^(a)
Money Market Funds	3.3
Municipal Bonds	0.1
Senior Loans	6.7
Warrants	0.0	^(a)
Total	100.0

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

(a) Rounds to zero.

Quality Breakdown (%) (at November 30, 2013)
BBB rating					1.2
BB rating					34.3
B rating					46.8
CCC rating					16.9
Not rated					0.8
Total					100.0

Percentages indicated are based upon total fixed income securities (excluding Money Market Funds).

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from AAA (highest) to D (lowest), and are subject to change. The ratings shown are determined by using the average of the ratings from Moody's, S&P, and Fitch. When a rating from only two agencies is available, the average of the two is used. When a rating from only one agency is available, that rating is used. When a bond is not rated by any of these agencies, it is designated as Not rated. Credit ratings are subjective opinions and not statements of fact.

Portfolio Management

Jennifer Ponce de Leon

Brian Lavin, CFA

Semiannual Report 2013
3

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

Analyzing Your Fund's Expenses

Compare With Other Funds

June 1, 2013 – November 30, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,017.30		1,019.60		5.38		5.39		1.07
Class B		1,000.00		1,000.00		1,013.50		1,015.86		9.14		9.15		1.82
Class C		1,000.00		1,000.00		1,014.20		1,016.60		8.39		8.40		1.67
Class I		1,000.00		1,000.00		1,022.80		1,021.64		3.33		3.33		0.66
Class K		1,000.00		1,000.00		1,017.90		1,020.14		4.83		4.84		0.96
Class R		1,000.00		1,000.00		1,016.10		1,018.35		6.63		6.64		1.32
Class R4		1,000.00		1,000.00		1,018.70		1,020.84		4.13		4.13		0.82
Class R5		1,000.00		1,000.00		1,019.20		1,021.39		3.57		3.58		0.71
Class W		1,000.00		1,000.00		1,017.20		1,019.60		5.38		5.39		1.07
Class Y		1,000.00		1,000.00		1,019.40		1,021.64		3.32		3.33		0.66
Class Z		1,000.00		1,000.00		1,018.60		1,020.84		4.13		4.13		0.82

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

Semiannual Report 2013
4

Columbia High Yield Bond Fund

Portfolio of Investments

November 30, 2013 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes 89.4%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Aerospace & Defense 1.2%
ADS Tactical, Inc. Senior Secured^(a)04/01/18		11.000	%		13,481,000		12,166,603
Bombardier, Inc. Senior Notes^(a)01/15/23		6.125	%		2,078,000		2,067,610
Huntington Ingalls Industries, Inc. 03/15/21		7.125	%		2,643,000		2,880,870
Kratos Defense & Security Solutions, Inc. Senior Secured 06/01/17		10.000	%		2,708,000		2,931,410
TransDigm, Inc. 07/15/21		7.500	%		3,579,000		3,847,425
Total							23,893,918
Automotive 2.5%
Allison Transmission, Inc.^(a)05/15/19		7.125	%		4,538,000		4,889,695
American Axle & Manufacturing, Inc. 02/15/19		5.125	%		2,851,000		2,908,020
03/15/21		6.250	%		3,464,000		3,637,200
Chrysler Group LLC/Co-Issuer, Inc. Secured 06/15/21		8.250	%		5,104,000		5,805,800
Delphi Corp. 02/15/23		5.000	%		3,649,000		3,776,715
General Motors Co. Senior Unsecured^(a)10/02/23		4.875	%		6,250,000		6,289,062
Jaguar Land Rover Automotive PLC^(a)02/01/23		5.625	%		5,015,000		4,977,387
Schaeffler Finance BV^(a)Senior Secured 02/15/19		8.500	%		640,000		728,000
05/15/21		4.750	%		3,449,000		3,440,378
Schaeffler Holding Finance BV Senior Secured PIK^(a)08/15/18		6.875	%		2,634,000		2,792,040
Titan International, Inc. Senior Secured^(a)10/01/20		6.875	%		2,654,000		2,720,350
Visteon Corp. 04/15/19		6.750	%		7,394,000		7,856,125
Total							49,820,772

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Banking 1.9%
Ally Financial, Inc. 03/15/20		8.000	%		20,687,000		24,824,400
09/15/20		7.500	%		2,147,000		2,517,357
Synovus Financial Corp. Senior Unsecured 02/15/19		7.875	%		8,045,000		9,090,850
Total							36,432,607
Brokerage 0.8%
E*TRADE Financial Corp. Senior Unsecured 11/15/19		6.375	%		7,066,000		7,560,620
Nuveen Investments, Inc.^(a)Senior Unsecured 10/15/17		9.125	%		1,086,000		1,077,855
10/15/20		9.500	%		7,831,000		7,693,958
Total							16,332,433
Building Materials 1.7%
Allegion US Holding Co., Inc.^(a)10/01/21		5.750	%		3,388,000		3,515,050
American Builders & Contractors Supply Co., Inc. Senior Unsecured^(a)04/15/21		5.625	%		5,653,000		5,751,927
Gibraltar Industries, Inc. 02/01/21		6.250	%		1,557,000		1,603,710
HD Supply, Inc. 07/15/20		7.500	%		7,509,000		7,959,540
07/15/20		11.500	%		2,860,000		3,417,700
Interface, Inc. 12/01/18		7.625	%		1,536,000		1,647,360
Norcraft Companies LP/Finance Corp. Secured 12/15/15		10.500	%		1,557,000		1,605,656
Nortek, Inc. 12/01/18		10.000	%		899,000		991,148
04/15/21		8.500	%		4,798,000		5,301,790
USG Corp.^(a)11/01/21		5.875	%		1,404,000		1,456,650
Total							33,250,531
Chemicals 2.4%
Celanese U.S. Holdings LLC 06/15/21		5.875	%		3,280,000		3,501,400
Huntsman International LLC 11/15/20		4.875	%		2,397,000		2,361,045
03/15/21		8.625	%		490,000		548,800

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

Semiannual Report 2013
5

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
JM Huber Corp. Senior Notes^(a)11/01/19		9.875	%		4,940,000		5,668,650
Momentive Performance Materials, Inc. Senior Secured 10/15/20		8.875	%		6,256,000		6,568,800
10/15/20		10.000	%		1,028,000		1,071,690
PQ Corp. Secured^(a)05/01/18		8.750	%		19,069,000		20,630,274
SPCM SA Senior Unsecured^(a)01/15/22		6.000	%		882,000		921,690
U.S. Coatings Acquisition, Inc./Axalta Coating Systems Dutch Holding B BV^(a)05/01/21		7.375	%		5,083,000		5,387,980
Total							46,660,329
Construction Machinery 2.0%
CNH Capital LLC 04/15/18		3.625	%		3,045,000		3,075,450
Case New Holland, Inc. 12/01/17		7.875	%		11,817,000		13,973,602
Columbus McKinnon Corp. 02/01/19		7.875	%		2,136,000		2,285,520
H&E Equipment Services, Inc. 09/01/22		7.000	%		1,138,000		1,243,265
Neff Rental LLC/Finance Corp. Secured^(a)05/15/16		9.625	%		8,055,000		8,578,575
United Rentals North America, Inc. 05/15/20		7.375	%		3,182,000		3,555,885
04/15/22		7.625	%		2,360,000		2,643,200
Secured 07/15/18		5.750	%		744,000		798,870
Senior Unsecured 02/01/21		8.250	%		2,760,000		3,139,500
Total							39,293,867
Consumer Cyclical Services 2.0%
APX Group, Inc. 12/01/20		8.750	%		8,684,000		8,922,810
Senior Secured 12/01/19		6.375	%		9,541,000		9,636,410
Corrections Corp. of America 04/01/20		4.125	%		2,541,000		2,483,828
05/01/23		4.625	%		2,500,000		2,356,250
Goodman Networks, Inc.^(a)Senior Secured 07/01/18		12.125	%		2,652,000		2,811,120
07/01/18		13.125	%		3,910,000		4,125,050

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Monitronics International, Inc. 04/01/20		9.125	%		3,085,000		3,262,387
Monitronics International, Inc.^(a)04/01/20		9.125	%		1,343,000		1,416,865
Service Corp., International Senior Unsecured^(a)01/15/22		5.375	%		3,335,000		3,368,350
Total							38,383,070
Consumer Products 1.8%
Libbey Glass, Inc. Senior Secured 05/15/20		6.875	%		1,994,000		2,128,595
Serta Simmons Holdings LLC Senior Unsecured^(a)10/01/20		8.125	%		7,566,000		8,152,365
Spectrum Brands Escrow Corp.^(a)11/15/20		6.375	%		4,769,000		5,078,985
11/15/22		6.625	%		2,456,000		2,615,640
Spectrum Brands, Inc. 03/15/20		6.750	%		4,535,000		4,863,787
Springs Window Fashions LLC Senior Secured^(a)06/01/21		6.250	%		6,188,000		6,218,940
Tempur Sealy International, Inc. 12/15/20		6.875	%		5,305,000		5,729,400
Total							34,787,712
Diversified Manufacturing 0.9%
Amsted Industries, Inc. Senior Notes^(a)03/15/18		8.125	%		7,202,000		7,580,105
Gardner Denver, Inc. Senior Unsecured^(a)08/15/21		6.875	%		5,667,000		5,681,168
Hamilton Sundstrand Corp. Senior Unsecured^(a)12/15/20		7.750	%		4,928,000		5,199,040
Total							18,460,313
Electric 0.7%
AES Corp. (The) Senior Unsecured 06/01/20		8.000	%		2,665,000		3,118,050
07/01/21		7.375	%		2,745,000		3,101,850
Calpine Corp.^(a)Senior Secured 02/15/21		7.500	%		6,567,000		7,158,030
01/15/22		6.000	%		279,000		286,673
Total							13,664,603

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

Semiannual Report 2013
6

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Entertainment 1.5%
AMC Entertainment, Inc. 06/01/19		8.750	%		6,223,000		6,658,610
12/01/20		9.750	%		2,071,000		2,366,118
Activision Blizzard, Inc.^(a)09/15/21		5.625	%		11,417,000		11,859,409
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp.^(a)03/15/21		5.250	%		3,840,000		3,763,200
Cinemark USA, Inc. 06/01/23		4.875	%		2,318,000		2,173,125
Six Flags, Inc.^{(a)(b)(c)(d)(e)}06/01/14		0.000	%		950,000		—
United Artists Theatre Circuit, Inc.^(d)(e)1995-A Pass-Through Certificates 07/01/15		9.300	%		2,188,799		2,188,799
07/01/15		9.300	%		705,216		705,216
Total							29,714,477
Environmental 0.2%
Clean Harbors, Inc. 08/01/20		5.250	%		3,957,000		4,065,818
Food and Beverage 0.7%
ARAMARK Corp.^(a)03/15/20		5.750	%		4,071,000		4,244,018
B&G Foods, Inc. 06/01/21		4.625	%		7,291,000		6,962,905
Cott Beverages, Inc. 09/01/18		8.125	%		3,052,000		3,288,530
Total							14,495,453
Gaming 3.6%
Boyd Gaming Corp. 07/01/20		9.000	%		815,000		886,313
Caesars Entertainment Operating Co., Inc. Senior Secured 02/15/20		8.500	%		4,187,000		4,029,988
02/15/20		9.000	%		6,259,000		6,086,877
MGM Resorts International 03/01/18		11.375	%		7,001,000		8,943,777
10/01/20		6.750	%		585,000		628,875
12/15/21		6.625	%		4,837,000		5,090,942
PNK Finance Corp.^(a)08/01/21		6.375	%		6,766,000		6,985,895
Penn National Gaming, Inc. Senior Unsecured^(a)11/01/21		5.875	%		2,455,000		2,448,863

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Pinnacle Entertainment, Inc. 04/01/22		7.750	%		176,000		191,840
Seminole Tribe of Florida, Inc.^(a)Senior Secured 10/01/20		6.535	%		5,430,000		5,918,700
Senior Unsecured 10/01/20		7.804	%		2,755,000		2,930,218
Seneca Gaming Corp.^(a)12/01/18		8.250	%		5,572,000		5,993,382
Studio City Finance Ltd.^(a)12/01/20		8.500	%		7,682,000		8,488,610
SugarHouse HSP Gaming LP/Finance Corp. Senior Secured^(a)06/01/21		6.375	%		3,767,000		3,569,233
Tunica-Biloxi Gaming Authority Senior Unsecured^(a)11/15/15		9.000	%		8,862,000		8,009,032
Total							70,202,545
Gas Pipelines 4.8%
Access Midstream Partners LP/Finance Corp. 04/15/21		5.875	%		2,902,000		3,105,140
05/15/23		4.875	%		7,986,000		7,826,280
Crestwood Midstream Partners LP/Corp.^(a)03/01/22		6.125	%		2,097,000		2,144,182
El Paso LLC Senior Secured 09/15/20		6.500	%		17,105,000		18,446,010
Hiland Partners LP/Finance Corp.^(a)10/01/20		7.250	%		17,587,000		18,730,155
MarkWest Energy Partners LP/Finance Corp. 06/15/22		6.250	%		4,686,000		5,002,305
02/15/23		5.500	%		7,508,000		7,658,160
07/15/23		4.500	%		4,078,000		3,863,905
Regency Energy Partners LP/Finance Corp. 07/15/21		6.500	%		9,657,000		10,332,990
04/15/23		5.500	%		3,154,000		3,098,805
Regency Energy Partners LP/Finance Corp.^(a)11/01/23		4.500	%		3,091,000		2,828,265
Sabine Pass Liquefaction LLC^(a)Senior Secured 02/01/21		5.625	%		5,606,000		5,535,925
03/15/22		6.250	%		4,124,000		4,124,000
04/15/23		5.625	%		2,063,000		1,954,693
Total							94,650,815
Health Care 7.0%
Biomet, Inc. 08/01/20		6.500	%		6,991,000		7,410,460
10/01/20		6.500	%		2,800,000		2,912,000

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

Semiannual Report 2013
7

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
CHS/Community Health Systems, Inc. 11/15/19		8.000	%		4,374,000		4,756,725
Senior Secured 08/15/18		5.125	%		5,993,000		6,232,720
ConvaTec Finance International SA Senior Unsecured PIK^(a)01/15/19		8.250	%		4,487,000		4,604,784
ConvaTec Healthcare E SA Senior Unsecured^(a)12/15/18		10.500	%		10,197,000		11,471,625
DaVita HealthCare Partners, Inc. 08/15/22		5.750	%		9,431,000		9,619,620
Emdeon, Inc. 12/31/19		11.000	%		5,255,000		6,069,525
Fresenius Medical Care U.S. Finance II, Inc.^(a)07/31/19		5.625	%		1,737,000		1,875,960
01/31/22		5.875	%		1,980,000		2,113,650
Fresenius Medical Care U.S. Finance, Inc.^(a)09/15/18		6.500	%		710,000		803,188
HCA Holdings, Inc. Senior Unsecured 02/15/21		6.250	%		3,049,000		3,193,828
HCA, Inc. 02/15/22		7.500	%		7,598,000		8,452,775
05/01/23		5.875	%		4,516,000		4,482,130
Senior Secured 02/15/20		6.500	%		13,874,000		15,313,427
05/01/23		4.750	%		1,517,000		1,433,565
Healthcare Technology Intermediate, Inc. Senior Unsecured PIK^(a)09/01/18		7.375	%		587,000		604,610
IMS Health, Inc. Senior Unsecured^(a)11/01/20		6.000	%		3,394,000		3,572,185
Kinetic Concepts, Inc./KCI U.S.A., Inc. Secured 11/01/18		10.500	%		2,883,000		3,308,242
LifePoint Hospitals, Inc.^(a)(f)12/01/21		5.500	%		3,978,000		3,992,917
MPH Intermediate Holding Co. 2 Senior Unsecured PIK^(a)08/01/18		8.375	%		3,300,000		3,415,500
Physio-Control International, Inc. Senior Secured^(a)01/15/19		9.875	%		4,348,000		4,869,760
Radnet Management, Inc. 04/01/18		10.375	%		2,140,000		2,225,600
STHI Holding Corp. Secured^(a)03/15/18		8.000	%		2,198,000		2,368,345

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Tenet Healthcare Corp. Senior Secured 04/01/21		4.500	%		6,725,000		6,422,375
Senior Unsecured 04/01/22		8.125	%		8,564,000		9,291,940
Tenet Healthcare Corp.^(a)Senior Secured 10/01/20		6.000	%		2,684,000		2,801,425
United Surgical Partners International, Inc. 04/01/20		9.000	%		3,322,000		3,720,640
Universal Hospital Services, Inc. Secured 08/15/20		7.625	%		261,000		274,050
Total							137,613,571
Home Construction 1.1%
Ashton Woods U.S.A. LLC/Finance Co.^(a)02/15/21		6.875	%		289,000		284,665
Beazer Homes USA, Inc. 05/15/19		9.125	%		171,000		183,397
Brookfield Residential Properties, Inc. /U.S. Corp.^(a)07/01/22		6.125	%		1,752,000		1,743,240
Meritage Homes Corp. 03/01/18		4.500	%		3,265,000		3,228,269
04/01/22		7.000	%		3,328,000		3,519,360
Meritage Homes Corp.^(a)04/15/20		7.150	%		1,217,000		1,314,360
Shea Homes LP/Funding Corp. Senior Secured 05/15/19		8.625	%		3,674,000		4,059,770
Taylor Morrison Communities, Inc./Monarch, Inc.^(a)04/15/21		5.250	%		4,571,000		4,411,015
Woodside Homes Co. LLC / Finance, Inc. Senior Unsecured^(a)12/15/21		6.750	%		2,052,000		2,021,220
Total							20,765,296
Independent Energy 11.7%
Antero Resources Finance Corp.^(a)11/01/21		5.375	%		2,789,000		2,816,890
Athlon Holdings LP/Finance Corp.^(a)04/15/21		7.375	%		5,179,000		5,425,003
Aurora U.S.A. Oil & Gas, Inc.^(a)04/01/20		7.500	%		8,265,000		8,512,950
Carrizo Oil & Gas, Inc. 10/15/18		8.625	%		700,000		760,375
Chesapeake Energy Corp. 08/15/20		6.625	%		17,355,000		19,394,212
02/15/21		6.125	%		5,614,000		6,035,050
03/15/23		5.750	%		3,736,000		3,866,760

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

Semiannual Report 2013
8

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Comstock Resources, Inc. 06/15/20		9.500	%		9,657,000		10,767,555
Concho Resources, Inc. 01/15/21		7.000	%		5,066,000		5,566,267
01/15/22		6.500	%		965,000		1,044,613
10/01/22		5.500	%		3,987,000		4,056,773
04/01/23		5.500	%		5,559,000		5,642,385
Continental Resources, Inc. 04/01/21		7.125	%		5,129,000		5,731,657
09/15/22		5.000	%		18,526,000		19,081,780
04/15/23		4.500	%		8,358,000		8,274,420
EP Energy Holdings LLC/Bond Co., Inc. Senior Unsecured PIK^(a)12/15/17		8.875	%		3,311,194		3,460,198
EP Energy LLC/Everest Acquisition Finance, Inc. 09/01/22		7.750	%		970,000		1,091,250
EP Energy LLC/Finance, Inc. Senior Unsecured 05/01/20		9.375	%		7,537,000		8,648,707
Kodiak Oil & Gas Corp. 12/01/19		8.125	%		7,905,000		8,754,787
Kodiak Oil & Gas Corp.^(a)01/15/21		5.500	%		6,443,000		6,443,000
02/01/22		5.500	%		11,135,000		11,135,000
Laredo Petroleum, Inc. 02/15/19		9.500	%		13,113,000		14,620,995
05/01/22		7.375	%		5,012,000		5,425,490
MEG Energy Corp.^(a)03/31/24		7.000	%		6,330,000		6,456,600
Oasis Petroleum, Inc. 02/01/19		7.250	%		7,630,000		8,221,325
11/01/21		6.500	%		7,008,000		7,568,640
01/15/23		6.875	%		5,992,000		6,441,400
Oasis Petroleum, Inc.^(a)03/15/22		6.875	%		3,518,000		3,781,850
QEP Resources, Inc. Senior Unsecured 05/01/23		5.250	%		7,660,000		7,200,400
Range Resources Corp. 03/15/23		5.000	%		8,720,000		8,502,000
SM Energy Co. Senior Unsecured 11/15/21		6.500	%		2,850,000		3,049,500
01/01/23		6.500	%		2,286,000		2,423,160
SM Energy Co.^(a)Senior Unsecured 01/15/24		5.000	%		3,856,000		3,721,040
Whiting Petroleum Corp. 10/01/18		6.500	%		341,000		362,313

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Whiting Petroleum Corp.^(a)03/15/21		5.750	%		5,144,000		5,311,180
Total							229,595,525
Lodging 0.9%
Choice Hotels International, Inc. 07/01/22		5.750	%		2,261,000		2,368,397
Hilton Worldwide Finance/Corp.^(a)10/15/21		5.625	%		9,582,000		9,797,595
Playa Resorts Holding BV Senior Unsecured^(a)08/15/20		8.000	%		4,808,000		5,087,259
Total							17,253,251
Media Cable 3.3%
CCO Holdings LLC/Capital Corp. 01/31/22		6.625	%		1,594,000		1,657,760
CCO Holdings LLC/Capital Corp.^(a)03/15/21		5.250	%		5,703,000		5,503,395
CSC Holdings LLC Senior Unsecured 02/15/19		8.625	%		4,838,000		5,708,840
CSC Holdings, Inc. Senior Unsecured 11/15/21		6.750	%		9,560,000		10,324,800
Cablevision Systems Corp. Senior Unsecured 04/15/20		8.000	%		575,000		641,125
09/15/22		5.875	%		2,502,000		2,420,685
Cequel Communications Holdings I LLC/Capital Corp. Senior Unsecured^(a)09/15/20		6.375	%		6,588,000		6,802,110
DISH DBS Corp. 09/01/19		7.875	%		2,518,000		2,914,585
06/01/21		6.750	%		11,284,000		12,158,510
07/15/22		5.875	%		1,068,000		1,081,350
Quebecor Media, Inc. Senior Unsecured 01/15/23		5.750	%		6,364,000		6,173,080
Time Warner Entertainment Co. LP 03/15/23		8.375	%		3,900,000		4,508,864
Unitymedia Hessen GmbH & Co. KG NRW Senior Secured^(a)01/15/23		5.500	%		1,972,000		1,932,560
Videotron Ltd. 07/15/22		5.000	%		3,578,000		3,506,440
WaveDivision Escrow LLC/Corp. Senior Unsecured^(a)09/01/20		8.125	%		158,000		165,110
Total							65,499,214

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

Semiannual Report 2013
9

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Media Non-Cable 6.7%
AMC Networks, Inc. 07/15/21		7.750	%		14,347,000		16,140,375
Clear Channel Communications, Inc. Senior Secured 03/01/21		9.000	%		11,394,000		11,507,940
Clear Channel Worldwide Holdings, Inc. 03/15/20		7.625	%		11,401,000		12,028,055
11/15/22		6.500	%		4,149,000		4,273,470
11/15/22		6.500	%		4,217,000		4,364,595
Hughes Satellite Systems Corp. 06/15/21		7.625	%		6,725,000		7,414,313
Intelsat Jackson Holdings SA 10/15/20		7.250	%		9,625,000		10,515,312
Senior Unsecured 04/01/21		7.500	%		4,480,000		4,922,400
Intelsat Luxembourg SA^(a)06/01/21		7.750	%		4,486,000		4,687,870
06/01/23		8.125	%		7,233,000		7,594,650
MDC Partners, Inc.^(a)04/01/20		6.750	%		7,466,000		7,764,640
National CineMedia LLC Senior Secured 04/15/22		6.000	%		228,000		235,980
Nielsen Finance Co. SARL (The)^(a)10/01/21		5.500	%		5,600,000		5,768,000
Nielsen Finance LLC/Co. 10/01/20		4.500	%		10,544,000		10,254,040
Univision Communications, Inc.^(a)05/15/21		8.500	%		4,502,000		4,997,220
Senior Secured 11/01/20		7.875	%		8,063,000		8,970,087
09/15/22		6.750	%		1,750,000		1,925,000
05/15/23		5.125	%		7,750,000		7,750,000
Total							131,113,947
Metals 2.7%
Alpha Natural Resources, Inc. 04/15/18		9.750	%		2,646,000		2,771,685
06/01/19		6.000	%		464,000		407,160
06/01/21		6.250	%		464,000		396,720
ArcelorMittal Senior Unsecured 03/01/21		6.000	%		4,487,000		4,705,741
02/25/22		6.750	%		5,961,000		6,466,353
Arch Coal, Inc. 06/15/19		9.875	%		6,010,000		5,168,600
06/15/21		7.250	%		294,000		221,970
CONSOL Energy, Inc. 03/01/21		6.375	%		273,000		283,238

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Calcipar SA Senior Secured^(a)05/01/18		6.875	%		2,391,000		2,546,415
FMG Resources August 2006 Proprietary Ltd.^(a)11/01/19		8.250	%		5,794,000		6,474,795
FQM Akubra, Inc.^(a)06/01/20		8.750	%		11,413,000		12,411,637
06/01/21		7.500	%		562,000		585,885
JMC Steel Group, Inc. Senior Notes^(a)03/15/18		8.250	%		4,849,000		4,824,755
Peabody Energy Corp. 11/15/18		6.000	%		4,817,000		5,118,063
Total							52,383,017
Non-Captive Consumer 0.8%
Provident Funding Associates LP/PFG Finance Corp.^(a)06/15/21		6.750	%		6,421,000		6,517,315
Springleaf Finance Corp. Senior Unsecured 12/15/17		6.900	%		3,475,000		3,748,656
Springleaf Finance Corp.^(a)Senior Unsecured 10/01/21		7.750	%		2,221,000		2,376,470
10/01/23		8.250	%		2,221,000		2,376,470
Total							15,018,911
Non-Captive Diversified 2.7%
Air Lease Corp. 03/01/20		4.750	%		4,793,000		4,984,720
CIT Group, Inc. Senior Unsecured 03/15/18		5.250	%		3,630,000		3,911,325
05/15/20		5.375	%		4,897,000		5,227,547
CIT Group, Inc.^(a)Senior Secured 04/01/18		6.625	%		5,360,000		6,030,000
Senior Unsecured 02/15/19		5.500	%		9,965,000		10,737,287
International Lease Finance Corp. Senior Unsecured 09/01/17		8.875	%		6,420,000		7,671,900
05/15/19		6.250	%		4,809,000		5,259,844
12/15/20		8.250	%		4,450,000		5,284,375
04/15/21		4.625	%		3,743,000		3,621,353
01/15/22		8.625	%		719,000		868,193
Total							53,596,544

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

Semiannual Report 2013
10

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Oil Field Services 1.6%
Atwood Oceanics, Inc. Senior Unsecured 02/01/20		6.500	%		16,104,000		17,311,800
Green Field Energy Services, Inc.^(a)(d)(g)Secured 11/15/16		13.000	%		8,484,000		2,969,400
Green Field Energy Services, Inc.^(a)(g)Secured 11/15/16		13.000	%		202,000		70,700
Oil States International, Inc. 01/15/23		5.125	%		3,034,000		3,405,665
Pacific Drilling SA Senior Secured^(a)06/01/20		5.375	%		7,223,000		7,295,230
Total							31,052,795
Other Financial Institutions 0.1%
Patriot Merger Corp. Senior Unsecured^(a)07/15/21		9.000	%		1,926,000		2,012,670
Other Industry 0.4%
Interline Brands, Inc. 11/15/18		7.500	%		5,079,000		5,371,042
Unifrax I LLC/Holding Co.^(a)02/15/19		7.500	%		3,187,000		3,254,724
Total							8,625,766
Packaging 1.4%
BOE Intermediate Holding Corp. Senior Unsecured PIK^(a)11/01/17		9.000	%		64,473		66,407
BOE Merger Corp. Senior Unsecured PIK^(a)11/01/17		9.500	%		1,325,000		1,404,500
Beverage Packaging Holdings (Luxembourg) II SA^(a)12/15/16		5.625	%		1,521,000		1,559,025
Plastipak Holdings, Inc. Senior Unsecured^(a)10/01/21		6.500	%		6,588,000		6,835,050
Reynolds Group Issuer, Inc. LLC Senior Secured 10/15/20		5.750	%		5,675,000		5,816,875
Reynolds Group Issuer, Inc./LLC 04/15/19		9.000	%		1,310,000		1,401,700
08/15/19		9.875	%		4,619,000		5,127,090
02/15/21		8.250	%		5,457,000		5,743,493
Total							27,954,140

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Paper 0.3%
Graphic Packaging International, Inc. 04/15/21		4.750	%		5,192,000		5,120,610
Pharmaceuticals 1.5%
Capsugel SA Senior Unsecured PIK^(a)05/15/19		7.000	%		1,727,000		1,755,926
Jaguar Holding Co. II/Merger Sub, Inc. Senior Unsecured^(a)12/01/19		9.500	%		1,995,000		2,239,388
Valeant Pharmaceuticals International, Inc.^(a)(f)12/01/21		5.625	%		3,362,000		3,383,013
Valeant Pharmaceuticals International^(a)10/15/20		6.375	%		11,546,000		12,181,030
Senior Unsecured 08/15/18		6.750	%		3,674,000		4,045,992
07/15/21		7.500	%		5,249,000		5,773,900
Total							29,379,249
Property & Casualty 0.6%
Alliant Holdings, Inc. Senior Unsecured^(a)12/15/20		7.875	%		1,735,000		1,813,075
HUB International Ltd. Senior Unsecured^(a)10/01/21		7.875	%		9,431,000		9,749,296
Total							11,562,371
REITs 0.4%
CyrusOne LP/Finance Corp. 11/15/22		6.375	%		8,542,000		8,755,550
Retailers 2.0%
AutoNation, Inc. 02/01/20		5.500	%		401,000		431,075
Burlington Coat Factory Warehouse Corp. 02/15/19		10.000	%		5,440,000		6,099,600
Burlington Holdings LLC/Finance, Inc. Senior Unsecured PIK^(a)02/15/18		9.000	%		2,183,000		2,248,490
Claire's Stores, Inc. Senior Secured^(a)03/15/20		6.125	%		3,458,000		3,509,870
J. Crew Group, Inc. Senior Unsecured PIK^(a)05/01/19		7.750	%		2,993,000		3,015,447
Jo-Ann Stores, Inc. Senior Unsecured^(a)03/15/19		8.125	%		1,181,000		1,225,288

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

Semiannual Report 2013
11

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
L Brands, Inc. 04/01/21		6.625	%		2,492,000		2,744,315
Michaels FinCo Holdings LLC/Inc. Senior Unsecured PIK^(a)08/01/18		7.500	%		5,515,000		5,708,025
Neiman Marcus Group Ltd., Inc. PIK^(a)10/15/21		8.750	%		1,974,000		2,033,220
Neiman Marcus Group Ltd., Inc.^(a)10/15/21		8.000	%		2,371,000		2,436,202
Rite Aid Corp. 03/15/20		9.250	%		4,687,000		5,407,626
06/15/21		6.750	%		1,250,000		1,304,688
Senior Unsecured 02/15/27		7.700	%		1,993,000		2,037,843
Total							38,201,689
Technology 4.4%
Alliance Data Systems Corp.^(a)12/01/17		5.250	%		5,069,000		5,246,415
04/01/20		6.375	%		2,985,000		3,119,325
Ancestry.com, Inc. Senior Unsecured PIK^(a)10/15/18		9.625	%		3,100,000		3,193,000
Audatex North America, Inc.^(a)06/15/21		6.000	%		2,036,000		2,127,620
11/01/23		6.125	%		2,035,000		2,101,138
Brocade Communications Systems, Inc. Senior Secured 01/15/20		6.875	%		3,825,000		4,121,437
DuPont Fabros Technology LP^(a)09/15/21		5.875	%		2,064,000		2,125,920
Equinix, Inc. Senior Unsecured 04/01/20		4.875	%		2,523,000		2,516,693
First Data Corp. 01/15/21		12.625	%		9,050,000		10,611,125
First Data Corp.^(a)06/15/21		10.625	%		1,520,000		1,641,600
08/15/21		11.750	%		4,728,000		4,905,300
Secured 01/15/21		8.250	%		5,038,000		5,346,577
Senior Secured 06/15/19		7.375	%		5,694,000		6,106,815
08/15/20		8.875	%		5,150,000		5,722,937
11/01/20		6.750	%		3,559,000		3,745,848
Freescale Semiconductor, Inc. Senior Secured^(a)01/15/22		6.000	%		7,125,000		7,196,250
NXP BV/Funding LLC^(a)02/15/21		5.750	%		5,525,000		5,752,906

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Nuance Communications, Inc.^(a)08/15/20		5.375	%		7,783,000		7,393,850
VeriSign, Inc. 05/01/23		4.625	%		3,743,000		3,583,923
Total							86,558,679
Textile 0.1%
Quiksilver Inc./QS Wholesale Inc. 08/01/20		10.000	%		920,000		1,021,200
Quiksilver Inc./QS Wholesale Inc.^(a)Senior Secured 08/01/18		7.875	%		1,083,000		1,166,933
Total							2,188,133
Transportation Services 0.8%
Hertz Corp. (The) 10/15/18		7.500	%		2,308,000		2,495,525
01/15/21		7.375	%		3,504,000		3,845,640
10/15/22		6.250	%		3,182,000		3,309,280
LBC Tank Terminals Holding Netherlands BV^(a)05/15/23		6.875	%		5,216,000		5,463,760
Total							15,114,205
Wireless 6.0%
Crown Castle International Corp. Senior Unsecured 01/15/23		5.250	%		6,425,000		6,344,687
MetroPCS Wireless, Inc.^(a)04/01/23		6.625	%		3,801,000		3,924,533
NII International Telecom SCA^(a)08/15/19		7.875	%		4,253,000		3,062,160
08/15/19		11.375	%		12,306,000		9,844,800
SBA Communications Corp. Senior Unsecured 10/01/19		5.625	%		1,358,000		1,395,345
SBA Telecommunications, Inc. 07/15/20		5.750	%		8,109,000		8,453,632
Sprint Capital Corp. 11/15/28		6.875	%		45,000		42,750
Sprint Communications, Inc. Senior Unsecured 08/15/17		8.375	%		1,816,000		2,106,560
08/15/20		7.000	%		766,000		823,450
11/15/21		11.500	%		4,050,000		5,305,500
11/15/22		6.000	%		9,999,000		9,924,007
Sprint Communications, Inc.^(a)11/15/18		9.000	%		18,977,000		22,938,449
03/01/20		7.000	%		2,288,000		2,545,400

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

Semiannual Report 2013
12

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Sprint Corp.^(a)09/15/21		7.250	%		5,933,000		6,422,472
09/15/23		7.875	%		5,933,000		6,496,635
T-Mobile USA, Inc. 04/28/20		6.542	%		1,657,000		1,756,420
04/28/21		6.633	%		4,778,000		5,004,955
01/15/22		6.125	%		2,417,000		2,462,319
04/28/22		6.731	%		4,895,000		5,103,038
04/28/23		6.836	%		965,000		1,003,600
01/15/24		6.500	%		2,417,000		2,447,213
Wind Acquisition Finance SA Senior Secured^(a)04/30/20		6.500	%		10,248,000		10,811,640
Total							118,219,565
Wirelines 4.2%
CenturyLink, Inc. Senior Unsecured 06/15/21		6.450	%		9,793,000		10,209,202
03/15/22		5.800	%		1,734,000		1,712,325
12/01/23		6.750	%		5,863,000		5,994,917
Frontier Communications Corp. Senior Unsecured 03/15/19		7.125	%		6,916,000		7,573,020
07/01/21		9.250	%		2,492,000		2,928,100
04/15/22		8.750	%		3,150,000		3,591,000
01/15/23		7.125	%		128,000		131,200
04/15/24		7.625	%		4,048,000		4,194,740
Level 3 Communications, Inc. Senior Unsecured 02/01/19		11.875	%		2,651,000		3,068,533
Level 3 Financing, Inc. 04/01/19		9.375	%		1,055,000		1,178,963
07/01/19		8.125	%		5,392,000		5,904,240
06/01/20		7.000	%		4,765,000		5,062,812
07/15/20		8.625	%		2,550,000		2,856,000
Level 3 Financing, Inc.^(a)01/15/21		6.125	%		2,848,000		2,890,720
Level 3 Financing, Inc.^(a)(h)01/15/18		3.835	%		1,436,000		1,446,770
Telecom Italia Capital SA 06/18/19		7.175	%		4,050,000		4,521,764
Windstream Corp. 09/01/18		8.125	%		1,565,000		1,686,288
10/15/20		7.750	%		2,572,000		2,752,040
10/01/21		7.750	%		2,120,000		2,263,100
Zayo Group LLC/Capital, Inc. 07/01/20		10.125	%		4,479,000		5,173,245
Senior Secured 01/01/20		8.125	%		5,804,000		6,398,910
Total							81,537,889
Total Corporate Bonds & Notes (Cost: $1,682,470,032)							1,753,231,850

Municipal Bonds 0.1%

Issue
Description

Coupon
Rate

Principal
Amount ($)

Value ($)

California 0.1%

Cabazon Band Mission Indians
Revenue Bonds
Series 2004^(a)(d)(g)10/01/11

13.000

3,250,000

1,494,512

Total Municipal Bonds
(Cost: $3,250,000)

1,494,512

Senior Loans 6.7%

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Brokerage 0.3%
Nuveen Investments, Inc. Tranche B 2nd Lien Term Loan^(h)(i)02/28/19		6.500	%		5,512,120		5,390,853
Chemicals 0.4%
PQ Corp. Term Loan^(h)(i)08/07/17		4.500	%		7,748,448		7,816,247
Construction Machinery 0.6%
CPM Acquisition Corp.^(h)(i)1st Lien Term Loan 08/29/17		6.250	%		6,453,810		6,461,877
2nd Lien Term Loan 03/01/18		9.254	%		4,182,000		4,213,365
Total							10,675,242
Consumer Cyclical Services 0.4%
New Breed, Inc. Term Loan^(h)(i)10/01/19		6.000	%		7,331,436		7,324,544
Diversified Manufacturing 0.1%
Gardner Denver, Inc. Term Loan^(f)(h)(i)03/08/20		3.508	%		2,768,943		2,754,295
Food and Beverage 0.2%
New HB Acquisition LLC Tranche B Term Loan^(h)(i)04/09/20		6.750	%		2,998,000		3,086,081
Health Care 1.3%
American Renal Holdings, Inc. 2nd Lien Term Loan^(h)(i)03/20/20		8.500	%		7,462,000		7,350,070

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

Semiannual Report 2013
13

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
U.S. Renal Care, Inc.^(h)(i)1st Lien Tranche B1 Term Loan 07/03/19		5.250	%		6,273,350		6,328,242
2nd Lien Term Loan 01/03/20		10.250	%		5,065,000		5,153,637
2nd Lien Tranche B2 Term Loan 01/03/20		8.500	%		1,584,000		1,607,760
United Surgical Partners International, Inc. Tranche B Term Loan^(h)(i)04/03/19		4.750	%		5,296,914		5,328,378
Total							25,768,087
Lodging 0.4%
Four Seasons Holdings, Inc. 2nd Lien Term Loan^(h)(i)12/28/20		6.250	%		1,250,000		1,279,688
Hilton Worldwide Financial LLC Tranche B-2 Term Loan^(f)(h)(i)10/26/20		4.000	%		4,687,500		4,700,578
Playa Resorts Holding Term Loan^(h)(i)08/09/19		4.750	%		1,799,000		1,813,626
Total							7,793,892
Media Cable —%
TWCC Holding Corp. 2nd Lien Term Loan^(h)(i)12/04/20		7.000	%		580,000		593,775
Media Non-Cable 0.2%
Cumulus Media Holdings, Inc. 2nd Lien Term Loan^(h)(i)09/16/19		7.500	%		3,955,057		4,036,136
Packaging 0.2%
Exopack LLC Tranche B Term Loan^(f)(h)(i)05/08/19		5.250	%		3,435,000		3,485,082
Property & Casualty 0.5%
Lonestar Intermediate Super Holdings LLC Term Loan^(h)(i)09/02/19		11.000	%		10,152,000		10,524,274
Retailers 0.5%
Neiman Marcus Group, Inc. (The) Term Loan^(h)(i)10/25/20		5.000	%		6,576,000		6,615,456

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Rite Aid Corp. Tranche 1 2nd Lien Term Loan^(h)(i)08/21/20		5.750	%		3,948,000		4,041,765
Total							10,657,221
Technology 1.5%
Ancestry.com, Inc. Tranche B1 Term Loan^(h)(i)12/28/18		5.250	%		6,765,659		6,782,506
Blue Coat Systems, Inc. 2nd Lien Term Loan^(h)(i)06/28/20		9.500	%		5,646,000		5,730,690
Digital Insight Corp.^(h)(i)1st Lien Term Loan 10/16/19		4.750	%		1,062,000		1,069,965
2nd Lien Term Loan 08/01/20		8.750	%		1,258,000		1,262,189
ION Trading Technologies SARL 2nd Lien Term Loan^(h)(i)05/22/21		8.250	%		7,493,531		7,562,247
Triple Point Group Holdings, Inc.^(h)(i)1st Lien Term Loan 07/10/20		5.250	%		3,905,000		3,475,450
2nd Lien Term Loan 07/10/21		9.250	%		3,788,000		3,219,800
Total							29,102,847
Wirelines 0.1%
Integra Telecom Holdings, Inc.^(h)(i)2nd Lien Term Loan 02/21/20		9.750	%		678,000		694,665
Tranche B Term Loan 02/22/19		5.250	%		1,949,205		1,968,093
Total							2,662,758
Total Senior Loans (Cost: $130,099,224)							131,671,334

Common Stocks —%

Issuer

Shares

Value ($)

Consumer Discretionary —%

Textiles, Apparel & Luxury Goods —%

Arena Brands, Inc.^(d)(e)(j)

111,111

491,111

Total Consumer Discretionary

491,111

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

Semiannual Report 2013
14

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Common Stocks (continued)

Issuer

Shares

Value ($)

Financials —%

Real Estate Investment Trusts (REITs) —%

Fairlane Management Corp.^(b)(d)(e)(j)

50,004

—

Total Financials

—

Total Common Stocks
(Cost: $5,888,888)

491,111

Warrants —%

Energy —%
Energy Equipment & Services —%
Green Field Energy Services, Inc.^(d)(j)	10,524	10,629
Total Warrants (Cost: $485,796)		10,629

Limited Partnerships —%

Issuer

Shares

Value ($)

Financials —%

Diversified Financial Services —%

Varde Fund V LP^(d)(e)(j)

25,000,000

70,285

Total Financials

70,285

Total Limited Partnerships
(Cost: $—)

70,285

Money Market Funds 3.3%

Shares

Value ($)

Columbia Short-Term Cash Fund,
0.094%^(k)(l)

64,241,298

Total Money Market Funds
(Cost: $64,241,298)

64,241,298

Total Investments
(Cost: $1,886,435,238)

1,951,211,019

Other Assets & Liabilities, Net

10,477,739

Net Assets

1,961,688,758

Investments in Derivatives

Futures Contracts Outstanding at November 30, 2013

At November 30, 2013, cash totaling $619,500 was pledged as collateral to cover initial margin requirements on open futures contracts.

Contract Description

Number of
Contracts
Long (Short)

Trading
Currency

Notional
Market
Value ($)

Expiration
Date

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

U.S. Treasury Note, 10-year

(420

)

USD

(52,657,500

)

March 2014

158,718

—

Notes to Portfolio of Investments

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2013, the value of these securities amounted to $733,752,683 or 37.40% of net assets.

(b) Negligible market value.

(d) Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at November 30, 2013 was $7,929,952, representing 0.40% of net assets. Information concerning such security holdings at November 30, 2013 is as follows:

Security Description	Acquisition Dates	Cost ($)
Arena Brands, Inc.	09/03/92		5,888,888
Cabazon Band Mission Indians Revenue Bonds Series 2004 13.000% 10/01/11	10/04/04		3,250,000
Fairlane Management Corp.	09/23/02		—

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

Semiannual Report 2013
15

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

Security Description	Acquisition Dates	Cost ($)
Green Field Energy Services, Inc. Secured 13.250% 11/15/2016	11/09/11 - 12/14/11		8,218,608
Green Field Energy Services, Inc.	11/09/11 - 03/27/12		485,797
Six Flags, Inc. 0.000% 06/01/14	05/07/10		—
United Artists Theatre Circuit, Inc. 1995-A Pass-Through Certificates 9.300% 07/01/15	08/12/96 - 04/03/02		2,156,041
United Artists Theatre Circuit, Inc. 1995-A Pass-Through Certificates 9.300% 07/01/15	12/06/01		664,635
Varde Fund V LP	04/27/00 - 06/19/00		—	*

*The original cost for this position was $25,000,000. From September 29, 2004 through May 7, 2005, $25,000,000 was returned to the Fund in the form of return of capital

(e) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2013, the value of these securities amounted to $3,455,411, which represents 0.18% of net assets.

(f) Represents a security purchased on a when-issued or delayed delivery basis.

(g) Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At November 30, 2013, the value of these securities amounted to $4,534,612, which represents 0.23% of net assets.

(h) Variable rate security.

(i) Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate ("LIBOR") and other short-term rates. The interest rate shown reflects the weighted average coupon as of November 30, 2013. The interest rate shown for senior loans purchased on a when-issued or delayed delivery basis, if any, reflects an estimated average coupon. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(j) Non-income producing.

(k) The rate shown is the seven-day current annualized yield at November 30, 2013.

(l) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2013, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					53,150,551				394,229,346				(383,138,599	)			64,241,298				30,419				64,241,298

Abbreviation Legend

PIK Payment-in-Kind

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

Semiannual Report 2013
16

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Fair Value Measurements

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

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

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

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

Semiannual Report 2013
17

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Bonds
Corporate Bonds & Notes
Entertainment		—		26,820,462		2,894,015		29,714,477
All Other Industries		—		1,723,517,373		—		1,723,517,373
Municipal Bonds		—		1,494,512		—		1,494,512
Total Bonds		—		1,751,832,347		2,894,015		1,754,726,362
Equity Securities
Common Stocks
Consumer Discretionary		—		—		491,111		491,111
Warrants
Energy		—		10,629		—		10,629
Total Equity Securities		—		10,629		491,111		501,740
Other
Senior Loans
Construction Machinery		—		6,461,877		4,213,365		10,675,242
Health Care		—		13,264,380		12,503,707		25,768,087
All Other Industries		—		95,228,005		—		95,228,005
Limited Partnerships		—		—		70,285		70,285
Total Other		—		114,954,262		16,787,357		131,741,619
Mutual Funds
Money Market Funds		64,241,298		—		—		64,241,298
Total Mutual Funds		64,241,298		—		—		64,241,298
Investments in Securities		64,241,298		1,866,797,238		20,172,483		1,951,211,019
Derivatives
Assets
Futures Contracts		158,718		—		—		158,718
Total		64,400,016		1,866,797,238		20,172,483		1,951,369,737

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Semiannual Report 2013
18

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Fair Value Measurements (continued)

The following table is a reconciliation of Level 3 assets for which significant observable and/or unobservable inputs were used to determine fair value.

	Corporate Bonds & Notes ($)			Senior Loans ($)			Common Stocks ($)		Limited Partnerships ($)			Total ($)
Balance as of May 31, 2013		3,538,974			6,565,455			491,111		113,262			10,708,802
Accrued discounts/premiums		20,975			14,508			—		—			35,483
Realized gain (loss)		18,841			107,681			—		20,142			146,664
Change in unrealized appreciation (depreciation)^(a)		(39,816	)		(184,672	)		—		(42,977	)		(267,465	)
Sales		(644,959	)		(2,451,373	)		—		(20,142	)		(3,116,474	)
Purchases		—			—			—		—			—
Transfers into Level 3		—			12,665,473			—		—			12,665,473
Transfers out of Level 3		—			—			—		—			—
Balance as of November 30, 2013		2,894,015			16,717,072			491,111		70,285			20,172,483

(a) Change in unrealized appreciation (depreciation) relating to securities held at November 30, 2013 was ($267,465), which is comprised of Corporate Bonds & Notes of ($39,816), Senior Loans of ($184,672) and Limited Partnerships of ($42,977).

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances

Equity securities classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, trades of similar securities, estimated earnings of the respective company, market multiples derived from a set of comparable companies, 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. Generally, a change in estimated earnings of the respective company may result in a change to the comparable companies and market multiples utilized.

Corporate bonds 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, estimated cash flows of the securities, discount rates observed in the market for similar assets as well as observed yields on securities management deemed comparable. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in observable yields on comparable securities would result in a directionally similar change to discount rates.

Senior loans classified as Level 3 are valued using the market approach and utilize single market quotations from broker dealers which may have included, but not limited to, the distressed nature of the security and observable transactions for similar assets in the market. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

Limited partnership securities classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the Fund's pro-rata interest in the limited partnership's capital balance, estimated earnings of the respective company, 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. Generally, a change in the fund's pro-rata interest would result in a change to the limited partnership's capital balance.

Financial Assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, as of period end, management determined to value the security(s) under consistently applied procedures established by and under the general supervision of the Board of Trustees.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

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

Semiannual Report 2013
19

Columbia High Yield Bond Fund

Statement of Assets and Liabilities

November 30, 2013 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,822,193,940)	$	1,886,969,721
Affiliated issuers (identified cost $64,241,298)		64,241,298
Total investments (identified cost $1,886,435,238)		1,951,211,019
Cash		405,806
Margin deposits		619,500
Receivable for:
Investments sold		6,623,813
Capital shares sold		8,447,111
Dividends		6,596
Interest		31,402,662
Variation margin		45,940
Other assets		20,953
Trustees' deferred compensation plan		77,373
Total assets		1,998,860,773
Liabilities
Payable for:
Investments purchased		6,445,994
Investments purchased on a delayed delivery basis		18,183,908
Capital shares purchased		2,689,340
Dividend distributions to shareholders		9,223,731
Investment management fees		60,266
Distribution and/or service fees		25,322
Transfer agent fees		179,705
Administration fees		6,843
Plan administration fees		11,047
Compensation of board members		85,044
Other expenses		183,442
Trustees' deferred compensation plan		77,373
Total liabilities		37,172,015
Net assets applicable to outstanding capital stock	$	1,961,688,758
Represented by
Paid-in capital	$	2,085,379,622
Excess of distributions over net investment income		(15,385,195	)
Accumulated net realized loss		(173,240,168	)
Unrealized appreciation (depreciation) on:
Investments		64,775,781
Futures contracts		158,718
Total — representing net assets applicable to outstanding capital stock	$	1,961,688,758

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

Semiannual Report 2013
20

Columbia High Yield Bond Fund

Statement of Assets and Liabilities (continued)

November 30, 2013 (Unaudited)

Class A
Net assets	$	1,349,103,643
Shares outstanding		452,695,241
Net asset value per share	$	2.98
Maximum offering price per share^(a)	$	3.13
Class B
Net assets	$	19,272,995
Shares outstanding		6,470,504
Net asset value per share	$	2.98
Class C
Net assets	$	92,572,672
Shares outstanding		31,271,181
Net asset value per share	$	2.96
Class I
Net assets	$	179,789,935
Shares outstanding		60,427,255
Net asset value per share	$	2.98
Class K
Net assets	$	53,492,889
Shares outstanding		17,930,238
Net asset value per share	$	2.98
Class R
Net assets	$	16,661,233
Shares outstanding		5,573,683
Net asset value per share	$	2.99
Class R4
Net assets	$	9,807,193
Shares outstanding		3,272,750
Net asset value per share	$	3.00
Class R5
Net assets	$	11,051,401
Shares outstanding		3,711,017
Net asset value per share	$	2.98
Class W
Net assets	$	78,457,047
Shares outstanding		26,530,311
Net asset value per share	$	2.96
Class Y
Net assets	$	1,647,832
Shares outstanding		554,332
Net asset value per share	$	2.97
Class Z
Net assets	$	149,831,918
Shares outstanding		50,339,219
Net asset value per share	$	2.98

(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%.

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

Semiannual Report 2013
21

Columbia High Yield Bond Fund

Statement of Operations

Six Months Ended November 30, 2013 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$	30,419
Interest		62,824,310
Total income		62,854,729
Expenses:
Investment management fees		5,340,916
Distribution and/or service fees
Class A		1,669,395
Class B		109,274
Class C		467,493
Class R		38,451
Class W		66,778
Transfer agent fees
Class A		1,083,677
Class B		17,754
Class C		75,852
Class K		13,904
Class R		12,476
Class R4		7,552
Class R5		3,001
Class W		43,449
Class Z		114,851
Administration fees		607,126
Plan administration fees
Class K		69,519
Compensation of board members		27,446
Custodian fees		26,243
Printing and postage fees		116,249
Registration fees		76,943
Professional fees		28,365
Chief compliance officer expenses		4
Other		16,746
Total expenses		10,033,464
Fees waived by Distributor — Class C		(70,124	)
Expense reductions		(5,625	)
Total net expenses		9,957,715
Net investment income		52,897,014
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		14,781,344
Futures contracts		571,749
Net realized gain		15,353,093
Net change in unrealized appreciation (depreciation) on:
Investments		(36,168,570	)
Futures contracts		24,134
Net change in unrealized appreciation (depreciation)		(36,144,436	)
Net realized and unrealized loss		(20,791,343	)
Net increase in net assets resulting from operations	$	32,105,671

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

Semiannual Report 2013
22

Columbia High Yield Bond Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2013 (Unaudited)			Year Ended May 31, 2013^(a)
Operations
Net investment income	$	52,897,014		$	101,292,436
Net realized gain		15,353,093			71,889,368
Net change in unrealized appreciation (depreciation)		(36,144,436	)		56,965,436
Net increase in net assets resulting from operations		32,105,671			230,147,240
Distributions to shareholders
Net investment income
Class A		(36,474,973	)		(73,911,518	)
Class B		(512,513	)		(1,348,532	)
Class C		(2,272,125	)		(4,270,252	)
Class I		(4,693,298	)		(7,692,293	)
Class K		(1,547,888	)		(3,931,148	)
Class R		(402,247	)		(561,987	)
Class R4		(266,125	)		(533,795	)
Class R5		(349,403	)		(743,808	)
Class W		(1,464,169	)		(2,554,333	)
Class Y		(59,241	)		(84	)
Class Z		(4,028,459	)		(4,350,600	)
Total distributions to shareholders		(52,070,441	)		(99,898,350	)
Increase (decrease) in net assets from capital stock activity		(19,820,546	)		281,675,199
Total increase (decrease) in net assets		(39,785,316	)		411,924,089
Net assets at beginning of period		2,001,474,074			1,589,549,985
Net assets at end of period	$	1,961,688,758		$	2,001,474,074
Excess of distributions over net investment income	$	(15,385,195	)	$	(16,211,768	)

(a) Class Y shares are for the period from November 8, 2012 (commencement of operations) to May 31, 2013.

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

Semiannual Report 2013
23

Columbia High Yield Bond Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2013 (Unaudited)						Year Ended May 31, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		44,479,957			131,759,489			99,005,139			287,873,648
Fund merger		—			—			62,790,155			190,998,515
Distributions reinvested		10,122,204			29,881,965			20,516,771			60,460,433
Redemptions		(86,158,839	)		(254,959,359	)		(118,548,080	)		(349,236,914	)
Net increase (decrease)		(31,556,678	)		(93,317,905	)		63,763,985			190,095,682
Class B shares
Subscriptions		241,269			712,572			873,167			2,558,654
Fund merger		—			—			924,378			2,809,760
Distributions reinvested		157,775			465,482			418,090			1,229,057
Redemptions^(b)		(2,982,627	)		(8,814,588	)		(5,518,919	)		(15,978,900	)
Net decrease		(2,583,583	)		(7,636,534	)		(3,303,284	)		(9,381,429	)
Class C shares
Subscriptions		4,682,472			13,780,380			8,179,225			23,935,402
Fund merger		—			—			3,844,326			11,616,557
Distributions reinvested		648,141			1,901,318			1,199,349			3,516,738
Redemptions		(6,666,712	)		(19,512,812	)		(7,960,230	)		(23,485,601	)
Net increase (decrease)		(1,336,099	)		(3,831,114	)		5,262,670			15,583,096
Class I shares
Subscriptions		21,357,706			62,908,515			3,863,519			11,559,646
Distributions reinvested		1,590,405			4,692,993			2,618,146			7,685,228
Redemptions		(52,109	)		(152,590	)		(19,858,954	)		(58,414,131	)
Net increase (decrease)		22,896,002			67,448,918			(13,377,289	)		(39,169,257	)
Class K shares
Subscriptions		582,229			1,724,342			3,905,938			11,457,296
Distributions reinvested		523,642			1,547,104			1,332,602			3,930,639
Redemptions		(3,868,394	)		(11,394,596	)		(7,261,904	)		(21,716,382	)
Net decrease		(2,762,523	)		(8,123,150	)		(2,023,364	)		(6,328,447	)
Class R shares
Subscriptions		1,681,139			4,976,457			3,058,868			9,073,885
Distributions reinvested		97,990			290,403			106,865			317,813
Redemptions		(831,522	)		(2,467,857	)		(1,255,989	)		(3,709,985	)
Net increase		947,607			2,799,003			1,909,744			5,681,713
Class R4 shares
Subscriptions		694,451			2,065,023			1,396,940			4,177,718
Distributions reinvested		89,556			265,885			179,750			533,507
Redemptions		(970,505	)		(2,887,293	)		(1,039,723	)		(3,105,278	)
Net increase (decrease)		(186,498	)		(556,385	)		536,967			1,605,947

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

Semiannual Report 2013
24

Columbia High Yield Bond Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2013 (Unaudited)						Year Ended May 31, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		2,083,691			6,170,475			2,063,402			6,060,095
Distributions reinvested		115,987			342,617			251,437			743,201
Redemptions		(3,513,466	)		(10,381,795	)		(408,202	)		(1,220,368	)
Net increase (decrease)		(1,313,788	)		(3,868,703	)		1,906,637			5,582,928
Class W shares
Subscriptions		14,476,061			42,871,230			5,170,971			15,172,925
Distributions reinvested		499,086			1,464,033			872,873			2,554,048
Redemptions		(5,521,271	)		(16,307,004	)		(5,206,350	)		(14,976,892	)
Net increase		9,453,876			28,028,259			837,494			2,750,081
Class Y shares
Subscriptions		1,656,685			4,895,173			856			2,500
Distributions reinvested		16,910			49,773			—			—
Redemptions		(1,120,119	)		(3,302,190	)		—			—
Net increase		553,476			1,642,756			856			2,500
Class Z shares
Subscriptions		19,046,124			56,020,445			23,897,342			69,797,260
Fund merger		—			—			47,872,601			145,630,279
Distributions reinvested		677,679			1,999,638			1,142,545			3,373,672
Redemptions		(20,503,879	)		(60,425,774	)		(34,551,666	)		(103,548,826	)
Net increase (decrease)		(780,076	)		(2,405,691	)		38,360,822			115,252,385
Total net increase (decrease)		(6,668,284	)		(19,820,546	)		93,875,238			281,675,199

(a) Class Y shares are for the period from November 8, 2012 (commencement of operations) to May 31, 2013.

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

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

Semiannual Report 2013
25

Columbia High Yield Bond Fund

Financial Highlights

	Six Months Ended November 30, 2013			Year Ended May 31,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	3.01		$	2.78		$	2.86		$	2.61		$	2.30		$	2.74
Income from investment operations:
Net investment income		0.08			0.17			0.18			0.20			0.20			0.22
Net realized and unrealized gain (loss)		(0.03	)		0.23			(0.07	)		0.25			0.31			(0.44	)
Total from investment operations		0.05			0.40			0.11			0.45			0.51			(0.22	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.17	)		(0.19	)		(0.20	)		(0.20	)		(0.22	)
Net realized gains		—			—			(0.00	)^(a)		—			—			—
Total distributions to shareholders		(0.08	)		(0.17	)		(0.19	)		(0.20	)		(0.20	)		(0.22	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	2.98		$	3.01		$	2.78		$	2.86		$	2.61		$	2.30
Total return		1.73	%		14.55	%		3.99	%^(b)		17.61	%		22.80	%^(c)		(7.04	%)
Ratios to average net assets^(d)
Total gross expenses		1.07	%^(e)		1.08	%		1.08	%		1.08	%		1.09	%		1.14	%
Total net expenses^(f)		1.07	%^(e)(g)		1.07	%^(g)		1.04	%^(g)		1.06	%		1.03	%		1.02	%
Net investment income		5.55	%^(e)		5.72	%		6.54	%		7.16	%		7.95	%		9.85	%
Supplemental data
Net assets, end of period (in thousands)	$	1,349,104		$	1,457,415		$	1,170,173		$	1,339,628		$	1,192,636		$	1,003,576
Portfolio turnover		30	%		81	%		76	%		96	%		94	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(e) Annualized.

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

(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.

Semiannual Report 2013
26

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class B	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	3.01		$	2.78		$	2.86		$	2.61		$	2.30		$	2.74
Income from investment operations:
Net investment income		0.07			0.15			0.16			0.18			0.18			0.20
Net realized and unrealized gain (loss)		(0.03	)		0.22			(0.07	)		0.25			0.31			(0.44	)
Total from investment operations		0.04			0.37			0.09			0.43			0.49			(0.24	)
Less distributions to shareholders:
Net investment income		(0.07	)		(0.14	)		(0.17	)		(0.18	)		(0.18	)		(0.20	)
Net realized gains		—			—			(0.00	)^(a)		—			—			—
Total distributions to shareholders		(0.07	)		(0.14	)		(0.17	)		(0.18	)		(0.18	)		(0.20	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	2.98		$	3.01		$	2.78		$	2.86		$	2.61		$	2.30
Total return		1.35	%		13.69	%		3.20	%^(b)		16.71	%		21.88	%^(c)		(7.77	%)
Ratios to average net assets^(d)
Total gross expenses		1.82	%^(e)		1.82	%		1.84	%		1.84	%		1.85	%		1.90	%
Total net expenses^(f)		1.82	%^(e)(g)		1.82	%^(g)		1.79	%^(g)		1.82	%		1.79	%		1.78	%
Net investment income		4.80	%^(e)		4.99	%		5.77	%		6.45	%		7.19	%		8.98	%
Supplemental data
Net assets, end of period (in thousands)	$	19,273		$	27,239		$	34,361		$	62,820		$	91,104		$	109,559
Portfolio turnover		30	%		81	%		76	%		96	%		94	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(e) Annualized.

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

(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.

Semiannual Report 2013
27

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class C	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	2.99		$	2.76		$	2.84		$	2.59		$	2.28		$	2.72
Income from investment operations:
Net investment income		0.07			0.15			0.16			0.18			0.18			0.20
Net realized and unrealized gain (loss)		(0.03	)		0.22			(0.08	)		0.25			0.31			(0.44	)
Total from investment operations		0.04			0.37			0.08			0.43			0.49			(0.24	)
Less distributions to shareholders:
Net investment income		(0.07	)		(0.14	)		(0.16	)		(0.18	)		(0.18	)		(0.20	)
Net realized gains		—			—			(0.00	)^(a)		—			—			—
Total distributions to shareholders		(0.07	)		(0.14	)		(0.16	)		(0.18	)		(0.18	)		(0.20	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	2.96		$	2.99		$	2.76		$	2.84		$	2.59		$	2.28
Total return		1.42	%		13.78	%		3.20	%^(b)		16.80	%		22.01	%^(c)		(7.86	%)
Ratios to average net assets^(d)
Total gross expenses		1.82	%^(e)		1.83	%		1.83	%		1.84	%		1.85	%		1.89	%
Total net expenses^(f)		1.67	%^(e)(g)		1.80	%^(g)		1.79	%^(g)		1.82	%		1.79	%		1.77	%
Net investment income		4.96	%^(e)		4.98	%		5.79	%		6.42	%		7.14	%		9.11	%
Supplemental data
Net assets, end of period (in thousands)	$	92,573		$	97,487		$	75,596		$	76,237		$	70,489		$	21,579
Portfolio turnover		30	%		81	%		76	%		96	%		94	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(e) Annualized.

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

(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.

Semiannual Report 2013
28

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class I	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	3.00		$	2.78		$	2.86		$	2.60		$	2.29		$	2.73
Income from investment operations:
Net investment income		0.09			0.18			0.19			0.21			0.21			0.23
Net realized and unrealized gain (loss)		(0.02	)		0.22			(0.07	)		0.26			0.31			(0.44	)
Total from investment operations		0.07			0.40			0.12			0.47			0.52			(0.21	)
Less distributions to shareholders:
Net investment income		(0.09	)		(0.18	)		(0.20	)		(0.21	)		(0.21	)		(0.23	)
Net realized gains		—			—			(0.00	)^(a)		—			—			—
Total distributions to shareholders		(0.09	)		(0.18	)		(0.20	)		(0.21	)		(0.21	)		(0.23	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	2.98		$	3.00		$	2.78		$	2.86		$	2.60		$	2.29
Total return		2.28	%		14.64	%		4.38	%^(b)		18.52	%		23.35	%^(c)		(6.75	%)
Ratios to average net assets^(d)
Total gross expenses		0.66	%^(e)		0.66	%		0.66	%		0.68	%		0.68	%		0.70	%
Total net expenses^(f)		0.66	%^(e)		0.66	%		0.66	%		0.68	%		0.63	%		0.65	%
Net investment income		5.98	%^(e)		6.15	%		6.91	%		7.53	%		8.36	%		10.34	%
Supplemental data
Net assets, end of period (in thousands)	$	179,790		$	112,742		$	141,388		$	132,684		$	144,203		$	74,333
Portfolio turnover		30	%		81	%		76	%		96	%		94	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(e) Annualized.

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

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

Semiannual Report 2013
29

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class K	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	3.01		$	2.79		$	2.86		$	2.61		$	2.30		$	2.74
Income from investment operations:
Net investment income		0.08			0.17			0.18			0.20			0.21			0.22
Net realized and unrealized gain (loss)		(0.03	)		0.22			(0.06	)		0.25			0.30			(0.43	)
Total from investment operations		0.05			0.39			0.12			0.45			0.51			(0.21	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.17	)		(0.19	)		(0.20	)		(0.20	)		(0.23	)
Net realized gains		—			—			(0.00	)^(a)		—			—			—
Total distributions to shareholders		(0.08	)		(0.17	)		(0.19	)		(0.20	)		(0.20	)		(0.23	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	2.98		$	3.01		$	2.79		$	2.86		$	2.61		$	2.30
Total return		1.79	%		14.26	%		4.44	%^(b)		17.74	%		22.92	%^(c)		(6.86	%)
Ratios to average net assets^(d)
Total gross expenses		0.96	%^(e)		0.96	%		0.96	%		0.96	%		0.99	%		1.00	%
Total net expenses^(f)		0.96	%^(e)		0.96	%		0.96	%		0.96	%		0.93	%		0.87	%
Net investment income		5.66	%^(e)		5.84	%		6.62	%		7.27	%		8.05	%		10.46	%
Supplemental data
Net assets, end of period (in thousands)	$	53,493		$	62,347		$	63,276		$	61,282		$	43,406		$	2,391
Portfolio turnover		30	%		81	%		76	%		96	%		94	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(e) Annualized.

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

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

Semiannual Report 2013
30

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class R	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	3.02		$	2.79		$	2.87		$	2.62		$	2.30		$	2.74
Income from investment operations:
Net investment income		0.08			0.16			0.17			0.19			0.20			0.21
Net realized and unrealized gain (loss)		(0.03	)		0.23			(0.07	)		0.25			0.31			(0.44	)
Total from investment operations		0.05			0.39			0.10			0.44			0.51			(0.23	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.16	)		(0.18	)		(0.19	)		(0.19	)		(0.21	)
Net realized gains		—			—			(0.00	)^(a)		—			—			—
Total distributions to shareholders		(0.08	)		(0.16	)		(0.18	)		(0.19	)		(0.19	)		(0.21	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	2.99		$	3.02		$	2.79		$	2.87		$	2.62		$	2.30
Total return		1.61	%		14.24	%		3.75	%^(b)		17.23	%		22.79	%^(c)		(7.38	%)
Ratios to average net assets^(d)
Total gross expenses		1.32	%^(e)		1.33	%		1.33	%		1.36	%		1.48	%		1.52	%
Total net expenses^(f)		1.32	%^(e)(g)		1.32	%^(g)		1.29	%^(g)		1.35	%		1.43	%		1.39	%
Net investment income		5.31	%^(e)		5.45	%		6.29	%		6.86	%		7.46	%		9.46	%
Supplemental data
Net assets, end of period (in thousands)	$	16,661		$	13,967		$	7,582		$	7,156		$	5,690		$	14
Portfolio turnover		30	%		81	%		76	%		96	%		94	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(e) Annualized.

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

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

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

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31

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class R4	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	3.03		$	2.80		$	2.88		$	2.62		$	2.31		$	2.74
Income from investment operations:
Net investment income		0.09			0.17			0.18			0.20			0.20			0.22
Net realized and unrealized gain (loss)		(0.04	)		0.23			(0.08	)		0.26			0.31			(0.43	)
Total from investment operations		0.05			0.40			0.10			0.46			0.51			(0.21	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.17	)		(0.18	)		(0.20	)		(0.20	)		(0.22	)
Net realized gains		—			—			(0.00	)^(a)		—			—			—
Total distributions to shareholders		(0.08	)		(0.17	)		(0.18	)		(0.20	)		(0.20	)		(0.22	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	3.00		$	3.03		$	2.80		$	2.88		$	2.62		$	2.31
Total return		1.87	%		14.59	%		3.83	%^(b)		17.81	%		22.56	%^(c)		(6.70	%)
Ratios to average net assets^(d)
Total gross expenses		0.82	%^(e)		0.97	%		1.21	%		1.21	%		1.23	%		1.25	%
Total net expenses^(f)		0.82	%^(e)(g)		0.97	%		1.21	%		1.21	%		1.18	%		1.20	%
Net investment income		5.80	%^(e)		5.82	%		6.37	%		6.99	%		7.81	%		11.09	%
Supplemental data
Net assets, end of period (in thousands)	$	9,807		$	10,468		$	8,176		$	7,418		$	4,003		$	1,243
Portfolio turnover		30	%		81	%		76	%		96	%		94	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(e) Annualized.

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

(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.

Semiannual Report 2013
32

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class R5	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	3.01		$	2.78		$	2.86		$	2.61		$	2.30		$	2.74
Income from investment operations:
Net investment income		0.09			0.18			0.19			0.21			0.21			0.23
Net realized and unrealized gain (loss)		(0.03	)		0.23			(0.07	)		0.25			0.31			(0.44	)
Total from investment operations		0.06			0.41			0.12			0.46			0.52			(0.21	)
Less distributions to shareholders:
Net investment income		(0.09	)		(0.18	)		(0.20	)		(0.21	)		(0.21	)		(0.23	)
Net realized gains		—			—			(0.00	)^(a)		—			—			—
Total distributions to shareholders		(0.09	)		(0.18	)		(0.20	)		(0.21	)		(0.21	)		(0.23	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	2.98		$	3.01		$	2.78		$	2.86		$	2.61		$	2.30
Total return		1.92	%		14.96	%		4.32	%^(b)		18.02	%		23.22	%^(c)		(6.73	%)
Ratios to average net assets^(d)
Total gross expenses		0.71	%^(e)		0.71	%		0.71	%		0.73	%		0.73	%		0.75	%
Total net expenses^(f)		0.71	%^(e)		0.71	%		0.71	%		0.72	%		0.68	%		0.70	%
Net investment income		5.90	%^(e)		6.06	%		6.76	%		7.48	%		8.18	%		10.19	%
Supplemental data
Net assets, end of period (in thousands)	$	11,051		$	15,124		$	8,675		$	11,384		$	7,958		$	4
Portfolio turnover		30	%		81	%		76	%		96	%		94	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(e) Annualized.

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

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

Semiannual Report 2013
33

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class W	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	2.99		$	2.76		$	2.84		$	2.59		$	2.28		$	2.71
Income from investment operations:
Net investment income		0.08			0.17			0.18			0.20			0.20			0.22
Net realized and unrealized gain (loss)		(0.03	)		0.23			(0.07	)		0.25			0.31			(0.43	)
Total from investment operations		0.05			0.40			0.11			0.45			0.51			(0.21	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.17	)		(0.19	)		(0.20	)		(0.20	)		(0.22	)
Net realized gains		—			—			(0.00	)^(a)		—			—			—
Total distributions to shareholders		(0.08	)		(0.17	)		(0.19	)		(0.20	)		(0.20	)		(0.22	)
Proceeds from regulatory settlements		—			—			0.00	^(a)		—			0.00	^(a)		—
Net asset value, end of period	$	2.96		$	2.99		$	2.76		$	2.84		$	2.59		$	2.28
Total return		1.72	%		14.61	%		3.97	%^(b)		17.65	%		22.82	%^(c)		(6.91	%)
Ratios to average net assets^(d)
Total gross expenses		1.07	%^(e)		1.08	%		1.11	%		1.10	%		1.12	%		1.16	%
Total net expenses^(f)		1.07	%^(e)(g)		1.07	%^(g)		1.05	%^(g)		1.09	%		1.08	%		1.10	%
Net investment income		5.53	%^(e)		5.72	%		6.59	%		7.16	%		7.68	%		9.51	%
Supplemental data
Net assets, end of period (in thousands)	$	78,457		$	50,998		$	44,832		$	89,506		$	100,227		$	6,435
Portfolio turnover		30	%		81	%		76	%		96	%		94	%		83	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(e) Annualized.

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

(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.

Semiannual Report 2013
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Columbia High Yield Bond Fund

Financial Highlights (continued)

Class Y	Six Months Ended November 30, 2013 (Unaudited)			Year Ended May 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	3.00		$	2.92
Income from investment operations:
Net investment income		0.09			0.10
Net realized and unrealized gain (loss)		(0.03	)		0.08
Total from investment operations		0.06			0.18
Less distributions to shareholders:
Net investment income		(0.09	)		(0.10	)
Total distributions to shareholders		(0.09	)		(0.10	)
Net asset value, end of period	$	2.97		$	3.00
Total return		1.94	%		6.16	%
Ratios to average net assets^(b)
Total gross expenses		0.66	%^(c)		0.58	%^(c)
Total net expenses^(d)		0.66	%^(c)		0.58	%^(c)
Net investment income		5.99	%^(c)		6.06	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,648		$	3
Portfolio turnover		30	%		81	%

Notes to Financial Highlights

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

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

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

Semiannual Report 2013
35

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,
Class Z	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	3.01		$	2.78		$	2.85		$	2.72
Income from investment operations:
Net investment income		0.08			0.17			0.18			0.14
Net realized and unrealized gain (loss)		(0.03	)		0.23			(0.06	)		0.12
Total from investment operations		0.05			0.40			0.12			0.26
Less distributions to shareholders:
Net investment income		(0.08	)		(0.17	)		(0.19	)		(0.13	)
Net realized gains		—			—			(0.00	)^(b)		—
Total distributions to shareholders		(0.08	)		(0.17	)		(0.19	)		(0.13	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—
Net asset value, end of period	$	2.98		$	3.01		$	2.78		$	2.85
Total return		1.86	%		14.84	%		4.59	%^(c)		9.87	%
Ratios to average net assets^(d)
Total gross expenses		0.82	%^(e)		0.82	%		0.80	%		0.73	%^(e)
Total net expenses^(f)		0.82	%^(e)(g)		0.82	%^(g)		0.78	%^(g)		0.73	%^(e)
Net investment income		5.76	%^(e)		5.86	%		6.58	%		7.37	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	149,832		$	153,684		$	35,492		$	12,526
Portfolio turnover		30	%		81	%		76	%		96	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(e) Annualized.

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

(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.

Semiannual Report 2013
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Columbia High Yield Bond Fund

Notes to Financial Statements

November 30, 2013 (Unaudited)

Note 1. Organization

Columbia High Yield Bond Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class W, 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 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 structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 4.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

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

Class I shares are not subject to sales charges and are available only to the Columbia Family of Funds.

Class K shares are not subject to sales charges, however this share class is closed to new investors.

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

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

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

Class W shares are not subject to sales charges and are available only to investors purchasing through authorized investment programs managed by investment professionals, including discretionary managed account programs.

Class Y shares are not subject to sales charges and are generally available only to certain retirement plans.

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

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Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

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 open-end investment companies, including money market funds, are valued at net asset value.

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

Derivative Instruments

under the contract. A Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any initial margin held by the counterparty. With exchange traded or centrally cleared derivatives, there is minimal counterparty credit risk to the Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the counterparty credit risk is limited to failure of the clearinghouse. However, credit risk still exists in exchange traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker's customers, potentially resulting in losses to the Fund.

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Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

mark to market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g. $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

Futures Contracts

Futures contracts are exchange traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. 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.

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.

Effects of Derivative Transactions in the Financial Statements

The following table is a summary of the fair value of derivative instruments at November 30, 2013:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized appreciation on futures contracts		158,718	*

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended November 30, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Interest rate risk		571,749
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Interest rate risk		24,134

Semiannual Report 2013
39

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

The following table is a summary of the volume of derivative instruments for the six months ended November 30, 2013:

Derivative Instrument				Contracts Opened
Futures contracts					850

Investments in Loans

The Fund may invest in loan participations and assignments of all or a portion of a loan. When the Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participations (Selling Participant), but not the borrower, and assumes the credit risk of the borrower, Selling Participant and any other persons interpositioned between the Fund and the borrower. In addition, the Fund may not directly benefit from the collateral supporting the loan that it has purchased from the Selling Participant. In contrast, when the Fund purchases an assignment of a loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce their rights only through an administrative agent. Although certain loan participations or assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have their interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent, enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, loan participations and assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for loan participations and assignments and certain loan participations and assignments which were liquid, when purchased, may become illiquid.

Delayed Delivery Securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a "when-issued" basis. This may increase risk since the other party to the transaction may fail to deliver which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

Security Transactions

Trade date for senior loans purchased in the primary market is the date on which the loan is allocated. Trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

Income Recognition

Corporate actions and dividend income is recorded on the ex-dividend date.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange traded funds (ETFs) and real estate investment trusts (REITs), which report information on the character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on estimates made by the Fund's management if actual information has not yet been 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. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the BDCs, ETFs and REITs, which could result in a proportionate change in return of capital to shareholders.

The value of additional securities received as an income payment is recorded as income and increases the cost basis of such securities.

Expenses

Determination of Class Net Asset Value

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Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

Federal Income Tax Status

Distributions to Shareholders

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

Guarantees and Indemnifications

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.590% to 0.360% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2013 was 0.56% of the Fund's average daily net assets.

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 a percentage of the Fund's average daily net assets that declines from 0.07% to 0.04% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2013 was 0.06% of the Fund's average daily net assets.

Other Expenses

Compensation of Board Members

Transfer Agent Fees

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Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class. Class Y shares are not subject to transfer agent fees through April 30, 2014.

For the six months ended November 30, 2013, the Fund's annualized effective transfer agent 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 W	0.16
Class Z	0.16

The Fund and certain other associated investment companies, have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At November 30, 2013, the Fund's total potential future obligation over the life of the Guaranty is $147,423. The liability remaining at November 30, 2013 for non-recurring charges associated with the lease amounted to $67,514 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class' initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2013, these minimum account balance fees reduced total expenses by $5,625.

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 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. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class A and Class W shares, a fee at an annual rate of up to 0.50% of the Fund's average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services) and a fee at an annual rate of up to 1.00% of the Fund's average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses. The Distributor has voluntarily agreed to waive a portion of the distribution fee for Class C shares so that the distribution fee does not exceed 0.60% annually of the average daily net assets attributable to Class C shares. This arrangement may be modified or terminated by the Distributor at any time.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $2,663,000 and $7,478,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2013, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $389,938 for Class A, $5,883 for Class B and $3,013 for Class C shares for the six months ended November 30, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Semiannual Report 2013
42

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

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

	October 1, 2013 through September 30, 2014			Prior to October 1, 2013
Class A		1.07	%		1.08	%
Class B		1.82			1.83
Class C		1.82			1.83
Class I		0.70			0.70
Class K		1.00			1.00
Class R		1.32			1.33
Class R4		0.82			0.83
Class R5		0.75			0.75
Class W		1.07			1.08
Class Y		0.70			0.70
Class Z		0.82			0.83

Note 4. Federal Tax Information

At November 30, 2013, the cost of investments for federal income tax purposes was approximately $1,886,435,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	91,035,000
Unrealized depreciation		(26,259,000	)
Net unrealized appreciation	$	64,776,000

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

Year of Expiration		Amount ($)
	2014		1,782,923
	2015		378,711
	2016		25,681,397
	2017		120,911,432
	2018		55,132,247
	Total		203,886,710

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $561,056,629 and $603,973,667, respectively, for the six months ended November 30, 2013.

Note 6. Affiliated Money Market Fund

Note 7. Shareholder Concentration

At November 30, 2013, affiliated shareholder accounts owned 29.5% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

Semiannual Report 2013
43

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum. The commitment fee is included in other expenses in the Statement of Operations.

The Fund had no borrowings during the six months ended November 30, 2013.

Note 9. Fund Merger

At the close of business on April 26, 2013, the Fund acquired the assets and assumed the identified liabilities of Columbia High Yield Opportunity Fund, a series of Columbia Funds Series Trust I (the acquired fund). The reorganization was completed after shareholders of the acquired fund approved a plan of reorganization on February 27, 2013. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the acquisition were $1,769,176,022 and the combined net assets immediately after the acquisition were $2,120,231,133.

The merger was accomplished by a tax-free exchange of 79,016,836 shares of the acquired fund valued at $351,055,111(including $21,881,263 of unrealized appreciation).

In exchange for the acquired fund's shares, the Fund issued the following number of shares:

	Shares
Class A		62,790,155
Class B		924,378
Class C		3,844,326
Class Z		47,872,601

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

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

Assuming the merger had been completed on June 1, 2012 the Fund's pro-forma net investment income, net gain on investments, net change in unrealized appreciation and net increase in net assets from operations for the year ended May, 31, 2013 would have been approximately $120.1 million, $84.5 million, $75.2 million and $279.8 million, respectively.

Note 10. Significant Risks

Low and Below Investment Grade (High-Yield) Securities Risk

Securities with the lowest investment grade rating, securities rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated securities of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade securities. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated securities. High-yield securities are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal.

Note 11. Subsequent Events

Note 12. Information Regarding Pending and Settled Legal Proceedings

Semiannual Report 2013
44

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2013 (Unaudited)

activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the Funds' Boards of Trustees.

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Semiannual Report 2013
48

Columbia High Yield Bond Fund

Important Information About This Report

Semiannual Report 2013
49

Columbia High Yield Bond Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

SAR160_05_D01_(01/14)

Semiannual Report

November 30, 2013

Columbia Diversified Equity Income Fund

Not FDIC insured • No bank guarantee • May lose value

President's Message

Dear Shareholders,

A market rally led by equities

Improved risk appetites boosted fixed income

Stay on track with Columbia Management

Visit columbiamanagement.com for:

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

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

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

Investing involves risk including the risk of loss of principal.

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

Semiannual Report 2013

Columbia Diversified Equity Income Fund

Table of Contents

Performance Overview					2
Portfolio Overview					3
Understanding Your Fund's Expenses					4
Portfolio of Investments					5
Statement of Assets and Liabilities					10
Statement of Operations					12
Statement of Changes in Net Assets					13
Financial Highlights					16
Notes to Financial Statements					27
Important Information About This Report					33

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

Semiannual Report 2013

Columbia Diversified Equity Income Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Diversified Equity Income Fund (the Fund) Class A shares returned 9.99% excluding sales charges for the six months ended November 30, 2013.

> The Fund underperformed its benchmark, the Russell 1000 Value Index, which returned 10.54% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	10/15/90
Excluding sales charges			9.99		29.85		15.92		8.61
Including sales charges			3.66		22.39		14.57		7.97
Class B	03/20/95
Excluding sales charges			9.63		28.90		15.05		7.79
Including sales charges			4.63		23.90		14.83		7.79
Class C	06/26/00
Excluding sales charges			9.59		28.85		15.06		7.79
Including sales charges			8.59		27.85		15.06		7.79
Class I*	03/04/04		10.23		30.42		16.44		9.06
Class K	03/20/95		10.05		29.98		16.11		8.79
Class R*	12/11/06		9.81		29.47		15.60		8.29
Class R4*	12/11/06		10.09		30.03		15.88		8.54
Class R5*	12/11/06		10.19		30.31		16.39		8.90
Class W*	12/01/06		9.98		29.78		15.94		8.62
Class Y*	11/08/12		10.31		30.44		16.04		8.67
Class Z*	09/27/10		10.13		30.20		16.11		8.70
Russell 1000 Value Index			10.54		31.92		16.40		7.96

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 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. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

Semiannual Report 2013
2

Columbia Diversified Equity Income Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2013)
Chevron Corp.					3.3
JPMorgan Chase & Co.					3.2
Wells Fargo & Co.					2.9
Citigroup, Inc.					2.8
Johnson & Johnson					2.6
Bank of America Corp.					2.3
Apple, Inc.					2.2
General Electric Co.					2.2
Cisco Systems, Inc.					2.2
Merck & Co., Inc.					2.1

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Portfolio Breakdown (%) (at November 30, 2013)
Common Stocks					97.4
Consumer Discretionary					8.6
Consumer Staples					6.3
Energy					11.8
Financials					28.4
Health Care					14.1
Industrials					11.2
Information Technology					9.8
Materials					1.8
Telecommunication Services					2.8
Utilities					2.6
Money Market Funds					2.6
Total					100.0

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

Portfolio Management

Hugh Mullin, CFA

Russell Bloomfield, CFA, CAIA

Effective July 2013, Mr. Mullin was named as Lead Manager of the Fund. Effective, October 9, 2013, Mr. Bloomfield joined Mr. Mullin as a Portfolio Manager of the Fund.

Morningstar Style Box^TM

Semiannual Report 2013
3

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

Analyzing Your Fund's Expenses

Compare With Other Funds

June 1, 2013 – November 30, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,099.90		1,019.55		5.65		5.44		1.08
Class B		1,000.00		1,000.00		1,096.30		1,015.81		9.56		9.20		1.83
Class C		1,000.00		1,000.00		1,095.90		1,015.81		9.56		9.20		1.83
Class I		1,000.00		1,000.00		1,102.30		1,021.74		3.35		3.23		0.64
Class K		1,000.00		1,000.00		1,100.50		1,020.24		4.92		4.73		0.94
Class R		1,000.00		1,000.00		1,098.10		1,018.30		6.96		6.69		1.33
Class R4		1,000.00		1,000.00		1,100.90		1,020.79		4.35		4.18		0.83
Class R5		1,000.00		1,000.00		1,101.90		1,021.44		3.67		3.53		0.70
Class W		1,000.00		1,000.00		1,099.80		1,019.55		5.65		5.44		1.08
Class Y		1,000.00		1,000.00		1,103.10		1,021.74		3.36		3.23		0.64
Class Z		1,000.00		1,000.00		1,101.30		1,020.79		4.35		4.18		0.83

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

Semiannual Report 2013
4

Columbia Diversified Equity Income Fund

Portfolio of Investments

November 30, 2013 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 97.4%

Issuer	Shares		Value ($)
Consumer Discretionary 8.6%
Auto Components 0.8%
TRW Automotive Holdings Corp.^(a)		286,606		22,240,626
Automobiles 1.3%
General Motors Co.^(a)		982,100		38,036,733
Household Durables 0.5%
Mohawk Industries, Inc.^(a)		105,972		14,838,199
Media 3.3%
DISH Network Corp., Class A		480,712		26,035,362
Time Warner Cable, Inc.		123,390		17,054,966
Walt Disney Co. (The)		750,105		52,912,406
Total				96,002,734
Multiline Retail 1.7%
Kohl's Corp.		369,132		20,405,617
Macy's, Inc.		508,714		27,094,108
Total				47,499,725
Specialty Retail 1.0%
Home Depot, Inc. (The)		358,640		28,931,489
Total Consumer Discretionary				247,549,506
Consumer Staples 6.3%
Beverages 2.0%
Coca-Cola Co. (The)		722,600		29,041,294
Coca-Cola Enterprises, Inc.		681,660		28,588,820
Total				57,630,114
Food & Staples Retailing 1.8%
CVS Caremark Corp.		795,818		53,287,973
Household Products 1.5%
Procter & Gamble Co. (The)		511,496		43,078,193
Tobacco 1.0%
Philip Morris International, Inc.		320,540		27,418,992
Total Consumer Staples				181,415,272
Energy 11.8%
Energy Equipment & Services 0.8%
Schlumberger Ltd.		271,137		23,973,934
Oil, Gas & Consumable Fuels 11.0%
Anadarko Petroleum Corp.		497,513		44,189,105
Apache Corp.		380,373		34,800,326
BP PLC, ADR		713,458		33,539,660
Chevron Corp.		766,608		93,863,483

Common Stocks (continued)

Issuer	Shares		Value ($)
ConocoPhillips		777,106		56,573,317
Phillips 66		270,880		18,855,957
Pioneer Natural Resources Co.		84,335		14,990,546
Valero Energy Corp.		465,280		21,272,602
Total				318,084,996
Total Energy				342,058,930
Financials 28.4%
Capital Markets 5.6%
Goldman Sachs Group, Inc. (The)		294,308		49,720,393
Invesco Ltd.		851,153		29,662,682
Morgan Stanley		1,189,322		37,225,779
State Street Corp.		604,673		43,905,307
Total				160,514,161
Commercial Banks 6.4%
Fifth Third Bancorp		1,084,908		22,045,330
PNC Financial Services Group, Inc. (The)		390,179		30,024,274
U.S. Bancorp		795,539		31,201,040
Wells Fargo & Co.		1,852,945		81,566,639
Zions Bancorporation		735,124		21,561,187
Total				186,398,470
Consumer Finance 1.0%
Discover Financial Services		556,375		29,654,787
Diversified Financial Services 9.9%
Bank of America Corp.		4,012,704		63,480,977
Berkshire Hathaway, Inc., Class B^(a)		481,082		56,060,486
Citigroup, Inc.		1,472,299		77,914,063
JPMorgan Chase & Co.		1,573,106		90,013,125
Total				287,468,651
Insurance 4.2%
ACE Ltd.		439,848		45,207,577
Aflac, Inc.		440,399		29,229,282
MetLife, Inc.		469,803		24,519,019
Prudential Financial, Inc.		244,870		21,734,661
Total				120,690,539
Real Estate Investment Trusts (REITs) 1.3%
ProLogis, Inc.		394,987		14,981,857
Simon Property Group, Inc.		141,820		21,251,727
Total				36,233,584
Total Financials				820,960,192

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

Semiannual Report 2013
5

Columbia Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care 14.1%
Health Care Equipment & Supplies 2.0%
Boston Scientific Corp.^(a)		2,013,364		23,314,755
St. Jude Medical, Inc.		612,116		35,759,817
Total				59,074,572
Health Care Providers & Services 2.7%
Aetna, Inc.		350,682		24,172,510
Cardinal Health, Inc.		354,299		22,887,716
UnitedHealth Group, Inc.		412,819		30,746,759
Total				77,806,985
Life Sciences Tools & Services 1.2%
Thermo Fisher Scientific, Inc.		338,610		34,148,818
Pharmaceuticals 8.2%
GlaxoSmithKline PLC, ADR		430,387		22,776,080
Jazz Pharmaceuticals PLC^(a)		191,194		22,354,403
Johnson & Johnson		785,958		74,398,784
Merck & Co., Inc.		1,190,064		59,300,889
Pfizer, Inc.		1,796,448		57,001,295
Total				235,831,451
Total Health Care				406,861,826
Industrials 11.2%
Aerospace & Defense 2.6%
Boeing Co. (The)		156,284		20,981,127
Honeywell International, Inc.		246,120		21,784,081
Raytheon Co.		383,719		34,028,201
Total				76,793,409
Airlines 1.4%
Delta Air Lines, Inc.		676,188		19,595,928
United Continental Holdings, Inc.^(a)		534,721		20,987,800
Total				40,583,728
Electrical Equipment 1.2%
Eaton Corp. PLC		461,180		33,509,339
Industrial Conglomerates 2.1%
General Electric Co.		2,297,799		61,259,321
Machinery 2.9%
AGCO Corp.		487,846		28,431,665
Ingersoll-Rand PLC		402,845		28,771,190
Parker Hannifin Corp.		218,124		25,703,732
Total				82,906,587

Common Stocks (continued)

Issuer	Shares		Value ($)
Road & Rail 1.0%
Union Pacific Corp.		181,336		29,383,685
Total Industrials				324,436,069
Information Technology 9.8%
Communications Equipment 2.1%
Cisco Systems, Inc.		2,852,153		60,608,251
Computers & Peripherals 3.0%
Apple, Inc.		111,435		61,965,660
EMC Corp.		1,049,194		25,023,277
Total				86,988,937
IT Services 1.0%
Mastercard, Inc., Class A		39,079		29,731,694
Office Electronics 0.5%
Xerox Corp.		1,310,634		14,915,015
Semiconductors & Semiconductor Equipment 1.5%
Analog Devices, Inc.		425,913		20,537,525
Broadcom Corp., Class A		835,730		22,305,634
Total				42,843,159
Software 1.7%
Autodesk, Inc.^(a)		272,302		12,321,666
Oracle Corp.		691,406		24,399,718
Symantec Corp.		540,909		12,165,043
Total				48,886,427
Total Information Technology				283,973,483
Materials 1.8%
Chemicals 1.0%
LyondellBasell Industries NV, Class A		372,997		28,787,908
Paper & Forest Products 0.8%
International Paper Co.		477,767		22,287,831
Total Materials				51,075,739
Telecommunication Services 2.8%
Diversified Telecommunication Services 1.9%
AT&T, Inc.		1,538,287		54,163,085
Wireless Telecommunication Services 0.9%
Vodafone Group PLC, ADR		725,918		26,924,299
Total Telecommunication Services				81,087,384

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

Semiannual Report 2013
6

Columbia Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Utilities 2.6%
Electric Utilities 1.6%
Duke Energy Corp.		202,417		14,161,093
Edison International		299,610		13,844,978
NextEra Energy, Inc.		201,948		17,082,782
Total				45,088,853
Multi-Utilities 1.0%
Public Service Enterprise Group, Inc.		416,870		13,627,480
Sempra Energy		172,477		15,253,866
Total				28,881,346
Total Utilities				73,970,199
Total Common Stocks (Cost: $2,287,926,210)				2,813,388,600

Money Market Funds 2.6%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.094%^(b)(c)		75,457,424		75,457,424
Total Money Market Funds (Cost: $75,457,424)				75,457,424
Total Investments (Cost: $2,363,383,634)				2,888,846,024
Other Assets & Liabilities, Net				(5,096	)
Net Assets				2,888,840,928

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at November 30, 2013.

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2013, are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					21,948,424				533,654,411				(480,145,411	)			75,457,424				27,856				75,457,424

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

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

Semiannual Report 2013
7

Columbia Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Fair Value Measurements (continued)

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

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

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

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

Semiannual Report 2013
8

Columbia Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2013 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		247,549,506		—		—		247,549,506
Consumer Staples		181,415,272		—		—		181,415,272
Energy		342,058,930		—		—		342,058,930
Financials		820,960,192		—		—		820,960,192
Health Care		406,861,826		—		—		406,861,826
Industrials		324,436,069		—		—		324,436,069
Information Technology		283,973,483		—		—		283,973,483
Materials		51,075,739		—		—		51,075,739
Telecommunication Services		81,087,384		—		—		81,087,384
Utilities		73,970,199		—		—		73,970,199
Total Equity Securities		2,813,388,600		—		—		2,813,388,600
Mutual Funds
Money Market Funds		75,457,424		—		—		75,457,424
Total Mutual Funds		75,457,424		—		—		75,457,424
Total		2,888,846,024		—		—		2,888,846,024

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

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

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

Semiannual Report 2013
9

Columbia Diversified Equity Income Fund

Statement of Assets and Liabilities

November 30, 2013 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $2,287,926,210)	$	2,813,388,600
Affiliated issuers (identified cost $75,457,424)		75,457,424
Total investments (identified cost $2,363,383,634)		2,888,846,024
Receivable for:
Capital shares sold		548,618
Dividends		7,257,186
Reclaims		49,944
Other assets		21,294
Total assets		2,896,723,066
Liabilities
Payable for:
Investments purchased		5,530,225
Capital shares purchased		1,428,058
Investment management fees		90,299
Distribution and/or service fees		42,626
Transfer agent fees		336,432
Administration fees		8,343
Plan administration fees		22,589
Compensation of board members		193,104
Expense reimbursement due to Investment Manager		417
Other expenses		230,045
Total liabilities		7,882,138
Net assets applicable to outstanding capital stock	$	2,888,840,928
Represented by
Paid-in capital	$	2,408,670,297
Undistributed net investment income		6,921,213
Accumulated net realized loss		(52,212,972	)
Unrealized appreciation (depreciation) on:
Investments		525,462,390
Total — representing net assets applicable to outstanding capital stock	$	2,888,840,928

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

Semiannual Report 2013
10

Columbia Diversified Equity Income Fund

Statement of Assets and Liabilities (continued)

November 30, 2013 (Unaudited)

Class A
Net assets	$	2,473,471,700
Shares outstanding		184,197,772
Net asset value per share	$	13.43
Maximum offering price per share^(a)	$	14.25
Class B
Net assets	$	87,147,755
Shares outstanding		6,472,100
Net asset value per share	$	13.47
Class C
Net assets	$	66,293,834
Shares outstanding		4,948,254
Net asset value per share	$	13.40
Class I
Net assets	$	47,407,106
Shares outstanding		3,532,620
Net asset value per share	$	13.42
Class K
Net assets	$	109,549,488
Shares outstanding		8,151,869
Net asset value per share	$	13.44
Class R
Net assets	$	8,909,399
Shares outstanding		666,629
Net asset value per share	$	13.36
Class R4
Net assets	$	16,189,298
Shares outstanding		1,205,973
Net asset value per share	$	13.42
Class R5
Net assets	$	39,976,489
Shares outstanding		2,974,683
Net asset value per share	$	13.44
Class W
Net assets	$	4,853
Shares outstanding		361
Net asset value per share^(b)	$	13.45
Class Y
Net assets	$	18,742,927
Shares outstanding		1,384,464
Net asset value per share	$	13.54
Class Z
Net assets	$	21,148,079
Shares outstanding		1,575,865
Net asset value per share	$	13.42

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

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

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

Semiannual Report 2013
11

Columbia Diversified Equity Income Fund

Statement of Operations

Six Months Ended November 30, 2013 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	31,605,151
Dividends — affiliated issuers		27,856
Interest		55,683
Total income		31,688,690
Expenses:
Investment management fees		8,240,056
Distribution and/or service fees
Class A		3,032,833
Class B		463,442
Class C		313,133
Class R		22,167
Class W		6
Transfer agent fees
Class A		2,468,255
Class B		94,532
Class C		63,664
Class K		35,724
Class R		9,025
Class R4		20,294
Class R5		14,560
Class W		5
Class Z		30,470
Administration fees		760,883
Plan administration fees
Class K		178,622
Compensation of board members		44,839
Custodian fees		13,768
Printing and postage fees		122,228
Registration fees		69,095
Professional fees		31,304
Other		53,370
Total expenses		16,082,275
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(241,454	)
Expense reductions		(100	)
Total net expenses		15,840,721
Net investment income		15,847,969
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		367,287,431
Foreign currency translations		(6,564	)
Net realized gain		367,280,867
Net change in unrealized appreciation (depreciation) on:
Investments		(108,580,638	)
Foreign currency translations		4,817
Net change in unrealized appreciation (depreciation)		(108,575,821	)
Net realized and unrealized gain		258,705,046
Net increase in net assets resulting from operations	$	274,553,015

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

Semiannual Report 2013
12

Columbia Diversified Equity Income Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2013 (Unaudited)			Year Ended May 31, 2013^(a)
Operations
Net investment income	$	15,847,969		$	52,494,884
Net realized gain		367,280,867			407,921,911
Net change in unrealized appreciation (depreciation)		(108,575,821	)		283,868,596
Net increase in net assets resulting from operations		274,553,015			744,285,391
Distributions to shareholders
Net investment income
Class A		(15,349,951	)		(47,439,060	)
Class B		(269,790	)		(1,384,777	)
Class C		(160,092	)		(712,841	)
Class I		(378,720	)		(1,012,654	)
Class K		(1,021,155	)		(3,906,916	)
Class R		(45,127	)		(183,621	)
Class R4		(150,005	)		(976,919	)
Class R5		(572,930	)		(1,462,909	)
Class W		(29	)		(76	)
Class Y		(59,785	)		(31	)
Class Z		(312,420	)		(1,649,049	)
Total distributions to shareholders		(18,320,004	)		(58,728,853	)
Increase (decrease) in net assets from capital stock activity		(401,473,309	)		(601,037,314	)
Total increase (decrease) in net assets		(145,240,298	)		84,519,224
Net assets at beginning of period		3,034,081,226			2,949,562,002
Net assets at end of period	$	2,888,840,928		$	3,034,081,226
Undistributed net investment income	$	6,921,213		$	9,393,248

(a) Class Y shares are for the period from November 8, 2012 (commencement of operations) to May 31, 2013.

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

Semiannual Report 2013
13

Columbia Diversified Equity Income Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2013 (Unaudited)						Year Ended May 31, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		8,392,658			105,954,429			24,260,885			257,380,693
Distributions reinvested		1,249,161			15,053,433			4,399,714			46,451,913
Redemptions		(27,325,184	)		(344,183,346	)		(64,421,958	)		(696,366,523	)
Net decrease		(17,683,365	)		(223,175,484	)		(35,761,359	)		(392,533,917	)
Class B shares
Subscriptions		55,550			706,002			163,927			1,820,409
Distributions reinvested		22,488			267,953			131,362			1,376,244
Redemptions^(b)		(2,418,203	)		(30,652,115	)		(5,639,670	)		(58,561,552	)
Net decrease		(2,340,165	)		(29,678,160	)		(5,344,381	)		(55,364,899	)
Class C shares
Subscriptions		303,631			3,835,893			451,642			4,922,992
Distributions reinvested		13,232			157,135			66,636			699,754
Redemptions		(358,671	)		(4,530,209	)		(1,252,956	)		(13,512,417	)
Net decrease		(41,808	)		(537,181	)		(734,678	)		(7,889,671	)
Class I shares
Subscriptions		24,451			314,499			4,820			49,455
Distributions reinvested		31,373			378,635			95,913			1,012,443
Redemptions		(214,248	)		(2,725,800	)		(492,645	)		(5,399,344	)
Net decrease		(158,424	)		(2,032,666	)		(391,912	)		(4,337,446	)
Class K shares
Subscriptions		792,466			9,951,108			2,790,962			30,463,746
Distributions reinvested		73,447			880,169			336,335			3,524,511
Redemptions		(6,409,469	)		(81,354,790	)		(10,178,331	)		(108,126,538	)
Net decrease		(5,543,556	)		(70,523,513	)		(7,051,034	)		(74,138,281	)
Class R shares
Subscriptions		75,181			943,626			184,683			1,999,274
Distributions reinvested		3,770			45,127			17,550			183,582
Redemptions		(218,440	)		(2,734,858	)		(525,492	)		(5,653,023	)
Net decrease		(139,489	)		(1,746,105	)		(323,259	)		(3,470,167	)
Class R4 shares
Subscriptions		244,848			3,097,454			1,708,827			18,302,161
Distributions reinvested		12,443			149,975			93,543			976,843
Redemptions		(855,384	)		(10,827,848	)		(5,512,314	)		(61,833,612	)
Net decrease		(598,093	)		(7,580,419	)		(3,709,944	)		(42,554,608	)

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

Semiannual Report 2013
14

Columbia Diversified Equity Income Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2013 (Unaudited)						Year Ended May 31, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		395,705			5,010,539			2,603,109			29,974,562
Distributions reinvested		47,768			572,502			138,274			1,461,426
Redemptions		(4,237,739	)		(53,006,313	)		(1,887,232	)		(21,128,612	)
Net increase (decrease)		(3,794,266	)		(47,423,272	)		854,151			10,307,376
Class Y shares
Subscriptions		1,497,120			18,613,730			242			2,500
Distributions reinvested		4,698			59,760			—			—
Redemptions		(117,596	)		(1,519,339	)		—			—
Net increase		1,384,222			17,154,151			242			2,500
Class Z shares
Subscriptions		268,363			3,334,244			2,006,676			21,741,323
Distributions reinvested		25,406			302,546			153,548			1,620,734
Redemptions		(3,148,559	)		(39,567,450	)		(4,871,016	)		(54,420,258	)
Net decrease		(2,854,790	)		(35,930,660	)		(2,710,792	)		(31,058,201	)
Total net decrease		(31,769,734	)		(401,473,309	)		(55,172,966	)		(601,037,314	)

(a) Class Y shares are for the period from November 8, 2012 (commencement of operations) to May 31, 2013.

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

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

Semiannual Report 2013
15

Columbia Diversified Equity Income Fund

Financial Highlights

	Six Months Ended November 30, 2013			Year Ended May 31,						Year Ended September 30,
Class A	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.29		$	9.76		$	8.53		$	9.03		$	8.31		$	9.31		$	14.34
Income from investment operations:
Net investment income		0.07			0.19			0.11			0.12			0.12			0.16			0.17
Net realized and unrealized gain (loss)		1.15			2.55			1.20			(0.49	)		0.72			(1.02	)		(3.44	)
Total from investment operations		1.22			2.74			1.31			(0.37	)		0.84			(0.86	)		(3.27	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.21	)		(0.08	)		(0.13	)		(0.12	)		(0.14	)		(0.17	)
Net realized gains		—			—			—			—			—			—			(1.32	)
Tax return of capital		—			—			—			—			—			—			(0.27	)
Total distributions to shareholders		(0.08	)		(0.21	)		(0.08	)		(0.13	)		(0.12	)		(0.14	)		(1.76	)
Net asset value, end of period	$	13.43		$	12.29		$	9.76		$	8.53		$	9.03		$	8.31		$	9.31
Total return		9.99	%		28.46	%		15.31	%		(4.32	%)		10.18	%		(8.91	%)		(25.05	%)
Ratios to average net assets^(b)
Total gross expenses		1.10	%^(c)		1.14	%^(d)		1.10	%^(c)		1.13	%		1.12	%		0.99	%		1.08	%
Total net expenses^(e)		1.08	%^(c)(f)		1.08	%^(d)(f)		1.10	%^(c)		1.13	%^(f)		1.12	%		0.99	%		1.08	%
Net investment income		1.11	%^(c)		1.77	%		1.66	%^(c)		1.20	%		1.36	%		2.21	%		1.49	%
Supplemental data
Net assets, end of period (in thousands)	$	2,473,472		$	2,480,865		$	2,320,419		$	3,197,508		$	3,516,017		$	3,516,948		$	4,504,418
Portfolio turnover		55	%		43	%		16	%		36	%		34	%		38	%		31	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to May 31.

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

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

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

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

Semiannual Report 2013
16

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,						Year Ended September 30,
Class B	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.32		$	9.79		$	8.56		$	9.05		$	8.33		$	9.32		$	14.35
Income from investment operations:
Net investment income		0.02			0.11			0.06			0.04			0.05			0.10			0.08
Net realized and unrealized gain (loss)		1.16			2.55			1.21			(0.49	)		0.72			(1.00	)		(3.45	)
Total from investment operations		1.18			2.66			1.27			(0.45	)		0.77			(0.90	)		(3.37	)
Less distributions to shareholders:
Net investment income		(0.03	)		(0.13	)		(0.04	)		(0.04	)		(0.05	)		(0.09	)		(0.07	)
Net realized gains		—			—			—			—			—			—			(1.32	)
Tax return of capital		—			—			—			—			—			—			(0.27	)
Total distributions to shareholders		(0.03	)		(0.13	)		(0.04	)		(0.04	)		(0.05	)		(0.09	)		(1.66	)
Net asset value, end of period	$	13.47		$	12.32		$	9.79		$	8.56		$	9.05		$	8.33		$	9.32
Total return		9.63	%		27.38	%		14.82	%		(5.01	%)		9.26	%		(9.53	%)		(25.66	%)
Ratios to average net assets^(b)
Total gross expenses		1.85	%^(c)		1.88	%^(d)		1.87	%^(c)		1.88	%		1.89	%		1.76	%		1.84	%
Total net expenses^(e)		1.83	%^(c)(f)		1.83	%^(d)(f)		1.87	%^(c)		1.88	%^(f)		1.89	%		1.76	%		1.84	%
Net investment income		0.35	%^(c)		1.03	%		0.93	%^(c)		0.43	%		0.58	%		1.49	%		0.71	%
Supplemental data
Net assets, end of period (in thousands)	$	87,148		$	108,589		$	138,560		$	142,429		$	246,456		$	377,652		$	633,360
Portfolio turnover		55	%		43	%		16	%		36	%		34	%		38	%		31	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to May 31.

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

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

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

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

Semiannual Report 2013
17

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,						Year Ended September 30,
Class C	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.26		$	9.74		$	8.52		$	9.02		$	8.30		$	9.30		$	14.32
Income from investment operations:
Net investment income		0.02			0.11			0.06			0.04			0.05			0.10			0.09
Net realized and unrealized gain (loss)		1.15			2.54			1.20			(0.49	)		0.73			(1.01	)		(3.44	)
Total from investment operations		1.17			2.65			1.26			(0.45	)		0.78			(0.91	)		(3.35	)
Less distributions to shareholders:
Net investment income		(0.03	)		(0.13	)		(0.04	)		(0.05	)		(0.06	)		(0.09	)		(0.08	)
Net realized gains		—			—			—			—			—			—			(1.32	)
Tax return of capital		—			—			—			—			—			—			(0.27	)
Total distributions to shareholders		(0.03	)		(0.13	)		(0.04	)		(0.05	)		(0.06	)		(0.09	)		(1.67	)
Net asset value, end of period	$	13.40		$	12.26		$	9.74		$	8.52		$	9.02		$	8.30		$	9.30
Total return		9.59	%		27.46	%		14.80	%		(5.07	%)		9.37	%		(9.61	%)		(25.60	%)
Ratios to average net assets^(b)
Total gross expenses		1.85	%^(c)		1.89	%^(d)		1.85	%^(c)		1.88	%		1.88	%		1.75	%		1.83	%
Total net expenses^(e)		1.83	%^(c)(f)		1.83	%^(d)(f)		1.85	%^(c)		1.88	%^(f)		1.88	%		1.75	%		1.83	%
Net investment income		0.36	%^(c)		1.02	%		0.95	%^(c)		0.44	%		0.60	%		1.46	%		0.75	%
Supplemental data
Net assets, end of period (in thousands)	$	66,294		$	61,178		$	55,775		$	54,238		$	66,505		$	72,372		$	93,321
Portfolio turnover		55	%		43	%		16	%		36	%		34	%		38	%		31	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to May 31.

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

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

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

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

Semiannual Report 2013
18

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,						Year Ended September 30,
Class I	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.28		$	9.76		$	8.52		$	9.02		$	8.30		$	9.30		$	14.33
Income from investment operations:
Net investment income		0.10			0.24			0.14			0.16			0.16			0.19			0.22
Net realized and unrealized gain (loss)		1.14			2.54			1.20			(0.49	)		0.72			(1.01	)		(3.45	)
Total from investment operations		1.24			2.78			1.34			(0.33	)		0.88			(0.82	)		(3.23	)
Less distributions to shareholders:
Net investment income		(0.10	)		(0.26	)		(0.10	)		(0.17	)		(0.16	)		(0.18	)		(0.21	)
Net realized gains		—			—			—			—			—			—			(1.32	)
Tax return of capital		—			—			—			—			—			—			(0.27	)
Total distributions to shareholders		(0.10	)		(0.26	)		(0.10	)		(0.17	)		(0.16	)		(0.18	)		(1.80	)
Net asset value, end of period	$	13.42		$	12.28		$	9.76		$	8.52		$	9.02		$	8.30		$	9.30
Total return		10.23	%		28.92	%		15.76	%		(3.88	%)		10.69	%		(8.47	%)		(24.75	%)
Ratios to average net assets^(b)
Total gross expenses		0.64	%^(c)		0.66	%^(d)		0.63	%^(c)		0.67	%		0.67	%		0.50	%		0.67	%
Total net expenses^(e)		0.64	%^(c)		0.66	%^(d)		0.63	%^(c)		0.67	%		0.67	%		0.50	%		0.67	%
Net investment income		1.55	%^(c)		2.19	%		2.13	%^(c)		1.63	%		1.82	%		2.69	%		1.98	%
Supplemental data
Net assets, end of period (in thousands)	$	47,407		$	45,330		$	39,849		$	79,024		$	213,083		$	212,064		$	189,997
Portfolio turnover		55	%		43	%		16	%		36	%		34	%		38	%		31	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to May 31.

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

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

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

Semiannual Report 2013
19

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,						Year Ended September 30,
Class K	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.30		$	9.77		$	8.53		$	9.04		$	8.32		$	9.31		$	14.35
Income from investment operations:
Net investment income		0.08			0.20			0.12			0.14			0.13			0.17			0.19
Net realized and unrealized gain (loss)		1.15			2.56			1.20			(0.50	)		0.73			(1.00	)		(3.46	)
Total from investment operations		1.23			2.76			1.32			(0.36	)		0.86			(0.83	)		(3.27	)
Less distributions to shareholders:
Net investment income		(0.09	)		(0.23	)		(0.08	)		(0.15	)		(0.14	)		(0.16	)		(0.18	)
Net realized gains		—			—			—			—			—			—			(1.32	)
Tax return of capital		—			—			—			—			—			—			(0.27	)
Total distributions to shareholders		(0.09	)		(0.23	)		(0.08	)		(0.15	)		(0.14	)		(0.16	)		(1.77	)
Net asset value, end of period	$	13.44		$	12.30		$	9.77		$	8.53		$	9.04		$	8.32		$	9.31
Total return		10.05	%		28.61	%		15.51	%		(4.23	%)		10.34	%		(8.57	%)		(24.98	%)
Ratios to average net assets^(b)
Total gross expenses		0.94	%^(c)		0.94	%^(d)		0.93	%^(c)		0.97	%		0.97	%		0.80	%		0.98	%
Total net expenses^(e)		0.94	%^(c)		0.94	%^(d)		0.93	%^(c)		0.97	%		0.97	%		0.75	%		0.94	%
Net investment income		1.21	%^(c)		1.88	%		1.87	%^(c)		1.36	%		1.52	%		2.42	%		1.66	%
Supplemental data
Net assets, end of period (in thousands)	$	109,549		$	168,438		$	202,741		$	189,510		$	217,779		$	197,977		$	182,738
Portfolio turnover		55	%		43	%		16	%		36	%		34	%		38	%		31	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to May 31.

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

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

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

Semiannual Report 2013
20

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,						Year Ended September 30,
Class R	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.23		$	9.72		$	8.50		$	8.99		$	8.28		$	9.28		$	14.33
Income from investment operations:
Net investment income		0.05			0.17			0.09			0.09			0.09			0.13			0.14
Net realized and unrealized gain (loss)		1.14			2.53			1.20			(0.48	)		0.72			(1.01	)		(3.45	)
Total from investment operations		1.19			2.70			1.29			(0.39	)		0.81			(0.88	)		(3.31	)
Less distributions to shareholders:
Net investment income		(0.06	)		(0.19	)		(0.07	)		(0.10	)		(0.10	)		(0.12	)		(0.15	)
Net realized gains		—			—			—			—			—			—			(1.32	)
Tax return of capital		—			—			—			—			—			—			(0.27	)
Total distributions to shareholders		(0.06	)		(0.19	)		(0.07	)		(0.10	)		(0.10	)		(0.12	)		(1.74	)
Net asset value, end of period	$	13.36		$	12.23		$	9.72		$	8.50		$	8.99		$	8.28		$	9.28
Total return		9.81	%		28.05	%		15.14	%		(4.46	%)		9.76	%		(9.20	%)		(25.36	%)
Ratios to average net assets^(b)
Total gross expenses		1.35	%^(c)		1.39	%^(d)		1.35	%^(c)		1.38	%		1.46	%		1.30	%		1.46	%
Total net expenses^(e)		1.33	%^(c)(f)		1.33	%^(d)(f)		1.35	%^(c)		1.38	%^(f)		1.46	%		1.30	%		1.46	%
Net investment income		0.86	%^(c)		1.53	%		1.46	%^(c)		0.95	%		1.03	%		1.86	%		1.33	%
Supplemental data
Net assets, end of period (in thousands)	$	8,909		$	9,859		$	10,976		$	10,114		$	10,506		$	8,271		$	7,728
Portfolio turnover		55	%		43	%		16	%		36	%		34	%		38	%		31	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to May 31.

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

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

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

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

Semiannual Report 2013
21

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,						Year Ended September 30,
Class R4	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.28		$	9.75		$	8.51		$	9.02		$	8.30		$	9.30		$	14.33
Income from investment operations:
Net investment income		0.08			0.20			0.11			0.11			0.11			0.15			0.16
Net realized and unrealized gain (loss)		1.15			2.54			1.20			(0.50	)		0.72			(1.01	)		(3.45	)
Total from investment operations		1.23			2.74			1.31			(0.39	)		0.83			(0.86	)		(3.29	)
Less distributions to shareholders:
Net investment income		(0.09	)		(0.21	)		(0.07	)		(0.12	)		(0.11	)		(0.14	)		(0.15	)
Net realized gains		—			—			—			—			—			—			(1.32	)
Tax return of capital		—			—			—			—			—			—			(0.27	)
Total distributions to shareholders		(0.09	)		(0.21	)		(0.07	)		(0.12	)		(0.11	)		(0.14	)		(1.74	)
Net asset value, end of period	$	13.42		$	12.28		$	9.75		$	8.51		$	9.02		$	8.30		$	9.30
Total return		10.09	%		28.46	%		15.37	%		(4.52	%)		10.09	%		(8.95	%)		(25.17	%)
Ratios to average net assets^(b)
Total gross expenses		0.85	%^(c)		1.02	%^(d)		1.18	%^(c)		1.21	%		1.22	%		1.05	%		1.23	%
Total net expenses^(e)		0.83	%^(c)(f)		0.99	%^(d)		1.18	%^(c)		1.21	%		1.22	%		1.05	%		1.23	%
Net investment income		1.32	%^(c)		1.91	%		1.63	%^(c)		1.06	%		1.26	%		2.13	%		1.37	%
Supplemental data
Net assets, end of period (in thousands)	$	16,189		$	22,154		$	53,739		$	53,617		$	103,577		$	110,248		$	108,543
Portfolio turnover		55	%		43	%		16	%		36	%		34	%		38	%		31	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to May 31.

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

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

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

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

Semiannual Report 2013
22

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,						Year Ended September 30,
Class R5	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.30		$	9.77		$	8.53		$	9.03		$	8.31		$	9.31		$	14.35
Income from investment operations:
Net investment income		0.09			0.23			0.14			0.16			0.15			0.18			0.23
Net realized and unrealized gain (loss)		1.15			2.55			1.20			(0.49	)		0.73			(1.00	)		(3.47	)
Total from investment operations		1.24			2.78			1.34			(0.33	)		0.88			(0.82	)		(3.24	)
Less distributions to shareholders:
Net investment income		(0.10	)		(0.25	)		(0.10	)		(0.17	)		(0.16	)		(0.18	)		(0.21	)
Net realized gains		—			—			—			—			—			—			(1.32	)
Tax return of capital		—			—			—			—			—			—			(0.27	)
Total distributions to shareholders		(0.10	)		(0.25	)		(0.10	)		(0.17	)		(0.16	)		(0.18	)		(1.80	)
Net asset value, end of period	$	13.44		$	12.30		$	9.77		$	8.53		$	9.03		$	8.31		$	9.31
Total return		10.19	%		28.95	%		15.65	%		(3.87	%)		10.62	%		(8.51	%)		(24.83	%)
Ratios to average net assets^(b)
Total gross expenses		0.70	%^(c)		0.70	%^(d)		0.68	%^(c)		0.72	%		0.72	%		0.55	%		0.70	%
Total net expenses^(e)		0.70	%^(c)		0.70	%^(d)		0.68	%^(c)		0.72	%		0.72	%		0.55	%		0.70	%
Net investment income		1.46	%^(c)		2.14	%		2.11	%^(c)		1.62	%		1.77	%		2.62	%		2.07	%
Supplemental data
Net assets, end of period (in thousands)	$	39,976		$	83,244		$	57,805		$	57,903		$	60,156		$	53,334		$	45,589
Portfolio turnover		55	%		43	%		16	%		36	%		34	%		38	%		31	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to May 31.

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

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

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

Semiannual Report 2013
23

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,						Year Ended September 30,
Class W	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.31		$	9.78		$	8.55		$	9.04		$	8.32		$	9.32		$	14.35
Income from investment operations:
Net investment income		0.07			0.19			0.11			0.12			0.12			0.16			0.17
Net realized and unrealized gain (loss)		1.15			2.55			1.20			(0.48	)		0.72			(1.01	)		(3.45	)
Total from investment operations		1.22			2.74			1.31			(0.36	)		0.84			(0.85	)		(3.28	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.21	)		(0.08	)		(0.13	)		(0.12	)		(0.15	)		(0.16	)
Net realized gains		—			—			—			—			—			—			(1.32	)
Tax return of capital		—			—			—			—			—			—			(0.27	)
Total distributions to shareholders		(0.08	)		(0.21	)		(0.08	)		(0.13	)		(0.12	)		(0.15	)		(1.75	)
Net asset value, end of period	$	13.45		$	12.31		$	9.78		$	8.55		$	9.04		$	8.32		$	9.32
Total return		9.98	%		28.38	%		15.32	%		(4.20	%)		10.18	%		(8.85	%)		(25.07	%)
Ratios to average net assets^(b)
Total gross expenses		1.09	%^(c)		1.11	%^(d)		1.08	%^(c)		1.10	%		1.09	%		0.91	%		1.12	%
Total net expenses^(e)		1.08	%^(c)(f)		1.08	%^(d)(f)		1.08	%^(c)		1.10	%^(f)		1.09	%		0.91	%		1.12	%
Net investment income		1.11	%^(c)		1.77	%		1.73	%^(c)		1.23	%		1.40	%		2.28	%		1.45	%
Supplemental data
Net assets, end of period (in thousands)	$	5		$	4		$	4		$	3		$	3		$	3		$	3
Portfolio turnover		55	%		43	%		16	%		36	%		34	%		38	%		31	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to May 31.

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

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

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

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

Semiannual Report 2013
24

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

Class Y	Six Months Ended November 30, 2013 (Unaudited)			Year Ended May 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	12.38		$	10.33
Income from investment operations:
Net investment income		0.10			0.14
Net realized and unrealized gain		1.16			2.04
Total from investment operations		1.26			2.18
Less distributions to shareholders:
Net investment income		(0.10	)		(0.13	)
Total distributions to shareholders		(0.10	)		(0.13	)
Net asset value, end of period	$	13.54		$	12.38
Total return		10.31	%		21.23	%
Ratios to average net assets^(b)
Total gross expenses		0.64	%^(c)		0.64	%^(c)(d)
Total net expenses^(e)		0.64	%^(c)		0.64	%^(c)(d)
Net investment income		1.59	%^(c)		2.24	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	18,743		$	3
Portfolio turnover		55	%		43	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2013
25

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2013			Year Ended May 31,						Year Ended September 30,
Class Z	(Unaudited)			2013			2012^(a)			2011			2010^(b)
Per share data
Net asset value, beginning of period	$	12.28		$	9.76		$	8.52		$	9.03		$	9.02
Income from investment operations:
Net investment income		0.08			0.22			0.13			0.17			0.01
Net realized and unrealized gain (loss)		1.15			2.54			1.20			(0.52	)		—
Total from investment operations		1.23			2.76			1.33			(0.35	)		0.01
Less distributions to shareholders:
Net investment income		(0.09	)		(0.24	)		(0.09	)		(0.16	)		—
Total distributions to shareholders		(0.09	)		(0.24	)		(0.09	)		(0.16	)		—
Net asset value, end of period	$	13.42		$	12.28		$	9.76		$	8.52		$	9.03
Total return		10.13	%		28.69	%		15.62	%		(4.06	%)		0.11	%
Ratios to average net assets^(c)
Total gross expenses		0.85	%^(d)		0.89	%^(e)		0.82	%^(d)		0.87	%		1.02	%^(d)
Total net expenses^(f)		0.83	%^(d)(g)		0.83	%^(e)(g)		0.82	%^(d)		0.87	%^(g)		1.02	%^(d)
Net investment income		1.32	%^(d)		2.03	%		2.00	%^(d)		1.77	%		9.89	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	21,148		$	54,418		$	69,694		$	58,213		$	3
Portfolio turnover		55	%		43	%		16	%		36	%		34	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to May 31.

(b) For the period from September 27, 2010 (commencement of operations) to September 30, 2010.

(d) Annualized.

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

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

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

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

Semiannual Report 2013
26

Columbia Diversified Equity Income Fund

Notes to Financial Statements

November 30, 2013 (Unaudited)

Note 1. Organization

Columbia Diversified Equity Income Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.