Columbia Funds Series Trust II N-CSRS 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)
Ryan Larrenaga c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(800) 345-6611
Date of fiscal year end:	May 31
Date of reporting period:		November 30, 2014

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

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

Item 1. Reports to Stockholders.

Semiannual Report

November 30, 2014

Active Portfolios®Multi-Manager Value Fund

Not FDIC insured • No bank guarantee • May lose value

About 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 some of the most talented professionals in the industry, brought together by a unique way of working.

It starts with carefully selected, specialized investment teams. While each team brings a diverse and innovative range of skills, all are grounded by a common set of core beliefs. All possess a solid conviction in the power of proprietary, bottom-up research. All look not only at generating returns, but also at the likely consistency of those returns and the risks required to achieve them. And while our culture encourages teams to operate independently and question established thinking, a rigorous investment oversight process ensures that each team stays true to its clearly articulated investment process. At Columbia Management, reaching our performance goals matters, and the way we reach them matters just as much.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

President's Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What's different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

>  The relative value of global equities vs. global bonds actually improved during 2014.

>  Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today's conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President's Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB's balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People's Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

>  Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

>  Explicit downside hedges, such as put options (with emphasis on managing the related expense)

>  Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Active Portfolios® Multi-Manager Value Fund

Table of Contents

Performance Overview	4
Portfolio Overview	5
Understanding Your Fund's Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	16
Statement of Operations	17
Statement of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	20
Important Information About This Report	25

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Semiannual Report 2014

Active Portfolios® Multi-Manager Value Fund

Performance Overview

(Unaudited)

Performance Summary

>Active Portfolios^® Multi-Manager Value Fund (the Fund) Class A shares returned 4.81% for the six-month period that ended November 30, 2014.

>  The Fund underperformed its benchmark, the Russell 1000 Value Index, which returned 6.86% during the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2014)

	Inception	6 Months cumulative		1 Year		Life
Class A	04/20/12		4.81		13.38		16.71
Russell 1000 Value Index			6.86		15.62		20.22

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 2014
4

Active Portfolios® Multi-Manager Value Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2014)
Pfizer, Inc.	3.5
Cisco Systems, Inc.	3.2
Chevron Corp.	2.9
Altria Group, Inc.	2.7
Intel Corp.	2.7
Johnson & Johnson	2.6
Procter & Gamble Co. (The)	2.5
AT&T, Inc.	2.4
Microsoft Corp.	2.3
General Electric Co.	2.0

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, 2014)
Common Stocks	94.1
Consumer Discretionary	6.5
Consumer Staples	14.4
Energy	13.2
Financials	10.6
Health Care	13.5
Industrials	8.0
Information Technology	13.0
Materials	2.5
Telecommunication Services	7.0
Utilities	5.4
Equity-Linked Notes	5.0
Money Market Funds	0.9
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

Bhanu Singh

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.

© 2015 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 2014
5

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

Analyzing Your Fund's Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in 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, 2014 – November 30, 2014

Account Value at the Beginning of the Period ($)

Account Value at the End of the Period ($)

Expenses Paid During the Period ($)

Fund's Annualized Expense Ratio (%)

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Actual

Class A

1,000.00

1,000.00

1,048.10

1,019.45

5.62

5.54

1.10

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as 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 2014
6

Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 94.0%

Issuer	Shares		Value ($)
Consumer Discretionary 6.5%
Auto Components 0.2%
Autoliv, Inc.		19,797		1,959,111
Lear Corp.		16,548		1,587,119
TRW Automotive Holdings Corp.(a)		7,750		801,350
Total				4,347,580
Automobiles 0.4%
Ford Motor Co.		130,889		2,058,884
General Motors Co.		163,580		5,468,479
Total				7,527,363
Diversified Consumer Services 0.1%
Graham Holdings Co., Class B		1,042		924,765
Service Corp. International		53,334		1,205,348
Total				2,130,113
Hotels, Restaurants & Leisure 0.4%
Carnival Corp.		16,135		712,522
Hyatt Hotels Corp., Class A(a)		3,693		217,629
MGM Resorts International(a)		127,235		2,902,230
Royal Caribbean Cruises Ltd.		36,895		2,720,637
Total				6,553,018
Household Durables 1.0%
D.R. Horton, Inc.		54,249		1,382,807
Leggett & Platt, Inc.		263,310		11,082,718
Lennar Corp., Class A		27,362		1,292,581
Lennar Corp., Class B		1,697		64,214
Mohawk Industries, Inc.(a)		10,171		1,562,164
PulteGroup, Inc.		38,177		825,769
Toll Brothers, Inc.(a)		14,870		520,301
Whirlpool Corp.		5,100		949,467
Total				17,680,021
Internet & Catalog Retail 0.3%
Lands' End, Inc.(a)		1,670		79,458
Liberty Interactive Corp., Class A(a)		124,253		3,621,975
Liberty TripAdvisor Holdings, Inc., Class A(a)		659		17,272
Liberty Ventures, Inc., Class A(a)		24,918		912,996
Total				4,631,701
Media 3.4%
Comcast Corp.		59,114		3,358,266
Comcast Corp., Class A		381,671		21,770,514

Common Stocks (continued)

Issuer	Shares		Value ($)
Gannett Co., Inc.		17,511		569,983
Liberty Broadband Corp. Class A(a)		4,176		229,012
Liberty Broadband Corp. Class C(a)		7,928		431,283
Liberty Global PLC, Class C(a)		27,543		1,374,947
Liberty Media Corp., Class A(a)		16,707		614,316
Liberty Media Corp., Class C(a)		31,714		1,158,512
Madison Square Garden Co. (The), Class A(a)		10,614		775,247
News Corp., Class A(a)		31,805		493,614
News Corp., Class B(a)		14,504		218,285
Pearson PLC		618,210		11,887,075
Regal Entertainment Group, Class A		271,127		6,260,322
Time Warner, Inc.		132,146		11,248,268
Time, Inc.		148		3,543
Total				60,393,187
Multiline Retail 0.4%
Dillard's, Inc., Class A		10,044		1,183,987
Kohl's Corp.		53,883		3,212,504
Target Corp.		40,388		2,988,712
Total				7,385,203
Specialty Retail 0.2%
Foot Locker, Inc.		36,923		2,115,319
GameStop Corp., Class A		14,272		539,624
Penske Automotive Group, Inc.		22,093		1,046,104
Staples, Inc.		16,102		226,394
Total				3,927,441
Textiles, Apparel & Luxury Goods 0.1%
PVH Corp.		13,692		1,740,801
Total Consumer Discretionary				116,316,428
Consumer Staples 14.3%
Beverages 2.4%
Anheuser-Busch InBev NV		95,805		11,252,901
Coca-Cola Co. (The)		423,716		18,995,188
Molson Coors Brewing Co., Class B		13,364		1,033,706
PepsiCo, Inc.		85,610		8,569,561
SABMiller PLC		48,214		2,684,057
Total				42,535,413

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

Semiannual Report 2014
7

Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Food & Staples Retailing 1.8%
CVS Health Corp.		172,058		15,719,219
Safeway, Inc.		60,717		2,115,380
SYSCO Corp.		224,698		9,046,342
Wesfarmers Ltd.		134,345		4,734,886
Total				31,615,827
Food Products 1.6%
Archer-Daniels-Midland Co.		55,187		2,907,251
Bunge Ltd.		24,761		2,247,556
ConAgra Foods, Inc.		105,784		3,863,232
Ingredion, Inc.		19,294		1,605,840
JM Smucker Co. (The)		22,005		2,257,053
Kraft Foods Group, Inc.		71,044		4,274,717
Mondelez International, Inc., Class A		101,457		3,977,114
Tyson Foods, Inc., Class A		69,985		2,963,165
Unilever PLC		118,555		5,011,048
Total				29,106,976
Household Products 3.2%
Energizer Holdings, Inc.		15,755		2,048,465
Kimberly-Clark Corp.		93,536		10,905,362
Procter & Gamble Co. (The)		490,096		44,319,382
Total				57,273,209
Tobacco 5.3%
Altria Group, Inc.		948,312		47,662,161
British American Tobacco PLC		183,441		10,872,562
Imperial Tobacco Group PLC		244,547		11,306,677
Lorillard, Inc.		205,155		12,953,487
Philip Morris International, Inc.		156,477		13,602,546
Total				96,397,433
Total Consumer Staples				256,928,858
Energy 13.2%
Energy Equipment & Services 0.8%
Baker Hughes, Inc.		37,375		2,130,375
Helmerich & Payne, Inc.		26,960		1,875,068
Nabors Industries Ltd.		74,271		974,436
National Oilwell Varco, Inc.		37,758		2,531,296
Noble Corp. PLC		63,763		1,147,096
Superior Energy Services, Inc.		26,753		516,601

Common Stocks (continued)

Issuer	Shares		Value ($)
Transocean Ltd.		116,525		2,448,190
Weatherford International PLC(a)		193,599		2,536,147
Total				14,159,209
Oil, Gas & Consumable Fuels 12.4%
Anadarko Petroleum Corp.		74,615		5,905,777
Apache Corp.		53,458		3,426,123
BP PLC, ADR		145,590		5,724,599
Chesapeake Energy Corp.		139,842		2,833,199
Chevron Corp.		473,421		51,541,344
Cimarex Energy Co.		21,851		2,293,262
ConocoPhillips		547,396		36,166,454
Denbury Resources, Inc.		61,512		508,089
Devon Energy Corp.		50,299		2,966,132
Exxon Mobil Corp.		266,615		24,139,322
Hess Corp.		38,224		2,787,676
HollyFrontier Corp.		47,840		1,952,829
Kinder Morgan, Inc.		56,473		2,335,159
Marathon Oil Corp.		87,645		2,534,693
Marathon Petroleum Corp.		39,477		3,556,483
Newfield Exploration Co.(a)		3,114		84,794
Occidental Petroleum Corp.		373,630		29,804,465
Phillips 66		23,886		1,744,156
QEP Resources, Inc.		45,111		922,069
Royal Dutch Shell PLC, Class A		373,250		12,432,824
Spectra Energy Corp.		195,270		7,396,828
Suncor Energy, Inc.		103,106		3,257,119
Tesoro Corp.		33,424		2,560,947
Total SA		200,234		11,201,655
Valero Energy Corp.		72,281		3,513,579
Whiting Petroleum Corp.(a)		29,856		1,247,085
WPX Energy, Inc.(a)		16,843		228,560
Total				223,065,222
Total Energy				237,224,431
Financials 10.6%
Banks 6.1%
Bank of America Corp.		527,310		8,985,362
Bank of Montreal		204,283		15,053,614
BB&T Corp.		59,125		2,222,509
BOK Financial Corp.		5,990		386,056

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

Semiannual Report 2014
8

Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)

Issuer		Shares		Value ($)
CIT Group, Inc.			33,577		1,638,558
Citigroup, Inc.			144,695		7,809,189
Comerica, Inc.			15,342		715,091
Fifth Third Bancorp			74,048		1,489,846
Huntington Bancshares, Inc.			139,319		1,408,515
JPMorgan Chase & Co.			589,539		35,466,666
KeyCorp	��		75,208		1,015,308
M&T Bank Corp.			21,846		2,753,033
PNC Financial Services Group, Inc. (The)			44,630		3,903,786
Regions Financial Corp.			232,084		2,337,086
SunTrust Banks, Inc.			22,482		883,318
Wells Fargo & Co.			413,128		22,507,213
Zions Bancorporation			27,834		781,022
Total					109,356,172
Capital Markets 1.3%
Bank of New York Mellon Corp. (The)			96,332		3,856,170
BlackRock, Inc.			24,533		8,809,310
E*TRADE Financial Corp.(a)			34,069		777,114
Goldman Sachs Group, Inc. (The)			36,679		6,910,690
Legg Mason, Inc.			10,118		574,196
Morgan Stanley			61,376		2,159,208
State Street Corp.			9,206		706,376
Total					23,793,064
Consumer Finance 0.3%
Capital One Financial Corp.			63,234		5,261,069
Diversified Financial Services 0.1%
CME Group, Inc.			13,361		1,130,875
Intercontinental Exchange, Inc.			1,647		372,205
Leucadia National Corp.			30,575		707,200
NASDAQ OMX Group, Inc. (The)			14,055		631,210
Total					2,841,490
Insurance 2.7%
ACE Ltd.			24,176		2,764,284
Aflac, Inc.			14,386		859,276
Alleghany Corp.(a)			1,406		641,895
Allied World Assurance Co. Holdings AG			465		17,531
Allstate Corp. (The)			57,225		3,899,884
American Financial Group, Inc.			11,946		721,419
American International Group, Inc.			90,528		4,960,934
Arch Capital Group Ltd.(a)			11,201		642,041

Common Stocks (continued)

Issuer	Shares		Value ($)
Assurant, Inc.		12,198		824,463
Assured Guaranty Ltd.		16,363		418,238
Axis Capital Holdings Ltd.		9,588		479,879
Chubb Corp. (The)		16,284		1,678,066
Cincinnati Financial Corp.		26,553		1,352,875
CNA Financial Corp.		3,492		135,210
Everest Re Group Ltd.		8,464		1,484,501
Genworth Financial, Inc., Class A(a)		41,456		376,835
Hartford Financial Services Group, Inc. (The)		119,608		4,939,810
HCC Insurance Holdings, Inc.		16,809		892,054
Lincoln National Corp.		22,004		1,246,087
Loews Corp.		16,462		685,478
Markel Corp.(a)		1,172		816,626
MetLife, Inc.		40,163		2,233,464
Old Republic International Corp.		43,614		659,880
PartnerRe Ltd.		4,461		519,751
Principal Financial Group, Inc.		49,380		2,630,473
Protective Life Corp.		13,180		918,778
Prudential Financial, Inc.		19,333		1,642,918
Reinsurance Group of America, Inc.		4,895		419,599
RenaissanceRe Holdings Ltd.		7,450		729,504
Travelers Companies, Inc. (The)		45,804		4,784,228
Unum Group		43,810		1,455,368
Validus Holdings Ltd.		6,795		281,993
WR Berkley Corp.		33,984		1,775,324
XL Group PLC		23,721		842,570
Total				48,731,236
Thrifts & Mortgage Finance 0.1%
New York Community Bancorp, Inc.		73,955		1,175,145
People's United Financial, Inc.		26,655		393,961
Total				1,569,106
Total Financials				191,552,137
Health Care 13.5%
Health Care Equipment & Supplies 0.2%
Boston Scientific Corp.(a)		103,448		1,331,376
CareFusion Corp.(a)		17,726		1,048,848
Hologic, Inc.(a)		24,109		646,121
Teleflex, Inc.		6,902		822,373
Total				3,848,718

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

Semiannual Report 2014
9

Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Providers & Services 2.2%
Aetna, Inc.		48,878		4,264,117
CIGNA Corp.		5,925		609,623
Community Health Systems, Inc.(a)		23,897		1,125,071
Express Scripts Holding Co.(a)		104,505		8,689,591
Humana, Inc.		39,232		5,412,839
Mednax, Inc.(a)		8,437		552,286
Omnicare, Inc.		17,275		1,214,778
Quest Diagnostics, Inc.		36,593		2,389,889
UnitedHealth Group, Inc.		126,662		12,492,673
Universal Health Services, Inc., Class B		3,138		328,297
WellPoint, Inc.		24,778		3,169,354
Total				40,248,518
Life Sciences Tools & Services 0.2%
Bio-Rad Laboratories, Inc., Class A(a)		800		95,032
Thermo Fisher Scientific, Inc.		21,569		2,788,656
Total				2,883,688
Pharmaceuticals 10.9%
AbbVie, Inc.		314,227		21,744,508
AstraZeneca PLC, ADR		72,648		5,388,302
Bristol-Myers Squibb Co.		216,484		12,783,380
Eli Lilly & Co.		184,001		12,534,148
Johnson & Johnson		431,374		46,696,236
Mallinckrodt PLC(a)		1,530		141,097
Merck & Co., Inc.		330,857		19,983,763
Novartis AG, ADR		71,193		6,880,803
Pfizer, Inc.		2,028,239		63,179,645
Roche Holding AG, Genusschein Shares		22,301		6,679,337
Total				196,011,219
Total Health Care				242,992,143
Industrials 8.0%
Aerospace & Defense 2.1%
BAE Systems PLC		748,722		5,626,481
L-3 Communications Holdings, Inc.		22,751		2,834,775
Lockheed Martin Corp.		153,391		29,383,580
Textron, Inc.		14,507		628,443
Total				38,473,279

Common Stocks (continued)

Issuer	Shares		Value ($)
Air Freight & Logistics 0.4%
FedEx Corp.		38,512		6,862,068
Airlines 0.4%
Alaska Air Group, Inc.		1,914		112,984
Southwest Airlines Co.		189,320		7,917,362
Total				8,030,346
Building Products 0.1%
Owens Corning		29,621		1,031,996
Commercial Services & Supplies 0.8%
ADT Corp. (The)		17,945		626,998
KAR Auction Services, Inc.		34,933		1,210,429
Republic Services, Inc.		90,608		3,588,983
RR Donnelley & Sons Co.		413,355		6,960,898
Waste Connections, Inc.		28,770		1,358,232
Total				13,745,540
Construction & Engineering 0.1%
AECOM Technology Corp.(a)		4,843		155,024
Jacobs Engineering Group, Inc.(a)		22,103		1,026,684
Quanta Services, Inc.(a)		35,623		1,086,502
Total				2,268,210
Electrical Equipment 0.2%
Eaton Corp. PLC		40,026		2,714,964
Industrial Conglomerates 2.3%
Danaher Corp.		1,308		109,296
General Electric Co.		1,377,698		36,495,220
Siemens AG, Registered Shares		45,480		5,381,499
Total				41,986,015
Machinery 0.6%
AGCO Corp.		24,498		1,033,571
Ingersoll-Rand PLC		6,160		388,449
Joy Global, Inc.		25,674		1,259,053
Oshkosh Corp.		21,887		993,670
Pentair PLC		21,244		1,374,699
SPX Corp.		4,413		395,802
Stanley Black & Decker, Inc.		29,675		2,802,507
Timken Co. (The)		13,752		588,448
Trinity Industries, Inc.		39,298		1,259,894
Total				10,096,093

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

Semiannual Report 2014
10

Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Marine —%
Kirby Corp.(a)		4,365		419,651
Professional Services —%
Manpowergroup, Inc.		7,324		489,683
Road & Rail 0.9%
Avis Budget Group, Inc.(a)		26,977		1,622,667
CSX Corp.		136,477		4,980,046
Genesee & Wyoming, Inc., Class A(a)		8,697		857,437
Hertz Global Holdings, Inc.(a)		112,975		2,682,026
Norfolk Southern Corp.		40,393		4,509,474
Ryder System, Inc.		13,234		1,264,112
Union Pacific Corp.		5,144		600,665
Total				16,516,427
Trading Companies & Distributors 0.1%
Air Lease Corp.		7,269		276,440
Veritiv Corp.(a)		1,015		51,004
WESCO International, Inc.(a)		11,121		916,259
Total				1,243,703
Total Industrials				143,877,975
Information Technology 13.0%
Communications Equipment 3.3%
Brocade Communications Systems, Inc.		74,473		842,289
Cisco Systems, Inc.		2,071,887		57,266,957
EchoStar Corp., Class A(a)		3,561		191,867
Juniper Networks, Inc.		42,357		938,631
Total				59,239,744
Electronic Equipment, Instruments & Components 0.2%
Arrow Electronics, Inc.(a)		25,349		1,481,395
Avnet, Inc.		23,078		1,010,586
Corning, Inc.		60,692		1,275,746
Ingram Micro, Inc., Class A(a)		25,858		709,285
Jabil Circuit, Inc.		2,798		58,058
Total				4,535,070
IT Services 0.9%
Amdocs Ltd.		27,252		1,328,399
Computer Sciences Corp.		29,967		1,899,309
Fidelity National Information Services, Inc.		71,601		4,381,265
Paychex, Inc.		98,391		4,664,717
Xerox Corp.		309,778		4,324,501
Total				16,598,191

Common Stocks (continued)

Issuer	Shares		Value ($)
Semiconductors & Semiconductor Equipment 4.2%
Analog Devices, Inc.		73,317		4,006,041
Broadcom Corp., Class A		71,096		3,066,371
First Solar, Inc.(a)		16,681		814,033
Intel Corp.		1,274,522		47,475,945
Lam Research Corp.		13,621		1,125,639
Marvell Technology Group Ltd.		41,275		591,058
Maxim Integrated Products, Inc.		85,925		2,540,802
Microchip Technology, Inc.		294,888		13,314,193
NVIDIA Corp.		95,372		1,999,951
Teradyne, Inc.		19,091		378,956
Total				75,312,989
Software 2.5%
Activision Blizzard, Inc.		122,188		2,645,370
CA, Inc.		10,738		334,489
Microsoft Corp.		871,049		41,644,853
Synopsys, Inc.(a)		17,745		769,955
Total				45,394,667
Technology Hardware, Storage & Peripherals 1.9%
Apple, Inc.		93,738		11,148,260
EMC Corp.		258,902		7,857,676
Hewlett-Packard Co.		285,576		11,154,599
Seagate Technology PLC		53,274		3,521,944
Total				33,682,479
Total Information Technology				234,763,140
Materials 2.5%
Chemicals 0.9%
Ashland, Inc.		19,504		2,224,431
CF Industries Holdings, Inc.		14,421		3,866,991
LyondellBasell Industries NV, Class A		120,852		9,530,389
Mosaic Co. (The)		25,629		1,173,039
Rockwood Holdings, Inc.		986		76,859
Total				16,871,709
Construction Materials —%
Vulcan Materials Co.		10,903		720,688
Containers & Packaging 0.2%
Bemis Co., Inc.		25,902		1,034,526
MeadWestvaco Corp.		29,839		1,336,787

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

Semiannual Report 2014
11

Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Rock-Tenn Co., Class A		36,118		2,051,864
Sonoco Products Co.		2,487		104,504
Total				4,527,681
Metals & Mining 1.2%
Alcoa, Inc.		184,733		3,194,034
Allegheny Technologies, Inc.		1,267		42,685
BHP Billiton Ltd.		187,261		4,855,662
Freeport-McMoRan, Inc.		143,252		3,846,316
Newmont Mining Corp.		39,019		717,950
Nucor Corp.		53,380		2,862,769
Reliance Steel & Aluminum Co.		12,974		829,558
Rio Tinto PLC		50,331		2,352,614
Steel Dynamics, Inc.		37,238		839,344
TimkenSteel Corp.		3,973		141,518
United States Steel Corp.		36,401		1,213,973
Total				20,896,423
Paper & Forest Products 0.2%
International Paper Co.		53,134		2,859,672
Total Materials				45,876,173
Telecommunication Services 7.0%
Diversified Telecommunication Services 6.4%
AT&T, Inc.		1,193,756		42,235,087
BCE, Inc.		149,277		7,015,431
BCE, Inc.		168,639		7,912,542
CenturyLink, Inc.		493,662		20,126,600
Frontier Communications Corp.		251,510		1,773,145
Orange SA		357,091		6,289,612
Telstra Corp., Ltd.		1,330,842		6,439,672
Verizon Communications, Inc.		425,962		21,549,418
Windstream Holdings, Inc.		149,987		1,516,369
Total				114,857,876
Wireless Telecommunication Services 0.6%
Sprint Corp.(a)		92,759		474,926
T-Mobile USA, Inc.(a)		11,176		326,227
United States Cellular Corp.(a)		3,857		148,456
Vodafone Group PLC		973,285		3,556,674
Vodafone Group PLC, ADR		192,779		7,046,073
Total				11,552,356
Total Telecommunication Services				126,410,232

Common Stocks (continued)

Issuer	Shares		Value ($)
Utilities 5.4%
Electric Utilities 2.9%
American Electric Power Co., Inc.		85,516		4,921,446
Duke Energy Corp.		272,200		22,020,980
Endesa SA		81,552		1,576,354
PPL Corp.		191,408		6,800,726
Southern Co. (The)		121,611		5,768,010
Terna Rete Elettrica Nazionale SpA		1,413,788		6,827,974
Xcel Energy, Inc.		134,944		4,579,999
Total				52,495,489
Gas Utilities 0.1%
UGI Corp.		43,207		1,629,336
Independent Power and Renewable Electricity Producers 0.1%
Calpine Corp.(a)		36,503		838,109
NRG Energy, Inc.		42,444		1,326,799
Total				2,164,908
Multi-Utilities 2.3%
Ameren Corp.		132,907		5,729,621
CMS Energy Corp.		65,283		2,160,867
DTE Energy Co.		32,112		2,615,844
National Grid PLC		633,384		9,200,914
PG&E Corp.		121,363		6,128,831
Public Service Enterprise Group, Inc.		98,281		4,106,180
SCANA Corp.		49,917		2,846,767
Sempra Energy		75,615		8,448,464
Total				41,237,488
Total Utilities				97,527,221
Total Common Stocks (Cost: $1,508,827,377)				1,693,468,738

Equity-Linked Notes 5.0%

Issuer	Coupon Rate			Shares		Value ($)
Deutsche Bank AG Senior Unsecured (linked to common stock of Merck & Co.)(b) 12/15/14		15.230	%		326,720		19,639,139
Goldman Sachs Group, Inc. (The)(b) Senior Unsecured (linked to common stock of Apple, Inc.) 03/11/15		7.000	%		270,760		30,951,117
(linked to common stock of Dow Chemical Co. (The)) 02/13/15		7.000	%		345,330		16,812,405

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

Semiannual Report 2014
12

Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Equity-Linked Notes (continued)

Issuer	Coupon Rate			Shares		Value ($)
JPMorgan Chase & Co.(b) Senior Unsecured (linked to common stock of Delta Air Lines, Inc.) 12/23/14		8.260	%		99,700		4,414,716
(linked to common stock of KKR & Co., LLP) 01/20/15		12.300	%		153,214		3,474,893
(linked to common stock of Suncor Energy, Inc.) 01/20/15		10.600	%		14,550		462,399
(linked to common stock of United Continental Holdings, Inc.) 12/23/14		12.580	%		98,300		5,564,763
UBS AG Senior Unsecured (linked to common stock of Blackstone Group LP (The))(b) 02/26/15		8.960	%		251,740		8,393,012
Total Equity-Linked Notes (Cost: $86,862,847)							89,712,444

Money Market Funds 0.9%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.104%(c)(d)		16,823,286		16,823,286
Total Money Market Funds (Cost: $16,823,286)				16,823,286
Total Investments (Cost: $1,612,513,510)				1,800,004,468
Other Assets & Liabilities, Net				2,219,462
Net Assets				1,802,223,930

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, 2014, the value of these securities amounted to $89,712,444 or 4.98% of net assets.

(c)  The rate shown is the seven-day current annualized yield at November 30, 2014.

(d)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		22,254,774		298,825,402		(304,256,890	)		16,823,286		14,552		16,823,286

Abbreviation Legend

ADR  American Depositary Receipt

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

Semiannual Report 2014
13

Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

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.

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.

Semiannual Report 2014
14

Active Portfolios® Multi-Manager Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2014:

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		104,429,353		11,887,075		—		116,316,428
Consumer Staples		211,066,726		45,862,132		—		256,928,858
Energy		213,589,952		23,634,479		—		237,224,431
Financials		191,552,137		—		—		191,552,137
Health Care		236,312,806		6,679,337		—		242,992,143
Industrials		132,869,994		11,007,981		—		143,877,975
Information Technology		234,763,140		—		—		234,763,140
Materials		38,667,897		7,208,276		—		45,876,173
Telecommunication Services		110,124,274		16,285,958		—		126,410,232
Utilities		79,921,979		17,605,242		—		97,527,221
Total Equity Securities		1,553,298,258		140,170,480		—		1,693,468,738
Other
Equity-Linked Notes		—		89,712,444		—		89,712,444
Total Other		—		89,712,444		—		89,712,444
Mutual Funds
Money Market Funds		16,823,286		—		—		16,823,286
Total Mutual Funds		16,823,286		—		—		16,823,286
Total		1,570,121,544		229,882,924		—		1,800,004,468

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 model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

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

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

Semiannual Report 2014
15

Active Portfolios® Multi-Manager Value Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,595,690,224)	$	1,783,181,182
Affiliated issuers (identified cost $16,823,286)		16,823,286
Total investments (identified cost $1,612,513,510)		1,800,004,468
Foreign currency (identified cost $97,962)		97,952
Receivable for:
Investments sold		1,783,201
Capital shares sold		3,628,270
Dividends		5,728,149
Reclaims		184,309
Expense reimbursement due from Investment Manager		2,211
Prepaid expenses		7,065
Total assets		1,811,435,625
Liabilities
Disbursements in excess of cash		812,982
Payable for:
Investments purchased		5,126,606
Capital shares purchased		2,791,190
Investment management fees		59,518
Distribution and/or service fees		24,861
Transfer agent fees		253,307
Administration fees		5,383
Compensation of board members		21,439
Other expenses		116,409
Total liabilities		9,211,695
Net assets applicable to outstanding capital stock	$	1,802,223,930
Represented by
Paid-in capital	$	1,515,892,433
Undistributed net investment income		7,498,412
Accumulated net realized gain		91,364,475
Unrealized appreciation (depreciation) on:
Investments		187,490,958
Foreign currency translations		(22,348	)
Total — representing net assets applicable to outstanding capital stock	$	1,802,223,930
Class A
Net assets	$	1,802,223,930
Shares outstanding		138,637,290
Net asset value per share	$	13.00

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, 2014 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	26,753,742
Dividends — affiliated issuers		14,552
Interest		2,123,329
Foreign taxes withheld		(570,697	)
Total income		28,320,926
Expenses:
Investment management fees		5,291,297
Distribution and/or service fees
Class A		2,202,283
Transfer agent fees
Class A		1,689,929
Administration fees		477,854
Compensation of board members		15,770
Custodian fees		20,294
Printing and postage fees		123,430
Registration fees		91,812
Professional fees		20,162
Other		13,271
Total expenses		9,946,102
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(290,850	)
Total net expenses		9,655,252
Net investment income		18,665,674
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		41,694,843
Foreign currency translations		(95,729	)
Net realized gain		41,599,114
Net change in unrealized appreciation (depreciation) on:
Investments		23,374,090
Foreign currency translations		(17,944	)
Net change in unrealized appreciation		23,356,146
Net realized and unrealized gain		64,955,260
Net increase in net assets resulting from operations	$	83,620,934

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, 2014 (Unaudited)			Year Ended May 31, 2014
Operations
Net investment income	$	18,665,674		$	23,904,073
Net realized gain		41,599,114			126,928,690
Net change in unrealized appreciation		23,356,146			53,682,840
Net increase in net assets resulting from operations		83,620,934			204,515,603
Distributions to shareholders
Net investment income
Class A		(18,166,443	)		(18,761,924	)
Net realized gains
Class A		—			(90,982,487	)
Total distributions to shareholders		(18,166,443	)		(109,744,411	)
Increase (decrease) in net assets from capital stock activity		(16,181,063	)		907,244,652
Total increase in net assets		49,273,428			1,002,015,844
Net assets at beginning of period		1,752,950,502			750,934,658
Net assets at end of period	$	1,802,223,930		$	1,752,950,502
Undistributed net investment income	$	7,498,412		$	6,999,181

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		13,723,087			172,682,413			92,115,130			1,093,668,735
Distributions reinvested		1,412,699			18,166,409			9,527,929			109,741,649
Redemptions		(16,401,858	)		(207,029,885	)		(24,350,459	)		(296,165,732	)
Net increase (decrease)		(1,266,072	)		(16,181,063	)		77,292,600			907,244,652
Total net increase (decrease)		(1,266,072	)		(16,181,063	)		77,292,600			907,244,652

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

	Six Months Ended November 30, 2014			Year Ended May 31,
Class A	(Unaudited)			2014			2013			2012(a)
Per share data
Net asset value, beginning of period	$	12.53		$	11.99		$	9.49		$	10.00
Income from investment operations:
Net investment income		0.13			0.25			0.18			0.02
Net realized and unrealized gain (loss)		0.47			1.67			2.50			(0.53	)
Total from investment operations		0.60			1.92			2.68			(0.51	)
Less distributions to shareholders:
Net investment income		(0.13	)		(0.20	)		(0.18	)		—
Net realized gains		—			(1.18	)		—			—
Total distributions to shareholders		(0.13	)		(1.38	)		(0.18	)		—
Net asset value, end of period	$	13.00		$	12.53		$	11.99		$	9.49
Total return		4.81	%		17.18	%		28.49	%		(5.10	%)
Ratios to average net assets(b)
Total gross expenses		1.13	%(c)		1.20	%(d)		1.24	%		1.38	%(c)
Total net expenses(e)		1.10	%(c)		1.08	%(d)		1.08	%		1.08	%(c)
Net investment income		2.12	%(c)		2.05	%		1.70	%		2.46	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,802,224		$	1,752,951		$	750,935		$	576,769
Portfolio turnover		26	%		99	%		55	%		3	%

Notes to Financial Highlights

(a)  Based on operations from April 20, 2012 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

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

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, 2014 (Unaudited)

Note 1. Organization

Active Portfolios^® Multi-Manager Value 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 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

Basis of Preparation

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

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

Security Valuation

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 that take into account, as applicable, 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 traded. If any foreign security 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. Many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board, including, if available, utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies, including money market funds, are valued at their 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 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 quoted or published price for the security.

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

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Active Portfolios® Multi-Manager Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the NYSE. 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 place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange-traded funds (ETFs), other regulated investment companies (RICs), 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 actual information reported. To the extent actual information has not yet been reported by the REITs, estimates for return of capital are made by the Fund's management. 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 REITs, which could result in a proportionate change in return of capital to shareholders. No estimates are made for the BDCs, ETFs, and RICs.

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.

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Active Portfolios® Multi-Manager Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

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

Distributions to Shareholders

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

Guarantees and Indemnifications

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

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), 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, 2014 was 0.60% of the Fund's average daily net assets.

Subadvisory Agreement

The Investment Manager has 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 the investment of a portion 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, 2014 was 0.05% 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, 2014, other expenses paid by the Fund to this company were $1,808.

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.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a

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Active Portfolios® Multi-Manager Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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

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

For the six months ended November 30, 2014, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets for Class A shares as 0.19%.

Distribution and Service Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.

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 Fund's expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective October 1, 2014			Contractual Expense Cap Prior to October 1, 2014
Class A		1.13	%		1.08	%

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses.

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, 2014, the cost of investments for federal income tax purposes was approximately $1,612,514,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	224,439,000
Unrealized depreciation		(36,949,000	)
Net unrealized appreciation	$	187,490,000

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if any, aggregated to $456,868,698 and $456,304,677, respectively, for the six months ended November 30, 2014. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

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

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Active Portfolios® Multi-Manager Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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

Affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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 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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

Note 9. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 8 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 quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

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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.

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25

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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR116_05_E01_(01/15)

Semiannual Report

November 30, 2014

Columbia Absolute Return Emerging Markets Macro Fund

Not FDIC insured • No bank guarantee • May lose value

About 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 some of the most talented professionals in the industry, brought together by a unique way of working.

It starts with carefully selected, specialized investment teams. While each team brings a diverse and innovative range of skills, all are grounded by a common set of core beliefs. All possess a solid conviction in the power of proprietary, bottom-up research. All look not only at generating returns, but also at the likely consistency of those returns and the risks required to achieve them. And while our culture encourages teams to operate independently and question established thinking, a rigorous investment oversight process ensures that each team stays true to its clearly articulated investment process. At Columbia Management, reaching our performance goals matters, and the way we reach them matters just as much.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

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*Columbia Management investor was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

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Not part of the shareholder report

President's Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What's different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

>  The relative value of global equities vs. global bonds actually improved during 2014.

>  Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today's conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President's Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB's balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People's Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

>  Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

>  Explicit downside hedges, such as put options (with emphasis on managing the related expense)

>  Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia Absolute Return Emerging Markets Macro Fund

Table of Contents

Performance Overview	4
Portfolio Overview	5
Understanding Your Fund's Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	14
Statement of Operations	16
Statement of Changes in Net Assets	17
Financial Highlights	19
Notes to Financial Statements	27
Important Information About This Report	39

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Semiannual Report 2014

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 -2.39% excluding sales charges for the six-month period that ended November 30, 2014.

>  The Fund underperformed its benchmarks, the Citigroup 3-Month U.S. Treasury Bill Index, which returned 0.01% and the 1 Month USD LIBOR, which returned 0.08% for the same time period.

>  On January 28, 2015 the Fund's Board of Trustees approved a Plan of Liquidation and Termination (the Plan) pursuant to which the Fund will be liquidated and terminated. Effective at the open of business on February 2, 2015, the Fund is no longer open to new investors. Under the terms of the Plan, it is anticipated that the Fund will be liquidated on or about March 6, 2015, at which time the Fund's shareholders will receive a liquidation distribution in an amount equal to the net asset value of their Fund shares. Shareholders of the Fund may also redeem their investment in the Fund or exchange their Fund shares for shares of another Columbia Fund at any time prior to the date of liquidation.

Average Annual Total Returns (%) (for period ended November 30, 2014)

	Inception	6 Months cumulative		1 Year		Life
Class A	04/07/11
Excluding sales charges			-2.39		0.04		0.87
Including sales charges			-7.97		-5.74		-0.75
Class B	04/07/11
Excluding sales charges			-2.79		-0.65		0.11
Including sales charges			-7.65		-5.51		-0.70
Class C	04/07/11
Excluding sales charges			-2.81		-0.76		0.07
Including sales charges			-3.78		-1.73		0.07
Class I	04/07/11		-2.27		0.39		1.26
Class R	04/07/11		-2.58		-0.23		0.60
Class R5*	11/08/12		-2.28		0.45		1.11
Class W	04/07/11		-2.48		0.03		0.83
Class Z	04/07/11		-2.26		0.29		1.11
Citigroup 3-Month U.S. Treasury Bill Index			0.01		0.04		0.05
1 Month USD LIBOR			0.08		0.16		0.20

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

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

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

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 2014
4

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio Overview

(Unaudited)

Sector Allocation (%) (at November 30, 2014)
Sovereign	47.1
USD denominated	26.5
non-USD denominated	20.6
Quasi Sovereign	23.5
Short-Term Investments Segregated in Connection with Open Derivatives Contracts(a)	29.4
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 $21.2 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, 2014
China	15.3
Brazil	10.3
Russian Federation	6.8
Peru	6.1
Singapore	5.5
Georgia	4.9
Mexico	4.7
Panama	4.3
Dominican Republic	4.0
Chile	3.5
Venezuela	3.5
Ivory Coast	3.4
Zambia	3.4
Hungary	3.0
Indonesia	2.5
Qatar	2.0
Croatia	1.7
Trinidad and Tobago	1.7
Romania	1.6
South Korea	1.5
Guatemala	1.5
Morocco	1.4
United Arab Emirates	1.4
Colombia	1.2
Greece	0.0	(a)
Turkey	(3.7	)

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

Henry Stipp, PhD

Jim Carlen, CFA

Semiannual Report 2014
5

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio Overview (continued)

(Unaudited)

Quality Breakdown (%) (at November 30, 2014)
AAA rating	7.9
AA rating	10.2
A rating	8.8
BBB rating	36.2
BB rating	16.2
B rating	15.7
CCC rating	5.0
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 highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as "Not rated". Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other country-specific factors as the direction and stance of fiscal policy, balance of payment trends and commodity prices, the level and structure of public debt as well as political stability and commitment to strong macroeconomic policies.

Notional Market Value (in USD) of
Forward Foreign Currency Contracts Exposure as a % of Net Assets

BRL  Brazilian Real

CLP  Chilean Peso

COP  Colombian Peso

CZK  Czech Koruna

IDR  Indonesian Rupiah

NZD  New Zealand Dollar

SGD  Singapore Dollar

Semiannual Report 2014
6

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

Analyzing Your Fund's Expenses

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

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		976.10		1,017.10		7.73		7.90		1.57
Class B		1,000.00		1,000.00		972.10		1,013.31		11.46		11.70		2.33
Class C		1,000.00		1,000.00		971.90		1,013.31		11.45		11.70		2.33
Class I		1,000.00		1,000.00		977.30		1,019.30		5.57		5.69		1.13
Class R		1,000.00		1,000.00		974.20		1,015.81		9.01		9.20		1.83
Class R5		1,000.00		1,000.00		977.20		1,019.05		5.82		5.94		1.18
Class W		1,000.00		1,000.00		975.20		1,017.25		7.58		7.75		1.54
Class Z		1,000.00		1,000.00		977.40		1,018.30		6.56		6.69		1.33

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as 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.

Columbia Management Investment Advisers, LLC and/or certain of its affiliates have contractually agreed to waive certain fees and/or to reimburse certain expenses until September 30, 2015, unless sooner terminated at the sole discretion of the Fund's Board, such that net expenses (excluding fees and expenses of acquired funds) will not exceed 1.68% for Class A, 2.43% for Class B, 2.43% for Class C, 1.23% for Class I, 1.93% for Class R, 1.28% for Class R5, 1.68% for Class W and 1.43% for Class Z. Any amounts waived will not be reimbursed by the Fund. This change was effective October 1, 2014. If this change had been in place for the entire six month period ended November 30, 2014, the actual expenses paid would have been $8.28 for Class A, $11.95 for Class B, $11.95 for Class C, $6.06 for Class I, $9.50 for Class R, $6.31 for Class R5, $8.27 for Class W and $7.05 for Class Z; and the hypothetical expenses paid would have been $8.45 for Class A, $12.19 for Class B, $12.19 for Class C, $6.19 for Class I, $9.70 for Class R, $6.44 for Class R5, $8.45 for Class W and $7.19 for Class Z.

Semiannual Report 2014
7

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Inflation-Indexed Bonds^(a) 6.6%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Brazil 2.5%
Brazil Notas do Tesouro Nacional 05/15/45		6.000	%	BRL	4,478,810		1,800,669
Mexico 4.1%
Mexican Udibonos 11/15/40		4.000	%	MXN	38,695,014		3,047,015
Total Inflation-Indexed Bonds (Cost: $5,471,487)							4,847,684

Foreign Government Obligations^(a)(b) 62.5%

Brazil 1.7%
Brazilian Government International Bond Senior Unsecured 01/05/23	2.625	%		1,350,000	1,246,725
Chile 3.5%
Chile Government International Bond Senior Unsecured 08/05/20	5.500	%	CLP	1,500,000,000	2,605,496
Colombia 6.9%
Colombia Government International Bond Senior Unsecured 07/12/21	4.375	%		1,700,000	1,813,050
03/21/23	4.375	%	COP	2,650,000,000	1,088,991
06/28/27	9.850	%	COP	1,840,000,000	1,084,406
Empresa de Energia de Bogota SA ESP Senior Unsecured(c) 11/10/21	6.125	%		1,000,000	1,071,808
Total					5,058,255
Croatia 1.7%
Croatia Government International Bond Senior Unsecured 11/05/19	6.750	%		1,145,000	1,278,106
Dominican Republic 4.0%
Dominican Republic International Bond Senior Unsecured(c) 05/06/21	7.500	%		2,600,000	2,930,076
Georgia 4.9%
Georgian Railway JSC Senior Unsecured 07/11/22	7.750	%		3,300,000	3,646,500

Foreign Government Obligations^(a)(b) (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Greece —%
Hellenic Republic Government Bond Senior Unsecured(d) 10/15/42		0.000	%	EUR	1,417,500		13,501
Guatemala 1.5%
Guatemala Government Bond Senior Unsecured(c) 06/06/22		5.750	%		1,000,000		1,097,500
Hungary 3.0%
MFB Hungarian Development Bank 10/21/20		6.250	%		2,000,000		2,227,500
Indonesia 2.5%
Indonesia Treasury Bond Senior Unsecured 09/15/16		7.375	%	IDR	9,600,000,000		788,138
PT Perusahaan Listrik Negara Senior Unsecured(c) 11/22/21		5.500	%		1,000,000		1,074,360
Total							1,862,498
Ivory Coast 3.4%
Ivory Coast Government International Bond(c) Senior Unsecured 07/23/24		5.375	%		1,310,000		1,269,063
Ivory Coast Government International Bond(d) Senior Unsecured 12/31/32		5.750	%		1,310,000		1,270,962
Total							2,540,025
Mexico 0.6%
Mexican Bonos 12/15/16		7.250	%	MXN	5,671,000		436,133
Morocco 1.4%
Morocco Government International Bond Senior Unsecured(c) 12/11/22		4.250	%		1,000,000		1,025,000
Qatar 2.0%
Qatar Government International Bond Senior Unsecured 04/09/19		6.550	%		1,250,000		1,490,625
Romania 1.6%
Romanian Government International Bond Senior Unsecured(c) 02/07/22		6.750	%		1,000,000		1,202,500

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

Semiannual Report 2014
8

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Foreign Government Obligations^(a)(b) (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Russian Federation 6.8%
Russian Foreign Bond — Eurobond Senior Unsecured(c) 04/04/17		3.250	%		2,000,000		1,992,500
Sberbank of Russia Via SB Capital SA Senior Unsecured(c) 02/07/17		4.950	%		3,000,000		2,985,000
Total							4,977,500
Singapore 5.5%
Singapore Government Bond Senior Unsecured 03/01/27		3.500	%	SGD	4,700,000		4,028,078
South Korea 1.5%
Export-Import Bank of Korea Senior Unsecured 11/20/15		1.250	%		1,100,000		1,105,400
Trinidad and Tobago 1.7%
Petroleum Co. of Trinidad & Tobago Ltd. Senior Unsecured(c) 08/14/19		9.750	%		1,000,000		1,236,000
United Arab Emirates 1.4%
Abu Dhabi National Energy Co. Senior Unsecured(c) 01/12/23		3.625	%		1,000,000		1,007,500

Foreign Government Obligations^(a)(b) (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Venezuela 3.5%
Petroleos de Venezuela SA 11/02/17		8.500	%		3,660,000		2,562,000
Zambia 3.4%
Zambia Government International Bond Senior Unsecured 04/14/24		8.500	%		2,200,000		2,480,500
Total Foreign Government Obligations (Cost: $47,790,350)							46,057,418

Money Market Funds 28.8%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.104%(e)(f)		21,170,582		21,170,582
Total Money Market Funds (Cost: $21,170,582)				21,170,582
Total Investments (Cost: $74,432,419)				72,075,684
Other Assets & Liabilities, Net				1,536,072
Net Assets				73,611,756

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at November 30, 2014

Counterparty	Exchange Date	Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
J.P. Morgan Securities, Inc.	01/09/15		5,405,000 SGD		4,141,115 USD		—		(2,067	)
Morgan Stanley	01/13/15		109,000,000 CZK		4,941,473 USD		34,196		—
Standard Chartered Bank	12/22/14		1,600,000,000 CLP		2,696,553 USD		72,371		—
Standard Chartered Bank	12/22/14		119,980 USD		255,000,000 COP		—		(5,237	)
Standard Chartered Bank	01/14/15		9,715,000,000 IDR		798,274 USD		10,679		—
State Street Bank	12/08/14		1,590,000 BRL		641,828 USD		25,095		—
UBS Securities	01/13/15		4,800,000 NZD		3,791,136 USD		42,125		—
Total							184,466		(7,304	)

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

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Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Futures Contracts Outstanding at November 30, 2014

At November 30, 2014, cash totaling $216,300 was pledged as collateral to cover initial margin requirements on open futures contracts.

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency	Notional Market Value ($)			Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
US 5YR NOTE		(79	)	USD		(9,439,883	)	03/2015		—		(46,911	)
US 10YR NOTE		(121	)	USD		(15,372,672	)	03/2015		—		(119,131	)
Total										—		(166,042	)

Credit Default Swap Contracts Outstanding at November 30, 2014
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	12/20/15		1.000		2,700,000		(12,926	)		(33,592	)		(5,100	)		—		(51,618	)
Goldman Sachs International	Republic of Colombia	09/20/19		1.000		6,400,000		(17,540	)		61,780			(12,089	)		32,151		—
Total																	32,151		(51,618	)

Credit Default Swap Contracts Outstanding at November 30, 2014
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 ($)		Unrealized Depreciation ($)
Barclays	Federative Republic of Brazil	03/20/18		1.000		1.064		2,260,000		(4,733	)		14,301		4,269		13,837		—
Citibank	Federative Republic of Brazil	12/20/17		1.000		0.989		2,200,000		735			7,753		4,156		12,644		—
Citibank	People's Republic of China	12/20/16		1.000		0.313		1,500,000		21,331			12,309		2,833		36,473		—
Citibank	Republic of Colombia	12/20/17		1.000		0.620		2,200,000		25,419			1,944		4,156		31,519		—
Citibank	Republic of Panama	12/20/17		1.000		0.570		3,200,000		41,898			1,886		6,044		49,828		—
Citibank	Republic of Peru	09/20/16		1.000		0.459		1,500,000		14,797			15,284		2,833		32,914		—
Citibank	Republic of Peru	09/20/16		1.000		0.459		3,000,000		29,594			12,905		5,667		48,166		—
Citibank New York	People's Republic of China	12/20/16		1.000		0.313		9,700,000		137,940			108,968		18,322		265,230		—
Total																	490,611		—

**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

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

Semiannual Report 2014
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Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Credit Default Swap Contracts Outstanding at November 30, 2014
Sell Protection (continued)

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 adeterioration 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.

Notes to Portfolio of Investments

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

(b)  Principal and interest may not be guaranteed by the government.

(c)  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, 2014, the value of these securities amounted to $16,891,307 or 22.95% of net assets.

(d)  Variable rate security.

(e)  The rate shown is the seven-day current annualized yield at November 30, 2014.

(f)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		49,891,427		45,779,290		(74,500,135	)		21,170,582		25,124		21,170,582

Currency Legend

BRL  Brazilian Real

CLP  Chilean Peso

COP  Colombian Peso

CZK  Czech Koruna

EUR  Euro

IDR  Indonesian Rupiah

MXN  Mexican Peso

NZD  New Zealand Dollar

SGD  Singapore Dollar

USD  US Dollar

Fair Value Measurements

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

The 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.

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

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Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

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

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

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

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

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

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

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

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

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

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

Semiannual Report 2014
12

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2014:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Bonds
Inflation-Indexed Bonds		—			4,847,684			—		4,847,684
Foreign Government Obligations		—			46,057,418			—		46,057,418
Total Bonds		—			50,905,102			—		50,905,102
Mutual Funds
Money Market Funds		21,170,582			—			—		21,170,582
Total Mutual Funds		21,170,582			—			—		21,170,582
Investments in Securities		21,170,582			50,905,102			—		72,075,684
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			184,466			—		184,466
Swap Contracts		—			522,762			—		522,762
Liabilities
Forward Foreign Currency Exchange Contracts		—			(7,304	)		—		(7,304	)
Futures Contracts		(166,042	)		—			—		(166,042	)
Swap Contracts		—			(51,618	)		—		(51,618	)
Total		21,004,540			51,553,408			—		72,557,948

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

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

There were no transfers of financial assets between levels 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 2014
13

Columbia Absolute Return Emerging Markets Macro Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $53,261,837)	$	50,905,102
Affiliated issuers (identified cost $21,170,582)		21,170,582
Total investments (identified cost $74,432,419)		72,075,684
Foreign currency (identified cost $195,589)		189,369
Margin deposits		216,300
Unrealized appreciation on forward foreign currency exchange contracts		184,466
Unrealized appreciation on swap contracts		522,762
Premiums paid on outstanding swap contracts		33,592
Receivable for:
Investments sold		106,776
Capital shares sold		15,113
Dividends		1,865
Interest		659,257
Reclaims		48,308
Expense reimbursement due from Investment Manager		373
Prepaid expenses		2,357
Total assets		74,056,222
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		7,304
Unrealized depreciation on swap contracts		51,618
Premiums received on outstanding swap contracts		237,130
Payable for:
Capital shares purchased		2,618
Variation margin		53,860
Investment management fees		3,722
Distribution and/or service fees		8
Transfer agent fees		18,675
Administration fees		324
Compensation of board members		14,332
Accounting fees		22,915
Other expenses		31,960
Total liabilities		444,466
Net assets applicable to outstanding capital stock	$	73,611,756
Represented by
Paid-in capital	$	75,977,809
Undistributed net investment income		388,910
Accumulated net realized loss		(857,446	)
Unrealized appreciation (depreciation) on:
Investments		(2,356,735	)
Foreign currency translations		(23,046	)
Forward foreign currency exchange contracts		177,162
Futures contracts		(166,042	)
Swap contracts		471,144
Total — representing net assets applicable to outstanding capital stock	$	73,611,756

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

Semiannual Report 2014
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Columbia Absolute Return Emerging Markets Macro Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$	195,467
Shares outstanding		19,906
Net asset value per share	$	9.82
Maximum offering price per share(a)	$	10.42
Class B
Net assets	$	9,849
Shares outstanding		1,009
Net asset value per share	$	9.76
Class C
Net assets	$	9,929
Shares outstanding		1,026
Net asset value per share	$	9.68
Class I
Net assets	$	73,027,315
Shares outstanding		7,388,332
Net asset value per share	$	9.88
Class R
Net assets	$	9,887
Shares outstanding		1,008
Net asset value per share	$	9.81
Class R5
Net assets	$	9,923
Shares outstanding		1,005
Net asset value per share	$	9.87
Class W
Net assets	$	275,473
Shares outstanding		28,063
Net asset value per share	$	9.82
Class Z
Net assets	$	73,913
Shares outstanding		7,427
Net asset value per share	$	9.95

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

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

Semiannual Report 2014
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Columbia Absolute Return Emerging Markets Macro Fund

Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$	25,124
Interest		1,268,226
Foreign taxes withheld		(14,359	)
Total income		1,278,991
Expenses:
Investment management fees		506,456
Distribution and/or service fees
Class A		280
Class B		50
Class C		51
Class R		25
Class W		44,599
Transfer agent fees
Class A		1,092
Class B		48
Class C		48
Class R		48
Class R5		3
Class W		164,778
Class Z		339
Administration fees		44,040
Compensation of board members		6,145
Custodian fees		6,511
Printing and postage fees		28,308
Registration fees		44,860
Professional fees		21,558
Other		9,906
Total expenses		879,145
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(183,497	)
Total net expenses		695,648
Net investment income		583,343
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(112,835	)
Foreign currency translations		(253,619	)
Forward foreign currency exchange contracts		201,620
Futures contracts		(174,058	)
Swap contracts		141,257
Net realized loss		(197,635	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,659,617	)
Foreign currency translations		(120,395	)
Forward foreign currency exchange contracts		116,876
Futures contracts		(166,042	)
Swap contracts		(64,644	)
Net change in unrealized depreciation		(2,893,822	)
Net realized and unrealized loss		(3,091,457	)
Net decrease in net assets from operations	$	(2,508,114	)

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

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Columbia Absolute Return Emerging Markets Macro Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014
Operations
Net investment income	$	583,343		$	858,944
Net realized loss		(197,635	)		(169,452	)
Net change in unrealized depreciation		(2,893,822	)		(222,534	)
Net increase (decrease) in net assets resulting from operations		(2,508,114	)		466,958
Distributions to shareholders
Net investment income
Class A		—			(9,996	)
Class B		—			(54	)
Class C		—			(318	)
Class I		—			(2,456,096	)
Class R		—			(67	)
Class R5		—			(80	)
Class W		—			(954,624	)
Class Z		—			(1,051	)
Total distributions to shareholders		—			(3,422,286	)
Decrease in net assets from capital stock activity		(26,227,372	)		(8,763,080	)
Total decrease in net assets		(28,735,486	)		(11,718,408	)
Net assets at beginning of period		102,347,242			114,065,650
Net assets at end of period	$	73,611,756		$	102,347,242
Undistributed (excess of distributions over) net investment income	$	388,910		$	(194,433	)

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

Semiannual Report 2014
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Columbia Absolute Return Emerging Markets Macro Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		1,669			16,519			7,417			74,468
Distributions reinvested		—			—			1,008			9,922
Redemptions		(11,169	)		(111,615	)		(23,239	)		(233,605	)
Net decrease		(9,500	)		(95,096	)		(14,814	)		(149,215	)
Class B shares
Subscriptions		—			—			759			7,500
Net increase		—			—			759			7,500
Class C shares
Subscriptions		—			—			776			7,595
Distributions reinvested		—			—			27			264
Redemptions		—			—			(2,340	)		(23,307	)
Net decrease		—			—			(1,537	)		(15,448	)
Class I shares
Subscriptions		26,205			261,242			695,384			7,114,991
Distributions reinvested		—			—			248,836			2,456,011
Redemptions		(56,427	)		(576,207	)		(808,831	)		(8,211,402	)
Net increase (decrease)		(30,222	)		(314,965	)		135,389			1,359,600
Class R shares
Subscriptions		—			—			758			7,500
Net increase		—			—			758			7,500
Class R5 shares
Subscriptions		—			—			766			7,600
Net increase		—			—			766			7,600
Class W shares
Subscriptions		2,884,021			28,946,021			861,754			8,696,325
Distributions reinvested		—			—			96,909			954,550
Redemptions		(5,535,588	)		(54,770,412	)		(1,955,606	)		(19,690,729	)
Net decrease		(2,651,567	)		(25,824,391	)		(996,943	)		(10,039,854	)
Class Z shares
Subscriptions		694			7,080			5,972			60,233
Distributions reinvested		—			—			98			971
Redemptions		—			—			(192	)		(1,967	)
Net increase		694			7,080			5,878			59,237
Total net decrease		(2,690,595	)		(26,227,372	)		(869,744	)		(8,763,080	)

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

Semiannual Report 2014
18

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

	Six Months Ended November 30, 2014			Year Ended May 31,
Class A	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	10.06		$	10.33		$	9.99		$	10.01		$	10.00
Income from investment operations:
Net investment income (loss)		0.04			0.05			0.04			0.12			(0.00	)(b)
Net realized and unrealized gain (loss)		(0.28	)		(0.03	)		0.38			(0.01	)		0.01
Total from investment operations		(0.24	)		0.02			0.42			0.11			0.01
Less distributions to shareholders:
Net investment income		—			(0.29	)		(0.08	)		(0.13	)		—
Total distributions to shareholders		—			(0.29	)		(0.08	)		(0.13	)		—
Net asset value, end of period	$	9.82		$	10.06		$	10.33		$	9.99		$	10.01
Total return		(2.39	%)		0.30	%		4.19	%		1.09	%		0.10	%
Ratios to average net assets(c)
Total gross expenses		2.45	%(d)		2.59	%		2.46	%		1.79	%		7.31	%(d)
Total net expenses(e)		1.57	%(d)		1.51	%		1.48	%		1.48	%		1.45	%(d)
Net investment income (loss)		0.81	%(d)		0.47	%		0.43	%		1.16	%		(0.24	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	195		$	296		$	457		$	238		$	3
Portfolio turnover		26	%		15	%		1	%		285	%		5	%

Notes to Financial Highlights

(a)  Based on operations from April 7, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

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

(d)  Annualized.

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

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

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Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class B	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	10.04		$	10.30		$	9.96		$	10.00		$	10.00
Income from investment operations:
Net investment income (loss)		0.01			(0.02	)		(0.03	)		0.08			(0.01	)
Net realized and unrealized gain (loss)		(0.29	)		(0.02	)		0.37			(0.05	)		0.01
Total from investment operations		(0.28	)		(0.04	)		0.34			0.03			—
Less distributions to shareholders:
Net investment income		—			(0.22	)		—			(0.07	)		—
Total distributions to shareholders		—			(0.22	)		—			(0.07	)		—
Net asset value, end of period	$	9.76		$	10.04		$	10.30		$	9.96		$	10.00
Total return		(2.79	%)		(0.38	%)		3.41	%		0.26	%		0.00	%
Ratios to average net assets(b)
Total gross expenses		3.20	%(c)		3.37	%		3.19	%		2.95	%		8.00	%(c)
Total net expenses(d)		2.33	%(c)		2.27	%		2.23	%		2.23	%		2.21	%(c)
Net investment income (loss)		0.12	%(c)		(0.24	%)		(0.25	%)		0.76	%		(0.93	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$	10		$	10		$	3		$	2		$	2
Portfolio turnover		26	%		15	%		1	%		285	%		5	%

Notes to Financial Highlights

(a)  Based on operations from April 7, 2011 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

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

Semiannual Report 2014
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Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class C	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.96		$	10.23		$	9.96		$	10.00		$	10.00
Income from investment operations:
Net investment income (loss)		0.01			(0.03	)		(0.04	)		0.08			(0.01	)
Net realized and unrealized gain (loss)		(0.29	)		(0.02	)		0.38			(0.05	)		0.01
Total from investment operations		(0.28	)		(0.05	)		0.34			0.03			—
Less distributions to shareholders:
Net investment income		—			(0.22	)		(0.07	)		(0.07	)		—
Total distributions to shareholders		—			(0.22	)		(0.07	)		(0.07	)		—
Net asset value, end of period	$	9.68		$	9.96		$	10.23		$	9.96		$	10.00
Total return		(2.81	%)		(0.49	%)		3.40	%		0.26	%		0.00	%
Ratios to average net assets(b)
Total gross expenses		3.19	%(c)		3.30	%		3.21	%		2.95	%		8.00	%(c)
Total net expenses(d)		2.33	%(c)		2.26	%		2.23	%		2.23	%		2.21	%(c)
Net investment income (loss)		0.12	%(c)		(0.29	%)		(0.34	%)		0.76	%		(0.93	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$	10		$	10		$	26		$	2		$	2
Portfolio turnover		26	%		15	%		1	%		285	%		5	%

Notes to Financial Highlights

(a)  Based on operations from April 7, 2011 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

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

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Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class I	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	10.11		$	10.38		$	10.01		$	10.01		$	10.00
Income from investment operations:
Net investment income		0.07			0.09			0.09			0.15			0.00	(b)
Net realized and unrealized gain (loss)		(0.30	)		(0.02	)		0.39			(0.01	)		0.01
Total from investment operations		(0.23	)		0.07			0.48			0.14			0.01
Less distributions to shareholders:
Net investment income		—			(0.34	)		(0.11	)		(0.14	)		—
Total distributions to shareholders		—			(0.34	)		(0.11	)		(0.14	)		—
Net asset value, end of period	$	9.88		$	10.11		$	10.38		$	10.01		$	10.01
Total return		(2.27	%)		0.75	%		4.74	%		1.40	%		0.10	%
Ratios to average net assets(c)
Total gross expenses		1.23	%(d)		1.28	%		1.21	%		1.10	%		6.95	%(d)
Total net expenses(e)		1.13	%(d)		1.06	%		1.05	%		1.10	%		1.16	%(d)
Net investment income		1.32	%(d)		0.92	%		0.88	%		1.51	%		0.11	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	73,027		$	74,971		$	75,567		$	73,788		$	15,003
Portfolio turnover		26	%		15	%		1	%		285	%		5	%

Notes to Financial Highlights

(a)  Based on operations from April 7, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

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

(d)  Annualized.

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

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

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Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class R	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	10.07		$	10.33		$	9.98		$	10.00		$	10.00
Income from investment operations:
Net investment income (loss)		0.03			0.03			0.02			0.13			(0.01	)
Net realized and unrealized gain (loss)		(0.29	)		(0.02	)		0.37			(0.05	)		0.01
Total from investment operations		(0.26	)		0.01			0.39			0.08			—
Less distributions to shareholders:
Net investment income		—			(0.27	)		(0.04	)		(0.10	)		—
Total distributions to shareholders		—			(0.27	)		(0.04	)		(0.10	)		—
Net asset value, end of period	$	9.81		$	10.07		$	10.33		$	9.98		$	10.00
Total return		(2.58	%)		0.13	%		3.93	%		0.81	%		0.00	%
Ratios to average net assets(b)
Total gross expenses		2.70	%(c)		2.87	%		2.68	%		2.64	%		7.54	%(c)
Total net expenses(d)		1.83	%(c)		1.77	%		1.73	%		1.73	%		1.73	%(c)
Net investment income (loss)		0.64	%(c)		0.26	%		0.24	%		1.26	%		(0.46	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$	10		$	10		$	3		$	2		$	3
Portfolio turnover		26	%		15	%		1	%		285	%		5	%

Notes to Financial Highlights

(a)  Based on operations from April 7, 2011 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

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

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Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class R5	(Unaudited)			2014			2013(a)
Per share data
Net asset value, beginning of period	$	10.10		$	10.37		$	10.47
Income from investment operations:
Net investment income		0.06			0.08			0.05
Net realized and unrealized loss		(0.29	)		(0.01	)		(0.05	)(b)
Total from investment operations		(0.23	)		0.07			—
Less distributions to shareholders:
Net investment income		—			(0.34	)		(0.10	)
Total distributions to shareholders		—			(0.34	)		(0.10	)
Net asset value, end of period	$	9.87		$	10.10		$	10.37
Total return		(2.28	%)		0.71	%		0.04	%
Ratios to average net assets(c)
Total gross expenses		1.29	%(d)		1.32	%		1.28	%(d)
Total net expenses(e)		1.18	%(d)		1.12	%		1.08	%(d)
Net investment income		1.27	%(d)		0.83	%		0.79	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	10		$	10		$	2
Portfolio turnover		26	%		15	%		1	%

Notes to Financial Highlights

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

(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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

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

(d)  Annualized.

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

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

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Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class W	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	10.07		$	10.34		$	9.97		$	10.01		$	10.00
Income from investment operations:
Net investment income (loss)		0.03			0.05			0.05			0.12			(0.00	)(b)
Net realized and unrealized gain (loss)		(0.28	)		(0.03	)		0.38			(0.03	)		0.01
Total from investment operations		(0.25	)		0.02			0.43			0.09			0.01
Less distributions to shareholders:
Net investment income		—			(0.29	)		(0.06	)		(0.13	)		—
Total distributions to shareholders		—			(0.29	)		(0.06	)		(0.13	)		—
Net asset value, end of period	$	9.82		$	10.07		$	10.34		$	9.97		$	10.01
Total return		(2.48	%)		0.29	%		4.31	%		0.92	%		0.10	%
Ratios to average net assets(c)
Total gross expenses		2.35	%(d)		2.58	%		2.45	%		1.88	%		7.27	%(d)
Total net expenses(e)		1.54	%(d)		1.51	%		1.48	%		1.48	%		1.48	%(d)
Net investment income (loss)		0.52	%(d)		0.47	%		0.45	%		1.18	%		(0.20	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$	275		$	26,972		$	37,999		$	31,699		$	3
Portfolio turnover		26	%		15	%		1	%		285	%		5	%

Notes to Financial Highlights

(a)  Based on operations from April 7, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

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

(d)  Annualized.

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

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

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Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class Z	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	10.18		$	10.45		$	10.00		$	10.01		$	10.00
Income from investment operations:
Net investment income (loss)		0.06			0.07			0.09			0.17			(0.01	)
Net realized and unrealized gain (loss)		(0.29	)		(0.02	)		0.36			(0.04	)		0.02
Total from investment operations		(0.23	)		0.05			0.45			0.13			0.01
Less distributions to shareholders:
Net investment income		—			(0.32	)		—			(0.14	)		—
Total distributions to shareholders		—			(0.32	)		—			(0.14	)		—
Net asset value, end of period	$	9.95		$	10.18		$	10.45		$	10.00		$	10.01
Total return		(2.26	%)		0.55	%		4.50	%		1.27	%		0.10	%
Ratios to average net assets(b)
Total gross expenses		2.18	%(c)		2.34	%		2.18	%		1.75	%		12.46	%(c)
Total net expenses(d)		1.33	%(c)		1.27	%		1.23	%		1.23	%		1.21	%(c)
Net investment income (loss)		1.14	%(c)		0.72	%		0.82	%		1.71	%		(0.40	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$	74		$	69		$	9		$	44		$	17,532
Portfolio turnover		26	%		15	%		1	%		285	%		5	%

Notes to Financial Highlights

(a)  Based on operations from April 7, 2011 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

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

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Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements

November 30, 2014 (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 the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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 investors as described in the Fund's prospectus.

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

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 that take into account, as applicable, 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 their net asset value.

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

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

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Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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

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 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 quoted or published price for the security.

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

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the NYSE. 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.

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 increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill

its obligation under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

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

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

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Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

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

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage over a specified time period or if 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. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities, to shift foreign currency exposure back to U.S. dollars and 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 daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires.

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

Futures Contracts

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

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

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29

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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

Credit Default Swap Contracts

The Fund entered into credit default swap contracts to increase or decrease its credit exposure to a single issuer of debt securities, increase or decrease its credit exposure to a specific debt security or a basket of debt securities as a protection buyer to reduce overall credit exposure. Additionally, credit default swap contracts were used to hedge the Fund's exposure on a debt security that it owns or in lieu of selling such debt security. These instruments may be used for other purposes in future periods. Credit default swap contracts are agreements in which one party pays fixed periodic payments to a counterparty in consideration for a guarantee from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less

an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

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 with the counterparty 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 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 with the counterparty. 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.

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Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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, 2014:

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Assets Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)(a)		Cash Collateral Received ($)		Securities Collateral Received ($)		Net Amount ($)(b)
Asset Derivatives:
Forward Foreign Currency Exchange Contracts		184,466		—		184,466		5,237		—		—		179,229
Over-the-Counter Swap Contracts(c)		297,699		—		297,699		—		—		—		297,699
Total asset derivatives		482,165		—		482,165		5,237		—		—		476,928
							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)(d)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)		Net Amount($)(e)
Liability Derivatives:
Forward Foreign Currency Exchange Contracts		7,304		—		7,304		5,237		—		—		2,067
Over-the-Counter Swap Contracts(c)		30,093		—		30,093		—		—		—		30,093
Total liability derivatives		37,397		—		37,397		5,237		—		—		32,160

(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) Over-the-Counter Swap Contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, premiums paid and premiums received.

(d) 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.

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

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the

Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized 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.

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31

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at November 30, 2014:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized appreciation on swap contracts		522,762	*
Credit risk	Premiums paid on outstanding swap contracts		33,592
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		184,466
Total			740,820

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized depreciation on swap contracts		51,618	*
Credit risk	Premiums received on outstanding swap contracts		237,130
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		7,304
Interest rate risk	Net assets — unrealized depreciation on futures contracts		166,042	*
Total			462,094

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended November 30, 2014:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—		—			141,257			141,257
Foreign exchange risk		201,620		—			—			201,620
Interest rate risk		—		(174,058	)		—			(174,058	)
Total		201,620		(174,058	)		141,257			168,819
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—		—			(64,644	)		(64,644	)
Foreign exchange risk		116,876		—			—			116,876
Interest rate risk		—		(166,042	)		—			(166,042	)
Total		116,876		(166,042	)		(64,644	)		(113,810	)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended November 30, 2014:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Short		25,195,825
Credit default swap contracts — buy protection		9,100,000
Credit default swap contracts — sell protection		25,560,000

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		243,248		(108,617	)

*Based on the ending quarterly outstanding amounts for the six months ended November 30, 2014.

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. These adjustments are recorded as interest income in the Statement of Operations. Coupon

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32

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

payments are based on the adjusted principal at the time the interest is paid.

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

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 place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

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

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid 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

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, 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, 2014 was 0.92% of the Fund's average daily net assets.

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33

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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, 2014 was 0.08% 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, 2014, other expenses paid by the Fund to this company were $629.

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.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. 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, 2014, 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	0.96
Class C	0.96
Class R	0.96
Class R5	0.05
Class W	0.92
Class Z	0.95

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2014, no minimum account balance fees were charged by the Fund.

Semiannual Report 2014
34

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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 $24,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2014, 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 $89 for Class A shares for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the 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, 2014 through September 30, 2015			Prior to October 1, 2014
Class A		1.68	%		1.53	%
Class B		2.43			2.28
Class C		2.43			2.28
Class I		1.23			1.08
Class R		1.93			1.78
Class R5		1.28			1.13
Class W		1.68			1.53
Class Z		1.43			1.28

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, 2014, the cost of investments for federal income tax purposes was approximately $74,432,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	844,000
Unrealized depreciation		(3,200,000	)
Net unrealized depreciation	$	(2,356,000	)

Semiannual Report 2014
35

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

The following capital loss carryforwards, determined as of May 31, 2014, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
No expiration — short-term		659,811
Total		659,811

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if any, aggregated to $25,541,060 and $13,104,548, respectively, for the six months ended November 30, 2014. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund 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

At November 30, 2014, affiliated shareholders of record owned 99.9% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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 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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

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.

Credit Risk

Credit risk is the risk that the value of debt securities in the Fund's portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or

Semiannual Report 2014
36

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

duration of a debt security, the greater its sensitivity to changes in interest rates.

Liquidity Risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

Foreign Securities and Emerging Market Countries Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

High-Yield Securities Risk

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.

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. Other than as noted below and in Note 8 above, there were no items requiring adjustment of the financial statements or additional disclosure.

On January 28, 2015 the Fund's Board of Trustees approved a Plan of Liquidation and Termination (the Plan) pursuant to which the Fund will be liquidated and terminated. Effective at the open of business on February 2, 2015, the Fund is no longer open to new investors. Under the terms of the Plan, it is anticipated that the Fund will be liquidated on or about March 6, 2015, at which time the Fund's shareholders will receive a liquidation distribution in an amount equal to the net asset value of their Fund shares. Shareholders of the Fund may also redeem their investment in the Fund or exchange their Fund shares for shares of another Columbia Fund at any time prior to the date of liquidation.

Note 11. 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

Semiannual Report 2014
37

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the 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 2014
38

Columbia Absolute Return Emerging Markets Macro 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 2014
39

Columbia Absolute Return Emerging Markets Macro 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR105_05_E01_(01/15)

Semiannual Report

November 30, 2014

Columbia High Yield Bond Fund

Not FDIC insured • No bank guarantee • May lose value

About 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 some of the most talented professionals in the industry, brought together by a unique way of working.

It starts with carefully selected, specialized investment teams. While each team brings a diverse and innovative range of skills, all are grounded by a common set of core beliefs. All possess a solid conviction in the power of proprietary, bottom-up research. All look not only at generating returns, but also at the likely consistency of those returns and the risks required to achieve them. And while our culture encourages teams to operate independently and question established thinking, a rigorous investment oversight process ensures that each team stays true to its clearly articulated investment process. At Columbia Management, reaching our performance goals matters, and the way we reach them matters just as much.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

Connect with Columbia Management

Get the market insight you need from our investment experts

Investor insight

Stay informed with economic and market commentary, investment videos, white papers, mutual fund commentary and more at columbiamanagement.com.

  Columbia Management investor
(e-newsletter)

Read our award-winning* shareholder newsletter. Our quarterly newsletter is available online and provides timely and relevant content about economic trends, fund news, service enhancements and changes. Sign up to receive the newsletter electronically at columbiamanagement.com/newsletter.

  Investment videos

Watch and discover what our thought leaders are saying about financial markets and the economy. For an analysis of current events and trends that may affect your investments, visit our online video library at blog.columbiamanagement.com/publications.

  Social media

Columbia Management offers you multiple ways to access our market commentary and investment insights.

>  Perspectives blog at columbiamanagement.com
Read timely posts by our investment team, including our chief investment officer, chief economist and portfolio managers.

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

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

>  Linkedin.com/company/columbia-management
Connect with us on LinkedIn for updates from our thought leaders.

*Columbia Management investor was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

Not part of the shareholder report

Subscribe to Columbia Management

Get market insight and fund updates delivered to you

Email subscription center

Visit the Columbia Management email subscription center at columbiamanagement.com/subscribe to register for economic and market commentary, product and service updates, white papers and more.

>  Columbia Management investor
Quarterly newsletter featuring the latest macro- and micro-economic trends, investment themes, products, service changes and other items of interest to Columbia Management investors

>  Investment Strategy Outlook
Quarterly publication featuring the Columbia Management Asset Allocation Team's perspective on global economic investment conditions and markets

>  MarketTrack
Quarterly publication featuring more than 40 charts and graphs that highlight the current state of the economy and markets; includes straightforward insight on current investment opportunities

>  White papers
Frequent articles that delve deep into a variety of investment topics

>  Mutual fund updates
Quarterly portfolio manager commentary and fund fact sheets available for Columbia funds. (Not all funds have a commentary.)

Register today by visiting columbiamanagement.com/subscribe

Not part of the shareholder report

President's Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What's different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

>  The relative value of global equities vs. global bonds actually improved during 2014.

>  Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today's conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President's Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB's balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People's Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

>  Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

>  Explicit downside hedges, such as put options (with emphasis on managing the related expense)

>  Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia High Yield Bond Fund

Table of Contents

Performance Overview	4
Portfolio Overview	5
Understanding Your Fund's Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	21
Statement of Operations	23
Statement of Changes in Net Assets	24
Financial Highlights	27
Notes to Financial Statements	38
Important Information About This Report	47

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Semiannual Report 2014

Columbia High Yield Bond Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia High Yield Bond Fund (the Fund) Class A shares returned 0.10% excluding sales charges for the six-month period that ended November 30, 2014.

>  The Fund outperformed its benchmark, the Bank of America Merrill Lynch (BofAML) U.S. Cash Pay High Yield Constrained Index, which returned -0.64% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2014)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	12/08/83
Excluding sales charges			0.10		4.83		9.34		7.47
Including sales charges			-4.61		-0.19		8.28		6.93
Class B	03/20/95
Excluding sales charges			-0.28		4.05		8.52		6.66
Including sales charges			-5.16		-0.93		8.23		6.66
Class C	06/26/00
Excluding sales charges			-0.24		4.18		8.51		6.65
Including sales charges			-1.22		3.18		8.51		6.65
Class I	03/04/04		0.63		5.26		9.78		7.85
Class K	03/20/95		0.15		4.95		9.45		7.61
Class R*	12/11/06		-0.02		4.57		9.04		7.17
Class R4*	12/11/06		0.24		5.10		9.34		7.48
Class R5*	12/11/06		-0.06		4.86		9.65		7.72
Class W*	12/01/06		0.08		4.82		9.35		7.39
Class Y*	11/08/12		0.30		5.25		9.52		7.56
Class Z*	09/27/10		0.22		5.09		9.56		7.58
BofAML U.S. Cash Pay High Yield Constrained Index			-0.64		4.56		9.80		7.85

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

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

The BofAML U.S. Cash Pay High Yield 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.

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 2014
4

Columbia High Yield Bond Fund

Portfolio Overview

(Unaudited)

Portfolio Breakdown (%) (at November 30, 2014)
Common Stocks	0.0	(a)
Financials	0.0	(a)
Corporate Bonds & Notes	95.8
Limited Partnerships	0.0	(a)
Money Market Funds	1.9
Municipal Bonds	0.1
Senior Loans	2.2
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, 2014)
BBB rating	1.7
BB rating	42.5
B rating	41.8
CCC rating	12.3
Not rated	1.7
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 highest to lowest credit quality, determined by using the average rating of Moody's, S&P and Fitch. When ratings are available from only two rating agencies, the average of the two rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as "Not rated". Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate, and time to maturity) and the amount and type of any collateral.

Portfolio Management

Jennifer Ponce de Leon

Brian Lavin, CFA

Semiannual Report 2014
5

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

Analyzing Your Fund's Expenses

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

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,001.00		1,019.60		5.34		5.39		1.07
Class B		1,000.00		1,000.00		997.20		1,015.91		9.01		9.10		1.81
Class C		1,000.00		1,000.00		997.60		1,016.40		8.52		8.60		1.71
Class I		1,000.00		1,000.00		1,006.30		1,021.69		3.25		3.28		0.65
Class K		1,000.00		1,000.00		1,001.50		1,020.19		4.74		4.78		0.95
Class R		1,000.00		1,000.00		999.80		1,018.35		6.58		6.64		1.32
Class R4		1,000.00		1,000.00		1,002.40		1,020.84		4.09		4.13		0.82
Class R5		1,000.00		1,000.00		999.40		1,021.39		3.54		3.58		0.71
Class W		1,000.00		1,000.00		1,000.80		1,019.60		5.34		5.39		1.07
Class Y		1,000.00		1,000.00		1,003.00		1,021.69		3.25		3.28		0.65
Class Z		1,000.00		1,000.00		1,002.20		1,020.84		4.09		4.13		0.82

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as 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 2014
6

Columbia High Yield Bond Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes 93.4%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Aerospace & Defense 0.8%
Bombardier, Inc.(a) Senior Unsecured 03/15/20		7.750	%		2,332,000		2,565,200
10/15/22		6.000	%		3,496,000		3,553,509
01/15/23		6.125	%		2,078,000		2,137,743
Huntington Ingalls Industries, Inc.(a)(b) 12/15/21		5.000	%		1,025,000		1,041,656
TransDigm, Inc. 07/15/21		7.500	%		2,535,000		2,718,787
07/15/22		6.000	%		903,000		912,030
07/15/24		6.500	%		2,138,000		2,180,760
Total							15,109,685
Automotive 2.2%
Allison Transmission, Inc.(a) 05/15/19		7.125	%		4,538,000		4,753,555
American Axle & Manufacturing, Inc. 03/15/21		6.250	%		3,464,000		3,663,180
Chrysler Group LLC/Co-Issuer, Inc. Secured 06/15/21		8.250	%		5,104,000		5,690,960
Gates Global LLC/Co.(a) 07/15/22		6.000	%		3,518,000		3,421,255
General Motors Co. Senior Unsecured 10/02/23		4.875	%		8,605,000		9,121,300
General Motors Financial Co., Inc. 09/25/21		4.375	%		3,318,000		3,438,278
Jaguar Land Rover Automotive PLC(a) 11/15/19		4.250	%		1,982,000		2,016,685
Schaeffler Finance BV(a) Senior Secured 05/15/21		4.250	%		1,774,000		1,738,520
05/15/21		4.750	%		3,449,000		3,440,377
Schaeffler Holding Finance BV(a) Senior Secured PIK 08/15/18		6.875	%		2,634,000		2,755,823
11/15/19		6.250	%		3,478,000		3,638,857
Total							43,678,790
Banking 2.6%
Ally Financial, Inc. 03/15/20		8.000	%		21,794,000		25,825,890
Senior Unsecured 09/30/24		5.125	%		5,452,000		5,561,040
Royal Bank of Scotland Group PLC Subordinated Notes 05/28/24		5.125	%		8,152,000		8,312,228

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Royal Bank of Scotland PLC (The) Subordinated Notes(c) 03/16/22		9.500	%		1,230,000		1,408,658
Synovus Financial Corp. Senior Unsecured 02/15/19		7.875	%		8,045,000		9,070,737
Subordinated Notes 06/15/17		5.125	%		1,628,000		1,664,630
Total							51,843,183
Brokerage/Asset Managers/Exchanges 0.6%
E*TRADE Financial Corp. Senior Unsecured 11/15/19		6.375	%		7,066,000		7,560,620
11/15/22		5.375	%		4,767,000		4,814,670
Total							12,375,290
Building Materials 1.9%
Allegion US Holding Co., Inc. 10/01/21		5.750	%		1,688,000		1,772,400
American Builders & Contractors Supply Co., Inc. Senior Unsecured(a) 04/15/21		5.625	%		6,753,000		6,820,530
Building Materials Corp. of America Senior Unsecured(a) 11/15/24		5.375	%		5,546,000		5,546,000
Gibraltar Industries, Inc. 02/01/21		6.250	%		1,557,000		1,599,818
HD Supply, Inc. 07/15/20		7.500	%		9,109,000		9,609,995
07/15/20		11.500	%		2,860,000		3,317,600
HD Supply, Inc.(a)(b) Senior Secured 12/15/21		5.250	%		3,465,000		3,538,631
Nortek, Inc. 04/15/21		8.500	%		4,798,000		5,157,850
Total							37,362,824
Cable and Satellite 6.9%
CCO Holdings LLC/Capital Corp. 03/15/21		5.250	%		8,753,000		8,807,706
04/30/21		6.500	%		3,992,000		4,201,580
01/31/22		6.625	%		1,594,000		1,695,618
09/30/22		5.250	%		706,000		702,470
CCOH Safari LLC 12/01/22		5.500	%		2,974,000		3,007,457
12/01/24		5.750	%		12,823,000		12,903,144
CSC Holdings LLC Senior Unsecured 02/15/19		8.625	%		4,838,000		5,630,222

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

Semiannual Report 2014
7

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
CSC Holdings, Inc. Senior Unsecured 11/15/21		6.750	%		7,260,000		8,022,300
Cequel Communications Holdings I LLC/Capital Corp.(a) Senior Unsecured 09/15/20		6.375	%		6,588,000		6,835,050
12/15/21		5.125	%		4,097,000		3,953,605
DISH DBS Corp. 09/01/19		7.875	%		2,518,000		2,876,815
06/01/21		6.750	%		11,284,000		12,257,245
07/15/22		5.875	%		1,308,000		1,352,309
DISH DBS Corp.(a) 11/15/24		5.875	%		1,050,000		1,057,875
DigitalGlobe, Inc.(a) 02/01/21		5.250	%		4,050,000		3,888,000
Hughes Satellite Systems Corp. 06/15/21		7.625	%		6,725,000		7,464,750
Intelsat Jackson Holdings SA 10/15/20		7.250	%		3,575,000		3,793,969
Senior Unsecured 04/01/21		7.500	%		4,480,000		4,804,800
Intelsat Luxembourg SA 06/01/21		7.750	%		1,736,000		1,798,930
06/01/23		8.125	%		4,876,000		5,095,420
Mediacom Broadband LLC/Corp. 04/15/21		5.500	%		702,000		712,530
Numericable-SFR(a) Senior Secured 05/15/19		4.875	%		3,325,000		3,287,594
05/15/22		6.000	%		8,271,000		8,401,434
Quebecor Media, Inc. Senior Unsecured 01/15/23		5.750	%		6,364,000		6,523,100
Unitymedia Hessen GmbH & Co. KG NRW Senior Secured(a) 01/15/23		5.500	%		1,972,000		2,050,880
Unitymedia KabelBW GmbH(a) 01/15/25		6.125	%		5,232,000		5,473,980
Videotron Ltd. 07/15/22		5.000	%		3,578,000		3,676,395
Videotron Ltd.(a) 06/15/24		5.375	%		2,137,000		2,185,082
Virgin Media Finance PLC(a) 10/15/24		6.000	%		1,618,000		1,694,855
Virgin Media Secured Finance PLC Senior Secured(a) 04/15/21		5.375	%		1,805,000		1,859,150
Total							136,014,265

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Chemicals 3.0%
Axalta Coating Systems Dutch Holding B BV/U.S. Holdings, Inc.(a) 05/01/21		7.375	%		5,083,000		5,496,248
Celanese U.S. Holdings LLC 06/15/21		5.875	%		3,280,000		3,534,200
Eco Services Operations LLC/Finance Corp. Senior Unsecured(a) 11/01/22		8.500	%		1,848,000		1,912,680
Huntsman International LLC 03/15/21		8.625	%		490,000		531,650
Huntsman International LLC(a) 11/15/22		5.125	%		3,424,000		3,424,000
INEOS Group Holdings SA(a) 08/15/18		6.125	%		975,000		959,254
02/15/19		5.875	%		4,876,000		4,741,910
JM Huber Corp. Senior Unsecured(a) 11/01/19		9.875	%		4,940,000		5,434,000
NOVA Chemicals Corp.(a) Senior Unsecured 08/01/23		5.250	%		1,190,000		1,246,525
05/01/25		5.000	%		6,585,000		6,807,243
PQ Corp. Secured(a) 05/01/18		8.750	%		19,069,000		20,022,450
WR Grace & Co.(a) 10/01/21		5.125	%		2,794,000		2,898,775
10/01/24		5.625	%		2,024,000		2,137,850
Total							59,146,785
Construction Machinery 1.5%
Ashtead Capital, Inc.(a) Secured 07/15/22		6.500	%		2,337,000		2,512,275
10/01/24		5.625	%		2,325,000		2,429,625
CNH Industrial Capital LLC Senior Unsecured(a) 07/15/19		3.375	%		1,430,000		1,379,950
Columbus McKinnon Corp. 02/01/19		7.875	%		2,136,000		2,232,120
H&E Equipment Services, Inc. 09/01/22		7.000	%		3,938,000		4,184,125
United Rentals North America, Inc. 05/15/20		7.375	%		3,182,000		3,436,560
04/15/22		7.625	%		3,460,000		3,823,300
06/15/23		6.125	%		4,581,000		4,844,407

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

Semiannual Report 2014
8

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Secured 07/15/18		5.750	%		744,000		777,480
Senior Unsecured 02/01/21		8.250	%		2,760,000		3,001,500
Total							28,621,342
Consumer Cyclical Services 1.4%
ADT Corp. (The) Senior Unsecured 07/15/22		3.500	%		3,676,000		3,216,500
APX Group, Inc. 12/01/20		8.750	%		6,746,000		5,936,480
Senior Secured 12/01/19		6.375	%		9,541,000		9,135,507
IHS, Inc.(a) 11/01/22		5.000	%		5,377,000		5,457,655
Monitronics International, Inc. 04/01/20		9.125	%		4,428,000		4,389,255
Total							28,135,397
Consumer Products 1.7%
Serta Simmons Holdings LLC Senior Unsecured(a) 10/01/20		8.125	%		7,566,000		8,038,875
Spectrum Brands, Inc. 03/15/20		6.750	%		4,535,000		4,790,094
11/15/20		6.375	%		4,769,000		5,019,373
11/15/22		6.625	%		2,456,000		2,615,640
Springs Industries, Inc. Senior Secured 06/01/21		6.250	%		6,188,000		6,033,300
Tempur Sealy International, Inc. 12/15/20		6.875	%		7,429,000		7,967,602
Total							34,464,884
Diversified Manufacturing 1.2%
Amsted Industries, Inc.(a) 03/15/22		5.000	%		4,033,000		3,972,505
09/15/24		5.375	%		4,504,000		4,458,960
Entegris, Inc.(a) 04/01/22		6.000	%		5,733,000		5,921,042
Hamilton Sundstrand Corp. Senior Unsecured(a) 12/15/20		7.750	%		9,112,000		9,203,120
Total							23,555,627
Electric 1.3%
AES Corp. (The) Senior Unsecured 07/01/21		7.375	%		6,751,000		7,729,895

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Calpine Corp. Senior Secured(a) 01/15/22		6.000	%		6,846,000		7,308,105
NRG Energy, Inc. 07/15/22		6.250	%		8,788,000		9,029,670
NRG Yield Operating LLC(a) 08/15/24		5.375	%		2,005,000		2,035,075
Total							26,102,745
Environmental 0.2%
Clean Harbors, Inc. 08/01/20		5.250	%		3,957,000		3,996,570
Finance Companies 5.1%
AerCap Ireland Capital Ltd./Global Aviation Trust(a) 05/15/21		4.500	%		14,557,000		14,738,962
Senior Unsecured 10/01/21		5.000	%		6,376,000		6,631,040
Aviation Capital Group Corp. Senior Unsecured(a) 04/06/21		6.750	%		262,000		298,680
CIT Group, Inc. Senior Unsecured 05/15/20		5.375	%		4,897,000		5,203,062
CIT Group, Inc.(a) Senior Secured 04/01/18		6.625	%		5,360,000		5,842,400
Senior Unsecured 02/15/19		5.500	%		4,115,000		4,351,613
International Lease Finance Corp. Senior Unsecured 09/01/17		8.875	%		6,420,000		7,342,875
05/15/19		6.250	%		4,809,000		5,253,832
12/15/20		8.250	%		2,425,000		2,940,313
04/15/21		4.625	%		3,743,000		3,808,503
01/15/22		8.625	%		719,000		891,560
Navient Corp. Senior Unsecured 10/26/20		5.000	%		857,000		852,715
01/25/22		7.250	%		4,381,000		4,808,148
03/25/24		6.125	%		3,617,000		3,617,000
10/25/24		5.875	%		8,487,000		8,253,607
Provident Funding Associates LP/Finance Corp.(a) 06/15/21		6.750	%		6,421,000		6,348,764
Senior Unsecured 02/15/19		10.125	%		1,182,000		1,252,920
Springleaf Finance Corp. 12/15/17		6.900	%		2,959,000		3,254,900
06/01/20		6.000	%		2,772,000		2,862,090
10/01/21		7.750	%		3,223,000		3,625,875
10/01/23		8.250	%		2,221,000		2,520,835

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

Semiannual Report 2014
9

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
iStar Financial, Inc Senior Unsecured 07/01/19		5.000	%		5,845,000		5,728,100
Total							100,427,794
Food and Beverage 1.3%
B&G Foods, Inc. 06/01/21		4.625	%		7,291,000		7,017,588
Constellation Brands, Inc. 11/15/19		3.875	%		1,345,000		1,370,017
11/15/24		4.750	%		3,445,000		3,513,900
Darling Ingredients, Inc. 01/15/22		5.375	%		3,277,000		3,309,770
Diamond Foods, Inc.(a) 03/15/19		7.000	%		1,564,000		1,610,920
Pinnacle Foods Finance LLC/Corp. 05/01/21		4.875	%		863,000		854,370
Post Holdings, Inc.(a) 12/15/22		6.000	%		2,342,000		2,207,335
WhiteWave Foods Co. (The) 10/01/22		5.375	%		4,946,000		5,193,300
Total							25,077,200
Gaming 4.1%
GLP Capital LP/Financing II, Inc. 11/01/20		4.875	%		3,965,000		4,034,388
11/01/23		5.375	%		715,000		732,875
MGM Resorts International 03/01/18		11.375	%		7,001,000		8,418,702
10/01/20		6.750	%		3,344,000		3,603,160
12/15/21		6.625	%		6,129,000		6,542,707
03/15/23		6.000	%		10,105,000		10,256,575
Penn National Gaming, Inc. Senior Unsecured 11/01/21		5.875	%		4,236,000		3,992,430
Pinnacle Entertainment, Inc. 08/01/21		6.375	%		5,101,000		5,317,793
SGMS Escrow Corp. Senior Unsecured(a) 12/01/22		10.000	%		13,747,000		12,853,445
Scientific Games International, Inc. Senior Secured(a) 01/01/22		7.000	%		8,878,000		8,933,487
Seminole Tribe of Florida, Inc.(a) Senior Secured 10/01/20		6.535	%		4,795,000		5,154,625
Senior Unsecured 10/01/20		7.804	%		2,440,000		2,660,332

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
SugarHouse HSP Gaming LP/Finance Corp. Senior Secured(a) 06/01/21		6.375	%		3,767,000		3,559,815
Tunica-Biloxi Gaming Authority Senior Unsecured(a)(d) 11/15/15		9.000	%		8,862,000		5,250,735
Total							81,311,069
Health Care 9.0%
Acadia Healthcare Co., Inc. 07/01/22		5.125	%		1,334,000		1,337,335
Amsurg Corp.(a) 07/15/22		5.625	%		3,850,000		3,946,250
Biomet, Inc. 08/01/20		6.500	%		1,004,000		1,074,902
CHS/Community Health Systems, Inc. 11/15/19		8.000	%		4,374,000		4,680,180
02/01/22		6.875	%		14,354,000		15,197,297
Senior Secured 08/15/18		5.125	%		5,993,000		6,165,299
08/01/21		5.125	%		1,410,000		1,448,775
Catamaran Corp. 03/15/21		4.750	%		1,402,000		1,400,248
ConvaTec Finance International SA Senior Unsecured PIK(a) 01/15/19		8.250	%		3,056,000		3,101,840
ConvaTec Healthcare E SA Senior Unsecured(a) 12/15/18		10.500	%		10,197,000		10,796,074
DaVita HealthCare Partners, Inc. 08/15/22		5.750	%		9,431,000		9,961,494
07/15/24		5.125	%		1,949,000		1,998,943
Emdeon, Inc. 12/31/19		11.000	%		5,255,000		5,793,638
Fresenius Medical Care U.S. Finance II, Inc.(a) 07/31/19		5.625	%		1,737,000		1,867,275
01/31/22		5.875	%		3,632,000		3,931,640
10/15/24		4.750	%		2,883,000		2,890,208
Fresenius Medical Care U.S. Finance, Inc.(a) 09/15/18		6.500	%		710,000		777,450
HCA, Inc. 02/15/22		7.500	%		7,598,000		8,699,710
Senior Secured 03/15/19		3.750	%		3,962,000		3,946,647
02/15/20		6.500	%		13,874,000		15,348,112
04/15/25		5.250	%		6,176,000		6,361,280
IMS Health, Inc. Senior Unsecured(a) 11/01/20		6.000	%		3,394,000		3,487,335
Kinetic Concepts, Inc./KCI U.S.A., Inc. Secured 11/01/18		10.500	%		2,883,000		3,192,923

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

Semiannual Report 2014
10

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
LifePoint Hospitals, Inc. 12/01/21		5.500	%		5,427,000		5,630,513
MPH Acquisition Holdings LLC(a) 04/01/22		6.625	%		5,117,000		5,347,265
Omnicare, Inc. Senior Unsecured 12/01/22		4.750	%		2,938,000		2,982,070
12/01/24		5.000	%		1,240,000		1,264,800
Physio-Control International, Inc. Senior Secured(a) 01/15/19		9.875	%		4,348,000		4,663,230
STHI Holding Corp. Secured(a) 03/15/18		8.000	%		2,198,000		2,313,395
Teleflex, Inc.(a) 06/15/24		5.250	%		418,000		420,090
Tenet Healthcare Corp. Senior Secured 10/01/20		6.000	%		2,684,000		2,855,105
04/01/21		4.500	%		11,975,000		11,765,437
Senior Unsecured 04/01/22		8.125	%		14,379,000		16,068,532
Universal Health Services, Inc. Senior Secured(a) 08/01/22		4.750	%		7,203,000		7,275,030
Total							177,990,322
Healthcare Insurance 0.1%
Centene Corp. Senior Unsecured 05/15/22		4.750	%		2,367,000		2,390,670
Home Construction 1.1%
Meritage Homes Corp. 03/01/18		4.500	%		3,265,000		3,281,325
04/15/20		7.150	%		1,217,000		1,326,530
04/01/22		7.000	%		3,328,000		3,619,200
Shea Homes LP/Funding Corp. Senior Secured 05/15/19		8.625	%		3,674,000		3,894,440
Standard Pacific Corp. 11/15/24		5.875	%		1,628,000		1,636,140
Taylor Morrison Communities, Inc./Monarch, Inc.(a) 04/15/21		5.250	%		4,823,000		4,847,115
03/01/24		5.625	%		2,745,000		2,703,825
Total							21,308,575
Independent Energy 8.9%
Antero Resources Corp.(a) 12/01/22		5.125	%		9,846,000		9,550,620

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Antero Resources Finance Corp. 11/01/21		5.375	%		2,789,000		2,754,138
Chesapeake Energy Corp. 08/15/20		6.625	%		15,198,000		16,641,810
02/15/21		6.125	%		5,614,000		6,077,155
03/15/23		5.750	%		3,736,000		3,960,160
Cimarex Energy Co. 06/01/24		4.375	%		1,644,000		1,623,450
Comstock Resources, Inc. 06/15/20		9.500	%		6,349,000		6,269,637
Concho Resources, Inc. 01/15/21		7.000	%		5,066,000		5,230,645
01/15/22		6.500	%		965,000		996,363
10/01/22		5.500	%		3,987,000		4,066,740
04/01/23		5.500	%		6,473,000		6,375,905
EP Energy LLC/Everest Acquisition Finance, Inc. 05/01/20		9.375	%		7,893,000		8,573,771
09/01/22		7.750	%		1,720,000		1,754,400
Kodiak Oil & Gas Corp. 01/15/21		5.500	%		6,443,000		6,491,322
02/01/22		5.500	%		13,545,000		13,206,375
Laredo Petroleum, Inc. 02/15/19		9.500	%		13,113,000		13,637,520
01/15/22		5.625	%		4,928,000		4,656,960
05/01/22		7.375	%		3,662,000		3,698,620
Oasis Petroleum, Inc. 02/01/19		7.250	%		5,921,000		5,565,740
11/01/21		6.500	%		7,008,000		6,780,240
03/15/22		6.875	%		5,227,000		4,913,380
01/15/23		6.875	%		5,992,000		5,632,480
Parsley Energy LLC/Finance Corp. Senior Unsecured(a) 02/15/22		7.500	%		9,500,000		9,274,375
RKI Exploration & Production LLC/Finance Corp.(a) 08/01/21		8.500	%		2,987,000		2,837,650
RSP Permian, Inc.(a) 10/01/22		6.625	%		2,051,000		1,994,598
Range Resources Corp. 03/15/23		5.000	%		8,720,000		8,670,950
SM Energy Co. Senior Unsecured 01/15/24		5.000	%		2,904,000		2,664,420
SM Energy Co.(a) Senior Unsecured 11/15/22		6.125	%		3,746,000		3,764,730
Whiting Petroleum Corp. 03/15/21		5.750	%		7,319,000		7,392,190
Total							175,056,344

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

Semiannual Report 2014
11

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Leisure 1.5%
AMC Entertainment, Inc. 12/01/20		9.750	%		2,071,000		2,293,633
Activision Blizzard, Inc.(a) 09/15/21		5.625	%		13,967,001		14,909,773
09/15/23		6.125	%		5,108,000		5,554,950
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp. 03/15/21		5.250	%		3,840,000		3,859,200
Cinemark USA, Inc. 12/15/22		5.125	%		1,043,000		1,022,140
06/01/23		4.875	%		1,204,000		1,146,810
Six Flags, Inc., Escrow(a)(e)(f)(g)(h) 06/01/44		0.000	%		950,000		—
United Artists Theatre Circuit, Inc.(g)(h) 1995-A Pass-Through Certificates 07/01/15		9.300	%		1,144,107		1,144,107
07/01/15		9.300	%		368,623		368,623
Total							30,299,236
Lodging 1.6%
Choice Hotels International, Inc. 07/01/22		5.750	%		2,939,000		3,144,730
Hilton Worldwide Finance/Corp.(a) 10/15/21		5.625	%		19,132,000		20,088,600
Playa Resorts Holding BV(a) 08/15/20		8.000	%		8,546,000		8,823,745
Total							32,057,075
Media and Entertainment 4.7%
AMC Networks, Inc. 07/15/21		7.750	%		3,870,000		4,227,975
12/15/22		4.750	%		12,944,000		12,782,200
CBS Outdoor Americas Capital LLC/Corp.(a) 02/15/22		5.250	%		990,000		1,014,750
02/15/24		5.625	%		990,000		1,020,938
03/15/25		5.875	%		8,267,000		8,556,345
Clear Channel Worldwide Holdings, Inc. 03/15/20		7.625	%		11,401,000		11,868,441
Senior Unsecured 11/15/22		6.500	%		4,149,000		4,303,758
11/15/22		6.500	%		4,217,000		4,396,222
Lamar Media Corp. 01/15/24		5.375	%		1,883,000		1,944,198
MDC Partners, Inc.(a) 04/01/20		6.750	%		7,466,000		7,708,645
Nielsen Finance LLC/Co. 10/01/20		4.500	%		5,879,000		5,915,744

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Univision Communications, Inc.(a) Senior Secured 11/01/20		7.875	%		7,474,000		8,071,920
09/15/22		6.750	%		1,583,000		1,741,300
05/15/23		5.125	%		5,289,000		5,540,227
iHeartCommunications, Inc. PIK 02/01/21		14.000	%		5,830,244		4,780,800
iHeartCommunications, Inc. Senior Secured 03/01/21		9.000	%		9,444,000		9,207,900
Total							93,081,363
Metals 1.0%
ArcelorMittal Senior Unsecured 03/01/21		6.000	%		4,487,000		4,716,959
02/25/22		6.750	%		3,726,000		4,030,787
Constellium NV(a) 05/15/24		5.750	%		1,686,000		1,618,560
FMG Resources August 2006 Proprietary Ltd.(a) 11/01/19		8.250	%		5,794,000		5,420,287
Peabody Energy Corp. 11/15/18		6.000	%		4,817,000		4,588,192
Total							20,374,785
Midstream 5.6%
Blue Racer Midstream LLC/Finance Corp.(a) 11/15/22		6.125	%		5,665,000		5,721,650
Hiland Partners LP/Finance Corp.(a) 10/01/20		7.250	%		15,717,000		16,424,265
05/15/22		5.500	%		1,945,000		1,840,456
Kinder Morgan, Inc. Senior Unsecured 09/15/20		6.500	%		17,105,000		19,682,742
MarkWest Energy Partners LP/Finance Corp. 06/15/22		6.250	%		4,686,000		4,973,017
02/15/23		5.500	%		7,508,000		7,695,700
07/15/23		4.500	%		4,078,000		3,976,050
Markwest Energy Partners LP/Finance Corp. 12/01/24		4.875	%		8,601,000		8,471,985
Regency Energy Partners LP/Finance Corp. 07/15/21		6.500	%		9,657,000		10,043,280
03/01/22		5.875	%		1,823,000		1,877,690
10/01/22		5.000	%		4,593,000		4,501,140
11/01/23		4.500	%		1,400,000		1,316,000
Sabine Pass Liquefaction LLC Senior Secured 02/01/21		5.625	%		5,606,000		5,732,135
04/15/23		5.625	%		1,091,000		1,112,820
05/15/24		5.750	%		548,000		554,165

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

Semiannual Report 2014
12

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate				Principal Amount ($)		Value ($)
Targa Resources Partners LP/Finance Corp. 05/01/23		5.250	%			256,000		261,120
11/15/23		4.250	%			2,581,000		2,464,855
Targa Resources Partners LP/Finance Corp.(a) 11/15/19		4.125	%			2,572,000		2,572,000
Tesoro Logistics LP/Finance Corp.(a) Senior Unsecured 10/15/19		5.500	%			1,319,000		1,342,083
10/15/22		6.250	%			9,894,000		10,091,880
Total								110,655,033
Other Financial Institutions 0.4%
Icahn Enterprises LP/Finance Corp. 08/01/20		6.000	%			4,161,000		4,332,433
02/01/22		5.875	%			3,387,000		3,454,740
Total								7,787,173
Other Industry 0.3%
CB Richard Ellis Services, Inc. 03/15/25		5.250	%			5,964,000		6,187,650
Other REIT 0.4%
CyrusOne LP/Finance Corp. 11/15/22		6.375	%			7,242,000		7,839,465
Packaging 2.7%
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a) 01/31/21		6.750	%			3,308,000		3,374,160
Berry Plastics Corp. Secured 05/15/22		5.500	%			5,183,000		5,208,915
Beverage Packaging Holdings (Luxembourg) II SA(a) 06/15/17		6.000	%			912,000		909,720
Plastipak Holdings, Inc. Senior Unsecured(a) 10/01/21		6.500	%			7,538,000		7,575,690
Reynolds Group Issuer, Inc./LLC 04/15/19		9.000	%			1,310,000		1,365,675
08/15/19		9.875	%			4,619,000		4,976,972
02/15/21		8.250	%	��		5,239,000		5,468,206
Senior Secured 10/15/20		5.750	%			9,785,000		10,066,319
Sealed Air Corp.(a) 09/15/21		8.375	%			4,130,000		4,646,250
Signode Industrial Group Luxembourg SA/US, Inc. Senior Unsecured(a) 05/01/22		6.375	%			9,038,000		8,857,240
Total								52,449,147

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Paper —%
Graphic Packaging International, Inc. 04/15/21		4.750	%		726,000		728,723
Pharmaceuticals 2.0%
Grifols Worldwide Operations Ltd. Senior Unsecured(a) 04/01/22		5.250	%		4,858,000		5,003,740
Jaguar Holding Co. I Senior Unsecured PIK(a) 10/15/17		9.375	%		3,043,000		3,103,860
Jaguar Holding Co. II/Merger Sub, Inc. Senior Unsecured(a) 12/01/19		9.500	%		4,155,000		4,466,625
Salix Pharmaceuticals Ltd.(a) 01/15/21		6.000	%		1,196,000		1,219,920
Valeant Pharmaceuticals International, Inc.(a) 08/15/18		6.750	%		3,674,000		3,926,587
10/15/20		6.375	%		11,546,000		12,007,840
07/15/21		7.500	%		5,249,000		5,668,920
12/01/21		5.625	%		3,362,000		3,395,620
Total							38,793,112
Property & Casualty 0.7%
HUB International Ltd. Senior Unsecured(a) 10/01/21		7.875	%		11,331,000		11,755,912
Hub Holdings LLC/Finance, Inc. Senior Unsecured PIK(a) 07/15/19		8.125	%		1,245,000		1,241,888
Total							12,997,800
Railroads 0.4%
Florida East Coast Holdings Corp.(a) 05/01/20		9.750	%		3,079,000		3,102,093
Senior Secured 05/01/19		6.750	%		4,578,000		4,681,005
Total							7,783,098
Restaurants 0.2%
BC ULC/New Red Finance Inc. Secured(a) 04/01/22		6.000	%		4,725,000		4,843,125
Retailers 1.2%
Asbury Automotive Group, Inc.(a)(b) 12/15/24		6.000	%		2,724,000		2,764,860
Group 1 Automotive, Inc.(a) 06/01/22		5.000	%		2,107,000		2,080,663

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

Semiannual Report 2014
13

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
J. Crew Group, Inc. Senior Unsecured PIK(a) 05/01/19		7.750	%		1,050,000		992,250
L Brands, Inc. 04/01/21		6.625	%		2,492,000		2,809,730
Michaels Stores, Inc.(a) 12/15/20		5.875	%		2,179,000		2,200,790
Neiman Marcus Group Ltd. LLC(a) 10/15/21		8.000	%		1,900,000		2,023,500
Penske Automotive Group, Inc. 12/01/24		5.375	%		2,955,000		2,962,388
Rite Aid Corp. 03/15/20		9.250	%		4,687,000		5,167,417
06/15/21		6.750	%		1,250,000		1,309,375
Senior Unsecured 02/15/27		7.700	%		1,993,000		2,202,265
Total							24,513,238
Technology 5.1%
Alliance Data Systems Corp.(a) 04/01/20		6.375	%		3,999,000		4,163,959
08/01/22		5.375	%		8,825,000		8,847,062
Ancestry.com, Inc. 12/15/20		11.000	%		1,296,000		1,458,000
Ancestry.com, Inc.(a) Senior Unsecured PIK 10/15/18		9.625	%		1,656,000		1,651,860
Audatex North America, Inc.(a) 06/15/21		6.000	%		2,036,000		2,112,350
11/01/23		6.125	%		4,874,000		5,056,775
Equinix, Inc. Senior Unsecured 04/01/20		4.875	%		2,523,000		2,529,308
01/01/22		5.375	%		3,067,000		3,082,335
04/01/23		5.375	%		9,350,000		9,385,062
First Data Corp. 01/15/21		12.625	%		6,815,000		8,109,850
06/15/21		10.625	%		986,000		1,124,040
First Data Corp.(a) Secured 01/15/21		8.250	%		7,288,000		7,798,160
Senior Secured 06/15/19		7.375	%		5,694,000		5,992,935
08/15/20		8.875	%		1,084,000		1,165,300
11/01/20		6.750	%		4,949,000		5,270,685
Goodman Networks, Inc. Senior Secured 07/01/18		12.125	%		2,920,000		3,102,500
MSCI, Inc.(a) 11/15/24		5.250	%		5,011,000		5,198,912

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
NCR Corp. 12/15/23		6.375	%		1,820,000		1,892,800
NXP BV/Funding LLC(a) 02/15/21		5.750	%		8,495,000		8,983,462
Nuance Communications, Inc.(a) 08/15/20		5.375	%		3,933,000		3,962,498
Qualitytech LP/Finance Corp.(a) 08/01/22		5.875	%		294,000		292,530
VeriSign, Inc. Senior Unsecured 05/01/23		4.625	%		3,743,000		3,677,498
Zebra Technologies Corp. Senior Unsecured(a) 10/15/22		7.250	%		5,848,000		6,250,050
Total							101,107,931
Transportation Services 0.5%
Hertz Corp. (The) 10/15/20		5.875	%		1,898,000		1,916,980
01/15/21		7.375	%		996,000		1,050,780
10/15/22		6.250	%		5,932,000		6,006,150
Total							8,973,910
Wireless 5.8%
Altice SA Senior Secured(a) 05/15/22		7.750	%		5,890,000		6,088,787
Crown Castle International Corp. Senior Unsecured 04/15/22		4.875	%		1,994,000		1,994,000
01/15/23		5.250	%		10,475,000		10,658,312
SBA Communications Corp. Senior Unsecured(a) 07/15/22		4.875	%		2,543,000		2,473,068
SBA Telecommunications, Inc. 07/15/20		5.750	%		8,109,000		8,352,270
Sprint Communications, Inc. Senior Unsecured 08/15/20		7.000	%		766,000		785,150
11/15/21		11.500	%		4,050,000		5,032,125
Sprint Communications, Inc.(a) 11/15/18		9.000	%		18,977,000		21,965,877
03/01/20		7.000	%		2,555,000		2,812,097
Sprint Corp. 09/15/21		7.250	%		4,383,000		4,470,660
09/15/23		7.875	%		3,733,000		3,910,317
06/15/24		7.125	%		2,918,000		2,885,173
T-Mobile USA, Inc. 04/28/21		6.633	%		6,228,000		6,414,840
01/15/22		6.125	%		2,417,000		2,459,298

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

Semiannual Report 2014
14

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
04/28/22		6.731	%		1,126,000		1,165,410
03/01/23		6.000	%		5,291,000		5,370,365
04/01/23		6.625	%		4,656,000		4,830,600
01/15/24		6.500	%		2,417,000		2,471,383
03/01/25		6.375	%		1,324,000		1,343,860
Wind Acquisition Finance SA(a) 04/23/21		7.375	%		4,756,000		4,577,650
Senior Secured 04/30/20		6.500	%		6,048,000		6,259,680
07/15/20		4.750	%		8,653,000		8,328,512
Total							114,649,434
Wirelines 4.4%
CenturyLink, Inc. Senior Unsecured 06/15/21		6.450	%		9,793,000		10,674,370
03/15/22		5.800	%		1,706,000		1,791,300
12/01/23		6.750	%		2,362,000		2,621,820
Frontier Communications Corp. Senior Unsecured 03/15/19		7.125	%		1,309,000		1,433,355
07/01/21		9.250	%		2,492,000		2,921,870
09/15/21		6.250	%		822,000		839,509
04/15/22		8.750	%		3,150,000		3,622,500
04/15/24		7.625	%		4,048,000		4,280,760
01/15/25		6.875	%		11,803,000		11,862,015
Level 3 Communications, Inc. Senior Unsecured(a)(b) 12/01/22		5.750	%		3,994,000		4,013,970
Level 3 Escrow II, Inc.(a) 08/15/22		5.375	%		6,190,000		6,267,375
Level 3 Financing, Inc. 06/01/20		7.000	%		4,765,000		5,086,637
07/15/20		8.625	%		2,550,000		2,773,125
01/15/21		6.125	%		2,848,000		2,969,040
Telecom Italia Capital SA 06/18/19		7.175	%		6,050,000		6,897,000
Telecom Italia SpA Senior Unsecured(a) 05/30/24		5.303	%		3,017,000		3,065,903
Windstream Corp. 09/01/18		8.125	%		1,565,000		1,633,469
10/15/20		7.750	%		2,572,000		2,699,314
10/01/21		7.750	%		2,120,000		2,218,050
08/01/23		6.375	%		600,000		579,000
Zayo Group LLC/Capital, Inc. 07/01/20		10.125	%		1,907,000		2,145,375
Senior Secured 01/01/20		8.125	%		5,224,000		5,576,620
Total							85,972,377
Total Corporate Bonds & Notes (Cost: $1,801,380,390)							1,845,063,036

Municipal Bonds 0.1%

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
California 0.1%
Cabazon Band Mission Indians Revenue Bonds Mortgage Notes Series 2004(a)(d)(g)(i) 10/01/13		13.000	%		3,250,000		1,651,260
Total Municipal Bonds (Cost: $3,250,000)							1,651,260

Senior Loans 2.2%

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Chemicals 0.3%
PQ Corp. Term Loan(c)(j) 08/07/17		4.000	%		4,450,077		4,423,377
Solenis International LP/Holdings 3 LLC 1st Lien Term Loan(c)(j) 07/31/21		4.250	%		1,321,000		1,302,017
Total							5,725,394
Health Care 1.4%
American Renal Holdings, Inc. 2nd Lien Term Loan(c)(j) 03/20/20		8.500	%		7,462,000		7,350,070
U.S. Renal Care, Inc.(c)(j) 1st Lien Tranche B-2 Term Loan 07/03/19		4.250	%		7,424,134		7,424,134
2nd Lien Term Loan 01/03/20		10.250	%		5,065,000		5,090,325
2nd Lien Tranche B-1 Term Loan 01/03/20		8.500	%		1,996,001		1,998,496
United Surgical Partners International, Inc. Tranche B Term Loan(c)(j) 04/03/19		4.750	%		5,243,679		5,241,477
Total							27,104,502
Lodging 0.1%
Four Seasons Holdings, Inc. 2nd Lien Term Loan(c)(j) 12/28/20		6.250	%		1,250,000		1,256,250
Technology 0.4%
Applied Systems, Inc.(c)(j) 1st Lien Term Loan 01/25/21		4.250	%		565,725		562,896
2nd Lien Term Loan 01/24/22		7.500	%		666,000		666,553

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

Semiannual Report 2014
15

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
First Data Corp. Term Loan(c)(j) 03/23/18		3.653	%		2,235,000		2,205,677
TIBCO Software, Inc. Tranche B Term Loan(b)(c)(j) 11/04/20		6.500	%		5,436,000		5,322,768
Total							8,757,894
Total Senior Loans (Cost: $42,616,936)							42,844,040

Common Stocks —%

Issuer	Shares		Value ($)
Financials —%
Diversified Financial Services —%
Fairlane Management Corp.(e)(g)(h)(k)		50,004		—
Total Financials				—
Total Common Stocks (Cost: $—)				—

Limited Partnerships —%

Issuer	Shares		Value ($)
Financials —%
Diversified Financial Services —%
Varde Fund V LP(g)(h)(k)		25,000,000		64,675
Total Financials				64,675
Total Limited Partnerships (Cost: $—)				64,675

Money Market Funds 1.9%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.104%(l)(m)		37,162,500		37,162,500
Total Money Market Funds (Cost: $37,162,500)				37,162,500
Total Investments (Cost: $1,884,409,826)				1,926,785,511
Other Assets & Liabilities, Net				48,360,368
Net Assets				1,975,145,879

Investments in Derivatives

Futures Contracts Outstanding at November 30, 2014

At November 30, 2014, cash totaling $260,400 was pledged as collateral to cover initial margin requirements on open futures contracts.

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency	Notional Market Value ($)			Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
US 10YR NOTE		(217	)	USD		(27,569,173	)	03/2015		—		(213,460	)

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, 2014, the value of these securities amounted to $725,094,385 or 36.71% of net assets.

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

(c)  Variable rate security.

(d)  Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At November 30, 2014, the value of these securities amounted to $6,901,995, which represents 0.35% of net assets.

(e)  Negligible market value.

(f)  Zero coupon bond.

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

Semiannual Report 2014
16

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Notes to Portfolio of Investments (continued)

(g)  Identifies securities considered by the Investment Manager to be illiquid as to their marketability. The aggregate value of such securities at November 30, 2014 was $3,228,665, which represents 0.16% of net assets. Information concerning such security holdings at November 30, 2014 is as follows:

Security Description	Acquisition Dates	Cost ($)
Cabazon Band Mission Indians Revenue Bonds Mortgage Notes Series 2004 10/01/13 13.000%	10/04/2004		3,250,000
Fairlane Management Corp.	09/23/2002		—
Six Flags, Inc., Escrow 06/01/44 0.000%	05/07/2010		—
United Artists Theatre Circuit, Inc. 1995-A Pass-Through Certificates 07/01/15 9.300%	12/06/2001		360,183
United Artists Theatre Circuit, Inc. 1995-A Pass-Through Certificates 07/01/15 9.300%	04/03/2002		1,136,744
Varde Fund V LP	04/27/2000 - 06/19/2000		—	*

*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.

(h)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2014, the value of these securities amounted to $1,577,405, which represents 0.08% of net assets.

(i)  Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At November 30, 2014, the value of these securities amounted to $1,651,260 or 0.08% of net assets.

(j)  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, 2014. 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.

(k)  Non-income producing.

(l)  The rate shown is the seven-day current annualized yield at November 30, 2014.

(m)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		68,543,128		527,290,986		(558,671,614	)		37,162,500		35,243		37,162,500

Abbreviation Legend

PIK    Payment-in-Kind

Currency Legend

USD  US Dollar

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

Semiannual Report 2014
17

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements

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

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

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

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

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

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

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

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

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

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

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

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

Semiannual Report 2014
18

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2014:

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
Leisure		—			28,786,506		1,512,730			30,299,236
All other industries		—			1,814,763,800		—			1,814,763,800
Municipal Bonds		—			1,651,260		—			1,651,260
Total Bonds		—			1,845,201,566		1,512,730			1,846,714,296
Equity Securities
Common Stocks
Financials		—			—		0	(a)		0	(a)
Total Equity Securities		—			—		0	(a)		0	(a)
Other
Senior Loans
Health Care		—			14,590,043		12,514,459			27,104,502
Lodging		—			—		1,256,250			1,256,250
All other industries		—			14,483,288		—			14,483,288
Limited Partnerships		—			—		64,675			64,675
Total Other		—			29,073,331		13,835,384			42,908,715
Mutual Funds
Money Market Funds		37,162,500			—		—			37,162,500
Total Mutual Funds		37,162,500			—		—			37,162,500
Investments in Securities		37,162,500			1,874,274,897		15,348,114			1,926,785,511
Derivatives
Liabilities
Futures Contracts		(213,460	)		—		—			(213,460	)
Total		36,949,040			1,874,274,897		15,348,114			1,926,572,051

(a) Rounds to zero.

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

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

The Fund does not hold any significant investments with unobservable inputs which are categorized as Level 3.

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

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

Semiannual Report 2014
19

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

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.

Certain common stock classified as Level 3 are valued using an income approach. To determine fair value for these securities, management considered estimates of future distributions related to the potential actions of the respective company's restructuring. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

Certain senior loans classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but were not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. 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 procedures established by and under the general supervision of the Board of Trustees.

Transfers In				Transfers Out
Level 2 ($)		Level 3 ($)		Level 2 ($)		Level 3 ($)
	—		7,470,957		7,470,957		—

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 2014
20

Columbia High Yield Bond Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,847,247,326)	$	1,889,623,011
Affiliated issuers (identified cost $37,162,500)		37,162,500
Total investments (identified cost $1,884,409,826)		1,926,785,511
Cash		24,594
Margin deposits		260,400
Receivable for:
Investments sold		41,183,396
Capital shares sold		7,398,480
Dividends		4,831
Interest		28,064,361
Reclaims		54,619
Prepaid expenses		7,291
Trustees' deferred compensation plan		80,436
Other assets		22,822
Total assets		2,003,886,741
Liabilities
Payable for:
Investments purchased		1,282,016
Investments purchased on a delayed delivery basis		16,372,200
Capital shares purchased		2,232,854
Dividend distributions to shareholders		8,120,329
Variation margin		67,813
Investment management fees		60,850
Distribution and/or service fees		24,218
Transfer agent fees		202,061
Administration fees		6,907
Plan administration fees		11,677
Compensation of board members		104,107
Other expenses		175,394
Trustees' deferred compensation plan		80,436
Total liabilities		28,740,862
Net assets applicable to outstanding capital stock	$	1,975,145,879
Represented by
Paid-in capital	$	2,105,392,426
Excess of distributions over net investment income		(698,036	)
Accumulated net realized loss		(171,710,736	)
Unrealized appreciation (depreciation) on:
Investments		42,375,685
Futures contracts		(213,460	)
Total — representing net assets applicable to outstanding capital stock	$	1,975,145,879

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

Semiannual Report 2014
21

Columbia High Yield Bond Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$	1,235,716,708
Shares outstanding		415,758,149
Net asset value per share	$	2.97
Maximum offering price per share(a)	$	3.12
Class B
Net assets	$	12,028,532
Shares outstanding		4,048,579
Net asset value per share	$	2.97
Class C
Net assets	$	91,963,576
Shares outstanding		31,148,754
Net asset value per share	$	2.95
Class I
Net assets	$	253,992,567
Shares outstanding		85,577,885
Net asset value per share	$	2.97
Class K
Net assets	$	58,654,401
Shares outstanding		19,715,878
Net asset value per share	$	2.97
Class R
Net assets	$	18,058,431
Shares outstanding		6,057,089
Net asset value per share	$	2.98
Class R4
Net assets	$	11,205,345
Shares outstanding		3,749,210
Net asset value per share	$	2.99
Class R5
Net assets	$	27,320,907
Shares outstanding		9,219,680
Net asset value per share	$	2.96
Class W
Net assets	$	79,294,686
Shares outstanding		26,885,511
Net asset value per share	$	2.95
Class Y
Net assets	$	6,584,978
Shares outstanding		2,220,934
Net asset value per share	$	2.96
Class Z
Net assets	$	180,325,748
Shares outstanding		60,744,314
Net asset value per share	$	2.97

(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 2014
22

Columbia High Yield Bond Fund

Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$	35,243
Interest		58,348,388
Total income		58,383,631
Expenses:
Investment management fees		5,582,541
Distribution and/or service fees
Class A		1,611,970
Class B		68,798
Class C		456,592
Class R		45,927
Class W		97,593
Transfer agent fees
Class A		1,053,374
Class B		11,228
Class C		74,590
Class K		13,680
Class R		15,020
Class R4		8,726
Class R5		7,264
Class W		63,905
Class Z		142,961
Administration fees		633,557
Plan administration fees
Class K		68,401
Compensation of board members		21,704
Custodian fees		20,550
Printing and postage fees		102,349
Registration fees		74,729
Professional fees		29,000
Other		21,277
Total expenses		10,225,736
Fees waived by Distributor — Class C		(47,055	)
Expense reductions		(4,244	)
Total net expenses		10,174,437
Net investment income		48,209,194
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		16,280,489
Futures contracts		(376,260	)
Swap contracts		624,729
Net realized gain		16,528,958
Net change in unrealized appreciation (depreciation) on:
Investments		(62,141,636	)
Futures contracts		(245,961	)
Net change in unrealized depreciation		(62,387,597	)
Net realized and unrealized loss		(45,858,639	)
Net increase in net assets resulting from operations	$	2,350,555

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

Semiannual Report 2014
23

Columbia High Yield Bond Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014
Operations
Net investment income	$	48,209,194		$	104,028,485
Net realized gain		16,528,958			15,947,480
Net change in unrealized appreciation (depreciation)		(62,387,597	)		3,470,887
Net increase in net assets resulting from operations		2,350,555			123,446,852
Distributions to shareholders
Net investment income
Class A		(31,326,840	)		(72,091,221	)
Class B		(282,003	)		(907,706	)
Class C		(1,924,112	)		(4,498,323	)
Class I		(5,817,685	)		(9,955,980	)
Class K		(1,362,705	)		(2,954,790	)
Class R		(423,299	)		(845,333	)
Class R4		(272,925	)		(547,776	)
Class R5		(773,117	)		(725,714	)
Class W		(1,896,652	)		(3,480,615	)
Class Y		(173,602	)		(192,644	)
Class Z		(4,482,433	)		(8,307,105	)
Total distributions to shareholders		(48,735,373	)		(104,507,207	)
Increase (decrease) in net assets from capital stock activity		16,022,958			(14,905,980	)
Total increase (decrease) in net assets		(30,361,860	)		4,033,665
Net assets at beginning of period		2,005,507,739			2,001,474,074
Net assets at end of period	$	1,975,145,879		$	2,005,507,739
Excess of distributions over net investment income	$	(698,036	)	$	(171,857	)

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

Semiannual Report 2014
24

Columbia High Yield Bond Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		32,070,235			96,617,402			72,008,579			214,600,887
Distributions reinvested		8,665,635			25,999,873			19,939,602			59,449,128
Redemptions		(71,730,739	)		(214,945,077	)		(129,447,082	)		(385,190,744	)
Net decrease		(30,994,869	)		(92,327,802	)		(37,498,901	)		(111,140,729	)
Class B shares
Subscriptions		93,554			281,533			451,098			1,344,548
Distributions reinvested		86,315			258,915			277,690			826,428
Redemptions(a)		(1,283,230	)		(3,850,994	)		(4,630,935	)		(13,770,725	)
Net decrease		(1,103,361	)		(3,310,546	)		(3,902,147	)		(11,599,749	)
Class C shares
Subscriptions		4,821,660			14,383,140			8,827,287			26,151,165
Distributions reinvested		552,012			1,645,238			1,278,800			3,788,371
Redemptions		(6,588,918	)		(19,675,251	)		(10,349,367	)		(30,513,456	)
Net decrease		(1,215,246	)		(3,646,873	)		(243,280	)		(573,920	)
Class I shares
Subscriptions		21,027,730			62,358,943			22,796,389			67,243,135
Distributions reinvested		1,941,635			5,817,420			3,340,414			9,955,379
Redemptions		(747,491	)		(2,226,384	)		(312,045	)		(932,892	)
Net increase		22,221,874			65,949,979			25,824,758			76,265,622
Class K shares
Subscriptions		5,641,392			16,884,307			2,283,085			6,865,495
Distributions reinvested		453,764			1,362,471			989,958			2,953,764
Redemptions		(4,239,550	)		(12,837,859	)		(6,105,532	)		(18,105,190	)
Net increase (decrease)		1,855,606			5,408,919			(2,832,489	)		(8,285,931	)
Class R shares
Subscriptions		960,620			2,891,764			3,189,252			9,529,959
Distributions reinvested		101,905			306,512			203,883			610,385
Redemptions		(1,165,650	)		(3,508,170	)		(1,858,997	)		(5,568,728	)
Net increase (decrease)		(103,125	)		(309,894	)		1,534,138			4,571,616
Class R4 shares
Subscriptions		935,822			2,836,619			1,295,724			3,883,467
Distributions reinvested		90,460			272,925			182,472			547,437
Redemptions		(672,597	)		(2,023,594	)		(1,541,919	)		(4,617,558	)
Net increase (decrease)		353,685			1,085,950			(63,723	)		(186,654	)

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

Semiannual Report 2014
25

Columbia High Yield Bond Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		30,330,867			91,295,499			3,894,340			11,615,583
Distributions reinvested		259,183			773,098			240,630			718,306
Redemptions		(26,494,358	)		(78,452,878	)		(4,035,787	)		(11,954,329	)
Net increase		4,095,692			13,615,719			99,183			379,560
Class W shares
Subscriptions		3,912,037			11,587,239			16,241,285			48,140,991
Distributions reinvested		636,897			1,896,408			1,173,557			3,480,307
Redemptions		(2,701,527	)		(8,048,867	)		(9,453,173	)		(28,027,953	)
Net increase		1,847,407			5,434,780			7,961,669			23,593,345
Class Y shares
Subscriptions		621,857			1,865,404			3,242,085			9,632,898
Distributions reinvested		57,918			173,339			61,181			183,039
Redemptions		(467,735	)		(1,404,026	)		(1,295,228	)		(3,826,856	)
Net increase		212,040			634,717			2,008,038			5,989,081
Class Z shares
Subscriptions		29,094,420			87,826,416			27,962,967			82,847,086
Distributions reinvested		583,996			1,751,914			1,399,606			4,172,706
Redemptions		(22,059,594	)		(66,090,321	)		(27,356,376	)		(80,938,013	)
Net increase		7,618,822			23,488,009			2,006,197			6,081,779
Total net increase (decrease)		4,788,525			16,022,958			(5,106,557	)		(14,905,980	)

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

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

Semiannual Report 2014
26

Columbia High Yield Bond Fund

Financial Highlights

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

	Six Months Ended November 30, 2014			Year Ended May 31,
Class A	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	3.04		$	3.01		$	2.78		$	2.86		$	2.61		$	2.30
Income from investment operations:
Net investment income		0.07			0.16			0.17			0.18			0.20			0.20
Net realized and unrealized gain (loss)		(0.07	)		0.03			0.23			(0.07	)		0.25			0.31
Total from investment operations		—			0.19			0.40			0.11			0.45			0.51
Less distributions to shareholders:
Net investment income		(0.07	)		(0.16	)		(0.17	)		(0.19	)		(0.20	)		(0.20	)
Net realized gains		—			—			—			(0.00	)(a)		—			—
Total distributions to shareholders		(0.07	)		(0.16	)		(0.17	)		(0.19	)		(0.20	)		(0.20	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			0.00	(a)
Net asset value, end of period	$	2.97		$	3.04		$	3.01		$	2.78		$	2.86		$	2.61
Total return		0.10	%		6.55	%		14.55	%		3.99	%(b)		17.61	%		22.80	%(c)
Ratios to average net assets(d)
Total gross expenses		1.07	%(e)		1.07	%		1.08	%		1.08	%		1.08	%		1.09	%
Total net expenses(f)		1.07	%(e)(g)		1.07	%(g)		1.07	%(g)		1.04	%(g)		1.06	%		1.03	%
Net investment income		4.81	%(e)		5.36	%		5.72	%		6.54	%		7.16	%		7.95	%
Supplemental data
Net assets, end of period (in thousands)	$	1,235,717		$	1,357,909		$	1,457,415		$	1,170,173		$	1,339,628		$	1,192,636
Portfolio turnover		33	%		63	%		81	%		76	%		96	%		94	%

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%.

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

(e)  Annualized.

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

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

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

Semiannual Report 2014
27

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class B	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	3.04		$	3.01		$	2.78		$	2.86		$	2.61		$	2.30
Income from investment operations:
Net investment income		0.06			0.14			0.15			0.16			0.18			0.18
Net realized and unrealized gain (loss)		(0.07	)		0.03			0.22			(0.07	)		0.25			0.31
Total from investment operations		(0.01	)		0.17			0.37			0.09			0.43			0.49
Less distributions to shareholders:
Net investment income		(0.06	)		(0.14	)		(0.14	)		(0.17	)		(0.18	)		(0.18	)
Net realized gains		—			—			—			(0.00	)(a)		—			—
Total distributions to shareholders		(0.06	)		(0.14	)		(0.14	)		(0.17	)		(0.18	)		(0.18	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			0.00	(a)
Net asset value, end of period	$	2.97		$	3.04		$	3.01		$	2.78		$	2.86		$	2.61
Total return		(0.28	%)		5.75	%		13.69	%		3.20	%(b)		16.71	%		21.88	%(c)
Ratios to average net assets(d)
Total gross expenses		1.81	%(e)		1.82	%		1.82	%		1.84	%		1.84	%		1.85	%
Total net expenses(f)		1.81	%(e)(g)		1.82	%(g)		1.82	%(g)		1.79	%(g)		1.82	%		1.79	%
Net investment income		4.06	%(e)		4.63	%		4.99	%		5.77	%		6.45	%		7.19	%
Supplemental data
Net assets, end of period (in thousands)	$	12,029		$	15,652		$	27,239		$	34,361		$	62,820		$	91,104
Portfolio turnover		33	%		63	%		81	%		76	%		96	%		94	%

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%.

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

(e)  Annualized.

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

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

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

Semiannual Report 2014
28

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class C	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	3.02		$	2.99		$	2.76		$	2.84		$	2.59		$	2.28
Income from investment operations:
Net investment income		0.06			0.14			0.15			0.16			0.18			0.18
Net realized and unrealized gain (loss)		(0.07	)		0.03			0.22			(0.08	)		0.25			0.31
Total from investment operations		(0.01	)		0.17			0.37			0.08			0.43			0.49
Less distributions to shareholders:
Net investment income		(0.06	)		(0.14	)		(0.14	)		(0.16	)		(0.18	)		(0.18	)
Net realized gains		—			—			—			(0.00	)(a)		—			—
Total distributions to shareholders		(0.06	)		(0.14	)		(0.14	)		(0.16	)		(0.18	)		(0.18	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			0.00	(a)
Net asset value, end of period	$	2.95		$	3.02		$	2.99		$	2.76		$	2.84		$	2.59
Total return		(0.24	%)		5.92	%		13.78	%		3.20	%(b)		16.80	%		22.01	%(c)
Ratios to average net assets(d)
Total gross expenses		1.82	%(e)		1.82	%		1.83	%		1.83	%		1.84	%		1.85	%
Total net expenses(f)		1.71	%(e)(g)		1.67	%(g)		1.80	%(g)		1.79	%(g)		1.82	%		1.79	%
Net investment income		4.17	%(e)		4.76	%		4.98	%		5.79	%		6.42	%		7.14	%
Supplemental data
Net assets, end of period (in thousands)	$	91,964		$	97,714		$	97,487		$	75,596		$	76,237		$	70,489
Portfolio turnover		33	%		63	%		81	%		76	%		96	%		94	%

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%.

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

(e)  Annualized.

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

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

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

Semiannual Report 2014
29

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class I	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	3.03		$	3.00		$	2.78		$	2.86		$	2.60		$	2.29
Income from investment operations:
Net investment income		0.08			0.17			0.18			0.19			0.21			0.21
Net realized and unrealized gain (loss)		(0.06	)		0.03			0.22			(0.07	)		0.26			0.31
Total from investment operations		0.02			0.20			0.40			0.12			0.47			0.52
Less distributions to shareholders:
Net investment income		(0.08	)		(0.17	)		(0.18	)		(0.20	)		(0.21	)		(0.21	)
Net realized gains		—			—			—			(0.00	)(a)		—			—
Total distributions to shareholders		(0.08	)		(0.17	)		(0.18	)		(0.20	)		(0.21	)		(0.21	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			0.00	(a)
Net asset value, end of period	$	2.97		$	3.03		$	3.00		$	2.78		$	2.86		$	2.60
Total return		0.63	%		6.99	%		14.64	%		4.38	%(b)		18.52	%		23.35	%(c)
Ratios to average net assets(d)
Total gross expenses		0.65	%(e)		0.66	%		0.66	%		0.66	%		0.68	%		0.68	%
Total net expenses(f)		0.65	%(e)		0.66	%		0.66	%		0.66	%		0.68	%		0.63	%
Net investment income		5.23	%(e)		5.76	%		6.15	%		6.91	%		7.53	%		8.36	%
Supplemental data
Net assets, end of period (in thousands)	$	253,993		$	192,255		$	112,742		$	141,388		$	132,684		$	144,203
Portfolio turnover		33	%		63	%		81	%		76	%		96	%		94	%

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%.

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

(e)  Annualized.

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

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

Semiannual Report 2014
30

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class K	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	3.04		$	3.01		$	2.79		$	2.86		$	2.61		$	2.30
Income from investment operations:
Net investment income		0.07			0.16			0.17			0.18			0.20			0.21
Net realized and unrealized gain (loss)		(0.07	)		0.03			0.22			(0.06	)		0.25			0.30
Total from investment operations		—			0.19			0.39			0.12			0.45			0.51
Less distributions to shareholders:
Net investment income		(0.07	)		(0.16	)		(0.17	)		(0.19	)		(0.20	)		(0.20	)
Net realized gains		—			—			—			(0.00	)(a)		—			—
Total distributions to shareholders		(0.07	)		(0.16	)		(0.17	)		(0.19	)		(0.20	)		(0.20	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			0.00	(a)
Net asset value, end of period	$	2.97		$	3.04		$	3.01		$	2.79		$	2.86		$	2.61
Total return		0.15	%		6.67	%		14.26	%		4.44	%(b)		17.74	%		22.92	%(c)
Ratios to average net assets(d)
Total gross expenses		0.95	%(e)		0.96	%		0.96	%		0.96	%		0.96	%		0.99	%
Total net expenses(f)		0.95	%(e)		0.96	%		0.96	%		0.96	%		0.96	%		0.93	%
Net investment income		4.93	%(e)		5.48	%		5.84	%		6.62	%		7.27	%		8.05	%
Supplemental data
Net assets, end of period (in thousands)	$	58,654		$	54,345		$	62,347		$	63,276		$	61,282		$	43,406
Portfolio turnover		33	%		63	%		81	%		76	%		96	%		94	%

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%.

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

(e)  Annualized.

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

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

Semiannual Report 2014
31

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class R	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	3.05		$	3.02		$	2.79		$	2.87		$	2.62		$	2.30
Income from investment operations:
Net investment income		0.07			0.15			0.16			0.17			0.19			0.20
Net realized and unrealized gain (loss)		(0.07	)		0.03			0.23			(0.07	)		0.25			0.31
Total from investment operations		—			0.18			0.39			0.10			0.44			0.51
Less distributions to shareholders:
Net investment income		(0.07	)		(0.15	)		(0.16	)		(0.18	)		(0.19	)		(0.19	)
Net realized gains		—			—			—			(0.00	)(a)		—			—
Total distributions to shareholders		(0.07	)		(0.15	)		(0.16	)		(0.18	)		(0.19	)		(0.19	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			0.00	(a)
Net asset value, end of period	$	2.98		$	3.05		$	3.02		$	2.79		$	2.87		$	2.62
Total return		(0.02	%)		6.28	%		14.24	%		3.75	%(b)		17.23	%		22.79	%(c)
Ratios to average net assets(d)
Total gross expenses		1.32	%(e)		1.32	%		1.33	%		1.33	%		1.36	%		1.48	%
Total net expenses(f)		1.32	%(e)(g)		1.32	%(g)		1.32	%(g)		1.29	%(g)		1.35	%		1.43	%
Net investment income		4.56	%(e)		5.10	%		5.45	%		6.29	%		6.86	%		7.46	%
Supplemental data
Net assets, end of period (in thousands)	$	18,058		$	18,782		$	13,967		$	7,582		$	7,156		$	5,690
Portfolio turnover		33	%		63	%		81	%		76	%		96	%		94	%

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%.

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

(e)  Annualized.

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

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

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

Semiannual Report 2014
32

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class R4	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	3.06		$	3.03		$	2.80		$	2.88		$	2.62		$	2.31
Income from investment operations:
Net investment income		0.08			0.17			0.17			0.18			0.20			0.20
Net realized and unrealized gain (loss)		(0.07	)		0.03			0.23			(0.08	)		0.26			0.31
Total from investment operations		0.01			0.20			0.40			0.10			0.46			0.51
Less distributions to shareholders:
Net investment income		(0.08	)		(0.17	)		(0.17	)		(0.18	)		(0.20	)		(0.20	)
Net realized gains		—			—			—			(0.00	)(a)		—			—
Total distributions to shareholders		(0.08	)		(0.17	)		(0.17	)		(0.18	)		(0.20	)		(0.20	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			0.00	(a)
Net asset value, end of period	$	2.99		$	3.06		$	3.03		$	2.80		$	2.88		$	2.62
Total return		0.24	%		6.81	%		14.59	%		3.83	%(b)		17.81	%		22.56	%(c)
Ratios to average net assets(d)
Total gross expenses		0.82	%(e)		0.82	%		0.97	%		1.21	%		1.21	%		1.23	%
Total net expenses(f)		0.82	%(e)(g)		0.82	%(g)		0.97	%		1.21	%		1.21	%		1.18	%
Net investment income		5.06	%(e)		5.60	%		5.82	%		6.37	%		6.99	%		7.81	%
Supplemental data
Net assets, end of period (in thousands)	$	11,205		$	10,379		$	10,468		$	8,176		$	7,418		$	4,003
Portfolio turnover		33	%		63	%		81	%		76	%		96	%		94	%

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%.

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

(e)  Annualized.

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

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

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

Semiannual Report 2014
33

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class R5	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	3.04		$	3.01		$	2.78		$	2.86		$	2.61		$	2.30
Income from investment operations:
Net investment income		0.08			0.17			0.18			0.19			0.21			0.21
Net realized and unrealized gain (loss)		(0.08	)		0.03			0.23			(0.07	)		0.25			0.31
Total from investment operations		—			0.20			0.41			0.12			0.46			0.52
Less distributions to shareholders:
Net investment income		(0.08	)		(0.17	)		(0.18	)		(0.20	)		(0.21	)		(0.21	)
Net realized gains		—			—			—			(0.00	)(a)		—			—
Total distributions to shareholders		(0.08	)		(0.17	)		(0.18	)		(0.20	)		(0.21	)		(0.21	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			0.00	(a)
Net asset value, end of period	$	2.96		$	3.04		$	3.01		$	2.78		$	2.86		$	2.61
Total return		(0.06	%)		6.93	%		14.96	%		4.32	%(b)		18.02	%		23.22	%(c)
Ratios to average net assets(d)
Total gross expenses		0.71	%(e)		0.71	%		0.71	%		0.71	%		0.73	%		0.73	%
Total net expenses(f)		0.71	%(e)		0.71	%		0.71	%		0.71	%		0.72	%		0.68	%
Net investment income		5.20	%(e)		5.71	%		6.06	%		6.76	%		7.48	%		8.18	%
Supplemental data
Net assets, end of period (in thousands)	$	27,321		$	15,564		$	15,124		$	8,675		$	11,384		$	7,958
Portfolio turnover		33	%		63	%		81	%		76	%		96	%		94	%

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%.

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

(e)  Annualized.

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

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

Semiannual Report 2014
34

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class W	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	3.02		$	2.99		$	2.76		$	2.84		$	2.59		$	2.28
Income from investment operations:
Net investment income		0.07			0.16			0.17			0.18			0.20			0.20
Net realized and unrealized gain (loss)		(0.07	)		0.03			0.23			(0.07	)		0.25			0.31
Total from investment operations		—			0.19			0.40			0.11			0.45			0.51
Less distributions to shareholders:
Net investment income		(0.07	)		(0.16	)		(0.17	)		(0.19	)		(0.20	)		(0.20	)
Net realized gains		—			—			—			(0.00	)(a)		—			—
Total distributions to shareholders		(0.07	)		(0.16	)		(0.17	)		(0.19	)		(0.20	)		(0.20	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			0.00	(a)
Net asset value, end of period	$	2.95		$	3.02		$	2.99		$	2.76		$	2.84		$	2.59
Total return		0.08	%		6.54	%		14.61	%		3.97	%(b)		17.65	%		22.82	%(c)
Ratios to average net assets(d)
Total gross expenses		1.07	%(e)		1.07	%		1.08	%		1.11	%		1.10	%		1.12	%
Total net expenses(f)		1.07	%(e)(g)		1.07	%(g)		1.07	%(g)		1.05	%(g)		1.09	%		1.08	%
Net investment income		4.81	%(e)		5.32	%		5.72	%		6.59	%		7.16	%		7.68	%
Supplemental data
Net assets, end of period (in thousands)	$	79,295		$	75,524		$	50,998		$	44,832		$	89,506		$	100,227
Portfolio turnover		33	%		63	%		81	%		76	%		96	%		94	%

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%.

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

(e)  Annualized.

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

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

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

Semiannual Report 2014
35

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class Y	(Unaudited)			2014			2013(a)
Per share data
Net asset value, beginning of period	$	3.03		$	3.00		$	2.92
Income from investment operations:
Net investment income		0.08			0.17			0.10
Net realized and unrealized gain (loss)		(0.07	)		0.03			0.08
Total from investment operations		0.01			0.20			0.18
Less distributions to shareholders:
Net investment income		(0.08	)		(0.17	)		(0.10	)
Total distributions to shareholders		(0.08	)		(0.17	)		(0.10	)
Net asset value, end of period	$	2.96		$	3.03		$	3.00
Total return		0.30	%		6.98	%		6.16	%
Ratios to average net assets(b)
Total gross expenses		0.65	%(c)		0.66	%		0.58	%(c)
Total net expenses(d)		0.65	%(c)		0.66	%		0.58	%(c)
Net investment income		5.23	%(c)		5.71	%		6.06	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	6,585		$	6,091		$	3
Portfolio turnover		33	%		63	%		81	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

Semiannual Report 2014
36

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class Z	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	3.04		$	3.01		$	2.78		$	2.85		$	2.72
Income from investment operations:
Net investment income		0.08			0.17			0.17			0.18			0.14
Net realized and unrealized gain (loss)		(0.07	)		0.03			0.23			(0.06	)		0.12
Total from investment operations		0.01			0.20			0.40			0.12			0.26
Less distributions to shareholders:
Net investment income		(0.08	)		(0.17	)		(0.17	)		(0.19	)		(0.13	)
Net realized gains		—			—			—			(0.00	)(b)		—
Total distributions to shareholders		(0.08	)		(0.17	)		(0.17	)		(0.19	)		(0.13	)
Proceeds from regulatory settlements		—			—			—			0.00	(b)		—
Net asset value, end of period	$	2.97		$	3.04		$	3.01		$	2.78		$	2.85
Total return		0.22	%		6.81	%		14.84	%		4.59	%(c)		9.87	%
Ratios to average net assets(d)
Total gross expenses		0.82	%(e)		0.82	%		0.82	%		0.80	%		0.73	%(e)
Total net expenses(f)		0.82	%(e)(g)		0.82	%(g)		0.82	%(g)		0.78	%(g)		0.73	%(e)
Net investment income		5.06	%(e)		5.58	%		5.86	%		6.58	%		7.37	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	180,326		$	161,293		$	153,684		$	35,492		$	12,526
Portfolio turnover		33	%		63	%		81	%		76	%		96	%

Notes to Financial Highlights

(a)  Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(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%.

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

(e)  Annualized.

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

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

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

Semiannual Report 2014
37

Columbia High Yield Bond Fund

Notes to Financial Statements

November 30, 2014 (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 the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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

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

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

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

Class 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 as described in the Fund's prospectus.

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

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 that take into account, as applicable, 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

Semiannual Report 2014
38

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

be valued based upon an over-the-counter or exchange bid quotation.

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

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

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

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

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 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 quoted or published price for the security.

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

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 increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment

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

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

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

Semiannual Report 2014
39

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

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

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage over a specified time period or if 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.

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, manage exposure to movements in interest rates, and manage exposure to the securities market. These instruments may be used for other

purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

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

Credit Default Swap Contracts

The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and increase or decrease its credit exposure to a specific debt security or a

Semiannual Report 2014
40

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized 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 (not considered to be hedging instruments for accounting disclosure purposes) at November 30, 2014:

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized depreciation on futures contracts		213,460	*

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended November 30, 2014:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)		Total ($)
Credit risk		—			624,729		624,729
Interest rate risk		(376,260	)		—		(376,260	)
Total		(376,260	)		624,729		248,469

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Interest rate risk		(245,961	)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended November 30, 2014:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Short		27,809,196

*Based on the ending quarterly outstanding amounts for the six months ended November 30, 2014.

Investments in Senior Loans

The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior 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 its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its 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, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid, when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of

Semiannual Report 2014
41

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Investments. The Fund designates cash or liquid securities to cover these commitments.

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 to the Fund 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

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.

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

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 place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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

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.

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

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Distributions from net investment income, if any, are declared 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

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.

Semiannual Report 2014
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Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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 0.59% to 0.36% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2014 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, 2014 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, 2014, other expenses paid by the Fund to this company were $1,975.

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.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer 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 I and Class Y shares are not subject to transfer agent fees.

For the six months ended November 30, 2014, 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,

Semiannual Report 2014
43

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

including the payment of rent by SDC (the Guaranty). SDC was the legacy Seligman funds' former transfer agent.

The lease and the Guaranty expire in January 2019. At November 30, 2014, the Fund's total potential future obligation over the life of the Guaranty is $119,781. The liability remaining at November 30, 2014 for non-recurring charges associated with the lease amounted to $63,277 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's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2014, these minimum account balance fees reduced total expenses of the Fund by $4,244.

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. Prior to October 1, 2014, the Distributor voluntarily waived a portion of the distribution fee for Class C shares so that the distribution fee did not exceed 0.60% annually of the average daily net assets attributable to Class C shares.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $2,581,000 and $7,306,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2014,

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 $348,440 for Class A, $1,927 for Class B, and $1,737 for Class C shares for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund's expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective October 1, 2014			Contractual Expense Cap Prior to October 1, 2014
Class A		1.07	%		1.07	%
Class B		1.82			1.82
Class C		1.82			1.82
Class I		0.70			0.70
Class K		1.00			1.00
Class R		1.32			1.32
Class R4		0.82			0.82
Class R5		0.75			0.75
Class W		1.07			1.07
Class Y		0.70			0.70
Class Z		0.82			0.82

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses.

Semiannual Report 2014
44

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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, 2014, the cost of investments for federal income tax purposes was approximately $1,884,410,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	59,924,000
Unrealized depreciation		(17,548,000	)
Net unrealized appreciation	$	42,376,000

The following capital loss carryforwards, determined as of May 31, 2014, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
2016		14,236,782
2017		117,858,836
2018		55,132,247
Total		187,227,865

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat post-October capital losses of $797,149 at May 31, 2014 as arising on June 1, 2014.

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if any, aggregated to $665,925,995 and $631,838,740, respectively, for the six months ended November 30, 2014. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use

by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as Dividends — affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At November 30, 2014, affiliated shareholders of record owned 68.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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 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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

Note 9. Significant Risks

Credit Risk

Credit risk is the risk that the value of debt securities in the Fund's portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall,

Semiannual Report 2014
45

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates.

Liquidity Risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

High-Yield Securities Risk

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 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 8 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 11. 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 quarterly (10-Q), annual (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 2014
46

Columbia High Yield Bond 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 2014
47

Columbia High Yield Bond 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR160_05_E01_(01/15)

Semiannual Report

November 30, 2014

Columbia Mortgage Opportunities Fund

Not FDIC insured • No bank guarantee • May lose value

About 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 some of the most talented professionals in the industry, brought together by a unique way of working.

It starts with carefully selected, specialized investment teams. While each team brings a diverse and innovative range of skills, all are grounded by a common set of core beliefs. All possess a solid conviction in the power of proprietary, bottom-up research. All look not only at generating returns, but also at the likely consistency of those returns and the risks required to achieve them. And while our culture encourages teams to operate independently and question established thinking, a rigorous investment oversight process ensures that each team stays true to its clearly articulated investment process. At Columbia Management, reaching our performance goals matters, and the way we reach them matters just as much.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

Connect with Columbia Management

Get the market insight you need from our investment experts

Investor insight

Stay informed with economic and market commentary, investment videos, white papers, mutual fund commentary and more at columbiamanagement.com.

  Columbia Management investor
(e-newsletter)

Read our award-winning* shareholder newsletter. Our quarterly newsletter is available online and provides timely and relevant content about economic trends, fund news, service enhancements and changes. Sign up to receive the newsletter electronically at columbiamanagement.com/newsletter.

  Investment videos

Watch and discover what our thought leaders are saying about financial markets and the economy. For an analysis of current events and trends that may affect your investments, visit our online video library at blog.columbiamanagement.com/publications.

  Social media

Columbia Management offers you multiple ways to access our market commentary and investment insights.

>  Perspectives blog at columbiamanagement.com
Read timely posts by our investment team, including our chief investment officer, chief economist and portfolio managers.

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

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

>  Linkedin.com/company/columbia-management
Connect with us on LinkedIn for updates from our thought leaders.

*Columbia Management investor was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

Not part of the shareholder report

President's Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What's different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

>  The relative value of global equities vs. global bonds actually improved during 2014.

>  Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today's conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President's Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB's balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People's Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

>  Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

>  Explicit downside hedges, such as put options (with emphasis on managing the related expense)

>  Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia Mortgage Opportunities Fund

Table of Contents

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund's Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	25
Important Information About This Report	35

Semiannual Report 2014

Columbia Mortgage Opportunities Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia Mortgage Opportunities Fund (the Fund) Class A shares returned 2.24% excluding sales charges for the six-month period that ended November 30, 2014.

>  The Fund outperformed its benchmark, the Citigroup 1-Month U.S. Treasury Bill Index, which returned 0.01% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2014)

	Inception	6 Months cumulative		Life
Class A	04/30/14
Excluding sales charges			2.24		2.53
Including sales charges			-2.62		-2.35
Class C	04/30/14
Excluding sales charges			1.85		2.09
Including sales charges			0.85		1.09
Class I	04/30/14		2.44		2.76
Class R4	04/30/14		2.36		2.67
Class R5	04/30/14		2.41		2.73
Class W	04/30/14		2.23		2.53
Class Z	04/30/14		2.36		2.67
Citigroup 1-Month U.S. Treasury Bill Index			0.01		0.01

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

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

The Citigroup 1-Month U.S. Treasury Bill Index is an unmanaged index that measures the rate of return for 30-day U.S. Treasury Bills.

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 2014
3

Columbia Mortgage Opportunities Fund

Portfolio Overview

(Unaudited)

Portfolio Management

Jason Callan

Tom Heuer, CPA, CFA

Portfolio Breakdown (%) (at November 30, 2014)
Asset-Backed Securities — Non-Agency	7.8
Commercial Mortgage-Backed Securities — Non-Agency	21.5
Money Market Funds	2.3
Options Purchased Puts	0.8
Residential Mortgage-Backed Securities — Agency	53.5
Residential Mortgage-Backed Securities — Non-Agency	14.1
Total	100.0

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

Quality Breakdown (%) (at November 30, 2014)
AAA rating	56.3
BBB rating	6.8
Non-investment grade	5.4
Not rated	31.5
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 highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as "Not rated". Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate, and time to maturity) and the amount and type of any collateral.

Semiannual Report 2014
4

Columbia Mortgage Opportunities Fund

Understanding Your Fund's Expenses

(Unaudited)

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

Analyzing Your Fund's Expenses

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

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,022.40		1,019.95		5.04		5.04		1.00
Class C		1,000.00		1,000.00		1,018.50		1,016.21		8.81		8.80		1.75
Class I		1,000.00		1,000.00		1,024.40		1,021.94		3.03		3.02		0.60
Class R4		1,000.00		1,000.00		1,023.60		1,021.19		3.78		3.78		0.75
Class R5		1,000.00		1,000.00		1,024.10		1,021.69		3.28		3.28		0.65
Class W		1,000.00		1,000.00		1,022.30		1,019.95		5.04		5.04		1.00
Class Z		1,000.00		1,000.00		1,023.60		1,021.19		3.78		3.78		0.75

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as 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 2014
5

Columbia Mortgage Opportunities Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Residential Mortgage-Backed Securities — Agency 87.5%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Federal Home Loan Mortgage Corp.(a)(b)(c) CMO IO STRIPS Series 280 Class S1 09/15/42		5.845	%		4,434,761		1,010,672
CMO IO Series 311 Class S1 08/15/43		5.795	%		43,961,323		9,930,349
CMO IO Series 3922 Class SH 09/15/41		5.745	%		24,136,958		4,116,669
CMO IO Series 4223 Class DS 12/15/38		5.945	%		3,680,748		676,403
CMO IO Series 4286 Class NS 12/15/43		5.745	%		3,859,018		938,704
CMO IO Series WS Class 3957 11/15/41		6.395	%		12,054,659		2,170,909
Federal Home Loan Mortgage Corp.(b)(c) CMO IO STRIPS Series 304 Class C67 12/15/42		4.500	%		13,687,331		3,582,874
CMO IO Series 329 Class C5 06/15/43		3.500	%		1,901,913		394,299
CMO IO Series 4215 Class IL 07/15/41		3.500	%		14,542,453		2,300,156
Federal National Mortgage Association(a)(b)(c) CMO IO Series 2013-124 Class SB 12/25/43		5.795	%		9,596,955		2,286,891
CMO IO Series 2013-BS Class 54 06/25/43		5.995	%		9,258,751		2,339,823
CMO IO Series 2013-SB Class 97 06/25/32		5.945	%		4,515,901		812,662
Federal National Mortgage Association(b)(c) CMO IO Series 2012-152 Class EI 07/25/31		3.000	%		19,350,767		2,615,227
CMO IO Series 2012-96 Class CI 04/25/39		3.500	%		2,892,433		456,590
CMO IO Series 2013-117 Class AI 04/25/36		3.500	%		7,123,166		785,730
CMO IO Series 2013-118 Class AI 09/25/38		4.000	%		8,012,214		1,244,496
CMO IO Series 2013-31 Class IH 02/25/43		3.500	%		16,728,157		2,788,888
Federal National Mortgage Association(b)(d) 12/16/29 - 12/11/44		3.500	%		95,000,000		99,783,396
Total Residential Mortgage-Backed Securities — Agency (Cost: $138,783,024)							138,234,738
Residential Mortgage-Backed Securities — Non-Agency 23.1%
AJAX Mortgage Loan Trust CMO Series 2014-B Class A(b)(e) 08/25/54		3.850	%		2,000,000		2,000,000

Residential Mortgage-Backed Securities — Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Citigroup Mortgage Loan Trust CMO Series 2014-11 Class 5A2(a)(b)(e)(f) 11/25/36		25.541	%		1,589,159		1,939,886
Credit Suisse Mortgage Capital Certificates(a)(b)(e)(f) CMO Series 2014-RPL4 Class A1 08/25/62		3.625	%		2,000,000		1,985,000
Credit Suisse Mortgage Capital Certificates(b)(e) CMO Series 2010-9R Class 10A5 04/27/37		4.000	%		1,000,000		1,003,835
CMO Series 2010-9R Class 7A5 05/27/37		4.000	%		1,000,000		1,002,621
Series 2010-2A5 Class 9R 02/27/38		4.000	%		2,709,000		2,593,976
Series 2010-9R Class 1A5 08/27/37		4.000	%		3,000,000		2,784,180
Credit Suisse Securities (USA) LLC(b)(e) CMO Series 2014-5R Class 5A2 07/27/37		3.250	%		3,662,699		3,525,573
CMO Series 2014-5R Class 8A1 11/27/37		2.625	%		1,802,660		1,751,113
CMO Series 2014-RPL1 Class A3 02/25/54		3.958	%		2,500,000		2,472,845
Jefferies Resecuritization Trust Series 2014-1A1 Class R1(b)(e) 12/27/37		4.000	%		2,759,995		2,754,177
Morgan Stanley Re-Remic Trust Series 2013-R8 Class 1B(a)(b)(e) 09/26/36		2.614	%		8,157,742		7,990,508
New Residential Mortgage Loan Trust CMO IO Series 2014-1A Class AIO(a)(b)(c)(e) 01/25/54		2.244	%		36,310,649		2,640,837
VML LLC CMO Series 2014-NPL1 Class A1(a)(b)(d)(e) 04/25/54		3.875	%		2,000,000		2,000,000
Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $35,541,137)							36,444,551
Commercial Mortgage-Backed Securities — Non-Agency 35.1%
American Homes 4 Rent Trust(b)(e) Series 2014-SFR2 Class E 10/17/36		6.231	%		5,000,000		4,978,013
Series 2014-SFR3 Class E 12/17/36		6.418	%		3,000,000		3,029,392

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

Semiannual Report 2014
6

Columbia Mortgage Opportunities Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Commercial Mortgage-Backed Securities — Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
American Homes 4 Rent(a)(b)(e) Series 2014-F Class SFR1 06/17/31		3.500	%		3,250,000		2,991,368
Series 2014-SFR1 Class E 06/17/31		2.750	%		7,000,000		6,367,222
Aventura Mall Trust Series 2013-AVM Class E(a)(b)(e) 12/05/32		3.867	%		5,000,000		4,901,640
BHMS Mortgage Trust Series 2014-ATLS Class DFX(a)(b)(e) 07/05/33		4.847	%		2,000,000		2,021,730
Banc of America Merrill Lynch Re-Remic Trust Series 2014-FRR7 Class B(a)(b) 10/26/44		2.405	%		2,000,000		1,852,650
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-AMFX Class CD4(a)(b) 12/11/49		5.366	%		1,000,000		1,045,692
GS Mortgage Securities Trust Series 2007-GG10 Class AM(a)(b) 08/10/45		5.990	%		2,500,000		2,562,895
JPMorgan Chase Commercial Mortgage Securities Trust Series 2006-LDP9 Class AM(b) 05/15/47		5.372	%		3,000,000		3,121,395
ORES NPL LLC Series 2013-LV2 Class A(b)(e) 09/25/25		3.081	%		526,440		526,440
Rialto Capital Management LLC Series 2014-LT5 Class B(b)(e) 05/15/24		5.000	%		3,000,000		2,997,303
Rialto Real Estate Fund LLC Series 2014-LT6 Class B(b)(e) 09/15/24		5.486	%		1,000,000		1,005,529
Rialto Real Estate Fund LP Series 2014-LT5 Class A(b)(e) 05/15/24		2.850	%		1,769,266		1,769,119
VFC LLC(b)(e) Series 2014-2 Class A 07/20/30		2.750	%		8,706,536		8,706,859
Series 2014-2 Class B 07/20/30		5.500	%		3,000,000		2,999,046
VNDO Mortgage Trust Series 2013-PENN Class D(a)(b)(e) 12/13/29		4.079	%		4,500,000		4,599,946
Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $56,015,215)							55,476,239

Asset-Backed Securities — Non-Agency 12.8%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
A Voce CLO Ltd. Series 2014-1A Class C(a)(e) 07/15/26		3.734	%		1,000,000		935,008
Carlyle Global Market Strategies CLO Series 2014-C1 Class 3A(a)(e) 07/27/26		3.934	%		2,000,000		1,921,708
GCAT LLC Series 2014-2 Class A1(a)(e) 10/25/19		3.721	%		986,222		981,159
Keuka Park CLO Ltd. Series 2013-1A Class D(a)(e) 10/21/24		3.431	%		7,000,000		6,642,867
New York Mortgage Trust Residential LLC(a)(e) Series 2013-RP1A Class A 07/25/18		4.250	%		2,097,611		2,108,099
Series 2013-RP2A Class A 09/25/18		4.600	%		1,916,717		1,947,219
Selene Non-Performing Loans LLC Series 2014-1A Class A(a)(e) 05/25/54		2.981	%		1,485,028		1,472,080
Symphony CLO Ltd. Series 2014-14A Class D2(a)(e) 07/14/26		3.830	%		3,000,000		2,845,392
Truman Capital Mortgage Loan Trust Series 2014-NPL2 Class A1(a)(e) 06/25/54		3.125	%		752,924		752,066
Vericrest Opportunity Loan Transferee Series 2014-3A Class A1(a)(e) 05/26/54		3.250	%		582,047		581,254
Total Asset-Backed Securities — Non-Agency (Cost: $20,303,533)							20,186,852
Options Purchased Puts 1.3%

Issuer	Notional ($)/ Contracts		Exercise Price ($)		Expiration Date	Value ($)
OTC 5-Year Interest Rate Swap(g)		70,000,000		3.25	08/18/17		1,263,423
OTC 5-Year Interest Rate Swap(g)		100,000,000		2.50	10/30/15		818,610
Total Options Purchased Puts (Cost: $3,066,500)							2,082,033

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

Semiannual Report 2014
7

Columbia Mortgage Opportunities Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Money Market Funds 3.8%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.104%(h)(i)		5,985,334		5,985,334
Total Money Market Funds (Cost: $5,985,334)				5,985,334
Total Investments (Cost: $259,694,743)				258,409,747
Other Assets & Liabilities, Net				(100,496,767	)
Net Assets				157,912,980

Investments in Derivatives

Futures Contracts Outstanding at November 30, 2014

At November 30, 2014, cash totaling $221,496 was pledged as collateral to cover initial margin requirements on open futures contracts.

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
US 10YR NOTE		68	USD		8,639,188	03/2015		70,707		—

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency	Notional Market Value ($)			Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
US 2YR NOTE		(28	)	USD		(6,135,938	)	03/2015		—		(7,047	)
US 5YR NOTE		(72	)	USD		(8,603,438	)	03/2015		—		(42,754	)
Total										—		(49,801	)

Notes to Portfolio of Investments

(a)  Variable rate security.

(b)  The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

(c)  Interest Only (IO) security. The actual effective yield of this security is different than the stated coupon rate.

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

(e)  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, 2014, the value of these securities amounted to $103,525,010 or 65.56% of net assets.

(f)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2014, the value of these securities amounted to $3,924,886, which represents 2.49% of net assets.

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

Semiannual Report 2014
8

Columbia Mortgage Opportunities Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Notes to Portfolio of Investments (continued)

(g)  Purchased swaption contracts outstanding at November 30, 2014:

At November 30, 2014, securities and cash totaling $2,243,000 were received from broker as collateral to cover open purchased swaption contracts.

Description

Counterparty

Floating Rate Index

Fund Pay/Receive Floating Rate

Exercise Rate (%)

Expiration Date

Notional Amount ($)

Premium Paid ($)

Market Value ($)

OTC 5-Year Interest Rate Swap

Barclays

3-Month USD LIBOR

Receive

3.250

8/22/2022

70,000,000

1,851,500

1,263,423

OTC 5-Year Interest Rate Swap

Morgan Stanley

3-Month USD LIBOR

Receive

2.500

11/3/2020

100,000,000

1,215,000

818,610

Total

2,082,033

(h)  The rate shown is the seven-day current annualized yield at November 30, 2014.

(i)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		1,635,633		122,506,005		(118,156,304	)		5,985,334		1,132		5,985,334

Abbreviation Legend

CMO  Collateralized Mortgage Obligation

STRIPS  Separate Trading of Registered Interest and Principal Securities

Currency Legend

USD  US Dollar

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

Semiannual Report 2014
9

Columbia Mortgage Opportunities Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements

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

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

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

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

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

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

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

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

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

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

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

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

Semiannual Report 2014
10

Columbia Mortgage Opportunities Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2014:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Bonds
Residential Mortgage-Backed Securities — Agency		—			138,234,738		—		138,234,738
Residential Mortgage-Backed Securities — Non-Agency		—			18,056,311		18,388,240		36,444,551
Commercial Mortgage-Backed Securities — Non-Agency		—			55,476,239		—		55,476,239
Asset-Backed Securities — Non-Agency		—			18,078,753		2,108,099		20,186,852
Total Bonds		—			229,846,041		20,496,339		250,342,380
Other
Options Purchased Puts		—			2,082,033		—		2,082,033
Total Other		—			2,082,033		—		2,082,033
Mutual Funds
Money Market Funds		5,985,334			—		—		5,985,334
Total Mutual Funds		5,985,334			—		—		5,985,334
Investments in Securities		5,985,334			231,928,074		20,496,339		258,409,747
Derivatives
Assets
Futures Contracts		70,707			—		—		70,707
Liabilities
Futures Contracts		(49,801	)		—		—		(49,801	)
Total		6,006,240			231,928,074		20,496,339		258,430,653

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

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

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

Futures contracts are valued at unrealized appreciation (depreciation).

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

Semiannual Report 2014
11

Columbia Mortgage Opportunities Fund

Portfolio of Investments (continued)

November 30, 2014 (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:

	Residential Mortgage-Backed Securities — Non-Agency ($)			Asset-Backed Securities — Non-Agency ($)			Total ($)
Balance as of May 31, 2014		32,675,752			8,276,749			40,952,501
Accrued discounts/premiums		5,683			(1,080	)		4,603
Realized gain (loss)		—			—			—
Change in unrealized appreciation (depreciation)(a)		370,970			(956	)		370,014
Sales		(9,992,655	)		(50,546	)		(10,043,201	)
Purchases		7,924,887			(713,868	)		7,211,019
Transfers into Level 3		—			—			—
Transfers out of Level 3		(12,596,397	)		(5,402,200	)		(17,998,597	)
Balance as of November 30, 2014		18,388,240			2,108,099			20,496,339

(a) Change in unrealized appreciation (depreciation) relating to securities held at November 30, 2014 was $366,878, which is comprised of Residential Mortgage-Backed Securities — Non-Agency of $367,834 and Asset-Backed Securities — Non-Agency of $(956).

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain residential and asset backed securities classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but were not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

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 2014
12

Columbia Mortgage Opportunities Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $253,709,409)	$	252,424,413
Affiliated issuers (identified cost $5,985,334)		5,985,334
Total investments (identified cost $259,694,743)		258,409,747
Cash		10,012
Margin deposits		221,496
Receivable for:
Capital shares sold		4,218
Dividends		196
Interest		884,048
Variation margin		22,003
Expense reimbursement due from Investment Manager		2,547
Prepaid expenses		2,584
Other assets		48,822
Total assets		259,605,673
Liabilities
Payable for:
Investments purchased on a delayed delivery basis		101,570,486
Variation margin		17,250
Investment management fees		4,937
Distribution and/or service fees		5
Transfer agent fees		49
Administration fees		693
Compensation of board members		2,167
Other expenses		97,106
Total liabilities		101,692,693
Net assets applicable to outstanding capital stock	$	157,912,980
Represented by
Paid-in capital	$	156,534,804
Undistributed net investment income		382,788
Accumulated net realized gain		2,259,478
Unrealized appreciation (depreciation) on:
Investments		(1,284,996	)
Futures contracts		20,906
Total — representing net assets applicable to outstanding capital stock	$	157,912,980

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

Semiannual Report 2014
13

Columbia Mortgage Opportunities Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$	306,002
Shares outstanding		30,211
Net asset value per share	$	10.13
Maximum offering price per share(a)	$	10.64
Class C
Net assets	$	10,131
Shares outstanding		1,000
Net asset value per share	$	10.13
Class I
Net assets	$	156,717,986
Shares outstanding		15,469,029
Net asset value per share	$	10.13
Class R4
Net assets	$	834,381
Shares outstanding		82,334
Net asset value per share	$	10.13
Class R5
Net assets	$	10,132
Shares outstanding		1,000
Net asset value per share	$	10.13
Class W
Net assets	$	10,132
Shares outstanding		1,000
Net asset value per share	$	10.13
Class Z
Net assets	$	24,216
Shares outstanding		2,389
Net asset value per share(b)	$	10.13

(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%.

(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 2014
14

Columbia Mortgage Opportunities Fund

Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$	1,132
Interest		2,518,606
Total income		2,519,738
Expenses:
Investment management fees		371,506
Distribution and/or service fees
Class A		210
Class C		50
Class W		13
Transfer agent fees
Class A		138
Class C		9
Class R4		31
Class R5		3
Class W		9
Class Z		17
Administration fees		52,141
Compensation of board members		5,649
Custodian fees		13,711
Printing and postage fees		22,822
Registration fees		62,077
Professional fees		20,051
Offering costs		54,256
Other		4,777
Total expenses		607,470
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(215,948	)
Total net expenses		391,522
Net investment income		2,128,216
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(364,578	)
Futures contracts		2,607,028
Net realized gain		2,242,450
Net change in unrealized appreciation (depreciation) on:
Investments		(1,355,932	)
Futures contracts		36,981
Net change in unrealized depreciation		(1,318,951	)
Net realized and unrealized gain		923,499
Net increase in net assets resulting from operations	$	3,051,715

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

Semiannual Report 2014
15

Columbia Mortgage Opportunities Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014(a)
Operations
Net investment income	$	2,128,216		$	180,318
Net realized gain		2,242,450			17,028
Net change in unrealized appreciation (depreciation)		(1,318,951	)		54,861
Net increase in net assets resulting from operations		3,051,715			252,207
Distributions to shareholders
Net investment income
Class A		(2,336	)		(9	)
Class C		(75	)		(4	)
Class I		(1,815,163	)		(109,096	)
Class R4		(2,146	)		(10	)
Class R5		(130	)		(11	)
Class W		(113	)		(9	)
Class Z		(254	)		(13	)
Total distributions to shareholders		(1,820,217	)		(109,152	)
Increase in net assets from capital stock activity		61,293,887			95,174,540
Total increase in net assets		62,525,385			95,317,595
Net assets at beginning of period		95,387,595			70,000
Net assets at end of period	$	157,912,980		$	95,387,595
Undistributed net investment income	$	382,788		$	74,789

(a) Based on operations from April 30, 2014 (commencement of operations) through the stated period end.

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

Semiannual Report 2014
16

Columbia Mortgage Opportunities Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		28,994			292,966			—			—
Distributions reinvested		221			2,223			—			—
Redemptions		(4	)		(34	)		—			—
Net increase		29,211			295,155			—			—
Class I shares
Subscriptions		5,867,820			59,278,062			9,507,827			95,128,172
Distributions reinvested		180,122			1,815,031			10,887			109,085
Redemptions		(92,119	)		(931,020	)		(6,508	)		(65,156	)
Net increase		5,955,823			60,162,073			9,512,206			95,172,101
Class R4 shares
Subscriptions		81,153			823,150			—			—
Distributions reinvested		199			2,021			—			—
Redemptions		(18	)		(125	)		—			—
Net increase		81,334			825,046			—			—
Class Z shares
Subscriptions		1,142			11,573			243			2,439
Distributions reinvested		13			128			—			—
Redemptions		(9	)		(88	)		—			—
Net increase		1,146			11,613			243			2,439
Total net increase		6,067,514			61,293,887			9,512,449			95,174,540

(a) Based on operations from April 30, 2014 (commencement of operations) through the stated period end.

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

Semiannual Report 2014
17

Columbia Mortgage Opportunities Fund

Financial Highlights

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

Class A	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014(a)
Per share data
Net asset value, beginning of period	$	10.02		$	10.00
Income from investment operations:
Net investment income		0.16			0.02
Net realized and unrealized gain		0.06			0.01
Total from investment operations		0.22			0.03
Less distributions to shareholders:
Net investment income		(0.11	)		(0.01	)
Total distributions to shareholders		(0.11	)		(0.01	)
Net asset value, end of period	$	10.13		$	10.02
Total return		2.24	%		0.29	%
Ratios to average net assets(b)
Total gross expenses		1.36	%(c)		1.24	%(c)
Total net expenses(d)		1.00	%(c)		1.00	%(c)
Net investment income		3.18	%(c)		1.79	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	306		$	10
Portfolio turnover		428	%(e)		56	%

Notes to Financial Highlights

(a)  Based on operations from April 30, 2014 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

(e)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 237% for the six months ended November 30, 2014.

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

Semiannual Report 2014
18

Columbia Mortgage Opportunities Fund

Financial Highlights (continued)

Class C	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014(a)
Per share data
Net asset value, beginning of period	$	10.02		$	10.00
Income from investment operations:
Net investment income		0.10			0.01
Net realized and unrealized gain		0.08			0.01
Total from investment operations		0.18			0.02
Less distributions to shareholders:
Net investment income		(0.07	)		(0.00	)(b)
Total distributions to shareholders		(0.07	)		(0.00	)(b)
Redemption fees:
Net asset value, end of period	$	10.13		$	10.02
Total return		1.85	%		0.24	%
Ratios to average net assets(c)
Total gross expenses		2.13	%(d)		2.05	%(d)
Total net expenses(e)		1.75	%(d)		1.75	%(d)
Net investment income		2.04	%(d)		1.05	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	10		$	10
Portfolio turnover		428	%(f)		56	%

Notes to Financial Highlights

(a)  Based on operations from April 30, 2014 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

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

(d)  Annualized.

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

(f)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 237% for the six months ended November 30, 2014.

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

Semiannual Report 2014
19

Columbia Mortgage Opportunities Fund

Financial Highlights (continued)

Class I	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014(a)
Per share data
Net asset value, beginning of period	$	10.02		$	10.00
Income from investment operations:
Net investment income		0.16			0.02
Net realized and unrealized gain		0.08			0.01
Total from investment operations		0.24			0.03
Less distributions to shareholders:
Net investment income		(0.13	)		(0.01	)
Total distributions to shareholders		(0.13	)		(0.01	)
Net asset value, end of period	$	10.13		$	10.02
Total return		2.44	%		0.31	%
Ratios to average net assets(b)
Total gross expenses		0.93	%(c)		0.87	%(c)
Total net expenses(d)		0.60	%(c)		0.60	%(c)
Net investment income		3.27	%(c)		2.38	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	156,718		$	95,325
Portfolio turnover		428	%(e)		56	%

Notes to Financial Highlights

(a)  Based on operations from April 30, 2014 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

(e)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 237% for the six months ended November 30, 2014.

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

Semiannual Report 2014
20

Columbia Mortgage Opportunities Fund

Financial Highlights (continued)

Class R4	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014(a)
Per share data
Net asset value, beginning of period	$	10.02		$	10.00
Income from investment operations:
Net investment income		0.15			0.02
Net realized and unrealized gain		0.09			0.01
Total from investment operations		0.24			0.03
Less distributions to shareholders:
Net investment income		(0.13	)		(0.01	)
Total distributions to shareholders		(0.13	)		(0.01	)
Net asset value, end of period	$	10.13		$	10.02
Total return		2.36	%		0.30	%
Ratios to average net assets(b)
Total gross expenses		1.09	%(c)		1.05	%(c)
Total net expenses(d)		0.75	%(c)		0.75	%(c)
Net investment income		3.48	%(c)		2.04	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	834		$	10
Portfolio turnover		428	%(e)		56	%

Notes to Financial Highlights

(a)  Based on operations from April 30, 2014 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

(e)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 237% for the six months ended November 30, 2014.

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

Semiannual Report 2014
21

Columbia Mortgage Opportunities Fund

Financial Highlights (continued)

Class R5	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014(a)
Per share data
Net asset value, beginning of period	$	10.02		$	10.00
Income from investment operations:
Net investment income		0.16			0.02
Net realized and unrealized gain		0.08			0.01
Total from investment operations		0.24			0.03
Less distributions to shareholders:
Net investment income		(0.13	)		(0.01	)
Total distributions to shareholders		(0.13	)		(0.01	)
Net asset value, end of period	$	10.13		$	10.02
Total return		2.41	%		0.31	%
Ratios to average net assets(b)
Total gross expenses		0.99	%(c)		0.89	%(c)
Total net expenses(d)		0.65	%(c)		0.65	%(c)
Net investment income		3.14	%(c)		2.14	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	10		$	10
Portfolio turnover		428	%(e)		56	%

Notes to Financial Highlights

(a)  Based on operations from April 30, 2014 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

(e)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 237% for the six months ended November 30, 2014.

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

Semiannual Report 2014
22

Columbia Mortgage Opportunities Fund

Financial Highlights (continued)

Class W	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014(a)
Per share data
Net asset value, beginning of period	$	10.02		$	10.00
Income from investment operations:
Net investment income		0.14			0.02
Net realized and unrealized gain		0.08			0.01
Total from investment operations		0.22			0.03
Less distributions to shareholders:
Net investment income		(0.11	)		(0.01	)
Total distributions to shareholders		(0.11	)		(0.01	)
Net asset value, end of period	$	10.13		$	10.02
Total return		2.23	%		0.29	%
Ratios to average net assets(b)
Total gross expenses		1.38	%(c)		1.30	%(c)
Total net expenses(d)		1.00	%(c)		1.00	%(c)
Net investment income		2.79	%(c)		1.79	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	10		$	10
Portfolio turnover		428	%(e)		56	%

Notes to Financial Highlights

(a)  Based on operations from April 30, 2014 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

(e)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 237% for the six months ended November 30, 2014.

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

Semiannual Report 2014
23

Columbia Mortgage Opportunities Fund

Financial Highlights (continued)

Class Z	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014(a)
Per share data
Net asset value, beginning of period	$	10.02		$	10.00
Income from investment operations:
Net investment income		0.16			0.02
Net realized and unrealized gain		0.08			0.01
Total from investment operations		0.24			0.03
Less distributions to shareholders:
Net investment income		(0.13	)		(0.01	)
Total distributions to shareholders		(0.13	)		(0.01	)
Net asset value, end of period	$	10.13		$	10.02
Total return		2.36	%		0.30	%
Ratios to average net assets(b)
Total gross expenses		1.11	%(c)		1.08	%(c)
Total net expenses(d)		0.75	%(c)		0.75	%(c)
Net investment income		3.14	%(c)		2.21	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	24		$	12
Portfolio turnover		428	%(e)		56	%

Notes to Financial Highlights

(a)  Based on operations from April 30, 2014 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

(e)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 237% for the six months ended November 30, 2014.

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

Semiannual Report 2014
24

Columbia Mortgage Opportunities Fund

Notes to Financial Statements

November 30, 2014 (Unaudited)

Note 1. Organization

Columbia Mortgage Opportunities 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 C, Class I, Class R4, 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 the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

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 that take into account, as applicable, 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.

Asset and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed 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 their 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.

Semiannual Report 2014
25

Columbia Mortgage Opportunities Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Option contracts are valued at the mean of the latest quoted bid and asked prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market value are valued using quotations obtained from independent brokers as of the close of the New York Stock Exchange (NYSE).

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 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 quoted or published price for the security.

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

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any

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

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

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the exchange or clearinghouse for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or

Semiannual Report 2014
26

Columbia Mortgage Opportunities Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage over a specified time period or if 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.

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 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.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The

variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Interest Rate Swaption Contracts

Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. The Fund purchased or wrote interest rate swaption contracts to manage exposure to fluctuations in interest rates, to hedge the fair value of other Fund investments, and as part of an investment strategy. These instruments may be used for other purposes in future periods. Each interest rate swaption agreement will specify if the buyer is entitled to receive the fixed or floating rate if the interest rate is exercised. Changes in the value of a purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on investments in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

Semiannual Report 2014
27

Columbia Mortgage Opportunities Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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, 2014:

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Assets Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)(a)		Cash Collateral Received ($)		Securities Collateral Received ($)		Net Amount ($)(b)
Asset Derivatives:
Options Purchased Puts(c)		2,082,033		—		2,082,033		—		818,610		1,263,423		—

^(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) Purchased options are included within investments at value on the Statement of Assets and Liabilities.

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized 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 (not considered to be hedging instruments for accounting disclosure purposes) at November 30, 2014:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized appreciation on futures contracts		70,707	*
Interest rate risk	Investments at value — unaffiliated issuers (for purchased options)		2,082,033
Total			2,152,740

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized depreciation on futures contracts		49,801	*

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended November 30, 2014:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)		Options Contracts Written and Purchased ($)			Total ($)
Interest rate risk		2,607,028		212,543			2,819,571
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)		Options Contracts Written and Purchased ($)			Total ($)
Interest rate risk		36,981		(1,086,099	)		(1,049,118	)

Semiannual Report 2014
28

Columbia Mortgage Opportunities Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended November 30, 2014:

Derivative Instrument	Average notional amounts ($)*
Futures contracts — Long		7,118,594
Futures contracts — Short		49,894,806
Derivative Instrument	Average market value ($)*
Options contracts — Purchased		2,011,463

*Based on the ending quarterly outstanding amounts for the six months ended November 30, 2014.

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 to the Fund 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.

Mortgage Dollar Roll Transactions

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund will benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price.

For financial reporting and tax purposes, the Fund treats "to be announced" mortgage dollar rolls as two separate transactions, one involving the purchase of a security and a separate transaction involving a sale. These transactions may increase the Fund's portfolio turnover rate. The Fund does not

currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations.

Interest Only Securities

The Fund may invest in Interest Only Securities (IOs). IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. The Fund may also invest in stripped mortgage-backed securities. If the underlying obligations experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in an IO. As a result of the prepayments the daily interest accrual factor is adjusted periodically (typically, each month) to reflect the paydown of principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer or credit enhancer defaults on its obligation.

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

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 classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

Expenses

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

Semiannual Report 2014
29

Columbia Mortgage Opportunities Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

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

Guarantees and Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its 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, 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 0.570% to 0.485% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2014 was 0.570% 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 0.08% to 0.05% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2014 was 0.08% 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, 2014, other expenses paid by the Fund to this company were $634.

Offering Costs

Offering costs were incurred prior to the shares of the Fund being offered. Offering costs include, among other things, state registration filing fees and printing costs. The Fund amortizes offering costs over a period of 12 months from the commencement of operations.

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.

Semiannual Report 2014
30

Columbia Mortgage Opportunities Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. 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, 2014, 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 C	0.19
Class R4	0.16
Class R5	0.05
Class W	0.19
Class Z	0.18

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2014, 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, and a fee at an annual rate of up to 1.00% of the Fund's average daily net assets attributable to Class C shares. For 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 $0 for Class C shares. This amount is based on the most recent information available as of September 30, 2014, 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 $427 for Class A shares for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

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

	Fee Rates Contractual through September 30, 2015
Class A		1.00	%
Class C		1.75
Class I		0.60
Class R4		0.75
Class R5		0.65
Class W		1.00
Class Z		0.75

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

Semiannual Report 2014
31

Columbia Mortgage Opportunities Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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, 2014, the cost of investments for federal income tax purposes was approximately $259,695,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	1,961,000
Unrealized depreciation		(3,246,000	)
Net unrealized depreciation	$	(1,285,000	)

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if any, but including mortgage dollar rolls, aggregated to $877,080,415 and $724,234,328, respectively, for the six months ended November 30, 2014, of which $769,796,094 and $679,830,273, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

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

Note 7. Shareholder Concentration

At November 30, 2014, affiliated shareholders of record owned 99.2% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

Effective July 31, 2014, 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 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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

Note 9. Significant Risks

Credit Risk

Credit risk is the risk that the value of debt securities in the Fund's portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and

Semiannual Report 2014
32

Columbia Mortgage Opportunities Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates.

Liquidity Risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

High-Yield Securities Risk

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.

Mortgage-Backed Securities Risk

The value of mortgage-backed securities may be affected by, among other things, changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements or the quality of underlying assets or the market's assessment thereof. Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of mortgage-backed securities may be difficult to predict and may result in greater volatility.

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. Other than as noted in Note 8 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 11. 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 quarterly (10-Q), annual (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

Semiannual Report 2014
33

Columbia Mortgage Opportunities Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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 2014
34

Columbia Mortgage Opportunities 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 2014
35

Columbia Mortgage Opportunities 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR251_05_E01_(01/15)

Semiannual Report

November 30, 2014

Columbia Diversified Equity Income Fund

Not FDIC insured • No bank guarantee • May lose value

About 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 some of the most talented professionals in the industry, brought together by a unique way of working.

It starts with carefully selected, specialized investment teams. While each team brings a diverse and innovative range of skills, all are grounded by a common set of core beliefs. All possess a solid conviction in the power of proprietary, bottom-up research. All look not only at generating returns, but also at the likely consistency of those returns and the risks required to achieve them. And while our culture encourages teams to operate independently and question established thinking, a rigorous investment oversight process ensures that each team stays true to its clearly articulated investment process. At Columbia Management, reaching our performance goals matters, and the way we reach them matters just as much.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

Connect with Columbia Management

Get the market insight you need from our investment experts

Investor insight

Stay informed with economic and market commentary, investment videos, white papers, mutual fund commentary and more at columbiamanagement.com.

  Columbia Management investor
(e-newsletter)

Read our award-winning* shareholder newsletter. Our quarterly newsletter is available online and provides timely and relevant content about economic trends, fund news, service enhancements and changes. Sign up to receive the newsletter electronically at columbiamanagement.com/newsletter.

  Investment videos

Watch and discover what our thought leaders are saying about financial markets and the economy. For an analysis of current events and trends that may affect your investments, visit our online video library at blog.columbiamanagement.com/publications.

  Social media

Columbia Management offers you multiple ways to access our market commentary and investment insights.

>  Perspectives blog at columbiamanagement.com
Read timely posts by our investment team, including our chief investment officer, chief economist and portfolio managers.

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

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

>  Linkedin.com/company/columbia-management
Connect with us on LinkedIn for updates from our thought leaders.

*Columbia Management investor was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

Not part of the shareholder report

Subscribe to Columbia Management

Get market insight and fund updates delivered to you

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Visit the Columbia Management email subscription center at columbiamanagement.com/subscribe to register for economic and market commentary, product and service updates, white papers and more.

>  Columbia Management investor
Quarterly newsletter featuring the latest macro- and micro-economic trends, investment themes, products, service changes and other items of interest to Columbia Management investors

>  Investment Strategy Outlook
Quarterly publication featuring the Columbia Management Asset Allocation Team's perspective on global economic investment conditions and markets

>  MarketTrack
Quarterly publication featuring more than 40 charts and graphs that highlight the current state of the economy and markets; includes straightforward insight on current investment opportunities

>  White papers
Frequent articles that delve deep into a variety of investment topics

>  Mutual fund updates
Quarterly portfolio manager commentary and fund fact sheets available for Columbia funds. (Not all funds have a commentary.)

Register today by visiting columbiamanagement.com/subscribe

Not part of the shareholder report

President's Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What's different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

>  The relative value of global equities vs. global bonds actually improved during 2014.

>  Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today's conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President's Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB's balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People's Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

>  Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

>  Explicit downside hedges, such as put options (with emphasis on managing the related expense)

>  Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia Diversified Equity Income Fund

Table of Contents

Performance Overview	4
Portfolio Overview	5
Understanding Your Fund's Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	29
Important Information About This Report	35

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Semiannual Report 2014

Columbia Diversified Equity Income Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia Diversified Equity Income Fund (the Fund) Class A shares returned 6.69% excluding sales charges for the six month period that ended November 30, 2014.

>  The Fund underperformed its benchmark, the Russell 1000 Value Index, which returned 6.86% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2014)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	10/15/90
Excluding sales charges			6.69		13.94		13.54		7.82
Including sales charges			0.56		7.38		12.19		7.19
Class B	03/20/95
Excluding sales charges			6.36		13.07		12.68		7.00
Including sales charges			1.36		8.07		12.43		7.00
Class C	06/26/00
Excluding sales charges			6.32		13.06		12.68		7.00
Including sales charges			5.32		12.06		12.68		7.00
Class I	03/04/04		6.94		14.37		14.03		8.28
Class K	03/20/95		6.76		14.08		13.70		7.99
Class R*	12/11/06		6.53		13.66		13.24		7.50
Class R4*	12/11/06		6.83		14.23		13.56		7.78
Class R5*	12/11/06		6.89		14.35		13.99		8.15
Class W*	12/01/06		6.68		13.92		13.55		7.83
Class Y*	11/08/12		6.93		14.38		13.75		7.92
Class Z*	09/27/10		6.83		14.22		13.79		7.94
Russell 1000 Value Index			6.86		15.62		15.69		7.59

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

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

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/investment-products/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.

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 2014
4

Columbia Diversified Equity Income Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2014)
Wells Fargo & Co.	3.7
Berkshire Hathaway, Inc., Class B	3.3
Citigroup, Inc.	3.1
JPMorgan Chase & Co.	3.0
General Electric Co.	3.0
Merck & Co., Inc.	2.6
Johnson & Johnson	2.4
CVS Health Corp.	2.3
Chevron Corp.	2.3
Cisco Systems, Inc.	2.3

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, 2014)
Common Stocks	97.8
Consumer Discretionary	8.3
Consumer Staples	7.5
Energy	10.2
Financials	27.7
Health Care	14.4
Industrials	11.1
Information Technology	10.8
Materials	1.8
Telecommunication Services	2.0
Utilities	4.0
Convertible Bonds	0.2
Health Care	0.2
Money Market Funds	2.0
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

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.

© 2015 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 2014
5

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

Analyzing Your Fund's Expenses

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

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,066.90		1,019.60		5.51		5.39		1.07
Class B		1,000.00		1,000.00		1,063.60		1,015.86		9.36		9.15		1.82
Class C		1,000.00		1,000.00		1,063.20		1,015.86		9.36		9.15		1.82
Class I		1,000.00		1,000.00		1,069.40		1,021.89		3.15		3.07		0.61
Class K		1,000.00		1,000.00		1,067.60		1,020.19		4.90		4.78		0.95
Class R		1,000.00		1,000.00		1,065.30		1,018.35		6.80		6.64		1.32
Class R4		1,000.00		1,000.00		1,068.30		1,020.84		4.23		4.13		0.82
Class R5		1,000.00		1,000.00		1,068.90		1,021.44		3.61		3.53		0.70
Class W		1,000.00		1,000.00		1,066.80		1,019.55		5.57		5.44		1.08
Class Y		1,000.00		1,000.00		1,069.30		1,021.69		3.35		3.28		0.65
Class Z		1,000.00		1,000.00		1,068.30		1,020.84		4.23		4.13		0.82

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as 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 2014
6

Columbia Diversified Equity Income Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 97.6%

Issuer	Shares		Value ($)
Consumer Discretionary 8.3%
Hotels, Restaurants & Leisure 1.8%
Las Vegas Sands Corp.		325,520		20,732,369
Starwood Hotels & Resorts Worldwide, Inc.		355,460		28,081,340
Total				48,813,709
Media 4.3%
Comcast Corp., Class A		226,380		12,912,715
DISH Network Corp., Class A(a)		634,542		50,388,980
Time Warner Cable, Inc.		108,330		16,171,503
Viacom, Inc., Class B		245,510		18,567,921
Walt Disney Co. (The)		246,355		22,790,301
Total				120,831,420
Specialty Retail 2.2%
Foot Locker, Inc.		372,350		21,331,931
Home Depot, Inc. (The)		293,850		29,208,690
Urban Outfitters, Inc.(a)		291,030		9,406,090
Total				59,946,711
Total Consumer Discretionary				229,591,840
Consumer Staples 7.4%
Beverages 1.1%
Coca-Cola Enterprises, Inc.		686,570		30,167,886
Food & Staples Retailing 4.0%
CVS Health Corp.		676,148		61,772,881
Wal-Mart Stores, Inc.		553,940		48,491,908
Total				110,264,789
Household Products 1.1%
Procter & Gamble Co. (The)		351,766		31,810,199
Tobacco 1.2%
Philip Morris International, Inc.		390,730		33,966,159
Total Consumer Staples				206,209,033
Energy 10.1%
Oil, Gas & Consumable Fuels 10.1%
Anadarko Petroleum Corp.		497,513		39,378,154
Apache Corp.		352,943		22,620,117
BP PLC, ADR		915,028		35,978,901
Chevron Corp.		563,858		61,387,220
ConocoPhillips		672,736		44,447,668

Common Stocks (continued)

Issuer	Shares		Value ($)
EOG Resources, Inc.		304,760		26,428,787
Exxon Mobil Corp.		566,220		51,265,559
Total				281,506,406
Total Energy				281,506,406
Financials 27.7%
Banks 12.3%
Citigroup, Inc.		1,539,359		83,079,205
East West Bancorp, Inc.		203,420		7,479,754
Fifth Third Bancorp		1,708,728		34,379,607
JPMorgan Chase & Co.		1,365,866		82,170,499
PNC Financial Services Group, Inc. (The)		390,179		34,128,957
Wells Fargo & Co.		1,839,665		100,224,949
Total				341,462,971
Capital Markets 3.5%
Invesco Ltd.		1,161,463		46,876,647
Morgan Stanley		1,424,172		50,102,371
Total				96,979,018
Consumer Finance 1.9%
Discover Financial Services		792,125		51,923,794
Diversified Financial Services 3.2%
Berkshire Hathaway, Inc., Class B(a)		606,605		90,196,097
Insurance 3.8%
ACE Ltd.		341,028		38,993,141
Marsh & McLennan Companies, Inc.		453,980		25,690,728
MetLife, Inc.		730,903		40,645,516
Total				105,329,385
Real Estate Investment Trusts (REITs) 3.0%
Alexandria Real Estate Equities, Inc.		317,362		27,267,743
American Tower Corp.		269,500		28,300,195
Duke Realty Corp.		1,389,690		27,015,574
Total				82,583,512
Total Financials				768,474,777
Health Care 14.4%
Biotechnology 1.2%
Alkermes PLC(a)		128,880		7,090,978
Amgen, Inc.		153,850		25,432,943
Total				32,523,921

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

Semiannual Report 2014
7

Columbia Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Equipment & Supplies 3.5%
Covidien PLC		522,190		52,741,190
St. Jude Medical, Inc.		651,326		44,264,115
Total				97,005,305
Health Care Providers & Services 3.9%
Aetna, Inc.		552,432		48,194,168
Cardinal Health, Inc.		439,889		36,154,477
CIGNA Corp.		244,840		25,191,587
Total				109,540,232
Pharmaceuticals 5.8%
Jazz Pharmaceuticals PLC(a)		127,624		22,600,934
Johnson & Johnson		610,308		66,065,841
Merck & Co., Inc.		1,190,064		71,879,866
Total				160,546,641
Total Health Care				399,616,099
Industrials 11.1%
Aerospace & Defense 2.9%
Honeywell International, Inc.		352,400		34,912,268
Raytheon Co.		430,199		45,902,233
Total				80,814,501
Airlines 1.5%
Delta Air Lines, Inc.		863,468		40,298,052
Electrical Equipment 1.2%
Eaton Corp. PLC		501,210		33,997,074
Industrial Conglomerates 2.9%
General Electric Co.		3,037,929		80,474,739
Machinery 1.7%
Ingersoll-Rand PLC		340,955		21,500,622
Parker-Hannifin Corp.		204,144		26,340,701
Total				47,841,323
Road & Rail 0.9%
Union Pacific Corp.		204,112		23,834,158
Total Industrials				307,259,847
Information Technology 10.8%
Communications Equipment 2.2%
Cisco Systems, Inc.		2,213,173		61,172,102

Common Stocks (continued)

Issuer	Shares		Value ($)
IT Services 0.7%
MasterCard, Inc., Class A		227,340		19,844,508
Semiconductors & Semiconductor Equipment 2.0%
Broadcom Corp., Class A		689,020		29,717,433
Intel Corp.		681,410		25,382,522
Total				55,099,955
Software 3.3%
Activision Blizzard, Inc.		1,137,360		24,623,844
Microsoft Corp.		1,001,070		47,861,157
Oracle Corp.		469,896		19,928,289
Total				92,413,290
Technology Hardware, Storage & Peripherals 2.6%
Apple, Inc.		155,585		18,503,724
EMC Corp.		937,724		28,459,923
Western Digital Corp.		234,050		24,170,344
Total				71,133,991
Total Information Technology				299,663,846
Materials 1.8%
Chemicals 1.0%
EI du Pont de Nemours & Co.		388,700		27,753,180
Metals & Mining 0.8%
Freeport-McMoRan, Inc.		826,230		22,184,276
Total Materials				49,937,456
Telecommunication Services 2.0%
Diversified Telecommunication Services 1.0%
Verizon Communications, Inc.		538,147		27,224,857
Wireless Telecommunication Services 1.0%
Vodafone Group PLC, ADR		775,345		28,338,860
Total Telecommunication Services				55,563,717
Utilities 4.0%
Electric Utilities 2.4%
Duke Energy Corp.		267,297		21,624,327
Edison International		386,440		24,562,126
NextEra Energy, Inc.		201,948		21,081,352
Total				67,267,805

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

Semiannual Report 2014
8

Columbia Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Multi-Utilities 1.6%
Ameren Corp.		467,990		20,175,049
Public Service Enterprise Group, Inc.		549,200		22,945,576
Total				43,120,625
Total Utilities				110,388,430
Total Common Stocks (Cost: $2,143,428,608)				2,708,211,451
Convertible Bonds 0.2%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Pharmaceuticals 0.2%
Acorda Therapeutics, Inc. Senior Unsecured 06/15/21		1.750	%		6,100,000		6,572,750
Total Convertible Bonds (Cost: $6,525,554)							6,572,750

Money Market Funds 2.0%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.104%(b)(c)		55,666,991		55,666,991
Total Money Market Funds (Cost: $55,666,991)				55,666,991
Total Investments (Cost: $2,205,621,153)				2,770,451,192
Other Assets & Liabilities, Net				5,153,409
Net Assets				2,775,604,601

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  The rate shown is the seven-day current annualized yield at November 30, 2014.

(c)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		17,104,683		294,011,816		(255,449,508	)		55,666,991		22,108		55,666,991

Abbreviation Legend

ADR  American Depositary Receipt

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

Semiannual Report 2014
9

Columbia Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements

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

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

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

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

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

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

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

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

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

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

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

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

Semiannual Report 2014
10

Columbia Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2014:

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		229,591,840		—		—		229,591,840
Consumer Staples		206,209,033		—		—		206,209,033
Energy		281,506,406		—		—		281,506,406
Financials		768,474,777		—		—		768,474,777
Health Care		399,616,099		—		—		399,616,099
Industrials		307,259,847		—		—		307,259,847
Information Technology		299,663,846		—		—		299,663,846
Materials		49,937,456		—		—		49,937,456
Telecommunication Services		55,563,717		—		—		55,563,717
Utilities		110,388,430		—		—		110,388,430
Total Equity Securities		2,708,211,451		—		—		2,708,211,451
Bonds
Convertible Bonds		—		6,572,750		—		6,572,750
Total Bonds		—		6,572,750		—		6,572,750
Mutual Funds
Money Market Funds		55,666,991		—		—		55,666,991
Total Mutual Funds		55,666,991		—		—		55,666,991
Total		2,763,878,442		6,572,750		—		2,770,451,192

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

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

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

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

Semiannual Report 2014
11

Columbia Diversified Equity Income Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $2,149,954,162)	$	2,714,784,201
Affiliated issuers (identified cost $55,666,991)		55,666,991
Total investments (identified cost $2,205,621,153)		2,770,451,192
Receivable for:
Capital shares sold		645,433
Dividends		6,180,997
Interest		46,258
Reclaims		38,119
Prepaid expenses		9,144
Other assets		17,466
Total assets		2,777,388,609
Liabilities
Payable for:
Capital shares purchased		998,721
Investment management fees		87,303
Distribution and/or service fees		41,644
Transfer agent fees		271,263
Administration fees		8,055
Plan administration fees		12,935
Compensation of board members		223,117
Printing and postage fees		98,526
Other expenses		42,444
Total liabilities		1,784,008
Net assets applicable to outstanding capital stock	$	2,775,604,601
Represented by
Paid-in capital	$	1,977,136,173
Undistributed net investment income		4,973,786
Accumulated net realized gain		228,664,603
Unrealized appreciation (depreciation) on:
Investments		564,830,039
Total — representing net assets applicable to outstanding capital stock	$	2,775,604,601

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

Semiannual Report 2014
12

Columbia Diversified Equity Income Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$	2,488,007,433
Shares outstanding		164,591,639
Net asset value per share	$	15.12
Maximum offering price per share(a)	$	16.04
Class B
Net assets	$	57,469,897
Shares outstanding		3,792,126
Net asset value per share	$	15.16
Class C
Net assets	$	72,686,329
Shares outstanding		4,820,331
Net asset value per share	$	15.08
Class I
Net assets	$	3,102
Shares outstanding		205
Net asset value per share(b)	$	15.10
Class K
Net assets	$	65,798,357
Shares outstanding		4,349,615
Net asset value per share	$	15.13
Class R
Net assets	$	7,735,966
Shares outstanding		514,292
Net asset value per share	$	15.04
Class R4
Net assets	$	12,534,574
Shares outstanding		829,385
Net asset value per share	$	15.11
Class R5
Net assets	$	29,013,041
Shares outstanding		1,917,960
Net asset value per share	$	15.13
Class W
Net assets	$	2,894
Shares outstanding		191
Net asset value per share(b)	$	15.14
Class Y
Net assets	$	21,656,130
Shares outstanding		1,420,819
Net asset value per share	$	15.24
Class Z
Net assets	$	20,696,878
Shares outstanding		1,370,184
Net asset value per share	$	15.11

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

(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 2014
13

Columbia Diversified Equity Income Fund

Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	30,045,035
Dividends — affiliated issuers		22,108
Interest		3,122
Total income		30,070,265
Expenses:
Investment management fees		7,840,371
Distribution and/or service fees
Class A		3,068,913
Class B		318,473
Class C		353,150
Class R		20,224
Class W		3
Transfer agent fees
Class A		2,092,103
Class B		54,418
Class C		60,159
Class K		16,475
Class R		6,900
Class R4		10,607
Class R5		6,919
Class W		3
Class Z		15,291
Administration fees		722,957
Plan administration fees
Class K		82,375
Compensation of board members		31,159
Custodian fees		7,921
Printing and postage fees		138,452
Registration fees		69,904
Professional fees		27,959
Other		32,230
Total expenses		14,976,966
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(1	)
Expense reductions		(160	)
Total net expenses		14,976,805
Net investment income		15,093,460
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		141,188,832
Net realized gain		141,188,832
Net change in unrealized appreciation (depreciation) on:
Investments		21,771,067
Net change in unrealized appreciation		21,771,067
Net realized and unrealized gain		162,959,899
Net increase in net assets resulting from operations	$	178,053,359

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

Semiannual Report 2014
14

Columbia Diversified Equity Income Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014
Operations
Net investment income	$	15,093,460		$	32,040,539
Net realized gain		141,188,832			514,452,520
Net change in unrealized appreciation (depreciation)		21,771,067			(90,979,239	)
Net increase in net assets resulting from operations		178,053,359			455,513,820
Distributions to shareholders
Net investment income
Class A		(13,887,532	)		(30,928,741	)
Class B		(127,261	)		(488,450	)
Class C		(136,176	)		(340,695	)
Class I		(24	)		(595,238	)
Class K		(433,121	)		(1,663,128	)
Class R		(36,127	)		(89,299	)
Class R4		(87,891	)		(266,142	)
Class R5		(207,365	)		(848,547	)
Class W		(16	)		(60	)
Class Y		(157,935	)		(219,344	)
Class Z		(121,096	)		(456,152	)
Total distributions to shareholders		(15,194,544	)		(35,895,796	)
Decrease in net assets from capital stock activity		(136,684,787	)		(704,268,677	)
Total increase (decrease) in net assets		26,174,028			(284,650,653	)
Net assets at beginning of period		2,749,430,573			3,034,081,226
Net assets at end of period	$	2,775,604,601		$	2,749,430,573
Undistributed net investment income	$	4,973,786		$	5,074,870

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

Semiannual Report 2014
15

Columbia Diversified Equity Income Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		4,600,060			67,358,125			13,711,296			178,654,020
Distributions reinvested		920,227			13,601,414			2,385,650			30,320,307
Redemptions		(13,227,049	)		(193,341,033	)		(45,679,682	)		(595,367,938	)
Net decrease		(7,706,762	)		(112,381,494	)		(29,582,736	)		(386,393,611	)
Class B shares
Subscriptions		17,998			263,668			83,246			1,085,638
Distributions reinvested		8,552			126,621			38,677			485,364
Redemptions(a)		(1,117,042	)		(16,263,077	)		(4,051,570	)		(53,086,018	)
Net decrease		(1,090,492	)		(15,872,788	)		(3,929,647	)		(51,515,016	)
Class C shares
Subscriptions		225,434			3,291,636			611,348			8,039,141
Distributions reinvested		9,066			133,651			26,481			334,472
Redemptions		(313,769	)		(4,574,317	)		(728,291	)		(9,579,858	)
Net decrease		(79,269	)		(1,149,030	)		(90,462	)		(1,206,245	)
Class I shares
Subscriptions		—			—			24,487			314,999
Distributions reinvested		—			—			47,844			595,058
Redemptions		—			—			(3,763,170	)		(51,346,011	)
Net increase (decrease)		—			—			(3,690,839	)		(50,435,954	)
Class K shares
Subscriptions		286,886			4,177,271			1,117,455			14,392,795
Distributions reinvested		29,294			433,121			115,141			1,439,442
Redemptions		(1,028,412	)		(15,041,024	)		(9,866,174	)		(128,436,026	)
Net decrease		(712,232	)		(10,430,632	)		(8,633,578	)		(112,603,789	)
Class R shares
Subscriptions		40,284			584,640			122,628			1,591,736
Distributions reinvested		2,147			31,626			7,035			88,722
Redemptions		(92,699	)		(1,325,003	)		(371,221	)		(4,826,391	)
Net decrease		(50,268	)		(708,737	)		(241,558	)		(3,145,933	)
Class R4 shares
Subscriptions		83,848			1,224,804			484,229			6,372,581
Distributions reinvested		5,862			86,596			21,102			266,077
Redemptions		(179,681	)		(2,619,719	)		(1,390,041	)		(18,154,935	)
Net decrease		(89,971	)		(1,308,319	)		(884,710	)		(11,516,277	)

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

Semiannual Report 2014
16

Columbia Diversified Equity Income Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		236,014			3,433,177			564,068			7,314,754
Distributions reinvested		14,007			207,113			68,338			847,679
Redemptions		(186,350	)		(2,723,451	)		(5,547,066	)		(70,546,274	)
Net increase (decrease)		63,671			916,839			(4,914,660	)		(62,383,841	)
Class W shares
Redemptions		—			—			(170	)		(2,400	)
Net increase (decrease)		—			—			(170	)		(2,400	)
Class Y shares
Subscriptions		72,089			1,057,437			1,573,008			19,670,018
Distributions reinvested		10,601			157,914			16,480			219,291
Redemptions		(63,165	)		(926,739	)		(188,436	)		(2,486,021	)
Net increase		19,525			288,612			1,401,052			17,403,288
Class Z shares
Subscriptions		584,021			8,607,970			429,296			5,537,278
Distributions reinvested		7,544			111,483			35,330			435,359
Redemptions		(326,626	)		(4,758,691	)		(3,790,036	)		(48,441,536	)
Net increase (decrease)		264,939			3,960,762			(3,325,410	)		(42,468,899	)
Total net decrease		(9,380,859	)		(136,684,787	)		(53,892,718	)		(704,268,677	)

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

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

Semiannual Report 2014
17

Columbia Diversified Equity Income Fund

Financial Highlights

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

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class A	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.25		$	12.29		$	9.76		$	8.53		$	9.03		$	8.31		$	9.31
Income from investment operations:
Net investment income		0.08			0.15			0.19			0.11			0.12			0.12			0.16
Net realized and unrealized gain (loss)		0.87			1.97			2.55			1.20			(0.49	)		0.72			(1.02	)
Total from investment operations		0.95			2.12			2.74			1.31			(0.37	)		0.84			(0.86	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.16	)		(0.21	)		(0.08	)		(0.13	)		(0.12	)		(0.14	)
Total distributions to shareholders		(0.08	)		(0.16	)		(0.21	)		(0.08	)		(0.13	)		(0.12	)		(0.14	)
Net asset value, end of period	$	15.12		$	14.25		$	12.29		$	9.76		$	8.53		$	9.03		$	8.31
Total return		6.69	%		17.45	%		28.46	%		15.31	%		(4.32	%)		10.18	%		(8.91	%)
Ratios to average net assets(b)
Total gross expenses		1.07	%(c)		1.09	%		1.14	%(d)		1.10	%(c)		1.13	%		1.12	%		0.99	%
Total net expenses(e)		1.07	%(c)(f)		1.08	%(f)		1.08	%(d)(f)		1.10	%(c)		1.13	%(f)		1.12	%		0.99	%
Net investment income		1.13	%(c)		1.16	%		1.77	%		1.66	%(c)		1.20	%		1.36	%		2.21	%
Supplemental data
Net assets, end of period (in thousands)	$	2,488,007		$	2,454,495		$	2,480,865		$	2,320,419		$	3,197,508		$	3,516,017		$	3,516,948
Portfolio turnover		24	%		74	%		43	%		16	%		36	%		34	%		38	%

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

(c)  Annualized.

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

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

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

Semiannual Report 2014
18

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class B	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.28		$	12.32		$	9.79		$	8.56		$	9.05		$	8.33		$	9.32
Income from investment operations:
Net investment income		0.03			0.05			0.11			0.06			0.04			0.05			0.10
Net realized and unrealized gain (loss)		0.88			1.98			2.55			1.21			(0.49	)		0.72			(1.00	)
Total from investment operations		0.91			2.03			2.66			1.27			(0.45	)		0.77			(0.90	)
Less distributions to shareholders:
Net investment income		(0.03	)		(0.07	)		(0.13	)		(0.04	)		(0.04	)		(0.05	)		(0.09	)
Total distributions to shareholders		(0.03	)		(0.07	)		(0.13	)		(0.04	)		(0.04	)		(0.05	)		(0.09	)
Net asset value, end of period	$	15.16		$	14.28		$	12.32		$	9.79		$	8.56		$	9.05		$	8.33
Total return		6.36	%		16.54	%		27.38	%		14.82	%		(5.01	%)		9.26	%		(9.53	%)
Ratios to average net assets(b)
Total gross expenses		1.82	%(c)		1.84	%		1.88	%(d)		1.87	%(c)		1.88	%		1.89	%		1.76	%
Total net expenses(e)		1.82	%(c)(f)		1.83	%(f)		1.83	%(d)(f)		1.87	%(c)		1.88	%(f)		1.89	%		1.76	%
Net investment income		0.37	%(c)		0.39	%		1.03	%		0.93	%(c)		0.43	%		0.58	%		1.49	%
Supplemental data
Net assets, end of period (in thousands)	$	57,470		$	69,741		$	108,589		$	138,560		$	142,429		$	246,456		$	377,652
Portfolio turnover		24	%		74	%		43	%		16	%		36	%		34	%		38	%

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

(c)  Annualized.

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

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

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

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

Semiannual Report 2014
19

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class C	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.21		$	12.26		$	9.74		$	8.52		$	9.02		$	8.30		$	9.30
Income from investment operations:
Net investment income		0.03			0.05			0.11			0.06			0.04			0.05			0.10
Net realized and unrealized gain (loss)		0.87			1.97			2.54			1.20			(0.49	)		0.73			(1.01	)
Total from investment operations		0.90			2.02			2.65			1.26			(0.45	)		0.78			(0.91	)
Less distributions to shareholders:
Net investment income		(0.03	)		(0.07	)		(0.13	)		(0.04	)		(0.05	)		(0.06	)		(0.09	)
Total distributions to shareholders		(0.03	)		(0.07	)		(0.13	)		(0.04	)		(0.05	)		(0.06	)		(0.09	)
Net asset value, end of period	$	15.08		$	14.21		$	12.26		$	9.74		$	8.52		$	9.02		$	8.30
Total return		6.32	%		16.54	%		27.46	%		14.80	%		(5.07	%)		9.37	%		(9.61	%)
Ratios to average net assets(b)
Total gross expenses		1.82	%(c)		1.84	%		1.89	%(d)		1.85	%(c)		1.88	%		1.88	%		1.75	%
Total net expenses(e)		1.82	%(c)(f)		1.83	%(f)		1.83	%(d)(f)		1.85	%(c)		1.88	%(f)		1.88	%		1.75	%
Net investment income		0.38	%(c)		0.41	%		1.02	%		0.95	%(c)		0.44	%		0.60	%		1.46	%
Supplemental data
Net assets, end of period (in thousands)	$	72,686		$	69,633		$	61,178		$	55,775		$	54,238		$	66,505		$	72,372
Portfolio turnover		24	%		74	%		43	%		16	%		36	%		34	%		38	%

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

(c)  Annualized.

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

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

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

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

Semiannual Report 2014
20

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class I	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.23		$	12.28		$	9.76		$	8.52		$	9.02		$	8.30		$	9.30
Income from investment operations:
Net investment income		0.12			0.19			0.24			0.14			0.16			0.16			0.19
Net realized and unrealized gain (loss)		0.86			1.98			2.54			1.20			(0.49	)		0.72			(1.01	)
Total from investment operations		0.98			2.17			2.78			1.34			(0.33	)		0.88			(0.82	)
Less distributions to shareholders:
Net investment income		(0.11	)		(0.22	)		(0.26	)		(0.10	)		(0.17	)		(0.16	)		(0.18	)
Total distributions to shareholders		(0.11	)		(0.22	)		(0.26	)		(0.10	)		(0.17	)		(0.16	)		(0.18	)
Net asset value, end of period	$	15.10		$	14.23		$	12.28		$	9.76		$	8.52		$	9.02		$	8.30
Total return		6.94	%		17.90	%		28.92	%		15.76	%		(3.88	%)		10.69	%		(8.47	%)
Ratios to average net assets(b)
Total gross expenses		0.61	%(c)		0.63	%		0.66	%(d)		0.63	%(c)		0.67	%		0.67	%		0.50	%
Total net expenses(e)		0.61	%(c)		0.63	%		0.66	%(d)		0.63	%(c)		0.67	%		0.67	%		0.50	%
Net investment income		1.58	%(c)		1.46	%		2.19	%		2.13	%(c)		1.63	%		1.82	%		2.69	%
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	45,330		$	39,849		$	79,024		$	213,083		$	212,064
Portfolio turnover		24	%		74	%		43	%		16	%		36	%		34	%		38	%

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

(c)  Annualized.

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

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

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

Semiannual Report 2014
21

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class K	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.26		$	12.30		$	9.77		$	8.53		$	9.04		$	8.32		$	9.31
Income from investment operations:
Net investment income		0.09			0.16			0.20			0.12			0.14			0.13			0.17
Net realized and unrealized gain (loss)		0.87			1.98			2.56			1.20			(0.50	)		0.73			(1.00	)
Total from investment operations		0.96			2.14			2.76			1.32			(0.36	)		0.86			(0.83	)
Less distributions to shareholders:
Net investment income		(0.09	)		(0.18	)		(0.23	)		(0.08	)		(0.15	)		(0.14	)		(0.16	)
Total distributions to shareholders		(0.09	)		(0.18	)		(0.23	)		(0.08	)		(0.15	)		(0.14	)		(0.16	)
Net asset value, end of period	$	15.13		$	14.26		$	12.30		$	9.77		$	8.53		$	9.04		$	8.32
Total return		6.76	%		17.60	%		28.61	%		15.51	%		(4.23	%)		10.34	%		(8.57	%)
Ratios to average net assets(b)
Total gross expenses		0.95	%(c)		0.94	%		0.94	%(d)		0.93	%(c)		0.97	%		0.97	%		0.80	%
Total net expenses(e)		0.95	%(c)		0.94	%		0.94	%(d)		0.93	%(c)		0.97	%		0.97	%		0.75	%
Net investment income		1.24	%(c)		1.24	%		1.88	%		1.87	%(c)		1.36	%		1.52	%		2.42	%
Supplemental data
Net assets, end of period (in thousands)	$	65,798		$	72,165		$	168,438		$	202,741		$	189,510		$	217,779		$	197,977
Portfolio turnover		24	%		74	%		43	%		16	%		36	%		34	%		38	%

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

(c)  Annualized.

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

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

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

Semiannual Report 2014
22

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class R	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.18		$	12.23		$	9.72		$	8.50		$	8.99		$	8.28		$	9.28
Income from investment operations:
Net investment income		0.06			0.12			0.17			0.09			0.09			0.09			0.13
Net realized and unrealized gain (loss)		0.86			1.96			2.53			1.20			(0.48	)		0.72			(1.01	)
Total from investment operations		0.92			2.08			2.70			1.29			(0.39	)		0.81			(0.88	)
Less distributions to shareholders:
Net investment income		(0.06	)		(0.13	)		(0.19	)		(0.07	)		(0.10	)		(0.10	)		(0.12	)
Total distributions to shareholders		(0.06	)		(0.13	)		(0.19	)		(0.07	)		(0.10	)		(0.10	)		(0.12	)
Net asset value, end of period	$	15.04		$	14.18		$	12.23		$	9.72		$	8.50		$	8.99		$	8.28
Total return		6.53	%		17.16	%		28.05	%		15.14	%		(4.46	%)		9.76	%		(9.20	%)
Ratios to average net assets(b)
Total gross expenses		1.32	%(c)		1.34	%		1.39	%(d)		1.35	%(c)		1.38	%		1.46	%		1.30	%
Total net expenses(e)		1.32	%(c)(f)		1.33	%(f)		1.33	%(d)(f)		1.35	%(c)		1.38	%(f)		1.46	%		1.30	%
Net investment income		0.88	%(c)		0.90	%		1.53	%		1.46	%(c)		0.95	%		1.03	%		1.86	%
Supplemental data
Net assets, end of period (in thousands)	$	7,736		$	8,004		$	9,859		$	10,976		$	10,114		$	10,506		$	8,271
Portfolio turnover		24	%		74	%		43	%		16	%		36	%		34	%		38	%

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

(c)  Annualized.

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

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

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

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

Semiannual Report 2014
23

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class R4	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.24		$	12.28		$	9.75		$	8.51		$	9.02		$	8.30		$	9.30
Income from investment operations:
Net investment income		0.10			0.18			0.20			0.11			0.11			0.11			0.15
Net realized and unrealized gain (loss)		0.87			1.97			2.54			1.20			(0.50	)		0.72			(1.01	)
Total from investment operations		0.97			2.15			2.74			1.31			(0.39	)		0.83			(0.86	)
Less distributions to shareholders:
Net investment income		(0.10	)		(0.19	)		(0.21	)		(0.07	)		(0.12	)		(0.11	)		(0.14	)
Total distributions to shareholders		(0.10	)		(0.19	)		(0.21	)		(0.07	)		(0.12	)		(0.11	)		(0.14	)
Net asset value, end of period	$	15.11		$	14.24		$	12.28		$	9.75		$	8.51		$	9.02		$	8.30
Total return		6.83	%		17.71	%		28.46	%		15.37	%		(4.52	%)		10.09	%		(8.95	%)
Ratios to average net assets(b)
Total gross expenses		0.82	%(c)		0.84	%		1.02	%(d)		1.18	%(c)		1.21	%		1.22	%		1.05	%
Total net expenses(e)		0.82	%(c)(f)		0.83	%(f)		0.99	%(d)		1.18	%(c)		1.21	%		1.22	%		1.05	%
Net investment income		1.38	%(c)		1.37	%		1.91	%		1.63	%(c)		1.06	%		1.26	%		2.13	%
Supplemental data
Net assets, end of period (in thousands)	$	12,535		$	13,093		$	22,154		$	53,739		$	53,617		$	103,577		$	110,248
Portfolio turnover		24	%		74	%		43	%		16	%		36	%		34	%		38	%

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

(c)  Annualized.

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

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

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

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

Semiannual Report 2014
24

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class R5	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.26		$	12.30		$	9.77		$	8.53		$	9.03		$	8.31		$	9.31
Income from investment operations:
Net investment income		0.11			0.19			0.23			0.14			0.16			0.15			0.18
Net realized and unrealized gain (loss)		0.87			1.98			2.55			1.20			(0.49	)		0.73			(1.00	)
Total from investment operations		0.98			2.17			2.78			1.34			(0.33	)		0.88			(0.82	)
Less distributions to shareholders:
Net investment income		(0.11	)		(0.21	)		(0.25	)		(0.10	)		(0.17	)		(0.16	)		(0.18	)
Total distributions to shareholders		(0.11	)		(0.21	)		(0.25	)		(0.10	)		(0.17	)		(0.16	)		(0.18	)
Net asset value, end of period	$	15.13		$	14.26		$	12.30		$	9.77		$	8.53		$	9.03		$	8.31
Total return		6.89	%		17.89	%		28.95	%		15.65	%		(3.87	%)		10.62	%		(8.51	%)
Ratios to average net assets(b)
Total gross expenses		0.70	%(c)		0.69	%		0.70	%(d)		0.68	%(c)		0.72	%		0.72	%		0.55	%
Total net expenses(e)		0.70	%(c)		0.69	%		0.70	%(d)		0.68	%(c)		0.72	%		0.72	%		0.55	%
Net investment income		1.50	%(c)		1.48	%		2.14	%		2.11	%(c)		1.62	%		1.77	%		2.62	%
Supplemental data
Net assets, end of period (in thousands)	$	29,013		$	26,434		$	83,244		$	57,805		$	57,903		$	60,156		$	53,334
Portfolio turnover		24	%		74	%		43	%		16	%		36	%		34	%		38	%

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

(c)  Annualized.

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

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

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

Semiannual Report 2014
25

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class W	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	14.27		$	12.31		$	9.78		$	8.55		$	9.04		$	8.32		$	9.32
Income from investment operations:
Net investment income		0.08			0.16			0.19			0.11			0.12			0.12			0.16
Net realized and unrealized gain (loss)		0.87			1.97			2.55			1.20			(0.48	)		0.72			(1.01	)
Total from investment operations		0.95			2.13			2.74			1.31			(0.36	)		0.84			(0.85	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.17	)		(0.21	)		(0.08	)		(0.13	)		(0.12	)		(0.15	)
Total distributions to shareholders		(0.08	)		(0.17	)		(0.21	)		(0.08	)		(0.13	)		(0.12	)		(0.15	)
Net asset value, end of period	$	15.14		$	14.27		$	12.31		$	9.78		$	8.55		$	9.04		$	8.32
Total return		6.68	%		17.44	%		28.38	%		15.32	%		(4.20	%)		10.18	%		(8.85	%)
Ratios to average net assets(b)
Total gross expenses		1.13	%(c)		1.07	%		1.11	%(d)		1.08	%(c)		1.10	%		1.09	%		0.91	%
Total net expenses(e)		1.08	%(c)(f)		1.07	%(f)		1.08	%(d)(f)		1.08	%(c)		1.10	%(f)		1.09	%		0.91	%
Net investment income		1.11	%(c)		1.19	%		1.77	%		1.73	%(c)		1.23	%		1.40	%		2.28	%
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	4		$	4		$	3		$	3		$	3
Portfolio turnover		24	%		74	%		43	%		16	%		36	%		34	%		38	%

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

(c)  Annualized.

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

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

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

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

Semiannual Report 2014
26

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class Y	(Unaudited)			2014			2013(a)
Per share data
Net asset value, beginning of period	$	14.36		$	12.38		$	10.33
Income from investment operations:
Net investment income		0.11			0.22			0.14
Net realized and unrealized gain		0.88			1.98			2.04
Total from investment operations		0.99			2.20			2.18
Less distributions to shareholders:
Net investment income		(0.11	)		(0.22	)		(0.13	)
Total distributions to shareholders		(0.11	)		(0.22	)		(0.13	)
Net asset value, end of period	$	15.24		$	14.36		$	12.38
Total return		6.93	%		17.99	%		21.23	%
Ratios to average net assets(b)
Total gross expenses		0.65	%(c)		0.64	%		0.64	%(c)(d)
Total net expenses(e)		0.65	%(c)		0.64	%		0.64	%(c)(d)
Net investment income		1.55	%(c)		1.63	%		2.24	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	21,656		$	20,127		$	3
Portfolio turnover		24	%		74	%		43	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

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

Semiannual Report 2014
27

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class Z	(Unaudited)			2014			2013			2012(a)			2011			2010(b)
Per share data
Net asset value, beginning of period	$	14.24		$	12.28		$	9.76		$	8.52		$	9.03		$	9.02
Income from investment operations:
Net investment income		0.10			0.18			0.22			0.13			0.17			0.01
Net realized and unrealized gain (loss)		0.87			1.98			2.54			1.20			(0.52	)		—
Total from investment operations		0.97			2.16			2.76			1.33			(0.35	)		0.01
Less distributions to shareholders:
Net investment income		(0.10	)		(0.20	)		(0.24	)		(0.09	)		(0.16	)		—
Total distributions to shareholders		(0.10	)		(0.20	)		(0.24	)		(0.09	)		(0.16	)		—
Net asset value, end of period	$	15.11		$	14.24		$	12.28		$	9.76		$	8.52		$	9.03
Total return		6.83	%		17.76	%		28.69	%		15.62	%		(4.06	%)		0.11	%
Ratios to average net assets(c)
Total gross expenses		0.82	%(d)		0.84	%		0.89	%(e)		0.82	%(d)		0.87	%		1.02	%(d)
Total net expenses(f)		0.82	%(d)(g)		0.83	%(g)		0.83	%(e)(g)		0.82	%(d)		0.87	%(g)		1.02	%(d)
Net investment income		1.39	%(d)		1.37	%		2.03	%		2.00	%(d)		1.77	%		9.89	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	20,697		$	15,733		$	54,418		$	69,694		$	58,213		$	3
Portfolio turnover		24	%		74	%		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)  Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

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

(d)  Annualized.

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

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

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

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

Semiannual Report 2014
28

Columbia Diversified Equity Income Fund

Notes to Financial Statements

November 30, 2014 (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.

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 the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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

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

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

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

Class 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 as described in the Fund's prospectus.

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

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

Semiannual Report 2014
29

Columbia Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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 that take into account, as applicable, 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 traded. If any foreign security 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. Many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board, including, if available, utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies, including money market funds, are valued at their 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 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 quoted or published price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use

assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

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 place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange-traded funds (ETFs), other regulated investment companies (RICs), 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 actual information reported. To the extent actual information has not yet been reported by the REITs, estimates for return of capital are made by the Fund's management. 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 REITs, which could result in a proportionate change in return of capital to shareholders. No estimates are made for the BDCs, ETFs, and RICs.

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.

Semiannual Report 2014
30

Columbia Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

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 0.66% to 0.49% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2014 was 0.57% 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 0.06% to 0.03% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2014 was 0.05% 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, 2014, other expenses paid by the Fund to this company were $2,515.

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.

Semiannual Report 2014
31

Columbia Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer 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 I and Class Y shares are not subject to transfer agent fees.

For the six months ended November 30, 2014, 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	0.17	%
Class B	0.17
Class C	0.17
Class K	0.05
Class R	0.17
Class R4	0.17
Class R5	0.05
Class W	0.23
Class Z	0.17

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These

minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2014, these minimum account balance fees reduced total expenses of the Fund by $160.

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 amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $8,137,000 and $633,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2014, 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 $553,959 for Class A, $4,718 for Class B and $2,333 for Class C shares for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund's expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund's net operating expenses, after giving effect to fees waived/expenses

Semiannual Report 2014
32

Columbia Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective October 1, 2014			Contractual Expense Cap Prior to October 1, 2014
Class A		1.13	%		1.08	%
Class B		1.88			1.83
Class C		1.88			1.83
Class I		0.75			0.68
Class K		1.05			0.98
Class R		1.38			1.33
Class R4		0.88			0.83
Class R5		0.80			0.73
Class W		1.13			1.08
Class Y		0.75			0.68
Class Z		0.88			0.83

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses.

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, 2014, the cost of investments for federal income tax purposes was approximately $2,205,621,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	595,004,000
Unrealized depreciation		(30,174,000	)
Net unrealized appreciation	$	564,830,000

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

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if any, aggregated to $638,829,930 and $812,998,429, respectively, for the six months ended November 30, 2014.The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

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

Note 7. Shareholder Concentration

At November 30, 2014, affiliated shareholders of record owned 86.6% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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 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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as

Semiannual Report 2014
33

Columbia Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

Note 9. Significant Risks

Financial Sector Risk

Sector risk occurs when a fund invests a significant portion of its assets in securities of companies conducting business in a related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, making a fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The Fund may be more susceptible to the particular risks that may affect companies in the financial sector than if it were invested in a wider variety of companies in unrelated sectors.

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 8 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 11. 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 quarterly (10-Q), annual (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 2014
34

Columbia Diversified Equity Income 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 2014
35

Columbia Diversified Equity Income 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR138_05_E01_(01/15)

Semiannual Report

November 30, 2014

Columbia Dividend Opportunity Fund

Not FDIC insured • No bank guarantee • May lose value

About 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 some of the most talented professionals in the industry, brought together by a unique way of working.

It starts with carefully selected, specialized investment teams. While each team brings a diverse and innovative range of skills, all are grounded by a common set of core beliefs. All possess a solid conviction in the power of proprietary, bottom-up research. All look not only at generating returns, but also at the likely consistency of those returns and the risks required to achieve them. And while our culture encourages teams to operate independently and question established thinking, a rigorous investment oversight process ensures that each team stays true to its clearly articulated investment process. At Columbia Management, reaching our performance goals matters, and the way we reach them matters just as much.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

President's Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What's different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

>  The relative value of global equities vs. global bonds actually improved during 2014.

>  Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today's conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President's Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB's balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People's Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

>  Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

>  Explicit downside hedges, such as put options (with emphasis on managing the related expense)

>  Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia Dividend Opportunity Fund

Table of Contents

Performance Overview	4
Portfolio Overview	5
Understanding Your Fund's Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	19
Notes to Financial Statements	30
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

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Semiannual Report 2014

Columbia Dividend Opportunity Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia Dividend Opportunity Fund (the Fund) Class A shares returned 5.50% excluding sales charges for the six-month period that ended November 30, 2014.

>  The Fund underperformed both of its benchmarks, the MSCI USA High Dividend Yield Index (Net), which returned 8.26% and the Russell 1000 Value Index, which returned 6.86% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2014)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	08/01/88
Excluding sales charges			5.50		13.77		15.25		8.85
Including sales charges			-0.56		7.26		13.91		8.20
Class B	03/20/95
Excluding sales charges			5.06		12.94		14.37		8.01
Including sales charges			0.06		7.94		14.14		8.01
Class C	06/26/00
Excluding sales charges			5.01		12.94		14.38		8.03
Including sales charges			4.01		11.94		14.38		8.03
Class I	03/04/04		5.59		14.19		15.72		9.28
Class K	03/20/95		5.54		13.84		15.40		9.05
Class R*	08/01/08		5.38		13.50		14.96		8.56
Class R4*	11/08/12		5.56		14.08		15.36		8.90
Class R5*	08/01/08		5.67		14.22		15.71		9.11
Class W*	12/01/06		5.40		13.76		15.24		8.82
Class Y*	11/08/12		5.63		14.24		15.44		8.93
Class Z*	09/27/10		5.52		14.01		15.48		8.95
MSCI USA High Dividend Yield Index (Net)			8.26		16.43		16.11		8.12
Russell 1000 Value Index			6.86		15.62		15.69		7.59

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

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

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

The MSCI USA High Dividend Yield Index (Net) is composed of those securities in the MSCI USA Index that have higher-than-average dividend yield (e.g. 30% higher than that of the MSCI USA Index), a track record of consistent dividend payments and the capacity to sustain future dividend payments. The MSCI USA Index is a free float adjusted market capitalization index that is designed to measure large- and mid-cap U.S. equity market performance.

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

Semiannual Report 2014
4

Columbia Dividend Opportunity Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2014)
Altria Group, Inc.	4.5
Johnson & Johnson	4.4
Procter & Gamble Co. (The)	4.1
Microsoft Corp.	3.9
Cisco Systems, Inc.	3.8
Pfizer, Inc.	3.4
Chevron Corp.	2.6
Intel Corp.	2.2
ConocoPhillips	2.2
Lockheed Martin Corp.	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, 2014)
Common Stocks	90.1
Consumer Discretionary	3.1
Consumer Staples	19.9
Energy	10.4
Financials	3.2
Health Care	15.6
Industrials	5.8
Information Technology	13.3
Materials	1.5
Telecommunication Services	8.6
Utilities	8.7
Equity-Linked Notes	8.3
Money Market Funds	1.6
Total	100.0

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

Portfolio Management

Steve Schroll

Paul Stocking

Dean Ramos, CFA

Morningstar Style Box^TM

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

© 2015 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 2014
5

Columbia Dividend Opportunity Fund

Understanding Your Fund's Expenses

(Unaudited)

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

Analyzing Your Fund's Expenses

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

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)					Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,055.00		1,019.95		5.12			5.04		1.00
Class B		1,000.00		1,000.00		1,050.60		1,016.21		8.95			8.80		1.75
Class C		1,000.00		1,000.00		1,050.10		1,016.21		8.94			8.80		1.75
Class I		1,000.00		1,000.00		1,055.90		1,021.94		3.08			3.02		0.60
Class K		1,000.00		1,000.00		1,055.40		1,020.44		4.61			4.53		0.90
Class R		1,000.00		1,000.00		1,053.80		1,018.70		6.40			6.29		1.25
Class R4		1,000.00		1,000.00		1,055.60		1,021.19		3.84			3.78		0.75
Class R5		1,000.00		1,000.00		1,056.70		1,021.69		3.33			3.28		0.65
Class W		1,000.00		1,000.00		1,054.00		1,019.95		5.12	��		5.04		1.00
Class Y		1,000.00		1,000.00		1,056.30		1,021.94		3.08			3.02		0.60
Class Z		1,000.00		1,000.00		1,055.20		1,021.19		3.84			3.78		0.75

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Semiannual Report 2014
6

Columbia Dividend Opportunity Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 90.1%

Issuer	Shares		Value ($)
Consumer Discretionary 3.1%
Household Durables 1.0%
Leggett & Platt, Inc.		1,526,590		64,254,173
Media 2.1%
Comcast Corp., Class A		522,060		29,778,302
National CineMedia, Inc.		1,621,147		22,955,442
Pearson PLC		1,989,954		38,263,265
Regal Entertainment Group, Class A		1,947,366		44,964,681
Total				135,961,690
Total Consumer Discretionary				200,215,863
Consumer Staples 19.9%
Beverages 3.8%
Anheuser-Busch InBev NV		567,458		66,651,516
Coca-Cola Co. (The)		2,529,422		113,393,988
PepsiCo, Inc.		508,489		50,899,749
SABMiller PLC		281,624		15,677,915
Total				246,623,168
Food & Staples Retailing 1.3%
SYSCO Corp.		1,333,973		53,705,753
Wesfarmers Ltd.		795,969		28,053,347
Total				81,759,100
Food Products 0.8%
Kraft Foods Group, Inc.		421,971		25,389,995
Unilever PLC		700,800		29,621,212
Total				55,011,207
Household Products 5.1%
Kimberly-Clark Corp.		555,569		64,773,790
Procter & Gamble Co. (The)		2,900,909		262,329,201
Total				327,102,991
Tobacco 8.9%
Altria Group, Inc.		5,616,186		282,269,508
British American Tobacco PLC		1,093,388		64,805,192
Imperial Tobacco Group PLC		1,446,619		66,884,705
Lorillard, Inc.		1,214,546		76,686,434
Philip Morris International, Inc.		927,787		80,652,524
Total				571,298,363
Total Consumer Staples				1,281,794,829

Common Stocks (continued)

Issuer	Shares		Value ($)
Energy 10.4%
Energy Equipment & Services 0.1%
Transocean Ltd.		331,851		6,972,189
Oil, Gas & Consumable Fuels 10.3%
BP PLC, ADR		850,386		33,437,178
Chevron Corp.		1,493,050		162,548,353
ConocoPhillips		2,097,748		138,598,210
Enbridge Energy Management LLC(a)(b)		1		42
Kinder Morgan Management LLC(a)(c)(d)(e)		—		—
Newfield Exploration Co.(b)		1		27
Occidental Petroleum Corp.		1,576,292		125,740,813
Royal Dutch Shell PLC, Class A		2,211,751		73,672,636
Spectra Energy Corp.		1,165,409		44,145,693
Suncor Energy, Inc.		602,242		19,024,825
Total SA		1,186,495		66,375,878
Total				663,543,655
Total Energy				670,515,844
Financials 3.2%
Banks 2.0%
Bank of Montreal		897,194		66,114,226
JPMorgan Chase & Co.		1,046,558		62,960,929
Total				129,075,155
Capital Markets 1.2%
BlackRock, Inc.		145,126		52,111,844
New Mountain Finance Corp.		1,510,853		22,798,772
Total				74,910,616
Total Financials				203,985,771
Health Care 15.6%
Pharmaceuticals 15.6%
AbbVie, Inc.		1,884,287		130,392,660
AstraZeneca PLC, ADR		430,007		31,893,619
Bristol-Myers Squibb Co.		1,286,579		75,972,490
Eli Lilly & Co.		1,080,893		73,630,431
Johnson & Johnson		2,555,098		276,589,359
Merck & Co., Inc.		1,955,978		118,141,071
Novartis AG, ADR		427,173		41,286,270

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

Semiannual Report 2014
7

Columbia Dividend Opportunity Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Pfizer, Inc.		6,854,458		213,516,367
Roche Holding AG, Genusschein Shares		131,771		39,466,523
Total				1,000,888,790
Total Health Care				1,000,888,790
Industrials 5.8%
Aerospace & Defense 2.6%
BAE Systems PLC		4,426,190		33,261,846
Lockheed Martin Corp.		691,714		132,504,734
Total				165,766,580
Commercial Services & Supplies 1.0%
RR Donnelley & Sons Co.		2,433,948		40,987,684
West Corp.		797,326		24,908,464
Total				65,896,148
Industrial Conglomerates 1.9%
General Electric Co.		3,368,245		89,224,810
Siemens AG, Registered Shares		270,107		31,960,874
Total				121,185,684
Trading Companies & Distributors 0.3%
Fly Leasing Ltd., ADR		1,302,431		17,673,989
Total Industrials				370,522,401
Information Technology 13.3%
Communications Equipment 3.7%
Cisco Systems, Inc.		8,661,354		239,399,825
IT Services 0.4%
Paychex, Inc.		594,446		28,182,685
Semiconductors & Semiconductor Equipment 4.0%
Analog Devices, Inc.		454,261		24,820,821
Intel Corp.		3,722,134		138,649,492
Maxim Integrated Products, Inc.		510,099		15,083,627
Microchip Technology, Inc.		1,756,576		79,309,406
Total				257,863,346
Software 3.8%
Microsoft Corp.		5,152,268		246,329,933
Technology Hardware, Storage & Peripherals 1.4%
Apple, Inc.		552,730		65,736,179
Seagate Technology PLC		316,721		20,938,425
Total				86,674,604
Total Information Technology				858,450,393

Common Stocks (continued)

Issuer	Shares		Value ($)
Materials 1.5%
Chemicals 0.9%
LyondellBasell Industries NV, Class A		717,538		56,585,047
Metals & Mining 0.6%
BHP Billiton Ltd.		1,090,330		28,272,163
Rio Tinto PLC		293,049		13,697,943
Total				41,970,106
Total Materials				98,555,153
Telecommunication Services 8.6%
Diversified Telecommunication Services 7.6%
AT&T, Inc.		2,715,687		96,081,006
BCE, Inc.		836,886		39,330,349
BCE, Inc.		1,054,445		49,474,559
CenturyLink, Inc.		2,558,216		104,298,466
Orange SA		2,155,176		37,960,130
Telstra Corp., Ltd.		8,086,112		39,127,040
Verizon Communications, Inc.		2,510,613		127,011,912
Total				493,283,462
Wireless Telecommunication Services 1.0%
Vodafone Group PLC		5,778,032		21,114,652
Vodafone Group PLC, ADR		1,141,659		41,727,637
Total				62,842,289
Total Telecommunication Services				556,125,751
Utilities 8.7%
Electric Utilities 4.9%
American Electric Power Co., Inc.		506,552		29,152,068
Duke Energy Corp.		1,611,809		130,395,348
Endesa SA		483,054		9,337,160
PPL Corp.		1,132,016		40,220,528
Southern Co. (The)		720,853		34,190,058
Terna Rete Elettrica Nazionale SpA		8,330,680		40,233,521
Xcel Energy, Inc.		803,072		27,256,264
Total				310,784,947
Multi-Utilities 3.8%
Ameren Corp.		793,655		34,214,467
CMS Energy Corp.		386,487		12,792,720
DTE Energy Co.		190,149		15,489,538
National Grid PLC		3,774,924		54,836,799

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

Semiannual Report 2014
8

Columbia Dividend Opportunity Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
PG&E Corp.		717,601		36,238,850
Public Service Enterprise Group, Inc.		575,882		24,060,350
SCANA Corp.		296,344		16,900,498
Sempra Energy		455,146		50,853,463
Total				245,386,685
Total Utilities				556,171,632
Total Common Stocks (Cost: $4,992,489,670)				5,797,226,427

Equity-Linked Notes 8.3%

Issuer	Coupon Rate			Shares		Value ($)
Deutsche Bank AG Senior Unsecured (linked to common stock of Merck & Co.)(f) 12/15/14		15.230	%		1,953,970		117,453,137
Goldman Sachs Group, Inc. (The)(f) Senior Unsecured (linked to common stock of Apple, Inc.) 03/11/15		7.000	%		1,617,090		184,852,792
(linked to common stock of Dow Chemical Co. (The)) 02/13/15		7.000	%		2,065,220		100,545,318
JPMorgan Chase & Co.(f) Senior Unsecured (linked to common stock of Delta Air Lines, Inc.) 12/23/14		8.260	%		596,000		26,390,880

Equity-Linked Notes (continued)

Issuer	Coupon Rate			Shares		Value ($)
(linked to common stock of KKR & Co., LLP) 01/20/15		12.300	%		916,292		20,781,503
(linked to common stock of Suncor Energy, Inc.) 01/20/15		10.600	%		87,235		2,772,328
(linked to common stock of United Continental Holdings, Inc.) 12/23/14		12.580	%		587,500		33,258,375
UBS AG Senior Unsecured (linked to common stock of Blackstone Group LP (The))(f) 02/26/15		8.960	%		1,495,530		49,860,970
Total Equity-Linked Notes (Cost: $518,892,557)							535,915,303

Money Market Funds 1.6%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.104%(g)(h)		100,320,850		100,320,850
Total Money Market Funds (Cost: $100,320,850)				100,320,850
Total Investments (Cost: $5,611,703,077)				6,433,462,580
Other Assets & Liabilities, Net				(466,899	)
Net Assets				6,432,995,681

Notes to Portfolio of Investments

(a)  Identifies securities considered by the Investment Manager to be illiquid as to their marketability. The aggregate value of such securities at November 30, 2014 was $42, which represents less than 0.01% of net assets. Information concerning such security holdings at November 30, 2014 is as follows:

Security Description	Acquisition Dates	Cost ($)
Enbridge Energy Management LLC	4/22/2009		11
Kinder Morgan Management LLC	11/18/2005		—

(b)  Non-income producing.

(c)  Negligible market value.

(d)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2014, the value of these securities amounted to $0.

(e)  Represents fractional shares.

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

Semiannual Report 2014
9

Columbia Dividend Opportunity Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Notes to Portfolio of Investments (continued)

(f)  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, 2014, the value of these securities amounted to $535,915,303 or 8.33% of net assets.

(g)  The rate shown is the seven-day current annualized yield at November 30, 2014.

(h)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		72,206,625		1,447,176,161		(1,419,061,936	)		100,320,850		75,214		100,320,850

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.

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.

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

Semiannual Report 2014
10

Columbia Dividend Opportunity Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

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 following table is a summary of the inputs used to value the Fund's investments at November 30, 2014:

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		161,952,598		38,263,265		—			200,215,863
Consumer Staples		1,010,100,942		271,693,887		—			1,281,794,829
Energy		530,467,288		140,048,556		—	(a)		670,515,844
Financials		203,985,771		—		—			203,985,771
Health Care		961,422,267		39,466,523		—			1,000,888,790
Industrials		305,299,681		65,222,720		—			370,522,401
Information Technology		858,450,393		—		—			858,450,393
Materials		56,585,047		41,970,106		—			98,555,153
Telecommunication Services		457,923,929		98,201,822		—			556,125,751
Utilities		451,764,152		104,407,480		—			556,171,632
Total Equity Securities		4,997,952,068		799,274,359		—	(a)		5,797,226,427
Other
Equity-Linked Notes		—		535,915,303		—			535,915,303
Total Other		—		535,915,303		—			535,915,303
Mutual Funds
Money Market Funds		100,320,850		—		—			100,320,850
Total Mutual Funds		100,320,850		—		—			100,320,850
Total		5,098,272,918		1,335,189,662		—	(a)		6,433,462,580

(a) Negligible market value.

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

Semiannual Report 2014
11

Columbia Dividend Opportunity Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

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 model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

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

The Fund does not hold any significant investments with unobservable inputs which are categorized as Level 3.

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain common stock classified as Level 3 are valued using an income approach. To determine fair value for these securities, management considered estimates of future distributions from the company assets or potential actions related to the respective company's restructuring. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

Financial Assets were transferred from Level 2 to Level 3 due to the utilization of unobservable market inputs. 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				Transfers Out
Level 2 ($)		Level 3 ($)		Level 2 ($)		Level 3 ($)
	—		2		2		—

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 2014
12

Columbia Dividend Opportunity Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $5,511,382,227)	$	6,333,141,730
Affiliated issuers (identified cost $100,320,850)		100,320,850
Total investments (identified cost $5,611,703,077)		6,433,462,580
Cash		8,589
Receivable for:
Capital shares sold		4,373,480
Dividends		23,530,620
Reclaims		1,285,131
Prepaid expenses		18,317
Other assets		14,359
Total assets		6,462,693,076
Liabilities
Payable for:
Investments purchased		25,429,633
Capital shares purchased		2,752,315
Investment management fees		189,340
Distribution and/or service fees		85,182
Transfer agent fees		861,231
Administration fees		16,203
Plan administration fees		875
Compensation of board members		150,704
Other expenses		211,912
Total liabilities		29,697,395
Net assets applicable to outstanding capital stock	$	6,432,995,681
Represented by
Paid-in capital	$	5,019,367,271
Undistributed net investment income		35,454,803
Accumulated net realized gain		556,509,196
Unrealized appreciation (depreciation) on:
Investments		821,759,503
Foreign currency translations		(95,092	)
Total — representing net assets applicable to outstanding capital stock	$	6,432,995,681

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

Semiannual Report 2014
13

Columbia Dividend Opportunity Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$	4,064,686,301
Shares outstanding		366,009,336
Net asset value per share	$	11.11
Maximum offering price per share(a)	$	11.79
Class B
Net assets	$	33,419,249
Shares outstanding		3,035,331
Net asset value per share	$	11.01
Class C
Net assets	$	482,175,972
Shares outstanding		44,149,377
Net asset value per share	$	10.92
Class I
Net assets	$	216,829,509
Shares outstanding		19,441,415
Net asset value per share	$	11.15
Class K
Net assets	$	4,439,793
Shares outstanding		398,244
Net asset value per share	$	11.15
Class R
Net assets	$	34,348,439
Shares outstanding		3,095,606
Net asset value per share	$	11.10
Class R4
Net assets	$	106,271,365
Shares outstanding		9,448,015
Net asset value per share	$	11.25
Class R5
Net assets	$	297,847,318
Shares outstanding		26,692,015
Net asset value per share	$	11.16
Class W
Net assets	$	122,122
Shares outstanding		10,983
Net asset value per share	$	11.12
Class Y
Net assets	$	65,201,997
Shares outstanding		5,787,441
Net asset value per share	$	11.27
Class Z
Net assets	$	1,127,653,616
Shares outstanding		101,211,618
Net asset value per share	$	11.14

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

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

Semiannual Report 2014
14

Columbia Dividend Opportunity Fund

Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	114,813,726
Dividends — affiliated issuers		75,214
Interest		12,581,351
Foreign taxes withheld		(3,267,731	)
Total income		124,202,560
Expenses:
Investment management fees		16,786,056
Distribution and/or service fees
Class A		4,976,578
Class B		179,864
Class C		2,294,139
Class R		82,358
Class W		219
Transfer agent fees
Class A		2,966,296
Class B		26,790
Class C		342,008
Class K		1,008
Class R		24,553
Class R4		68,631
Class R5		78,671
Class W		130
Class Z		793,870
Administration fees		1,438,235
Plan administration fees
Class K		5,346
Compensation of board members		49,531
Custodian fees		43,857
Printing and postage fees		201,214
Registration fees		138,580
Professional fees		43,120
Other		68,879
Total expenses		30,609,933
Expense reductions		(60	)
Total net expenses		30,609,873
Net investment income		93,592,687
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		243,395,596
Foreign currency translations		(468,247	)
Net realized gain		242,927,349
Net change in unrealized appreciation (depreciation) on:
Investments		(1,523,614	)
Foreign currency translations		(69,725	)
Net change in unrealized depreciation		(1,593,339	)
Net realized and unrealized gain		241,334,010
Net increase in net assets resulting from operations	$	334,926,697

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

Semiannual Report 2014
15

Columbia Dividend Opportunity Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014
Operations
Net investment income	$	93,592,687		$	166,878,841
Net realized gain		242,927,349			625,137,592
Net change in unrealized appreciation (depreciation)		(1,593,339	)		173,417,780
Net increase in net assets resulting from operations		334,926,697			965,434,213
Distributions to shareholders
Net investment income
Class A		(52,955,701	)		(107,397,242	)
Class B		(350,690	)		(938,047	)
Class C		(4,421,026	)		(7,666,903	)
Class I		(3,157,903	)		(8,002,514	)
Class K		(59,137	)		(113,493	)
Class R		(390,230	)		(570,891	)
Class R4		(1,273,517	)		(1,244,131	)
Class R5		(5,017,922	)		(7,623,121	)
Class W		(2,512	)		(775,702	)
Class Y		(654,166	)		(839,687	)
Class Z		(15,289,951	)		(31,328,614	)
Net realized gains
Class A		—			(192,539,299	)
Class B		—			(2,141,190	)
Class C		—			(19,198,060	)
Class I		—			(9,044,764	)
Class K		—			(182,448	)
Class R		—			(1,162,986	)
Class R4		—			(2,549,539	)
Class R5		—			(12,996,935	)
Class W		—			(15,949	)
Class Y		—			(1,539,750	)
Class Z		—			(50,252,924	)
Total distributions to shareholders		(83,572,755	)		(458,124,189	)
Decrease in net assets from capital stock activity		(6,880,082	)		(129,672,681	)
Total increase in net assets		244,473,860			377,637,343
Net assets at beginning of period		6,188,521,821			5,810,884,478
Net assets at end of period	$	6,432,995,681		$	6,188,521,821
Undistributed net investment income	$	35,454,803		$	25,434,871

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

Semiannual Report 2014
16

Columbia Dividend Opportunity Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		27,408,585			295,491,240			107,456,138			1,085,316,778
Distributions reinvested		4,764,811			51,596,676			29,880,253			293,889,247
Redemptions		(41,965,499	)		(452,074,372	)		(138,331,998	)		(1,395,305,489	)
Net decrease		(9,792,103	)		(104,986,456	)		(995,607	)		(16,099,464	)
Class B shares
Subscriptions		55,208			590,111			344,191			3,444,072
Distributions reinvested		32,085			344,797			311,201			3,036,016
Redemptions(a)		(757,497	)		(8,069,810	)		(2,425,936	)		(24,439,679	)
Net decrease		(670,204	)		(7,134,902	)		(1,770,544	)		(17,959,591	)
Class C shares
Subscriptions		4,376,327			46,352,512			13,020,039			129,675,626
Distributions reinvested		369,234			3,935,736			2,461,417			23,867,144
Redemptions		(3,020,706	)		(32,022,991	)		(5,411,061	)		(54,029,241	)
Net increase		1,724,855			18,265,257			10,070,395			99,513,529
Class I shares
Subscriptions		362,464			3,946,442			1,118,817			11,128,666
Distributions reinvested		290,656			3,157,859			1,729,333			17,046,034
Redemptions		(413,466	)		(4,480,021	)		(15,227,765	)		(160,404,863	)
Net increase (decrease)		239,654			2,624,280			(12,379,615	)		(132,230,163	)
Class K shares
Subscriptions		29,619			321,044			61,695			626,655
Distributions reinvested		5,441			59,136			29,973			295,941
Redemptions		(43,008	)		(465,447	)		(87,886	)		(897,169	)
Net increase (decrease)		(7,948	)		(85,267	)		3,782			25,427
Class R shares
Subscriptions		737,490			7,938,084			1,541,177			15,630,728
Distributions reinvested		30,881			334,309			146,515			1,442,462
Redemptions		(630,638	)		(6,797,721	)		(498,106	)		(5,056,135	)
Net increase		137,733			1,474,672			1,189,586			12,017,055
Class R4 shares
Subscriptions		2,805,946			30,354,498			7,032,011			72,134,128
Distributions reinvested		116,068			1,273,197			379,751			3,791,944
Redemptions		(830,492	)		(9,085,030	)		(1,283,886	)		(13,178,138	)
Net increase		2,091,522			22,542,665			6,127,876			62,747,934

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

Semiannual Report 2014
17

Columbia Dividend Opportunity Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		5,451,884			58,719,015			16,917,879			172,147,740
Distributions reinvested		400,887			4,359,776			1,829,882			18,088,125
Redemptions		(8,098,705	)		(89,334,661	)		(9,201,091	)		(93,469,406	)
Net increase (decrease)		(2,245,934	)		(26,255,870	)		9,546,670			96,766,459
Class W shares
Subscriptions		1			7			635,993			6,380,217
Distributions reinvested		228			2,476			81,373			791,208
Redemptions		(8,092	)		(87,491	)		(13,731,919	)		(140,521,852	)
Net decrease		(7,863	)		(85,008	)		(13,014,553	)		(133,350,427	)
Class Y shares
Subscriptions		2,487,875			27,684,056			3,496,329			35,642,821
Distributions reinvested		59,575			654,166			230,135			2,303,105
Redemptions		(301,620	)		(3,289,190	)		(592,724	)		(6,103,477	)
Net increase		2,245,830			25,049,032			3,133,740			31,842,449
Class Z shares
Subscriptions		16,883,796			182,974,371			24,022,144			243,699,050
Distributions reinvested		1,171,953			12,728,847			6,967,801			68,717,653
Redemptions		(12,352,778	)		(133,991,703	)		(43,883,978	)		(445,362,592	)
Net increase (decrease)		5,702,971			61,711,515			(12,894,033	)		(132,945,889	)
Total net decrease		(581,487	)		(6,880,082	)		(10,982,303	)		(129,672,681	)

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

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

Semiannual Report 2014
18

Columbia Dividend Opportunity Fund

Financial Highlights

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended June 30,
Class A	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.67		$	9.83		$	8.14		$	8.31		$	6.31		$	5.58		$	7.72
Income from investment operations:
Net investment income		0.16			0.28			0.30			0.26			0.31			0.23			0.25
Net realized and unrealized gain (loss)		0.42			1.34			1.69			(0.22	)		1.98			0.76			(2.10	)
Total from investment operations		0.58			1.62			1.99			0.04			2.29			0.99			(1.85	)
Less distributions to shareholders:
Net investment income		(0.14	)		(0.28	)		(0.30	)		(0.21	)		(0.29	)		(0.26	)		(0.29	)
Net realized gains		—			(0.50	)		—			—			—			—			—
Total distributions to shareholders		(0.14	)		(0.78	)		(0.30	)		(0.21	)		(0.29	)		(0.26	)		(0.29	)
Net asset value, end of period	$	11.11		$	10.67		$	9.83		$	8.14		$	8.31		$	6.31		$	5.58
Total return		5.50	%		17.30	%		25.05	%		0.58	%		36.74	%		17.60	%		(23.98	%)
Ratios to average net assets(b)
Total gross expenses		1.00	%(c)		1.01	%		1.05	%		1.08	%(c)		1.16	%		1.20	%		1.13	%
Total net expenses(d)		1.00	%(c)(e)		1.01	%(e)		1.05	%(e)		1.08	%(c)(e)		1.16	%		1.16	%		1.03	%
Net investment income		2.97	%(c)		2.75	%		3.32	%		3.49	%(c)		4.01	%		3.51	%		4.23	%
Supplemental data
Net assets, end of period (in thousands)	$	4,064,686		$	4,011,117		$	3,705,617		$	2,660,013		$	1,630,280		$	883,208		$	793,421
Portfolio turnover		39	%		73	%		62	%		28	%		105	%		23	%		21	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

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

Semiannual Report 2014
19

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended June 30,
Class B	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.58		$	9.76		$	8.08		$	8.26		$	6.27		$	5.54		$	7.67
Income from investment operations:
Net investment income		0.12			0.20			0.23			0.20			0.27			0.18			0.21
Net realized and unrealized gain (loss)		0.41			1.32			1.69			(0.22	)		1.95			0.76			(2.10	)
Total from investment operations		0.53			1.52			1.92			(0.02	)		2.22			0.94			(1.89	)
Less distributions to shareholders:
Net investment income		(0.10	)		(0.20	)		(0.24	)		(0.16	)		(0.23	)		(0.21	)		(0.24	)
Net realized gains		—			(0.50	)		—			—			—			—			—
Total distributions to shareholders		(0.10	)		(0.70	)		(0.24	)		(0.16	)		(0.23	)		(0.21	)		(0.24	)
Net asset value, end of period	$	11.01		$	10.58		$	9.76		$	8.08		$	8.26		$	6.27		$	5.54
Total return		5.06	%		16.33	%		24.21	%		(0.14	%)		35.72	%		16.79	%		(24.60	%)
Ratios to average net assets(b)
Total gross expenses		1.75	%(c)		1.76	%		1.80	%		1.83	%(c)		1.92	%		1.96	%		1.89	%
Total net expenses(d)		1.75	%(c)(e)		1.76	%(e)		1.80	%(e)		1.83	%(c)(e)		1.91	%		1.92	%		1.79	%
Net investment income		2.20	%(c)		1.98	%		2.58	%		2.68	%(c)		3.50	%		2.73	%		3.45	%
Supplemental data
Net assets, end of period (in thousands)	$	33,419		$	39,217		$	53,428		$	56,776		$	65,777		$	68,145		$	91,922
Portfolio turnover		39	%		73	%		62	%		28	%		105	%		23	%		21	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

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

Semiannual Report 2014
20

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended June 30,
Class C	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.50		$	9.68		$	8.02		$	8.22		$	6.25		$	5.53		$	7.65
Income from investment operations:
Net investment income		0.12			0.20			0.23			0.20			0.25			0.18			0.20
Net realized and unrealized gain (loss)		0.40			1.32			1.68			(0.23	)		1.96			0.76			(2.07	)
Total from investment operations		0.52			1.52			1.91			(0.03	)		2.21			0.94			(1.87	)
Less distributions to shareholders:
Net investment income		(0.10	)		(0.20	)		(0.25	)		(0.17	)		(0.24	)		(0.22	)		(0.25	)
Net realized gains		—			(0.50	)		—			—			—			—			—
Total distributions to shareholders		(0.10	)		(0.70	)		(0.25	)		(0.17	)		(0.24	)		(0.22	)		(0.25	)
Net asset value, end of period	$	10.92		$	10.50		$	9.68		$	8.02		$	8.22		$	6.25		$	5.53
Total return		5.01	%		16.46	%		24.25	%		(0.25	%)		35.71	%		16.77	%		(24.51	%)
Ratios to average net assets(b)
Total gross expenses		1.75	%(c)		1.76	%		1.80	%		1.84	%(c)		1.91	%		1.95	%		1.88	%
Total net expenses(d)		1.75	%(c)(e)		1.76	%(e)		1.80	%(e)		1.84	%(c)(e)		1.90	%		1.91	%		1.78	%
Net investment income		2.23	%(c)		2.06	%		2.56	%		2.76	%(c)		3.26	%		2.77	%		3.46	%
Supplemental data
Net assets, end of period (in thousands)	$	482,176		$	445,402		$	313,275		$	143,150		$	52,281		$	21,354		$	14,770
Portfolio turnover		39	%		73	%		62	%		28	%		105	%		23	%		21	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

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

Semiannual Report 2014
21

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended June 30,
Class I	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.72		$	9.87		$	8.17		$	8.34		$	6.32		$	5.59		$	7.73
Income from investment operations:
Net investment income		0.18			0.31			0.34			0.29			0.35			0.26			0.27
Net realized and unrealized gain (loss)		0.41			1.36			1.70			(0.23	)		1.99			0.76			(2.10	)
Total from investment operations		0.59			1.67			2.04			0.06			2.34			1.02			(1.83	)
Less distributions to shareholders:
Net investment income		(0.16	)		(0.32	)		(0.34	)		(0.23	)		(0.32	)		(0.29	)		(0.31	)
Net realized gains		—			(0.50	)		—			—			—			—			—
Total distributions to shareholders		(0.16	)		(0.82	)		(0.34	)		(0.23	)		(0.32	)		(0.29	)		(0.31	)
Net asset value, end of period	$	11.15		$	10.72		$	9.87		$	8.17		$	8.34		$	6.32		$	5.59
Total return		5.59	%		17.83	%		25.59	%		0.90	%		37.51	%		18.06	%		(23.66	%)
Ratios to average net assets(b)
Total gross expenses		0.60	%(c)		0.60	%		0.62	%		0.66	%(c)		0.75	%		0.75	%		0.66	%
Total net expenses(d)		0.60	%(c)		0.60	%		0.62	%		0.66	%(c)		0.75	%		0.72	%		0.66	%
Net investment income		3.37	%(c)		3.08	%		3.76	%		3.90	%(c)		4.58	%		3.94	%		4.60	%
Supplemental data
Net assets, end of period (in thousands)	$	216,830		$	205,817		$	311,786		$	306,301		$	232,481		$	165,701		$	158,905
Portfolio turnover		39	%		73	%		62	%		28	%		105	%		23	%		21	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

Semiannual Report 2014
22

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended June 30,
Class K	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.71		$	9.87		$	8.17		$	8.34		$	6.33		$	5.59		$	7.74
Income from investment operations:
Net investment income		0.17			0.29			0.31			0.27			0.32			0.24			0.27
Net realized and unrealized gain (loss)		0.42			1.34			1.71			(0.23	)		1.99			0.77			(2.11	)
Total from investment operations		0.59			1.63			2.02			0.04			2.31			1.01			(1.84	)
Less distributions to shareholders:
Net investment income		(0.15	)		(0.29	)		(0.32	)		(0.21	)		(0.30	)		(0.27	)		(0.31	)
Net realized gains		—			(0.50	)		—			—			—			—			—
Total distributions to shareholders		(0.15	)		(0.79	)		(0.32	)		(0.21	)		(0.30	)		(0.27	)		(0.31	)
Net asset value, end of period	$	11.15		$	10.71		$	9.87		$	8.17		$	8.34		$	6.33		$	5.59
Total return		5.54	%		17.37	%		25.25	%		0.68	%		36.95	%		17.90	%		(23.86	%)
Ratios to average net assets(b)
Total gross expenses		0.90	%(c)		0.91	%		0.90	%		0.94	%(c)		1.01	%		1.06	%		0.96	%
Total net expenses(d)		0.90	%(c)		0.91	%		0.90	%		0.94	%(c)		1.01	%		1.02	%		0.75	%
Net investment income		3.08	%(c)		2.88	%		3.47	%		3.60	%(c)		4.05	%		3.65	%		4.50	%
Supplemental data
Net assets, end of period (in thousands)	$	4,440		$	4,352		$	3,972		$	3,656		$	3,795		$	1,456		$	490
Portfolio turnover		39	%		73	%		62	%		28	%		105	%		23	%		21	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

Semiannual Report 2014
23

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended June 30,
Class R	(Unaudited)			2014			2013			2012(a)			2011			2010			2009(b)
Per share data
Net asset value, beginning of period	$	10.66		$	9.83		$	8.14		$	8.33		$	6.32		$	5.59		$	7.67
Income from investment operations:
Net investment income		0.15			0.26			0.28			0.25			0.29			0.25			0.23
Net realized and unrealized gain (loss)		0.42			1.32			1.70			(0.24	)		1.99			0.72			(2.03	)
Total from investment operations		0.57			1.58			1.98			0.01			2.28			0.97			(1.80	)
Less distributions to shareholders:
Net investment income		(0.13	)		(0.25	)		(0.29	)		(0.20	)		(0.27	)		(0.24	)		(0.28	)
Net realized gains		—			(0.50	)		—			—			—			—			—
Total distributions to shareholders		(0.13	)		(0.75	)		(0.29	)		(0.20	)		(0.27	)		(0.24	)		(0.28	)
Net asset value, end of period	$	11.10		$	10.66		$	9.83		$	8.14		$	8.33		$	6.32		$	5.59
Total return		5.38	%		16.89	%		24.84	%		0.31	%		36.53	%		17.19	%		(23.53	%)
Ratios to average net assets(c)
Total gross expenses		1.25	%(d)		1.26	%		1.30	%		1.32	%(d)		1.42	%		1.58	%		1.46	%(d)
Total net expenses(e)		1.25	%(d)(f)		1.26	%(f)		1.30	%(f)		1.32	%(d)(f)		1.42	%		1.51	%		1.33	%(d)
Net investment income		2.72	%(d)		2.61	%		3.05	%		3.36	%(d)		3.79	%		3.76	%		4.23	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	34,348		$	31,544		$	17,375		$	5,365		$	464		$	196		$	4
Portfolio turnover		39	%		73	%		62	%		28	%		105	%		23	%		21	%

Notes to Financial Highlights

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

(b)  Based on operations from August 1, 2008 (commencement of operations) through the stated period end.

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

(d)  Annualized.

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

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

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

Semiannual Report 2014
24

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class R4	(Unaudited)			2014			2013(a)
Per share data
Net asset value, beginning of period	$	10.81		$	9.95		$	8.62
Income from investment operations:
Net investment income		0.18			0.33			0.20
Net realized and unrealized gain		0.42			1.33			1.31
Total from investment operations		0.60			1.66			1.51
Less distributions to shareholders:
Net investment income		(0.16	)		(0.30	)		(0.18	)
Net realized gains		—			(0.50	)		—
Total distributions to shareholders		(0.16	)		(0.80	)		(0.18	)
Net asset value, end of period	$	11.25		$	10.81		$	9.95
Total return		5.56	%		17.57	%		17.71	%
Ratios to average net assets(b)
Total gross expenses		0.75	%(c)		0.77	%		0.83	%(c)
Total net expenses(d)		0.75	%(c)(e)		0.77	%(e)		0.83	%(c)
Net investment income		3.26	%(c)		3.23	%		3.64	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	106,271		$	79,510		$	12,222
Portfolio turnover		39	%		73	%		62	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

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

Semiannual Report 2014
25

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended June 30,
Class R5	(Unaudited)			2014			2013			2012(a)			2011			2010			2009(b)
Per share data
Net asset value, beginning of period	$	10.72	��	$	9.88		$	8.17		$	8.34		$	6.33		$	5.59		$	7.67
Income from investment operations:
Net investment income		0.18			0.32			0.33			0.29			0.32			0.28			0.26
Net realized and unrealized gain (loss)		0.42			1.34			1.72			(0.23	)		2.01			0.75			(2.03	)
Total from investment operations		0.60			1.66			2.05			0.06			2.33			1.03			(1.77	)
Less distributions to shareholders:
Net investment income		(0.16	)		(0.32	)		(0.34	)		(0.23	)		(0.32	)		(0.29	)		(0.31	)
Net realized gains		—			(0.50	)		—			—			—			—			—
Total distributions to shareholders		(0.16	)		(0.82	)		(0.34	)		(0.23	)		(0.32	)		(0.29	)		(0.31	)
Net asset value, end of period	$	11.16		$	10.72		$	9.88		$	8.17		$	8.34		$	6.33		$	5.59
Total return		5.67	%		17.65	%		25.68	%		0.89	%		37.27	%		18.20	%		(23.10	%)
Ratios to average net assets(c)
Total gross expenses		0.65	%(d)		0.65	%		0.66	%		0.67	%(d)		0.75	%		0.82	%		0.72	%(d)
Total net expenses(e)		0.65	%(d)		0.65	%		0.66	%		0.67	%(d)		0.75	%		0.78	%		0.72	%(d)
Net investment income		3.31	%(d)		3.19	%		3.52	%		3.88	%(d)		3.95	%		4.05	%		4.85	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	297,847		$	310,352		$	191,577		$	30,819		$	21,589		$	968		$	4
Portfolio turnover		39	%		73	%		62	%		28	%		105	%		23	%		21	%

Notes to Financial Highlights

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

(b)  Based on operations from August 1, 2008 (commencement of operations) through the stated period end.

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

(d)  Annualized.

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

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

Semiannual Report 2014
26

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended June 30,
Class W	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.69		$	9.85		$	8.15		$	8.33		$	6.32		$	5.59		$	7.73
Income from investment operations:
Net investment income		0.16			0.24			0.30			0.25			0.27			0.23			0.25
Net realized and unrealized gain (loss)		0.41			1.38			1.71			(0.23	)		2.04			0.76			(2.10	)
Total from investment operations		0.57			1.62			2.01			0.02			2.31			0.99			(1.85	)
Less distributions to shareholders:
Net investment income		(0.14	)		(0.28	)		(0.31	)		(0.20	)		(0.30	)		(0.26	)		(0.29	)
Net realized gains		—			(0.50	)		—			—			—			—			—
Total distributions to shareholders		(0.14	)		(0.78	)		(0.31	)		(0.20	)		(0.30	)		(0.26	)		(0.29	)
Net asset value, end of period	$	11.12		$	10.69		$	9.85		$	8.15		$	8.33		$	6.32		$	5.59
Total return		5.40	%		17.28	%		25.19	%		0.38	%		36.95	%		17.55	%		(24.01	%)
Ratios to average net assets(b)
Total gross expenses		1.00	%(c)		1.01	%		1.05	%		1.11	%(c)		1.14	%		1.18	%		1.09	%
Total net expenses(d)		1.00	%(c)(e)		1.01	%(e)		1.05	%(e)		1.11	%(c)(e)		1.14	%		1.18	%		1.09	%
Net investment income		2.88	%(c)		2.32	%		3.27	%		3.42	%(c)		3.36	%		3.49	%		4.18	%
Supplemental data
Net assets, end of period (in thousands)	$	122		$	201		$	128,328		$	18,330		$	21,260		$	4		$	3
Portfolio turnover		39	%		73	%		62	%		28	%		105	%		23	%		21	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

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

Semiannual Report 2014
27

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class Y	(Unaudited)			2014			2013(a)
Per share data
Net asset value, beginning of period	$	10.83		$	9.96		$	8.63
Income from investment operations:
Net investment income		0.19			0.34			0.22
Net realized and unrealized gain		0.41			1.35			1.29
Total from investment operations		0.60			1.69			1.51
Less distributions to shareholders:
Net investment income		(0.16	)		(0.32	)		(0.18	)
Net realized gains		—			(0.50	)		—
Total distributions to shareholders		(0.16	)		(0.82	)		(0.18	)
Net asset value, end of period	$	11.27		$	10.83		$	9.96
Total return		5.63	%		17.84	%		17.73	%
Ratios to average net assets(b)
Total gross expenses		0.60	%(c)		0.61	%		0.71	%(c)
Total net expenses(d)		0.60	%(c)		0.61	%		0.71	%(c)
Net investment income		3.44	%(c)		3.29	%		4.13	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	65,202		$	38,342		$	4,064
Portfolio turnover		39	%		73	%		62	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

Semiannual Report 2014
28

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended June 30,
Class Z	(Unaudited)			2014			2013			2012(a)			2011(b)
Per share data
Net asset value, beginning of period	$	10.71		$	9.86		$	8.16		$	8.34		$	7.20
Income from investment operations:
Net investment income		0.17			0.30			0.32			0.28			0.24
Net realized and unrealized gain (loss)		0.42			1.35			1.71			(0.24	)		1.14
Total from investment operations		0.59			1.65			2.03			0.04			1.38
Less distributions to shareholders:
Net investment income		(0.16	)		(0.30	)		(0.33	)		(0.22	)		(0.24	)
Net realized gains		—			(0.50	)		—			—			—
Total distributions to shareholders		(0.16	)		(0.80	)		(0.33	)		(0.22	)		(0.24	)
Net asset value, end of period	$	11.14		$	10.71		$	9.86		$	8.16		$	8.34
Total return		5.52	%		17.65	%		25.42	%		0.65	%		19.28	%
Ratios to average net assets(c)
Total gross expenses		0.75	%(d)		0.76	%		0.80	%		0.84	%(d)		0.87	%(d)
Total net expenses(e)		0.75	%(d)(f)		0.76	%(f)		0.80	%(f)		0.84	%(d)(f)		0.87	%(d)
Net investment income		3.23	%(d)		3.00	%		3.58	%		3.79	%(d)		3.98	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	1,127,654		$	1,022,666		$	1,069,240		$	671,036		$	138,659
Portfolio turnover		39	%		73	%		62	%		28	%		105	%

Notes to Financial Highlights

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

(b)  Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

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

(d)  Annualized.

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

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

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

Semiannual Report 2014
29

Columbia Dividend Opportunity Fund

Notes to Financial Statements

November 30, 2014 (Unaudited)

Note 1. Organization

Columbia Dividend Opportunity 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 the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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

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

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

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

Class 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 as described in the Fund's prospectus.

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

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

Semiannual Report 2014
30

Columbia Dividend Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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 that take into account, as applicable, 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 traded. If any foreign security 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. Many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees, including, if available, utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies, including money market funds, are valued at their 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 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 quoted or published price for the security.

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

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the NYSE. 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

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 place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of

Semiannual Report 2014
31

Columbia Dividend Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

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

Distributions to Shareholders

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

Guarantees and Indemnifications

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

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 0.66% to 0.49% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2014 was 0.54% 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 0.06% to 0.03% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2014 was 0.05% of the Fund's average daily net assets.

Semiannual Report 2014
32

Columbia Dividend Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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, 2014, other expenses paid by the Fund to this company were $5,014.

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.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer 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 I and Class Y shares are not subject to transfer agent fees.

For the six months ended November 30, 2014, 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	0.15	%
Class B	0.15
Class C	0.15
Class K	0.05
Class R	0.15
Class R4	0.15
Class R5	0.05
Class W	0.15
Class Z	0.15

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2014, these minimum account balance fees reduced total expenses of the Fund by $60.

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.

Semiannual Report 2014
33

Columbia Dividend Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $3,307,000 and $1,154,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2014, 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 $1,521,181 for Class A, $2,849 for Class B and $16,539 for Class C shares for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund's expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective October 1, 2014			Contractual Expense Cap Prior to October 1, 2014
Class A		1.13	%		1.16	%
Class B		1.88			1.91
Class C		1.88			1.91
Class I		0.77			0.78
Class K		1.07			1.08
Class R		1.38			1.41
Class R4		0.88			0.91
Class R5		0.82			0.83
Class W		1.13			1.16
Class Y		0.77			0.78
Class Z		0.88			0.91

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending

program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses.

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, 2014, the cost of investments for federal income tax purposes was approximately $5,611,703,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	941,800,000
Unrealized depreciation		(120,040,000	)
Net unrealized appreciation	$	821,760,000

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if any, aggregated to $2,452,715,300 and $2,408,733,638, respectively, for the six months ended November 30, 2014. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Redemption-in-Kind

Proceeds from the sales of securities for the Fund include the value of securities delivered through an in-kind redemption of certain fund shares. During the six months ended November 30, 2014, securities and other assets with a value of $58,340,324 were distributed to shareholders to satisfy their redemption requests. The net realized gain on these securities was $7,206,191, which is not taxable to remaining shareholders in the Fund.

Note 7. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use

Semiannual Report 2014
34

Columbia Dividend Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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 8. Shareholder Concentration

At November 30, 2014, one unaffiliated shareholder of record owned 11.3% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 52.5% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. 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 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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 9 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Significant Risks

Foreign Securities and Emerging Market Countries Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Note 12. 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 quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that

Semiannual Report 2014
35

Columbia Dividend Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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 2014
36

Columbia Dividend Opportunity 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 2014
37

Columbia Dividend Opportunity 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR140_05_E01_(01/15)

Semiannual Report

November 30, 2014

Columbia Small/Mid Cap Value Fund

Not FDIC insured • No bank guarantee • May lose value

About 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 some of the most talented professionals in the industry, brought together by a unique way of working.

It starts with carefully selected, specialized investment teams. While each team brings a diverse and innovative range of skills, all are grounded by a common set of core beliefs. All possess a solid conviction in the power of proprietary, bottom-up research. All look not only at generating returns, but also at the likely consistency of those returns and the risks required to achieve them. And while our culture encourages teams to operate independently and question established thinking, a rigorous investment oversight process ensures that each team stays true to its clearly articulated investment process. At Columbia Management, reaching our performance goals matters, and the way we reach them matters just as much.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

Connect with Columbia Management

Get the market insight you need from our investment experts

Investor insight

Stay informed with economic and market commentary, investment videos, white papers, mutual fund commentary and more at columbiamanagement.com.

  Columbia Management investor
(e-newsletter)

Read our award-winning* shareholder newsletter. Our quarterly newsletter is available online and provides timely and relevant content about economic trends, fund news, service enhancements and changes. Sign up to receive the newsletter electronically at columbiamanagement.com/newsletter.

  Investment videos

Watch and discover what our thought leaders are saying about financial markets and the economy. For an analysis of current events and trends that may affect your investments, visit our online video library at blog.columbiamanagement.com/publications.

  Social media

Columbia Management offers you multiple ways to access our market commentary and investment insights.

>  Perspectives blog at columbiamanagement.com
Read timely posts by our investment team, including our chief investment officer, chief economist and portfolio managers.

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

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

>  Linkedin.com/company/columbia-management
Connect with us on LinkedIn for updates from our thought leaders.

*Columbia Management investor was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

Not part of the shareholder report

President's Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What's different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

>  The relative value of global equities vs. global bonds actually improved during 2014.

>  Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today's conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President's Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB's balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People's Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

>  Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

>  Explicit downside hedges, such as put options (with emphasis on managing the related expense)

>  Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia Small/Mid Cap Value Fund

Table of Contents

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund's Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	11
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	29
Important Information About This Report	35

Semiannual Report 2014

Columbia Small/Mid Cap Value Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia Small/Mid Cap Value Fund (the Fund) Class A shares returned 2.22% excluding sales charges for the six-month period that ended November 30, 2014.

>  The Fund outperformed its benchmark, the Russell 2500 Value Index, which returned 2.12% for the same time period.

>  The Fund underperformed its former benchmark, the Russell Midcap Value Index, which returned 6.03% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2014)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	02/14/02
Excluding sales charges			2.22		8.16		14.64		8.73
Including sales charges			-3.66		1.93		13.29		8.08
Class B	02/14/02
Excluding sales charges			1.76		7.31		13.75		7.91
Including sales charges			-3.24		2.38		13.51		7.91
Class C	02/14/02
Excluding sales charges			1.86		7.42		13.79		7.93
Including sales charges			0.86		6.43		13.79		7.93
Class I	03/04/04		2.45		8.64		15.14		9.22
Class K	02/14/02		2.30		8.27		14.80		8.91
Class R*	12/11/06		2.15		7.91		14.33		8.43
Class R4*	12/11/06		2.32		8.45		14.68		8.70
Class R5*	12/11/06		2.48		8.58		15.11		9.08
Class W*	12/01/06		2.20		8.12		14.64		8.75
Class Y*	06/13/13		2.51		8.66		14.80		8.80
Class Z*	09/27/10		2.37		8.46		14.92		8.86
Russell 2500 Value Index			2.12		8.11		16.67		8.09
Russell Midcap Value Index			6.03		17.02		18.45		9.76

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

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

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

The Russell 2500 Value Index measures the performance of the small- to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 companies that are considered more value oriented relative to the overall market as defined by Russell's leading style methodology.

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

Effective July 7, 2014, the Fund compares its performance to that of the Russell 2500 Value Index. The investment manager believes that it provides a more appropriate basis for comparing the Fund's performance in light of the changes made to the Fund's name and principal investment strategies. Information on the both benchmarks will be included for a one year transition period. Thereafter, only the Russell 2500 Value Index will be included.

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 2014
3

Columbia Small/Mid Cap Value Fund

Portfolio Overview

(Unaudited)

Portfolio Management

Jarl Ginsberg, CFA, CAIA

Christian Stadlinger, PhD, CFA

David Hoffman

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.

© 2015 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.

Top Ten Holdings (%) (at November 30, 2014)
Assured Guaranty Ltd.	1.5
Swift Transportation Co.	1.5
United Continental Holdings, Inc.	1.4
Alaska Air Group, Inc.	1.4
Catalent, Inc.	1.4
VCA, Inc.	1.4
Southwest Gas Corp.	1.4
Omnicare, Inc.	1.3
EverBank Financial Corp.	1.3
Zions Bancorporation	1.3

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, 2014)
Common Stocks	95.6
Consumer Discretionary	16.4
Consumer Staples	1.2
Energy	4.3
Financials	31.2
Health Care	8.9
Industrials	12.0
Information Technology	10.2
Materials	6.6
Utilities	4.8
Exchange-Traded Funds	0.6
Limited Partnerships	0.9
Money Market Funds	2.9
Total	100.0

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

Semiannual Report 2014
4

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

Analyzing Your Fund's Expenses

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

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,022.20		1,018.70		6.30		6.29		1.25
Class B		1,000.00		1,000.00		1,017.60		1,014.96		10.06		10.05		2.00
Class C		1,000.00		1,000.00		1,018.60		1,014.96		10.07		10.05		2.00
Class I		1,000.00		1,000.00		1,024.50		1,020.94		4.04		4.03		0.80
Class K		1,000.00		1,000.00		1,023.00		1,019.40		5.60		5.59		1.11
Class R		1,000.00		1,000.00		1,021.50		1,017.45		7.56		7.54		1.50
Class R4		1,000.00		1,000.00		1,023.20		1,019.95		5.04		5.04		1.00
Class R5		1,000.00		1,000.00		1,024.80		1,020.64		4.34		4.33		0.86
Class W		1,000.00		1,000.00		1,022.00		1,018.50		6.50		6.49		1.29
Class Y		1,000.00		1,000.00		1,025.10		1,020.89		4.09		4.08		0.81
Class Z		1,000.00		1,000.00		1,023.70		1,019.90		5.10		5.09		1.01

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Semiannual Report 2014
5

Columbia Small/Mid Cap Value Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 95.2%

Issuer	Shares		Value ($)
Consumer Discretionary 16.3%
Auto Components 2.6%
American Axle & Manufacturing Holdings, Inc.(a)		725,000		15,471,500
Motorcar Parts of America, Inc.(a)		150,000		5,062,500
Tenneco, Inc.(a)		220,000		11,957,000
Total				32,491,000
Diversified Consumer Services 1.9%
Houghton Mifflin Harcourt Co.(a)		650,000		12,493,000
Nord Anglia Education, Inc.(a)		700,000		11,585,000
Total				24,078,000
Hotels, Restaurants & Leisure 2.9%
Dave & Buster's Entertainment, Inc.(a)		260,000		5,959,200
Del Frisco's Restaurant Group, Inc.(a)		525,000		11,665,500
Intrawest Resorts Holdings, Inc.(a)		475,000		5,092,000
Sonic Corp.		505,000		13,730,950
Total				36,447,650
Household Durables 3.8%
D.R. Horton, Inc.		500,000		12,745,000
Helen of Troy Ltd.(a)		223,000		14,419,180
KB Home		620,000		10,893,400
Standard Pacific Corp.(a)		1,375,000		10,381,250
Total				48,438,830
Multiline Retail 0.8%
JCPenney Co., Inc.(a)		1,250,000		10,012,500
Specialty Retail 4.3%
Best Buy Co., Inc.		385,000		15,172,850
Finish Line, Inc., Class A (The)		420,000		11,986,800
Neff Corp. Class A(a)(b)		548,349		8,088,148
Sonic Automotive, Inc., Class A		485,000		12,508,150
TravelCenters of America LLC(a)		725,000		6,778,750
Total				54,534,698
Total Consumer Discretionary				206,002,678
Consumer Staples 1.2%
Food Products 1.2%
TreeHouse Foods, Inc.(a)		190,000		15,380,500
Total Consumer Staples				15,380,500

Common Stocks (continued)

Issuer	Shares		Value ($)
Energy 4.2%
Energy Equipment & Services 2.0%
Helix Energy Solutions Group, Inc.(a)		485,000		11,091,950
Nabors Industries Ltd.		525,000		6,888,000
Oil States International, Inc.(a)		155,000		7,726,750
Total				25,706,700
Oil, Gas & Consumable Fuels 2.2%
Delek U.S. Holdings, Inc.		315,000		9,418,500
Goodrich Petroleum Corp.(a)		925,000		5,596,250
Gulfport Energy Corp.(a)		115,000		5,488,950
Whiting Petroleum Corp.(a)		175,000		7,309,750
Total				27,813,450
Total Energy				53,520,150
Financials 31.1%
Banks 9.3%
Comerica, Inc.		310,000		14,449,100
East West Bancorp, Inc.		420,000		15,443,400
Huntington Bancshares, Inc.		1,500,000		15,165,000
Prosperity Bancshares, Inc.		240,000		13,483,200
SVB Financial Group(a)		145,000		15,246,750
Texas Capital Bancshares, Inc.(a)		225,000		12,404,250
Umpqua Holdings Corp.		875,000		14,866,250
Zions Bancorporation		560,000		15,713,600
Total				116,771,550
Capital Markets 2.4%
Affiliated Managers Group, Inc.(a)		58,000		11,808,220
E*TRADE Financial Corp.(a)		340,000		7,755,400
Medley Capital Corp.		950,000		10,602,000
Total				30,165,620
Insurance 6.8%
American Equity Investment Life Holding Co.		500,000		13,500,000
Amtrust Financial Services, Inc.		250,000		12,830,000
Assured Guaranty Ltd.		725,000		18,531,000
CNO Financial Group, Inc.		725,000		12,571,500
Hartford Financial Services Group, Inc. (The)		380,000		15,694,000
XL Group PLC		360,000		12,787,200
Total				85,913,700

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

Semiannual Report 2014
6

Columbia Small/Mid Cap Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Real Estate Investment Trusts (REITs) 9.5%
Alexandria Real Estate Equities, Inc.		120,000		10,310,400
American Assets Trust, Inc.		325,000		12,772,500
CubeSmart		675,000		14,539,500
Geo Group, Inc. (The)		340,000		13,698,600
Highwoods Properties, Inc.		320,000		13,811,200
Kilroy Realty Corp.		220,000		15,109,600
National Health Investors, Inc.		3,758		249,080
PennyMac Mortgage Investment Trust		85,359		1,849,730
QTS Realty Trust Inc., Class A		429,300		13,960,836
RLJ Lodging Trust		350,000		11,525,500
Tanger Factory Outlet Centers, Inc.		330,000		12,071,400
Total				119,898,346
Thrifts & Mortgage Finance 3.1%
EverBank Financial Corp.		835,000		15,731,400
MGIC Investment Corp.(a)		1,150,000		10,706,500
Radian Group, Inc.		750,000		12,787,500
Total				39,225,400
Total Financials				391,974,616
Health Care 8.9%
Health Care Equipment & Supplies 2.1%
Globus Medical, Inc., Class A(a)		465,000		10,713,600
Teleflex, Inc.		130,000		15,489,500
Total				26,203,100
Health Care Providers & Services 5.5%
Healthways, Inc.(a)		650,000		10,127,000
Kindred Healthcare, Inc.		755,000		15,016,950
LifePoint Hospitals, Inc.(a)		170,000		11,762,300
Omnicare, Inc.		225,000		15,822,000
VCA, Inc.(a)		350,000		16,565,500
Total				69,293,750
Pharmaceuticals 1.3%
Catalent, Inc.(a)		580,000		16,698,200
Total Health Care				112,195,050
Industrials 12.0%
Airlines 3.1%
Alaska Air Group, Inc.		295,000		17,413,850
United Continental Holdings, Inc.(a)		285,000		17,450,550

Common Stocks (continued)

Issuer	Shares		Value ($)
Virgin America, Inc.(a)		103,194		3,888,350
Total				38,752,750
Commercial Services & Supplies 2.2%
Deluxe Corp.		255,000		14,904,750
Steelcase, Inc., Class A		740,000		12,964,800
Total				27,869,550
Construction & Engineering 0.9%
Tutor Perini Corp.(a)		420,000		10,605,000
Machinery 1.7%
Trinity Industries, Inc.		292,000		9,361,520
Wabash National Corp.(a)		1,150,000		12,408,500
Total				21,770,020
Professional Services 1.6%
Towers Watson & Co.		134,000		15,136,640
TrueBlue, Inc.(a)		230,000		5,278,500
Total				20,415,140
Road & Rail 1.4%
Swift Transportation Co.(a)		610,000		17,732,700
Trading Companies & Distributors 1.1%
United Rentals, Inc.(a)		125,000		14,163,750
Total Industrials				151,308,910
Information Technology 10.1%
Communications Equipment 1.0%
F5 Networks, Inc.(a)		100,000		12,919,000
Internet Software & Services 1.1%
Endurance International Group Holdings, Inc.(a)		875,000		14,542,500
IT Services 0.7%
Unisys Corp.(a)		335,000		8,951,200
Semiconductors & Semiconductor Equipment 5.3%
Fairchild Semiconductor International, Inc.(a)		670,000		10,807,100
Integrated Device Technology, Inc.(a)		725,000		13,528,500
Kulicke & Soffa Industries, Inc.(a)		1,050,000		14,679,000
Skyworks Solutions, Inc.		230,000		15,518,100
SunEdison, Inc.(a)		550,000		11,907,500
Total				66,440,200

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

Semiannual Report 2014
7

Columbia Small/Mid Cap Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Software 2.0%
Autodesk, Inc.(a)		185,000		11,470,000
Mentor Graphics Corp.		600,000		13,326,000
Total				24,796,000
Total Information Technology				127,648,900
Materials 6.6%
Chemicals 1.5%
Axiall Corp.		260,000		11,252,800
Orion Engineered Carbons SA(a)		500,000		8,490,000
Total				19,742,800
Containers & Packaging 1.1%
Rock-Tenn Co., Class A		240,000		13,634,400
Metals & Mining 1.3%
Carpenter Technology Corp.		155,000		7,815,100
Constellium NV(a)		525,000		8,268,750
Total				16,083,850
Paper & Forest Products 2.7%
Boise Cascade Co.(a)		340,000		12,134,600
Clearwater Paper Corp.(a)		185,000		12,258,100
KapStone Paper and Packaging Corp.(a)		325,000		9,707,750
Total				34,100,450
Total Materials				83,561,500
Utilities 4.8%
Electric Utilities 1.0%
UIL Holdings Corp.		310,000		12,338,000
Gas Utilities 2.6%
South Jersey Industries, Inc.		275,000		15,697,000
Southwest Gas Corp.		285,000		16,498,650
Total				32,195,650

Common Stocks (continued)

Issuer	Shares		Value ($)
Independent Power and Renewable Electricity Producers 1.2%
NRG Energy, Inc.		490,000		15,317,400
Total Utilities				59,851,050
Total Common Stocks (Cost: $1,028,551,468)				1,201,443,354

Exchange-Traded Funds 0.6%

	Shares		Value ($)
SPDR S&P 500 ETF Trust		35,000		7,252,000
Total Exchange-Traded Funds (Cost: $7,256,900)				7,252,000

Limited Partnerships 1.0%

Issuer	Shares		Value ($)
Financials 1.0%
Capital Markets 1.0%
Lazard Ltd., Class A		225,000		11,592,000
Total Financials				11,592,000
Total Limited Partnerships (Cost: $7,585,565)				11,592,000

Money Market Funds 2.9%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.104%(b)(c)		37,111,846		37,111,846
Total Money Market Funds (Cost: $37,111,846)				37,111,846
Total Investments (Cost: $1,080,505,779)				1,257,399,200
Other Assets & Liabilities, Net				4,388,877
Net Assets				1,261,788,077

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

Semiannual Report 2014
8

Columbia Small/Mid Cap Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		39,035,428		267,778,801		(269,702,383	)		37,111,846		19,600		37,111,846
Neff Corp. Class A*		—		8,225,235		—			8,225,235		—		8,088,148
Total		39,035,428		276,004,036		(269,702,383	)		45,337,081		19,600		45,199,994

*Issuer was not an affiliate for the entire period ended November 30, 2014.

(c)  The rate shown is the seven-day current annualized yield at November 30, 2014.

Fair Value Measurements

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

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

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

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

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

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

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

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

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved

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

Semiannual Report 2014
9

Columbia Small/Mid Cap Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

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 following table is a summary of the inputs used to value the Fund's investments at November 30, 2014:

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		206,002,678		—		—		206,002,678
Consumer Staples		15,380,500		—		—		15,380,500
Energy		53,520,150		—		—		53,520,150
Financials		391,974,616		—		—		391,974,616
Health Care		112,195,050		—		—		112,195,050
Industrials		151,308,910		—		—		151,308,910
Information Technology		127,648,900		—		—		127,648,900
Materials		83,561,500		—		—		83,561,500
Utilities		59,851,050		—		—		59,851,050
Exchange-Traded Funds		7,252,000		—		—		7,252,000
Total Equity Securities		1,208,695,354		—		—		1,208,695,354
Other
Limited Partnerships		11,592,000		—		—		11,592,000
Total Other		11,592,000		—		—		11,592,000
Mutual Funds
Money Market Funds		37,111,846		—		—		37,111,846
Total Mutual Funds		37,111,846		—		—		37,111,846
Total		1,257,399,200		—		—		1,257,399,200

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

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

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

Semiannual Report 2014
10

Columbia Small/Mid Cap Value Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,035,168,698)	$	1,212,199,206
Affiliated issuers (identified cost $45,337,081)		45,199,994
Total investments (identified cost $1,080,505,779)		1,257,399,200
Cash		6,750
Receivable for:
Investments sold		11,469,572
Capital shares sold		253,122
Dividends		1,299,319
Prepaid expenses		5,873
Other assets		4,476
Total assets		1,270,438,312
Liabilities
Payable for:
Investments purchased		7,256,900
Capital shares purchased		959,644
Investment management fees		50,600
Distribution and/or service fees		15,783
Transfer agent fees		143,533
Administration fees		3,911
Plan administration fees		28,195
Compensation of board members		113,802
Other expenses		77,867
Total liabilities		8,650,235
Net assets applicable to outstanding capital stock	$	1,261,788,077
Represented by
Paid-in capital	$	907,441,974
Excess of distributions over net investment income		(878,770	)
Accumulated net realized gain		178,331,452
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		177,030,508
Investments — affiliated issuers		(137,087	)
Total — representing net assets applicable to outstanding capital stock	$	1,261,788,077

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

Semiannual Report 2014
11

Columbia Small/Mid Cap Value Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$	905,777,120
Shares outstanding		81,968,872
Net asset value per share	$	11.05
Maximum offering price per share(a)	$	11.72
Class B
Net assets	$	18,318,294
Shares outstanding		1,762,298
Net asset value per share	$	10.39
Class C
Net assets	$	34,733,264
Shares outstanding		3,344,364
Net asset value per share	$	10.39
Class I
Net assets	$	3,115
Shares outstanding		276
Net asset value per share(b)	$	11.28
Class K
Net assets	$	140,895,502
Shares outstanding		12,658,219
Net asset value per share	$	11.13
Class R
Net assets	$	10,067,970
Shares outstanding		921,511
Net asset value per share	$	10.93
Class R4
Net assets	$	23,695,474
Shares outstanding		2,145,840
Net asset value per share	$	11.04
Class R5
Net assets	$	86,969,145
Shares outstanding		7,787,968
Net asset value per share	$	11.17
Class W
Net assets	$	2,704
Shares outstanding		243
Net asset value per share	$	11.13
Class Y
Net assets	$	6,973,644
Shares outstanding		631,638
Net asset value per share	$	11.04

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

Semiannual Report 2014
12

Columbia Small/Mid Cap Value Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class Z
Net assets	$	34,351,845
Shares outstanding		3,054,536
Net asset value per share	$	11.25

(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 2014
13

Columbia Small/Mid Cap Value Fund

Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	8,841,377
Dividends — affiliated issuers		19,600
Total income		8,860,977
Expenses:
Investment management fees		5,018,742
Distribution and/or service fees
Class A		1,172,688
Class B		106,635
Class C		176,381
Class R		27,593
Class W		3
Transfer agent fees
Class A		924,095
Class B		21,034
Class C		34,739
Class K		36,463
Class R		10,880
Class R4		25,233
Class R5		28,427
Class W		3
Class Z		32,319
Administration fees		386,841
Plan administration fees
Class K		182,316
Compensation of board members		19,201
Custodian fees		12,121
Printing and postage fees		93,569
Registration fees		74,922
Professional fees		22,763
Other		14,210
Total expenses		8,421,178
Expense reductions		(60	)
Total net expenses		8,421,118
Net investment income		439,859
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		26,307,667
Net realized gain		26,307,667
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		3,291,557
Investments — affiliated issuers		(137,087	)
Net change in unrealized appreciation		3,154,470
Net realized and unrealized gain		29,462,137
Net increase in net assets resulting from operations	$	29,901,996

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

Semiannual Report 2014
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Columbia Small/Mid Cap Value Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014(a)
Operations
Net investment income	$	439,859		$	3,022,865
Net realized gain		26,307,667			472,710,377
Net change in unrealized appreciation (depreciation)		3,154,470			(221,887,020	)
Net increase in net assets resulting from operations		29,901,996			253,846,222
Distributions to shareholders
Net investment income
Class A		—			(9,760,341	)
Class B		—			(188,593	)
Class C		—			(219,396	)
Class I		—			(1,084,703	)
Class K		—			(1,861,253	)
Class R		—			(107,709	)
Class R4		—			(337,511	)
Class R5		—			(3,167,030	)
Class W		—			(57	)
Class Y		—			(472,242	)
Class Z		—			(497,630	)
Net realized gains
Class A		—			(69,193,078	)
Class B		—			(2,263,318	)
Class C		—			(2,648,660	)
Class I		—			(5,522,105	)
Class K		—			(11,548,795	)
Class R		—			(965,363	)
Class R4		—			(2,074,996	)
Class R5		—			(16,630,430	)
Class W		—			(400	)
Class Y		—			(2,524,550	)
Class Z		—			(2,901,080	)
Total distributions to shareholders		—			(133,969,240	)
Decrease in net assets from capital stock activity		(240,145,638	)		(321,503,772	)
Total decrease in net assets		(210,243,642	)		(201,626,790	)
Net assets at beginning of period		1,472,031,719			1,673,658,509
Net assets at end of period	$	1,261,788,077		$	1,472,031,719
Excess of distributions over net investment income	$	(878,770	)	$	(1,318,629	)

(a) Class Y shares are based on operations from June 13, 2013 (commencement of operations) through the stated period end.

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

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Columbia Small/Mid Cap Value Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		1,644,211			17,824,409			7,719,881			81,556,402
Distributions reinvested		—			—			7,655,219			78,083,234
Redemptions		(10,023,576	)		(108,651,304	)		(17,509,364	)		(184,628,857	)
Net decrease		(8,379,365	)		(90,826,895	)		(2,134,264	)		(24,989,221	)
Class B shares
Subscriptions		11,542			117,237			51,752			516,734
Distributions reinvested		—			—			251,225			2,429,346
Redemptions(b)		(638,303	)		(6,500,959	)		(1,938,909	)		(19,393,030	)
Net decrease		(626,761	)		(6,383,722	)		(1,635,932	)		(16,446,950	)
Class C shares
Subscriptions		119,429			1,224,745			411,683			4,114,931
Distributions reinvested		—			—			286,754			2,770,043
Redemptions		(317,285	)		(3,247,407	)		(506,602	)		(5,053,420	)
Net increase (decrease)		(197,856	)		(2,022,662	)		191,835			1,831,554
Class I shares
Subscriptions		6,533			71,191			182,239			2,000,712
Distributions reinvested		—			—			636,996			6,605,646
Redemptions		(7,350,096	)		(82,079,581	)		(3,247,139	)		(35,388,406	)
Net decrease		(7,343,563	)		(82,008,390	)		(2,427,904	)		(26,782,048	)
Class K shares
Subscriptions		551,154			6,049,373			2,732,714			28,911,315
Distributions reinvested		—			—			1,306,894			13,408,739
Redemptions		(2,191,972	)		(24,067,374	)		(9,695,132	)		(103,152,230	)
Net decrease		(1,640,818	)		(18,018,001	)		(5,655,524	)		(60,832,176	)
Class R shares
Subscriptions		148,849			1,575,988			318,601			3,327,797
Distributions reinvested		—			—			104,018			1,051,621
Redemptions		(371,829	)		(3,983,606	)		(543,044	)		(5,672,185	)
Net decrease		(222,980	)		(2,407,618	)		(120,425	)		(1,292,767	)
Class R4 shares
Subscriptions		285,145			3,107,440			588,775			6,202,352
Distributions reinvested		—			—			237,218			2,412,507
Redemptions		(542,632	)		(5,884,720	)		(1,315,116	)		(13,752,040	)
Net decrease		(257,487	)		(2,777,280	)		(489,123	)		(5,137,181	)

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

Semiannual Report 2014
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Columbia Small/Mid Cap Value Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		975,532			10,692,706			4,153,207			44,352,521
Distributions reinvested		—			—			1,798,337			18,468,926
Redemptions		(4,340,820	)		(47,904,566	)		(17,308,395	)		(182,577,597	)
Net decrease		(3,365,288	)		(37,211,860	)		(11,356,851	)		(119,756,150	)
Class W shares
Redemptions		—			—			(263	)		(2,901	)
Net decrease		—			—			(263	)		(2,901	)
Class Y shares
Subscriptions		49,351			533,348			4,460,365			46,830,747
Distributions reinvested		—			—			295,227			2,996,559
Redemptions		(70,280	)		(764,527	)		(4,103,025	)		(43,038,706	)
Net increase (decrease)		(20,929	)		(231,179	)		652,567			6,788,600
Class Z shares
Subscriptions		688,250			7,650,732			4,012,037			42,542,748
Distributions reinvested		—			—			251,291			2,603,380
Redemptions		(538,366	)		(5,908,763	)		(10,865,587	)		(120,030,660	)
Net increase (decrease)		149,884			1,741,969			(6,602,259	)		(74,884,532	)
Total net decrease		(21,905,163	)		(240,145,638	)		(29,578,143	)		(321,503,772	)

(a) Class Y shares are based on operations from June 13, 2013 (commencement of operations) through the stated period end.

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

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

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Columbia Small/Mid Cap Value Fund

Financial Highlights

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class A	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.81		$	10.08		$	7.59		$	6.44		$	6.94		$	6.15		$	7.14
Income from investment operations:
Net investment income		0.00	(b)		0.01			0.07			0.03			0.02			0.04			0.07
Net realized and unrealized gain (loss)		0.24			1.62			2.46			1.12			(0.48	)		0.83			(0.59	)
Total from investment operations		0.24			1.63			2.53			1.15			(0.46	)		0.87			(0.52	)
Less distributions to shareholders:
Net investment income		—			(0.11	)		(0.04	)		(0.00	)(b)		(0.04	)		(0.08	)		(0.02	)
Net realized gains		—			(0.79	)		—			—			—			—			(0.45	)
Total distributions to shareholders		—			(0.90	)		(0.04	)		(0.00	)(b)		(0.04	)		(0.08	)		(0.47	)
Net asset value, end of period	$	11.05		$	10.81		$	10.08		$	7.59		$	6.44		$	6.94		$	6.15
Total return		2.22	%		16.73	%		33.47	%		17.93	%		(6.69	%)		14.28	%		(4.97	%)
Ratios to average net assets(c)
Total gross expenses		1.25	%(d)		1.26	%		1.31	%		1.29	%(d)		1.30	%		1.20	%		1.19	%
Total net expenses(e)		1.25	%(d)(f)		1.25	%(f)		1.23	%(f)		1.20	%(d)		1.29	%(f)		1.20	%		1.19	%
Net investment income		0.02	%(d)		0.10	%		0.81	%		0.55	%(d)		0.22	%		0.62	%		1.39	%
Supplemental data
Net assets, end of period (in thousands)	$	905,777		$	976,436		$	932,556		$	850,820		$	882,934		$	1,324,861		$	1,351,336
Portfolio turnover		25	%		110	%		40	%		28	%		46	%		50	%		42	%

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)  Rounds to zero.

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

(d)  Annualized.

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

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

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

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Columbia Small/Mid Cap Value Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class B	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.21		$	9.60		$	7.24		$	6.17		$	6.67		$	5.90		$	6.90
Income from investment operations:
Net investment income (loss)		(0.04	)		(0.06	)		0.01			(0.01	)		(0.04	)		(0.01	)		0.03
Net realized and unrealized gain (loss)		0.22			1.53			2.35			1.08			(0.46	)		0.81			(0.58	)
Total from investment operations		0.18			1.47			2.36			1.07			(0.50	)		0.80			(0.55	)
Less distributions to shareholders:
Net investment income		—			(0.07	)		—			—			—			(0.03	)		—
Net realized gains		—			(0.79	)		—			—			—			—			(0.45	)
Total distributions to shareholders		—			(0.86	)		—			—			—			(0.03	)		(0.45	)
Net asset value, end of period	$	10.39		$	10.21		$	9.60		$	7.24		$	6.17		$	6.67		$	5.90
Total return		1.76	%		15.78	%		32.60	%		17.34	%		(7.50	%)		13.65	%		(5.88	%)
Ratios to average net assets(b)
Total gross expenses		2.00	%(c)		2.01	%		2.05	%		2.04	%(c)		2.04	%		1.97	%		1.96	%
Total net expenses(d)		2.00	%(c)(e)		2.00	%(e)		1.97	%(e)		1.95	%(c)		2.03	%(e)		1.97	%		1.96	%
Net investment income (loss)		(0.73	%)(c)		(0.65	%)		0.11	%		(0.19	%)(c)		(0.54	%)		(0.18	%)		0.62	%
Supplemental data
Net assets, end of period (in thousands)	$	18,318		$	24,381		$	38,621		$	49,020		$	49,737		$	92,370		$	104,322
Portfolio turnover		25	%		110	%		40	%		28	%		46	%		50	%		42	%

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

(c)  Annualized.

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

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

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

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Columbia Small/Mid Cap Value Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class C	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.20		$	9.59		$	7.24		$	6.17		$	6.66		$	5.91		$	6.90
Income from investment operations:
Net investment income (loss)		(0.04	)		(0.07	)		0.01			(0.01	)		(0.04	)		(0.01	)		0.03
Net realized and unrealized gain (loss)		0.23			1.54			2.34			1.08			(0.45	)		0.80			(0.57	)
Total from investment operations		0.19			1.47			2.35			1.07			(0.49	)		0.79			(0.54	)
Less distributions to shareholders:
Net investment income		—			(0.07	)		—			—			—			(0.04	)		—
Net realized gains		—			(0.79	)		—			—			—			—			(0.45	)
Total distributions to shareholders		—			(0.86	)		—			—			—			(0.04	)		(0.45	)
Net asset value, end of period	$	10.39		$	10.20		$	9.59		$	7.24		$	6.17		$	6.66		$	5.91
Total return		1.86	%		15.79	%		32.46	%		17.34	%		(7.36	%)		13.49	%		(5.74	%)
Ratios to average net assets(b)
Total gross expenses		2.00	%(c)		2.01	%		2.06	%		2.04	%(c)		2.05	%		1.96	%		1.95	%
Total net expenses(d)		2.00	%(c)(e)		2.00	%(e)		1.98	%(e)		1.95	%(c)		2.04	%(e)		1.96	%		1.95	%
Net investment income (loss)		(0.73	%)(c)		(0.66	%)		0.07	%		(0.20	%)(c)		(0.52	%)		(0.13	%)		0.62	%
Supplemental data
Net assets, end of period (in thousands)	$	34,733		$	36,115		$	32,119		$	31,012		$	34,731		$	45,317		$	41,952
Portfolio turnover		25	%		110	%		40	%		28	%		46	%		50	%		42	%

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

(c)  Annualized.

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

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

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

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Columbia Small/Mid Cap Value Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class I	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.01		$	10.25		$	7.72		$	6.56		$	7.07		$	6.25		$	7.26
Income from investment operations:
Net investment income		0.02			0.06			0.11			0.05			0.06			0.07			0.09
Net realized and unrealized gain (loss)		0.25			1.65			2.50			1.15			(0.49	)		0.86			(0.60	)
Total from investment operations		0.27			1.71			2.61			1.20			(0.43	)		0.93			(0.51	)
Less distributions to shareholders:
Net investment income		—			(0.16	)		(0.08	)		(0.04	)		(0.08	)		(0.11	)		(0.05	)
Net realized gains		—			(0.79	)		—			—			—			—			(0.45	)
Total distributions to shareholders		—			(0.95	)		(0.08	)		(0.04	)		(0.08	)		(0.11	)		(0.50	)
Net asset value, end of period	$	11.28		$	11.01		$	10.25		$	7.72		$	6.56		$	7.07		$	6.25
Total return		2.45	%		17.22	%		33.99	%		18.30	%		(6.28	%)		15.06	%		(4.60	%)
Ratios to average net assets(b)
Total gross expenses		0.80	%(c)		0.79	%		0.80	%		0.79	%(c)		0.82	%		0.73	%		0.67	%
Total net expenses(d)		0.80	%(c)		0.79	%		0.78	%		0.77	%(c)		0.82	%		0.73	%		0.67	%
Net investment income		0.36	%(c)		0.55	%		1.25	%		0.98	%(c)		0.72	%		1.05	%		1.83	%
Supplemental data
Net assets, end of period (in thousands)	$	3		$	80,862		$	100,192		$	84,959		$	100,645		$	117,621		$	44,214
Portfolio turnover		25	%		110	%		40	%		28	%		46	%		50	%		42	%

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

(c)  Annualized.

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

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

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Columbia Small/Mid Cap Value Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class K	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.88		$	10.14		$	7.64		$	6.48		$	6.99		$	6.19		$	7.20
Income from investment operations:
Net investment income		0.01			0.03			0.08			0.04			0.03			0.05			0.08
Net realized and unrealized gain (loss)		0.24			1.63			2.47			1.13			(0.48	)		0.85			(0.60	)
Total from investment operations		0.25			1.66			2.55			1.17			(0.45	)		0.90			(0.52	)
Less distributions to shareholders:
Net investment income		—			(0.13	)		(0.05	)		(0.01	)		(0.06	)		(0.10	)		(0.04	)
Net realized gains		—			(0.79	)		—			—			—			—			(0.45	)
Total distributions to shareholders		—			(0.92	)		(0.05	)		(0.01	)		(0.06	)		(0.10	)		(0.49	)
Net asset value, end of period	$	11.13		$	10.88		$	10.14		$	7.64		$	6.48		$	6.99		$	6.19
Total return		2.30	%		16.90	%		33.53	%		18.15	%		(6.59	%)		14.61	%		(4.91	%)
Ratios to average net assets(b)
Total gross expenses		1.11	%(c)		1.09	%		1.10	%		1.09	%(c)		1.12	%		1.03	%		0.97	%
Total net expenses(d)		1.11	%(c)		1.09	%		1.08	%		1.07	%(c)		1.12	%		1.03	%		0.97	%
Net investment income		0.17	%(c)		0.28	%		0.97	%		0.69	%(c)		0.38	%		0.80	%		1.55	%
Supplemental data
Net assets, end of period (in thousands)	$	140,896		$	155,551		$	202,420		$	241,253		$	251,200		$	389,349		$	337,593
Portfolio turnover		25	%		110	%		40	%		28	%		46	%		50	%		42	%

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

(c)  Annualized.

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

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

Semiannual Report 2014
22

Columbia Small/Mid Cap Value Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class R	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.70		$	9.99		$	7.52		$	6.39		$	6.88		$	6.11		$	7.12
Income from investment operations:
Net investment income (loss)		(0.01	)		(0.02	)		0.05			0.02			(0.00	)(b)		0.02			0.05
Net realized and unrealized gain (loss)		0.24			1.61			2.43			1.11			(0.46	)		0.82			(0.58	)
Total from investment operations		0.23			1.59			2.48			1.13			(0.46	)		0.84			(0.53	)
Less distributions to shareholders:
Net investment income		—			(0.09	)		(0.01	)		—			(0.03	)		(0.07	)		(0.03	)
Net realized gains		—			(0.79	)		—			—			—			—			(0.45	)
Total distributions to shareholders		—			(0.88	)		(0.01	)		—			(0.03	)		(0.07	)		(0.48	)
Net asset value, end of period	$	10.93		$	10.70		$	9.99		$	7.52		$	6.39		$	6.88		$	6.11
Total return		2.15	%		16.42	%		33.07	%		17.68	%		(6.81	%)		13.85	%		(5.25	%)
Ratios to average net assets(c)
Total gross expenses		1.50	%(d)		1.51	%		1.56	%		1.54	%(d)		1.55	%		1.53	%		1.47	%
Total net expenses(e)		1.50	%(d)(f)		1.50	%(f)		1.47	%(f)		1.45	%(d)		1.54	%(f)		1.53	%		1.47	%
Net investment income (loss)		(0.23	%)(d)		(0.15	%)		0.59	%		0.31	%(d)		(0.01	%)		0.31	%		1.07	%
Supplemental data
Net assets, end of period (in thousands)	$	10,068		$	12,245		$	12,641		$	13,594		$	14,799		$	16,531		$	15,827
Portfolio turnover		25	%		110	%		40	%		28	%		46	%		50	%		42	%

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)  Rounds to zero.

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

(d)  Annualized.

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

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

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

Semiannual Report 2014
23

Columbia Small/Mid Cap Value Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class R4	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.79		$	10.06		$	7.56		$	6.41		$	6.92		$	6.14		$	7.15
Income from investment operations:
Net investment income		0.01			0.04			0.08			0.02			0.01			0.04			0.06
Net realized and unrealized gain (loss)		0.24			1.61			2.45			1.13			(0.48	)		0.83			(0.59	)
Total from investment operations		0.25			1.65			2.53			1.15			(0.47	)		0.87			(0.53	)
Less distributions to shareholders:
Net investment income		—			(0.13	)		(0.03	)		—			(0.04	)		(0.09	)		(0.03	)
Net realized gains		—			(0.79	)		—			—			—			—			(0.45	)
Total distributions to shareholders		—			(0.92	)		(0.03	)		—			(0.04	)		(0.09	)		(0.48	)
Net asset value, end of period	$	11.04		$	10.79		$	10.06		$	7.56		$	6.41		$	6.92		$	6.14
Total return		2.32	%		16.95	%		33.59	%		17.94	%		(6.84	%)		14.22	%		(5.07	%)
Ratios to average net assets(b)
Total gross expenses		1.00	%(c)		1.01	%		1.18	%		1.34	%(c)		1.37	%		1.29	%		1.22	%
Total net expenses(d)		1.00	%(c)(e)		1.00	%(e)		1.15	%		1.32	%(c)		1.37	%		1.29	%		1.22	%
Net investment income		0.27	%(c)		0.36	%		0.93	%		0.44	%(c)		0.16	%		0.55	%		1.30	%
Supplemental data
Net assets, end of period (in thousands)	$	23,695		$	25,924		$	29,093		$	46,639		$	50,329		$	67,911		$	46,599
Portfolio turnover		25	%		110	%		40	%		28	%		46	%		50	%		42	%

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

(c)  Annualized.

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

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

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

Semiannual Report 2014
24

Columbia Small/Mid Cap Value Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class R5	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.90		$	10.16		$	7.65		$	6.50		$	7.01		$	6.20		$	7.21
Income from investment operations:
Net investment income		0.02			0.06			0.11			0.05			0.05			0.07			0.09
Net realized and unrealized gain (loss)		0.25			1.62			2.47			1.13			(0.48	)		0.85			(0.60	)
Total from investment operations		0.27			1.68			2.58			1.18			(0.43	)		0.92			(0.51	)
Less distributions to shareholders:
Net investment income		—			(0.15	)		(0.07	)		(0.03	)		(0.08	)		(0.11	)		(0.05	)
Net realized gains		—			(0.79	)		—			—			—			—			(0.45	)
Total distributions to shareholders		—			(0.94	)		(0.07	)		(0.03	)		(0.08	)		(0.11	)		(0.50	)
Net asset value, end of period	$	11.17		$	10.90		$	10.16		$	7.65		$	6.50		$	7.01		$	6.20
Total return		2.48	%		17.12	%		33.98	%		18.26	%		(6.38	%)		14.97	%		(4.65	%)
Ratios to average net assets(b)
Total gross expenses		0.86	%(c)		0.84	%		0.85	%		0.84	%(c)		0.87	%		0.79	%		0.72	%
Total net expenses(d)		0.86	%(c)		0.84	%		0.83	%		0.82	%(c)		0.87	%		0.79	%		0.72	%
Net investment income		0.41	%(c)		0.53	%		1.22	%		0.94	%(c)		0.67	%		1.05	%		1.82	%
Supplemental data
Net assets, end of period (in thousands)	$	86,969		$	121,576		$	228,714		$	142,835		$	119,293		$	139,751		$	133,143
Portfolio turnover		25	%		110	%		40	%		28	%		46	%		50	%		42	%

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

(c)  Annualized.

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

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

Semiannual Report 2014
25

Columbia Small/Mid Cap Value Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class W	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.89		$	10.15		$	7.65		$	6.49		$	7.00		$	6.20		$	7.19
Income from investment operations:
Net investment income		(0.00	)(b)		0.01			0.07			0.03			0.02			0.04			0.07
Net realized and unrealized gain (loss)		0.24			1.63			2.47			1.14			(0.48	)		0.85			(0.59	)
Total from investment operations		0.24			1.64			2.54			1.17			(0.46	)		0.89			(0.52	)
Less distributions to shareholders:
Net investment income		—			(0.11	)		(0.04	)		(0.01	)		(0.05	)		(0.09	)		(0.02	)
Net realized gains		—			(0.79	)		—			—			—			—			(0.45	)
Total distributions to shareholders		—			(0.90	)		(0.04	)		(0.01	)		(0.05	)		(0.09	)		(0.47	)
Net asset value, end of period	$	11.13		$	10.89		$	10.15		$	7.65		$	6.49		$	7.00		$	6.20
Total return		2.20	%		16.73	%		33.37	%		18.03	%		(6.69	%)		14.43	%		(4.96	%)
Ratios to average net assets(c)
Total gross expenses		1.29	%(d)		1.24	%		1.28	%		1.26	%(d)		1.28	%		1.17	%		1.07	%
Total net expenses(e)		1.29	%(d)(f)		1.24	%(f)		1.22	%(f)		1.18	%(d)		1.28	%		1.17	%		1.07	%
Net investment income (loss)		(0.02	%)(d)		0.14	%		0.80	%		0.57	%(d)		0.26	%		0.67	%		1.48	%
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	5		$	4		$	3		$	4		$	3
Portfolio turnover		25	%		110	%		40	%		28	%		46	%		50	%		42	%

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)  Rounds to zero.

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

(d)  Annualized.

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

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

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

Semiannual Report 2014
26

Columbia Small/Mid Cap Value Fund

Financial Highlights (continued)

Class Y	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014(a)
Per share data
Net asset value, beginning of period	$	10.77		$	10.08
Income from investment operations:
Net investment income		0.03			0.04
Net realized and unrealized gain		0.24			1.59
Total from investment operations		0.27			1.63
Less distributions to shareholders:
Net investment income		—			(0.15	)
Net realized gains		—			(0.79	)
Total distributions to shareholders		—			(0.94	)
Net asset value, end of period	$	11.04		$	10.77
Total return		2.51	%		16.73	%
Ratios to average net assets(b)
Total gross expenses		0.81	%(c)		0.79	%(c)
Total net expenses(d)		0.81	%(c)		0.78	%(c)
Net investment income		0.47	%(c)		0.37	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	6,974		$	7,031
Portfolio turnover		25	%		110	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

Semiannual Report 2014
27

Columbia Small/Mid Cap Value Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,									Year Ended September 30,
Class Z	(Unaudited)			2014			2013			2012(a)			2011			2010(b)
Per share data
Net asset value, beginning of period	$	10.99		$	10.23		$	7.71		$	6.55		$	7.07		$	7.00
Income from investment operations:
Net investment income		0.02			0.04			0.09			0.04			0.06			0.00	(c)
Net realized and unrealized gain (loss)		0.24			1.65			2.50			1.15			(0.50	)		0.07
Total from investment operations		0.26			1.69			2.59			1.19			(0.44	)		0.07
Less distributions to shareholders:
Net investment income		—			(0.14	)		(0.07	)		(0.03	)		(0.08	)		—
Net realized gains		—			(0.79	)		—			—			—			—
Total distributions to shareholders		—			(0.93	)		(0.07	)		(0.03	)		(0.08	)		—
Net asset value, end of period	$	11.25		$	10.99		$	10.23		$	7.71		$	6.55		$	7.07
Total return		2.37	%		17.04	%		33.70	%		18.18	%		(6.42	%)		1.00	%
Ratios to average net assets(d)
Total gross expenses		1.01	%(e)		1.01	%		1.06	%		1.04	%(e)		1.07	%		1.01	%(e)
Total net expenses(f)		1.01	%(e)(g)		1.00	%(g)		0.97	%(g)		0.95	%(e)		1.06	%(g)		1.01	%(e)
Net investment income		0.27	%(e)		0.36	%		1.07	%		0.81	%(e)		0.80	%		4.49	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	34,352		$	31,909		$	97,298		$	141,202		$	127,642		$	3
Portfolio turnover		25	%		110	%		40	%		28	%		46	%		50	%

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)  Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(c)  Rounds to zero.

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

(e)  Annualized.

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

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

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

Semiannual Report 2014
28

Columbia Small/Mid Cap Value Fund

Notes to Financial Statements

November 30, 2014 (Unaudited)

Note 1. Organization

Columbia Small/Mid Cap Value Fund (formerly known as Columbia Mid Cap Value Opportunity 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 July 7, 2014, Columbia Mid Cap Value Opportunity Fund was renamed Columbia Small/Mid Cap Value Fund.

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 the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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

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

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

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

Class 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 as described in the Fund's prospectus.

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

All equity securities and exchange-traded funds (ETFs) are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities and ETFs are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the

Semiannual Report 2014
29

Columbia Small/Mid Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

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

Investments in open-end investment companies, including money market funds, are valued at their 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 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 quoted or published price for the security.

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

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 recorded on the ex-dividend date.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange-traded funds (ETFs), other regulated investment companies (RICs), 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 actual information reported. To the extent actual information has not yet been reported by the REITs, estimates for return of capital are made by the Fund's management. 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 REITs, which could result in a proportionate change in return of capital to shareholders. No estimates are made for the BDCs, ETFs, and RICs.

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to

Semiannual Report 2014
30

Columbia Small/Mid Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid 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

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, 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 0.76% to 0.62% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2014 was 0.72% 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 0.06% to 0.03% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2014 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, 2014, other expenses paid by the Fund to this company were $1,571.

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.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agent fees for Class K

Semiannual Report 2014
31

Columbia Small/Mid Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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 I and Class Y shares are not subject to transfer agent fees.

For the six months ended November 30, 2014, 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	0.20	%
Class B	0.20
Class C	0.20
Class K	0.05
Class R	0.20
Class R4	0.20
Class R5	0.05
Class W	0.24
Class Z	0.20

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2014, these minimum account balance fees reduced total expenses of the Fund by $60.

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 amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $1,764,000 and $336,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2014, 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 $131,255 for Class A, $1,926 for Class B and $498 for Class C shares for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund's expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective October 1, 2014			Contractual Expense Cap Prior to October 1, 2014
Class A		1.28	%		1.33	%
Class B		2.03			2.08
Class C		2.03			2.08
Class I		0.88			0.89
Class K		1.18			1.19
Class R		1.53			1.58
Class R4		1.03			1.08
Class R5		0.93			0.94
Class W		1.28			1.33
Class Y		0.88			0.89
Class Z		1.03			1.08

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending

Semiannual Report 2014
32

Columbia Small/Mid Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses.

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, 2014, the cost of investments for federal income tax purposes was approximately $1,080,506,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	214,195,000
Unrealized depreciation		(37,302,000	)
Net unrealized appreciation	$	176,893,000

The following capital loss carryforwards, determined as of May 31, 2014, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
2017		1,305,027
2018		9,944,538
Total		11,249,565

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if any, aggregated to $343,235,407 and $580,874,473, respectively, for the six months ended November 30, 2014. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as

Dividends — affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At November 30, 2014, affiliated shareholders of record owned 67.2% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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 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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

Note 9. Significant Risks

Financial Sector Risk

Sector risk occurs when a fund invests a significant portion of its assets in securities of companies conducting business in a related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, making a fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The Fund may be more susceptible to the particular risks that may affect companies in the financial sector than if it were invested in a wider variety of companies in unrelated sectors.

Semiannual Report 2014
33

Columbia Small/Mid Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 8 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 11. 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 quarterly (10-Q), annual (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 2014
34

Columbia Small/Mid Cap 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 2014
35

Columbia Small/Mid Cap 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR198_05_E01_(01/15)

Semiannual Report

November 30, 2014

Columbia U.S. Government Mortgage Fund

Not FDIC insured • No bank guarantee • May lose value

About 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 some of the most talented professionals in the industry, brought together by a unique way of working.

It starts with carefully selected, specialized investment teams. While each team brings a diverse and innovative range of skills, all are grounded by a common set of core beliefs. All possess a solid conviction in the power of proprietary, bottom-up research. All look not only at generating returns, but also at the likely consistency of those returns and the risks required to achieve them. And while our culture encourages teams to operate independently and question established thinking, a rigorous investment oversight process ensures that each team stays true to its clearly articulated investment process. At Columbia Management, reaching our performance goals matters, and the way we reach them matters just as much.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

President's Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What's different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

>  The relative value of global equities vs. global bonds actually improved during 2014.

>  Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today's conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President's Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB's balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People's Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

>  Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

>  Explicit downside hedges, such as put options (with emphasis on managing the related expense)

>  Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia U.S. Government Mortgage Fund

Table of Contents

Performance Overview	4
Portfolio Overview	5
Understanding Your Fund's Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	17
Statement of Operations	19
Statement of Changes in Net Assets	20
Financial Highlights	23
Notes to Financial Statements	33
Important Information About This Report	45

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Semiannual Report 2014

Columbia U.S. Government Mortgage Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia U.S. Government Mortgage Fund (the Fund) Class A shares returned 2.11% excluding sales charges for the six months ended November 30, 2014.

>  The Fund slightly outperformed its benchmark, the Barclays U.S. Mortgage-Backed Securities Index, which returned 2.08% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2014)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	02/14/02
Excluding sales charges			2.11		4.88		5.67		5.05
Including sales charges			-2.68		-0.08		4.65		4.53
Class B	02/14/02
Excluding sales charges			1.73		4.11		4.87		4.26
Including sales charges			-3.27		-0.89		4.54		4.26
Class C	02/14/02
Excluding sales charges			1.73		4.30		4.91		4.28
Including sales charges			0.73		3.30		4.91		4.28
Class I	03/04/04		2.31		5.49		6.06		5.46
Class K	02/14/02		2.15		4.97		5.71		5.35
Class R4*	11/08/12		2.24		5.35		5.77		5.10
Class R5*	11/08/12		2.10		5.24		5.77		5.10
Class W*	06/18/12		2.11		5.07		5.67		5.02
Class Y*	10/01/14		2.18		4.95		5.68		5.05
Class Z*	09/27/10		2.24		5.35		5.93		5.18
Barclays U.S. Mortgage-Backed Securities Index			2.08		5.42		3.40		4.81

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

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

The Barclays U.S. Mortgage-Backed Securities Index is composed of all mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

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 2014
4

Columbia U.S. Government Mortgage Fund

Portfolio Overview

(Unaudited)

Portfolio Breakdown (%) (at November 30, 2014)
Asset-Backed Securities — Non-Agency	4.3
Commercial Mortgage-Backed Securities — Agency	5.9
Commercial Mortgage-Backed Securities — Non-Agency	4.4
Money Market Funds	0.7
Options Purchased Puts	0.5
Residential Mortgage-Backed Securities — Agency	71.9
Residential Mortgage-Backed Securities — Non-Agency	9.2
Repurchase Agreements	3.1
Total	100.0

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

Quality Breakdown (%) (at November 30, 2014)
AAA rating	81.5
AA rating	0.9
A rating	1.6
BBB rating	1.2
Non-investment grade	1.7
Not rated	13.1
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 highest to lowest credit quality, determined by using the middle rating of Moody's, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as "Not rated". Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate, and time to maturity) and the amount and type of any collateral.

Portfolio Management

Jason Callan

Tom Heuer, CFA

Semiannual Report 2014
5

Columbia U.S. Government Mortgage Fund

Understanding Your Fund's Expenses

(Unaudited)

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

Analyzing Your Fund's Expenses

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

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)					Expenses Paid During the Period ($)					Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,021.10			1,020.59		4.38			4.38		0.87
Class B		1,000.00		1,000.00		1,017.30			1,016.85		8.15			8.15		1.62
Class C		1,000.00		1,000.00		1,017.30			1,016.85		8.15			8.15		1.62
Class I		1,000.00		1,000.00		1,023.10			1,022.49		2.47			2.47		0.49
Class K		1,000.00		1,000.00		1,021.50			1,020.99		3.98			3.98		0.79
Class R4		1,000.00		1,000.00		1,022.40			1,021.84		3.13			3.13		0.62
Class R5		1,000.00		1,000.00		1,021.00			1,022.24		2.72			2.72		0.54
Class W		1,000.00		1,000.00		1,021.10			1,020.59		4.38			4.38		0.87
Class Y		1,000.00		1,000.00		1,015.20	*		1,022.44		0.79	*		2.52		0.50	*
Class Z		1,000.00		1,000.00		1,022.40			1,021.84		3.13			3.13		0.62

*Based on operations from October 1, 2014 (commencement of operations) through the stated period end.

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as 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 2014
6

Columbia U.S. Government Mortgage Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Residential Mortgage-Backed Securities —
Agency 93.6%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Federal Home Loan Mortgage Corp.(a) 06/01/15		7.500	%		5,616		5,690
12/01/16 - 08/01/34		6.500	%		892,780		1,009,896
04/01/17		7.000	%		53,242		55,605
10/01/17 - 06/01/31		8.000	%		172,907		199,151
01/01/20		10.500	%		12,511		12,593
10/01/24 - 04/01/40		5.000	%		22,239,516		24,812,361
01/01/30 - 06/01/33		5.500	%		12,308,189		13,784,979
04/01/33 - 11/01/37		6.000	%		4,685,895		5,335,486
07/01/39 - 07/01/40		4.500	%		18,710,589		20,595,576
04/01/41 - 08/01/44		4.000	%		33,363,767		35,799,606
01/01/42 - 06/01/44		3.500	%		167,650,009		174,927,603
Federal Home Loan Mortgage Corp.(a)(b) CMO Series 4119 Class SP 10/15/42		2.483	%		5,313,239		4,629,581
Federal Home Loan Mortgage Corp.(a)(b)(c) CMO IO Series 3913 Class SW 09/15/40		6.445	%		9,038,203		1,654,797
CMO IO STRIPS Series 280 Class S1 09/15/42		5.845	%		21,508,592		4,901,759
CMO IO Series 2471 Class SI 03/15/32		7.795	%		68,243		17,490
CMO IO Series 264 Class S1 07/15/42		5.795	%		21,360,934		5,001,062
CMO IO Series 2957 Class SW 04/15/35		5.845	%		3,346,274		614,275
CMO IO Series 311 Class S1 08/15/43		5.795	%		65,116,301		14,709,010
CMO IO Series 318 Class S1 11/15/43		5.795	%		14,573,635		3,320,037
CMO IO Series 3280 Class SI 02/15/37		6.285	%		2,708,898		371,238
CMO IO Series 336 Class 30 08/15/44		5.895	%		14,511,699		3,716,209
CMO IO Series 3453 Class W 12/15/32		7.247	%		10,086,451		2,148,371
CMO IO Series 3630 Class AI 03/15/17		1.931	%		423,046		12,829
CMO IO Series 3761 Class KS 06/15/40		5.845	%		3,040,100		384,886
CMO IO Series 4068 Class GI 09/15/36		1.894	%		26,287,034		2,126,863
CMO IO Series 4094 Class SY 08/15/42		5.925	%		21,965,523		4,442,246
CMO IO Series 4107 Class KS 06/15/38		1.862	%		19,630,513		1,495,513
CMO IO Series 4174 Class SB 05/15/39		6.045	%		22,041,517		4,031,918
CMO IO Series 4223 Class DS 12/15/38		5.945	%		6,671,357		1,225,981
CMO IO Series 4286 Class NS 12/15/43		5.745	%		7,718,037		1,877,409
CMO IO Series AS Class 4183 04/15/39		5.995	%		10,216,256		1,853,359
CMO IO Series ES Class 4175 06/15/38		5.995	%		10,855,443		1,925,631

Residential Mortgage-Backed Securities —
Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Federal Home Loan Mortgage Corp.(a)(c) CMO IO Series 304 Class C69 12/15/42		4.000	%		9,288,439		2,132,451
CMO IO Series 329 Class C5 06/15/43		3.500	%		13,190,897		2,734,700
CMO IO Series 3786 Class PI 12/15/37		4.500	%		7,018,784		604,987
CMO IO Series 3800 Class HI 01/15/40		4.500	%		7,081,352		1,096,108
CMO IO Series 3807 Class NI 11/15/35		4.500	%		21,538,801		1,402,206
CMO IO Series 4098 Class AI 05/15/39		3.500	%		13,193,041		2,256,761
CMO IO Series 4120 Class AI 11/15/39		3.500	%		15,157,695		2,090,246
CMO IO Series 4121 Class IA 01/15/41		3.500	%		13,543,895		2,766,059
CMO IO Series 4121 Class MI 10/15/42		4.000	%		8,945,733		2,259,272
CMO IO Series 4122 Class JI 12/15/40		4.000	%		11,235,897		1,991,390
CMO IO Series 4139 Class CI 05/15/42		3.500	%		8,851,945		1,322,710
CMO IO Series 4147 Class CI 01/15/41		3.500	%		15,679,579		2,775,044
CMO IO Series 4148 Class BI 02/15/41		4.000	%		11,506,371		1,774,611
CMO IO Series 4177 Class IY 03/15/43		4.000	%		20,089,999		4,810,687
CMO IO Series 4213 Class DI 06/15/38		3.500	%		19,873,800		2,897,809
CMO IO Series 4215 Class IL 07/15/41		3.500	%		17,009,475		2,690,361
Federal Home Loan Mortgage Corp.(a)(d) 12/11/44		4.000	%		9,500,000		10,130,117
12/11/44		4.500	%		18,300,000		19,867,651
Federal National Mortgage Association(a) 11/01/15		8.000	%		157		158
08/01/16 - 10/01/37		6.500	%		12,082,393		13,939,738
01/01/17 - 09/01/28		7.500	%		242,789		273,796
11/01/22 - 09/01/38		6.000	%		10,270,835		11,742,786
03/01/23 - 04/01/41		5.500	%		33,009,980		37,365,282
06/01/25 - 09/01/41		4.500	%		139,146,185		152,499,310
02/01/27 - 05/01/43		3.000	%		123,126,790		125,893,896
05/01/27		2.500	%		20,997,165		21,489,909
04/01/29 - 09/01/41		5.000	%		75,584,907		84,153,782
10/01/31		9.500	%		87,941		94,192
11/01/37		8.500	%		39,708		45,751
11/01/40 - 10/01/44		4.000	%		96,769,989		103,883,821
03/01/42 - 09/01/44		3.500	%		109,451,373		114,547,553
Federal National Mortgage Association(a)(b)(c) CMO IO Series 2003-117 Class KS 08/25/33		6.945	%		4,825,738		419,499
CMO IO Series 2006-5 Class N1 08/25/34		1.933	%		19,677,341		826,629

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

Semiannual Report 2014
7

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Residential Mortgage-Backed Securities —
Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
CMO IO Series 2006-5 Class N2 02/25/35		1.976	%		75,053,290		4,491,662
CMO IO Series 2007-5 Class SC 02/25/37		5.955	%		1,514,070		217,027
CMO IO Series 2007-54 Class DI 06/25/37		5.945	%		23,271,035		4,440,176
CMO IO Series 2012-80 Class DS 06/25/39		6.495	%		11,358,864		2,185,825
CMO IO Series 2012-97 Class SB 09/25/42		5.845	%		11,927,489		2,418,006
CMO IO Series 2013-13 Class SA 03/25/43		5.995	%		22,927,656		5,368,357
CMO IO Series 2013-SB Class 97 06/25/32		5.945	%		16,443,041		2,959,019
Federal National Mortgage Association(a)(c) CMO IO STRIPS Series 417 Class C5 02/25/43		3.500	%		10,652,501		2,230,992
CMO IO Series 2003-119 Class GI 12/25/33		4.500	%		138,722		26,460
CMO IO Series 2012-118 Class BI 12/25/39		3.500	%		47,252,599		7,756,112
CMO IO Series 2012-121 Class GI 08/25/39		3.500	%		15,119,498		1,770,047
CMO IO Series 2012-129 Class IC 01/25/41		3.500	%		11,487,524		1,591,444
CMO IO Series 2012-133 Class EI 07/25/31		3.500	%		9,092,231		1,273,406
CMO IO Series 2012-134 Class AI 07/25/40		3.500	%		32,630,269		5,609,829
CMO IO Series 2012-144 Class HI 07/25/42		3.500	%		7,910,273		1,201,098
CMO IO Series 2012-96 Class CI 04/25/39		3.500	%		20,247,033		3,196,128
CMO IO Series 2013-1 Class AI 02/25/43		3.500	%		8,174,883		1,405,519
CMO IO Series 2013-1 Class BI 02/25/40		3.500	%		6,642,732		927,498
CMO IO Series 2013-16 Class IO 01/25/40		3.500	%		21,800,110		4,259,990
CMO IO Series 2013-41 Class IY 05/25/40		3.500	%		25,782,360		4,474,196
CMO IO Series 2013-6 Class MI 02/25/40		3.500	%		12,119,640		1,603,213
Federal National Mortgage Association(a)(d) 12/16/29 - 12/11/44		3.000	%		164,250,000		167,120,501
12/16/29 - 12/11/44		3.500	%		152,750,000		160,379,653
12/11/44		4.000	%		121,000,000		129,186,400
12/11/44		4.500	%		66,000,000		71,728,595
12/11/44		5.000	%		7,000,000		7,761,250
Federal National Mortgage Association(a)(e) 08/01/38		5.500	%		5,901,982		6,662,572
Government National Mortgage Association(a) 03/15/30		7.000	%		35,657		36,101
12/15/31 - 02/15/32		6.500	%		251,770		293,213

Residential Mortgage-Backed Securities —
Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
12/15/32 - 11/20/41		6.000	%		12,137,947		13,900,113
09/15/33 - 08/20/40		5.000	%		30,607,166		34,162,390
Government National Mortgage Association(a)(c) CMO IO Series 2012-121 Class PI 09/16/42		4.500	%		13,715,808		2,629,167
CMO IO Series 2012-129 Class AI 08/20/37		3.000	%		18,031,288		2,381,248
Vendee Mortgage Trust(a)(b)(c) CMO IO Series 1998-1 Class 2IO 03/15/28		0.356	%		2,462,329		20,256
CMO IO Series 1998-3 Class IO 03/15/29		0.143	%		3,002,624		4,612
Total Residential Mortgage-Backed Securities — Agency (Cost: $1,699,091,735)							1,725,450,357
Residential Mortgage-Backed Securities — Non-Agency 11.9%
AJAX Mortgage Loan Trust CMO Series 2014-B Class A(a)(f) 08/25/54		3.850	%		12,000,000		12,000,000
ASG Resecuritization Trust(a)(b)(f) CMO Series 2013-2 Class 1A60 12/28/35		2.231	%		4,989,397		4,941,357
CMO Series 2013-2 Class 2A70 11/28/35		2.221	%		3,379,539		3,292,735
Apollo Residential Mortgage Securitization Trust CMO Series 2013-1 Class A(a)(f) 05/25/47		4.000	%		11,539,783		11,892,000
BCAP LLC Trust(a)(b)(f) 07/26/36		2.617	%		5,721,582		5,726,251
CMO Series 2010-RR12 Class 3A7 08/26/37		5.000	%		5,300,316		5,449,187
CMO Series 2013-RR4 Class 2A1 05/26/47		2.895	%		3,479,214		3,486,026
Series 2012-RR10 Class 2A1 09/26/36		2.618	%		7,314,380		7,374,592
Series 2013-RR1 Class 10A1 10/26/36		3.000	%		8,678,769		8,729,713
BNPP Mortgage Securities LLC Trust CMO Series 2009-1 Class A1(a)(f) 08/27/37		6.000	%		1,425,562		1,487,214
Bayview Opportunity Master Fund Trust IIB LP CMO Series 2012-6NPL Class A(a)(b)(f) 01/28/33		2.981	%		1,991,951		1,995,735
CAM Mortgage Trust CMO Series 2014-2 Class A(a)(b)(f) 05/15/48		2.600	%		1,615,993		1,615,948

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

Semiannual Report 2014
8

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Residential Mortgage-Backed Securities —
Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Citigroup Mortgage Loan Trust, Inc.(a)(b)(f) CMO Series 2009-11 Class 1A2 02/25/37		2.543	%		710,201		590,602
CMO Series 2009-9 Class 1A3 04/25/34		2.615	%		2,489,441		2,187,498
CMO Series 2010-7 Class 3A4 12/25/35		6.032	%		3,000,000		3,017,302
CMO Series 2013-5 Class 3A1 08/25/37		2.564	%		8,861,812		8,933,309
CMO Series 2013-7 Class 1A2 10/25/35		4.000	%		4,162,060		4,058,362
CMO Series 2014-A Class B2 01/25/35		5.435	%		2,843,748		2,936,224
Citigroup Mortgage Loan Trust, Inc.(a)(b)(f)(g) CMO Series 2014-2 Class 2A3 04/25/36		4.750	%		4,682,189		4,787,538
Credit Suisse Mortgage Capital Certificates(a)(b) CMO Series 2012-6R Class 1A1 11/26/37		2.607	%		2,017,352		1,997,220
Credit Suisse Mortgage Capital Certificates(a)(b)(f) 04/27/37		5.705	%		2,983,620		3,106,974
CMO Series 2013-2R Class 1A5 05/27/36		4.334	%		5,818,000		5,656,539
Series 2012-11 Class 3A2 06/29/47	��	1.154	%		9,499,870		8,967,783
Credit Suisse Mortgage Capital Certificates(a)(b)(f)(g) CMO Series 2014-RPL4 Class A1 08/25/62		3.625	%		5,000,000		4,962,500
Credit Suisse Mortgage Capital Certificates(a)(f) CMO Series 2009-12R Class 11A1 08/27/37		6.000	%		2,005,308		2,058,660
CMO Series 2010-9R Class 10A5 04/27/37		4.000	%		5,000,000		5,019,175
CMO Series 2010-9R Class 7A5 05/27/37		4.000	%		5,000,000		5,013,105
Series 2010-2A5 Class 9R 02/27/38		4.000	%		2,000,000		1,915,080
Credit Suisse Securities (USA) LLC(a)(b)(f) 02/25/54		3.067	%		16,814,479		16,572,770
Credit Suisse Securities (USA) LLC(a)(f) CMO Series 2014-5R Class 5A2 07/27/37		3.250	%		2,899,942		2,791,372
CMO Series 2014-5R Class 8A1 11/27/37		2.625	%		5,791,947		5,626,325
CMO Series 2014-RPL1 Class A3 02/25/54		3.958	%		5,500,000		5,440,259
Deutsche Mortgage Securities, Inc. Mortgage Loan Trust CMO Series 2003-1 Class 1A7(a) 04/25/33		5.500	%		452,035		454,294
GCAT Series 2013-RP1 Class A1(a)(b)(f) 06/25/18		3.500	%		6,033,019		6,086,964

Residential Mortgage-Backed Securities —
Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Jefferies Resecuritization Trust(a)(f) CMO Series 2010-R4 Class 2A2 10/26/35		5.500	%		2,138,119		2,224,756
Series 2014-1A1 Class R1 12/27/37		4.000	%		2,759,995		2,754,177
Morgan Stanley Re-Remic Trust Series 2013-R8 Class 1B(a)(b)(f) 09/26/36		2.614	%		5,027,535		4,924,471
NRPL Trust(a)(b)(f) Series 2013-1A Class A 08/25/57		4.000	%		12,962,474		12,897,662
Series 2014-1A Class A1 05/01/48		3.250	%		4,839,105		4,839,105
New Residential Mortgage Loan Trust CMO IO Series 2014-1A Class AIO(a)(b)(c)(f) 01/25/54		2.244	%		77,932,609		5,667,961
RBSSP Resecuritization Trust(a)(b)(f) CMO Series 2009-12 Class 9A1 03/25/36		2.603	%		2,219,959		2,190,718
CMO Series 2012-1 Class 5A2 12/27/35		5.253	%		5,534,879		4,936,453
CMO Series 2012-5 Class 2A1 07/26/36		5.750	%		5,983,585		6,409,915
VML LLC CMO Series 2014-NPL1 Class A1(a)(b)(d)(f) 04/25/54		3.875	%		3,000,000		3,000,000
Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $215,239,619)							220,015,831
Commercial Mortgage-Backed Securities — Agency 7.6%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates(a) Series K025 Class A2 10/25/22		2.682	%		33,400,000		33,785,169
Series K715 Class A2 01/25/21		2.856	%		30,000,000		31,092,093
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates(a)(b) Series K029 Class A2 02/25/23		3.320	%		6,776,000		7,148,456
Series K030 Class A2 04/25/23		3.250	%		18,500,000		19,420,005
Series K031 Class A2 04/25/23		3.300	%		3,100,000		3,269,818
Series K035 Class A2 08/25/23		3.458	%		5,000,000		5,315,005
Series K714 Class A2 10/25/20		3.034	%		13,700,000		14,350,018

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

Semiannual Report 2014
9

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Commercial Mortgage-Backed Securities —
Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Federal National Mortgage Association(a) 10/01/19		4.420	%		4,103,051		4,542,935
10/01/19		4.430	%		4,660,471		5,162,533
01/01/20		4.570	%		1,048,687		1,170,804
01/01/20		4.600	%		1,726,820		1,930,413
05/01/24		5.030	%		3,380,237		4,000,172
Federal National Mortgage Association(a)(b) Series 2013-M14 Class A2 10/25/23		3.329	%		9,000,000		9,458,532
Total Commercial Mortgage-Backed Securities — Agency (Cost: $134,256,088)							140,645,953
Commercial Mortgage-Backed Securities — Non-Agency 5.8%
American Homes 4 Rent Trust Series 2014-SFR2 Class D(a)(f) 10/17/36		5.149	%		3,000,000		3,050,105
American Homes 4 Rent Series 2014-SFR1 Class E(a)(b)(f) 06/17/31		2.750	%		10,250,000		9,323,432
BHMS Mortgage Trust Series 2014-ATLS Class DFX(a)(b)(f) 07/05/33		4.847	%		6,500,000		6,570,623
Banc of America Merrill Lynch Commercial Mortgage Securities Trust Series 2013-DSNY Class F(a)(b)(f) 09/15/26		3.655	%		6,928,000		6,961,016
Banc of America Merrill Lynch Re-Remic Trust(a)(b) Series 2014-FRR7 Class A 10/26/44		2.405	%		5,000,000		4,894,248
Series 2014-FRR7 Class B 10/26/44		2.405	%		2,000,000		1,852,650
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-AMFX Class CD4(a)(b) 12/11/49		5.366	%		8,200,000		8,574,674
Commercial Mortgage Trust Series 2013-RIA4 Class A1(a)(b)(f) 11/27/28		3.250	%		2,134,383		2,148,273
GS Mortgage Securities Trust Series 2007-GG10 Class AM(a)(b) 08/10/45		5.990	%		13,200,000		13,532,086
JPMorgan Chase Commercial Mortgage Securities Trust Series 2006-LDP9 Class AM(a) 05/15/47		5.372	%		2,000,000		2,080,930
Merrill Lynch Mortgage Investors Trust CMO IO Series 1998-C3 Class IO(a)(b)(c) 12/15/30		1.070	%		313,027		6,315

Commercial Mortgage-Backed Securities —
Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
ORES NPL LLC(a)(f) Series 2013-LV2 Class A 09/25/25		3.081	%		2,854,743		2,854,743
Series 2014-LV3 Class A 03/27/24		3.000	%		6,556,962		6,557,126
Series 2014-LV3 Class B 03/27/24		6.000	%		4,800,000		4,792,152
Rialto Capital Management LLC Series 2014-LT5 Class B(a)(f) 05/15/24		5.000	%		7,412,000		7,405,337
Rialto Real Estate Fund LLC Series 2014-LT6 Class A(a)(f) 09/15/24		2.750	%		7,515,500		7,517,935
Rialto Real Estate Fund LP(a)(f) Series 2013-LT3 Class A 06/20/28		2.500	%		1,442,983		1,442,983
Series 2014-LT5 Class A 05/15/24		2.850	%		6,318,806		6,318,282
VFC LLC(a)(f) Series 2014-2 Class A 07/20/30		2.750	%		5,223,922		5,224,115
Series 2014-2 Class B 07/20/30		5.500	%		5,000,000		4,998,410
Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $107,264,068)							106,105,435
Asset-Backed Securities — Non-Agency 5.7%
A Voce CLO Ltd. Series 2014-1A Class C(b)(f) 07/15/26		3.734	%		3,000,000		2,805,024
ARES CLO Ltd. Series 2014-1A Class B(b)(f) 04/17/26		3.028	%		3,250,000		3,141,986
Apidos CDO XVII Series 2014-17A Class A2A(b)(f) 04/17/26		2.278	%		6,500,000		6,345,371
Carlyle Global Market Strategies CLO(b)(f) Series 2013-1A Class B 02/14/25		3.333	%		6,300,000		6,247,477
Series 2014-C1 Class 3A 07/27/26		3.934	%		1,500,000		1,441,281
Dryden Senior Loan Fund Series 2014-33A Class C(b)(f) 07/15/26		3.081	%		10,266,667		9,974,005
GCAT LLC Series 2014-2 Class A1(b)(f) 10/25/19		3.721	%		5,915,818		5,885,447

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

Semiannual Report 2014
10

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Asset-Backed Securities — Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
GoldenTree Loan Opportunities VII Ltd. Series 2013-7A Class B(b)(f) 04/25/25		1.984	%		8,000,000		7,684,632
GoldenTree Loan Opportunities VIII Ltd. Series 2014-8A Class D(b)(f) 04/19/26		3.851	%		5,000,000		4,818,240
MASTR Asset-Backed Securities Trust Series 2005-FRE1 Class A4(b) 10/25/35		0.405	%		32,136		32,055
Morgan Stanley Resecuritization Trust Series 2013-BSFC Class A(b)(f)(g) 07/06/38		2.654	%		2,794,769		2,794,769
New York Mortgage Trust Residential LLC(b)(f) Series 2013-RP1A Class A 07/25/18		4.250	%		11,044,622		11,099,846
Series 2013-RP2A Class A 09/25/18		4.600	%		6,113,133		6,210,414
Nomad CLO Ltd. Series 2013-1A Class B(b)(f) 01/15/25		3.181	%		10,000,000		9,688,950
OHA Credit Partners VIII Ltd. Series 2013-8A Class B(b)(f) 04/20/25		1.881	%		4,500,000		4,340,038
OZLM VII Ltd. Series 2014-C Class 7A(b)(f) 07/17/26		3.855	%		2,000,000		1,875,614
Selene Non-Performing Loans LLC Series 2014-1A Class A(b)(f) 05/25/54		2.981	%		4,950,094		4,906,934
Symphony CLO Ltd. Series 2014-14A Class D2(b)(f) 07/14/26		3.830	%		7,500,000		7,113,480
Truman Capital Mortgage Loan Trust Series 2014-NPL2 Class A1(b)(f) 06/25/54		3.125	%		4,216,374		4,211,567
Vericrest Opportunity Loan Transferee Series 2014-3A Class A1(b)(f) 05/26/54		3.250	%		3,492,279		3,487,526
Total Asset-Backed Securities — Non-Agency (Cost: $105,237,017)							104,104,656

Options Purchased Puts 0.7%

Issuer	Notional ($)/ Contracts		Exercise Price ($)		Expiration Date	Value ($)
Put — OTC 2-Year Interest Rate Swap(h)		100,000,000		2.50	01/26/2015		10

Options Purchased Puts (continued)

Issuer	Notional ($)/ Contracts		Exercise Price ($)		Expiration Date	Value ($)
Put — OTC 3-Year Interest Rate Swap(h)		150,000,000		2.25	03/06/2015		11,670
Put — OTC 3-Year Interest Rate Swap(h)		500,000,000		2.25	11/02/2015		1,953,300
Put — OTC 3-Year Interest Rate Swap(h)		200,000,000		1.75	02/11/2015		58,820
Put — OTC 5-Year Rate Swap(h)		150,000,000		2.75	05/31/2017		3,744,495
Put — OTC 5-Year Interest Rate Swap(h)		100,000,000		3.00	05/17/2017		1,980,170
Put — OTC 5-Year Interest Rate Swap(h)		130,000,000		3.25	08/18/2017		2,346,357
Put — OTC 5-Year Interest Rate Swap(h)		244,000,000		2.50	10/30/2015		1,997,408
Put — OTC 5-Year Interest Rate Swap(h)		50,000,000		4.00	08/17/2017		464,635
Total Options Purchased Puts (Cost: $25,119,100)							12,556,865

Repurchase Agreements 4.1%

Issue Description	Effective Yield			Principal Amount ($)		Value ($)
Tri-Party TD Securities (USA) LLC dated 11/28/14, matures 12/01/14, repurchase price $75,000,688 (collateralized by U.S. Government Agencies — total market value of $76,500,000) 12/01/14		0.110	%		75,000,000		75,000,000
Total Repurchase Agreements (Cost: $75,000,000)							75,000,000

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

Semiannual Report 2014
11

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Money Market Funds 0.9%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.104%(i)(j)		17,371,548		17,371,548
Total Money Market Funds (Cost: $17,371,548)				17,371,548
Total Investments (Cost: $2,378,579,175)				2,401,250,645
Other Assets & Liabilities, Net				(558,365,561	)
Net Assets				1,842,885,084

Investments in Derivatives

Futures Contracts Outstanding at November 30, 2014

At November 30, 2014, securities totaling $4,153,839 were pledged as collateral to cover initial margin requirements on open futures contracts.

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
US 5YR NOTE		1,372	USD		163,943,285	03/2015		812,570		—
US 10YR NOTE		1,379	USD		175,197,647	03/2015		1,134,813		—
Total								1,947,383		—

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency	Notional Market Value ($)			Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
US 2YR NOTE		(34	)	USD		(7,450,781	)	03/2015		—		(8,557	)
US ULTRA T-BOND		(99	)	USD		(15,920,438	)	03/2015		—		(307,203	)
Total										—		(315,760	)

Total Return Swap Contracts Outstanding at November 30, 2014

Counterparty	Fund Receives	Fund Pays	Expiration Date	Notional Currency	Notional Amount ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citibank	Total return based on the Markit IOS FN30.350.10 Index	Floating rate based on 1-month USD LIBOR	1/12/1941	USD		1,086,822		—		(52,163	)
JPMorgan Chase Bank, London Branch	Total return based on the Markit IOS FN30.400.10 Index	Floating rate based on 1-month USD LIBOR	1/12/1941	USD		976,519		—		(52,039	)
Total								—		(104,202	)

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

Semiannual Report 2014
12

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Notes to Portfolio of Investments

Notes to Portfolio of Investments

(a)  The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

(b)  Variable rate security.

(c)  Interest Only (IO) security. The actual effective yield of this security is different than the stated coupon rate.

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

(e)  This security, or a portion of this security, has been pledged as collateral in connection with open futures contracts. These values are denoted within the Investments in Derivatives section of the Portfolio of Investments.

(f)  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, 2014, the value of these securities amounted to $396,801,450 or 21.53% of net assets.

(g)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2014, the value of these securities amounted to $12,544,807, which represents 0.68% of net assets.

(h)  Purchased swaption contracts outstanding at November 30, 2014:

Purchased Swaption Contracts Outstanding at November 30, 2014

At November 30, 2014, securities and cash totaling $14,017,338 were received from broker as collateral to cover open purchased swaption contracts.

Description	Counterparty	Floating Rate Index	Fund Pay/Receive Floating Rate	Exercise Rate (%)		Expiration Date	Notional Amount ($)		Premium Paid ($)		Market Value ($)
Put — OTC 2-Year Interest Rate Swap	JPMorgan	3-Month USD LIBOR	Receive		2.500	1/28/2017		100,000,000		657,500		10
Put — OTC 3-Year Interest Rate Swap	JPMorgan	3-Month USD LIBOR	Receive		2.250	3/10/2018		150,000,000		2,321,250		11,670
Put — OTC 3-Year Interest Rate Swap	Morgan Stanley	3-Month USD LIBOR	Receive		2.250	11/4/2018		500,000,000		4,745,000		1,953,300
Put — OTC 3-Year Interest Rate Swap	Citibank	3-Month USD LIBOR	Receive		1.750	2/13/2018		200,000,000		1,485,000		58,820
Put — OTC 5-Year Interest Rate Swap	JPMorgan	3-Month USD LIBOR	Receive		2.750	6/2/2022		150,000,000		4,890,000		3,744,495
Put — OTC 5-Year Interest Rate Swap	Morgan Stanley	3-Month USD LIBOR	Receive		3.000	5/17/2022		100,000,000		3,516,000		1,980,170
Put — OTC 5-Year Interest Rate Swap	Barclays	3-Month USD LIBOR	Receive		3.250	8/22/2022		130,000,000		3,438,500		2,346,357
Put — OTC 5-Year Interest Rate Swap	Morgan Stanley	3-Month USD LIBOR	Receive		2.500	11/3/2020		244,000,000		2,964,600		1,997,408
Put — OTC 5-Year Interest Rate Swap	JPMorgan	3-Month USD LIBOR	Receive		4.000	8/21/2022		50,000,000		1,101,250		464,635
Total										25,119,100		12,556,865

(i)  The rate shown is the seven-day current annualized yield at November 30, 2014.

(j)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		1,565,091		218,322,477		(202,516,020	)		17,371,548		2,385		17,371,548

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

Semiannual Report 2014
13

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Abbreviation Legend

CMO  Collateralized Mortgage Obligation

STRIPS  Separate Trading of Registered Interest and Principal Securities

Currency Legend

USD  US Dollar

Fair Value Measurements

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

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

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

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

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

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

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

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

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

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

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

Semiannual Report 2014
14

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

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

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2014:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Bonds
Residential Mortgage-Backed Securities — Agency		—			1,725,450,357			—		1,725,450,357
Residential Mortgage-Backed Securities — Non-Agency		—			121,326,093			98,689,738		220,015,831
Commercial Mortgage-Backed Securities — Agency		—			140,645,953			—		140,645,953
Commercial Mortgage-Backed Securities — Non-Agency		—			104,662,452			1,442,983		106,105,435
Asset-Backed Securities — Non-Agency		—			90,210,042			13,894,614		104,104,656
Total Bonds		—			2,182,294,897			114,027,335		2,296,322,232
Short-Term Securities
Repurchase Agreements		—			75,000,000			—		75,000,000
Total Short-Term Securities		—			75,000,000			—		75,000,000
Other
Options Purchased Puts		—			12,556,865			—		12,556,865
Total Other		—			12,556,865			—		12,556,865
Mutual Funds
Money Market Funds		17,371,548			—			—		17,371,548
Total Mutual Funds		17,371,548			—			—		17,371,548
Investments in Securities		17,371,548			2,269,851,762			114,027,335		2,401,250,645
Derivatives
Assets
Futures Contracts		1,947,383			—			—		1,947,383
Liabilities
Futures Contracts		(315,760	)		—			—		(315,760	)
Swap Contracts		—			(104,202	)		—		(104,202	)
Total		19,003,171			2,269,747,560			114,027,335		2,402,778,066

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.

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

Semiannual Report 2014
15

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

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

Futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

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

	Residential Mortgage-Backed Securities — Non-Agency ($)			Commercial Mortgage-Backed Securities — Non-Agency ($)			Asset-Backed Securities — Non-Agency ($)			Total ($)
Balance as of May 31, 2014		105,818,531			5,783,840			56,279,826			167,882,197
Accrued discounts/premiums		(11,905	)		5,165			10,078			3,338
Realized gain (loss)		—			165,825			415,236			581,061
Change in unrealized appreciation (depreciation)(a)		34,799			(77,948	)		(590,688	)		(633,837	)
Sales		(17,611,490	)		(4,433,899	)		(29,624,700	)		(51,670,089	)
Purchases		24,962,501			—			5,660,362			30,622,863
Transfers into Level 3		—			—			—			—
Transfers out of Level 3		(14,502,698	)		—			(18,255,500	)		(32,758,198	)
Balance as of November 30, 2014		98,689,738			1,442,983			13,894,614			114,027,335

(a) Change in unrealized appreciation (depreciation) relating to securities held at November 30, 2014 was ($1,341), which is comprised of Residential Mortgage-Backed Securities — Non-Agency of $62,148 and Asset-Backed Securities — Non-Agency of ($63,489).

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain residential, commercial and asset backed securities 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.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management's determination that there was sufficient, reliable and observable market data to value these assets as of period end.

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 2014
16

Columbia U.S. Government Mortgage Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $2,286,207,627)	$	2,308,879,097
Repurchase agreements (identified cost $75,000,000)		75,000,000
Affiliated issuers (identified cost $17,371,548)		17,371,548
Total investments (identified cost $2,378,579,175)		2,401,250,645
Receivable for:
Investments sold		1,138
Investments sold on a delayed delivery basis		78,361,545
Capital shares sold		4,545,018
Dividends		278
Interest		7,271,955
Variation margin		709,632
Expense reimbursement due from Investment Manager		5,219
Prepaid expenses		6,622
Trustees' deferred compensation plan		87,325
Other assets		16,879
Total assets		2,492,256,256
Liabilities
Disbursements in excess of cash		187,667
Unrealized depreciation on swap contracts		104,202
Payable for:
Investments purchased		462,213
Investments purchased on a delayed delivery basis		643,749,780
Capital shares purchased		630,699
Dividend distributions to shareholders		3,605,323
Variation margin		99,094
Investment management fees		42,845
Distribution and/or service fees		9,740
Transfer agent fees		195,251
Administration fees		6,453
Plan administration fees		14
Compensation of board members		104,828
Other expenses		85,738
Trustees' deferred compensation plan		87,325
Total liabilities		649,371,172
Net assets applicable to outstanding capital stock	$	1,842,885,084
Represented by
Paid-in capital	$	1,852,862,839
Excess of distributions over net investment income		(5,252,703	)
Accumulated net realized loss		(28,923,943	)
Unrealized appreciation (depreciation) on:
Investments		22,671,470
Futures contracts		1,631,623
Swap contracts		(104,202	)
Total — representing net assets applicable to outstanding capital stock	$	1,842,885,084

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

Semiannual Report 2014
17

Columbia U.S. Government Mortgage Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$	552,338,733
Shares outstanding		99,875,429
Net asset value per share	$	5.53
Maximum offering price per share(a)	$	5.81
Class B
Net assets	$	2,244,381
Shares outstanding		405,595
Net asset value per share	$	5.53
Class C
Net assets	$	36,429,035
Shares outstanding		6,576,957
Net asset value per share	$	5.54
Class I
Net assets	$	783,657,801
Shares outstanding		141,785,592
Net asset value per share	$	5.53
Class K
Net assets	$	69,265
Shares outstanding		12,547
Net asset value per share	$	5.52
Class R4
Net assets	$	15,157,304
Shares outstanding		2,742,349
Net asset value per share	$	5.53
Class R5
Net assets	$	7,341,272
Shares outstanding		1,328,967
Net asset value per share	$	5.52
Class W
Net assets	$	5,829,739
Shares outstanding		1,052,676
Net asset value per share	$	5.54
Class Y
Net assets	$	10,109
Shares outstanding		1,838
Net asset value per share	$	5.50
Class Z
Net assets	$	439,807,445
Shares outstanding		79,586,073
Net asset value per share	$	5.53

(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 2014
18

Columbia U.S. Government Mortgage Fund

Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$	2,385
Interest		28,252,153
Total income		28,254,538
Expenses:
Investment management fees		3,897,893
Distribution and/or service fees
Class A		683,341
Class B		12,280
Class C		182,325
Class W		7,901
Transfer agent fees
Class A		506,924
Class B		2,275
Class C		33,808
Class K		20
Class R4		7,643
Class R5		1,685
Class W		5,841
Class Z		407,649
Administration fees		587,116
Plan administration fees
Class K		98
Compensation of board members		20,928
Custodian fees		23,691
Printing and postage fees		55,870
Registration fees		67,479
Professional fees		26,480
Other		16,659
Total expenses		6,547,906
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(519,540	)
Expense reductions		(8,443	)
Total net expenses		6,019,923
Net investment income		22,234,615
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		23,137,690
Futures contracts		5,096,697
Swap contracts		(81,376	)
Net realized gain		28,153,011
Net change in unrealized appreciation (depreciation) on:
Investments		(12,458,319	)
Forward sale commitments		24,492
Futures contracts		1,359,488
Options contracts written		426,625
Swap contracts		(52,077	)
Net change in unrealized depreciation		(10,699,791	)
Net realized and unrealized gain		17,453,220
Net increase in net assets resulting from operations	$	39,687,835

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

Semiannual Report 2014
19

Columbia U.S. Government Mortgage Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2014(a) (Unaudited)			Year Ended May 31, 2014
Operations
Net investment income	$	22,234,615		$	47,001,440
Net realized gain (loss)		28,153,011			(20,730,780	)
Net change in unrealized appreciation (depreciation)		(10,699,791	)		5,897,462
Net increase in net assets resulting from operations		39,687,835			32,168,122
Distributions to shareholders
Net investment income
Class A		(6,518,614	)		(19,566,004	)
Class B		(20,103	)		(98,186	)
Class C		(298,054	)		(1,267,105	)
Class I		(10,879,723	)		(25,407,332	)
Class K		(966	)		(2,769	)
Class R4		(107,771	)		(245,407	)
Class R5		(91,173	)		(144,034	)
Class W		(76,031	)		(221,197	)
Class Y		(41	)		—
Class Z		(5,792,566	)		(19,551,658	)
Net realized gains
Class A		—			(1,790,881	)
Class B		—			(11,629	)
Class C		—			(150,208	)
Class I		—			(1,967,681	)
Class K		—			(246	)
Class R4		—			(28,012	)
Class R5		—			(10,299	)
Class W		—			(20,953	)
Class Z		—			(1,634,852	)
Total distributions to shareholders		(23,785,042	)		(72,118,453	)
Decrease in net assets from capital stock activity		(38,283,025	)		(586,296,268	)
Total decrease in net assets		(22,380,232	)		(626,246,599	)
Net assets at beginning of period		1,865,265,316			2,491,511,915
Net assets at end of period	$	1,842,885,084		$	1,865,265,316
Excess of distributions over net investment income	$	(5,252,703	)	$	(3,702,276	)

(a) Class Y shares are based on operations from October 1, 2014 (commencement of operations) through the stated period end.

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

Semiannual Report 2014
20

Columbia U.S. Government Mortgage Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014(a) (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		9,352,129			51,199,307			24,484,286			133,264,990
Distributions reinvested		983,109			5,379,077			3,346,156			18,184,154
Redemptions		(12,700,140	)		(69,434,761	)		(56,779,079	)		(308,924,734	)
Net decrease		(2,364,902	)		(12,856,377	)		(28,948,637	)		(157,475,590	)
Class B shares
Subscriptions		4,000			21,948			14,221			77,700
Distributions reinvested		2,627			14,372			15,305			83,198
Redemptions(b)		(112,709	)		(615,867	)		(555,231	)		(3,024,148	)
Net decrease		(106,082	)		(579,547	)		(525,705	)		(2,863,250	)
Class C shares
Subscriptions		731,450			4,017,895			2,043,964			11,213,972
Distributions reinvested		43,090			236,159			210,560			1,145,783
Redemptions		(1,262,679	)		(6,911,015	)		(7,396,508	)		(40,314,718	)
Net decrease		(488,139	)		(2,656,961	)		(5,141,984	)		(27,954,963	)
Class I shares
Subscriptions		12,815,354			70,224,467			36,560,349			199,090,715
Distributions reinvested		1,989,789			10,879,582			5,037,722			27,374,599
Redemptions		(16,373,113	)		(89,643,484	)		(40,294,510	)		(219,683,319	)
Net increase (decrease)		(1,567,970	)		(8,539,435	)		1,303,561			6,781,995
Class K shares
Subscriptions		58			314			1,546			8,351
Distributions reinvested		150			821			532			2,884
Redemptions		(3,084	)		(16,742	)		(1,659	)		(8,960	)
Net increase (decrease)		(2,876	)		(15,607	)		419			2,275
Class R4 shares
Subscriptions		1,921,001			10,542,451			2,547,375			13,883,654
Distributions reinvested		17,381			95,095			50,413			273,287
Redemptions		(1,479,385	)		(8,075,413	)		(346,911	)		(1,878,873	)
Net increase		458,997			2,562,133			2,250,877			12,278,068
Class R5 shares
Subscriptions		537,718			2,933,962			1,298,203			7,052,090
Distributions reinvested		16,683			91,173			28,256			153,330
Redemptions		(236,988	)		(1,298,018	)		(405,916	)		(2,200,703	)
Net increase		317,413			1,727,117			920,543			5,004,717

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

Semiannual Report 2014
21

Columbia U.S. Government Mortgage Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014(a) (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class W shares
Subscriptions		100,536			550,799			648,286			3,535,684
Distributions reinvested		13,853			75,911			44,476			242,027
Redemptions		(408,077	)		(2,232,547	)		(1,206,014	)		(6,631,138	)
Net decrease		(293,688	)		(1,605,837	)		(513,252	)		(2,853,427	)
Class Y shares
Subscriptions		1,838			10,000			—			—
Net increase		1,838			10,000			—			—
Class Z shares
Subscriptions		11,880,363			64,908,418			24,644,604			133,969,086
Distributions reinvested		607,225			3,320,693			1,754,205			9,530,247
Redemptions		(15,473,438	)		(84,557,622	)		(103,360,206	)		(562,715,426	)
Net decrease		(2,985,850	)		(16,328,511	)		(76,961,397	)		(419,216,093	)
Total net decrease		(7,031,259	)		(38,283,025	)		(107,615,575	)		(586,296,268	)

(a) Class Y shares are based on operations from October 1, 2014 (commencement of operations) through the stated period end.

(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 2014
22

Columbia U.S. Government Mortgage Fund

Financial Highlights

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

	Six Months Ended November 30, 2014			Year Ended May 31,
Class A	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	5.48		$	5.56		$	5.63		$	5.46		$	5.16		$	4.77
Income from investment operations:
Net investment income		0.06			0.12			0.10			0.16			0.17			0.25
Net realized and unrealized gain (loss)		0.06			(0.01	)		0.08			0.19			0.34			0.37
Total from investment operations		0.12			0.11			0.18			0.35			0.51			0.62
Less distributions to shareholders:
Net investment income		(0.07	)		(0.17	)		(0.14	)		(0.16	)		(0.21	)		(0.23	)
Net realized gains		—			(0.02	)		(0.11	)		(0.02	)		—			—
Total distributions to shareholders		(0.07	)		(0.19	)		(0.25	)		(0.18	)		(0.21	)		(0.23	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			—
Net asset value, end of period	$	5.53		$	5.48		$	5.56		$	5.63		$	5.46		$	5.16
Total return		2.11	%		2.13	%		3.28	%		6.55	%		10.10	%		13.32	%
Ratios to average net assets(b)
Total gross expenses		0.95	%(c)		0.95	%		0.94	%		0.92	%		0.98	%		1.09	%
Total net expenses(d)		0.87	%(c)(e)		0.86	%(e)		0.86	%(e)		0.85	%(e)		0.87	%		0.89	%
Net investment income		2.22	%(c)		2.23	%		1.81	%		2.83	%		3.16	%		4.98	%
Supplemental data
Net assets, end of period (in thousands)	$	552,339		$	560,484		$	729,893		$	616,112		$	519,454		$	80,371
Portfolio turnover		173	%(f)		413	%(f)		576	%(f)		545	%(f)		465	%(f)		519	%(f)

Notes to Financial Highlights

(a)  Rounds to zero.

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

(c)  Annualized.

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

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

(f)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 17% for the six months ended November 30, 2014 and 116%, 164%, 285%, 253% and 246% for the years ended May 31, 2014, 2013, 2012, 2011 and 2010, respectively.

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

Semiannual Report 2014
23

Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class B	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	5.48		$	5.57		$	5.64		$	5.47		$	5.16		$	4.77
Income from investment operations:
Net investment income		0.04			0.08			0.06			0.12			0.13			0.21
Net realized and unrealized gain (loss)		0.05			(0.02	)		0.08			0.19			0.35			0.37
Total from investment operations		0.09			0.06			0.14			0.31			0.48			0.58
Less distributions to shareholders:
Net investment income		(0.04	)		(0.13	)		(0.10	)		(0.12	)		(0.17	)		(0.19	)
Net realized gains		—			(0.02	)		(0.11	)		(0.02	)		—			—
Total distributions to shareholders		(0.04	)		(0.15	)		(0.21	)		(0.14	)		(0.17	)		(0.19	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			—
Net asset value, end of period	$	5.53		$	5.48		$	5.57		$	5.64		$	5.47		$	5.16
Total return		1.73	%		1.19	%		2.51	%		5.73	%		9.45	%		12.46	%
Ratios to average net assets(b)
Total gross expenses		1.70	%(c)		1.70	%		1.68	%		1.68	%		1.81	%		1.85	%
Total net expenses(d)		1.62	%(c)(e)		1.61	%(e)		1.61	%(e)		1.60	%(e)		1.65	%		1.65	%
Net investment income		1.45	%(c)		1.47	%		1.07	%		2.09	%		2.43	%		4.18	%
Supplemental data
Net assets, end of period (in thousands)	$	2,244		$	2,806		$	5,775		$	8,495		$	16,024		$	17,619
Portfolio turnover		173	%(f)		413	%(f)		576	%(f)		545	%(f)		465	%(f)		519	%(f)

Notes to Financial Highlights

(a)  Rounds to zero.

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

(c)  Annualized.

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

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

(f)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 17% for the six months ended November 30, 2014 and 116%, 164%, 285%, 253% and 246% for the years ended May 31, 2014, 2013, 2012, 2011 and 2010, respectively.

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

Semiannual Report 2014
24

Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class C	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	5.49		$	5.57		$	5.64		$	5.47		$	5.16		$	4.77
Income from investment operations:
Net investment income		0.04			0.08			0.06			0.11			0.14			0.21
Net realized and unrealized gain (loss)		0.05			(0.01	)		0.08			0.20			0.34			0.37
Total from investment operations		0.09			0.07			0.14			0.31			0.48			0.58
Less distributions to shareholders:
Net investment income		(0.04	)		(0.13	)		(0.10	)		(0.12	)		(0.17	)		(0.19	)
Net realized gains		—			(0.02	)		(0.11	)		(0.02	)		—			—
Total distributions to shareholders		(0.04	)		(0.15	)		(0.21	)		(0.14	)		(0.17	)		(0.19	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			—
Net asset value, end of period	$	5.54		$	5.49		$	5.57		$	5.64		$	5.47		$	5.16
Total return		1.73	%		1.37	%		2.50	%		5.73	%		9.46	%		12.47	%
Ratios to average net assets(b)
Total gross expenses		1.70	%(c)		1.70	%		1.69	%		1.67	%		1.79	%		1.85	%
Total net expenses(d)		1.62	%(c)(e)		1.61	%(e)		1.61	%(e)		1.60	%(e)		1.64	%		1.65	%
Net investment income		1.46	%(c)		1.49	%		1.00	%		2.03	%		2.55	%		4.27	%
Supplemental data
Net assets, end of period (in thousands)	$	36,429		$	38,790		$	68,017		$	32,691		$	14,661		$	5,217
Portfolio turnover		173	%(f)		413	%(f)		576	%(f)		545	%(f)		465	%(f)		519	%(f)

Notes to Financial Highlights

(a)  Rounds to zero.

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

(c)  Annualized.

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

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

(f)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 17% for the six months ended November 30, 2014 and 116%, 164%, 285%, 253% and 246% for the years ended May 31, 2014, 2013, 2012, 2011 and 2010, respectively.

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

Semiannual Report 2014
25

Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class I	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	5.48		$	5.56		$	5.63		$	5.46		$	5.15		$	4.77
Income from investment operations:
Net investment income		0.07			0.14			0.12			0.17			0.20			0.26
Net realized and unrealized gain (loss)		0.06			(0.01	)		0.08			0.20			0.35			0.37
Total from investment operations		0.13			0.13			0.20			0.37			0.55			0.63
Less distributions to shareholders:
Net investment income		(0.08	)		(0.19	)		(0.16	)		(0.18	)		(0.24	)		(0.25	)
Net realized gains		—			(0.02	)		(0.11	)		(0.02	)		—			—
Total distributions to shareholders		(0.08	)		(0.21	)		(0.27	)		(0.20	)		(0.24	)		(0.25	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			—
Net asset value, end of period	$	5.53		$	5.48		$	5.56		$	5.63		$	5.46		$	5.15
Total return		2.31	%		2.52	%		3.65	%		6.90	%		10.76	%		13.58	%
Ratios to average net assets(b)
Total gross expenses		0.51	%(c)		0.51	%		0.51	%		0.52	%		0.62	%		0.62	%
Total net expenses(d)		0.49	%(c)		0.49	%		0.50	%		0.52	%		0.48	%		0.47	%
Net investment income		2.60	%(c)		2.60	%		2.17	%		3.12	%		3.76	%		5.33	%
Supplemental data
Net assets, end of period (in thousands)	$	783,658		$	785,350		$	789,766		$	739,181		$	221,198		$	132,495
Portfolio turnover		173	%(e)		413	%(e)		576	%(e)		545	%(e)		465	%(e)		519	%(e)

Notes to Financial Highlights

(a)  Rounds to zero.

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

(c)  Annualized.

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

(e)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 17% for the six months ended November 30, 2014 and 116%, 164%, 285%, 253% and 246% for the years ended May 31, 2014, 2013, 2012, 2011 and 2010, respectively.

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

Semiannual Report 2014
26

Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class K	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	5.47		$	5.55		$	5.62		$	5.46		$	5.15		$	4.77
Income from investment operations:
Net investment income		0.06			0.13			0.11			0.16			0.19			0.25
Net realized and unrealized gain (loss)		0.06			(0.01	)		0.08			0.18			0.34			0.37
Total from investment operations		0.12			0.12			0.19			0.34			0.53			0.62
Less distributions to shareholders:
Net investment income		(0.07	)		(0.18	)		(0.15	)		(0.16	)		(0.22	)		(0.24	)
Net realized gains		—			(0.02	)		(0.11	)		(0.02	)		—			—
Total distributions to shareholders		(0.07	)		(0.20	)		(0.26	)		(0.18	)		(0.22	)		(0.24	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			—
Net asset value, end of period	$	5.52		$	5.47		$	5.55		$	5.62		$	5.46		$	5.15
Total return		2.15	%		2.20	%		3.33	%		6.41	%		10.44	%		13.25	%
Ratios to average net assets(b)
Total gross expenses		0.81	%(c)		0.81	%		0.81	%		0.82	%		0.93	%		0.93	%
Total net expenses(d)		0.79	%(c)		0.79	%		0.80	%		0.80	%		0.78	%		0.77	%
Net investment income		2.27	%(c)		2.32	%		1.88	%		2.87	%		3.50	%		5.09	%
Supplemental data
Net assets, end of period (in thousands)	$	69		$	84		$	83		$	80		$	72		$	85
Portfolio turnover		173	%(e)		413	%(e)		576	%(e)		545	%(e)		465	%(e)		519	%(e)

Notes to Financial Highlights

(a)  Rounds to zero.

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

(c)  Annualized.

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

(e)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 17% for the six months ended November 30, 2014 and 116%, 164%, 285%, 253% and 246% for the years ended May 31, 2014, 2013, 2012, 2011 and 2010, respectively.

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

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Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class R4	(Unaudited)			2014			2013(a)
Per share data
Net asset value, beginning of period	$	5.48		$	5.56		$	5.76
Income from investment operations:
Net investment income		0.07			0.14			0.06
Net realized and unrealized gain (loss)		0.05			(0.01	)		(0.06	)(b)
Total from investment operations		0.12			0.13			—
Less distributions to shareholders:
Net investment income		(0.07	)		(0.19	)		(0.09	)
Net realized gains		—			(0.02	)		(0.11	)
Total distributions to shareholders		(0.07	)		(0.21	)		(0.20	)
Net asset value, end of period	$	5.53		$	5.48		$	5.56
Total return		2.24	%		2.40	%		(0.01	%)
Ratios to average net assets(c)
Total gross expenses		0.70	%(d)		0.70	%		0.73	%(d)
Total net expenses(e)		0.62	%(d)(f)		0.61	%(f)		0.61	%(d)
Net investment income		2.57	%(d)		2.54	%		2.11	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	15,157		$	12,510		$	181
Portfolio turnover		173	%(g)		413	%(g)		576	%(g)

Notes to Financial Highlights

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

(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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

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

(d)  Annualized.

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

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

(g)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 17% for the six months ended November 30, 2014 and 116% and 164% for the years ended May 31, 2014 and 2013, respectively.

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

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Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class R5	(Unaudited)			2014			2013(a)
Per share data
Net asset value, beginning of period	$	5.48		$	5.56		$	5.76
Income from investment operations:
Net investment income		0.07			0.14			0.07
Net realized and unrealized gain (loss)		0.04			(0.01	)		(0.07	)(b)
Total from investment operations		0.11			0.13			—
Less distributions to shareholders:
Net investment income		(0.07	)		(0.19	)		(0.09	)
Net realized gains		—			(0.02	)		(0.11	)
Total distributions to shareholders		(0.07	)		(0.21	)		(0.20	)
Net asset value, end of period	$	5.52		$	5.48		$	5.56
Total return		2.10	%		2.47	%		0.04	%
Ratios to average net assets(c)
Total gross expenses		0.56	%(d)		0.57	%		0.57	%(d)
Total net expenses(e)		0.54	%(d)		0.53	%		0.55	%(d)
Net investment income		2.58	%(d)		2.62	%		2.16	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	7,341		$	5,539		$	506
Portfolio turnover		173	%(f)		413	%(f)		576	%(f)

Notes to Financial Highlights

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

(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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

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

(d)  Annualized.

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

(f)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 17% for the six months ended November 30, 2014 and 116% and 164% for the years ended May 31, 2014 and 2013, respectively.

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

Semiannual Report 2014
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Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class W	(Unaudited)			2014			2013(a)
Per share data
Net asset value, beginning of period	$	5.49		$	5.58		$	5.65
Income from investment operations:
Net investment income		0.06			0.12			0.09
Net realized and unrealized gain (loss)		0.06			(0.02	)		0.09
Total from investment operations		0.12			0.10			0.18
Less distributions to shareholders:
Net investment income		(0.07	)		(0.17	)		(0.14	)
Net realized gains		—			(0.02	)		(0.11	)
Total distributions to shareholders		(0.07	)		(0.19	)		(0.25	)
Net asset value, end of period	$	5.54		$	5.49		$	5.58
Total return		2.11	%		1.94	%		3.15	%
Ratios to average net assets(b)
Total gross expenses		0.95	%(c)		0.95	%		0.94	%(c)
Total net expenses(d)		0.87	%(c)(e)		0.86	%(e)		0.86	%(c)
Net investment income		2.21	%(c)		2.22	%		1.75	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	5,830		$	7,393		$	10,367
Portfolio turnover		173	%(f)		413	%(f)		576	%(f)

Notes to Financial Highlights

(a)  Based on operations from June 18, 2012 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

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

(f)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 17% for the six months ended November 30, 2014 and 116% and 164% for the years ended May 31, 2014 and 2013, respectively.

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

Semiannual Report 2014
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Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

Class Y	Six Months Ended November 30, 2014(a) (Unaudited)
Per share data
Net asset value, beginning of period	$	5.44
Income from investment operations:
Net investment income		0.02
Net realized and unrealized gain		0.06
Total from investment operations		0.08
Less distributions to shareholders:
Net investment income		(0.02	)
Total distributions to shareholders		(0.02	)
Net asset value, end of period	$	5.50
Total return		1.52	%
Ratios to average net assets(b)
Total gross expenses		0.53	%(c)
Total net expenses(d)		0.50	%(c)
Net investment income		2.78	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	10
Portfolio turnover		173	%(e)

Notes to Financial Highlights

(a)  Based on operations from October 1, 2014 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

(e)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 17% for the six months ended November 30, 2014.

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

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Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class Z	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	5.48		$	5.56		$	5.63		$	5.46		$	5.27
Income from investment operations:
Net investment income		0.07			0.13			0.11			0.16			0.11
Net realized and unrealized gain		0.05			(0.00	)(b)		0.09			0.21			0.23
Total from investment operations		0.12			0.13			0.20			0.37			0.34
Less distributions to shareholders:
Net investment income		(0.07	)		(0.19	)		(0.16	)		(0.18	)		(0.15	)
Net realized gains		—			(0.02	)		(0.11	)		(0.02	)		—
Total distributions to shareholders		(0.07	)		(0.21	)		(0.27	)		(0.20	)		(0.15	)
Proceeds from regulatory settlements		—			—			—			0.00	(b)		—
Net asset value, end of period	$	5.53		$	5.48		$	5.56		$	5.63		$	5.46
Total return		2.24	%		2.40	%		3.53	%		6.82	%		6.59	%
Ratios to average net assets(c)
Total gross expenses		0.70	%(d)		0.70	%		0.69	%		0.68	%		0.62	%(d)
Total net expenses(e)		0.62	%(d)(f)		0.61	%(f)		0.61	%(f)		0.61	%(f)		0.58	%(d)
Net investment income		2.47	%(d)		2.46	%		2.01	%		2.96	%		3.12	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	439,807		$	452,308		$	886,922		$	424,251		$	51,912
Portfolio turnover		173	%(g)		413	%(g)		576	%(g)		545	%(g)		465	%(g)

Notes to Financial Highlights

(a)  Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

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

(d)  Annualized.

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

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

(g)  Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 17% for the six months ended November 30, 2014 and 116%, 164%, 285% and 253% for the years ended May 31, 2014, 2013, 2012 and 2011, respectively.

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

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Columbia U.S. Government Mortgage Fund

Notes to Financial Statements

November 30, 2014 (Unaudited)

Note 1. Organization

Columbia U.S. Government Mortgage 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 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 the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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

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

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

authorized investment professionals and omnibus retirement plans.

Class 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 as described in the Fund's prospectus. Class Y shares commenced operations on October 1, 2014.

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

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 that take into account, as applicable, 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.

Asset and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate

Semiannual Report 2014
33

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed 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 their 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.

Option contracts are valued at the mean of the latest quoted bid and asked prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market value are valued using quotations obtained from independent brokers as of the close of the New York Stock Exchange (NYSE).

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

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 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 quoted or published price for the security.

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

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 increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may

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

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

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

Semiannual Report 2014
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Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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

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

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage over a specified time period or if 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.

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.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Options Contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and wrote option contracts to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Cash collateral may be collected or posted by the Fund to secure certain over-the-counter option contract trades. Cash collateral held or posted by the Fund for such option contract trades must be returned to the counterparty or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or

Semiannual Report 2014
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Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

has expired. The Fund will realize a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

Contracts and premiums associated with options contracts written for the six months ended November 30, 2014:

	Calls
	Contracts		Premiums ($)
Balance at May 31, 2014		250,000,000		150,000
Opened		—		—
Closed		—		—
Expired		250,000,000		150,000
Exercised		—		—
Balance at November 30, 2014		—		—

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 with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that

varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. Unlike a bilateral swap contract, for centrally cleared swap contracts, the Fund has minimal credit exposure to the counterparty because the CCP stands between the Fund and the counterparty. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Interest Rate Swaption Contracts

Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. The Fund purchased or wrote interest rate swaption contracts to manage exposure to fluctuations in interest rates, to hedge the fair value of other Fund investments, and as part of an investment strategy. These instruments may be used for other purposes in future periods. Each interest rate swaption agreement will specify if the buyer is entitled to receive the fixed or floating rate if the interest rate is exercised. Changes in the value of a purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on investments in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

Total Return Swap Contracts

The Fund entered into total return swap contracts to obtain long or short exposure to the total return on a basket of

Semiannual Report 2014
36

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

reference securities in return for periodic payments based on a fixed or variable interest rate. These instruments may be used for other purposes in future periods. Total return swap contracts may be used to obtain exposure to an underlying reference security or market without owning, taking physical custody of, or short selling such security or securities in a market.

Total return 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 the Fund will realize a gain or (loss). Periodic payments received (or made) by the Fund over the term of the contract are recorded as realized gains (losses).

Total return swap contracts may be subject to liquidity risk, which exists when a particular swap contract is difficult to purchase or sell. It may not be possible for the Fund to initiate

a transaction or liquidate a position at an advantageous time or price, which may result in significant losses. Total return swap contracts are subject to the risk associated with the investment in the underlying reference instruments. The risk in the case of short total return swap contracts is unlimited based on the potential for unlimited increases in the market value of the underlying reference instruments. This risk may be offset if the Fund holds any of the underlying reference instruments. The risk in the case of long total return swap contracts is limited to the current notional amount of the total return swap contract.

Total return swap contracts are also subject to the risk of the counterparty not fulfilling its obligations under the contract (counterparty credit risk). The Fund attempts to mitigate counterparty credit risk by entering into total return swap contracts only with counterparties that meet prescribed levels of creditworthiness, as determined by the Investment Manager.

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, 2014:

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Assets Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)(a)		Cash Collateral Received ($)		Securities Collateral Received ($)		Net Amount ($)(b)
Asset Derivatives:
Options Purchased Puts(c)		12,556,865		—		12,556,865		—		2,346,357		10,210,508		—
							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)(d)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)		Net Amount ($)(e)
Liability Derivatives:
Over-the-Counter Swap Contracts(f)		104,202		—		104,202		—		—		—		104,202

(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) Purchased options are included within investments at value on the Statement of Assets and Liabilities.

(d) 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.

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

(f) Over-the-Counter Swap Contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, premiums paid and premiums received.

Semiannual Report 2014
37

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2014 (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; and 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 (not considered to be hedging instruments for accounting disclosure purposes) at November 30, 2014:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized appreciation on futures contracts		1,947,383	*
Interest rate risk	Investments at value — unaffiliated issuers (for purchased options)		12,556,865
Total			14,504,248
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized depreciation on futures contracts		315,760	*
Interest rate risk	Net assets — unrealized depreciation on swap contracts		104,202	*
Total			419,962

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended November 30, 2014:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)		Options Contracts Written and Purchased ($)			Swap Contracts ($)			Total ($)
Interest   rate risk		5,096,697		(2,340,448	)		(81,376	)		2,674,873
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)		Options Contracts Written and Purchased ($)			Swap Contracts ($)			Total ($)
Interest rate risk		1,359,488		(8,068,718	)		(52,077	)		(6,761,307	)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended November 30 , 2014:

Derivative Instrument			Average Notional Amounts ($)*
Futures contracts — Long				236,696,365
Futures contracts — Short				23,809,774
Derivative Instrument			Average Market Value ($)*
Options contracts — Purchased				16,133,165
Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Total return swap contracts		—		(79,538	)

*Based on the ending quarterly outstanding amounts for the six months ended November 30, 2014.

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Semiannual Report 2014
38

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Offsetting of Financial Assets

The following table presents the Fund's gross and net amount of assets available for offset under a netting arrangement for repurchase agreements as well as the related collateral received by the Fund as of November 30, 2014:

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Assets Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)(a)		Cash Collateral Received ($)		Securities Collateral Received ($)		Net Amount ($)(b)
Repurchase Agreements		75,000,000		—		75,000,000		—		—		75,000,000		—

(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.

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 to the Fund 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.

Mortgage Dollar Roll Transactions

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund will benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price.

For financial reporting and tax purposes, the Fund treats "to be announced" mortgage dollar rolls as two separate

transactions, one involving the purchase of a security and a separate transaction involving a sale. These transactions may increase the Fund's portfolio turnover rate. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations.

Stripped Securities

The Fund may invest in Interest Only (IO) and Principal Only (PO) stripped mortgage-backed securities. These securities are derivative multi-class mortgage securities structured so that one class receives most, if not all, of the principal from the underlying mortgage assets, while the other class receives most, if not all, of the interest and the remainder of the principal. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in an IO security, therefore the daily interest accrual factor is adjusted each month to reflect the paydown of principal. The market value of these securities can be extremely volatile in response to changes in interest rates. Credit risk reflects the risk that the Fund may not receive all or part of its principal because the issuer or credit enhancer has defaulted on its obligation.

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

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts,

Semiannual Report 2014
39

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Distributions from net investment income, if any, are declared 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

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, 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 0.43% to 0.30% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2014 was 0.43% 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, 2014 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, 2014, other expenses paid by the Fund to this company were $1,870.

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

Semiannual Report 2014
40

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer 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 I and Class Y shares are not subject to transfer agent fees.

For the six months ended November 30, 2014, 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	0.19	%
Class B	0.19
Class C	0.19
Class K	0.05
Class R4	0.19
Class R5	0.05
Class W	0.18
Class Z	0.19

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2014, these minimum account balance fees reduced total expenses of the Fund by $8,443.

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 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 $733,000 and $150,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2014, 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 $102,633 for Class A, $808 for Class B, and $450 for Class C shares for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund's expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund's net operating expenses, after giving effect to fees waived/expenses

Semiannual Report 2014
41

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective October 1, 2014			Contractual Expense Cap Prior to October 1, 2014
Class A		0.88	%		0.86	%
Class B		1.63			1.61
Class C		1.63			1.61
Class I		0.50			0.48
Class K		0.80			0.78
Class R4		0.63			0.61
Class R5		0.55			0.53
Class W		0.88			0.86
Class Y		0.50	*		—
Class Z		0.63			0.61

*Class Y shares commenced operations on October 1, 2014.

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses.

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, 2014, the cost of investments for federal income tax purposes was approximately $2,378,579,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	50,448,000
Unrealized depreciation		(27,777,000	)
Net unrealized appreciation	$	22,671,000

The following capital loss carryforwards, determined as of May 31, 2014, may be available to reduce taxable income

arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
Unlimited short-term		38,912,096

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if any, but including mortgage dollar rolls, aggregated to $3,975,470,711 and $3,983,731,363, respectively, for the six months ended November 30, 2014, of which $4,544,635,721 and $4,472,428,755, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

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

Note 7. Shareholder Concentration

At November 30, 2014, one unaffiliated shareholder of record owned 13.1% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 56.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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 funding of shareholder redemptions or for other temporary or

Semiannual Report 2014
42

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

Note 9. Significant Risks

Credit Risk

Credit risk is the risk that the value of debt securities in the Fund's portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates.

Liquidity Risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding,

sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

Mortgage-Backed Securities Risk

The value of mortgage-backed securities may be affected by, among other things, changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements or the quality of underlying assets or the market's assessment thereof. Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of mortgage-backed securities may be difficult to predict and may result in greater volatility.

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 8 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 11. 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

Semiannual Report 2014
43

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the 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 2014
44

Columbia U.S. Government Mortgage 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 2014
45

Columbia U.S. Government Mortgage 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR236_05_E01_(01/15)

Semiannual Report

November 30, 2014

Columbia Absolute Return Enhanced Multi-Strategy Fund

Not FDIC insured • No bank guarantee • May lose value

About 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 some of the most talented professionals in the industry, brought together by a unique way of working.

It starts with carefully selected, specialized investment teams. While each team brings a diverse and innovative range of skills, all are grounded by a common set of core beliefs. All possess a solid conviction in the power of proprietary, bottom-up research. All look not only at generating returns, but also at the likely consistency of those returns and the risks required to achieve them. And while our culture encourages teams to operate independently and question established thinking, a rigorous investment oversight process ensures that each team stays true to its clearly articulated investment process. At Columbia Management, reaching our performance goals matters, and the way we reach them matters just as much.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

President's Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What's different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

>  The relative value of global equities vs. global bonds actually improved during 2014.

>  Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today's conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President's Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB's balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People's Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

>  Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

>  Explicit downside hedges, such as put options (with emphasis on managing the related expense)

>  Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia Absolute Return Enhanced Multi-Strategy Fund

Table of Contents

Performance Overview	4
Portfolio Overview	5
Understanding Your Fund's Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	22
Statement of Operations	24
Statement of Changes in Net Assets	25
Financial Highlights	27
Notes to Financial Statements	35
Important Information About This Report	45

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Semiannual Report 2014

Columbia Absolute Return Enhanced Multi-Strategy Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia Absolute Return Enhanced Multi-Strategy Fund (the Fund) Class A shares returned 0.94% excluding sales charges for the six-month period that ended November 30, 2014.

>  During the same period, the Citigroup 3-Month U.S. Treasury Bill Index returned 0.01%, the S&P 500 Index, a broad measure of the U.S. equity market, returned 8.58% and the Barclays U.S. Aggregate Bond Index, a broad measure of the domestic fixed-income market, returned 1.92%.

>  The Fund underperformed its Blended Index, which returned 5.89% for the same time period.

>  On January 28, 2015 the Fund's Board of Trustees approved a Plan of Liquidation and Termination (the Plan) pursuant to which the Fund will be liquidated and terminated. Effective at the open of business on February 2, 2015, the Fund is no longer open to new investors. Under the terms of the Plan, it is anticipated that the Fund will be liquidated on or about March 6, 2015, at which time the Fund's shareholders will receive a liquidation distribution in an amount equal to the net asset value of their Fund shares. Shareholders of the Fund may also redeem their investment in the Fund or exchange their Fund shares for shares of another Columbia Fund at any time prior to the date of liquidation.

Average Annual Total Returns (%) (for period ended November 30, 2014)

	Inception	6 Months cumulative		1 Year		Life
Class A	03/31/11
Excluding sales charges			0.94		-3.94		-0.15
Including sales charges			-4.82		-9.49		-1.75
Class B	03/31/11
Excluding sales charges			0.53		-4.59		-0.90
Including sales charges			-4.47		-9.35		-1.70
Class C	03/31/11
Excluding sales charges			0.53		-4.59		-0.88
Including sales charges			-0.47		-5.55		-0.88
Class I	03/31/11		1.14		-3.56		0.18
Class R	03/31/11		0.84		-4.07		-0.40
Class R5*	11/08/12		1.14		-3.63		0.04
Class W	03/31/11		0.83		-4.05		-0.14
Class Z	03/31/11		1.04		-3.63		0.11
Citigroup 3-Month U.S. Treasury Bill Index			0.01		0.04		0.05
S&P 500 Index			8.58		16.86		15.33
Barclays U.S. Aggregate Bond Index			1.92		5.27		4.15
Blended Index			5.89		12.17		10.93

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. If they had, returns would be lower. 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. The indices do not reflect the effects of sales charges, expenses and taxes. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/investment-products/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 S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

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

The Blended Index is comprised 60% of the S&P 500 Index and 40% of the Barclays U.S. Aggregate Bond Index.

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 2014
4

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) — Long Positions (at November 30, 2014)
Goldman Sachs Group, Inc. (The)	3.5
Comcast Corp., Class A	3.5
Cubist Pharmaceuticals, Inc.	3.3
Alexandria Real Estate Equities, Inc.	3.2
Bluebird Bio, Inc.	3.2
Activision Blizzard, Inc.	2.7
Rockwell Automation, Inc.	2.7
Nike, Inc., Class B	2.6
DISH Network Corp., Class A	2.6
Electronic Arts, Inc.	2.5

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

Top Ten Holdings (%) — Short Positions (at November 30, 2014)
Coach, Inc.	(3.5	)
Dick's Sporting Goods, Inc.	(3.4	)
Armstrong World Industries, Inc.	(2.8	)
Regeneron Pharmaceuticals, Inc.	(2.8	)
First Republic Bank	(2.8	)
Xerox Corp.	(2.7	)
Target Corp.	(2.4	)
Clorox Co. (The)	(2.4	)
Expeditors International of Washington, Inc.	(2.4	)
SAP SE, ADR	(2.4	)

Percentages indicated are based upon total short investments.

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 Management

Todd White

Jeffrey Knight, CFA

Kent Peterson, PhD

Semiannual Report 2014
5

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio Overview (continued)

(Unaudited)

Portfolio Breakdown (%) (at November 30, 2014)
	Long			Short			Net
Common Stocks		36.4			(36.2	)		0.2
Consumer Discretionary		7.8			(7.8	)		0.0
Consumer Staples		2.1			(2.1	)		0.0
Energy		2.8			(2.7	)		0.1
Financials		5.2			(5.1	)		0.1
Health Care		5.8			(6.0	)		(0.2	)
Industrials		3.9			(3.8	)		0.1
Information Technology		8.4			(8.3	)		0.1
Materials		0.4			(0.4	)		0.0
Convertible Bonds		0.0	(a)		0.0			0.0	(a)
Short-Term Investments Segregated in Connection with Open Derivatives Contracts(b)		99.8			0.0			99.8
Total		136.2			(36.2	)		100.0

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

(a) Rounds to zero.

(b) Includes investments in Money Market Funds (amounting to $73.2 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.

Semiannual Report 2014
6

Columbia Absolute Return Enhanced Multi-Strategy Fund

Understanding Your Fund's Expenses

(Unaudited)

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

Analyzing Your Fund's Expenses

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

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,009.40		1,016.26		8.72		8.75		1.74
Class B		1,000.00		1,000.00		1,005.30		1,012.42		12.55		12.59		2.51
Class C		1,000.00		1,000.00		1,005.30		1,012.47		12.50		12.54		2.50
Class I		1,000.00		1,000.00		1,011.40		1,017.85		7.12		7.14		1.42
Class R		1,000.00		1,000.00		1,008.40		1,014.86		10.11		10.15		2.02
Class R5		1,000.00		1,000.00		1,011.40		1,017.70		7.27		7.29		1.45
Class W		1,000.00		1,000.00		1,008.30		1,016.21		8.76		8.80		1.75
Class Z		1,000.00		1,000.00		1,010.40		1,017.40		7.57		7.59		1.51

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as 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 2014
7

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 26.8%

Issuer	Shares		Value ($)
Consumer Discretionary 5.8%
Hotels, Restaurants & Leisure 0.4%
Hilton Worldwide Holdings, Inc.(a)		16,730		438,661
Internet & Catalog Retail 0.5%
Priceline Group, Inc. (The)(a)(b)		400		464,076
Media 2.3%
Cinemark Holdings, Inc.(b)		11,765		427,187
Comcast Corp., Class A(b)		16,225		925,474
DISH Network Corp., Class A(a)(b)		8,738		693,885
Viacom, Inc., Class B(b)		3,848		291,024
Total				2,337,570
Specialty Retail 0.6%
Cabela's, Inc.(a)(b)		10,815		586,605
Textiles, Apparel & Luxury Goods 2.0%
Nike, Inc., Class B(b)		7,135		708,434
PVH Corp.(b)		4,430		563,230
VF Corp.(b)		8,875		667,134
Total				1,938,798
Total Consumer Discretionary				5,765,710
Consumer Staples 1.5%
Beverages 0.6%
Dr. Pepper Snapple Group, Inc.(b)		8,530		631,220
Food Products 0.6%
Archer-Daniels-Midland Co.		11,820		622,677
Personal Products 0.3%
Avon Products, Inc.		26,915		263,229
Total Consumer Staples				1,517,126
Energy 2.1%
Energy Equipment & Services 0.5%
Halliburton Co.(b)		12,370		522,014
Oil, Gas & Consumable Fuels 1.6%
Anadarko Petroleum Corp.(b)		5,105		404,061
Cimarex Energy Co.(b)		3,835		402,483
ConocoPhillips(b)		5,235		345,876
EOG Resources, Inc.(b)		4,655		403,682
Total				1,556,102
Total Energy				2,078,116

Common Stocks (continued)

Issuer	Shares		Value ($)
Financials 3.8%
Capital Markets 1.5%
Goldman Sachs Group, Inc. (The)(b)		4,945		931,688
Invesco Ltd.		14,295		576,946
Total				1,508,634
Consumer Finance 0.3%
American Express Co.(b)		3,165		292,509
Insurance 0.3%
MetLife, Inc.		5,390		299,738
Real Estate Investment Trusts (REITs) 1.2%
Alexandria Real Estate Equities, Inc.(b)		10,055		863,926
Duke Realty Corp.(b)		15,170		294,905
Total				1,158,831
Real Estate Management & Development 0.5%
St. Joe Co. (The)(a)		28,770		534,834
Total Financials				3,794,546
Health Care 4.3%
Biotechnology 3.5%
ARIAD Pharmaceuticals, Inc.(a)		44,490		316,324
Auspex Pharmaceuticals, Inc.(a)(b)		17,090		414,091
Bluebird Bio, Inc.(a)		20,460		843,566
Clovis Oncology, Inc.(a)(b)		10,760		511,961
Cubist Pharmaceuticals, Inc.(a)(b)		11,570		877,121
Vertex Pharmaceuticals, Inc.(a)(b)		4,580		539,890
Total				3,502,953
Health Care Equipment & Supplies 0.4%
HeartWare International, Inc.(a)(b)		4,705		345,959
Pharmaceuticals 0.4%
AstraZeneca PLC, ADR		5,785		429,073
Total Health Care				4,277,985
Industrials 2.9%
Airlines 1.3%
Alaska Air Group, Inc.		10,690		631,031
Delta Air Lines, Inc.(b)		14,055		655,947
Total				1,286,978
Electrical Equipment 0.7%
Rockwell Automation, Inc.(b)		6,270		723,621

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

Semiannual Report 2014
8

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Machinery 0.3%
IDEX Corp.(b)		3,640		279,588
Road & Rail 0.6%
Norfolk Southern Corp.(b)		5,380		600,623
Total Industrials				2,890,810
Information Technology 6.1%
Internet Software & Services 0.8%
Google, Inc., Class C(a)(b)		1,015		549,958
HomeAway, Inc.(a)(b)		8,965		281,142
Total				831,100
Semiconductors & Semiconductor Equipment 1.2%
Broadcom Corp., Class A		6,755		291,343
TriQuint Semiconductor, Inc.(a)		12,570		306,331
Xilinx, Inc.(b)		13,230		601,171
Total				1,198,845
Software 3.8%
Activision Blizzard, Inc.(b)		33,855		732,961
Autodesk, Inc.(a)		7,485		464,070
Check Point Software Technologies Ltd.(a)(b)		6,769		523,311
Electronic Arts, Inc.(a)(b)		15,285		671,470
Fortinet, Inc.(a)(b)		10,860		299,302
salesforce.com, Inc.(a)(b)		10,175		609,177
Tableau Software, Inc., Class A(a)(b)		3,355		281,418
VMware, Inc., Class A(a)(b)		2,745		241,450
Total				3,823,159
Technology Hardware, Storage & Peripherals 0.3%
EMC Corp.(b)		9,515		288,780
Total Information Technology				6,141,884
Materials 0.3%
Chemicals 0.3%
Monsanto Co.(b)		2,395		287,185
Total Materials				287,185
Total Common Stocks (Cost: $24,170,675)				26,753,362

Convertible Bonds —%

Issuer	Coupon Rate			Principal Amount		Value ($)
Metals —%
Patriot Coal Corp. Senior Unsecured(c)(d)(e) 05/31/13		3.250	%		115,000		11
Total Convertible Bonds (Cost: $114,071)							11

Money Market Funds 73.2%

	Shares			Value ($)
Columbia Short-Term Cash Fund, 0.104%(f)(g)		73,223,695			73,223,695
Total Money Market Funds (Cost: $73,223,695)					73,223,695
Total Investments (Cost: $97,508,441)					99,977,068
Investments Sold Short (26.6)%
Common Stocks (26.6)%
Issuer	Shares			Value ($)
Consumer Discretionary (5.7)%
Hotels, Restaurants & Leisure (1.0)%
Choice Hotels International, Inc.		(8,200	)		(454,362	)
Panera Bread Co., Class A(a)		(3,270	)		(547,398	)
Total					(1,001,760	)
Internet & Catalog Retail (0.3)%
Groupon, Inc.(a)		(37,225	)		(280,304	)
Media (0.9)%
Grupo Televisa SAB, ADR		(7,883	)		(294,430	)
Regal Entertainment Group, Class A		(26,775	)		(618,235	)
Total					(912,665	)
Multiline Retail (0.6)%
Target Corp.		(8,675	)		(641,950	)
Specialty Retail (2.0)%
Dick's Sporting Goods, Inc.		(18,025	)		(912,245	)
Staples, Inc.		(32,685	)		(459,551	)
Ulta Salon Cosmetics & Fragrance, Inc.(a)		(4,595	)		(581,222	)
Total					(1,953,018	)
Textiles, Apparel & Luxury Goods (0.9)%
Coach, Inc.		(24,740	)		(918,349	)
Total Consumer Discretionary					(5,708,046	)

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

Semiannual Report 2014
9

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Investments Sold Short (continued)

Common Stocks (continued)

Issuer	Shares			Value ($)
Consumer Staples (1.5)%
Food & Staples Retailing (0.6)%
Sprouts Farmers Market, Inc.(a)		(19,070	)		(606,235	)
Household Products (0.9)%
Clorox Co. (The)		(6,315	)		(641,731	)
Colgate-Palmolive Co.		(4,095	)		(284,971	)
Total					(926,702	)
Total Consumer Staples					(1,532,937	)
Energy (2.0)%
Energy Equipment & Services (1.4)%
Rowan Companies PLC, Class A		(18,995	)		(413,521	)
SEACOR Holdings, Inc.(a)		(7,125	)		(506,872	)
Tidewater, Inc.		(13,380	)		(413,576	)
Total					(1,333,969	)
Oil, Gas & Consumable Fuels (0.6)%
Bill Barrett Corp.(a)		(23,405	)		(237,093	)
Pioneer Natural Resources Co.		(2,765	)		(396,031	)
Total					(633,124	)
Total Energy					(1,967,093	)
Financials (3.8)%
Banks (1.3)%
First Republic Bank		(14,455	)		(744,866	)
Westamerica Bancorporation		(11,600	)		(563,760	)
Total					(1,308,626	)
Capital Markets (0.3)%
SEI Investments Co.		(7,510	)		(297,621	)
Insurance (1.2)%
Progressive Corp. (The)		(21,175	)		(576,807	)
Travelers Companies, Inc. (The)		(2,815	)		(294,027	)
WR Berkley Corp.		(5,755	)		(300,641	)
Total					(1,171,475	)
Real Estate Investment Trusts (REITs) (1.0)%
American Homes 4 Rent, Class A		(24,740	)		(425,528	)
Healthcare Realty Trust, Inc.		(21,630	)		(571,249	)
Iron Mountain, Inc.		(307	)		(11,669	)
Total					(1,008,446	)
Total Financials					(3,786,168	)

Investments Sold Short (continued)

Common Stocks (continued)

Issuer	Shares			Value ($)
Health Care (4.4)%
Biotechnology (2.9)%
Agios Pharmaceuticals, Inc.(a)		(5,415	)		(545,886	)
Alexion Pharmaceuticals, Inc.(a)		(1,440	)		(280,656	)
Ironwood Pharmaceuticals, Inc.(a)		(45,090	)		(624,046	)
Regeneron Pharmaceuticals, Inc.(a)		(1,800	)		(748,998	)
Synageva Biopharma Corp.(a)		(4,010	)		(325,612	)
United Therapeutics Corp.(a)		(3,035	)		(402,350	)
Total					(2,927,548	)
Health Care Equipment & Supplies (0.6)%
Varian Medical Systems, Inc.(a)		(6,680	)		(591,247	)
Health Care Providers & Services (0.5)%
WellCare Health Plans, Inc.(a)		(5,875	)		(433,222	)
Pharmaceuticals (0.4)%
Eli Lilly & Co.		(6,145	)		(418,597	)
Total Health Care					(4,370,614	)
Industrials (2.8)%
Air Freight & Logistics (0.6)%
Expeditors International of Washington, Inc.		(13,705	)		(641,668	)
Building Products (0.7)%
Armstrong World Industries, Inc.(a)		(14,990	)		(750,999	)
Commercial Services & Supplies (0.3)%
Stericycle, Inc.(a)		(2,345	)		(302,318	)
Machinery (0.6)%
PACCAR, Inc.		(8,902	)		(596,612	)
Trading Companies & Distributors (0.6)%
Fastenal Co.		(12,390	)		(560,028	)
Total Industrials					(2,851,625	)
Information Technology (6.1)%
Electronic Equipment, Instruments & Components (1.0)%
Dolby Laboratories, Inc., Class A		(12,150	)		(539,217	)
Vishay Intertechnology, Inc.		(35,575	)		(493,425	)
Total					(1,032,642	)
Internet Software & Services (0.8)%
AOL, Inc.(a)		(6,460	)		(298,193	)
LinkedIn Corp., Class A(a)		(1,940	)		(438,964	)
Total					(737,157	)

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

Semiannual Report 2014
10

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Investments Sold Short (continued)

Common Stocks (continued)

Issuer	Shares			Value ($)
IT Services (0.7)%
Xerox Corp.		(51,810	)		(723,268	)
Semiconductors & Semiconductor Equipment (1.1)%
Analog Devices, Inc.		(5,515	)		(301,340	)
Intersil Corp., Class A		(40,295	)		(528,267	)
Silicon Laboratories, Inc.(a)		(6,195	)		(280,943	)
Total					(1,110,550	)
Software (1.5)%
Concur Technologies, Inc.(a)		(4,210	)		(542,290	)
SAP SE, ADR		(9,060	)		(637,099	)
Zynga, Inc., Class A(a)		(107,245	)		(278,837	)
Total					(1,458,226	)
Technology Hardware, Storage & Peripherals (1.0)%
Diebold, Inc.		(15,060	)		(544,871	)
Lexmark International, Inc., Class A		(11,131	)		(477,075	)
Total					(1,021,946	)
Total Information Technology					(6,083,789	)

Investments Sold Short (continued)

Common Stocks (continued)

Issuer	Shares			Value ($)
Materials (0.3)%
Chemicals (0.3)%
Air Products & Chemicals, Inc.		(2,050	)		(294,851	)
Total Materials					(294,851	)
Total Common Stocks (Proceeds: $24,933,708)					(26,595,123	)
Total Investments Sold Short (Proceeds: $24,933,708)					(26,595,123	)
Total Investments, Net of Investments Sold Short					73,381,945
Other Assets & Liabilities, Net					26,591,537
Net Assets					99,973,482

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at November 30, 2014

Counterparty	Exchange Date	Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays Bank PLC	12/12/14		14,000,000 AUD		12,209,582 USD		305,614		—
Barclays Bank PLC	12/12/14		1,000,000 CAD		891,554 USD		17,257		—
Barclays Bank PLC	12/12/14		22,150,000 EUR		28,097,541 USD		553,648		—
Barclays Bank PLC	12/12/14		4,765,500,000 JPY		44,391,968 USD		4,241,420		—
Barclays Bank PLC	12/12/14		4,600,000 NOK		706,403 USD		50,945		—
Barclays Bank PLC	12/12/14		14,900,000 NZD		11,652,471 USD		—		(23,668	)
Barclays Bank PLC	12/12/14		14,939,086 SEK		2,084,370 USD		80,835		—
Barclays Bank PLC	12/12/14		2,700,000 SGD		2,122,642 USD		52,518		—
Barclays Bank PLC	12/12/14		523,268 USD		600,000 AUD		—		(13,098	)

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

Semiannual Report 2014
11

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at November 30, 2014 (continued)

Counterparty	Exchange Date	Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays Bank PLC	12/12/14		6,909,544 USD		7,750,000 CAD		—		(133,745	)
Barclays Bank PLC	12/12/14		8,112,459 USD		7,725,000 CHF		—		(116,419	)
Barclays Bank PLC	12/12/14		761,107 USD		600,000 EUR		—		(14,997	)
Barclays Bank PLC	12/12/14		4,254,655 USD		2,650,000 GBP		—		(115,584	)
Barclays Bank PLC	12/12/14		184,443 USD		19,800,000 JPY		—		(17,623	)
Barclays Bank PLC	12/12/14		47,183,089 USD		307,250,000 NOK		—		(3,402,798	)
Barclays Bank PLC	12/12/14		391,023 USD		500,000 NZD		794		—
Barclays Bank PLC	12/12/14		4,283,405 USD		30,700,000 SEK		—		(166,116	)
Barclays Bank PLC	12/12/14		49,331,761 USD		62,750,000 SGD		—		(1,220,556	)
Citigroup Global Markets,Inc.	12/12/14		600,000 AUD		523,434 USD		13,264		—
Citigroup Global Markets,Inc.	12/12/14		18,600,000 CAD		16,588,037 USD		326,119		—
Citigroup Global Markets,Inc.	12/12/14		900,000 CHF		945,418 USD		13,840		—
Citigroup Global Markets,Inc.	12/12/14		1,800,000 GBP		2,889,864 USD		78,420		—
Citigroup Global Markets,Inc.	12/12/14		1,070,000,000 JPY		9,971,019 USD		955,997		—
Citigroup Global Markets,Inc.	12/12/14		224,400,000 NOK		34,468,458 USD		2,493,528		—
Citigroup Global Markets,Inc.	12/12/14		26,400,000 NZD		20,653,512 USD		—		(34,410	)
Citigroup Global Markets,Inc.	12/12/14		2,854,411 SEK		398,410 USD		15,595		—
Citigroup Global Markets,Inc.	12/12/14		15,179,586 USD		17,400,000 AUD		—		(384,654	)
Citigroup Global Markets,Inc.	12/12/14		267,549 USD		300,000 CAD		—		(5,260	)
Citigroup Global Markets,Inc.	12/12/14		19,538,636 USD		18,600,000 CHF		—		(286,036	)
Citigroup Global Markets,Inc.	12/12/14		8,880,410 USD		7,000,000 EUR		—		(175,794	)
Citigroup Global Markets,Inc.	12/12/14		13,549,692 USD		8,439,652 GBP		—		(367,686	)
Citigroup Global Markets,Inc.	12/12/14		1,075,219 USD		7,000,000 NOK		—		(77,784	)
Citigroup Global Markets,Inc.	12/12/14		1,228,012 USD		1,569,686 NZD		2,046		—

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

Semiannual Report 2014
12

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at November 30, 2014 (continued)

Counterparty	Exchange Date	Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citigroup Global Markets,Inc.	12/12/14		7,299,881 USD		52,300,000 SEK		—		(285,738	)
Citigroup Global Markets,Inc.	12/12/14		88,572,428 USD		112,700,000 SGD		—		(2,163,937	)
Credit Suisse Securities (USA) L.L.C.	12/12/14		12,500,000 AUD		10,835,590 USD		207,046		—
Credit Suisse Securities (USA) L.L.C.	12/12/14		8,700,000 CAD		7,737,040 USD		130,660		—
Credit Suisse Securities (USA) L.L.C.	12/12/14		8,500,000 CHF		8,932,015 USD		133,784		—
Credit Suisse Securities (USA) L.L.C.	12/12/14		6,600,000 EUR		8,382,774 USD		175,564		—
Credit Suisse Securities (USA) L.L.C.	12/12/14		1,600,000 GBP		2,581,699 USD		82,638		—
Credit Suisse Securities (USA) L.L.C.	12/12/14		31,800,000 JPY		269,549 USD		1,626		—
Credit Suisse Securities (USA) L.L.C.	12/12/14		102,700,000 NOK		15,758,520 USD		1,124,717		—
Credit Suisse Securities (USA) L.L.C.	12/12/14		21,800,000 SEK		2,929,378 USD		5,700		—
Credit Suisse Securities (USA) L.L.C.	12/12/14		53,100,000 SGD		41,742,668 USD		1,030,239		—
Credit Suisse Securities (USA) L.L.C.	12/12/14		709,611 USD		800,000 AUD		—		(29,384	)
Credit Suisse Securities (USA) L.L.C.	12/12/14		3,348,663 USD		3,200,000 CHF		—		(36,389	)
Credit Suisse Securities (USA) L.L.C.	12/12/14		2,008,566 USD		1,600,000 EUR		—		(18,940	)
Credit Suisse Securities (USA) L.L.C.	12/12/14		4,305,077 USD		2,700,000 GBP		—		(87,911	)
Credit Suisse Securities (USA) L.L.C.	12/12/14		6,107,828 USD		668,500,000 JPY		—		(475,545	)
Credit Suisse Securities (USA) L.L.C.	12/12/14		1,304,913 USD		8,800,000 NOK		—		(50,994	)
Credit Suisse Securities (USA) L.L.C.	12/12/14		548,144 USD		700,000 NZD		399		—
Credit Suisse Securities (USA) L.L.C.	12/12/14		157,687 USD		200,000 NZD		—		(960	)
Credit Suisse Securities (USA) L.L.C.	12/12/14		6,427,378 USD		46,800,000 SEK		—		(150,861	)
Credit Suisse Securities (USA) L.L.C.	12/12/14		2,527,556 USD		3,300,000 SGD		2,595		—
Credit Suisse Securities (USA) L.L.C.	12/12/14		691,191 USD		900,000 SGD		—		(1,150	)
Deutsch Bank	12/12/14		2,800,000 AUD		2,443,636 USD		62,842		—
Deutsch Bank	12/12/14		1,200,000 CAD		1,070,732 USD		21,576		—

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

Semiannual Report 2014
13

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at November 30, 2014 (continued)

Counterparty	Exchange Date	Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Deutsch Bank	12/12/14		600,000 EUR		761,702 USD		15,592		—
Deutsch Bank	12/12/14		132,000,000 JPY		1,230,200 USD		118,066		—
Deutsch Bank	12/12/14		1,300,000 SGD		1,022,071 USD		25,345		—
Deutsch Bank	12/12/14		523,636 USD		600,000 AUD		—		(13,466	)
Deutsch Bank	12/12/14		210,178 USD		200,000 CHF		—		(3,160	)
Deutsch Bank	12/12/14		2,537,166 USD		2,000,000 EUR		—		(50,132	)
Deutsch Bank	12/12/14		1,285,400 USD		800,000 GBP		—		(35,869	)
Deutsch Bank	12/12/14		265,142 USD		1,900,000 SEK		—		(10,326	)
HSBC Securities (USA), Inc.	12/12/14		19,600,000 CHF		20,593,643 USD		305,957		—
HSBC Securities (USA), Inc.	12/12/14		10,939,652 GBP		17,568,753 USD		481,963		—
HSBC Securities (USA), Inc.	12/12/14		1,500,000 SGD		1,179,245 USD		29,177		—
HSBC Securities (USA), Inc.	12/12/14		9,950,946 USD		11,400,000 AUD		—		(257,715	)
HSBC Securities (USA), Inc.	12/12/14		4,015,348 USD		4,500,000 CAD		—		(81,013	)
HSBC Securities (USA), Inc.	12/12/14		18,280,512 USD		14,400,000 EUR		—		(373,873	)
HSBC Securities (USA), Inc.	12/12/14		27,228,669 USD		2,921,500,000 JPY		—		(2,614,289	)
HSBC Securities (USA), Inc.	12/12/14		7,916,500 USD		51,500,000 NOK		—		(578,225	)
HSBC Securities (USA), Inc.	12/12/14		16,362,610 USD		20,900,000 NZD		15,329		—
HSBC Securities (USA), Inc.	12/12/14		32,809,315 USD		235,000,000 SEK		—		(1,292,610	)
Morgan Stanley	12/12/14		1,000,000 AUD		872,530 USD		22,246		—
Morgan Stanley	12/12/14		5,500,000 CAD		4,905,452 USD		96,821		—
Morgan Stanley	12/12/14		3,500,000 GBP		5,619,605 USD		152,908		—
Morgan Stanley	12/12/14		600,000 NZD		469,489 USD		—		(691	)
Morgan Stanley	12/12/14		315,100 USD		300,000 CHF		—		(4,574	)
Morgan Stanley	12/12/14		7,155,241 USD		9,100,000 SGD		—		(178,158	)

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

Semiannual Report 2014
14

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at November 30, 2014 (continued)

Counterparty	Exchange Date	Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
State Street Bank & Trust Company	12/12/14		4,500,000 AUD		3,926,340 USD		100,065		—
State Street Bank & Trust Company	12/12/14		1,000,000 EUR		1,268,750 USD		25,233		—
State Street Bank & Trust Company	12/12/14		7,421,010 NZD		5,808,276 USD		—		(7,075	)
State Street Bank & Trust Company	12/12/14		8,829,038 USD		9,900,000 CAD		—		(173,501	)
State Street Bank & Trust Company	12/12/14		1,680,496 USD		1,600,000 CHF		—		(24,358	)
State Street Bank & Trust Company	12/12/14		9,474,633 USD		5,900,000 GBP		—		(259,344	)
State Street Bank & Trust Company	12/12/14		1,992,994 USD		213,900,000 JPY		—		(190,832	)
UBS Securities	12/12/14		3,614,990 AUD		3,149,886 USD		76,120		—
UBS Securities	12/12/14		3,600,000 CAD		3,169,621 USD		22,153		—
UBS Securities	12/12/14		3,825,000 CHF		3,988,881 USD		29,676		—
UBS Securities	12/12/14		1,600,000 EUR		1,994,128 USD		4,501		—
UBS Securities	12/12/14		5,850,000 GBP		9,388,524 USD		251,330		—
UBS Securities	12/12/14		354,600,000 JPY		3,296,612 USD		309,017		—
UBS Securities	12/12/14		79,336,197 NOK		12,070,473 USD		765,797		—
UBS Securities	12/12/14		500,000 NZD		394,295 USD		2,478		—
UBS Securities	12/12/14		1,648,676 NZD		1,289,413 USD		—		(2,545	)
UBS Securities	12/12/14		488,000,000 SEK		67,732,411 USD		2,284,956		—
UBS Securities	12/12/14		123,050,000 SGD		96,727,848 USD		2,383,884		—
UBS Securities	12/12/14		3,329,717 USD		3,814,990 AUD		—		(85,895	)
UBS Securities	12/12/14		14,036,583 USD		15,750,000 CAD		—		(266,412	)
UBS Securities	12/12/14		635,829 USD		600,000 CHF		—		(14,777	)
UBS Securities	12/12/14		3,367,543 USD		2,650,000 EUR		—		(72,223	)
UBS Securities	12/12/14		15,125,082 USD		9,500,000 GBP		—		(286,905	)
UBS Securities	12/12/14		18,118,667 USD		1,951,800,000 JPY		—		(1,674,258	)

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

Semiannual Report 2014
15

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at November 30, 2014 (continued)

Counterparty	Exchange Date	Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
UBS Securities	12/12/14		2,914,219 USD		19,800,000 NOK		—		(92,901	)
UBS Securities	12/12/14		22,289,565 USD		28,500,000 NZD		52,398		—
UBS Securities	12/12/14		1,722,666 USD		2,200,000 NZD		—		(7,083	)
UBS Securities	12/12/14		2,758,175 USD		19,793,497 SEK		—		(103,598	)
UBS Securities	12/12/14		5,897,964 USD		7,600,000 SGD		—		(70,948	)
Wells Fargo Bank	12/12/14		1,400,000 AUD		1,220,660 USD		30,263		—
Wells Fargo Bank	12/12/14		2,000,000 CAD		1,782,372 USD		33,779		—
Wells Fargo Bank	12/12/14		15,200,000 NOK		2,335,408 USD		169,548		—
Wells Fargo Bank	12/12/14		5,900,000 SGD		4,636,178 USD		112,575		—
Wells Fargo Bank	12/12/14		1,903,950 USD		1,500,000 EUR		—		(38,675	)
Wells Fargo Bank	12/12/14		2,248,820 USD		1,400,000 GBP		—		(62,141	)
Wells Fargo Bank	12/12/14		5,573,373 USD		597,800,000 JPY		—		(536,756	)
Wells Fargo Bank	12/12/14		782,900 USD		1,000,000 NZD		733		—
Credit Suisse Securities (USA) L.L.C.	12/17/14		5,064,000 CHF		6,310,453 USD		13,116		—
Credit Suisse Securities (USA) L.L.C.	12/17/14		18,000 CHF		22,367 USD		—		(17	)
Credit Suisse Securities (USA) L.L.C.	12/17/14		2,524,276 USD		1,609,000 GBP		—		(11,227	)
Credit Suisse Securities (USA) L.L.C.	12/17/14		3,807,757 USD		4,817,000 NZD		—		(35,082	)
HSBC Securities (USA), Inc.	12/17/14		25,656,000 NOK		3,781,278 USD		126,199		—
HSBC Securities (USA), Inc.	12/17/14		6,372,458 USD		747,082,000 JPY		—		(77,459	)
UBS Securities	12/17/14		2,444,000 CHF		2,534,875 USD		4,931		—
Total							20,243,382		(19,446,150	)

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

Semiannual Report 2014
16

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Futures Contracts Outstanding at November 30, 2014

At November 30, 2014, cash totaling $2,172,433 was pledged as collateral to cover initial margin requirements on open futures contracts.

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
10YR MINI		395	JPY		48,891,294	12/2014		107,683		—
3MO EUROYEN (TFX)		16	JPY		3,364,023	06/2015		404		—
90 DAY STERLING		19	GBP		3,684,894	06/2015		13,562		—
AUST 10YR BOND		51	AUD		5,435,834	12/2014		110,420		—
BANK ACCEPT		84	CAD		18,126,847	06/2015		1,744		—
CAC40 10 EURO		13	EUR		708,505	12/2014		20,691		—
CAN 10YR BOND		11	CAD		1,324,906	03/2015		16,964		—
CBOE VIX		65	USD		1,153,750	04/2015		5,820		—
CBOE VIX		34	USD		569,500	02/2015		—		(89	)
CBOE VIX		105	USD		1,806,000	03/2015		5,734		—
EURO STOXX 50		28	EUR		1,129,451	12/2014		42,615		—
EURO-BUND		9	EUR		1,710,552	12/2014		40,308		—
FTSE 100 INDEX		41	GBP		4,310,666	12/2014		43,062		—
FTSE/MIB INDEX		20	EUR		2,491,377	12/2014		92,863		—
HANG SENG INDEX		1	HKD		154,605	12/2014		697		—
IBEX 35 INDEX		12	EUR		1,605,588	12/2014		62,869		—
LONG GILT		54	GBP		9,914,262	03/2015		77,122		—
MSCI SING IX ETS		61	SGD		3,527,677	12/2014		13,856		—
OMXS30 INDEX		92	SEK		1,807,229	12/2014		42,837		—
S&P 500		1	USD		516,575	12/2014		13,272		—
SPI 200		3	AUD		340,658	12/2014		—		(9,758	)
TOPIX INDEX		2	JPY		237,628	12/2014		23,638		—
US LONG BOND		7	USD		998,375	03/2015		14,370		—
Total								750,531		(9,847	)

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency	Notional Market Value ($)			Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
3MO EURO EURIBOR		(11	)	EUR		(3,416,923	)	06/2015		—		(707	)
3MO EURO SWISS FRANC		(98	)	CHF		(25,383,648	)	06/2015		—		(5,502	)
3MO EUROYEN (TFX)		(69	)	JPY		(14,507,350	)	06/2015		—		(1,915	)
CAN 10YR BOND		(1	)	CAD		(120,446	)	03/2015		—		(1,201	)
CBOE VIX		(147	)	USD		(2,182,950	)	12/2014		41,868		—
CBOE VIX		(39	)	USD		(622,050	)	01/2015		—		(7,052	)

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

Semiannual Report 2014
17

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Futures Contracts Outstanding at November 30, 2014
Short Futures Contracts Outstanding (continued)

Contract Description	Number of Contracts			Trading Currency	Notional Market Value ($)			Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
EURO$ 90 DAY		(152	)	USD		(37,863,200	)	06/2015		—		(13,129	)
EURO-BUND		(58	)	EUR		(11,023,558	)	12/2014		—		(121,389	)
FTSE 100 INDEX		(4	)	GBP		(420,553	)	12/2014		—		(17,187	)
HANG SENG INDEX		(1	)	HKD		(154,605	)	12/2014		—		(706	)
S&P 500		(1	)	USD		(516,575	)	12/2014		—		(78	)
S&P/TSE 60 INDEX		(3	)	CAD		(452,243	)	12/2014		—		(3,602	)
SPI 200		(6	)	AUD		(681,316	)	12/2014		2,165		—
TOPIX INDEX		(5	)	JPY		(594,070	)	12/2014		—		(9,528	)
US LONG BOND		(17	)	USD		(2,424,625	)	03/2015		—		(28,722	)
Total										44,033		(210,718	)

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  This security, or a portion of this security, was pledged as collateral for securities sold short. At November 30, 2014, total securities pledged was $18,895,340.

(c)  Identifies securities considered by the Investment Manager to be illiquid as to their marketability. The aggregate value of such securities at November 30, 2014 was $11, which represents less than 0.01% of net assets. Information concerning such security holdings at November 30, 2014 is as follows:

Security Description	Acquisition Dates	Cost ($)
Patriot Coal Corp. Senior Unsecured 05/31/2013 3.25%	05/16/2011 - 11/22/2011		114,071

(d)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2014, the value of these securities amounted to $11, which represents less than 0.01% of net assets.

(e)  Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At November 30, 2014, the value of these securities amounted to $11, which represents less than 0.01% of net assets.

(f)  The rate shown is the seven-day current annualized yield at November 30, 2014.

(g)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		82,850,299		74,412,431		(84,039,035	)		73,223,695		36,701		73,223,695

Abbreviation Legend

ADR  American Depositary Receipt

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

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Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Currency Legend

AUD  Australian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

EUR  Euro

GBP  British Pound

HKD  Hong Kong Dollar

JPY  Japanese Yen

NOK  Norwegian Krone

NZD  New Zealand Dollar

SEK  Swedish Krona

SGD  Singapore Dollar

USD  US Dollar

Fair Value Measurements

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

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

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

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

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

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

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

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

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

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

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19

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

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 following table is a summary of the inputs used to value the Fund's investments at November 30, 2014:

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		5,765,710			—		—		5,765,710
Consumer Staples		1,517,126			—		—		1,517,126
Energy		2,078,116			—		—		2,078,116
Financials		3,794,546			—		—		3,794,546
Health Care		4,277,985			—		—		4,277,985
Industrials		2,890,810			—		—		2,890,810
Information Technology		6,141,884			—		—		6,141,884
Materials		287,185			—		—		287,185
Common Stocks — Investments Sold Short
Consumer Discretionary		(5,708,046	)		—		—		(5,708,046	)
Consumer Staples		(1,532,937	)		—		—		(1,532,937	)
Energy		(1,967,093	)		—		—		(1,967,093	)
Financials		(3,786,168	)		—		—		(3,786,168	)
Health Care		(4,370,614	)		—		—		(4,370,614	)
Industrials		(2,851,625	)		—		—		(2,851,625	)
Information Technology		(6,083,789	)		—		—		(6,083,789	)
Materials		(294,851	)		—		—		(294,851	)
Total Equity Securities		158,239			—		—		158,239
Bonds
Convertible Bonds		—			—		11		11
Total Bonds		—			—		11		11

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

Semiannual Report 2014
20

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Money Market Funds		73,223,695			—			—		73,223,695
Total Mutual Funds		73,223,695			—			—		73,223,695
Investments in Securities		73,381,934			—			11		73,381,945
Derivatives
Assets
Forward Foreign Currency   Exchange Contracts					20,243,382			—		20,243,382
Futures Contracts		794,564			—			—		794,564
Liabilities
Forward Foreign Currency Exchange Contracts					(19,446,150	)		—		(19,446,150	)
Futures Contracts		(220,565	)		—			—		(220,565	)
Total		73,955,933			797,232			11		74,753,176

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain convertible bonds classified as Level 3 are valued using an income approach. To determine fair value for these securities, management considered estimates of future distributions from the company assets or potential actions related to the respective company's restructuring. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

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

Semiannual Report 2014
21

Columbia Absolute Return Enhanced Multi-Strategy Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $24,284,746)	$	26,753,373
Affiliated issuers (identified cost $73,223,695)		73,223,695
Total investments (identified cost $97,508,441)		99,977,068
Cash		2,029
Cash collateral held at broker		23,907,663
Margin deposits		2,172,433
Unrealized appreciation on forward foreign currency exchange contracts		20,243,382
Receivable for:
Investments sold		15,097
Capital shares sold		5,240
Dividends		31,997
Variation margin		156,237
Prepaid expenses		2,402
Total assets		146,513,548
Liabilities
Securities sold short, at value (proceeds $24,933,708)		26,595,123
Unrealized depreciation on forward foreign currency exchange contracts		19,446,150
Payable for:
Investments purchased		17,188
Capital shares purchased		143,822
Dividends and interest on securities sold short		38,507
Variation margin		210,495
Investment management fees		5,027
Distribution and/or service fees		357
Transfer agent fees		3,247
Administration fees		437
Compensation of board members		14,671
Other expenses		65,042
Total liabilities		46,540,066
Net assets applicable to outstanding capital stock	$	99,973,482
Represented by
Paid-in capital	$	108,101,738
Excess of distributions over net investment income		(2,350,680	)
Accumulated net realized loss		(7,921,244	)
Unrealized appreciation (depreciation) on:
Investments		2,468,627
Foreign currency translations		(34,775	)
Forward foreign currency exchange contracts		797,232
Futures contracts		573,999
Securities sold short		(1,661,415	)
Total — representing net assets applicable to outstanding capital stock	$	99,973,482

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

Semiannual Report 2014
22

Columbia Absolute Return Enhanced Multi-Strategy Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$	17,953,003
Shares outstanding		1,856,663
Net asset value per share	$	9.67
Maximum offering price per share(a)	$	10.26
Class B
Net assets	$	83,149
Shares outstanding		8,738
Net asset value per share	$	9.52
Class C
Net assets	$	1,882,828
Shares outstanding		197,835
Net asset value per share	$	9.52
Class I
Net assets	$	78,143,211
Shares outstanding		8,034,350
Net asset value per share	$	9.73
Class R
Net assets	$	15,954
Shares outstanding		1,664
Net asset value per share	$	9.59
Class R5
Net assets	$	2,435
Shares outstanding		249
Net asset value per share(b)	$	9.79
Class W
Net assets	$	100,181
Shares outstanding		10,356
Net asset value per share	$	9.67
Class Z
Net assets	$	1,792,721
Shares outstanding		184,402
Net asset value per share	$	9.72

(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 2014
23

Columbia Absolute Return Enhanced Multi-Strategy Fund

Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	210,677
Dividends — affiliated issuers		36,701
Foreign taxes withheld		(399	)
Total income		246,979
Expenses:
Investment management fees		488,366
Distribution and/or service fees
Class A		30,358
Class B		425
Class C		12,193
Class R		35
Class W		158
Transfer agent fees
Class A		15,510
Class B		55
Class C		1,560
Class R		9
Class R5		1
Class W		81
Class Z		1,243
Administration fees		42,467
Compensation of board members		6,458
Custodian fees		32,512
Printing and postage fees		12,539
Registration fees		48,355
Professional fees		19,583
Dividends and interest on securities sold short		137,628
Other		5,728
Total expenses		855,264
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(49,180	)
Total net expenses		806,084
Net investment loss		(559,105	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		8,950,510
Foreign currency translations		(119,880	)
Forward foreign currency exchange contracts		633,642
Futures contracts		(1,567,362	)
Securities sold short		(715,945	)
Net realized gain		7,180,965
Net change in unrealized appreciation (depreciation) on:
Investments		(5,661,820	)
Foreign currency translations		(31,997	)
Forward foreign currency exchange contracts		1,141,932
Futures contracts		422,308
Securities sold short		(1,475,799	)
Net change in unrealized depreciation		(5,605,376	)
Net realized and unrealized gain		1,575,589
Net increase in net assets resulting from operations	$	1,016,484

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

Semiannual Report 2014
24

Columbia Absolute Return Enhanced Multi-Strategy Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014
Operations
Net investment loss	$	(559,105	)	$	(1,438,621	)
Net realized gain (loss)		7,180,965			(12,128,794	)
Net change in unrealized appreciation (depreciation)		(5,605,376	)		1,443,185
Net increase (decrease) in net assets resulting from operations		1,016,484			(12,124,230	)
Distributions to shareholders
Net investment income
Class A		—			(198,465	)
Class B		—			(163	)
Class C		—			(4,435	)
Class I		—			(645,950	)
Class R		—			(37	)
Class R5		—			(15	)
Class W		—			(280,341	)
Class Z		—			(22,402	)
Total distributions to shareholders		—			(1,151,808	)
Increase (decrease) in net assets from capital stock activity		(15,614,129	)		43,879,176
Total increase (decrease) in net assets		(14,597,645	)		30,603,138
Net assets at beginning of period		114,571,127			83,967,989
Net assets at end of period	$	99,973,482		$	114,571,127
Excess of distributions over net investment income	$	(2,350,680	)	$	(1,791,575	)

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

Semiannual Report 2014
25

Columbia Absolute Return Enhanced Multi-Strategy Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		81,828			782,876			1,290,048			13,002,904
Distributions reinvested		—			—			19,843			198,433
Redemptions		(1,565,862	)		(14,979,142	)		(2,332,865	)		(22,930,108	)
Net decrease		(1,484,034	)		(14,196,266	)		(1,022,974	)		(9,728,771	)
Class B shares
Subscriptions		—			—			8,500			84,263
Distributions reinvested		—			—			16			160
Redemptions(a)		(4,174	)		(39,525	)		(6,364	)		(63,559	)
Net increase (decrease)		(4,174	)		(39,525	)		2,152			20,864
Class C shares
Subscriptions		4,133			39,082			84,916			843,680
Distributions reinvested		—			—			447			4,426
Redemptions		(111,694	)		(1,052,554	)		(187,071	)		(1,832,758	)
Net decrease		(107,561	)		(1,013,472	)		(101,708	)		(984,652	)
Class I shares
Subscriptions		28,311			272,280			14,232,623			144,527,436
Distributions reinvested		—			—			64,465			645,935
Redemptions		(60,217	)		(578,872	)		(9,264,723	)		(92,396,280	)
Net increase (decrease)		(31,906	)		(306,592	)		5,032,365			52,777,091
Class R shares
Subscriptions		285			2,712			466			4,590
Distributions reinvested		—			—			3			29
Redemptions		(2	)		(16	)		(20	)		(199	)
Net increase		283			2,696			449			4,420
Class W shares
Subscriptions		116			1,112			7,310,311			74,031,114
Distributions reinvested		—			—			28,005			280,331
Redemptions		(8,989	)		(86,198	)		(7,321,733	)		(70,925,822	)
Net increase (decrease)		(8,873	)		(85,086	)		16,583			3,385,623
Class Z shares
Subscriptions		75,858			730,605			169,342			1,716,552
Distributions reinvested		—			—			1,840			18,454
Redemptions		(73,529	)		(706,489	)		(337,804	)		(3,330,405	)
Net increase (decrease)		2,329			24,116			(166,622	)		(1,595,399	)
Total net increase (decrease)		(1,633,936	)		(15,614,129	)		3,760,245			43,879,176

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

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

Semiannual Report 2014
26

Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

	Six Months Ended November 30, 2014			Year Ended May 31,
Class A	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.58		$	10.28		$	10.01		$	9.92		$	10.00
Income from investment operations:
Net investment loss		(0.06	)		(0.10	)		(0.06	)		(0.06	)		(0.01	)
Net realized and unrealized gain (loss)		0.15			(0.56	)		0.56			0.12			(0.07	)
Increase from payment by affiliate		—			0.00	(b)		—			0.04			—
Total from investment operations		0.09			(0.66	)		0.50			0.10			(0.08	)
Less distributions to shareholders:
Net investment income		—			(0.04	)		(0.23	)		—			—
Net realized gains		—			—			—			(0.01	)		—
Total distributions to shareholders		—			(0.04	)		(0.23	)		(0.01	)		—
Net asset value, end of period	$	9.67		$	9.58		$	10.28		$	10.01		$	9.92
Total return		0.94	%		(6.41	%)(c)		5.08	%		1.00	%(d)		(0.80	%)
Ratios to average net assets(e)
Total gross expenses		1.86	%(f)(g)		1.97	%(f)		2.15	%(f)		2.15	%(f)		5.76	%(g)
Total net expenses(h)		1.74	%(f)(g)		1.68	%(f)		1.77	%(f)		1.68	%(f)		1.47	%(g)
Net investment loss		(1.27	%)(g)		(1.00	%)		(0.63	%)		(0.57	%)		(0.68	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	17,953		$	32,008		$	44,838		$	55,582		$	11,745
Portfolio turnover		130	%		142	%		62	%		154	%		11	%

Notes to Financial Highlights

(a)  Based on operations from March 31, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(d)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.38%.

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

(f)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.24% for the six months ended November 30, 2014 and 0.17%, 0.29% and 0.20% for the years ended May 31, 2014, 2013 and 2012, respectively.

(g)  Annualized.

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

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

Semiannual Report 2014
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Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class B	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.47		$	10.20		$	9.92		$	9.90		$	10.00
Income from investment operations:
Net investment loss		(0.10	)		(0.17	)		(0.14	)		(0.14	)		(0.02	)
Net realized and unrealized gain (loss)		0.15			(0.55	)		0.56			0.13			(0.08	)
Increase from payment by affiliate		—			0.00	(b)		—			0.04			—
Total from investment operations		0.05			(0.72	)		0.42			0.03			(0.10	)
Less distributions to shareholders:
Net investment income		—			(0.01	)		(0.14	)		—			—
Net realized gains		—			—			—			(0.01	)		—
Total distributions to shareholders		—			(0.01	)		(0.14	)		(0.01	)		—
Net asset value, end of period	$	9.52		$	9.47		$	10.20		$	9.92		$	9.90
Total return		0.53	%		(7.04	%)(c)		4.26	%		0.30	%(d)		(1.00	%)
Ratios to average net assets(e)
Total gross expenses		2.62	%(f)(g)		2.75	%(f)		2.87	%(f)		2.92	%(f)		6.86	%(g)
Total net expenses(h)		2.51	%(f)(g)		2.43	%(f)		2.50	%(f)		2.42	%(f)		2.22	%(g)
Net investment loss		(2.05	%)(g)		(1.75	%)		(1.40	%)		(1.38	%)		(1.36	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	83		$	122		$	110		$	92		$	28
Portfolio turnover		130	%		142	%		62	%		154	%		11	%

Notes to Financial Highlights

(a)  Based on operations from March 31, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(d)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.38%.

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

(f)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.26% for the six months ended November 30, 2014 and 0.17%, 027% and 0.19% for the years ended May 31, 2014, 2013 and 2012, respectively.

(g)  Annualized.

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

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

Semiannual Report 2014
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Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class C	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.47		$	10.20		$	9.93		$	9.91		$	10.00
Income from investment operations:
Net investment loss		(0.10	)		(0.17	)		(0.14	)		(0.13	)		(0.02	)
Net realized and unrealized gain (loss)		0.15			(0.55	)		0.56			0.12			(0.07	)
Increase from payment by affiliate		—			0.00	(b)		—			0.04			—
Total from investment operations		0.05			(0.72	)		0.42			0.03			(0.09	)
Less distributions to shareholders:
Net investment income		—			(0.01	)		(0.15	)		—			—
Net realized gains		—			—			—			(0.01	)		—
Total distributions to shareholders		—			(0.01	)		(0.15	)		(0.01	)		—
Net asset value, end of period	$	9.52		$	9.47		$	10.20		$	9.93		$	9.91
Total return		0.53	%		(7.05	%)(c)		4.24	%		0.30	%(d)		(0.90	%)
Ratios to average net assets(e)
Total gross expenses		2.62	%(f)(g)		2.72	%(f)		2.91	%(f)		2.92	%(f)		6.73	%(g)
Total net expenses(h)		2.50	%(f)(g)		2.43	%(f)		2.52	%(f)		2.44	%(f)		2.22	%(g)
Net investment loss		(2.02	%)(g)		(1.75	%)		(1.37	%)		(1.31	%)		(1.44	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	1,883		$	2,891		$	4,151		$	5,637		$	970
Portfolio turnover		130	%		142	%		62	%		154	%		11	%

Notes to Financial Highlights

(a)  Based on operations from March 31, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(d)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.38%.

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

(f)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.24% for the six months ended November 30, 2014 and 0.17%, 0.29% and 0.21% for the years ended May 31, 2014, 2013 and 2012, respectively.

(g)  Annualized.

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

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

Semiannual Report 2014
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Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class I	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.62		$	10.30		$	10.03		$	9.92		$	10.00
Income from investment operations:
Net investment loss		(0.05	)		(0.06	)		(0.02	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		0.16			(0.56	)		0.56			0.12			(0.07	)
Increase from payment by affiliate		—			0.00	(b)		—			0.04			—
Total from investment operations		0.11			(0.62	)		0.54			0.12			(0.08	)
Less distributions to shareholders:
Net investment income		—			(0.06	)		(0.27	)		—			—
Net realized gains		—			—			—			(0.01	)		—
Total distributions to shareholders		—			(0.06	)		(0.27	)		(0.01	)		—
Net asset value, end of period	$	9.73		$	9.62		$	10.30		$	10.03		$	9.92
Total return		1.14	%		(6.04	%)(c)		5.51	%		1.21	%(d)		(0.80	%)
Ratios to average net assets(e)
Total gross expenses		1.50	%(f)(g)		1.34	%(f)		1.64	%(f)		1.53	%(f)		3.87	%(g)
Total net expenses(h)		1.42	%(f)(g)		1.30	%(f)		1.35	%(f)		1.32	%(f)		1.16	%(g)
Net investment loss		(0.95	%)(g)		(0.63	%)		(0.21	%)		(0.37	%)		(0.48	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	78,143		$	77,599		$	31,239		$	29,587		$	27,767
Portfolio turnover		130	%		142	%		62	%		154	%		11	%

Notes to Financial Highlights

(a)  Based on operations from March 31, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(d)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.38%.

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

(f)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.27% for the six months ended November 30, 2014 and 0.16%, 0.29% and 0.16% for the years ended May 31, 2014, 2013 and 2012, respectively.

(g)  Annualized.

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

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

Semiannual Report 2014
30

Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class R	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.51		$	10.21		$	9.98		$	9.91		$	10.00
Income from investment operations:
Net investment loss		(0.07	)		(0.12	)		(0.09	)		(0.09	)		(0.02	)
Net realized and unrealized gain (loss)		0.15			(0.55	)		0.55			0.13			(0.07	)
Increase from payment by affiliate		—			0.00	(b)		—			0.04			—
Total from investment operations		0.08			(0.67	)		0.46			0.08			(0.09	)
Less distributions to shareholders:
Net investment income		—			(0.03	)		(0.23	)		—			—
Net realized gains		—			—			—			(0.01	)		—
Total distributions to shareholders		—			(0.03	)		(0.23	)		(0.01	)		—
Net asset value, end of period	$	9.59		$	9.51		$	10.21		$	9.98		$	9.91
Total return		0.84	%		(6.55	%)(c)		4.70	%		0.80	%(d)		(0.90	%)
Ratios to average net assets(e)
Total gross expenses		2.13	%(f)(g)		2.25	%(f)		2.39	%(f)		2.49	%(f)		4.45	%(g)
Total net expenses(h)		2.02	%(f)(g)		1.93	%(f)		2.02	%(f)		1.90	%(f)		1.73	%(g)
Net investment loss		(1.56	%)(g)		(1.24	%)		(0.90	%)		(0.87	%)		(1.08	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	16		$	13		$	10		$	5		$	2
Portfolio turnover		130	%		142	%		62	%		154	%		11	%

Notes to Financial Highlights

(a)  Based on operations from March 31, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(d)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.38%.

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

(f)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.28% for the six months ended November 30, 2014 and 0.17%, 0.29% and 0.17% for the years ended May 31, 2014, 2013 and 2012, respectively.

(g)  Annualized.

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

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

Semiannual Report 2014
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Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class R5	(Unaudited)			2014			2013(a)
Per share data
Net asset value, beginning of period	$	9.68		$	10.37		$	10.05
Income from investment operations:
Net investment loss		(0.05	)		(0.07	)		(0.01	)
Net realized and unrealized gain (loss)		0.16			(0.56	)		0.60
Increase from payment by affiliate		—			0.00	(b)		—
Total from investment operations		0.11			(0.63	)		0.59
Less distributions to shareholders:
Net investment income		—			(0.06	)		(0.27	)
Total distributions to shareholders		—			(0.06	)		(0.27	)
Net asset value, end of period	$	9.79		$	9.68		$	10.37
Total return		1.14	%		(6.09	%)(c)		5.99	%
Ratios to average net assets(d)
Total gross expenses		1.58	%(e)(f)		1.43	%(e)		1.66	%(e)(f)
Total net expenses(g)		1.45	%(e)(f)		1.36	%(e)		1.35	%(e)(f)
Net investment loss		(1.00	%)(f)		(0.68	%)		(0.25	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	2		$	3
Portfolio turnover		130	%		142	%		62	%

Notes to Financial Highlights

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

(b)  Rounds to zero.

(c)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

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

(e)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.26% for the six months ended November 30, 2014 and 0.15% and 0.26% for the years ended May 31, 2014 and 2013, respectively.

(f)  Annualized.

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

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

Semiannual Report 2014
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Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class W	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.59		$	10.28		$	10.01		$	9.92		$	10.00
Income from investment operations:
Net investment loss		(0.06	)		(0.10	)		(0.06	)		(0.06	)		(0.01	)
Net realized and unrealized gain (loss)		0.14			(0.55	)		0.57			0.12			(0.07	)
Increase from payment by affiliate		—			0.00	(b)		—			0.04			—
Total from investment operations		0.08			(0.65	)		0.51			0.10			(0.08	)
Less distributions to shareholders:
Net investment income		—			(0.04	)		(0.24	)		—			—
Net realized gains		—			—			—			(0.01	)		—
Total distributions to shareholders		—			(0.04	)		(0.24	)		(0.01	)		—
Net asset value, end of period	$	9.67		$	9.59		$	10.28		$	10.01		$	9.92
Total return		0.83	%		(6.32	%)(c)		5.13	%		1.00	%(d)		(0.80	%)
Ratios to average net assets(e)
Total gross expenses		1.86	%(f)(g)		1.95	%(f)		2.24	%(f)		2.06	%(f)		4.17	%(g)
Total net expenses(h)		1.75	%(f)(g)		1.67	%(f)		1.79	%(f)		1.66	%(f)		1.48	%(g)
Net investment loss		(1.28	%)(g)		(1.01	%)		(0.59	%)		(0.66	%)		(0.83	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	100		$	184		$	27		$	9,334		$	2
Portfolio turnover		130	%		142	%		62	%		154	%		11	%

Notes to Financial Highlights

(a)  Based on operations from March 31, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(d)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.38%.

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

(f)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.24% for the six months ended November 30, 2014 and 0.16%, 0.31% and 0.18% for the years ended May 31, 2014, 2013 and 2012, respectively.

(g)  Annualized

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

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

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33

Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class Z	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.62		$	10.30		$	10.04		$	9.92		$	10.00
Income from investment operations:
Net investment loss		(0.05	)		(0.08	)		(0.04	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss)		0.15			(0.55	)		0.56			0.12			(0.07	)
Increase from payment by affiliate		—			0.00	(b)		—			0.04			—
Total from investment operations		0.10			(0.63	)		0.52			0.13			(0.08	)
Less distributions to shareholders:
Net investment income		—			(0.05	)		(0.26	)		—			—
Net realized gains		—			—			—			(0.01	)		—
Total distributions to shareholders		—			(0.05	)		(0.26	)		(0.01	)		—
Net asset value, end of period	$	9.72		$	9.62		$	10.30		$	10.04		$	9.92
Total return		1.04	%		(6.10	%)(c)		5.29	%		1.31	%(d)		(0.80	%)
Ratios to average net assets(e)
Total gross expenses		1.63	%(f)(g)		1.70	%(f)		1.89	%(f)		1.87	%(f)		6.03	%(g)
Total net expenses(h)		1.51	%(f)(g)		1.43	%(f)		1.52	%(f)		1.42	%(f)		1.22	%(g)
Net investment loss		(1.05	%)(g)		(0.75	%)		(0.38	%)		(0.33	%)		(0.45	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$	1,793		$	1,751		$	3,591		$	2,028		$	717
Portfolio turnover		130	%		142	%		62	%		154	%		11	%

Notes to Financial Highlights

(a)  Based on operations from March 31, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(d)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.38%.

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

(f)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.26% for the six months ended November 30, 2014 and 0.17%, 0.29% and 0.19% for the years ended May 31, 2014, 2013 and 2012, respectively.

(g)  Annualized.

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

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

Semiannual Report 2014
34

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements

November 30, 2014 (Unaudited)

Note 1. Organization

Columbia Absolute Return Enhanced Multi-Strategy 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 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 the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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 investors as described in the Fund's prospectus.

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

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 that take into account, as applicable, 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.

Semiannual Report 2014
35

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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

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

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

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

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 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 quoted or published price for the security.

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

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the NYSE. 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.

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the counterparty credit risk is failure of the clearinghouse. However, credit risk still exists in exchange-traded or centrally

Semiannual Report 2014
36

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker's customers (including the Fund), potentially resulting in losses to the Fund.

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

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

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage over a specified time period or if 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. The Fund utilized forward foreign currency exchange contracts primarily for the purpose of gaining market exposure to various foreign currencies. These instruments may be used for other purposes in future periods.

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

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

Futures Contracts

Futures contracts are exchange traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage exposure to the securities market. These instruments may be used for other purposes in future periods. Upon entering into futures contracts the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market,

Semiannual Report 2014
37

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the

Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Offsetting of Derivative Assets and Derivative Liabilities

The following tables present the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of November 30, 2014:

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Assets Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)(a)		Cash Collateral Received ($)		Securities Collateral Received ($)		Net Amount ($)(b)
Asset Derivatives:
Forward Foreign Currency Exchange Contracts		20,243,382		—		20,243,382		14,309,105		—		—		5,934,277
							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)(c)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)		Net Amount ($)(d)
Liability Derivatives:
Forward Foreign Currency Exchange Contracts		19,446,150		—		19,446,150		14,309,105		—		—		5,137,045

(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.

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the

Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized 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.

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38

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at November 30, 2014:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		349,117	*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		20,243,382
Interest rate risk	Net assets — unrealized appreciation on futures contracts		445,447	*
Total			21,037,946
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		48,000	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		19,446,150
Interest rate risk	Net assets — unrealized depreciation on futures contracts		172,565	*
Total			19,666,715

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended November 30, 2014:

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

Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Total ($)
Equity risk		—		(2,548,913	)		(2,548,913	)
Foreign exchange risk		633,642		—			633,642
Interest rate risk		—		981,551			981,551
Total		633,642		(1,567,362	)		(933,720	)

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

Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Total ($)
Equity risk		—		678,442			678,442
Foreign exchange risk		1,141,932		—			1,141,932
Interest rate risk		—		(256,134	)		(256,134	)
Total		1,141,932		422,308			1,564,240

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended November 30, 2014.

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		95,791,871
Futures contracts — Short		103,106,523
Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		12,254,100		(5,822,225	)

*Based on the ending quarterly outstanding amounts for the six months ended November 30, 2014.

Short Sales

The Fund may sell a security it does not own in anticipation of a decline in the fair value of the security. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. The Fund is required to maintain a margin account with the broker and to pledge assets to the broker as collateral for the borrowed security. Securities pledged as collateral are designated in the Portfolio of Investments. The Fund can purchase the same security at the current market price and deliver it to the broker to close out the short sale. The Fund is obligated to pay the broker a fee for borrowing the security. The fee is included in "Dividends and interest on securities sold short" in the Statement of Operations and a short position is reported as a liability at fair value in the Statement of Assets and Liabilities. The Fund must also pay the broker for any dividends accrued (recognized on ex-date) on the borrowed security. This amount is recorded as an expense in the Statement of Operations. The Fund will record a gain if the security declines in value, and will realize a loss if the security appreciates. Such gain, limited to the price at which the Fund sold the security short, or such loss, potentially unlimited in size because the short position loses value as the market price of the security sold short increases, will be recognized upon the termination of a short sale.

Semiannual Report 2014
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Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

The following table presents the Fund's gross and net amount of liabilities available for offset under a netting arrangement for short sales as well as the related collateral pledged by the Fund as of November 30, 2014:

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)(a)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)		Net Amount ($)(b)
Securities Borrowed		26,595,123		—		26,595,123		—		23,907,663		2,687,400		—

(a) 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.

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

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 place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange-traded funds (ETFs), other regulated investment companies (RICs), 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 actual information reported. To the extent actual information has not yet been reported by the REITs, estimates for return of capital are made by the Fund's management. 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 REITs, which could result in a proportionate change in return of capital to shareholders. No estimates are made for the BDCs, ETFs, and RICs.

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Semiannual Report 2014
40

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

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

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid 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

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, 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, 2014 was 0.92% 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 0.08% to 0.05% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2014 was 0.08% 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, 2014, other expenses paid by the Fund to this company were $626.

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.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts (other than omnibus accounts for which American

Semiannual Report 2014
41

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. 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, 2014, 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	0.13	%
Class B	0.13
Class C	0.13
Class R	0.13
Class R5	0.05
Class W	0.13
Class Z	0.13

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2014, 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 $9,000 and $6,000 for Class B and Class C shares, respectively. This amount is based on the most recent information available as of September 30, 2014 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 $1,161 for Class A and $432 for Class C shares for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the 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, 2014 through September 30, 2015			Prior to October 1, 2014
Class A		1.53	%		1.53	%
Class B		2.28			2.28
Class C		2.28			2.28
Class I		1.19			1.20
Class R		1.78			1.78
Class R5		1.24			1.25
Class W		1.53			1.53
Class Z		1.28			1.28

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

Semiannual Report 2014
42

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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.

In addition, the Fund's expense ratio is subject to a voluntary expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses immediately described above), so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the annual rates of 1.52% for Class A, 2.27% for Class B, 2.27% for Class C, 1.18% for Class I, 1.77% for Class R, 1.23% for Class R5, 1.52% for Class W and 1.27% for Class Z. This arrangement may be revised or discontinued at any time.

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, 2014, the cost of investments for federal income tax purposes was approximately $97,508,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	3,004,000
Unrealized depreciation		(552,000	)
Net unrealized appreciation	$	2,452,000

The following capital loss carryforwards, determined as of May 31, 2014, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
No expiration — short-term		3,007,019
No expiration — long-term		2,431,537
Total		5,438,556

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat late-year ordinary losses of $1,605,114 and post-October capital losses of $9,510,595 at May 31, 2014 as arising on June 1, 2014.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However,

management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if any, aggregated to $53,395,642 and $77,914,848, respectively, for the six months ended November 30, 2014.

The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund 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

At November 30, 2014, affiliated shareholders of record owned 96.8% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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 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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Semiannual Report 2014
43

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

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.

Short Selling Risk

The Fund may make short sales, which involves selling a security the Fund does not own in anticipation that the security's price will decline. The Fund's potential losses could exceed those of other funds which hold only long security positions if the value of the securities held long decreases and the value of the securities sold short increases. The Fund's use of short sales in effect "leverages" the Fund, when the Fund uses the cash proceeds from the short sales to invest in additional long securities. Leveraging potentially exposes the Fund to greater risks due to unanticipated market movements, which may magnify losses and increase volatility of returns. There is no assurance that a leveraging strategy will be successful.

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted below and in Note 8 above, there were no items requiring adjustment of the financial statements or additional disclosure.

On January 28, 2015 the Fund's Board of Trustees approved a Plan of Liquidation and Termination (the Plan) pursuant to which the Fund will be liquidated and terminated. Effective at the open of business on February 2, 2015, the Fund is no longer open to new investors. Under the terms of the Plan, it is anticipated that the Fund will be liquidated on or about March 6, 2015, at which time the Fund's shareholders will receive a liquidation distribution in an amount equal to the net asset value of their Fund shares. Shareholders of the Fund may also redeem their investment in the Fund or exchange their Fund shares for shares of another Columbia Fund at any time prior to the date of liquidation.

Note 11. 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 quarterly (10-Q), annual (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 2014
44

Columbia Absolute Return Enhanced Multi-Strategy 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.

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 800.345.6611 or by sending an email to serviceinquiries@columbiamanagement.com.

Semiannual Report 2014
45

Columbia Absolute Return Enhanced Multi-Strategy 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR106_05_E01_(01/15)

Semiannual Report

November 30, 2014

Columbia Absolute Return Multi-Strategy Fund

Not FDIC insured • No bank guarantee • May lose value

About 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 some of the most talented professionals in the industry, brought together by a unique way of working.

It starts with carefully selected, specialized investment teams. While each team brings a diverse and innovative range of skills, all are grounded by a common set of core beliefs. All possess a solid conviction in the power of proprietary, bottom-up research. All look not only at generating returns, but also at the likely consistency of those returns and the risks required to achieve them. And while our culture encourages teams to operate independently and question established thinking, a rigorous investment oversight process ensures that each team stays true to its clearly articulated investment process. At Columbia Management, reaching our performance goals matters, and the way we reach them matters just as much.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

President's Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What's different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

>  The relative value of global equities vs. global bonds actually improved during 2014.

>  Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today's conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President's Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB's balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People's Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

>  Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

>  Explicit downside hedges, such as put options (with emphasis on managing the related expense)

>  Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia Absolute Return Multi-Strategy Fund

Table of Contents

Performance Overview	4
Portfolio Overview	5
Understanding Your Fund's Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	18
Statement of Operations	20
Statement of Changes in Net Assets	21
Financial Highlights	23
Notes to Financial Statements	31
Important Information About This Report	41

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Semiannual Report 2014

Columbia Absolute Return Multi-Strategy Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia Absolute Return Multi-Strategy Fund (the Fund) Class A shares returned -0.20% excluding sales charges for the six-month period that ended November 30, 2014.

>  During the same time period, the Fund underperformed the Citigroup 3-Month U.S. Treasury Bill Index, which returned 0.01%, and the Barclays U.S. Aggregate Bond Index, a broad measure of the domestic fixed-income market, which returned 1.92%.

>  On January 28, 2015 the Fund's Board of Trustees approved a Plan of Liquidation and Termination (the Plan) pursuant to which the Fund will be liquidated and terminated. Effective at the open of business on February 2, 2015, the Fund is no longer open to new investors. Under the terms of the Plan, it is anticipated that the Fund will be liquidated on or about March 6, 2015, at which time the Fund's shareholders will receive a liquidation distribution in an amount equal to the net asset value of their Fund shares. Shareholders of the Fund may also redeem their investment in the Fund or exchange their Fund shares for shares of another Columbia Fund at any time prior to the date of liquidation.

Average Annual Total Returns (%) (for period ended November 30, 2014)

	Inception	6 Months cumulative		1 Year		Life
Class A	03/31/11
Excluding sales charges			-0.20		-2.81		-0.34
Including sales charges			-3.18		-5.71		-1.17
Class B	03/31/11
Excluding sales charges			-0.62		-3.61		-1.10
Including sales charges			-5.59		-8.43		-1.92
Class C	03/31/11
Excluding sales charges			-0.72		-3.71		-1.10
Including sales charges			-1.72		-4.67		-1.10
Class I	03/31/11		-0.20		-2.69		-0.03
Class R	03/31/11		-0.41		-3.25		-0.62
Class R5*	11/08/12		-0.10		-2.59		-0.17
Class W	03/31/11		-0.20		-2.13		-0.20
Class Z	03/31/11		-0.10		-2.68		-0.13
Citigroup 3-Month U.S. Treasury Bill Index			0.01		0.04		0.05
Barclays U.S. Aggregate Bond Index			1.92		5.27		4.15

Returns for Class A are shown with and without the maximum initial sales charge of 3.00%. 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. If they had, returns would be lower. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/investment-products/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 Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

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

Semiannual Report 2014
4

Columbia Absolute Return Multi-Strategy Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) — Long Positions (at November 30, 2014)
Goldman Sachs Group, Inc. (The)	3.5
Comcast Corp., Class A	3.5
Cubist Pharmaceuticals, Inc.	3.3
Alexandria Real Estate Equities, Inc.	3.2
Bluebird Bio, Inc.	3.2
Activision Blizzard, Inc.	2.7
Rockwell Automation, Inc.	2.7
Nike, Inc., Class B	2.7
DISH Network Corp., Class A	2.6
Electronic Arts, Inc.	2.5

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

Top Ten Holdings (%) — Short Positions (at November 30, 2014)
Coach, Inc.	(3.4	)
Dick's Sporting Goods, Inc.	(3.4	)
Regeneron Pharmaceuticals, Inc.	(2.8	)
Armstrong World Industries, Inc.	(2.8	)
First Republic Bank	(2.8	)
Xerox Corp.	(2.7	)
Clorox Co. (The)	(2.4	)
Expeditors International of Washington, Inc.	(2.4	)
Target Corp.	(2.4	)
SAP SE, ADR	(2.4	)

Percentages indicated are based upon total short investments.

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 Management

Todd White

Jeffrey Knight, CFA

Kent Peterson, PhD

Semiannual Report 2014
5

Columbia Absolute Return Multi-Strategy Fund

Portfolio Overview (continued)

(Unaudited)

Portfolio Breakdown (%) (at November 30, 2014)
	Long		Short			Net
Common Stocks		55.7		(55.5	)		0.2
Consumer Discretionary		12.0		(11.9	)		0.1
Consumer Staples		3.2		(3.2	)		0.0
Energy		4.3		(4.1	)		0.2
Financials		7.9		(7.9	)		0.0
Health Care		8.9		(9.1	)		(0.2	)
Industrials		6.0		(6.0	)		0.0
Information Technology		12.8		(12.7	)		0.1
Materials		0.6		(0.6	)		0.0
Short-Term Investments Segregated in Connection with Open Derivatives Contracts(a)		99.8		—			99.8
Total		155.5		(55.5	)		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 $13.2 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.

Semiannual Report 2014
6

Columbia Absolute Return Multi-Strategy Fund

Understanding Your Fund's Expenses

(Unaudited)

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

Analyzing Your Fund's Expenses

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

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		998.00		1,016.21		8.72		8.80		1.75
Class B		1,000.00		1,000.00		993.80		1,012.42		12.48		12.59		2.51
Class C		1,000.00		1,000.00		992.80		1,012.32		12.57		12.69		2.53
Class I		1,000.00		1,000.00		998.00		1,018.75		6.18		6.24		1.24
Class R		1,000.00		1,000.00		995.90		1,014.56		10.35		10.45		2.08
Class R5		1,000.00		1,000.00		999.00		1,017.55		7.38		7.44		1.48
Class W		1,000.00		1,000.00		998.00		1,016.11		8.82		8.90		1.77
Class Z		1,000.00		1,000.00		999.00		1,017.10		7.82		7.90		1.57

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as 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 2014
7

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 37.1%

Issuer	Shares		Value ($)
Consumer Discretionary 8.0%
Hotels, Restaurants & Leisure 0.6%
Hilton Worldwide Holdings, Inc.(a)(b)		4,620		121,136
Internet & Catalog Retail 0.6%
Priceline Group, Inc. (The)(a)(b)		108		125,301
Media 3.3%
Cinemark Holdings, Inc.(b)		3,260		118,371
Comcast Corp., Class A(b)		4,490		256,109
DISH Network Corp., Class A(a)(b)		2,420		192,172
Viacom, Inc., Class B(b)		1,065		80,546
Total				647,198
Specialty Retail 0.8%
Cabela's, Inc.(a)(b)		2,995		162,449
Textiles, Apparel & Luxury Goods 2.7%
Nike, Inc., Class B(b)		1,975		196,098
PVH Corp.(b)		1,225		155,747
VF Corp.(b)		2,455		184,542
Total				536,387
Total Consumer Discretionary				1,592,471
Consumer Staples 2.1%
Beverages 0.9%
Dr. Pepper Snapple Group, Inc.(b)		2,360		174,640
Food Products 0.8%
Archer-Daniels-Midland Co.		3,270		172,264
Personal Products 0.4%
Avon Products, Inc.(b)		7,435		72,714
Total Consumer Staples				419,618
Energy 2.9%
Energy Equipment & Services 0.7%
Halliburton Co.(b)		3,430		144,746
Oil, Gas & Consumable Fuels 2.2%
Anadarko Petroleum Corp.		1,415		111,997
Cimarex Energy Co.(b)		1,060		111,247
ConocoPhillips(b)		1,450		95,801
EOG Resources, Inc.(b)		1,290		111,869
Total				430,914
Total Energy				575,660

Common Stocks (continued)

Issuer	Shares		Value ($)
Financials 5.3%
Capital Markets 2.1%
Goldman Sachs Group, Inc. (The)(b)		1,370		258,122
Invesco Ltd.(b)		3,950		159,422
Total				417,544
Consumer Finance 0.4%
American Express Co.		875		80,867
Insurance 0.4%
MetLife, Inc.(b)		1,490		82,859
Real Estate Investment Trusts (REITs) 1.6%
Alexandria Real Estate Equities, Inc.		2,780		238,858
Duke Realty Corp.(b)		4,200		81,648
Total				320,506
Real Estate Management & Development 0.8%
St. Joe Co. (The)(a)(b)		7,950		147,790
Total Financials				1,049,566
Health Care 5.9%
Biotechnology 4.8%
ARIAD Pharmaceuticals, Inc.(a)		12,290		87,382
Auspex Pharmaceuticals, Inc.(a)(b)		4,735		114,729
Bluebird Bio, Inc.(a)(b)		5,665		233,568
Clovis Oncology, Inc.(a)(b)		2,975		141,550
Cubist Pharmaceuticals, Inc.(a)(b)		3,200		242,592
Vertex Pharmaceuticals, Inc.(a)(b)		1,265		149,118
Total				968,939
Health Care Equipment & Supplies 0.5%
HeartWare International, Inc.(a)(b)		1,305		95,957
Pharmaceuticals 0.6%
AstraZeneca PLC, ADR(b)		1,605		119,043
Total Health Care				1,183,939
Industrials 4.0%
Airlines 1.8%
Alaska Air Group, Inc.		2,960		174,729
Delta Air Lines, Inc.(b)		3,895		181,779
Total				356,508
Electrical Equipment 1.0%
Rockwell Automation, Inc.(b)		1,735		200,236

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

Semiannual Report 2014
8

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Machinery 0.4%
IDEX Corp.(b)		1,005		77,194
Road & Rail 0.8%
Norfolk Southern Corp.(b)		1,490		166,344
Total Industrials				800,282
Information Technology 8.5%
Internet Software & Services 1.1%
Google, Inc., Class C(a)(b)		280		151,712
HomeAway, Inc.(a)(b)		2,475		77,616
Total				229,328
Semiconductors & Semiconductor Equipment 1.7%
Broadcom Corp., Class A(b)		1,870		80,653
TriQuint Semiconductor, Inc.(a)(b)		3,475		84,686
Xilinx, Inc.(b)		3,665		166,538
Total				331,877
Software 5.3%
Activision Blizzard, Inc.		9,355		202,536
Autodesk, Inc.(a)(b)		2,075		128,650
Check Point Software Technologies Ltd.(a)(b)		1,873		144,802
Electronic Arts, Inc.(a)(b)		4,225		185,604
Fortinet, Inc.(a)(b)		3,005		82,818
salesforce.com, Inc.(a)(b)		2,820		168,833
Tableau Software, Inc., Class A(a)(b)		925		77,589
VMware, Inc., Class A(a)(b)		760		66,849
Total				1,057,681
Technology Hardware, Storage & Peripherals 0.4%
EMC Corp.(b)		2,636		80,003
Total Information Technology				1,698,889
Materials 0.4%
Chemicals 0.4%
Monsanto Co.(b)		660		79,141
Total Materials				79,141
Total Common Stocks (Cost: $6,676,372)				7,399,566

Money Market Funds 66.4%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.104%(c)(d)		13,231,873		13,231,873
Total Money Market Funds (Cost: $13,231,873)				13,231,873
Total Investments (Cost: $19,908,245)				20,631,439

Investments Sold Short (37.0)%

Common Stocks (37.0)%

Issuer	Shares			Value ($)
Consumer Discretionary (7.9)%
Hotels, Restaurants & Leisure (1.4)%
Choice Hotels International, Inc.		(2,275	)		(126,058	)
Panera Bread Co., Class A(a)		(905	)		(151,497	)
Total					(277,555	)
Internet & Catalog Retail (0.4)%
Groupon, Inc.(a)		(10,285	)		(77,446	)
Media (1.2)%
Grupo Televisa SAB, ADR		(2,179	)		(81,385	)
Regal Entertainment Group, Class A		(7,420	)		(171,328	)
Total					(252,713	)
Multiline Retail (0.9)%
Target Corp.		(2,400	)		(177,600	)
Specialty Retail (2.7)%
Dick's Sporting Goods, Inc.		(4,980	)		(252,038	)
Staples, Inc.		(9,050	)		(127,243	)
Ulta Salon Cosmetics & Fragrance, Inc.(a)		(1,270	)		(160,642	)
Total					(539,923	)
Textiles, Apparel & Luxury Goods (1.3)%
Coach, Inc.		(6,835	)		(253,715	)
Total Consumer Discretionary					(1,578,952	)
Consumer Staples (2.1)%
Food & Staples Retailing (0.8)%
Sprouts Farmers Market, Inc.(a)		(5,280	)		(167,851	)
Household Products (1.3)%
Clorox Co. (The)		(1,750	)		(177,835	)
Colgate-Palmolive Co.		(1,130	)		(78,637	)
Total					(256,472	)
Total Consumer Staples					(424,323	)

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

Semiannual Report 2014
9

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Investments Sold Short (continued)

Common Stocks (continued)

Issuer	Shares			Value ($)
Energy (2.7)%
Energy Equipment & Services (1.8)%
Rowan Companies PLC, Class A		(5,265	)		(114,619	)
SEACOR Holdings, Inc.(a)		(1,970	)		(140,146	)
Tidewater, Inc.		(3,705	)		(114,522	)
Total					(369,287	)
Oil, Gas & Consumable Fuels (0.9)%
Bill Barrett Corp.(a)		(6,480	)		(65,642	)
Pioneer Natural Resources Co.		(765	)		(109,571	)
Total					(175,213	)
Total Energy					(544,500	)
Financials (5.3)%
Banks (1.8)%
First Republic Bank		(4,005	)		(206,378	)
Westamerica Bancorporation		(3,215	)		(156,249	)
Total					(362,627	)
Capital Markets (0.4)%
SEI Investments Co.		(2,080	)		(82,430	)
Insurance (1.6)%
Progressive Corp. (The)		(5,860	)		(159,626	)
Travelers Companies, Inc. (The)		(780	)		(81,471	)
WR Berkley Corp.		(1,590	)		(83,062	)
Total					(324,159	)
Real Estate Investment Trusts (REITs) (1.5)%
American Homes 4 Rent, Class A		(6,845	)		(117,734	)
Healthcare Realty Trust, Inc.		(5,987	)		(158,117	)
Iron Mountain, Inc.		(311	)		(11,821	)
Total					(287,672	)
Total Financials					(1,056,888	)
Health Care (6.1)%
Biotechnology (4.1)%
Agios Pharmaceuticals, Inc.(a)		(1,495	)		(150,711	)
Alexion Pharmaceuticals, Inc.(a)		(400	)		(77,960	)
Ironwood Pharmaceuticals, Inc.(a)		(12,490	)		(172,861	)
Regeneron Pharmaceuticals, Inc.(a)		(500	)		(208,055	)
Synageva Biopharma Corp.(a)		(1,110	)		(90,132	)
United Therapeutics Corp.(a)		(840	)		(111,359	)
Total					(811,078	)

Investments Sold Short (continued)

Common Stocks (continued)

Issuer	Shares			Value ($)
Health Care Equipment & Supplies (0.8)%
Varian Medical Systems, Inc.(a)		(1,850	)		(163,744	)
Health Care Providers & Services (0.6)%
WellCare Health Plans, Inc.(a)		(1,630	)		(120,196	)
Pharmaceuticals (0.6)%
Eli Lilly & Co.		(1,695	)		(115,463	)
Total Health Care					(1,210,481	)
Industrials (4.0)%
Air Freight & Logistics (0.9)%
Expeditors International of Washington, Inc.		(3,795	)		(177,682	)
Building Products (1.1)%
Armstrong World Industries, Inc.(a)		(4,145	)		(207,665	)
Commercial Services & Supplies (0.4)%
Stericycle, Inc.(a)		(650	)		(83,798	)
Machinery (0.8)%
PACCAR, Inc.		(2,463	)		(165,070	)
Trading Companies & Distributors (0.8)%
Fastenal Co.		(3,430	)		(155,036	)
Total Industrials					(789,251	)
Information Technology (8.5)%
Electronic Equipment, Instruments & Components (1.5)%
Dolby Laboratories, Inc., Class A		(3,365	)		(149,339	)
Vishay Intertechnology, Inc.		(9,855	)		(136,689	)
Total					(286,028	)
Internet Software & Services (1.0)%
AOL, Inc.(a)		(1,790	)		(82,626	)
LinkedIn Corp., Class A(a)		(535	)		(121,055	)
Total					(203,681	)
IT Services (1.0)%
Xerox Corp.		(14,350	)		(200,326	)
Semiconductors & Semiconductor Equipment (1.6)%
Analog Devices, Inc.		(1,525	)		(83,326	)
Intersil Corp., Class A		(11,160	)		(146,308	)
Silicon Laboratories, Inc.(a)		(1,715	)		(77,775	)
Total					(307,409	)

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

Semiannual Report 2014
10

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Investments Sold Short (continued)

Common Stocks (continued)

Issuer	Shares			Value ($)
Software (2.0)%
Concur Technologies, Inc.(a)		(1,165	)		(150,064	)
SAP SE, ADR		(2,508	)		(176,362	)
Zynga, Inc., Class A(a)		(29,680	)		(77,168	)
Total					(403,594	)
Technology Hardware, Storage & Peripherals (1.4)%
Diebold, Inc.		(4,175	)		(151,051	)
Lexmark International, Inc., Class A		(3,087	)		(132,309	)
Total					(283,360	)
Total Information Technology					(1,684,398	)

Investments Sold Short (continued)

Common Stocks (continued)

Issuer	Shares			Value ($)
Materials (0.4)%
Chemicals (0.4)%
Air Products & Chemicals, Inc.		(565	)		(81,264	)
Total Materials					(81,264	)
Total Common Stocks (Proceeds: $7,093,039)					(7,370,057	)
Total Investments Sold Short (Proceeds: $7,093,039)					(7,370,057	)
Total Investments, Net of Investments Sold Short					13,261,382
Other Assets & Liabilities, Net					6,666,176
Net Assets					19,927,558

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at November 30, 2014

Counterparty	Exchange Date	Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Credit Suisse Securities (USA) L.L.C.	12/12/2014		1,278,596 AUD		1,107,080 USD		19,910		—
Credit Suisse Securities (USA) L.L.C.	12/12/2014		400,000 CAD		353,746 USD		4,028		—
Credit Suisse Securities (USA) L.L.C.	12/12/2014		1,400,000 CHF		1,471,155 USD		22,035		—
Credit Suisse Securities (USA) L.L.C.	12/12/2014		1,400,000 EUR		1,777,691 USD		36,767		—
Credit Suisse Securities (USA) L.L.C.	12/12/2014		200,000 GBP		322,712 USD		10,330		—
Credit Suisse Securities (USA) L.L.C.	12/12/2014		4,000,000 JPY		33,905 USD		204		—
Credit Suisse Securities (USA) L.L.C.	12/12/2014		4,622,259 NOK		708,021 USD		49,391		—
Credit Suisse Securities (USA) L.L.C.	12/12/2014		2,500,000 SEK		335,818 USD		534		—
Credit Suisse Securities (USA) L.L.C.	12/12/2014		400,000 SGD		314,527 USD		7,842		—
Credit Suisse Securities (USA) L.L.C.	12/12/2014		88,701 USD		100,000 AUD		—		(3,673	)
Credit Suisse Securities (USA) L.L.C.	12/12/2014		418,583 USD		400,000 CHF		—		(4,549	)
Credit Suisse Securities (USA) L.L.C.	12/12/2014		251,071 USD		200,000 EUR		—		(2,367	)
Credit Suisse Securities (USA) L.L.C.	12/12/2014		157,108 USD		100,000 GBP		—		(917	)

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

Semiannual Report 2014
11

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at November 30, 2014 (continued)

Counterparty	Exchange Date	Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Credit Suisse Securities (USA) L.L.C.	12/12/2014		268,261 USD		30,400,000 JPY		—		(12,133	)
Credit Suisse Securities (USA) L.L.C.	12/12/2014		193,088 USD		1,300,000 NOK		—		(7,850	)
Credit Suisse Securities (USA) L.L.C.	12/12/2014		529,975 USD		3,900,000 SEK		—		(6,932	)
Credit Suisse Securities (USA) L.L.C.	12/12/2014		306,370 USD		400,000 SGD		315		—
Credit Suisse Securities (USA) L.L.C.	12/12/2014		76,799 USD		100,000 SGD		—		(128	)
Deutsch Bank	12/12/2014		523,636 USD		600,000 AUD		—		(13,466	)
Deutsch Bank	12/12/2014		126,687 USD		100,000 EUR		—		(2,336	)
Deutsch Bank	12/12/2014		160,675 USD		100,000 GBP		—		(4,484	)
Deutsch Bank	12/12/2014		76,422 USD		8,200,000 JPY		—		(7,334	)
HSBC Securities (USA), Inc.	12/12/2014		5,974,843 USD		7,600,000 SGD		—		(147,828	)
State Street Bank & Trust Company	12/12/2014		1,600,000 AUD		1,396,032 USD		35,579		—
State Street Bank & Trust Company	12/12/2014		1,605,280 USD		1,800,000 CAD		—		(31,546	)
State Street Bank & Trust Company	12/12/2014		1,141,875 USD		900,000 EUR		—		(22,710	)
State Street Bank & Trust Company	12/12/2014		2,890,566 USD		1,800,000 GBP		—		(79,122	)
UBS Securities	12/12/2014		300,000 AUD		261,255 USD		6,170		—
UBS Securities	12/12/2014		2,200,000 CAD		1,956,046 USD		32,592		—
UBS Securities	12/12/2014		300,000 CHF		311,577 USD		1,051		—
UBS Securities	12/12/2014		300,000 EUR		376,111 USD		3,056		—
UBS Securities	12/12/2014		2,100,000 GBP		3,370,080 USD		90,061		—
UBS Securities	12/12/2014		64,400,000 JPY		599,171 USD		56,584		—
UBS Securities	12/12/2014		7,300,000 NOK		1,107,077 USD		66,894		—
UBS Securities	12/12/2014		100,000 NZD		78,859 USD		496		—
UBS Securities	12/12/2014		200,000 NZD		156,418 USD		—		(309	)
UBS Securities	12/12/2014		21,300,000 SEK		2,926,814 USD		70,194		—

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

Semiannual Report 2014
12

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at November 30, 2014 (continued)

Counterparty	Exchange Date	Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
UBS Securities	12/12/2014		7,900,000 SGD		6,210,230 USD		153,205		—
UBS Securities	12/12/2014		1,550,897 USD		1,778,596 AUD		—		(38,586	)
UBS Securities	12/12/2014		266,763 USD		300,000 CAD		—		(4,474	)
UBS Securities	12/12/2014		1,155,984 USD		1,100,000 CHF		—		(17,389	)
UBS Securities	12/12/2014		127,870 USD		100,000 EUR		—		(3,518	)
UBS Securities	12/12/2014		1,750,326 USD		1,100,000 GBP		—		(32,221	)
UBS Securities	12/12/2014		165,376 USD		18,700,000 JPY		—		(7,823	)
UBS Securities	12/12/2014		922,213 USD		6,117,301 NOK		—		(50,554	)
UBS Securities	12/12/2014		466,759 USD		600,000 NZD		3,420		—
UBS Securities	12/12/2014		157,612 USD		200,000 NZD		—		(885	)
UBS Securities	12/12/2014		221,955 USD		1,600,000 SEK		—		(7,373	)
UBS Securities	12/12/2014		698,084 USD		900,000 SGD		—		(8,043	)
Credit Suisse Securities (USA) L.L.C.	12/17/2014		702,000 EUR		874,790 USD		1,818		—
Credit Suisse Securities (USA) L.L.C.	12/17/2014		3,000 EUR		3,728 USD		—		(3	)
Credit Suisse Securities (USA) L.L.C.	12/17/2014		349,853 USD		223,000 GBP		—		(1,556	)
Credit Suisse Securities (USA) L.L.C.	12/17/2014		528,043 USD		668,000 NZD		—		(4,865	)
HSBC Securities (USA), Inc.	12/17/2014		3,558,000 NOK		524,391 USD		17,501		—
HSBC Securities (USA), Inc.	12/17/2014		883,841 USD		103,618,000 JPY		—		(10,743	)
UBS Securities	12/17/2014		339,000 CHF		351,605 USD		684		—
Total							690,661		(535,717	)

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

Semiannual Report 2014
13

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Futures Contracts Outstanding at November 30, 2014

At November 30, 2014, cash totaling $290,963 was pledged as collateral to cover initial margin requirements on open futures contracts.

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
10YR MINI		56	JPY		6,931,424	12/2014		14,148		—
3MO EUROYEN (TFX)		5	JPY		1,051,257	06/2015		162		—
90 DAY STERLING		6	GBP		1,163,651	06/2015		4,669		—
AUST 10YR BOND		9	AUD		959,265	12/2014		20,512		—
BANK ACCEPT		10	CAD		2,157,958	06/2015		188		—
CAC40 10 EURO		2	EUR		109,001	12/2014		3,183		—
CAN 10YR BOND		4	CAD		481,784	03/2015		6,169		—
CBOE VIX		4	USD		67,000	02/2015		—		(11	)
CBOE VIX		12	USD		206,400	03/2015		1,303		—
CBOE VIX		7	USD		124,250	04/2015		581		—
EURO STOXX 50		3	EUR		121,013	12/2014		4,566		—
EURO-BUND		3	EUR		570,184	12/2014		13,885		—
FTSE 100 INDEX		5	GBP		525,691	12/2014		7,910		—
FTSE/MIB INDEX		2	EUR		249,138	12/2014		12,559		—
IBEX 35 INDEX		1	EUR		133,799	12/2014		5,239		—
LONG GILT		8	GBP		1,468,780	03/2015		11,425		—
MSCI SING IX ETS		9	SGD		520,477	12/2014		2,044		—
OMXS30 INDEX		15	SEK		294,657	12/2014		6,985		—
SPI 200		1	AUD		113,553	12/2014		—		(3,253	)
TOPIX INDEX		1	JPY		118,814	12/2014		11,819		—
US LONG BOND		3	USD		427,875	03/2015		6,159		—
Total								133,506		(3,264	)

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency	Notional Market Value ($)			Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
3MO EURO EURIBOR		(1	)	EUR		(310,629	)	06/2015		—		(64	)
3MO EURO SWISS FRANC		(15	)	CHF		(3,885,252	)	06/2015		—		(995	)
3MO EUROYEN (TFX)		(8	)	JPY		(1,682,012	)	06/2015		—		(217	)
CBOE VIX		(17	)	USD		(252,450	)	12/2014		5,056		—
CBOE VIX		(4	)	USD		(63,800	)	01/2015		—		(810	)
EURO$ 90 DAY		(19	)	USD		(4,732,900	)	06/2015		—		(1,585	)
EURO-BUND		(7	)	EUR		(1,330,429	)	12/2014		—		(14,260	)
FTSE 100 INDEX		(1	)	GBP		(105,138	)	12/2014		—		(4,297	)

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

Semiannual Report 2014
14

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Futures Contracts Outstanding at November 30, 2014 (continued)

Short Futures Contracts Outstanding (continued)

Contract Description	Number of Contracts			Trading Currency	Notional Market Value ($)			Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
SPI 200		(1	)	AUD		(113,553	)	12/2014		361		—
TOPIX INDEX		(1	)	JPY		(118,814	)	12/2014		—		(473	)
US LONG BOND		(2	)	USD		(285,250	)	03/2015		—		(3,379	)
Total										5,417		(26,080	)

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  This security, or a portion of this security, was pledged as collateral for securities sold short. At November 30, 2014, total securities pledged was $6,145,596.

(c)  The rate shown is the seven-day current annualized yield at November 30, 2014.

(d)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		58,915,448		79,497,467		(125,181,042	)		13,231,873		18,430		13,231,873

Abbreviation Legend

ADR  American Depositary Receipt

Currency Legend

AUD  Australian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

EUR  Euro

GBP  British Pound

JPY  Japanese Yen

NOK  Norwegian Krone

NZD  New Zealand Dollar

SEK  Swedish Krona

SGD  Singapore Dollar

USD  US Dollar

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

Semiannual Report 2014
15

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements

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

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

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

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

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

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

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

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund's Board of Trustees (the Board), the Investment Manager's Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014
16

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2014:

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		1,592,471			—			—		1,592,471
Consumer Staples		419,618			—			—		419,618
Energy		575,660			—			—		575,660
Financials		1,049,566			—			—		1,049,566
Health Care		1,183,939			—			—		1,183,939
Industrials		800,282			—			—		800,282
Information Technology		1,698,889			—			—		1,698,889
Materials		79,141			—			—		79,141
Common Stocks — Investments Sold Short
Consumer Discretionary		(1,578,952	)		—			—		(1,578,952	)
Consumer Staples		(424,323	)		—			—		(424,323	)
Energy		(544,500	)		—			—		(544,500	)
Financials		(1,056,888	)		—			—		(1,056,888	)
Health Care		(1,210,481	)		—			—		(1,210,481	)
Industrials		(789,251	)		—			—		(789,251	)
Information Technology		(1,684,398	)		—			—		(1,684,398	)
Materials		(81,264	)		—			—		(81,264	)
Total Equity Securities		29,509			—			—		29,509
Mutual Funds
Money Market Funds		13,231,873			—			—		13,231,873
Total Mutual Funds		13,231,873			—			—		13,231,873
Investments in Securities		13,261,382			—			—		13,261,382
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			690,661			—		690,661
Futures Contracts		138,923			—			—		138,923
Liabilities
Forward Foreign Currency Exchange Contracts		—			(535,717	)		—		(535,717	)
Futures Contracts		(29,344	)		—			—		(29,344	)
Total		13,370,961			154,944			—		13,525,905

See the Portfolio of Investments for all investment classifications not indicated in the table.

There were no transfers of financial assets between levels 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 2014
17

Columbia Absolute Return Multi-Strategy Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $6,676,372)	$	7,399,566
Affiliated issuers (identified cost $13,231,873)		13,231,873
Total investments (identified cost $19,908,245)		20,631,439
Cash		714
Cash collateral held at broker		6,295,400
Margin deposits		290,963
Unrealized appreciation on forward foreign currency exchange contracts		690,661
Receivable for:
Investments sold		2,093
Capital shares sold		200
Dividends		9,181
Variation margin		24,155
Expense reimbursement due from Investment Manager		940
Prepaid expenses		2,327
Total assets		27,948,073
Liabilities
Securities sold short, at value (proceeds $7,093,039)		7,370,057
Unrealized depreciation on forward foreign currency exchange contracts		535,717
Payable for:
Investments purchased		2,383
Capital shares purchased		500
Dividends and interest on securities sold short		10,993
Variation margin		26,068
Investment management fees		902
Distribution and/or service fees		332
Transfer agent fees		2,966
Administration fees		88
Compensation of board members		15,924
Other expenses		54,585
Total liabilities		8,020,515
Net assets applicable to outstanding capital stock	$	19,927,558
Represented by
Paid-in capital	$	21,780,863
Excess of distributions over net investment income		(404,882	)
Accumulated net realized loss		(2,153,286	)
Unrealized appreciation (depreciation) on:
Investments		723,194
Foreign currency translations		(5,836	)
Forward foreign currency exchange contracts		154,944
Futures contracts		109,579
Securities sold short		(277,018	)
Total — representing net assets applicable to outstanding capital stock	$	19,927,558

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014
18

Columbia Absolute Return Multi-Strategy Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$	14,776,296
Shares outstanding		1,517,787
Net asset value per share	$	9.74
Maximum offering price per share(a)	$	10.04
Class B
Net assets	$	40,672
Shares outstanding		4,237
Net asset value per share	$	9.60
Class C
Net assets	$	2,269,190
Shares outstanding		236,256
Net asset value per share	$	9.60
Class I
Net assets	$	1,811,924
Shares outstanding		185,413
Net asset value per share	$	9.77
Class R
Net assets	$	2,421
Shares outstanding		250
Net asset value per share	$	9.68
Class R5
Net assets	$	2,459
Shares outstanding		251
Net asset value per share	$	9.80
Class W
Net assets	$	63,927
Shares outstanding		6,540
Net asset value per share(b)	$	9.78
Class Z
Net assets	$	960,669
Shares outstanding		98,352
Net asset value per share	$	9.77

(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 3.00%.

(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 2014
19

Columbia Absolute Return Multi-Strategy Fund

Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	211,990
Dividends — affiliated issuers		18,430
Foreign taxes withheld		(473	)
Total income		229,947
Expenses:
Investment management fees		261,417
Distribution and/or service fees
Class A		25,867
Class B		263
Class C		12,747
Class R		6
Class W		90
Transfer agent fees
Class A		12,469
Class B		31
Class C		1,505
Class R		2
Class R5		1
Class W		40
Class Z		584
Administration fees		25,504
Compensation of board members		6,296
Custodian fees		25,743
Printing and postage fees		17,872
Registration fees		45,531
Professional fees		20,494
Dividends and interest on securities sold short		96,213
Other		12,691
Total expenses		565,366
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(98,350	)
Total net expenses		467,016
Net investment loss		(237,069	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		12,237,151
Foreign currency translations		(427,709	)
Forward foreign currency exchange contracts		222,617
Futures contracts		(1,423,510	)
Securities sold short		(1,162,941	)
Net realized gain		9,445,608
Net change in unrealized appreciation (depreciation) on:
Investments		(10,899,234	)
Foreign currency translations		(2,471	)
Forward foreign currency exchange contracts		364,012
Futures contracts		546,062
Securities sold short		583,776
Net change in unrealized depreciation		(9,407,855	)
Net realized and unrealized gain		37,753
Net decrease in net assets from operations	$	(199,316	)

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014
20

Columbia Absolute Return Multi-Strategy Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014
Operations
Net investment loss	$	(237,069	)	$	(549,519	)
Net realized gain (loss)		9,445,608			(1,570,874	)
Net change in unrealized depreciation		(9,407,855	)		(3,401,512	)
Net decrease in net assets resulting from operations		(199,316	)		(5,521,905	)
Distributions to shareholders
Net investment income
Class A		—			(199,071	)
Class I		—			(694,164	)
Class R		—			(9	)
Class R5		—			(25	)
Class W		—			(981	)
Class Z		—			(8,603	)
Total distributions to shareholders		—			(902,853	)
Decrease in net assets from capital stock activity		(81,657,149	)		(70,867,199	)
Total decrease in net assets		(81,856,465	)		(77,291,957	)
Net assets at beginning of period		101,784,023			179,075,980
Net assets at end of period	$	19,927,558		$	101,784,023
Excess of distributions over net investment income	$	(404,882	)	$	(167,813	)

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014
21

Columbia Absolute Return Multi-Strategy Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		40,074			390,623			1,255,546			12,657,788
Distributions reinvested		—			—			19,886			199,056
Redemptions		(1,213,353	)		(11,800,785	)		(1,611,177	)		(16,039,459	)
Net decrease		(1,173,279	)		(11,410,162	)		(335,745	)		(3,182,615	)
Class B shares
Redemptions(a)		(2,038	)		(19,380	)		(7,535	)		(74,480	)
Net decrease		(2,038	)		(19,380	)		(7,535	)		(74,480	)
Class C shares
Subscriptions		8,615			83,398			97,631			974,816
Redemptions		(53,110	)		(509,861	)		(156,146	)		(1,547,057	)
Net decrease		(44,495	)		(426,463	)		(58,515	)		(572,241	)
Class I shares
Subscriptions		1,649			16,111			7,543,357			75,781,349
Distributions reinvested		—			—			69,275			694,139
Redemptions		(7,157,033	)		(69,938,446	)		(12,001,431	)		(120,218,813	)
Net decrease		(7,155,384	)		(69,922,335	)		(4,388,799	)		(43,743,325	)
Class W shares
Subscriptions		—			—			539,171			5,449,012
Distributions reinvested		—			—			97			967
Redemptions		(1,458	)		(14,239	)		(2,926,610	)		(29,398,629	)
Net decrease		(1,458	)		(14,239	)		(2,387,342	)		(23,948,650	)
Class Z shares
Subscriptions		97,245			951,362			357,825			3,623,549
Distributions reinvested		—			—			257			2,578
Redemptions		(83,809	)		(815,932	)		(294,437	)		(2,972,015	)
Net increase		13,436			135,430			63,645			654,112
Total net decrease		(8,363,218	)		(81,657,149	)		(7,114,291	)		(70,867,199	)

(a) Includes conversions of Class B shares to Class A shares, if any.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014
22

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

	Six Months Ended November 30, 2014			Year Ended May 31,
Class A	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.76		$	10.20		$	9.96		$	9.98		$	10.00
Income from investment operations:
Net investment loss		(0.05	)		(0.06	)		(0.04	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss)		0.03			(0.32	)		0.36			0.00	(b)		(0.01	)(c)
Increase from payment by affiliate		—			0.00	(b)		—			0.01			—
Total from investment operations		(0.02	)		(0.38	)		0.32			(0.02	)		(0.02	)
Less distributions to shareholders:
Net investment income		—			(0.06	)		(0.08	)		—			—
Net realized gains		—			—			—			(0.00	)(b)		—
Total distributions to shareholders		—			(0.06	)		(0.08	)		(0.00	)(b)		—
Net asset value, end of period	$	9.74		$	9.76		$	10.20		$	9.96		$	9.98
Total return		(0.20	%)		(3.76	%)(d)		3.19	%		(0.17	%)(e)		(0.20	%)
Ratios to average net assets(f)
Total gross expenses		2.03	%(g)(h)		1.81	%(g)		2.07	%(g)		1.99	%(g)		3.83	%(g)(h)
Total net expenses(i)		1.75	%(g)(h)		1.58	%(g)		1.68	%(g)		1.65	%(g)		1.57	%(g)(h)
Net investment loss		(1.08	%)(h)		(0.60	%)		(0.45	%)		(0.26	%)		(0.67	%)(h)
Supplemental data
Net assets, end of period (in thousands)	$	14,776		$	26,256		$	30,863		$	45,673		$	11,301
Portfolio turnover		68	%		88	%		61	%		132	%		16	%

Notes to Financial Highlights

(a)  Based on operations from March 31, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(d)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.04%.

(e)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.13%.

(f)  In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(g)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.36% for the six months ended November 30, 2014 and 0.24%, 0.30%, 0.27% and 0.20% for the years ended May 31, 2014, 2013, 2012 and 2011, respectively.

(h)  Annualized.

(i)  Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014
23

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class B	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.66		$	10.11		$	9.88		$	9.97		$	10.00
Income from investment operations:
Net investment loss		(0.09	)		(0.13	)		(0.12	)		(0.10	)		(0.02	)
Net realized and unrealized gain (loss)		0.03			(0.32	)		0.35			0.00	(b)		(0.01	)(c)
Increase from payment by affiliate		—			0.00	(b)		—			0.01			—
Total from investment operations		(0.06	)		(0.45	)		0.23			(0.09	)		(0.03	)
Less distributions to shareholders:
Net realized gains		—			—			—			(0.00	)(b)		—
Total distributions to shareholders		—			—			—			(0.00	)(b)		—
Net asset value, end of period	$	9.60		$	9.66		$	10.11		$	9.88		$	9.97
Total return		(0.62	%)		(4.45	%)(d)		2.33	%		(0.88	%)(e)		(0.30	%)
Ratios to average net assets(f)
Total gross expenses		2.79	%(g)(h)		2.57	%(g)		2.82	%(g)		2.75	%(g)		4.21	%(g)(h)
Total net expenses(i)		2.51	%(g)(h)		2.32	%(g)		2.43	%(g)		2.40	%(g)		2.32	%(g)(h)
Net investment loss		(1.86	%)(h)		(1.35	%)		(1.20	%)		(1.03	%)		(1.41	%)(h)
Supplemental data
Net assets, end of period (in thousands)	$	41		$	61		$	140		$	171		$	62
Portfolio turnover		68	%		88	%		61	%		132	%		16	%

Notes to Financial Highlights

(a)  Based on operations from March 31, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(d)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.04%.

(e)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.13%.

(f)  In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(g)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.37% for the six months ended November 30, 2014 and 0.23%, 0.30%, 0.27% and 0.19% for the years ended May 31, 2014, 2013, 2012 and 2011, respectively.

(h)  Annualized.

(i)  Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014
24

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class C	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.67		$	10.12		$	9.88		$	9.98		$	10.00
Income from investment operations:
Net investment loss		(0.09	)		(0.13	)		(0.12	)		(0.10	)		(0.02	)
Net realized and unrealized gain (loss)		0.02			(0.32	)		0.36			(0.01	)(b)		(0.00	)(b)(c)
Increase from payment by affiliate		—			0.00	(c)		—			0.01			—
Total from investment operations		(0.07	)		(0.45	)		0.24			(0.10	)		(0.02	)
Less distributions to shareholders:
Net realized gains		—			—			—			(0.00	)(c)		—
Total distributions to shareholders		—			—			—			(0.00	)(c)		—
Net asset value, end of period	$	9.60		$	9.67		$	10.12		$	9.88		$	9.98
Total return		(0.72	%)		(4.45	%)(d)		2.43	%		(0.98	%)(e)		(0.20	%)
Ratios to average net assets(f)
Total gross expenses		2.80	%(g)(h)		2.56	%(g)		2.82	%(g)		2.74	%(g)		4.81	%(g)(h)
Total net expenses(i)		2.53	%(g)(h)		2.33	%(g)		2.43	%(g)		2.40	%(g)		2.35	%(g)(h)
Net investment loss		(1.88	%)(h)		(1.35	%)		(1.20	%)		(1.01	%)		(1.41	%)(h)
Supplemental data
Net assets, end of period (in thousands)	$	2,269		$	2,714		$	3,433		$	5,196		$	1,350
Portfolio turnover		68	%		88	%		61	%		132	%		16	%

Notes to Financial Highlights

(a)  Based on operations from March 31, 2011 (commencement of operations) through the stated period end.

(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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c)  Rounds to zero.

(d)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.04%.

(e)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.13%.

(f)  In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(g)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 038% for the six months ended November 30, 2014 and 0.24%, 0.30%, 0.27% and 0.23% for the years ended May 31, 2014, 2013, 2012 and 2011, respectively.

(h)  Annualized.

(i)  Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014
25

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class I	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.79		$	10.23		$	10.00		$	9.99		$	10.00
Income from investment operations:
Net investment income (loss)		(0.02	)		(0.02	)		(0.00	)(b)		0.00	(b)		(0.01	)
Net realized and unrealized gain (loss)		0.00	(b)		(0.32	)		0.35			0.00	(b)		(0.00	)(b)(c)
Increase from payment by affiliate		—			0.00	(b)		—			0.01			—
Total from investment operations		(0.02	)		(0.34	)		0.35			0.01			(0.01	)
Less distributions to shareholders:
Net investment income		—			(0.10	)		(0.12	)		—			—
Net realized gains		—			—			—			(0.00	)(b)		—
Total distributions to shareholders		—			(0.10	)		(0.12	)		(0.00	)(b)		—
Net asset value, end of period	$	9.77		$	9.79		$	10.23		$	10.00		$	9.99
Total return		(0.20	%)		(3.34	%)(d)		3.54	%		0.13	%(e)		(0.10	%)
Ratios to average net assets(f)
Total gross expenses		1.50	%(g)(h)		1.32	%(g)		1.40	%(g)		1.38	%(g)		2.92	%(g)(h)
Total net expenses(i)		1.24	%(g)(h)		1.19	%(g)		1.26	%(g)		1.32	%(g)		1.22	%(g)(h)
Net investment income (loss)		(0.48	%)(h)		(0.23	%)		(0.03	%)		0.01	%		(0.37	%)(h)
Supplemental data
Net assets, end of period (in thousands)	$	1,812		$	71,839		$	120,036		$	108,694		$	59,115
Portfolio turnover		68	%		88	%		61	%		132	%		16	%

Notes to Financial Highlights

(a)  Based on operations from March 31, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(d)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.04%.

(e)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.13%.

(f)  In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(g)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.26% for the six months ended November 30, 2014 and 0.23%, 0.31%, 0.26% and 0.16% for the years ended May 31, 2014, 2013, 2012 and 2011, respectively.

(h)  Annualized.

(i)  Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014
26

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class R	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.72		$	10.16		$	9.93		$	9.98		$	10.00
Income from investment operations:
Net investment loss		(0.07	)		(0.08	)		(0.07	)		(0.06	)		(0.02	)
Net realized and unrealized gain (loss)		0.03			(0.32	)		0.36			0.00	(b)		(0.00	)(b)(c)
Increase from payment by affiliate		—			0.00	(b)		—			0.01			—
Total from investment operations		(0.04	)		(0.40	)		0.29			(0.05	)		(0.02	)
Less distributions to shareholders:
Net investment income		—			(0.04	)		(0.06	)		—			—
Net realized gains		—			—			—			(0.00	)(b)		—
Total distributions to shareholders		—			(0.04	)		(0.06	)		(0.00	)(b)		—
Net asset value, end of period	$	9.68		$	9.72		$	10.16		$	9.93		$	9.98
Total return		(0.41	%)		(3.99	%)(d)		2.93	%		(0.47	%)(e)		(0.20	%)
Ratios to average net assets(f)
Total gross expenses		2.30	%(g)(h)		2.05	%(g)		2.31	%(g)		2.28	%(g)		3.32	%(g)(h)
Total net expenses(i)		2.08	%(g)(h)		1.80	%(g)		1.91	%(g)		1.86	%(g)		1.75	%(g)(h)
Net investment loss		(1.47	%)(h)		(0.83	%)		(0.67	%)		(0.59	%)		(0.98	%)(h)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	2		$	3		$	2		$	2
Portfolio turnover		68	%		88	%		61	%		132	%		16	%

Notes to Financial Highlights

(a)  Based on operations from March 31, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(d)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.04%.

(e)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.13%.

(f)  In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(g)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.38% for the six months ended November 30, 2014 and 0.22%, 0.28%, 0.23% and 0.13% for the years ended May 31, 2014, 2013, 2012 and 2011, respectively.

(h)  Annualized.

(i)  Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014
27

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class R5	(Unaudited)			2014			2013(a)
Per share data
Net asset value, beginning of period	$	9.81		$	10.26		$	9.96
Income from investment operations:
Net investment loss		(0.04	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss)		0.03			(0.32	)		0.43
Increase from payment by affiliate		—			0.00	(b)		—
Total from investment operations		(0.01	)		(0.35	)		0.42
Less distributions to shareholders:
Net investment income		—			(0.10	)		(0.12	)
Total distributions to shareholders		—			(0.10	)		(0.12	)
Net asset value, end of period	$	9.80		$	9.81		$	10.26
Total return		(0.10	%)		(3.44	%)(c)		4.25	%
Ratios to average net assets(d)
Total gross expenses		1.73	%(e)(f)		1.39	%(e)		1.42	%(e)(f)
Total net expenses(g)		1.48	%(e)(f)		1.23	%(e)		1.27	%(e)(f)
Net investment loss		(0.87	%)(f)		(0.26	%)		(0.15	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	2		$	3
Portfolio turnover		68	%		88	%		61	%

Notes to Financial Highlights

(a)  Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.04%.

(d)  In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(e)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.38% for the six months ended November 30, 2014 and 0.22% and 0.29% for the years ended May 31, 2014 and 2013, respectively.

(f)  Annualized.

(g)  Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014
28

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class W	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.80		$	10.18		$	9.96		$	9.98		$	10.00
Income from investment operations:
Net investment loss		(0.05	)		(0.07	)		(0.05	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss)		0.03			(0.25	)		0.36			0.00	(b)		(0.01	)(c)
Increase from payment by affiliate		—			0.00	(b)		—			0.01			—
Total from investment operations		(0.02	)		(0.32	)		0.31			(0.02	)		(0.02	)
Less distributions to shareholders:
Net investment income		—			(0.06	)		(0.09	)		—			—
Net realized gains		—			—			—			(0.00	)(b)		—
Total distributions to shareholders		—			(0.06	)		(0.09	)		(0.00	)(b)		—
Net asset value, end of period	$	9.78		$	9.80		$	10.18		$	9.96		$	9.98
Total return		(0.20	%)		(3.18	%)(d)		3.13	%		(0.17	%)(e)		(0.20	%)
Ratios to average net assets(f)
Total gross expenses		2.05	%(g)(h)		1.80	%(g)		2.08	%(g)		1.98	%(g)		3.05	%(g)(h)
Total net expenses(i)		1.77	%(g)(h)		1.58	%(g)		1.69	%(g)		1.63	%(g)		1.50	%(g)(h)
Net investment loss		(1.12	%)(h)		(0.65	%)		(0.47	%)		(0.28	%)		(0.73	%)(h)
Supplemental data
Net assets, end of period (in thousands)	$	64		$	78		$	24,382		$	18,610		$	2
Portfolio turnover		68	%		88	%		61	%		132	%		16	%

Notes to Financial Highlights

(a)  Based on operations from March 31, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(d)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.04%.

(e)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.13%.

(f)  In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(g)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.38% for the six months ended November 30, 2014 and 0.20%, 0.31%, 0.25% and 0.13% for the years ended May 31, 2014, 2013, 2012 and 2011, respectively.

(h)  Annualized.

(i)  Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014
29

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2014			Year Ended May 31,
Class Z	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.78		$	10.23		$	9.99		$	9.99		$	10.00
Income from investment operations:
Net investment income (loss)		(0.05	)		(0.04	)		(0.02	)		(0.00	)(b)		(0.01	)
Net realized and unrealized gain (loss)		0.04			(0.33	)		0.36			(0.01	)(c)		(0.00	)(b)(c)
Increase from payment by affiliate		—			0.00	(b)		—			0.01			—
Total from investment operations		(0.01	)		(0.37	)		0.34			0.00			(0.01	)
Less distributions to shareholders:
Net investment income		—			(0.08	)		(0.10	)		—			—
Net realized gains		—			—			—			(0.00	)(b)		—
Total distributions to shareholders		—			(0.08	)		(0.10	)		(0.00	)(b)		—
Net asset value, end of period	$	9.77		$	9.78		$	10.23		$	9.99		$	9.99
Total return		(0.10	%)		(3.62	%)(d)		3.45	%		0.03	%(e)		(0.10	%)
Ratios to average net assets(f)
Total gross expenses		1.84	%(g)(h)		1.55	%(g)		1.82	%(g)		1.71	%(g)		3.36	%(g)(h)
Total net expenses(i)		1.57	%(g)(h)		1.34	%(g)		1.45	%(g)		1.40	%(g)		1.30	%(g)(h)
Net investment loss		(0.96	%)(h)		(0.39	%)		(0.16	%)		(0.00	%)(b)		(0.45	%)(h)
Supplemental data
Net assets, end of period (in thousands)	$	961		$	831		$	218		$	1,049		$	362
Portfolio turnover		68	%		88	%		61	%		132	%		16	%

Notes to Financial Highlights

(a)  Based on operations from March 31, 2011 (commencement of operations) through the stated period end.

(b)  Rounds to zero.

(c)  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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(d)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.04%.

(e)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.13%.

(f)  In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(g)  Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.42% for the six months ended November 30, 2014 and 0.22%, 0.32%, 0.27% and 0.17% for the years ended May 31, 2014, 2013, 2012 and 2011, respectively.

(h)  Annualized.

(i)  Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014
30

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements

November 30, 2014 (Unaudited)

Note 1. Organization

Columbia Absolute Return Multi-Strategy 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 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 the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

Class A shares are subject to a maximum front-end sales charge of 3.00% 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 investors as described in the Fund's prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class 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 eligible investors, which are subject to different investment minimums as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP) which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Foreign equity securities are valued based on quotations from the principal market in which such securities are traded. If any foreign security 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. Many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees (the Board), including, if available, utilizing a third party pricing service to determine these fair values. The third party

Semiannual Report 2014
31

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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 their net asset value.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

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 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 quoted or published price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the NYSE. 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.

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 increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the counterparty credit risk is failure of the clearinghouse. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker's customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the

Semiannual Report 2014
32

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the exchange or clearinghouse for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage over a specified time period or if 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. The Fund utilized forward foreign currency exchange contracts to gain market exposure to various currencies. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts are exchange traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage exposure to the securities market and gain market exposures to interest rates, equity indices, foreign currencies and soveriegn debt. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the

Semiannual Report 2014
33

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The

Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Offsetting of Derivative Assets and Derivative Liabilities

The following tables present the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of November 30, 2014:

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Assets Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)(a)		Cash Collateral Received ($)		Securities Collateral Received ($)		Net Amount ($)(b)
Asset Derivatives:
Forward Foreign Currency Exchange Contracts		690,661		—		690,661		269,228		—		—		421,433
							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)(c)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)		Net Amount ($)(d)
Liability Derivatives:
Forward Foreign Currency Exchange Contracts		535,717		—		535,717		269,228		—		—		266,489

(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.

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of

derivative transactions over the period in the Statement of Operations, including realized 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.

Semiannual Report 2014
34

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at November 30, 2014:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		56,369	*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		690,661
Interest rate risk	Net assets — unrealized appreciation on futures contracts		82,554	*
Total			829,584
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		8,843	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		535,717
Interest rate risk	Net assets — unrealized depreciation on futures contracts		20,501	*
Total			565,061

*Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended November 30, 2014:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Total ($)
Equity risk		—		(2,000,381	)		(2,000,381	)
Foreign exchange risk		222,617		—			222,617
Interest rate risk		—		576,871			576,871
Total		222,617		(1,423,510	)		(1,200,893	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Total ($)
Equity risk		—		784,719			784,719
Foreign exchange risk		364,012		—			364,012
Interest rate risk		—		(238,657	)		(238,657	)
Total		364,012		546,062			910,074

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended November 30 , 2014:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long	30,536,383
Futures contracts — Short	32,122,043
Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		1,661,023		(1,500,170	)

*Based on the ending quarterly outstanding amounts for the six months ended November 30, 2014.

Short Sales

The Fund may sell a security it does not own in anticipation of a decline in the fair value of the security. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. The Fund is required to maintain a margin account with the broker and to pledge assets to the broker as collateral for the borrowed security. Securities pledged as collateral are designated in the Portfolio of Investments. The Fund can purchase the same security at the current market price and deliver it to the broker to close out the short sale. The Fund is obligated to pay the broker a fee for borrowing the security. The fee is included in "Dividends and interest on securities sold short" in the Statement of Operations and a short position is reported as a liability at fair value in the Statement of Assets and Liabilities. The Fund must also pay the broker for any dividends accrued (recognized on ex-date) on the borrowed security. This amount is recorded as an expense in the Statement of Operations. The Fund will record a gain if the security declines in value, and will realize a loss if the security appreciates. Such gain, limited to the price at which the Fund sold the security short, or such loss, potentially unlimited in size because the short position loses value as the market price of the security sold short increases, will be recognized upon the termination of a short sale.

Semiannual Report 2014
35

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

The following table presents the Fund's gross and net amount of liabilities available for offset under a netting arrangement for short sales as well as the related collateral pledged by the Fund as of November 30, 2014:

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)(a)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)		Net Amount ($)(b)
Liability Derivatives:
Securities Borrowed		7,370,057		—		7,370,057		—		6,295,400		1,074,657		—

(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.

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.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange-traded funds (ETFs), other regulated investment companies (RICs), 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 actual information reported. To the extent actual information has not yet been reported by the REITs, estimates for return of capital are made by the Fund's management. 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 REITs, which could result in a proportionate change in return of capital to shareholders. No estimates are made for the BDCs, ETFs, and RICs.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Semiannual Report 2014
36

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid 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

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, 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 0.82% to 0.70% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2014 was 0.82% 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 0.08% to 0.05% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2014 was 0.08% 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, 2014, other expenses paid by the Fund to this company were $602.

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.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class R5 shares are

Semiannual Report 2014
37

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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, 2014, 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	0.12	%
Class B	0.12
Class C	0.12
Class R	0.12
Class R5	0.05
Class W	0.12
Class Z	0.12

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2014, 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 $8,000 and $14,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2014, 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 $395 for Class A shares for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund's expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective October 1, 2014			Contractual Expense Cap Prior to October 1, 2014
Class A		1.52	%		1.43	%
Class B		2.27			2.18
Class C		2.27			2.18
Class I		1.19			0.98
Class R		1.77			1.68
Class R5		1.24			1.03
Class W		1.52			1.43
Class Z		1.27			1.18

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses.

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, 2014, the cost of investments for federal income tax purposes was approximately $19,908,000 and the

Semiannual Report 2014
38

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	943,000
Unrealized depreciation		(220,000	)
Net unrealized appreciation	$	723,000

The following capital loss carryforwards, determined as of May 31, 2014, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
No expiration — short-term		5,772,154

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if any, aggregated to $23,415,783 and $56,652,697, respectively, for the six months ended November 30, 2014. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as Dividends — affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At November 30, 2014, affiliated shareholders of record owned 87.4% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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 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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

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.

Short Selling Risk

The Fund may make short sales, which involves selling a security the Fund does not own in anticipation that the security's price will decline. The Fund's potential losses could exceed those of other funds which hold only long security positions if the value of the securities held long decreases and the value of the securities sold short increases. The Fund's use of short sales in effect "leverages" the Fund, when the Fund uses the cash proceeds from the short sales to invest in additional long securities. Leveraging potentially exposes the Fund to greater risks due to unanticipated market movements, which may magnify losses and increase volatility of returns. There is no assurance that a leveraging strategy will be successful.

Semiannual Report 2014
39

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted below and in Note 8 above, there were no items requiring adjustment of the financial statements or additional disclosure.

On January 28, 2015 the Fund's Board of Trustees approved a Plan of Liquidation and Termination (the Plan) pursuant to which the Fund will be liquidated and terminated. Effective at the open of business on February 2, 2015, the Fund is no longer open to new investors. Under the terms of the Plan, it is anticipated that the Fund will be liquidated on or about March 6, 2015, at which time the Fund's shareholders will receive a liquidation distribution in an amount equal to the net asset value of their Fund shares. Shareholders of the Fund may also redeem their investment in the Fund or exchange their Fund shares for shares of another Columbia Fund at any time prior to the date of liquidation.

Note 11. 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 quarterly (10-Q), annual (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 2014
40

Columbia Absolute Return Multi-Strategy 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.

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 800.345.6611 or by sending an email to serviceinquiries@columbiamanagement.com.

Semiannual Report 2014
41

Columbia Absolute Return Multi-Strategy 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR107_05_E01_(01/15)

Semiannual Report November 30, 2014

Columbia Commodity Strategy Fund

President’s Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen

President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What’s different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

> The relative value of global equities vs. global bonds actually improved during 2014.

> Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today’s conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President’s Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB’s balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People’s Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

> Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

> Explicit downside hedges, such as put options (with emphasis on managing the related expense)

> Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia Commodity Strategy Fund

Table of Contents

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund’s Expenses	5
Consolidated Portfolio of Investments	6
Consolidated Statement of Assets and Liabilities	9
Consolidated Statement of Operations	11
Consolidated Statement of Changes in Net Assets	12
Consolidated Financial Highlights	14
Notes to Consolidated Financial Statements	23
Important Information About This Report	31

Semiannual Report 2014

Columbia Commodity Strategy Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Commodity Strategy Fund (the Fund) Class A shares returned -16.92% excluding sales charges for the six-month period that ended November 30, 2014.

> The Fund underperformed its benchmark, the Bloomberg Commodity Index Total Return, which returned -15.60% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2014)
	Inception	6 Months cumulative		1 Year		Life
Class A*	06/18/12
Excluding sales charges			-16.92		-13.38		-9.66
Including sales charges			-21.67		-18.35		-11.25
Class C*	06/18/12
Excluding sales charges			-17.40		-14.04		-10.38
Including sales charges			-18.22		-14.90		-10.38
Class I	07/28/11		-16.84		-13.03		-9.32
Class R*	06/18/12		-17.12		-13.57		-9.91
Class R4*	03/19/13		-16.76		-13.15		-9.57
Class R5*	01/08/14		-16.94		-13.15		-9.62
Class W	07/28/11		-17.04		-13.40		-9.70
Class Y*	10/01/14		-16.96		-13.31		-9.68
Class Z*	06/18/12		-16.94		-13.21		-9.51
Bloomberg Commodity Index Total Return			-15.60		-9.04		-10.52

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class W 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/investment-products/mutual-funds/appended-performance for more information.

The Bloomberg Commodity Index Total Return is a total return index based on the Bloomberg Commodity Index, which is a broadly diversified index composed of futures contracts on physical commodities that allows investors to track commodity futures through a single, simple measure.

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 2014 3

Columbia Commodity Strategy Fund

Portfolio Overview

(Unaudited)

Portfolio Management

Threadneedle International Limited

David Donora

Nicolas Robin

Commodities Market Exposure (%) (at November 30, 2014)
Commodities Futures Contracts(a)
Agriculture	37.1
Energy	32.0
Industrial Metals	19.5
Precious Metals	11.4
Total Notional Market Value of Commodities Futures Contracts	100.0

(a) Reflects notional market value of commodities futures contracts. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. Notional amounts for each commodities futures contract are shown in the Consolidated Portfolio of Investments. The notional amount of all outstanding commodities futures contracts is $15,794,922. For a description of the Fund’s investments in derivatives, see Investments in Derivatives following the Consolidated Portfolio of Investments and Note 2 to the Notes to Consolidated Financial Statements.

Portfolio Holdings (%) (at November 30, 2014)(a)
Money Market Funds	139.7
Other Assets & Liabilities	(39.7	)
Total	100.0

(a) Percentage based upon net assets. At period end, the Fund held an investment in an affiliated money market fund, which has been segregated to cover obligations relating to the Fund’s investments in open futures contracts which provide exposure to the commodities market. For a description of the Fund’s investments in derivatives, see Investments in Derivatives following the Consolidated Portfolio of Investments and Note 2 to the Notes to Consolidated Financial Statements.

4 Semiannual Report 2014

Columbia Commodity Strategy Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00	1,000.00		830.80		1,019.05		5.39		5.94		1.18
Class C		1,000.00	1,000.00		826.00		1,015.31		8.79		9.70		1.93
Class I		1,000.00	1,000.00		831.60		1,020.84		3.74		4.13		0.82
Class R		1,000.00	1,000.00		828.80		1,017.80		6.52		7.19		1.43
Class R4		1,000.00	1,000.00		832.40		1,020.29		4.25		4.68		0.93
Class R5		1,000.00	1,000.00		830.60		1,020.59		3.97		4.38		0.87
Class W		1,000.00	1,000.00		829.60		1,019.05		5.38		5.94		1.18
Class Y		1,000.00	1,000.00		937.70	*	1,020.84		1.24	*	4.13		0.82	*
Class Z		1,000.00	1,000.00		830.60		1,020.29		4.24		4.68		0.93

* Based on operations from October 1, 2014 (commencement of operations) through the stated period end.

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as 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 2014 5

Columbia Commodity Strategy Fund

Consolidated Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Money Market Funds 139.7%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.104%(a)(b)		22,100,219		22,100,219
Total Money Market Funds
(Cost: $22,100,219)				22,100,219
Total Investments
(Cost: $22,100,219)				22,100,219
Other Assets & Liabilities, Net				(6,284,507	)
Net Assets				15,815,712

Investments in Derivatives

Futures Contracts Outstanding at November 30, 2014

At November 30, 2014, cash totaling $1,359,363 was pledged as collateral to cover initial margin requirements on open futures contracts.

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency		Notional Market Value ($)		Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
BRENT CRUDE		15		USD		1,058,700		01/2015		—		(22,236	)
COFFEE ‘C’		4		USD		281,175		03/2015		—		(5,266	)
COPPER		6		USD		427,200		05/2015		—		(23,447	)
CORN		58		USD		1,127,375		03/2015		402		—
COTTON NO.2		6		USD		182,850		05/2015		—		(2,243	)
GASOLINE RBOB		15		USD		1,151,388		12/2014		—		(119,043	)
GOLD 100 OZ		12		USD		1,410,600		02/2015		16,122		—
HEATING OIL		5		USD		445,473		04/2015		—		(46,054	)
LEAN HOGS		10		USD		352,900		02/2015		—		(4,380	)
LIVE CATTLE		12		USD		811,200		04/2015		15,869		—
LME LEAD		15		USD		762,937		05/2015		—		(3,830	)
LME NICKEL		12		USD		1,170,504		01/2015		—		(495	)
LME ZINC		13		USD		721,906		05/2015		—		(15,792	)
NATURAL GAS		39		USD		1,594,320		12/2014		13,721		—
SILVER		5		USD		388,900		03/2015		—		(3,129	)
SOYBEAN		14		USD		711,200		01/2015		41,555		—
SOYBEAN MEAL		11		USD		402,930		01/2015		31,906		—
SOYBEAN OIL		22		USD		430,188		05/2015		—		(5,928	)
SUGAR #11 (WORLD)		27		USD		471,442		02/2015		—		(21,886	)
SUGAR #11 (WORLD)		19		USD		339,629		04/2015		—		(11,374	)
WHEAT KCBT		17		USD		544,850		05/2015		44,006		—
WHEAT		7		USD		204,575		05/2015		14,135		—
WTI CRUDE		12		USD		802,680		04/2015		—		(111,907	)
Total										177,716		(397,010	)

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

6 Semiannual Report 2014

Columbia Commodity Strategy Fund

Consolidated Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Notes to Consolidated Portfolio of Investments

(a) The rate shown is the seven-day current annualized yield at November 30, 2014.

(b) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		59,213,958		20,278,462		(57,392,201	)		22,100,219		21,957		22,100,219

Currency Legend

USD US Dollar

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

> Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available,

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Semiannual Report 2014 7

Columbia Commodity Strategy Fund

Consolidated Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 2014:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Money Market Funds		22,100,219			—		—		22,100,219
Total Mutual Funds		22,100,219			—		—		22,100,219
Derivatives
Assets
Futures Contracts		177,716			—		—		177,716
Liabilities
Futures Contracts		(397,010	)		—		—		(397,010	)
Total		21,880,925			—		—		21,880,925

See the Consolidated Portfolio of Investments for all investment classifications not indicated in the table.

There were no transfers of financial assets between levels during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

8 Semiannual Report 2014

Columbia Commodity Strategy Fund

Consolidated Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Affiliated issuers (identified cost $22,100,219)	$22,100,219
Margin deposits	1,359,363
Receivable for:
Capital shares sold	5,441
Dividends	1,719
Variation margin	54,748
Expense reimbursement due from Investment Manager	792
Prepaid expenses	2,265
Other assets	19,873
Total assets	23,544,420
Liabilities
Payable for:
Capital shares purchased	6,894,884
Variation margin	789,048
Investment management fees	712
Distribution and/or service fees	57
Transfer agent fees	323
Administration fees	104
Compensation of board members	11,747
Other expenses	31,833
Total liabilities	7,728,708
Net assets applicable to outstanding capital stock	$15,815,712
Represented by
Paid-in capital	$32,334,627
Undistributed net investment income	773,757
Accumulated net realized loss	(17,073,378	)
Unrealized appreciation (depreciation) on:
Futures contracts	(219,294	)
Total — representing net assets applicable to outstanding capital stock	$15,815,712

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Semiannual Report 2014 9

Columbia Commodity Strategy Fund

Consolidated Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$2,941,783
Shares outstanding	413,409
Net asset value per share	$7.12
Maximum offering price per share(a)	$7.55
Class C
Net assets	$154,467
Shares outstanding	22,121
Net asset value per share	$6.98
Class I
Net assets	$11,261,832
Shares outstanding	1,562,824
Net asset value per share	$7.21
Class R
Net assets	$119,625
Shares outstanding	16,915
Net asset value per share	$7.07
Class R4
Net assets	$127,170
Shares outstanding	17,672
Net asset value per share	$7.20
Class R5
Net assets	$589,689
Shares outstanding	81,749
Net asset value per share	$7.21
Class W
Net assets	$2,112
Shares outstanding	297
Net asset value per share	$7.11
Class Y
Net assets	$2,345
Shares outstanding	325
Net asset value per share	$7.22
Class Z
Net assets	$616,689
Shares outstanding	86,117
Net asset value per share	$7.16

(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 5.75%.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

10 Semiannual Report 2014

Columbia Commodity Strategy Fund

Consolidated Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$21,957
Total income	21,957
Expenses:
Investment management fees	133,020
Distribution and/or service fees
Class A	4,250
Class C	964
Class R	329
Class W	3
Transfer agent fees
Class A	1,823
Class C	103
Class R	71
Class R4	25
Class R5	172
Class W	2
Class Z	366
Administration fees	19,348
Compensation of board members	5,709
Custodian fees	2,127
Printing and postage fees	9,651
Registration fees	45,799
Professional fees	18,745
Other	6,925
Total expenses	249,432
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(43,003	)
Total net expenses	206,429
Net investment loss	(184,472	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Futures contracts	(8,112,818	)
Net realized loss	(8,112,818	)
Net change in unrealized appreciation (depreciation) on:
Futures contracts	562,040
Net change in unrealized appreciation	562,040
Net realized and unrealized loss	(7,550,778	)
Net decrease in net assets from operations	$(7,735,250	)

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Semiannual Report 2014 11

Columbia Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets

	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014
Operations
Net investment loss		$(184,472	)		$(423,887	)
Net realized loss		(8,112,818	)		(1,133,669	)
Net change in unrealized appreciation		562,040			879,725
Net decrease in net assets resulting from operations		(7,735,250	)		(677,831	)
Decrease in net assets from capital stock activity		(45,219,147	)		(18,442,621	)
Total decrease in net assets		(52,954,397	)		(19,120,452	)
Net assets at beginning of period		68,770,109			87,890,561
Net assets at end of period		$15,815,712			$68,770,109
Undistributed net investment income		$773,757			$958,229

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

12 Semiannual Report 2014

Columbia Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014(a) (Unaudited)						Year Ended May 31, 2014(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		88,132			710,691			277,762			2,334,335
Redemptions		(68,505	)		(522,231	)		(327,357	)		(2,709,417	)
Net increase (decrease)		19,627			188,460			(49,595	)		(375,082	)
Class C shares
Subscriptions		2,617			21,718			14,060			117,330
Redemptions		(7,297	)		(58,346	)		(4,405	)		(37,012	)
Net increase (decrease)		(4,680	)		(36,628	)		9,655			80,318
Class I shares
Subscriptions		126,575			984,746			3,896,772			33,827,293
Redemptions		(5,904,607	)		(46,610,366	)		(6,313,351	)		(53,291,565	)
Net decrease		(5,778,032	)		(45,625,620	)		(2,416,579	)		(19,464,272	)
Class R shares
Subscriptions		1,122			9,075			3,935			32,803
Redemptions		(179	)		(1,344	)		(2,094	)		(17,566	)
Net increase		943			7,731			1,841			15,237
Class R4 shares
Subscriptions		17,375			135,283			7,163			60,200
Redemptions		—			—			(7,140	)		(62,407	)
Net increase		17,375			135,283			23			(2,207	)
Class R5 shares
Subscriptions		57,449			452,350			70,012			607,029
Redemptions		(45,712	)		(342,035	)		—			—
Net increase		11,737			110,315			70,012			607,029
Class W shares
Subscriptions		—			—			47			400
Net increase		—			—			47			400
Class Y shares
Subscriptions		325			2,500			—			—
Net increase		325			2,500			—			—
Class Z shares
Subscriptions		2,667			20,302			83,886			701,929
Redemptions		(2,665	)		(21,490	)		(704	)		(5,973	)
Net increase (decrease)		2			(1,188	)		83,182			695,956
Total net decrease		(5,732,703	)		(45,219,147	)		(2,301,414	)		(18,442,621	)

(a) Class Y shares are based on operations from October 1, 2014 (commencement of operations) through the stated period end.

(b) Class R5 shares are based on operations from January 8, 2014 (commencement of operations) through the stated period end.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Semiannual Report 2014 13

Columbia Commodity Strategy Fund

Consolidated Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class  A	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$8.57		$8.52		$8.50
Income from investment operations:
Net investment loss	(0.04	)	(0.09	)	(0.08	)
Net realized and unrealized gain (loss)	(1.41	)	0.14	(b)	0.10	(b)
Total from investment operations	(1.45	)	0.05		0.02
Net asset value, end of period	$7.12		$8.57		$8.52
Total return	(16.92	%)	0.59	%	0.24	%
Ratios to average net assets(c)
Total gross expenses	1.42	%(d)	1.34	%	1.25	%(d)
Total net expenses(e)	1.18	%(d)	1.16	%	1.14	%(d)
Net investment loss	(1.09	%)(d)	(1.07	%)	(1.02	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$2,942		$3,376		$3,780
Portfolio turnover	0	%	0	%	0	%

Notes to Consolidated Financial Highlights

(a) Based on operations from June 18, 2012 (commencement of operations) through the stated period end.

(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 Consolidated Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

14 Semiannual Report 2014

Columbia Commodity Strategy Fund

Consolidated Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class C	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$8.45		$8.46		$8.50
Income from investment operations:
Net investment loss	(0.07	)	(0.15	)	(0.15	)
Net realized and unrealized gain (loss)	(1.40	)	0.14	(b)	0.11	(b)
Total from investment operations	(1.47	)	(0.01	)	(0.04	)
Net asset value, end of period	$6.98		$8.45		$8.46
Total return	(17.40	%)	(0.12	%)	(0.47	%)
Ratios to average net assets(c)
Total gross expenses	2.15	%(d)	2.10	%	2.01	%(d)
Total net expenses(e)	1.93	%(d)	1.91	%	1.90	%(d)
Net investment loss	(1.84	%)(d)	(1.82	%)	(1.77	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$154		$226		$145
Portfolio turnover	0	%	0	%	0	%

Notes to Consolidated Financial Highlights

(a) Based on operations from June 18, 2012 (commencement of operations) through the stated period end.

(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 Consolidated Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Semiannual Report 2014 15

Columbia Commodity Strategy Fund

Consolidated Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class I	(Unaudited)		2014		2013		2012(a)
Per share data
Net asset value, beginning of period	$8.67		$8.59		$8.50		$10.00
Income from investment operations:
Net investment loss	(0.03	)	(0.06	)	(0.05	)	(0.04	)
Net realized and unrealized gain (loss)	(1.43	)	0.14	(b)	0.14	(b)	(1.46	)
Total from investment operations	(1.46	)	0.08		0.09		(1.50	)
Net asset value, end of period	$7.21		$8.67		$8.59		$8.50
Total return	(16.84	%)	0.93	%	1.06	%	(15.00	%)
Ratios to average net assets(c)
Total gross expenses	0.99	%(d)	0.95	%	0.95	%	1.62	%(d)
Total net expenses(e)	0.82	%(d)	0.77	%	0.70	%	0.70	%(d)
Net investment loss	(0.73	%)(d)	(0.68	%)	(0.57	%)	(0.56	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$11,262		$63,676		$83,816		$24,576
Portfolio turnover	0	%	0	%	0	%	0	%

Notes to Consolidated Financial Highlights

(a) Based on operations from July 28, 2011 (commencement of operations) through the stated period end.

(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 Consolidated Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

16 Semiannual Report 2014

Columbia Commodity Strategy Fund

Consolidated Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class R	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$8.53		$8.50		$8.50
Income from investment operations:
Net investment loss	(0.05	)	(0.11	)	(0.11	)
Net realized and unrealized gain (loss)	(1.41	)	0.14	(b)	0.11	(b)
Total from investment operations	(1.46	)	0.03		—
Net asset value, end of period	$7.07		$8.53		$8.50
Total return	(17.12	%)	0.35	%	(0.00	%)
Ratios to average net assets(c)
Total gross expenses	1.67	%(d)	1.60	%	1.52	%(d)
Total net expenses(e)	1.43	%(d)	1.42	%	1.38	%(d)
Net investment loss	(1.34	%)(d)	(1.33	%)	(1.25	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$120		$136		$120
Portfolio turnover	0	%	0	%	0	%

Notes to Consolidated Financial Highlights

(a) Based on operations from June 18, 2012 (commencement of operations) through the stated period end.

(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 Consolidated Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

��

Semiannual Report 2014 17

Columbia Commodity Strategy Fund

Consolidated Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class R4	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$8.65		$8.59		$9.14
Income from investment operations:
Net investment loss	(0.03	)	(0.07	)	(0.01	)
Net realized and unrealized gain (loss)	(1.42	)	0.13	(b)	(0.54	)
Total from investment operations	(1.45	)	0.06		(0.55	)
Net asset value, end of period	$7.20		$8.65		$8.59
Total return	(16.76	%)	0.70	%	(6.02	%)
Ratios to average net assets(c)
Total gross expenses	1.11	%(d)	1.10	%	0.92	%(d)
Total net expenses(e)	0.93	%(d)	0.95	%	0.90	%(d)
Net investment loss	(0.84	%)(d)	(0.86	%)	(0.78	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$127		$3		$2
Portfolio turnover	0	%	0	%	0	%

Notes to Consolidated Financial Highlights

(a) Based on operations from March 19, 2013 (commencement of operations) through the stated period end.

(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 Consolidated Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

18 Semiannual Report 2014

Columbia Commodity Strategy Fund

Consolidated Financial Highlights (continued)

Class R5	Six Months  Ended November 30, 2014 (Unaudited)		Year Ended May  31, 2014(a)
Per share data
Net asset value, beginning of period	$8.68		$8.16
Income from investment operations:
Net investment loss	(0.03	)	(0.03	)
Net realized and unrealized gain (loss)	(1.44	)	0.55	(b)
Total from investment operations	(1.47	)	0.52
Net asset value, end of period	$7.21		$8.68
Total return	(16.94	%)	6.37	%
Ratios to average net assets(c)
Total gross expenses	1.13	%(d)	1.16	%(d)
Total net expenses(e)	0.87	%(d)	0.87	%(d)
Net investment loss	(0.78	%)(d)	(0.77	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$590		$608
Portfolio turnover	0	%	0	%

Notes to Consolidated Financial Highlights

(a) Based on operations from January 8, 2014 (commencement of operations) through the stated period end.

(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 Consolidated Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Semiannual Report 2014 19

Columbia Commodity Strategy Fund

Consolidated Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class W	(Unaudited)		2014		2013		2012(a)
Per share data
Net asset value, beginning of period	$8.57		$8.53		$8.47		$10.00
Income from investment operations:
Net investment loss	(0.04	)	(0.09	)	(0.09	)	(0.08	)
Net realized and unrealized gain (loss)	(1.42	)	0.13	(b)	0.15	(b)	(1.45	)
Total from investment operations	(1.46	)	0.04		0.06		(1.53	)
Net asset value, end of period	$7.11		$8.57		$8.53		$8.47
Total return	(17.04	%)	0.47	%	0.71	%	(15.30	%)
Ratios to average net assets(c)
Total gross expenses	1.36	%(d)	1.32	%	1.51	%	2.76	%(d)
Total net expenses(e)	1.18	%(d)	1.16	%	1.15	%	1.15	%(d)
Net investment loss	(1.08	%)(d)	(1.10	%)	(0.98	%)	(0.99	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$2		$3		$2		$2
Portfolio turnover	0	%	0	%	0	%	0	%

Notes to Consolidated Financial Highlights

(a) Based on operations from July 28, 2011 (commencement of operations) through the stated period end.

(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 Consolidated Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

20 Semiannual Report 2014

Columbia Commodity Strategy Fund

Consolidated Financial Highlights (continued)

Class Y	Six Months  Ended November 30, 2014(a) (Unaudited)
Per share data
Net asset value, beginning of period	$7.70
Income from investment operations:
Net investment loss	(0.01	)
Net realized and unrealized loss	(0.47	)
Total from investment operations	(0.48	)
Net asset value, end of period	$7.22
Total return	(6.23	%)
Ratios to average net assets(b)
Total gross expenses	1.29	%(c)
Total net expenses(d)	0.82	%(c)
Net investment loss	(0.64	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$2
Portfolio turnover	0	%

Notes to Consolidated Financial Highlights

(a) Based on operations from October 1, 2014 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

Semiannual Report 2014 21

Columbia Commodity Strategy Fund

Consolidated Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class Z	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$8.62		$8.54		$8.50
Income from investment operations:
Net investment loss	(0.03	)	(0.07	)	(0.06	)
Net realized and unrealized gain (loss)	(1.43	)	0.15	(b)	0.10	(b)
Total from investment operations	(1.46	)	0.08		0.04
Net asset value, end of period	$7.16		$8.62		$8.54
Total return	(16.94	%)	0.94	%	0.47	%
Ratios to average net assets(c)
Total gross expenses	1.16	%(d)	1.12	%	1.05	%(d)
Total net expenses(e)	0.93	%(d)	0.92	%	0.90	%(d)
Net investment loss	(0.84	%)(d)	(0.83	%)	(0.77	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$617		$742		$25
Portfolio turnover	0	%	0	%	0	%

Notes to Consolidated Financial Highlights

(a) Based on operations from June 18, 2012 (commencement of operations) through the stated period end.

(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 Consolidated Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Consolidated Financial Statements are an integral part of this statement.

22 Semiannual Report 2014

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements

November 30, 2014 (Unaudited)

Note 1. Organization

Columbia Commodity Strategy 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.

Basis for Consolidation

CCSF Offshore Fund, Ltd. (the Subsidiary) is a Cayman Islands exempted company and wholly-owned subsidiary of the Fund. The Subsidiary operates as an investment vehicle to provide the Fund with exposure to the commodities markets consistent with the Fund’s investment objective and policies as stated in its current prospectus and statement of additional information. In accordance with the Memorandum and Articles of Association of the Subsidiary (the Articles), the Fund owns the sole issued share of the Subsidiary and retains all rights associated with such share, including the right to receive notice of, attend and vote at general meetings of the Subsidiary, rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. At November 30, 2014, the net assets of the Subsidiary were $2,618,141 or 16.6% of the Fund’s consolidated net assets. All intercompany transactions and balances have been eliminated in the consolidation process.

The consolidated financial statements (financial statements) present the portfolio holdings, financial position and results of operations of the Fund and the Subsidiary on a consolidated basis.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class C, Class I, 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 the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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 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 investors as described in the Fund’s prospectus.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class 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 as described in the Fund’s prospectus. Class Y shares commenced operations on October 1, 2014.

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP) which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Semiannual Report 2014 23

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements (continued)

November 30, 2014 (Unaudited)

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation

Investments in open-end investment companies, including money market funds, are valued at their 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.

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 procedures established by and under the general supervision of the Board of Trustees (the Board). If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

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 increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Consolidated Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable

change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the exchange’s clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the counterparty credit risk is failure of the clearinghouse. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

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

24 Semiannual Report 2014

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements (continued)

November 30, 2014 (Unaudited)

contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage over a specified time period or if 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 Consolidated Statement of Assets and Liabilities.

Futures Contracts

Futures contracts are exchange traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate commodity market exposure. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the

contract. Cash deposited as initial margin is recorded in the Consolidated Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Consolidated 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 Consolidated Statement of Assets and Liabilities.

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Consolidated Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Consolidated Statement of Operations, including realized gains or losses and unrealized gains or losses. The derivative schedules following the Consolidated Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at November 30, 2014:

	Asset Derivatives
Risk Exposure Category	Consolidated Statement of Assets and Liabilities Location	Fair Value ($)
Commodity-related investment risk	Net assets — unrealized appreciation on futures contracts	177,716	*
	Liability Derivatives
Risk Exposure Category	Consolidated Statement of Assets and Liabilities Location	Fair Value ($)
Commodity-related investment risk	Net assets — unrealized depreciation on futures contracts	(397,010	)*

* Includes cumulative appreciation (depreciation) as reported in the tables following the Consolidated Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Consolidated Statement of Assets and Liabilities.

Semiannual Report 2014 25

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements (continued)

November 30, 2014 (Unaudited)

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Consolidated Statement of Operations for the six months ended November 30, 2014:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Commodity-related investment risk		(8,112,818	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Commodity-related investment risk		562,040

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended November 30, 2014:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		34,165,089

* Based on the ending quarterly outstanding amounts for the six months ended November 30, 2014.

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

Dividend income is recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Consolidated Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal

Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid 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

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

Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the Subsidiary’s day-to-day business pursuant to an Investment Management Services Agreement between the Subsidary and the Investment Manager. Under the Investment Management Services Agreement, the Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadviser (see Subadvisory Agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. 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 0.55% to 0.44% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2014 was 0.55% of the Fund’s average daily net assets.

26 Semiannual Report 2014

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements (continued)

November 30, 2014 (Unaudited)

Subadvisory Agreement

The Investment Manager has entered into a Subadvisory Agreement with Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and wholly-owned subsidiary of Ameriprise Financial, to serve as the subadviser to the Fund. The Investment Manager compensates Threadneedle to manage 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 0.08% to 0.05% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2014 was 0.08% 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, 2014, other expenses paid by the Fund to this company were $585.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Consolidated 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.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer 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. Class I and Class Y shares are not subject to transfer agent fees.

For the six months ended November 30, 2014, 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	0.11	%
Class C	0.11
Class R	0.11
Class R4	0.11
Class R5	0.05
Class W	0.11
Class Z	0.11

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Consolidated Statement of Operations. For the six months ended November 30, 2014, 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

Semiannual Report 2014 27

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements (continued)

November 30, 2014 (Unaudited)

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 C shares. For 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 $1,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2014, 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 $2,387 for Class A shares for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund’s expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective October 1, 2014			Contractual Expense Cap Prior to October 1, 2014
Class A		1.41	%		1.20	%
Class C		2.16			1.95
Class I		1.09			0.82
Class R		1.66			1.45
Class R4		1.16			0.95
Class R5		1.14	*		0.87	*
Class W		1.41			1.20
Class Y		1.09	**		—
Class Z		1.16			0.95

* Contractual expense cap is in effect through December 31, 2014. Voluntary expense cap of 1.14% will be effective January 1, 2015.

** Fee rate is effective beginning October 1, 2014 (the commencement of operations of Class Y shares).

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses.

For the period January 8, 2014 (the commencement of operations of Class R5 shares) through December 31, 2014, unless sooner terminated at the sole discretion of the Fund’s Board, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses immediately described above, and any other expenses the exclusion of which is specifically approved by 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 0.87% for Class R5 shares. This agreement may be modified or amended only with approval from all parties.

In addition, as a result of the contractual waiver in place for Class R5 shares, the Investment Manager has voluntarily agreed to waive fees and/or reimburse expenses for all other share classes (excluding certain fees and expenses immediately described above, and any other expenses, the exclusion of which is specifically approved by the Board). For the period October 1, 2014 through December 31, 2014, this additional waiver is at the annual rate of 0.27%.

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, 2014, the cost of investments for federal income tax purposes was approximately $22,100,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$—
Unrealized depreciation	—
Net unrealized appreciation/depreciation	$—

28 Semiannual Report 2014

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements (continued)

November 30, 2014 (Unaudited)

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat late-year ordinary losses of $140,890 at May 31, 2014 as arising on June 1, 2014.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if any, aggregated to $0 and $0, respectively, for the six months ended November 30, 2014. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Consolidated Financial Highlights.

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 Consolidated 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, 2014, affiliated shareholders of record owned 91.3% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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 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 0.075% per annum. The commitment fee is included in other expenses in the Consolidated Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

Note 9. Significant Risks

Commodity-Related Investment Risk

The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include demand for the commodity, weather, embargoes, tariffs, and economic health, political, international, regulatory and other developments. Economic and other events (whether real or perceived) can reduce the demand for commodities, which may, in turn, reduce market prices and cause the value of Fund shares to fall. The frequency and magnitude of such changes cannot be predicted. Exposure to commodities and commodities markets may subject the value of the Fund’s investments to greater volatility than other types of investments. Limited or no active trading market may exist for certain commodities investments, which may impair the ability to sell or to realize the full value of such investments in the event of the need to liquidate such investments. In addition, adverse market conditions may impair the liquidity of actively traded commodities investments. Certain types of commodities instruments (such as commodity-linked swaps and commodity-linked structured notes) are subject to the risk that the counterparty to the instrument may not perform or be unable to perform in accordance with the terms of the instrument. Foreign subsidiaries making commodity-related investments will not generally be subject to U.S. laws (including securities laws) and their protections. Further, they will be subject to the laws of a foreign jurisdiction, which can be adversely affected by developments in that jurisdiction.

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were

Semiannual Report 2014 29

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements (continued)

November 30, 2014 (Unaudited)

issued. Other than as noted in Notes 3 and 8 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 11. 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 quarterly (10-Q), annual (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.

30 Semiannual Report 2014

Columbia Commodity Strategy 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.

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 800.345.6611 or by sending an e-mail to serviceinquiries@columbiamanagement.com.

Semiannual Report 2014 31

Columbia Commodity Strategy 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR129_05_E01_(01/15)

Semiannual Report November 30, 2014

Columbia Flexible Capital Income Fund

President’s Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen

President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What’s different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

> The relative value of global equities vs. global bonds actually improved during 2014.

> Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today’s conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President’s Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB’s balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People’s Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

> Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

> Explicit downside hedges, such as put options (with emphasis on managing the related expense)

> Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia Flexible Capital 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	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	17
Notes to Financial Statements	25
Important Information About This Report	31

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Semiannual Report 2014

Columbia Flexible Capital Income Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Flexible Capital Income Fund (the Fund) Class A shares returned 0.36% excluding sales charges for the six-month period ended November 30, 2014.

> During the same time period, the Fund underperformed its Blended Index, which returned 3.46%, as well as the Barclays U.S. Aggregate Bond Index, which returned 1.92%.

Average Annual Total Returns (%) (for period ended November 30, 2014)
	Inception	6 Months cumulative		1 Year		Life
Class A	07/28/11
Excluding sales charges			0.36		6.84		11.34
Including sales charges			-5.42		0.67		9.38
Class C	07/28/11
Excluding sales charges			-0.02		6.07		10.51
Including sales charges			-1.00		5.07		10.51
Class I	07/28/11		0.45		7.26		11.68
Class R	07/28/11		0.23		6.55		11.02
Class R4*	11/08/12		0.40		7.14		11.51
Class R5*	11/08/12		0.50		7.24		11.54
Class W	07/28/11		0.25		6.78		11.29
Class Z	07/28/11		0.41		7.11		11.58
Blended Index			3.46		11.05		11.80
Barclays U.S. Aggregate Bond Index			1.92		5.27		3.55

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund���s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/investment-products/mutual-funds/appended-performance for more information.

The Blended Index, established by the Investment Manager, is comprised of one-third each of the Russell 1000 Value Index, the Barclays U.S. Corporate Investment Grade & High Yield Index and the Barclays U.S. Convertible Composite Index. 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. The Barclays U.S. Corporate Investment Grade & High Yield Index is a broad-based benchmark that measures the performance of investment grade and non-investment grade, fixed-rate and taxable corporate bonds. It includes USD-denominated securities publicly issued by U.S. and non U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements. The Barclays U.S. Convertible Composite Index measures the performance of all four major classes of USD equity-linked securities including: convertible cash coupon bonds, zero-coupon bonds, preferred convertibles with fixed par amounts and mandatory equity-linked securities.

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Semiannual Report 2014

Columbia Flexible Capital Income Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2014)
Chesapeake Energy Corp., 5.750%	1.5
General Electric Co.	1.5
Verizon Communications, Inc.	1.5
Navistar International Corp. 4.750% 04/15/19	1.3
AbbVie, Inc.	1.1
Cisco Systems, Inc.	1.1
Equinix, Inc. 5.750% 01/01/25	1.1
Weyerhaeuser Co., 6.375%	1.1
MasTec, Inc. 4.875% 03/15/23	1.1
Post Holdings, Inc. 6.750% 12/01/21	1.1

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, 2014)
Common Stocks	38.5
Consumer Discretionary	1.5
Consumer Staples	2.9
Energy	4.6
Financials	9.1
Health Care	3.0
Industrials	3.4
Information Technology	5.6
Materials	2.9
Telecommunication Services	2.4
Utilities	3.1
Convertible Bonds	16.8
Convertible Preferred Stocks	15.3
Consumer Staples	2.5
Energy	1.8
Financials	6.5
Health Care	0.5
Industrials	1.0
Materials	1.0
Utilities	2.0
Corporate Bonds & Notes	24.7
Limited Partnerships	0.5
Money Market Funds	3.8
Preferred Debt	0.4
Total	100.0

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

Portfolio Management

David King, CFA

Yan Jin

Semiannual Report 2014 3

Columbia Flexible Capital 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/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,003.60	1,019.75		5.20	5.24		1.04
Class C		1,000.00	1,000.00		999.80	1,016.01		8.92	9.00		1.79
Class I		1,000.00	1,000.00		1,004.50	1,021.64		3.30	3.33		0.66
Class R		1,000.00	1,000.00		1,002.30	1,018.55		6.39	6.44		1.28
Class R4		1,000.00	1,000.00		1,004.00	1,020.99		3.95	3.98		0.79
Class R5		1,000.00	1,000.00		1,005.00	1,021.39		3.55	3.58		0.71
Class W		1,000.00	1,000.00		1,002.50	1,019.60		5.34	5.39		1.07
Class Z		1,000.00	1,000.00		1,004.10	1,020.99		3.95	3.98		0.79

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as 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.

4 Semiannual Report 2014

Columbia Flexible Capital Income Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 38.4%
Issuer	Shares		Value ($)
Consumer Discretionary 1.5%
Automobiles 1.0%
General Motors Co.		200,000		6,686,000
Media 0.5%
Cinemark Holdings, Inc.		97,500		3,540,225
Total Consumer Discretionary				10,226,225
Consumer Staples 2.9%
Beverages 1.9%
Dr. Pepper Snapple Group, Inc.		87,500		6,475,000
PepsiCo, Inc.		65,000		6,506,500
Total				12,981,500
Tobacco 1.0%
Philip Morris International, Inc.		72,500		6,302,425
Total Consumer Staples				19,283,925
Energy 4.6%
Oil, Gas & Consumable Fuels 4.6%
BP PLC, ADR		150,000		5,898,000
ConocoPhillips		90,000		5,946,300
Kinder Morgan, Inc.		162,500		6,719,375
Occidental Petroleum Corp.		75,000		5,982,750
ONEOK, Inc.		117,500		6,363,800
Total				30,910,225
Total Energy				30,910,225
Financials 9.1%
Banks 3.8%
Bank of Montreal		85,000		6,263,650
Cullen/Frost Bankers, Inc.		85,000		6,346,100
JPMorgan Chase & Co.		110,000		6,617,600
Wells Fargo & Co.		120,000		6,537,600
Total				25,764,950
Capital Markets 1.8%
Ares Capital Corp.		370,000		6,086,500
T. Rowe Price Group, Inc.		75,000		6,260,250
Total				12,346,750
Insurance 1.0%
Aflac, Inc.		110,000		6,570,300
Real Estate Investment Trusts (REITs) 2.5%
Colony Financial, Inc.		137,500		3,375,625
National Health Investors, Inc.		47,500		3,148,300
Outfront Media, Inc.		125,000		3,382,500
Starwood Property Trust, Inc.		275,000		6,616,500
Total				16,522,925
Total Financials				61,204,925

Common Stocks (continued)
Issuer	Shares		Value ($)
Health Care 3.0%
Biotechnology 0.9%
Amgen, Inc.		37,500		6,199,125
Pharmaceuticals 2.1%
AbbVie, Inc.		105,000		7,266,000
Merck & Co., Inc.		110,000		6,644,000
Total				13,910,000
Total Health Care				20,109,125
Industrials 3.3%
Aerospace & Defense 0.9%
Raytheon Co.		60,000		6,402,000
Industrial Conglomerates 1.4%
General Electric Co.		360,000		9,536,400
Transportation Infrastructure 1.0%
Macquarie Infrastructure Co. LLC		92,500		6,502,750
Total Industrials				22,441,150
Information Technology 5.6%
Communications Equipment 1.1%
Cisco Systems, Inc.		260,000		7,186,400
IT Services 1.0%
Automatic Data Processing, Inc.		77,500		6,637,100
Semiconductors & Semiconductor Equipment 2.5%
Intel Corp.		185,000		6,891,250
Maxim Integrated Products, Inc.		115,000		3,400,550
Xilinx, Inc.		145,000		6,588,800
Total				16,880,600
Technology Hardware, Storage & Peripherals 1.0%
Apple, Inc.		57,500		6,838,475
Total Information Technology				37,542,575
Materials 2.9%
Chemicals 0.9%
Dow Chemical Co. (The)		130,000		6,327,100
Metals & Mining 1.0%
Freeport-McMoRan, Inc.		235,000		6,309,750
Jaguar Mining, Inc.(a)		193,368		98,079
Total				6,407,829
Paper & Forest Products 1.0%
International Paper Co.		125,000		6,727,500
Total Materials				19,462,429

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 5

Columbia Flexible Capital Income Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Telecommunication Services 2.4%
Diversified Telecommunication Services 2.4%
AT&T, Inc.		185,000		6,545,300
Verizon Communications, Inc.		185,000		9,359,150
Total				15,904,450
Total Telecommunication Services				15,904,450
Utilities 3.1%
Electric Utilities 0.6%
NRG Yield, Inc. Class A		80,000		3,791,200
Multi-Utilities 2.5%
Ameren Corp.		155,000		6,682,050
Dominion Resources, Inc.		92,500		6,710,875
PG&E Corp.		68,000		3,434,000
Total				16,826,925
Total Utilities				20,618,125
Total Common Stocks
(Cost: $238,929,350)				257,703,154
Convertible Preferred Stocks 15.3%
Consumer Staples 2.5%
Food Products 2.5%
Bunge Ltd., 4.875%		60,000		6,722,100
Post Holdings, Inc., 3.750%(b)		37,500		3,563,126
Tyson Foods, Inc., 4.750%		130,000		6,808,100
Total				17,093,326
Total Consumer Staples				17,093,326
Energy 1.8%
Oil, Gas & Consumable Fuels 1.8%
Chesapeake Energy Corp., 5.750%(b)		9,000		9,556,875
Penn Virginia Corp., 6.000%(b)		45,000		2,600,046
Total				12,156,921
Total Energy				12,156,921
Financials 6.5%
Banks 2.0%
Bank of America Corp., 7.250%		5,500		6,536,200
Wells Fargo & Co., 7.500%		5,500		6,751,388
Total				13,287,588
Real Estate Investment Trusts (REITs) 4.5%
Alexandria Real Estate Equities, Inc., 7.000%		249,000		6,921,428
Crown Castle International Corp., 4.500%		60,000		6,276,480

Convertible Preferred Stocks (continued)
Issuer	Shares		Value ($)
Health Care REIT, Inc., 6.500%		100,000		6,533,000
Weyerhaeuser Co., 6.375%		120,000		7,044,000
iStar Financial, Inc., 4.500%		55,000		3,351,150
Total				30,126,058
Total Financials				43,413,646
Health Care 0.5%
Health Care Equipment & Supplies 0.5%
Alere, Inc., 3.000%		10,000		3,300,000
Total Health Care				3,300,000
Industrials 1.0%
Aerospace & Defense 1.0%
United Technologies Corp., 7.500%		115,000		6,901,150
Total Industrials				6,901,150
Materials 1.0%
Metals & Mining 1.0%
Alcoa, Inc., 5.375%		120,000		6,396,000
Total Materials				6,396,000
Utilities 2.0%
Electric Utilities 1.0%
NextEra Energy, Inc., 5.599%		100,000		6,787,950
Multi-Utilities 1.0%
CenterPoint Energy, Inc., 3.719%(c)		100,000		6,593,750
Total Utilities				13,381,700
Total Convertible Preferred Stocks
(Cost: $98,183,766)				102,642,743

Corporate Bonds & Notes 24.6%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Aerospace & Defense 0.5%
ADS Tactical, Inc. Senior Secured(b)
04/01/18		11.000%		3,198,000		3,166,020
Banking 1.0%
Popular, Inc. Senior Unsecured
07/01/19		7.000%		6,500,000		6,532,500
Construction Machinery 1.0%
United Rentals North America, Inc.
11/15/24		5.750%		6,600,000		6,847,500

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Semiannual Report 2014

Columbia Flexible Capital Income Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Consumer Cyclical Services 1.0%
ADT Corp. (The) Senior Unsecured
04/15/19		4.125%		6,500,000		6,474,813
Diversified Manufacturing 2.1%
Gardner Denver, Inc. Senior Unsecured(b)
08/15/21		6.875%		7,000,000		6,947,500
Hamilton Sundstrand Corp. Senior Unsecured(b)
12/15/20		7.750%		6,850,000		6,918,500
Total						13,866,000
Electric 1.4%
AES Corp. (The) Senior Unsecured
07/01/21		7.375%		2,000,000		2,290,000
03/15/24		5.500%		3,832,000		3,908,640
DPL, Inc. Senior Unsecured(b)
10/01/19		6.750%		3,000,000		3,090,000
Total						9,288,640
Food and Beverage 1.0%
Post Holdings, Inc.(b)
12/01/21		6.750%		7,143,000		7,017,997
Health Care 1.1%
Omnicare, Inc. Senior Unsecured
12/01/22		4.750%		6,713,000		6,813,695
12/01/24		5.000%		287,000		292,740
Total						7,106,435
Home Construction 1.0%
Taylor Morrison Communities, Inc./Monarch, Inc.(b)
04/15/21		5.250%		6,500,000		6,532,500
Independent Energy 2.7%
Goodrich Petroleum Corp.
03/15/19		8.875%		7,500,000		5,381,250
Parsley Energy LLC/Finance Corp. Senior Unsecured(b)
02/15/22		7.500%		6,513,000		6,358,316
Stone Energy Corp.
11/15/22		7.500%		7,100,000		6,425,500
Total						18,165,066
Leisure 1.0%
Live Nation Entertainment, Inc.(b)
06/15/22		5.375%		6,502,000		6,518,255

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Media and Entertainment 1.0%
AMC Networks, Inc.
12/15/22		4.750%		7,000,000		6,912,500
Metals 1.0%
United States Steel Corp. Senior Unsecured
04/01/21		6.875%		6,550,000		6,951,188
Midstream 0.3%
Blue Racer Midstream LLC/Finance Corp.(b)
11/15/22		6.125%		1,928,000		1,947,280
Other Industry 1.0%
MasTec, Inc.
03/15/23		4.875%		7,350,000		7,037,625
Pharmaceuticals 0.6%
Salix Pharmaceuticals Ltd.(b)
01/15/21		6.000%		3,820,000		3,896,400
Retailers 1.0%
Rite Aid Corp. Senior Unsecured
02/15/27		7.700%		6,068,000		6,705,140
Supermarkets 1.0%
Safeway, Inc. Senior Unsecured
02/01/31		7.250%		6,988,000		6,953,507
Technology 2.1%
Equinix, Inc. Senior Unsecured
01/01/25		5.750%		7,000,000		7,052,500
Micron Technology, Inc. Senior Unsecured(b)
02/01/25		5.500%		6,900,000		6,934,500
Total						13,987,000
Transportation Services 0.9%
XPO Logistics, Inc. Senior Unsecured(b)
09/01/19		7.875%		5,892,000		6,260,250
Wirelines 1.9%
Frontier Communications Corp. Senior Unsecured
01/15/25		6.875%		6,500,000		6,532,500

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 7

Columbia Flexible Capital Income Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Level 3 Escrow II, Inc.(b)
08/15/22		5.375%		6,400,000		6,480,000
Total						13,012,500
Total Corporate Bonds & Notes
(Cost: $168,403,015)						165,179,116
Convertible Bonds 16.7%
Automotive 1.9%
Navistar International Corp. Senior Subordinated Notes
10/15/18		4.500%		1,390,000		1,361,331
Navistar International Corp.(b) Senior Subordinated Notes
04/15/19		4.750%		8,151,000		8,130,623
Wabash National Corp. Senior Unsecured
05/01/18		3.375%		2,840,000		3,266,142
Total						12,758,096
Brokerage/Asset Managers/Exchanges 0.5%
Walter Investment Management Corp. Senior Subordinated Notes
11/01/19		4.500%		4,410,000		3,420,506
Finance Companies 0.5%
Air Lease Corp. Senior Unsecured
12/01/18		3.875%		2,300,000		3,368,063
Health Care 1.0%
Omnicare, Inc.
12/15/35		3.250%		3,100,000		3,539,812
Teleflex, Inc. Senior Subordinated Notes
08/01/17		3.875%		1,600,000		3,118,000
Total						6,657,812
Independent Energy 0.5%
American Energy-Permian Basin LLC PIK(b)
05/01/22		8.000%		3,300,000		3,159,750
Metals 0.4%
Alpha Natural Resources, Inc.
12/15/17		3.750%		4,800,000		3,033,000
Oil Field Services 1.1%
Cobalt International Energy, Inc. Senior Unsecured
12/01/19		2.625%		4,700,000		3,335,120

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Energy XXI Ltd. Senior Unsecured(b)
12/15/18		3.000%		6,500,000		4,225,000
Total						7,560,120
Other Financial Institutions 1.0%
Forest City Enterprises, Inc. Senior Unsecured
08/15/20		3.625%		6,197,000		6,646,282
Other Industry 0.5%
General Cable Corp. Subordinated Notes(c)
11/15/29		4.500%		4,500,000		3,045,938
Other REIT 1.7%
Blackstone Mortgage Trust, Inc. Senior Unsecured
12/01/18		5.250%		4,560,000		4,809,158
RWT Holdings, Inc.(b)
11/15/19		5.625%		3,400,000		3,432,470
Starwood Waypoint Residential Trust Senior Unsecured(b)
10/15/17		4.500%		3,000,000		3,101,220
Total						11,342,848
Pharmaceuticals 1.2%
ARIAD Pharmaceuticals, Inc. Senior Unsecured(b)
06/15/19		3.625%		3,150,000		3,222,765
Aegerion Pharmaceuticals, Inc. Senior Unsecured(b)
08/15/19		2.000%		4,000,000		3,231,000
Dendreon Corp. Senior Unsecured(d)
01/15/16		2.875%		2,400,000		1,453,440
Total						7,907,205
Property & Casualty 0.7%
MGIC Investment Corp.(b)
04/01/63		9.000%		3,950,000		5,038,719
Refining 0.5%
Clean Energy Fuels Corp. Senior Unsecured(b)
10/01/18		5.250%		4,250,000		3,225,835
Retailers 0.5%
HeartWare International, Inc. Senior Unsecured
12/15/17		3.500%		3,000,000		3,146,250

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Semiannual Report 2014

Columbia Flexible Capital Income Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Technology 3.5%
Ciena Corp. Senior Unsecured
12/15/20		4.000%		5,250,000		6,109,687
Cornerstone OnDemand, Inc. Senior Unsecured
07/01/18		1.500%		3,500,000		3,322,813
Mentor Graphics Corp. Subordinated Notes
04/01/31		4.000%		5,320,000		6,400,625
TiVo, Inc. Senior Unsecured(b)
03/15/16		4.000%		2,550,000		3,099,844
j2 Global, Inc. Senior Unsecured
06/15/29		3.250%		4,500,000		4,694,062
Total						23,627,031
Tobacco 0.9%
Vector Group Ltd. Senior Unsecured
04/15/20		1.750%		4,000,000		4,271,040
Vector Group Ltd.(c) Senior Unsecured
01/15/19		2.500%		1,450,000		2,045,225
Total						6,316,265
Transportation Services 0.3%
DryShips, Inc. Senior Unsecured
12/01/14		5.000%		2,140,000		2,140,000
Total Convertible Bonds
(Cost: $113,496,447)						112,393,720

Preferred Debt 0.5%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Banking 0.5%
Synovus Financial Corp.(c)
12/31/49		7.875%		105,000		2,909,025
Total Preferred Debt
(Cost: $2,840,205)						2,909,025
Limited Partnerships 0.5%
Issuer			Shares		Value
Energy 0.5%
Oil, Gas & Consumable Fuels 0.5%
Plains GP Holdings LP, Class A				132,000		3,429,360
Total Energy						3,429,360
Total Limited Partnerships
(Cost: $3,300,000)						3,429,360
Money Market Funds 3.7%
			Shares		Value
JPMorgan Prime Money Market Fund, 0.010%(e)				25,169,205		25,169,205
Total Money Market Funds
(Cost: $25,169,205)						25,169,205
Total Investments
(Cost: $650,321,988)						669,426,323
Other Assets & Liabilities, Net						2,307,624
Net Assets						671,733,947

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, 2014, the value of these securities amounted to $127,654,791 or 19.00% of net assets.

(c) Variable rate security.

(d) Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At November 30, 2014, the value of these securities amounted to $1,453,440, which represents 0.22% of net assets.

(e) The rate shown is the seven-day current annualized yield at November 30, 2014.

Abbreviation Legend

ADR	American Depositary Receipt
PIK	Payment-in-Kind

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

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 9

Columbia Flexible Capital Income Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

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.

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.

10 Semiannual Report 2014

Columbia Flexible Capital Income Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 2014:

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		10,226,225		—		—		10,226,225
Consumer Staples		19,283,925		—		—		19,283,925
Energy		30,910,225		—		—		30,910,225
Financials		61,204,925		—		—		61,204,925
Health Care		20,109,125		—		—		20,109,125
Industrials		22,441,150		—		—		22,441,150
Information Technology		37,542,575		—		—		37,542,575
Materials		19,364,350		98,079		—		19,462,429
Telecommunication Services		15,904,450		—		—		15,904,450
Utilities		20,618,125		—		—		20,618,125
Convertible Preferred Stocks
Consumer Staples		—		17,093,326		—		17,093,326
Energy		—		12,156,921		—		12,156,921
Financials		26,864,588		16,549,058		—		43,413,646
Health Care		3,300,000		—		—		3,300,000
Industrials		6,901,150		—		—		6,901,150
Materials		6,396,000		—		—		6,396,000
Utilities		—		13,381,700		—		13,381,700
Total Equity Securities		301,066,813		59,279,084		—		360,345,897
Bonds
Corporate Bonds & Notes		—		165,179,116		—		165,179,116
Convertible Bonds		—		112,393,720		—		112,393,720
Preferred Debt		2,909,025		—		—		2,909,025
Total Bonds		2,909,025		277,572,836		—		280,481,861
Other
Limited Partnerships		3,429,360		—		—		3,429,360
Total Other		3,429,360		—		—		3,429,360
Mutual Funds
Money Market Funds		25,169,205		—		—		25,169,205
Total Mutual Funds		25,169,205		—		—		25,169,205
Total		332,574,403		336,851,920		—		669,426,323

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.

Financial assets were transferred from Level 1 to Level 2 as the market for these assets was deemed not to be active and fair values were consequently obtained using observable markets inputs rather than quoted prices for identical assets as of period end.

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In		Transfers Out
Level 1 ($)	Level 2 ($)	Level 1 ($)	Level 2 ($)
—	126,656	126,656	—

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

There were no transfers of financial assets between Levels 2 and 3 during the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 11

Columbia Flexible Capital Income Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
(identified cost $650,321,988)	$669,426,323
Receivable for:
Capital shares sold	2,630,876
Dividends	1,264,813
Interest	3,770,438
Prepaid expenses	3,159
Other assets	44,501
Total assets	677,140,110
Liabilities
Payable for:
Investments purchased	4,863,280
Capital shares purchased	407,980
Investment management fees	21,641
Distribution and/or service fees	11,899
Transfer agent fees	53,055
Administration fees	2,168
Compensation of board members	13,146
Other expenses	32,994
Total liabilities	5,406,163
Net assets applicable to outstanding capital stock	$671,733,947
Represented by
Paid-in capital	$649,751,591
Undistributed net investment income	1,182,442
Accumulated net realized gain	1,695,579
Unrealized appreciation (depreciation) on:
Investments	19,104,335
Total — representing net assets applicable to outstanding capital stock	$671,733,947

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Semiannual Report 2014

Columbia Flexible Capital Income Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$339,507,210
Shares outstanding	27,339,127
Net asset value per share	$12.42
Maximum offering price per share(a)	$13.18
Class C
Net assets	$131,424,953
Shares outstanding	10,641,872
Net asset value per share	$12.35
Class I
Net assets	$48,980,078
Shares outstanding	3,939,862
Net asset value per share	$12.43
Class R
Net assets	$576,765
Shares outstanding	46,482
Net asset value per share	$12.41
Class R4
Net assets	$21,288,552
Shares outstanding	1,702,992
Net asset value per share	$12.50
Class R5
Net assets	$4,569,942
Shares outstanding	365,396
Net asset value per share	$12.51
Class W
Net assets	$13,419
Shares outstanding	1,080
Net asset value per share(b)	$12.42
Class Z
Net assets	$125,373,028
Shares outstanding	10,095,155
Net asset value per share	$12.42

(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 2014 13

Columbia Flexible Capital Income Fund

Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends	$6,404,130
Interest	4,056,572
Foreign taxes withheld	(26,184	)
Total income	10,434,518
Expenses:
Investment management fees	1,476,745
Distribution and/or service fees
Class A	309,196
Class C	431,766
Class R	1,350
Class W	19
Transfer agent fees
Class A	140,776
Class C	49,401
Class R	304
Class R4	9,148
Class R5	1,693
Class W	9
Class Z	42,893
Administration fees	149,391
Compensation of board members	7,389
Custodian fees	3,934
Printing and postage fees	24,724
Registration fees	74,121
Professional fees	20,513
Other	6,316
Total expenses	2,749,688
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(80,230	)
Total net expenses	2,669,458
Net investment income	7,765,060
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(2,460,919	)
Foreign currency translations	(452	)
Net realized loss	(2,461,371	)
Net change in unrealized appreciation (depreciation) on:
Investments	(3,970,983	)
Foreign currency translations	(27	)
Net change in unrealized depreciation	(3,971,010	)
Net realized and unrealized loss	(6,432,381	)
Net increase in net assets resulting from operations	$1,332,679

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Semiannual Report 2014

Columbia Flexible Capital Income Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014
Operations
Net investment income		$7,765,060			$7,180,422
Net realized gain (loss)		(2,461,371	)		6,119,884
Net change in unrealized appreciation (depreciation)		(3,971,010	)		12,137,775
Net increase in net assets resulting from operations		1,332,679			25,438,081
Distributions to shareholders
Net investment income
Class A		(3,921,382	)		(2,170,678	)
Class C		(1,029,890	)		(325,952	)
Class I		(1,525,372	)		(3,313,903	)
Class R		(8,520	)		(1,317	)
Class R4		(262,587	)		(52,515	)
Class R5		(136,274	)		(346,286	)
Class W		(267	)		(80,845	)
Class Z		(1,163,930	)		(316,358	)
Net realized gains
Class A		—			(2,124,151	)
Class C		—			(378,941	)
Class I		—			(2,378,637	)
Class R		—			(1,463	)
Class R4		—			(24,993	)
Class R5		—			(139,220	)
Class W		—			(789	)
Class Z		—			(247,008	)
Total distributions to shareholders		(8,048,222	)		(11,903,056	)
Increase in net assets from capital stock activity		329,171,600			207,953,611
Total increase in net assets		322,456,057			221,488,636
Net assets at beginning of period		349,277,890			127,789,254
Net assets at end of period		$671,733,947			$349,277,890
Undistributed net investment income		$1,182,442			$1,465,604

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 15

Columbia Flexible Capital Income Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		15,810,376			196,951,822			13,392,496			163,153,678
Distributions reinvested		304,678			3,827,202			359,121			4,278,898
Redemptions		(2,186,558	)		(27,192,565	)		(1,638,128	)		(19,979,657	)
Net increase		13,928,496			173,586,459			12,113,489			147,452,919
Class C shares
Subscriptions		6,930,709			85,866,888			3,874,057			47,139,610
Distributions reinvested		76,987			962,884			59,294			703,896
Redemptions		(337,080	)		(4,161,119	)		(123,682	)		(1,507,195	)
Net increase		6,670,616			82,668,653			3,809,669			46,336,311
Class I shares
Subscriptions		4,265			53,603			25,947			315,506
Distributions reinvested		121,143			1,525,322			479,748			5,692,354
Redemptions		(3,143,438	)		(39,021,622	)		(579,640	)		(7,045,750	)
Net decrease		(3,018,030	)		(37,442,697	)		(73,945	)		(1,037,890	)
Class R shares
Subscriptions		3,591			43,001			48,136			585,405
Distributions reinvested		674			8,477			217			2,591
Redemptions		—			—			(6,386	)		(77,827	)
Net increase		4,265			51,478			41,967			510,169
Class R4 shares
Subscriptions		1,183,175			14,880,263			690,127			8,532,044
Distributions reinvested		20,793			262,540			6,439			77,322
Redemptions		(217,841	)		(2,715,075	)		(54,109	)		(659,167	)
Net increase		986,127			12,427,728			642,457			7,950,199
Class R5 shares
Subscriptions		470,195			6,000,164			169,022			2,065,537
Distributions reinvested		10,775			136,226			40,929			485,320
Redemptions		(564,651	)		(7,015,374	)		(1,136,024	)		(13,864,518	)
Net decrease		(83,681	)		(878,984	)		(926,073	)		(11,313,661	)
Class W shares
Subscriptions		—			—			15,604			187,086
Distributions reinvested		18			222			6,931			81,439
Redemptions		(195	)		(2,365	)		(428,143	)		(5,247,540	)
Net decrease		(177	)		(2,143	)		(405,608	)		(4,979,015	)
Class Z shares
Subscriptions		8,727,818			108,834,061			1,922,452			23,555,721
Distributions reinvested		73,919			926,126			46,769			556,688
Redemptions		(897,834	)		(10,999,081	)		(88,217	)		(1,077,830	)
Net increase		7,903,903			98,761,106			1,881,004			23,034,579
Total net increase		26,391,519			329,171,600			17,082,960			207,953,611

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Semiannual Report 2014

Columbia Flexible Capital Income Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class  A	(Unaudited)		2014		2013		2012(a)
Per share data
Net asset value, beginning of period	$12.59		$11.98		$10.32		$10.00
Income from investment operations:
Net investment income	0.19		0.43		0.45		0.33
Net realized and unrealized gain (loss)	(0.14	)	0.96		1.69		0.16	(b)
Total from investment operations	0.05		1.39		2.14		0.49
Less distributions to shareholders:
Net investment income	(0.22	)	(0.44	)	(0.43	)	(0.17	)
Net realized gains	—		(0.34	)	(0.05	)	(0.00	)(c)
Total distributions to shareholders	(0.22	)	(0.78	)	(0.48	)	(0.17	)
Net asset value, end of period	$12.42		$12.59		$11.98		$10.32
Total return	0.36	%	12.17	%	21.18	%	4.97	%
Ratios to average net assets(d)
Total gross expenses	1.07	%(e)	1.17	%	1.85	%	2.02	%(e)
Total net expenses(f)	1.04	%(e)	1.02	%	1.10	%	1.10	%(e)
Net investment income	3.13	%(e)	3.52	%	4.03	%	3.91	%(e)
Supplemental data
Net assets, end of period (in thousands)	$339,507		$168,897		$15,534		$5,029
Portfolio turnover	31	%	48	%	63	%	36	%

Notes to Financial Highlights

(a) Based on operations from July 28, 2011 (commencement of operations) through the stated period end.

(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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) Rounds to zero.

(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(e) Annualized.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 17

Columbia Flexible Capital Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class C	(Unaudited)		2014		2013		2012(a)
Per share data
Net asset value, beginning of period	$12.52		$11.91		$10.28		$10.00
Income from investment operations:
Net investment income	0.15		0.33		0.37		0.27
Net realized and unrealized gain (loss)	(0.15	)	0.97		1.67		0.15	(b)
Total from investment operations	—		1.30		2.04		0.42
Less distributions to shareholders:
Net investment income	(0.17	)	(0.35	)	(0.36	)	(0.14	)
Net realized gains	—		(0.34	)	(0.05	)	(0.00	)(c)
Total distributions to shareholders	(0.17	)	(0.69	)	(0.41	)	(0.14	)
Net asset value, end of period	$12.35		$12.52		$11.91		$10.28
Total return	(0.02	%)	11.38	%	20.26	%	4.27	%
Ratios to average net assets(d)
Total gross expenses	1.82	%(e)	1.92	%	2.63	%	2.73	%(e)
Total net expenses(f)	1.79	%(e)	1.78	%	1.85	%	1.85	%(e)
Net investment income	2.40	%(e)	2.79	%	3.26	%	3.18	%(e)
Supplemental data
Net assets, end of period (in thousands)	$131,425		$49,739		$1,925		$193
Portfolio turnover	31	%	48	%	63	%	36	%

Notes to Financial Highlights

(a) Based on operations from July 28, 2011 (commencement of operations) through the stated period end.

(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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) Rounds to zero.

(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(e) Annualized.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Semiannual Report 2014

Columbia Flexible Capital Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class I	(Unaudited)		2014		2013		2012(a)
Per share data
Net asset value, beginning of period	$12.61		$11.98		$10.32		$10.00
Income from investment operations:
Net investment income	0.21		0.47		0.48		0.37
Net realized and unrealized gain (loss)	(0.15	)	0.98		1.69		0.14	(b)
Total from investment operations	0.06		1.45		2.17		0.51
Less distributions to shareholders:
Net investment income	(0.24	)	(0.48	)	(0.46	)	(0.19	)
Net realized gains	—		(0.34	)	(0.05	)	(0.00	)(c)
Total distributions to shareholders	(0.24	)	(0.82	)	(0.51	)	(0.19	)
Net asset value, end of period	$12.43		$12.61		$11.98		$10.32
Total return	0.45	%	12.69	%	21.55	%	5.14	%
Ratios to average net assets(d)
Total gross expenses	0.70	%(e)	0.77	%	0.86	%	1.12	%(e)
Total net expenses(f)	0.66	%(e)	0.69	%	0.78	%	0.74	%(e)
Net investment income	3.37	%(e)	3.84	%	4.33	%	4.19	%(e)
Supplemental data
Net assets, end of period (in thousands)	$48,980		$87,713		$84,270		$81,861
Portfolio turnover	31	%	48	%	63	%	36	%

Notes to Financial Highlights

(a) Based on operations from July 28, 2011 (commencement of operations) through the stated period end.

(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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) Rounds to zero.

(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(e) Annualized.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 19

Columbia Flexible Capital Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class R	(Unaudited)		2014		2013		2012(a)
Per share data
Net asset value, beginning of period	$12.58		$11.97		$10.31		$10.00
Income from investment operations:
Net investment income	0.17		0.41		0.42		0.30
Net realized and unrealized gain (loss)	(0.14	)	0.95		1.69		0.16	(b)
Total from investment operations	0.03		1.36		2.11		0.46
Less distributions to shareholders:
Net investment income	(0.20	)	(0.41	)	(0.40	)	(0.15	)
Net realized gains	—		(0.34	)	(0.05	)	(0.00	)(c)
Total distributions to shareholders	(0.20	)	(0.75	)	(0.45	)	(0.15	)
Net asset value, end of period	$12.41		$12.58		$11.97		$10.31
Total return	0.23	%	11.87	%	20.87	%	4.64	%
Ratios to average net assets(d)
Total gross expenses	1.31	%(e)	1.41	%	2.12	%	2.42	%(e)
Total net expenses(f)	1.28	%(e)	1.29	%	1.35	%	1.35	%(e)
Net investment income	2.81	%(e)	3.38	%	3.79	%	3.48	%(e)
Supplemental data
Net assets, end of period (in thousands)	$577		$531		$3		$3
Portfolio turnover	31	%	48	%	63	%	36	%

Notes to Financial Highlights

(a) Based on operations from July 28, 2011 (commencement of operations) through the stated period end.

(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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) Rounds to zero.

(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(e) Annualized.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Semiannual Report 2014

Columbia Flexible Capital Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class R4	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$12.68		$12.05		$10.93
Income from investment operations:
Net investment income	0.21		0.47		0.36
Net realized and unrealized gain (loss)	(0.16	)	0.97		1.08
Total from investment operations	0.05		1.44		1.44
Less distributions to shareholders:
Net investment income	(0.23	)	(0.47	)	(0.27	)
Net realized gains	—		(0.34	)	(0.05	)
Total distributions to shareholders	(0.23	)	(0.81	)	(0.32	)
Net asset value, end of period	$12.50		$12.68		$12.05
Total return	0.40	%	12.55	%	13.40	%
Ratios to average net assets(b)
Total gross expenses	0.82	%(c)	0.92	%	1.59	%(c)
Total net expenses(d)	0.79	%(c)	0.77	%	0.85	%(c)
Net investment income	3.38	%(c)	3.83	%	4.28	%(c)
Supplemental data
Net assets, end of period (in thousands)	$21,289		$9,087		$897
Portfolio turnover	31	%	48	%	63	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 21

Columbia Flexible Capital Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class R5	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$12.68		$12.05		$10.93
Income from investment operations:
Net investment income	0.21		0.47		0.37
Net realized and unrealized gain (loss)	(0.14	)	0.97		1.07
Total from investment operations	0.07		1.44		1.44
Less distributions to shareholders:
Net investment income	(0.24	)	(0.47	)	(0.27	)
Net realized gains	—		(0.34	)	(0.05	)
Total distributions to shareholders	(0.24	)	(0.81	)	(0.32	)
Net asset value, end of period	$12.51		$12.68		$12.05
Total return	0.50	%	12.55	%	13.41	%
Ratios to average net assets(b)
Total gross expenses	0.75	%(c)	0.82	%	0.86	%(c)
Total net expenses(d)	0.71	%(c)	0.76	%	0.84	%(c)
Net investment income	3.34	%(c)	3.84	%	4.29	%(c)
Supplemental data
Net assets, end of period (in thousands)	$4,570		$5,695		$16,569
Portfolio turnover	31	%	48	%	63	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Semiannual Report 2014

Columbia Flexible Capital Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class W	(Unaudited)		2014		2013		2012(a)
Per share data
Net asset value, beginning of period	$12.60		$11.98		$10.32		$10.00
Income from investment operations:
Net investment income	0.19		0.43		0.44		0.28
Net realized and unrealized gain (loss)	(0.16	)	0.97		1.69		0.21	(b)
Total from investment operations	0.03		1.40		2.13		0.49
Less distributions to shareholders:
Net investment income	(0.21	)	(0.44	)	(0.42	)	(0.17	)
Net realized gains	—		(0.34	)	(0.05	)	(0.00	)(c)
Total distributions to shareholders	(0.21	)	(0.78	)	(0.47	)	(0.17	)
Net asset value, end of period	$12.42		$12.60		$11.98		$10.32
Total return	0.25	%	12.22	%	21.13	%	4.92	%
Ratios to average net assets(d)
Total gross expenses	1.07	%(e)	1.17	%	1.91	%	1.76	%(e)
Total net expenses(f)	1.07	%(e)	1.08	%	1.10	%	1.10	%(e)
Net investment income	3.00	%(e)	3.52	%	3.97	%	3.23	%(e)
Supplemental data
Net assets, end of period (in thousands)	$13		$16		$4,875		$7,979
Portfolio turnover	31	%	48	%	63	%	36	%

Notes to Financial Highlights

(a) Based on operations from July 28, 2011 (commencement of operations) through the stated period end.

(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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) Rounds to zero.

(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(e) Annualized.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 23

Columbia Flexible Capital Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class Z	(Unaudited)		2014		2013		2012(a)
Per share data
Net asset value, beginning of period	$12.60		$11.98		$10.32		$10.00
Income from investment operations:
Net investment income	0.21		0.46		0.48		0.36
Net realized and unrealized gain (loss)	(0.16	)	0.97		1.68		0.14	(b)
Total from investment operations	0.05		1.43		2.16		0.50
Less distributions to shareholders:
Net investment income	(0.23	)	(0.47	)	(0.45	)	(0.18	)
Net realized gains	—		(0.34	)	(0.05	)	(0.00	)(c)
Total distributions to shareholders	(0.23	)	(0.81	)	(0.50	)	(0.18	)
Net asset value, end of period	$12.42		$12.60		$11.98		$10.32
Total return	0.41	%	12.54	%	21.46	%	5.09	%
Ratios to average net assets(d)
Total gross expenses	0.82	%(e)	0.92	%	1.61	%	1.82	%(e)
Total net expenses(f)	0.79	%(e)	0.75	%	0.85	%	0.85	%(e)
Net investment income	3.45	%(e)	3.82	%	4.30	%	4.16	%(e)
Supplemental data
Net assets, end of period (in thousands)	$125,373		$27,600		$3,716		$1,126
Portfolio turnover	31	%	48	%	63	%	36	%

Notes to Financial Highlights

(a) Based on operations from July 28, 2011 (commencement of operations) through the stated period end.

(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 subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) Rounds to zero.

(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(e) Annualized.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Semiannual Report 2014

Columbia Flexible Capital Income Fund

Notes to Financial Statements

November 30, 2014 (Unaudited)

Note 1. Organization

Columbia Flexible Capital 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.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class C, Class I, Class R, Class R4, 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 the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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 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 investors as described in the Fund’s prospectus.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class 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 eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP) which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation

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 that take into account, as applicable, 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 traded. If any foreign security 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. Many securities

Semiannual Report 2014 25

Columbia Flexible Capital Income Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board, including, if available, utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies, including money market funds, are valued at their 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 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 quoted or published price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the NYSE. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

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 place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange-traded funds (ETFs), other regulated investment companies (RICs), 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 actual information reported. To the extent actual information has not yet been reported by the REITs, estimates for return of capital are made by the Fund’s management. 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 REITs, which could result in a proportionate change in return of capital to shareholders. No estimates are made for the BDCs, ETFs, and RICs.

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

26 Semiannual Report 2014

Columbia Flexible Capital Income Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any

future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

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 0.59% to 0.50% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2014 was 0.59% 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 0.06% to 0.04% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2014 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, 2014, other expenses paid by the Fund to this company were $876.

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.

Semiannual Report 2014 27

Columbia Flexible Capital Income Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. 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, 2014, 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	0.11	%
Class C	0.11
Class R	0.11
Class R4	0.11
Class R5	0.05
Class W	0.11
Class Z	0.12

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2014, 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 C shares. For 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 $495,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2014, 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 $1,452,044 for Class A and $9,742 for Class C shares for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the 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, 2014 through September 30, 2015			Prior to October 1, 2014
Class A		1.16	%		1.10	%
Class C		1.91			1.85
Class I		0.83			0.65
Class R		1.41			1.35
Class R4		0.91			0.85
Class R5		0.88			0.70
Class W		1.16			1.10
Class Z		0.91			0.85

28 Semiannual Report 2014

Columbia Flexible Capital Income Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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, 2014, the cost of investments for federal income tax purposes was approximately $650,322,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$35,074,000
Unrealized depreciation	(15,970,000	)
Net unrealized appreciation	$19,104,000

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if any, aggregated to $471,540,939 and $150,974,783, respectively, for the six months ended November 30, 2014. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Shareholder Concentration

At November 30, 2014, affiliated shareholders of record owned 55.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 7. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. (JPMorgan) whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

Note 8. Significant Risks

Credit Risk

Credit risk is the risk that the value of debt securities in the Fund’s portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in

Semiannual Report 2014 29

Columbia Flexible Capital Income Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates.

Liquidity Risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

Note 9. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 7 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 quarterly (10-Q), annual (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.

30 Semiannual Report 2014

Columbia Flexible Capital Income 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 2014 31

Columbia Flexible Capital Income 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR148_05_E01_(01/15)

Semiannual Report November 30, 2014

Columbia Multi-Advisor Small Cap Value Fund

President’s Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen

President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What’s different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

> The relative value of global equities vs. global bonds actually improved during 2014.

> Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today’s conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President’s Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB’s balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People’s Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

> Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

> Explicit downside hedges, such as put options (with emphasis on managing the related expense)

> Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Table of Contents

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	27
Approval of Subadvisory Agreement	33
Important Information About This Report	35

Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Multi-Advisor Small Cap Value Fund (the Fund) Class A shares returned 1.46% excluding sales charges for the six-month period that ended November 30, 2014.

> The Fund underperformed its benchmark, the Russell 2000 Value Index, which returned 1.66% for the same time frame.

Average Annual Total Returns (%) (for period ended November 30, 2014)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	06/18/01
Excluding sales charges			1.46		4.51		15.11		7.91
Including sales charges			-4.37		-1.53		13.75		7.27
Class B	06/18/01
Excluding sales charges			1.04		3.77		14.20		7.16
Including sales charges			-3.96		-0.86		13.96		7.16
Class C	06/18/01
Excluding sales charges			1.19		3.91		14.24		7.18
Including sales charges			0.19		2.99		14.24		7.18
Class I	03/04/04		1.63		5.04		15.57		8.35
Class K	06/18/01		1.54		4.74		15.27		8.12
Class R*	12/11/06		1.34		4.27		14.79		7.58
Class R4*	12/11/06		1.56		4.86		15.16		7.94
Class R5*	12/11/06		1.78		5.09		15.60		8.25
Class Z*	09/27/10		1.51		4.83		15.30		8.00
Russell 2000 Value Index			1.66		3.36		15.31		6.85

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/investment-products/mutual-funds/appended-performance for more information.

The Russell 2000 Value Index, an unmanaged index, tracks the performance of those Russell 2000 Index companies 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 2014 3

Columbia Multi-Advisor Small Cap Value Fund

Portfolio Overview

(Unaudited)

Portfolio Management

Barrow, Hanley, Mewhinney & Strauss, LLC

James McClure, CFA

John Harloe, CFA

Donald Smith & Co., Inc.

Donald Smith

Richard Greenberg, CFA

Metropolitan West Capital Management, LLC

Samir Sikka

Segall Bryant & Hamill, LLC

Mark Dickherber, CFA, CPA

Shawn Nicholson

Morningstar Style Box™

The Morningstar Style Box™ 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.

©2015 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.

Top Ten Holdings (%) (at November 30, 2014)
Sanmina Corp.	2.6
AerCap Holdings NV	2.2
Platinum Underwriters Holdings Ltd.	1.6
Resolute Forest Products, Inc.	1.4
Dana Holding Corp.	1.4
Micron Technology, Inc.	1.4
American Axle & Manufacturing Holdings, Inc.	1.1
Whirlpool Corp.	1.1
KAR Auction Services, Inc.	1.1
Haemonetics Corp.	1.1

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, 2014)
Common Stocks	90.7
Consumer Discretionary	13.0
Consumer Staples	2.9
Energy	4.0
Financials	18.0
Health Care	5.6
Industrials	20.0
Information Technology	19.3
Materials	6.8
Utilities	1.1
Money Market Funds	9.3
Rights	0.0	(a)
Industrials	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.

4 Semiannual Report 2014

Columbia Multi-Advisor Small Cap 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/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,014.60	1,018.00		6.98	6.99		1.39
Class B		1,000.00	1,000.00		1,010.40	1,014.26		10.73	10.75		2.14
Class C		1,000.00	1,000.00		1,011.90	1,014.26		10.73	10.75		2.14
Class I		1,000.00	1,000.00		1,016.30	1,020.19		4.78	4.78		0.95
Class K		1,000.00	1,000.00		1,015.40	1,018.70		6.28	6.29		1.25
Class R		1,000.00	1,000.00		1,013.40	1,016.75		8.23	8.25		1.64
Class R4		1,000.00	1,000.00		1,015.60	1,019.25		5.73	5.74		1.14
Class R5		1,000.00	1,000.00		1,017.80	1,019.95		5.03	5.04		1.00
Class Z		1,000.00	1,000.00		1,015.10	1,019.25		5.73	5.74		1.14

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as 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 2014 5

Columbia Multi-Advisor Small Cap Value Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 90.8%
Issuer	Shares		Value ($)
Consumer Discretionary 13.0%
Auto Components 2.3%
American Axle & Manufacturing Holdings, Inc.(a)		177,839		3,795,084
Dana Holding Corp.		217,619		4,613,523
Total				8,408,607
Hotels, Restaurants & Leisure 1.6%
Interval Leisure Group, Inc.		72,416		1,574,324
SeaWorld Entertainment, Inc.		144,500		2,411,705
Six Flags Entertainment Corp.		28,700		1,166,655
Wendy’s Co. (The)		82,440		718,876
Total				5,871,560
Household Durables 2.3%
Taylor Morrison Home Corp., Class A(a)		65,500		1,266,770
Tempur Sealy International, Inc(a)		58,370		3,330,009
Whirlpool Corp.		20,149		3,751,139
Total				8,347,918
Leisure Products 1.1%
Arctic Cat, Inc.		22,030		728,092
Brunswick Corp.		66,755		3,316,388
Total				4,044,480
Media 0.2%
John Wiley & Sons, Inc., Class A		15,428		921,360
Multiline Retail 0.3%
Big Lots, Inc.		21,650		1,099,820
Specialty Retail 5.2%
Abercrombie & Fitch Co., Class A		31,500		908,775
ANN, Inc.(a)		22,710		834,138
Ascena Retail Group, Inc.(a)		89,450		1,197,735
Cato Corp. (The), Class A		24,640		988,557
Chico’s FAS, Inc.		136,470		2,165,779
Children’s Place, Inc. (The)		29,910		1,676,755
DSW, Inc., Class A		58,550		2,077,354
Finish Line, Inc., Class A (The)		16,180		461,777
Guess?, Inc.		23,710		537,506
Kirkland’s, Inc.(a)		41,580		903,118
Men’s Wearhouse, Inc. (The)		55,086		2,573,618
Office Depot, Inc.(a)		356,650		2,364,589
Vitamin Shoppe, Inc.(a)		37,300		1,785,178
West Marine, Inc.(a)		54,460		595,248
Total				19,070,127
Total Consumer Discretionary				47,763,872

Common Stocks (continued)
Issuer	Shares		Value ($)
Consumer Staples 3.0%
Beverages 0.5%
Treasury Wine Estates Ltd., ADR		441,500		1,788,075
Food & Staples Retailing 0.1%
Pantry, Inc. (The)(a)		19,260		511,353
Food Products 2.3%
Chiquita Brands International, Inc.(a)		126,210		1,824,996
Dean Foods Co.		111,500		1,901,075
Flowers Foods, Inc.		76,796		1,497,522
J&J Snack Foods Corp.		10,100		1,061,005
Post Holdings, Inc.(a)		50,500		2,020,000
Total				8,304,598
Tobacco 0.1%
Alliance One International, Inc.(a)		165,343		299,271
Total Consumer Staples				10,903,297
Energy 4.0%
Energy Equipment & Services 1.9%
Forum Energy Technologies, Inc.(a)		55,400		1,330,154
Gulfmark Offshore, Inc., Class A		15,019		391,245
Helix Energy Solutions Group, Inc.(a)		57,100		1,305,877
McDermott International, Inc.(a)		99,580		353,509
Paragon Offshore PLC		325,700		1,182,291
Parker Drilling Co.(a)		402,150		1,427,633
Tidewater, Inc.		25,000		772,750
Total				6,763,459
Oil, Gas & Consumable Fuels 2.1%
Advantage Oil & Gas Ltd.(a)		304,421		1,363,806
Ardmore Shipping Corp.		72,500		740,225
Energy XXI Ltd.		97,700		391,777
LinnCo LLC		29,534		484,653
Nordic American Tankers Ltd.		73,000		654,080
Oasis Petroleum, Inc.(a)		85,250		1,566,895
Petroquest Energy, Inc.(a)		292,195		1,086,965
RSP Permian, Inc.(a)		51,747		1,126,015
Sanchez Energy Corp.(a)		36,070		407,230
Total				7,821,646
Total Energy				14,585,105
Financials 18.0%
Banks 8.5%
Ameris Bancorp		61,100		1,536,665
BancFirst Corp.		12,480		798,845
BankUnited, Inc.		25,280		763,456

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Banner Corp.		19,480		802,381
Cathay General Bancorp		39,500		1,002,510
City National Corp.		40,873		3,154,987
First Busey Corp.		104,800		686,440
First Community Bancshares, Inc.		46,140		713,324
First Horizon National Corp.		115,300		1,471,228
First Niagara Financial Group, Inc.		131,265		1,072,435
FirstMerit Corp.		110,050		1,968,794
Hancock Holding Co.		43,400		1,419,614
Hanmi Financial Corp.		66,125		1,329,112
Investors Bancorp, Inc.		101,400		1,096,134
Lakeland Financial Corp.		28,820		1,140,984
Peoples Bancorp, Inc.		34,990		847,108
Prosperity Bancshares, Inc.		46,270		2,599,449
Simmons First National Corp., Class A		29,580		1,197,103
Texas Capital Bancshares, Inc.(a)		46,100		2,541,493
Umpqua Holdings Corp.		162,310		2,757,647
WesBanco, Inc.		13,099		435,018
Zions Bancorporation		68,235		1,914,674
Total				31,249,401
Consumer Finance 0.4%
Encore Capital Group, Inc.(a)		31,750		1,362,393
Insurance 3.9%
American National Insurance Co.		27,300		3,133,494
Horace Mann Educators Corp.		101,700		3,183,210
Montpelier Re Holdings Ltd.		80,358		2,736,190
Platinum Underwriters Holdings Ltd.		71,025		5,267,924
Total				14,320,818
Real Estate Investment Trusts (REITs) 3.0%
Capstead Mortgage Corp.		41,150		535,361
Chimera Investment Corp.		278,750		942,175
Equity Commonwealth		43,200		1,098,576
Granite Real Estate Investment Trust		90,205		3,139,134
Parkway Properties, Inc.		73,704		1,435,754
PennyMac Mortgage Investment Trust		74,700		1,618,749
Redwood Trust, Inc.		87,200		1,704,760
Urstadt Biddle Properties, Inc., Class A		29,550		655,419
Total				11,129,928
Real Estate Management & Development 0.4%
Jones Lang LaSalle, Inc.		11,450		1,667,807
Thrifts & Mortgage Finance 1.8%
Berkshire Hills Bancorp, Inc.		10,634		269,891
Essent Group Ltd.(a)		78,060		1,967,112
Ladder Capital Corp., Class A(a)		75,500		1,427,705

Common Stocks (continued)
Issuer	Shares		Value ($)
Ocwen Financial Corp.(a)		84,650		1,941,871
TFS Financial Corp.		59,460		902,008
Total				6,508,587
Total Financials				66,238,934
Health Care 5.6%
Biotechnology 0.2%
Emergent Biosolutions, Inc.(a)		36,480		906,893
Health Care Equipment & Supplies 3.0%
Alere, Inc.(a)		24,070		960,152
Haemonetics Corp.(a)		99,523		3,675,384
Hill-Rom Holdings, Inc.		15,320		701,043
Integra LifeSciences Holdings Corp.(a)		31,200		1,536,288
OraSure Technologies, Inc.(a)		90,970		819,640
Orthofix International NV(a)		62,370		1,741,371
STERIS Corp.		23,750		1,514,063
Total				10,947,941
Health Care Providers & Services 1.7%
AMN Healthcare Services, Inc.(a)		145,730		2,494,897
HealthSouth Corp.		68,106		2,801,200
LHC Group, Inc.(a)		46,690		1,097,682
Total				6,393,779
Life Sciences Tools & Services 0.7%
Bio-Rad Laboratories, Inc., Class A(a)		12,200		1,449,238
Charles River Laboratories International, Inc.(a)		15,800		1,023,050
Total				2,472,288
Total Health Care				20,720,901
Industrials 20.0%
Aerospace & Defense 0.3%
Orbital Sciences Corp.(a)		32,830		893,633
Air Freight & Logistics 0.7%
Forward Air Corp.		53,100		2,599,776
Airlines 0.8%
Air France-KLM, ADR(a)		286,770		3,021,122
Building Products 1.6%
Gibraltar Industries, Inc.(a)		77,206		1,107,906
Simpson Manufacturing Co., Inc.		48,985		1,626,302
Trex Co., Inc.(a)		77,690		3,273,857
Total				6,008,065
Commercial Services & Supplies 3.4%
Herman Miller, Inc.		90,185		2,740,722
KAR Auction Services, Inc.		107,000		3,707,550

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 7

Columbia Multi-Advisor Small Cap Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)
Issuer	Shares			Value ($)
Mobile Mini, Inc.		75,210			3,120,463
Tetra Tech, Inc.		52,297	��		1,421,432
United Stationers, Inc.		39,400			1,617,764
Total					12,607,931
Construction & Engineering 2.0%
Aegion Corp.(a)		43,500			828,675
Comfort Systems U.S.A., Inc.		96,519			1,386,978
EMCOR Group, Inc.		46,002			1,994,186
Great Lakes Dredge & Dock Corp.(a)		113,810			862,680
Pike Corp.(a)		188,500			2,254,460
Total					7,326,979
Electrical Equipment 1.3%
AZZ, Inc.		58,440			2,616,943
Babcock & Wilcox Co. (The)		57,893			1,715,370
EnerSys		9,360			568,433
Total					4,900,746
Industrial Conglomerates 0.6%
Carlisle Companies, Inc.		22,250			1,989,150
Machinery 5.0%
Actuant Corp., Class A		20,250			594,540
Astec Industries, Inc.		14,960			587,479
Barnes Group, Inc.		56,400			2,071,572
CLARCOR, Inc.		13,310			876,996
Dynamic Materials Corp.		19,330			310,053
ESCO Technologies, Inc.		79,080			2,848,462
Harsco Corp.		50,500			977,680
Hillenbrand, Inc.		22,060			709,450
IDEX Corp.		12,000			921,720
ITT Corp.		33,806			1,399,568
NN, Inc.		13,800			292,146
Oshkosh Corp.		53,345			2,421,863
Tecumseh Products Co.(a)		10,948			35,034
Terex Corp.		91,104			2,614,685
TriMas Corp.(a)		37,210			1,158,347
Watts Water Technologies, Inc., Class A		11,550			698,313
Total					18,517,908
Professional Services 0.7%
Korn/Ferry International(a)		31,800			863,370
Resources Connection, Inc.		105,800			1,604,986
Total					2,468,356
Road & Rail 0.7%
Heartland Express, Inc.		52,410			1,390,437
Landstar System, Inc.		12,690			1,020,022
Total					2,410,459

Common Stocks (continued)
Issuer	Shares		Value ($)
Trading Companies & Distributors 2.9%
AerCap Holdings NV(a)		163,500		7,244,685
Applied Industrial Technologies, Inc.		20,430		957,963
Beacon Roofing Supply, Inc.(a)		42,400		1,148,192
Veritiv Corp.(a)		27,500		1,381,875
Total				10,732,715
Total Industrials				73,476,840
Information Technology 19.3%
Communications Equipment 1.7%
Aviat Networks, Inc.(a)		433,151		654,058
NETGEAR, Inc.(a)		18,692		648,986
Oplink Communications, Inc.		41,220		996,288
Polycom, Inc.(a)		95,570		1,258,657
Riverbed Technology, Inc.(a)		133,070		2,751,222
Total				6,309,211
Electronic Equipment, Instruments & Components 7.4%
Celestica, Inc.(a)		225,343		2,424,691
Electro Scientific Industries, Inc.		198,160		1,420,807
FARO Technologies, Inc.(a)		29,400		1,614,942
GSI Group, Inc.(a)		941		11,932
II-VI, Inc.(a)		165,355		2,194,261
Jabil Circuit, Inc.		72,300		1,500,225
Littelfuse, Inc.		20,140		1,936,058
Mercury Systems, Inc.(a)		93,680		1,210,345
Park Electrochemical Corp.		51,270		1,261,242
Plexus Corp.(a)		45,600		1,778,856
Radisys Corp.(a)		163,050		391,320
Sanmina Corp.(a)		347,608		8,551,157
Vishay Intertechnology, Inc.		215,262		2,985,684
Total				27,281,520
IT Services 1.5%
CoreLogic, Inc.(a)		60,500		2,009,810
EVERTEC, Inc.		88,751		1,956,072
VeriFone Systems, Inc.(a)		39,100		1,394,306
Total				5,360,188
Semiconductors & Semiconductor Equipment 5.3%
Axcelis Technologies, Inc.(a)		687,040		1,477,136
Brooks Automation, Inc.		214,190		2,508,165
Diodes, Inc.(a)		108,080		2,873,847
Fairchild Semiconductor International, Inc.(a)		191,800		3,093,734
Micron Technology, Inc.(a)		126,000		4,529,700
Photronics, Inc.(a)		293,214		2,644,790

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Tessera Technologies, Inc.		30,280		1,034,971
Xcerra Corp.(a)		157,900		1,264,779
Total				19,427,122
Software 2.2%
BroadSoft, Inc.(a)		31,010		836,340
Fair Isaac Corp.		16,850		1,209,493
Informatica Corp.(a)		80,540		2,930,045
Mentor Graphics Corp.		82,400		1,830,104
PTC, Inc.(a)		10,923		426,761
TIBCO Software, Inc.(a)		44,140		1,060,684
Total				8,293,427
Technology Hardware, Storage & Peripherals 1.2%
Avid Technology, Inc.(a)		128,000		1,542,400
Logitech International SA(a)		55,370		823,906
QLogic Corp.(a)		167,730		1,935,604
Total				4,301,910
Total Information Technology				70,973,378
Materials 6.8%
Chemicals 2.5%
Axiall Corp.		22,580		977,262
Innospec, Inc.		35,750		1,532,245
Minerals Technologies, Inc.		24,070		1,786,716
PolyOne Corp.		75,780		2,826,594
Scotts Miracle-Gro Co., Class A		24,562		1,499,019
Sensient Technologies Corp.		12,440		733,338
Total				9,355,174
Containers & Packaging 1.2%
Berry Plastics Corp.(a)		46,600		1,348,604
Myers Industries, Inc.		84,080		1,367,981
Silgan Holdings, Inc.		36,580		1,845,827
Total				4,562,412
Metals & Mining 1.5%
Allegheny Technologies, Inc.		18,970		639,099
AuRico Gold, Inc.		952,829		3,277,732
Coeur Mining, Inc.(a)		133,140		547,206
Pan American Silver Corp.		97,900		916,344
Total				5,380,381

Common Stocks (continued)
Issuer	Shares		Value ($)
Paper & Forest Products 1.6%
PH Glatfelter Co.		35,970		910,760
Resolute Forest Products, Inc.(a)		287,998		4,823,967
Total				5,734,727
Total Materials				25,032,694
Utilities 1.1%
Electric Utilities 0.6%
Portland General Electric Co.		16,520		609,093
Unitil Corp.		12,400		436,852
Westar Energy, Inc.		34,400		1,344,696
Total				2,390,641
Gas Utilities 0.3%
Laclede Group, Inc. (The)		10,580		536,723
New Jersey Resources Corp.		11,670		675,693
Total				1,212,416
Water Utilities 0.2%
American States Water Co.		16,270		567,660
Total Utilities				4,170,717
Total Common Stocks
(Cost: $264,816,612)				333,865,738
Rights —%
Industrials —%
Airlines —%
American Airlines Escrow(a)(b)(c)(d)		52,560		—
Total Industrials				—
Total Rights
(Cost: $—)				—
Money Market Funds 9.3%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.104%(e)(f)		34,247,759		34,247,759
Total Money Market Funds
(Cost: $34,247,759)				34,247,759
Total Investments
(Cost: $299,064,371)				368,113,497
Other Assets & Liabilities, Net				(203,549	)
Net Assets				367,909,948

Notes to Portfolio of Investments

(a) Non-income producing.

(b) Negligible market value.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 9

Columbia Multi-Advisor Small Cap Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Notes to Portfolio of Investments (continued)

(c) Identifies securities considered by the Investment Manager to be illiquid as to their marketability. The aggregate value of such securities at November 30, 2014 was $0. Information concerning such security holdings at November 30, 2014 is as follows:

Security Description	Acquisition Dates		Cost ($)
American Airlines Escrow		12/17/2013		—

(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2014, the value of these securities amounted to $0.

(e) The rate shown is the seven-day current annualized yield at November 30, 2014.

(f) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		34,223,125		116,780,342		(116,755,708	)		34,247,759		16,044		34,247,759

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.

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

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 2014:

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		47,763,872		—		—			47,763,872
Consumer Staples		10,903,297		—		—			10,903,297
Energy		14,585,105		—		—			14,585,105
Financials		66,238,934		—		—			66,238,934
Health Care		20,720,901		—		—			20,720,901
Industrials		73,476,840		—		—			73,476,840
Information Technology		70,973,378		—		—			70,973,378
Materials		25,032,694		—		—			25,032,694
Utilities		4,170,717		—		—			4,170,717
Rights
Industrials		—		—		0	(a)		0	(a)
Total Equity Securities		333,865,738		—		0	(a)		333,865,738
Mutual Funds
Money Market Funds		34,247,759		—		—			34,247,759
Total Mutual Funds		34,247,759		—		—			34,247,759
Total		368,113,497		—		0	(a)		368,113,497

(a) Rounds to zero.

See the Portfolio of Investments for all investment classifications not indicated in the table.

There were no transfers of financial assets between levels during the period.

The Fund does not hold any significant investments with unobservable inputs which are categorized as Level 3.

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain rights classified as Level 3 are valued using an income approach. To determine fair value for these securities, management considered estimates of future distributions from the company assets or potential actions related to the respective company’s restructuring. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 11

Columbia Multi-Advisor Small Cap Value Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $264,816,612)	$333,865,738
Affiliated issuers (identified cost $34,247,759)	34,247,759
Total investments (identified cost $299,064,371)	368,113,497
Cash	264
Receivable for:
Investments sold	550,188
Capital shares sold	86,129
Dividends	307,009
Reclaims	2,902
Expense reimbursement due from Investment Manager	4,001
Prepaid expenses	3,114
Other assets	408
Total assets	369,067,512
Liabilities
Payable for:
Investments purchased	852,026
Capital shares purchased	149,748
Investment management fees	19,706
Distribution and/or service fees	5,081
Transfer agent fees	44,587
Administration fees	1,639
Plan administration fees	358
Compensation of board members	30,936
Other expenses	53,483
Total liabilities	1,157,564
Net assets applicable to outstanding capital stock	$367,909,948
Represented by
Paid-in capital	$256,507,401
Excess of distributions over net investment income	(1,309,657	)
Accumulated net realized gain	43,663,078
Unrealized appreciation (depreciation) on:
Investments	69,049,126
Total — representing net assets applicable to outstanding capital stock	$367,909,948

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$282,762,114
Shares outstanding	36,902,964
Net asset value per share	$7.66
Maximum offering price per share(a)	$8.13
Class B
Net assets	$6,521,114
Shares outstanding	960,087
Net asset value per share	$6.79
Class C
Net assets	$10,908,410
Shares outstanding	1,600,445
Net asset value per share	$6.82
Class I
Net assets	$23,079,751
Shares outstanding	2,840,639
Net asset value per share	$8.12
Class K
Net assets	$1,907,914
Shares outstanding	241,849
Net asset value per share	$7.89
Class R
Net assets	$6,088,599
Shares outstanding	805,146
Net asset value per share	$7.56
Class R4
Net assets	$3,714,009
Shares outstanding	476,723
Net asset value per share	$7.79
Class R5
Net assets	$22,268,559
Shares outstanding	2,781,792
Net asset value per share	$8.01
Class Z
Net assets	$10,659,478
Shares outstanding	1,322,211
Net asset value per share	$8.06

(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 5.75%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 13

Columbia Multi-Advisor Small Cap Value Fund

Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$2,307,576
Dividends — affiliated issuers	16,044
Foreign taxes withheld	(26,928	)
Total income	2,296,692
Expenses:
Investment management fees	1,803,125
Distribution and/or service fees
Class A	361,793
Class B	36,883
Class C	56,427
Class R	15,566
Transfer agent fees
Class A	344,229
Class B	8,783
Class C	13,423
Class K	521
Class R	7,408
Class R4	4,345
Class R5	5,422
Class Z	12,135
Administration fees	150,007
Plan administration fees
Class K	2,605
Compensation of board members	8,577
Custodian fees	11,109
Printing and postage fees	38,883
Registration fees	52,717
Professional fees	16,349
Other	8,673
Total expenses	2,958,980
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(386,205	)
Total net expenses	2,572,775
Net investment loss	(276,083	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	26,327,570
Net realized gain	26,327,570
Net change in unrealized appreciation (depreciation) on:
Investments	(20,597,400	)
Net change in unrealized depreciation	(20,597,400	)
Net realized and unrealized gain	5,730,170
Net increase in net assets resulting from operations	$5,454,087

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014
Operations
Net investment loss		$(276,083	)		$(940,881	)
Net realized gain		26,327,570			44,430,595
Net change in unrealized appreciation (depreciation)		(20,597,400	)		15,265,994
Net increase in net assets resulting from operations		5,454,087			58,755,708
Distributions to shareholders
Net realized gains
Class A		—			(30,907,300	)
Class B		—			(1,075,783	)
Class C		—			(1,266,959	)
Class I		—			(2,255,774	)
Class K		—			(284,052	)
Class R		—			(604,267	)
Class R4		—			(274,453	)
Class R5		—			(2,101,852	)
Class Z		—			(963,734	)
Total distributions to shareholders		—			(39,734,174	)
Increase (decrease) in net assets from capital stock activity		(19,957,315	)		3,461,960
Total increase (decrease) in net assets		(14,503,228	)		22,483,494
Net assets at beginning of period		382,413,176			359,929,682
Net assets at end of period		$367,909,948			$382,413,176
Excess of distributions over net investment income		$(1,309,657	)		$(1,033,574	)

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 15

Columbia Multi-Advisor Small Cap Value Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		1,297,049			9,852,760			4,191,631			31,636,338
Distributions reinvested		—			—			4,165,206			30,447,655
Redemptions		(3,534,506	)		(26,794,917	)		(7,787,539	)		(58,693,692	)
Net increase (decrease)		(2,237,457	)		(16,942,157	)		569,298			3,390,301
Class B shares
Subscriptions		2,065			13,685			27,077			187,330
Distributions reinvested		—			—			162,835			1,063,310
Redemptions(a)		(258,090	)		(1,735,667	)		(913,869	)		(6,193,743	)
Net decrease		(256,025	)		(1,721,982	)		(723,957	)		(4,943,103	)
Class C shares
Subscriptions		56,612			381,857			266,835			1,807,586
Distributions reinvested		—			—			181,787			1,190,707
Redemptions		(212,890	)		(1,441,427	)		(274,859	)		(1,862,089	)
Net increase (decrease)		(156,278	)		(1,059,570	)		173,763			1,136,204
Class I shares
Subscriptions		5,983			47,336			5,471			42,549
Distributions reinvested		—			—			292,037			2,254,522
Redemptions		(66,827	)		(549,583	)		(353,506	)		(2,833,452	)
Net decrease		(60,844	)		(502,247	)		(55,998	)		(536,381	)
Class K shares
Subscriptions		74,112			583,575			57,002			442,213
Distributions reinvested		—			—			37,553			282,401
Redemptions		(200,071	)		(1,585,527	)		(58,849	)		(461,052	)
Net increase (decrease)		(125,959	)		(1,001,952	)		35,706			263,562
Class R shares
Subscriptions		113,219			850,368			542,042			4,019,234
Distributions reinvested		—			—			69,574			503,018
Redemptions		(165,271	)		(1,229,952	)		(892,478	)		(6,798,474	)
Net decrease		(52,052	)		(379,584	)		(280,862	)		(2,276,222	)
Class R4 shares
Subscriptions		67,667			516,601			322,297			2,488,662
Distributions reinvested		—			—			36,912			273,885
Redemptions		(56,764	)		(436,086	)		(60,863	)		(465,096	)
Net increase		10,903			80,515			298,346			2,297,451
Class R5 shares
Subscriptions		348,908			2,773,226			517,615			4,081,300
Distributions reinvested		—			—			276,121			2,101,279
Redemptions		(234,820	)		(1,856,506	)		(599,826	)		(4,670,447	)
Net increase		114,088			916,720			193,910			1,512,132

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		166,155			1,307,839			498,723			3,981,176
Distributions reinvested		—			—			122,138			936,799
Redemptions		(83,012	)		(654,897	)		(292,842	)		(2,299,959	)
Net increase		83,143			652,942			328,019			2,618,016
Total net increase (decrease)		(2,680,481	)		(19,957,315	)		538,225			3,461,960

(a) Includes conversions of Class B shares to Class A shares, if any.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 17

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class  A	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$7.55		$7.20		$5.42		$6.18		$4.91		$3.35
Income from investment operations:
Net investment income (loss)	(0.01	)	(0.02	)	0.00	(a)	(0.01	)	(0.03	)	(0.02	)
Net realized and unrealized gain (loss)	0.12		1.19		1.82		(0.75	)	1.30		1.58
Total from investment operations	0.11		1.17		1.82		(0.76	)	1.27		1.56
Less distributions to shareholders:
Net investment income	—		—		(0.01	)	—		—		—
Net realized gains	—		(0.82	)	(0.03	)	—		—		—
Total distributions to shareholders	—		(0.82	)	(0.04	)	—		—		—
Proceeds from regulatory settlements	—		—		0.00	(a)	—		—		—
Net asset value, end of period	$7.66		$7.55		$7.20		$5.42		$6.18		$4.91
Total return	1.46	%	16.60	%	33.63	%(b)	(12.30	%)	25.87	%	46.57	%
Ratios to average net assets(c)
Total gross expenses	1.60	%(d)	1.63	%(e)	1.70	%	1.70	%	1.70	%	1.79	%
Total net expenses(f)	1.39	%(d)	1.40	%(e)(g)	1.42	%(g)	1.50	%(g)	1.53	%	1.52	%
Net investment income (loss)	(0.17	%)(d)	(0.26	%)	0.06	%	(0.27	%)	(0.56	%)	(0.54	%)
Supplemental data
Net assets, end of period (in thousands)	$282,762		$295,555		$277,567		$244,913		$323,548		$277,384
Portfolio turnover	40	%	74	%	68	%	66	%	54	%	80	%

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 0.04%.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class B	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$6.72		$6.50		$4.93		$5.68		$4.54		$3.12
Income from investment operations:
Net investment loss	(0.03	)	(0.07	)	(0.04	)	(0.05	)	(0.07	)	(0.05	)
Net realized and unrealized gain (loss)	0.10		1.08		1.64		(0.70	)	1.21		1.47
Total from investment operations	0.07		1.01		1.60		(0.75	)	1.14		1.42
Less distributions to shareholders:
Net realized gains	—		(0.79	)	(0.03	)	—		—		—
Total distributions to shareholders	—		(0.79	)	(0.03	)	—		—		—
Proceeds from regulatory settlements	—		—		0.00	(a)	—		—		—
Net asset value, end of period	$6.79		$6.72		$6.50		$4.93		$5.68		$4.54
Total return	1.04	%	15.82	%	32.66	%(b)	(13.20	%)	25.11	%	45.51	%
Ratios to average net assets(c)
Total gross expenses	2.35	%(d)	2.38	%(e)	2.45	%	2.44	%	2.47	%	2.56	%
Total net expenses(f)	2.14	%(d)	2.15	%(e)(g)	2.17	%(g)	2.26	%(g)	2.30	%	2.30	%
Net investment loss	(0.92	%)(d)	(0.99	%)	(0.70	%)	(1.05	%)	(1.34	%)	(1.31	%)
Supplemental data
Net assets, end of period (in thousands)	$6,521		$8,171		$12,609		$17,066		$37,804		$62,404
Portfolio turnover	40	%	74	%	68	%	66	%	54	%	80	%

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 0.04%.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 19

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class C	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$6.74		$6.52		$4.95		$5.69		$4.55		$3.12
Income from investment operations:
Net investment loss	(0.03	)	(0.07	)	(0.04	)	(0.05	)	(0.07	)	(0.05	)
Net realized and unrealized gain (loss)	0.11		1.08		1.64		(0.69	)	1.21		1.48
Total from investment operations	0.08		1.01		1.60		(0.74	)	1.14		1.43
Less distributions to shareholders:
Net realized gains	—		(0.79	)	(0.03	)	—		—		—
Total distributions to shareholders	—		(0.79	)	(0.03	)	—		—		—
Proceeds from regulatory settlements	—		—		0.00	(a)	—		—		—
Net asset value, end of period	$6.82		$6.74		$6.52		$4.95		$5.69		$4.55
Total return	1.19	%	15.77	%	32.52	%(b)	(13.01	%)	25.05	%	45.83	%
Ratios to average net assets(c)
Total gross expenses	2.35	%(d)	2.38	%(e)	2.45	%	2.44	%	2.44	%	2.55	%
Total net expenses(f)	2.14	%(d)	2.15	%(e)(g)	2.17	%(g)	2.26	%(g)	2.29	%	2.28	%
Net investment loss	(0.91	%)(d)	(1.01	%)	(0.69	%)	(1.02	%)	(1.33	%)	(1.29	%)
Supplemental data
Net assets, end of period (in thousands)	$10,908		$11,844		$10,320		$8,563		$10,055		$7,765
Portfolio turnover	40	%	74	%	68	%	66	%	54	%	80	%

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 0.04%.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class I	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$7.99		$7.56		$5.67		$6.45		$5.10		$3.46
Income from investment operations:
Net investment income (loss)	0.01		0.02		0.03		0.01		(0.01	)	(0.00	)(a)
Net realized and unrealized gain (loss)	0.12		1.25		1.91		(0.79	)	1.36		1.64
Total from investment operations	0.13		1.27		1.94		(0.78	)	1.35		1.64
Less distributions to shareholders:
Net investment income	—		—		(0.02	)	—		—		—
Net realized gains	—		(0.84	)	(0.03	)	—		—		—
Total distributions to shareholders	—		(0.84	)	(0.05	)	—		—		—
Proceeds from regulatory settlements	—		—		0.00	(a)	—		—		—
Net asset value, end of period	$8.12		$7.99		$7.56		$5.67		$6.45		$5.10
Total return	1.63	%	17.17	%	34.37	%(b)	(12.09	%)	26.47	%	47.40	%
Ratios to average net assets(c)
Total gross expenses	1.11	%(d)	1.12	%(e)	1.13	%	1.12	%	1.16	%	1.20	%
Total net expenses(f)	0.95	%(d)	0.95	%(e)	0.97	%	1.09	%	1.08	%	1.07	%
Net investment income (loss)	0.28	%(d)	0.20	%	0.50	%	0.09	%	(0.12	%)	(0.08	%)
Supplemental data
Net assets, end of period (in thousands)	$23,080		$23,181		$22,350		$19,114		$48,387		$43,815
Portfolio turnover	40	%	74	%	68	%	66	%	54	%	80	%

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 0.04%.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 21

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class K	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$7.77		$7.38		$5.55		$6.33		$5.02		$3.41
Income from investment operations:
Net investment income (loss)	(0.00	)(a)	(0.01	)	0.01		(0.01	)	(0.02	)	(0.02	)
Net realized and unrealized gain (loss)	0.12		1.23		1.86		(0.77	)	1.33		1.63
Total from investment operations	0.12		1.22		1.87		(0.78	)	1.31		1.61
Less distributions to shareholders:
Net investment income	—		—		(0.01	)	—		—		—
Net realized gains	—		(0.83	)	(0.03	)	—		—		—
Total distributions to shareholders	—		(0.83	)	(0.04	)	—		—		—
Proceeds from regulatory settlements	—		—		0.00	(a)	—		—		—
Net asset value, end of period	$7.89		$7.77		$7.38		$5.55		$6.33		$5.02
Total return	1.54	%	16.84	%	33.85	%(b)	(12.32	%)	26.10	%	47.21	%
Ratios to average net assets(c)
Total gross expenses	1.41	%(d)	1.42	%(e)	1.43	%	1.41	%	1.41	%	1.50	%
Total net expenses(f)	1.25	%(d)	1.25	%(e)	1.27	%	1.38	%	1.33	%	1.37	%
Net investment income (loss)	(0.05	%)(d)	(0.11	%)	0.21	%	(0.15	%)	(0.42	%)	(0.37	%)
Supplemental data
Net assets, end of period (in thousands)	$1,908		$2,858		$2,450		$1,552		$2,250		$370
Portfolio turnover	40	%	74	%	68	%	66	%	54	%	80	%

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 0.04%.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class R	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$7.46		$7.13		$5.38		$6.15		$4.90		$3.35
Income from investment operations:
Net investment loss	(0.02	)	(0.04	)	(0.01	)	(0.03	)	(0.05	)	(0.04	)
Net realized and unrealized gain (loss)	0.12		1.18		1.79		(0.74	)	1.30		1.59
Total from investment operations	0.10		1.14		1.78		(0.77	)	1.25		1.55
Less distributions to shareholders:
Net realized gains	—		(0.81	)	(0.03	)	—		—		—
Total distributions to shareholders	—		(0.81	)	(0.03	)	—		—		—
Proceeds from regulatory settlements	—		—		0.00	(a)	—		—		—
Net asset value, end of period	$7.56		$7.46		$7.13		$5.38		$6.15		$4.90
Total return	1.34	%	16.31	%	33.27	%(b)	(12.52	%)	25.51	%	46.27	%
Ratios to average net assets(c)
Total gross expenses	1.85	%(d)	1.88	%(e)	1.95	%	1.96	%	1.89	%	2.00	%
Total net expenses(f)	1.64	%(d)	1.65	%(e)(g)	1.66	%(g)	1.76	%(g)	1.80	%	1.87	%
Net investment loss	(0.42	%)(d)	(0.53	%)	(0.22	%)	(0.50	%)	(0.86	%)	(0.89	%)
Supplemental data
Net assets, end of period (in thousands)	$6,089		$6,396		$8,110		$3,545		$1,951		$679
Portfolio turnover	40	%	74	%	68	%	66	%	54	%	80	%

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 0.04%.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 23

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class R4	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$7.67		$7.29		$5.48		$6.26		$4.98		$3.39
Income from investment operations:
Net investment income (loss)	0.00	(a)	0.00	(a)	0.01		(0.02	)	(0.04	)	(0.03	)
Net realized and unrealized gain (loss)	0.12		1.21		1.83		(0.76	)	1.32		1.62
Total from investment operations	0.12		1.21		1.84		(0.78	)	1.28		1.59
Less distributions to shareholders:
Net realized gains	—		(0.83	)	(0.03	)	—		—		—
Total distributions to shareholders	—		(0.83	)	(0.03	)	—		—		—
Increase from payment by affiliate	—		—		0.00	(a)	—		—		—
Net asset value, end of period	$7.79		$7.67		$7.29		$5.48		$6.26		$4.98
Total return	1.56	%	16.98	%	33.76	%(b)	(12.46	%)	25.70	%	46.90	%
Ratios to average net assets(c)
Total gross expenses	1.35	%(d)	1.38	%(e)	1.55	%	1.65	%	1.67	%	1.76	%
Total net expenses(f)	1.14	%(d)	1.15	%(e)(g)	1.34	%	1.63	%	1.58	%	1.62	%
Net investment income (loss)	0.08	%(d)	0.00	%(a)	0.20	%	(0.39	%)	(0.62	%)	(0.65	%)
Supplemental data
Net assets, end of period (in thousands)	$3,714		$3,572		$1,221		$2,585		$2,946		$440
Portfolio turnover	40	%	74	%	68	%	66	%	54	%	80	%

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 0.04%.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class R5	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$7.87		$7.46		$5.60		$6.37		$5.04		$3.42
Income from investment operations:
Net investment income (loss)	0.01		0.01		0.03		0.01		(0.01	)	(0.01	)
Net realized and unrealized gain (loss)	0.13		1.24		1.88		(0.78	)	1.34		1.63
Total from investment operations	0.14		1.25		1.91		(0.77	)	1.33		1.62
Less distributions to shareholders:
Net investment income	—		—		(0.02	)	—		—		—
Net realized gains	—		(0.84	)	(0.03	)	—		—		—
Total distributions to shareholders	—		(0.84	)	(0.05	)	—		—		—
Proceeds from regulatory settlements	—		—		0.00	(a)	—		—		—
Net asset value, end of period	$8.01		$7.87		$7.46		$5.60		$6.37		$5.04
Total return	1.78	%	17.09	%	34.23	%(b)	(12.09	%)	26.39	%	47.37	%
Ratios to average net assets(c)
Total gross expenses	1.17	%(d)	1.17	%(e)	1.18	%	1.15	%	1.20	%	1.25	%
Total net expenses(f)	1.00	%(d)	1.00	%(e)	1.02	%	1.12	%	1.11	%	1.12	%
Net investment income (loss)	0.23	%(d)	0.14	%	0.45	%	0.13	%	(0.16	%)	(0.14	%)
Supplemental data
Net assets, end of period (in thousands)	$22,269		$21,005		$18,454		$14,373		$17,344		$11,079
Portfolio turnover	40	%	74	%	68	%	66	%	54	%	80	%

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 0.04%.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 25

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class Z	(Unaudited)		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$7.94		$7.52		$5.65		$6.43		$5.09
Income from investment operations:
Net investment income (loss)	0.00	(b)	(0.00	)(b)	0.02		(0.00	)(b)	(0.01	)
Net realized and unrealized gain (loss)	0.12		1.25		1.90		(0.78	)	1.35
Total from investment operations	0.12		1.25		1.92		(0.78	)	1.34
Less distributions to shareholders:
Net investment income	—		—		(0.02	)	—		—
Net realized gains	—		(0.83	)	(0.03	)	—		—
Total distributions to shareholders	—		(0.83	)	(0.05	)	—		—
Proceeds from regulatory settlements	—		—		0.00	(b)	—		—
Net asset value, end of period	$8.06		$7.94		$7.52		$5.65		$6.43
Total return	1.51	%	17.01	%	34.03	%(c)	(12.13	%)	26.33	%
Ratios to average net assets(d)
Total gross expenses	1.35	%(e)	1.38	%(f)	1.45	%	1.44	%	1.32	%(e)
Total net expenses(g)	1.14	%(e)	1.15	%(f)(h)	1.16	%(h)	1.25	%(h)	1.20	%(e)
Net investment income (loss)	0.09	%(e)	(0.01	%)	0.30	%	(0.00	%)(b)	(0.22	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$10,659		$9,832		$6,848		$3,960		$4,338
Portfolio turnover	40	%	74	%	68	%	66	%	54	%

Notes to Financial Highlights

(a) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(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 0.04%.

(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(e) Annualized.

(f) Ratios include line of credit interest expense which is less than 0.01%.

(g) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Notes to Financial Statements

November 30, 2014 (Unaudited)

Note 1. Organization

Columbia Multi-Advisor Small Cap Value 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 and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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 K shares are not subject to sales charges, however this share class is closed to new investors.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other investors as described in the Fund’s prospectus.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP) which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Foreign equity securities are valued based on quotations from the principal market in which such securities are traded. If any foreign security 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

Semiannual Report 2014 27

Columbia Multi-Advisor Small Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

determined at 4:00 p.m. Eastern (U.S.) time. Many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees (the Board), including, if available, utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies, including money market funds, are valued at their 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 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 quoted or published price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

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.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange-traded funds (ETFs), other regulated investment companies (RICs), 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 actual information reported. To the extent actual information has not yet been reported by the REITs, estimates for return of capital are made by the Fund’s management. 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 REITs, which could result in a proportionate change in return of capital to shareholders. No estimates are made for the BDCs, ETFs, and RICs.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as

28 Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid 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

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, Inc. (Ameriprise Financial), is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadvisers (see Subadvisory Agreements below) have the primary responsibility for the day-to-day portfolio management of the Fund. 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 0.97% to 0.87% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2014 was 0.96% of the Fund’s average daily net assets.

Subadvisory Agreements

The Investment Manager has entered into Subadvisory Agreements with Barrow, Hanley, Mewhinney & Strauss,

LLC, Donald Smith & Co., Inc., Metropolitan West Capital Management, LLC and, effective August 20, 2014, Segall Bryant & Hamill, LLC to each serve as a subadviser to the Fund. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager’s determination, subject to the oversight of the Fund’s Board. Each subadviser’s proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund’s assets. Prior to August 20, 2014, Turner Investments, L.P. also served as an investment subadviser to the Fund and was compensated by the Investment Manager through that date.

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, 2014 was 0.08% 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, 2014, other expenses paid by the Fund to this company were $818.

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

Semiannual Report 2014 29

Columbia Multi-Advisor Small Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. 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.

For the six months ended November 30, 2014, 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	0.24	%
Class B	0.24
Class C	0.24
Class K	0.05
Class R	0.24
Class R4	0.24
Class R5	0.05
Class Z	0.24

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2014, no minimum account balance fees were charged by the Fund.

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 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 $990,000 and $114,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2014, 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 $58,453 for Class A, $724 for Class B and $159 for Class C shares for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the 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

30 Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (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, 2014 through September 30, 2015			Prior to October 1, 2014
Class A		1.50	%		1.40	%
Class B		2.25			2.15
Class C		2.25			2.15
Class I		1.07			0.95
Class K		1.37			1.25
Class R		1.75			1.65
Class R4		1.25			1.15
Class R5		1.12			1.00
Class Z		1.25			1.15

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.

In addition, the Fund’s expense ratio is subject to a voluntary expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses immediately described above), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of 1.37% for Class A, 2.12% for Class B, 2.12% for Class C, 0.94% for Class I, 1.24% for Class K, 1.62% for Class R, 1.12% for Class R4, 0.99% for Class R5 and 1.12% for Class Z. This arrangement may be revised or discontinued at any time.

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, 2014, the cost of investments for federal income tax purposes was approximately $299,064,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$87,890,000
Unrealized depreciation	(18,841,000	)
Net unrealized appreciation	$69,049,000

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if any, aggregated to $136,095,807 and $156,388,436, respectively, for the six months ended November 30, 2014. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as Dividends — affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At November 30, 2014, affiliated shareholders of record owned 77.8% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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 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

Semiannual Report 2014 31

Columbia Multi-Advisor Small Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

Note 9. Significant Risks

Industrial Sector Risk

Sector risk occurs when a fund invests a significant portion of its assets in securities of companies conducting business in a related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, making a fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The Fund may be more susceptible to the particular risks that may affect companies in the industrials sector than if it were invested in a wider variety of companies in unrelated sectors.

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 8 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 11. 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 quarterly (10-Q), annual (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.

32 Semiannual Report 2014

Columbia Multi-Advisor Small Cap Value Fund

Approval of Subadvisory Agreement

Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Multi-Advisor Small Cap Value Fund (the Fund). Under an investment management services agreement (the IMS Agreement), Columbia Management provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under the subadvisory agreements between Columbia Management and each of Barrow, Hanley, Mewhinney & Strauss, LLC (Barrow Hanley), Donald Smith & Co., Inc. (Donald Smith) and Metropolitan West Capital Management, LLC (MetWest Capital) (collectively, the Subadvisers), the Subadvisers perform portfolio management and related services for the Fund.

At the June 16-18, 2014 Board meeting, the Board, including all of the Independent Trustees, unanimously approved the proposal to (i) terminate the subadvisory agreement between Columbia Management and Turner Investments, L.P. (Turner); (ii) approve the proposed Subadvisory Agreement between Columbia Management and Segall, Bryant and Hamill, LLC (SBH); (iii) modify the Fund’s principal investment strategies to reflect SBH investment strategies; and (iv) approve SBH’s code of ethics and compliance program (collectively, the “Proposals”). Independent legal counsel to the Independent Trustees reminded the Board of the legal standards for consideration by directors/trustees of advisory and subadvisory agreements. The Board also recalled its most recent consideration and approval of advisory and subadvisory agreements for annual renewal purposes at the April 2014 meeting (the April Meeting) and, in that connection, independent legal counsel’s discussion of their responsibilities pursuant to Sections 15(c) and 36(b) of the 1940 Act, and the SEC-enumerated factors that should be considered in determining whether to approve a new subadvisory agreement, in this case, with SBH. The Board, its Contracts Committee and Investment Review Committee held meetings and discussions with Columbia Management and reviewed and considered various written materials and oral presentations in connection with SBH’s proposed services, including with respect to the quality of services, profitability and fees and expenses, investment strategy/style, performance and trading practices and the code of ethics and compliance program of SBH. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the Proposals. Independent legal counsel also noted that the Board should take into account the Contracts Committee’s and Investment Review Committee’s reports respecting the termination of Turner and its replacement with SBH.

Nature, Extent and Quality of Services to be provided by SBH

The Board considered its analysis of the reports and presentations received by it and the Contracts Committee and Investment Review Committee, detailing the services proposed to be performed by SBH as subadviser for the Fund, as well as its history, reputation, expertise, resources and capabilities, and the qualifications of its personnel. The Board noted that Columbia Management serves as investment manager to the Fund pursuant to an IMS Agreement between Columbia Management and the Fund.

The Board observed that SBH’s compliance program had been reviewed by the Fund’s Chief Compliance Officer and was determined by Columbia Management’s Asset Management Compliance to be reasonably designed to prevent violations of the federal securities laws by the Fund. The Board also observed that information had been presented regarding the capabilities and financial condition of SBH and its ability to carry out its responsibilities under the proposed Subadvisory Agreement. The Board noted, in particular, that SBH’s investment approach was reviewed by the Investment Review Committee (which included a presentation to the Board by SBH). The Board also observed that the strategies to be utilized by SBH are led by a portfolio manager with 18 years of investment experience, supported by a team of five analysts. The Board also recalled the information provided by Columbia Management and the Committee reports regarding SBH personnel, its risk controls, philosophy, and investment process.

The Board also discussed the acceptability of the terms of the proposed Subadvisory Agreement, including that the relatively broad scope of services required to be performed by SBH was generally similar in scope to subadvisory agreements applicable to other subadvised funds.

The Board also considered, in this regard, the proposed termination of Turner and Columbia Management’s explanation that the termination was due to an effort to improve the Fund’s performance record and find a subadviser(s) that potentially provides a better complimentary fit to other sleeves of the Fund managed by other subadvisers. In that regard, the Board recalled the Investment Review Committee and Contracts Committee reports regarding the search process undertaken by Columbia Management to identify a prospective successor subadviser with an investment style consistent with Columbia Management’s desire to improve the Fund’s performance. The Board recalled Columbia Management’s presentation that SBH has experience managing registered mutual funds.

Semiannual Report 2014 33

Columbia Multi-Advisor Small Cap Value Fund

Approval of Subadvisory Agreement (continued)

The Board considered the proposal to change the Fund’s principal investment strategies to align with SBH’s investment management style. The Board recalled, in this regard, that SBH’s lower volatility style complements other subadvisers for the Fund. The Board observed that Turner’s performance for the Fund generally had not met expectations.

Investment Performance of SBH

The Board noted that a review of investment performance is a key factor in evaluating the nature, extent and quality of services provided under investment management agreements. The Board considered SBH’s investment performance, noting that it delivered strong performance results over the one-, three-, and five-year periods for its accounts managed using a strategy substantially similar to that proposed for the Fund.

Based on the foregoing, and based on other information received (both oral and written) and other considerations, the Board concluded that SBH was in a position to provide a high quality and level of service to the Fund.

Comparative Fees, Costs of Services Provided and Profitability

The Board reviewed the proposed level of subadvisory fees under the proposed Subadvisory Agreement, noting that the proposed subadvisory fees payable to SBH would be paid by Columbia Management and would not impact the fees paid by the Fund. The Board also reviewed data regarding fees charged by SBH to other clients, observing that the proposed subadvisory fees are generally in line with (i) fees charged by SBH to other clients; and (ii) subadvisory fees paid by Columbia Management to subadvisors of other Funds with comparable investment styles/strategies. The Board also considered the expected decrease in total profitability of Columbia Management and its affiliates in connection with the hiring of SBH and concluded that the profitability levels remained within the reasonable ranges of profitability levels reported at the Funds’ April Meeting.

Economies of Scale

The Board also considered the economies of scale that may be realized by Columbia Management and its affiliates as the Fund grows and took note of the extent to which shareholders might also benefit from such growth. The Board observed that fees to be paid under the proposed subadvisory agreement would not impact fees paid by the Fund (as subadvisory fees are paid by Columbia Management and not the Funds). The Board observed that the Fund’s IMS Agreement with Columbia Management continues to provide for sharing of economies of scale as investment management fees decline as assets increase at pre-established breakpoints. The Board further considered that the proposed subadvisory agreement with SBH provides for lower fees as assets increase at pre-established breakpoints. The Board observed that these fee rates and breakpoints are at levels that do not align with the breakpoints in the Fund’s management fees. The Board noted, in this regard, that Columbia Management’s investment management profitability declines as a result of the retention of SBH. The Board concluded that the Fund’s IMS Agreement continues to provide adequately for sharing of economies of scale.

Based on all of the foregoing, including all of the information received and presented, the Board, including all of the Independent Trustees, concluded that the proposed subadvisory fees to be paid and the Subadvisory Agreement were fair and reasonable in light of the extent and quality of services proposed to be provided. In reaching this conclusion, no single factor was determinative.

On June 16, 2014, the Board, including all of the Independent Trustees, approved the Subadvisory Agreement.

34 Semiannual Report 2014

Columbia Multi-Advisor Small Cap 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 2014 35

Columbia Multi-Advisor Small Cap 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR203_05_E01_(01/15)

Semiannual Report November 30, 2014

Columbia Select Large-Cap Value Fund

President’s Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen

President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What’s different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

> The relative value of global equities vs. global bonds actually improved during 2014.

> Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today’s conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President’s Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB’s balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People’s Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

> Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

> Explicit downside hedges, such as put options (with emphasis on managing the related expense)

> Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia Select Large-Cap 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	8
Statement of Operations	10
Statement of Changes in Net Assets	11
Financial Highlights	14
Notes to Financial Statements	25
Important Information About This Report	31

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Select Large-Cap Value Fund (the Fund) Class A shares returned 5.01% excluding sales charges for the six-month period that ended November 30, 2014.

> During the same time period, the Fund underperformed its benchmark, the Russell 1000 Value Index, which returned 6.86%, and the broad-based S&P 500 Index, which returned 8.58%.

Average Annual Total Returns (%) (for period ended November 30, 2014)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	04/25/97
Excluding sales charges			5.01		12.98		16.41		8.98
Including sales charges			-1.02		6.48		15.03		8.33
Class B	04/25/97
Excluding sales charges			4.61		12.14		15.54		8.15
Including sales charges			-0.39		7.14		15.32		8.15
Class C	05/27/99
Excluding sales charges			4.61		12.14		15.55		8.18
Including sales charges			3.61		11.14		15.55		8.18
Class I*	08/03/09		5.25		13.47		16.91		9.22
Class K*	08/03/09		5.05		13.08		16.57		9.05
Class R	04/30/03		4.89		12.71		16.12		8.69
Class R4*	11/08/12		5.15		13.28		16.54		9.04
Class R5	11/30/01		5.20		13.37		16.86		9.49
Class W*	09/27/10		5.03		13.05		16.22		8.39
Class Y*	10/01/14		5.10		13.09		16.43		8.99
Class Z*	09/27/10		5.12		13.27		16.66		9.10
Russell 1000 Value Index			6.86		15.62		15.69		7.59
S&P 500 Index			8.58		16.86		15.96		8.06

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/investment-products/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.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2014)
Verizon Communications, Inc.	4.2
Tyson Foods, Inc., Class A	4.2
Applied Materials, Inc.	4.1
Citigroup, Inc.	3.9
Bristol-Myers Squibb Co.	3.7
Altria Group, Inc.	3.6
Teradata Corp.	3.5
Morgan Stanley	3.5
Bank of America Corp.	3.5
JPMorgan Chase & Co.	3.4

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, 2014)
Common Stocks	95.1
Consumer Discretionary	5.4
Consumer Staples	11.6
Energy	13.0
Financials	24.1
Health Care	8.2
Industrials	10.7
Information Technology	10.5
Materials	5.0
Telecommunication Services	4.0
Utilities	2.6
Money Market Funds	4.9
Total	100.0

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

Portfolio Management

Richard Rosen

Kari Montanus

Morningstar Style Box™

The Morningstar Style Box™ 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.

© 2015 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 2014 3

Columbia Select Large-Cap 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/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00	1,000.00		1,050.10		1,019.05		6.03		5.94		1.18
Class B		1,000.00	1,000.00		1,046.10		1,015.31		9.85		9.70		1.93
Class C		1,000.00	1,000.00		1,046.10		1,015.31		9.85		9.70		1.93
Class I		1,000.00	1,000.00		1,052.50		1,021.04		3.99		3.93		0.78
Class K		1,000.00	1,000.00		1,050.50		1,019.55		5.52		5.44		1.08
Class R		1,000.00	1,000.00		1,048.90		1,017.80		7.30		7.19		1.43
Class R4		1,000.00	1,000.00		1,051.50		1,020.29		4.76		4.68		0.93
Class R5		1,000.00	1,000.00		1,052.00		1,020.79		4.25		4.18		0.83
Class W		1,000.00	1,000.00		1,050.30		1,019.05		6.03		5.94		1.18
Class Y		1,000.00	1,000.00		1,037.90	*	1,021.24		1.18	*	3.73		0.74	*
Class Z		1,000.00	1,000.00		1,051.20		1,020.29		4.76		4.68		0.93

* Based on operations from October 1, 2014 (commencement of operations) through the stated period end.

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as 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.

4 Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 94.8%
Issuer	Shares		Value ($)
Consumer Discretionary 5.4%
Multiline Retail 2.6%
Nordstrom, Inc.		340,000		25,962,400
Specialty Retail 2.8%
Lowe’s Companies, Inc.		450,000		28,723,500
Total Consumer Discretionary				54,685,900
Consumer Staples 11.5%
Food & Staples Retailing 1.6%
Costco Wholesale Corp.		115,000		16,343,800
Food Products 3.9%
Tyson Foods, Inc., Class A		950,000		40,223,000
Tobacco 6.0%
Altria Group, Inc.		687,241		34,540,732
Philip Morris International, Inc.		300,000		26,079,000
Total				60,619,732
Total Consumer Staples				117,186,532
Energy 13.0%
Oil, Gas & Consumable Fuels 13.0%
Anadarko Petroleum Corp.		300,000		23,745,000
Chevron Corp.		140,000		15,241,800
ConocoPhillips		275,000		18,169,250
Marathon Oil Corp.		450,000		13,014,000
Marathon Petroleum Corp.		250,000		22,522,500
Valero Energy Corp.		435,475		21,168,440
Williams Companies, Inc. (The)		350,000		18,112,500
Total				131,973,490
Total Energy				131,973,490
Financials 23.9%
Banks 13.3%
Bank of America Corp.		1,960,000		33,398,400
Citigroup, Inc.		700,000		37,779,000
JPMorgan Chase & Co.		540,000		32,486,400
Wells Fargo & Co.		580,000		31,598,400
Total				135,262,200
Capital Markets 3.3%
Morgan Stanley		960,000		33,772,800
Insurance 7.3%
MetLife, Inc.		450,000		25,024,500
Prudential Financial, Inc.		250,000		21,245,000
Unum Group		825,000		27,406,500
Total				73,676,000
Total Financials				242,711,000

Common Stocks (continued)
Issuer	Shares		Value ($)
Health Care 8.2%
Health Care Equipment & Supplies 1.4%
Baxter International, Inc.		200,000		14,600,000
Health Care Providers & Services 3.3%
Express Scripts Holding Co.(a)		88,819		7,385,300
Humana, Inc.		185,000		25,524,450
Total				32,909,750
Pharmaceuticals 3.5%
Bristol-Myers Squibb Co.		600,000		35,430,000
Total Health Care				82,939,750
Industrials 10.7%
Aerospace & Defense 6.2%
General Dynamics Corp.		125,000		18,170,000
Honeywell International, Inc.		225,000		22,290,750
United Technologies Corp.		200,000		22,016,000
Total				62,476,750
Road & Rail 4.5%
CSX Corp.		650,000		23,718,500
Union Pacific Corp.		190,000		22,186,300
Total				45,904,800
Total Industrials				108,381,550
Information Technology 10.5%
Communications Equipment 1.8%
Juniper Networks, Inc.		805,000		17,838,800
Electronic Equipment, Instruments & Components 1.5%
Corning, Inc.		703,937		14,796,756
IT Services 3.3%
Teradata Corp.(a)		750,000		33,855,000
Semiconductors & Semiconductor Equipment 3.9%
Applied Materials, Inc.		1,658,000		39,874,900
Total Information Technology				106,365,456
Materials 5.0%
Chemicals 2.6%
EI du Pont de Nemours & Co.		375,000		26,775,000
Metals & Mining 2.4%
Freeport-McMoRan, Inc.		900,000		24,165,000
Total Materials				50,940,000
Telecommunication Services 4.0%
Diversified Telecommunication Services 4.0%
Verizon Communications, Inc.		800,000		40,472,000
Total Telecommunication Services				40,472,000

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 5

Columbia Select Large-Cap Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Utilities 2.6%
Independent Power and Renewable Electricity Producers 2.6%
AES Corp. (The)		1,910,000		26,491,700
Total Utilities				26,491,700
Total Common Stocks
(Cost: $627,521,094)				962,147,378

Money Market Funds 4.9%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.104%(b)(c)		49,631,603		49,631,603
Total Money Market Funds
(Cost: $49,631,603)				49,631,603
Total Investments
(Cost: $677,152,697)				1,011,778,981
Other Assets & Liabilities, Net				2,716,651
Net Assets				1,014,495,632

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at November 30, 2014.

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		32,859,842		85,651,124		(68,879,363	)		49,631,603		10,556		49,631,603

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

> Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

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 following table is a summary of the inputs used to value the Fund’s investments at November 30, 2014:

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		54,685,900		—		—		54,685,900
Consumer Staples		117,186,532		—		—		117,186,532
Energy		131,973,490		—		—		131,973,490
Financials		242,711,000		—		—		242,711,000
Health Care		82,939,750		—		—		82,939,750
Industrials		108,381,550		—		—		108,381,550
Information Technology		106,365,456		—		—		106,365,456
Materials		50,940,000		—		—		50,940,000
Telecommunication Services		40,472,000		—		—		40,472,000
Utilities		26,491,700		—		—		26,491,700
Total Equity Securities		962,147,378		—		—		962,147,378
Mutual Funds
Money Market Funds		49,631,603		—		—		49,631,603
Total Mutual Funds		49,631,603		—		—		49,631,603
Total		1,011,778,981		—		—		1,011,778,981

See the Portfolio of Investments for all investment classifications not indicated in the table.

There were no transfers of financial assets between levels during the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 7

Columbia Select Large-Cap Value Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $627,521,094)	$962,147,378
Affiliated issuers (identified cost $49,631,603)	49,631,603
Total investments (identified cost $677,152,697)	1,011,778,981
Receivable for:
Capital shares sold	2,292,051
Dividends	2,320,115
Expense reimbursement due from Investment Manager	2,095
Prepaid expenses	4,557
Other assets	14,700
Total assets	1,016,412,499
Liabilities
Payable for:
Capital shares purchased	1,306,632
Investment management fees	38,332
Distribution and/or service fees	11,382
Transfer agent fees	421,333
Administration fees	3,221
Plan administration fees	4
Compensation of board members	26,977
Other expenses	108,986
Total liabilities	1,916,867
Net assets applicable to outstanding capital stock	$1,014,495,632
Represented by
Paid-in capital	$656,996,561
Undistributed net investment income	8,035,075
Accumulated net realized gain	14,837,712
Unrealized appreciation (depreciation) on:
Investments	334,626,284
Total — representing net assets applicable to outstanding capital stock	$1,014,495,632

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$351,929,916
Shares outstanding	15,109,763
Net asset value per share	$23.29
Maximum offering price per share(a)	$24.71
Class B
Net assets	$2,069,929
Shares outstanding	95,952
Net asset value per share	$21.57
Class C
Net assets	$93,430,648
Shares outstanding	4,333,428
Net asset value per share	$21.56
Class I
Net assets	$142,139,656
Shares outstanding	5,913,307
Net asset value per share	$24.04
Class K
Net assets	$19,232
Shares outstanding	804
Net asset value per share(b)	$23.93
Class R
Net assets	$22,180,249
Shares outstanding	966,129
Net asset value per share	$22.96
Class R4
Net assets	$11,964,645
Shares outstanding	492,621
Net asset value per share	$24.29
Class R5
Net assets	$3,498,663
Shares outstanding	145,408
Net asset value per share	$24.06
Class W
Net assets	$41,897,330
Shares outstanding	1,807,820
Net asset value per share	$23.18
Class Y
Net assets	$2,595
Shares outstanding	107
Net asset value per share(b)	$24.36
Class Z
Net assets	$345,362,769
Shares outstanding	14,369,188
Net asset value per share	$24.03

(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 5.75%.

(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 2014 9

Columbia Select Large-Cap Value Fund

Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$10,404,661
Dividends — affiliated issuers	10,556
Total income	10,415,217
Expenses:
Investment management fees	3,220,647
Distribution and/or service fees
Class A	485,411
Class B	11,269
Class C	428,663
Class R	53,338
Class W	51,416
Transfer agent fees
Class A	379,394
Class B	2,201
Class C	83,805
Class K	5
Class R	20,856
Class R4	8,917
Class R5	727
Class W	40,187
Class Z	238,317
Administration fees	270,483
Plan administration fees
Class K	23
Compensation of board members	11,291
Custodian fees	3,941
Printing and postage fees	42,123
Registration fees	71,119
Professional fees	18,578
Other	13,719
Total expenses	5,456,430
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(172,899	)
Expense reductions	(1,369	)
Total net expenses	5,282,162
Net investment income	5,133,055
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	7,300,195
Net realized gain	7,300,195
Net change in unrealized appreciation (depreciation) on:
Investments	33,935,766
Net change in unrealized appreciation	33,935,766
Net realized and unrealized gain	41,235,961
Net increase in net assets resulting from operations	$46,369,016

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2014 (Unaudited)		Year Ended May 31, 2014
Operations
Net investment income		$5,133,055		$6,719,368
Net realized gain		7,300,195		14,881,962
Net change in unrealized appreciation		33,935,766		108,599,545
Net increase in net assets resulting from operations		46,369,016		130,200,875
Distributions to shareholders
Net investment income
Class A		—		(4,228,890	)
Class B		—		(13,299	)
Class C		—		(362,430	)
Class I		—		(2,153,731	)
Class K		—		(296	)
Class R		—		(173,233	)
Class R4		—		(119,794	)
Class R5		—		(63,501	)
Class W		—		(255,488	)
Class Z		—		(1,206,234	)
Net realized gains
Class A		—		(6,957,529	)
Class B		—		(50,431	)
Class C		—		(1,374,410	)
Class I		—		(2,705,976	)
Class K		—		(449	)
Class R		—		(351,301	)
Class R4		—		(164,191	)
Class R5		—		(81,663	)
Class W		—		(421,576	)
Class Z		—		(1,669,498	)
Total distributions to shareholders		—		(22,353,920	)
Increase in net assets from capital stock activity		79,919,801		216,123,749
Total increase in net assets		126,288,817		323,970,704
Net assets at beginning of period		888,206,815		564,236,111
Net assets at end of period		$1,014,495,632		$888,206,815
Undistributed net investment income		$8,035,075		$2,902,020

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 11

Columbia Select Large-Cap Value Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014(a) (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		3,288,588			74,889,873			7,661,307			158,175,071
Distributions reinvested		—			—			482,784			9,955,002
Redemptions		(8,361,073	)		(192,236,907	)		(3,728,544	)		(75,643,954	)
Net increase (decrease)		(5,072,485	)		(117,347,034	)		4,415,547			92,486,119
Class B shares
Subscriptions		2,114			44,554			17,412			334,378
Distributions reinvested		—			—			2,289			44,010
Redemptions(b)		(22,206	)		(467,545	)		(42,880	)		(812,980	)
Net decrease		(20,092	)		(422,991	)		(23,179	)		(434,592	)
Class C shares
Subscriptions		807,681			17,030,287			1,401,753			27,004,236
Distributions reinvested		—			—			55,050			1,058,052
Redemptions		(325,360	)		(6,877,675	)		(620,948	)		(11,862,852	)
Net increase		482,321			10,152,612			835,855			16,199,436
Class I shares
Subscriptions		1,690			38,444			161,892			3,372,851
Distributions reinvested		—			—			229,216			4,859,388
Redemptions		(511,184	)		(11,980,395	)		(860,028	)		(18,266,510	)
Net decrease		(509,494	)		(11,941,951	)		(468,920	)		(10,034,271	)
Class K shares
Distributions reinvested		—			—			22			450
Redemptions		—			—			(801	)		(17,595	)
Net increase (decrease)		—			—			(779	)		(17,145	)
Class R shares
Subscriptions		234,699			5,263,318			392,327			8,018,613
Distributions reinvested		—			—			7,710			157,051
Redemptions		(174,705	)		(3,914,390	)		(314,700	)		(6,444,486	)
Net increase		59,994			1,348,928			85,337			1,731,178
Class R4 shares
Subscriptions		191,994			4,620,548			421,596			8,892,317
Distributions reinvested		—			—			7,338			157,410
Redemptions		(55,947	)		(1,328,890	)		(146,511	)		(3,228,427	)
Net increase		136,047			3,291,658			282,423			5,821,300
Class R5 shares
Subscriptions		49,573			1,157,989			722,997			14,085,538
Distributions reinvested		—			—			6,733			142,952
Redemptions		(1,670	)		(39,638	)		(836,747	)		(17,726,102	)
Net increase (decrease)		47,903			1,118,351			(107,017	)		(3,497,612	)

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014(a) (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class W shares
Subscriptions		131,250			2,967,198			1,985,282			41,701,037
Distributions reinvested		—			—			33,005			676,938
Redemptions		(157,398	)		(3,558,934	)		(191,906	)		(4,077,228	)
Net increase (decrease)		(26,148	)		(591,736	)		1,826,381			38,300,747
Class Y shares
Subscriptions		107			2,500			—			—
Net increase		107			2,500			—			—
Class Z shares
Subscriptions		9,206,154			218,156,191			4,254,548			90,619,341
Distributions reinvested		—			—			91,725			1,946,411
Redemptions		(1,016,645	)		(23,846,727	)		(800,984	)		(16,997,163	)
Net increase		8,189,509			194,309,464			3,545,289			75,568,589
Total net increase		3,287,662			79,919,801			10,390,937			216,123,749

(a) Class Y shares are based on operations from October 1, 2014 (commencement of operations) through the stated period end.

(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 2014 13

Columbia Select Large-Cap Value Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class  A	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$22.18		$19.05		$14.31		$14.12		$14.70		$12.31		$9.77
Income from investment operations:
Net investment income	0.12		0.19		0.19		0.06		0.12		0.09		0.10
Net realized and unrealized gain (loss)	0.99		3.61		5.31		0.13		(0.28	)	2.39		2.45
Total from investment operations	1.11		3.80		5.50		0.19		(0.16	)	2.48		2.55
Less distributions to shareholders:
Net investment income	—		(0.26	)	(0.21	)	—		(0.09	)	(0.04	)	(0.01	)
Net realized gains	—		(0.41	)	(0.55	)	—		(0.33	)	(0.05	)	(0.00	)(b)
Total distributions to shareholders	—		(0.67	)	(0.76	)	—		(0.42	)	(0.09	)	(0.01	)
Net asset value, end of period	$23.29		$22.18		$19.05		$14.31		$14.12		$14.70		$12.31
Total return	5.01	%	20.20	%	39.43	%	1.35	%	(1.01	%)	20.21	%	26.07	%
Ratios to average net assets(c)
Total gross expenses	1.22	%(d)	1.25	%(e)	1.34	%	1.35	%(d)	1.28	%	1.37	%	1.61	%
Total net expenses(f)	1.18	%(d)(g)	1.18	%(e)(g)	1.24	%(g)	1.25	%(d)	1.26	%(g)	1.37	%	1.61	%
Net investment income	1.03	%(d)	0.92	%	1.17	%	0.89	%(d)	0.81	%	0.66	%	0.87	%
Supplemental data
Net assets, end of period (in thousands)	$351,930		$447,665		$300,415		$232,859		$243,514		$271,885		$202,826
Portfolio turnover	4	%	8	%	18	%	5	%	14	%	12	%	24	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Rounds to zero.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class B	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$20.62		$17.76		$13.36		$13.23		$13.81		$11.62		$9.29
Income from investment operations:
Net investment income (loss)	0.03		0.03		0.06		0.01		0.00	(b)	(0.01	)	(0.01	)
Net realized and unrealized gain (loss)	0.92		3.35		4.96		0.12		(0.25	)	2.25		2.34
Total from investment operations	0.95		3.38		5.02		0.13		(0.25	)	2.24		2.33
Less distributions to shareholders:
Net investment income	—		(0.11	)	(0.07	)	—		—		—		—
Net realized gains	—		(0.41	)	(0.55	)	—		(0.33	)	(0.05	)	(0.00	)(b)
Total distributions to shareholders	—		(0.52	)	(0.62	)	—		(0.33	)	(0.05	)	(0.00	)(b)
Net asset value, end of period	$21.57		$20.62		$17.76		$13.36		$13.23		$13.81		$11.62
Total return	4.61	%	19.27	%	38.42	%	0.98	%	(1.72	%)	19.30	%	25.10	%
Ratios to average net assets(c)
Total gross expenses	1.97	%(d)	2.00	%(e)	2.09	%	2.10	%(d)	2.03	%	2.14	%	2.54	%
Total net expenses(f)	1.93	%(d)(g)	1.93	%(e)(g)	1.99	%(g)	2.00	%(d)	2.01	%(g)	2.14	%	2.54	%
Net investment income (loss)	0.27	%(d)	0.17	%	0.42	%	0.13	%(d)	0.02	%	(0.10	%)	(0.08	%)
Supplemental data
Net assets, end of period (in thousands)	$2,070		$2,393		$2,472		$2,635		$3,083		$5,138		$5,890
Portfolio turnover	4	%	8	%	18	%	5	%	14	%	12	%	24	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Rounds to zero.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 15

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class C	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$20.61		$17.75		$13.37		$13.24		$13.83		$11.63		$9.30
Income from investment operations:
Net investment income (loss)	0.03		0.03		0.06		0.01		0.01		(0.01	)	(0.01	)
Net realized and unrealized gain (loss)	0.92		3.35		4.97		0.12		(0.27	)	2.26		2.34
Total from investment operations	0.95		3.38		5.03		0.13		(0.26	)	2.25		2.33
Less distributions to shareholders:
Net investment income	—		(0.11	)	(0.10	)	—		—		—		—
Net realized gains	—		(0.41	)	(0.55	)	—		(0.33	)	(0.05	)	(0.00	)(b)
Total distributions to shareholders	—		(0.52	)	(0.65	)	—		(0.33	)	(0.05	)	(0.00	)(b)
Net asset value, end of period	$21.56		$20.61		$17.75		$13.37		$13.24		$13.83		$11.63
Total return	4.61	%	19.28	%	38.51	%	0.98	%	(1.80	%)	19.37	%	25.07	%
Ratios to average net assets(c)
Total gross expenses	1.97	%(d)	2.00	%(e)	2.09	%	2.10	%(d)	2.03	%	2.13	%	2.51	%
Total net expenses(f)	1.93	%(d)(g)	1.93	%(e)(g)	1.99	%(g)	2.00	%(d)	2.01	%(g)	2.13	%	2.51	%
Net investment income (loss)	0.29	%(d)	0.17	%	0.42	%	0.15	%(d)	0.06	%	(0.09	%)	(0.05	%)
Supplemental data
Net assets, end of period (in thousands)	$93,431		$79,365		$53,515		$43,840		$44,484		$48,210		$40,630
Portfolio turnover	4	%	8	%	18	%	5	%	14	%	12	%	24	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Rounds to zero.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014			Year Ended May 31,						Year Ended December 31,
Class I	(Unaudited)			2014		2013		2012(a)		2011		2010		2009(b)
Per share data
Net asset value, beginning of period	$22.84			$19.60		$14.69		$14.48		$15.07		$12.60		$11.64
Income from investment operations:
Net investment income	0.17			0.28		0.27		0.09		0.19		0.15		0.08
Net realized and unrealized gain (loss)	1.03			3.71		5.47		0.12		(0.29	)	2.47		0.90
Total from investment operations	1.20			3.99		5.74		0.21		(0.10	)	2.62		0.98
Less distributions to shareholders:
Net investment income	—			(0.34	)	(0.28	)	—		(0.16	)	(0.10	)	(0.02	)
Net realized gains	—			(0.41	)	(0.55	)	—		(0.33	)	(0.05	)	(0.00	)(c)
Total distributions to shareholders	—			(0.75	)	(0.83	)	—		(0.49	)	(0.15	)	(0.02	)
Net asset value, end of period	$24.04		��	$22.84		$19.60		$14.69		$14.48		$15.07		$12.60
Total return	5.25	%		20.62	%	40.13	%	1.45	%	(0.59	%)	20.80	%	8.41	%
Ratios to average net assets(d)
Total gross expenses	0.78	%(e)		0.80	%(f)	0.83	%	0.86	%(e)	0.84	%	0.92	%	0.89	%(e)
Total net expenses(g)	0.78	%(e)		0.78	%(f)	0.83	%	0.85	%(e)	0.84	%	0.92	%	0.89	%(e)
Net investment income	1.43	%(e)		1.32	%	1.58	%	1.29	%(e)	1.29	%	1.13	%	1.66	%(e)
Supplemental data
Net assets, end of period (in thousands)	$142,140			$146,724		$135,066		$91,542		$107,682		$72,971		$23,870
Portfolio turnover	4	%		8	%	18	%	5	%	14	%	12	%	24	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Based on operations from August 3, 2009 (commencement of operations) through the stated period end.

(c) Rounds to zero.

(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(e) Annualized.

(f) Ratios include line of credit interest expense which is less than 0.01%.

(g) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 17

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class K	(Unaudited)		2014		2013		2012(a)		2011		2010		2009(b)
Per share data
Net asset value, beginning of period	$22.78		$19.55		$14.66		$14.47		$15.06		$12.59		$11.64
Income from investment operations:
Net investment income	0.13		0.21		0.22		0.07		0.14		0.11		0.07
Net realized and unrealized gain (loss)	1.02		3.71		5.45		0.12		(0.29	)	2.47		0.89
Total from investment operations	1.15		3.92		5.67		0.19		(0.15	)	2.58		0.96
Less distributions to shareholders:
Net investment income	—		(0.28	)	(0.23	)	—		(0.11	)	(0.06	)	(0.01	)
Net realized gains	—		(0.41	)	(0.55	)	—		(0.33	)	(0.05	)	(0.00	)(c)
Total distributions to shareholders	—		(0.69	)	(0.78	)	—		(0.44	)	(0.11	)	(0.01	)
Net asset value, end of period	$23.93		$22.78		$19.55		$14.66		$14.47		$15.06		$12.59
Total return	5.05	%	20.31	%	39.69	%	1.31	%	(0.90	%)	20.50	%	8.29	%
Ratios to average net assets(d)
Total gross expenses	1.08	%(e)	1.09	%(f)	1.13	%	1.14	%(e)	1.14	%	1.21	%	1.21	%(e)
Total net expenses(g)	1.08	%(e)	1.07	%(f)	1.13	%	1.13	%(e)	1.14	%	1.21	%	1.21	%(e)
Net investment income	1.13	%(e)	1.02	%	1.28	%	1.02	%(e)	0.94	%	0.83	%	1.34	%(e)
Supplemental data
Net assets, end of period (in thousands)	$19		$18		$31		$22		$22		$23		$5
Portfolio turnover	4	%	8	%	18	%	5	%	14	%	12	%	24	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Based on operations from August 3, 2009 (commencement of operations) through the stated period end.

(c) Rounds to zero.

(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(e) Annualized.

(f) Ratios include line of credit interest expense which is less than 0.01%.

(g) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class R	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$21.89		$18.81		$14.15		$13.98		$14.55		$12.19		$9.70
Income from investment operations:
Net investment income	0.09		0.14		0.15		0.04		0.08		0.05		0.04
Net realized and unrealized gain (loss)	0.98		3.56		5.24		0.13		(0.27	)	2.37		2.45
Total from investment operations	1.07		3.70		5.39		0.17		(0.19	)	2.42		2.49
Less distributions to shareholders:
Net investment income	—		(0.21	)	(0.18	)	—		(0.05	)	(0.01	)	—
Net realized gains	—		(0.41	)	(0.55	)	—		(0.33	)	(0.05	)	(0.00	)(b)
Total distributions to shareholders	—		(0.62	)	(0.73	)	—		(0.38	)	(0.06	)	(0.00	)(b)
Net asset value, end of period	$22.96		$21.89		$18.81		$14.15		$13.98		$14.55		$12.19
Total return	4.89	%	19.91	%	39.09	%	1.22	%	(1.23	%)	19.91	%	25.69	%
Ratios to average net assets(c)
Total gross expenses	1.47	%(d)	1.50	%(e)	1.59	%	1.60	%(d)	1.53	%	1.66	%	2.04	%
Total net expenses(f)	1.43	%(d)(g)	1.43	%(e)(g)	1.49	%(g)	1.50	%(d)	1.51	%(g)	1.66	%	2.04	%
Net investment income	0.79	%(d)	0.67	%	0.95	%	0.67	%(d)	0.55	%	0.38	%	0.41	%
Supplemental data
Net assets, end of period (in thousands)	$22,180		$19,835		$15,443		$10,773		$9,720		$11,594		$8,288
Portfolio turnover	4	%	8	%	18	%	5	%	14	%	12	%	24	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Rounds to zero.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 19

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class R4	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$23.10		$19.81		$16.22
Income from investment operations:
Net investment income	0.16		0.25		0.17
Net realized and unrealized gain	1.03		3.76		4.24
Total from investment operations	1.19		4.01		4.41
Less distributions to shareholders:
Net investment income	—		(0.31	)	(0.27	)
Net realized gains	—		(0.41	)	(0.55	)
Total distributions to shareholders	—		(0.72	)	(0.82	)
Net asset value, end of period	$24.29		$23.10		$19.81
Total return	5.15	%	20.51	%	28.18	%
Ratios to average net assets(b)
Total gross expenses	0.98	%(c)	1.00	%(d)	1.06	%(c)
Total net expenses(e)	0.93	%(c)(f)	0.93	%(d)(f)	0.95	%(c)
Net investment income	1.32	%(c)	1.15	%	1.62	%(c)
Supplemental data
Net assets, end of period (in thousands)	$11,965		$8,237		$1,469
Portfolio turnover	4	%	8	%	18	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Ratios include line of credit interest expense which is less than 0.01%.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class R5	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$22.87		$19.62		$14.71		$14.50		$15.09		$12.62		$9.96
Income from investment operations:
Net investment income	0.16		0.25		0.28		0.09		0.18		0.15		0.11
Net realized and unrealized gain (loss)	1.03		3.74		5.44		0.12		(0.28	)	2.46		2.55
Total from investment operations	1.19		3.99		5.72		0.21		(0.10	)	2.61		2.66
Less distributions to shareholders:
Net investment income	—		(0.33	)	(0.26	)	—		(0.16	)	(0.09	)	—
Net realized gains	—		(0.41	)	(0.55	)	—		(0.33	)	(0.05	)	(0.00	)(b)
Total distributions to shareholders	—		(0.74	)	(0.81	)	—		(0.49	)	(0.14	)	(0.00	)(b)
Net asset value, end of period	$24.06		$22.87		$19.62		$14.71		$14.50		$15.09		$12.62
Total return	5.20	%	20.61	%	39.96	%	1.45	%	(0.62	%)	20.73	%	26.72	%
Ratios to average net assets(c)
Total gross expenses	0.83	%(d)	0.85	%(e)	0.87	%	0.89	%(d)	0.87	%	0.98	%	1.48	%
Total net expenses(f)	0.83	%(d)	0.81	%(e)	0.87	%	0.88	%(d)	0.87	%	0.98	%	1.48	%
Net investment income	1.41	%(d)	1.20	%	1.64	%	1.31	%(d)	1.21	%	1.09	%	1.10	%
Supplemental data
Net assets, end of period (in thousands)	$3,499		$2,230		$4,014		$1,065		$1,731		$1,606		$718
Portfolio turnover	4	%	8	%	18	%	5	%	14	%	12	%	24	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Rounds to zero.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 21

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class W	(Unaudited)		2014		2013		2012(a)		2011		2010(b)
Per share data
Net asset value, beginning of period	$22.07		$18.96		$14.24		$14.06		$14.66		$13.12
Income from investment operations:
Net investment income (loss)	0.12		0.19		0.19		0.06		0.14		(0.00	)(c)
Net realized and unrealized gain (loss)	0.99		3.59		5.28		0.12		(0.29	)	1.68
Total from investment operations	1.11		3.78		5.47		0.18		(0.15	)	1.68
Less distributions to shareholders:
Net investment income	—		(0.26	)	(0.20	)	—		(0.12	)	(0.09	)
Net realized gains	—		(0.41	)	(0.55	)	—		(0.33	)	(0.05	)
Total distributions to shareholders	—		(0.67	)	(0.75	)	—		(0.45	)	(0.14	)
Net asset value, end of period	$23.18		$22.07		$18.96		$14.24		$14.06		$14.66
Total return	5.03	%	20.18	%	39.38	%	1.28	%	(0.95	%)	12.80	%
Ratios to average net assets(d)
Total gross expenses	1.22	%(e)	1.26	%(f)	1.35	%	1.35	%(e)	1.27	%	2.30	%(e)
Total net expenses(g)	1.18	%(e)(h)	1.18	%(f)(h)	1.25	%(h)	1.25	%(e)	1.25	%(h)	2.30	%(e)
Net investment income (loss)	1.03	%(e)	0.92	%	1.19	%	0.89	%(e)	0.97	%	(0.11	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$41,897		$40,475		$144		$30,250		$29,913		$11,833
Portfolio turnover	4	%	8	%	18	%	5	%	14	%	12	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(c) Rounds to zero.

(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(e) Annualized.

(f) Ratios include line of credit interest expense which is less than 0.01%.

(g) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

Class Y	Six Months  Ended November 30, 2014(a) (Unaudited)
Per share data
Net asset value, beginning of period	$23.47
Income from investment operations:
Net investment income	0.07
Net realized and unrealized gain	0.82
Total from investment operations	0.89
Net asset value, end of period	$24.36
Total return	3.79	%
Ratios to average net assets(b)
Total gross expenses	0.74	%(c)
Total net expenses(d)	0.74	%(c)
Net investment income	1.87	%(c)
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	4	%

Notes to Financial Highlights

(a) Based on operations from October 1, 2014 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 23

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class Z	(Unaudited)		2014		2013		2012(a)		2011		2010(b)
Per share data
Net asset value, beginning of period	$22.86		$19.61		$14.68		$14.48		$15.07		$13.48
Income from investment operations:
Net investment income	0.15		0.25		0.22		0.07		0.19		0.03
Net realized and unrealized gain (loss)	1.02		3.71		5.48		0.13		(0.30	)	1.70
Total from investment operations	1.17		3.96		5.70		0.20		(0.11	)	1.73
Less distributions to shareholders:
Net investment income	—		(0.30	)	(0.22	)	—		(0.15	)	(0.09	)
Net realized gains	—		(0.41	)	(0.55	)	—		(0.33	)	(0.05	)
Total distributions to shareholders	—		(0.71	)	(0.77	)	—		(0.48	)	(0.14	)
Net asset value, end of period	$24.03		$22.86		$19.61		$14.68		$14.48		$15.07
Total return	5.12	%	20.50	%	39.84	%	1.38	%	(0.68	%)	12.88	%
Ratios to average net assets(c)
Total gross expenses	0.98	%(d)	1.00	%(e)	1.09	%	1.10	%(d)	1.02	%	1.11	%(d)
Total net expenses(f)	0.93	%(d)(g)	0.93	%(e)(g)	0.99	%(g)	1.00	%(d)	1.01	%(g)	1.11	%(d)
Net investment income	1.32	%(d)	1.17	%	1.33	%	1.12	%(d)	1.32	%	0.87	%(d)
Supplemental data
Net assets, end of period (in thousands)	$345,363		$141,264		$51,667		$55,909		$63,277		$8
Portfolio turnover	4	%	8	%	18	%	5	%	14	%	12	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Ratios include line of credit interest expense which is less than 0.01%.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Notes to Financial Statements

November 30, 2014 (Unaudited)

Note 1. Organization

Columbia Select Large-Cap Value 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 the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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 K shares are not subject to sales charges, however this share class is closed to new investors.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other investors as described in the Fund’s prospectus.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class 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 as described in the Fund’s prospectus. Class Y shares commenced operations on October 1, 2014.

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP) which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation

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.

Semiannual Report 2014 25

Columbia Select Large-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Investments in open-end investment companies, including money market funds, are valued at their 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 procedures established by and under the general supervision of the Board of Trustees (the Board). If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

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 recorded on the ex-dividend date.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially

all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

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

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, 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 0.71% to 0.54% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2014 was 0.69% 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 0.06% to 0.03% as

26 Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2014 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, 2014, other expenses paid by the Fund to this company were $1,207.

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.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer 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 I and Class Y shares are not subject to transfer agent fees.

For the six months ended November 30, 2014, 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	0.20	%
Class B	0.20
Class C	0.20
Class K	0.05
Class R	0.20
Class R4	0.20
Class R5	0.05
Class W	0.20
Class Z	0.20

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). SDC was the legacy Seligman funds’ former transfer agent.

The lease and the Guaranty expire in January 2019. At November 30, 2014, the Fund’s total potential future obligation over the life of the Guaranty is $105,889. The liability remaining at November 30, 2014 for non-recurring charges associated with the lease amounted to $60,082 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’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2014, these minimum account balance fees reduced total expenses of the Fund by $1,369.

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

Semiannual Report 2014 27

Columbia Select Large-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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 amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $35,000 and $2,866,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2014, 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 $252,753 for Class A, $581 for Class B and $2,056 for Class C for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund’s expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective October 1, 2014			Contractual Expense Cap Prior to October 1, 2014
Class A		1.18	%		1.18	%
Class B		1.93			1.93

	Voluntary Expense Cap Effective October 1, 2014			Contractual Expense Cap Prior to October 1, 2014
Class C		1.93	%		1.93	%
Class I		0.79			0.79
Class K		1.09			1.09
Class R		1.43			1.43
Class R4		0.93			0.93
Class R5		0.84			0.84
Class W		1.18			1.18
Class Y		0.79	*		—
Class Z		0.93			0.93

* Fee rate is effective beginning October 1, 2014 (the commencement of operations of Class Y shares).

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses.

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, 2014, the cost of investments for federal income tax purposes was approximately $677,153,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$342,305,000
Unrealized depreciation	(7,679,000	)
Net unrealized appreciation	$334,626,000

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally,

28 Semiannual Report 2014

Columbia Select Large-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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 and certain derivatives, if any, aggregated to $95,264,840 and $34,536,723, respectively, for the six months ended November 30, 2014. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as Dividends — affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At November 30, 2014, two unaffiliated shareholders of record owned 38.9% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 27.2% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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 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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

Note 9. Significant Risks

Financial Sector Risk

Sector risk occurs when a fund invests a significant portion of its assets in securities of companies conducting business in a related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, making a fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The Fund may be more susceptible to the particular risks that may affect companies in the financial sector than if it were invested in a wider variety of companies in unrelated sectors.

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 8 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 11. 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.

Semiannual Report 2014 29

Columbia Select Large-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the 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.

30 Semiannual Report 2014

Columbia Select Large-Cap 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 2014 31

Columbia Select Large-Cap 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR216_05_E01_(01/15)

Semiannual Report November 30, 2014

Columbia Select Smaller-Cap Value Fund

President’s Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen

President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What’s different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

> The relative value of global equities vs. global bonds actually improved during 2014.

> Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today’s conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President’s Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB’s balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People’s Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

> Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

> Explicit downside hedges, such as put options (with emphasis on managing the related expense)

> Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia Select Smaller-Cap 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	9
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	15
Notes to Financial Statements	25
Important Information About This Report	31

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Select Smaller-Cap Value Fund (the Fund) Class A shares returned 2.23% excluding sales charges for the six-month period that ended November 30, 2014.

> The Fund outperformed its benchmark, the Russell 2000 Value Index, which returned 1.66% for the same six-month period.

Average Annual Total Returns (%) (for period ended November 30, 2014)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	04/25/97
Excluding sales charges			2.23		5.42		16.72		7.80
Including sales charges			-3.64		-0.63		15.35		7.16
Class B	04/25/97
Excluding sales charges			1.89		4.70		15.85		6.99
Including sales charges			-3.11		-0.14		15.63		6.99
Class C	05/27/99
Excluding sales charges			1.83		4.64		15.85		6.99
Including sales charges			0.83		3.67		15.85		6.99
Class I*	08/03/09		2.50		5.97		17.28		8.08
Class K*	08/03/09		2.33		5.61		16.94		7.90
Class R	04/30/03		2.12		5.22		16.42		7.50
Class R4*	11/08/12		2.37		5.73		16.85		7.86
Class R5	11/30/01		2.47		5.90		17.20		8.34
Class Y*	10/01/14		2.34		5.54		16.75		7.81
Class Z*	09/27/10		2.35		5.70		16.98		7.91
Russell 2000 Value Index			1.66		3.36		15.31		6.85

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/investment-products/mutual-funds/appended-performance for more information.

The Russell 2000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 2000 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.

2 Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2014)
Swift Transportation Co.	4.3
United Continental Holdings, Inc.	4.1
Endurance Specialty Holdings Ltd.	3.4
Impax Laboratories, Inc.	3.4
Hanesbrands, Inc.	3.3
Hanover Insurance Group, Inc. (The)	3.2
WellCare Health Plans, Inc.	3.2
Telephone & Data Systems, Inc.	3.0
Texas Roadhouse, Inc.	3.0
Minerals Technologies, Inc.	2.6

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, 2014)
Common Stocks	99.6
Consumer Discretionary	18.9
Consumer Staples	4.9
Energy	5.4
Financials	14.0
Health Care	14.4
Industrials	19.2
Information Technology	14.2
Materials	4.2
Telecommunication Services	4.4
Money Market Funds	0.4
Total	100.0

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

Portfolio Management

Richard Rosen

Kari Montanus

Morningstar Style Box™

The Morningstar Style Box™ 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.

© 2015 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 2014 3

Columbia Select Smaller-Cap 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/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00	1,000.00		1,022.30		1,018.00		7.01		6.99		1.39
Class B		1,000.00	1,000.00		1,018.90		1,014.26		10.77		10.75		2.14
Class C		1,000.00	1,000.00		1,018.30		1,014.26		10.77		10.75		2.14
Class I		1,000.00	1,000.00		1,025.00		1,020.29		4.70		4.68		0.93
Class K		1,000.00	1,000.00		1,023.30		1,018.80		6.20		6.19		1.23
Class R		1,000.00	1,000.00		1,021.20		1,016.75		8.26		8.25		1.64
Class R4		1,000.00	1,000.00		1,023.70		1,019.25		5.75		5.74		1.14
Class R5		1,000.00	1,000.00		1,024.70		1,020.04		4.95		4.94		0.98
Class Y		1,000.00	1,000.00		1,064.50	*	1,020.54		1.42	*	4.43		0.88	*
Class Z		1,000.00	1,000.00		1,023.50		1,019.25		5.75		5.74		1.14

* Based on operations from October 1, 2014 (commencement of operations) through the stated period end.

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as 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.

4 Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 99.6%
Issuer	Shares		Value ($)
Consumer Discretionary 18.9%
Auto Components 3.1%
American Axle & Manufacturing Holdings, Inc.(a)		531,000		11,331,540
Motorcar Parts of America, Inc.(a)		89,928		3,035,070
Total				14,366,610
Diversified Consumer Services 2.1%
Sotheby’s		250,000		10,102,500
Hotels, Restaurants & Leisure 3.0%
Texas Roadhouse, Inc.		425,000		14,050,500
Household Durables 5.6%
Beazer Homes USA, Inc.(a)		538,145		10,730,611
Lennar Corp., Class A		205,000		9,684,200
William Lyon Homes, Inc. Class A(a)		300,000		6,174,000
Total				26,588,811
Specialty Retail 1.8%
Vitamin Shoppe, Inc.(a)		180,000		8,614,800
Textiles, Apparel & Luxury Goods 3.3%
Hanesbrands, Inc.		135,000		15,622,200
Total Consumer Discretionary				89,345,421
Consumer Staples 4.9%
Food Products 3.1%
Dean Foods Co.		307,500		5,242,875
WhiteWave Foods Co. (The), Class A(a)		260,000		9,523,800
Total				14,766,675
Personal Products 1.8%
Herbalife Ltd.		195,000		8,433,750
Total Consumer Staples				23,200,425
Energy 5.4%
Energy Equipment & Services 4.5%
Exterran Holdings, Inc.		200,000		6,700,000
Superior Energy Services, Inc.		400,000		7,724,000
Tetra Technologies, Inc.(a)		1,025,000		6,508,750
Total				20,932,750
Oil, Gas & Consumable Fuels 0.9%
Oasis Petroleum, Inc.(a)		235,000		4,319,300
Total Energy				25,252,050
Financials 14.0%
Insurance 10.8%
Endurance Specialty Holdings Ltd.		275,000		16,219,500
Hanover Insurance Group, Inc. (The)		210,000		14,968,800
Lincoln National Corp.		200,000		11,326,000

Common Stocks (continued)
Issuer	Shares		Value ($)
Meadowbrook Insurance Group, Inc.		1,400,000		8,526,000
Total				51,040,300
Real Estate Investment Trusts (REITs) 1.3%
Gaming and Leisure Properties, Inc.		189,918		6,058,384
Thrifts & Mortgage Finance 1.9%
Ladder Capital Corp., Class A(a)		485,100		9,173,241
Total Financials				66,271,925
Health Care 14.4%
Health Care Equipment & Supplies 2.6%
Analogic Corp.		125,000		9,105,000
Sirona Dental Systems, Inc.(a)		35,000		3,023,650
Total				12,128,650
Health Care Providers & Services 5.2%
PharMerica Corp.(a)		450,000		9,814,500
WellCare Health Plans, Inc.(a)		202,500		14,932,350
Total				24,746,850
Life Sciences Tools & Services 1.5%
Bruker Corp.(a)		375,000		7,192,500
Pharmaceuticals 5.1%
Impax Laboratories, Inc.(a)		500,492		15,990,720
Salix Pharmaceuticals Ltd.(a)		80,000		8,215,200
Total				24,205,920
Total Health Care				68,273,920
Industrials 19.2%
Aerospace & Defense 1.6%
Cubic Corp.		150,000		7,717,500
Airlines 4.8%
United Continental Holdings, Inc.(a)		316,500		19,379,295
Virgin America, Inc.(a)		81,469		3,069,752
Total				22,449,047
Building Products 1.6%
Armstrong World Industries, Inc.(a)		150,000		7,515,000
Commercial Services & Supplies 2.3%
Waste Connections, Inc.		225,000		10,622,250
Electrical Equipment 1.9%
EnerSys		150,000		9,109,500
Machinery 2.8%
Mueller Industries, Inc.		300,000		9,843,000
Wabash National Corp.(a)		300,000		3,237,000
Total				13,080,000

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 5

Columbia Select Smaller-Cap Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Road & Rail 4.2%
Swift Transportation Co.(a)		690,000		20,058,300
Total Industrials				90,551,597
Information Technology 14.2%
Communications Equipment 5.0%
Calix, Inc.(a)		420,290		4,455,074
Extreme Networks, Inc.(a)		2,408,763		8,719,722
JDS Uniphase Corp.(a)		800,000		10,672,000
Total				23,846,796
Electronic Equipment, Instruments & Components 2.6%
Belden, Inc.		170,000		12,415,100
IT Services 3.4%
CACI International, Inc., Class A(a)		120,441		10,742,133
EPAM Systems, Inc.(a)		105,975		5,407,904
Total				16,150,037
Software 3.2%
Allot Communications Ltd.(a)		425,000		4,016,250
BroadSoft, Inc.(a)		403,567		10,884,202
Total				14,900,452
Total Information Technology				67,312,385
Materials 4.2%
Chemicals 2.6%
Minerals Technologies, Inc.		167,500		12,433,525

Common Stocks (continued)
Issuer	Shares		Value ($)
Containers & Packaging 1.6%
Owens-Illinois, Inc.(a)		290,000		7,435,600
Total Materials				19,869,125
Telecommunication Services 4.4%
Diversified Telecommunication Services 1.4%
Globalstar, Inc. PIK(a)		2,300,000		6,486,000
Wireless Telecommunication Services 3.0%
Telephone & Data Systems, Inc.		550,000		14,058,000
Total Telecommunication Services				20,544,000
Total Common Stocks
(Cost: $307,008,161)				470,620,848
Money Market Funds 0.4%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.104%(b)(c)		2,055,897		2,055,897
Total Money Market Funds
(Cost: $2,055,897)				2,055,897
Total Investments
(Cost: $309,064,058)				472,676,745
Other Assets & Liabilities, Net				208,701
Net Assets				472,885,446

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at November 30, 2014.

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		2,344,688		51,889,740		(52,178,531	)		2,055,897		2,157		2,055,897

Abbreviation Legend

PIK Payment-in-Kind

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

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

> Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 7

Columbia Select Smaller-Cap Value Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 2014:

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		89,345,421		—		—		89,345,421
Consumer Staples		23,200,425		—		—		23,200,425
Energy		25,252,050		—		—		25,252,050
Financials		66,271,925		—		—		66,271,925
Health Care		68,273,920		—		—		68,273,920
Industrials		90,551,597		—		—		90,551,597
Information Technology		67,312,385		—		—		67,312,385
Materials		19,869,125		—		—		19,869,125
Telecommunication Services		20,544,000		—		—		20,544,000
Total Equity Securities		470,620,848		—		—		470,620,848
Mutual Funds
Money Market Funds		2,055,897		—		—		2,055,897
Total Mutual Funds		2,055,897		—		—		2,055,897
Total		472,676,745		—		—		472,676,745

See the Portfolio of Investments for all investment classifications not indicated in the table.

There were no transfers of financial assets between levels during the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $307,008,161)	$470,620,848
Affiliated issuers (identified cost $2,055,897)	2,055,897
Total investments (identified cost $309,064,058)	472,676,745
Receivable for:
Investments sold	1,676,681
Capital shares sold	153,030
Dividends	321,149
Prepaid expenses	3,403
Other assets	7,998
Total assets	474,839,006
Liabilities
Payable for:
Investments purchased	1,505,921
Capital shares purchased	218,660
Investment management fees	20,658
Distribution and/or service fees	8,108
Transfer agent fees	61,838
Administration fees	2,092
Plan administration fees	1,295
Compensation of board members	28,088
Other expenses	106,900
Total liabilities	1,953,560
Net assets applicable to outstanding capital stock	$472,885,446
Represented by
Paid-in capital	$271,805,943
Excess of distributions over net investment income	(1,648,169	)
Accumulated net realized gain	39,114,985
Unrealized appreciation (depreciation) on:
Investments	163,612,687
Total — representing net assets applicable to outstanding capital stock	$472,885,446

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 9

Columbia Select Smaller-Cap Value Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$375,387,539
Shares outstanding	17,060,761
Net asset value per share	$22.00
Maximum offering price per share(a)	$23.34
Class B
Net assets	$4,722,377
Shares outstanding	257,978
Net asset value per share	$18.31
Class C
Net assets	$42,324,926
Shares outstanding	2,308,720
Net asset value per share	$18.33
Class I
Net assets	$22,880,857
Shares outstanding	947,207
Net asset value per share	$24.16
Class K
Net assets	$6,657,944
Shares outstanding	280,421
Net asset value per share	$23.74
Class R
Net assets	$11,446,924
Shares outstanding	539,770
Net asset value per share	$21.21
Class R4
Net assets	$318,885
Shares outstanding	13,184
Net asset value per share	$24.19
Class R5
Net assets	$812,659
Shares outstanding	33,763
Net asset value per share	$24.07
Class Y
Net assets	$2,661
Shares outstanding	108
Net asset value per share(b)	$24.60
Class Z
Net assets	$8,330,674
Shares outstanding	348,269
Net asset value per share	$23.92

(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.

10 Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$1,799,213
Dividends — affiliated issuers	2,157
Total income	1,801,370
Expenses:
Investment management fees	1,876,620
Distribution and/or service fees
Class A	473,154
Class B	25,995
Class C	212,347
Class R	28,390
Transfer agent fees
Class A	405,123
Class B	5,568
Class C	45,452
Class K	1,666
Class R	12,153
Class R4	178
Class R5	171
Class Z	8,024
Administration fees	190,036
Plan administration fees
Class K	8,331
Compensation of board members	9,114
Custodian fees	4,632
Printing and postage fees	41,722
Registration fees	58,329
Professional fees	17,460
Other	11,092
Total expenses	3,435,557
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(8,809	)
Expense reductions	(1,454	)
Total net expenses	3,425,294
Net investment loss	(1,623,924	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	44,629,568
Net realized gain	44,629,568
Net change in unrealized appreciation (depreciation) on:
Investments	(32,615,989	)
Net change in unrealized depreciation	(32,615,989	)
Net realized and unrealized gain	12,013,579
Net increase in net assets resulting from operations	$10,389,655

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 11

Columbia Select Smaller-Cap Value Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014
Operations
Net investment loss		$(1,623,924	)		$(916,921	)
Net realized gain		44,629,568			56,256,277
Net change in unrealized appreciation (depreciation)		(32,615,989	)		36,931,455
Net increase in net assets resulting from operations		10,389,655			92,270,811
Distributions to shareholders
Net realized gains
Class A		—			(25,054,165	)
Class B		—			(524,768	)
Class C		—			(3,330,568	)
Class I		—			(1,499,336	)
Class K		—			(391,313	)
Class R		—			(857,102	)
Class R4		—			(67,140	)
Class R5		—			(31,795	)
Class Z		—			(452,534	)
Total distributions to shareholders		—			(32,208,721	)
Increase (decrease) in net assets from capital stock activity		(23,300,412	)		7,218,123
Total increase (decrease) in net assets		(12,910,757	)		67,280,213
Net assets at beginning of period		485,796,203			418,515,990
Net assets at end of period		$472,885,446			$485,796,203
Excess of distributions over net investment income		$(1,648,169	)		$(24,245	)

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014(a) (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		555,400			11,965,757			2,384,271			48,910,003
Distributions reinvested		—			—			1,167,418			24,177,227
Redemptions		(1,491,499	)		(32,257,809	)		(2,856,638	)		(59,280,934	)
Net increase (decrease)		(936,099	)		(20,292,052	)		695,051			13,806,296
Class B shares
Subscriptions		1,747			31,680			11,283			194,842
Distributions reinvested		—			—			29,848			517,855
Redemptions(b)		(65,475	)		(1,178,058	)		(240,486	)		(4,160,489	)
Net decrease		(63,728	)		(1,146,378	)		(199,355	)		(3,447,792	)
Class C shares
Subscriptions		98,498			1,781,956			344,444			6,051,191
Distributions reinvested		—			—			149,709			2,600,441
Redemptions		(198,533	)		(3,593,820	)		(500,536	)		(8,737,655	)
Net decrease		(100,035	)		(1,811,864	)		(6,383	)		(86,023	)
Class I shares
Subscriptions		1,514			35,373			248,520			5,569,611
Distributions reinvested		—			—			66,176			1,497,554
Redemptions		(22,725	)		(554,176	)		(625,565	)		(13,924,104	)
Net decrease		(21,211	)		(518,803	)		(310,869	)		(6,856,939	)
Class K shares
Subscriptions		19,105			450,680			74,142			1,657,520
Distributions reinvested		—			—			17,475			389,874
Redemptions		(32,124	)		(752,717	)		(50,216	)		(1,120,815	)
Net increase (decrease)		(13,019	)		(302,037	)		41,401			926,579
Class R shares
Subscriptions		78,929			1,651,027			195,634			3,950,600
Distributions reinvested		—			—			18,482			369,633
Redemptions		(113,739	)		(2,375,988	)		(224,883	)		(4,543,052	)
Net decrease		(34,810	)		(724,961	)		(10,767	)		(222,819	)
Class R4 shares
Subscriptions		9,276			210,885			51,700			1,070,920
Distributions reinvested		—			—			2,914			66,147
Redemptions		(1,306	)		(30,437	)		(49,556	)		(1,136,250	)
Net increase		7,970			180,448			5,058			817
Class R5 shares
Subscriptions		7,837			185,385			9,869			225,813
Distributions reinvested		—			—			1,177			26,545
Redemptions		(883	)		(19,919	)		(1,507	)		(34,737	)
Net increase		6,954			165,466			9,539			217,621

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 13

Columbia Select Smaller-Cap Value Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014(a) (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		108			2,500			—			—
Net increase		108			2,500			—			—
Class Z shares
Subscriptions		133,346			3,140,720			250,798			5,617,890
Distributions reinvested		—			—			17,679			397,074
Redemptions		(85,474	)		(1,993,451	)		(139,018	)		(3,134,581	)
Net increase		47,872			1,147,269			129,459			2,880,383
Total net increase (decrease)		(1,105,998	)		(23,300,412	)		353,134			7,218,123

(a) Class Y shares are based on operations from October 1, 2014 (commencement of operations) through the stated period end.

(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.

14 Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class  A	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$21.52		$18.82		$14.31		$13.69		$15.97		$12.59		$9.23
Income from investment operations:
Net investment loss	(0.07	)	(0.03	)	(0.11	)	(0.06	)	(0.12	)	(0.11	)	(0.12	)
Net realized and unrealized gain (loss)	0.55		4.17		5.06		0.68		(1.40	)	3.49		3.48
Total from investment operations	0.48		4.14		4.95		0.62		(1.52	)	3.38		3.36
Less distributions to shareholders:
Net realized gains	—		(1.44	)	(0.44	)	—		(0.76	)	—		—
Total distributions to shareholders	—		(1.44	)	(0.44	)	—		(0.76	)	—		—
Proceeds from regulatory settlements	—		—		—		—		—		0.00	(b)	0.00	(b)
Net asset value, end of period	$22.00		$21.52		$18.82		$14.31		$13.69		$15.97		$12.59
Total return	2.23	%	22.30	%	35.23	%	4.53	%	(9.42	%)	26.85	%(c)	36.40	%(d)
Ratios to average net assets(e)
Total gross expenses	1.39	%(f)	1.41	%	1.51	%	1.48	%(f)	1.48	%	1.66	%	2.00	%
Total net expenses(g)	1.39	%(f)(h)	1.40	%(h)	1.39	%(h)	1.41	%(f)	1.42	%(h)	1.33	%	1.69	%
Net investment loss	(0.63	%)(f)	(0.14	%)	(0.67	%)	(0.87	%)(f)	(0.77	%)	(0.84	%)	(1.12	%)
Supplemental data
Net assets, end of period (in thousands)	$375,388		$387,317		$325,677		$283,740		$295,973		$380,848		$221,181
Portfolio turnover	13	%	22	%	9	%	3	%	18	%	5	%	7	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(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 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(f) Annualized.

(g) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 15

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class B	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$17.97		$16.04		$12.34		$11.84		$14.04		$11.15		$8.23
Income from investment operations:
Net investment loss	(0.12	)	(0.16	)	(0.19	)	(0.09	)	(0.21	)	(0.19	)	(0.18	)
Net realized and unrealized gain (loss)	0.46		3.53		4.33		0.59		(1.23	)	3.08		3.10
Total from investment operations	0.34		3.37		4.14		0.50		(1.44	)	2.89		2.92
Less distributions to shareholders:
Net realized gains	—		(1.44	)	(0.44	)	—		(0.76	)	—		—
Total distributions to shareholders	—		(1.44	)	(0.44	)	—		(0.76	)	—		—
Proceeds from regulatory settlements	—		—		—		—		—		0.00	(b)	0.00	(b)
Net asset value, end of period	$18.31		$17.97		$16.04		$12.34		$11.84		$14.04		$11.15
Total return	1.89	%	21.33	%	34.28	%	4.22	%	(10.15	%)	25.92	%(c)	35.48	%(d)
Ratios to average net assets(e)
Total gross expenses	2.14	%(f)	2.16	%	2.26	%	2.23	%(f)	2.23	%	2.43	%	2.77	%
Total net expenses(g)	2.14	%(f)(h)	2.15	%(h)	2.14	%(h)	2.16	%(f)	2.16	%(h)	2.10	%	2.46	%
Net investment loss	(1.37	%)(f)	(0.92	%)	(1.41	%)	(1.62	%)(f)	(1.52	%)	(1.62	%)	(1.88	%)
Supplemental data
Net assets, end of period (in thousands)	$4,722		$5,782		$8,356		$12,565		$13,501		$27,172		$26,500
Portfolio turnover	13	%	22	%	9	%	3	%	18	%	5	%	7	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(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 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(f) Annualized.

(g) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class C	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$18.00		$16.06		$12.36		$11.86		$14.06		$11.17		$8.24
Income from investment operations:
Net investment loss	(0.12	)	(0.16	)	(0.19	)	(0.09	)	(0.21	)	(0.19	)	(0.19	)
Net realized and unrealized gain (loss)	0.45		3.54		4.33		0.59		(1.23	)	3.08		3.12
Total from investment operations	0.33		3.38		4.14		0.50		(1.44	)	2.89		2.93
Less distributions to shareholders:
Net realized gains	—		(1.44	)	(0.44	)	—		(0.76	)	—		—
Total distributions to shareholders	—		(1.44	)	(0.44	)	—		(0.76	)	—		—
Proceeds from regulatory settlements	—		—		—		—		—		0.00	(b)	0.00	(b)
Net asset value, end of period	$18.33		$18.00		$16.06		$12.36		$11.86		$14.06		$11.17
Total return	1.83	%	21.37	%	34.23	%	4.22	%	(10.13	%)	25.87	%(c)	35.56	%(d)
Ratios to average net assets(e)
Total gross expenses	2.14	%(f)	2.16	%	2.26	%	2.23	%(f)	2.23	%	2.42	%	2.90	%
Total net expenses(g)	2.14	%(f)(h)	2.15	%(h)	2.14	%(h)	2.16	%(f)	2.17	%(h)	2.09	%	2.67	%
Net investment loss	(1.38	%)(f)	(0.91	%)	(1.42	%)	(1.63	%)(f)	(1.52	%)	(1.60	%)	(2.10	%)
Supplemental data
Net assets, end of period (in thousands)	$42,325		$43,354		$38,785		$33,327		$37,511		$51,712		$46,626
Portfolio turnover	13	%	22	%	9	%	3	%	18	%	5	%	7	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(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 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(f) Annualized.

(g) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 17

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class I	(Unaudited)		2014		2013		2012(a)		2011		2010		2009(b)
Per share data
Net asset value, beginning of period	$23.57		$20.41		$15.41		$14.71		$17.02		$13.35		$11.86
Income from investment operations:
Net investment income (loss)	(0.02	)	0.07		(0.04	)	(0.03	)	(0.04	)	(0.05	)	(0.01	)
Net realized and unrealized gain (loss)	0.61		4.53		5.48		0.73		(1.51	)	3.72		1.50
Total from investment operations	0.59		4.60		5.44		0.70		(1.55	)	3.67		1.49
Less distributions to shareholders:
Net realized gains	—		(1.44	)	(0.44	)	—		(0.76	)	—		—
Total distributions to shareholders	—		(1.44	)	(0.44	)	—		(0.76	)	—		—
Proceeds from regulatory settlements	—		—		—		—		—		0.00	(c)	—
Net asset value, end of period	$24.16		$23.57		$20.41		$15.41		$14.71		$17.02		$13.35
Total return	2.50	%	22.83	%	35.91	%	4.76	%	(9.01	%)	27.49	%(d)	12.56	%
Ratios to average net assets(e)
Total gross expenses	0.93	%(f)	0.93	%	0.96	%	0.98	%(f)	0.94	%	1.09	%	1.14	%(f)
Total net expenses(g)	0.93	%(f)	0.93	%	0.93	%	0.94	%(f)	0.91	%	0.88	%	0.88	%(f)
Net investment income (loss)	(0.17	%)(f)	0.32	%	(0.21	%)	(0.38	%)(f)	(0.24	%)	(0.38	%)	(0.23	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$22,881		$22,829		$26,109		$20,764		$14,419		$10,145		$6,300
Portfolio turnover	13	%	22	%	9	%	3	%	18	%	5	%	7	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Based on operations from August 3, 2009 (commencement of operations) through the stated period end.

(c) Rounds to zero.

(d) 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) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(f) Annualized.

(g) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class K	(Unaudited)		2014		2013		2012(a)		2011		2010		2009(b)
Per share data
Net asset value, beginning of period	$23.20		$20.17		$15.28		$14.60		$16.94		$13.34		$11.86
Income from investment operations:
Net investment income (loss)	(0.05	)	0.01		(0.09	)	(0.04	)	(0.09	)	(0.10	)	(0.03	)
Net realized and unrealized gain (loss)	0.59		4.46		5.42		0.72		(1.49	)	3.70		1.51
Total from investment operations	0.54		4.47		5.33		0.68		(1.58	)	3.60		1.48
Less distributions to shareholders:
Net realized gains	—		(1.44	)	(0.44	)	—		(0.76	)	—		—
Total distributions to shareholders	—		(1.44	)	(0.44	)	—		(0.76	)	—		—
Proceeds from regulatory settlements	—		—		—		—		—		0.00	(c)	—
Net asset value, end of period	$23.74		$23.20		$20.17		$15.28		$14.60		$16.94		$13.34
Total return	2.33	%	22.45	%	35.49	%	4.66	%	(9.23	%)	26.99	%(d)	12.48	%
Ratios to average net assets(e)
Total gross expenses	1.23	%(f)	1.23	%	1.26	%	1.23	%(f)	1.22	%	1.39	%	1.43	%(f)
Total net expenses(g)	1.23	%(f)	1.23	%	1.23	%	1.20	%(f)	1.18	%	1.18	%	1.18	%(f)
Net investment income (loss)	(0.47	%)(f)	0.05	%	(0.51	%)	(0.65	%)(f)	(0.53	%)	(0.69	%)	(0.58	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$6,658		$6,809		$5,083		$3,812		$3,642		$3,601		$42
Portfolio turnover	13	%	22	%	9	%	3	%	18	%	5	%	7	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Based on operations from August 3, 2009 (commencement of operations) through the stated period end.

(c) Rounds to zero.

(d) 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) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(f) Annualized.

(g) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 19

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class R	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$20.77		$18.25		$13.92		$13.33		$15.62		$12.35		$9.08
Income from investment operations:
Net investment loss	(0.09	)	(0.08	)	(0.14	)	(0.07	)	(0.16	)	(0.16	)	(0.16	)
Net realized and unrealized gain (loss)	0.53		4.04		4.91		0.66		(1.37	)	3.43		3.43
Total from investment operations	0.44		3.96		4.77		0.59		(1.53	)	3.27		3.27
Less distributions to shareholders:
Net realized gains	—		(1.44	)	(0.44	)	—		(0.76	)	—		—
Total distributions to shareholders	—		(1.44	)	(0.44	)	—		(0.76	)	—		—
Proceeds from regulatory settlements	—		—		—		—		—		0.00	(b)	0.00	(b)
Net asset value, end of period	$21.21		$20.77		$18.25		$13.92		$13.33		$15.62		$12.35
Total return	2.12	%	22.01	%	34.92	%	4.43	%	(9.69	%)	26.48	%(c)	36.01	%(d)
Ratios to average net assets(e)
Total gross expenses	1.64	%(f)	1.66	%	1.76	%	1.73	%(f)	1.73	%	1.87	%	2.31	%
Total net expenses(g)	1.64	%(f)(h)	1.65	%(h)	1.64	%(h)	1.67	%(f)	1.67	%(h)	1.66	%	2.19	%
Net investment loss	(0.87	%)(f)	(0.40	%)	(0.92	%)	(1.14	%)(f)	(1.02	%)	(1.16	%)	(1.62	%)
Supplemental data
Net assets, end of period (in thousands)	$11,447		$11,933		$10,684		$9,248		$11,156		$15,733		$10,778
Portfolio turnover	13	%	22	%	9	%	3	%	18	%	5	%	7	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(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 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(f) Annualized.

(g) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,
Class R4	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$23.63		$20.49		$15.99
Income from investment operations:
Net investment income (loss)	(0.04	)	0.02		(0.04	)
Net realized and unrealized gain	0.60		4.56		4.98
Total from investment operations	0.56		4.58		4.94
Less distributions to shareholders:
Net realized gains	—		(1.44	)	(0.44	)
Total distributions to shareholders	—		(1.44	)	(0.44	)
Net asset value, end of period	$24.19		$23.63		$20.49
Total return	2.37	%	22.64	%	31.47	%
Ratios to average net assets(b)
Total gross expenses	1.15	%(c)	1.16	%	1.27	%(c)
Total net expenses(d)	1.14	%(c)(e)	1.15	%(e)	1.14	%(c)
Net investment income (loss)	(0.37	%)(c)	0.07	%	(0.37	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$319		$123		$3
Portfolio turnover	13	%	22	%	9	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 21

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class R5	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$23.49		$20.35		$15.40		$14.70		$17.01		$13.35		$9.72
Income from investment operations:
Net investment income (loss)	(0.03	)	0.07		(0.05	)	(0.03	)	(0.05	)	(0.06	)	(0.09	)
Net realized and unrealized gain (loss)	0.61		4.51		5.44		0.73		(1.50	)	3.72		3.72
Total from investment operations	0.58		4.58		5.39		0.70		(1.55	)	3.66		3.63
Less distributions to shareholders:
Net realized gains	—		(1.44	)	(0.44	)	—		(0.76	)	—		—
Total distributions to shareholders	—		(1.44	)	(0.44	)	—		(0.76	)	—		—
Proceeds from regulatory settlements	—		—		—		—		—		0.00	(b)	0.00	(b)
Net asset value, end of period	$24.07		$23.49		$20.35		$15.40		$14.70		$17.01		$13.35
Total return	2.47	%	22.80	%	35.60	%	4.76	%	(9.02	%)	27.42	%(c)	37.35	%(d)
Ratios to average net assets(e)
Total gross expenses	0.98	%(f)	0.98	%	0.98	%	0.98	%(f)	0.97	%	1.14	%	1.51	%
Total net expenses(g)	0.98	%(f)	0.98	%	0.98	%	0.95	%(f)	0.93	%	0.93	%	1.46	%
Net investment income (loss)	(0.23	%)(f)	0.32	%	(0.31	%)	(0.41	%)(f)	(0.28	%)	(0.44	%)	(0.88	%)
Supplemental data
Net assets, end of period (in thousands)	$813		$630		$352		$2,145		$2,046		$2,289		$1,808
Portfolio turnover	13	%	22	%	9	%	3	%	18	%	5	%	7	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(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 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(f) Annualized.

(g) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

Class Y	Six Months  Ended November 30, 2014(a) (Unaudited)
Per share data
Net asset value, beginning of period	$23.11
Income from investment operations:
Net investment loss	(0.01	)
Net realized and unrealized gain	1.50
Total from investment operations	1.49
Net asset value, end of period	$24.60
Total return	6.45	%
Ratios to average net assets(b)
Total gross expenses	0.88	%(c)
Total net expenses(d)	0.88	%(c)
Net investment income	(0.24	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	13	%

Notes to Financial Highlights

(a) Based on operations from October 1, 2014 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 23

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class Z	(Unaudited)		2014		2013		2012(a)		2011		2010(b)
Per share data
Net asset value, beginning of period	$23.37		$20.28		$15.35		$14.67		$17.01		$14.61
Income from investment operations:
Net investment income (loss)	(0.04	)	0.05		(0.07	)	(0.04	)	(0.08	)	(0.01	)
Net realized and unrealized gain (loss)	0.59		4.48		5.44		0.72		(1.50	)	2.41
Total from investment operations	0.55		4.53		5.37		0.68		(1.58	)	2.40
Less distributions to shareholders:
Net realized gains	—		(1.44	)	(0.44	)	—		(0.76	)	—
Total distributions to shareholders	—		(1.44	)	(0.44	)	—		(0.76	)	—
Net asset value, end of period	$23.92		$23.37		$20.28		$15.35		$14.67		$17.01
Total return	2.35	%	22.63	%	35.59	%	4.63	%	(9.19	%)	16.43	%
Ratios to average net assets(c)
Total gross expenses	1.15	%(d)	1.16	%	1.26	%	1.23	%(d)	1.20	%	1.55	%(d)
Total net expenses(e)	1.14	%(d)(f)	1.15	%(f)	1.14	%(f)	1.16	%(d)	1.19	%(f)	1.02	%(d)
Net investment income (loss)	(0.37	%)(d)	0.22	%	(0.42	%)	(0.62	%)(d)	(0.50	%)	(0.34	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$8,331		$7,019		$3,467		$2,417		$1,892		$133
Portfolio turnover	13	%	22	%	9	%	3	%	18	%	5	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Notes to Financial Statements

November 30, 2014 (Unaudited)

Note 1. Organization

Columbia Select Smaller-Cap Value 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 Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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 K shares are not subject to sales charges, however this share class is closed to new investors.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other investors as described in the Fund’s prospectus.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class Y shares are not subject to sales charges and are generally available only to certain retirement plans as described in the Fund’s prospectus. Class Y shares commenced operations on October 1, 2014.

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP) which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Foreign equity securities are valued based on quotations from the principal market in which such securities are traded. If any foreign security prices are not readily available as a result of

Semiannual Report 2014 25

Columbia Select Smaller-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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. Many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees (the Board) , including, if available, utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies, including money market funds, are valued at their 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 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 quoted or published price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

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.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange-traded funds

(ETFs), other regulated investment companies (RICs), 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 actual information reported. To the extent actual information has not yet been reported by the REITs, estimates for return of capital are made by the Fund’s management. 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 REITs, which could result in a proportionate change in return of capital to shareholders. No estimates are made for the BDCs, ETFs, and RICs.

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.

The value of additional securities received as an income payment is recorded as income and increases the cost basis of such securities.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

26 Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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

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, 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 0.79% to 0.70% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2014 was 0.79% 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 0.08% to 0.05% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2014 was 0.08% 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, 2014, other expenses paid by the Fund to this company were $890.

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.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer 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 I and Class Y shares are not subject to transfer agent fees.

Semiannual Report 2014 27

Columbia Select Smaller-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

For the six months ended November 30, 2014, 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	0.21	%
Class B	0.21
Class C	0.21
Class K	0.05
Class R	0.21
Class R4	0.21
Class R5	0.05
Class Z	0.21

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). SDC was the legacy Seligman funds’ former transfer agent. The lease and the Guaranty expire in January 2019. At November 30, 2014, the Fund’s total potential future obligation over the life of the Guaranty is $92,740. The liability remaining at November 30, 2014 for non-recurring charges associated with the lease amounted to $52,612 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’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2014, these minimum account balance fees reduced total expenses of the Fund by $1,454.

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 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 $637,000 and $2,516,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2014, 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 $81,587 for Class A, $142 for Class B and $354 for Class C shares for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund’s expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective October 1, 2014			Contractual Expense Cap Prior to October 1, 2014
Class A		1.38	%		1.40	%
Class B		2.13			2.15
Class C		2.13			2.15
Class I		0.97			0.96
Class K		1.27			1.26
Class R		1.63			1.65
Class R4		1.13			1.15
Class R5		1.02			1.01
Class Y		0.97	*		—
Class Z		1.13			1.15

* Fee rate is effective beginning October 1, 2014 (the commencement of operations of Class Y shares).

28 Semiannual Report 2014

Columbia Select Smaller-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses.

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, 2014, the cost of investments for federal income tax purposes was approximately $309,064,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$182,240,000
Unrealized depreciation	(18,627,000	)
Net unrealized appreciation	$163,613,000

The following capital loss carryforwards, determined as of May 31, 2014, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
2016		17,541,329
2017		17,513,029
Total		35,054,358

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if

any, aggregated to $61,333,447 and $87,845,747, respectively, for the six months ended November 30, 2014. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as Dividends — affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At November 30, 2014, affiliated shareholders of record owned 64.2 % of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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 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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

Note 9. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 8 above, there were no

Semiannual Report 2014 29

Columbia Select Smaller-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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 quarterly (10-Q), annual (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.

30 Semiannual Report 2014

Columbia Select Smaller-Cap 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 2014 31

Columbia Select Smaller-Cap 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR218_05_E01_(01/15)

Semiannual Report November 30, 2014

Columbia Seligman Communications and Information Fund

President’s Message

Note: Effective January 1, 2015, Christopher O. Petersen will serve as the President of the Columbia Funds, replacing J. Kevin Connaughton. Mr. Petersen has served as a Fund officer since 2007.

Dear Shareholders,

People invest for different reasons, though typically based on a desire for one or more outcomes, e.g., generating an appropriate income stream in retirement, navigating a changing interest rate environment, maximizing after-tax returns, growing assets to achieve financial goals, or easing the impact of volatile markets. Achieving these desired outcomes can be particularly challenging given the unpredictability of complex global markets. To continue to effectively deliver solutions that help clients achieve desired outcomes, an asset manager must have the resources and investment framework to meaningfully embody a global perspective.

With this in mind, I thought it important to highlight excerpts from a piece written by Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation, in which he touches on some of these issues emphasizing the importance of maintaining a diversified portfolio with the flexibility to adapt to changing market conditions.

I encourage you to read the article in its entirety. To access the full article and for other insights on current market events and investment opportunities, please visit the Columbia Management blog at columbiamanagement.com/blog.

On behalf of the Funds, I want to acknowledge the contributions of J. Kevin Connaughton and to thank him for his years of trusted, dedicated service. He has worked tirelessly as an advocate for shareholders and a leader of the Columbia Funds. In taking on this new role, I look forward to continuing the work of Mr. Connaughton, helping build on the strong foundation of the Columbia Funds.

Thank you for your confidence. We look forward to continuing to serve your investment needs for many years to come.

Best regards,

Christopher O. Petersen

President, Columbia Funds

Excerpts from:

2015 Outlook: Same song, slightly different arrangement

By Jeffrey L. Knight, Global Head of Investment Solutions and Asset Allocation

Jeffrey L. Knight, CFA, is global head of investment solutions and asset allocation for Columbia Management Investment Advisers, LLC. Mr. Knight leads a team of six portfolio managers responsible for our broad suite of multi-asset strategies including capital allocation, risk allocation, absolute return and total return funds.

What’s different in 2015?

As stationary as market conditions have felt lately, circumstances are always evolving. For 2015, while the essential elements of our outlook remain in place, we highlight two important changes in the market environment:

> The relative value of global equities vs. global bonds actually improved during 2014.

> Monetary policy around the globe has become desynchronized, with the U.S. Federal Reserve (the Fed) contemplating rate hikes, while the European Central Bank (ECB) and the Bank of Japan (BOJ) intensify their monetary stimulus programs.

In our view, while equities will most likely continue to dominate, the complex interactions of today’s conditions elevate the role of dynamic risk management. We argue that investors will need a cross-asset surveillance methodology to detect tactical threats.

Semiannual Report 2014

President’s Message (continued)

Monetary policies diverge

The Fed has given strong signals that economic growth in the United States has reached self-sustaining momentum and no longer needs unconventional efforts to support the expansion. The withdrawal and suspension of large-scale asset purchases was only the first step in the evolution toward policy normalization. In 2015, we expect to see a change in forward guidance and, most likely, the first interest rate increase in years.

These actions stand in stark contrast with the direction of the monetary policies of other central banks as they double down on efforts to support growth and avoid deflation. The Bank of Japan has announced its intention to increase both qualitative and quantitative easing on an enormous scale, expanding purchases of Japanese government bonds (JGBs), exchange-traded funds and real estate investment trusts. They intend to coordinate this with government pension investment fund purchases by shifting into riskier assets through sales of JGBs.

With evidence of deterioration on both the economic and inflation front, the European Central Bank (ECB) also plans to take bolder actions. These include increased purchases of asset-backed securities and covered bonds in both the primary and secondary market, together with the long-term refinancing operations that will steer the ECB’s balance sheet higher by €1 trillion.

The latest to jump on the bandwagon was the People’s Bank of China (PBOC), which cut its benchmark interest rate for the first time in over two years to support private sector investment, as targeted liquidity injections have had minimal effect on sinking economic growth.

Investment strategy for 2015

We remain convinced that relative value favors stocks over bonds, even though stocks outperformed in 2014. Therefore, you will hear the same recommendation from us for 2015. Equities remain the most important asset class for generating returns.

Within equities, the currency-based advantage of U.S. stocks is offset somewhat by the valuation advantage from overseas equities, notably in Japan. Indeed, economic growth in Japan and Europe are essential ingredients for equities to continue to perform well. If Japanese and European stocks cannot produce gains, then the global economy will probably be stuck in a near recessionary funk.

Devising a strategy to manage risk and stabilize portfolio values in the event that equities do not perform well remains complicated. Bond yields are low enough that they are not likely to offer powerful diversification benefits. We affirm our recommendation for three additional sources of portfolio stability:

> Non-traditional diversifiers, such as liquid alternatives, alternative beta exposures and absolute return strategies

> Explicit downside hedges, such as put options (with emphasis on managing the related expense)

> Flexibility and a methodology for active risk reduction when appropriate (Our cross-asset methodologies should prove valuable in this regard.)

Our overall stance for investment strategy will likely remain in place until the valuation advantage for equities has been priced away, or until the healing process for the global economy reverses.

Please visit columbiamanagement.com/blog to read the entire article.

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.

The views expressed are as of December 2014, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not assure a profit or protect against loss.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved

Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Table of Contents

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	10
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	16
Notes to Financial Statements	25
Important Information About This Report	31

Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Seligman Communications and Information Fund (the Fund) Class A shares returned 14.13% excluding sales charges for the six-month period that ended November 30, 2014.

> The Fund outperformed its benchmark, the S&P North American Technology Sector Index, which returned 12.05% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2014)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	06/23/83
Excluding sales charges			14.13		30.51		13.66		11.15
Including sales charges			7.57		23.02		12.32		10.49
Class B	04/22/96
Excluding sales charges			14.13		30.52		13.14		10.47
Including sales charges			9.13		25.52		12.89		10.47
Class C	05/27/99
Excluding sales charges			13.71		29.56		12.82		10.32
Including sales charges			12.71		28.56		12.82		10.32
Class I*	08/03/09		14.36		31.08		14.15		11.40
Class K*	08/03/09		14.18		30.67		13.80		11.22
Class R	04/30/03		13.98		30.21		13.36		10.86
Class R4*	08/03/09		14.28		30.85		13.70		11.08
Class R5	11/30/01		14.34		31.00		14.09		11.61
Class Z*	09/27/10		14.27		30.85		13.93		11.28
S&P North American Technology Sector Index			12.05		21.71		16.43		9.61

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/investment-products/mutual-funds/appended-performance for more information.

The S&P North American Technology Sector Index is an unmanaged modified capitalization-weighted index based on a universe of technology-related stocks.

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 2014 3

Columbia Seligman Communications and Information Fund

Portfolio Overview

(Unaudited)

Portfolio Management

Paul Wick

Ajay Diwan

Shekhar Pramanick

Sanjay Devgan

Morningstar Style Box™

The Morningstar Style Box™ 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.

© 2015 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.

Top Ten Holdings (%) (at November 30, 2014)
Lam Research Corp.	9.4
Synopsys, Inc.	9.3
Teradyne, Inc.	6.1
Apple, Inc.	5.3
Broadcom Corp., Class A	4.8
Synaptics, Inc.	4.6
Skyworks Solutions, Inc.	4.3
Marvell Technology Group Ltd.	4.1
Check Point Software Technologies Ltd.	3.9
NetApp, Inc.	3.1

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 recommendationsto buy or sell any security.

Portfolio Breakdown (%) (at November 30, 2014)
Common Stocks	96.4
Consumer Discretionary	2.9
Financials	0.0	(a)
Industrials	0.4
Information Technology	93.1
Convertible Preferred Stocks	0.1
Information Technology	0.1
Money Market Funds	3.5
Total	100.0

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

(a) Rounds to zero.

4 Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

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, 2014 – November 30, 2014

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,141.30	1,018.20		7.21	6.79		1.35
Class B		1,000.00	1,000.00		1,141.30	1,018.20		7.21	6.79		1.35
Class C		1,000.00	1,000.00		1,137.10	1,014.46		11.19	10.55		2.10
Class I		1,000.00	1,000.00		1,143.60	1,020.29		4.97	4.68		0.93
Class K		1,000.00	1,000.00		1,141.80	1,018.70		6.67	6.29		1.25
Class R		1,000.00	1,000.00		1,139.80	1,016.95		8.54	8.05		1.60
Class R4		1,000.00	1,000.00		1,142.80	1,019.45		5.88	5.54		1.10
Class R5		1,000.00	1,000.00		1,143.40	1,020.09		5.18	4.89		0.97
Class Z		1,000.00	1,000.00		1,142.70	1,019.45		5.88	5.54		1.10

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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Semiannual Report 2014 5

Columbia Seligman Communications and Information Fund

Portfolio of Investments

November 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 96.5%
Issuer	Shares		Value ($)
Consumer Discretionary 2.9%
Diversified Consumer Services 0.3%
LifeLock, Inc.(a)		810,500		13,381,355
Internet & Catalog Retail 0.7%
Travelport Worldwide Ltd.		1,453,054		25,210,487
Media 1.5%
DIRECTV(a)		547,000		47,977,370
Twenty-First Century Fox, Inc., Class A		206,300		7,591,840
Total				55,569,210
Specialty Retail 0.4%
GameStop Corp., Class A		445,400		16,840,574
Total Consumer Discretionary				111,001,626
Financials —%
Diversified Financial Services —%
Hanei Corp.(b)(c)(d)		49,382		—
Total Financials				—
Industrials 0.4%
Commercial Services & Supplies 0.4%
Pitney Bowes, Inc.		668,700		16,463,394
Total Industrials				16,463,394
Information Technology 93.2%
Communications Equipment 2.7%
Aruba Networks, Inc.(a)		444,800		8,322,208
Brocade Communications Systems, Inc.		419,700		4,746,807
Cisco Systems, Inc.		1,484,900		41,042,636
F5 Networks, Inc.(a)		351,900		45,461,961
Flashpoint Technology, Inc.(b)(c)(d)		246,914		—
Nortel Networks Corp.(a)		819		3
Riverbed Technology, Inc.(a)		187,300		3,872,428
Total				103,446,043
Electronic Equipment, Instruments & Components 0.2%
CDW Corp.		269,800		9,464,584
Internet Software & Services 5.9%
Cornerstone OnDemand, Inc.(a)		317,200		10,077,444
Endurance International Group Holdings, Inc.(a)		569,908		9,471,871
Google, Inc., Class A(a)		176,100		96,692,988
Google, Inc., Class C(a)		176,700		95,741,361
HomeAway, Inc.(a)		455,200		14,275,072
Total				226,258,736

Common Stocks (continued)
Issuer	Shares		Value ($)
IT Services 4.0%
Computer Sciences Corp.		434,300		27,525,934
Fidelity National Information Services, Inc.		191,100		11,693,409
Sabre Corp.		1,587,405		29,747,970
Vantiv, Inc., Class A(a)		714,100		24,093,734
Visa, Inc., Class A		230,400		59,486,976
Total				152,548,023
Semiconductors & Semiconductor Equipment 45.2%
Advanced Energy Industries, Inc.(a)		1,392,394		28,446,610
Advanced Micro Devices, Inc.(a)		5,345,756		14,914,659
Avago Technologies Ltd.		290,331		27,116,915
Broadcom Corp., Class A		4,122,200		177,790,486
Lam Research Corp.		4,181,628		345,569,738
Lattice Semiconductor Corp.(a)(e)		7,411,677		48,546,484
Marvell Technology Group Ltd.		10,603,597		151,843,509
Mattson Technology, Inc.(a)(e)		4,297,127		11,258,473
Maxim Integrated Products, Inc.		2,154,700		63,714,479
Microsemi Corp.(a)		4,170,260		113,431,072
NXP Semiconductor NV(a)		191,283		14,883,730
Skyworks Solutions, Inc.		2,368,533		159,804,922
Spansion, Inc., Class A(a)(e)		3,645,105		85,186,104
Synaptics, Inc.(a)(e)		2,674,477		168,465,306
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		168,500		3,954,695
Teradyne, Inc.(e)		11,378,318		225,859,612
TriQuint Semiconductor, Inc.(a)		1,746,246		42,556,015
Xilinx, Inc.		945,300		42,954,432
Total				1,726,297,241
Software 24.5%
Activision Blizzard, Inc.		1,363,523		29,520,273
AVG Technologies NV(a)		472,800		9,285,792
Check Point Software Technologies Ltd.(a)		1,882,520		145,537,621
Fortinet, Inc.(a)		982,000		27,063,920
King Digital Entertainment PLC		2,961,652		45,165,193
Microsoft Corp.		1,532,500		73,268,825
Nuance Communications, Inc.(a)		2,313,314		35,000,441
PTC, Inc.(a)		507,478		19,827,166
Red Hat, Inc.(a)		426,600		26,513,190
Rovi Corp.(a)		715,100		15,932,428
Salesforce.com, Inc.(a)		591,051		35,386,223
SolarWinds, Inc.(a)		1,079,607		56,053,195
Synopsys, Inc.(a)(e)		7,929,592		344,064,997

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Verint Systems, Inc.(a)		921,655		55,474,414
VMware, Inc., Class A(a)		197,956		17,412,210
Total				935,505,888
Technology Hardware, Storage & Peripherals 10.7%
Apple, Inc.		1,642,400		195,330,632
Electronics for Imaging, Inc.(a)		988,129		43,922,334
EMC Corp.		617,400		18,738,090
Hewlett-Packard Co.		887,300		34,657,938
NetApp, Inc.		2,706,150		115,146,683
Total				407,795,677
Total Information Technology				3,561,316,192
Total Common Stocks
(Cost: $2,513,473,405)				3,688,781,212

Convertible Preferred Stocks 0.1%
Issuer	Shares		Value ($)
Information Technology 0.1%
Technology Hardware, Storage & Peripherals 0.1%
Silver Peak Systems, Inc.(a)(b)(d)		2,620,545		2,541,928
Total Information Technology				2,541,928
Total Convertible Preferred Stocks
(Cost: $10,041,773)				2,541,928
Money Market Funds 3.5%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.104%(e)(f)		132,423,306		132,423,306
Total Money Market Funds
(Cost: $132,423,306)				132,423,306
Total Investments
(Cost: $2,655,938,484)				3,823,746,446
Other Assets & Liabilities, Net				(4,489,719	)
Net Assets				3,819,256,727

Notes to Portfolio of Investments

(a) Non-income producing.

(b) Identifies securities considered by the Investment Manager to be illiquid as to their marketability. The aggregate value of such securities at November 30, 2014 was $2,541,928, which represents 0.07% of net assets. Information concerning such security holdings at November 30, 2014 is as follows:

Security Description	Acquisition Dates		Cost ($)
Flashpoint Technology, Inc.		09/10/1999		1,000,844
Hanei Corp.		09/10/1999		—
Silver Peak Systems, Inc.		01/14/2008		10,041,774

(c) Negligible market value.

(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2014, the value of these securities amounted to $2,541,928, which represents 0.07% of net assets.

(e) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)		Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		6,035,079		640,431,259		(514,043,032	)		—		132,423,306		41,881		132,423,306
Lattice Semiconductor Corp.*		19,800,637		27,190,361		—			—		46,990,998		—		48,546,484
Mattson Technology, Inc.*		4,171,931		6,217,840		—			—		10,389,771		—		11,258,473
Spansion, Inc., Class A		68,991,664		1,809,941		(26,083,810	)		1,650,996		46,368,791		—		85,186,104
Synaptics, Inc.		125,627,871		52,040,140		(63,600,581	)		17,965,262		132,032,692		—		168,465,306
Synopsys, Inc.*		179,203,785		30,930,268		(16,696,768	)		908,012		194,345,297		—		344,064,997
Teradyne, Inc.		183,634,319		16,455,257		(21,751,879	)		1,863,766		180,201,463		673,768		225,859,612
Total		587,465,286		775,075,066		(642,176,070	)		22,388,036		742,752,318		715,649		1,015,804,282

* Issuer was not an affiliate for the entire period ended November 30, 2014.

(f) The rate shown is the seven-day current annualized yield at November 30, 2014.

Abbreviation Legend

ADR American Depositary Receipt

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 7

Columbia Seligman Communications and Information Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

> Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Portfolio of Investments (continued)

November 30, 2014 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 2014:

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		111,001,626		—		—			111,001,626
Financials		—		—		0	(a)		0	(a)
Industrials		16,463,394		—		—			16,463,394
Information Technology		3,561,316,192		—		0	(a)		3,561,316,192
Convertible Preferred Stocks
Information Technology		—		—		2,541,928			2,541,928
Total Equity Securities		3,688,781,212		—		2,541,928			3,691,323,140
Mutual Funds
Money Market Funds		132,423,306		—		—			132,423,306
Total Mutual Funds		132,423,306		—		—			132,423,306
Total		3,821,204,518		—		2,541,928			3,823,746,446

(a) Rounds to zero.

See the Portfolio of Investments for all investment classifications not indicated in the table.

There were no transfers of financial assets between levels during the period.

The Fund does not hold any significant investments with unobservable inputs which are categorized as Level 3.

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain convertible preferred stocks 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 company’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 company’s capital balance.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 9

Columbia Seligman Communications and Information Fund

Statement of Assets and Liabilities

November 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,913,186,166)	$2,807,942,164
Affiliated issuers (identified cost $742,752,318)	1,015,804,282
Total investments (identified cost $2,655,938,484)	3,823,746,446
Receivable for:
Investments sold	45,210,027
Capital shares sold	1,478,031
Dividends	2,247,444
Prepaid expenses	11,363
Other assets	5,932
Total assets	3,872,699,243
Liabilities
Payable for:
Investments purchased	45,093,546
Capital shares purchased	5,698,893
Investment management fees	178,006
Distribution and/or service fees	79,002
Transfer agent fees	986,519
Administration fees	10,446
Plan administration fees	7
Compensation of board members	125,717
Other expenses	1,270,380
Total liabilities	53,442,516
Net assets applicable to outstanding capital stock	$3,819,256,727
Represented by
Paid-in capital	$2,178,607,984
Excess of distributions over net investment income	(11,775,943	)
Accumulated net realized gain	484,616,724
Unrealized appreciation (depreciation) on:
Investments �� unaffiliated issuers	894,755,998
Investments — affiliated issuers	273,051,964
Total — representing net assets applicable to outstanding capital stock	$3,819,256,727

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Statement of Assets and Liabilities (continued)

November 30, 2014 (Unaudited)

Class A
Net assets	$2,685,158,517
Shares outstanding	43,351,956
Net asset value per share	$61.94
Maximum offering price per share(a)	$65.72
Class B
Net assets	$25,099,939
Shares outstanding	510,278
Net asset value per share	$49.19
Class C
Net assets	$736,441,877
Shares outstanding	15,176,365
Net asset value per share	$48.53
Class I
Net assets	$3,578
Shares outstanding	54
Net asset value per share(b)	$66.10
Class K
Net assets	$38,116
Shares outstanding	587
Net asset value per share(b)	$64.97
Class R
Net assets	$49,864,199
Shares outstanding	833,426
Net asset value per share	$59.83
Class R4
Net assets	$14,082,235
Shares outstanding	231,519
Net asset value per share	$60.83
Class R5
Net assets	$26,285,440
Shares outstanding	398,748
Net asset value per share	$65.92
Class Z
Net assets	$282,282,826
Shares outstanding	4,298,330
Net asset value per share	$65.67

(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 2014 11

Columbia Seligman Communications and Information Fund

Statement of Operations

Six Months Ended November 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$13,386,028
Dividends — affiliated issuers	715,649
Foreign taxes withheld	(9,056	)
Total income	14,092,621
Expenses:
Investment management fees	15,326,498
Distribution and/or service fees
Class A	3,203,852
Class B	33,307
Class C	3,491,560
Class R	114,445
Transfer agent fees
Class A	2,248,607
Class B	23,338
Class C	612,792
Class K	20
Class R	40,194
Class R4	11,773
Class R5	6,326
Class Z	206,382
Administration fees	908,331
Plan administration fees
Class K	102
Compensation of board members	32,021
Custodian fees	18,156
Printing and postage fees	151,268
Registration fees	61,368
Professional fees	31,926
Other	105,983
Total expenses	26,628,249
Expense reductions	(18,664	)
Total net expenses	26,609,585
Net investment loss	(12,516,964	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	256,667,684
Investments — affiliated issuers	22,388,036
Foreign currency translations	27,058
Net realized gain	279,082,778
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	175,588,046
Investments — affiliated issuers	34,744,480
Foreign currency translations	(180	)
Net change in unrealized appreciation	210,332,346
Net realized and unrealized gain	489,415,124
Net increase in net assets resulting from operations	$476,898,160

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014
Operations
Net investment loss		$(12,516,964	)		$(22,694,055	)
Net realized gain		279,082,778			383,972,944
Net change in unrealized appreciation		210,332,346			312,445,077
Net increase in net assets resulting from operations		476,898,160			673,723,966
Distributions to shareholders
Net realized gains
Class A		—			(37,998,585	)
Class B		—			(614,441	)
Class C		—			(12,800,540	)
Class I		—			(114	)
Class K		—			(14,308	)
Class R		—			(704,130	)
Class R4		—			(35,744	)
Class R5		—			(394,680	)
Class Z		—			(2,686,982	)
Total distributions to shareholders		—			(55,249,524	)
Decrease in net assets from capital stock activity		(114,059,023	)		(484,846,719	)
Total increase in net assets		362,839,137			133,627,723
Net assets at beginning of period		3,456,417,590			3,322,789,867
Net assets at end of period		$3,819,256,727			$3,456,417,590
Undistributed (excess of distributions over) net investment income		$(11,775,943	)		$741,021

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 13

Columbia Seligman Communications and Information Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		1,288,406			74,578,285			2,424,033			118,883,324
Distributions reinvested		—			—			707,327			34,036,587
Redemptions		(3,742,244	)		(216,292,147	)		(10,882,777	)		(530,318,027	)
Net decrease		(2,453,838	)		(141,713,862	)		(7,751,417	)		(377,398,116	)
Class B shares
Subscriptions		913			42,912			6,463			251,562
Distributions reinvested		—			—			12,602			481,664
Redemptions(a)		(140,055	)		(6,395,686	)		(397,660	)		(15,394,320	)
Net decrease		(139,142	)		(6,352,774	)		(378,595	)		(14,661,094	)
Class C shares
Subscriptions		266,664			12,133,632			483,260			18,542,231
Distributions reinvested		—			—			274,971			10,440,632
Redemptions		(822,881	)		(37,321,514	)		(2,696,582	)		(103,851,503	)
Net decrease		(556,217	)		(25,187,882	)		(1,938,351	)		(74,868,640	)
Class I shares
Redemptions		—			—			(91	)		(5,200	)
Net increase (decrease)		—			—			(91	)		(5,200	)
Class K shares
Subscriptions		1,048			62,541			1,231			61,723
Distributions reinvested		—			—			281			14,195
Redemptions		(2,334	)		(139,473	)		(20,211	)		(1,083,337	)
Net decrease		(1,286	)		(76,932	)		(18,699	)		(1,007,419	)
Class R shares
Subscriptions		160,559			8,993,211			237,629			11,197,953
Distributions reinvested		—			—			12,620			588,086
Redemptions		(141,384	)		(7,925,843	)		(374,515	)		(17,833,718	)
Net increase (decrease)		19,175			1,067,368			(124,266	)		(6,047,679	)
Class R4 shares
Subscriptions		33,791			1,927,569			322,083			16,077,303
Distributions reinvested		—			—			756			35,625
Redemptions		(70,044	)		(3,883,377	)		(68,400	)		(3,257,450	)
Net increase (decrease)		(36,253	)		(1,955,808	)		254,439			12,855,478
Class R5 shares
Subscriptions		133,128			8,242,597			327,239			16,536,623
Distributions reinvested		—			—			5,849			298,547
Redemptions		(162,462	)		(10,182,136	)		(269,702	)		(14,175,770	)
Net increase (decrease)		(29,334	)		(1,939,539	)		63,386			2,659,400

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2014 (Unaudited)						Year Ended May 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		1,298,373			79,807,449			797,641			41,097,680
Distributions reinvested		—			—			34,265			1,744,426
Redemptions		(290,424	)		(17,707,043	)		(1,348,259	)		(69,215,555	)
Net increase (decrease)		1,007,949			62,100,406			(516,353	)		(26,373,449	)
Total net decrease		(2,188,946	)		(114,059,023	)		(10,409,947	)		(484,846,719	)

(a) Includes conversions of Class B shares to Class A shares, if any.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 15

Columbia Seligman Communications and Information Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class  A	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$54.27		$45.03		$42.89		$40.80		$44.71		$38.78		$24.25
Income from investment operations:
Net investment loss	(0.16	)	(0.27	)	(0.29	)	(0.14	)	(0.29	)	(0.29	)	(0.37	)
Net realized and unrealized gain (loss)	7.83		10.29		5.15		2.17		(1.88	)	6.20		14.81
Increase from payment by affiliate	—		—		—		—		0.01		0.01		—
Total from investment operations	7.67		10.02		4.86		2.03		(2.16	)	5.92		14.44
Less distributions to shareholders:
Net realized gains	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Total distributions to shareholders	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Proceeds from regulatory settlements	—		—		—		0.06		—		0.01		0.09
Net asset value, end of period	$61.94		$54.27		$45.03		$42.89		$40.80		$44.71		$38.78
Total return	14.13	%	22.48	%	11.87	%	5.12	%(b)	(4.86	%)(c)	15.29	%(d)(e)	59.92	%(f)
Ratios to average net assets(g)
Total gross expenses	1.35	%(h)	1.41	%(i)	1.37	%(i)	1.34	%(h)	1.35	%(i)	1.36	%	1.61	%
Total net expenses(j)	1.35	%(h)(k)	1.41	%(i)(k)	1.37	%(i)(k)	1.34	%(h)	1.35	%(i)(k)	1.36	%	1.61	%
Net investment loss	(0.57	%)(h)	(0.55	%)	(0.66	%)	(0.72	%)(h)	(0.65	%)	(0.72	%)	(1.18	%)
Supplemental data
Net assets, end of period (in thousands)	$2,685,159		$2,486,060		$2,411,838		$2,573,957		$2,536,229		$3,066,071		$2,788,834
Portfolio turnover	31	%	48	%	61	%	38	%	66	%	105	%	150	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(c) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(f) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.36%.

(g) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(h) Annualized.

(i) Ratios include line of credit interest expense which is less than 0.01%.

(j) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(k) 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.

16 Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class B	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$43.10		$35.91		$34.89		$33.29		$37.09		$32.42		$20.43
Income from investment operations:
Net investment loss	(0.13	)	(0.21	)	(0.39	)	(0.23	)	(0.52	)	(0.49	)	(0.51	)
Net realized and unrealized gain (loss)	6.22		8.18		4.13		1.78		(1.53	)	5.14		12.42
Increase from payment by affiliate	—		—		—		—		0.00	(b)	0.01		—
Total from investment operations	6.09		7.97		3.74		1.55		(2.05	)	4.66		11.91
Less distributions to shareholders:
Net realized gains	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Total distributions to shareholders	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Proceeds from regulatory settlements	—		—		—		0.05		—		0.01		0.08
Net asset value, end of period	$49.19		$43.10		$35.91		$34.89		$33.29		$37.09		$32.42
Total return	14.13	%	22.48	%	11.39	%	4.81	%(c)	(5.57	%)(d)	14.40	%(e)(f)	58.69	%(g)
Ratios to average net assets(h)
Total gross expenses	1.35	%(i)	1.41	%(j)(k)	1.83	%(j)(k)	2.10	%(i)	2.10	%(j)	2.11	%	2.39	%
Total net expenses(l)	1.35	%(i)(m)	1.41	%(j)(m)	1.83	%(j)(m)	2.10	%(i)	2.10	%(j)(m)	2.11	%	2.39	%
Net investment loss	(0.57	%)(i)	(0.54	%)	(1.13	%)	(1.47	%)(i)	(1.40	%)	(1.48	%)	(1.97	%)
Supplemental data
Net assets, end of period (in thousands)	$25,100		$27,991		$36,917		$49,373		$54,282		$85,897		$106,646
Portfolio turnover	31	%	48	%	61	%	38	%	66	%	105	%	150	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(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 0.12%.

(d) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(f) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(g) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.36%.

(h) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(i) Annualized.

(j) Ratios include line of credit interest expense which is less than 0.01%.

(k) Gross expense ratio has been revised to conform to current year presentation.

(l) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(m) 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 2014 17

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class C	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$42.68		$35.83		$34.91		$33.32		$37.12		$32.44		$20.44
Income from investment operations:
Net investment loss	(0.30	)	(0.50	)	(0.49	)	(0.23	)	(0.51	)	(0.49	)	(0.51	)
Net realized and unrealized gain (loss)	6.15		8.13		4.13		1.77		(1.54	)	5.15		12.43
Increase from payment by affiliate	—		—		—		—		0.00	(b)	0.01		—
Total from investment operations	5.85		7.63		3.64		1.54		(2.05	)	4.67		11.92
Less distributions to shareholders:
Net realized gains	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Total distributions to shareholders	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Proceeds from regulatory settlements	—		—		—		0.05		—		0.01		0.08
Net asset value, end of period	$48.53		$42.68		$35.83		$34.91		$33.32		$37.12		$32.44
Total return	13.71	%	21.57	%	11.06	%	4.77	%(c)	(5.56	%)(d)	14.43	%(e)(f)	58.71	%(g)
Ratios to average net assets(h)
Total gross expenses	2.10	%(i)	2.16	%(j)	2.12	%(j)	2.09	%(i)	2.10	%(j)	2.11	%	2.36	%
Total net expenses(k)	2.10	%(i)(l)	2.16	%(j)(l)	2.12	%(j)(l)	2.09	%(i)	2.10	%(j)(l)	2.11	%	2.36	%
Net investment loss	(1.32	%)(i)	(1.30	%)	(1.41	%)	(1.47	%)(i)	(1.40	%)	(1.48	%)	(1.94	%)
Supplemental data
Net assets, end of period (in thousands)	$736,442		$671,468		$633,180		$668,588		$670,843		$767,800		$694,889
Portfolio turnover	31	%	48	%	61	%	38	%	66	%	105	%	150	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(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 0.12%.

(d) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(f) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(g) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.36%.

(h) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(i) Annualized.

(j) Ratios include line of credit interest expense which is less than 0.01%.

(k) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(l) 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.

18 Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class I	(Unaudited)		2014		2013		2012(a)		2011		2010		2009(b)
Per share data
Net asset value, beginning of period	$57.80		$47.70		$45.08		$42.82		$46.62		$40.29		$34.44
Income from investment operations:
Net investment loss	(0.04	)	(0.06	)	(0.11	)	(0.06	)	(0.20	)	(0.13	)	(0.08	)
Net realized and unrealized gain (loss)	8.34		10.94		5.45		2.26		(1.86	)	6.44		5.93
Increase from payment by affiliate	—		—		—		—		0.01		0.01		—
Total from investment operations	8.30		10.88		5.34		2.20		(2.05	)	6.32		5.85
Less distributions to shareholders:
Net realized gains	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Total distributions to shareholders	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Proceeds from regulatory settlements	—		—		—		0.06		—		0.01		—
Net asset value, end of period	$66.10		$57.80		$47.70		$45.08		$42.82		$46.62		$40.29
Total return	14.36	%	23.03	%	12.37	%	5.28	%(c)	(4.43	%)(d)	15.71	%(e)(f)	16.99	%
Ratios to average net assets(g)
Total gross expenses	0.93	%(h)	0.97	%(i)	0.94	%(i)	0.92	%(h)	0.90	%(i)	0.96	%	1.00	%(h)
Total net expenses(j)	0.93	%(h)	0.97	%(i)	0.94	%(i)	0.92	%(h)	0.90	%(i)	0.96	%	1.00	%(h)
Net investment loss	(0.15	%)(h)	(0.11	%)	(0.23	%)	(0.30	%)(h)	(0.41	%)	(0.31	%)	(0.50	%)(h)
Supplemental data
Net assets, end of period (in thousands)	$4		$3		$7		$7		$6		$55,590		$39,507
Portfolio turnover	31	%	48	%	61	%	38	%	66	%	105	%	150	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Based on operations from August 3, 2009 (commencement of operations) through the stated period end.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(d) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(f) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(g) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(h) Annualized.

(i) Ratios include line of credit interest expense which is less than 0.01%.

(j) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 19

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class K	(Unaudited)		2014		2013		2012(a)		2011		2010		2009(b)
Per share data
Net asset value, beginning of period	$56.90		$47.12		$44.69		$42.50		$46.42		$40.24		$34.44
Income from investment operations:
Net investment loss	(0.17	)	(0.22	)	(0.24	)	(0.12	)	(0.25	)	(0.24	)	(0.12	)
Net realized and unrealized gain (loss)	8.24		10.78		5.39		2.25		(1.93	)	6.40		5.92
Increase from payment by affiliate	—		—		—		—		0.01		0.01		—
Total from investment operations	8.07		10.56		5.15		2.13		(2.17	)	6.17		5.80
Less distributions to shareholders:
Net realized gains	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Total distributions to shareholders	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Proceeds from regulatory settlements	—		—		—		0.06		—		0.01		—
Net asset value, end of period	$64.97		$56.90		$47.12		$44.69		$42.50		$46.42		$40.24
Total return	14.18	%	22.63	%	12.04	%	5.15	%(c)	(4.71	%)(d)	15.36	%(e)(f)	16.84	%
Ratios to average net assets(g)
Total gross expenses	1.25	%(h)	1.27	%(i)	1.24	%(i)	1.23	%(h)	1.23	%(i)	1.26	%	1.28	%(h)
Total net expenses(j)	1.25	%(h)	1.27	%(i)	1.24	%(i)	1.23	%(h)	1.23	%(i)	1.26	%	1.28	%(h)
Net investment loss	(0.56	%)(h)	(0.44	%)	(0.53	%)	(0.60	%)(h)	(0.54	%)	(0.58	%)	(0.76	%)(h)
Supplemental data
Net assets, end of period (in thousands)	$38		$107		$969		$1,172		$1,061		$507		$8
Portfolio turnover	31	%	48	%	61	%	38	%	66	%	105	%	150	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Based on operations from August 3, 2009 (commencement of operations) through the stated period end.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(d) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(f) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(g) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(h) Annualized.

(i) Ratios include line of credit interest expense which is less than 0.01%.

(j) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class R	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$52.49		$43.69		$41.78		$39.79		$43.75		$38.09		$23.89
Income from investment operations:
Net investment loss	(0.23	)	(0.38	)	(0.39	)	(0.18	)	(0.39	)	(0.41	)	(0.46	)
Net realized and unrealized gain (loss)	7.57		9.96		5.02		2.12		(1.83	)	6.05		14.57
Increase from payment by affiliate	—		—		—		—		0.01		0.01		—
Total from investment operations	7.34		9.58		4.63		1.94		(2.21	)	5.65		14.11
Less distributions to shareholders:
Net realized gains	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Total distributions to shareholders	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Proceeds from regulatory settlements	—		—		—		0.05		—		0.01		0.09
Net asset value, end of period	$59.83		$52.49		$43.69		$41.78		$39.79		$43.75		$38.09
Total return	13.98	%	22.16	%	11.63	%	5.00	%(b)	(5.08	%)(c)	14.86	%(d)(e)	59.44	%(f)
Ratios to average net assets(g)
Total gross expenses	1.60	%(h)	1.66	%(i)	1.62	%(i)	1.59	%(h)	1.60	%(i)	1.70	%	1.93	%
Total net expenses(j)	1.60	%(h)(k)	1.66	%(i)(k)	1.62	%(i)(k)	1.59	%(h)	1.60	%(i)(k)	1.70	%	1.93	%
Net investment loss	(0.81	%)(h)	(0.80	%)	(0.92	%)	(0.98	%)(h)	(0.90	%)	(1.06	%)	(1.50	%)
Supplemental data
Net assets, end of period (in thousands)	$49,864		$42,742		$41,000		$41,829		$43,815		$47,554		$37,012
Portfolio turnover	31	%	48	%	61	%	38	%	66	%	105	%	150	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(c) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(f) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.36%.

(g) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(h) Annualized.

(i) Ratios include line of credit interest expense which is less than 0.01%.

(j) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(k) 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 2014 21

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class R4	(Unaudited)		2014		2013		2012(a)		2011		2010		2009(b)
Per share data
Net asset value, beginning of period	$53.23		$44.08		$42.00		$39.98		$43.89		$38.13		$32.67
Income from investment operations:
Net investment loss	(0.10	)	(0.17	)	(0.30	)	(0.16	)	(0.38	)	(0.35	)	(0.16	)
Net realized and unrealized gain (loss)	7.70		10.10		5.10		2.13		(1.79	)	6.09		5.62
Increase from payment by affiliate	—		—		—		—		0.01		0.01		—
Total from investment operations	7.60		9.93		4.80		1.97		(2.16	)	5.75		5.46
Less distributions to shareholders:
Net realized gains	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Total distributions to shareholders	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Increase from payment by affiliate	—		—		—		0.05		—		0.01		—
Net asset value, end of period	$60.83		$53.23		$44.08		$42.00		$39.98		$43.89		$38.13
Total return	14.28	%	22.76	%	11.99	%	5.05	%(c)	(4.95	%)(d)	15.11	%(e)(f)	16.71	%
Ratios to average net assets(g)
Total gross expenses	1.10	%(h)	1.16	%(i)	1.22	%(i)	1.48	%(h)	1.47	%(i)	1.51	%	1.54	%(h)
Total net expenses(j)	1.10	%(h)(k)	1.16	%(i)(k)	1.22	%(i)	1.48	%(h)	1.47	%(i)	1.51	%	1.54	%(h)
Net investment loss	(0.34	%)(h)	(0.35	%)	(0.71	%)	(0.85	%)(h)	(0.85	%)	(0.90	%)	(1.08	%)(h)
Supplemental data
Net assets, end of period (in thousands)	$14,082		$14,254		$588		$26		$23		$96		$16
Portfolio turnover	31	%	48	%	61	%	38	%	66	%	105	%	150	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Based on operations from August 3, 2009 (commencement of operations) through the stated period end.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(d) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(f) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(g) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(h) Annualized.

(i) Ratios include line of credit interest expense which is less than 0.01%.

(j) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(k) 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.

22 Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class R5	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$57.65		$47.61		$45.03		$42.77		$46.60		$40.28		$25.08
Income from investment operations:
Net investment loss	(0.06	)	(0.10	)	(0.13	)	(0.07	)	(0.12	)	(0.15	)	(0.27	)
Net realized and unrealized gain (loss)	8.33		10.92		5.43		2.27		(1.97	)	6.45		15.38
Increase from payment by affiliate	—		—		—		—		0.01		0.01		—
Total from investment operations	8.27		10.82		5.30		2.20		(2.08	)	6.31		15.11
Less distributions to shareholders:
Net realized gains	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Total distributions to shareholders	—		(0.78	)	(2.72	)	—		(1.75	)	—		—
Proceeds from regulatory settlements	—		—		—		0.06		—		0.01		0.09
Net asset value, end of period	$65.92		$57.65		$47.61		$45.03		$42.77		$46.60		$40.28
Total return	14.34	%	22.94	%	12.29	%	5.28	%(b)	(4.49	%)(c)	15.69	%(d)(e)	60.60	%(f)
Ratios to average net assets(g)
Total gross expenses	0.97	%(h)	1.03	%(i)	0.99	%(i)	0.98	%(h)	0.97	%(i)	1.00	%	1.27	%
Total net expenses(j)	0.97	%(h)	1.03	%(i)	0.99	%(i)	0.98	%(h)	0.97	%(i)	1.00	%	1.27	%
Net investment loss	(0.19	%)(h)	(0.19	%)	(0.28	%)	(0.35	%)(h)	(0.27	%)	(0.37	%)	(0.87	%)
Supplemental data
Net assets, end of period (in thousands)	$26,285		$24,681		$17,365		$18,085		$16,922		$18,414		$14,853
Portfolio turnover	31	%	48	%	61	%	38	%	66	%	105	%	150	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(c) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(f) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.36%.

(g) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(h) Annualized.

(i) Ratios include line of credit interest expense which is less than 0.01%.

(j) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2014 23

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2014		Year Ended May 31,						Year Ended December 31,
Class Z	(Unaudited)		2014		2013		2012(a)		2011		2010(b)
Per share data
Net asset value, beginning of period	$57.47		$47.53		$45.01		$42.77		$46.62		$41.62
Income from investment operations:
Net investment loss	(0.09	)	(0.15	)	(0.19	)	(0.09	)	(0.15	)	(0.06	)
Net realized and unrealized gain (loss)	8.29		10.87		5.43		2.27		(1.96	)	5.05
Increase from payment by affiliate	—		—		—		—		0.01		0.01
Total from investment operations	8.20		10.72		5.24		2.18		(2.10	)	5.00
Less distributions to shareholders:
Net realized gains	—		(0.78	)	(2.72	)	—		(1.75	)	—
Total distributions to shareholders	—		(0.78	)	(2.72	)	—		(1.75	)	—
Proceeds from regulatory settlements	—		—		—		0.06		—		—
Net asset value, end of period	$65.67		$57.47		$47.53		$45.01		$42.77		$46.62
Total return	14.27	%	22.77	%	12.16	%	5.24	%(c)	(4.53	%)(d)	12.01	%(e)
Ratios to average net assets(f)
Total gross expenses	1.10	%(g)	1.16	%(h)	1.12	%(h)	1.09	%(g)	1.09	%(h)	1.13	%(g)
Total net expenses(i)	1.10	%(g)(j)	1.16	%(h)(j)	1.12	%(h)(j)	1.09	%(g)	1.09	%(h)(j)	1.13	%(g)
Net investment loss	(0.31	%)(g)	(0.30	%)	(0.41	%)	(0.45	%)(g)	(0.33	%)	(0.50	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$282,283		$189,112		$180,926		$235,749		$148,571		$679
Portfolio turnover	31	%	48	%	61	%	38	%	66	%	105	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(d) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(e) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(f) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(g) Annualized.

(h) Ratios include line of credit interest expense which is less than 0.01%.

(i) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(j) 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.

24 Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Notes to Financial Statements

November 30, 2014 (Unaudited)

Note 1. Organization

Columbia Seligman Communications and Information 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 K, Class R, Class R4, Class R5 and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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 K shares are not subject to sales charges, however this share class is closed to new investors.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other investors as described in the Fund’s prospectus.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP) which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Foreign equity securities are valued based on quotations from the principal market in which such securities are traded. If any foreign security 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. Many securities

Semiannual Report 2014 25

Columbia Seligman Communications and Information Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees (the Board), including, if available, utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies, including money market funds, are valued at their 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 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 quoted or published price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the NYSE. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

26 Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid 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

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, 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 0.855% to 0.725% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2014 was 0.850% 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 0.06% to 0.03% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2014 was 0.05% 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, 2014, other expenses paid by the Fund to this company were $3,101.

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.

Effective November 1, 2014, the Transfer Agent receives a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. Prior to November 1, 2014, the Transfer Agent received a monthly account-based service fee based on the number of open accounts. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which receive a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer

Semiannual Report 2014 27

Columbia Seligman Communications and Information Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

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.

For the six months ended November 30, 2014, 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	0.18	%
Class B	0.18
Class C	0.18
Class K	0.05
Class R	0.18
Class R4	0.18
Class R5	0.05
Class Z	0.18

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). SDC was the legacy Seligman funds’ former transfer agent.

The lease and the Guaranty expire in January 2019. At November 30, 2014, the Fund’s total potential future obligation over the life of the Guaranty is $2,002,689. The liability remaining at November 30, 2014 for non-recurring charges associated with the lease amounted to $1,136,262 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’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2014, these minimum account balance fees reduced total expenses of the Fund by $18,664.

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 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.

Based on the most recent information available as of September 30, 2014, there were no unreimbursed distribution expenses for Class B shares and approximately $18,457,000 for Class C shares. To the extent distribution expenses incurred by the Distributor have been fully recovered, the distribution fee is not charged to the share class. The Fund did not pay any distribution fees for Class B shares during the period.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $457,504 for Class A, $6,386 for Class B, $4,244 for Class C shares for the six months ended November 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund’s expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective October 1, 2014			Contractual Expense Cap Prior to October 1, 2014
Class A		1.45	%		1.45	%
Class B		2.20			2.20
Class C		2.20			2.20
Class I		1.07			1.07
Class K		1.37			1.37
Class R		1.70			1.70
Class R4		1.20			1.20
Class R5		1.12			1.12
Class Z		1.20			1.20

28 Semiannual Report 2014

Columbia Seligman Communications and Information Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses.

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, 2014, the cost of investments for federal income tax purposes was approximately $2,655,938,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$1,190,304,000
Unrealized depreciation	(22,496,000	)
Net unrealized appreciation	$1,167,808,000

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations and certain derivatives, if any, aggregated to $1,116,794,624 and $1,359,499,049, respectively, for the six months ended November 30, 2014. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by

the Fund from such investments is included as Dividends — affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At November 30, 2014, one unaffiliated shareholder of record owned 12.0% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. 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 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 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

Effective December 9, 2014, the Fund extended its revolving credit facility with JPMorgan. The credit facility agreement, as amended, permits collective borrowings up to $550 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended November 30, 2014.

Note 9. Significant Risks

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.

Technology and Technology-related Investment Risk

Sector risk occurs when a fund invests a significant portion of its assets in securities of companies conducting business in a

Semiannual Report 2014 29

Columbia Seligman Communications and Information Fund

Notes to Financial Statements (continued)

November 30, 2014 (Unaudited)

related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, making a fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The Fund may be more susceptible to the particular risks that may affect companies in the technology and technology-related sectors than if it were invested in a wider variety of companies in unrelated sectors.

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 8 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 11. 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 quarterly (10-Q), annual (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.

30 Semiannual Report 2014

Columbia Seligman Communications and Information 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 2014 31

Columbia Seligman Communications and Information 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.

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR219_05_E01_(01/15)

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a)The registrant’s “Schedule I — Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a

date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b)There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)		Columbia Funds Series Trust II
By (Signature and Title)			/s/ Christopher O. Petersen
			Christopher O. Petersen, President and Principal Executive Officer
Date	January 21, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)		/s/ Christopher O. Petersen
		Christopher O. Petersen, President and Principal Executive Officer
Date	January 21, 2015
By (Signature and Title)		/s/ Michael G. Clarke
		Michael G. Clarke, Treasurer and Chief Financial Officer
Date	January 21, 2015