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:	July 31
Date of reporting period:		January 31, 2015

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

January 31, 2015

COLUMBIA LARGE GROWTH QUANTITATIVE FUND

President's Message

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals^*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the "About Us" tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

>  Fund and strategy names

>  Established investment teams, philosophies and processes

>  Account services, features, servicing phone numbers and mailing addresses

>  Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children's education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen
President, Columbia Funds

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

^* Source: Ameriprise as of December 1, 2014

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 2015

Columbia Large Growth Quantitative Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund's Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	10
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	16
Notes to Financial Statements	25
Important Information About This Report	33

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

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

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

Semiannual Report 2015

Columbia Large Growth Quantitative Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia Large Growth Quantitative Fund (the Fund) Class A shares returned 7.86% excluding sales charges for the six-month period that ended January 31, 2015.

>  The Fund outperformed its benchmark, the Russell 1000 Growth Index, which returned 6.34% during the same time period.

Average Annual Total Returns (%) (for period ended January 31, 2015)

	Inception	6 Months Cumulative		1 Year		5 Years		Life
Class A	05/17/07
Excluding sales charges			7.86		19.20		16.76		6.93
Including sales charges			1.67		12.33		15.38		6.11
Class B	05/17/07
Excluding sales charges			7.46		18.35		15.89		6.13
Including sales charges			2.66		13.35		15.67		6.13
Class C	05/17/07
Excluding sales charges			7.39		18.19		15.86		6.12
Including sales charges			6.43		17.19		15.86		6.12
Class I	05/17/07		8.08		19.68		17.29		7.42
Class K	05/17/07		8.04		19.52		16.99		7.15
Class R	05/17/07		7.82		18.85		16.45		6.68
Class R5*	11/08/12		8.02		19.74		17.00		7.07
Class W*	08/01/08		7.92		19.21		16.74		6.93
Class Z*	09/27/10		8.04		19.47		16.95		7.04
Russell 1000 Growth Index			6.34		14.59		16.49		7.92

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

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

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

The Russell 1000 Growth Index, an unmanaged index, measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher 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 2015
2

Columbia Large Growth Quantitative Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at January 31, 2015)
Apple, Inc.	8.3
Microsoft Corp.	3.5
Home Depot, Inc. (The)	3.2
Altria Group, Inc.	2.7
Comcast Corp., Class A	2.6
3M Co.	2.5
MasterCard, Inc., Class A	2.4
Southwest Airlines Co.	2.2
Kroger Co. (The)	2.2
Oracle Corp.	2.2

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 January 31, 2015)
Common Stocks	98.9
Consumer Discretionary	17.7
Consumer Staples	10.3
Energy	4.8
Financials	5.7
Health Care	15.1
Industrials	11.8
Information Technology	27.6
Materials	4.1
Telecommunication Services	1.8
Money Market Funds	1.1
Total	100.0

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

Portfolio Management

Brian Condon, CFA

Peter Albanese

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 2015
3

Columbia Large Growth Quantitative 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.

August 1, 2014 – January 31, 2015

	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		1,078.60		1,018.85		6.46		6.28		1.24
Class B		1,000.00		1,000.00		1,074.60		1,015.09		10.35		10.05		1.99
Class C		1,000.00		1,000.00		1,073.90		1,015.09		10.35		10.05		1.99
Class I		1,000.00		1,000.00		1,080.80		1,021.16		4.07		3.95		0.78
Class K		1,000.00		1,000.00		1,080.40		1,019.80		5.48		5.32		1.05
Class R		1,000.00		1,000.00		1,078.20		1,017.65		7.71		7.49		1.48
Class R5		1,000.00		1,000.00		1,080.20		1,020.86		4.38		4.26		0.84
Class W		1,000.00		1,000.00		1,079.20		1,018.85		6.46		6.28		1.24
Class Z		1,000.00		1,000.00		1,080.40		1,020.05		5.22		5.06		1.00

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 2015
4

Columbia Large Growth Quantitative Fund

Portfolio of Investments

January 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 98.8%

Issuer	Shares		Value ($)
Consumer Discretionary 17.7%
Auto Components 1.4%
Gentex Corp.		561,500		9,371,435
Hotels, Restaurants & Leisure 2.4%
Hilton Worldwide Holdings, Inc.(a)		308,000		7,998,760
Wyndham Worldwide Corp.		90,100		7,549,479
Total				15,548,239
Internet & Catalog Retail 1.6%
Expedia, Inc.		5,700		489,801
Liberty Ventures, Inc., Class A(a)		275,300		10,282,455
Total				10,772,256
Media 4.5%
Comcast Corp., Class A		321,500		17,086,117
DIRECTV(a)		34,200		2,916,576
Walt Disney Co. (The)		109,800		9,987,408
Total				29,990,101
Multiline Retail 1.2%
Big Lots, Inc.		165,900		7,616,469
Specialty Retail 5.8%
Foot Locker, Inc.		181,600		9,664,752
Home Depot, Inc. (The)		198,400		20,716,928
Lowe's Companies, Inc.		115,200		7,805,952
Total				38,187,632
Textiles, Apparel & Luxury Goods 0.8%
VF Corp.		80,400		5,577,348
Total Consumer Discretionary				117,063,480
Consumer Staples 10.3%
Beverages 0.7%
Dr. Pepper Snapple Group, Inc.		41,300		3,191,251
PepsiCo, Inc.		13,900		1,303,542
Total				4,494,793
Food & Staples Retailing 2.2%
Kroger Co. (The)		209,043		14,434,419
Food Products 2.3%
Archer-Daniels-Midland Co.		220,000		10,258,600
Pilgrim's Pride Corp.		172,700		4,688,805
Total				14,947,405
Household Products 0.8%
Kimberly-Clark Corp.		50,700		5,473,572

Common Stocks (continued)

Issuer	Shares		Value ($)
Tobacco 4.3%
Altria Group, Inc.		327,224		17,375,595
Philip Morris International, Inc.		140,200		11,249,648
Total				28,625,243
Total Consumer Staples				67,975,432
Energy 4.8%
Energy Equipment & Services 1.2%
National Oilwell Varco, Inc.		135,300		7,364,379
Superior Energy Services, Inc.		27,600		552,000
Total				7,916,379
Oil, Gas & Consumable Fuels 3.6%
EOG Resources, Inc.		117,700		10,478,831
SM Energy Co.		40,900		1,546,838
Valero Energy Corp.		219,300		11,596,584
Total				23,622,253
Total Energy				31,538,632
Financials 5.7%
Capital Markets 0.1%
Invesco Ltd.		16,600		609,718
Consumer Finance 0.5%
Synchrony Financial(a)		105,700		3,261,902
Diversified Financial Services 1.6%
Moody's Corp.		115,000		10,502,950
Insurance 0.9%
Aon PLC		66,600		5,997,330
Real Estate Investment Trusts (REITs) 2.6%
Equity LifeStyle Properties, Inc.		116,900		6,397,937
Simon Property Group, Inc.		55,000		10,926,300
Total				17,324,237
Total Financials				37,696,137
Health Care 15.1%
Biotechnology 6.2%
Alkermes PLC(a)		28,100		2,030,225
Biogen Idec, Inc.(a)		20,100		7,822,116
Celgene Corp.(a)		88,300		10,521,828
Gilead Sciences, Inc.(a)		115,500		12,107,865
Incyte Corp.(a)		27,500		2,192,025
Pharmacyclics, Inc.(a)		11,400		1,923,750

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

Semiannual Report 2015
5

Columbia Large Growth Quantitative Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Vertex Pharmaceuticals, Inc.(a)		37,100		4,086,194
Total				40,684,003
Health Care Equipment & Supplies 3.0%
Becton Dickinson and Co.		41,600		5,744,128
CR Bard, Inc.		70,900		12,126,027
Hill-Rom Holdings, Inc.		39,400		1,881,744
Total				19,751,899
Health Care Providers & Services 2.9%
AmerisourceBergen Corp.		122,700		11,662,635
Centene Corp.(a)		69,500		7,586,620
Total				19,249,255
Pharmaceuticals 3.0%
AbbVie, Inc.		192,700		11,629,445
Johnson & Johnson		30,600		3,064,284
Merck & Co., Inc.		90,500		5,455,340
Total				20,149,069
Total Health Care				99,834,226
Industrials 11.7%
Aerospace & Defense 3.7%
Huntington Ingalls Industries, Inc.		97,200		11,333,520
Lockheed Martin Corp.		72,000		13,562,640
Total				24,896,160
Air Freight & Logistics 0.2%
United Parcel Service, Inc., Class B		11,700		1,156,428
Airlines 3.2%
Delta Air Lines, Inc.		146,000		6,907,260
Southwest Airlines Co.		322,500		14,570,550
Total				21,477,810
Electrical Equipment 0.8%
Emerson Electric Co.		89,256		5,082,237
Industrial Conglomerates 2.5%
3M Co.		101,700		16,505,910
Machinery 1.0%
Caterpillar, Inc.		85,000		6,797,450
Professional Services 0.3%
Equifax, Inc.		20,800		1,756,768
Total Industrials				77,672,763

Common Stocks (continued)

Issuer	Shares		Value ($)
Information Technology 27.6%
Communications Equipment 0.4%
QUALCOMM, Inc.		46,500		2,904,390
Electronic Equipment, Instruments & Components 0.7%
Corning, Inc.		205,900		4,894,243
Internet Software & Services 4.3%
Facebook, Inc., Class A(a)		91,900		6,976,129
Google, Inc., Class A(a)		7,590		4,080,004
Google, Inc., Class C(a)		11,690		6,248,539
VeriSign, Inc.(a)		197,900		10,781,592
Total				28,086,264
IT Services 4.8%
FleetCor Technologies, Inc.(a)		58,600		8,233,300
MasterCard, Inc., Class A		193,900		15,905,617
Visa, Inc., Class A		30,300		7,723,773
Total				31,862,690
Semiconductors & Semiconductor Equipment 1.4%
Applied Materials, Inc.		107,200		2,448,448
NVIDIA Corp.		363,500		6,981,018
Total				9,429,466
Software 7.7%
Electronic Arts, Inc.(a)		220,300		12,085,658
Microsoft Corp.(b)		569,790		23,019,516
Oracle Corp.		337,100		14,121,119
PTC, Inc.(a)		45,400		1,516,814
Total				50,743,107
Technology Hardware, Storage & Peripherals 8.3%
Apple, Inc.		465,677		54,558,717
Total Information Technology				182,478,877
Materials 4.1%
Chemicals 1.7%
LyondellBasell Industries NV, Class A		145,200		11,483,868
Containers & Packaging 1.2%
Ball Corp.		126,800		8,030,244
Paper & Forest Products 1.2%
International Paper Co.		144,700		7,619,902
Total Materials				27,134,014

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

Semiannual Report 2015
6

Columbia Large Growth Quantitative Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Telecommunication Services 1.8%
Diversified Telecommunication Services 1.8%
CenturyLink, Inc.		255,500		9,496,935
Verizon Communications, Inc.		56,300		2,573,473
Total				12,070,408
Total Telecommunication Services				12,070,408
Total Common Stocks (Cost: $525,338,717)				653,463,969

Money Market Funds 1.1%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.118%(c)(d)		7,424,095		7,424,095
Total Money Market Funds (Cost: $7,424,095)				7,424,095
Total Investments (Cost: $532,762,812)				660,888,064
Other Assets & Liabilities, Net				366,166
Net Assets				661,254,230

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2015

At January 31, 2015, securities totaling $763,560 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 ($)
S&P 500		17	USD		8,450,700	03/2015		—		(149,734	)

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  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.

(c)  The rate shown is the seven-day current annualized yield at January 31, 2015.

(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 January 31, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		4,787,002		107,047,617		(104,410,524	)		7,424,095		4,872		7,424,095

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

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

Semiannual Report 2015
7

Columbia Large Growth Quantitative Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Fair Value Measurements (continued)

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 2015
8

Columbia Large Growth Quantitative Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2015:

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		117,063,480			—		—		117,063,480
Consumer Staples		67,975,432			—		—		67,975,432
Energy		31,538,632			—		—		31,538,632
Financials		37,696,137			—		—		37,696,137
Health Care		99,834,226			—		—		99,834,226
Industrials		77,672,763			—		—		77,672,763
Information Technology		182,478,877			—		—		182,478,877
Materials		27,134,014			—		—		27,134,014
Telecommunication Services		12,070,408			—		—		12,070,408
Total Equity Securities		653,463,969			—		—		653,463,969
Mutual Funds
Money Market Funds		7,424,095			—		—		7,424,095
Total Mutual Funds		7,424,095			—		—		7,424,095
Investments in Securities		660,888,064			—		—		660,888,064
Derivatives
Liabilities
Futures Contracts		(149,734	)		—		—		(149,734	)
Total		660,738,330			—		—		660,738,330

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 2015
9

Columbia Large Growth Quantitative Fund

Statement of Assets and Liabilities

January 31, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $525,338,717)	$	653,463,969
Affiliated issuers (identified cost $7,424,095)		7,424,095
Total investments (identified cost $532,762,812)		660,888,064
Receivable for:
Capital shares sold		448,467
Dividends		1,252,588
Variation margin		6,293
Prepaid expenses		2,475
Other assets		6,188
Total assets		662,604,075
Liabilities
Payable for:
Capital shares purchased		1,041,511
Variation margin		142,975
Investment management fees		12,477
Distribution and/or service fees		2,756
Transfer agent fees		58,446
Administration fees		1,080
Compensation of board members		49,437
Other expenses		41,163
Total liabilities		1,349,845
Net assets applicable to outstanding capital stock	$	661,254,230
Represented by
Paid-in capital	$	518,631,857
Undistributed net investment income		893,589
Accumulated net realized gain		13,753,266
Unrealized appreciation (depreciation) on:
Investments		128,125,252
Futures contracts		(149,734	)
Total — representing net assets applicable to outstanding capital stock	$	661,254,230

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

Semiannual Report 2015
10

Columbia Large Growth Quantitative Fund

Statement of Assets and Liabilities (continued)

January 31, 2015 (Unaudited)

Class A
Net assets	$	256,246,131
Shares outstanding		29,464,531
Net asset value per share	$	8.70
Maximum offering price per share(a)	$	9.23
Class B
Net assets	$	736,761
Shares outstanding		86,119
Net asset value per share	$	8.56
Class C
Net assets	$	7,323,615
Shares outstanding		861,415
Net asset value per share	$	8.50
Class I
Net assets	$	283,024,163
Shares outstanding		32,053,051
Net asset value per share	$	8.83
Class K
Net assets	$	2,680
Shares outstanding		304
Net asset value per share(b)	$	8.83
Class R
Net assets	$	27,269
Shares outstanding		3,125
Net asset value per share	$	8.73
Class R5
Net assets	$	44,159
Shares outstanding		4,928
Net asset value per share	$	8.96
Class W
Net assets	$	108,526,005
Shares outstanding		12,408,859
Net asset value per share	$	8.75
Class Z
Net assets	$	5,323,447
Shares outstanding		608,247
Net asset value per share	$	8.75

(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 2015
11

Columbia Large Growth Quantitative Fund

Statement of Operations

Six Months Ended January 31, 2015 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	6,053,449
Dividends — affiliated issuers		4,872
Total income		6,058,321
Expenses:
Investment management fees		2,132,646
Distribution and/or service fees
Class A		325,689
Class B		3,843
Class C		26,070
Class R		70
Class W		133,790
Transfer agent fees
Class A		269,779
Class B		796
Class C		5,393
Class K		1
Class R		29
Class R5		8
Class W		110,804
Class Z		3,834
Administration fees		184,769
Plan administration fees
Class K		4
Compensation of board members		8,933
Custodian fees		4,923
Printing and postage fees		44,011
Registration fees		56,612
Professional fees		16,625
Other		7,932
Total expenses		3,336,561
Net investment income		2,721,760
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		30,255,947
Futures contracts		194,271
Net realized gain		30,450,218
Net change in unrealized appreciation (depreciation) on:
Investments		13,278,251
Futures contracts		(65,821	)
Net change in unrealized appreciation		13,212,430
Net realized and unrealized gain		43,662,648
Net increase in net assets resulting from operations	$	46,384,408

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

Semiannual Report 2015
12

Columbia Large Growth Quantitative Fund

Statement of Changes in Net Assets

	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014
Operations
Net investment income	$	2,721,760		$	3,801,753
Net realized gain		30,450,218			80,648,829
Net change in unrealized appreciation		13,212,430			18,760,035
Net increase in net assets resulting from operations		46,384,408			103,210,617
Distributions to shareholders
Net investment income
Class A		(954,193	)		(2,155,751	)
Class B		—			(2,268	)
Class C		—			(8,049	)
Class I		(2,221,593	)		(2,608,998	)
Class K		(15	)		(104	)
Class R		(27	)		(1,021	)
Class R5		(240	)		(38	)
Class W		(375,597	)		(726,315	)
Class Z		(29,222	)		(4,684	)
Net realized gains
Class A		(28,258,818	)		(41,771,491	)
Class B		(82,233	)		(167,868	)
Class C		(661,974	)		(605,744	)
Class I		(29,971,991	)		(35,496,450	)
Class K		(312	)		(1,755	)
Class R		(2,208	)		(26,437	)
Class R5		(3,449	)		(514	)
Class W		(11,470,143	)		(14,376,879	)
Class Z		(533,071	)		(73,427	)
Total distributions to shareholders		(74,565,086	)		(98,027,793	)
Increase in net assets from capital stock activity		125,640,863			90,221,876
Total increase in net assets		97,460,185			95,404,700
Net assets at beginning of period		563,794,045			468,389,345
Net assets at end of period	$	661,254,230		$	563,794,045
Undistributed net investment income	$	893,589		$	1,752,716

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

Semiannual Report 2015
13

Columbia Large Growth Quantitative Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		2,772,941			25,611,949			3,527,626			31,049,384
Distributions reinvested		3,301,848			29,089,280			5,270,788			43,747,540
Redemptions		(3,941,391	)		(35,770,393	)		(10,278,934	)		(93,168,755	)
Net increase (decrease)		2,133,398			18,930,836			(1,480,520	)		(18,371,831	)
Class B shares
Subscriptions		9,743			90,635			9,033			81,830
Distributions reinvested		9,410			81,680			20,535			168,800
Redemptions(a)		(21,030	)		(190,566	)		(55,881	)		(497,945	)
Net decrease		(1,877	)		(18,251	)		(26,313	)		(247,315	)
Class C shares
Subscriptions		393,393			3,510,783			160,525			1,410,437
Distributions reinvested		57,990			499,876			50,851			415,455
Redemptions		(21,963	)		(196,803	)		(104,421	)		(910,391	)
Net increase		429,420			3,813,856			106,955			915,501
Class I shares
Subscriptions		7,734,958			75,169,703			422,375			3,697,988
Distributions reinvested		3,601,036			32,193,258			4,530,857			38,104,506
Redemptions		(2,095,846	)		(19,771,273	)		(4,171,911	)		(38,917,725	)
Net increase		9,240,148			87,591,688			781,321			2,884,769
Class K shares
Redemptions		—			—			(696	)		(6,100	)
Net decrease		—			—			(696	)		(6,100	)
Class R shares
Subscriptions		2,686			25,327			2,882			27,502
Distributions reinvested		216			1,914			3,077			25,635
Redemptions		(2,571	)		(25,564	)		(16,769	)		(143,085	)
Net increase (decrease)		331			1,677			(10,810	)		(89,948	)
Class R5 shares
Subscriptions		1,645			15,352			3,059			26,800
Distributions reinvested		371			3,367			—			—
Redemptions		(440	)		(3,957	)		—			—
Net increase		1,576			14,762			3,059			26,800
Class W shares
Subscriptions		1,146,695			10,706,318			11,138,036			106,500,392
Distributions reinvested		1,336,955			11,845,425			1,810,808			15,102,139
Redemptions		(1,295,482	)		(12,107,406	)		(1,926,025	)		(17,049,597	)
Net increase		1,188,168			10,444,337			11,022,819			104,552,934

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

Semiannual Report 2015
14

Columbia Large Growth Quantitative Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		586,983			5,499,357			74,546			679,684
Distributions reinvested		53,799			477,193			8,716			72,691
Redemptions		(121,666	)		(1,114,592	)		(22,039	)		(195,309	)
Net increase		519,116			4,861,958			61,223			557,066
Total net increase		13,510,280			125,640,863			10,457,038			90,221,876

(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 2015
15

Columbia Large Growth Quantitative 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 January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class A	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	9.04		$	9.04		$	8.47		$	8.04		$	8.32		$	7.50		$	7.65
Income from investment operations:
Net investment income		0.03			0.05			0.10			0.07			0.08			0.04			0.05
Net realized and unrealized gain (loss)		0.69			1.80			1.35			1.70			0.17			0.81			(0.16	)
Total from investment operations		0.72			1.85			1.45			1.77			0.25			0.85			(0.11	)
Less distributions to shareholders:
Net investment income		(0.03	)		(0.10	)		(0.13	)		(0.06	)		(0.06	)		(0.03	)		(0.04	)
Net realized gains		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—			(0.00	)(b)
Total distributions to shareholders		(1.06	)		(1.85	)		(0.88	)		(1.34	)		(0.53	)		(0.03	)		(0.04	)
Net asset value, end of period	$	8.70		$	9.04		$	9.04		$	8.47		$	8.04		$	8.32		$	7.50
Total return		7.86	%		22.23	%		18.82	%		24.31	%		2.49	%		11.39	%		(1.27	%)
Ratios to average net assets(c)
Total gross expenses		1.24	%(d)		1.26	%		1.25	%		1.29	%(d)		1.23	%		1.23	%		1.22	%
Total net expenses(e)		1.24	%(d)		1.26	%(f)		1.22	%		1.19	%(d)(f)		1.23	%(f)		1.21	%		1.22	%
Net investment income		0.67	%(d)		0.55	%		1.16	%		1.07	%(d)		0.88	%		0.51	%		0.71	%
Supplemental data
Net assets, end of period (in thousands)	$	256,246		$	247,008		$	260,590		$	286,932		$	316,366		$	343,147		$	274,024
Portfolio turnover		45	%		105	%		96	%		65	%		57	%		98	%		58	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to July 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to July 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 2015
16

Columbia Large Growth Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class B	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	8.91		$	8.94		$	8.34		$	7.93		$	8.22		$	7.43		$	7.58
Income from investment operations:
Net investment income (loss)		(0.00	)(b)		(0.02	)		0.04			0.02			0.01			(0.02	)		(0.00	)(b)
Net realized and unrealized gain (loss)		0.68			1.77			1.34			1.67			0.17			0.81			(0.15	)
Total from investment operations		0.68			1.75			1.38			1.69			0.18			0.79			(0.15	)
Less distributions to shareholders:
Net investment income		—			(0.03	)		(0.03	)		—			—			—			(0.00	)(b)
Net realized gains		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—			(0.00	)(b)
Total distributions to shareholders		(1.03	)		(1.78	)		(0.78	)		(1.28	)		(0.47	)		—			(0.00	)(b)
Net asset value, end of period	$	8.56		$	8.91		$	8.94		$	8.34		$	7.93		$	8.22		$	7.43
Total return		7.46	%		21.23	%		18.11	%		23.37	%		1.68	%		10.63	%		(1.97	%)
Ratios to average net assets(c)
Total gross expenses		1.99	%(d)		2.01	%		1.99	%		2.06	%(d)		1.97	%		2.00	%		1.99	%
Total net expenses(e)		1.99	%(d)		2.01	%(f)		1.97	%		1.94	%(d)(f)		1.97	%(f)		1.98	%		1.99	%
Net investment income (loss)		(0.08	%)(d)		(0.18	%)		0.43	%		0.34	%(d)		0.12	%		(0.30	%)		(0.02	%)
Supplemental data
Net assets, end of period (in thousands)	$	737		$	784		$	1,022		$	1,248		$	1,543		$	2,568		$	3,579
Portfolio turnover		45	%		105	%		96	%		65	%		57	%		98	%		58	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to July 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to July 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 2015
17

Columbia Large Growth Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class C	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	8.86		$	8.90		$	8.34		$	7.93		$	8.22		$	7.43		$	7.58
Income from investment operations:
Net investment income (loss)		(0.00	)(b)		(0.02	)		0.03			0.02			0.01			(0.02	)		0.00	(b)
Net realized and unrealized gain (loss)		0.67			1.76			1.35			1.68			0.17			0.81			(0.15	)
Total from investment operations		0.67			1.74			1.38			1.70			0.18			0.79			(0.15	)
Less distributions to shareholders:
Net investment income		—			(0.03	)		(0.07	)		(0.01	)		(0.00	)(b)		—			—
Net realized gains		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—			(0.00	)(b)
Total distributions to shareholders		(1.03	)		(1.78	)		(0.82	)		(1.29	)		(0.47	)		—			(0.00	)(b)
Net asset value, end of period	$	8.50		$	8.86		$	8.90		$	8.34		$	7.93		$	8.22		$	7.43
Total return		7.39	%		21.22	%		18.12	%		23.46	%		1.69	%		10.63	%		(1.98	%)
Ratios to average net assets(c)
Total gross expenses		1.99	%(d)		2.02	%		1.99	%		2.04	%(d)		1.98	%		1.99	%		1.98	%
Total net expenses(e)		1.99	%(d)		2.02	%(f)		1.97	%		1.94	%(d)(f)		1.98	%(f)		1.96	%		1.98	%
Net investment income (loss)		(0.02	%)(d)		(0.23	%)		0.37	%		0.30	%(d)		0.13	%		(0.25	%)		0.01	%
Supplemental data
Net assets, end of period (in thousands)	$	7,324		$	3,826		$	2,892		$	2,515		$	1,742		$	1,676		$	1,561
Portfolio turnover		45	%		105	%		96	%		65	%		57	%		98	%		58	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to July 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to July 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 2015
18

Columbia Large Growth Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class I	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	9.18		$	9.16		$	8.56		$	8.14		$	8.41		$	7.57		$	7.68
Income from investment operations:
Net investment income		0.06			0.09			0.13			0.11			0.13			0.08			0.08
Net realized and unrealized gain (loss)		0.70			1.81			1.38			1.71			0.17			0.81			(0.14	)
Total from investment operations		0.76			1.90			1.51			1.82			0.30			0.89			(0.06	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.13	)		(0.16	)		(0.12	)		(0.10	)		(0.05	)		(0.05	)
Net realized gains		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—			(0.00	)(b)
Total distributions to shareholders		(1.11	)		(1.88	)		(0.91	)		(1.40	)		(0.57	)		(0.05	)		(0.05	)
Net asset value, end of period	$	8.83		$	9.18		$	9.16		$	8.56		$	8.14		$	8.41		$	7.57
Total return		8.08	%		22.67	%		19.51	%		24.64	%		3.06	%		11.84	%		(0.56	%)
Ratios to average net assets(c)
Total gross expenses		0.78	%(d)		0.80	%		0.79	%		0.80	%(d)		0.73	%		0.71	%		0.72	%
Total net expenses(e)		0.78	%(d)		0.80	%		0.78	%		0.75	%(d)		0.73	%		0.71	%		0.72	%
Net investment income		1.18	%(d)		1.01	%		1.56	%		1.49	%(d)		1.38	%		1.00	%		1.27	%
Supplemental data
Net assets, end of period (in thousands)	$	283,024		$	209,398		$	201,700		$	189,839		$	162,770		$	228,158		$	206,056
Portfolio turnover		45	%		105	%		96	%		65	%		57	%		98	%		58	%

Notes to Financial Highlights

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

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

Semiannual Report 2015
19

Columbia Large Growth Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class K	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	9.16		$	9.14		$	8.55		$	8.12		$	8.39		$	7.54		$	7.68
Income from investment operations:
Net investment income		0.04			0.07			0.11			0.09			0.10			0.05			0.06
Net realized and unrealized gain (loss)		0.71			1.81			1.37			1.71			0.16			0.83			(0.16	)
Total from investment operations		0.75			1.88			1.48			1.80			0.26			0.88			(0.10	)
Less distributions to shareholders:
Net investment income		(0.05	)		(0.11	)		(0.14	)		(0.09	)		(0.06	)		(0.03	)		(0.04	)
Net realized gains		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—			(0.00	)(b)
Total distributions to shareholders		(1.08	)		(1.86	)		(0.89	)		(1.37	)		(0.53	)		(0.03	)		(0.04	)
Net asset value, end of period	$	8.83		$	9.16		$	9.14		$	8.55		$	8.12		$	8.39		$	7.54
Total return		8.04	%		22.37	%		19.08	%		24.45	%		2.64	%		11.68	%		(1.10	%)
Ratios to average net assets(c)
Total gross expenses		1.05	%(d)		1.09	%		1.09	%		1.10	%(d)		1.03	%		1.04	%		1.02	%
Total net expenses(e)		1.05	%(d)		1.09	%		1.05	%		1.04	%(d)		1.01	%		1.04	%		0.98	%
Net investment income		0.85	%(d)		0.77	%		1.31	%		1.24	%(d)		1.10	%		0.63	%		1.01	%
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	9		$	9		$	8		$	8		$	8
Portfolio turnover		45	%		105	%		96	%		65	%		57	%		98	%		58	%

Notes to Financial Highlights

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

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

Semiannual Report 2015
20

Columbia Large Growth Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class R	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	9.05		$	9.06		$	8.52		$	8.08		$	8.37		$	7.53		$	7.65
Income from investment operations:
Net investment income		0.02			0.04			0.04			0.06			0.06			0.02			0.03
Net realized and unrealized gain (loss)		0.70			1.77			1.40			1.71			0.16			0.82			(0.14	)
Total from investment operations		0.72			1.81			1.44			1.77			0.22			0.84			(0.11	)
Less distributions to shareholders:
Net investment income		(0.01	)		(0.07	)		(0.15	)		(0.05	)		(0.04	)		(0.00	)(b)		(0.01	)
Net realized gains		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—			(0.00	)(b)
Total distributions to shareholders		(1.04	)		(1.82	)		(0.90	)		(1.33	)		(0.51	)		(0.00	)(b)		(0.01	)
Net asset value, end of period	$	8.73		$	9.05		$	9.06		$	8.52		$	8.08		$	8.37		$	7.53
Total return		7.82	%		21.75	%		18.65	%		24.04	%		2.10	%		11.17	%		(1.38	%)
Ratios to average net assets(c)
Total gross expenses		1.48	%(d)		1.50	%		1.49	%		1.53	%(d)		1.47	%		1.50	%		1.53	%
Total net expenses(e)		1.48	%(d)		1.50	%(f)		1.48	%		1.44	%(d)		1.47	%		1.50	%		1.45	%
Net investment income		0.52	%(d)		0.39	%		0.44	%		0.85	%(d)		0.64	%		0.21	%		0.53	%
Supplemental data
Net assets, end of period (in thousands)	$	27		$	25		$	123		$	9		$	8		$	8		$	8
Portfolio turnover		45	%		105	%		96	%		65	%		57	%		98	%		58	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to July 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to July 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 2015
21

Columbia Large Growth Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class R5	(Unaudited)			2014			2013(a)
Per share data
Net asset value, beginning of period	$	9.30		$	9.25		$	8.54
Income from investment operations:
Net investment income		0.05			0.08			0.07
Net realized and unrealized gain		0.71			1.85			1.56
Total from investment operations		0.76			1.93			1.63
Less distributions to shareholders:
Net investment income		(0.07	)		(0.13	)		(0.17	)
Net realized gains		(1.03	)		(1.75	)		(0.75	)
Total distributions to shareholders		(1.10	)		(1.88	)		(0.92	)
Net asset value, end of period	$	8.96		$	9.30		$	9.25
Total return		8.02	%		22.80	%		20.86	%
Ratios to average net assets(b)
Total gross expenses		0.84	%(c)		0.85	%		0.79	%(c)
Total net expenses(d)		0.84	%(c)		0.85	%		0.76	%(c)
Net investment income		1.15	%(c)		0.90	%		1.13	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	44		$	31		$	3
Portfolio turnover		45	%		105	%		96	%

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 2015
22

Columbia Large Growth Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class W	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	9.08		$	9.08		$	8.50		$	8.07		$	8.35		$	7.52		$	7.66
Income from investment operations:
Net investment income		0.03			0.04			0.14			0.07			0.08			0.04			0.05
Net realized and unrealized gain (loss)		0.70			1.80			1.32			1.70			0.16			0.83			(0.15	)
Total from investment operations		0.73			1.84			1.46			1.77			0.24			0.87			(0.10	)
Less distributions to shareholders:
Net investment income		(0.03	)		(0.09	)		(0.13	)		(0.06	)		(0.05	)		(0.04	)		(0.04	)
Net realized gains		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—			(0.00	)(b)
Total distributions to shareholders		(1.06	)		(1.84	)		(0.88	)		(1.34	)		(0.52	)		(0.04	)		(0.04	)
Net asset value, end of period	$	8.75		$	9.08		$	9.08		$	8.50		$	8.07		$	8.35		$	7.52
Total return		7.92	%		22.11	%		18.85	%		24.13	%		2.43	%		11.54	%		(1.18	%)
Ratios to average net assets(c)
Total gross expenses		1.24	%(d)		1.29	%		1.26	%		1.30	%(d)		1.23	%		1.16	%		1.17	%
Total net expenses(e)		1.24	%(d)		1.28	%(f)		1.21	%		1.19	%(d)(f)		1.23	%(f)		1.16	%		1.17	%
Net investment income		0.67	%(d)		0.49	%		1.65	%		1.03	%(d)		0.91	%		0.55	%		0.72	%
Supplemental data
Net assets, end of period (in thousands)	$	108,526		$	101,907		$	1,796		$	87,810		$	92,023		$	176,538		$	188,126
Portfolio turnover		45	%		105	%		96	%		65	%		57	%		98	%		58	%

Notes to Financial Highlights

(a)  For the period from October 1, 2011 to July 31, 2012. During the period, the Fund's fiscal year end was changed from September 30 to July 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 2015
23

Columbia Large Growth Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class Z	(Unaudited)			2014			2013			2012(a)			2011			2010(b)
Per share data
Net asset value, beginning of period	$	9.09		$	9.09		$	8.51		$	8.10		$	8.42		$	8.42
Income from investment operations:
Net investment income		0.05			0.06			0.13			0.08			0.11			0.00	(c)
Net realized and unrealized gain		0.70			1.81			1.35			1.71			0.14			0.00	(c)
Total from investment operations		0.75			1.87			1.48			1.79			0.25			0.00	(c)
Less distributions to shareholders:
Net investment income		(0.06	)		(0.12	)		(0.15	)		(0.10	)		(0.10	)		—
Net realized gains		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—
Total distributions to shareholders		(1.09	)		(1.87	)		(0.90	)		(1.38	)		(0.57	)		—
Net asset value, end of period	$	8.75		$	9.09		$	9.09		$	8.51		$	8.10		$	8.42
Total return		8.04	%		22.39	%		19.19	%		24.46	%		2.43	%		0.00	%(c)
Ratios to average net assets(d)
Total gross expenses		1.00	%(e)		1.02	%		1.02	%		1.02	%(e)		0.98	%		0.95	%(e)
Total net expenses(f)		1.00	%(e)		1.02	%(g)		0.98	%		0.92	%(e)(g)		0.98	%(g)		0.95	%(e)
Net investment income		1.02	%(e)		0.72	%		1.49	%		1.19	%(e)		1.25	%		3.19	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	5,323		$	811		$	254		$	435		$	125		$	3
Portfolio turnover		45	%		105	%		96	%		65	%		57	%		98	%

Notes to Financial Highlights

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

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24

Columbia Large Growth Quantitative Fund

Notes to Financial Statements

January 31, 2015 (Unaudited)

Note 1. Organization

Columbia Large Growth Quantitative 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 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 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 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

Semiannual Report 2015
25

Columbia Large Growth Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (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.

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.

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

Semiannual Report 2015
26

Columbia Large Growth Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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

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

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 2015
27

Columbia Large Growth Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (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 January 31, 2015:

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		149,734	*

*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 January 31, 2015:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		194,271
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(65,821	)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2015:

Derivative Instrument	Average notional amounts($)*
Futures contracts — Long		8,751,000

*Based on the ending quarterly outstanding amounts for the six months ended January 31, 2015.

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.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are

Semiannual Report 2015
28

Columbia Large Growth Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 0.69% to 0.52% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended January 31, 2015 was 0.68% 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 January 31, 2015 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 January 31, 2015, other expenses paid by the Fund to this company were $1,034.

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 shares do not pay transfer agency fees.

Semiannual Report 2015
29

Columbia Large Growth Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

For the six months ended January 31, 2015, 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 R5	0.05
Class W	0.21
Class Z	0.21

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 January 31, 2015, 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 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 $104,000 and $20,000 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 $64,571 for Class A, $465 for Class B and $165 for Class C shares for the six months ended January 31, 2015.

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 December 1, 2014			Contractual Expense Cap Prior to December 1, 2014
Class A		1.30	%		1.29	%
Class B		2.05			2.04
Class C		2.05			2.04
Class I		0.88			0.91
Class K		1.18			1.21
Class R		1.55			1.54
Class R5		0.93			0.96
Class W		1.30			1.29
Class Z		1.05			1.04

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. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Semiannual Report 2015
30

Columbia Large Growth Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (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 January 31, 2015, the cost of investments for federal income tax purposes was approximately $532,763,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	138,209,000
Unrealized depreciation		(10,084,000	)
Net unrealized appreciation	$	128,125,000

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 $328,556,971 and $277,894,926, respectively, for the six months ended January 31, 2015. 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 January 31, 2015, affiliated shareholders of record owned 96.4% 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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, 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 $550 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. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended January 31, 2015.

Note 9. Significant Risks

Information Technology 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 information technology 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 and noted 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

Semiannual Report 2015
31

Columbia Large Growth Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 2015
32

Columbia Large Growth Quantitative Fund

Important Information About This Report

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

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

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

Semiannual Report 2015
33

Columbia Large Growth Quantitative Fund

P.O. Box 8081

Boston, MA 02266-8081

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

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

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2015 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR178_07_E01_(03/15)

SEMIANNUAL REPORT

January 31, 2015

COLUMBIA SHORT-TERM CASH FUND

Shares of the Fund are issued solely in private placement transactions that do not involve any public offering within the meaning of Section 4(a)(2) of the Securities Act of 1933, as amended (the 1933 Act). Investments in the Fund may be made only by investment companies, common or commingled trust funds, or similar organizations or persons that are accredited investors within the meaning of Regulation D under the 1933 Act.

Columbia Short-Term Cash Fund

Table of Contents

Portfolio Overview	2
Understanding Your Fund's Expenses	3
Portfolio of Investments	4
Statement of Assets and Liabilities	9
Statement of Operations	10
Statement of Changes in Net Assets	11
Financial Highlights	13
Notes to Financial Statements	14
Important Information About This Report	21

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

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

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

Semiannual Report 2015

Columbia Short-Term Cash Fund

Portfolio Overview

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2015)
Asset-Backed Commercial Paper	13.0
Asset-Backed Securities — Non-Agency(a)	2.8
Certificates of Deposit	14.5
Commercial Paper	30.3
Repurchase Agreements	1.3
U.S. Government & Agency Obligations	32.6
U.S. Treasury Obligations	5.5
Total	100.0

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

(a) Category comprised of short-term asset-backed securities.

Semiannual Report 2015
2

Columbia Short-Term Cash 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 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.

August 1, 2014 – January 31, 2015

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

1,000.00

1,000.00

1,000.50

1,025.07

0.00

*

0.00

*

0.00

*

Expenses paid during the period are equal to the annualized expense ratio 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.

* Rounds to zero.

Semiannual Report 2015
3

Columbia Short-Term Cash Fund

Portfolio of Investments

January 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Asset-Backed Commercial Paper 13.0%

Issuer	Effective Yield			Principal Amount ($)		Value ($)
Chariot Funding LLC(a)
04/09/15		0.190	%		50,000,000		49,982,055
04/14/15		0.190	%		50,000,000		49,980,736
04/15/15		0.210	%		50,000,000		49,978,417
04/21/15		0.210	%		50,000,000		49,976,667
04/22/15		0.210	%		30,000,000		29,985,825
05/01/15		0.200	%		14,000,000		13,993,000
Jupiter Securitization Co. LLC(a)
04/08/15		0.190	%		50,000,000		49,982,319
04/13/15		0.190	%		50,000,000		49,981,000
04/16/15		0.200	%		50,000,000		49,979,167
04/20/15		0.210	%		50,000,000		49,976,958
04/23/15		0.210	%		35,000,000		34,983,258
Liberty Street Funding LLC(a)
02/02/15		0.030	%		55,000,000		54,999,847
MetLife Short Term Funding LLC(a)
02/11/15		0.120	%		25,000,000		24,999,007
03/06/15		0.130	%		25,000,000		24,996,931
03/13/15		0.130	%		50,000,000		49,992,597
04/01/15		0.140	%		50,000,000		49,988,333
04/10/15		0.140	%		40,000,000		39,989,267
04/24/15		0.150	%		35,000,000		34,987,896
04/27/15		0.150	%		80,000,000		79,971,333
05/01/15		0.150	%		25,000,000		24,990,625
Old Line Funding LLC(a)
02/04/15		0.140	%		50,000,000		49,999,056
02/09/15		0.120	%		20,075,000		20,074,348
02/20/15		0.160	%		25,000,000		24,997,639
03/20/15		0.170	%		50,000,000		49,988,667
03/24/15		0.170	%		50,000,000		49,987,722
03/25/15		0.190	%		16,661,000		16,656,340
04/20/15		0.170	%		50,000,000		49,981,347
Regency Markets No. 1 LLC(a)
02/20/15		0.140	%		75,000,000		74,993,750
02/25/15		0.160	%		30,000,000		29,996,667
02/27/15		0.160	%		30,000,000		29,996,400
Thunder Bay Funding LLC(a)
02/06/15		0.130	%		5,000,000		4,999,875
02/25/15		0.150	%		51,000,000		50,994,687
03/16/15		0.190	%		20,000,000		19,995,356
03/23/15		0.170	%		45,000,000		44,989,162
03/26/15		0.170	%		30,023,000		30,015,344
04/08/15		0.190	%		50,000,000		49,982,319
Total Asset-Backed Commercial Paper (Cost: $1,461,363,917)							1,461,363,917

Commercial Paper 30.3%

Banking 7.8%
HSBC USA, Inc.
02/02/15	0.110	%	40,000,000	39,999,622
02/20/15	0.160	%	25,000,000	24,997,639
02/25/15	0.170	%	50,000,000	49,994,097
03/25/15	0.170	%	50,000,000	49,987,486

Commercial Paper (continued)

Issuer	Effective Yield			Principal Amount ($)		Value ($)
03/27/15		0.170	%		50,000,000		49,987,014
04/01/15		0.170	%		25,000,000		24,992,917
06/22/15		0.250	%		50,000,000		49,950,694
Royal Bank of Canada
02/05/15		0.060	%		50,000,000		49,999,514
02/18/15		0.070	%		100,000,000		99,996,250
02/19/15		0.070	%		50,000,000		49,998,153
03/31/15		0.070	%		50,000,000		49,994,264
04/01/15		0.060	%		50,000,000		49,995,000
State Street Corp.
02/09/15		0.140	%		50,000,000		49,998,125
02/23/15		0.150	%		50,000,000		49,995,208
03/10/15		0.160	%		50,000,000		49,991,556
03/12/15		0.160	%		60,000,000		59,989,333
05/21/15		0.200	%		75,000,000		74,954,167
Total							874,821,039
Consumer Products 2.4%
Procter & Gamble Co. (The)(a)
02/03/15		0.110	%		25,000,000		24,999,708
02/26/15		0.100	%		50,000,000		49,996,389
03/16/15		0.110	%		15,000,000		14,997,983
03/26/15		0.120	%		25,000,000		24,995,500
03/30/15		0.100	%		100,000,000		99,983,889
04/24/15		0.120	%		50,000,000		49,986,167
Total							264,959,636
Finance Companies 2.5%
General Electric Capital Corp.
02/24/15		0.170	%		25,000,000		24,997,167
03/09/15		0.150	%		55,000,000		54,991,521
03/17/15		0.150	%		50,000,000		49,990,625
04/17/15		0.180	%		100,000,000		99,962,000
04/22/15		0.180	%		50,000,000		49,979,750
Total							279,921,063
Integrated Energy 5.5%
Chevron Corp.(a)
03/02/15		0.100	%		50,000,000		49,995,833
03/26/15		0.130	%		20,000,000		19,996,100
03/30/15		0.120	%		50,000,000		49,990,333
04/02/15		0.110	%		50,000,000		49,990,680
04/06/15		0.120	%		70,000,000		69,985,014
04/14/15		0.150	%		50,000,000		49,984,792
04/21/15		0.150	%		25,000,000		24,991,667
Exxon Mobil Corp.
02/27/15		0.140	%		95,000,000		94,990,025
03/04/15		0.130	%		85,000,000		84,989,778
03/23/15		0.140	%		25,000,000		24,995,042
03/27/15		0.130	%		50,000,000		49,990,069
05/22/15		0.150	%		50,000,000		49,976,875
Total							619,876,208

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

Semiannual Report 2015
4

Columbia Short-Term Cash Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Commercial Paper (continued)

Issuer	Effective Yield			Principal Amount ($)		Value ($)
Life Insurance 3.2%
New York Life Capital Corp.(a)
02/02/15		0.070	%		18,000,000		17,999,900
02/05/15		0.080	%		23,000,000		22,999,681
02/09/15		0.090	%		13,000,000		12,999,675
02/10/15		0.090	%		25,000,000		24,999,306
02/18/15		0.100	%		16,000,000		15,999,200
02/23/15		0.110	%		6,800,000		6,799,522
03/02/15		0.110	%		30,000,000		29,997,250
03/04/15		0.110	%		20,000,000		19,998,044
03/09/15		0.110	%		36,205,000		36,200,907
04/07/15		0.120	%		48,500,000		48,489,330
04/09/15		0.120	%		22,500,000		22,494,900
04/10/15		0.120	%		21,150,000		21,145,136
04/20/15		0.120	%		6,500,000		6,498,288
05/04/15		0.120	%		20,000,000		19,993,800
Prudential Funding LLC
02/02/15		0.100	%		50,000,000		49,999,583
Total							356,614,522
Pharmaceuticals 6.7%
Johnson & Johnson(a)
02/02/15		0.070	%		60,000,000		59,999,667
02/03/15		0.060	%		47,000,000		46,999,687
Roche Holdings, Inc.(a)
02/02/15		0.020	%		20,000,000		19,999,967
02/19/15		0.110	%		25,000,000		24,998,549
02/23/15		0.100	%		50,000,000		49,996,646
02/24/15		0.110	%		25,000,000		24,998,167
02/26/15		0.110	%		7,500,000		7,499,404
03/02/15		0.110	%		30,000,000		29,997,250
03/09/15		0.110	%		25,000,000		24,997,045
03/16/15		0.100	%		25,000,000		24,996,944
03/18/15		0.100	%		25,000,000		24,996,805
04/07/15		0.110	%		30,000,000		29,993,950
04/13/15		0.110	%		50,000,000		49,989,500
04/27/15		0.100	%		25,000,000		24,994,326
Sanofi Aventis(a)
02/25/15		0.090	%		130,000,000		129,991,875
02/27/15		0.120	%		50,000,000		49,995,500
03/31/15		0.120	%		125,000,000		124,975,417
Total							749,420,699
Property & Casualty 0.6%
Travelers Co., Inc.(a)
02/02/15		0.050	%		20,000,000		19,999,911
02/12/15		0.070	%		50,000,000		49,998,833
Total							69,998,744
Retailers 0.4%
Wal-Mart Stores, Inc.(a)
02/11/15		0.080	%		50,000,000		49,998,625

Commercial Paper (continued)

Issuer	Effective Yield			Principal Amount ($)		Value ($)
Transportation Services 1.2%
NetJets, Inc.(a)
02/17/15		0.080	%		90,000,000		89,996,600
02/27/15		0.070	%		50,000,000		49,997,375
Total							139,993,975
Total Commercial Paper (Cost: $3,405,604,511)							3,405,604,511
Certificates of Deposit 14.5%
Australia and New Zealand Banking Group Ltd.
02/02/15		0.050	%		291,800,000		291,800,000
BB&T Corp.
02/02/15		0.120	%		50,000,000		50,000,000
02/03/15		0.140	%		50,000,000		50,000,000
03/02/15		0.150	%		100,000,000		100,000,000
03/03/15		0.150	%		100,000,000		100,000,000
Canadian Imperial Bank Of Commerce
02/02/15		0.040	%		140,000,000		140,000,000
Toronto-Dominion Bank (The)
02/10/15		0.100	%		25,000,000		25,000,000
02/19/15		0.160	%		50,000,000		50,000,000
03/19/15		0.150	%		50,000,000		50,000,000
03/19/15		0.170	%		30,000,000		30,000,000
03/24/15		0.180	%		50,000,000		50,000,000
04/30/15		0.170	%		75,000,000		75,000,000
05/20/15		0.180	%		45,000,000		45,000,000
U.S. Bank NA
02/02/15		0.130	%		100,000,000		100,000,000
04/28/15		0.160	%		100,000,000		100,000,000
04/28/15		0.160	%		25,000,000		25,000,000
04/29/15		0.160	%		100,000,000		100,000,000
Wells Fargo Bank NA
03/18/15		0.180	%		50,000,000		50,000,000
03/30/15		0.180	%		50,000,000		50,000,000
04/01/15		0.170	%		50,000,000		50,000,000
04/01/15		0.190	%		50,000,000		50,000,000
04/01/15		0.200	%		50,000,000		50,000,000
Total Certificates of Deposit (Cost: $1,631,800,000)							1,631,800,000
U.S. Government & Agency Obligations 32.6%
Federal Home Loan Banks Discount Notes
02/06/15		0.070	%		186,200,000		186,197,534
02/09/15		0.060	%		50,000,000		49,999,125
02/10/15		0.040	%		30,000,000		29,999,667
02/13/15		0.080	%		100,000,000		99,996,750
02/18/15		0.040	%		155,000,000		154,996,550
02/20/15		0.090	%		125,000,000		124,993,750

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

Semiannual Report 2015
5

Columbia Short-Term Cash Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

U.S. Government & Agency Obligations (continued)

Issuer	Effective Yield			Principal Amount ($)		Value ($)
02/27/15		0.040	%		64,000,000		63,998,080
03/05/15		0.090	%		75,000,000		74,993,813
03/06/15		0.090	%		150,000,000		149,986,683
03/10/15		0.080	%		45,955,000		45,950,877
03/11/15		0.070	%		140,000,000		139,988,993
03/13/15		0.080	%		213,000,000		212,981,106
03/17/15		0.060	%		150,000,000		149,987,812
03/19/15		0.070	%		45,000,000		44,995,888
03/20/15		0.090	%		150,000,000		149,982,000
03/25/15		0.080	%		220,000,000		219,972,617
03/27/15		0.080	%		97,500,000		97,488,083
04/06/15		0.060	%		200,000,000		199,976,528
04/10/15		0.090	%		200,000,000		199,963,583
04/17/15		0.080	%		100,000,000		99,983,111
04/20/15		0.060	%		100,000,000		99,986,833
Federal Home Loan Banks
02/04/15		0.070	%		100,000,000		99,999,069
03/11/15		0.130	%		49,700,000		49,698,327
03/18/15		0.080	%		214,253,000		214,231,099
03/23/15		0.080	%		143,000,000		142,984,601
04/01/15		0.060	%		200,000,000		199,979,167
06/03/15		0.140	%		40,000,000		39,998,405
06/08/15		0.150	%		19,000,000		18,998,368
07/17/15		0.200	%		34,700,000		34,700,000
08/03/15		0.230	%		26,300,000		26,300,000
08/27/15		0.240	%		50,000,000		50,000,000
Federal Home Loan Mortgage Corp. Discount Notes
03/16/15		0.100	%		86,750,000		86,738,867
04/21/15		0.060	%		100,000,000		99,986,667
Total U.S. Government & Agency Obligations (Cost: $3,660,033,953)							3,660,033,953
Repurchase Agreements 1.3%
Tri-Party RBC Capital Markets LLC dated 01/30/15, matures 02/02/15 repurchase price $50,000,208 (collateralized by U.S. Treasury Securities, Total Market Value $51,000,016)  02/02/15		0.050	%		50,000,000		50,000,000
Tri-Party TD Securities (USA) LLC dated 01/30/15, matures 02/02/15 repurchase price $100,000,417 (collateralized by U.S. Government Agencies and U.S. Treasury Securities, Total Market Value $102,000,051) 02/02/15		0.050	%		100,000,000		100,000,000
Total Repurchase Agreements (Cost: $150,000,000)							150,000,000

Asset-Backed Securities — Non-Agency 2.8%

Issuer	Coupon Rate			Principal Amount($)		Value($)
ABS Other 0.7%
CCG Receivables Trust Series 2014-1 Class A1(b) 05/14/15		0.270	%		183,603		183,603
CIT Equipment Collateral Series 2014-VT1 Class A1(b) 12/21/15		0.300	%		24,689,361		24,689,361
CNH Equipment Trust Series 2014-C Class A1 11/16/15		0.200	%		36,624,199		36,624,199
Dell Equipment Finance Trust Series 2014-1 Class A1(b) 08/14/15		0.260	%		7,375,562		7,375,562
MMAF Equipment Finance LLC Series 2014-AA Class A1(b) 07/02/15		0.200	%		7,672,790		7,672,790
Total							76,545,515
Car Loan 2.1%
Ally Auto Receivables Trust Series 2014-3 Class A1 12/15/15		0.270	%		54,781,724		54,781,724
Bank of the West Auto Trust Series 2014-1 Class A1(b) 11/16/15		0.250	%		13,158,324		13,158,324
CarMax Auto Owner Trust Series 2014-4 Class A1 11/16/15		0.210	%		17,298,555		17,298,555
Enterprise Fleet Financing LLC Series 2014-2 Class A1(b) 08/20/15		0.250	%		17,390,868		17,390,868
Fifth Third Auto Trust Series 2014-3 Class A1 11/16/15		0.210	%		17,864,815		17,864,815
Mercedes-Benz Auto Lease Trust Series 2015-A Class A1 01/15/16		0.240	%		59,000,000		59,000,000
Nissan Auto Receivables Owner Trust Series 2014-B Class A1 12/15/15		0.230	%		39,701,380		39,701,380
Wheels SPV 2 LLC Series 2014-1A Class A1(b) 05/20/15		0.240	%		2,356,446		2,356,446
World Omni Auto Receivables Trust Series 2014-B Class A1 11/16/15		0.230	%		15,098,775		15,098,775
Total							236,650,887
Total Asset-Backed Securities — Non-Agency (Cost: $313,196,402)							313,196,402

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

Semiannual Report 2015
6

Columbia Short-Term Cash Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

U.S. Treasury Obligations 5.5%

Issuer	Coupon Rate			Principal Amount($)		Value($)
U.S. Treasury(c)
01/31/16		0.065	%		315,000,000		314,974,172
04/30/16		0.089	%		200,000,000		200,002,524
10/31/16		0.073	%		100,000,000		99,974,286
Total U.S. Treasury Obligations (Cost: $614,950,982)							614,950,982
Total Investments (Cost: $11,236,949,765)							11,236,949,765
Other Assets & Liabilities, Net							(555,928	)
Net Assets							11,236,393,837

Notes to Portfolio of Investments

(a)  Represents a security sold within terms of a private placement memorandum, exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." This security may be determined to be liquid under guidelines established by the Fund's Board of Trustees. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2015, the value of these securities amounted to $3,357,284,954 or 29.88% of net assets.

(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 January 31, 2015, the value of these securities amounted to $72,826,954 or 0.65% of net assets.

(c)  Variable rate security.

Fair Value Measurements

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

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

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

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

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

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

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

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

Semiannual Report 2015
7

Columbia Short-Term Cash Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Fair Value Measurements (continued)

Short-term securities are valued using amortized cost, as permitted under Rule 2a-7 of the Investment Company Act of 1940, as amended. Generally, amortized cost approximates the current fair value of these securities, but because the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

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 following table is a summary of the inputs used to value the Fund's investments at January 31, 2015:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Short-Term Securities
Asset-Backed Commercial Paper		—		1,461,363,917		—		1,461,363,917
Commercial Paper		—		3,405,604,511		—		3,405,604,511
Certificates of Deposit		—		1,631,800,000		—		1,631,800,000
U.S. Government & Agency Obligations		—		3,660,033,953		—		3,660,033,953
Repurchase Agreements		—		150,000,000		—		150,000,000
Total Short-Term Securities		—		10,308,802,381		—		10,308,802,381
Bonds
Asset-Backed Securities — Non-Agency		—		313,196,402		—		313,196,402
U.S. Treasury Obligations		—		614,950,982		—		614,950,982
Total Bonds		—		928,147,384		—		928,147,384
Total		—		11,236,949,765		—		11,236,949,765

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 represent certain short-term obligations which are valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

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 2015
8

Columbia Short-Term Cash Fund

Statement of Assets and Liabilities

January 31, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $11,086,949,765)	$	11,086,949,765
Repurchase agreements (identified cost $150,000,000)		150,000,000
Total investments (identified cost $11,236,949,765)		11,236,949,765
Cash		28,071
Receivable for:
Interest		528,738
Prepaid expenses		20,111
Total assets		11,237,526,685
Liabilities
Payable for:
Dividend distributions to shareholders		1,000,849
Compensation of board members		80,842
Other expenses		51,157
Total liabilities		1,132,848
Net assets applicable to outstanding capital stock	$	11,236,393,837
Represented by
Paid-in capital	$	11,236,480,102
Excess of distributions over net investment income		(17,635	)
Accumulated net realized loss		(68,630	)
Total — representing net assets applicable to outstanding capital stock	$	11,236,393,837
Shares outstanding		11,236,480,091
Net asset value per share	$	1.00

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

Semiannual Report 2015
9

Columbia Short-Term Cash Fund

Statement of Operations

Six Months Ended January 31, 2015 (Unaudited)

Net investment income
Income:
Interest	$	5,264,146
Total income		5,264,146
Expenses:
Compensation of board members		61,852
Custodian fees		38,336
Shareholder reports and communication		6,806
Professional fees		52,989
Fidelity and surety fees		25,032
Miscellaneous expenses		10,434
Other		8,630
Total expenses		204,079
Net investment income		5,060,067
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(1,557	)
Net realized loss		(1,557	)
Net realized and unrealized loss		(1,557	)
Net increase in net assets resulting from operations	$	5,058,510

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

Semiannual Report 2015
10

Columbia Short-Term Cash Fund

Statement of Changes in Net Assets

	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014
Operations
Net investment income	$	5,060,067		$	7,941,503
Net realized gain (loss)		(1,557	)		11,019
Net increase in net assets resulting from operations		5,058,510			7,952,522
Distributions to shareholders
Net investment income		(5,076,076	)		(7,941,503	)
Total distributions to shareholders		(5,076,076	)		(7,941,503	)
Increase in net assets from capital stock activity		1,718,200,081			1,924,124,966
Total increase in net assets		1,718,182,515			1,924,135,985
Net assets at beginning of period		9,518,211,322			7,594,075,337
Net assets at end of period	$	11,236,393,837		$	9,518,211,322
Excess of distributions over net investment income	$	(17,635	)	$	(1,626	)

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

Semiannual Report 2015
11

Columbia Short-Term Cash Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Subscriptions		8,815,304,921			8,815,304,920			17,180,159,750			17,180,159,750
Distributions reinvested		4,864,557			4,864,557			7,936,862			7,936,862
Redemptions		(7,101,969,396	)		(7,101,969,396	)		(15,263,971,646	)		(15,263,971,646	)
Total increase		1,718,200,082			1,718,200,081			1,924,124,966			1,924,124,966
Total net increase		1,718,200,082			1,718,200,081			1,924,124,966			1,924,124,966

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

Semiannual Report 2015
12

Columbia Short-Term Cash 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 held for the periods shown. Total return assumes reinvestment of all dividends and distributions, if any. Total return is not annualized for periods of less than one year.

	Six Months Ended January 31, 2015			Year Ended July 31,
	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations
Net investment income		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)
Net realized and unrealized gain		(0.00	)(a)		0.00	(a)		0.00	(a)		0.00	(a)		—			0.00	(a)
Total from investment operations		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)
Less distributions to shareholders from:
Net investment income		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)
Total distributions to shareholders		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.05	%		0.09	%		0.14	%		0.15	%		0.26	%		0.25	%
Ratios to average net assets
Total gross expenses		0.00	%(a)(b)		0.00	%(a)		0.00	%(a)		0.00	%(a)(c)		0.00	%(a)		0.00	%(a)
Total net expenses		0.00	%(a)(b)		0.00	%(a)		0.00	%(a)		0.00	%(a)(c)		0.00	%(a)		0.00	%(a)
Net investment income		0.10	%(b)		0.09	%		0.14	%		0.15	%		0.21	%		0.23	%
Supplemental data
Net assets, end of period (in thousands)	$	11,236,394		$	9,518,211		$	7,594,075		$	6,760,419		$	4,814,012		$	2,982,666

Notes to Financial Highlights

(a)  Rounds to zero.

(b)  Annualized.

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

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

Semiannual Report 2015
13

Columbia Short-Term Cash Fund

Notes to Financial Statements

January 31, 2015 (Unaudited)

Note 1. Organization

Columbia Short-Term Cash 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.

The Trust may issue an unlimited number of shares (without par value). Investments in the Fund may be made only by investment companies, common or commingled trust funds, or similar organizations or persons that are accredited investors within the meaning of Regulation D under the Securities Act of 1933, as amended.

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

Securities in the Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Board of Trustees (the Board) continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. The Board has established procedures intended to stabilize the Fund's net asset value for purposes of purchases and redemptions of Fund shares at $1.00 per share. These procedures include determinations, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Fund's market-based net asset value deviates from $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board will promptly consider what action, if any, should be initiated.

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.

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 January 31, 2015:

							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		150,000,000		—		150,000,000		—		—		150,000,000		—

(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.

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Columbia Short-Term Cash Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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, including amortization of premium and discount, is recognized daily.

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.

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 after the fiscal year in which the capital gains were earned or more frequently to seek to maintain a net asset value of $1.00 per share, unless offset by any available capital loss carryforward. 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.

Money Market Fund Reform

In July 2014, the Securities and Exchange Commission adopted amendments to the rules that govern money market funds. The new rule amendments address potential systemic risks associated with money market funds and improve transparency for money market fund investors. The Fund will be required to comply with provisions of the money market fund reform, the majority of which will become effective in 2016. As a result, the Fund may be required to take certain steps that will impact its structure and/or operations, which could impact the return potential of the Fund.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under the Investment Management Services Agreement, subject to the policies set by the Board, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), provides investment management services. The Fund does not pay an investment management fee for managing its assets, but it does pay taxes, brokerage commissions and nonadvisory expenses.

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.

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 January 31, 2015, other expenses paid by the Fund to this company were $7,904.

Semiannual Report 2015
15

Columbia Short-Term Cash Fund

Notes to Financial Statements (continued)

January 31, 2015 (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 January 31, 2015, the cost of investments for federal income tax purposes was approximately $11,236,950,000.

The following capital loss carryforwards, determined as of July 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		8,785
No expiration — short-term		58,288
Total		67,073

Capital loss carryforwards with no expiration are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.

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. Shareholder Concentration

At January 31, 2015, 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 6. 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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, 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 $550 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. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended January 31, 2015.

Note 7. 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.

Note 8. Subsequent Events

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

Note 9. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota

Semiannual Report 2015
16

Columbia Short-Term Cash Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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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Columbia Short-Term Cash Fund

Important Information About This Report

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

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

Semiannual Report 2015
21

Columbia Short-Term Cash Fund

P.O. Box 8081

Boston, MA 02266-8081

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

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

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2015 Columbia Management Investment Advisers, LLC.

SAR224_07_E01_(03/15)

SEMIANNUAL REPORT

January 31, 2015

COLUMBIA LARGE CORE QUANTITATIVE FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 11th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.***

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

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

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

  *  In U.S. dollars as of December 31, 2014. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies. Contact us for more current data.

  **  Source: ICI as of December 31, 2014 for Columbia Management Investment Advisers, LLC.

  ***  Source: Investment Association as of December 2014 for Threadneedle Asset Management Limited.

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

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CT-MK (03/15) 5383/1125800

President's Message

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals^*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the "About Us" tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

>  Fund and strategy names

>  Established investment teams, philosophies and processes

>  Account services, features, servicing phone numbers and mailing addresses

>  Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children's education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen
President, Columbia Funds

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

^*  Source: Ameriprise as of December 1, 2014

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 2015

Columbia Large Core Quantitative Fund

Table of Contents

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

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

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

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund's Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	11
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	17
Notes to Financial Statements	27
Important Information About This Report	35

Semiannual Report 2015

Columbia Large Core Quantitative Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia Large Core Quantitative Fund (the Fund) Class A shares returned 6.13% excluding sales charges for the six-month period that ended January 31, 2015.

>  The Fund outperformed its benchmark, the S&P 500 Index, which returned 4.37% for the same time period.

Average Annual Total Returns (%) (for period ended January 31, 2015)

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	04/24/03
Excluding sales charges			6.13		16.72		16.83		7.58
Including sales charges			0.08		9.94		15.45		6.95
Class B	04/24/03
Excluding sales charges			5.78		15.83		15.96		6.76
Including sales charges			0.78		10.83		15.74		6.76
Class C	04/24/03
Excluding sales charges			5.74		15.80		15.97		6.76
Including sales charges			4.74		14.80		15.97		6.76
Class I	07/15/04		6.29		17.23		17.35		8.02
Class K	04/24/03		6.24		16.92		16.98		7.74
Class R*	12/11/06		6.00		16.44		16.55		7.31
Class R4*	03/19/13		6.31		16.97		16.93		7.63
Class R5*	12/11/06		6.27		17.12		17.32		7.91
Class W*	12/01/06		6.09		16.61		16.82		7.54
Class Z*	09/27/10		6.34		17.04		17.12		7.71
S&P 500 Index			4.37		14.22		15.60		7.61

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

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

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

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.

Semiannual Report 2015
3

Columbia Large Core Quantitative Fund

Portfolio Overview

(Unaudited)

Portfolio Management

Brian Condon, CFA

Peter Albanese

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 January 31, 2015)
Apple, Inc.	5.0
Pfizer, Inc.	2.8
Home Depot, Inc. (The)	2.7
Microsoft Corp.	2.7
Merck & Co., Inc.	2.6
Oracle Corp.	2.5
Cisco Systems, Inc.	2.4
Citigroup, Inc.	2.3
3M Co.	2.2
Kroger Co. (The)	2.2

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 January 31, 2015)
Common Stocks	99.2
Consumer Discretionary	11.7
Consumer Staples	9.6
Energy	8.2
Financials	16.1
Health Care	14.9
Industrials	10.0
Information Technology	19.8
Materials	2.8
Telecommunication Services	2.5
Utilities	3.6
Money Market Funds	0.8
Total	100.0

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

Semiannual Report 2015
4

Columbia Large Core Quantitative 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.

August 1, 2014 – January 31, 2015

	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		1,061.30		1,019.70		5.53		5.42		1.07
Class B		1,000.00		1,000.00		1,057.80		1,015.94		9.39		9.20		1.82
Class C		1,000.00		1,000.00		1,057.40		1,015.94		9.39		9.20		1.82
Class I		1,000.00		1,000.00		1,062.90		1,021.81		3.36		3.29		0.65
Class K		1,000.00		1,000.00		1,062.40		1,020.31		4.91		4.81		0.95
Class R		1,000.00		1,000.00		1,060.00		1,018.45		6.82		6.68		1.32
Class R4		1,000.00		1,000.00		1,063.10		1,021.01		4.19		4.10		0.81
Class R5		1,000.00		1,000.00		1,062.70		1,021.56		3.62		3.55		0.70
Class W		1,000.00		1,000.00		1,060.90		1,019.70		5.53		5.42		1.07
Class Z		1,000.00		1,000.00		1,063.40		1,020.96		4.24		4.15		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.

Semiannual Report 2015
5

Columbia Large Core Quantitative Fund

Portfolio of Investments

January 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 99.2%

Issuer	Shares		Value ($)
Consumer Discretionary 11.7%
Auto Components 1.0%
Delphi Automotive PLC		615,700		42,317,061
Hotels, Restaurants & Leisure 0.9%
Darden Restaurants, Inc.		79,200		4,861,296
Wyndham Worldwide Corp.		392,100		32,854,059
Total				37,715,355
Internet & Catalog Retail 0.5%
Expedia, Inc.		236,700		20,339,631
Media 3.8%
Comcast Corp., Class A		1,656,905		88,056,216
DIRECTV(a)		228,700		19,503,536
Walt Disney Co. (The)		535,100		48,672,696
Total				156,232,448
Specialty Retail 5.3%
Best Buy Co., Inc.		1,907,100		67,129,920
Home Depot, Inc. (The)		1,062,000		110,894,040
Lowe's Companies, Inc.		573,900		38,887,464
Total				216,911,424
Textiles, Apparel & Luxury Goods 0.2%
VF Corp.		111,800		7,755,566
Total Consumer Discretionary				481,271,485
Consumer Staples 9.6%
Beverages 0.9%
Dr. Pepper Snapple Group, Inc.		429,200		33,164,284
PepsiCo, Inc.		51,600		4,839,048
Total				38,003,332
Food & Staples Retailing 2.4%
Kroger Co. (The)		1,310,600		90,496,930
Wal-Mart Stores, Inc.		119,400		10,146,612
Total				100,643,542
Food Products 2.5%
Archer-Daniels-Midland Co.		1,526,600		71,185,358
Tyson Foods, Inc., Class A		768,100		29,986,624
Total				101,171,982
Household Products 0.1%
Kimberly-Clark Corp.		36,600		3,951,336

Common Stocks (continued)

Issuer	Shares		Value ($)
Tobacco 3.7%
Altria Group, Inc.		1,213,800		64,452,780
Philip Morris International, Inc.		1,108,700		88,962,088
Total				153,414,868
Total Consumer Staples				397,185,060
Energy 8.2%
Energy Equipment & Services 1.3%
National Oilwell Varco, Inc.		1,017,000		55,355,310
Oil, Gas & Consumable Fuels 6.9%
Chevron Corp.		473,100		48,506,943
ConocoPhillips		1,339,560		84,365,489
EOG Resources, Inc.		174,600		15,544,638
Exxon Mobil Corp.		250,700		21,916,194
Hess Corp.		190,000		12,823,100
Phillips 66		271,400		19,084,848
Valero Energy Corp.		1,535,300		81,186,664
Total				283,427,876
Total Energy				338,783,186
Financials 16.1%
Banks 4.1%
Citigroup, Inc.		1,961,000		92,068,950
JPMorgan Chase & Co.		1,434,300		77,997,234
Total				170,066,184
Capital Markets 1.5%
BlackRock, Inc.		65,500		22,303,405
Invesco Ltd.		1,038,700		38,151,451
Total				60,454,856
Consumer Finance 2.7%
Capital One Financial Corp.		943,600		69,080,956
Navient Corp.		2,071,500		40,891,410
Total				109,972,366
Diversified Financial Services 1.0%
Moody's Corp.		447,500		40,870,175
Insurance 3.7%
Aon PLC		719,200		64,763,960
Lincoln National Corp.		749,600		37,465,008

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

Semiannual Report 2015
6

Columbia Large Core Quantitative Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
MetLife, Inc.		985,100		45,807,150
Travelers Companies, Inc. (The)		44,200		4,544,644
Total				152,580,762
Real Estate Investment Trusts (REITs) 3.1%
Host Hotels & Resorts, Inc.		2,411,000		55,187,790
Simon Property Group, Inc.		369,900		73,484,334
Total				128,672,124
Total Financials				662,616,467
Health Care 14.9%
Biotechnology 3.2%
Alkermes PLC(a)		94,300		6,813,175
BioMarin Pharmaceutical, Inc.(a)		97,000		9,424,520
Celgene Corp.(a)		338,500		40,335,660
Gilead Sciences, Inc.(a)		423,700		44,416,471
Pharmacyclics, Inc.(a)		59,700		10,074,375
Vertex Pharmaceuticals, Inc.(a)		184,900		20,364,886
Total				131,429,087
Health Care Equipment & Supplies 2.2%
Becton Dickinson and Co.		157,300		21,719,984
CR Bard, Inc.		409,600		70,053,888
Total				91,773,872
Health Care Providers & Services 3.2%
AmerisourceBergen Corp.		573,700		54,530,185
Anthem, Inc.		558,200		75,334,672
Total				129,864,857
Pharmaceuticals 6.3%
AbbVie, Inc.		659,500		39,800,825
Merck & Co., Inc.		1,779,100		107,244,148
Pfizer, Inc.		3,621,305		113,165,781
Total				260,210,754
Total Health Care				613,278,570
Industrials 10.0%
Aerospace & Defense 4.4%
Boeing Co. (The)		188,400		27,387,708
General Dynamics Corp.		553,800		73,771,698
L-3 Communications Holdings, Inc.		69,300		8,532,216
Lockheed Martin Corp.		387,600		73,012,212
Total				182,703,834

Common Stocks (continued)

Issuer	Shares		Value ($)
Air Freight & Logistics 1.1%
United Parcel Service, Inc., Class B		431,500		42,649,460
Airlines 0.9%
Delta Air Lines, Inc.		92,000		4,352,520
Southwest Airlines Co.		675,900		30,537,162
Total				34,889,682
Electrical Equipment 1.1%
Emerson Electric Co.		785,900		44,749,146
Industrial Conglomerates 2.2%
3M Co.		564,600		91,634,580
Machinery 0.2%
Caterpillar, Inc.		102,400		8,188,928
Professional Services 0.1%
Dun & Bradstreet Corp. (The)		45,800		5,272,038
Total Industrials				410,087,668
Information Technology 19.8%
Communications Equipment 2.4%
Cisco Systems, Inc.		3,682,700		97,094,385
Internet Software & Services 1.5%
Facebook, Inc., Class A(a)		181,800		13,800,438
VeriSign, Inc.(a)		899,100		48,982,968
Total				62,783,406
IT Services 3.3%
MasterCard, Inc., Class A		1,043,700		85,614,711
Visa, Inc., Class A		190,000		48,432,900
Total				134,047,611
Semiconductors & Semiconductor Equipment 1.7%
Applied Materials, Inc.		1,136,700		25,962,228
Broadcom Corp., Class A		709,000		30,086,415
NVIDIA Corp.		803,400		15,429,297
Total				71,477,940
Software 5.6%
Electronic Arts, Inc.(a)		352,900		19,360,094
Microsoft Corp.(b)		2,680,700		108,300,280
Oracle Corp.		2,433,200		101,926,748
Total				229,587,122

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

Semiannual Report 2015
7

Columbia Large Core Quantitative Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Technology Hardware, Storage & Peripherals 5.3%
Apple, Inc.		1,744,980		204,441,857
EMC Corp.		578,400		14,997,912
Total				219,439,769
Total Information Technology				814,430,233
Materials 2.8%
Chemicals 1.1%
LyondellBasell Industries NV, Class A		591,000		46,742,190
Containers & Packaging 0.5%
Ball Corp.		349,900		22,159,167
Metals & Mining 0.2%
Freeport-McMoRan, Inc.		477,800		8,031,818
Paper & Forest Products 1.0%
International Paper Co.		739,800		38,957,868
Total Materials				115,891,043
Telecommunication Services 2.5%
Diversified Telecommunication Services 2.5%
AT&T, Inc.		1,027,200		33,815,424
CenturyLink, Inc.		1,856,800		69,017,256
Total				102,832,680
Total Telecommunication Services				102,832,680

Common Stocks (continued)

Issuer	Shares		Value ($)
Utilities 3.6%
Electric Utilities 1.6%
Entergy Corp.		727,900		63,698,529
Independent Power and Renewable Electricity Producers 0.3%
AES Corp. (The)		1,111,900		13,587,418
Multi-Utilities 1.7%
Public Service Enterprise Group, Inc.		1,673,000		71,403,640
Total Utilities				148,689,587
Total Common Stocks (Cost: $3,507,626,866)				4,085,065,979
Money Market Funds 0.8%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.118%(c)(d)		34,422,535		34,422,535
Total Money Market Funds (Cost: $34,422,535)				34,422,535
Total Investments (Cost: $3,542,049,401)				4,119,488,514
Other Assets & Liabilities, Net				858,487
Net Assets				4,120,347,001

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2015

At January 31, 2015, securities totaling $3,017,880 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 ($)
S&P 500		74	USD		36,785,400	03/2015		—		(206,880	)

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  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.

(c)  The rate shown is the seven-day current annualized yield at January 31, 2015.

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

Semiannual Report 2015
8

Columbia Large Core Quantitative Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)

(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 January 31, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		27,671,403		110,281,875		(103,530,743	)		34,422,535		18,160		34,422,535

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

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

Semiannual Report 2015
9

Columbia Large Core Quantitative Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Fair Value Measurements (continued)

vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2015:

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		481,271,485			—		—		481,271,485
Consumer Staples		397,185,060			—		—		397,185,060
Energy		338,783,186			—		—		338,783,186
Financials		662,616,467			—		—		662,616,467
Health Care		613,278,570			—		—		613,278,570
Industrials		410,087,668			—		—		410,087,668
Information Technology		814,430,233			—		—		814,430,233
Materials		115,891,043			—		—		115,891,043
Telecommunication Services		102,832,680			—		—		102,832,680
Utilities		148,689,587			—		—		148,689,587
Total Equity Securities		4,085,065,979			—		—		4,085,065,979
Mutual Funds
Money Market Funds		34,422,535			—		—		34,422,535
Total Mutual Funds		34,422,535			—		—		34,422,535
Investments in Securities		4,119,488,514			—		—		4,119,488,514
Derivatives
Liabilities
Futures Contracts		(206,880	)		—		—		(206,880	)
Total		4,119,281,634			—		—		4,119,281,634

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 2015
10

Columbia Large Core Quantitative Fund

Statement of Assets and Liabilities

January 31, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $3,507,626,866)	$	4,085,065,979
Affiliated issuers (identified cost $34,422,535)		34,422,535
Total investments (identified cost $3,542,049,401)		4,119,488,514
Receivable for:
Investments sold		133,209,092
Capital shares sold		1,809,641
Dividends		2,739,049
Variation margin		31,126
Prepaid expenses		8,511
Other assets		36,670
Total assets		4,257,322,603
Liabilities
Payable for:
Investments purchased		134,079,399
Capital shares purchased		1,472,261
Variation margin		609,525
Investment management fees		66,667
Distribution and/or service fees		27,542
Transfer agent fees		289,807
Administration fees		5,616
Plan administration fees		199
Compensation of board members		225,745
Other expenses		198,841
Total liabilities		136,975,602
Net assets applicable to outstanding capital stock	$	4,120,347,001
Represented by
Paid-in capital	$	4,139,191,143
Excess of distributions over net investment income		(1,583,346	)
Accumulated net realized loss		(594,493,029	)
Unrealized appreciation (depreciation) on:
Investments		577,439,113
Futures contracts		(206,880	)
Total — representing net assets applicable to outstanding capital stock	$	4,120,347,001

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

Semiannual Report 2015
11

Columbia Large Core Quantitative Fund

Statement of Assets and Liabilities (continued)

January 31, 2015 (Unaudited)

Class A
Net assets	$	3,459,445,070
Shares outstanding		368,921,123
Net asset value per share	$	9.38
Maximum offering price per share(a)	$	9.95
Class B
Net assets	$	52,272,990
Shares outstanding		5,593,187
Net asset value per share	$	9.35
Class C
Net assets	$	44,351,061
Shares outstanding		4,809,000
Net asset value per share	$	9.22
Class I
Net assets	$	319,449,615
Shares outstanding		33,872,009
Net asset value per share	$	9.43
Class K
Net assets	$	28,632,093
Shares outstanding		3,036,533
Net asset value per share	$	9.43
Class R
Net assets	$	2,902,625
Shares outstanding		309,506
Net asset value per share	$	9.38
Class R4
Net assets	$	1,417,597
Shares outstanding		150,049
Net asset value per share	$	9.45
Class R5
Net assets	$	65,486,437
Shares outstanding		6,973,487
Net asset value per share	$	9.39
Class W
Net assets	$	105,522,517
Shares outstanding		11,184,339
Net asset value per share	$	9.43
Class Z
Net assets	$	40,866,996
Shares outstanding		4,339,387
Net asset value per share	$	9.42

(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%.

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

Semiannual Report 2015
12

Columbia Large Core Quantitative Fund

Statement of Operations

Six Months Ended January 31, 2015 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	41,848,218
Dividends — affiliated issuers		18,160
Total income		41,866,378
Expenses:
Investment management fees		12,009,823
Distribution and/or service fees
Class A		4,349,239
Class B		291,600
Class C		197,670
Class R		8,683
Class W		128,460
Transfer agent fees
Class A		2,958,329
Class B		49,923
Class C		33,359
Class K		7,145
Class R		2,986
Class R4		459
Class R5		15,746
Class W		86,887
Class Z		14,283
Administration fees		1,013,566
Plan administration fees
Class K		35,726
Compensation of board members		30,750
Custodian fees		16,573
Printing and postage fees		220,772
Registration fees		65,187
Professional fees		31,922
Other		29,368
Total expenses		21,598,456
Net investment income		20,267,922
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		277,332,165
Futures contracts		586,183
Net realized gain		277,918,348
Net change in unrealized appreciation (depreciation) on:
Investments		(57,443,989	)
Futures contracts		577,285
Net change in unrealized depreciation		(56,866,704	)
Net realized and unrealized gain		221,051,644
Net increase in net assets resulting from operations	$	241,319,566

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

Semiannual Report 2015
13

Columbia Large Core Quantitative Fund

Statement of Changes in Net Assets

	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014
Operations
Net investment income	$	20,267,922		$	44,218,376
Net realized gain		277,918,348			681,575,535
Net change in unrealized depreciation		(56,866,704	)		(113,867,328	)
Net increase in net assets resulting from operations		241,319,566			611,926,583
Distributions to shareholders
Net investment income
Class A		(36,842,491	)		(54,841,069	)
Class B		(195,763	)		(760,088	)
Class C		(151,340	)		(350,477	)
Class I		(4,758,466	)		(6,403,054	)
Class K		(329,771	)		(560,040	)
Class R		(25,994	)		(67,479	)
Class R4		(15,328	)		(788	)
Class R5		(926,384	)		(1,052,104	)
Class W		(1,116,991	)		(1,869,527	)
Class Z		(479,036	)		(101,901	)
Total distributions to shareholders		(44,841,564	)		(66,006,527	)
Decrease in net assets from capital stock activity		(15,720,078	)		(338,193,740	)
Total increase in net assets		180,757,924			207,726,316
Net assets at beginning of period		3,939,589,077			3,731,862,761
Net assets at end of period	$	4,120,347,001		$	3,939,589,077
Undistributed (excess of distributions over) net investment income	$	(1,583,346	)	$	22,990,296

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

Semiannual Report 2015
14

Columbia Large Core Quantitative Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		9,378,883			88,505,344			11,113,175			93,194,066
Distributions reinvested		3,641,856			35,253,169			6,322,598			52,414,339
Redemptions		(16,613,583	)		(156,182,488	)		(42,963,218	)		(358,733,438	)
Net decrease		(3,592,844	)		(32,423,975	)		(25,527,445	)		(213,125,033	)
Class B shares
Subscriptions		36,606			344,339			75,514			626,674
Distributions reinvested		20,184			194,979			91,498			757,605
Redemptions(a)		(1,324,880	)		(12,213,435	)		(3,308,308	)		(27,517,212	)
Net decrease		(1,268,090	)		(11,674,117	)		(3,141,296	)		(26,132,933	)
Class C shares
Subscriptions		1,047,961			9,805,683			580,549			4,760,033
Distributions reinvested		14,936			142,341			40,320			329,417
Redemptions		(330,946	)		(3,046,891	)		(578,175	)		(4,755,584	)
Net increase		731,951			6,901,133			42,694			333,866
Class I shares
Subscriptions		1,631,682			14,906,757			1,708,642			14,578,704
Distributions reinvested		488,544			4,758,418			768,621			6,402,615
Redemptions		(3,794,374	)		(36,152,374	)		(4,769,506	)		(40,870,034	)
Net decrease		(1,674,148	)		(16,487,199	)		(2,292,243	)		(19,888,715	)
Class K shares
Subscriptions		287,049			2,721,116			483,701			3,937,167
Distributions reinvested		33,854			329,737			67,170			559,527
Redemptions		(411,066	)		(3,904,650	)		(7,155,629	)		(57,498,407	)
Net decrease		(90,163	)		(853,797	)		(6,604,758	)		(53,001,713	)
Class R shares
Subscriptions		49,030			466,666			80,800			674,096
Distributions reinvested		1,733			16,795			4,751			39,431
Redemptions		(151,054	)		(1,432,184	)		(215,473	)		(1,843,459	)
Net decrease		(100,291	)		(948,723	)		(129,922	)		(1,129,932	)
Class R4 shares
Subscriptions		128,157			1,249,385			21,998			198,012
Distributions reinvested		1,568			15,292			88			731
Redemptions		(1,338	)		(13,051	)		(780	)		(6,605	)
Net increase		128,387			1,251,626			21,306			192,138

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

Semiannual Report 2015
15

Columbia Large Core Quantitative Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		632,804			5,953,730			756,213			6,405,371
Distributions reinvested		95,598			926,340			126,733			1,051,880
Redemptions		(171,257	)		(1,624,047	)		(495,166	)		(4,150,020	)
Net increase		557,145			5,256,023			387,780			3,307,231
Class W shares
Subscriptions		3,548,861			33,201,439			10,437,608			82,905,153
Distributions reinvested		114,678			1,116,961			224,152			1,869,431
Redemptions		(3,871,860	)		(36,434,999	)		(13,782,580	)		(115,020,325	)
Net decrease		(208,321	)		(2,116,599	)		(3,120,820	)		(30,245,741	)
Class Z shares
Subscriptions		3,763,066			36,272,643			541,375			4,502,429
Distributions reinvested		46,663			453,563			8,225			68,434
Redemptions		(142,321	)		(1,350,656	)		(367,765	)		(3,073,771	)
Net increase		3,667,408			35,375,550			181,835			1,497,092
Total net decrease		(1,848,966	)		(15,720,078	)		(40,182,869	)		(338,193,740	)

(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 2015
16

Columbia Large Core Quantitative 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 January 31, 2015			Year Ended July 31,
Class A	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	8.93		$	7.75		$	6.33		$	5.78		$	4.74		$	4.30
Income from investment operations:
Net investment income		0.05			0.09			0.09			0.08			0.06			0.05
Net realized and unrealized gain		0.50			1.23			1.42			0.51			1.02			0.54
Total from investment operations		0.55			1.32			1.51			0.59			1.08			0.59
Less distributions to shareholders:
Net investment income		(0.10	)		(0.14	)		(0.09	)		(0.04	)		(0.04	)		(0.15	)
Total distributions to shareholders		(0.10	)		(0.14	)		(0.09	)		(0.04	)		(0.04	)		(0.15	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			—
Net asset value, end of period	$	9.38		$	8.93		$	7.75		$	6.33		$	5.78		$	4.74
Total return		6.13	%		17.21	%		24.12	%		10.25	%		22.76	%		14.03	%
Ratios to average net assets(b)
Total gross expenses		1.07	%(c)		1.11	%		1.18	%		1.17	%		1.18	%		1.15	%
Total net expenses(d)		1.07	%(c)		1.11	%(e)		1.16	%(e)		1.08	%(e)		1.12	%		1.00	%
Net investment income		0.96	%(c)		1.12	%		1.28	%		1.36	%		1.19	%		1.10	%
Supplemental data
Net assets, end of period (in thousands)	$	3,459,445		$	3,325,544		$	3,084,807		$	2,800,422		$	2,845,786		$	2,688,843
Portfolio turnover		38	%		73	%		69	%		71	%		57	%		75	%

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%.

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

Semiannual Report 2015
17

Columbia Large Core Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class B	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	8.87		$	7.71		$	6.28		$	5.74		$	4.71		$	4.27
Income from investment operations:
Net investment income		0.01			0.03			0.04			0.04			0.02			0.01
Net realized and unrealized gain		0.50			1.22			1.42			0.50			1.01			0.54
Total from investment operations		0.51			1.25			1.46			0.54			1.03			0.55
Less distributions to shareholders:
Net investment income		(0.03	)		(0.09	)		(0.03	)		—			—			(0.11	)
Total distributions to shareholders		(0.03	)		(0.09	)		(0.03	)		—			—			(0.11	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			—
Net asset value, end of period	$	9.35		$	8.87		$	7.71		$	6.28		$	5.74		$	4.71
Total return		5.78	%		16.25	%		23.27	%		9.41	%		21.87	%		13.03	%
Ratios to average net assets(b)
Total gross expenses		1.82	%(c)		1.87	%		1.93	%		1.92	%		1.93	%		1.93	%
Total net expenses(d)		1.82	%(c)		1.87	%(e)		1.91	%(e)		1.83	%(e)		1.88	%		1.78	%
Net investment income		0.23	%(c)		0.39	%		0.54	%		0.63	%		0.44	%		0.29	%
Supplemental data
Net assets, end of period (in thousands)	$	52,273		$	60,860		$	77,087		$	83,451		$	114,107		$	153,326
Portfolio turnover		38	%		73	%		69	%		71	%		57	%		75	%

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%.

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

Semiannual Report 2015
18

Columbia Large Core Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class C	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	8.75		$	7.61		$	6.22		$	5.68		$	4.66		$	4.24
Income from investment operations:
Net investment income		0.01			0.03			0.04			0.03			0.02			0.01
Net realized and unrealized gain		0.49			1.20			1.40			0.51			1.00			0.53
Total from investment operations		0.50			1.23			1.44			0.54			1.02			0.54
Less distributions to shareholders:
Net investment income		(0.03	)		(0.09	)		(0.05	)		—			—			(0.12	)
Total distributions to shareholders		(0.03	)		(0.09	)		(0.05	)		—			—			(0.12	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			—
Net asset value, end of period	$	9.22		$	8.75		$	7.61		$	6.22		$	5.68		$	4.66
Total return		5.74	%		16.20	%		23.22	%		9.51	%		21.89	%		12.97	%
Ratios to average net assets(b)
Total gross expenses		1.82	%(c)		1.86	%		1.93	%		1.92	%		1.94	%		1.92	%
Total net expenses(d)		1.82	%(c)		1.86	%(e)		1.91	%(e)		1.83	%(e)		1.88	%		1.77	%
Net investment income		0.19	%(c)		0.37	%		0.53	%		0.59	%		0.44	%		0.31	%
Supplemental data
Net assets, end of period (in thousands)	$	44,351		$	35,687		$	30,686		$	25,903		$	23,061		$	21,982
Portfolio turnover		38	%		73	%		69	%		71	%		57	%		75	%

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%.

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

Semiannual Report 2015
19

Columbia Large Core Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class I	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	9.00		$	7.81		$	6.38		$	5.82		$	4.77		$	4.33
Income from investment operations:
Net investment income		0.07			0.13			0.12			0.11			0.09			0.08
Net realized and unrealized gain		0.50			1.24			1.43			0.51			1.02			0.53
Total from investment operations		0.57			1.37			1.55			0.62			1.11			0.61
Less distributions to shareholders:
Net investment income		(0.14	)		(0.18	)		(0.12	)		(0.06	)		(0.06	)		(0.17	)
Total distributions to shareholders		(0.14	)		(0.18	)		(0.12	)		(0.06	)		(0.06	)		(0.17	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			—
Net asset value, end of period	$	9.43		$	9.00		$	7.81		$	6.38		$	5.82		$	4.77
Total return		6.29	%		17.71	%		24.65	%		10.85	%		23.34	%		14.38	%
Ratios to average net assets(b)
Total gross expenses		0.65	%(c)		0.65	%		0.67	%		0.68	%		0.71	%		0.61	%
Total net expenses(d)		0.65	%(c)		0.65	%		0.66	%		0.65	%		0.69	%		0.54	%
Net investment income		1.38	%(c)		1.58	%		1.78	%		1.77	%		1.62	%		1.66	%
Supplemental data
Net assets, end of period (in thousands)	$	319,450		$	319,764		$	295,375		$	279,293		$	212,969		$	314,251
Portfolio turnover		38	%		73	%		69	%		71	%		57	%		75	%

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.

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

Semiannual Report 2015
20

Columbia Large Core Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class K	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	8.98		$	7.80		$	6.37		$	5.80		$	4.76		$	4.32
Income from investment operations:
Net investment income		0.05			0.11			0.10			0.09			0.08			0.06
Net realized and unrealized gain		0.51			1.23			1.43			0.52			1.00			0.54
Total from investment operations		0.56			1.34			1.53			0.61			1.08			0.60
Less distributions to shareholders:
Net investment income		(0.11	)		(0.16	)		(0.10	)		(0.04	)		(0.04	)		(0.16	)
Total distributions to shareholders		(0.11	)		(0.16	)		(0.10	)		(0.04	)		(0.04	)		(0.16	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			—
Net asset value, end of period	$	9.43		$	8.98		$	7.80		$	6.37		$	5.80		$	4.76
Total return		6.24	%		17.29	%		24.29	%		10.57	%		22.83	%		14.14	%
Ratios to average net assets(b)
Total gross expenses		0.95	%(c)		0.95	%		0.97	%		1.06	%		0.97	%		0.92	%
Total net expenses(d)		0.95	%(c)		0.95	%		0.96	%		0.95	%		0.96	%		0.85	%
Net investment income		1.07	%(c)		1.34	%		1.47	%		1.50	%		1.39	%		1.31	%
Supplemental data
Net assets, end of period (in thousands)	$	28,632		$	28,087		$	75,884		$	61,446		$	73,036		$	162,519
Portfolio turnover		38	%		73	%		69	%		71	%		57	%		75	%

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.

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

Semiannual Report 2015
21

Columbia Large Core Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class R	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	8.92		$	7.75		$	6.33		$	5.77		$	4.73		$	4.30
Income from investment operations:
Net investment income		0.03			0.07			0.07			0.06			0.05			0.03
Net realized and unrealized gain		0.51			1.22			1.43			0.52			1.01			0.54
Total from investment operations		0.54			1.29			1.50			0.58			1.06			0.57
Less distributions to shareholders:
Net investment income		(0.08	)		(0.12	)		(0.08	)		(0.02	)		(0.02	)		(0.14	)
Total distributions to shareholders		(0.08	)		(0.12	)		(0.08	)		(0.02	)		(0.02	)		(0.14	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			—
Net asset value, end of period	$	9.38		$	8.92		$	7.75		$	6.33		$	5.77		$	4.73
Total return		6.00	%		16.81	%		23.87	%		10.11	%		22.51	%		13.43	%
Ratios to average net assets(b)
Total gross expenses		1.32	%(c)		1.37	%		1.43	%		1.41	%		1.44	%		1.43	%
Total net expenses(d)		1.32	%(c)		1.37	%(e)		1.41	%(e)		1.32	%(e)		1.38	%		1.36	%
Net investment income		0.74	%(c)		0.89	%		1.02	%		1.05	%		0.92	%		0.71	%
Supplemental data
Net assets, end of period (in thousands)	$	2,903		$	3,655		$	4,180		$	3,522		$	2,579		$	2,194
Portfolio turnover		38	%		73	%		69	%		71	%		57	%		75	%

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%.

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

Semiannual Report 2015
22

Columbia Large Core Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class R4	(Unaudited)			2014			2013(a)
Per share data
Net asset value, beginning of period	$	9.00		$	7.81		$	7.02
Income from investment operations:
Net investment income		0.05			0.11			0.03
Net realized and unrealized gain		0.52			1.24			0.76
Total from investment operations		0.57			1.35			0.79
Less distributions to shareholders:
Net investment income		(0.12	)		(0.16	)		—
Total distributions to shareholders		(0.12	)		(0.16	)		—
Net asset value, end of period	$	9.45		$	9.00		$	7.81
Total return		6.31	%		17.45	%		11.25	%
Ratios to average net assets(b)
Total gross expenses		0.81	%(c)		0.87	%		0.92	%(c)
Total net expenses(d)		0.81	%(c)		0.87	%(e)		0.92	%(c)
Net investment income		0.98	%(c)		1.34	%		1.25	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,418		$	195		$	3
Portfolio turnover		38	%		73	%		69	%

Notes to Financial Highlights

(a)  Based on operations from March 19, 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.

(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 2015
23

Columbia Large Core Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class R5	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	8.96		$	7.77		$	6.35		$	5.80		$	4.75		$	4.31
Income from investment operations:
Net investment income		0.06			0.13			0.12			0.10			0.09			0.07
Net realized and unrealized gain		0.51			1.24			1.42			0.51			1.02			0.54
Total from investment operations		0.57			1.37			1.54			0.61			1.11			0.61
Less distributions to shareholders:
Net investment income		(0.14	)		(0.18	)		(0.12	)		(0.06	)		(0.06	)		(0.17	)
Total distributions to shareholders		(0.14	)		(0.18	)		(0.12	)		(0.06	)		(0.06	)		(0.17	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			—
Net asset value, end of period	$	9.39		$	8.96		$	7.77		$	6.35		$	5.80		$	4.75
Total return		6.27	%		17.75	%		24.55	%		10.71	%		23.38	%		14.41	%
Ratios to average net assets(b)
Total gross expenses		0.70	%(c)		0.70	%		0.72	%		0.80	%		0.72	%		0.68	%
Total net expenses(d)		0.70	%(c)		0.70	%		0.71	%		0.70	%		0.70	%		0.61	%
Net investment income		1.32	%(c)		1.53	%		1.72	%		1.72	%		1.61	%		1.46	%
Supplemental data
Net assets, end of period (in thousands)	$	65,486		$	57,466		$	46,858		$	37,489		$	31,225		$	24,848
Portfolio turnover		38	%		73	%		69	%		71	%		57	%		75	%

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.

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

Semiannual Report 2015
24

Columbia Large Core Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class W	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	8.98		$	7.80		$	6.37		$	5.81		$	4.73		$	4.29
Income from investment operations:
Net investment income		0.05			0.09			0.09			0.08			0.06			0.06
Net realized and unrealized gain		0.50			1.23			1.43			0.51			1.02			0.53
Total from investment operations		0.55			1.32			1.52			0.59			1.08			0.59
Less distributions to shareholders:
Net investment income		(0.10	)		(0.14	)		(0.09	)		(0.03	)		—			(0.15	)
Total distributions to shareholders		(0.10	)		(0.14	)		(0.09	)		(0.03	)		—			(0.15	)
Proceeds from regulatory settlements		—			—			—			0.00	(a)		—			—
Net asset value, end of period	$	9.43		$	8.98		$	7.80		$	6.37		$	5.81		$	4.73
Total return		6.09	%		17.10	%		24.15	%		10.23	%		22.83	%		13.93	%
Ratios to average net assets(b)
Total gross expenses		1.07	%(c)		1.12	%		1.18	%		1.18	%		1.17	%		1.05	%
Total net expenses(d)		1.07	%(c)		1.12	%(e)		1.16	%(e)		1.08	%(e)		1.12	%		0.98	%
Net investment income		0.96	%(c)		1.09	%		1.27	%		1.35	%		1.22	%		1.27	%
Supplemental data
Net assets, end of period (in thousands)	$	105,523		$	102,303		$	113,166		$	115,408		$	141,510		$	373,927
Portfolio turnover		38	%		73	%		69	%		71	%		57	%		75	%

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%.

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

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Columbia Large Core Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class Z	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	8.97		$	7.79		$	6.36		$	5.81		$	4.98
Income from investment operations:
Net investment income		0.05			0.11			0.10			0.09			0.07
Net realized and unrealized gain		0.52			1.23			1.44			0.52			0.82
Total from investment operations		0.57			1.34			1.54			0.61			0.89
Less distributions to shareholders:
Net investment income		(0.12	)		(0.16	)		(0.11	)		(0.06	)		(0.06	)
Total distributions to shareholders		(0.12	)		(0.16	)		(0.11	)		(0.06	)		(0.06	)
Proceeds from regulatory settlements		—			—			—			0.00	(b)		—
Net asset value, end of period	$	9.42		$	8.97		$	7.79		$	6.36		$	5.81
Total return		6.34	%		17.38	%		24.48	%		10.59	%		17.89	%
Ratios to average net assets(c)
Total gross expenses		0.82	%(d)		0.87	%		0.93	%		0.89	%		0.89	%(d)
Total net expenses(e)		0.82	%(d)		0.87	%(f)		0.91	%(f)		0.82	%(f)		0.83	%(d)
Net investment income		0.99	%(d)		1.35	%		1.51	%		1.60	%		1.52	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	40,867		$	6,030		$	3,817		$	2,496		$	1,820
Portfolio turnover		38	%		73	%		69	%		71	%		57	%

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%.

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

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26

Columbia Large Core Quantitative Fund

Notes to Financial Statements

January 31, 2015 (Unaudited)

Note 1. Organization

Columbia Large Core Quantitative 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 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 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

Semiannual Report 2015
27

Columbia Large Core Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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.

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

Semiannual Report 2015
28

Columbia Large Core Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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

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

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 2015
29

Columbia Large Core Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (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 January 31, 2015:

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		206,880	*

*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 January 31, 2015:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		586,183
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		577,285

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended January 31 , 2015:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		33,981,050

*Based on the ending quarterly outstanding amounts for the six months ended January 31, 2015.

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.

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

Semiannual Report 2015
30

Columbia Large Core Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 0.69% to 0.52% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended January 31, 2015 was 0.58% 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 January 31, 2015 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 January 31, 2015, other expenses paid by the Fund to this company were $3,644.

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 agency 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.

Semiannual Report 2015
31

Columbia Large Core Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

For the six months ended January 31, 2015, 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	0.15
Class R5	0.05
Class W	0.17
Class Z	0.16

The Fund and certain other associated investment companies, have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). SDC was the legacy Seligman funds' former transfer agent.

The lease and the Guaranty expire in January 2019. At January 31, 2015, the Fund's total potential future obligation over the life of the Guaranty is $64,666. The liability remaining at January 31, 2015 for non-recurring charges associated with the lease amounted to $37,640 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities. SDC is owned by six associated investment companies, including the Fund. The Fund's ownership interest in SDC at January 31, 2015 is recorded as a part of other assets in the Statement of Assets and Liabilities at a cost of $22,506.

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 January 31, 2015, 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 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 $6,097,000 and $1,212,000 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 $768,602 for Class A, $5,299 for Class B and $968 for Class C shares for the six months ended January 31, 2015.

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 December 1, 2014			Contractual Expense Cap Prior to December 1, 2014
Class A		1.18	%		1.18	%
Class B		1.93			1.93
Class C		1.93			1.93
Class I		0.80			0.77
Class K		1.10			1.07
Class R		1.43			1.43
Class R4		0.93			0.93
Class R5		0.85			0.82
Class W		1.18			1.18
Class Z		0.93			0.93

Semiannual Report 2015
32

Columbia Large Core Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (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. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At January 31, 2015, the cost of investments for federal income tax purposes was approximately $3,542,049,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	4,119,488,000
Unrealized depreciation		(3,542,049,000	)
Net unrealized appreciation	$	577,439,000

The following capital loss carryforwards, determined as of July 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		269,496,887
2018		585,041,377
2019		18,579,540
Total		873,117,804

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 $1,555,765,317 and $1,594,553,612, respectively, for the six months ended January 31, 2015. 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 January 31, 2015, affiliated shareholders of record owned 88.4% 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. Lehman Brothers Holdings Inc. Equity-Linked Notes

The Fund previously held investments in two equity-linked notes (notes) for which Lehman Brothers Holdings Inc. (Lehman Brothers) was the counterparty. The notes (with an aggregate principal amount of $2.6 million) defaulted as of their respective maturity dates, September 14, 2008 and October 2, 2008. Lehman Brothers filed a Chapter 11 bankruptcy petition on September 15, 2008. Based on the bankruptcy proceedings and information provided by the bankruptcy court, the Fund recognized realized losses of $2.3 million and recorded receivables aggregating $246,717, representing the estimated recoverable balance. During the six months ended January 31, 2015, the Fund received approximately $121,514 from the bankruptcy proceedings. In aggregate, the Fund received $828,351 and does not expect any further receipts.

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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, which is a collective agreement between the Fund and certain other funds managed

Semiannual Report 2015
33

Columbia Large Core Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

by the Investment Manager, severally and not jointly, permits collective borrowings up to $550 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. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended January 31, 2015.

Note 10. Subsequent Events

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

Note 11. Information Regarding Pending and Settled Legal Proceedings

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 2015
34

Columbia Large Core Quantitative Fund

Important Information About This Report

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

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

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

Semiannual Report 2015
35

Columbia Large Core Quantitative Fund

P.O. Box 8081

Boston, MA 02266-8081

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

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

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2015 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR177_07_E01_(03/15)

SEMIANNUAL REPORT

January 31, 2015

COLUMBIA FLOATING RATE FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 11th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.***

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

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

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

  *  In U.S. dollars as of December 31, 2014. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies. Contact us for more current data.

  **  Source: ICI as of December 31, 2014 for Columbia Management Investment Advisers, LLC.

  ***  Source: Investment Association as of December 2014 for Threadneedle Asset Management Limited.

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

Not part of the shareholder report

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*Columbia Threadneedle Investor Newsletter was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications in 2011, 2012 and 2013. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

Not part of the shareholder report

President's Message

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals^*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the "About Us" tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

>  Fund and strategy names

>  Established investment teams, philosophies and processes

>  Account services, features, servicing phone numbers and mailing addresses

>  Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children's education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen
President, Columbia Funds

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

^* Source: Ameriprise as of December 1, 2014

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 2015

Columbia Floating Rate 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	23
Statement of Operations	25
Statement of Changes in Net Assets	26
Financial Highlights	29
Notes to Financial Statements	39
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 columbiathreadneedle.com/us or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Semiannual Report 2015

Columbia Floating Rate Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia Floating Rate Fund (the Fund) Class A shares returned -1.13% excluding sales charges for the six-month period that ended January 31, 2015.

>  The Fund underperformed its benchmark, the Credit Suisse Leveraged Loan Index, which returned -0.40% during the same time frame.

Average Annual Total Returns (%) (for period ended January 31, 2015)

	Inception	6 Months Cumulative		1 Year		5 Years		Life
Class A	02/16/06
Excluding sales charges			-1.13		0.57		5.34		3.91
Including sales charges			-4.13		-2.48		4.71		3.56
Class B	02/16/06
Excluding sales charges			-1.50		-0.07		4.57		3.14
Including sales charges			-6.34		-4.92		4.24		3.14
Class C	02/16/06
Excluding sales charges			-1.50		-0.17		4.55		3.13
Including sales charges			-2.47		-1.14		4.55		3.13
Class I	02/16/06		-0.95		0.94		5.74		4.27
Class K	02/16/06		-1.09		0.64		5.41		4.06
Class R*	09/27/10		-1.24		0.33		5.10		3.67
Class R4*	02/28/13		-0.90		0.93		5.44		3.97
Class R5*	08/01/08		-0.96		0.90		5.69		4.14
Class W*	12/01/06		-1.03		0.65		5.35		3.87
Class Z*	09/27/10		-1.00		0.82		5.57		4.04
Credit Suisse Leveraged Loan Index			-0.40		1.60		5.50		4.51	**

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. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

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

**From February 28, 2006.

The Credit Suisse Leveraged Loan Index is an unmanaged market value-weighted index designed to represent the investable universe of the U.S. dollar-denominated leveraged loan 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 2015
2

Columbia Floating Rate Fund

Portfolio Overview

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2015)
Common Stocks	2.2
Consumer Discretionary	1.2
Information Technology	0.0	(a)
Materials	1.0
Telecommunication Services	0.0	(a)
Corporate Bonds & Notes	2.9
Money Market Funds	2.3
Mutual Funds	0.5
Senior Loans	92.1
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 January 31, 2015)
BBB rating	2.7
BB rating	36.3
B rating	51.8
CCC rating	7.5
CC rating	0.0	(a)
Not rated	1.7
Total	100.0

(a) Rounds to zero.

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 rating assigned by Moody's, as available. If Moody's doesn't rate a bond, then the S&P 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. Additionally, the Investment Manager considers the interest rate to be paid on the investment, the portfolio's exposure to a particular sector, and the relative value of the loan within the sector, among other factors.

Portfolio Management

Lynn Hopton

Yvonne Stevens

Steven Staver

Ronald Launsbach, CFA

Semiannual Report 2015
3

Columbia Floating Rate 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.

August 1, 2014 – January 31, 2015

	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		988.70		1,019.75		5.28		5.37		1.06
Class B		1,000.00		1,000.00		985.00		1,015.99		9.01		9.15		1.81
Class C		1,000.00		1,000.00		985.00		1,015.99		9.01		9.15		1.81
Class I		1,000.00		1,000.00		990.50		1,021.61		3.44		3.50		0.69
Class K		1,000.00		1,000.00		989.10		1,020.10		4.94		5.01		0.99
Class R		1,000.00		1,000.00		987.60		1,018.50		6.53		6.63		1.31
Class R4		1,000.00		1,000.00		991.00		1,021.01		4.04		4.10		0.81
Class R5		1,000.00		1,000.00		990.40		1,021.36		3.69		3.75		0.74
Class W		1,000.00		1,000.00		989.70		1,019.75		5.29		5.37		1.06
Class Z		1,000.00		1,000.00		990.00		1,021.01		4.04		4.10		0.81

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 2015
4

Columbia Floating Rate Fund

Portfolio of Investments

January 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Senior Loans 91.7%

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Aerospace & Defense 1.4%
B/E Aerospace, Inc. Term Loan(a)(b) 12/16/21		4.000	%		2,425,000		2,423,982
Booz Allen Hamilton, Inc. Tranche B Term Loan(a)(b) 07/31/19		3.750	%		1,649,589		1,645,977
Doncasters US Finance LLC Tranche B Term Loan(a)(b) 04/09/20		4.500	%		3,021,228		2,985,366
TASC, Inc. 1st Lien Term Loan(a)(b) 05/22/20		6.500	%		2,985,000		2,932,762
TransDigm, Inc. Tranche C Term Loan(a)(b) 02/28/20		3.750	%		3,183,766		3,135,500
Total							13,123,587
Airlines 1.8%
American Airlines, Inc. Tranche B Term Loan(a)(b) 06/27/19		3.750	%		5,220,500		5,171,584
Delta Air Lines, Inc.(a)(b) Term Loan 04/20/17		3.250	%		1,934,837		1,927,582
Tranche B-1 Term Loan 10/18/18		3.250	%		4,522,774		4,475,285
U.S. Airways, Inc. Tranche B-1 Term Loan(a)(b) 05/23/19		3.500	%		1,415,500		1,395,442
United Air Lines, Inc. Tranche B Term Loan(a)(b) 04/01/19		3.500	%		3,163,201		3,128,975
Total							16,098,868
Automotive 2.0%
Allison Transmission, Inc.(a)(b) Tranche B-2 Term Loan 08/07/17		2.920	%		90,309		89,895
Tranche B-3 Term Loan 08/23/19		3.750	%		1,459,533		1,450,411
Chrysler Group LLC Tranche B Term Loan(a)(b) 05/24/17		3.500	%		3,167,667		3,154,648
Gates Global LLC Term Loan(a)(b) 07/05/21		4.250	%		5,211,938		5,076,427
Goodyear Tire & Rubber Co. (The) 2nd Lien Term Loan(a)(b) 04/30/19		4.750	%		2,200,000		2,204,136

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Navistar, Inc. Tranche B Term Loan(a)(b) 08/17/17		5.750	%		1,629,250		1,629,250
Schaeffler AG Tranche B Term Loan(a)(b) 05/15/20		4.250	%		1,913,000		1,917,553
Visteon Corp. Term Loan(a)(b) 04/09/21		3.500	%		2,661,625		2,621,701
Total							18,144,021
Brokerage/Asset Managers/Exchanges 0.6%
RCS Capital Corp.(a)(b) 1st Lien Term Loan 04/29/19		6.500	%		1,618,006		1,537,106
2nd Lien Term Loan 04/29/21		10.500	%		1,000,000		958,330
USI, Inc. Term Loan(a)(b) 12/27/19		4.250	%		2,580,786		2,532,396
Total							5,027,832
Building Materials 1.3%
Contech Engineered Solutions LLC Term Loan(a)(b) 04/29/19		6.250	%		1,231,250		1,217,399
HD Supply, Inc. Term Loan(a)(b) 06/28/18		4.000	%		2,924,242		2,895,000
Nortek, Inc. Term Loan(a)(b) 10/30/20		3.750	%		1,994,988		1,972,544
Roofing Supply Group LLC Term Loan(a)(b) 05/31/19		5.000	%		1,962,264		1,903,396
Wilsonart LLC Term Loan(a)(b) 10/31/19		4.000	%		3,464,352		3,392,917
Total							11,381,256
Cable and Satellite 2.8%
Block Communications, Inc. Tranche B Term Loan(a)(b) 11/07/21		4.250	%		1,995,000		1,982,531
Cequel Communications LLC Term Loan(a)(b) 02/14/19		3.500	%		3,318,797		3,281,096
Charter Communications Operating LLC Tranche G Term Loan(a)(b) 09/10/21		4.250	%		2,600,000		2,610,088

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

Semiannual Report 2015
5

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Encompass Digital Media, Inc.(a)(b) 1st Lien Tranche B Term Loan 06/06/21		5.500	%		1,946,993		1,932,390
2nd Lien Tranche B Term Loan 06/06/22		8.750	%		1,500,000		1,485,000
MCC Iowa LLC(a)(b) Tranche G Term Loan 01/20/20		4.000	%		2,956,938		2,923,672
Tranche H Term Loan 01/29/21		3.250	%		1,477,500		1,443,340
Quebecor Media, Inc. Tranche B-1 Term Loan(a)(b) 08/17/20		3.250	%		1,975,000		1,911,425
TWCC Holding Corp. Term Loan(a)(b) 02/13/17		3.500	%		3,643,921		3,562,516
Virgin Media Investment Holdings Ltd. Tranche B Term Loan(a)(b) 06/07/20		3.500	%		4,075,000		4,006,948
Total							25,139,006
Chemicals 6.4%
Allnex & Cy SCA Tranche B-1 Term Loan(a)(b) 10/03/19		4.500	%		1,840,847		1,823,598
Allnex U.S.A, Inc. Tranche B-2 Term Loan(a)(b) 10/03/19		4.500	%		955,127		946,178
American Pacific Corp. Term Loan(a)(b) 02/27/19		7.000	%		1,786,500		1,770,868
Ascend Performance Materials Operations LLC Tranche B Term Loan(a)(b) 04/10/18		6.750	%		1,857,035		1,578,480
Axalta Coating Systems Dutch Holding B BV Tranche B Term Loan(a)(b) 02/01/20		3.750	%		4,801,761		4,699,723
ColourOz Investment 1 GmbH 1st Lien Tranche C Term Loan(a)(b) 09/03/21		4.750	%		194,570		192,138
ColourOz Investment 2 GmbH 1st Lien Tranche B2 Term Loan(a)(b) 09/03/21		4.750	%		1,176,992		1,162,280
Eco Services Operations Term Loan(a)(b) 12/01/21		4.750	%		1,825,000		1,811,313

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
HII Holding Corp.(a)(b) 1st Lien Term Loan 12/20/19		4.000	%		2,932,601		2,877,614
2nd Lien Term Loan 12/21/20		9.500	%		2,150,000		2,144,625
Huntsman International LLC(a)(b) Term Loan 08/12/21		3.750	%		1,725,000		1,702,368
Tranche B Term Loan 04/19/17		2.712	%		1,851,158		1,836,127
Tranche B-2 Term Loan 04/19/17		2.937	%		99,067		97,747
Tranche C Term Loan 06/30/16		2.462	%		184,185		181,882
INEOS U.S. Finance LLC Term Loan(a)(b) 05/04/18		3.750	%		1,926,347		1,873,816
Kronos Worldwide, Inc. Term Loan(a)(b) 02/18/20		4.750	%		2,977,500		2,977,500
MacDermid, Inc. Tranche B 1st Lien Term Loan(a)(b) 06/07/20		4.000	%		3,521,375		3,508,170
Minerals Technologies, Inc. Term Loan(a)(b) 05/07/21		4.000	%		1,409,712		1,395,614
Nexeo Solutions LLC Tranche B-3 Term Loan(a)(b) 09/08/17		5.000	%		2,440,300		2,330,487
Oxea Finance & Cy SCA(a)(b) 1st Lien Tranche B-2 Term Loan 01/15/20		4.250	%		3,530,313		3,353,797
2nd Lien Term Loan 07/15/20		8.250	%		1,400,000		1,305,500
PQ Corp. Term Loan(a)(b) 08/07/17		4.000	%		3,332,000		3,276,822
Polymer Group, Inc. Term Loan(a)(b) 12/19/19		5.250	%		2,155,273		2,136,414
Ravago Holdings America, Inc. Term Loan(a)(b) 12/20/20		5.500	%		3,151,188		3,139,371
Tronox Pigments BV Term Loan(a)(b) 03/19/20		4.000	%		4,194,386		4,143,382
Univar, Inc. Tranche B Term Loan(a)(b) 06/30/17		5.000	%		5,858,207		5,643,094
Total							57,908,908

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

Semiannual Report 2015
6

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Construction Machinery 0.6%
Doosan Infracore International, Inc. Tranche B Term Loan(a)(b) 05/28/21		4.500	%		1,514,827		1,511,040
Maxim Crane Works LP 2nd Lien Term Loan(a)(b) 11/26/18		10.250	%		3,000,000		3,018,750
North American Lifting Holdings, Inc. 1st Lien Term Loan(a)(b) 11/27/20		5.500	%		1,460,804		1,309,246
Total							5,839,036
Consumer Cyclical Services 2.2%
Creative Artists Agency LLC Term Loan(a)(b) 12/17/21		5.500	%		2,325,000		2,316,281
KAR Auction Services, Inc. Tranche B-2 Term Loan(a)(b) 03/11/21		3.500	%		1,241,148		1,218,659
Monitronics International, Inc. Tranche B Term Loan(a)(b) 03/23/18		4.250	%		2,018,094		2,005,481
Pre-Paid Legal Services, Inc. Term Loan(a)(b) 07/01/19		6.250	%		1,137,097		1,122,405
Quikrete Holdings, Inc. 1st Lien Term Loan(a)(b) 09/28/20		4.000	%		425,406		419,556
Quikrete Holdings,Inc 2nd Lien Term Loan(a)(b) 03/26/21		7.000	%		1,632,578		1,628,497
ServiceMaster Co. LLC (The) Term Loan(a)(b) 07/01/21		4.250	%		2,493,750		2,460,234
SourceHOV LLC 1st Lien Tranche B Term Loan(a)(b) 10/31/19		7.750	%		3,050,000		2,874,625
Weight Watchers International, Inc. Tranche B-2 Term Loan(a)(b) 04/02/20		4.000	%		5,973,612		4,006,084
West Corp. Tranche B-10 Term Loan(a)(b) 06/30/18		3.250	%		2,223,093		2,193,325
Total							20,245,147
Consumer Products 2.1%
Affinion Group, Inc. Tranche B Term Loan(a)(b) 04/30/18		6.750	%		1,407,580		1,310,809

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Fender Musical Instruments Corp. Term Loan(a)(b) 04/03/19		5.750	%		885,000		879,097
Jarden Corp. Tranche B-1 Term Loan(a)(b) 09/30/20		2.921	%		942,863		944,824
NBTY, Inc. Tranche B-2 Term Loan(a)(b) 10/01/17		3.500	%		2,890,464		2,795,628
Party City Holdings, Inc. Term Loan(a)(b) 07/27/19		4.000	%		3,032,674		2,963,954
Serta Simmons Holdings LLC Term Loan(a)(b) 10/01/19		4.250	%		2,643,012		2,617,692
Tempur-Pedic International, Inc. Tranche B Term Loan(a)(b) 03/18/20		3.500	%		1,599,139		1,574,160
Varsity Brands Tranche B Term Loan(a)(b) 12/10/21		6.000	%		1,925,000		1,934,625
Visant Corp. Term Loan(a)(b) 09/23/21		7.000	%		997,500		974,438
Waterpik, Inc. Term Loan(a)(b) 07/08/20		5.750	%		2,962,500		2,936,578
Total							18,931,805
Diversified Manufacturing 4.5%
Accudyne Industries Borrower SCA/LLC Term Loan(a)(b) 12/13/19		4.000	%		3,318,228		3,100,485
Allflex Holdings III, Inc.(a)(b) 1st Lien Term Loan 07/17/20		4.250	%		1,496,013		1,477,313
2nd Lien Term Loan 07/19/21		8.000	%		3,000,000		2,947,500
Apex Tool Group LLC Term Loan(a)(b) 01/31/20		4.500	%		3,610,687		3,505,364
Carros Finance Luxembourg SARL Term Loan(a)(b) 09/30/21		4.500	%		4,987,500		4,912,687
Crosby U.S. Acquisition Corp.(a)(b) 1st Lien Term Loan 11/23/20		3.750	%		866,250		779,625
2nd Lien Term Loan 11/22/21		7.000	%		2,000,000		1,760,000

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

Semiannual Report 2015
7

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Filtration Group Corp.(a)(b) 1st Lien Term Loan 11/20/20		4.500	%		3,291,750		3,267,062
2nd Lien Term Loan 11/22/21		8.250	%		1,000,000		982,500
Gardner Denver, Inc. Term Loan(a)(b) 07/30/20		4.250	%		4,888,125		4,561,843
Generac Power System, Inc. Tranche B Term Loan(a)(b) 05/31/20		3.250	%		3,326,424		3,251,579
Husky Injection Molding Systems Ltd. 2nd Lien Term Loan(a)(b) 06/30/22		7.250	%		2,000,000		1,900,000
Rexnord LLC/RBS Global, Inc. Tranche B Term Loan(a)(b) 08/21/20		4.000	%		6,302,044		6,191,759
William Morris Endeavor Entertainment LLC 2nd Lien Term Loan(a)(b) 05/06/22		8.250	%		2,600,000		2,472,158
Total							41,109,875
Electric 4.9%
Astoria Energy LLC Tranche B Term Loan(a)(b) 12/24/21		5.000	%		2,150,000		2,123,125
Bayonne Energy Center LLC Tranche B Term Loan(a)(b) 08/19/21		5.000	%		2,448,420		2,404,813
Calpine Construction Finance Co. LP Tranche B-1 Term Loan(a)(b) 05/03/20		3.000	%		1,920,750		1,856,731
Calpine Corp. Term Loan(a)(b) 10/09/19		4.000	%		4,924,433		4,863,419
Dynegy, Inc. Tranche B-2 Term Loan(a)(b) 04/23/20		4.000	%		1,940,001		1,916,663
EFS Cogen Holdings I LLC Tranche B Term Loan(a)(b) 12/17/20		3.750	%		1,347,598		1,334,971
EquiPower Resources Holdings LLC(a)(b) 1st Lien Tranche B Term Loan 12/21/18		4.250	%		1,127,768		1,120,437
1st Lien Tranche C Term Loan 12/31/19		4.250	%		1,671,856		1,660,989
Essential Power LLC Term Loan(a)(b) 08/08/19		4.750	%		1,554,831		1,529,565

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
FREIF North American Power I LLC(a)(b) Tranche B-1 Term Loan 03/29/19		4.750	%		2,121,368		2,116,065
Tranche C-1 Term Loan 03/29/19		4.750	%		355,587		354,699
La Frontera Generation LLC Term Loan(a)(b) 09/30/20		4.500	%		833,201		815,146
Southeast PowerGen LLC Tranche B Term Loan(a)(b) 12/02/21		4.500	%		1,550,000		1,542,250
Star West Generation LLC Tranche B Term Loan(a)(b) 03/13/20		4.250	%		2,594,667		2,553,593
TPF Generation Holdings LLC Term Loan(a)(b) 12/31/17		4.750	%		3,940,000		3,585,400
TPF II Power LLC Term Loan(a)(b) 10/02/21		5.500	%		1,000,000		1,002,190
Texas Competitive Electric Holdings Co. LLC(a)(b)(c) Term Loan 04/25/15		4.661	%		6,497,531		4,027,105
Texas Competitive Electric Holdings Co. LLC(a)(b)(d) Debtor in Possession Term Loan 05/05/16		3.750	%		1,890,594		1,894,375
Viva Alamo LLC Term Loan(a)(b) 02/22/21		5.250	%		4,393,447		4,316,561
Windsor Financing LLC Tranche B Term Loan(a)(b) 12/05/17		6.250	%		3,601,596		3,601,596
Total							44,619,693
Environmental 1.7%
ADS Waste Holdings, Inc. Tranche B-2 Term Loan(a)(b) 10/09/19		3.750	%		4,202,310		4,076,241
EWT Holdings III Corp.(a)(b) 1st Lien Term Loan 01/15/21		4.750	%		2,475,000		2,431,687
2nd Lien Term Loan 01/15/22		8.500	%		1,000,000		972,500
EnergySolutions LLC Term Loan(a)(b) 05/29/20		6.750	%		2,860,464		2,854,200
STI Infrastructure SARL Term Loan(a)(b) 08/22/20		6.250	%		2,690,937		2,637,119

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

Semiannual Report 2015
8

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
WCA Waste Corp. Term Loan(a)(b) 03/23/18		4.000	%		656,438		645,153
Waste Industries U.S.A., Inc. Tranche B Term Loan(a)(b) 03/17/17		4.000	%		1,690,500		1,679,934
Total							15,296,834
Food and Beverage 4.1%
ARAMARK Corp.(a)(b) 3rd Letter of Credit 07/26/16		3.671	%		66,004		65,261
Tranche E Term Loan 09/06/19		3.250	%		1,042,750		1,027,891
Tranche F Term Loan 02/24/21		3.250	%		813,188		797,770
AdvancePierre Foods, Inc. 1st Lien Term Loan(a)(b) 07/10/17		5.750	%		4,459,000		4,415,792
Arysta LifeScience SPC LLC(a)(b) 1st Lien Term Loan 05/29/20		4.500	%		517,124		516,390
2nd Lien Term Loan 11/30/20		8.250	%		2,400,000		2,386,992
Big Heart Pet Brands Term Loan(a)(b) 03/09/20		3.500	%		3,170,933		3,041,115
CSM Bakery Supplies LLC(a)(b) 1st Lien Term Loan 07/03/20		5.000	%		3,250,530		3,192,638
2nd Lien Term Loan 07/03/21		8.750	%		3,000,000		2,857,500
CTI Foods Holding Co. LLC 1st Lien Term Loan(a)(b) 06/29/20		4.500	%		385,682		382,307
Del Monte Foods, Inc. 2nd Lien Term Loan(a)(b) 08/18/21		8.250	%		2,000,000		1,710,000
Dole Food Co.,Inc. Tranche B Term Loan(a)(b) 11/01/18		4.500	%		970,000		963,026
HJ Heinz Co. Tranche B-2 Term Loan(a)(b) 06/05/20		3.500	%		3,177,361		3,170,212
JBS U.S.A. LLC Term Loan(a)(b) 09/18/20		3.750	%		2,049,062		2,023,449
Performance Food Group, Inc. 2nd Lien Term Loan(a)(b) 11/14/19		6.250	%		2,381,182		2,330,582

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Pinnacle Foods Finance LLC(a)(b) Tranche G Term Loan 04/29/20		3.000	%		1,837,701		1,795,361
Tranche H Term Loan 04/29/20		3.000	%		1,209,688		1,182,772
U.S. Foods, Inc. Term Loan(a)(b) 03/31/19		4.500	%		5,195,875		5,175,091
Total							37,034,149
Gaming 4.8%
Affinity Gaming LLC Term Loan(a)(b) 11/09/17		5.250	%		1,390,280		1,383,329
Amaya Holdings BV(a)(b) 1st Lien Tranche B Term Loan 08/01/21		5.000	%		448,875		439,265
2nd Lien Tranche B Term Loan 08/01/22		8.000	%		2,000,000		1,959,640
Aristocrat Leisure Ltd. Term Loan(a)(b) 10/20/21		4.750	%		2,000,000		1,966,260
CCM Merger, Inc. Term Loan(a)(b) 08/06/21		4.500	%		1,718,053		1,708,398
Cannery Casino Resorts LLC(a)(b) 1st Lien Term Loan 10/02/18		6.000	%		1,030,013		952,761
2nd Lien Term Loan 10/02/19		10.000	%		1,150,000		864,800
CityCenter Holdings LLC Tranche B Term Loan(a)(b) 10/16/20		4.250	%		3,630,222		3,607,533
Las Vegas Sands LLC Tranche B Term Loan(a)(b) 12/19/20		3.250	%		1,417,869		1,407,093
MGM Resorts International Tranche B Term Loan(a)(b) 12/20/19		3.500	%		3,087,000		3,036,836
Marina District Finance Co., Inc. Term Loan(a)(b) 08/15/18		6.750	%		2,571,711		2,559,932
Mohegan Tribal Gaming Authority Tranche B Term Loan(a)(b) 11/19/19		5.500	%		3,564,000		3,442,040
Peppermill Casinos, Inc. Tranche B Term Loan(a)(b) 11/09/18		7.250	%		2,278,377		2,279,812

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

Semiannual Report 2015
9

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Pinnacle Entertainment, Inc. Tranche B-2 Term Loan(a)(b) 08/13/20		3.750	%		1,422,272		1,402,275
ROC Finance LLC Tranche B Term Loan(a)(b) 06/20/19		5.000	%		3,011,875		2,801,044
Scientific Games International, Inc.(a)(b) Term Loan 10/18/20		6.000	%		4,875,750		4,808,708
Tranche B2 Term Loan 10/01/21		6.000	%		1,300,000		1,281,761
Shingle Springs Tribal Gaming Term Loan(a)(b) 08/29/19		6.250	%		1,515,937		1,515,937
Stockbridge/SBE Holdings Tranche B Term Loan(a)(b) 05/02/17		13.000	%		537,500		489,125
Twin River Management Group, Inc. Term Loan(a)(b) 07/10/20		5.250	%		2,922,500		2,917,035
Yonkers Racing Corp. 1st Lien Term Loan(a)(b) 08/20/19		4.250	%		3,366,914		3,063,892
Total							43,887,476
Health Care 6.1%
Alere, Inc. Tranche B Term Loan(a)(b) 06/30/17		4.250	%		2,301,825		2,298,372
Alliance HealthCare Services, Inc. Term Loan(a)(b) 06/03/19		4.250	%		3,007,349		2,962,239
AmSurg Corp. Term Loan(a)(b) 07/16/21		3.750	%		1,139,263		1,134,671
Biomet, Inc. Tranche B-2 Term Loan(a)(b) 07/25/17		3.668	%		3,679,059		3,669,861
CHS/Community Health Systems, Inc.(a)(b) Tranche D Term Loan 01/27/21		4.250	%		4,395,520		4,390,465
Tranche E Term Loan 01/25/17		3.486	%		1,487,599		1,478,302
DaVita HealthCare Partners, Inc. Tranche B Term Loan(a)(b) 06/24/21		3.500	%		2,885,500		2,869,572
Grifols Worldwide Operations Ltd. Tranche B Term Loan(a)(b) 02/27/21		3.171	%		2,878,250		2,841,236

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
HCA, Inc.(a)(b) Tranche B-4 Term Loan 05/01/18		3.005	%		3,257,426		3,249,641
Tranche B-5 Term Loan 03/31/17		2.921	%		5,925,000		5,915,757
IASIS Healthcare LLC Tranche B-2 Term Loan(a)(b) 05/03/18		4.500	%		2,907,132		2,902,045
National Mentor Holdings, Inc. Tranche B Term Loan(a)(b) 01/31/21		4.250	%		1,265,438		1,242,976
Onex Carestream Finance LP 1st Lien Term Loan(a)(b) 06/07/19		5.000	%		2,057,664		2,051,882
Ortho-Clinical Diagnostics Holdings SARL Term Loan(a)(b) 06/30/21		4.750	%		3,582,000		3,435,138
PRA Holdings, Inc. Tranche B-1 Term Loan(a)(b) 09/23/20		4.500	%		3,276,404		3,245,705
Quintiles Transnational Corp. Term B-3 Term Loan(a)(b) 06/08/18		3.750	%		3,176,334		3,140,600
STHI Holding Corp. Term Loan(a)(b) 08/06/21		4.500	%		1,271,813		1,261,740
Select Medical Corp. Tranche B-E Term Loan(a)(b) 06/01/18		3.750	%		522,658		516,778
Skilled Healthcare Group, Inc. Term Loan(a)(b) 04/09/16		7.210	%		232,880		232,298
Surgery Center Holdings, Inc.(a)(b) 2nd Lien Term Loan 11/03/21		8.500	%		1,000,000		963,750
Term Loan 11/03/20		5.250	%		2,000,000		1,947,500
Surgical Care Affiliates LLC Tranche C Term Loan(a)(b) 06/29/18		4.000	%		1,354,375		1,335,183
Tecomet, Inc. 1st Lien Term Loan(a)(b) 12/03/21		5.750	%		2,150,000		2,064,000
Total							55,149,711

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

Semiannual Report 2015
10

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Independent Energy 0.8%
American Energy-Marcellus LLC(a)(b) 1st Lien Term Loan 08/04/20		5.250	%		1,375,000		1,127,500
2nd Lien Term Loan 08/04/21		8.500	%		2,000,000		1,495,000
Samson Investment Co. 2nd Lien Tranche 1 Term Loan(a)(b) 09/25/18		5.000	%		3,525,000		2,184,865
Templar Energy LLC 2nd Lien Term Loan(a)(b) 11/25/20		8.500	%		4,250,000		2,592,500
Total							7,399,865
Leisure 3.2%
24 Hour Fitness Worldwide, Inc. Term Loan(a)(b) 05/28/21		4.750	%		4,427,750		4,274,993
AMC Entertainment, Inc. Term Loan(a)(b) 04/30/20		3.500	%		2,333,437		2,302,823
Activision Blizzard, Inc. Term Loan(a)(b) 10/12/20		3.250	%		2,012,813		2,009,451
Delta 2 SARL Tranche B3 Term Loan(a)(b) 07/30/21		4.750	%		3,470,656		3,354,389
Fitness International LLC Tranche B Term Loan(a)(b) 07/01/20		5.500	%		1,990,000		1,896,729
Lions Gate Entertainment Term Loan(a)(b) 07/19/20		5.000	%		3,000,000		2,992,500
Live Nation Entertainment, Inc. Tranche B-1 Term Loan(a)(b) 08/17/20		3.500	%		1,964,636		1,935,166
Merlin Entertainments Group 2 SARL Tranche B1 Term Loan(a)(b) 07/03/19		3.422	%		1,134,240		1,131,721
Six Flags Theme Parks, Inc. Tranche B Term Loan(a)(b) 12/20/18		3.500	%		2,721,162		2,709,815
Steinway Musical Instruments, Inc. 1st Lien Term Loan(a)(b) 09/19/19		4.750	%		1,786,432		1,755,170
Zuffa LLC Term Loan(a)(b) 02/25/20		3.750	%		4,606,029		4,433,303
Total							28,796,060

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Life Insurance 0.2%
AssuredPartners Capital, Inc. 2nd Lien Term Loan(a)(b) 04/02/22		7.750	%		1,995,000		1,920,187
Lodging 0.7%
Four Seasons Holdings, Inc. 2nd Lien Term Loan(a)(b) 12/27/20		6.250	%		3,000,000		2,981,250
Hilton Worldwide Finance LLC Term Loan(a)(b) 10/26/20		3.500	%		3,289,474		3,246,579
Total							6,227,829
Media and Entertainment 5.5%
Cengage Learning Acquisitions, Inc. Term Loan(a)(b) 03/31/20		7.000	%		3,455,297		3,431,213
Clear Channel Communications, Inc. Tranche D Term Loan(a)(b) 01/30/19		6.921	%		7,958,970		7,410,836
Cumulus Media Holdings, Inc. Term Loan(a)(b) 12/23/20		4.250	%		3,087,699		3,018,226
Getty Images, Inc. Term Loan(a)(b) 10/18/19		4.750	%		3,087,000		2,787,191
Granite Broadcasting 1st Lien Tranche B Term Loan(a)(b) 05/23/18		6.750	%		991,116		982,443
Gray Television, Inc. Term Loan(a)(b) 06/13/21		3.750	%		1,780,600		1,755,672
HIBU Connect SA, Sociedad Unipersonal Term Loan(a)(b)(e)(f) 03/01/19		0.000	%		17,317		—
Hubbard Radio LLC Tranche 1 Term Loan(a)(b) 04/29/19		4.500	%		2,318,407		2,285,092
ION Media Networks, Inc. Tranche B1 Term Loan(a)(b) 12/18/20		4.750	%		2,500,000		2,472,925
Learfield Communications, Inc. 2nd Lien Term Loan(a)(b) 10/08/21		8.750	%		2,000,000		1,975,000
Media General, Inc. Tranche B Term Loan(a)(b) 07/31/20		4.250	%		3,831,975		3,808,025

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

Semiannual Report 2015
11

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
National CineMedia LLC Term Loan(a)(b) 11/26/19		2.930	%		1,950,000		1,865,506
R.H. Donnelly, Inc. Term Loan(a)(b) 12/31/16		9.750	%		331,824		252,020
Radio One, Inc. Term Loan(a)(b) 03/31/16		7.500	%		4,618,761		4,601,441
Salem Communications Corp. Term Loan(a)(b) 03/13/20		4.500	%		1,301,500		1,278,724
Sinclair Television Group, Inc. Tranche B Term Loan(a)(b) 04/09/20		3.000	%		2,038,738		2,003,060
Sonifi Solutions, Inc. Tranche C Term Loan(a)(b)(f) 03/28/18		6.750	%		426,645		29,865
SuperMedia, Inc. Term Loan(a)(b) 12/30/16		11.600	%		142,261		122,166
Tribune Co. Term Loan(a)(b) 12/27/20		4.000	%		6,547,007		6,456,986
Univision Communications, Inc. Term Loan(a)(b) 03/01/20		4.000	%		3,474,608		3,420,022
YH Ltd.(a)(b) Tranche A2 Term Loan 03/01/19		5.247	%		216,709		318,562
YH Ltd.(a)(b)(e)(f) Tranche B2 Term Loan PIK 03/01/24		0.000	%		503,254		—
Total							50,274,975
Metals 1.7%
Alpha Natural Resources, Inc. Tranche B Term Loan(a)(b) 05/22/20		3.500	%		2,186,063		1,565,767
Arch Coal, Inc. Term Loan(a)(b) 05/16/18		6.250	%		2,944,353		2,103,122
FMG Resources August 2006 Proprietary Ltd. Term Loan(a)(b) 06/30/19		3.750	%		5,579,813		4,882,337
Fairmount Minerals Ltd. Tranche B-2 Term Loan(a)(b) 09/05/19		4.500	%		3,653,750		3,151,359

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Foresight Energy LLC Term Loan(a)(b) 08/21/20		5.500	%		1,109,500		1,054,025
Noranda Aluminum Acquisition Corp. Tranche B Term Loan(a)(b) 02/28/19		5.750	%		933,207		880,322
Novelis, Inc. Term Loan(a)(b) 03/10/17		3.750	%		1,813,841		1,795,703
Total							15,432,635
Midstream 0.2%
Philadelphia Energy Solutions Refining and Marketing LLC Term Loan(a)(b) 04/04/18		6.250	%		1,437		1,294
Southcross Energy Partner Term Loan(a)(b) 08/04/21		5.250	%		1,815,875		1,729,621
Total							1,730,915
Oil Field Services 0.5%
Drillships Ocean Ventures, Inc. Term Loan(a)(b) 07/25/21		5.500	%		1,641,750		1,365,936
Fieldwood Energy LLC 2nd Lien Term Loan(a)(b) 09/30/20		8.375	%		492,611		294,089
McJunkin Red Man Corp. Term Loan(a)(b) 11/08/19		5.000	%		3,110,625		2,842,333
Total							4,502,358
Other Financial Institutions 1.3%
ARG IH Corp. Term Loan(a)(b) 11/15/20		4.750	%		2,970,000		2,958,239
AlixPartners LLP 1st Lien Tranche B-2 Term Loan(a)(b) 07/10/20		4.000	%		2,766,482		2,713,753
IG Investments Holdings LLC Tranche B Term Loan(a)(b) 10/31/21		6.000	%		3,030,128		3,007,402
Moneygram International, Inc. Term Loan(a)(b) 03/27/20		4.250	%		942,555		872,335
Vantiv LLC Tranche B Term Loan(a)(b) 06/13/21		3.750	%		2,151,661		2,131,220
Total							11,682,949

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

Semiannual Report 2015
12

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Other Industry 1.5%
AECOM Technology Corp. Tranche B Term Loan(a)(b) 10/15/21		3.750	%		687,792		687,902
ATI Acquisition Co.(a)(b)(c)(e)(f)(g) Term Loan 12/30/15		0.000	%		586,404		—
Tranche B Term Loan 03/30/15		0.000	%		1,134,333		—
Alliance Laundry Systems LLC 1st Lien Term Loan(a)(b) 12/10/18		4.250	%		1,883,034		1,860,287
Harland Clarke Holdings Corp.(a)(b) Tranche B-3 Term Loan 05/22/18		7.000	%		1,323,437		1,330,055
Tranche B-4 Term Loan 08/04/19		6.000	%		975,000		974,083
Hillman Group, Inc. (The) Term Loan(a)(b) 06/30/21		4.500	%		2,512,375		2,498,255
Sensus U.S.A., Inc.(a)(b) 1st Lien Term Loan 05/09/17		4.500	%		3,882,483		3,790,275
2nd Lien Term Loan 05/09/18		8.500	%		2,925,000		2,793,375
Total							13,934,232
Other REIT 0.1%
DTZ US Borrower LLC 2nd Lien Term Loan(a)(b) 11/04/22		9.250	%		1,000,000		986,250
Other Utility 0.4%
Sandy Creek Energy Associates LP Term Loan(a)(b) 11/09/20		5.000	%		3,626,793		3,540,657
Packaging 3.3%
Ardagh Holdings USA, Inc. Term Loan(a)(b) 12/17/19		4.000	%		1,662,437		1,631,267
BWAY Intermediate Co., Inc. Term Loan(a)(b) 08/14/20		5.500	%		2,537,250		2,540,422
Berry Plastics Corp. Tranche E Term Loan(a)(b) 01/06/21		3.750	%		3,065,480		3,019,988
CD&R Millennium Holdco 6 SARL 2nd Lien Term Loan(a)(b) 07/31/22		8.250	%		2,000,000		1,940,000

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Consolidated Container Co. LLC Term Loan(a)(b) 07/03/19		5.000	%		2,443,750		2,356,997
Crown Americas LLC Tranche B Term Loan(a)(b)(h)(i) 10/22/21		0.000	%		1,475,000		1,482,050
Devix Topco SA 1st Lien Tranche B Term Loan(a)(b) 05/03/21		4.250	%		2,985,000		2,952,672
Packaging Coordinators, Inc. First Lien Tranche B Term Loan(a)(b) 08/01/21		5.250	%		972,563		945,817
Prescrix, Inc. 2nd Lien Term Loan(a)(b) 05/02/22		8.000	%		1,000,000		990,000
Printpack Holdings, Inc.(a)(b) 1st Lien Term Loan 05/29/20		6.000	%		1,194,000		1,187,290
2nd Lien Term Loan 05/28/21		9.750	%		1,000,000		990,000
Ranpak Corp. 1st Lien Term Loan(a)(b) 10/01/21		4.750	%		997,500		994,388
Reynolds Group Holdings, Inc. Term Loan(a)(b) 12/01/18		4.000	%		6,626,765		6,549,431
Signode Industrial Group SA Tranche B Term Loan(a)(b) 05/01/21		3.750	%		2,758,519		2,675,763
Total							30,256,085
Paper 0.3%
Caraustar Industries, Inc. Term Loan(a)(b) 05/01/19		7.500	%		3,211,279		3,114,940
Pharmaceuticals 2.9%
Akorn, Inc. Term Loan(a)(b) 04/16/21		4.500	%		1,820,437		1,813,611
Atrium Innovations, Inc.(a)(b) 1st Lien Tranche B-1 Term Loan 02/15/21		4.250	%		1,612,813		1,553,009
2nd Lien Term Loan 08/13/21		7.750	%		1,000,000		927,500
Catalent Pharma Solutions, Inc. Term Loan(a)(b) 05/20/21		4.250	%		1,874,772		1,868,267

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

Semiannual Report 2015
13

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Par Pharmaceutical Companies, Inc. Tranche B-2 Term Loan(a)(b) 09/30/19		4.000	%		4,622,132		4,537,408
Pharmaceutical Product Development, Inc. Term Loan(a)(b) 12/05/18		4.000	%		5,338,717		5,310,688
RPI Finance Trust Tranche B-2 Term Loan(a)(b) 05/09/18		3.250	%		3,037,926		3,036,407
Salix Pharmaceuticals Ltd. Term Loan(a)(b) 01/02/20		4.250	%		2,137,500		2,125,744
Valeant Pharmaceuticals International, Inc.(a)(b) Tranche B-C2 Term Loan 12/11/19		3.500	%		1,705,587		1,692,437
Tranche B-D2 Term Loan 02/13/19		3.500	%		1,231,647		1,222,607
Tranche B-E1 Term Loan 08/05/20		3.500	%		2,388,590		2,371,058
Total							26,458,736
Property & Casualty 1.3%
Alliant Holdings I LLC Term Loan(a)(b) 12/20/19		4.250	%		3,757,940		3,721,525
Asurion LLC(a)(b) 2nd Lien Term Loan 03/03/21		8.500	%		1,500,000		1,481,250
Tranche B-1 Term Loan 05/24/19		5.000	%		1,893,028		1,878,831
Hub International Ltd. Term Loan(a)(b) 10/02/20		4.250	%		4,493,296		4,350,993
Total							11,432,599
Refining 0.3%
Seadrill Operating LP Term Loan(a)(b) 02/21/21		4.000	%		3,219,175		2,542,633
Restaurants 0.7%
Burger King Corp. Tranche B Term Loan(a)(b) 12/12/21		4.500	%		3,000,000		3,001,140
OSI Restaurant Partners LLC Term Loan(a)(b) 10/28/19		3.500	%		388,125		380,363

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Wendy's International, Inc. Tranche B Term Loan(a)(b) 05/15/19		3.250	%		2,940,113		2,917,445
Total							6,298,948
Retailers 6.0%
Academy Ltd. Term Loan(a)(b) 08/03/18		4.500	%		3,458,212		3,423,630
BJ's Wholesale Club, Inc. 1st Lien Term Loan(a)(b) 09/26/19		4.500	%		2,097,033		2,062,075
Bass Pro Group LLC Term Loan(a)(b) 11/20/19		3.750	%		2,163,393		2,135,442
Blue Buffalo Company Ltd. Tranche B-3 Term Loan(a)(b) 08/08/19		3.750	%		1,661,994		1,641,219
Burlington Coat Factory Warehouse Corp. Tranche B-3 Term Loan(a)(b) 08/13/21		4.250	%		1,483,063		1,469,463
David's Bridal, Inc. Term Loan(a)(b) 10/11/19		5.250	%		4,571,857		4,308,975
General Nutrition Centers, Inc. Tranche B Term Loan(a)(b) 03/04/19		3.250	%		5,369,638		5,211,932
Gymboree Corp. (The) Term Loan(a)(b) 02/23/18		5.000	%		1,000,000		689,520
Hudson's Bay Co. 1st Lien Term Loan(a)(b) 11/04/20		4.750	%		1,941,875		1,943,817
J. Crew Group, Inc. Term Loan(a)(b) 03/05/21		4.000	%		3,218,987		2,907,550
J.C. Penney Corp., Inc. Term Loan(a)(b) 05/22/18		6.000	%		5,910,000		5,849,954
Jo-Ann Stores, Inc. Tranche B Term Loan(a)(b) 03/16/18		4.000	%		1,411,633		1,375,170
Leslie's Poolmart, Inc. Tranche B Term Loan(a)(b) 10/16/19		4.250	%		2,715,283		2,642,324
Men's Wearhouse, Inc. (The) Tranche B Term Loan(a)(b) 06/18/21		4.500	%		1,517,375		1,513,961

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

Semiannual Report 2015
14

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Michaels Stores, Inc. Tranche B Term Loan(a)(b) 01/28/20		3.750	%		1,689,451		1,656,980
Neiman Marcus Group, Inc. (The) Term Loan(a)(b) 10/25/20		4.250	%		3,134,471		3,035,610
Pep Boys-Manny, Moe & Jack (The) Term Loan(a)(b) 10/11/18		4.250	%		3,415,349		3,385,465
PetCo Animal Supplies, Inc. Term Loan(a)(b) 11/24/17		4.000	%		1,374,046		1,358,587
Pilot Travel Centers LLC Tranche B Term Loan(a)(b) 10/01/21		4.250	%		2,493,750		2,499,461
Rite Aid Corp.(a)(b) 2nd Lien Tranche 1 Term Loan 08/21/20		5.750	%		1,950,000		1,953,666
2nd Lien Tranche 2 Term Loan 06/21/21		4.875	%		1,900,000		1,898,822
Sports Authority, Inc. (The) Tranche B Term Loan(a)(b) 11/16/17		7.500	%		1,863,367		1,586,974
Total							54,550,597
Supermarkets 0.9%
Albertson's LLC(a)(b) Tranche B-2 Term Loan 03/21/19		5.375	%		2,807,409		2,797,752
Tranche B-4 Term Loan 08/25/21		5.500	%		1,325,000		1,321,529
Crossmark Holdings, Inc. 1st Lien Term Loan(a)(b) 12/20/19		4.500	%		2,384,256		2,318,689
Sprouts Farmers Markets Holdings LLC Term Loan(a)(b) 04/23/20		4.000	%		1,269,697		1,264,935
Total							7,702,905
Technology 9.1%
Applied Systems, Inc.(a)(b) 1st Lien Term Loan 01/25/21		4.250	%		1,980,000		1,963,289
2nd Lien Term Loan 01/24/22		7.500	%		1,000,000		983,750
Avago Technologies Ltd. Term Loan(a)(b) 05/06/21		3.750	%		1,985,012		1,980,546

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Avaya, Inc.(a)(b) Tranche B-6 Term Loan 10/26/17		4.668	%		985,450		940,553
03/31/18		6.500	%		2,959,233		2,886,169
BMC Software Finance, Inc. Term Loan(a)(b) 09/10/20		5.000	%		3,559,273		3,441,390
Blue Coat Systems, Inc. Term Loan(a)(b) 05/31/19		4.000	%		2,782,634		2,720,025
CDW LLC Term Loan(a)(b) 04/29/20		3.250	%		1,484,164		1,450,355
Dealer Computer Services, Inc. Tranche A Term Loan(a)(b) 04/21/16		2.171	%		74,717		74,623
Dell International LLC(a)(b) Tranche B Term Loan 04/29/20		4.500	%		6,050,738		6,053,280
Tranche C Term Loan 10/29/18		3.750	%		877,656		876,401
EVERTEC Group LLC Tranche B Term Loan(a)(b) 04/17/20		3.500	%		1,625,250		1,586,650
First Data Corp.(a)(b) Term Loan 03/24/17		3.668	%		2,200,000		2,173,600
03/23/18		3.668	%		3,393,261		3,328,585
Freescale Semiconductor, Inc. Tranche B-4 Term Loan(a)(b) 02/28/20		4.250	%		3,220,261		3,171,957
Go Daddy Operating Co. LLC Term Loan(a)(b) 05/13/21		4.750	%		4,712,149		4,683,452
Greeneden U.S. Holdings II LLC Term Loan(a)(b) 02/08/20		4.000	%		1,235,143		1,208,896
IPC Systems, Inc. 1st Lien Term Loan(a)(b) 11/08/20		6.000	%		2,462,625		2,450,312
Infogroup, Inc. Tranche B Term Loan(a)(b) 05/26/18		7.500	%		3,502,175		3,195,734
Infor US, Inc. Tranche B-5 Term Loan(a)(b) 06/03/20		3.750	%		4,757,534		4,639,595
Information Resources, Inc. Term Loan(a)(b) 09/30/20		4.750	%		3,332,812		3,316,148

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

Semiannual Report 2015
15

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Micro Focus US, Inc. Tranche B Term Loan(a)(b) 11/19/21		5.250	%		2,500,000		2,410,425
Microsemi Corp. Term Loan(a)(b) 02/19/20		3.250	%		3,004,896		2,973,344
OpenLink International, Inc. Term Loan(a)(b) 10/30/17		6.250	%		903,684		892,388
RP Crown Parent LLC(a)(b) 1st Lien Term Loan 12/21/18		6.000	%		3,846,892		3,648,124
2nd Lien Term Loan 12/21/19		11.250	%		2,000,000		1,645,000
Regit Eins GmbH 1st Lien Term Loan(a)(b) 01/08/21		6.000	%		1,995,000		1,949,275
Rovi Solutions Corp./Guides, Inc. Tranche B Term Loan(a)(b) 07/02/21		3.750	%		2,686,500		2,631,937
SCS Holdings I, Inc. Term Loan(a)(b) 12/07/18		7.000	%		784,808		788,732
Sensata Technologies BV/Finance Co. LLC Term Loan(a)(b) 05/12/19		3.250	%		1,602,292		1,602,580
Spansion LLC Term Loan(a)(b) 12/19/19		3.750	%		1,619,211		1,597,627
Syniverse Holdings, Inc.(a)(b) Term Loan 04/23/19		4.000	%		1,015,635		981,358
Tranche B Term Loan 04/23/19		4.000	%		1,939,043		1,872,398
TransUnion LLC Term Loan(a)(b) 04/09/21		4.000	%		3,498,562		3,446,959
Verint Systems, Inc. Tranche B Term Loan(a)(b) 09/06/19		3.500	%		1,281,292		1,272,643
Zebra Technologies Corp. Term Loan(a)(b) 10/27/21		4.750	%		2,000,000		2,010,000
Total							82,848,100
Transportation Services 0.9%
Avis Budget Car Rental LLC Tranche B Term Loan(a)(b) 03/15/19		3.000	%		3,895,678		3,873,785

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Commercial Barge Line Co. 1st Lien Term Loan(a)(b) 09/22/19		7.500	%		1,326,375		1,318,085
Hertz Corp. (The)(a)(b) Letter of Credit 03/11/18		3.750	%		2,825,000		2,803,812
Tranche B-2 Term Loan 03/11/18		3.500	%		476,599		469,331
Total							8,465,013
Wireless 0.9%
Arris Enterprises, Inc. Tranche B Term Loan(a)(b) 04/17/20		3.250	%		1,005,229		996,856
Crown Castle Operating Co. Tranche B-2 Term Loan(a)(b) 01/31/21		3.000	%		2,917,807		2,867,592
Telesat Canada Tranche B-2 Term Loan(a)(b) 03/28/19		3.500	%		4,017,701		3,972,501
Total							7,836,949
Wirelines 1.7%
Alaska Communications Systems Holdings, Inc. Term Loan(a)(b) 10/21/16		6.250	%		802,593		795,322
Integra Telecom Holdings, Inc.(a)(b) 2nd Lien Term Loan 02/21/20		9.750	%		2,000,000		1,976,660
Tranche B Term Loan 02/22/19		5.250	%		1,670,250		1,643,810
Level 3 Financing, Inc.(a)(b) Tranche B Term Loan 01/15/20		4.000	%		3,000,000		2,971,260
Tranche B-3 Term Loan 08/01/19		4.000	%		2,000,000		1,981,000
Southwire Co. LLC Term Loan(a)(b) 02/10/21		3.250	%		1,612,813		1,559,719
Windstream Corp. Tranche B-5 Term Loan(a)(b) 08/08/19		3.500	%		1,564,200		1,553,454
Zayo Group LLC Term Loan(a)(b) 07/02/19		4.000	%		3,054,889		3,021,682
Total							15,502,907
Total Senior Loans (Cost: $859,657,272)							832,376,528

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

Semiannual Report 2015
16

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

Corporate Bonds & Notes 2.9%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Automotive 0.4%
Chrysler Group LLC/Co-Issuer, Inc. Secured 06/15/19		8.000	%		3,131,000		3,291,464
Chemicals 0.1%
INEOS Group Holdings SA(j) 08/15/18		6.125	%		1,000,000		965,000
Consumer Products 0.3%
Alphabet Holding Co., Inc. Senior Unsecured PIK 11/01/17		7.750	%		3,181,000		2,759,517
Food and Beverage 0.2%
Dole Food Co, Inc. Senior Secured(j) 05/01/19		7.250	%		2,000,000		2,007,500
Gaming 0.1%
Tunica-Biloxi Gaming Authority Senior Unsecured(c)(j) 11/15/15		9.000	%		2,105,000		941,988
Health Care 0.6%
HCA, Inc. 10/01/18		8.000	%		960,000		1,113,600
IASIS Healthcare LLC/Capital Corp. 05/15/19		8.375	%		3,000,000		3,142,500
Physio-Control International, Inc. Senior Secured(j) 01/15/19		9.875	%		661,000		705,617
Total							4,961,717
Independent Energy 0.2%
Linn Energy LLC/Finance Corp. 04/15/20		8.625	%		2,000,000		1,580,000
Leisure 0.1%
AMC Entertainment, Inc. 12/01/20		9.750	%		1,000,000		1,087,500
Media and Entertainment 0.3%
Radio One, Inc.(j) 02/15/20		9.250	%		3,000,000		2,752,500
Other Industry 0.1%
General Cable Corp.(a) 04/01/15		2.630	%		1,000,000		990,000

Corporate Bonds & Notes (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Packaging 0.2%
Reynolds Group Issuer, Inc./LLC 05/15/18		8.500	%		2,000,000		2,040,000
Retailers 0.3%
Jo-Ann Stores LLC Senior Unsecured(j) 03/15/19		8.125	%		3,000,000		2,775,000
Total Corporate Bonds & Notes (Cost: $28,348,862)							26,152,186

Common Stocks 2.2%

Issuer	Shares		Value ($)
Consumer Discretionary 1.2%
Auto Components 0.1%
Delphi Automotive PLC		11,178		768,264
Automobiles —%
Dayco/Mark IV		2,545		91,196
Hotels, Restaurants & Leisure —%
Buffets Restaurants Holdings, Inc.		1,071		2,856
Household Durables —%
Rhodes Companies LLC (The)(f)		109,053		32,716
Media 1.1%
Cengage Learning, Inc.		77,986		1,758,584
Cumulus Media, Inc. Class A(k)		44,666		155,438
HMH Publishers LLC(k)		18,619		400,309
Media News Group(k)		10,513		404,750
MGM Holdings II, Inc.(k)		68,207		5,027,436
Reader's Digest Association, Inc.(k)		26,729		1,406
Star Tribune Co. (The)(k)		1,098		34,038
Tribune Media Co.(k)		29,872		1,759,162
Tribune Publishing Co.		7,468		156,828
Total				9,697,951
Total Consumer Discretionary				10,592,983
Information Technology —%
Software —%
Physical Eagle Topco Ltd.(e)(f)(k)		194,303		—
Total Information Technology				—

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

Semiannual Report 2015
17

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

Common Stocks (continued)

Issuer	Shares		Value ($)
Materials 1.0%
Chemicals 0.9%
LyondellBasell Industries NV, Class A		106,857		8,451,320
Metals & Mining 0.1%
Aleris International, Inc.(k)		16,833		656,487
Total Materials				9,107,807
Telecommunication Services —%
Diversified Telecommunication Services —%
Hawaiian Telcom Holdco, Inc.(k)		15,044		391,596
Total Telecommunication Services				391,596
Total Common Stocks (Cost: $12,507,341)				20,092,386

Fixed-Income Funds 0.5%

	Shares		Value ($)
Floating Rate —%
Nuveen Floating Rate Income Fund		35,589		385,785
High Yield 0.3%
Blackstone/GSO Strategic Credit Fund		146,297		2,311,493

Fixed-Income Funds (continued)

	Shares		Value ($)
Multisector 0.2%
Invesco Dynamic Credit Opportunities Fund		164,192		1,921,046
Total Fixed-Income Funds (Cost: $5,181,832)				4,618,324

Money Market Funds 2.3%

Columbia Short-Term Cash Fund, 0.118%(l)(m)	20,972,922	20,972,922
Total Money Market Funds (Cost: $20,972,922)		20,972,922
Total Investments (Cost: $926,668,229)		904,212,346
Other Assets & Liabilities, Net		3,870,024
Net Assets		908,082,370

Notes to Portfolio of Investments

(a)  Variable rate security.

(b)  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 January 31, 2015. 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.

(c)  Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At January 31, 2015, the value of these securities amounted to $4,969,093, which represents 0.55% of net assets.

(d)  The borrower filed for protection under Chapter 11 of the U.S. Federal Bankruptcy Code.

(e)  Negligible market value.

(f)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2015, the value of these securities amounted to $62,581, which represents 0.01% of net assets.

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

Semiannual Report 2015
18

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

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 January 31, 2015 was $0. Information concerning such security holdings at January 31, 2015 is as follows:

Security Description	Acquisition Dates	Cost ($)
ATI Acquisition Co. Tranche B Term Loan 03/30/15 0.000%	12/23/2009 - 01/12/2015		751,053
ATI Acquisition Co. Term Loan 12/30/15 0.000%	12/23/2009 - 07/13/2012		497,832

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

(i)  At January 31, 2015, the Fund had unfunded senior loan commitments pursuant to the terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.

Borrower	Unfunded Commitment ($)
Crown Americas LLC Tranche B Term Loan 10/22/21 0.000%		1,475,000

(j)  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 January 31, 2015, the value of these securities amounted to $10,147,605 or 1.12% of net assets.

(k)  Non-income producing.

(l)  The rate shown is the seven-day current annualized yield at January 31, 2015.

(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 January 31, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		25,840,768		155,712,710		(160,580,556	)		20,972,922		10,150		20,972,922

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 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.

Semiannual Report 2015
19

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

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 2015
20

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2015:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)			Total ($)
Senior Loans
Building Materials		—		9,477,860		1,903,396			11,381,256
Cable and Satellite		—		21,721,616		3,417,390			25,139,006
Chemicals		—		44,988,128		12,920,780			57,908,908
Construction Machinery		—		4,327,996		1,511,040			5,839,036
Consumer Cyclical Services		—		18,616,650		1,628,497			20,245,147
Diversified Manufacturing		—		27,523,483		13,586,392			41,109,875
Electric		—		33,432,368		11,187,325			44,619,693
Environmental		—		12,659,715		2,637,119			15,296,834
Food and Beverage		—		34,628,393		2,405,756			37,034,149
Gaming		—		37,865,761		6,021,715			43,887,476
Leisure		—		22,113,224		6,682,836			28,796,060
Lodging		—		3,246,579		2,981,250			6,227,829
Media and Entertainment		—		48,270,110		2,004,865			50,274,975
Midstream		—		1,729,621		1,294			1,730,915
Other Industry		—		11,140,857		2,793,375			13,934,232
Packaging		—		26,590,322		3,665,763			30,256,085
Paper		—		—		3,114,940			3,114,940
Restaurants		—		5,918,586		380,362			6,298,948
Technology		—		78,743,220		4,104,880			82,848,100
Transportation Services		—		5,661,200		2,803,813			8,465,013
All Other Industries		—		297,968,051		—			297,968,051
Total Senior Loans		—		746,623,740		85,752,788			832,376,528
Bonds
Corporate Bonds & Notes		—		26,152,186		—			26,152,186
Total Bonds		—		26,152,186		—			26,152,186
Equity Securities
Common Stocks
Consumer Discretionary		2,839,692		6,881,478		871,813			10,592,983
Information Technology		—		—		0	(a)		0	(a)
Materials		8,451,320		—		656,487			9,107,807
Telecommunication Services		391,596		—		—			391,596
Total Equity Securities		11,682,608		6,881,478		1,528,300			20,092,386
Mutual Funds
Fixed-Income Funds		4,618,324		—		—			4,618,324
Money Market Funds		20,972,922		—		—			20,972,922
Total Mutual Funds		25,591,246		—		—			25,591,246
Total		37,273,854		779,657,404		87,281,088			904,212,346

(a) Rounds to zero.

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

Semiannual Report 2015
21

Columbia Floating Rate Fund

Portfolio of Investments (continued)

January 31, 2015

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.

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

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

	Senior Loans			Common Stocks			Warrant			Total ($)
Balance as of July 31, 2014		58,205,620			2,002,338			217,563			60,425,521
Increase (decrease) in accrued discounts/premiums		46,368			—			—			46,368
Realized gain (loss)		330,822			(716,603	)		(1,779,696	)		(2,165,477	)
Change in unrealized appreciation (depreciation)(a)		(3,222,377	)		1,201,680			1,562,133			(458,564	)
Sales		(28,064,562	)		(952,689	)		—			(29,017,251	)
Purchases		1,007,500			—			—			1,007,500
Transfers into Level 3		68,917,432			—			—			68,917,432
Transfers out of Level 3		(11,468,015	)		(6,426	)		—			(11,474,441	)
Balance as of January 31, 2015		85,752,788			1,528,300			—			87,281,088

(a) Change in unrealized appreciation (depreciation) relating to securities held at January 31, 2015 was $(2,902,858), which is comprised of Senior Loans of $(3,003,079) and Common Stocks of $100,221.

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain senior loans and common stock 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 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, as of period end, management determined to value the security(s) under consistently applied procedures established by and under the general supervision of the Board of Trustees.

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 2015
22

Columbia Floating Rate Fund

Statement of Assets and Liabilities

January 31, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $905,695,307)	$	883,239,424
Affiliated issuers (identified cost $20,972,922)		20,972,922
Total investments (identified cost $926,668,229)		904,212,346
Cash		2,207,835
Receivable for:
Investments sold		2,184,101
Capital shares sold		3,078,592
Dividends		3,703
Interest		3,966,693
Expense reimbursement due from Investment Manager		524
Prepaid expenses		3,466
Other assets		19,695
Total assets		915,676,955
Liabilities
Payable for:
Investments purchased		174,542
Investments purchased on a delayed delivery basis		1,475,000
Capital shares purchased		2,667,889
Dividend distributions to shareholders		2,960,775
Investment management fees		14,302
Distribution and/or service fees		6,941
Transfer agent fees		134,131
Administration fees		1,685
Compensation of board members		43,238
Other expenses		116,082
Total liabilities		7,594,585
Net assets applicable to outstanding capital stock	$	908,082,370
Represented by
Paid-in capital	$	998,018,899
Undistributed net investment income		167,965
Accumulated net realized loss		(67,648,611	)
Unrealized appreciation (depreciation) on:
Investments		(22,455,883	)
Total — representing net assets applicable to outstanding capital stock	$	908,082,370

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

Semiannual Report 2015
23

Columbia Floating Rate Fund

Statement of Assets and Liabilities (continued)

January 31, 2015 (Unaudited)

Class A
Net assets	$	565,088,808
Shares outstanding		63,057,885
Net asset value per share	$	8.96
Maximum offering price per share(a)	$	9.24
Class B
Net assets	$	4,363,676
Shares outstanding		486,635
Net asset value per share	$	8.97
Class C
Net assets	$	105,804,278
Shares outstanding		11,804,397
Net asset value per share	$	8.96
Class I
Net assets	$	71,466,139
Shares outstanding		7,976,833
Net asset value per share	$	8.96
Class K
Net assets	$	15,556
Shares outstanding		1,733
Net asset value per share	$	8.98
Class R
Net assets	$	3,807,050
Shares outstanding		424,405
Net asset value per share	$	8.97
Class R4
Net assets	$	9,022,117
Shares outstanding		1,008,576
Net asset value per share	$	8.95
Class R5
Net assets	$	41,748,627
Shares outstanding		4,641,706
Net asset value per share	$	8.99
Class W
Net assets	$	2,430
Shares outstanding		271
Net asset value per share	$	8.97
Class Z
Net assets	$	106,763,689
Shares outstanding		11,930,400
Net asset value per share	$	8.95

(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 3.00%.

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

Semiannual Report 2015
24

Columbia Floating Rate Fund

Statement of Operations

Six Months Ended January 31, 2015 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	669,903
Dividends — affiliated issuers		10,150
Interest		24,099,121
Foreign taxes withheld		(87,647	)
Total income		24,691,527
Expenses:
Investment management fees		2,880,524
Distribution and/or service fees
Class A		790,178
Class B		28,634
Class C		592,268
Class R		8,756
Class W		3
Transfer agent fees
Class A		405,991
Class B		3,679
Class C		76,083
Class K		6
Class R		2,251
Class R4		5,915
Class R5		10,753
Class W		2
Class Z		77,487
Administration fees		338,420
Plan administration fees
Class K		29
Compensation of board members		11,803
Custodian fees		86,916
Printing and postage fees		48,442
Registration fees		85,575
Professional fees		23,521
Other		10,800
Total expenses		5,488,036
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(69,466	)
Total net expenses		5,418,570
Net investment income		19,272,957
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(3,482,724	)
Foreign currency translations		(866	)
Net realized loss		(3,483,590	)
Net change in unrealized appreciation (depreciation) on:
Investments		(27,341,353	)
Net change in unrealized depreciation		(27,341,353	)
Net realized and unrealized loss		(30,824,943	)
Net decrease in net assets from operations	$	(11,551,986	)

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

Semiannual Report 2015
25

Columbia Floating Rate Fund

Statement of Changes in Net Assets

	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014
Operations
Net investment income	$	19,272,957		$	40,138,045
Net realized gain (loss)		(3,483,590	)		2,996,388
Net change in unrealized appreciation (depreciation)		(27,341,353	)		2,316,249
Net increase (decrease) in net assets resulting from operations		(11,551,986	)		45,450,682
Distributions to shareholders
Net investment income
Class A		(12,213,425	)		(25,782,046	)
Class B		(88,603	)		(238,302	)
Class C		(1,847,146	)		(3,556,401	)
Class I		(1,526,365	)		(3,126,722	)
Class K		(458	)		(1,671	)
Class R		(64,436	)		(51,609	)
Class R4		(190,060	)		(282,348	)
Class R5		(900,952	)		(2,389,001	)
Class W		(47	)		(140	)
Class Z		(2,485,638	)		(4,503,592	)
Total distributions to shareholders		(19,317,130	)		(39,931,832	)
Increase (decrease) in net assets from capital stock activity		(170,143,808	)		172,158,272
Total increase (decrease) in net assets		(201,012,924	)		177,677,122
Net assets at beginning of period		1,109,095,294			931,418,172
Net assets at end of period	$	908,082,370		$	1,109,095,294
Undistributed net investment income	$	167,965		$	212,138

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

Semiannual Report 2015
26

Columbia Floating Rate Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		4,886,243			44,517,683			38,164,588			351,583,818
Distributions reinvested		1,271,924			11,562,011			2,637,070			24,343,793
Redemptions		(18,550,272	)		(168,741,739	)		(26,811,611	)		(247,712,229	)
Net increase (decrease)		(12,392,105	)		(112,662,045	)		13,990,047			128,215,382
Class B shares
Subscriptions		16,049			146,574			226,283			2,084,443
Distributions reinvested		9,451			86,025			25,215			232,877
Redemptions(a)		(271,554	)		(2,463,454	)		(460,735	)		(4,257,761	)
Net decrease		(246,054	)		(2,230,855	)		(209,237	)		(1,940,441	)
Class C shares
Subscriptions		761,792			6,949,963			6,574,142			60,579,710
Distributions reinvested		178,771			1,624,968			335,421			3,097,497
Redemptions		(2,913,519	)		(26,463,886	)		(3,586,108	)		(33,136,440	)
Net increase (decrease)		(1,972,956	)		(17,888,955	)		3,323,455			30,540,767
Class I shares
Subscriptions		—			—			1,660,605			15,329,688
Distributions reinvested		168,056			1,526,312			336,916			3,107,615
Redemptions		(13,218	)		(119,682	)		(4,819,951	)		(44,397,882	)
Net increase (decrease)		154,838			1,406,630			(2,822,430	)		(25,960,579	)
Class K shares
Distributions reinvested		45			411			154			1,424
Redemptions		(1,189	)		(10,803	)		(5,789	)		(53,453	)
Net decrease		(1,144	)		(10,392	)		(5,635	)		(52,029	)
Class R shares
Subscriptions		227,930			2,084,344			223,384			2,065,615
Distributions reinvested		4,879			44,270			2,899			26,814
Redemptions		(71,063	)		(642,076	)		(60,433	)		(557,227	)
Net increase		161,746			1,486,538			165,850			1,535,202
Class R4 shares
Subscriptions		159,576			1,454,928			1,301,523			11,966,114
Distributions reinvested		20,907			189,647			30,616			282,257
Redemptions		(230,053	)		(2,096,265	)		(285,165	)		(2,622,787	)
Net increase (decrease)		(49,570	)		(451,690	)		1,046,974			9,625,584

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

Semiannual Report 2015
27

Columbia Floating Rate Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		1,062,312			9,676,434			4,238,998			39,251,147
Distributions reinvested		98,786			900,952			256,429			2,375,277
Redemptions		(1,419,657	)		(12,975,271	)		(6,265,675	)		(58,127,887	)
Net decrease		(258,559	)		(2,397,885	)		(1,770,248	)		(16,501,463	)
Class W shares
Distributions reinvested		—			—			1			7
Redemptions		—			—			(227	)		(2,098	)
Net increase (decrease)		—			—			(226	)		(2,091	)
Class Z shares
Subscriptions		2,916,157			26,632,701			12,266,726			113,130,376
Distributions reinvested		207,987			1,887,282			379,994			3,502,919
Redemptions		(7,228,081	)		(65,915,137	)		(7,586,549	)		(69,935,355	)
Net increase (decrease)		(4,103,937	)		(37,395,154	)		5,060,171			46,697,940
Total net increase (decrease)		(18,707,741	)		(170,143,808	)		18,778,721			172,158,272

(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 2015
28

Columbia Floating Rate 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 January 31, 2015			Year Ended July 31,
Class A	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	9.24		$	9.20		$	8.90		$	8.96		$	8.54		$	7.93
Income from investment operations:
Net investment income		0.18			0.33			0.36			0.42			0.41			0.41
Net realized and unrealized gain (loss)		(0.28	)		0.04			0.31			(0.05	)		0.41			0.62
Total from investment operations		(0.10	)		0.37			0.67			0.37			0.82			1.03
Less distributions to shareholders:
Net investment income		(0.18	)		(0.33	)		(0.37	)		(0.43	)		(0.40	)		(0.42	)
Total distributions to shareholders		(0.18	)		(0.33	)		(0.37	)		(0.43	)		(0.40	)		(0.42	)
Net asset value, end of period	$	8.96		$	9.24		$	9.20		$	8.90		$	8.96		$	8.54
Total return		(1.13	%)		4.10	%		7.60	%		4.36	%		9.65	%		13.18	%
Ratios to average net assets(a)
Total gross expenses		1.07	%(b)		1.07	%		1.11	%		1.14	%(c)		1.10	%		1.13	%
Total net expenses(d)		1.06	%(b)		1.06	%(e)		1.09	%		1.11	%(c)(e)		1.08	%		1.08	%
Net investment income		3.86	%(b)		3.62	%		3.92	%		4.73	%		4.59	%		4.82	%
Supplemental data
Net assets, end of period (in thousands)	$	565,089		$	697,138		$	565,254		$	337,242		$	419,157		$	226,172
Portfolio turnover		7	%		57	%		85	%		42	%		69	%		68	%

Notes to Financial Highlights

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

(b)  Annualized.

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

(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 2015
29

Columbia Floating Rate Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class B	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	9.25		$	9.20		$	8.91		$	8.97		$	8.54		$	7.94
Income from investment operations:
Net investment income		0.14			0.26			0.29			0.35			0.34			0.34
Net realized and unrealized gain (loss)		(0.28	)		0.05			0.30			(0.04	)		0.42			0.62
Total from investment operations		(0.14	)		0.31			0.59			0.31			0.76			0.96
Less distributions to shareholders:
Net investment income		(0.14	)		(0.26	)		(0.30	)		(0.37	)		(0.33	)		(0.36	)
Total distributions to shareholders		(0.14	)		(0.26	)		(0.30	)		(0.37	)		(0.33	)		(0.36	)
Net asset value, end of period	$	8.97		$	9.25		$	9.20		$	8.91		$	8.97		$	8.54
Total return		(1.50	%)		3.43	%		6.68	%		3.57	%		8.95	%		12.19	%
Ratios to average net assets(a)
Total gross expenses		1.82	%(b)		1.82	%		1.86	%		1.90	%(c)		1.85	%		1.90	%
Total net expenses(d)		1.81	%(b)		1.81	%(e)		1.84	%		1.86	%(c)(e)		1.83	%		1.84	%
Net investment income		3.10	%(b)		2.86	%		3.19	%		4.00	%		3.86	%		4.02	%
Supplemental data
Net assets, end of period (in thousands)	$	4,364		$	6,774		$	8,668		$	7,287		$	11,337		$	9,928
Portfolio turnover		7	%		57	%		85	%		42	%		69	%		68	%

Notes to Financial Highlights

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

(b)  Annualized.

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

(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 2015
30

Columbia Floating Rate Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class C	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	9.24		$	9.20		$	8.91		$	8.96		$	8.54		$	7.93
Income from investment operations:
Net investment income		0.14			0.26			0.29			0.35			0.34			0.34
Net realized and unrealized gain (loss)		(0.28	)		0.04			0.30			(0.03	)		0.41			0.63
Total from investment operations		(0.14	)		0.30			0.59			0.32			0.75			0.97
Less distributions to shareholders:
Net investment income		(0.14	)		(0.26	)		(0.30	)		(0.37	)		(0.33	)		(0.36	)
Total distributions to shareholders		(0.14	)		(0.26	)		(0.30	)		(0.37	)		(0.33	)		(0.36	)
Net asset value, end of period	$	8.96		$	9.24		$	9.20		$	8.91		$	8.96		$	8.54
Total return		(1.50	%)		3.32	%		6.68	%		3.68	%		8.84	%		12.34	%
Ratios to average net assets(a)
Total gross expenses		1.82	%(b)		1.82	%		1.85	%		1.89	%(c)		1.85	%		1.89	%
Total net expenses(d)		1.81	%(b)		1.81	%(e)		1.84	%		1.86	%(c)(e)		1.83	%		1.83	%
Net investment income		3.11	%(b)		2.87	%		3.14	%		3.96	%		3.83	%		4.01	%
Supplemental data
Net assets, end of period (in thousands)	$	105,804		$	127,321		$	96,164		$	45,449		$	52,578		$	21,210
Portfolio turnover		7	%		57	%		85	%		42	%		69	%		68	%

Notes to Financial Highlights

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

(b)  Annualized.

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

(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 2015
31

Columbia Floating Rate Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class I	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	9.24		$	9.20		$	8.90		$	8.96		$	8.54		$	7.93
Income from investment operations:
Net investment income		0.19			0.37			0.39			0.45			0.44			0.43
Net realized and unrealized gain (loss)		(0.28	)		0.04			0.31			(0.04	)		0.41			0.63
Total from investment operations		(0.09	)		0.41			0.70			0.41			0.85			1.06
Less distributions to shareholders:
Net investment income		(0.19	)		(0.37	)		(0.40	)		(0.47	)		(0.43	)		(0.45	)
Total distributions to shareholders		(0.19	)		(0.37	)		(0.40	)		(0.47	)		(0.43	)		(0.45	)
Net asset value, end of period	$	8.96		$	9.24		$	9.20		$	8.90		$	8.96		$	8.54
Total return		(0.95	%)		4.48	%		8.00	%		4.75	%		10.02	%		13.55	%
Ratios to average net assets(a)
Total gross expenses		0.69	%(b)		0.69	%		0.71	%		0.73	%(c)		0.77	%		0.79	%
Total net expenses(d)		0.69	%(b)		0.69	%		0.71	%		0.73	%(c)		0.74	%		0.75	%
Net investment income		4.23	%(b)		3.97	%		4.30	%		5.09	%		5.00	%		5.15	%
Supplemental data
Net assets, end of period (in thousands)	$	71,466		$	72,256		$	97,880		$	62,786		$	82,844		$	101,982
Portfolio turnover		7	%		57	%		85	%		42	%		69	%		68	%

Notes to Financial Highlights

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

(b)  Annualized.

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

(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 2015
32

Columbia Floating Rate Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class K	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	9.26		$	9.21		$	8.92		$	8.97		$	8.56		$	7.95
Income from investment operations:
Net investment income		0.18			0.34			0.37			0.42			0.42			0.40
Net realized and unrealized gain (loss)		(0.28	)		0.05			0.29			(0.03	)		0.40			0.63
Total from investment operations		(0.10	)		0.39			0.66			0.39			0.82			1.03
Less distributions to shareholders:
Net investment income		(0.18	)		(0.34	)		(0.37	)		(0.44	)		(0.41	)		(0.42	)
Total distributions to shareholders		(0.18	)		(0.34	)		(0.37	)		(0.44	)		(0.41	)		(0.42	)
Net asset value, end of period	$	8.98		$	9.26		$	9.21		$	8.92		$	8.97		$	8.56
Total return		(1.09	%)		4.28	%		7.55	%		4.56	%		9.62	%		13.19	%
Ratios to average net assets(a)
Total gross expenses		0.99	%(b)		0.98	%		1.01	%		1.03	%(c)		1.07	%		1.09	%
Total net expenses(d)		0.99	%(b)		0.98	%		1.01	%		1.02	%(c)		1.04	%		1.05	%
Net investment income		3.90	%(b)		3.66	%		4.04	%		4.83	%		4.67	%		4.75	%
Supplemental data
Net assets, end of period (in thousands)	$	16		$	27		$	78		$	129		$	137		$	178
Portfolio turnover		7	%		57	%		85	%		42	%		69	%		68	%

Notes to Financial Highlights

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

(b)  Annualized.

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

(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 2015
33

Columbia Floating Rate Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class R	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.25		$	9.21		$	8.91		$	8.97		$	8.64
Income from investment operations:
Net investment income		0.17			0.31			0.33			0.38			0.32
Net realized and unrealized gain (loss)		(0.28	)		0.04			0.31			(0.03	)		0.32
Total from investment operations		(0.11	)		0.35			0.64			0.35			0.64
Less distributions to shareholders:
Net investment income		(0.17	)		(0.31	)		(0.34	)		(0.41	)		(0.31	)
Total distributions to shareholders		(0.17	)		(0.31	)		(0.34	)		(0.41	)		(0.31	)
Net asset value, end of period	$	8.97		$	9.25		$	9.21		$	8.91		$	8.97
Total return		(1.24	%)		3.84	%		7.33	%		4.11	%		7.47	%
Ratios to average net assets(b)
Total gross expenses		1.32	%(c)		1.33	%		1.36	%		1.39	%(d)		1.33	%(c)
Total net expenses(e)		1.31	%(c)		1.31	%(f)		1.34	%		1.36	%(d)(f)		1.33	%(c)
Net investment income		3.64	%(c)		3.40	%		3.64	%		4.38	%		4.23	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	3,807		$	2,429		$	891		$	237		$	96
Portfolio turnover		7	%		57	%		85	%		42	%		69	%

Notes to Financial Highlights

(a)  Based on operations from September 27, 2010 (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.

Semiannual Report 2015
34

Columbia Floating Rate Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class R4	(Unaudited)			2014			2013(a)
Per share data
Net asset value, beginning of period	$	9.22		$	9.18		$	9.11
Income from investment operations:
Net investment income		0.19			0.36			0.14
Net realized and unrealized gain (loss)		(0.27	)		0.03			0.08
Total from investment operations		(0.08	)		0.39			0.22
Less distributions to shareholders:
Net investment income		(0.19	)		(0.35	)		(0.15	)
Total distributions to shareholders		(0.19	)		(0.35	)		(0.15	)
Net asset value, end of period	$	8.95		$	9.22		$	9.18
Total return		(0.90	%)		4.36	%		2.43	%
Ratios to average net assets(b)
Total gross expenses		0.82	%(c)		0.82	%		0.85	%(c)
Total net expenses(d)		0.81	%(c)		0.81	%(e)		0.84	%(c)
Net investment income		4.12	%(c)		3.89	%		3.91	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	9,022		$	9,759		$	103
Portfolio turnover		7	%		57	%		85	%

Notes to Financial Highlights

(a)  Based on operations from February 28, 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.

(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 2015
35

Columbia Floating Rate Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class R5	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	9.27		$	9.23		$	8.93		$	8.99		$	8.56		$	7.95
Income from investment operations:
Net investment income		0.19			0.36			0.35			0.44			0.44			0.43
Net realized and unrealized gain (loss)		(0.28	)		0.04			0.35			(0.04	)		0.41			0.62
Total from investment operations		(0.09	)		0.40			0.70			0.40			0.85			1.05
Less distributions to shareholders:
Net investment income		(0.19	)		(0.36	)		(0.40	)		(0.46	)		(0.42	)		(0.44	)
Total distributions to shareholders		(0.19	)		(0.36	)		(0.40	)		(0.46	)		(0.42	)		(0.44	)
Net asset value, end of period	$	8.99		$	9.27		$	9.23		$	8.93		$	8.99		$	8.56
Total return		(0.96	%)		4.43	%		7.93	%		4.70	%		9.98	%		13.47	%
Ratios to average net assets(a)
Total gross expenses		0.74	%(b)		0.74	%		0.76	%		0.79	%(c)		0.81	%		0.87	%
Total net expenses(d)		0.74	%(b)		0.74	%		0.76	%		0.79	%(c)		0.79	%		0.80	%
Net investment income		4.18	%(b)		3.93	%		3.95	%		5.04	%		4.94	%		5.10	%
Supplemental data
Net assets, end of period (in thousands)	$	41,749		$	45,445		$	61,580		$	5		$	5		$	5
Portfolio turnover		7	%		57	%		85	%		42	%		69	%		68	%

Notes to Financial Highlights

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

(b)  Annualized.

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

(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 2015
36

Columbia Floating Rate Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class W	(Unaudited)			2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	9.24		$	9.20		$	8.91		$	8.96		$	8.54		$	7.93
Income from investment operations:
Net investment income		0.18			0.34			0.36			0.41			0.41			0.39
Net realized and unrealized gain (loss)		(0.27	)		0.03			0.30			(0.03	)		0.41			0.63
Total from investment operations		(0.09	)		0.37			0.66			0.38			0.82			1.02
Less distributions to shareholders:
Net investment income		(0.18	)		(0.33	)		(0.37	)		(0.43	)		(0.40	)		(0.41	)
Total distributions to shareholders		(0.18	)		(0.33	)		(0.37	)		(0.43	)		(0.40	)		(0.41	)
Net asset value, end of period	$	8.97		$	9.24		$	9.20		$	8.91		$	8.96		$	8.54
Total return		(1.03	%)		4.10	%		7.49	%		4.47	%		9.65	%		13.05	%
Ratios to average net assets(a)
Total gross expenses		1.07	%(b)		1.05	%		1.10	%		1.18	%(c)		1.11	%		1.26	%
Total net expenses(d)		1.06	%(b)		1.05	%(e)		1.09	%		1.11	%(c)		1.09	%		1.20	%
Net investment income		3.94	%(b)		3.63	%		3.95	%		4.72	%		4.63	%		4.70	%
Supplemental data
Net assets, end of period (in thousands)	$	2		$	3		$	5		$	4		$	4		$	4
Portfolio turnover		7	%		57	%		85	%		42	%		69	%		68	%

Notes to Financial Highlights

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

(b)  Annualized.

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

(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 2015
37

Columbia Floating Rate Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class Z	(Unaudited)			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.23		$	9.18		$	8.89		$	8.95		$	8.63
Income from investment operations:
Net investment income		0.19			0.36			0.38			0.43			0.35
Net realized and unrealized gain (loss)		(0.28	)		0.04			0.30			(0.04	)		0.32
Total from investment operations		(0.09	)		0.40			0.68			0.39			0.67
Less distributions to shareholders:
Net investment income		(0.19	)		(0.35	)		(0.39	)		(0.45	)		(0.35	)
Total distributions to shareholders		(0.19	)		(0.35	)		(0.39	)		(0.45	)		(0.35	)
Net asset value, end of period	$	8.95		$	9.23		$	9.18		$	8.89		$	8.95
Total return		(1.00	%)		4.47	%		7.75	%		4.63	%		7.80	%
Ratios to average net assets(b)
Total gross expenses		0.82	%(c)		0.82	%		0.86	%		0.89	%(d)		0.82	%(c)
Total net expenses(e)		0.81	%(c)		0.81	%(f)		0.84	%		0.85	%(d)(f)		0.82	%(c)
Net investment income		4.11	%(c)		3.87	%		4.16	%		4.92	%		4.76	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	106,764		$	147,944		$	100,795		$	41,450		$	67,558
Portfolio turnover		7	%		57	%		85	%		42	%		69	%

Notes to Financial Highlights

(a)  Based on operations from September 27, 2010 (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.

Semiannual Report 2015
38

Columbia Floating Rate Fund

Notes to Financial Statements

January 31, 2015 (Unaudited)

Note 1. Organization

Columbia Floating Rate 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 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 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 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.

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

Semiannual Report 2015
39

Columbia Floating Rate Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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.

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.

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 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.

Semiannual Report 2015
40

Columbia Floating Rate Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 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.

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.

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 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 2015
41

Columbia Floating Rate Fund

Notes to Financial Statements (continued)

January 31, 2015 (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 January 31, 2015 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 0.07% to 0.04% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended January 31, 2015 was 0.07% 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 January 31, 2015, other expenses paid by the Fund to this company were $1,337.

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 agency 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 January 31, 2015, 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 K	0.05
Class R	0.13
Class R4	0.13
Class R5	0.05
Class W	0.13
Class Z	0.13

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

Semiannual Report 2015
42

Columbia Floating Rate Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 $1,215,000 and $617,000 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 $117,960 for Class A, $335 for Class B and $8,092 for Class C shares for the six months ended January 31, 2015.

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 November 30, 2015
Class A		1.06	%
Class B		1.81
Class C		1.81
Class I		0.71
Class K		1.01
Class R		1.31
Class R4		0.81
Class R5		0.76
Class W		1.06
Class Z		0.81

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. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

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 1.05% for Class A, 1.80% for Class B, 1.80% for Class C, 0.70% for Class I, 1.00% for Class K, 1.30% for Class R, 0.80% for Class R4, 0.75% for Class R5, 1.05% for Class W and 0.80% 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 January 31, 2015, the cost of investments for federal income tax purposes was approximately $926,668,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	12,502,000
Unrealized depreciation		(34,958,000	)
Net unrealized depreciation	$	(22,456,000	)

The following capital loss carryforwards, determined as of July 31, 2014, may be available to reduce taxable income

Semiannual Report 2015
43

Columbia Floating Rate Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
2017		28,593,376
2018		35,398,330
Total		63,991,706

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 $71,042,750 and $268,847,647, respectively, for the six months ended January 31, 2015. 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 January 31, 2015, affiliated shareholders of record owned 67.6% 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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, 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 $550 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. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended January 31, 2015.

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.

Floating Rate Loan Risk

The Fund invests in floating rate loans, the market value of which may fluctuate, sometimes rapidly and unpredictably. The principal risks of investing in the these loans include liquidity risk, interest rate risk, credit risk, counterparty risk, highly leveraged transactions risk, prepayment and extension risk, confidential information access risk, and impairment of collateral risk. Generally, when interest rates rise, the prices of fixed income securities fall; however, securities or loans with floating interest rates can be less sensitive to interest rate changes, but they may decline in value if their interest rates do not rise as much as interest rates in general. Limited liquidity may affect the ability of the Fund to purchase or sell floating rate loans and may have a negative impact on Fund performance and net asset value per share. The floating rate loans in which the Fund invests generally are lower rated (non-investment grade) and are more likely to experience a default, which results in more volatile prices and more risk to principal and income than investment grade loans or securities. Rating agencies assign credit ratings to certain loans to indicate their credit risk. Lower quality or unrated loans held by the Fund may present increased credit risk as compared to higher-rated loans.

High-Yield Securities Risk

Securities rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated securities of

Semiannual Report 2015
44

Columbia Floating Rate Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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.

Note 10. Subsequent Events

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

Note 11. Information Regarding Pending and Settled Legal Proceedings

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.

Columbia Floating Rate Fund (the "Fund") is one of several defendants to a bankruptcy proceeding captioned Official Committee of Unsecured Creditors of TOUSA, Inc., et al. v. Citicorp North America, Inc., et al. (the "Lawsuit"), (In re TOUSA, Inc., et al.), pending in the U.S. Bankruptcy Court, Southern District of Florida (the "Bankruptcy Court"). The Fund and several other defendants (together the "Senior Transeastern Defendants") were lenders to parties involved in a joint venture with TOUSA, Inc. ("TOUSA") on a $450 million Credit Agreement dated as of August 1, 2005 (the "Credit Agreement"). In 2006, the administrative agent under the Credit Agreement brought claims against TOUSA alleging that certain events of default had occurred under the Credit Agreement thus triggering the guaranties (the "Transeastern Litigation"). On July 31, 2007, TOUSA and the Senior Transeastern Defendants reached a settlement in the Transeastern Litigation pursuant to which the Fund (as well as the other Senior Transeastern Defendants) released its claims and was paid $1,052,271. To fund the settlement, TOUSA entered into a $500 million credit facility with new lenders secured by liens on the assets of certain of TOUSA's subsidiaries. On January 29, 2008, TOUSA and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. In August 2008, the Committee of Unsecured Creditors of TOUSA ("Committee") filed the Lawsuit, seeking as to the Fund and the other Senior Transeastern Defendants a return of the money the Senior Transeastern Defendants received as part of the Transeastern Litigation settlement. The Lawsuit went to trial in July 2009, and the Bankruptcy Court ordered the Fund and the other Senior Transeastern Defendants to disgorge the money they received in settlement of the Transeastern Litigation. The Senior Transeastern Defendants, including the Fund, appealed the Bankruptcy Court's decision to the District Court for the Southern District of Florida (the "District Court"). To stay execution of the judgment against the Fund pending appeal, the Fund deposited $1,327,620 with the Bankruptcy Court

Semiannual Report 2015
45

Columbia Floating Rate Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

clerk of court. On February 11, 2011, the District Court entered an opinion and order quashing the Bankruptcy Court's decision as it relates to the liability of the Senior Transeastern Defendants and ordering that "[t]he Bankruptcy Court's imposition of remedies as to the [Senior Transeastern Defendants] is null and void." On March 8, 2011, the Committee appealed the District Court's order to the Eleventh Circuit Court of Appeals. On May 15, 2012, the Eleventh Circuit issued an order reversing the decision of the District Court. A petition for rehearing by the entire panel of the Eleventh Circuit was filed and denied. The District Court will now review and decide several remaining appeal issues. An initial hearing is scheduled for November 20, 2014.

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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46

Columbia Floating Rate Fund

Important Information About This Report

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

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

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

Semiannual Report 2015
47

Columbia Floating Rate Fund

P.O. Box 8081

Boston, MA 02266-8081

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

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

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2015 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR149_07_E01_(03/15)

SEMIANNUAL REPORT

January 31, 2015

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 11th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.***

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

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

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

  *  In U.S. dollars as of December 31, 2014. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies. Contact us for more current data.

  **  Source: ICI as of December 31, 2014 for Columbia Management Investment Advisers, LLC.

  ***  Source: Investment Association as of December 2014 for Threadneedle Asset Management Limited.

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

Not part of the shareholder report

Get the market insight you need from our investment experts

Connect with Columbia Threadneedle Investments

Investor insight

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

  Columbia Threadneedle Investor Newsletter (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 columbiathreadneedle.com/
us/newsletter.

  Investment videos

Get analysis of current events and trends that may affect your investments. Visit our online video library to watch and discover what our thought leaders are saying about the financial markets and economy.

  Social media

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

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

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

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

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

*Columbia Threadneedle Investor Newsletter was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications in 2011, 2012 and 2013. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

Not part of the shareholder report

President's Message

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals^*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the "About Us" tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

>  Fund and strategy names

>  Established investment teams, philosophies and processes

>  Account services, features, servicing phone numbers and mailing addresses

>  Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children's education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen
President, Columbia Funds

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

*  Source: Ameriprise as of December 1, 2014

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 2015

Columbia AMT-Free Tax-Exempt Bond Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund's Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	18
Statement of Operations	20
Statement of Changes in Net Assets	21
Financial Highlights	23
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 columbiathreadneedle.com/us or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Semiannual Report 2015

Columbia AMT-Free Tax-Exempt Bond Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia AMT-Free Tax-Exempt Bond Fund (the Fund) Class A shares returned 5.91% excluding sales charges for the six-month period that ended January 31, 2015. Class Z shares of the Fund returned 6.04% for the same time period.

>  The Fund's benchmark, the Barclays Municipal Bond Index, returned 4.52% for the six-month period.

Average Annual Total Returns (%) (for period ended January 31, 2015)

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	11/24/76
Excluding sales charges			5.91		11.53		6.62		4.83
Including sales charges			2.82		8.18		5.95		4.51
Class B	03/20/95
Excluding sales charges			5.50		10.68		5.76		4.04
Including sales charges			0.50		5.68		5.44		4.04
Class C	06/26/00
Excluding sales charges			5.76		10.95		5.88		4.07
Including sales charges			4.76		9.95		5.88		4.07
Class R4*	03/19/13		6.04		11.80		6.71		4.87
Class R5*	12/11/13		6.30		12.09		6.73		4.88
Class Z*	09/27/10		6.04		11.80		6.80		4.91
Barclays Municipal Bond Index			4.52		8.86		5.42		4.82

Returns for Class A are shown with and without the maximum initial sales charge of 3.00%. The maximum applicable sales charge was reduced from 4.75% to 3.00% on Class A share purchases made on or after February 19, 2015. Class A returns (including sales charges) for all periods reflect the current maximum applicable 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. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

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

The Barclays Municipal Bond Index is an unmanaged index considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.

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 2015
2

Columbia AMT-Free Tax-Exempt Bond Fund

Portfolio Overview

(Unaudited)

Top Ten States (%) (at January 31, 2015)
Illinois	24.8
California	13.2
Wisconsin	6.8
Texas	6.4
Minnesota	5.0
Missouri	3.9
Colorado	3.1
New York	3.0
Washington	2.9
Pennsylvania	2.8

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

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

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

Quality Breakdown (%) (at January 31, 2015)
AAA rating	0.9
AA rating	17.1
A rating	40.1
BBB rating	27.2
BB rating	3.4
Not rated	11.3
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

Catherine Stienstra

Semiannual Report 2015
3

Columbia AMT-Free Tax-Exempt 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.

August 1, 2014 – January 31, 2015

	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		1,059.10		1,021.01		4.18		4.10		0.81
Class B		1,000.00		1,000.00		1,055.00		1,017.25		8.04		7.89		1.56
Class C		1,000.00		1,000.00		1,057.60		1,017.25		8.05		7.89		1.56
Class R4		1,000.00		1,000.00		1,060.40		1,022.26		2.89		2.84		0.56
Class R5		1,000.00		1,000.00		1,063.00		1,022.26		2.90		2.84		0.56
Class Z		1,000.00		1,000.00		1,060.40		1,022.26		2.89		2.84		0.56

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 2015
4

Columbia AMT-Free Tax-Exempt Bond Fund

Portfolio of Investments

January 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Municipal Bonds 100.1%

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Alabama 0.3%
County of Jefferson Revenue Bonds Series 2004A 01/01/23		5.250	%		1,500,000		1,518,750
Alaska 1.0%
City of Koyukuk Revenue Bonds Tanana Chiefs Conference Health Care Series 2011 10/01/32		7.500	%		3,665,000		4,100,182
10/01/41		7.750	%		2,000,000		2,238,680
Total							6,338,862
Arizona 1.3%
Arizona Health Facilities Authority Revenue Bonds Banner Health Series 2008D 01/01/32		5.375	%		1,900,000		2,081,507
Maricopa County Pollution Control Corp. Refunding Revenue Bonds Southern California Edison Co. Series 2000B 06/01/35		5.000	%		2,225,000		2,542,708
Queen Creek Improvement District No. 1 Special Assessment Bonds Series 2006 01/01/19		5.000	%		755,000		768,794
01/01/20		5.000	%		580,000		590,596
01/01/21		5.000	%		1,000,000		1,018,270
University Medical Center Corp. Revenue Bonds Series 2009 07/01/39		6.500	%		1,000,000		1,181,980
Total							8,183,855
California 13.4%
ABAG Finance Authority for Nonprofit Corps. Refunding Revenue Bonds Episcopal Senior Communities Series 2012 07/01/47		5.000	%		4,100,000		4,563,833
California State Public Works Board Revenue Bonds Judicial Council Projects Series 2011D 12/01/31		5.000	%		5,000,000		5,845,850
Various Capital Projects Series 2012A 04/01/37		5.000	%		650,000		750,958

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
California State University Revenue Bonds Systemwide Series 2009A 11/01/29		5.250	%		3,000,000		3,509,520
California Statewide Communities Development Authority Refunding Revenue Bonds University of California Irvine East Campus Apartments Series 2006 05/15/38		5.000	%		2,500,000		2,559,575
Foothill-Eastern Transportation Corridor Agency Refunding Revenue Bonds Junior Lien Series 2014C 01/15/33		6.250	%		1,155,000		1,394,466
Series 2014A 01/15/46		5.750	%		4,250,000		5,022,863
Los Angeles Unified School District Unlimited General Obligation Bonds Series 2009I 07/01/24		5.000	%		1,900,000		2,223,779
07/01/29		5.000	%		1,200,000		1,393,740
Rowland Water District Prerefunded 12/01/18 Certificate of Participation Recycled Water Project Series 2008 12/01/39		6.250	%		1,500,000		1,812,630
San Diego Public Facilities Financing Authority Sewer Revenue Bonds Senior Series 2009A 05/15/34		5.250	%		1,500,000		1,741,995
San Francisco City & County Redevelopment Agency Tax Allocation Bonds Mission Bay South Redevelopment Series 2009D 08/01/31		6.500	%		500,000		584,790
Santee Community Development Commission Tax Allocation Bonds Santee Community Redevelopment Project Series 2011A 08/01/41		7.000	%		2,000,000		2,461,680
State of California Unlimited General Obligation Bonds Series 2010 11/01/30		5.250	%		1,000,000		1,192,530
Various Purpose Series 2007 12/01/32		5.000	%		2,000,000		2,225,500
06/01/37		5.000	%		1,235,000		1,343,964
12/01/37		5.000	%		3,000,000		3,320,430
Series 2009 04/01/31		5.750	%		15,000,000		17,693,550
Series 2010 03/01/30		5.250	%		1,000,000		1,176,520
03/01/33		6.000	%		5,625,000		6,968,925

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

Semiannual Report 2015
5

Columbia AMT-Free Tax-Exempt Bond Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Series 2012 04/01/35		5.250	%		4,500,000		5,379,210
Unlimited General Obligation Refunding Bonds Series 2007 08/01/30		4.500	%		5,550,000		5,922,794
Unrefunded Unlimited General Obligation Bonds Series 2004 04/01/29		5.300	%		2,000		2,008
West Covina Community Development Commission Refunding Special Tax Bonds Fashion Plaza Series 1996 09/01/17		6.000	%		2,370,000		2,520,779
Total							81,611,889
Colorado 3.1%
Baptist Road Rural Transportation Authority Revenue Bonds Series 2007 12/01/22		4.950	%		790,000		784,383
12/01/26		5.000	%		395,000		386,278
Colorado Educational & Cultural Facilities Authority Refunding Revenue Bonds Pinnacle Charter School Building Series 2013 06/01/29		5.000	%		700,000		800,331
Colorado Educational & Cultural Facilities Authority(a) Improvement Refunding Revenue Bonds Skyview Charter School Series 2014 07/01/44		5.375	%		750,000		803,175
07/01/49		5.500	%		700,000		749,007
Colorado Health Facilities Authority Revenue Bonds Health Facilities Evangelical Lutheran Series 2005 06/01/23		5.250	%		500,000		524,705
E-470 Public Highway Authority Revenue Bonds Series 2010C 09/01/26		5.375	%		10,325,000		11,887,586
Foothills Metropolitan District Special Assessment Bonds Series 2014 12/01/30		5.750	%		1,500,000		1,622,970
North Range Metropolitan District No. 2 Limited Tax General Obligation Bonds Series 2007 12/15/27		5.500	%		735,000		752,324
12/15/37		5.500	%		820,000		834,973
Total							19,145,732

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
District of Columbia 0.3%
District of Columbia Water & Sewer Authority Refunding Revenue Bonds Subordinated Lien Series 2008A 10/01/29		5.000	%		1,515,000		1,696,527
District of Columbia Revenue Bonds KIPP Charter School Series 2013 07/01/48		6.000	%		300,000		352,839
Total							2,049,366
Florida 2.7%
City of Lakeland Revenue Bonds Lakeland Regional Health Series 2015(b) 11/15/45		5.000	%		5,000,000		5,715,050
Florida Development Finance Corp. Revenue Bonds Miami Arts Charter School Project Series 2014A(a) 06/15/34		5.875	%		415,000		428,861
Florida Municipal Loan Council Revenue Bonds Capital Appreciation Series 2000A (NPFGC)(c) 04/01/20		0.000	%		4,360,000		3,817,398
Orange County Health Facilities Authority Refunding Revenue Bonds Mayflower Retirement Center Series 2012 06/01/36		5.000	%		250,000		273,660
Palm Beach County Health Facilities Authority Revenue Bonds ACTS Retirement-Life Communities Series 2010 11/15/33		5.500	%		5,000,000		5,648,450
Sinai Residences of Boca Raton Series 2014 06/01/21		6.000	%		550,000		606,788
Total							16,490,207
Georgia 2.6%
Cherokee County Water & Sewer Authority Unrefunded Revenue Bonds Series 1995 (NPFGC) 08/01/25		5.200	%		2,665,000		3,222,358

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

Semiannual Report 2015
6

Columbia AMT-Free Tax-Exempt Bond Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
DeKalb County Hospital Authority Revenue Bonds DeKalb Medical Center, Inc. Project Series 2010 09/01/40		6.125	%		6,250,000		6,986,063
Gainesville & Hall County Hospital Authority Revenue Bonds Northeast Georgia Healthcare Series 2010A 02/15/45		5.500	%		5,000,000		5,658,250
Total							15,866,671
Hawaii 0.7%
Hawaii Pacific Health Revenue Bonds Series 2010A 07/01/40		5.500	%		1,500,000		1,689,435
Series 2010B 07/01/30		5.625	%		280,000		329,988
07/01/40		5.750	%		370,000		432,219
State of Hawaii Department of Budget & Finance Refunding Revenue Bonds Special Purpose - Kahala Nui Series 2012 11/15/37		5.250	%		705,000		789,995
Revenue Bonds Hawaii Pacific University Series 2013A 07/01/33		6.625	%		655,000		746,818
Total							3,988,455
Idaho 0.5%
Idaho Health Facilities Authority Revenue Bonds Terraces of Boise Project Series 2014A 10/01/44		8.000	%		1,365,000		1,479,496
10/01/49		8.125	%		1,635,000		1,780,401
Total							3,259,897
Illinois 25.0%
Chicago Midway International Airport Refunding Revenue Bonds 2nd Lien Series 2013B 01/01/35		5.250	%		3,000,000		3,468,030
Series 2014B 01/01/35		5.000	%		5,000,000		5,752,050
Chicago O'Hare International Airport Revenue Bonds Customer Facility Charge Senior Lien Series 2013 01/01/43		5.750	%		2,285,000		2,631,018

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
General 3rd Lien Series 2011A 01/01/39		5.750	%		1,820,000		2,153,442
City of Chicago Wastewater Transmission Revenue Bonds 2nd Lien Series 2012 01/01/25		5.000	%		5,000,000		5,820,700
01/01/42		5.000	%		5,000,000		5,594,050
Series 2014 01/01/34		5.000	%		1,000,000		1,148,730
01/01/39		5.000	%		2,000,000		2,279,040
City of Chicago Waterworks Refunding Revenue Bonds 2nd Lien Series 2012 11/01/31		5.000	%		2,000,000		2,282,200
Revenue Bonds 2nd Lien Series 2014 11/01/44		5.000	%		650,000		745,563
City of Chicago Revenue Bonds Asphalt Operating Services - Recovery Zone Facility Series 2010 12/01/18		6.125	%		720,000		754,934
Unlimited General Obligation Bonds Project Series 2011A 01/01/35		5.250	%		2,500,000		2,665,900
01/01/40		5.000	%		5,000,000		5,207,550
Series 2012A 01/01/33		5.000	%		5,000,000		5,277,800
Series 2008A 01/01/22		5.250	%		2,310,000		2,478,953
Series 2009C 01/01/40		5.000	%		2,500,000		2,587,950
Unlimited General Obligation Refunding Bonds Project Series 2014A 01/01/35		5.000	%		1,000,000		1,065,870
01/01/36		5.000	%		5,000,000		5,321,650
Illinois Finance Authority Prerefunded 05/01/19 Revenue Bonds Rush University Medical Center Series 2009C 11/01/39		6.625	%		2,150,000		2,655,314
Prerefunded 08/01/17 Revenue Bonds Sherman Health System Series 2007A 08/01/37		5.500	%		7,700,000		8,608,908
Refunding Revenue Bonds Swedish Covenant Series 2010A 08/15/38		6.000	%		2,475,000		2,837,439

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

Semiannual Report 2015
7

Columbia AMT-Free Tax-Exempt Bond Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Revenue Bonds Northwestern Memorial Hospital Series 2009A 08/15/30		5.750	%		3,000,000		3,559,200
Riverside Health System Series 2009 11/15/35		6.250	%		1,000,000		1,181,190
Silver Cross & Medical Centers Series 2009 08/15/38		6.875	%		10,700,000		12,675,113
Illinois Finance Authority(b) Refunding Revenue Bonds Rush University Medical Center Series 2015A 11/15/38		5.000	%		1,485,000		1,740,494
Illinois Finance Authority(c) Subordinated Revenue Bonds Regency Series 1990-RMK Escrowed to Maturity 04/15/20		0.000	%		13,745,000		12,736,254
Illinois State Toll Highway Authority Revenue Bonds Series 2014C 01/01/37		5.000	%		5,000,000		5,852,350
Kane Cook & DuPage Counties School District No. U-46 Elgin Unlimited General Obligation Refunding Bonds Series 2015D(b) 01/01/35		5.000	%		1,850,000		2,131,367
Metropolitan Pier & Exposition Authority Revenue Bonds McCormick Place Project Series 2012B 12/15/28		5.000	%		5,000,000		5,812,050
Metropolitan Pier & Exposition Authority(c) Revenue Bonds Capital Appreciation Series 1993A Escrowed to Maturity (FGIC) 06/15/21		0.000	%		1,870,000		1,709,012
Railsplitter Tobacco Settlement Authority Revenue Bonds Series 2010 06/01/28		6.000	%		5,000,000		5,988,050
State of Illinois Unlimited General Obligation Bonds Series 2012 03/01/34		5.000	%		2,000,000		2,151,660
Series 2013 07/01/25		5.500	%		2,850,000		3,345,358
07/01/26		5.500	%		1,955,000		2,280,625
07/01/33		5.500	%		5,000,000		5,723,650
07/01/38		5.500	%		875,000		995,479
Series 2013A (AGM) 04/01/27		5.000	%		3,000,000		3,376,800

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Series 2014 02/01/33		5.250	%		3,000,000		3,343,560
05/01/39		5.000	%		1,325,000		1,437,228
University of Illinois Refunding Revenue Bonds Series 2015A(b) 04/01/31		4.000	%		5,000,000		5,340,250
Total							152,716,781
Indiana 0.7%
Indiana Finance Authority Refunding Revenue Bonds Sisters of St. Francis Health Series 2008 11/01/32		5.375	%		1,000,000		1,129,840
Revenue Bonds Parkview Health System Series 2009A 05/01/31		5.750	%		1,000,000		1,145,960
Indiana Health & Educational Facilities Financing Authority Refunding Revenue Bonds Clarian Health Obligation Group Series 2006B 02/15/33		5.000	%		1,050,000		1,083,632
Vigo County Hospital Authority Revenue Bonds Union Hospital, Inc. Series 2007(a) 09/01/37		5.700	%		1,050,000		1,104,001
Total							4,463,433
Iowa 2.4%
City of Coralville Tax Allocation Bonds Tax Increment Series 2007C 06/01/39		5.125	%		2,425,000		2,271,231
Iowa Finance Authority Refunding Revenue Bonds Sunrise Retirement Community Series 2012 09/01/27		5.000	%		1,000,000		1,018,920
09/01/32		5.500	%		1,500,000		1,554,900
09/01/43		5.750	%		830,000		860,320
Revenue Bonds Genesis Health System Series 2013 07/01/33		5.000	%		5,000,000		5,711,050
Iowa Fertilizer Co. Project Series 2013 12/01/25		5.250	%		3,000,000		3,314,280
Total							14,730,701

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

Semiannual Report 2015
8

Columbia AMT-Free Tax-Exempt Bond Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Kentucky 1.2%
Kentucky Economic Development Finance Authority Refunding Revenue Bonds Owensboro Medical Health System Series 2010B 03/01/40		6.375	%		1,700,000		1,997,381
Revenue Bonds Baptist Healthcare System Series 2009A 08/15/27		5.625	%		1,000,000		1,127,730
Louisville Arena Subordinated Series 2008A-1 (AGM) 12/01/33		6.000	%		800,000		874,280
Owensboro Medical Health System Series 2010A 03/01/45		6.500	%		2,950,000		3,482,564
Total							7,481,955
Louisiana 2.2%
Ascension Parish Industrial Development Board, Inc. Revenue Bonds Impala Warehousing LLC Series 2011 07/01/36		6.000	%		4,000,000		4,407,640
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds Westlake Chemical Corp. Series 2010A-2 11/01/35		6.500	%		1,750,000		2,124,920
New Orleans Aviation Board Revenue Bonds Consolidated Rental Car Series 2009A 01/01/40		6.500	%		4,600,000		5,367,050
Parish of St. Charles Revenue Bonds Valero Energy Corp. Series 2010(d) 12/01/40		4.000	%		1,600,000		1,758,560
Total							13,658,170
Maryland 1.4%
Maryland Economic Development Corp. Revenue Bonds University of Maryland College Park Projects Series 2008 06/01/33		5.750	%		400,000		442,760
Maryland Health & Higher Educational Facilities Authority Revenue Bonds Washington County Hospital Series 2008 01/01/33		5.750	%		875,000		961,573

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Maryland Health & Higher Educational Facilities Authority(b) Refunding Revenue Bonds MedStar Health, Inc. Series 2015 08/15/38		5.000	%		4,000,000		4,674,040
Peninsula Regional Medical Center Series 2015 07/01/45		5.000	%		2,000,000		2,317,160
Total							8,395,533
Massachusetts 0.5%
Commonwealth of Massachusetts Refunding Revenue Bonds Series 2005 (NPFGC) 01/01/27		5.500	%		500,000		645,410
Massachusetts Health & Educational Facilities Authority Revenue Bonds Milford Regional Medical Center Series 2007E 07/15/37		5.000	%		2,200,000		2,265,010
Total							2,910,420
Michigan 0.8%
City of Detroit Sewage Disposal System Refunding Revenue Bonds Senior Lien Series 2012A 07/01/39		5.250	%		1,700,000		1,871,870
City of Detroit Water Supply System Revenue Bonds Senior Lien Series 2011A 07/01/41		5.250	%		1,500,000		1,632,615
Grand Traverse County Hospital Finance Authority Revenue Bonds Munson Healthcare Series 2014A 07/01/47		5.000	%		505,000		578,518
Michigan Finance Authority Refunding Revenue Bonds Senior Lien-Detroit Water & Sewer Series 2014C-6 07/01/33		5.000	%		430,000		480,632
Total							4,563,635
Minnesota 4.9%
City of Bloomington Refunding Revenue Bonds Gideon Pond Commons LLC Senior Series 2010 12/01/26		5.750	%		2,000,000		2,102,880

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

Semiannual Report 2015
9

Columbia AMT-Free Tax-Exempt Bond Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
City of Maple Grove Revenue Bonds Maple Grove Hospital Corp. Series 2007 05/01/22		5.000	%		2,605,000		2,796,754
City of Minneapolis Revenue Bonds Fairview Health Services Series 2008A 11/15/23		6.375	%		1,000,000		1,182,660
11/15/32		6.750	%		1,000,000		1,194,980
City of North Oaks Revenue Bonds Presbyterian Homes Series 2007 10/01/47		6.500	%		5,000,000		5,357,300
City of St. Louis Park Refunding Revenue Bonds Park Nicollet Health Services Series 2009 07/01/39		5.750	%		2,350,000		2,738,244
Revenue Bonds Park Nicollet Health Services Series 2008C 07/01/30		5.750	%		800,000		898,944
Minneapolis/St. Paul Housing Finance Board Mortgage-Backed Revenue Bonds City Living Series 2006A-5 (GNMA/FNMA/FHLMC) 04/01/27		5.450	%		432,093		439,836
Minnesota Higher Education Facilities Authority Revenue Bonds Hamline University 7th Series 2011K2 10/01/40		6.000	%		2,250,000		2,563,223
Perham Hospital District Revenue Bonds Perham Memorial Hospital & Home Series 2010 03/01/35		6.350	%		1,000,000		1,111,030
03/01/40		6.500	%		700,000		781,837
St. Paul Housing & Redevelopment Authority Revenue Bonds HealthPartners Obligation Group Project Series 2006 05/15/22		5.250	%		1,185,000		1,260,425
05/15/36		5.250	%		2,180,000		2,289,414
Healtheast Project Series 2005 11/15/30		6.000	%		5,000,000		5,181,550
Total							29,899,077

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Mississippi 0.3%
Mississippi Business Finance Corp. Revenue Bonds Series 2009A 05/01/24		4.700	%		1,250,000		1,358,500
Mississippi Home Corp. Revenue Bonds Series 2007E-1 (GNMA/FNMA/FHLMC) 12/01/37		5.850	%		600,000		641,190
Total							1,999,690
Missouri 3.9%
Arnold Retail Corridor Transportation Development District Revenue Bonds Series 2010 05/01/38		6.650	%		5,000,000		5,539,800
City of Manchester Refunding Tax Allocation Bonds Highway 141/Manchester Road Project Series 2010 11/01/25		6.000	%		695,000		743,490
City of St. Louis Airport Revenue Bonds Lambert-St. Louis International Airport Series 2009A-1 07/01/34		6.625	%		5,000,000		5,950,150
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds Lutheran Senior Services Series 2011 02/01/41		6.000	%		650,000		736,541
Series 2014 02/01/44		5.000	%		2,275,000		2,503,364
Kirkwood Industrial Development Authority Revenue Bonds Aberdeen Heights Series 2010A 05/15/39		8.250	%		3,000,000		3,491,970
Missouri Development Finance Board Revenue Bonds St. Joseph Sewage System Improvements Series 2011 05/01/31		5.250	%		500,000		576,770
St. Louis County Industrial Development Authority Revenue Bonds Friendship Village Sunset Hills Series 2012 09/01/32		5.000	%		1,120,000		1,240,490
09/01/42		5.000	%		2,000,000		2,171,920
Series 2013A 09/01/23		5.000	%		690,000		770,137
Total							23,724,632

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

Semiannual Report 2015
10

Columbia AMT-Free Tax-Exempt Bond Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Nebraska 1.7%
Douglas County Hospital Authority No. 2 Revenue Bonds Madonna Rehabilitation Hospital Series 2014 05/15/44		5.000	%		4,350,000		4,889,269
Unrefunded Revenue Bonds Health Facilities-Children's Hospital Medical Center Series 2008 08/15/31		6.125	%		1,275,000		1,402,360
Madison County Hospital Authority No. 1 Revenue Bonds Faith Regional Health Services Project Series 2008A-1 07/01/33		6.000	%		3,500,000		3,938,620
Total							10,230,249
Nevada 1.3%
Carson City Refunding Revenue Bonds Carson Tahoe Regional Medical Center Series 2012 09/01/33		5.000	%		2,600,000		2,888,886
County of Clark Revenue Bonds Las Vegas-McCarran International Airport Series 2010A 07/01/34		5.125	%		4,250,000		4,854,223
Total							7,743,109
New Jersey 0.3%
New Jersey Economic Development Authority Revenue Bonds MSU Student Housing Project-Provident Series 2010 06/01/31		5.750	%		1,500,000		1,686,975
New Mexico 0.4%
New Mexico Hospital Equipment Loan Council Revenue Bonds Presbyterian Healthcare Services Series 2008A 08/01/32		6.375	%		2,165,000		2,525,126
New York 3.1%
Brooklyn Arena Local Development Corp. Revenue Bonds Barclays Center Project Series 2009 07/15/30		6.000	%		1,500,000		1,795,185

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
City of New York Unrefunded Unlimited General Obligation Bonds Series 2006J-J1 06/01/25		5.000	%		5,000		5,310
Metropolitan Transportation Authority Revenue Bonds Transportation Series 2006A 11/15/22		5.000	%		2,500,000		2,708,575
Metropolitan Transportation Authority(c) Refunding Revenue Bonds Series 2012A 11/15/32		0.000	%		2,605,000		1,486,543
New York City Industrial Development Agency Revenue Bonds Pilot-Queens Baseball Stadium Series 2006 (AMBAC) 01/01/23		5.000	%		1,000,000		1,051,940
New York State Dormitory Authority Revenue Bonds Consolidated City University System 2nd Generation Series 1993A 07/01/18		5.750	%		4,520,000		4,920,743
Port Authority of New York & New Jersey Revenue Bonds JFK International Air Terminal Series 2010 12/01/42		6.000	%		5,000,000		5,944,650
Westchester County Healthcare Corp. Revenue Bonds Senior Lien Series 2010C-2 11/01/37		6.125	%		650,000		764,823
Total							18,677,769
North Dakota 0.3%
County of Ward Revenue Bonds Trinity Obligated Group Series 2006 07/01/25		5.125	%		1,500,000		1,540,245
Ohio 1.2%
City of Middleburg Heights Revenue Bonds Southwest General Facilities Series 2011 08/01/36		5.250	%		1,870,000		2,073,755

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

Semiannual Report 2015
11

Columbia AMT-Free Tax-Exempt Bond Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
County of Lucas Improvement Refunding Revenue Bonds Lutheran Homes Series 2010A 11/01/35		6.625	%		5,000,000		5,522,850
Total							7,596,605
Oregon 0.4%
Hospital Facilities Authority of Multnomah County Refunding Revenue Bonds Mirabella at South Waterfront Series 2014A 10/01/44		5.400	%		525,000		566,123
Oregon Health & Science University Revenue Bonds Series 2009A 07/01/39		5.750	%		1,500,000		1,767,405
Total							2,333,528
Pennsylvania 2.8%
Allegheny County Hospital Development Authority Refunding Revenue Bonds Capital Appreciation Magee-Women's Hospital Project Series 1992 Escrowed to Maturity (NPFGC/FGIC)(c) 10/01/17		0.000	%		5,115,000		4,983,851
East Hempfield Township Industrial Development Authority Revenue Bonds Student Service, Inc. Student Housing Project Series 2014 07/01/46		5.000	%		1,000,000		1,073,750
Lancaster County Hospital Authority Refunding Revenue Bonds Masonic Villages of the Grand Lodge of Pennsylvania Series 2015(b) 11/01/35		5.000	%		700,000		812,014
Northampton County General Purpose Authority Revenue Bonds Saint Luke's Hospital Project Series 2008A 08/15/28		5.375	%		1,000,000		1,106,880
Pennsylvania Higher Educational Facilities Authority Revenue Bonds Edinboro University Foundation Series 2010 07/01/43		6.000	%		750,000		829,328
Shippensburg University Series 2011 10/01/31		6.000	%		2,000,000		2,243,200
Pennsylvania Turnpike Commission Revenue Bonds Series 2014C 12/01/44		5.000	%		2,500,000		2,916,100

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Philadelphia Authority for Industrial Development Revenue Bonds First Philadelphia Preparatory Charter School Series 2014 06/15/43		7.250	%		750,000		846,247
Philadelphia Municipal Authority Revenue Bonds Lease Series 2009 04/01/34		6.500	%		700,000		820,043
Pocono Mountains Industrial Park Authority Revenue Bonds St. Luke's Hospital-Monroe Project Series 2015(b) 08/15/40		5.000	%		1,450,000		1,676,664
Total							17,308,077
Rhode Island 0.7%
Rhode Island Housing & Mortgage Finance Corp. Revenue Bonds Homeownership Opportunity Series 2006-51A 10/01/26		4.650	%		1,230,000		1,233,506
04/01/33		4.850	%		2,985,000		2,993,149
Total							4,226,655
South Carolina 1.4%
Piedmont Municipal Power Agency Refunding Revenue Bonds Electric Series 1991 (NPFGC) 01/01/21		6.250	%		1,000,000		1,260,160
South Carolina Jobs-Economic Development Authority Revenue Bonds York Preparatory Academy Project Series 2014A 11/01/45		7.250	%		1,315,000		1,471,998
South Carolina State Public Service Authority Refunding Revenue Bonds Series 2014C 12/01/46		5.000	%		5,000,000		5,818,700
Total							8,550,858
Texas 6.5%
Bexar County Health Facilities Development Corp. Revenue Bonds Army Retirement Residence Project Series 2010 07/01/30		5.875	%		185,000		210,721
07/01/45		6.200	%		1,100,000		1,285,009

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

Semiannual Report 2015
12

Columbia AMT-Free Tax-Exempt Bond Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Capital Area Cultural Education Facilities Finance Corp. Revenue Bonds Roman Catholic Diocese Series 2005B(d) 04/01/45		6.125	%		550,000		646,756
Central Texas Regional Mobility Authority Refunding Revenue Bonds Senior Lien Series 2013A 01/01/33		5.000	%		1,000,000		1,121,300
Revenue Bonds Senior Lien Series 2011 01/01/41		6.000	%		5,580,000		6,550,976
Central Texas Turnpike System(b) Refunding Revenue Bonds Series 2015C 08/15/42		5.000	%		5,070,000		5,761,649
Central Texas Turnpike System(b)(c) Refunding Revenue Bonds Series 2015B 08/15/37		0.000	%		2,000,000		782,260
City of Austin Electric Utility Refunding Revenue Bonds Series 2008A 11/15/35		5.250	%		2,000,000		2,263,060
Clifton Higher Education Finance Corp. Revenue Bonds Idea Public Schools Series 2011 08/15/31		5.500	%		1,750,000		1,980,335
Series 2012 08/15/32		5.000	%		580,000		642,489
08/15/42		5.000	%		400,000		436,968
Series 2013 08/15/33		6.000	%		260,000		317,728
Dallas/Fort Worth International Airport Refunding Revenue Bonds Series 2011C 11/01/26		5.000	%		3,000,000		3,513,000
Harris County Cultural Education Facilities Finance Corp. Refunding Revenue Bonds YMCA Greater Houston Area Series 2013A 06/01/38		5.000	%		1,500,000		1,646,610
Harris County Health Facilities Development Corp. Prerefunded 12/01/18 Revenue Bonds Memorial Hermann Healthcare System Series 2008B 12/01/35		7.250	%		2,200,000		2,730,244

Municipal Bonds (continued)

Issue Description	Coupon Rate				Principal Amount ($)		Value ($)
Houston Higher Education Finance Corp. Revenue Bonds Harmony Public Schools Series 2011A 05/15/31		6.500	%			500,000		624,660
North Texas Tollway Authority Refunding Revenue Bonds System-2nd Tier 01/01/31		5.000	%			585,000		680,431
Red River Health Facilities Development Corp. Revenue Bonds MRC Crossings Project Series 2014A 11/15/44		7.750	%			500,000		579,710
San Juan Higher Education Finance Authority Revenue Bonds Idea Public Schools Series 2010A 08/15/40		6.700	%			800,000		959,112
Tarrant County Cultural Education Facilities Finance Corp. Refunding Revenue Bonds Trinity Terrace Project Series 2014 10/01/49		5.000	%			750,000		814,042
Revenue Bonds Scott & White Healthcare Series 2013 08/15/33		5.000	%	��		1,000,000		1,166,090
Stayton at Museum Way Series 2009A 11/15/44		8.250	%			3,000,000		3,001,740
Texas Municipal Gas Acquisition & Supply Corp. III Revenue Bonds Series 2012 12/15/32		5.000	%			1,250,000		1,394,425
Uptown Development Authority Tax Allocation Bonds Infrastructure Improvement Facilities Series 2009 09/01/29		5.500	%			500,000		564,835
Total								39,674,150
Virginia 0.6%
City of Chesapeake Expressway Toll Road Revenue Bonds Transportation System Senior Series 2012A 07/15/47		5.000	%			3,250,000		3,510,455

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

Semiannual Report 2015
13

Columbia AMT-Free Tax-Exempt Bond Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Washington 2.9%
Energy Northwest Revenue Bonds Columbia Generating Station Series 2007D 07/01/22		5.000	%		2,900,000		3,199,686
Washington Health Care Facilities Authority Revenue Bonds Overlake Hospital Medical Center Series 2010 07/01/30		5.500	%		3,000,000		3,428,910
Washington Higher Education Facilities Authority Refunding Revenue Bonds Whitworth University Project Series 2009 10/01/40		5.625	%		1,050,000		1,158,140
Washington State Housing Finance Commission Refunding Revenue Bonds Nonprofit Housing-Mirabella Series 2012 10/01/47		6.750	%		3,000,000		3,304,800
Skyline at First Hill Project Series 2012 01/01/19		7.000	%		1,150,000		1,257,812
Revenue Bonds Skyline at First Hill Project Series 2007A 01/01/38		5.625	%		5,500,000		5,510,120
Total							17,859,468
West Virginia 0.2%
West Virginia Economic Development Authority Refunding Revenue Bonds Appalachian Power Co.-Amos Project Series 2010A(d) 12/01/38		5.375	%		900,000		1,012,338
Wisconsin 6.9%
Public Finance Authority Revenue Bonds Rose Villa Project Series 2014A 11/15/49		6.000	%		1,645,000		1,776,337
State of Wisconsin Revenue Bonds Series 2009A 05/01/33		5.750	%		3,000,000		3,541,080
Wisconsin Health & Educational Facilities Authority Prerefunded 02/15/19 Revenue Bonds ProHealth Care, Inc. Obligation Group Series 2009 02/15/39		6.625	%		5,300,000		6,500,450

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Refunding Revenue Bonds ProHealth Care, Inc. Obligated Group Series 2015 08/15/39		5.000	%		1,500,000		1,733,835
Wheaton Healthcare Series 2006B 08/15/25		5.125	%		4,310,000		4,570,367
Revenue Bonds Aurora Health Care, Inc. Series 2010A 04/15/39		5.625	%		1,400,000		1,581,678
Beaver Dam Community Hospitals Series 2013A 08/15/28		5.125	%		3,375,000		3,740,040
Marshfield Clinic Series 2012B 02/15/32		5.000	%		2,000,000		2,244,080
Medical College of Wisconsin Series 2008A 12/01/35		5.250	%		3,600,000		4,041,072
ProHealth Care, Inc. Series 2012 08/15/28		5.000	%		1,565,000		1,789,593
Riverview Hospital Association Series 2008 04/01/38		5.750	%		6,000,000		6,600,060
ThedaCare, Inc. Series 2015 12/15/44		5.000	%		1,275,000		1,470,292
Watertown Regional Medical Center Series 2012 09/01/42		5.000	%		2,270,000		2,465,129
Total							42,054,013
Wyoming 0.2%
County of Laramie Revenue Bonds Cheyenne Regional Medical Center Project Series 2012 05/01/32		5.000	%		1,000,000		1,127,790
Total Municipal Bonds (Cost: $540,246,846)							610,655,121

Municipal Bonds Held in Trust 0.8%

Massachusetts 0.8%
Massachusetts Health & Educational Facilities Authority Revenue Bonds Harvard University Series 2009A(a)(d)(e) 11/15/36	5.500	%	4,000,000	4,676,800
Total Municipal Bonds Held in Trust (Cost: $4,146,050)				4,676,800

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

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Columbia AMT-Free Tax-Exempt Bond Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Floating Rate Notes 0.1%

Issue Description	Effective Yield			Principal Amount ($)		Value ($)
Minnesota 0.1%
City of Minneapolis/St. Paul Housing & Redevelopment Authority Revenue Bonds Children's Health Care Facilities VRDN Series 2004A (AGM)(d) 08/15/34		0.020	%		700,000		700,000
Total Floating Rate Notes (Cost: $700,000)							700,000
Total Investments (Cost: $545,092,896)							616,031,921
Other Assets & Liabilities, Net							(6,306,210	)
Net Assets							609,725,711

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 January 31, 2015, the value of these securities amounted to $7,761,844 or 1.27% of net assets.

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

(c)  Zero coupon bond.

(d)  Variable rate security.

(e)  The Fund entered into transactions in which it transfers to trusts fixed rate municipal bonds in exchange for cash and residual interests in the trusts' assets and cash flows, which are in the form of inverse floating rate securities. The trust funds the purchases of the municipal bonds by issuing short-term floating rate notes to third parties. The municipal bonds transferred to the trusts remain in the Fund's Portfolio of Investments.

Abbreviation Legend

AGM  Assured Guaranty Municipal Corporation

AMBAC  Ambac Assurance Corporation

FGIC  Financial Guaranty Insurance Company

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

GNMA  Government National Mortgage Association

NPFGC  National Public Finance Guarantee Corporation

VRDN  Variable Rate Demand Note

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

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

Semiannual Report 2015
15

Columbia AMT-Free Tax-Exempt Bond Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Fair Value Measurements (continued)

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.

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Columbia AMT-Free Tax-Exempt Bond Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2015:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Bonds
Municipal Bonds		—		610,655,121		—		610,655,121
Municipal Bonds Held in Trust		—		4,676,800		—		4,676,800
Total Bonds		—		615,331,921		—		615,331,921
Short-Term Securities
Floating Rate Notes		—		700,000		—		700,000
Total Short-Term Securities		—		700,000		—		700,000
Total		—		616,031,921		—		616,031,921

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 2015
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Columbia AMT-Free Tax-Exempt Bond Fund

Statement of Assets and Liabilities

January 31, 2015 (Unaudited)

Assets
Investments, at value
(identified cost $545,092,896)	$	616,031,921
Cash		15,048,481
Receivable for:
Investments sold		6,708,294
Capital shares sold		2,064,403
Interest		6,821,417
Expense reimbursement due from Investment Manager		514
Prepaid expenses		2,404
Other assets		19,735
Total assets		646,697,169
Liabilities
Short-term floating rate notes outstanding		3,000,000
Payable for:
Investments purchased on a delayed delivery basis		30,672,797
Capital shares purchased		1,131,913
Dividend distributions to shareholders		2,043,577
Investment management fees		6,826
Distribution and/or service fees		4,400
Transfer agent fees		29,328
Administration fees		1,151
Compensation of board members		47,775
Other expenses		33,691
Total liabilities		36,971,458
Net assets applicable to outstanding capital stock	$	609,725,711
Represented by
Paid-in capital	$	540,748,302
Undistributed net investment income		1,693,198
Accumulated net realized loss		(3,654,814	)
Unrealized appreciation (depreciation) on:
Investments		70,939,025
Total — representing net assets applicable to outstanding capital stock	$	609,725,711

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

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Columbia AMT-Free Tax-Exempt Bond Fund

Statement of Assets and Liabilities (continued)

January 31, 2015 (Unaudited)

Class A
Net assets	$	570,729,456
Shares outstanding		137,409,459
Net asset value per share	$	4.15
Maximum offering price per share(a)	$	4.36
Class B
Net assets	$	804,544
Shares outstanding		193,655
Net asset value per share	$	4.15
Class C
Net assets	$	17,654,375
Shares outstanding		4,248,790
Net asset value per share	$	4.16
Class R4
Net assets	$	545,034
Shares outstanding		131,501
Net asset value per share	$	4.14
Class R5
Net assets	$	454,126
Shares outstanding		109,508
Net asset value per share	$	4.15
Class Z
Net assets	$	19,538,176
Shares outstanding		4,714,895
Net asset value per share	$	4.14

(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 4.75%.

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

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Columbia AMT-Free Tax-Exempt Bond Fund

Statement of Operations

Six Months Ended January 31, 2015 (Unaudited)

Net investment income
Income:
Dividends	$	5
Interest		14,435,089
Total income		14,435,094
Expenses:
Investment management fees		1,198,706
Distribution and/or service fees
Class A		690,789
Class B		4,795
Class C		78,953
Transfer agent fees
Class A		192,108
Class B		335
Class C		5,469
Class R4		163
Class R5		60
Class Z		5,064
Administration fees		202,573
Compensation of board members		8,588
Custodian fees		2,477
Printing and postage fees		23,476
Registration fees		45,458
Professional fees		18,592
Interest expense		8,115
Other		7,538
Total expenses		2,493,259
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(83,622	)
Total net expenses		2,409,637
Net investment income		12,025,457
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		3,682,690
Net realized gain		3,682,690
Net change in unrealized appreciation (depreciation) on:
Investments		18,291,425
Net change in unrealized appreciation		18,291,425
Net realized and unrealized gain		21,974,115
Net increase in net assets resulting from operations	$	33,999,572

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

Semiannual Report 2015
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Columbia AMT-Free Tax-Exempt Bond Fund

Statement of Changes in Net Assets

	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014(a)
Operations
Net investment income	$	12,025,457		$	24,115,904
Net realized gain (loss)		3,682,690			(199,430	)
Net change in unrealized appreciation		18,291,425			23,046,535
Net increase in net assets resulting from operations		33,999,572			46,963,009
Distributions to shareholders
Net investment income
Class A		(11,377,187	)		(23,178,792	)
Class B		(16,085	)		(50,763	)
Class C		(265,561	)		(452,475	)
Class R4		(10,318	)		(8,010	)
Class R5		(5,315	)		(2,181	)
Class Z		(321,569	)		(227,138	)
Total distributions to shareholders		(11,996,035	)		(23,919,359	)
Increase (decrease) in net assets from capital stock activity		18,809,313			(45,504,758	)
Total increase (decrease) in net assets		40,812,850			(22,461,108	)
Net assets at beginning of period		568,912,861			591,373,969
Net assets at end of period	$	609,725,711		$	568,912,861
Undistributed net investment income	$	1,693,198		$	1,663,776

(a) Class R5 shares are for the period from December 11, 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 AMT-Free Tax-Exempt Bond Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		6,491,133			26,451,377			8,719,697			34,101,873
Distributions reinvested		2,247,241			9,165,336			4,769,418			18,576,752
Redemptions		(6,940,981	)		(28,195,872	)		(27,142,393	)		(104,583,937	)
Net increase (decrease)		1,797,393			7,420,841			(13,653,278	)		(51,905,312	)
Class B shares
Subscriptions		334			1,356			1,038			4,120
Distributions reinvested		3,765			15,348			12,326			47,872
Redemptions(b)		(75,832	)		(309,928	)		(215,221	)		(836,761	)
Net decrease		(71,733	)		(293,224	)		(201,857	)		(784,769	)
Class C shares
Subscriptions		915,835			3,731,424			946,627			3,723,850
Distributions reinvested		62,229			253,997			110,936			432,191
Redemptions		(249,126	)		(1,016,225	)		(1,454,222	)		(5,565,124	)
Net increase (decrease)		728,938			2,969,196			(396,659	)		(1,409,083	)
Class R4 shares
Subscriptions		27,680			112,000			99,314			388,803
Distributions reinvested		2,477			10,089			1,970			7,778
Redemptions		(141	)		(573	)		(13,110	)		(50,240	)
Net increase		30,016			121,516			88,174			346,341
Class R5 shares
Subscriptions		86,069			348,825			22,256			85,064
Distributions reinvested		1,242			5,086			504			1,994
Redemptions		(563	)		(2,311	)		—			—
Net increase		86,748			351,600			22,760			87,058
Class Z shares
Subscriptions		2,150,940			8,752,747			2,476,981			9,702,761
Distributions reinvested		38,811			158,043			24,534			95,809
Redemptions		(165,961	)		(671,406	)		(421,183	)		(1,637,563	)
Net increase		2,023,790			8,239,384			2,080,332			8,161,007
Total net increase (decrease)		4,595,152			18,809,313			(12,060,528	)		(45,504,758	)

(a) Class R5 shares are based on operations from December 11, 2013 (commencement of operations) through the stated period end.

(b) Includes conversions of Class B shares to Class A shares, if any. The line items from the prior year have been combined to conform to the current year presentation.

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

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Columbia AMT-Free Tax-Exempt 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 January 31, 2015			Year Ended July 31,									Year Ended November 30,
Class A	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	4.00		$	3.83		$	4.09		$	3.82		$	3.74		$	3.72		$	3.37
Income from investment operations:
Net investment income		0.08			0.17			0.16			0.11			0.17			0.17			0.16
Net realized and unrealized gain (loss)		0.15			0.17			(0.26	)		0.27			0.08			0.01			0.34
Total from investment operations		0.23			0.34			(0.10	)		0.38			0.25			0.18			0.50
Less distributions to shareholders:
Net investment income		(0.08	)		(0.17	)		(0.16	)		(0.11	)		(0.17	)		(0.16	)		(0.15	)
Total distributions to shareholders		(0.08	)		(0.17	)		(0.16	)		(0.11	)		(0.17	)		(0.16	)		(0.15	)
Net asset value, end of period	$	4.15		$	4.00		$	3.83		$	4.09		$	3.82		$	3.74		$	3.72
Total return		5.91	%		9.02	%		(2.51	%)		10.16	%		6.86	%		4.99	%		15.20	%
Ratios to average net assets(b)
Total gross expenses		0.84	%(c)(d)		0.85	%(d)		0.84	%(e)		0.84	%(c)(e)		0.83	%(e)		0.83	%(e)		0.82	%(d)
Total net expenses(f)		0.81	%(c)(d)		0.81	%(d)		0.81	%(e)		0.80	%(c)(e)		0.80	%(e)		0.80	%(e)		0.79	%(d)
Net investment income		4.13	%(c)		4.35	%		4.02	%		4.27	%(c)		4.56	%		4.38	%		4.30	%
Supplemental data
Net assets, end of period (in thousands)	$	570,729		$	542,530		$	572,179		$	623,462		$	584,728		$	616,281		$	645,167
Portfolio turnover		6	%		22	%		16	%		13	%		30	%		23	%		29	%

Notes to Financial Highlights

(a)  For the period from December 1, 2011 to July 31, 2012. During the period, the Fund's fiscal year end was changed from November 30 to July 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 interest and fee expense related to the participation in certain inverse floater programs which is less than 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income.

(e)  Ratios include interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by 0.01% for the years ended July 31, 2013; July 31, 2012; November 30, 2011 and November 30, 2010; respectively. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income.

(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.

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Columbia AMT-Free Tax-Exempt Bond Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended November 30,
Class B	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	4.00		$	3.83		$	4.09		$	3.82		$	3.74		$	3.72		$	3.37
Income from investment operations:
Net investment income		0.07			0.14			0.13			0.09			0.14			0.14			0.13
Net realized and unrealized gain (loss)		0.15			0.17			(0.26	)		0.27			0.08			0.01			0.35
Total from investment operations		0.22			0.31			(0.13	)		0.36			0.22			0.15			0.48
Less distributions to shareholders:
Net investment income		(0.07	)		(0.14	)		(0.13	)		(0.09	)		(0.14	)		(0.13	)		(0.13	)
Total distributions to shareholders		(0.07	)		(0.14	)		(0.13	)		(0.09	)		(0.14	)		(0.13	)		(0.13	)
Net asset value, end of period	$	4.15		$	4.00		$	3.83		$	4.09		$	3.82		$	3.74		$	3.72
Total return		5.50	%		8.21	%		(3.23	%)		9.60	%		6.06	%		4.20	%		14.32	%
Ratios to average net assets(b)
Total gross expenses		1.59	%(c)(d)		1.60	%(d)		1.59	%(e)		1.59	%(c)(e)		1.58	%(e)		1.59	%(e)		1.57	%(d)
Total net expenses(f)		1.56	%(c)(d)		1.56	%(d)		1.56	%(e)		1.55	%(c)(e)		1.55	%(e)		1.56	%(e)		1.55	%(d)
Net investment income		3.37	%(c)		3.59	%		3.27	%		3.51	%(c)		3.83	%		3.61	%		3.53	%
Supplemental data
Net assets, end of period (in thousands)	$	805		$	1,062		$	1,791		$	2,612		$	3,544		$	7,435		$	14,671
Portfolio turnover		6	%		22	%		16	%		13	%		30	%		23	%		29	%

Notes to Financial Highlights

(a)  For the period from December 1, 2011 to July 31, 2012. During the period, the Fund's fiscal year end was changed from November 30 to July 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 interest and fee expense related to the participation in certain inverse floater programs which is less than 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income.

(e)  Ratios include interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by 0.01% for the years ended July 31, 2013; July 31, 2012; November 30, 2011 and November 30, 2010; respectively. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income.

(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 2015
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Columbia AMT-Free Tax-Exempt Bond Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended November 30,
Class C	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	4.00		$	3.83		$	4.09		$	3.82		$	3.74		$	3.72		$	3.37
Income from investment operations:
Net investment income		0.07			0.14			0.13			0.09			0.14			0.14			0.13
Net realized and unrealized gain (loss)		0.16			0.17			(0.26	)		0.27			0.08			0.02			0.35
Total from investment operations		0.23			0.31			(0.13	)		0.36			0.22			0.16			0.48
Less distributions to shareholders:
Net investment income		(0.07	)		(0.14	)		(0.13	)		(0.09	)		(0.14	)		(0.14	)		(0.13	)
Total distributions to shareholders		(0.07	)		(0.14	)		(0.13	)		(0.09	)		(0.14	)		(0.14	)		(0.13	)
Net asset value, end of period	$	4.16		$	4.00		$	3.83		$	4.09		$	3.82		$	3.74		$	3.72
Total return		5.76	%		8.21	%		(3.23	%)		9.60	%		6.07	%		4.21	%		14.33	%
Ratios to average net assets(b)
Total gross expenses		1.59	%(c)(d)		1.60	%(d)		1.59	%(e)		1.59	%(c)(e)		1.58	%(e)		1.59	%(e)		1.57	%(d)
Total net expenses(f)		1.56	%(c)(d)		1.56	%(d)		1.56	%(e)		1.55	%(c)(e)		1.55	%(e)		1.55	%(e)		1.54	%(d)
Net investment income		3.38	%(c)		3.59	%		3.27	%		3.51	%(c)		3.81	%		3.63	%		3.55	%
Supplemental data
Net assets, end of period (in thousands)	$	17,654		$	14,086		$	15,017		$	13,106		$	9,686		$	10,335		$	8,446
Portfolio turnover		6	%		22	%		16	%		13	%		30	%		23	%		29	%

Notes to Financial Highlights

(a)  For the period from December 1, 2011 to July 31, 2012. During the period, the Fund's fiscal year end was changed from November 30 to July 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 interest and fee expense related to the participation in certain inverse floater programs which is less than 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income.

(e)  Ratios include interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by 0.01% for the years ended July 31, 2013; July 31, 2012; November 30, 2011 and November 30, 2010; respectively. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income.

(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.

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Columbia AMT-Free Tax-Exempt Bond Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,
Class R4	(Unaudited)			2014			2013(a)
Per share data
Net asset value, beginning of period	$	3.99		$	3.83		$	4.08
Income from investment operations:
Net investment income		0.09			0.18			0.06
Net realized and unrealized gain (loss)		0.15			0.16			(0.25	)
Total from investment operations		0.24			0.34			(0.19	)
Less distributions to shareholders:
Net investment income		(0.09	)		(0.18	)		(0.06	)
Total distributions to shareholders		(0.09	)		(0.18	)		(0.06	)
Net asset value, end of period	$	4.14		$	3.99		$	3.83
Total return		6.04	%		9.02	%		(4.65	%)
Ratios to average net assets(b)
Total gross expenses		0.59	%(c)(d)		0.60	%(d)		0.58	%(c)(e)
Total net expenses(f)		0.56	%(c)(d)		0.56	%(d)		0.57	%(c)(e)
Net investment income		4.39	%(c)		4.60	%		4.38	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	545		$	405		$	51
Portfolio turnover		6	%		22	%		16	%

Notes to Financial Highlights

(a)  Based on operations from March 19, 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)  Ratios include interest and fee expense related to the participation in certain inverse floater programs which is less than 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income.

(e)  Ratios include interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by 0.01% for the year ended July 31, 2013. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income.

(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.

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Columbia AMT-Free Tax-Exempt Bond Fund

Financial Highlights (continued)

Class R5	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014(a)
Per share data
Net asset value, beginning of period	$	3.99		$	3.80
Income from investment operations:
Net investment income		0.09			0.12
Net realized and unrealized gain		0.16			0.18
Total from investment operations		0.25			0.30
Less distributions to shareholders:
Net investment income		(0.09	)		(0.11	)
Total distributions to shareholders		(0.09	)		(0.11	)
Net asset value, end of period	$	4.15		$	3.99
Total return		6.30	%		8.07	%
Ratios to average net assets(b)
Total gross expenses		0.57	%(c)(d)		0.58	%(c)(d)
Total net expenses(e)		0.56	%(c)(d)		0.55	%(c)(d)
Net investment income		4.39	%(c)		4.62	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	454		$	91
Portfolio turnover		6	%		22	%

Notes to Financial Highlights

(a)  Based on operations from December 11, 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)  Ratios include interest and fee expense related to the participation in certain inverse floater programs which is less than 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income.

(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 AMT-Free Tax-Exempt Bond Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended November 30,
Class Z	(Unaudited)			2014			2013			2012(a)			2011			2010(b)
Per share data
Net asset value, beginning of period	$	3.99		$	3.82		$	4.08		$	3.81		$	3.73		$	3.88
Income from investment operations:
Net investment income		0.09			0.18			0.17			0.12			0.18			0.03
Net realized and unrealized gain (loss)		0.15			0.17			(0.26	)		0.27			0.08			(0.15	)
Total from investment operations		0.24			0.35			(0.09	)		0.39			0.26			(0.12	)
Less distributions to shareholders:
Net investment income		(0.09	)		(0.18	)		(0.17	)		(0.12	)		(0.18	)		(0.03	)
Total distributions to shareholders		(0.09	)		(0.18	)		(0.17	)		(0.12	)		(0.18	)		(0.03	)
Net asset value, end of period	$	4.14		$	3.99		$	3.82		$	4.08		$	3.81		$	3.73
Total return		6.04	%		9.30	%		(2.28	%)		10.36	%		7.15	%		(3.09	%)
Ratios to average net assets(c)
Total gross expenses		0.59	%(d)(e)		0.60	%(e)		0.59	%(f)		0.60	%(d)(f)		0.57	%(f)		0.49	%(d)(f)
Total net expenses(g)		0.56	%(d)(e)		0.56	%(e)		0.56	%(f)		0.55	%(d)(f)		0.55	%(f)		0.49	%(d)(f)
Net investment income		4.40	%(d)		4.63	%		4.26	%		4.51	%(d)		4.76	%		4.68	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	19,538		$	10,739		$	2,336		$	1,983		$	184		$	2
Portfolio turnover		6	%		22	%		16	%		13	%		30	%		23	%

Notes to Financial Highlights

(a)  For the period from December 1, 2011 to July 31, 2012. During the period, the Fund's fiscal year end was changed from November 30 to July 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 interest and fee expense related to the participation in certain inverse floater programs which is less than 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income.

(f)  Ratios include interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by 0.01% for the years ended July 31, 2013; July 31, 2012; November 30, 2011 and November 30, 2010; respectively. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income.

(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.

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Columbia AMT-Free Tax-Exempt Bond Fund

Notes to Financial Statements

January 31, 2015 (Unaudited)

Note 1. Organization

Columbia AMT-Free Tax-Exempt 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 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 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.

Effective February 19, 2015, Class A shares are subject to a maximum front-end sales charge of 3.00% based on the initial investment amount. In addition, Class A shares purchased on or after February 19, 2015 are subject to a CDSC of 0.75% on certain investments of $500,000 or more if redeemed within 12 months of purchase. Redemptions of Class A shares purchased prior to February 19, 2015, without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase, are subject to a CDSC of 1.00% if redeemed within 12 months of purchase, and 0.50% 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 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

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.

Short-term securities within 60 days to maturity are valued at amortized cost, which approximates market value. Short-term securities maturing in more than 60 days from the valuation

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Columbia AMT-Free Tax-Exempt Bond Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

date are valued at the market price or approximate market value based on current interest rates.

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.

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.

Inverse Floater Program Transactions

The Fund may enter into transactions in which it transfers to trusts fixed rate municipal bonds in exchange for cash and residual interests in the trusts' assets and cash flows, which are in the form of inverse floating rate securities. The trusts fund the purchases of the municipal bonds by issuing short-term floating rate notes to third parties. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (i) to cause the holders of the short-term floating rate notes to tender their notes at par, and (ii) to transfer the municipal bonds from the trusts to the Fund, thereby collapsing the trusts. The municipal bonds transferred to the trusts, if any, remain in the Fund's investments in securities and the related short-term floating rate notes are reflected as Fund liabilities under the caption "Short-term floating rate notes outstanding" in the Statement of Assets and Liabilities. The liability approximates the fair market value of the short-term notes. The notes issued by the trusts have interest rates that are multi-modal, which means that they can be reset to a new or different mode at the reset date (e.g., mode can be daily, weekly, monthly, or a fixed specific date) at the discretion of the holder of the inverse floating rate security. The floating rate note holders have the option to tender their notes to the trusts for redemption at par at each reset date. The income received by the inverse floating rate security holder

varies inversely with the short-term rate paid to the floating rate note holders, and in most circumstances the inverse floating rate security holder bears substantially all of the underlying bond's downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond's value. The inverse floating rate security holder will be subject to greater interest rate risk than if they were to hold the underlying bond because the interest rate is dependent on both the fixed coupon rate of the underlying bond and the short-term interest rate paid on the floating rate notes. The inverse floating rate security holder is also subject to the credit risk, liquidity risk and market risk associated with the underlying bond. The bonds held by the trusts serve as collateral for the short-term floating rate notes outstanding. Contractual maturities and interest rates of the municipal bonds held in trusts, if any, at January 31, 2015 are presented in the Portfolio of Investments. Interest and fee expense related to the short-term floating rate notes, which is accrued daily, is presented in the Statement of Operations and corresponds to an equal increase in interest income from the fixed rate municipal bonds held in trust. For the six months ended January 31, 2015, the average value of short-term floating rate notes outstanding was $3,000,000 and the annualized average interest rate and fees related to these short-term floating rate notes was 0.57%.

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.

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

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30

Columbia AMT-Free Tax-Exempt Bond Fund

Notes to Financial Statements (continued)

January 31, 2015 (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 tax exempt and 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 0.41% to 0.25% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended January 31, 2015 was 0.41% 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 January 31, 2015 was 0.07% 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 January 31, 2015, other expenses paid by the Fund to this company were $1,006.

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.

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Columbia AMT-Free Tax-Exempt Bond Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

For the six months ended January 31, 2015, 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	0.07	%
Class B	0.07
Class C	0.07
Class R4	0.07
Class R5	0.05
Class Z	0.07

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 January 31, 2015, 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 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 $249,000 and $68,000 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 $196,338 for Class A, $0 for Class B, and $825 for Class C shares for the six months ended January 31, 2015.

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 December 1, 2014			Contractual Expense Cap Prior to December 1, 2014
Class A		0.80	%		0.81	%
Class B		1.55			1.56
Class C		1.55			1.56
Class R4		0.55			0.56
Class R5		0.56			0.55
Class Z		0.55			0.56

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. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

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Columbia AMT-Free Tax-Exempt Bond Fund

Notes to Financial Statements (continued)

January 31, 2015 (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 January 31, 2015, the cost of investments for federal income tax purposes was approximately $545,093,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	71,120,000
Unrealized depreciation		(181,000	)
Net unrealized appreciation	$	70,939,000

The following capital loss carryforwards, determined as of July 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		4,522,642

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 $1,930,098 at July 31, 2014 as arising on August 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 $67,140,973 and $34,483,903, respectively, for the six months ended January 31, 2015. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Shareholder Concentration

At January 31, 2015, affiliated shareholders of record owned 87.4% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any

portion of those shares was owned beneficially. 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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, 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 $550 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. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended January 31, 2015.

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 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.

Semiannual Report 2015
33

Columbia AMT-Free Tax-Exempt Bond Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

Geographic Concentration Risk

To the extent that the Fund concentrates its investments in the municipal securities issued by a particular state(s) and political sub-divisions of the state(s), the Fund will be particularly affected by political and economic conditions and developments in such state(s) in which it invests. The Fund may, therefore, have a greater risk than that of a municipal bond fund which is more geographically diversified. The value of the municipal securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.

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 1 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.

Semiannual Report 2015
34

Columbia AMT-Free Tax-Exempt 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 columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us; or searching the website of the SEC at sec.gov.

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

Semiannual Report 2015
35

Columbia AMT-Free Tax-Exempt Bond Fund

P.O. Box 8081

Boston, MA 02266-8081

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

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

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2015 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR118_07_E01_(03/15)

SEMIANNUAL REPORT

January 31, 2015

COLUMBIA LARGE VALUE QUANTITATIVE FUND

President's Message

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals^*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the "About Us" tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

>  Fund and strategy names

>  Established investment teams, philosophies and processes

>  Account services, features, servicing phone numbers and mailing addresses

>  Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children's education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen
President, Columbia Funds

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

^* Source: Ameriprise as of December 1, 2014

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 2015

Columbia Large Value Quantitative Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund's Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	10
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	16
Notes to Financial Statements	25
Important Information About This Report	33

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

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

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

Semiannual Report 2015

Columbia Large Value Quantitative Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia Large Value Quantitative Fund (the Fund) Class A shares returned 3.99% excluding sales charges for the six-month period that ended January 31, 2015.

>  The Fund outperformed its benchmark, the Russell 1000 Value Index, which returned 2.33% for the same time period.

Average Annual Total Returns (%) (for period ended January 31, 2015)

	Inception	6 Months Cumulative		1 Year		5 Years		Life
Class A	08/01/08
Excluding sales charges			3.99		15.48		16.65		8.13
Including sales charges			-2.02		8.83		15.28		7.15
Class B	08/01/08
Excluding sales charges			3.61		14.62		15.75		7.32
Including sales charges			-1.31		9.62		15.53		7.32
Class C	08/01/08
Excluding sales charges			3.55		14.58		15.72		7.29
Including sales charges			2.57		13.58		15.72		7.29
Class I	08/01/08		4.26		15.94		17.12		8.57
Class K	08/01/08		4.00		15.56		16.74		8.26
Class R	08/01/08		3.85		15.18		16.32		7.82
Class T*	03/07/11
Excluding sales charges			4.06		15.46		16.58		8.09
Including sales charges			-1.88		8.80		15.22		7.11
Class W	08/01/08		3.97		15.53		16.58		8.08
Class Z*	09/27/10		4.20		15.89		16.91		8.32
Russell 1000 Value Index			2.33		12.93		15.14		8.81

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

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

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

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 2015
2

Columbia Large Value Quantitative Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at January 31, 2015)
Pfizer, Inc.	3.5
JPMorgan Chase & Co.	3.5
Merck & Co., Inc.	3.2
Cisco Systems, Inc.	2.9
Microsoft Corp.	2.5
Berkshire Hathaway, Inc., Class B	2.4
Exxon Mobil Corp.	2.3
ConocoPhillips	2.3
Eli Lilly & Co.	2.3
Citigroup, Inc.	2.2

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 January 31, 2015)
Common Stocks	98.8
Consumer Discretionary	6.1
Consumer Staples	7.0
Energy	10.7
Financials	28.6
Health Care	14.6
Industrials	9.6
Information Technology	9.7
Materials	3.2
Telecommunication Services	2.3
Utilities	7.0
Money Market Funds	1.2
Total	100.0

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

Portfolio Management

Brian Condon, CFA

Peter Albanese

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 2015
3

Columbia Large Value Quantitative 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.

August 1, 2014 – January 31, 2015

	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		1,039.90		1,019.15		6.03		5.97		1.18
Class B		1,000.00		1,000.00		1,036.10		1,015.39		9.85		9.75		1.93
Class C		1,000.00		1,000.00		1,035.50		1,015.39		9.85		9.75		1.93
Class I		1,000.00		1,000.00		1,042.60		1,021.26		3.89		3.85		0.76
Class K		1,000.00		1,000.00		1,040.00		1,019.90		5.27		5.22		1.03
Class R		1,000.00		1,000.00		1,038.50		1,017.90		7.31		7.23		1.43
Class T		1,000.00		1,000.00		1,040.60		1,019.00		6.19		6.12		1.21
Class W		1,000.00		1,000.00		1,039.70		1,019.15		6.03		5.97		1.18
Class Z		1,000.00		1,000.00		1,042.00		1,020.41		4.76		4.71		0.93

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 2015
4

Columbia Large Value Quantitative Fund

Portfolio of Investments

January 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 98.7%

Issuer	Shares		Value ($)
Consumer Discretionary 6.1%
Auto Components 1.7%
Gentex Corp.		662,900		11,063,801
Lear Corp.		48,000		4,816,800
Total				15,880,601
Diversified Consumer Services 0.1%
Service Corp. International		41,700		943,671
Hotels, Restaurants & Leisure 0.2%
Royal Caribbean Cruises Ltd.		20,200		1,526,110
Media 2.2%
Comcast Corp., Class A		290,700		15,449,252
News Corp., Class A(a)		157,900		2,351,131
Walt Disney Co. (The)		33,100		3,010,776
Total				20,811,159
Multiline Retail 0.1%
Big Lots, Inc.		30,700		1,409,437
Specialty Retail 1.8%
Best Buy Co., Inc.		438,100		15,421,120
Foot Locker, Inc.		32,400		1,724,328
Total				17,145,448
Total Consumer Discretionary				57,716,426
Consumer Staples 7.0%
Food & Staples Retailing 1.4%
CVS Health Corp.		110,700		10,866,312
Wal-Mart Stores, Inc.		28,200		2,396,436
Total				13,262,748
Food Products 2.2%
Archer-Daniels-Midland Co.		357,900		16,688,877
Kellogg Co.		22,500		1,475,550
Pilgrim's Pride Corp.		103,100		2,799,165
Total				20,963,592
Household Products 0.7%
Procter & Gamble Co. (The)		76,700		6,465,043
Tobacco 2.7%
Altria Group, Inc.		117,400		6,233,940
Philip Morris International, Inc.		239,900		19,249,576
Total				25,483,516
Total Consumer Staples				66,174,899

Common Stocks (continued)

Issuer	Shares		Value ($)
Energy 10.7%
Energy Equipment & Services 1.2%
National Oilwell Varco, Inc.		203,100		11,054,733
Oil, Gas & Consumable Fuels 9.5%
Apache Corp.		29,300		1,833,301
Chevron Corp.		151,700		15,553,801
ConocoPhillips		338,000		21,287,240
Exxon Mobil Corp.(b)		244,000		21,330,480
Hess Corp.		190,200		12,836,598
Valero Energy Corp.		331,600		17,535,008
Total				90,376,428
Total Energy				101,431,161
Financials 28.6%
Banks 7.0%
CIT Group, Inc.		67,300		2,949,086
Citigroup, Inc.		438,300		20,578,185
JPMorgan Chase & Co.		594,600		32,334,348
SunTrust Banks, Inc.		35,000		1,344,700
Wells Fargo & Co.		176,900		9,184,648
Total				66,390,967
Capital Markets 2.0%
BlackRock, Inc.		28,100		9,568,331
Goldman Sachs Group, Inc. (The)		42,700		7,361,907
Invesco Ltd.		57,500		2,111,975
Total				19,042,213
Consumer Finance 2.8%
Capital One Financial Corp.		229,900		16,830,979
Navient Corp.		484,000		9,554,160
Total				26,385,139
Diversified Financial Services 4.0%
Berkshire Hathaway, Inc., Class B(a)		158,200		22,766,562
Voya Financial, Inc.		382,300		14,913,523
Total				37,680,085
Insurance 7.3%
Aon PLC		174,000		15,668,700
Aspen Insurance Holdings Ltd.		298,900		12,948,348
Assured Guaranty Ltd.		524,300		12,803,406
MetLife, Inc.		331,300		15,405,450
Reinsurance Group of America, Inc.		149,900		12,413,219
Total				69,239,123

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

Semiannual Report 2015
5

Columbia Large Value Quantitative Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Real Estate Investment Trusts (REITs) 5.5%
Brixmor Property Group, Inc.		34,200		926,820
Duke Realty Corp.		256,600		5,601,578
Equity LifeStyle Properties, Inc.		70,400		3,852,992
General Growth Properties, Inc.		77,500		2,338,950
Host Hotels & Resorts, Inc.		449,400		10,286,766
Public Storage		56,700		11,387,628
Simon Property Group, Inc.		86,400		17,164,224
Total				51,558,958
Total Financials				270,296,485
Health Care 14.6%
Biotechnology 0.4%
Alkermes PLC(a)		48,000		3,468,000
Health Care Equipment & Supplies 0.9%
Hill-Rom Holdings, Inc.		172,900		8,257,704
Health Care Providers & Services 3.6%
Anthem, Inc.		149,700		20,203,512
Health Net, Inc.(a)		266,300		14,425,471
Total				34,628,983
Pharmaceuticals 9.7%
Eli Lilly & Co.		291,700		21,002,400
Johnson & Johnson		81,900		8,201,466
Merck & Co., Inc.		488,400		29,440,752
Pfizer, Inc.		1,047,900		32,746,875
Total				91,391,493
Total Health Care				137,746,180
Industrials 9.6%
Aerospace & Defense 4.2%
General Dynamics Corp.		131,900		17,570,399
Huntington Ingalls Industries, Inc.		19,200		2,238,720
L-3 Communications Holdings, Inc.		77,000		9,480,240
Raytheon Co.		108,700		10,875,435
Total				40,164,794
Airlines 1.8%
Delta Air Lines, Inc.		40,500		1,916,055
Southwest Airlines Co.		342,400		15,469,632
Total				17,385,687
Commercial Services & Supplies 0.2%
RR Donnelley & Sons Co.		89,800		1,479,006

Common Stocks (continued)

Issuer	Shares		Value ($)
Electrical Equipment 1.4%
Emerson Electric Co.		227,000		12,925,380
Industrial Conglomerates 0.9%
General Electric Co.		336,900		8,048,541
Machinery 1.1%
Caterpillar, Inc.		134,600		10,763,962
Total Industrials				90,767,370
Information Technology 9.6%
Communications Equipment 2.8%
Cisco Systems, Inc.		1,011,300		26,662,924
Electronic Equipment, Instruments & Components 0.1%
Corning, Inc.		40,500		962,685
Semiconductors & Semiconductor Equipment 2.1%
Applied Materials, Inc.		130,300		2,976,052
Marvell Technology Group Ltd.		1,067,600		16,537,124
Total				19,513,176
Software 3.3%
Electronic Arts, Inc.(a)		147,600		8,097,336
Microsoft Corp.		572,300		23,120,920
Total				31,218,256
Technology Hardware, Storage & Peripherals 1.3%
Hewlett-Packard Co.		352,900		12,750,277
Total Information Technology				91,107,318
Materials 3.2%
Chemicals 1.0%
Westlake Chemical Corp.		163,100		9,347,261
Metals & Mining 0.4%
United States Steel Corp.		160,000		3,910,400
Paper & Forest Products 1.8%
International Paper Co.		315,200		16,598,432
Total Materials				29,856,093
Telecommunication Services 2.3%
Diversified Telecommunication Services 2.3%
AT&T, Inc.		183,600		6,044,112
CenturyLink, Inc.		421,000		15,648,570
Total				21,692,682
Total Telecommunication Services				21,692,682

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

Semiannual Report 2015
6

Columbia Large Value Quantitative Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Utilities 7.0%
Electric Utilities 4.8%
American Electric Power Co., Inc.		26,400		1,658,184
Edison International		266,000		18,127,900
Entergy Corp.		185,500		16,233,105
Exelon Corp.		259,900		9,366,796
Total				45,385,985
Independent Power and Renewable Electricity Producers 0.2%
AES Corp. (The)		152,400		1,862,328
Multi-Utilities 2.0%
Public Service Enterprise Group, Inc.		433,000		18,480,440
Total Utilities				65,728,753
Total Common Stocks (Cost: $848,334,272)				932,517,367

Money Market Funds 1.2%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.118%(c)(d)		11,034,238		11,034,238
Total Money Market Funds (Cost: $11,034,238)				11,034,238
Total Investments (Cost: $859,368,510)				943,551,605
Other Assets & Liabilities, Net				1,321,019
Net Assets				944,872,624

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2015

At January 31, 2015, securities totaling $874,200 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 ($)
S&P 500		23	USD		11,433,300	03/2015		—		(191,131	)

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  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.

(c)  The rate shown is the seven-day current annualized yield at January 31, 2015.

(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 January 31, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		16,093,521		137,271,287		(142,330,570	)		11,034,238		9,391		11,034,238

Currency Legend

USD  US Dollar

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

Semiannual Report 2015
7

Columbia Large Value Quantitative Fund

Portfolio of Investments (continued)

January 31, 2015 (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 2015
8

Columbia Large Value Quantitative Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2015:

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		57,716,426			—		—		57,716,426
Consumer Staples		66,174,899			—		—		66,174,899
Energy		101,431,161			—		—		101,431,161
Financials		270,296,485			—		—		270,296,485
Health Care		137,746,180			—		—		137,746,180
Industrials		90,767,370			—		—		90,767,370
Information Technology		91,107,318			—		—		91,107,318
Materials		29,856,093			—		—		29,856,093
Telecommunication Services		21,692,682			—		—		21,692,682
Utilities		65,728,753			—		—		65,728,753
Total Equity Securities		932,517,367			—		—		932,517,367
Mutual Funds
Money Market Funds		11,034,238			—		—		11,034,238
Total Mutual Funds		11,034,238			—		—		11,034,238
Investments in Securities		943,551,605			—		—		943,551,605
Derivatives
Liabilities
Futures Contracts		(191,131	)		—		—		(191,131	)
Total		943,360,474			—		—		943,360,474

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 2015
9

Columbia Large Value Quantitative Fund

Statement of Assets and Liabilities

January 31, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $848,334,272)	$	932,517,367
Affiliated issuers (identified cost $11,034,238)		11,034,238
Total investments (identified cost $859,368,510)		943,551,605
Receivable for:
Capital shares sold		1,643,341
Dividends		1,477,249
Expense reimbursement due from Investment Manager		152
Prepaid expenses		3,006
Trustees' deferred compensation plan		34,261
Other assets		11,410
Total assets		946,721,024
Liabilities
Payable for:
Capital shares purchased		1,478,411
Variation margin		188,332
Investment management fees		17,564
Distribution and/or service fees		3,144
Transfer agent fees		62,164
Administration fees		1,514
Compensation of board members		30,567
Other expenses		32,443
Trustees' deferred compensation plan		34,261
Total liabilities		1,848,400
Net assets applicable to outstanding capital stock	$	944,872,624
Represented by
Paid-in capital	$	865,399,905
Excess of distributions over net investment income		(733,707	)
Accumulated net realized loss		(3,785,538	)
Unrealized appreciation (depreciation) on:
Investments		84,183,095
Futures contracts		(191,131	)
Total — representing net assets applicable to outstanding capital stock	$	944,872,624

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

Semiannual Report 2015
10

Columbia Large Value Quantitative Fund

Statement of Assets and Liabilities (continued)

January 31, 2015 (Unaudited)

Class A
Net assets	$	78,318,720
Shares outstanding		8,449,994
Net asset value per share	$	9.27
Maximum offering price per share(a)	$	9.84
Class B
Net assets	$	553,215
Shares outstanding		59,999
Net asset value per share	$	9.22
Class C
Net assets	$	13,360,756
Shares outstanding		1,469,203
Net asset value per share	$	9.09
Class I
Net assets	$	401,131,973
Shares outstanding		42,954,341
Net asset value per share	$	9.34
Class K
Net assets	$	2,856
Shares outstanding		307
Net asset value per share(b)	$	9.31
Class R
Net assets	$	1,046,899
Shares outstanding		112,674
Net asset value per share	$	9.29
Class T
Net assets	$	84,957,538
Shares outstanding		9,186,733
Net asset value per share	$	9.25
Maximum offering price per share(a)	$	9.81
Class W
Net assets	$	232,310,323
Shares outstanding		24,919,713
Net asset value per share	$	9.32
Class Z
Net assets	$	133,190,344
Shares outstanding		14,262,863
Net asset value per share	$	9.34

(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 2015
11

Columbia Large Value Quantitative Fund

Statement of Operations

Six Months Ended January 31, 2015 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	10,581,576
Dividends — affiliated issuers		9,391
Total income		10,590,967
Expenses:
Investment management fees		3,004,429
Distribution and/or service fees
Class A		67,717
Class B		3,066
Class C		46,951
Class R		1,031
Class T		124,055
Class W		296,918
Transfer agent fees
Class A		48,457
Class B		550
Class C		8,371
Class K		1
Class R		372
Class T		77,575
Class W		209,951
Class Z		113,975
Administration fees		259,107
Plan administration fees
Class K		4
Compensation of board members		9,707
Custodian fees		5,815
Printing and postage fees		36,634
Registration fees		59,338
Professional fees		18,162
Other		9,438
Total expenses		4,401,624
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(15,841	)
Total net expenses		4,385,783
Net investment income		6,205,184
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		40,225,664
Futures contracts		1,391,038
Net realized gain		41,616,702
Net change in unrealized appreciation (depreciation) on:
Investments		(14,570,708	)
Futures contracts		(72,035	)
Net change in unrealized depreciation		(14,642,743	)
Net realized and unrealized gain		26,973,959
Net increase in net assets resulting from operations	$	33,179,143

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

Semiannual Report 2015
12

Columbia Large Value Quantitative Fund

Statement of Changes in Net Assets

	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014
Operations
Net investment income	$	6,205,184		$	7,648,635
Net realized gain		41,616,702			43,025,962
Net change in unrealized appreciation (depreciation)		(14,642,743	)		33,715,264
Net increase in net assets resulting from operations		33,179,143			84,389,861
Distributions to shareholders
Net investment income
Class A		(750,196	)		(240,457	)
Class B		(2,182	)		(2,811	)
Class C		(42,189	)		(20,223	)
Class I		(5,992,481	)		(1,855,144	)
Class K		(37	)		(111	)
Class R		(3,933	)		(77	)
Class T		(906,209	)		(845,658	)
Class W		(2,550,101	)		(2,110,688	)
Class Z		(1,754,975	)		(493,974	)
Net realized gains
Class A		(3,280,868	)		(1,202,873	)
Class B		(27,840	)		(38,735	)
Class C		(538,364	)		(278,625	)
Class I		(19,227,870	)		(6,760,345	)
Class K		(144	)		(492	)
Class R		(22,027	)		(492	)
Class T		(4,144,797	)		(4,417,991	)
Class W		(11,152,660	)		(10,558,594	)
Class Z		(6,295,711	)		(2,030,375	)
Total distributions to shareholders		(56,692,584	)		(30,857,665	)
Increase in net assets from capital stock activity		152,846,280			404,357,404
Total increase in net assets		129,332,839			457,889,600
Net assets at beginning of period		815,539,785			357,650,185
Net assets at end of period	$	944,872,624		$	815,539,785
Undistributed (excess of distributions over) net investment income	$	(733,707	)	$	5,063,412

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

Semiannual Report 2015
13

Columbia Large Value Quantitative Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		6,103,610			59,496,706			1,787,459			16,307,577
Distributions reinvested		377,991			3,632,497			155,573			1,347,260
Redemptions		(1,680,645	)		(16,085,563	)		(618,518	)		(5,574,917	)
Net increase		4,800,956			47,043,640			1,324,514			12,079,920
Class B shares
Subscriptions		6,715			64,702			10,357			93,680
Distributions reinvested		2,774			26,548			4,163			35,928
Redemptions(a)		(25,682	)		(245,447	)		(25,853	)		(230,135	)
Net decrease		(16,193	)		(154,197	)		(11,333	)		(100,527	)
Class C shares
Subscriptions		730,223			6,946,168			338,584			2,993,946
Distributions reinvested		46,392			437,475			23,823			202,976
Redemptions		(67,177	)		(637,322	)		(73,043	)		(643,644	)
Net increase		709,438			6,746,321			289,364			2,553,278
Class I shares
Subscriptions		7,473,896			74,548,080			34,871,544			314,449,740
Distributions reinvested		2,608,084			25,220,177			989,126			8,615,285
Redemptions		(2,311,475	)		(22,937,029	)		(8,126,150	)		(72,795,016	)
Net increase		7,770,505			76,831,228			27,734,520			250,270,009
Class K shares
Redemptions		—			—			(693	)		(6,401	)
Net increase (decrease)		—			—			(693	)		(6,401	)
Class R shares
Subscriptions		95,514			894,942			16,492			151,358
Distributions reinvested		974			9,376			—			—
Redemptions		(605	)		(6,157	)		(701	)		(6,447	)
Net increase		95,883			898,161			15,791			144,911
Class T shares
Subscriptions		43,018			410,322			49,560			440,845
Distributions reinvested		449,953			4,315,045			517,207			4,468,666
Redemptions		(399,735	)		(3,884,443	)		(803,850	)		(7,190,231	)
Net increase (decrease)		93,236			840,924			(237,083	)		(2,280,720	)
Class W shares
Subscriptions		1,897,814			18,520,859			12,957,414			117,610,000
Distributions reinvested		1,418,487			13,702,583			1,454,500			12,668,692
Redemptions		(2,479,051	)		(24,265,069	)		(8,305,788	)		(75,566,220	)
Net increase		837,250			7,958,373			6,106,126			54,712,472

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

Semiannual Report 2015
14

Columbia Large Value Quantitative Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		3,927,413			38,453,553			10,555,743			96,422,341
Distributions reinvested		446,301			4,320,194			39,565			345,004
Redemptions		(3,067,305	)		(30,091,917	)		(1,079,500	)		(9,782,883	)
Net increase		1,306,409			12,681,830			9,515,808			86,984,462
Total net increase		15,597,484			152,846,280			44,737,014			404,357,404

(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 2015
15

Columbia Large Value Quantitative 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 January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class A	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	9.45		$	8.67		$	6.96		$	6.36		$	8.19		$	7.78		$	9.14
Income from investment operations:
Net investment income		0.06			0.10			0.16			0.12			0.09			0.08			0.12
Net realized and unrealized gain (loss)		0.34			1.27			1.97			1.23			0.11			0.70			(1.43	)
Total from investment operations		0.40			1.37			2.13			1.35			0.20			0.78			(1.31	)
Less distributions to shareholders:
Net investment income		(0.11	)		(0.10	)		(0.23	)		(0.08	)		(0.09	)		(0.07	)		(0.05	)
Net realized gains		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		(0.30	)		—
Total distributions to shareholders		(0.58	)		(0.59	)		(0.42	)		(0.75	)		(2.03	)		(0.37	)		(0.05	)
Net asset value, end of period	$	9.27		$	9.45		$	8.67		$	6.96		$	6.36		$	8.19		$	7.78
Total return		3.99	%		16.42	%(b)		31.78	%		22.47	%		0.01	%		10.28	%		(14.23	%)
Ratios to average net assets(c)
Total gross expenses		1.19	%(d)		1.22	%		1.32	%		1.38	%(d)		1.33	%		1.19	%		1.34	%
Total net expenses(e)		1.18	%(d)		1.18	%(f)		1.16	%(f)		1.11	%(d)(g)		1.14	%(g)		1.19	%		1.26	%
Net investment income		1.16	%(d)		1.15	%		2.05	%		2.16	%(d)		1.25	%		1.04	%		1.83	%
Supplemental data
Net assets, end of period (in thousands)	$	78,319		$	34,470		$	20,163		$	12,084		$	11,757		$	3,009		$	1,434
Portfolio turnover		44	%		90	%		103	%		73	%		90	%		99	%		63	%

Notes to Financial Highlights

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

(b)  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%.

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

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

Semiannual Report 2015
16

Columbia Large Value Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class B	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	9.37		$	8.61		$	6.89		$	6.28		$	8.12		$	7.71		$	9.13
Income from investment operations:
Net investment income		0.02			0.04			0.10			0.08			0.04			0.03			0.07
Net realized and unrealized gain (loss)		0.34			1.25			1.95			1.22			0.12			0.68			(1.44	)
Total from investment operations		0.36			1.29			2.05			1.30			0.16			0.71			(1.37	)
Less distributions to shareholders:
Net investment income		(0.04	)		(0.04	)		(0.14	)		(0.02	)		(0.06	)		—			(0.05	)
Net realized gains		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		(0.30	)		—
Total distributions to shareholders		(0.51	)		(0.53	)		(0.33	)		(0.69	)		(2.00	)		(0.30	)		(0.05	)
Net asset value, end of period	$	9.22		$	9.37		$	8.61		$	6.89		$	6.28		$	8.12		$	7.71
Total return		3.61	%		15.48	%(b)		30.79	%		21.79	%		(0.64	%)		9.37	%		(14.94	%)
Ratios to average net assets(c)
Total gross expenses		1.94	%(d)		1.97	%		2.07	%		2.14	%(d)		2.10	%		1.96	%		2.10	%
Total net expenses(e)		1.93	%(d)		1.93	%(f)		1.91	%(f)		1.86	%(d)(g)		1.88	%(g)		1.96	%		2.02	%
Net investment income		0.44	%(d)		0.42	%		1.37	%		1.49	%(d)		0.48	%		0.39	%		1.04	%
Supplemental data
Net assets, end of period (in thousands)	$	553		$	714		$	754		$	809		$	1,215		$	226		$	58
Portfolio turnover		44	%		90	%		103	%		73	%		90	%		99	%		63	%

Notes to Financial Highlights

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

(b)  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%.

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

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

Semiannual Report 2015
17

Columbia Large Value Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class C	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	9.25		$	8.51		$	6.84		$	6.25		$	8.09		$	7.74		$	9.12
Income from investment operations:
Net investment income		0.02			0.04			0.10			0.08			0.04			0.03			0.07
Net realized and unrealized gain (loss)		0.33			1.23			1.93			1.22			0.11			0.67			(1.43	)
Total from investment operations		0.35			1.27			2.03			1.30			0.15			0.70			(1.36	)
Less distributions to shareholders:
Net investment income		(0.04	)		(0.04	)		(0.17	)		(0.04	)		(0.05	)		(0.05	)		(0.02	)
Net realized gains		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		(0.30	)		—
Total distributions to shareholders		(0.51	)		(0.53	)		(0.36	)		(0.71	)		(1.99	)		(0.35	)		(0.02	)
Net asset value, end of period	$	9.09		$	9.25		$	8.51		$	6.84		$	6.25		$	8.09		$	7.74
Total return		3.55	%		15.42	%(b)		30.81	%		21.93	%		(0.82	%)		9.36	%		(14.87	%)
Ratios to average net assets(c)
Total gross expenses		1.94	%(d)		1.96	%		2.07	%		2.13	%(d)		2.04	%		1.97	%		2.12	%
Total net expenses(e)		1.93	%(d)		1.93	%(f)		1.91	%(f)		1.86	%(d)(g)		1.85	%(g)		1.97	%		2.01	%
Net investment income		0.40	%(d)		0.40	%		1.27	%		1.39	%(d)		0.50	%		0.35	%		1.05	%
Supplemental data
Net assets, end of period (in thousands)	$	13,361		$	7,026		$	4,001		$	1,873		$	1,735		$	94		$	27
Portfolio turnover		44	%		90	%		103	%		73	%		90	%		99	%		63	%

Notes to Financial Highlights

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

(b)  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%.

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

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

Semiannual Report 2015
18

Columbia Large Value Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class I	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	9.53		$	8.74		$	7.01		$	6.40		$	8.23		$	7.81		$	9.14
Income from investment operations:
Net investment income		0.08			0.14			0.19			0.15			0.13			0.11			0.15
Net realized and unrealized gain (loss)		0.35			1.28			1.98			1.23			0.10			0.70			(1.43	)
Total from investment operations		0.43			1.42			2.17			1.38			0.23			0.81			(1.28	)
Less distributions to shareholders:
Net investment income		(0.15	)		(0.14	)		(0.25	)		(0.10	)		(0.12	)		(0.09	)		(0.05	)
Net realized gains		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		(0.30	)		—
Total distributions to shareholders		(0.62	)		(0.63	)		(0.44	)		(0.77	)		(2.06	)		(0.39	)		(0.05	)
Net asset value, end of period	$	9.34		$	9.53		$	8.74		$	7.01		$	6.40		$	8.23		$	7.81
Total return		4.26	%		16.88	%(b)		32.32	%		22.92	%		0.37	%		10.71	%		(13.87	%)
Ratios to average net assets(c)
Total gross expenses		0.76	%(d)		0.78	%		0.83	%		0.87	%(d)		0.88	%		0.77	%		0.88	%
Total net expenses(e)		0.76	%(d)		0.77	%		0.73	%		0.74	%(d)		0.84	%		0.77	%		0.88	%
Net investment income		1.61	%(d)		1.52	%		2.52	%		2.65	%(d)		1.66	%		1.37	%		2.22	%
Supplemental data
Net assets, end of period (in thousands)	$	401,132		$	335,330		$	65,134		$	63,878		$	81,686		$	69,800		$	60,019
Portfolio turnover		44	%		90	%		103	%		73	%		90	%		99	%		63	%

Notes to Financial Highlights

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

(b)  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%.

(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 2015
19

Columbia Large Value Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class K	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	9.50		$	8.72		$	6.99		$	6.38		$	8.20		$	7.79		$	9.14
Income from investment operations:
Net investment income		0.07			0.12			0.17			0.14			0.11			0.08			0.14
Net realized and unrealized gain (loss)		0.33			1.26			1.98			1.23			0.10			0.70			(1.44	)
Total from investment operations		0.40			1.38			2.15			1.37			0.21			0.78			(1.30	)
Less distributions to shareholders:
Net investment income		(0.12	)		(0.11	)		(0.23	)		(0.09	)		(0.09	)		(0.07	)		(0.05	)
Net realized gains		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		(0.30	)		—
Total distributions to shareholders		(0.59	)		(0.60	)		(0.42	)		(0.76	)		(2.03	)		(0.37	)		(0.05	)
Net asset value, end of period	$	9.31		$	9.50		$	8.72		$	6.99		$	6.38		$	8.20		$	7.79
Total return		4.00	%		16.49	%(b)		32.01	%		22.68	%		0.11	%		10.37	%		(14.12	%)
Ratios to average net assets(c)
Total gross expenses		1.03	%(d)		1.10	%		1.13	%		1.17	%(d)		1.17	%		1.09	%		1.25	%
Total net expenses(e)		1.03	%(d)		1.05	%		1.01	%		1.04	%(d)		1.09	%		1.09	%		1.08	%
Net investment income		1.33	%(d)		1.37	%		2.23	%		2.39	%(d)		1.41	%		1.04	%		2.08	%
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	9		$	7		$	13		$	15		$	14
Portfolio turnover		44	%		90	%		103	%		73	%		90	%		99	%		63	%

Notes to Financial Highlights

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

(b)  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%.

(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 2015
20

Columbia Large Value Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class R	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	9.46		$	8.68		$	6.97		$	6.36		$	8.17		$	7.77		$	9.13
Income from investment operations:
Net investment income		0.04			0.07			0.14			0.11			0.08			0.05			0.10
Net realized and unrealized gain (loss)		0.34			1.28			1.97			1.23			0.11			0.69			(1.43	)
Total from investment operations		0.38			1.35			2.11			1.34			0.19			0.74			(1.33	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.08	)		(0.21	)		(0.06	)		(0.06	)		(0.04	)		(0.03	)
Net realized gains		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		(0.30	)		—
Total distributions to shareholders		(0.55	)		(0.57	)		(0.40	)		(0.73	)		(2.00	)		(0.34	)		(0.03	)
Net asset value, end of period	$	9.29		$	9.46		$	8.68		$	6.97		$	6.36		$	8.17		$	7.77
Total return		3.85	%		16.13	%(b)		31.42	%		22.23	%		(0.15	%)		9.75	%		(14.46	%)
Ratios to average net assets(c)
Total gross expenses		1.45	%(d)		1.44	%		1.57	%		1.65	%(d)		1.62	%		1.54	%		1.82	%
Total net expenses(e)		1.43	%(d)		1.43	%(f)		1.41	%(f)		1.36	%(d)(g)		1.45	%(g)		1.54	%		1.55	%
Net investment income		0.76	%(d)		0.76	%		1.83	%		1.91	%(d)		1.04	%		0.59	%		1.59	%
Supplemental data
Net assets, end of period (in thousands)	$	1,047		$	159		$	9		$	7		$	6		$	8		$	8
Portfolio turnover		44	%		90	%		103	%		73	%		90	%		99	%		63	%

Notes to Financial Highlights

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

(b)  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%.

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

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

Semiannual Report 2015
21

Columbia Large Value Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class T	(Unaudited)			2014			2013			2012(a)			2011(b)
Per share data
Net asset value, beginning of period	$	9.42		$	8.66		$	6.95		$	6.35		$	7.95
Income from investment operations:
Net investment income		0.06			0.10			0.16			0.12			0.05
Net realized and unrealized gain (loss)		0.34			1.25			1.96			1.23			(1.07	)
Total from investment operations		0.40			1.35			2.12			1.35			(1.02	)
Less distributions to shareholders:
Net investment income		(0.10	)		(0.10	)		(0.22	)		(0.08	)		—
Net realized gains		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(0.58	)
Total distributions to shareholders		(0.57	)		(0.59	)		(0.41	)		(0.75	)		(0.58	)
Net asset value, end of period	$	9.25		$	9.42		$	8.66		$	6.95		$	6.35
Total return		4.06	%		16.15	%(c)		31.74	%		22.55	%		(13.95	%)
Ratios to average net assets(d)
Total gross expenses		1.22	%(e)		1.27	%		1.37	%		1.43	%(e)		1.30	%(e)
Total net expenses(f)		1.21	%(e)		1.23	%(g)		1.21	%(g)		1.16	%(e)(h)		1.10	%(e)(h)
Net investment income		1.15	%(e)		1.11	%		2.03	%		2.09	%(e)		1.23	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	84,958		$	85,696		$	80,761		$	67,879		$	61,361
Portfolio turnover		44	%		90	%		103	%		73	%		90	%

Notes to Financial Highlights

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

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

(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)  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%.

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

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

Semiannual Report 2015
22

Columbia Large Value Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class W	(Unaudited)			2014			2013			2012(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	9.50		$	8.72		$	7.00		$	6.37		$	8.19		$	7.78		$	9.14
Income from investment operations:
Net investment income		0.06			0.10			0.15			0.12			0.10			0.07			0.12
Net realized and unrealized gain (loss)		0.34			1.27			1.99			1.24			0.10			0.71			(1.44	)
Total from investment operations		0.40			1.37			2.14			1.36			0.20			0.78			(1.32	)
Less distributions to shareholders:
Net investment income		(0.11	)		(0.10	)		(0.23	)		(0.06	)		(0.08	)		(0.07	)		(0.04	)
Net realized gains		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		(0.30	)		—
Total distributions to shareholders		(0.58	)		(0.59	)		(0.42	)		(0.73	)		(2.02	)		(0.37	)		(0.04	)
Net asset value, end of period	$	9.32		$	9.50		$	8.72		$	7.00		$	6.37		$	8.19		$	7.78
Total return		3.97	%		16.32	%(b)		31.75	%		22.47	%		(0.03	%)		10.30	%		(14.39	%)
Ratios to average net assets(c)
Total gross expenses		1.19	%(d)		1.21	%		1.32	%		1.38	%(d)		1.36	%		1.20	%		1.19	%
Total net expenses(e)		1.18	%(d)		1.18	%(f)		1.16	%(f)		1.11	%(d)(g)		1.23	%(g)		1.20	%		1.19	%
Net investment income		1.18	%(d)		1.15	%		1.98	%		2.13	%(d)		1.27	%		0.88	%		1.77	%
Supplemental data
Net assets, end of period (in thousands)	$	232,310		$	228,749		$	156,758		$	61,854		$	69,221		$	173,685		$	237,105
Portfolio turnover		44	%		90	%		103	%		73	%		90	%		99	%		63	%

Notes to Financial Highlights

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

(b)  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%.

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

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

Semiannual Report 2015
23

Columbia Large Value Quantitative Fund

Financial Highlights (continued)

	Six Months Ended January 31, 2015			Year Ended July 31,									Year Ended September 30,
Class Z	(Unaudited)			2014			2013			2012(a)			2011			2010(b)
Per share data
Net asset value, beginning of period	$	9.52		$	8.74		$	7.01		$	6.40		$	8.23		$	8.23
Income from investment operations:
Net investment income		0.07			0.12			0.18			0.14			0.11			0.01
Net realized and unrealized gain (loss)		0.35			1.27			1.98			1.23			0.12			(0.01	)
Total from investment operations		0.42			1.39			2.16			1.37			0.23			0.00
Less distributions to shareholders:
Net investment income		(0.13	)		(0.12	)		(0.24	)		(0.09	)		(0.12	)		—
Net realized gains		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		—
Total distributions to shareholders		(0.60	)		(0.61	)		(0.43	)		(0.76	)		(2.06	)		—
Net asset value, end of period	$	9.34		$	9.52		$	8.74		$	7.01		$	6.40		$	8.23
Total return		4.20	%		16.56	%(c)		32.15	%		22.74	%		0.32	%		0.00	%(d)
Ratios to average net assets(e)
Total gross expenses		0.94	%(f)		0.95	%		1.08	%		1.13	%(f)		1.05	%		1.03	%(f)
Total net expenses(g)		0.93	%(f)		0.93	%(h)		0.90	%(h)		0.86	%(f)(i)		0.85	%(i)		1.03	%(f)
Net investment income		1.43	%(f)		1.35	%		2.40	%		2.39	%(f)		1.44	%		16.13	%(f)
Supplemental data
Net assets, end of period (in thousands)	$	133,190		$	123,394		$	30,062		$	43,836		$	74,993		$	3
Portfolio turnover		44	%		90	%		103	%		73	%		90	%		99	%

Notes to Financial Highlights

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

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

(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)  Rounds to zero.

(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%.

(i)  The benefits derived from expense reductions had an impact of 0.01%.

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

Semiannual Report 2015
24

Columbia Large Value Quantitative Fund

Notes to Financial Statements

January 31, 2015 (Unaudited)

Note 1. Organization

Columbia Large Value Quantitative 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 T, 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 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 T shares are subject to a maximum front-end sales charge of 5.75% based on the investment amount. Class T shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a CDSC if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase. Class T shares are available only to investors who received (and who have continuously held) Class T shares in connection with previous fund reorganizations.

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

Semiannual Report 2015
25

Columbia Large Value Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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.

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

Semiannual Report 2015
26

Columbia Large Value Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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

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

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 2015
27

Columbia Large Value Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (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 January 31, 2015:

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		191,131	*

*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 January 31, 2015:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		1,391,038
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(72,035	)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2015:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		14,013,675

*Based on the ending quarterly outstanding amounts for the six months ended January 31, 2015.

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.

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

Semiannual Report 2015
28

Columbia Large Value Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 0.69% to 0.52% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended January 31, 2015 was 0.67% 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 January 31, 2015 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 January 31, 2015, other expenses paid by the Fund to this company were $1,232.

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 agency fees. Total transfer agent fees for Class K shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class K shares.

Semiannual Report 2015
29

Columbia Large Value Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

For the six months ended January 31, 2015, 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 T	0.18
Class W	0.18
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 January 31, 2015, 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 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 $32,000 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.

Shareholder Services Fees

The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class T shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund's average daily net assets attributable to Class T shares (comprised of up to 0.25% for shareholder liaison services and up to 0.25% for administrative support services). Effective December 1, 2014, these fees are contractually limited to an aggregate annual rate of not more than 0.25% of the Fund's average daily net assets attributable to Class T shares. Prior to December 1, 2014, these fees were limited to 0.30% of the Fund's average daily net assets attributable to Class T shares. The annualized effective shareholder services fee rate for the six months ended January 31, 2015 was 0.28% of the Fund's average daily net assets attributable to Class T shares.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $186,901 for Class A, $106 for Class B, $461 for Class C and $4,961 for Class T shares for the six months ended January 31, 2015.

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 December 1, 2014			Contractual Expense Cap Prior to December 1, 2014
Class A		1.18	%		1.18	%
Class B		1.93			1.93
Class C		1.93			1.93
Class I		0.78			0.77
Class K		1.08			1.07
Class R		1.43			1.43
Class T		1.18			1.23
Class W		1.18			1.18
Class Z		0.93			0.93

Semiannual Report 2015
30

Columbia Large Value Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (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. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At January 31, 2015, the cost of investments for federal income tax purposes was approximately $859,369,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	102,727,000
Unrealized depreciation		(18,544,000	)
Net unrealized appreciation	$	84,183,000

The following capital loss carryforwards, determined as of July 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		31,323,681

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 $492,876,425 and $384,961,558, respectively, for the six months ended January 31, 2015. 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 January 31, 2015, 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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, 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 $550 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. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended January 31, 2015.

Semiannual Report 2015
31

Columbia Large Value Quantitative Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 and noted 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 2015
32

Columbia Large Value Quantitative Fund

Important Information About This Report

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

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

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

Semiannual Report 2015
33

Columbia Large Value Quantitative Fund

P.O. Box 8081

Boston, MA 02266-8081

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

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

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2015 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR179_07_E01_(03/15)

SEMIANNUAL REPORT

January 31, 2015

COLUMBIA LIMITED DURATION CREDIT FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 11th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.***

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

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

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

* In U.S. dollars as of December 31, 2014. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies.

Contact us for more current data.

** Source: ICI as of December 31, 2014 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of December 2014 for Threadneedle Asset Management Limited.

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

Not part of the shareholder report

Get the market insight you need from our investment experts

Connect with Columbia Threadneedle Investments

Investor insight

Find economic and market commentary, investment videos, white papers,

mutual fund commentary and more at columbiathreadneedle.com/us.

Columbia Threadneedle Investor Newsletter (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 columbiathreadneedle.com/
us/newsletter.

Investment videos   Get analysis of current events and trends that may affect your investments.
Visit our online video library to watch and discover what our thought leaders
are saying about the financial markets and economy.

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

n Perspectives blog at columbiathreadneedle.com/us

Read timely posts by our investment team, including our chief investment officer, chief economist and portfolio managers.

n Twitter.com/CTinvest_US

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

n Youtube.com/user/CTinvestUS

View our commentaries on the economy, markets and current investment opportunities.

n Linkedin.com/company/Columbia-Threadneedle-Investments-US

Connect with us on LinkedIn for updates from our thought leaders.

* Columbia Threadneedle Investor Newsletter was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications in 2011, 2012 and 2013. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

Not part of the shareholder report

President’s Message

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the “About Us” tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

> Fund and strategy names

> Established investment teams, philosophies and processes

> Account services, features, servicing phone numbers and mailing addresses

> Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children’s education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

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

* Source: Ameriprise as of December 1, 2014

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 2015

Columbia Limited Duration Credit Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	11
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	17
Notes to Financial Statements	27
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 columbiathreadneedle.com/us or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Semiannual Report 2015

Columbia Limited Duration Credit Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Limited Duration Credit Fund (the Fund) Class A shares returned -1.02%, excluding sales charges for the six months ended January 31, 2015.

> The Fund underperformed its benchmark, the Barclays U.S. 1-5 Year Corporate Index, which returned 1.44% during the same time period.

Average Annual Total Returns (%) (for period ended January 31, 2015)
	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	06/19/03
Excluding sales charges			-1.02		0.14		2.94		3.45
Including sales charges			-4.00		-2.88		2.32		3.13
Class B	06/19/03
Excluding sales charges			-1.49		-0.61		2.14		2.66
Including sales charges			-6.38		-5.53		1.77		2.66
Class C	06/19/03
Excluding sales charges			-1.49		-0.61		2.15		2.67
Including sales charges			-2.47		-1.59		2.15		2.67
Class I	03/04/04		-0.83		0.51		3.32		3.81
Class K	06/19/03		-0.98		0.22		2.99		3.61
Class R4*	02/28/13		-0.89		0.39		3.04		3.50
Class R5*	11/08/12		-0.95		0.46		3.08		3.52
Class W*	12/01/06		-1.11		0.14		2.93		3.43
Class Y*	03/19/13		-0.93		0.51		3.08		3.52
Class Z*	09/27/10		-0.89		0.39		3.14		3.55
Barclays U.S. 1-5 Year Corporate Index			1.44		2.51		3.67		4.37

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. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

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

The Barclays U.S. 1-5 Year Corporate Index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility, and financial companies, with maturities between 1 and 5 years.

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 2015

Columbia Limited Duration Credit Fund

Portfolio Overview

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2015)
Corporate Bonds & Notes	92.4
Foreign Government Obligations	0.8
Money Market Funds	6.5
U.S. Treasury Obligations	0.3
Total	100.0

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

Quality Breakdown (%) (at January 31, 2015)
AAA rating	0.3
A rating	11.6
BBB rating	80.0
BB rating	5.1
B rating	2.2
CCC rating	0.8
Total	100.0

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

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from 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

Tom Murphy, CFA

Timothy Doubek, CFA

Royce Wilson, CFA

Semiannual Report 2015 3

Columbia Limited Duration Credit 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.

August 1, 2014 – January 31, 2015

	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		989.80	1,020.91		4.14	4.20		0.83
Class B		1,000.00	1,000.00		985.10	1,017.15		7.86	7.99		1.58
Class C		1,000.00	1,000.00		985.10	1,017.15		7.86	7.99		1.58
Class I		1,000.00	1,000.00		991.70	1,022.76		2.30	2.33		0.46
Class K		1,000.00	1,000.00		990.20	1,021.26		3.79	3.85		0.76
Class R4		1,000.00	1,000.00		991.10	1,022.16		2.90	2.94		0.58
Class R5		1,000.00	1,000.00		990.50	1,022.51		2.54	2.59		0.51
Class W		1,000.00	1,000.00		988.90	1,020.91		4.14	4.20		0.83
Class Y		1,000.00	1,000.00		990.70	1,022.76		2.30	2.33		0.46
Class Z		1,000.00	1,000.00		991.10	1,022.16		2.90	2.94		0.58

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 2015

Columbia Limited Duration Credit Fund

Portfolio of Investments

January 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes 90.9%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Aerospace & Defense 2.4%
Huntington Ingalls Industries, Inc.(a)
12/15/21		5.000%		1,070,000		1,110,125
L-3 Communications Corp.
05/28/17		1.500%		2,675,000		2,659,255
02/15/21		4.950%		11,180,000		12,399,525
Northrop Grumman Corp. Senior Unsecured
03/15/21		3.500%		12,680,000		13,482,378
Total						29,651,283
Banking 1.7%
JPMorgan Chase & Co. Senior Unsecured
01/23/20		2.250%		13,052,000		13,087,332
Morgan Stanley Senior Unsecured
01/27/20		2.650%		8,150,000		8,275,265
Total						21,362,597
Cable and Satellite 2.3%
DIRECTV Holdings LLC/Financing Co., Inc.
03/15/17		2.400%		8,900,000		9,098,710
DISH DBS Corp.
07/15/17		4.625%		4,451,000		4,540,020
NBCUniversal Media LLC
04/01/21		4.375%		10,552,000		11,814,272
Time Warner Cable, Inc.
02/01/20		5.000%		2,239,000		2,520,898
Total						27,973,900
Chemicals 2.0%
Dow Chemical Co. (The) Senior Unsecured
11/15/21		4.125%		6,285,000		6,842,907
LyondellBasell Industries NV Senior Unsecured
04/15/19		5.000%		8,482,000		9,385,358
PQ Corp. Secured(a)
05/01/18		8.750%		8,565,000		8,736,300
Total						24,964,565
Construction Machinery 1.0%
CNH Industrial Capital LLC
11/01/15		3.875%		1,484,000		1,489,565
02/01/17		3.250%		6,080,000		6,026,800
CNH Industrial Capital LLC(a) Senior Unsecured
07/15/19		3.375%		4,663,000		4,476,480
Total						11,992,845

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Electric 17.2%
American Electric Power Co., Inc. Senior Unsecured
12/15/17		1.650%		8,435,000		8,498,667
Appalachian Power Co. Senior Unsecured
05/24/15		3.400%		6,550,000		6,603,261
Arizona Public Service Co. Senior Unsecured
08/01/16		6.250%		2,105,000		2,268,643
CMS Energy Corp. Senior Unsecured
03/15/22		5.050%		1,300,000		1,499,718
DTE Energy Co. Senior Unsecured
06/01/16		6.350%		6,070,000		6,509,680
Dominion Resources, Inc. Senior Unsecured
03/15/21		4.450%		17,425,000		19,422,219
09/15/22		2.750%		7,685,000		7,743,091
Duke Energy Corp. Senior Unsecured
09/15/21		3.550%		9,860,000		10,617,435
08/15/22		3.050%		3,565,000		3,716,370
Indiana Michigan Power Co. Senior Unsecured
12/01/15		5.650%		95,000		97,929
NextEra Energy Capital Holdings
06/01/15		1.200%		4,310,000		4,318,896
Ohio Power Co. Senior Unsecured
06/01/16		6.000%		7,845,000		8,377,699
Oncor Electric Delivery Co. LLC Senior Secured
09/30/17		5.000%		14,659,000		15,989,993
Oncor Electric Delivery Co., LLC Senior Secured
06/01/19		2.150%		6,650,000		6,737,647
PG&E Corp. Senior Unsecured
03/01/19		2.400%		5,570,000		5,676,170
PPL Capital Funding, Inc.
06/01/18		1.900%		8,598,000		8,648,384
12/01/22		3.500%		1,655,000		1,743,059
06/01/23		3.400%		3,715,000		3,873,916
PSEG Power LLC
11/15/18		2.450%		3,950,000		4,024,280
09/15/21		4.150%		7,380,000		7,986,171
Progress Energy, Inc. Senior Unsecured
01/15/16		5.625%		3,195,000		3,340,500
04/01/22		3.150%		11,473,000		11,989,813

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

Semiannual Report 2015 5

Columbia Limited Duration Credit Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Public Service Electric & Gas Co. 1st Mortgage
06/01/19		1.800%		9,480,000		9,590,082
08/15/19		2.000%		3,600,000		3,683,106
Sierra Pacific Power Co.
05/15/16		6.000%		6,274,000		6,694,578
Southern California Edison Co. 1st Refunding Mortgage
06/01/21		3.875%		7,314,000		8,072,350
TransAlta Corp. Senior Unsecured
06/03/17		1.900%		24,850,000		24,877,931
Xcel Energy, Inc. Senior Unsecured
05/15/20		4.700%		5,974,000		6,755,489
Total						209,357,077
Food and Beverage 6.8%
Anheuser-Busch InBev Finance, Inc.
01/17/23		2.625%		2,649,000		2,657,591
ConAgra Foods, Inc. Senior Unsecured
01/25/23		3.200%		9,599,000		9,658,408
Grupo Bimbo SAB de CV(a)
01/25/22		4.500%		9,036,000		9,706,200
Molson Coors Brewing Co.
05/01/22		3.500%		7,345,000		7,692,191
SABMiller Holdings, Inc.(a)
01/15/22		3.750%		24,580,000		26,256,627
Tyson Foods, Inc.
08/15/19		2.650%		3,105,000		3,189,636
Wm. Wrigley Jr., Co.(a) Senior Unsecured
10/21/18		2.400%		15,695,000		16,034,718
10/21/19		2.900%		7,328,000		7,584,883
Total						82,780,254
Health Care 0.6%
CareFusion Corp. Senior Unsecured
05/15/17		1.450%		1,310,000		1,310,869
Express Scripts Holding Co.
05/15/16		3.125%		1,780,000		1,827,991
McKesson Corp. Senior Unsecured
03/15/19		2.284%		3,620,000		3,684,613
Total						6,823,473
Independent Energy 10.1%
Antero Resources Finance Corp.
11/01/21		5.375%		11,440,000		11,154,000

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Canadian Natural Resources Ltd. Senior Unsecured
05/15/17		5.700%		720,000		781,599
11/15/21		3.450%		4,065,000		4,098,833
Canadian Oil Sands Ltd.(a)
04/01/22		4.500%		23,222,000		21,192,467
Chesapeake Energy Corp.
12/15/18		7.250%		2,335,000		2,565,581
Cimarex Energy Co.
05/01/22		5.875%		7,356,000		7,668,630
06/01/24		4.375%		1,012,000		961,086
Concho Resources, Inc.
04/01/23		5.500%		5,610,000		5,610,000
Continental Resources, Inc.
09/15/22		5.000%		26,755,000		25,417,250
Noble Energy, Inc. Senior Unsecured
12/15/21		4.150%		3,686,000		3,858,133
Oasis Petroleum, Inc.
02/01/19		7.250%		4,288,000		4,095,040
Pioneer Natural Resources Co. Senior Unsecured
07/15/16		5.875%		3,090,000		3,283,706
Range Resources Corp.
06/01/21		5.750%		2,773,000		2,842,325
Whiting Petroleum Corp.
03/15/21		5.750%		7,889,000		7,504,411
Woodside Finance Ltd.(a)
05/10/21		4.600%		20,225,000		21,747,376
Total						122,780,437
Life Insurance 6.1%
Five Corners Funding Trust Senior Unsecured(a)
11/15/23		4.419%		34,325,000		37,698,791
Hartford Financial Services Group, Inc. (The) Senior Unsecured
10/15/17		4.000%		8,725,000		9,330,436
MetLife, Inc. Senior Unsecured
09/15/23		4.368%		9,275,000		10,422,763
Prudential Covered Trust Secured(a)
09/30/15		2.997%		5,391,000		5,456,139
TIAA Asset Management Finance Co. LLC Senior Unsecured(a)
11/01/19		2.950%		11,785,000		12,094,203
Total						75,002,332
Media and Entertainment 4.2%
Scripps Networks Interactive, Inc. Senior Unsecured
12/15/16		2.700%		4,855,000		5,014,302
11/15/19		2.750%		9,640,000		9,896,463

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

6 Semiannual Report 2015

Columbia Limited Duration Credit Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Sky PLC(a)
11/26/22		3.125%		19,529,000		19,843,612
Thomson Reuters Corp. Senior Unsecured
02/23/17		1.300%		9,570,000		9,583,006
09/30/21		3.950%		3,340,000		3,590,286
Time Warner, Inc.
03/29/21		4.750%		3,495,000		3,925,647
Total						51,853,316
Metals 3.0%
Barrick Gold Corp. Senior Unsecured
05/01/23		4.100%		9,560,000		9,556,501
CONSOL Energy, Inc.
04/01/20		8.250%		10,035,000		10,072,631
Teck Resources Ltd.
02/01/23		3.750%		9,630,000		8,309,265
Vale Overseas Ltd.
01/11/22		4.375%		9,245,000		8,789,961
Total						36,728,358
Midstream 12.9%
CenterPoint Energy Resources Corp. Senior Unsecured
11/01/17		6.125%		9,510,000		10,682,165
Colorado Interstate Gas Co. LLC
11/15/15		6.800%		9,145,000		9,519,570
Gulfstream Natural Gas System LLC Senior Unsecured(a)
11/01/15		5.560%		2,140,000		2,205,383
Kinder Morgan Energy Partners LP
03/01/21		3.500%		9,405,000		9,502,182
09/01/22		3.950%		18,575,000		18,967,100
02/15/23		3.450%		7,717,000		7,615,876
MarkWest Energy Partners LP/Finance Corp.
11/01/20		6.750%		502,000		527,100
NiSource Finance Corp.
09/15/17		5.250%		8,271,000		9,091,624
09/15/20		5.450%		422,000		484,875
Northwest Pipeline LLC Senior Unsecured
06/15/16		7.000%		7,241,000		7,852,828
04/15/17		5.950%		13,565,000		14,737,626
Panhandle Eastern Pipeline Co. LP Senior Unsecured
11/01/17		6.200%		10,533,000		11,748,877
Plains All American Pipeline LP/Finance Corp. Senior Unsecured
09/15/15		3.950%		2,937,000		2,987,425
06/01/22		3.650%		7,219,000		7,441,887

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Rockies Express Pipeline LLC Senior Unsecured(a)
04/15/15		3.900%		11,780,000		11,780,000
Southern Natural Gas Co. LLC/Issuing Corp. Senior Unsecured
06/15/21		4.400%		15,048,000		15,845,770
Southern Natural Gas Co. LLC Senior Unsecured(a)
04/01/17		5.900%		9,160,000		9,880,342
Transcontinental Gas Pipe Line Co. LLC Senior Unsecured
04/15/16		6.400%		6,102,000		6,503,280
Total						157,373,910
Natural Gas 0.9%
Sempra Energy Senior Unsecured
04/01/17		2.300%		6,060,000		6,208,088
10/01/22		2.875%		5,145,000		5,231,982
Total						11,440,070
Oil Field Services 3.3%
Noble Holding International Ltd.
03/15/17		2.500%		7,288,000		6,926,559
03/15/22		3.950%		28,993,000		24,789,276
Senior Unsecured
03/01/16		3.050%		3,257,000		3,211,249
Weatherford International Ltd.
02/15/16		5.500%		4,710,000		4,759,855
Total						39,686,939
Property & Casualty 4.8%
Alleghany Corp. Senior Unsecured
06/27/22		4.950%		3,789,000		4,294,722
CNA Financial Corp. Senior Unsecured
08/15/16		6.500%		4,954,000		5,350,196
08/15/20		5.875%		6,380,000		7,408,316
08/15/21		5.750%		2,070,000		2,415,137
Liberty Mutual Group, Inc.(a)
06/01/21		5.000%		11,265,000		12,607,889
06/15/23		4.250%		3,363,000		3,601,205
Senior Unsecured
08/15/16		6.700%		18,070,000		19,587,103
Transatlantic Holdings, Inc. Senior Unsecured
12/14/15		5.750%		3,124,000		3,243,830
Total						58,508,398
Railroads 0.9%
Norfolk Southern Co. Senior Unsecured
01/15/16		5.750%		10,000,000		10,474,000

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

Semiannual Report 2015 7

Columbia Limited Duration Credit Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Refining 1.2%
Marathon Petroleum Corp. Senior Unsecured
03/01/16		3.500%		4,410,000		4,517,741
03/01/21		5.125%		4,995,000		5,630,199
Valero Energy Corp.
02/01/15		4.500%		4,865,000		4,865,956
Total						15,013,896
Restaurants 1.0%
Yum! Brands, Inc. Senior Unsecured
11/01/20		3.875%		8,346,000		8,894,016
11/01/21		3.750%		3,600,000		3,794,271
Total						12,688,287
Transportation Services 1.8%
ERAC U.S.A. Finance LLC(a)
10/15/17		6.375%		3,280,000		3,695,260
10/15/19		2.350%		3,605,000		3,649,688
Senior Unsecured
08/16/21		4.500%		6,175,000		6,851,687
Heathrow Funding Ltd. Senior Secured(a)
06/25/15		2.500%		7,568,000		7,609,760
Total						21,806,395
Wireless 2.8%
CC Holdings GS V LLC/Crown Castle GS III Corp. Senior Secured
12/15/17		2.381%		20,392,000		20,703,834
Rogers Communications, Inc.
03/15/23		3.000%		12,964,000		13,029,300
Total						33,733,134
Wirelines 3.9%
AT&T, Inc. Senior Unsecured
08/15/21		3.875%		4,310,000		4,616,290
12/01/22		2.625%		14,903,000		14,715,878

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Verizon Communications, Inc.
Senior Unsecured
11/01/21		3.500%		7,760,000		8,078,595
11/01/22		2.450%		21,010,000		20,287,844
Total						47,698,607
Total Corporate Bonds & Notes
(Cost: $1,099,950,527)						1,109,694,073
U.S. Treasury Obligations 0.3%
U.S. Treasury 02/29/16		0.250%		3,505,000		3,506,643
Total U.S. Treasury Obligations
(Cost: $3,493,499)						3,506,643
Foreign Government Obligations(b) 0.8%
Brazil 0.7%
Petrobras International Finance Co. SA
01/27/21		5.375%		8,995,000		8,053,898
Netherlands 0.1%
Petrobras Global Finance BV
03/17/17		3.250%		1,513,000		1,395,803
Total Foreign Government Obligations
(Cost: $10,705,058)						9,449,701
Money Market Funds 6.4%
			Shares		Value ($)
Columbia Short-Term Cash Fund, 0.118%(c)(d)				78,403,115		78,403,115
Total Money Market Funds
(Cost: $78,403,115)						78,403,115
Total Investments
(Cost: $1,192,552,199)						1,201,053,532
Other Assets & Liabilities, Net						19,467,937
Net Assets						1,220,521,469

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2015

At January 31, 2015, cash totaling $4,468,100 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		(2,867	)		USD		(375,218,625	)		03/2015		—		(13,715,752	)
US 2YR NOTE		(103	)		USD		(22,635,860	)		03/2015		—		(90,299	)
US 5YR NOTE		(396	)		USD		(48,052,125	)		03/2015		—		(968,365	)
US LONG BOND		(71	)		USD		(10,740,969	)		03/2015		—		(757,406	)
Total							(456,647,579	)				—		(15,531,822	)

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

8 Semiannual Report 2015

Columbia Limited Duration Credit Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

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 January 31, 2015, the value of these securities amounted to $273,406,238 or 22.40% of net assets.

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

(c) The rate shown is the seven-day current annualized yield at January 31, 2015.

(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 January 31, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		143,977,145		386,132,946		(451,706,976	)		78,403,115		52,551		78,403,115

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 2015 9

Columbia Limited Duration Credit Fund

Portfolio of Investments (continued)

January 31, 2015 (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 January 31, 2015:

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		—			1,109,694,073		—		1,109,694,073
U.S. Treasury Obligations		3,506,643			—		—		3,506,643
Foreign Government Obligations		—			9,449,701		—		9,449,701
Total Bonds		3,506,643			1,119,143,774		—		1,122,650,417
Mutual Funds
Money Market Funds		78,403,115			—		—		78,403,115
Total Mutual Funds		78,403,115			—		—		78,403,115
Investments in Securities		81,909,758			1,119,143,774		—		1,201,053,532
Derivatives
Liabilities
Futures Contracts		(15,531,822	)		—		—		(15,531,822	)
Total		66,377,936			1,119,143,774		—		1,185,521,710

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

	Corporate Bonds & Notes ($)
Balance as of July 31, 2014		23,235,313
Accrued discounts/premiums		(255,224	)
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)(a)		19,911
Sales		(23,000,000	)
Purchases		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of January 31, 2015		—

(a) Change in unrealized appreciation (depreciation) relating to securities held at January 31, 2015 was $19,911.

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

10 Semiannual Report 2015

Columbia Limited Duration Credit Fund

Statement of Assets and Liabilities

January 31, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,114,149,084)	$1,122,650,417
Affiliated issuers (identified cost $78,403,115)	78,403,115
Total investments (identified cost $1,192,552,199)	1,201,053,532
Margin deposits	4,468,100
Receivable for:
Investments sold	10,212,330
Capital shares sold	3,705,547
Dividends	9,833
Interest	12,145,014
Expense reimbursement due from Investment Manager	643
Prepaid expenses	3,480
Other assets	20,691
Total assets	1,231,619,170
Liabilities
Payable for:
Investments purchased	1,143,953
Capital shares purchased	5,294,205
Dividend distributions to shareholders	2,148,072
Variation margin	2,238,251
Investment management fees	12,160
Distribution and/or service fees	7,780
Transfer agent fees	157,988
Administration fees	2,237
Plan administration fees	1
Compensation of board members	51,457
Other expenses	41,597
Total liabilities	11,097,701
Net assets applicable to outstanding capital stock	$1,220,521,469
Represented by
Paid-in capital	$1,231,482,447
Undistributed net investment income	351,447
Accumulated net realized loss	(4,281,936	)
Unrealized appreciation (depreciation) on:
Investments	8,501,333
Futures contracts	(15,531,822	)
Total — representing net assets applicable to outstanding capital stock	$1,220,521,469

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

Semiannual Report 2015 11

Columbia Limited Duration Credit Fund

Statement of Assets and Liabilities (continued)

January 31, 2015 (Unaudited)

Class A
Net assets	$607,418,556
Shares outstanding	62,063,735
Net asset value per share	$9.79
Maximum offering price per share(a)	$10.09
Class B
Net assets	$2,187,227
Shares outstanding	223,554
Net asset value per share	$9.78
Class C
Net assets	$76,489,380
Shares outstanding	7,819,702
Net asset value per share	$9.78
Class I
Net assets	$167,284,380
Shares outstanding	17,088,778
Net asset value per share	$9.79
Class K
Net assets	$116,151
Shares outstanding	11,841
Net asset value per share	$9.81
Class R4
Net assets	$17,907,861
Shares outstanding	1,829,792
Net asset value per share	$9.79
Class R5
Net assets	$36,413,469
Shares outstanding	3,718,623
Net asset value per share	$9.79
Class W
Net assets	$213,521,079
Shares outstanding	21,784,965
Net asset value per share	$9.80
Class Y
Net assets	$3,121,877
Shares outstanding	318,867
Net asset value per share	$9.79
Class Z
Net assets	$96,061,489
Shares outstanding	9,812,321
Net asset value per share	$9.79

(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%.

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

12 Semiannual Report 2015

Columbia Limited Duration Credit Fund

Statement of Operations

Six Months Ended January 31, 2015 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$52,551
Interest	15,854,763
Total income	15,907,314
Expenses:
Investment management fees	2,152,299
Distribution and/or service fees
Class A	795,054
Class B	13,359
Class C	390,283
Class W	227,525
Transfer agent fees
Class A	471,544
Class B	1,985
Class C	57,870
Class K	29
Class R4	8,217
Class R5	9,512
Class W	134,691
Class Z	84,142
Administration fees	397,135
Plan administration fees
Class K	146
Compensation of board members	12,130
Custodian fees	10,535
Printing and postage fees	52,688
Registration fees	83,385
Professional fees	22,344
Other	11,559
Total expenses	4,936,432
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(132,211	)
Total net expenses	4,804,221
Net investment income	11,103,093
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	2,679,976
Futures contracts	(3,761,322	)
Net realized loss	(1,081,346	)
Net change in unrealized appreciation (depreciation) on:
Investments	(4,783,030	)
Futures contracts	(17,996,264	)
Net change in unrealized depreciation	(22,779,294	)
Net realized and unrealized loss	(23,860,640	)
Net decrease in net assets from operations	$(12,757,547	)

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

Semiannual Report 2015 13

Columbia Limited Duration Credit Fund

Statement of Changes in Net Assets

	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014
Operations
Net investment income		$11,103,093			$17,219,602
Net realized gain (loss)		(1,081,346	)		3,872,147
Net change in unrealized appreciation (depreciation)		(22,779,294	)		8,183,581
Net increase (decrease) in net assets resulting from operations		(12,757,547	)		29,275,330
Distributions to shareholders
Net investment income
Class A		(5,736,630	)		(14,100,899	)
Class B		(13,532	)		(64,283	)
Class C		(408,947	)		(1,252,719	)
Class I		(1,493,544	)		(4,319,361	)
Class K		(1,099	)		(2,529	)
Class R4		(119,426	)		(108,680	)
Class R5		(407,048	)		(409,574	)
Class W		(1,683,974	)		(1,303,632	)
Class Y		(7,013	)		(110	)
Class Z		(1,164,253	)		(2,766,681	)
Net realized gains
Class A		(639,325	)		(6,559,175	)
Class B		(2,331	)		(45,559	)
Class C		(74,133	)		(878,941	)
Class I		(124,262	)		(1,701,213	)
Class K		(112	)		(1,111	)
Class R4		(11,741	)		(42,695	)
Class R5		(38,434	)		(28,278	)
Class W		(208,653	)		(669,542	)
Class Y		(10	)		(25	)
Class Z		(110,233	)		(1,350,814	)
Total distributions to shareholders		(12,244,700	)		(35,605,821	)
Increase in net assets from capital stock activity		75,899,574			101,265,424
Total increase in net assets		50,897,327			94,934,933
Net assets at beginning of period		1,169,624,142			1,074,689,209
Net assets at end of period		$1,220,521,469			$1,169,624,142
Undistributed net investment income		$351,447			$283,820

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

14 Semiannual Report 2015

Columbia Limited Duration Credit Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)							Year Ended July 31, 2014
	Shares				Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		13,723,055				136,226,400			23,104,730			230,736,898
Distributions reinvested		625,836				6,182,457			2,021,083			20,149,152
Redemptions		(15,475,914	)			(152,930,298	)		(26,204,642	)		(261,565,619	)
Net decrease		(1,127,023	)			(10,521,441	)		(1,078,829	)		(10,679,569	)
Class B shares
Subscriptions		13,140				130,215			73,405			734,065
Distributions reinvested		1,578				15,585			10,887			108,435
Redemptions(a)		(106,278	)			(1,052,909	)		(277,864	)		(2,773,735	)
Net decrease		(91,560	)			(907,109	)		(193,572	)		(1,931,235	)
Class C shares
Subscriptions		1,056,862				10,442,180			1,899,415			18,960,924
Distributions reinvested		44,336				437,420			195,863			1,949,955
Redemptions		(1,204,412	)			(11,905,458	)		(3,245,302	)		(32,380,233	)
Net decrease		(103,214	)			(1,025,858	)		(1,150,024	)		(11,469,354	)
Class I shares
Subscriptions		4,338,271				42,450,859			1,182,532			11,819,557
Distributions reinvested		163,190				1,612,519			600,292			5,987,600
Redemptions		(3,427,214	)			(34,199,467	)		(7,760,796	)		(77,500,906	)
Net increase (decrease)		1,074,247				9,863,911			(5,977,972	)		(59,693,749	)
Class K shares
Subscriptions		—				—			750			7,500
Distributions reinvested		112				1,108			352			3,515
Redemptions		—				—			(103	)		(1,025	)
Net increase		112				1,108			999			9,990
Class R4 shares				��
Subscriptions		1,569,055				15,504,976			556,390			5,551,606
Distributions reinvested		13,287				131,054			15,169			151,216
Redemptions		(353,174	)			(3,492,446	)		(197,015	)		(1,964,256	)
Net increase		1,229,168				12,143,584			374,544			3,738,566
Class R5 shares
Subscriptions		1,243,254				12,337,071			4,352,581			43,304,686
Distributions reinvested		44,958				444,379			43,847			437,711
Redemptions		(1,179,974	)			(11,649,491	)		(983,374	)		(9,824,728	)
Net increase		108,238				1,131,959			3,413,054			33,917,669
Class W shares
Subscriptions		14,841,214				147,875,047			15,270,943			153,147,822
Distributions reinvested		191,457				1,892,527			197,791			1,972,979
Redemptions		(7,788,154	)			(77,897,361	)		(1,872,640	)		(18,718,534	)
Net increase		7,244,517				71,870,213			13,596,094			136,402,267

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

Semiannual Report 2015 15

Columbia Limited Duration Credit Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)							Year Ended July 31, 2014
	Shares				Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		342,599				3,360,487			762			7,596
Distributions reinvested		705				6,904			—			—
Redemptions		(25,446	)			(249,027	)		—			—
Net increase		317,858				3,118,364			762			7,596
Class Z shares
Subscriptions		4,583,583		��		45,543,531			13,154,934			131,523,695
Distributions reinvested		93,237				921,578			229,848			2,292,887
Redemptions		(5,692,773	)			(56,240,266	)		(12,321,696	)		(122,853,339	)
Net increase (decrease)		(1,015,953	)			(9,775,157	)		1,063,086			10,963,243
Total net increase		7,636,390				75,899,574			10,048,142			101,265,424

(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.

16 Semiannual Report 2015

Columbia Limited Duration Credit 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 January 31, 2015		Year Ended July 31,
Class  A	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.99		$10.04		$10.15		$10.10		$9.94		$9.46
Income from investment operations:
Net investment income	0.09		0.16		0.16		0.25		0.31		0.38
Net realized and unrealized gain (loss)	(0.19	)	0.11		0.05		0.03		0.17		0.50
Total from investment operations	(0.10	)	0.27		0.21		0.28		0.48		0.88
Less distributions to shareholders:
Net investment income	(0.09	)	(0.22	)	(0.16	)	(0.23	)	(0.32	)	(0.40	)
Net realized gains	(0.01	)	(0.10	)	(0.16	)	—		—		—
Total distributions to shareholders	(0.10	)	(0.32	)	(0.32	)	(0.23	)	(0.32	)	(0.40	)
Net asset value, end of period	$9.79		$9.99		$10.04		$10.15		$10.10		$9.94
Total return	(1.02	%)	2.78	%	2.11	%	2.87	%	4.87	%	9.40	%
Ratios to average net assets(a)
Total gross expenses	0.86	%(b)	0.87	%	0.86	%	0.88	%	0.94	%	0.96	%
Total net expenses(c)	0.83	%(b)	0.84	%(d)	0.85	%(d)	0.84	%(d)	0.86	%	0.85	%
Net investment income	1.82	%(b)	1.55	%	1.56	%	2.45	%	3.11	%	3.90	%
Supplemental data
Net assets, end of period (in thousands)	$607,419		$631,359		$645,559		$624,738		$516,916		$392,689
Portfolio turnover	26	%	93	%	87	%	106	%	113	%	101	%

Notes to Financial Highlights

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

(b) Annualized.

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

(d) 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 2015 17

Columbia Limited Duration Credit Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class B	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.99		$10.04		$10.14		$10.10		$9.94		$9.46
Income from investment operations:
Net investment income	0.05		0.08		0.08		0.17		0.24		0.31
Net realized and unrealized gain (loss)	(0.20	)	0.12		0.07		0.03		0.17		0.49
Total from investment operations	(0.15	)	0.20		0.15		0.20		0.41		0.80
Less distributions to shareholders:
Net investment income	(0.05	)	(0.15	)	(0.09	)	(0.16	)	(0.25	)	(0.32	)
Net realized gains	(0.01	)	(0.10	)	(0.16	)	—		—		—
Total distributions to shareholders	(0.06	)	(0.25	)	(0.25	)	(0.16	)	(0.25	)	(0.32	)
Net asset value, end of period	$9.78		$9.99		$10.04		$10.14		$10.10		$9.94
Total return	(1.49	%)	2.01	%	1.45	%	1.99	%	4.08	%	8.59	%
Ratios to average net assets(a)
Total gross expenses	1.61	%(b)	1.61	%	1.61	%	1.63	%	1.69	%	1.73	%
Total net expenses(c)	1.58	%(b)	1.59	%(d)	1.60	%(d)	1.60	%(d)	1.61	%	1.61	%
Net investment income	1.05	%(b)	0.81	%	0.81	%	1.70	%	2.36	%	3.18	%
Supplemental data
Net assets, end of period (in thousands)	$2,187		$3,147		$5,108		$6,385		$8,756		$11,562
Portfolio turnover	26	%	93	%	87	%	106	%	113	%	101	%

Notes to Financial Highlights

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

(b) Annualized.

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

(d) 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 2015

Columbia Limited Duration Credit Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class C	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.99		$10.04		$10.14		$10.10		$9.94		$9.45
Income from investment operations:
Net investment income	0.05		0.08		0.08		0.17		0.23		0.30
Net realized and unrealized gain (loss)	(0.20	)	0.12		0.07		0.03		0.18		0.51
Total from investment operations	(0.15	)	0.20		0.15		0.20		0.41		0.81
Less distributions to shareholders:
Net investment income	(0.05	)	(0.15	)	(0.09	)	(0.16	)	(0.25	)	(0.32	)
Net realized gains	(0.01	)	(0.10	)	(0.16	)	—		—		—
Total distributions to shareholders	(0.06	)	(0.25	)	(0.25	)	(0.16	)	(0.25	)	(0.32	)
Net asset value, end of period	$9.78		$9.99		$10.04		$10.14		$10.10		$9.94
Total return	(1.49	%)	2.01	%	1.45	%	2.00	%	4.09	%	8.70	%
Ratios to average net assets(a)
Total gross expenses	1.61	%(b)	1.62	%	1.61	%	1.63	%	1.69	%	1.71	%
Total net expenses(c)	1.58	%(b)	1.59	%(d)	1.60	%(d)	1.59	%(d)	1.61	%	1.60	%
Net investment income	1.07	%(b)	0.81	%	0.81	%	1.70	%	2.34	%	3.12	%
Supplemental data
Net assets, end of period (in thousands)	$76,489		$79,115		$91,079		$90,079		$72,019		$49,324
Portfolio turnover	26	%	93	%	87	%	106	%	113	%	101	%

Notes to Financial Highlights

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

(b) Annualized.

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

(d) 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 2015 19

Columbia Limited Duration Credit Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class I	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.99		$10.05		$10.15		$10.11		$9.94		$9.46
Income from investment operations:
Net investment income	0.11		0.19		0.20		0.28		0.34		0.42
Net realized and unrealized gain (loss)	(0.19	)	0.11		0.06		0.03		0.19		0.49
Total from investment operations	(0.08	)	0.30		0.26		0.31		0.53		0.91
Less distributions to shareholders:
Net investment income	(0.11	)	(0.26	)	(0.20	)	(0.27	)	(0.36	)	(0.43	)
Net realized gains	(0.01	)	(0.10	)	(0.16	)	—		—		—
Total distributions to shareholders	(0.12	)	(0.36	)	(0.36	)	(0.27	)	(0.36	)	(0.43	)
Net asset value, end of period	$9.79		$9.99		$10.05		$10.15		$10.11		$9.94
Total return	(0.83	%)	3.06	%	2.60	%	3.17	%	5.34	%	9.79	%
Ratios to average net assets(a)
Total gross expenses	0.46	%(b)	0.46	%	0.47	%	0.46	%	0.58	%	0.61	%
Total net expenses(c)	0.46	%(b)	0.46	%	0.47	%	0.46	%	0.52	%	0.49	%
Net investment income	2.20	%(b)	1.93	%	1.94	%	2.83	%	3.41	%	4.34	%
Supplemental data
Net assets, end of period (in thousands)	$167,284		$160,050		$220,958		$207,343		$216,337		$126,852
Portfolio turnover	26	%	93	%	87	%	106	%	113	%	101	%

Notes to Financial Highlights

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

(b) Annualized.

(c) 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 2015

Columbia Limited Duration Credit Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class K	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$10.01		$10.07		$10.17		$10.13		$9.97		$9.49
Income from investment operations:
Net investment income	0.09		0.16		0.18		0.26		0.32		0.38
Net realized and unrealized gain (loss)	(0.19	)	0.11		0.05		0.02		0.17		0.50
Total from investment operations	(0.10	)	0.27		0.23		0.28		0.49		0.88
Less distributions to shareholders:
Net investment income	(0.09	)	(0.23	)	(0.17	)	(0.24	)	(0.33	)	(0.40	)
Net realized gains	(0.01	)	(0.10	)	(0.16	)	—		—		—
Total distributions to shareholders	(0.10	)	(0.33	)	(0.33	)	(0.24	)	(0.33	)	(0.40	)
Net asset value, end of period	$9.81		$10.01		$10.07		$10.17		$10.13		$9.97
Total return	(0.98	%)	2.76	%	2.29	%	2.87	%	4.92	%	9.45	%
Ratios to average net assets(a)
Total gross expenses	0.76	%(b)	0.76	%	0.76	%	0.76	%	0.89	%	0.91	%
Total net expenses(c)	0.76	%(b)	0.76	%	0.76	%	0.76	%	0.82	%	0.79	%
Net investment income	1.89	%(b)	1.63	%	1.72	%	2.54	%	3.16	%	3.93	%
Supplemental data
Net assets, end of period (in thousands)	$116		$117		$108		$455		$575		$541
Portfolio turnover	26	%	93	%	87	%	106	%	113	%	101	%

Notes to Financial Highlights

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

(b) Annualized.

(c) 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 2015 21

Columbia Limited Duration Credit Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class R4	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$9.99		$10.04		$10.12
Income from investment operations:
Net investment income	0.10		0.18		0.07
Net realized and unrealized gain (loss)	(0.19	)	0.12		(0.08	)(b)
Total from investment operations	(0.09	)	0.30		(0.01	)
Less distributions to shareholders:
Net investment income	(0.10	)	(0.25	)	(0.07	)
Net realized gains	(0.01	)	(0.10	)	—
Total distributions to shareholders	(0.11	)	(0.35	)	(0.07	)
Net asset value, end of period	$9.79		$9.99		$10.04
Total return	(0.89	%)	3.04	%	(0.07	%)
Ratios to average net assets(c)
Total gross expenses	0.61	%(d)	0.62	%	0.62	%(d)
Total net expenses(e)	0.58	%(d)	0.59	%(f)	0.60	%(d)(f)
Net investment income	2.13	%(d)	1.80	%	1.76	%(d)
Supplemental data
Net assets, end of period (in thousands)	$17,908		$6,000		$2,270
Portfolio turnover	26	%	93	%	87	%

Notes to Financial Highlights

(a) Based on operations from February 28, 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 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%.

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

22 Semiannual Report 2015

Columbia Limited Duration Credit Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class R5	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$10.00		$10.05		$10.30
Income from investment operations:
Net investment income	0.11		0.18		0.14
Net realized and unrealized gain (loss)	(0.20	)	0.13		(0.10	)(b)
Total from investment operations	(0.09	)	0.31		0.04
Less distributions to shareholders:
Net investment income	(0.11	)	(0.26	)	(0.13	)
Net realized gains	(0.01	)	(0.10	)	(0.16	)
Total distributions to shareholders	(0.12	)	(0.36	)	(0.29	)
Net asset value, end of period	$9.79		$10.00		$10.05
Total return	(0.95	%)	3.12	%	0.44	%
Ratios to average net assets(c)
Total gross expenses	0.51	%(d)	0.51	%	0.55	%(d)
Total net expenses(e)	0.51	%(d)	0.51	%	0.54	%(d)
Net investment income	2.15	%(d)	1.84	%	1.99	%(d)
Supplemental data
Net assets, end of period (in thousands)	$36,413		$36,091		$1,983
Portfolio turnover	26	%	93	%	87	%

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.

Semiannual Report 2015 23

Columbia Limited Duration Credit Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class W	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$10.01		$10.06		$10.16		$10.12		$9.95		$9.47
Income from investment operations:
Net investment income	0.09		0.15		0.16		0.25		0.26		0.38
Net realized and unrealized gain (loss)	(0.20	)	0.12		0.06		0.03		0.23		0.49
Total from investment operations	(0.11	)	0.27		0.22		0.28		0.49		0.87
Less distributions to shareholders:
Net investment income	(0.09	)	(0.22	)	(0.16	)	(0.24	)	(0.32	)	(0.39	)
Net realized gains	(0.01	)	(0.10	)	(0.16	)	—		—		—
Total distributions to shareholders	(0.10	)	(0.32	)	(0.32	)	(0.24	)	(0.32	)	(0.39	)
Net asset value, end of period	$9.80		$10.01		$10.06		$10.16		$10.12		$9.95
Total return	(1.11	%)	2.77	%	2.21	%	2.78	%	4.97	%	9.30	%
Ratios to average net assets(a)
Total gross expenses	0.85	%(b)	0.87	%	0.86	%	0.88	%	0.89	%	1.08	%
Total net expenses(c)	0.83	%(b)	0.83	%(d)	0.85	%(d)	0.84	%(d)	0.86	%	0.93	%
Net investment income	1.84	%(b)	1.50	%	1.61	%	2.45	%	2.64	%	3.92	%
Supplemental data
Net assets, end of period (in thousands)	$213,521		$145,507		$9,498		$15,593		$12,353		$5
Portfolio turnover	26	%	93	%	87	%	106	%	113	%	101	%

Notes to Financial Highlights

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

(b) Annualized.

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

(d) 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 2015

Columbia Limited Duration Credit Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class Y	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$10.00		$10.05		$10.13
Income from investment operations:
Net investment income	0.12		0.19		0.07
Net realized and unrealized gain (loss)	(0.21	)	0.12		(0.08	)(b)
Total from investment operations	(0.09	)	0.31		(0.01	)
Less distributions to shareholders:
Net investment income	(0.11	)	(0.26	)	(0.07	)
Net realized gains	(0.01	)	(0.10	)	—
Total distributions to shareholders	(0.12	)	(0.36	)	(0.07	)
Net asset value, end of period	$9.79		$10.00		$10.05
Total return	(0.93	%)	3.16	%	(0.14	%)
Ratios to average net assets(c)
Total gross expenses	0.51	%(d)	0.46	%	0.44	%(d)
Total net expenses(e)	0.46	%(d)	0.46	%	0.44	%(d)
Net investment income	2.67	%(d)	1.87	%	1.81	%(d)
Supplemental data
Net assets, end of period (in thousands)	$3,122		$10		$2
Portfolio turnover	26	%	93	%	87	%

Notes to 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 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.

Semiannual Report 2015 25

Columbia Limited Duration Credit Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class Z	(Unaudited)		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.99		$10.05		$10.15		$10.11		$10.05
Income from investment operations:
Net investment income	0.10		0.18		0.18		0.27		0.25
Net realized and unrealized gain (loss)	(0.19	)	0.11		0.07		0.03		0.09
Total from investment operations	(0.09	)	0.29		0.25		0.30		0.34
	��
Less distributions to shareholders:
Net investment income	(0.10	)	(0.25	)	(0.19	)	(0.26	)	(0.28	)
Net realized gains	(0.01	)	(0.10	)	(0.16	)	—		—
Total distributions to shareholders	(0.11	)	(0.35	)	(0.35	)	(0.26	)	(0.28	)
Net asset value, end of period	$9.79		$9.99		$10.05		$10.15		$10.11
Total return	(0.89	%)	2.93	%	2.46	%	3.05	%	3.49	%
Ratios to average net assets(b)
Total gross expenses	0.61	%(c)	0.62	%	0.61	%	0.63	%	0.67	%(c)
Total net expenses(d)	0.58	%(c)	0.59	%(e)	0.60	%(e)	0.59	%(e)	0.61	%(c)
Net investment income	2.07	%(c)	1.81	%	1.80	%	2.69	%	3.01	%(c)
Supplemental data
Net assets, end of period (in thousands)	$96,061		$108,228		$98,123		$97,765		$29,799
Portfolio turnover	26	%	93	%	87	%	106	%	113	%

Notes to Financial Highlights

(a) Based on operations from September 27, 2010 (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.

26 Semiannual Report 2015

Columbia Limited Duration Credit Fund

Notes to Financial Statements

January 31, 2015 (Unaudited)

Note 1. Organization

Columbia Limited Duration Credit 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 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 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 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.

Semiannual Report 2015 27

Columbia Limited Duration Credit Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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 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

28 Semiannual Report 2015

Columbia Limited Duration Credit Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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 January 31, 2015:

	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized depreciation on futures contracts	15,531,822	*

* 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 January 31, 2015:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Interest rate risk		(3,761,322	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Interest rate risk		(17,996,264	)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2015:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Short		444,180,071

* Based on the ending quarterly outstanding amounts for the six months ended January 31, 2015.

Semiannual Report 2015 29

Columbia Limited Duration Credit Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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 0.36% to 0.24% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended January 31, 2015 was 0.36% 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 January 31, 2015 was 0.07% 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

30 Semiannual Report 2015

Columbia Limited Duration Credit Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. For the six months ended January 31, 2015, other expenses paid by the Fund to this company were $1,463.

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 do not pay transfer agency fees.

For the six months ended January 31, 2015, 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 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 January 31, 2015, 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 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 $609,000 and $507,000 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.

Semiannual Report 2015 31

Columbia Limited Duration Credit Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $138,495 for Class A, $28 for Class B and $5,649 for Class C shares for the six months ended January 31, 2015.

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 December 1, 2014			Contractual Expense Cap Prior to December 1, 2014
Class A		0.83	%		0.83	%
Class B		1.58			1.58
Class C		1.58			1.58
Class I		0.46			0.48
Class K		0.76			0.78
Class R4		0.58			0.58
Class R5		0.51			0.53
Class W		0.83			0.83
Class Y		0.46			0.48
Class Z		0.58			0.58

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. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

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

At January 31, 2015, the cost of investments for federal income tax purposes was approximately $1,192,552,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$24,331,000
Unrealized depreciation	(15,829,000	)
Net unrealized appreciation	$8,502,000

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 $380,707,862 and $287,773,285, respectively, for the six months ended January 31, 2015. 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 January 31, 2015, affiliated shareholders of record owned 78.4% 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

32 Semiannual Report 2015

Columbia Limited Duration Credit Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

emergency purposes. Pursuant to a December 9, 2014 amendment, the credit facility agreement, 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 $550 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. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended January 31, 2015.

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.

Note 10. Subsequent Events

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

Note 11. Information Regarding Pending and Settled Legal Proceedings

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

Semiannual Report 2015 33

Columbia Limited Duration Credit Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

34 Semiannual Report 2015

Columbia Limited Duration Credit Fund

Important Information About This Report

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

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

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

Semiannual Report 2015 35

Columbia Limited Duration Credit Fund

P.O. Box 8081

Boston, MA 02266-8081

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

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

columbiathreadneedle.com/us

SAR183_07_E01_(03/15)

SEMIANNUAL REPORT

January 31, 2015

COLUMBIA MINNESOTA TAX-EXEMPT FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 11th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.***

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

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

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

* In U.S. dollars as of December 31, 2014. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies.

Contact us for more current data.

** Source: ICI as of December 31, 2014 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of December 2014 for Threadneedle Asset Management Limited.

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

Not part of the shareholder report

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Connect with Columbia Threadneedle Investments

Investor insight

Find economic and market commentary, investment videos, white papers,

mutual fund commentary and more at columbiathreadneedle.com/us.

Columbia Threadneedle Investor Newsletter (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 columbiathreadneedle.com/
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Investment videos   Get analysis of current events and trends that may affect your investments.
Visit our online video library to watch and discover what our thought leaders
are saying about the financial markets and economy.

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

n Perspectives blog at columbiathreadneedle.com/us

Read timely posts by our investment team, including our chief investment officer, chief economist and portfolio managers.

n Twitter.com/CTinvest_US

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* Columbia Threadneedle Investor Newsletter was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications in 2011, 2012 and 2013. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

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Subscribe to the latest information from Columbia Threadneedle. Visit our email subscription center at columbiathreadneedle.com/us/subscribe to register for economic and market commentary, product and service updates, white papers and more.

n Columbia Threadneedle Investor Newsletter

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

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

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Register your information online at columbiathreadneedle.com/us/subscribe and select the publications you would like to receive. Update your subscriptions at any time by accessing the email subscription center.

CT-MK (03/15) 5383/1125800

President’s Message

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the “About Us” tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

> Fund and strategy names

> Established investment teams, philosophies and processes

> Account services, features, servicing phone numbers and mailing addresses

> Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children’s education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

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

* Source: Ameriprise as of December 1, 2014

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 2015

Columbia Minnesota Tax-Exempt Fund

Table of Contents

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	14
Statement of Operations	16
Statement of Changes in Net Assets	17
Financial Highlights	19
Notes to Financial Statements	25
Important Information About This Report	31

Semiannual Report 2015

Columbia Minnesota Tax-Exempt Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Minnesota Tax-Exempt Fund (the Fund) Class A shares returned 4.58% excluding sales charges for the six-month period that ended January 31, 2015. Class Z shares of the Fund returned 4.71% for the same time period.

> During the same six-month period, the Barclays Minnesota Municipal Bond Index returned 3.64% and the broader Barclays Municipal Bond Index returned 4.52%.

Average Annual Total Returns (%) (for period ended January 31, 2015)
	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	08/18/86
Excluding sales charges			4.58		9.11		5.58		4.58
Including sales charges			1.43		5.75		4.95		4.26
Class B	03/20/95
Excluding sales charges			4.18		8.28		4.83		3.82
Including sales charges			-0.82		3.28		4.49		3.82
Class C	06/26/00
Excluding sales charges			4.18		8.30		4.79		3.80
Including sales charges			3.18		7.30		4.79		3.80
Class R4*	03/19/13		4.52		9.39		5.69		4.64
Class R5*	12/11/13		4.53		9.42		5.65		4.62
Class Z*	09/27/10		4.71		9.58		5.81		4.70
Barclays Minnesota Municipal Bond Index			3.64		6.79		4.78		4.64
Barclays Municipal Bond Index			4.52		8.86		5.42		4.82

Returns for Class A are shown with and without the maximum initial sales charge of 3.00%. The maximum applicable sales charge was reduced from 4.75% to 3.00% on Class A share purchases made on or after February 19, 2015. Class A returns (including sales charges) for all periods reflect the current maximum applicable 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. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

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

The Barclays Minnesota Municipal Bond Index is a market capitalization-weighted index of Minnesota Investment-grade bonds with maturities of one year or more.

The Barclays Municipal Bond Index is an unmanaged index considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.

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 2015 3

Columbia Minnesota Tax-Exempt Fund

Portfolio Overview

(Unaudited)

Portfolio Management

Catherine Stienstra

Quality Breakdown (%) (at January 31, 2015)
AAA rating	0.9
AA rating	30.6
A rating	35.5
BBB rating	15.9
Not rated	17.1
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.

4 Semiannual Report 2015

Columbia Minnesota Tax-Exempt 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.

August 1, 2014 – January 31, 2015

	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		1,045.80	1,020.96		4.21	4.15		0.82
Class B		1,000.00	1,000.00		1,041.80	1,017.20		8.04	7.94		1.57
Class C		1,000.00	1,000.00		1,041.80	1,017.20		8.04	7.94		1.57
Class R4		1,000.00	1,000.00		1,045.20	1,022.21		2.92	2.89		0.57
Class R5		1,000.00	1,000.00		1,045.30	1,022.31		2.82	2.79		0.55
Class Z		1,000.00	1,000.00		1,047.10	1,022.21		2.93	2.89		0.57

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.

Semiannual Report 2015 5

Columbia Minnesota Tax-Exempt Fund

Portfolio of Investments

January 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Municipal Bonds 98.4%
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
Airport 4.1%
Minneapolis-St. Paul Metropolitan Airports Commission Refunding Revenue Bonds Series 2011
01/01/25		5.000%		2,000,000		2,332,140
Subordinated Series 2012B
01/01/30		5.000%		1,000,000		1,158,620
01/01/31		5.000%		750,000		866,895
Subordinated Series 2014A
01/01/34		5.000%		1,000,000		1,168,260
Revenue Bonds Senior Series 2010A
01/01/35		5.000%		6,795,000		7,852,302
Senior Series 2010B
01/01/21		5.000%		2,175,000		2,572,090
Minneapolis-St. Paul Metropolitan Airports Commission(a) Refunding Revenue Bonds Senior Series 2009B AMT
01/01/22		5.000%		2,680,000		3,065,437
Total						19,015,744
Assisted Living 0.4%
City of Red Wing Refunding Revenue Bonds Deer Crest Project Series 2012A
11/01/32		5.000%		325,000		346,193
11/01/42		5.000%		1,250,000		1,314,988
Total						1,661,181
Health Services 3.7%
City of Center City Revenue Bonds Hazelden Betty Ford Foundation Project Series 2011
11/01/41		5.000%		1,600,000		1,739,216
Series 2014
11/01/44		5.000%		500,000		573,060
City of Minneapolis Revenue Bonds National Marrow Donor Program Series 2010
08/01/25		4.875%		3,000,000		3,151,980
St. Paul Housing & Redevelopment Authority Revenue Bonds HealthPartners Obligation Group Project Series 2006
05/15/23		5.250%		1,000,000		1,061,160
05/15/26		5.250%		1,000,000		1,055,980
05/15/36		5.250%		9,000,000		9,451,710
Total						17,033,106

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
Higher Education 12.7%
Minnesota Higher Education Facilities Authority Revenue Bonds Bethel University 6th Series 2007R
05/01/23		5.500%		275,000		287,955
05/01/37		5.500%		6,000,000		6,228,360
Carleton College 6th Series 2008T
01/01/28		5.000%		3,000,000		3,316,020
College of St. Benedict 7th Series 2011M
03/01/31		5.000%		300,000		331,827
03/01/36		5.125%		275,000		303,050
Series 2008V
03/01/18		5.000%		500,000		553,225
College of St. Scholastica Series 2010H
12/01/30		5.125%		870,000		957,966
12/01/35		5.250%		1,000,000		1,109,100
Series 2011-7J
12/01/40		6.300%		1,800,000		2,064,582
Series 2012
12/01/27		4.250%		350,000		369,229
12/01/32		4.000%		350,000		354,690
Hamline University 7th Series 2010E
10/01/29		5.000%		500,000		553,685
7th Series 2011K2
10/01/32		6.000%		1,000,000		1,145,580
10/01/40		6.000%		4,000,000		4,556,840
St. Catherine University 7th Series 2012Q
10/01/25		5.000%		325,000		373,305
10/01/26		5.000%		280,000		318,049
10/01/27		5.000%		200,000		225,318
10/01/32		5.000%		700,000		776,517
St. John’s University 6th Series 2005G
10/01/22		5.000%		5,130,000		5,292,108
6th Series 2008U
10/01/28		4.750%		1,000,000		1,106,810
St. Olaf College 6th Series 2007O
10/01/22		5.000%		3,040,000		3,270,493
University of St. Thomas 6th Series 2008W
10/01/30		6.000%		3,625,000		3,897,528
6th Series 2009X
04/01/39		5.250%		6,000,000		6,485,100
Unrefunded Revenue Bonds College of St. Benedict Series 2008
03/01/23		4.750%		730,000		778,041

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

6 Semiannual Report 2015

Columbia Minnesota Tax-Exempt Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
University of Minnesota Revenue Bonds Series 2009A
04/01/34		5.125%		1,000,000		1,151,450
Series 2011A
12/01/31		5.250%		5,000,000		6,010,550
Series 2011D
12/01/36		5.000%		5,985,000		7,001,612
Total						58,818,990
Hospital 22.6%
City of Breckenridge Revenue Bonds Catholic Health Initiatives Series 2004A
05/01/30		5.000%		500,000		501,865
City of Glencoe Refunding Revenue Bonds Glencoe Regional Health Services Project Series 2013
04/01/23		4.000%		400,000		429,832
04/01/24		4.000%		745,000		798,186
04/01/26		4.000%		500,000		531,780
04/01/31		4.000%		1,450,000		1,527,546
City of Maple Grove Revenue Bonds Maple Grove Hospital Corp. Series 2007
05/01/19		5.000%		1,965,000		2,122,829
05/01/20		5.000%		1,000,000		1,081,090
05/01/21		5.000%		1,500,000		1,618,860
05/01/37		5.250%		6,610,000		6,972,757
North Memorial Health Care Series 2005
09/01/35		5.000%		2,500,000		2,534,625
City of Minneapolis/St. Paul Housing & Redevelopment Authority Revenue Bonds Children’s Health Care Facilities Series 2010A
08/15/25		5.250%		1,000,000		1,170,460
08/15/30		5.000%		2,500,000		2,536,775
08/15/35		5.250%		2,275,000		2,606,991
City of Minneapolis Revenue Bonds Fairview Health Services Series 2008A
11/15/32		6.750%		5,240,000		6,261,695
City of Northfield Hospital & Skilled Nursing Revenue Bonds Series 2006
11/01/31		5.375%		1,500,000		1,597,185
City of Rochester Revenue Bonds Olmsted Medical Center Project Series 2010
07/01/30		5.875%		1,950,000		2,232,633
Series 2013
07/01/24		5.000%		300,000		363,465

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
07/01/27		5.000%		245,000		291,751
07/01/28		5.000%		225,000		266,713
07/01/33		5.000%		650,000		753,415
City of Rochester(b) Revenue Bonds Mayo Clinic Series 2011C
11/15/38		4.500%		2,000,000		2,374,320
City of Shakopee Redunding Revenue Bonds St. Francis Regional Medical Center Series 2014
09/01/34		5.000%		1,000,000		1,166,430
City of St. Cloud Refunding Revenue Bonds CentraCare Health System Series 2014B
05/01/24		5.000%		1,400,000		1,730,932
Revenue Bonds CentraCare Health System Series 2010A
05/01/30		5.125%		5,000,000		5,694,950
City of St. Louis Park Refunding Revenue Bonds Park Nicollet Health Services Series 2009
07/01/39		5.750%		6,400,000		7,457,344
Revenue Bonds Park Nicollet Health Services Series 2008C
07/01/26		5.625%		3,000,000		3,354,480
City of Stillwater Revenue Bonds Health System Obligation Group Series 2005
06/01/25		5.000%		1,750,000		1,775,077
City of Winona Refunding Revenue Bonds Winona Health Obligation Group Series 2007
07/01/31		5.150%		2,000,000		2,091,660
Series 2012
07/01/34		5.000%		750,000		824,108
County of Chippewa Revenue Bonds Montevideo Hospital Project Series 2007
03/01/20		5.375%		1,940,000		2,059,155
03/01/21		5.375%		1,045,000		1,106,989
County of Meeker Revenue Bonds Hospital Facilities Memorial Hospital Project Series 2007
11/01/27		5.750%		1,000,000		1,054,190
11/01/37		5.750%		2,250,000		2,347,155
Perham Hospital District Revenue Bonds Perham Memorial Hospital & Home Series 2010
03/01/40		6.500%		3,500,000		3,909,185

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

Semiannual Report 2015 7

Columbia Minnesota Tax-Exempt Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
St. Paul Housing & Redevelopment Authority Revenue Bonds Allina Health Systems Series 2007A (NPFGC)
11/15/22		5.000%		1,025,000		1,141,747
Series 2009A-1
11/15/29		5.250%		7,000,000		8,087,660
Gillette Children’s Specialty Series 2009
02/01/27		5.000%		7,445,000		8,173,344
02/01/29		5.000%		3,000,000		3,282,780
Healtheast Project Series 2005
11/15/25		6.000%		2,000,000		2,071,660
11/15/30		6.000%		1,490,000		1,544,102
11/15/35		6.000%		3,500,000		3,623,970
Staples United Hospital District Unlimited General Obligation Bonds Health Care Facilities-Lakewood Series 2004
12/01/34		5.000%		3,775,000		3,786,476
Total						104,858,167
Joint Power Authority 11.5%
Central Minnesota Municipal Power Agency Revenue Bonds Brookings-Southeast Twin Cities Transmission Project Series 2012
01/01/19		5.000%		1,925,000		2,192,325
01/01/42		5.000%		1,500,000		1,699,185
City of Chaska Electric Refunding Revenue Bonds Generating Facilities Series 2005A
10/01/30		5.000%		3,800,000		3,907,046
Hutchinson Utilities Commission Revenue Bonds Series 2012A
12/01/22		5.000%		250,000		303,162
12/01/25		5.000%		400,000		478,528
Minnesota Municipal Power Agency Refunding Revenue Bonds Series 2014
10/01/32		5.000%		250,000		298,638
10/01/33		5.000%		250,000		297,935
Series 2014A
10/01/35		5.000%		1,000,000		1,184,270
Revenue Bonds Series 2010A
10/01/35		5.250%		7,000,000		7,991,550
Northern Municipal Power Agency Revenue Bonds Series 2007A (AMBAC)
01/01/26		5.000%		3,500,000		3,883,600
Series 2008A
01/01/21		5.000%		3,500,000		3,890,005

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
Series 2013A
01/01/30		5.000%		340,000		398,058
01/01/31		5.000%		460,000		536,756
Southern Minnesota Municipal Power Agency Revenue Bonds Series 2002A (AMBAC)
01/01/17		5.250%		4,000,000		4,362,480
Southern Minnesota Municipal Power Agency(c) Revenue Bonds Capital Appreciation Series 1994A (NPFGC)
01/01/19		0.000%		5,000,000		4,686,300
01/01/26		0.000%		10,000,000		7,574,800
Western Minnesota Municipal Power Agency Refunding Revenue Bonds Series 2012A
01/01/29		5.000%		1,200,000		1,432,380
01/01/30		5.000%		1,000,000		1,190,460
Revenue Bonds Series 2014A
01/01/40		5.000%		1,000,000		1,181,210
01/01/46		5.000%		5,000,000		5,875,700
Total						53,364,388
Local Appropriation 2.3%
Anoka-Hennepin Independent School District No. 11 Certificate of Participation Series 2014A
02/01/34		5.000%		1,700,000		2,009,145
Duluth Independent School District No. 709 Certificate of Participation Series 2008B (School District Credit Enhancement Program)
02/01/26		4.750%		4,000,000		4,522,840
Goodhue County Education District No. 6051 Certificate of Participation Series 2014
02/01/29		5.000%		1,200,000		1,408,800
02/01/34		5.000%		1,200,000		1,387,092
02/01/39		5.000%		1,300,000		1,490,541
Total						10,818,418
Local General Obligation 6.0%
Centennial Independent School District No. 12(c)(d) Unlimited General Obligation Bonds Series 2015A (School District Credit Enhancement Program)
02/01/32		0.000%		1,225,000		643,370
02/01/33		0.000%		750,000		372,780
City of Willmar Unlimited General Obligation Refunding Bonds Rice Memorial Hospital Project Series 2012A
02/01/27		5.000%		1,000,000		1,165,760
County of Anoka Unlimited General Obligation Bonds Capital Improvements Series 2008A
02/01/23		5.000%		500,000		559,655

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

8 Semiannual Report 2015

Columbia Minnesota Tax-Exempt Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
County of Otter Tail Unlimited General Obligation Bonds Disposal Systems-Prairie Lakes Series 2011 AMT(a)
11/01/30		5.000%		2,010,000		2,306,656
County of Ramsey Unlimited General Obligation Bonds Capital Improvement Plan Series 2007A
02/01/23		5.000%		1,125,000		1,249,358
Farmington Independent School District No. 192 Unlimited General Obligation Refunding Bonds Series 2015A (School District Credit Enhancement Program)(d)
02/01/26		5.000%		4,155,000		5,129,763
Hermantown Independent School District No. 700 Unlimited General Obligation Bonds School Building Series 2014A
02/01/37		5.000%		4,740,000		5,664,679
Mahtomedi Independent School District No. 832 Unlimited General Obligation Refunding Bonds School Building Series 2014A
02/01/30		5.000%		500,000		613,995
02/01/31		5.000%		1,140,000		1,395,371
Waconia Independent School District No. 110 Unlimited General Obligation Refunding Bonds Series 2015A
02/01/25		5.000%		3,470,000		4,331,566
Waconia Independent School District No. 110(d) Unlimited General Obligation Bonds Series 2015B
02/01/37		5.000%		3,765,000		4,552,676
Total						27,985,629
Multi-Family 3.8%
Anoka Housing & Redevelopment Authority Revenue Bonds Woodland Park Apartments Project Series 2011A
04/01/27		5.000%		2,500,000		2,686,375
Austin Housing & Redevelopment Authority Refunding Revenue Bonds Chauncey & Courtyard Apartments Series 2010
01/01/31		5.000%		1,500,000		1,634,460
City of Bloomington Refunding Revenue Bonds Gideon Pond Commons LLC Senior Series 2010
12/01/26		5.750%		1,000,000		1,051,440
12/01/30		6.000%		3,000,000		3,172,380
City of Crystal Revenue Bonds Crystal Leased Housing Association Series 2014
06/01/31		5.250%		2,500,000		2,603,200

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
City of Oak Park Heights Revenue Bonds Housing Oakgreen Commons Project Series 2010
08/01/45		7.000%		2,000,000		2,227,940
Oakgreen Commons Project Memory Series 2013
08/01/43		6.500%		1,000,000		1,101,880
City of St. Anthony Revenue Bonds Multifamily Housing Landings Silver Lake Village Series 2013
12/01/30		6.000%		3,000,000		3,324,900
Total						17,802,575
Nursing Home 5.1%
City of Anoka Revenue Bonds Homestead Anoka, Inc. Project Senior Series 2011B
11/01/34		6.875%		2,765,000		3,020,043
Series 2011A
11/01/40		7.000%		1,000,000		1,089,710
11/01/46		7.000%		1,000,000		1,087,500
City of Oak Park Heights Refunding Revenue Bonds Boutwells Landing Care Center Series 2013
08/01/25		5.250%		1,480,000		1,631,286
City of Sartell Revenue Bonds Country Manor Campus Series 2010A
09/01/30		6.125%		840,000		866,813
09/01/36		6.250%		925,000		955,904
09/01/42		6.375%		2,435,000		2,517,376
City of Sauk Rapids Refunding Revenue Bonds Good Shepherd Lutheran Home Series 2013
01/01/39		5.125%		2,500,000		2,571,150
Dakota County Community Development Agency Revenue Bonds Ebenezer Ridges Care Center TCU Project Series 2014S
09/01/46		5.000%		2,000,000		2,067,380
St. Paul Housing & Redevelopment Authority Revenue Bonds Episcopal Homes Project Senior Series 2013
05/01/38		5.000%		1,200,000		1,245,924
05/01/48		5.125%		6,250,000		6,512,750
Total						23,565,836

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

Semiannual Report 2015 9

Columbia Minnesota Tax-Exempt Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
Other Bond Issue 0.4%
St. Paul Housing & Redevelopment Authority Refunding Revenue Bonds Parking Facilities Project Series 2010A
08/01/35		5.000%		1,500,000		1,699,545
Other Utility 0.4%
St. Paul Port Authority(a) Revenue Bonds Energy Park Utility Co. Project Series 2012 AMT
08/01/28		5.450%		250,000		266,290
08/01/36		5.700%		1,250,000		1,331,187
Total						1,597,477
Pool / Bond Bank 0.8%
City of Minneapolis Limited Tax Revenue Bonds Supported Common Bond Series 2010
12/01/30		6.250%		1,000,000		1,222,830
City of Minneapolis(a) Limited Tax Revenue Bonds Common Bond Fund Series 2007-2A AMT
06/01/22		5.125%		1,035,000		1,097,214
06/01/28		5.000%		1,500,000		1,565,415
Total						3,885,459
Prep School 4.0%
City of Cologne Revenue Bonds Cologne Academy Charter School Project Series 2014A
07/01/34		5.000%		500,000		535,660
07/01/45		5.000%		2,070,000		2,177,909
City of Forest Lake Revenue Bonds Lakes International Language Academy Series 2014
08/01/36		5.500%		500,000		556,665
08/01/44		5.750%		1,500,000		1,672,320
City of Woodbury Revenue Bonds MSA Building Co. Series 2012A
12/01/32		5.000%		220,000		235,545
12/01/43		5.000%		1,500,000		1,583,445
County of Anoka Revenue Bonds Spectrum Building Co. Series 2012A
06/01/27		5.000%		290,000		310,086
06/01/32		5.000%		300,000		316,359
06/01/43		5.000%		1,000,000		1,041,670

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
Series 2014A
06/01/47		5.000%		1,600,000		1,661,568
St. Paul Housing & Redevelopment Authority Refunding Revenue Bonds St. Paul Academy & Summit School Series 2007
10/01/24		5.000%		5,000,000		5,341,050
St. Paul Conservatory Series 2013A
03/01/28		4.000%		200,000		199,792
03/01/43		4.625%		1,000,000		1,028,850
Revenue Bonds Nova Classical Academy Series 2011A
09/01/42		6.625%		1,500,000		1,729,920
Total						18,390,839
Refunded / Escrowed 0.9%
Minnesota Municipal Power Agency Prerefunded 10/01/15 Revenue Bonds Series 2005
10/01/30		5.000%		3,500,000		3,613,400
Western Minnesota Municipal Power Agency Revenue Bonds Series 1977A Escrowed to Maturity
01/01/16		6.375%		630,000		665,715
Total						4,279,115
Retirement Communities 3.9%
Annandale Economic Development Authority Revenue Bonds Annandale Care Center Project Series 2007A
11/01/37		5.900%		3,385,000		3,525,376
City of Hayward Refunding Revenue Bonds St. John’s Lutheran Home Series 2014
10/01/44		5.375%		2,000,000		2,037,220
City of Moorhead Refunding Revenue Bonds Evercare Senior Living LLC Series 2012
09/01/37		5.125%		1,000,000		1,015,590
City of North Oaks Revenue Bonds Presbyterian Homes Series 2007
10/01/27		6.000%		1,250,000		1,332,862
10/01/33		6.000%		3,000,000		3,191,520
10/01/47		6.250%		1,265,000		1,345,543
City of Rochester Refunding Revenue Bonds Madonna Towers, Inc. Project Series 2007A
11/01/28		5.875%		2,050,000		2,112,914

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

10 Semiannual Report 2015

Columbia Minnesota Tax-Exempt Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
Duluth Housing & Redevelopment Authority Revenue Bonds Benedictine Health Center Project Series 2007
11/01/33		5.875%		1,500,000		1,545,495
Woodbury Housing & Redevelopment Authority Revenue Bonds St. Therese of Woodbury Series 2014
12/01/49		5.250%		2,000,000		2,084,940
Total						18,191,460
Sales Tax 0.3%
City of St. Paul Revenue Bonds Series 2014G
11/01/32		5.000%		1,250,000		1,484,400
Single Family 1.6%
Minneapolis/St. Paul Housing Finance Board Mortgage-Backed Revenue Bonds City Living Series 2006A-5 (GNMA/FNMA/FHLMC)
04/01/27		5.450%		242,973		247,327
Series 2011A (GNMA/FNMA/FHLMC)
12/01/27		4.450%		885,000		965,650
Minnesota Housing Finance Agency Revenue Bonds Residential Housing Finance Series 2008A
07/01/23		4.650%		165,000		175,022
Series 2009
01/01/40		5.100%		710,000		762,135
Minnesota Housing Finance Agency(a) Revenue Bonds Residential Housing Finance Series 2006B AMT
07/01/26		4.750%		860,000		865,745
07/01/31		4.850%		1,160,000		1,166,554
Series 2006I AMT
07/01/26		5.050%		2,615,000		2,660,213
Series 2006M AMT
01/01/37		5.750%		10,000		10,016
Minnesota Housing Finance Agency(a)(b) Revenue Bonds Residential Housing Finance Series 2007D AMT
01/01/38		5.500%		335,000		337,204
Total						7,189,866
Special Non Property Tax 4.3%
City of Lakeville Liquor Revenue Bonds Series 2007
02/01/22		5.000%		175,000		178,742
02/01/27		5.000%		225,000		231,925

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
County of Hennepin Sales Tax Revenue Bonds 2nd Lien Ballpark Project Series 2008B
12/15/27		4.750%		4,205,000		4,622,641
12/15/29		5.000%		1,825,000		2,016,369
Territory of Guam(e) Revenue Bonds Section 30 Series 2009A
12/01/34		5.750%		3,500,000		3,925,110
Series 2011A
01/01/42		5.125%		1,200,000		1,353,444
Virgin Islands Public Finance Authority(e) Refunding Revenue Bonds Gross Receipts Taxes Loan Series 2012-A
10/01/32		5.000%		4,000,000		4,491,840
Revenue Bonds Matching Fund Loan Notes-Senior Lien Series 2012-A
10/01/32		5.000%		2,905,000		3,262,199
Total						20,082,270
Special Property Tax 0.5%
St. Paul Port Authority Tax Allocation Bonds River Bend Project Lot 1 Series 2007-5
02/01/32		6.375%		2,330,000		2,461,552
State Appropriated 9.1%
St. Paul Port Authority Refunding Revenue Bonds Freeman Office Building 2nd Series 2013
12/01/17		4.000%		1,280,000		1,397,325
State of Minnesota Refunding Revenue Bonds Appropriation Series 2012B
03/01/24		5.000%		2,210,000		2,689,437
03/01/25		5.000%		7,600,000		9,215,912
03/01/28		5.000%		6,000,000		7,206,360
03/01/29		5.000%		4,250,000		5,072,928
Revenue Bonds Appropriation Series 2014A
06/01/38		5.000%		8,880,000		10,482,307
University of Minnesota Revenue Bonds State Supported Biomed Science Research Facilities Series 2013
08/01/38		5.000%		5,000,000		5,876,800
Total						41,941,069
Total Municipal Bonds
(Cost: $418,794,825)						456,127,086

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

Semiannual Report 2015 11

Columbia Minnesota Tax-Exempt Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Floating Rate Notes 0.7%
Issue Description	Effective Yield		Principal Amount ($)		Value ($)
City of Minneapolis/St. Paul Housing & Redevelopment Authority(b) Revenue Bonds Children’s Health Care Facilities VRDN Series 2004A (AGM)
08/15/34		0.020%		500,000		500,000
Children’s Hospitals Clinics VRDN Series 2007A (AGM)
08/15/37		0.020%		2,500,000		2,500,000
Total Floating Rate Notes
(Cost: $3,000,000)						3,000,000

Money Market Funds 2.0%
	Shares		Value ($)
JPMorgan Tax-Free Money Market Fund, 0.010%(f)		9,437,145		9,437,145
Total Money Market Funds
(Cost: $9,437,145)				9,437,145
Total Investments
(Cost: $431,231,970)				468,564,231
Other Assets & Liabilities, Net				(5,116,996	)
Net Assets				463,447,235

Notes to Portfolio of Investments

(a) Income from this security may be subject to alternative minimum tax.

(b) Variable rate security.

(c) Zero coupon bond.

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

(e) 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 January 31, 2015, the value of these securities amounted to $13,032,593 or 2.81% of net assets.

(f) The rate shown is the seven-day current annualized yield at January 31, 2015.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
AMT	Alternative Minimum Tax
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
NPFGC	National Public Finance Guarantee Corporation
VRDN	Variable Rate Demand Note

Fair Value Measurements

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

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

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

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

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

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

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

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

12 Semiannual Report 2015

Columbia Minnesota Tax-Exempt Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Fair Value Measurements (continued)

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models 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 following table is a summary of the inputs used to value the Fund’s investments at January 31, 2015:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Bonds
Municipal Bonds		—		456,127,086		—		456,127,086
Total Bonds		—		456,127,086		—		456,127,086
Short-Term Securities
Floating Rate Notes		—		3,000,000		—		3,000,000
Total Short-Term Securities		—		3,000,000		—		3,000,000
Mutual Funds
Money Market Funds		9,437,145		—		—		9,437,145
Total Mutual Funds		9,437,145		—		—		9,437,145
Total		9,437,145		459,127,086		—		468,564,231

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 2015 13

Columbia Minnesota Tax-Exempt Fund

Statement of Assets and Liabilities

January 31, 2015 (Unaudited)

Assets
Investments, at value (identified cost $431,231,970)	$468,564,231
Receivable for:
Investments sold	89,577
Capital shares sold	1,485,076
Interest	5,584,869
Prepaid expenses	2,170
Total assets	475,725,923
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	10,591,145
Capital shares purchased	247,357
Dividend distributions to shareholders	1,310,081
Investment management fees	5,056
Distribution and/or service fees	4,098
Transfer agent fees	25,353
Administration fees	856
Compensation of board members	34,316
Other expenses	60,426
Total liabilities	12,278,688
Net assets applicable to outstanding capital stock	$463,447,235
Represented by
Paid-in capital	$427,050,600
Undistributed net investment income	335,075
Accumulated net realized loss	(1,270,701	)
Unrealized appreciation (depreciation) on:
Investments	37,332,261
Total — representing net assets applicable to outstanding capital stock	$463,447,235

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

14 Semiannual Report 2015

Columbia Minnesota Tax-Exempt Fund

Statement of Assets and Liabilities (continued)

January 31, 2015 (Unaudited)

Class A
Net assets	$408,628,383
Shares outstanding	72,456,776
Net asset value per share	$5.64
Maximum offering price per share(a)	$5.92
Class B
Net assets	$631,286
Shares outstanding	111,750
Net asset value per share	$5.65
Class C
Net assets	$47,466,506
Shares outstanding	8,415,602
Net asset value per share	$5.64
Class R4
Net assets	$604,114
Shares outstanding	107,235
Net asset value per share	$5.63
Class R5
Net assets	$10,513
Shares outstanding	1,866
Net asset value per share	$5.63
Class Z
Net assets	$6,106,433
Shares outstanding	1,083,611
Net asset value per share	$5.64

(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 4.75%.

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

Semiannual Report 2015 15

Columbia Minnesota Tax-Exempt Fund

Statement of Operations

Six Months Ended January 31, 2015 (Unaudited)

Net investment income
Income:
Dividends	$225
Interest	9,759,755
Total income	9,759,980
Expenses:
Investment management fees	891,297
Distribution and/or service fees
Class A	494,759
Class B	3,449
Class C	219,642
Transfer agent fees
Class A	139,295
Class B	243
Class C	15,453
Class R4	135
Class R5	3
Class Z	1,693
Administration fees	151,103
Compensation of board members	7,614
Custodian fees	2,476
Printing and postage fees	17,562
Registration fees	18,176
Professional fees	17,526
Other	8,487
Total expenses	1,988,913
Net investment income	7,771,067
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	593,351
Net realized gain	593,351
Net change in unrealized appreciation (depreciation) on:
Investments	11,154,022
Net change in unrealized appreciation	11,154,022
Net realized and unrealized gain	11,747,373
Net increase in net assets resulting from operations	$19,518,440

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

16 Semiannual Report 2015

Columbia Minnesota Tax-Exempt Fund

Statement of Changes in Net Assets

	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014(a)
Operations
Net investment income		$7,771,067			$15,740,245
Net realized gain (loss)		593,351			(675,955	)
Net change in unrealized appreciation		11,154,022			16,809,251
Net increase in net assets resulting from operations		19,518,440			31,873,541
Distributions to shareholders
Net investment income
Class A		(7,049,690	)		(14,319,122	)
Class B		(9,660	)		(28,614	)
Class C		(616,577	)		(1,185,107	)
Class R4		(7,443	)		(4,975	)
Class R5		(199	)		(164	)
Class Z		(92,497	)		(106,631	)
Net realized gains
Class A		—			(934,118	)
Class B		—			(2,398	)
Class C		—			(93,275	)
Class R4		—			(85	)
Class Z		—			(6,174	)
Total distributions to shareholders		(7,776,066	)		(16,680,663	)
Increase (decrease) in net assets from capital stock activity		18,389,356			(21,968,907	)
Total increase (decrease) in net assets		30,131,730			(6,776,029	)
Net assets at beginning of period		433,315,505			440,091,534
Net assets at end of period		$463,447,235			$433,315,505
Undistributed net investment income		$335,075			$340,074

(a) Class R5 shares are based on operations from December 11, 2013 (commencement of operations) through the stated period end.

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

Semiannual Report 2015 17

Columbia Minnesota Tax-Exempt Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		4,418,992			24,556,916			6,393,430			34,388,704
Distributions reinvested		1,130,131			6,291,116			2,527,185			13,565,989
Redemptions		(3,495,931	)		(19,407,088	)		(13,442,678	)		(71,586,169	)
Net increase (decrease)		2,053,192			11,440,944			(4,522,063	)		(23,631,476	)
Class B shares
Subscriptions		271			1,504			3,264			17,556
Distributions reinvested		1,716			9,562			5,610			30,115
Redemptions(b)		(31,094	)		(172,954	)		(95,531	)		(511,284	)
Net decrease		(29,107	)		(161,888	)		(86,657	)		(463,613	)
Class C shares
Subscriptions		1,044,075			5,813,008			1,505,465			8,101,007
Distributions reinvested		106,507			592,929			227,673			1,222,443
Redemptions		(407,203	)		(2,259,790	)		(1,579,390	)		(8,417,952	)
Net increase		743,379			4,146,147			153,748			905,498
Class R4 shares
Subscriptions		62,093			343,999			58,797			315,154
Distributions reinvested		1,302			7,246			897			4,849
Redemptions		(1,148	)		(6,389	)		(15,155	)		(81,678	)
Net increase		62,247			344,856			44,539			238,325
Class R5 shares
Subscriptions		—			—			1,866			10,000
Net increase		—			—			1,866			10,000
Class Z shares
Subscriptions		579,200			3,212,692			260,735			1,402,158
Distributions reinvested		12,137			67,565			13,098			70,368
Redemptions		(119,265	)		(660,960	)		(93,503	)		(500,167	)
Net increase		472,072			2,619,297			180,330			972,359
Total net increase (decrease)		3,301,783			18,389,356			(4,228,237	)		(21,968,907	)

(a) Class R5 shares are based on operations from December 11, 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.

18 Semiannual Report 2015

Columbia Minnesota Tax-Exempt 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 January 31, 2015		Year Ended July 31,						Year Ended August 31,
Class  A	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$5.49		$5.30		$5.63		$5.36		$5.47		$5.16		$5.11
Income from investment operations:
Net investment income	0.10		0.20		0.20		0.19		0.21		0.22		0.21
Net realized and unrealized gain (loss)	0.15		0.21		(0.32	)	0.31		(0.10	)	0.30		0.05
Total from investment operations	0.25		0.41		(0.12	)	0.50		0.11		0.52		0.26
Less distributions to shareholders:
Net investment income	(0.10	)	(0.21	)	(0.20	)	(0.19	)	(0.22	)	(0.21	)	(0.21	)
Net realized gains	—		(0.01	)	(0.01	)	(0.04	)	(0.00	)(b)	—		—
Total distributions to shareholders	(0.10	)	(0.22	)	(0.21	)	(0.23	)	(0.22	)	(0.21	)	(0.21	)
Net asset value, end of period	$5.64		$5.49		$5.30		$5.63		$5.36		$5.47		$5.16
Total return	4.58	%	7.82	%	(2.32	%)	9.59	%	2.09	%	10.38	%	5.50	%
Ratios to average net assets(c)
Total gross expenses	0.82	%(d)	0.83	%	0.83	%	0.84	%(d)	0.82	%	0.82	%	0.88	%(e)
Total net expenses(f)	0.82	%(d)	0.83	%(g)	0.82	%(g)	0.79	%(d)(g)	0.79	%	0.79	%	0.84	%(e)
Net investment income	3.56	%(d)	3.79	%	3.57	%	3.85	%(d)	4.08	%	4.08	%	4.31	%
Supplemental data
Net assets, end of period (in thousands)	$408,628		$386,773		$396,780		$416,684		$372,830		$329,335		$301,421
Portfolio turnover	5	%	12	%	14	%	8	%	22	%	21	%	33	%

Notes to Financial Highlights

(a) For the period from September 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from August 31 to July 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 interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by 0.05% for the year ended August 31, 2009. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund’s net assets, net asset value per share, total return or net investment income.

(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 2015 19

Columbia Minnesota Tax-Exempt Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,						Year Ended August 31,
Class B	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$5.50		$5.30		$5.64		$5.37		$5.48		$5.16		$5.12
Income from investment operations:
Net investment income	0.08		0.16		0.16		0.16		0.18		0.18		0.18
Net realized and unrealized gain (loss)	0.15		0.22		(0.34	)	0.30		(0.11	)	0.31		0.04
Total from investment operations	0.23		0.38		(0.18	)	0.46		0.07		0.49		0.22
Less distributions to shareholders:
Net investment income	(0.08	)	(0.17	)	(0.15	)	(0.15	)	(0.18	)	(0.17	)	(0.18	)
Net realized gains	—		(0.01	)	(0.01	)	(0.04	)	(0.00	)(b)	—		—
Total distributions to shareholders	(0.08	)	(0.18	)	(0.16	)	(0.19	)	(0.18	)	(0.17	)	(0.18	)
Net asset value, end of period	$5.65		$5.50		$5.30		$5.64		$5.37		$5.48		$5.16
Total return	4.18	%	7.21	%	(3.22	%)	8.82	%	1.33	%	9.75	%	4.50	%
Ratios to average net assets(c)
Total gross expenses	1.57	%(d)	1.58	%	1.58	%	1.59	%(d)	1.58	%	1.57	%	1.63	%(e)
Total net expenses(f)	1.57	%(d)	1.58	%(g)	1.57	%(g)	1.54	%(d)(g)	1.54	%	1.55	%	1.59	%(e)
Net investment income	2.80	%(d)	3.04	%	2.81	%	3.09	%(d)	3.32	%	3.31	%	3.56	%
Supplemental data
Net assets, end of period (in thousands)	$631		$775		$1,207		$1,806		$2,688		$5,768		$9,062
Portfolio turnover	5	%	12	%	14	%	8	%	22	%	21	%	33	%

Notes to Financial Highlights

(a) For the period from September 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from August 31 to July 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 interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by 0.05% for the year ended August 31, 2009. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund’s net assets, net asset value per share, total return or net investment income.

(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 2015

Columbia Minnesota Tax-Exempt Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,						Year Ended August 31,
Class C	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$5.49		$5.30		$5.63		$5.36		$5.47		$5.16		$5.12
Income from investment operations:
Net investment income	0.08		0.16		0.16		0.16		0.17		0.18		0.18
Net realized and unrealized gain (loss)	0.15		0.21		(0.33	)	0.30		(0.10	)	0.30		0.04
Total from investment operations	0.23		0.37		(0.17	)	0.46		0.07		0.48		0.22
Less distributions to shareholders:
Net investment income	(0.08	)	(0.17	)	(0.15	)	(0.15	)	(0.18	)	(0.17	)	(0.18	)
Net realized gains	—		(0.01	)	(0.01	)	(0.04	)	(0.00	)(b)	—		—
Total distributions to shareholders	(0.08	)	(0.18	)	(0.16	)	(0.19	)	(0.18	)	(0.17	)	(0.18	)
Net asset value, end of period	$5.64		$5.49		$5.30		$5.63		$5.36		$5.47		$5.16
Total return	4.18	%	7.02	%	(3.05	%)	8.84	%	1.33	%	9.56	%	4.51	%
Ratios to average net assets(c)
Total gross expenses	1.57	%(d)	1.58	%	1.58	%	1.59	%(d)	1.57	%	1.57	%	1.63	%(e)
Total net expenses(f)	1.57	%(d)	1.58	%(g)	1.57	%(g)	1.54	%(d)(g)	1.54	%	1.54	%	1.59	%(e)
Net investment income	2.81	%(d)	3.04	%	2.81	%	3.09	%(d)	3.33	%	3.32	%	3.55	%
Supplemental data
Net assets, end of period (in thousands)	$47,467		$42,153		$39,820		$34,756		$25,068		$20,225		$12,605
Portfolio turnover	5	%	12	%	14	%	8	%	22	%	21	%	33	%

Notes to Financial Highlights

(a) For the period from September 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from August 31 to July 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 interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by 0.05% for the year ended August 31, 2009. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund’s net assets, net asset value per share, total return or net investment income.

(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 2015 21

Columbia Minnesota Tax-Exempt Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class R4	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$5.49		$5.29		$5.59
Income from investment operations:
Net investment income	0.11		0.22		0.08
Net realized and unrealized gain (loss)	0.14		0.21		(0.30	)
Total from investment operations	0.25		0.43		(0.22	)
Less distributions to shareholders:
Net investment income	(0.11	)	(0.22	)	(0.08	)
Net realized gains	—		(0.01	)	—
Total distributions to shareholders	(0.11	)	(0.23	)	(0.08	)
Net asset value, end of period	$5.63		$5.49		$5.29
Total return	4.52	%	8.32	%	(4.02	%)
Ratios to average net assets(b)
Total gross expenses	0.57	%(c)	0.59	%	0.57	%(c)
Total net expenses(d)	0.57	%(c)	0.59	%(e)	0.57	%(c)(e)
Net investment income	3.82	%(c)	4.05	%	3.94	%(c)
Supplemental data
Net assets, end of period (in thousands)	$604		$247		$2
Portfolio turnover	5	%	12	%	14	%

Notes to Financial Highlights

(a) Based on operations from March 19, 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.

(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.

22 Semiannual Report 2015

Columbia Minnesota Tax-Exempt Fund

Financial Highlights (continued)

Class R5	Six Months  Ended January 31, 2015 (Unaudited)		Year  Ended July 31, 2014(a)
Per share data
Net asset value, beginning of period	$5.49		$5.27
Income from investment operations:
Net investment income	0.11		0.14
Net realized and unrealized gain	0.14		0.22
Total from investment operations	0.25		0.36
Less distributions to shareholders:
Net investment income	(0.11	)	(0.14	)
Total distributions to shareholders	(0.11	)	(0.14	)
Net asset value, end of period	$5.63		$5.49
Total return	4.53	%	6.86	%
Ratios to average net assets(b)
Total gross expenses	0.55	%(c)	0.54	%(c)
Total net expenses(d)	0.55	%(c)	0.54	%(c)
Net investment income	3.84	%(c)	4.07	%(c)
Supplemental data
Net assets, end of period (in thousands)	$11		$10
Portfolio turnover	5	%	12	%

Notes to Financial Highlights

(a) Based on operations from December 11, 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 2015 23

Columbia Minnesota Tax-Exempt Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,						Year  Ended
Class Z	(Unaudited)		2014		2013		2012(a)		August 31,  2011(b)
Per share data
Net asset value, beginning of period	$5.49		$5.29		$5.62		$5.36		$5.46
Income from investment operations:
Net investment income	0.11		0.22		0.21		0.21		0.20
Net realized and unrealized gain (loss)	0.15		0.21		(0.32	)	0.30		(0.09	)
Total from investment operations	0.26		0.43		(0.11	)	0.51		0.11
Less distributions to shareholders:
Net investment income	(0.11	)	(0.22	)	(0.21	)	(0.21	)	(0.21	)
Net realized gains	—		(0.01	)	(0.01	)	(0.04	)	(0.00	)(c)
Total distributions to shareholders	(0.11	)	(0.23	)	(0.22	)	(0.25	)	(0.21	)
Net asset value, end of period	$5.64		$5.49		$5.29		$5.62		$5.36
Total return	4.71	%	8.29	%	(2.09	%)	9.65	%	2.22	%
Ratios to average net assets(d)
Total gross expenses	0.57	%(e)	0.59	%	0.58	%	0.59	%(e)	0.54	%(e)
Total net expenses(f)	0.57	%(e)	0.59	%(g)	0.57	%(g)	0.54	%(e)(g)	0.54	%(e)
Net investment income	3.83	%(e)	4.05	%	3.82	%	4.09	%(e)	4.25	%(e)
Supplemental data
Net assets, end of period (in thousands)	$6,106		$3,357		$2,282		$1,376		$779
Portfolio turnover	5	%	12	%	14	%	8	%	22	%

Notes to Financial Highlights

(a) For the period from September 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from August 31 to July 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.

24 Semiannual Report 2015

Columbia Minnesota Tax-Exempt Fund

Notes to Financial Statements

January 31, 2015 (Unaudited)

Note 1. Organization

Columbia Minnesota Tax-Exempt 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 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 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.

Effective February 19, 2015, Class A shares are subject to a maximum front-end sales charge of 3.00% based on the initial investment amount. In addition, Class A shares purchased on or after February 19, 2015 are subject to a CDSC of 0.75% on certain investments of $500,000 or more if redeemed within 12 months of purchase. Redemptions of Class A shares purchased prior to February 19, 2015, without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase, are subject to a CDSC of 1.00% if redeemed within 12 months of purchase, and 0.50% 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 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

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.

Semiannual Report 2015 25

Columbia Minnesota Tax-Exempt Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

Short-term securities within 60 days to maturity are valued at amortized cost, which approximates market value. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

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.

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.

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 tax exempt and 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

26 Semiannual Report 2015

Columbia Minnesota Tax-Exempt Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 0.40% to 0.27% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended January 31, 2015 was 0.40% 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 January 31, 2015 was 0.07% 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 January 31, 2015, other expenses paid by the Fund to this company were $903.

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 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 January 31, 2015, 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	0.07	%
Class B	0.07
Class C	0.07
Class R4	0.07
Class R5	0.05
Class Z	0.07

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 January 31, 2015, the Fund’s total potential future obligation over the life of the Guaranty is $46,103. The liability remaining at January 31, 2015 for non-recurring charges associated with the lease amounted to $30,416 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

Semiannual Report 2015 27

Columbia Minnesota Tax-Exempt Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 January 31, 2015, 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 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 $108,000 and $234,000 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 $233,197 for Class A and $1,758 for Class C shares for the six months ended January 31, 2015.

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 December 1, 2014			Contractual Expense Cap Prior to December 1, 2014
Class A		0.85	%		0.85	%
Class B		1.60			1.60
Class C		1.60			1.60
Class R4		0.60			0.60
Class R5		0.60			0.59
Class Z		0.60			0.60

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. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At January 31, 2015, the cost of investments for federal income tax purposes was approximately $431,232,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$37,334,000
Unrealized depreciation	(2,000	)
Net unrealized appreciation	$37,332,000

28 Semiannual Report 2015

Columbia Minnesota Tax-Exempt Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

The following capital loss carryforwards, determined as of July 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		827,470
No expiration — long-term		19,688
Total		847,158

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 $42,508,066 and $23,687,344, respectively, for the six months ended January 31, 2015. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Shareholder Concentration

At January 31, 2015, affiliated shareholders of record owned 83.8% 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 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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, 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 $550 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. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended January 31, 2015.

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 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.

Semiannual Report 2015 29

Columbia Minnesota Tax-Exempt Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

Geographic Concentration Risk

Because state-specific tax-exempt funds invest primarily in the municipal securities issued by the state and political sub-divisions of the state, the Fund will be particularly affected by political and economic conditions and developments in the state in which it invests. The Fund may, therefore, have a greater risk than that of a municipal bond fund which is more geographically diversified. The value of the municipal securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.

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 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 1 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 2015

Columbia Minnesota Tax-Exempt Fund

Important Information About This Report

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

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

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

Semiannual Report 2015 31

Columbia Minnesota Tax-Exempt Fund

P.O. Box 8081

Boston, MA 02266-8081

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

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

columbiathreadneedle.com/us

SAR199_07_E01_(03/15)

SEMIANNUAL REPORT

January 31, 2015

COLUMBIA MONEY MARKET FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 11th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.***

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

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

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

* In U.S. dollars as of December 31, 2014. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies.

Contact us for more current data.

** Source: ICI as of December 31, 2014 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of December 2014 for Threadneedle Asset Management Limited.

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

Not part of the shareholder report

President’s Message

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the “About Us” tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

> Fund and strategy names

> Established investment teams, philosophies and processes

> Account services, features, servicing phone numbers and mailing addresses

> Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children’s education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

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

* Source: Ameriprise as of December 1, 2014

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 2015

Columbia Money Market Fund

Table of Contents

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Performance Overview	3
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	15
Notes to Financial Statements	23
Important Information About This Report	29

Semiannual Report 2015

Columbia Money Market Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Money Market Fund (the Fund) Class A shares returned 0.00% for the six-month period that ended January 31, 2015.

> The Fund’s annualized simple yield was 0.01% and its annualized compound yield was also 0.01% for the seven-day period ended January 31, 2015. The 7-day yields reflect more closely the earnings of the Fund than the total return. Current short-term yields may be higher or lower than the figures shown.

Average Annual Total Returns (%) (for period ended January 31, 2015)
	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	10/06/75		0.00		0.01		0.01		1.40
Class B	03/20/95
Excluding sales charges			0.00		0.01		0.01		1.12
Including sales charges			-5.00		-4.99		-0.39		1.12
Class C	06/26/00
Excluding sales charges			0.00		0.01		0.01		1.13
Including sales charges			-1.00		-0.99		0.01		1.13
Class I	03/04/04		0.00		0.01		0.01		1.52
Class R*	08/03/09		0.00		0.01		0.03		1.41
Class R5*	12/11/06		0.00		0.01		0.01		1.45
Class W*	12/01/06		0.01		0.01		0.01		1.38
Class Z*	04/30/10		0.00		0.01		0.01		1.40

Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) (applied as follows: first year 5%; second year 4%; third and forth years 3%; fifth year 2%; sixth year 1%; no sales charge 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.

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. The performance of different share classes may vary from that shown because of differences in fees and expenses. The Fund’s returns reflect the effect of fee waivers/expense reimbursements, if any. Without such waivers/reimbursements, the Fund’s returns would be lower. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedle.com/us or calling 800.345.6611.

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

The Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the Fund seeks to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Semiannual Report 2015 3

Columbia Money Market Fund

Portfolio Overview

(Unaudited)

Portfolio Management

Leonard Aplet, CFA

John McColley

Portfolio Breakdown (%) (at January 31, 2015)
Asset-Backed Commercial Paper	17.6
Asset-Backed Securities — Non-Agency(a)	4.2
Commercial Paper	34.8
Certificates of Deposit	17.5
Repurchase Agreements	6.9
U.S. Government & Agency Obligations	13.8
U.S. Treasury Obligations	5.2
Total	100.0

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

(a) Category comprised of short-term asset-backed securities.

4 Semiannual Report 2015

Columbia Money Market 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.

August 1, 2014 – January 31, 2015

	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		1,000.00	1,024.57		0.50	0.51		0.10
Class B		1,000.00	1,000.00		1,000.00	1,024.47		0.60	0.61		0.12
Class C		1,000.00	1,000.00		1,000.00	1,024.57		0.50	0.51		0.10
Class I		1,000.00	1,000.00		1,000.00	1,024.57		0.50	0.51		0.10
Class R		1,000.00	1,000.00		1,000.00	1,024.57		0.50	0.51		0.10
Class R5		1,000.00	1,000.00		1,000.00	1,024.57		0.50	0.51		0.10
Class W		1,000.00	1,000.00		1,000.10	1,024.57		0.50	0.51		0.10
Class Z		1,000.00	1,000.00		1,000.00	1,024.57		0.50	0.51		0.10

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.

From time to time, the Investment Manager and its affiliates may limit the expenses of the Fund for the purpose of increasing the yield. This expense limitation policy may be revised or terminated at any time without notice. Had the Investment Manager and its affiliates not limited the expenses of the Fund during the six months ended January 31, 2015, the annualized expense ratios would have been 0.62% for Class A, 1.27% for Class B, 1.27% for Class C, 0.32% for Class I, 0.77% for Class R, 0.37% for Class R5, 0.62% for Class W and 0.52% for Class Z. The actual expenses paid would have been $3.11 for Class A, $6.37 for Class B, $6.37 for Class C, $1.60 for Class I, $3.86 for Class R, $1.86 for Class R5, $3.11 for Class W and $2.61 for Class Z; the hypothetical expenses paid would have been $3.14 for Class A, $6.43 for Class B, $6.43 for Class C, $1.62 for Class I, $3.90 for Class R, $1.88 for Class R5, $3.14 for Class W and $2.64 for Class Z.

Semiannual Report 2015 5

Columbia Money Market Fund

Portfolio of Investments

January 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Asset-Backed Commercial Paper 17.6%
Issuer	Effective Yield		Principal Amount ($)		Value ($)
Chariot Funding LLC(a)
04/08/15		0.190%		24,000,000		23,991,513
05/01/15		0.200%		28,000,000		27,986,000
Jupiter Securitization Co. LLC(a)
04/20/15		0.210%		18,000,000		17,991,705
05/01/15		0.200%		34,000,000		33,983,000
Liberty Street Funding LLC(a)
02/02/15		0.030%		25,000,000		24,999,931
MetLife Short Term Funding LLC(a)
02/19/15		0.120%		7,000,000		6,999,557
03/02/15		0.130%		12,220,000		12,218,676
03/23/15		0.140%		18,000,000		17,996,430
04/01/15		0.130%		15,000,000		14,996,750
Old Line Funding LLC(a)
03/10/15		0.170%		40,000,000		39,992,822
04/06/15		0.160%		6,000,000		5,998,267
Regency Markets No. 1 LLC(a)
02/20/15		0.140%		26,000,000		25,997,833
Thunder Bay Funding LLC(a)
03/23/15		0.170%		20,000,000		19,995,183
04/07/15		0.190%		24,000,000		23,991,640
Total Asset-Backed Commercial Paper
(Cost: $297,139,307)						297,139,307
Commercial Paper 34.8%
Banking 9.1%
HSBC USA, Inc.
04/02/15		0.170%		24,000,000		23,993,087
05/22/15		0.220%		27,000,000		26,981,685
Royal Bank of Canada
03/17/15		0.160%		27,000,000		26,994,431
04/01/15		0.090%		23,000,000		22,996,550
State Street Corp.
03/05/15		0.160%		28,000,001		27,995,893
03/12/15		0.160%		25,000,000		24,995,556
Total						153,957,202
Consumer Products 3.0%
Procter & Gamble Co. (The)(a)
02/05/15		0.070%		2,567,000		2,566,972
03/16/15		0.120%		28,000,000		27,995,893
03/26/15		0.120%		20,000,000		19,996,400
Total						50,559,265
Diversified Manufacturing 3.0%
General Electric Co.
02/04/15		0.050%		51,000,000		50,999,660
Integrated Energy 6.1%
Chevron Corp.(a)
02/02/15		0.070%		20,600,000		20,599,886
02/03/15		0.070%		31,000,000		30,999,767

Commercial Paper (continued)
Issuer	Effective Yield		Principal Amount ($)		Value ($)
Exxon Mobil Corp.
02/02/15		0.080%		52,000,000		51,999,653
Total						103,599,306
Life Insurance 3.1%
New York Life Capital Corp.(a)
02/09/15		0.090%		23,000,000		22,999,425
02/12/15		0.090%		30,000,000		29,999,000
Total						52,998,425
Pharmaceuticals 4.6%
Roche Holdings, Inc.(a)
02/09/15		0.100%		19,000,000		18,999,478
02/26/15		0.100%		13,000,000		12,999,061
03/23/15		0.100%		19,000,000		18,997,308
Sanofi Aventis(a)
02/25/15		0.090%		27,000,000		26,998,312
Total						77,994,159
Property & Casualty 1.4%
Travelers Co., Inc.(a)
02/02/15		0.050%		23,000,000		22,999,911
Retailers 2.7%
Wal-Mart Stores, Inc.(a)
02/09/15		0.090%		45,000,000		44,998,935
Transportation Services 1.8%
NetJets, Inc.(a)
02/23/15		0.080%		30,000,000		29,998,467
Total Commercial Paper
(Cost: $588,105,330)						588,105,330
Certificates of Deposit 17.5%
Australia and New Zealand Banking Group Ltd.
02/03/15		0.100%		51,000,000		51,000,000
BB&T Corp.
03/02/15		0.150%		50,000,000		50,000,000
Canadian Imperial Bank of Commerce
02/02/15		0.100%		52,000,000		52,000,000
Toronto-Dominion Bank (The)
04/08/15		0.180%		51,000,000		51,000,000
U.S. Bank NA
04/28/15		0.160%		15,000,000		15,000,000
US Bank
02/02/15		0.130%		36,000,000		36,000,000
Wells Fargo Bank NA
04/01/15		0.170%		24,000,000		24,000,000
04/01/15		0.190%		18,000,000		18,000,000
Total Certificates of Deposit
(Cost: $297,000,000)						297,000,000

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

6 Semiannual Report 2015

Columbia Money Market Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

U.S. Government & Agency Obligations 13.8%
Issuer	Effective Yield		Principal Amount ($)		Value ($)
Federal Home Loan Banks Discount Notes
02/10/15		0.040%		20,000,000		19,999,778
02/11/15		0.080%		18,000,000		17,999,532
02/13/15		0.080%		13,900,000		13,899,548
02/18/15		0.080%		8,200,000		8,199,672
03/04/15		0.060%		39,000,000		38,997,920
03/06/15		0.080%		13,835,000		13,833,955
03/25/15		0.080%		8,000,000		7,999,034
03/27/15		0.080%		48,000,000		47,993,767
04/10/15		0.090%		8,000,000		7,998,620
04/22/15		0.080%		3,000,000		2,999,494
05/06/15		0.100%		5,875,000		5,873,450
Federal Home Loan Banks
03/11/15		0.130%		9,000,000		8,999,697
03/18/15		0.050%		10,000,000		9,999,361
06/03/15		0.130%		5,500,000		5,499,874
07/17/15		0.200%		9,000,000		9,000,000
08/03/15		0.230%		5,000,000		5,000,000
08/27/15		0.240%		8,500,000		8,500,000
Total U.S. Government & Agency Obligations
(Cost: $232,793,702)						232,793,702
Repurchase Agreements 6.9%
Tri-Party Barclays Bank PLC dated 01/30/2015, matures 02/02/2015 repurchase price $38,300,160 (collateralized by U.S. Treasury securities, total market value $38,300,105)
02/02/15		0.050%		38,300,000		38,300,000
Tri-Party RBC Capital Markets LLC dated 01/30/2015, matures 02/02/2015 repurchase price $39,000,163 (collateralized by U.S. Treasury securities, total market value $39,780,073)
02/02/15		0.050%		39,000,000		39,000,000
Tri-Party TD Securities (USA) LLC dated 01/30/2015, matures 02/02/2015 repurchase price $39,000,163 (collateralized by U.S. Government Agencies and U.S. Treasury securities, total market value $39,841,503)
02/02/15		0.050%		39,000,000		39,000,000
Total Repurchase Agreements
(Cost: $116,300,000)						116,300,000
Asset-Backed Securities — Non-Agency 4.2%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
ABS Other 1.1%
CIT Equipment Collateral Series 2014-VT1 Class A1(b)
12/21/15		0.300%		6,573,396		6,573,396
CNH Equipment Trust Series 2014-C Class A1
11/16/15		0.200%		7,474,326		7,474,326

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Dell Equipment Finance Trust Series 2014-1 Class A1(b)
08/14/15		0.260%		2,717,331		2,717,331
MMAF Equipment Finance LLC Series 2014-AA Class A1(b)
07/02/15		0.200%		1,623,871		1,623,871
Total						18,388,924
Car Loan 3.1%
Ally Auto Receivables Trust Series 2014-3 Class A1
12/15/15		0.270%		10,191,949		10,191,949
Bank of the West Auto Trust Series 2014-1 Class A1(b)
11/16/15		0.250%		3,516,449		3,516,449
CarMax Auto Owner Trust Series 2014-4 Class A1
11/16/15		0.210%		4,524,237		4,524,237
Enterprise Fleet Financing LLC Series 2014-2 Class A1(b)
08/20/15		0.250%		4,276,443		4,276,443
Fifth Third Auto Trust Series 2014-3 Class A1
11/16/15		0.210%		3,530,173		3,530,173
Mercedes-Benz Auto Lease Trust Series 2015-A Class A1
01/15/16		0.240%		11,000,000		11,000,000
Nissan Auto Receivables Owner Trust Series 2014-B Class A1
12/15/15		0.230%		11,171,384		11,171,384
Wheels SPV 2 LLC Series 2014-1A Class A1(b)
05/20/15		0.240%		972,240		972,240
World Omni Auto Receivables Trust Series 2014-B Class A1
11/16/15		0.230%		2,989,856		2,989,856
Total						52,172,731
Total Asset-Backed Securities — Non-Agency
(Cost: $70,561,655)						70,561,655
U.S. Treasury Obligations 5.2%
U.S. Treasury(c)
01/31/16		0.070%		68,000,000		67,989,924
04/30/16		0.090%		20,000,000		20,000,252
Total U.S. Treasury Obligations
(Cost: $87,990,176)						87,990,176
Total Investments
(Cost: $1,689,890,170)						1,689,890,170
Other Assets & Liabilities, Net						409,613
Net Assets						1,690,299,783

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

Semiannual Report 2015 7

Columbia Money Market Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Notes to Portfolio of Investments

(a) Represents a security sold within terms of a private placement memorandum, exempt from registration under Section 4(2) of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” This security may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2015, the value of these securities amounted to $628,288,122 or 37.17% of net assets.

(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 January 31, 2015, the value of these securities amounted to $19,679,730 or 1.16% of net assets.

(c) Variable rate security.

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.

Short-term securities are valued using amortized cost, as permitted under Rule 2a-7 of the Investment Company Act of 1940, as amended. Generally, amortized cost approximates the current fair value of these securities, but because the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

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 Financial Statements are an integral part of this statement.

8 Semiannual Report 2015

Columbia Money Market Fund

Portfolio of Investments (continued)

January 31, 2015 (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 January 31, 2015:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Short-Term Securities
Asset-Backed Commercial Paper		—		297,139,307		—		297,139,307
Commercial Paper		—		588,105,330		—		588,105,330
Certificates of Deposit		—		297,000,000		—		297,000,000
U.S. Government & Agency Obligations		—		232,793,702		—		232,793,702
Repurchase Agreements		—		116,300,000		—		116,300,000
Total Short-Term Securities		—		1,531,338,339		—		1,531,338,339
Bonds
Asset-Backed Securities — Non-Agency		—		70,561,655		—		70,561,655
U.S. Treasury Obligations		—		87,990,176		—		87,990,176
Total Bonds		—		158,551,831		—		158,551,831
Total		—		1,689,890,170		—		1,689,890,170

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 represent certain short-term obligations which are valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

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 2015 9

Columbia Money Market Fund

Statement of Assets and Liabilities

January 31, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,573,590,170)	$1,573,590,170
Repurchase agreements (identified cost $116,300,000)	116,300,000
Total investments (identified cost $1,689,890,170)	1,689,890,170
Cash	250,271
Receivable for:
Capital shares sold	8,955,050
Interest	91,323
Expense reimbursement due from Investment Manager	26,839
Prepaid expenses	4,449
Other assets	9,319
Total assets	1,699,227,421
Liabilities
Payable for:
Capital shares purchased	8,345,009
Dividend distributions to shareholders	12,217
Investment management fees	14,872
Distribution and/or service fees	86
Transfer agent fees	241,476
Administration fees	2,522
Compensation of board members	157,972
Other expenses	153,484
Total liabilities	8,927,638
Net assets applicable to outstanding capital stock	$1,690,299,783
Represented by
Paid-in capital	$1,690,456,037
Excess of distributions over net investment income	(157,170	)
Accumulated net realized gain	916
Total — representing net assets applicable to outstanding capital stock	$1,690,299,783

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

10 Semiannual Report 2015

Columbia Money Market Fund

Statement of Assets and Liabilities (continued)

January 31, 2015 (Unaudited)

Class A
Net assets	$1,512,844,409
Shares outstanding	1,512,678,473
Net asset value per share	$1.00
Class B
Net assets	$4,164,836
Shares outstanding	4,166,269
Net asset value per share	$1.00
Class C
Net assets	$25,817,576
Shares outstanding	25,818,719
Net asset value per share	$1.00
Class I
Net assets	$662,412
Shares outstanding	661,903
Net asset value per share	$1.00
Class R
Net assets	$7,024,917
Shares outstanding	7,026,211
Net asset value per share	$1.00
Class R5
Net assets	$557,433
Shares outstanding	557,277
Net asset value per share	$1.00
Class W
Net assets	$106,547
Shares outstanding	106,541
Net asset value per share	$1.00
Class Z
Net assets	$139,121,653
Shares outstanding	139,135,511
Net asset value per share	$1.00

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

Semiannual Report 2015 11

Columbia Money Market Fund

Statement of Operations

Six Months Ended January 31, 2015 (Unaudited)

Net investment income
Income:
Interest	$945,566
Total income	945,566
Expenses:
Investment management fees	2,816,056
Distribution and/or service fees
Class B	18,674
Transfer agent fees
Class A	2,515,430
Class B	8,008
Class C	40,343
Class R	11,713
Class R5	62
Class W	115
Class Z	230,463
Administration fees	477,510
Compensation of board members	16,948
Custodian fees	12,061
Printing and postage fees	178,402
Registration fees	63,183
Professional fees	19,777
Other	18,720
Total expenses	6,427,465
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(5,524,109	)
Total net expenses	903,356
Net investment income	42,210
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	916
Net realized gain	916
Net realized and unrealized gain	916
Net increase in net assets resulting from operations	$43,126

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

12 Semiannual Report 2015

Columbia Money Market Fund

Statement of Changes in Net Assets

	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014
Operations
Net investment income		$42,210			$148,855
Net realized gain		916			1,114
Net increase in net assets resulting from operations		43,126			149,969
Distributions to shareholders
Net investment income
Class A		(62,716	)		(132,094	)
Class B		(180	)		(576	)
Class C		(1,208	)		(2,629	)
Class I		(33	)		(66	)
Class R		(361	)		(687	)
Class R5		(25	)		(65	)
Class W		(4	)		(54	)
Class Z		(7,145	)		(12,684	)
Total distributions to shareholders		(71,672	)		(148,855	)
Decrease in net assets from capital stock activity		(101,700,626	)		(141,283,390	)
Total decrease in net assets		(101,729,172	)		(141,282,276	)
Net assets at beginning of period		1,792,028,955			1,933,311,231
Net assets at end of period		$1,690,299,783			$1,792,028,955
Excess of distributions over net investment income		$(157,170	)		$(127,708	)

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

Semiannual Report 2015 13

Columbia Money Market Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		901,611,433			901,611,433			1,826,108,646			1,826,108,646
Distributions reinvested		61,869			61,869			130,037			130,037
Redemptions		(994,323,094	)		(994,323,095	)		(1,976,882,219	)		(1,976,882,372	)
Net decrease		(92,649,792	)		(92,649,793	)		(150,643,536	)		(150,643,689	)
Class B shares
Subscriptions		869,621			869,621			3,088,265			3,088,265
Distributions reinvested		147			147			506			506
Redemptions(a)		(2,390,574	)		(2,390,573	)		(7,261,677	)		(7,261,678	)
Net decrease		(1,520,806	)		(1,520,805	)		(4,172,906	)		(4,172,907	)
Class C shares
Subscriptions		17,132,919			17,132,919			35,962,858			35,962,858
Distributions reinvested		1,166			1,166			2,512			2,512
Redemptions		(19,338,704	)		(19,338,704	)		(35,521,958	)		(35,521,958	)
Net increase (decrease)		(2,204,619	)		(2,204,619	)		443,412			443,412
Class I shares
Subscriptions		—			—			2			2
Distributions reinvested		33			33			65			65
Net increase		33			33			67			67
Class R shares
Subscriptions		5,039,921			5,039,920			14,979,824			14,979,826
Distributions reinvested		357			357			673			673
Redemptions		(6,065,699	)		(6,065,699	)		(13,834,310	)		(13,834,158	)
Net increase (decrease)		(1,025,421	)		(1,025,422	)		1,146,187			1,146,341
Class R5 shares
Subscriptions		127,074			127,074			512,126			512,126
Distributions reinvested		25			25			62			62
Redemptions		(68,580	)		(68,580	)		(653,179	)		(653,178	)
Net increase (decrease)		58,519			58,519			(140,991	)		(140,990	)
Class W shares
Subscriptions		206,290			206,290			330,006			330,006
Distributions reinvested		3			3			53			53
Redemptions		(149,274	)		(149,274	)		(2,353,550	)		(2,353,550	)
Net increase (decrease)		57,019			57,019			(2,023,491	)		(2,023,491	)
Class Z shares
Subscriptions		34,930,583			34,930,583			86,192,358			86,192,359
Distributions reinvested		5,738			5,738			9,959			9,959
Redemptions		(39,351,879	)		(39,351,879	)		(72,094,450	)		(72,094,451	)
Net increase (decrease)		(4,415,558	)		(4,415,558	)		14,107,867			14,107,867
Total net decrease		(101,700,625	)		(101,700,626	)		(141,283,391	)		(141,283,390	)

(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.

14 Semiannual Report 2015

Columbia Money Market Fund

Financial Highlights

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

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class  A	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Net realized and unrealized gain (loss)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	(0.005	)
Increase from payment by affiliate	—		—		—		—		—		0.005
Total from investment operations	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Less distributions to shareholders:
Net investment income	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net realized gains	—		—		(0.000	)(a)	—		—		—
Total distributions to shareholders	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.00	%(a)	0.01	%	0.03	%	0.01	%	0.01	%	0.05	%(b)
Ratios to average net assets
Total gross expenses	0.73	%(c)	0.78	%	0.80	%	0.71	%	0.68	%	0.75	%
Total net expenses(d)	0.10	%(c)	0.09	%(e)	0.13	%(e)	0.14	%(e)	0.21	%	0.25	%
Net investment income	0.00	%(a)(c)	0.01	%	0.01	%	0.01	%	0.01	%	0.04	%
Supplemental data
Net assets, end of period (in thousands)	$1,512,844		$1,605,518		$1,756,157		$1,846,163		$2,170,619		$2,528,588

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.53%.

(c) Annualized.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable, excluding expenses related to the Fund’s participation in the U.S. Department of Treasury’s Temporary Guarantee Program for Money Market Funds.

(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 2015 15

Columbia Money Market Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class B	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income (loss)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	0.000	(a)	(0.000	)(a)
Net realized and unrealized gain (loss)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	(0.006	)
Increase from payment by affiliate	—		—		—		—		—		0.006
Total from investment operations	(0.000	)(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	(0.000	)(a)
Less distributions to shareholders:
Net investment income	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net realized gains	—		—		(0.000	)(a)	—		—		—
Total distributions to shareholders	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.00	%(a)	0.01	%	0.03	%	0.01	%	0.01	%	0.01	%(b)
Ratios to average net assets
Total gross expenses	1.48	%(c)	1.53	%	1.55	%	1.46	%	1.43	%	1.43	%
Total net expenses(d)	0.12	%(c)	0.10	%(e)	0.14	%(e)	0.14	%(e)	0.21	%	0.30	%
Net investment income (loss)	(0.01	%)(c)	(0.01	%)	(0.00	%)(a)	(0.00	%)(a)	0.00	%(a)	(0.01	%)
Supplemental data
Net assets, end of period (in thousands)	$4,165		$5,686		$9,860		$12,159		$18,617		$33,927

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.59%.

(c) Annualized.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable, excluding expenses related to the Fund’s participation in the U.S. Department of Treasury’s Temporary Guarantee Program for Money Market Funds.

(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.

16 Semiannual Report 2015

Columbia Money Market Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class C	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income (loss)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	(0.000	)(a)
Net realized and unrealized gain (loss)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	(0.005	)
Increase from payment by affiliate	—		—		—		—		—		0.005
Total from investment operations	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	(0.000	)(a)
Less distributions to shareholders:
Net investment income	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net realized gains	—		—		(0.000	)(a)	—		—		—
Total distributions to shareholders	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.00	%(a)	0.01	%	0.03	%	0.01	%	0.01	%	0.01	%(b)
Ratios to average net assets
Total gross expenses	0.73	%(c)	0.78	%	0.79	%	0.72	%	0.68	%	1.18	%
Total net expenses(d)	0.10	%(c)	0.09	%(e)	0.13	%(e)	0.13	%(e)	0.20	%	0.30	%
Net investment income (loss)	0.01	%(c)	0.01	%	0.00	%(a)	0.01	%	0.01	%	(0.00	%)(a)
Supplemental data
Net assets, end of period (in thousands)	$25,818		$28,023		$27,580		$10,252		$12,975		$7,910

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.48%.

(c) Annualized.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable, excluding expenses related to the Fund’s participation in the U.S. Department of Treasury’s Temporary Guarantee Program for Money Market Funds.

(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 2015 17

Columbia Money Market Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class I	(Unaudited)		2014		2013		2012		2011			2010
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00			$1.00
Income from investment operations:
Net investment income	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)		0.000	(a)
Net realized and unrealized gain (loss)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)		(0.006	)
Increase from payment by affiliate	—		—		—		—		—			0.006
Total from investment operations	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)		0.000	(a)
											��
Less distributions to shareholders:
Net investment income	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)		(0.000	)(a)
Net realized gains	—		—		(0.000	)(a)	—		—			—
Total distributions to shareholders	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)		(0.000	)(a)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00			$1.00
Total return	0.00	%(a)	0.01	%	0.03	%	0.01	%	0.01	%		0.01	%(b)
Ratios to average net assets
Total gross expenses	0.41	%(c)	0.41	%	0.40	%	0.40	%	0.40	%		0.41	%
Total net expenses(d)	0.10	%(c)	0.09	%	0.12	%	0.10	%	0.21	%		0.29	%
Net investment income	0.01	%(c)	0.01	%	0.01	%	0.03	%	0.01	%		0.01	%
Supplemental data
Net assets, end of period (in thousands)	$662		$662		$662		$391		$38,467			$27,175

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.59%.

(c) Annualized.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable, excluding expenses related to the Fund’s participation in the U.S. Department of Treasury’s Temporary Guarantee Program for Money Market Funds.

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

18 Semiannual Report 2015

Columbia Money Market Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class R	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income	0.000	(b)	0.000	(b)	0.000	(b)	0.000	(b)	0.000	(b)	0.002
Net realized and unrealized gain (loss)	0.000	(b)	0.000	(b)	0.000	(b)	0.000	(b)	0.000	(b)	(0.001	)
Total from investment operations	0.000	(b)	0.000	(b)	0.000	(b)	0.000	(b)	0.000	(b)	0.001
Less distributions to shareholders:
Net investment income	(0.000	)(b)	(0.000	)(b)	(0.000	)(b)	(0.000	)(b)	(0.000	)(b)	(0.001	)
Net realized gains	—		—		(0.000	)(b)	—		—		—
Total distributions to shareholders	(0.000	)(b)	(0.000	)(b)	(0.000	)(b)	(0.000	)(b)	(0.000	)(b)	(0.001	)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.00	%(b)	0.01	%	0.03	%	0.01	%	0.03	%	0.14	%(c)
Ratios to average net assets
Total gross expenses	0.73	%(d)	0.78	%	0.78	%	0.71	%	0.67	%	0.80	%(d)
Total net expenses(e)	0.10	%(d)	0.09	%(f)	0.12	%(f)	0.14	%(f)	0.18	%	0.07	%(d)
Net investment income	0.00	%(b)(d)	0.01	%	0.00	%(b)	0.02	%	0.02	%	0.21	%(d)
Supplemental data
Net assets, end of period (in thousands)	$7,025		$8,051		$6,904		$654		$30		$3

Notes to Financial Highlights

(a) Based on operations from August 03, 2009 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(c) The Fund received a payment from an affiliate. There was no impact to the total return.

(d) Annualized.

(e) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable, excluding expenses related to the Fund’s participation in the U.S. Department of Treasury’s Temporary Guarantee Program for Money Market Funds.

(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 2015 19

Columbia Money Market Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class R5	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Net realized and unrealized gain (loss)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	(0.002	)
Increase from payment by affiliate	—		—		—		—		—		0.002
Total from investment operations	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Less distributions to shareholders:
Net investment income	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net realized gains	—		—		(0.000	)(a)	—		—		—
Total distributions to shareholders	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.00	%(a)	0.01	%	0.03	%	0.01	%	0.01	%	0.04	%(b)
Ratios to average net assets
Total gross expenses	0.44	%(c)	0.44	%	0.44	%	0.42	%	0.42	%	0.45	%
Total net expenses(d)	0.10	%(c)	0.09	%	0.13	%	0.12	%	0.21	%	0.18	%
Net investment income	0.01	%(c)	0.01	%	0.01	%	0.03	%	0.01	%	0.05	%
Supplemental data
Net assets, end of period (in thousands)	$557		$499		$640		$773		$884		$726

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.19%.

(c) Annualized.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable, excluding expenses related to the Fund’s participation in the U.S. Department of Treasury’s Temporary Guarantee Program for Money Market Funds.

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

20 Semiannual Report 2015

Columbia Money Market Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class W	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income (loss)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	(0.000	)(a)
Net realized and unrealized gain (loss)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	(0.005	)
Increase from payment by affiliate	—		—		—		—		—		0.005
Total from investment operations	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	(0.000	)(a)
Less distributions to shareholders:
Net investment income	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net realized gains	—		—		(0.000	)(a)	—		—		—
Total distributions to shareholders	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.01	%	0.01	%	0.03	%	0.01	%	0.01	%	0.01	%(b)
Ratios to average net assets
Total gross expenses	0.72	%(c)	0.79	%	0.80	%	0.74	%	0.67	%	0.68	%
Total net expenses(d)	0.10	%(c)	0.10	%(e)	0.12	%(e)	0.13	%(e)	0.21	%	0.30	%
Net investment income (loss)	0.01	%(c)	0.00	%(a)	0.01	%	0.00	%(a)	0.01	%	(0.00	%)(a)
Supplemental data
Net assets, end of period (in thousands)	$107		$50		$2,073		$2,074		$21,133		$34,577

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.50%.

(c) Annualized.

(d) The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable, excluding expenses related to the Fund’s participation in the U.S. Department of Treasury’s Temporary Guarantee Program for Money Market Funds.

(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 2015 21

Columbia Money Market Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class Z	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income	0.000	(b)	0.000	(b)	0.000	(b)	0.000	(b)	0.000	(b)	0.000	(b)
Net realized and unrealized gain (loss)	0.000	(b)	0.000	(b)	0.000	(b)	0.000	(b)	0.000	(b)	(0.000	)(b)
Total from investment operations	0.000	(b)	0.000	(b)	0.000	(b)	0.000	(b)	0.000	(b)	0.000	(b)
Less distributions to shareholders:
Net investment income	(0.000	)(b)	(0.000	)(b)	(0.000	)(b)	(0.000	)(b)	(0.000	)(b)	(0.000	)(b)
Net realized gains	—		—		(0.000	)(b)	—		—		—
Total distributions to shareholders	(0.000	)(b)	(0.000	)(b)	(0.000	)(b)	(0.000	)(b)	(0.000	)(b)	(0.000	)(b)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.00	%(b)	0.01	%	0.03	%	0.01	%	0.01	%	0.00	%(b)(c)
Ratios to average net assets
Total gross expenses	0.73	%(d)	0.78	%	0.80	%	0.71	%	0.67	%	0.61	%(d)
Total net expenses(e)	0.10	%(d)	0.09	%(f)	0.13	%(f)	0.14	%(f)	0.20	%	0.26	%(d)
Net investment income	0.00	%(b)(d)	0.01	%	0.01	%	0.01	%	0.01	%	0.02	%(d)
Supplemental data
Net assets, end of period (in thousands)	$139,122		$143,541		$129,435		$70,390		$64,787		$19,816

Notes to Financial Highlights

(a) Based on operations from April 30, 2010 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(c) The Fund received a payment from an affiliate. There was no impact to total return.

(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.

22 Semiannual Report 2015

Columbia Money Market Fund

Notes to Financial Statements

January 31, 2015 (Unaudited)

Note 1. Organization

Columbia Money Market 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 not subject to any front-end sales charge or contingent deferred sales charge (CDSC).

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

Securities in the Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Board of Trustees (the Board) continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. The Board has established procedures intended to stabilize the Fund’s net asset value for purposes of purchases and redemptions of Fund shares at $1.00 per share. These procedures include determinations, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Fund’s market-based net asset value deviates from $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board will promptly consider what action, if any, should be initiated.

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

Semiannual Report 2015 23

Columbia Money Market Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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 January 31, 2015:

	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 ($)		Gross Amounts Not Offset in the Statement of Assets and Liabilities						Net Amount ($)(b)
							Financial Instruments ($)(a)		Cash Collateral Received ($)		Securities Collateral Received ($)
Repurchase Agreements		116,300,000		—		116,300,000		—		—		116,300,000		—

(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.

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, including amortization of premium and discount, is recognized daily.

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 tax exempt and 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 after the fiscal year in which the capital gains were earned or more frequently to seek to maintain a net asset value of $1.00 per share, unless offset by any available capital loss carryforward. 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.

Money Market Fund Reform

In July 2014, the Securities and Exchange Commission adopted amendments to the rules that govern money market funds. The new rule amendments address potential systemic

24 Semiannual Report 2015

Columbia Money Market Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

risks associated with money market funds and improve transparency for money market fund investors. The Fund will be required to comply with provisions of the money market fund reform, the majority of which will become effective in 2016. As a result, the Fund may be required to take certain steps that will impact its structure and/or operations, which could impact the return potential of the Fund.

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 0.33% to 0.15% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended January 31, 2015 was 0.32% 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 January 31, 2015 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 January 31, 2015, other expenses paid by the Fund to this company were $1,888.

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 agency 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 January 31, 2015, 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	0.32	%
Class B	0.32
Class C	0.32
Class R	0.32
Class R5	0.03
Class W	0.31
Class Z	0.32

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

Semiannual Report 2015 25

Columbia Money Market Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 January 31, 2015, no minimum account balance fees were charged by the Fund.

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 January 31, 2015, the Fund’s total potential future obligation over the life of the Guaranty is $94,395. The liability remaining at January 31, 2015 for non-recurring charges associated with the lease amounted to $54,009 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities. SDC is owned by six associated investment companies, including the Fund. The Fund’s ownership interest in SDC at January 31, 2015 is recorded as a part of other assets in the Statement of Assets and Liabilities at a cost of $3,719.

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 0.10% 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 0.85%, 0.75% and 0.50% of the Fund’s average daily net assets attributable to Class B, Class C and Class R shares, respectively. For the six months ended January 31, 2015, the Fund did not pay fees for Class A, Class C, Class R and Class W shares. For Class B shares, of the 0.85% fee, up to 0.75% is reimbursed for distribution expenses. For the six months ended January 31, 2015, the Fund paid fees equal to 0.75% of the 0.85% for Class B shares.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $3,743,000 and $1,917,000 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 CDSC. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

CDSCs received by the Distributor for distributing Fund shares were $130 for Class A, $1,071 for Class B and $1,501 for Class C shares for the six months ended January 31, 2015.

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 November 30, 2015 (%)
Class A		0.62
Class B		1.27
Class C		1.27
Class I		0.32
Class R		0.77
Class R5		0.37
Class W		0.62
Class Z		0.52

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. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangement described above are not recoverable by the Investment Manager or its affiliates in future periods.

26 Semiannual Report 2015

Columbia Money Market Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

In addition, from time to time, the Investment Manager and its affiliates may waive or absorb expenses of the Fund for the purposes of allowing the Fund to avoid a negative net yield or to increase the Fund’s positive net yield. The Fund’s yield would be negative if Fund expenses exceed Fund income. Any such expense limitation is voluntary and may be revised or terminated at any time without notice.

Note 4. Federal Tax Information

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

At January 31, 2015, the cost of investments for federal income tax purposes was approximately $1,689,890,000.

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. Shareholder Concentration

At January 31, 2015, affiliated shareholders of record owned 86.0% 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 6. 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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, 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 $550 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. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended January 31, 2015.

Note 7. 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.

Note 8. Subsequent Events

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

Note 9. Information Regarding Pending and Settled Legal Proceedings

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

Semiannual Report 2015 27

Columbia Money Market Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

28 Semiannual Report 2015

Columbia Money Market Fund

Important Information About This Report

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

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

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

Semiannual Report 2015 29

Columbia Money Market Fund

P.O. Box 8081

Boston, MA 02266-8081

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

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

columbiathreadneedle.com/us

SAR200_07_E01_(03/15)

SEMIANNUAL REPORT

January 31, 2015

COLUMBIA INCOME OPPORTUNITIES FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 11th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.***

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

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

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

* In U.S. dollars as of December 31, 2014. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies.

Contact us for more current data.

** Source: ICI as of December 31, 2014 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of December 2014 for Threadneedle Asset Management Limited.

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

Not part of the shareholder report

Get the market insight you need from our investment experts

Connect with Columbia Threadneedle Investments

Investor insight

Find economic and market commentary, investment videos, white papers,

mutual fund commentary and more at columbiathreadneedle.com/us.

Columbia Threadneedle Investor Newsletter (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 columbiathreadneedle.com/
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Investment videos   Get analysis of current events and trends that may affect your investments.
Visit our online video library to watch and discover what our thought leaders
are saying about the financial markets and economy.

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

n Perspectives blog at columbiathreadneedle.com/us

Read timely posts by our investment team, including our chief investment officer, chief economist and portfolio managers.

n Twitter.com/CTinvest_US

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* Columbia Threadneedle Investor Newsletter was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications in 2011, 2012 and 2013. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

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n Columbia Threadneedle Investor Newsletter

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Register your information online at columbiathreadneedle.com/us/subscribe and select the publications you would like to receive. Update your subscriptions at any time by accessing the email subscription center.

CT-MK (03/15) 5383/1125800

President’s Message

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the “About Us” tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

> Fund and strategy names

> Established investment teams, philosophies and processes

> Account services, features, servicing phone numbers and mailing addresses

> Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children’s education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

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

* Source: Ameriprise as of December 1, 2014

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 2015

Columbia Income 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 columbiathreadneedle.com/us or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	20
Statement of Operations	22
Statement of Changes in Net Assets	23
Financial Highlights	26
Notes to Financial Statements	37
Important Information About This Report	47

Semiannual Report 2015

Columbia Income Opportunities Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Income Opportunities Fund (the Fund) Class A shares returned 1.63% excluding sales charges for the six-month period that ended January 31, 2015.

> The Fund outperformed its benchmark, the Bank of America Merrill Lynch (BofAML) BB-B US Cash Pay High Yield Constrained Index, which returned 0.20% for the same time period.

Average Annual Total Returns (%) (for period ended January 31, 2015)
	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	06/19/03
Excluding sales charges			1.63		4.38		8.34		6.98
Including sales charges			-3.17		-0.58		7.30		6.46
Class B	06/19/03
Excluding sales charges			1.35		3.60		7.55		6.19
Including sales charges			-3.61		-1.37		7.25		6.19
Class C	06/19/03
Excluding sales charges			1.35		3.70		7.65		6.23
Including sales charges			0.36		2.71		7.65		6.23
Class I	03/04/04		1.95		4.94		8.80		7.42
Class K	06/19/03		1.70		4.52		8.45		7.18
Class R*	09/27/10		1.60		4.12		8.10		6.72
Class R4*	11/08/12		1.85		4.73		8.48		7.05
Class R5*	11/08/12		1.83		4.78		8.52		7.07
Class W*	09/27/10		1.63		4.38		8.35		6.98
Class Y*	03/07/11		1.95		4.84		8.70		7.16
Class Z*	09/27/10		1.86		4.64		8.62		7.11
BofAML BB-B US Cash Pay High Yield Constrained Index			0.20		3.67		8.62		7.17

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 columbiathreadneedle.com/us or calling 800.345.6611.

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

The BofAML BB-B US Cash Pay High Yield Constrained Index is an unmanaged index of high yield bonds. The index is subject to a 2% cap on allocation to any one issuer. The 2% cap is intended to provide broad diversification and better reflect the overall character of the high yield 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 2015 3

Columbia Income Opportunities Fund

Portfolio Overview

(Unaudited)

Portfolio Management

Brian Lavin, CFA

Portfolio Breakdown (%) (at January 31, 2015)
Common Stocks	0.0	(a)
Consumer Discretionary	0.0	(a)
Financials	0.0	(a)
Industrials	0.0	(a)
Utilities	0.0	(a)
Convertible Bonds	0.0	(a)
Corporate Bonds & Notes	93.4
Money Market Funds	5.2
Preferred Stocks	0.0	(a)
Consumer Discretionary	0.0	(a)
Senior Loans	1.4
Warrants	0.0	(a)
Consumer Discretionary	0.0	(a)
Total	100.0

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

(a) Rounds to zero.

Quality Breakdown (%) (at January 31, 2015)
BBB rating	6.9
BB rating	62.1
B rating	28.9
CCC rating	0.4
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 rating of Moody’s, S&P or Fitch, whichever rating agency rates the security highest. When ratings are available from only two rating agencies, the higher of the two ratings 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.

4 Semiannual Report 2015

Columbia Income 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.

August 1, 2014 – January 31, 2015

	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		1,016.30	1,019.65		5.46	5.47		1.08
Class B		1,000.00	1,000.00		1,013.50	1,015.89		9.24	9.25		1.83
Class C		1,000.00	1,000.00		1,013.50	1,015.89		9.24	9.25		1.83
Class I		1,000.00	1,000.00		1,019.50	1,021.86		3.24	3.24		0.64
Class K		1,000.00	1,000.00		1,017.00	1,020.36		4.75	4.76		0.94
Class R		1,000.00	1,000.00		1,016.00	1,018.40		6.72	6.73		1.33
Class R4		1,000.00	1,000.00		1,018.50	1,020.91		4.20	4.20		0.83
Class R5		1,000.00	1,000.00		1,018.30	1,021.61		3.49	3.50		0.69
Class W		1,000.00	1,000.00		1,016.30	1,019.65		5.46	5.47		1.08
Class Y		1,000.00	1,000.00		1,019.50	1,021.91		3.19	3.19		0.63
Class Z		1,000.00	1,000.00		1,018.60	1,020.91		4.20	4.20		0.83

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 2015 5

Columbia Income Opportunities Fund

Portfolio of Investments

January 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes 93.0%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Aerospace & Defense 1.1%
ADS Tactical, Inc. Senior Secured(a)
04/01/18		11.000%		5,951,000		5,712,960
Bombardier, Inc.(a) Senior Unsecured
03/15/20		7.750%		3,917,000		3,934,137
10/15/22		6.000%		4,247,000		4,002,798
Bombardier, Inc.(a)(b) Senior Unsecured
01/15/23		6.125%		—		—
Huntington Ingalls Industries, Inc.
03/15/21		7.125%		10,333,000		11,107,975
Huntington Ingalls Industries, Inc.(a)
12/15/21		5.000%		3,340,000		3,465,250
TransDigm, Inc.
07/15/22		6.000%		7,875,000		7,855,312
Total						36,078,432
Automotive 2.9%
American Axle & Manufacturing, Inc.
02/15/19		5.125%		4,704,000		4,821,600
03/15/21		6.250%		5,336,000		5,689,510
Chrysler Group LLC/Co-Issuer, Inc. Secured
06/15/19		8.000%		6,891,000		7,244,164
06/15/21		8.250%		8,079,000		8,987,887
Collins & Aikman Products Co.(a)(c)(d)(e)
08/15/12		12.875%		6,910,000		691
Gates Global LLC/Co.(a)
07/15/22		6.000%		5,310,000		4,978,125
General Motors Co. Senior Unsecured
10/02/23		4.875%		16,184,000		17,657,230
General Motors Financial Co, Inc.
01/15/25		4.000%		5,655,000		5,778,562
General Motors Financial Co., Inc.
09/25/21		4.375%		4,362,000		4,623,720
Jaguar Land Rover Automotive PLC(a)
12/15/18		4.125%		5,263,000		5,384,707
11/15/19		4.250%		3,177,000		3,232,598
Lear Corp. Escrow Bond(b)(d)(e)
12/01/16		8.750%		1,595,000		—
Schaeffler Finance BV(a) Senior Secured
02/15/17		7.750%		3,160,000		3,428,568
05/15/21		4.250%		3,822,000		3,783,780
Schaeffler Holding Finance BV(a) Senior Secured PIK
08/15/18		6.875%		10,876,000		11,392,610
11/15/19		6.250%		5,543,000		5,806,292
Tenneco, Inc.
12/15/24		5.375%		2,509,000		2,609,360
Total						95,419,404

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Banking 2.6%
Ally Financial, Inc.
03/15/20		8.000%		27,392,000		32,664,960
09/15/20		7.500%		7,500,000		8,906,250
11/01/31		8.000%		4,054,000		5,234,727
Senior Unsecured
11/01/31		8.000%		5,067,000		6,625,102
Popular, Inc. Senior Unsecured
07/01/19		7.000%		3,474,000		3,495,713
Royal Bank of Scotland Group PLC Subordinated Notes
05/28/24		5.125%		12,819,000		13,542,825
Royal Bank of Scotland PLC (The) Subordinated Notes(f)
03/16/22		9.500%		1,839,000		2,077,627
Synovus Financial Corp. Senior Unsecured
02/15/19		7.875%		9,534,000		10,630,410
Subordinated Notes
06/15/17		5.125%		2,631,000		2,692,829
Total						85,870,443
Brokerage/Asset Managers/Exchanges 0.2%
E*TRADE Financial Corp. Senior Unsecured
11/15/22		5.375%		7,729,000		8,115,450
Building Materials 1.5%
Allegion US Holding Co., Inc.
10/01/21		5.750%		5,672,000		5,955,600
American Builders & Contractors Supply Co., Inc. Senior Unsecured(a)
04/15/21		5.625%		14,189,000		14,295,417
Building Materials Corp. of America(a) Senior Unsecured
05/01/21		6.750%		9,848,000		10,537,360
11/15/24		5.375%		11,272,000		11,441,080
Gibraltar Industries, Inc.
02/01/21		6.250%		2,001,000		2,041,020
HD Supply, Inc. Senior Secured(a)
12/15/21		5.250%		5,663,000		5,832,890
Total						50,103,367
Cable and Satellite 5.8%
CCO Holdings LLC/Capital Corp.
09/30/22		5.250%		5,846,000		5,867,922
01/15/24		5.750%		2,050,000		2,078,188
CCOH Safari LLC
12/01/22		5.500%		6,438,000		6,526,522
12/01/24		5.750%		25,024,000		25,368,080
CSC Holdings, Inc. Senior Unsecured
11/15/21		6.750%		18,729,000		20,976,480

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

6 Semiannual Report 2015

Columbia Income Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Cequel Communications Holdings I LLC/Capital Corp.(a) Senior Unsecured
09/15/20		6.375%		6,760,000		7,030,400
12/15/21		5.125%		8,926,000		8,725,165
DISH DBS Corp.
09/01/19		7.875%		8,675,000		9,846,125
06/01/21		6.750%		14,466,000		15,713,692
07/15/22		5.875%		9,313,000		9,406,130
DISH DBS Corp.(a)
11/15/24		5.875%		4,450,000		4,472,250
DigitalGlobe, Inc.(a)
02/01/21		5.250%		6,340,000		6,088,302
Hughes Satellite Systems Corp. Senior Secured
06/15/19		6.500%		9,388,000		10,033,425
Intelsat Jackson Holdings SA
04/01/19		7.250%		5,390,000		5,598,863
Intelsat Luxembourg SA
06/01/21		7.750%		10,044,000		9,956,115
Mediacom Broadband LLC/Corp.
04/15/21		5.500%		1,142,000		1,144,855
Quebecor Media, Inc.(a)(d)(e)
01/15/49		9.750%		1,885,000		41,847
Unitymedia Hessen GmbH & Co. KG NRW Senior Secured(a)
01/15/25		5.000%		7,905,000		8,063,100
Videotron Ltd.
07/15/22		5.000%		4,174,000		4,288,785
Virgin Media Finance PLC(a)
10/15/24		6.000%		4,605,000		4,846,763
01/15/25		5.750%		7,434,000		7,694,190
Virgin Media Secured Finance PLC Senior Secured(a)
04/15/21		5.375%		11,202,000		11,650,080	��
Ziggo Bond Finance BV Senior Unsecured(a)
01/15/25		5.875%		4,671,000		4,764,420
Total						190,181,699
Chemicals 3.5%
Angus Chemical Co. Senior Unsecured(a)(g)
02/15/23		8.750%		5,158,000		5,235,370
Axalta Coating Systems Dutch Holding B BV/U.S. Holdings, Inc.(a)
05/01/21		7.375%		11,522,000		12,242,125
Celanese U.S. Holdings LLC
06/15/21		5.875%		5,293,000		5,676,742
Huntsman International LLC
11/15/20		4.875%		2,965,000		2,976,119
Huntsman International LLC(a)
11b/15/22		5.125%		3,424,000		3,415,440

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
INEOS Group Holdings SA(a)
08/15/18		6.125%		1,539,000		1,485,135
02/15/19		5.875%		7,939,000		7,542,050
JM Huber Corp. Senior Unsecured(a)
11/01/19		9.875%		5,150,000		5,600,625
NOVA Chemicals Corp.(a) Senior Unsecured
08/01/23		5.250%		6,774,000		7,002,622
05/01/25		5.000%		5,724,000		5,938,650
PQ Corp. Secured(a)
05/01/18		8.750%		34,399,000		35,086,980
PSPC Escrow Corp. Senior Unsecured(a)(g)
02/01/22		6.500%		14,036,000		14,316,720
WR Grace & Co.(a)
10/01/21		5.125%		4,375,000		4,550,000
10/01/24		5.625%		3,173,000		3,403,043
Total						114,471,621
Construction Machinery 2.2%
Ashtead Capital, Inc. Secured(a)
07/15/22		6.500%		6,623,000		7,136,282
CNH Industrial Capital LLC Senior Unsecured(a)
07/15/19		3.375%		5,770,000		5,539,200
Case New Holland Industrial, Inc.
12/01/17		7.875%		27,433,000		30,203,733
H&E Equipment Services, Inc.
09/01/22		7.000%		6,359,000		6,056,948
United Rentals North America, Inc.
05/15/20		7.375%		3,021,000		3,251,351
04/15/22		7.625%		9,120,000		10,030,176
06/15/23		6.125%		6,144,000		6,382,080
Secured
07/15/18		5.750%		3,203,000		3,307,098
Total						71,906,868
Consumer Cyclical Services 1.5%
ADT Corp. (The) Senior Unsecured
07/15/22		3.500%		8,893,000		8,048,165
06/15/23		4.125%		5,100,000		4,781,250
APX Group, Inc. Senior Secured
12/01/19		6.375%		33,001,000		31,433,453
IHS, Inc.(a)
11/01/22		5.000%		4,561,000		4,598,058
Total						48,860,926

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

Semiannual Report 2015 7

Columbia Income Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Consumer Products 1.1%
Revlon Consumer Products Corp.
02/15/21		5.750%		9,744,000		9,963,240
Spectrum Brands, Inc.
03/15/20		6.750%		1,725,000		1,815,562
11/15/20		6.375%		5,926,000		6,251,930
Springs Industries, Inc. Senior Secured
06/01/21		6.250%		10,079,000		9,675,840
Tempur Sealy International, Inc.
12/15/20		6.875%		7,982,000		8,560,695
Total						36,267,267
Diversified Manufacturing 0.8%
Actuant Corp.
06/15/22		5.625%		3,487,000		3,600,328
Amsted Industries, Inc.(a)
03/15/22		5.000%		6,502,000		6,420,725
09/15/24		5.375%		5,379,000		5,217,630
Entegris, Inc.(a)
04/01/22		6.000%		9,465,000		9,559,650
Total						24,798,333
Electric 2.1%
AES Corp. (The) Senior Unsecured
07/01/21		7.375%		13,188,000		14,605,710
Calpine Corp. Senior Secured(a)
01/15/22		6.000%		14,731,000		15,835,825
Ipalco Enterprises, Inc. Senior Secured(a)
04/01/16		7.250%		5,000,000		5,262,500
NRG Energy, Inc.
07/15/22		6.250%		18,151,000		18,650,152
NRG Yield Operating LLC(a)
08/15/24		5.375%		7,529,000		7,792,515
TerraForm Power Operating LLC(a)
02/01/23		5.875%		6,444,000		6,580,935
Total						68,727,637
Environmental 0.4%
Clean Harbors, Inc.
08/01/20		5.250%		12,723,000		12,850,230
Finance Companies 5.8%
AerCap Ireland Capital Ltd./Global Aviation Trust(a)
05/15/21		4.500%		15,443,000		15,944,897
Senior Unsecured
10/01/21		5.000%		3,532,000		3,752,750

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Air Lease Corp. Senior Unsecured
03/01/20		4.750%		1,185,000		1,276,838
Aircastle Ltd. Senior Unsecured
03/15/21		5.125%		4,336,000		4,390,200
02/15/22		5.500%		3,249,000		3,347,120
Aviation Capital Group Corp. Senior Unsecured(a)
04/06/21		6.750%		420,000		472,500
CIT Group, Inc. Senior Unsecured
05/15/20		5.375%		6,714,000		7,167,195
CIT Group, Inc.(a) Senior Secured
04/01/18		6.625%		7,375,000		7,974,219
Senior Unsecured
02/15/19		5.500%		7,130,000		7,522,150
International Lease Finance Corp. Senior Unsecured
04/01/19		5.875%		7,771,000		8,421,821
12/15/20		8.250%		14,612,000		17,936,230
04/15/21		4.625%		4,980,000		5,129,400
01/15/22		8.625%		4,638,000		5,867,070
Navient Corp. Senior Unsecured
01/15/19		5.500%		3,890,000		4,024,205
10/26/20		5.000%		992,000		990,760
01/25/22		7.250%		9,874,000		10,737,975
03/25/24		6.125%		7,829,000		7,633,275
10/25/24		5.875%		14,180,000		13,400,100
OneMain Financial Holdings, Inc.(a)
12/15/19		6.750%		4,500,000		4,657,500
12/15/21		7.250%		7,872,000		8,127,840
Provident Funding Associates LP/Finance Corp.(a)
06/15/21		6.750%		15,800,000		15,089,000
Senior Unsecured
02/15/19		10.125%		1,750,000		1,842,925
Springleaf Finance Corp.
12/15/17		6.900%		4,918,000		5,268,407
06/01/20		6.000%		5,690,000		5,718,450
10/01/21		7.750%		5,231,000		5,806,410
10/01/23		8.250%		3,579,000		4,035,323
iStar Financial, Inc Senior Unsecured
07/01/19		5.000%		13,767,000		13,526,077
Total						190,060,637
Food and Beverage 1.5%
Aramark Services, Inc.
03/15/20		5.750%		10,707,000		11,135,280
B&G Foods, Inc.
06/01/21		4.625%		10,261,000		10,209,695
Constellation Brands, Inc.
11/15/19		3.875%		2,142,000		2,203,583
11/15/24		4.750%		2,142,000		2,243,745

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

8 Semiannual Report 2015

Columbia Income Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Darling Ingredients, Inc.
01/15/22		5.375%		9,528,000		9,504,180
Pinnacle Foods Finance LLC/Corp.
05/01/21		4.875%		3,447,000		3,403,912
Post Holdings, Inc.(a)
12/15/22		6.000%		3,681,000		3,515,355
WhiteWave Foods Co. (The)
10/01/22		5.375%		7,755,000		8,181,525
Total						50,397,275
Gaming 4.3%
GLP Capital LP/Financing II, Inc.
11/01/20		4.875%		3,238,000		3,335,140
11/01/23		5.375%		4,747,000		4,936,880
MCE Finance Ltd.(a)
02/15/21		5.000%		19,291,000		18,133,540
MGM Resorts International
10/01/20		6.750%		13,087,000		13,839,502
12/15/21		6.625%		12,546,000		13,173,300
03/15/23		6.000%		11,162,000		11,273,620
Penn National Gaming, Inc. Senior Unsecured
11/01/21		5.875%		6,619,000		6,453,525
Pinnacle Entertainment, Inc.
08/01/21		6.375%		7,483,000		7,670,075
Scientific Games International, Inc.(a)
12/01/22		10.000%		15,933,000		14,578,695
Senior Secured
01/01/22		7.000%		14,387,000		14,548,854
Seminole Tribe of Florida, Inc.(a)
Senior Secured
10/01/20		6.535%		8,670,000		9,233,550
Senior Unsecured
10/01/20		7.804%		3,170,000		3,455,268
SugarHouse HSP Gaming LP/Finance Corp. Senior Secured(a)
06/01/21		6.375%		7,772,000		7,305,680
Tunica-Biloxi Gaming Authority Senior Unsecured(a)(c)
11/15/15		9.000%		5,481,000		2,452,748
Wynn Macau Ltd. Senior Unsecured(a)
10/15/21		5.250%		13,054,000		12,703,174
Total						143,093,551
Health Care 7.6%
Biomet, Inc.
08/01/20		6.500%		1,990,000		2,121,838
CHS/Community Health Systems, Inc.
02/01/22		6.875%		19,462,000		20,671,077
Senior Secured
08/01/21		5.125%		2,318,000		2,407,823

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Catamaran Corp.
03/15/21		4.750%		2,261,000		2,291,524
ConvaTec Finance International SA Senior Unsecured PIK(a)
01/15/19		8.250%		5,148,000		5,196,262
ConvaTec Healthcare E SA Senior Unsecured(a)
12/15/18		10.500%		10,197,000		10,758,855
DaVita HealthCare Partners, Inc.
08/15/22		5.750%		13,042,000		13,824,520
07/15/24		5.125%		11,019,000		11,325,328
Fresenius Medical Care U.S. Finance II, Inc.(a)
07/31/19		5.625%		1,808,000		1,966,562
01/31/22		5.875%		5,572,000		6,219,745
10/15/24		4.750%		5,823,000		6,128,707
Fresenius Medical Care U.S. Finance, Inc.(a)
09/15/18		6.500%		746,000		824,330
HCA Holdings, Inc. Senior Unsecured
02/15/21		6.250%		13,964,000		15,150,940
HCA, Inc.
02/15/22		7.500%		8,253,000		9,671,691
02/01/25		5.375%		8,222,000		8,448,105
Senior Secured
03/15/19		3.750%		5,177,000		5,228,770
02/15/20		6.500%		13,055,000		14,686,875
04/15/25		5.250%		9,976,000		10,873,840
HealthSouth Corp.
11/01/24		5.750%		10,513,000		10,854,672
IMS Health, Inc. Senior Unsecured(a)
11/01/20		6.000%		4,191,000		4,363,879
LifePoint Hospitals, Inc.
12/01/21		5.500%		11,301,000		11,880,176
Omnicare, Inc.
Senior Unsecured
12/01/22		4.750%		4,753,000		4,919,355
12/01/24		5.000%		6,659,000		6,925,360
Physio-Control International, Inc. Senior Secured(a)
01/15/19		9.875%		7,066,000		7,542,955
STHI Holding Corp. Secured(a)
03/15/18		8.000%		2,184,000		2,282,280
Teleflex, Inc.(a)
06/15/24		5.250%		628,000		634,280
Tenet Healthcare Corp.
Senior Secured
06/01/20		4.750%		16,105,000		16,467,362
10/01/20		6.000%		2,851,000		3,086,207
04/01/21		4.500%		3,272,000		3,304,720
Senior Unsecured
04/01/22		8.125%		19,188,000		21,634,470

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

Semiannual Report 2015 9

Columbia Income Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Tenet Healthcare Corp.(a)
Senior Unsecured
03/01/19		5.000%		1,914,000		1,918,785
Universal Health Services, Inc. Senior Secured(a)
08/01/22		4.750%		7,535,000		7,732,794
Total						251,344,087
Healthcare Insurance 0.2%
Centene Corp. Senior Unsecured
05/15/22		4.750%		7,216,000		7,324,240
Home Construction 0.8%
Brookfield Residential Properties, Inc.(a)(b)
12/15/20		6.500%		—		—
Meritage Homes Corp.
03/01/18		4.500%		5,044,000		5,018,780
04/15/20		7.150%		3,019,000		3,230,330
04/01/22		7.000%		5,570,000		5,876,350
Shea Homes LP/Funding Corp. Senior Secured
05/15/19		8.625%		3,593,000		3,763,667
Standard Pacific Corp.
11/15/24		5.875%		2,630,000		2,610,275
TRI Pointe Holdings, Inc. Senior Unsecured(a)
06/15/19		4.375%		3,000,000		2,857,500
Taylor Morrison Communities, Inc./Monarch, Inc.(a)
04/15/20		7.750%		3,642,000		3,805,890
04/15/21		5.250%		600,000		565,500
Total						27,728,292
Independent Energy 7.2%
Antero Resources Corp.(a)
12/01/22		5.125%		16,496,000		15,794,920
Carrizo Oil & Gas, Inc.
10/15/18		8.625%		5,312,000		5,319,968
Chesapeake Energy Corp.
08/15/20		6.625%		17,215,000		18,420,050
02/15/21		6.125%		19,295,000		20,356,225
03/15/23		5.750%		7,122,000		7,371,270
Cimarex Energy Co.
05/01/22		5.875%		7,654,000		7,979,295
06/01/24		4.375%		1,775,000		1,685,700
Concho Resources, Inc.
01/15/21		7.000%		6,799,000		7,155,947
01/15/22		6.500%		970,000		1,008,800
10/01/22		5.500%		6,032,000		6,032,000
04/01/23		5.500%		15,842,000		15,842,000
Diamondback Energy, Inc.
10/01/21		7.625%		2,098,000		2,150,450
EP Energy LLC/Everest Acquisition Finance, Inc.
05/01/20		9.375%		22,318,000		22,485,385

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Hilcorp Energy I LP/Finance Co. Senior Unsecured(a)
12/01/24		5.000%		1,053,000		947,700
Laredo Petroleum, Inc.
02/15/19		9.500%		11,671,000		11,671,000
01/15/22		5.625%		12,243,000		10,835,055
05/01/22		7.375%		8,068,000		7,725,110
Oasis Petroleum, Inc.
11/01/21		6.500%		10,737,000		9,797,512
03/15/22		6.875%		13,273,000		12,219,456
01/15/23		6.875%		13,244,000		12,118,260
RSP Permian, Inc.(a)
10/01/22		6.625%		3,228,000		3,207,825
Range Resources Corp.
06/01/21		5.750%		7,170,000		7,349,250
SM Energy Co.
Senior Unsecured
01/15/24		5.000%		6,299,000		5,653,353
SM Energy Co.(a)
Senior Unsecured
11/15/22		6.125%		6,083,000		5,870,095
Whiting Petroleum Corp.
10/01/18		6.500%		340,000		334,050
03/15/21		5.750%		17,176,000		16,338,670
Total						235,669,346
Leisure 1.1%
Activision Blizzard, Inc.(a)
09/15/21		5.625%		23,000,000		24,638,750
09/15/23		6.125%		3,624,000		3,950,160
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.
03/15/21		5.250%		4,434,000		4,500,510
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.(a)
06/01/24		5.375%		3,900,000		3,939,000
United Artists Theatre Circuit, Inc. 1995-A Pass-Through Certificates(d)(e)
07/01/15		9.300%		19,711		19,711
Total						37,048,131
Lodging 1.1%
Choice Hotels International, Inc.
07/01/22		5.750%		2,686,000		2,880,735
Hilton Worldwide Finance LLC/Corp.
10/15/21		5.625%		15,804,000		16,673,220
Playa Resorts Holding BV(a)
08/15/20		8.000%		17,410,000		17,279,425
Total						36,833,380
Media and Entertainment 5.8%
AMC Networks, Inc.
07/15/21		7.750%		10,051,000		10,880,207
12/15/22		4.750%		16,978,000		16,893,110

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

10 Semiannual Report 2015

Columbia Income Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Clear Channel Worldwide Holdings, Inc.
Senior Unsecured
11/15/22		6.500%		8,464,000		8,633,280
11/15/22		6.500%		24,721,000		25,493,531
Gannett Co., Inc.
10/15/19		5.125%		11,479,000		11,880,765
10/15/23		6.375%		680,000		724,200
Gannett Co., Inc.(a)
09/15/21		4.875%		2,723,000		2,723,000
09/15/24		5.500%		2,362,000		2,385,620
Lamar Media Corp.
05/01/23		5.000%		4,959,000		4,996,193
01/15/24		5.375%		5,650,000		5,847,750
MDC Partners, Inc.(a)
04/01/20		6.750%		12,851,000		13,413,231
Netflix, Inc. Senior Unsecured(a)
03/01/24		5.750%		2,594,000		2,684,790
Nexstar Broadcasting, Inc.(a)
02/15/22		6.125%		7,160,000		7,177,900
Nielsen Finance Co. SARL (The)(a)
10/01/21		5.500%		9,346,000		9,603,015
Nielsen Finance LLC/Co.(a)
04/15/22		5.000%		3,776,000		3,785,440
Outfront Media Capital LLC/Corp.(a)
02/15/22		5.250%		11,627,000		12,033,945
02/15/24		5.625%		3,627,000		3,790,215
03/15/25		5.875%		6,483,000		6,709,905
Univision Communications, Inc.(a)
Senior Secured
11/01/20		7.875%		5,199,000		5,575,928
09/15/22		6.750%		9,215,000		10,021,313
05/15/23		5.125%		23,986,000		24,885,475
Ziff Davis Media, Inc.(c)(d)(e)
12/15/11		0.000%		753,352		19,662
Total						190,158,475
Metals 1.3%
Alcoa, Inc. Senior Unsecured
10/01/24		5.125%		9,428,000		10,291,671
ArcelorMittal
Senior Unsecured
03/01/21		6.000%		13,666,000		14,093,062
02/25/22		6.750%		7,497,000		7,970,248
Calcipar SA
Senior Secured(a)
05/01/18		6.875%		8,836,000		8,946,450
Peabody Energy Corp.
11/15/21		6.250%		588,000		441,000
Total						41,742,431

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Midstream 5.5%
Access Midstream Partners LP/Finance Corp.
05/15/23		4.875%		15,209,000		15,589,225
03/15/24		4.875%		4,724,000		4,830,290
Blue Racer Midstream LLC/Finance Corp.(a)
11/15/22		6.125%		9,222,000		9,129,780
Crestwood Midstream Partners LP/Finance Corp.
12/15/20		6.000%		1,078,000		1,051,050
03/01/22		6.125%		3,521,000		3,424,172
Hiland Partners LP/Finance Corp.(a)
10/01/20		7.250%		24,812,000		26,672,900
05/15/22		5.500%		7,536,000		7,818,600
Kinder Morgan, Inc.
06/01/18		7.250%		3,378,000		3,826,771
Senior Unsecured
02/01/18		7.000%		675,000		751,246
MarkWest Energy Partners LP/Finance Corp.
06/15/22		6.250%		4,842,000		5,096,205
02/15/23		5.500%		12,671,000		13,035,291
07/15/23		4.500%		16,983,000		16,813,170
Markwest Energy Partners LP/Finance Corp.
12/01/24		4.875%		8,911,000		8,955,555
Regency Energy Partners LP/Finance Corp.
09/01/20		5.750%		5,453,000		5,916,505
07/15/21		6.500%		9,083,000		9,627,980
10/01/22		5.000%		4,246,000		4,437,070
11/01/23		4.500%		10,400,000		10,504,000
Targa Resources Partners LP/Finance Corp.
05/01/23		5.250%		411,000		408,945
11/15/23		4.250%		6,551,000		6,125,185
Targa Resources Partners LP/Finance Corp.(a)
01/15/18		5.000%		11,391,000		11,616,542
11/15/19		4.125%		4,115,000		4,012,125
Tesoro Logistics LP/Finance Corp.(a)
Senior Unsecured
10/15/19		5.500%		2,124,000		2,153,205
10/15/22		6.250%		9,981,000		10,130,715
Total						181,926,527
Other Financial Institutions 0.5%
FTI Consulting, Inc.
11/15/22		6.000%		2,378,000		2,499,873
Icahn Enterprises LP/Finance Corp.
08/01/20		6.000%		4,506,000		4,713,727
02/01/22		5.875%		7,847,000		8,023,557
Total						15,237,157
Other Industry 0.5%
CB Richard Ellis Services, Inc.
03/15/25		5.250%		15,074,000		15,978,440
Other REIT 0.1%
DuPont Fabros Technology LP
09/15/21		5.875%		1,618,000		1,678,675

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

Semiannual Report 2015 11

Columbia Income Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Packaging 0.9%
Reynolds Group Issuer, Inc./LLC
Senior Secured
08/15/19		7.875%		9,929,000		10,487,506
10/15/20		5.750%		7,418,000		7,584,905
02/15/21		6.875%		7,400,000		7,788,500
Sealed Air Corp.(a)
12/01/20		6.500%		2,199,000		2,424,398
09/15/21		8.375%		2,581,000		2,897,172
Total						31,182,481
Pharmaceuticals 2.4%
Capsugel SA Senior Unsecured PIK(a)
05/15/19		7.000%		2,513,000		2,566,075
Endo Finance LLC/Finco, Inc.(a)
02/01/25		6.000%		21,069,000		21,529,884
Grifols Worldwide Operations Ltd. Senior Unsecured(a)
04/01/22		5.250%		3,882,000		3,940,230
Jaguar Holding Co. II/Merger Sub, Inc. Senior Unsecured(a)
12/01/19		9.500%		1,987,000		2,126,090
Salix Pharmaceuticals Ltd.(a)
01/15/21		6.000%		3,008,000		3,203,520
Valeant Pharmaceuticals International, Inc.(a)
08/15/18		6.750%		7,389,000		7,860,049
10/15/20		6.375%		15,875,000		16,787,812
07/15/21		7.500%		13,556,000		14,843,820
03/01/23		5.500%		4,480,000		4,592,000
Total						77,449,480
Property & Casualty —%
Lumbermens Mutual Casualty Co.(a)(c)
Senior Subordinated Notes
12/01/97		8.450%		4,600,000		2,300
Subordinated Notes
12/01/37		8.300%		180,000		90
Lumbermens Mutual Casualty Co.(c)
Subordinated Notes
07/01/26		9.150%		9,865,000		4,933
Total						7,323
Railroads 0.5%
Florida East Coast Holdings Corp. Senior Secured(a)
05/01/19		6.750%		16,076,000		15,875,050
Retailers 1.0%
Asbury Automotive Group, Inc.
12/15/24		6.000%		4,467,000		4,623,345
GameStop Corp.(a)
10/01/19		5.500%		6,774,000		6,892,545

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Group 1 Automotive, Inc.(a)
06/01/22		5.000%		3,183,000		3,143,213
L Brands, Inc.
05/01/20		7.000%		2,000,000		2,275,000
04/01/21		6.625%		3,530,000		3,988,900
Penske Automotive Group, Inc.
12/01/24		5.375%		4,654,000		4,735,445
Rite Aid Corp. Senior Secured
08/15/20		8.000%		7,033,000		7,507,727
Total						33,166,175
Technology 5.6%
Alliance Data Systems Corp.(a)
12/01/17		5.250%		8,453,000		8,706,590
04/01/20		6.375%		4,734,000		4,905,608
08/01/22		5.375%		14,153,000		14,046,852
Ancestry.com, Inc.
12/15/20		11.000%		8,203,000		8,900,255
Audatex North America, Inc.(a)
06/15/21		6.000%		3,421,000		3,557,840
11/01/23		6.125%		4,645,000		4,842,413
CDW LLC/Finance Corp.
04/01/19		8.500%		1,540,000		1,618,925
Equinix, Inc.
Senior Unsecured
04/01/20		4.875%		3,467,000		3,536,340
01/01/22		5.375%		4,954,000		5,127,390
04/01/23		5.375%		12,540,000		13,010,250
First Data Corp.(a)
Secured
01/15/21		8.250%		16,654,000		17,757,327
Senior Secured
08/15/20		8.875%		1,011,000		1,083,034
11/01/20		6.750%		9,016,000		9,658,390
Goodman Networks, Inc. Senior Secured
07/01/18		12.125%		4,512,000		4,579,680
Iron Mountain, Inc.
08/15/23		6.000%		8,449,000		8,850,327
MSCI, Inc.(a)
11/15/24		5.250%		8,090,000		8,433,825
NCR Corp.
12/15/21		5.875%		2,100,000		2,168,250
12/15/23		6.375%		2,653,000		2,772,385
NXP BV/Funding LLC(a)
06/01/18		3.750%		11,934,000		11,934,000
Nuance Communications, Inc.(a)
08/15/20		5.375%		17,834,000		17,967,755
Open Text Corp.
01/15/23		5.625%		6,511,000		6,690,053
Qualitytech LP/Finance Corp.(a)
08/01/22		5.875%		8,297,000		8,400,713

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

12 Semiannual Report 2015

Columbia Income Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
VeriSign, Inc. Senior Unsecured
05/01/23		4.625%		5,812,000		5,775,675
Zebra Technologies Corp. Senior Unsecured(a)
10/15/22		7.250%		9,427,000		10,110,457
Total						184,434,334
Transportation Services 0.6%
Avis Budget Car Rental LLC/Finance, Inc.
03/15/20		9.750%		6,171,000		6,695,535
Hertz Corp. (The)
10/15/20		5.875%		6,009,000		6,099,135
10/15/22		6.250%		6,845,000		6,999,013
Total						19,793,683
Wireless 8.1%
Altice Financing SA Senior Secured(a)(g)
02/15/23		6.625%		6,259,000		6,259,000
Altice SA(a)
05/15/22		7.750%		7,810,000		8,083,350
Altice SA(a)(g)
02/15/25		7.625%		10,527,000		10,527,000
Crown Castle International Corp.
Senior Unsecured
04/15/22		4.875%		9,594,000		9,718,722
01/15/23		5.250%		30,431,000		31,191,775
Numericable-SFR(a)
Senior Secured
05/15/19		4.875%		7,089,000		7,089,000
05/15/22		6.000%		18,098,000		18,512,444
SBA Communications Corp. Senior Unsecured(a)
07/15/22		4.875%		8,181,000		7,956,023
SBA Telecommunications, Inc.
07/15/20		5.750%		14,275,000		14,738,937
Sprint Communications, Inc.
Senior Unsecured
08/15/20		7.000%		2,363,000		2,380,723
Sprint Communications, Inc.(a)
11/15/18		9.000%		23,916,000		27,682,770
03/01/20		7.000%		14,794,000		16,125,460
Sprint Corp.
09/15/21		7.250%		6,936,000		6,925,596
09/15/23		7.875%		17,447,000		17,686,896
T-Mobile USA, Inc.
01/15/22		6.125%		5,853,000		6,021,274
04/28/22		6.731%		10,982,000		11,380,097
03/01/23		6.000%		9,777,000		9,996,982
04/01/23		6.625%		9,185,000		9,529,438
01/15/24		6.500%		5,853,000		6,072,488
03/01/25		6.375%		2,446,000		2,488,805

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Wind Acquisition Finance SA(a)
Senior Secured
04/30/20		6.500%		11,414,000		11,870,560
07/15/20		4.750%		23,802,000		23,206,950
Total						265,444,290
Wirelines 4.9%
CenturyLink, Inc.
Senior Unsecured
04/01/20		5.625%		5,959,000		6,270,358
06/15/21		6.450%		20,692,000		22,399,090
03/15/22		5.800%		1,138,000		1,197,745
12/01/23		6.750%		1,562,000		1,743,583
EarthLink Holdings Corp. Senior Secured
06/01/20		7.375%		7,101,000		7,172,010
Frontier Communications Corp.
Senior Unsecured
03/15/19		7.125%		767,000		838,906
07/01/21		9.250%		13,663,000		15,769,835
09/15/21		6.250%		937,000		965,110
01/15/23		7.125%		5,000,000		5,187,500
01/15/25		6.875%		10,338,000		10,480,147
Level 3 Communications, Inc. Senior Unsecured(a)
12/01/22		5.750%		6,482,000		6,530,615
Level 3 Financing, Inc.
07/01/19		8.125%		2,904,000		3,081,870
06/01/20		7.000%		5,681,000		6,050,265
07/15/20		8.625%		8,850,000		9,650,925
01/15/21		6.125%		4,739,000		4,916,713
Level 3 Financing, Inc.(a)
08/15/22		5.375%		9,971,000		10,120,565
02/01/23		5.625%		8,020,000		8,140,300
Level 3 Financing, Inc.(f)
01/15/18		3.826%		1,728,000		1,736,640
Telecom Italia Capital SA
06/18/19		7.175%		10,101,000		11,565,645
Telecom Italia SpA Senior Unsecured(a)
05/30/24		5.303%		6,043,000		6,322,489
Windstream Corp.
10/15/20		7.750%		7,787,000		8,079,012
06/01/22		7.500%		8,195,000		8,174,512
Zayo Group LLC/Capital, Inc. Senior Secured
01/01/20		8.125%		5,283,000		5,599,980
Total						161,993,815
Total Corporate Bonds & Notes
(Cost: $3,010,023,024)						3,059,218,952

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

Semiannual Report 2015 13

Columbia Income Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Convertible Bonds —%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Wirelines —%
At Home Corp. Subordinated Notes(c)(d)(e)
06/12/15		4.750%		3,896,787		390
Total Convertible Bonds
(Cost: $—)						390
Senior Loans 1.4%
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
Automotive —%
BHM Technologies LLC Term Loan(c)(d)(e)(f)(h)
11/26/13		0.000%		1,237,124		124
Chemicals 0.1%
PQ Corp.
Term Loan(f)(h)
08/07/17		4.000%		3,629,308		3,569,206
Solenis International LP/Holdings 3 LLC 1st Lien Term Loan(f)(h)
07/31/21		4.250%		1,308,524		1,267,228
Total						4,836,434
Health Care 0.7%
CHS/Community Health Systems, Inc. Tranche D Term Loan(f)(h)
01/27/21		4.250%		3,091,770		3,088,214
U.S. Renal Care, Inc.(f)(h) 1st Lien Tranche B-2 Term Loan
07/03/19		4.250%		6,105,957		6,014,368
2nd Lien Tranche B-1 Term Loan
01/03/20		8.500%		3,334,539		3,326,203
United Surgical Partners International, Inc. Tranche B Term Loan(f)(h)
04/03/19		4.750%		11,485,102		11,437,209
Total						23,865,994
Lodging 0.1%
Four Seasons Holdings, Inc. 2nd Lien Term Loan(f)(h)
12/27/20		6.250%		2,112,000		2,098,800
Retailers 0.2%
Rite Aid Corp. 2nd Lien Tranche 1 Term Loan(f)(h)
08/21/20		5.750%		5,972,000		5,983,227
Technology 0.3%
Applied Systems, Inc. 1st Lien Term Loan(f)(h)
01/25/21		4.250%		927,630		919,801

Senior Loans (continued)
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
TIBCO Software, Inc. Term Loan(f)(g)(h)
12/04/20		0.000%		8,931,000		8,714,423
Total						9,634,224
Total Senior Loans
(Cost: $49,292,115)						46,418,803
Common Stocks —%
Issuer			Shares		Value ($)
Consumer Discretionary —%
Auto Components —%
Lear Corp.				1,324		132,864
Automobiles —%
BHM Technologies LLC(d)(e)(i)				115,119		1,151
Media —%
Haights Cross Communications, Inc.(b)(d)(e)(i)				275,078		—
Loral Space & Communications, Inc.(i)				101		7,263
Ziff Davis Holdings, Inc.(d)(e)(i)				6,107		61
Total						7,324
Total Consumer Discretionary						141,339
Financials —%
Diversified Financial Services —%
Adelphia Recovery Trust(d)(e)(i)				1,410,902		14,109
Total Financials						14,109
Industrials —%
Commercial Services & Supplies —%
Quad/Graphics, Inc.				1,009		20,220
Total Industrials						20,220
Utilities —%
Independent Power and Renewable Electricity Producers —%
Calpine Corp. Escrow(b)(d)(e)(i)				23,187,000		—
Total Utilities						—
Total Common Stocks
(Cost: $3,418,635)						175,668
Preferred Stocks —%
Consumer Discretionary —%
Automobiles —%
BHM Technologies LLC(d)(e)(i)				1,378		14
Total Preferred Stocks
(Cost: $74)						14

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

14 Semiannual Report 2015

Columbia Income Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Warrants —%
Issuer	Shares		Value ($)
Consumer Discretionary —%
Media —%
ION Media Networks, Inc.(d)(e)(i)		221		2
ION Media Networks, Inc.(d)(e)(i)		223		2
Total				4
Total Warrants
(Cost: $1,137,893)				4

Money Market Funds 5.1%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.118%(j)(k)		168,471,508		168,471,508
Total Money Market Funds
(Cost: $168,471,508)				168,471,508
Total Investments
(Cost: $3,232,343,249)				3,274,285,339
Other Assets & Liabilities, Net				16,056,025
Net Assets				3,290,341,364

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2015

At January 31, 2015, cash totaling $670,950 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		(497	)		USD		(65,044,875	)		03/2015		—		(2,391,511	)

Credit Default Swap Contracts Outstanding at January 31, 2015

At January 31, 2015, cash totaling $2,510,105 was pledged as collateral to cover open centrally cleared credit default swap contracts.

Sell Protection

Counterparty

Reference Entity

Expiration Date

Receive Fixed Rate (%)

Implied Credit Spread (%)**

Notional Amount ($)

Market Value ($)

Periodic Payments Receivable (Payable) ($)

Unrealized Appreciation ($)

Unrealized Depreciation ($)

Morgan Stanley*

CDX North America High Yield 23-V1

12/20/2019

5.000

3.662

50,000,000

127,937

277,778

405,715

—

* Centrally cleared swap contract

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

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 January 31, 2015, the value of these securities amounted to $1,213,890,376 or 36.89% of net assets.

(b) Negligible market value.

(c) Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At January 31, 2015, the value of these securities amounted to $2,480,938, which represents 0.08% of net assets.

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

Semiannual Report 2015 15

Columbia Income Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)

(d) Identifies securities considered by the Investment Manager to be illiquid as to their marketability. The aggregate value of such securities at January 31, 2015 was $97,764, which represents less than 0.01% of net assets. Information concerning such security holdings at January 31, 2015 is as follows:

Security Description	Acquisition Dates		Cost ($)
Adelphia Recovery Trust Common Stock		05/17/2002 - 06/07/2002		278,750
At Home Corp. Subordinated Notes 06/12/15 4.750%		07/26/2005		—
BHM Technologies LLC Common Stock		07/21/2006		6,216
BHM Technologies LLC Preferred Stock		07/21/2006		74
BHM Technologies LLC Term Loan 11/26/13 0.000%		07/21/2006 - 03/31/2010		2,899,551
Calpine Corp. Escrow Common Stock		09/29/2011		—
Collins & Aikman Products Co. 08/15/12 12.875%		08/12/2004 - 04/12/2005		5,854,200
Haights Cross Communications, Inc. Common Stock		01/15/2004 - 02/03/2006		3,131,160
ION Media Networks, Inc. Warrant		12/19/2005 - 04/14/2009		1,137,893
ION Media Networks, Inc. Warrant		03/12/2011		—
Lear Corp. Escrow Bond 12/01/16 8.750%		11/20/2006 - 07/24/2008		—
Quebecor Media, Inc. 01/15/49 9.750%		01/17/2007		24,647
United Artists Theatre Circuit, Inc. 1995-A Pass-Through Certificates 07/01/15 9.300%		11/27/2000 - 04/20/2001		19,435
Ziff Davis Holdings, Inc. Common Stock		07/01/2008		61
Ziff Davis Media, Inc. 12/15/11 0.000%		07/01/2008 - 04/15/2011		551,540

(e) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2015, the value of these securities amounted to $97,764, which represents less than 0.01% of net assets.

(f) Variable rate security.

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

(h) 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 January 31, 2015. 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.

(i) Non-income producing.

(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 January 31, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		169,293,304		678,633,243		(679,455,039	)		168,471,508		65,968		168,471,508

(k) The rate shown is the seven-day current annualized yield at January 31, 2015.

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

16 Semiannual Report 2015

Columbia Income Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Abbreviation Legend

PIK	Payment-in-Kind
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.

Short-term securities are valued using amortized cost, as permitted under Rule 2a-7 of the Investment Company Act of 1940, as amended. Generally, amortized cost approximates the current fair value of these securities, but because the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

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 2015 17

Columbia Income Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at January 31, 2015:

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
Automotive		—			95,418,713		691		95,419,404
Cable and Satellite		—			190,139,852		41,847		190,181,699
Leisure		—			37,028,420		19,711		37,048,131
Media and Entertainment		—			190,138,813		19,662		190,158,475
All other industries		—			2,546,411,243		—		2,546,411,243
Convertible Bonds
Wirelines		—			—		390		390
Total Bonds		—			3,059,137,041		82,301		3,059,219,342
Other
Senior Loans
Automotive		—			—		124		124
Lodging		—			—		2,098,800		2,098,800
All other industries		—			44,319,879		—		44,319,879
Total Other		—			44,319,879		2,098,924		46,418,803
Equity Securities
Common Stocks
Consumer Discretionary		140,126			—		1,213		141,339
Financials		—			—		14,109		14,109
Industrials		20,220			—		—		20,220
Utilities		0	(a)		—		—		0	(a)
Preferred Stocks
Consumer Discretionary		—			—		14		14
Warrants
Consumer Discretionary		—			—		4		4
Total Equity Securities		160,346			—		15,340		175,686
Mutual Funds
Money Market Funds		168,471,508			—		—		168,471,508
Total Mutual Funds		168,471,508			—		—		168,471,508
Investments in Securities		168,631,854			3,103,456,920		2,196,565		3,274,285,339
Derivatives
Assets
Swap Contracts		—			405,715		—		405,715
Liabilities
Futures Contracts		(2,391,511	)		—		—		(2,391,511	)
Total		166,240,343			3,103,862,635		2,196,565		3,272,299,543

(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.

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

18 Semiannual Report 2015

Columbia Income Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Fair Value Measurements (continued)

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

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

Certain corporate bonds, convertible bonds, common stocks and warrants 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 liquidation of company assets or potential actions related to the respective company’s bankruptcy filing. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in the bankruptcy filings would result in a directionally similar change to estimates of future distributions.

Certain corporate bonds, senior loans as well as common and 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, trades of similar securities, single market quotations from broker dealers, estimated earnings of the respective company, market multiples derived from a set of comparable companies, and the position of the security within the respective company’s capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in estimated earnings of the respective company may result in a change to the comparable companies and market multiples utilized.

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

Semiannual Report 2015 19

Columbia Income Opportunities Fund

Statement of Assets and Liabilities

January 31, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $3,063,871,741)	$3,105,813,831
Affiliated issuers (identified cost $168,471,508)	168,471,508
Total investments (identified cost $3,232,343,249)	3,274,285,339
Cash	38,969
Margin deposits	3,181,055
Receivable for:
Investments sold	20,228,750
Capital shares sold	13,024,429
Dividends	17,038
Interest	46,424,585
Reclaims	66,237
Expense reimbursement due from Investment Manager	4,854
Prepaid expenses	6,594
Trustees’ deferred compensation plan	48,222
Other assets	40,938
Total assets	3,357,367,010
Liabilities
Payable for:
Investments purchased	2,956,936
Investments purchased on a delayed delivery basis	44,818,137
Capital shares purchased	5,803,804
Dividend distributions to shareholders	12,074,277
Variation margin	361,768
Investment management fees	49,609
Distribution and/or service fees	15,262
Transfer agent fees	596,371
Administration fees	5,528
Plan administration fees	4
Compensation of board members	192,948
Other expenses	102,780
Trustees’ deferred compensation plan	48,222
Total liabilities	67,025,646
Net assets applicable to outstanding capital stock	$3,290,341,364
Represented by
Paid-in capital	$3,250,942,387
Excess of distributions over net investment income	(451,026	)
Accumulated net realized loss	(106,291	)
Unrealized appreciation (depreciation) on:
Investments	41,942,090
Futures contracts	(2,391,511	)
Swap contracts	405,715
Total — representing net assets applicable to outstanding capital stock	$3,290,341,364

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

20 Semiannual Report 2015

Columbia Income Opportunities Fund

Statement of Assets and Liabilities (continued)

January 31, 2015 (Unaudited)

Class A
Net assets	$1,742,875,415
Shares outstanding	174,396,455
Net asset value per share	$9.99
Maximum offering price per share(a)	$10.49
Class B
Net assets	$9,226,035
Shares outstanding	923,690
Net asset value per share	$9.99
Class C
Net assets	$109,536,939
Shares outstanding	10,969,466
Net asset value per share	$9.99
Class I
Net assets	$551,207,497
Shares outstanding	55,083,008
Net asset value per share	$10.01
Class K
Net assets	$624,417
Shares outstanding	62,292
Net asset value per share	$10.02
Class R
Net assets	$861,239
Shares outstanding	86,135
Net asset value per share	$10.00
Class R4
Net assets	$2,911,619
Shares outstanding	290,371
Net asset value per share	$10.03
Class R5
Net assets	$20,558,762
Shares outstanding	2,051,294
Net asset value per share	$10.02
Class W
Net assets	$12,432,205
Shares outstanding	1,244,173
Net asset value per share	$9.99
Class Y
Net assets	$8,877,590
Shares outstanding	887,028
Net asset value per share	$10.01
Class Z
Net assets	$831,229,646
Shares outstanding	82,967,754
Net asset value per share	$10.02

(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 2015 21

Columbia Income Opportunities Fund

Statement of Operations

Six Months Ended January 31, 2015 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$784
Dividends — affiliated issuers	65,968
Interest	86,925,619
Total income	86,992,371
Expenses:
Investment management fees	8,794,211
Distribution and/or service fees
Class A	2,078,307
Class B	51,560
Class C	565,457
Class R	2,283
Class W	15,823
Transfer agent fees
Class A	1,969,399
Class B	12,219
Class C	133,974
Class K	207
Class R	1,083
Class R4	4,561
Class R5	4,618
Class W	14,993
Class Z	994,028
Administration fees	984,017
Plan administration fees
Class K	1,033
Compensation of board members	25,538
Custodian fees	26,390
Printing and postage fees	183,000
Registration fees	91,920
Professional fees	31,152
Other	22,046
Total expenses	16,007,819
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(637,171	)
Total net expenses	15,370,648
Net investment income	71,621,723
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	5,577,283
Futures contracts	(870,734	)
Swap contracts	275,883
Net realized gain	4,982,432
Net change in unrealized appreciation (depreciation) on:
Investments	(19,991,506	)
Futures contracts	(2,945,912	)
Swap contracts	405,715
Net change in unrealized depreciation	(22,531,703	)
Net realized and unrealized loss	(17,549,271	)
Net increase in net assets resulting from operations	$54,072,452

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

22 Semiannual Report 2015

Columbia Income Opportunities Fund

Statement of Changes in Net Assets

	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014
Operations
Net investment income		$71,621,723			$154,008,662
Net realized gain		4,982,432			49,541,082
Net change in unrealized depreciation		(22,531,703	)		(8,997,212	)
Net increase in net assets resulting from operations		54,072,452			194,552,532
Distributions to shareholders
Net investment income
Class A		(36,555,675	)		(72,068,483	)
Class B		(187,256	)		(581,905	)
Class C		(2,058,729	)		(5,076,674	)
Class I		(12,411,937	)		(32,342,562	)
Class K		(18,653	)		(35,963	)
Class R		(18,846	)		(47,318	)
Class R4		(90,409	)		(77,958	)
Class R5		(447,440	)		(439,929	)
Class W		(278,475	)		(563,599	)
Class Y		(227,080	)		(638,553	)
Class Z		(19,501,533	)		(44,562,154	)
Net realized gains
Class A		(5,335,164	)		—
Class B		(31,014	)		—
Class C		(348,807	)		—
Class I		(1,645,460	)		—
Class K		(2,815	)		—
Class R		(2,583	)		—
Class R4		(9,894	)		—
Class R5		(90,730	)		—
Class W		(39,759	)		—
Class Y		(26,305	)		—
Class Z		(2,631,788	)		—
Total distributions to shareholders		(81,960,352	)		(156,435,098	)
Increase (decrease) in net assets from capital stock activity		160,773,844			(86,219,983	)
Total increase (decrease) in net assets		132,885,944			(48,102,549	)
Net assets at beginning of period		3,157,455,420			3,205,557,969
Net assets at end of period		$3,290,341,364			$3,157,455,420
Excess of distributions over net investment income		$(451,026	)		$(276,716	)

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

Semiannual Report 2015 23

Columbia Income Opportunities Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		35,479,079			354,398,889			49,959,229			506,606,630
Distributions reinvested		3,934,215			39,461,546			6,678,964			67,283,885
Redemptions		(27,014,603	)		(269,730,209	)		(46,859,716	)		(472,707,331	)
Net increase		12,398,691			124,130,226			9,778,477			101,183,184
Class B shares
Subscriptions		10,625			106,181			54,114			546,202
Distributions reinvested		17,949			179,990			47,909			481,844
Redemptions(a)		(228,224	)		(2,280,805	)		(755,826	)		(7,597,218	)
Net decrease		(199,650	)		(1,994,634	)		(653,803	)		(6,569,172	)
Class C shares
Subscriptions		831,779			8,435,714			1,286,001			12,890,133
Distributions reinvested		212,725			2,131,720			441,013			4,438,195
Redemptions		(1,501,165	)		(15,063,641	)		(3,244,524	)		(32,581,963	)
Net decrease		(456,661	)		(4,496,207	)		(1,517,510	)		(15,253,635	)
Class I shares
Subscriptions		8,916,675			89,526,558			17,062,246			170,331,252
Distributions reinvested		1,399,615			14,057,124			3,206,324			32,342,047
Redemptions		(6,382,010	)		(63,561,973	)		(26,156,952	)		(264,865,482	)
Net increase (decrease)		3,934,280			40,021,709			(5,888,382	)		(62,192,183	)
Class K shares
Subscriptions		6,611			66,258			25,318			259,131
Distributions reinvested		2,107			21,214			3,530			35,721
Redemptions		(39,482	)		(396,071	)		(749	)		(7,610	)
Net increase (decrease)		(30,764	)		(308,599	)		28,099			287,242
Class R shares
Subscriptions		11,811			117,910			29,569			297,613
Distributions reinvested		2,133			21,423			4,671			47,108
Redemptions		(27,263	)		(275,507	)		(29,442	)		(297,880	)
Net increase (decrease)		(13,319	)		(136,174	)		4,798			46,841
Class R4 shares
Subscriptions		717,693			7,214,897			239,986			2,423,173
Distributions reinvested		9,929			100,042			7,646			77,714
Redemptions		(684,486	)		(6,930,029	)		(22,022	)		(224,422	)
Net increase		43,136			384,910			225,610			2,276,465
Class R5 shares
Subscriptions		2,918,735			29,424,394			1,410,354			14,230,699
Distributions reinvested		53,437			536,860			40,757			414,658
Redemptions		(2,083,778	)		(20,804,682	)		(1,568,270	)		(15,612,441	)
Net increase (decrease)		888,394			9,156,572			(117,159	)		(967,084	)

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

24 Semiannual Report 2015

Columbia Income Opportunities Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class W shares
Subscriptions		117,484			1,177,220			533,891			5,361,450
Distributions reinvested		31,699			317,985			55,845			563,367
Redemptions		(166,633	)		(1,667,392	)		(312,980	)		(3,154,275	)
Net increase (decrease)		(17,450	)		(172,187	)		276,756			2,770,542
Class Y shares
Subscriptions		55,285			550,254			77,754			784,863
Distributions reinvested		319			3,202			489			4,937
Redemptions		(384,355	)		(3,885,842	)		(50,926	)		(514,054	)
Net increase (decrease)		(328,751	)		(3,332,386	)		27,317			275,746
Class Z shares
Subscriptions		16,943,056			170,599,642			9,711,323			98,230,518
Distributions reinvested		617,021			6,207,609			1,211,700			12,240,655
Redemptions		(17,860,395	)		(179,286,637	)		(21,709,022	)		(218,549,102	)
Net decrease		(300,318	)		(2,479,386	)		(10,785,999	)		(108,077,929	)
Total net increase (decrease)		15,917,588			160,773,844			(8,621,796	)		(86,219,983	)

(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 2015 25

Columbia Income 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.

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class  A	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$10.08		$9.96		$9.78		$9.76		$9.72		$9.00
Income from investment operations:
Net investment income	0.22		0.48		0.50		0.56		0.62		0.73
Net realized and unrealized gain (loss)	(0.06	)	0.12		0.18		0.21		0.51		0.73
Total from investment operations	0.16		0.60		0.68		0.77		1.13		1.46
Less distributions to shareholders:
Net investment income	(0.22	)	(0.48	)	(0.50	)	(0.56	)	(0.64	)	(0.74	)
Net realized gains	(0.03	)	—		—		(0.19	)	(0.45	)	—
Total distributions to shareholders	(0.25	)	(0.48	)	(0.50	)	(0.75	)	(1.09	)	(0.74	)
Proceeds from regulatory settlements	—		—		—		0.00	(a)	—		—
Net asset value, end of period	$9.99		$10.08		$9.96		$9.78		$9.76		$9.72
Total return	1.63	%	6.18	%	7.10	%	8.51	%	12.19	%	16.76	%
Ratios to average net assets(b)
Total gross expenses	1.12	%(c)	1.13	%	1.11	%	1.10	%	1.07	%	1.11	%
Total net expenses(d)	1.08	%(c)	1.08	%(e)	1.08	%(e)	1.02	%(e)	1.07	%	1.11	%
Net investment income	4.39	%(c)	4.73	%	4.98	%	5.89	%	6.41	%	7.77	%
Supplemental data
Net assets, end of period (in thousands)	$1,742,875		$1,632,562		$1,515,539		$907,546		$767,359		$498,803
Portfolio turnover	22	%	65	%	59	%	55	%	84	%	86	%

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%.

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

26 Semiannual Report 2015

Columbia Income Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class B	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$10.07		$9.95		$9.77		$9.76		$9.72		$9.00
Income from investment operations:
Net investment income	0.18		0.40		0.43		0.49		0.55		0.66
Net realized and unrealized gain (loss)	(0.05	)	0.13		0.18		0.20		0.51		0.73
Total from investment operations	0.13		0.53		0.61		0.69		1.06		1.39
Less distributions to shareholders:
Net investment income	(0.18	)	(0.41	)	(0.43	)	(0.49	)	(0.57	)	(0.67	)
Net realized gains	(0.03	)	—		—		(0.19	)	(0.45	)	—
Total distributions to shareholders	(0.21	)	(0.41	)	(0.43	)	(0.68	)	(1.02	)	(0.67	)
Proceeds from regulatory settlements	—		—		—		0.00	(a)	—		—
Net asset value, end of period	$9.99		$10.07		$9.95		$9.77		$9.76		$9.72
Total return	1.35	%	5.39	%	6.30	%	7.59	%	11.35	%	15.88	%
Ratios to average net assets(b)
Total gross expenses	1.87	%(c)	1.88	%	1.84	%	1.85	%	1.81	%	1.87	%
Total net expenses(d)	1.83	%(c)	1.83	%(e)	1.82	%(e)	1.77	%(e)	1.81	%	1.87	%
Net investment income	3.64	%(c)	4.01	%	4.30	%	5.17	%	5.61	%	7.01	%
Supplemental data
Net assets, end of period (in thousands)	$9,226		$11,315		$17,685		$25,570		$39,725		$29,051
Portfolio turnover	22	%	65	%	59	%	55	%	84	%	86	%

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%.

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

Semiannual Report 2015 27

Columbia Income Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class C	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$10.07		$9.95		$9.77		$9.76		$9.72		$9.00
Income from investment operations:
Net investment income	0.18		0.41		0.44		0.51		0.55		0.65
Net realized and unrealized gain (loss)	(0.05	)	0.12		0.18		0.20		0.51		0.74
Total from investment operations	0.13		0.53		0.62		0.71		1.06		1.39
Less distributions to shareholders:
Net investment income	(0.18	)	(0.41	)	(0.44	)	(0.51	)	(0.57	)	(0.67	)
Net realized gains	(0.03	)	—		—		(0.19	)	(0.45	)	—
Total distributions to shareholders	(0.21	)	(0.41	)	(0.44	)	(0.70	)	(1.02	)	(0.67	)
Proceeds from regulatory settlements	—		—		—		0.00	(a)	—		—
Net asset value, end of period	$9.99		$10.07		$9.95		$9.77		$9.76		$9.72
Total return	1.35	%	5.45	%	6.46	%	7.83	%	11.36	%	15.89	%
Ratios to average net assets(b)
Total gross expenses	1.88	%(c)	1.88	%	1.85	%	1.85	%	1.81	%	1.86	%
Total net expenses(d)	1.83	%(c)	1.78	%(e)	1.67	%(e)	1.57	%(e)	1.81	%	1.86	%
Net investment income	3.64	%(c)	4.04	%	4.44	%	5.35	%	5.63	%	6.98	%
Supplemental data
Net assets, end of period (in thousands)	$109,537		$115,050		$128,766		$132,634		$118,257		$60,482
Portfolio turnover	22	%	65	%	59	%	55	%	84	%	86	%

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%.

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

28 Semiannual Report 2015

Columbia Income Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class I	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$10.09		$9.97		$9.79		$9.77		$9.73		$9.01
Income from investment operations:
Net investment income	0.24		0.52		0.55		0.60		0.66		0.77
Net realized and unrealized gain (loss)	(0.05	)	0.13		0.18		0.21		0.51		0.73
Total from investment operations	0.19		0.65		0.73		0.81		1.17		1.50
Less distributions to shareholders:
Net investment income	(0.24	)	(0.53	)	(0.55	)	(0.60	)	(0.68	)	(0.78	)
Net realized gains	(0.03	)	—		—		(0.19	)	(0.45	)	—
Total distributions to shareholders	(0.27	)	(0.53	)	(0.55	)	(0.79	)	(1.13	)	(0.78	)
Proceeds from regulatory settlements	—		—		—		0.00	(a)	—		—
Net asset value, end of period	$10.01		$10.09		$9.97		$9.79		$9.77		$9.73
Total return	1.95	%	6.65	%	7.56	%	8.92	%	12.59	%	17.19	%
Ratios to average net assets(b)
Total gross expenses	0.64	%(c)	0.64	%	0.65	%	0.65	%	0.70	%	0.72	%
Total net expenses(d)	0.64	%(c)	0.64	%	0.65	%	0.65	%	0.70	%	0.72	%
Net investment income	4.83	%(c)	5.19	%	5.45	%	6.25	%	6.81	%	8.16	%
Supplemental data
Net assets, end of period (in thousands)	$551,207		$516,118		$568,577		$272,571		$209,065		$182,941
Portfolio turnover	22	%	65	%	59	%	55	%	84	%	86	%

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.

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

Semiannual Report 2015 29

Columbia Income Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class K	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$10.11		$9.99		$9.81		$9.79		$9.75		$9.03
Income from investment operations:
Net investment income	0.23		0.49		0.52		0.57		0.64		0.74
Net realized and unrealized gain (loss)	(0.06	)	0.13		0.18		0.21		0.51		0.73
Total from investment operations	0.17		0.62		0.70		0.78		1.15		1.47
Less distributions to shareholders:
Net investment income	(0.23	)	(0.50	)	(0.52	)	(0.57	)	(0.66	)	(0.75	)
Net realized gains	(0.03	)	—		—		(0.19	)	(0.45	)	—
Total distributions to shareholders	(0.26	)	(0.50	)	(0.52	)	(0.76	)	(1.11	)	(0.75	)
Proceeds from regulatory settlements	—		—		—		0.00	(a)	—		—
Net asset value, end of period	$10.02		$10.11		$9.99		$9.81		$9.79		$9.75
Total return	1.70	%	6.33	%	7.23	%	8.59	%	12.28	%	16.82	%
Ratios to average net assets(b)
Total gross expenses	0.94	%(c)	0.94	%	0.94	%	0.94	%	0.99	%	1.03	%
Total net expenses(d)	0.94	%(c)	0.94	%	0.94	%	0.94	%	0.99	%	1.03	%
Net investment income	4.52	%(c)	4.85	%	5.16	%	5.98	%	6.58	%	7.84	%
Supplemental data
Net assets, end of period (in thousands)	$624		$941		$649		$485		$359		$404
Portfolio turnover	22	%	65	%	59	%	55	%	84	%	86	%

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.

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

30 Semiannual Report 2015

Columbia Income Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class R	(Unaudited)		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$10.08		$9.96		$9.78		$9.76		$9.85
Income from investment operations:
Net investment income	0.21		0.45		0.48		0.52		0.49
Net realized and unrealized gain (loss)	(0.05	)	0.13		0.18		0.23		0.37
Total from investment operations	0.16		0.58		0.66		0.75		0.86
Less distributions to shareholders:
Net investment income	(0.21	)	(0.46	)	(0.48	)	(0.54	)	(0.50	)
Net realized gains	(0.03	)	—		—		(0.19	)	(0.45	)
Total distributions to shareholders	(0.24	)	(0.46	)	(0.48	)	(0.73	)	(0.95	)
Proceeds from regulatory settlements	—		—		—		0.00	(b)	—
Net asset value, end of period	$10.00		$10.08		$9.96		$9.78		$9.76
Total return	1.60	%	5.92	%	6.83	%	8.27	%	9.21	%
Ratios to average net assets(c)
Total gross expenses	1.37	%(d)	1.38	%	1.35	%	1.37	%	1.32	%(d)
Total net expenses(e)	1.33	%(d)	1.33	%(f)	1.32	%(f)	1.29	%(f)	1.32	%(d)
Net investment income	4.14	%(d)	4.48	%	4.80	%	5.49	%	6.05	%(d)
Supplemental data
Net assets, end of period (in thousands)	$861		$1,003		$943		$1,023		$4
Portfolio turnover	22	%	65	%	59	%	55	%	84	%

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%.

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

Semiannual Report 2015 31

Columbia Income Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class R4	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$10.11		$9.99		$9.95
Income from investment operations:
Net investment income	0.23		0.50		0.38
Net realized and unrealized gain (loss)	(0.04	)	0.13		0.04
Total from investment operations	0.19		0.63		0.42
Less distributions to shareholders:
Net investment income	(0.24	)	(0.51	)	(0.38	)
Net realized gains	(0.03	)	—		—
Total distributions to shareholders	(0.27	)	(0.51	)	(0.38	)
Net asset value, end of period	$10.03		$10.11		$9.99
Total return	1.85	%	6.45	%	4.25	%
Ratios to average net assets(b)
Total gross expenses	0.87	%(c)	0.88	%	0.92	%(c)
Total net expenses(d)	0.83	%(c)	0.83	%(e)	0.83	%(c)(e)
Net investment income	4.63	%(c)	4.93	%	5.28	%(c)
Supplemental data
Net assets, end of period (in thousands)	$2,912		$2,500		$216
Portfolio turnover	22	%	65	%	59	%

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.

32 Semiannual Report 2015

Columbia Income Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class R5	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$10.11		$9.99		$9.95
Income from investment operations:
Net investment income	0.24		0.51		0.38
Net realized and unrealized gain (loss)	(0.06	)	0.14		0.05
Total from investment operations	0.18		0.65		0.43
Less distributions to shareholders:
Net investment income	(0.24	)	(0.53	)	(0.39	)
Net realized gains	(0.03	)	—		—
Total distributions to shareholders	(0.27	)	(0.53	)	(0.39	)
Net asset value, end of period	$10.02		$10.11		$9.99
Total return	1.83	%	6.59	%	4.34	%
Ratios to average net assets(b)
Total gross expenses	0.69	%(c)	0.68	%	0.75	%(c)
Total net expenses(d)	0.69	%(c)	0.68	%	0.75	%(c)
Net investment income	4.79	%(c)	5.00	%	5.50	%(c)
Supplemental data
Net assets, end of period (in thousands)	$20,559		$11,756		$12,784
Portfolio turnover	22	%	65	%	59	%

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 2015 33

Columbia Income Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class W	(Unaudited)		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$10.08		$9.95		$9.77		$9.76		$9.85
Income from investment operations:
Net investment income	0.22		0.47		0.50		0.55		0.52
Net realized and unrealized gain (loss)	(0.06	)	0.14		0.18		0.21		0.36
Total from investment operations	0.16		0.61		0.68		0.76		0.88
Less distributions to shareholders:
Net investment income	(0.22	)	(0.48	)	(0.50	)	(0.56	)	(0.52	)
Net realized gains	(0.03	)	—		—		(0.19	)	(0.45	)
Total distributions to shareholders	(0.25	)	(0.48	)	(0.50	)	(0.75	)	(0.97	)
Proceeds from regulatory settlements	—		—		—		0.00	(b)	—
Net asset value, end of period	$9.99		$10.08		$9.95		$9.77		$9.76
Total return	1.63	%	6.29	%	7.10	%	8.43	%	9.45	%
Ratios to average net assets(c)
Total gross expenses	1.13	%(d)	1.13	%	1.10	%	1.11	%	1.02	%(d)
Total net expenses(e)	1.08	%(d)	1.08	%(f)	1.07	%(f)	1.04	%(f)	1.02	%(d)
Net investment income	4.39	%(d)	4.71	%	5.01	%	5.78	%	6.38	%(d)
Supplemental data
Net assets, end of period (in thousands)	$12,432		$12,712		$9,804		$33		$2
Portfolio turnover	22	%	65	%	59	%	55	%	84	%

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%.

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

34 Semiannual Report 2015

Columbia Income Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class Y	(Unaudited)		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$10.09		$9.97		$9.79		$9.78		$9.76
Income from investment operations:
Net investment income	0.24		0.52		0.55		0.60		0.25
Net realized and unrealized gain (loss)	(0.05	)	0.13		0.18		0.20		0.02
Total from investment operations	0.19		0.65		0.73		0.80		0.27
Less distributions to shareholders:
Net investment income	(0.24	)	(0.53	)	(0.55	)	(0.60	)	(0.25	)
Net realized gains	(0.03	)	—		—		(0.19	)	—
Total distributions to shareholders	(0.27	)	(0.53	)	(0.55	)	(0.79	)	(0.25	)
Proceeds from regulatory settlements	—		—		—		0.00	(b)	—
Net asset value, end of period	$10.01		$10.09		$9.97		$9.79		$9.78
Total return	1.95	%	6.65	%	7.56	%	8.81	%	2.81	%
Ratios to average net assets(c)
Total gross expenses	0.63	%(d)	0.64	%	0.64	%	0.65	%	0.66	%(d)
Total net expenses(e)	0.63	%(d)	0.64	%	0.64	%	0.65	%	0.66	%(d)
Net investment income	4.79	%(d)	5.17	%	5.48	%	6.26	%	6.46	%(d)
Supplemental data
Net assets, end of period (in thousands)	$8,878		$12,272		$11,852		$13,183		$10,464
Portfolio turnover	22	%	65	%	59	%	55	%	84	%

Notes to Financial Highlights

(a) Based on operations from March 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.

Semiannual Report 2015 35

Columbia Income Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class Z	(Unaudited)		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$10.10		$9.98		$9.80		$9.79		$9.86
Income from investment operations:
Net investment income	0.23		0.50		0.53		0.58		0.52
Net realized and unrealized gain (loss)	(0.04	)	0.13		0.18		0.21		0.40
Total from investment operations	0.19		0.63		0.71		0.79		0.92
Less distributions to shareholders:
Net investment income	(0.24	)	(0.51	)	(0.53	)	(0.59	)	(0.54	)
Net realized gains	(0.03	)	—		—		(0.19	)	(0.45	)
Total distributions to shareholders	(0.27	)	(0.51	)	(0.53	)	(0.78	)	(0.99	)
Proceeds from regulatory settlements	—		—		—		0.00	(b)	—
Net asset value, end of period	$10.02		$10.10		$9.98		$9.80		$9.79
Total return	1.86	%	6.44	%	7.36	%	8.67	%	9.89	%
Ratios to average net assets(c)
Total gross expenses	0.87	%(d)	0.88	%	0.85	%	0.84	%	0.76	%(d)
Total net expenses(e)	0.83	%(d)	0.83	%(f)	0.82	%(f)	0.77	%(f)	0.76	%(d)
Net investment income	4.64	%(d)	4.99	%	5.30	%	6.13	%	6.35	%(d)
Supplemental data
Net assets, end of period (in thousands)	$831,230		$841,227		$938,744		$1,140,401		$880,214
Portfolio turnover	22	%	65	%	59	%	55	%	84	%

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%.

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

36 Semiannual Report 2015

Columbia Income Opportunities Fund

Notes to Financial Statements

January 31, 2015 (Unaudited)

Note 1. Organization

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

Semiannual Report 2015 37

Columbia Income Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 Master

38 Semiannual Report 2015

Columbia Income Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 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.

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 manage its cash position. These instruments may be used for other

Semiannual Report 2015 39

Columbia Income Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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 January 31, 2015:

	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 ($)		Gross Amounts Not Offset in the Statement of Assets and Liabilities						Net Amount($)(b)
							Financial Instruments ($)(a)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)
Liability Derivatives:
Centrally Cleared Swap Contracts(c)		20,080		—		20,080		—		20,080		—		—

(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.

(c) Centrally cleared swaps are included within payable for variation margin on the Statement of Assets and Liabilities.

40 Semiannual Report 2015

Columbia Income Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (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 January 31, 2015:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized appreciation on swap contracts	405,715	*
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized depreciation on futures contracts	2,391,511	*

* 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 January 31, 2015:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)		Total ($)
Credit risk		—			275,883		275,883
Interest rate risk		(870,734	)		—		(870,734	)
Total		(870,734	)		275,883		(594,851	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)		Total ($)
Credit risk		—			405,715		405,715
Interest rate risk		(2,945,912	)		—		(2,945,912	)
Total		(2,945,912	)		405,715		(2,540,197	)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2015:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Short		64,744,080
Credit default swap contracts — sell protection		47,500,000

* Based on the ending quarterly outstanding amounts for the six months ended January 31, 2015.

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 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.

Semiannual Report 2015 41

Columbia Income Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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.

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

42 Semiannual Report 2015

Columbia Income Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 0.36% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended January 31, 2015 was 0.55% 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 January 31, 2015 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 January 31, 2015, other expenses paid by the Fund to this company were $2,942.

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 do not pay transfer agency fees.

For the six months ended January 31, 2015, 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 W	0.24
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

Semiannual Report 2015 43

Columbia Income Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 January 31, 2015, 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 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 $1,899,000 and $1,190,000 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 $175,550 for Class A, $3,585 for Class B, and $1,772 for Class C shares for the six months ended January 31, 2015.

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 December 1, 2014			Contractual Expense Cap Prior to December 1, 2014
Class A		1.07	%		1.08	%
Class B		1.82			1.83
Class C		1.82			1.83
Class I		0.64			0.65
Class K		0.94			0.95
Class R		1.32			1.33
Class R4		0.82			0.83
Class R5		0.69			0.70
Class W		1.07			1.08
Class Y		0.64			0.65
Class Z		0.82			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. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At January 31, 2015, the cost of investments for federal income tax purposes was approximately $3,232,343,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$86,176,000
Unrealized depreciation	(44,234,000	)
Net unrealized appreciation	$41,942,000

44 Semiannual Report 2015

Columbia Income Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

The following capital loss carryforwards, determined as of July 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		4,878,942

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 $848,185,600 and $676,465,614, respectively, for the six months ended January 31, 2015. 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 January 31, 2015, two unaffiliated shareholders of record owned 61.6% 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 25.9% 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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, 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 $550 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. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended January 31, 2015.

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

Semiannual Report 2015 45

Columbia Income Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 and noted 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.

46 Semiannual Report 2015

Columbia Income 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 columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us; or searching the website of the SEC at sec.gov.

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

Semiannual Report 2015 47

Columbia Income Opportunities Fund

P.O. Box 8081

Boston, MA 02266-8081

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

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

columbiathreadneedle.com/us

SAR164_07_E01_(03/15)

SEMIANNUAL REPORT

January 31, 2015

COLUMBIA GLOBAL OPPORTUNITIES FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 11th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.***

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

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

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

* In U.S. dollars as of December 31, 2014. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies.

Contact us for more current data.

** Source: ICI as of December 31, 2014 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of December 2014 for Threadneedle Asset Management Limited.

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

Not part of the shareholder report

Get the market insight you need from our investment experts

Connect with Columbia Threadneedle Investments

Investor insight

Find economic and market commentary, investment videos, white papers,

mutual fund commentary and more at columbiathreadneedle.com/us.

Columbia Threadneedle Investor Newsletter (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 columbiathreadneedle.com/
us/newsletter.

Investment videos   Get analysis of current events and trends that may affect your investments.
Visit our online video library to watch and discover what our thought leaders
are saying about the financial markets and economy.

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

n Perspectives blog at columbiathreadneedle.com/us

Read timely posts by our investment team, including our chief investment officer, chief economist and portfolio managers.

n Twitter.com/CTinvest_US

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Connect with us on LinkedIn for updates from our thought leaders.

* Columbia Threadneedle Investor Newsletter was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications in 2011, 2012 and 2013. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

Not part of the shareholder report

President’s Message

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the “About Us” tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

> Fund and strategy names

> Established investment teams, philosophies and processes

> Account services, features, servicing phone numbers and mailing addresses

> Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children’s education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

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

* Source: Ameriprise as of December 1, 2014

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 2015

Columbia Global Opportunities Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	39
Statement of Operations	41
Statement of Changes in Net Assets	42
Financial Highlights	44
Notes to Financial Statements	53
Important Information About This Report	67

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2015

Columbia Global Opportunities Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Global Opportunities Fund (the Fund) Class A shares returned -2.48% excluding sales charges for the six months ended January 31, 2015.

> The Fund outperformed its Blended Index, which returned -2.87% over the same time period.

> During the same six-month period, the Fund’s broad-based equity benchmark, the MSCI ACWI All Cap Index (Net), returned -2.33% and the Fund’s broad-based fixed-income benchmark, the Barclays Global Aggregate Index, returned -3.42%.

Average Annual Total Returns (%) (for period ended January 31, 2015)
	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	01/23/85
Excluding sales charges			-2.48		1.76		8.09		4.87
Including sales charges			-8.07		-4.12		6.82		4.25
Class B	03/20/95
Excluding sales charges			-2.94		0.95		7.27		4.07
Including sales charges			-7.79		-4.05		6.97		4.07
Class C	06/26/00
Excluding sales charges			-2.87		0.96		7.30		4.07
Including sales charges			-3.85		-0.04		7.30		4.07
Class K	03/20/95		-2.48		1.82		8.23		5.03
Class R*	12/11/06		-2.74		1.38		7.81		4.60
Class R4*	11/08/12		-2.48		1.87		8.18		4.91
Class R5*	11/08/12		-2.39		2.08		8.26		4.95
Class W*	06/25/14		-2.57		1.66		8.07		4.86
Class Z*	09/27/10		-2.40		1.97		8.35		4.99
Blended Index			-2.87		2.70		6.45		N/A	**
MSCI ACWI All Cap Index (Net)			-2.33		6.06		10.05		N/A	**
Barclays Global Aggregate Index			-3.42		-0.62		2.53		3.69

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

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

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

** Ten-year returns are not available because the inception date of the MSCI ACWI All Cap Index (Net) and the Blended Index that includes the MSCI ACWI All Cap Index (Net) is November 30, 2007.

The Blended Index consists of 50% MSCI ACWI All Cap Index (Net) and 50% Barclays Global Aggregate Index.

The MSCI ACWI All Cap Index (Net) captures large-, mid-, small- and micro-cap representation across 24 developed markets countries and large-, mid- and small-cap representation across 21 emerging markets countries.

The Barclays Global Aggregate Index is a broad-based benchmark that measures the global investment grade fixed-rate debt markets.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI ACWI All Cap 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.

2 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at January 31, 2015)
Apple, Inc. (United States)	1.7
Government National Mortgage Association (United States) 3.500% 02/19/2045	1.7
iShares MSCI Canada ETF (United States)	1.1
Berkshire Hathaway, Inc., Class B (United States)	1.0
Wells Fargo & Co. (United States)	0.9
Microsoft Corp. (United States)	0.9
JPMorgan Chase & Co. (United States)	0.8
CVS Health Corp. (United States)	0.8
Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond (Gemany) 0.750% 04/15/2018	0.8
Altria Group, Inc. (United States)	0.7

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 January 31, 2015)
Alternative Investment Funds	0.9
Asset-Backed Securities — Non-Agency	0.0	(a)
Commercial Mortgage-Backed Securities — Non-Agency	0.0	(a)
Common Stocks	60.4
Consumer Discretionary	8.8
Consumer Staples	5.2
Energy	3.9
Financials	13.4
Health Care	8.2
Industrials	5.8
Information Technology	10.1
Materials	1.9
Telecommunication Services	1.6
Utilities	1.5
Convertible Bonds	2.2
Convertible Preferred Stocks	0.5
Consumer Discretionary	0.0	(a)
Consumer Staples	0.1
Energy	0.1
Financials	0.2
Health Care	0.0	(a)
Industrials	0.0	(a)
Materials	0.0	(a)
Telecommunication Services	0.0	(a)
Utilities	0.1
Corporate Bonds & Notes	3.5
Exchange-Traded Funds	0.9

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Fred Copper, CFA

Orhan Imer, Ph.D., CFA

Toby Nangle

Semiannual Report 2015 3

Columbia Global Opportunities Fund

Portfolio Overview (continued)

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2015) (continued)
Fixed-Income Funds	3.9
Foreign Government Obligations	5.9
Inflation-Indexed Bonds	2.0
Options Purchased Puts	0.0	(a)
Preferred Stocks	0.2
Consumer Discretionary	0.2
Residential Mortgage-Backed Securities — Agency	3.2
Residential Mortgage-Backed Securities — Non-Agency	0.3
U.S. Government & Agency Obligations	0.8
U.S. Treasury Obligations	0.2
Short-Term Investments Segregated in Connection with Open Derivatives Contracts(b)	15.1
Total	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 $113.8 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.

Country Breakdown (%) (at January 31, 2015)
Argentina	0.0	(a)
Australia	0.9
Belgium	0.3
Brazil	0.8
Canada	0.8
Cayman Islands	0.0	(a)
China	2.2
Colombia	0.2
Croatia	0.0	(a)
Curacao	0.4
Denmark	0.4
Dominican Republic	0.2
El Salvador	0.0	(a)
France	1.8
Germany	3.0
Ghana	0.0	(a)
Greece	0.0	(a)
Guatemala	0.0	(a)
Hong Kong	0.3
Hungary	0.1
India	1.1
Indonesia	0.5
Ireland	1.0
Isle of Man	0.3
Israel	0.3

4 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio Overview (continued)

(Unaudited)

Country Breakdown (%) (at January 31, 2015) (continued)
Italy	2.2
Ivory Coast	0.0	(a)
Japan	5.1
Kazakhstan	0.0	(a)
Luxembourg	0.1
Malta	0.0	(a)
Marshall Islands	0.0	(a)
Mexico	0.8
Morocco	0.0	(a)
Netherlands	1.1
New Zealand	0.1
Norway	0.6
Panama	0.0	(a)
Paraguay	0.0	(a)
Peru	0.1
Philippines	0.5
Poland	0.4
Portugal	0.0	(a)
Republic of Namibia	0.0	(a)
Romania	0.0	(a)
Russian Federation	0.4
Senegal	0.0	(a)
Singapore	0.4
South Africa	0.4
South Korea	1.6
Spain	0.5
Supra-National	0.0	(a)
Sweden	0.6
Switzerland	1.5
Taiwan	0.7
Thailand	0.3
Trinidad and Tobago	0.1
Turkey	0.3
Ukraine	0.0	(a)
United Arab Emirates	0.1
United Kingdom	4.4
Uruguay	0.1
Venezuela	0.2
Zambia	0.0	(a)
United States(b)	62.8
Total	100.0

Country Breakdown is based primarily on issuer’s place of organization/incorporation. The Fund may use this and/or other criteria, for purposes of its investment policies, in determining whether an issuer is domestic (U.S.) or foreign. 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 $113.8 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 2015 5

Columbia Global 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.

August 1, 2014 – January 31, 2015

	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		975.20	1,019.25		5.74	5.87		1.16
Class B		1,000.00	1,000.00		970.60	1,015.49		9.44	9.65		1.91
Class C		1,000.00	1,000.00		971.30	1,015.49		9.44	9.65		1.91
Class K		1,000.00	1,000.00		975.20	1,019.85		5.15	5.27		1.04
Class R		1,000.00	1,000.00		972.60	1,018.00		6.97	7.13		1.41
Class R4		1,000.00	1,000.00		975.20	1,020.51		4.51	4.61		0.91
Class R5		1,000.00	1,000.00		976.10	1,020.91		4.11	4.20		0.83
Class W		1,000.00	1,000.00		974.30	1,019.05		5.94	6.07		1.20
Class Z		1,000.00	1,000.00		976.00	1,020.51		4.51	4.61		0.91

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.

6 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments

January 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 61.4%
Issuer	Shares		Value ($)
Australia 0.5%
Australia and New Zealand Banking Group Ltd.		59,464		1,517,966
Macquarie Group Ltd.		34,784		1,667,254
National Australia Bank Ltd.		27,450		757,028
Total				3,942,248
Belgium 0.3%
KBC Groep NV(a)		36,908		1,990,003
Brazil 0.6%
AmBev SA, ADR		124,805		821,217
BB Seguridade Participacoes SA		48,800		534,695
Estacio Participacoes SA		28,100		174,784
Hypermarcas SA(a)		60,400		410,358
Itaú Unibanco Holding SA, ADR		105,588		1,279,726
Kroton Educacional SA		45,700		209,488
Qualicorp SA(a)		27,400		271,115
Ultrapar Participacoes SA		33,600		663,673
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		25,700		368,272
Total				4,733,328
Canada 0.5%
Bank of Montreal		42,000		2,414,160
Jaguar Mining, Inc.(a)		53,836		21,184
Suncor Energy, Inc.		50,920		1,518,744
Total				3,954,088
China 2.2%
Alibaba Group Holding Ltd., ADR(a)		3,292		293,251
Baidu, Inc., ADR(a)		10,405		2,267,458
China Animal Healthcare Ltd.		670,000		450,682
China Mobile Ltd.		93,500		1,225,644
China Mobile Ltd., ADR		11,078		723,615
China Pacific Insurance Group Co., Ltd., Class H		148,800		715,097
China Petroleum & Chemical Corp., Class H		600		475
Chongqing Changan Automobile Co., Ltd., Class B		785,061		1,963,703
Daqin Railway Co., Ltd., Class A		206,600		350,999
ENN Energy Holdings Ltd.		48,530		286,874
GCL-Poly Energy Holdings Ltd.(a)		1,328,000		288,356
iDreamsky Technology Ltd., ADR(a)		6,338		68,324

Common Stocks (continued)
Issuer	Shares		Value ($)
Industrial & Commercial Bank of China Ltd., Class H		1,688,020		1,203,773
Luye Pharma Group Ltd.(a)		348,000		415,349
Pax Global Technology Ltd.(a)		259,000		242,509
Sinotrans Ltd., Class H		1,411,000		997,760
Tencent Holdings Ltd.		138,400		2,334,331
Vipshop Holdings Ltd., ADS(a)		15,492		346,866
WuXi PharmaTech (Cayman), Inc. ADR(a)		35,098		1,407,430
Zhuzhou CSR Times Electric Co., Ltd., Class H		81,000		451,855
Total				16,034,351
Curacao 0.4%
Schlumberger Ltd.		37,470		3,087,153
Denmark 0.4%
Novo Nordisk A/S, Class B		49,385		2,201,124
Pandora A/S		9,711		694,216
Total				2,895,340
France 1.6%
AXA SA		136,969		3,227,831
BNP Paribas SA		29,308		1,549,096
Casino Guichard Perrachon SA		21,147		1,928,893
CNP Assurances		90,458		1,593,571
Publicis Groupe SA		26,406		1,982,190
Total SA		35,560		1,828,317
Total				12,109,898
Germany 1.8%
Allianz SE, Registered Shares		19,375		3,205,244
BASF SE		18,012		1,618,108
Continental AG		12,285		2,786,127
Duerr AG		20,227		1,846,805
Freenet AG		87,674		2,621,434
Jenoptik AG		79,405		1,067,310
Total				13,145,028
Greece —%
JUMBO SA		22,180		210,747
National Bank of Greece SA(a)		102,926		105,257
Total				316,004
Hong Kong 0.4%
AAC Technologies Holdings, Inc.		42,000		268,410

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

Semiannual Report 2015 7

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Cheung Kong Holdings Ltd.		62,000		1,183,133
Galaxy Entertainment Group Ltd.		42,000		219,374
K Wah International Holdings Ltd.		1,362,000		734,852
Melco Crown Entertainment Ltd., ADR		8,464		203,136
Total				2,608,905
India 1.1%
DEN Networks Ltd.(a)		28,622		50,002
Dish TV India Ltd.(a)		273,867		350,750
Eicher Motors Ltd.		2,473		648,535
Glenmark Pharmaceuticals Ltd.		18,613		215,920
Havells India Ltd		26,845		111,486
HCL Technologies Ltd.		21,706		626,405
ICICI Bank Ltd., ADR		149,238		1,792,348
Just Dial Ltd.		17,851		447,841
Larsen & Toubro Ltd.		9,963		272,686
LIC Housing Finance Ltd.		26,369		203,273
Lupin Ltd.		27,858		712,898
Motherson Sumi Systems Ltd.		164,543		1,195,399
Natco Pharma Ltd.		8,000		178,394
Tata Motors Ltd.		29,170		275,090
Tech Mahindra Ltd.		9,541		441,429
UPL Ltd.		81,166		481,675
Total				8,004,131
Indonesia 0.2%
PT Bank Rakyat Indonesia Persero Tbk		466,800		427,113
PT Matahari Department Store Tbk		521,700		637,165
PT Nippon Indosari Corpindo Tbk		3,785,000		409,974
Total				1,474,252
Ireland 1.2%
Amarin Corp. PLC, ADR(a)		211,279		215,505
Dragon Oil PLC		168,804		1,416,188
Medtronic PLC		40,028		2,857,979
Shire PLC		27,986		2,046,084
Smurfit Kappa Group PLC		96,674		2,388,021
Total				8,923,777
Isle of Man 0.3%
Eros International PLC(a)		10,500		196,980
Optimal Payments PLC(a)		339,850		1,763,435
Total				1,960,415

Common Stocks (continued)
Issuer	Shares		Value ($)
Israel 0.3%
Bezeq Israeli Telecommunication Corp., Ltd. (The)		1,448,069		2,309,372
magicJack VocalTec Ltd.(a)		13,000		90,220
Teva Pharmaceutical Industries Ltd., ADR		2,100		119,406
Total				2,518,998
Italy 0.6%
Banco Popolare SC(a)		48,878		619,704
Enel SpA		335,553		1,518,974
Esprinet SpA		129,859		888,515
Recordati SpA		91,088		1,507,916
Total				4,535,109
Japan 4.9%
Aozora Bank Ltd.		300,000		1,091,754
Central Japan Railway Co.		11,600		1,989,212
COMSYS Holdings Corp.		95,900		1,304,650
CyberAgent, Inc.		28,493		1,254,599
CYBERDYNE, Inc.(a)		11,800		307,281
Daiichikosho Co., Ltd.		92,700		2,684,558
Fuji Heavy Industries Ltd.		72,200		2,604,060
Fuyo General Lease Co., Ltd.		35,800		1,152,430
Hoya Corp.		46,300		1,794,245
Hulic REIT, Inc.		652		976,850
Invincible Investment Corp.		1,657		738,797
IT Holdings Corp.		52,500		872,048
ITOCHU Corp.		124,200		1,257,582
KDDI Corp.		27,700		1,955,314
Mazda Motor Corp.		46,300		951,024
Miraca Holdings, Inc.		43,600		1,952,704
Nakanishi, Inc.		31,300		1,145,895
Nihon M&A Center, Inc.		46,400		1,610,370
Nishi-Nippon City Bank Ltd. (The)		323,000		1,048,897
Sumitomo Mitsui Financial Group, Inc.		42,000		1,409,387
Taisei Corp.		243,000		1,409,524
Tanseisha Co., Ltd.		116,200		795,189
Temp Holdings Co., Ltd.		39,500		1,335,275
Tokai Tokyo Financial Holdings, Inc.		162,100		1,075,011
Toyo Tire & Rubber Co., Ltd.		76,000		1,711,793
Toyota Motor Corp.		24,300		1,566,645
Total				35,995,094

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

8 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Malta —%
BGP Holdings PLC(a)(b)(c)		581,000		1
Mexico 0.3%
Alfa SAB de CV, Class A(a)		89,770		163,855
Cemex SAB de CV, ADR(a)		80,403		714,783
Grupo Financiero Banorte SAB de CV, Class O		86,900		442,515
Grupo Financiero Santander Mexico SAB de CV, ADR, Class B		52,506		555,513
Total				1,876,666
Netherlands 1.0%
AVG Technologies NV(a)		11,760		232,613
ING Groep NV-CVA(a)		218,901		2,750,622
Koninklijke Ahold NV		171,569		3,108,752
Koninklijke Philips NV		38,453		1,066,526
Total				7,158,513
Norway 0.4%
Atea ASA		103,103		1,144,343
Kongsberg Automotive ASA(a)		1,880,441		1,478,390
Leroy Seafood Group ASA		4,920		172,504
Spectrum ASA		82,383		318,830
Total				3,114,067
Panama —%
Banco Latinoamericano de Comercio Exterior SA, Class E		2,400		66,888
Peru 0.1%
Credicorp Ltd.		4,031		580,948
Philippines 0.4%
GT Capital Holdings, Inc.		80,430		2,201,646
Metropolitan Bank & Trust Co.		359,822		775,136
Robinsons Retail Holdings, Inc.		168,760		303,127
Total				3,279,909
Poland —%
Bank Pekao SA		5,216		251,595
Portugal —%
Banco Espirito Santo SA, Registered Shares(a)(c)		641,287		28,986
Russian Federation 0.2%
Lukoil OAO, ADR		15,652		632,732

Common Stocks (continued)
Issuer	Shares		Value ($)
Magnit PJSC, GDR(d)		7,233		276,301
Mail.ru Group Ltd., GDR(a)(d)		11,585		166,824
QIWI PLC, ADR		13,077		256,178
Total				1,332,035
Singapore 0.4%
DBS Group Holdings Ltd.		191,000		2,784,709
South Africa 0.4%
Aspen Pharmacare Holdings Ltd.		11,054		413,911
AVI Ltd.		94,535		685,057
Naspers Ltd., Class N		11,775		1,698,684
Total				2,797,652
South Korea 1.6%
GS Home Shopping, Inc.		4,907		946,106
Hotel Shilla Co., Ltd.		3,185		295,531
Hyundai Home Shopping Network Corp.		8,995		984,079
Kia Motors Corp.		5,147		215,104
LF Corp.		38,518		1,103,739
LG Display Co., Ltd.		13,671		449,203
Naturalendo Tech Co., Ltd.(a)		6,004		284,323
NAVER Corp.		855		554,180
Samchuly Bicycle Co., Ltd.		27,675		503,923
Samsung Electronics Co., Ltd.		2,921		3,626,126
Shinhan Financial Group Co., Ltd.		21,242		867,277
SK Telecom Co., Ltd.		7,031		1,842,586
Total				11,672,177
Spain 0.5%
Endesa SA		82,907		1,656,817
Iberdrola SA		349,749		2,421,885
Total				4,078,702
Sweden 0.5%
Nordea Bank AB		183,184		2,331,255
Saab AB, Class B		65,359		1,594,045
Total				3,925,300
Switzerland 1.6%
Autoneum Holding AG		8,227		1,379,828
Baloise Holding AG, Registered Shares		7,154		934,960
Forbo Holding AG, Registered Shares		1,488		1,447,972

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

Semiannual Report 2015 9

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Nestlé SA, Registered Shares		24,696		1,894,830
Novartis AG, Registered Shares		20,676		2,029,995
Roche Holding AG, Genusschein Shares		14,328		3,879,265
Total				11,566,850
Taiwan 0.7%
Cathay Financial Holding Co., Ltd.		414,750		593,935
Eclat Textile Co., Ltd.		44,200		457,573
eMemory Technology, Inc.		26,000		269,611
Gigasolar Materials Corp.		7,400		112,615
Merida Industry Co., Ltd.		79,800		551,211
Merry Electronics Co., Ltd.		71,400		236,273
MPI Corp.		65,000		221,545
Pegatron Corp.		428,000		1,138,087
Taiwan Semiconductor Manufacturing Co., Ltd.		247,530		1,088,545
Wistron NeWeb Corp.		357,440		766,787
Total				5,436,182
Thailand 0.3%
Bangkok Bank PCL, Foreign Registered Shares		116,400		682,394
Kasikornbank PCL, Foreign Registered Shares		115,940		792,203
Mega Lifesciences PCL, Foreign Registered Shares		594,500		312,417
Robinson Department Store PCL, Foreign Registered Shares		98,100		134,142
Total				1,921,156
Turkey 0.1%
Arcelik AS		41,653		264,718
Turkiye Garanti Bankasi AS		83,498		351,092
Total				615,810
United Kingdom 3.8%
AstraZeneca PLC		30,546		2,182,179
AstraZeneca PLC, ADR		4,474		317,833
Aviva PLC		300,754		2,391,819
BHP Billiton PLC		39,157		851,057
BP PLC		138,309		884,219
Close Brothers Group PLC		57,440		1,315,911
Crest Nicholson Holdings PLC		211,393		1,308,626
DCC PLC		28,862		1,533,691
Delphi Automotive PLC		43,810		3,011,061
GlaxoSmithKline PLC		55,753		1,231,917
HSBC Holdings PLC		321,269		2,949,828

Common Stocks (continued)
Issuer	Shares		Value ($)
KAZ Minerals PLC(a)		409,164		1,237,497
Reckitt Benckiser Group PLC		16,328		1,384,600
Royal Dutch Shell PLC, Class B		147,215		4,666,421
Vodafone Group PLC		455,420		1,608,562
Xchanging PLC		476,699		1,127,267
Total				28,002,488
United States 31.8%
ACADIA Pharmaceuticals, Inc.(a)		2,250		68,468
Achillion Pharmaceuticals, Inc.(a)		7,910		117,463
Aetna, Inc.		41,834		3,841,198
Affymetrix, Inc.(a)		22,490		248,290
AG Mortgage Investment Trust, Inc.		11,200		205,968
Air Transport Services Group, Inc.(a)		18,700		155,771
Alkermes PLC(a)		5,651		408,285
Alpha & Omega Semiconductor Ltd.(a)		12,180		106,819
Altria Group, Inc.		89,850		4,771,035
AMAG Pharmaceuticals, Inc.(a)		2,280		100,753
Amkor Technology, Inc.(a)		31,800		201,930
Amtrust Financial Services, Inc.		4,600		232,852
Anadarko Petroleum Corp.		23,356		1,909,353
Analogic Corp.		1,700		138,601
Anixter International, Inc.(a)		1,800		135,648
Apple, Inc.(e)		92,300		10,813,868
ArcBest Corp.		5,500		204,930
Argan, Inc.		6,100		185,501
ARIAD Pharmaceuticals, Inc.(a)		52,582		339,154
Arlington Asset Investment Corp., Class A		4,600		122,038
Arrowhead Research Corp.(a)		46,886		295,851
Aspen Technology, Inc.(a)		7,210		254,837
Atento SA(a)		13,442		160,094
Auspex Pharmaceuticals, Inc.(a)		8,420		517,409
Berkshire Hathaway, Inc., Class B(a)		44,247		6,367,586
BGC Partners, Inc., Class A		24,000		187,920
BioMarin Pharmaceutical, Inc.(a)		30,433		2,956,870
Black Box Corp.		2,500		52,525
BlackRock, Inc.		10,308		3,509,977
Blount International, Inc.(a)		13,600		210,800
Bluebird Bio, Inc.(a)		6,680		620,639
Broadcom Corp., Class A		55,181		2,341,606
Buckle, Inc. (The)		2,610		132,562
Cal-Maine Foods, Inc.		5,838		204,622

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

10 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Cambrex Corp.(a)		8,800		197,384
Capella Education Co.		2,960		201,250
Capstead Mortgage Corp.		7,800		93,756
Cardinal Health, Inc.		33,254		2,766,400
Cato Corp. (The), Class A		4,996		211,830
Celgene Corp.(a)		30,690		3,657,020
Checkpoint Systems, Inc.(a)		7,200		93,312
Chesapeake Utilities Corp.		1,995		97,276
Cinemark Holdings, Inc.		62,700		2,330,559
Cisco Systems, Inc.		57,009		1,503,042
Citigroup, Inc.		83,466		3,918,729
Clearwater Paper Corp.(a)		3,400		251,668
Clovis Oncology, Inc.(a)		2,080		135,595
Coca-Cola Enterprises, Inc.		56,840		2,392,964
Comcast Corp., Class A		78,120		4,151,687
Community Health Systems, Inc.(a)		47,880		2,253,712
ConocoPhillips		47,956		3,020,269
Cooper Tire & Rubber Co.		4,900		170,471
Cousins Properties, Inc.		16,400		181,056
CRA International, Inc.(a)		1,700		50,201
Credit Acceptance Corp.(a)		1,100		173,404
CSX Corp.		92,306		3,073,790
Cubic Corp.		1,600		83,664
Customers Bancorp, Inc.(a)		10,900		214,185
CVS Health Corp.		53,791		5,280,125
CyrusOne, Inc.		8,500		238,425
CYS Investments, Inc.		6,300		55,692
Dana Holding Corp.		11,990		250,231
Delta Air Lines, Inc.		57,390		2,715,121
Deluxe Corp.		4,340		281,796
Dex Media, Inc.(a)		17,900		121,362
Dice Holdings, Inc.(a)		9,000		74,430
DineEquity, Inc.		2,520		269,010
Diodes, Inc.(a)		8,300		219,369
DISH Network Corp., Class A(a)		42,560		2,994,096
Douglas Dynamics, Inc.		9,500		191,805
Ducommun, Inc.(a)		900		23,373
DuPont Fabros Technology, Inc.		7,400		275,724
Dyax Corp.(a)		3,900		58,929
Dynavax Technologies Corp.(a)		17,533		299,814
Eastman Chemical Co.		38,130		2,703,036
Electronic Arts, Inc.(a)		73,380		4,025,627
EMC Corp.		103,825		2,692,182
Emulex Corp.(a)		35,900		224,734

Common Stocks (continued)
Issuer	Shares		Value ($)
Engility Holdings, Inc.(a)		5,700		227,430
Ennis, Inc.		2,620		34,951
Enstar Group Ltd.(a)		1,500		202,455
ExacTech, Inc.(a)		9,500		197,505
Fair Isaac Corp.		3,300		235,455
Federal Agricultural Mortgage Corp., Class C		5,120		141,056
FelCor Lodging Trust, Inc.		12,600		126,126
Ferro Corp.(a)		10,900		121,317
Fidelity & Guaranty Life		8,500		183,685
First NBC Bank Holding Co.(a)		6,000		185,760
Five Star Quality Care, Inc.(a)		10,100		35,148
Flex Pharma, Inc.(a)		21,168		312,016
Flushing Financial Corp.		4,200		76,020
Freeport-McMoRan, Inc.		124,450		2,092,004
Geo Group, Inc. (The)		4,500		195,840
Global Sources Ltd.(a)		3,600		20,988
Goldman Sachs Group, Inc. (The)		21,370		3,684,402
Google, Inc., Class A(a)		6,010		3,230,675
Google, Inc., Class C(a)		6,010		3,212,465
Graphic Packaging Holding Co.(a)		5,700		82,536
Greatbatch, Inc.(a)		4,560		221,434
Green Plains, Inc.		1,600		37,456
Hanesbrands, Inc.		25,610		2,852,442
Hillenbrand, Inc.		7,100		223,011
Home Depot, Inc. (The)		45,135		4,712,997
Home Loan Servicing Solutions Ltd.		17,170		207,070
Honeywell International, Inc.		40,469		3,956,249
Iconix Brand Group, Inc.(a)		5,200		172,848
INC Research Holdings, Inc. Class A(a)		1,100		25,630
Ingles Markets, Inc., Class A		3,100		132,215
Insight Enterprises, Inc.(a)		8,370		198,118
Insmed, Inc.(a)		15,814		244,484
International Bancshares Corp.		4,200		94,542
Intuit, Inc.		36,300		3,151,566
IXYS Corp.		18,390		207,807
Jack in the Box, Inc.		3,420		289,982
JPMorgan Chase & Co.		97,414		5,297,373
Kadant, Inc.		4,510		179,227
Keryx Biopharmaceuticals, Inc.(a)		19,541		237,619
Kinder Morgan, Inc.		63,790		2,618,579
Kite Pharma, Inc.(a)		1,030		69,165
Kroger Co. (The)		61,913		4,275,093

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

Semiannual Report 2015 11

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Laboratory Corp. of America Holdings(a)		24,270		2,785,711
Ladder Capital Corp., Class A(a)		9,700		181,972
Lands’ End, Inc.(a)		2,000		69,380
Lannett Co., Inc.(a)		1,700		80,631
LaSalle Hotel Properties		6,100		246,806
LB Foster Co., Class A		3,900		184,899
Lincoln National Corp.		45,070		2,252,599
Lockheed Martin Corp.		18,900		3,560,193
LogMeIn, Inc.(a)		5,000		237,750
Macquarie Infrastructure Co. LLC		1,900		135,774
Magellan Health, Inc.(a)		3,478		209,097
Maiden Holdings Ltd.		17,000		212,500
Marriott Vacations Worldwide Corp.		3,400		260,100
MasterCard, Inc., Class A		47,440		3,891,503
Materion Corp.		6,200		204,290
Matson, Inc.		7,020		243,945
MAXIMUS, Inc.		4,900		273,028
McKesson Corp.		19,130		4,067,994
Meritor, Inc.(a)		6,700		85,760
Methode Electronics, Inc.		1,600		57,872
Microsemi Corp.(a)		2,630		73,272
Microsoft Corp.(e)		145,469		5,876,948
Minerals Technologies, Inc.		3,600		235,188
Molina Healthcare, Inc.(a)		4,900		249,459
Moog, Inc., Class A(a)		3,600		253,080
Nelnet, Inc., Class A		5,220		228,323
Netscout Systems, Inc.(a)		2,300		82,570
New Jersey Resources Corp.		4,000		255,520
Northrop Grumman Corp.		18,780		2,947,521
Novavax, Inc.(a)		26,630		207,980
Occidental Petroleum Corp.		34,750		2,780,000
OFG Bancorp		13,700		220,570
Orbital Sciences Corp.(a)		5,700		160,113
Orbitz Worldwide, Inc.(a)		3,260		30,090
Orthofix International NV(a)		5,200		158,600
Outerwall, Inc.(a)		3,500		217,280
Overstock.com, Inc.(a)		9,230		206,567
Pacific Ethanol, Inc.(a)		17,400		149,466
PAREXEL International Corp.(a)		4,300		262,128
Pebblebrook Hotel Trust		6,000		278,640
Pegasystems, Inc.		9,400		183,958
Pernix Therapeutics Holdings, Inc.(a)		11,420		94,900
PG&E Corp.		54,760		3,220,436

Common Stocks (continued)
Issuer	Shares		Value ($)
Pharmacyclics, Inc.(a)		1,559		263,081
Philip Morris International, Inc.		47,932		3,846,064
Pioneer Energy Services Corp.(a)		37,300		154,422
Piper Jaffray Companies(a)		1,100		56,155
Polycom, Inc.(a)		17,400		231,420
PolyOne Corp.		6,700		238,453
Portland General Electric Co.		6,950		275,915
Progress Software Corp.(a)		8,500		212,925
Puma Biotechnology, Inc.(a)		2,949		622,475
QTS Realty Trust Inc., Class A		2,600		98,826
Quad/Graphics, Inc.		10,170		203,807
Questar Corp.		61,224		1,588,763
Radian Group, Inc.		16,200		255,312
Receptos, Inc.(a)		13,166		1,450,498
Regulus Therapeutics, Inc.(a)		17,997		344,643
REX American Resources Corp.(a)		3,200		177,632
RLJ Lodging Trust		8,680		295,728
RPX Corp.(a)		6,920		85,462
salesforce.com, Inc.(a)		36,763		2,075,271
Sanderson Farms, Inc.		2,810		224,688
Sanmina Corp.(a)		10,590		224,296
Science Applications International Corp.		4,700		229,266
Seaboard Corp.(a)		35		133,875
Simon Property Group, Inc.		22,300		4,430,118
Skechers U.S.A., Inc., Class A(a)		800		48,280
Southwest Gas Corp.		4,180		256,903
Spark Energy, Inc., Class A		2,100		32,277
Springleaf Holdings, Inc.(a)		6,500		205,400
SS&C Technologies Holdings, Inc.		1,400		77,462
Steven Madden Ltd.(a)		7,400		254,116
Stillwater Mining Co.(a)		72,500		991,075
Strategic Hotels & Resorts, Inc.(a)		19,400		260,348
Summit Hotel Properties, Inc.		16,800		215,376
SUPERVALU, Inc.(a)		3,600		35,064
Synaptics, Inc.(a)		1,900		145,939
Syntel, Inc.(a)		5,020		217,115
Take-Two Interactive Software, Inc.(a)		9,200		273,424
Teledyne Technologies, Inc.(a)		2,600		247,104
Tenneco, Inc.(a)		4,700		241,674
TESARO, Inc.(a)		2,980		119,885
TJX Companies, Inc. (The)		42,000		2,769,480
Triple-S Management Corp., Class B(a)		9,300		223,944

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

12 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Tyson Foods, Inc., Class A		64,776		2,528,855
United Community Financial Corp.		21,200		114,480
United States Lime & Minerals, Inc.		1,800		124,470
United Technologies Corp.		37,910		4,351,310
Usana Health Sciences, Inc.(a)		2,200		215,688
VAALCO Energy, Inc.(a)		15,900		88,086
Vera Bradley, Inc.(a)		10,800		205,956
Verastem, Inc.(a)		38,234		279,108
Veritiv Corp.(a)		1,019		51,837
Vertex Pharmaceuticals, Inc.(a)		28,228		3,109,032
VF Corp.		44,220		3,067,541
Viacom, Inc., Class B		32,652		2,103,442
VMware, Inc., Class A(a)		32,660		2,518,086
VSE Corp.		700		50,659
W&T Offshore, Inc.		1,900		9,614
Wabash National Corp.(a)		1,800		22,446
Wal-Mart Stores, Inc.		46,450		3,947,321
Wells Fargo & Co.		113,780		5,907,458
Westmoreland Coal Co.(a)		8,000		208,640
Williams Companies, Inc. (The)		76,263		3,344,895
World Acceptance Corp.(a)		1,650		121,192
WP Glimcher, Inc.		11,150		197,132
Total				234,857,691
Total Common Stocks
(Cost: $415,933,227)				453,576,447
Preferred Stocks 0.2%
Germany 0.2%
Henkel AG & Co. KGaA		14,394		1,652,546
Total Preferred Stocks
(Cost: $1,545,388)				1,652,546
Convertible Preferred Stocks 0.7%
Netherlands 0.1%
Fiat Chrysler Automobiles NV 7.875%		3,200		375,424
United States 0.6%
AMG Capital Trust II, 5.150%		2,200		134,338
Alcoa, Inc., 5.375%		3,350		167,500
Alere, Inc., 3.000%		350		108,150
Alexandria Real Estate Equities, Inc., 7.000%		8,400		244,912
American Tower Corp., 5.250%		2,045		224,439
Bank of America Corp., 7.250%		300		353,700

Convertible Preferred Stocks (continued)
Issuer			Shares		Value ($)
Bunge Ltd., 4.875%				2,100		232,342
CenterPoint Energy, Inc., 3.943%(f)				4,400		269,775
Chesapeake Energy Corp., 5.000%				2,100		199,500
Chesapeake Energy Corp., 5.750%(d)				220		223,162
Crown Castle International Corp. 4.500%				2,720		295,990
Dominion Resources, Inc., 6.000%				2,800		169,624
Dominion Resources, Inc., 6.125%				2,800		168,700
Genesee & Wyoming, Inc., 5.000%				1,000		108,130
Health Care REIT, Inc., 6.500%				3,300		234,795
Kindred Healthcare, Inc., 7.500%				120		113,934
NextEra Energy, Inc., 5.799%				5,000		291,000
Omnicare Capital Trust II, 4.000%				1,500		138,000
Penn Virginia Corp., 6.000%(d)				1,150		69,056
Post Holdings, Inc., 3.750%(d)				1,600		171,264
Southwestern Energy Co., 6.250%				4,600		248,584
T-Mobile USA, Inc. 5.500%				2,400		136,872
Tyson Foods, Inc., 4.750%				4,500		217,665
United Technologies Corp., 7.500%				2,900		173,826
Weyerhaeuser Co., 6.375%				4,300		248,196
iStar Financial, Inc., 4.500%				1,900		107,569
Total						5,051,023
Total Convertible Preferred Stocks
(Cost: $4,991,601)						5,426,447
Corporate Bonds & Notes(g) 3.5%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Belgium —%
Calcipar SA Senior Secured(d)
05/01/18		6.875%		60,000		60,750
Canada 0.1%
BC ULC/New Red Finance Inc. Secured(d)
04/01/22		6.000%		118,000		120,950
Bombardier, Inc. Senior Unsecured(d)
03/15/20		7.750%		53,000		53,232
Catamaran Corp.
03/15/21		4.750%		49,000		49,661
MDC Partners, Inc.(d)
04/01/20		6.750%		93,000		97,069
NOVA Chemicals Corp.(d) Senior Unsecured
08/01/23		5.250%		77,000		79,599
05/01/25		5.000%		92,000		95,450

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

Semiannual Report 2015 13

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Open Text Corp.(d)
01/15/23		5.625%		52,000		53,430
Valeant Pharmaceuticals International, Inc.(d)
03/01/23		5.500%		35,000		35,875
Videotron Ltd.
07/15/22		5.000%		47,000		48,292
Total						633,558
Germany —%
Unitymedia Hessen GmbH & Co. KG NRW Senior Secured(d)
01/15/25		5.000%		200,000		204,000
Guatemala —%
Agromercantil Senior Trust(d)
04/10/19		6.250%		104,000		105,091
Ireland —%
AerCap Ireland Capital Ltd./Global Aviation Trust(d)
05/15/21		4.500%		101,000		104,283
Ardagh Packaging Finance PLC/Holdings USA, Inc.(d)
01/31/21		6.750%		40,000		39,200
Grifols Worldwide Operations Ltd. Senior Unsecured(d)
04/01/22		5.250%		121,000		122,815
Total						266,298
Italy 0.1%
Telecom Italia SpA Senior Unsecured(d)
05/30/24		5.303%		104,000		108,810
Wind Acquisition Finance SA(d)
04/23/21		7.375%		62,000		60,140
Senior Secured
04/30/20		6.500%		36,000		37,440
07/15/20		4.750%		104,000		101,400
Total						307,790
Luxembourg 0.1%
Altice SA(d)
05/15/22		7.750%		102,000		105,570
Altice SA(d)(h)
02/15/25		7.625%		37,000		37,000
Hamilton Sundstrand Corp. Senior Unsecured(d)
12/15/20		7.750%		104,000		94,380
INEOS Group Holdings SA(d)
08/15/18		6.125%		11,000		10,615
02/15/19		5.875%		71,000		67,450
Intelsat Jackson Holdings SA
10/15/20		7.250%		130,000		136,338

Corporate Bonds & Notes(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Intelsat Luxembourg SA
06/01/23		8.125%		50,000		50,500
Total						501,853
Mexico —%
Gruma SAB de CV Senior Unsecured(d)
12/01/24		4.875%		200,000		209,000
Netherlands 0.1%
NXP BV/Funding LLC(d)
06/01/18		3.750%		74,000		74,000
03/15/23		5.750%		35,000		37,100
Playa Resorts Holding BV(d)
08/15/20		8.000%		141,000		139,943
Schaeffler Holding Finance BV Senior Secured PIK(d)
08/15/18		6.875%		194,000		203,215
Total						454,258
Russian Federation 0.1%
Lukoil International Finance BV(d)
11/09/20		6.125%		355,000		303,525
Sibur Securities Ltd.(d)
01/31/18		3.914%		273,000		225,907
Total						529,432
Supra-National —%
European Investment Bank Senior Unsecured
01/18/27		2.150%	JPY	2,500,000		25,733
Sweden —%
ConvaTec Healthcare E SA Senior Unsecured(d)
12/15/18		10.500%		48,000		50,645
Ukraine —%
MHP SA(d)
04/02/20		8.250%		388,000		244,440
United Kingdom —%
Royal Bank of Scotland Group PLC Subordinated Notes
05/28/24		5.125%		59,000		62,331
Virgin Media Finance PLC(d)
01/15/25		5.750%		81,000		83,835
Total						146,166

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

14 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
United States 3.0%
ADT Corp. (The) Senior Unsecured
03/15/20		5.250%		29,000		29,435
07/15/22		3.500%		55,000		49,775
AES Corp. (The) Senior Unsecured
07/01/21		7.375%		87,000		96,352
AMC Networks, Inc.
07/15/21		7.750%		12,000		12,990
12/15/22		4.750%		128,000		127,360
APX Group, Inc.
12/01/20		8.750%		73,000		59,495
Senior Secured
12/01/19		6.375%		114,000		108,585
Acadia Healthcare Co., Inc.
07/01/22		5.125%		17,000		16,703
Access Midstream Partners LP/Finance Corp.
05/15/23		4.875%		175,000		179,375
Activision Blizzard, Inc.(d)
09/15/21		5.625%		160,000		171,400
Air Lease Corp. Senior Unsecured
03/01/20		4.750%		116,000		124,990
Aircastle Ltd. Senior Unsecured
03/15/21		5.125%		86,000		87,075
02/15/22		5.500%		31,000		31,936
Alcoa, Inc. Senior Unsecured
10/01/24		5.125%		62,000		67,680
Allegion US Holding Co., Inc.
10/01/21		5.750%		82,000		86,100
Alliance Data Systems Corp.(d)
04/01/20		6.375%		96,000		99,480
08/01/22		5.375%		111,000		110,167
Allison Transmission, Inc.(d)
05/15/19		7.125%		74,000		77,145
Ally Financial, Inc.
03/15/20		8.000%		263,000		313,627
Senior Unsecured
09/30/24		5.125%		32,000		33,160
American Axle & Manufacturing, Inc.
02/15/19		5.125%		85,000		87,125
American Builders & Contractors Supply Co., Inc. Senior Unsecured(d)
04/15/21		5.625%		84,000		84,630
Amsted Industries, Inc.(d)
03/15/22		5.000%		49,000		48,388
Amsurg Corp.(d)
07/15/22		5.625%		62,000		64,093
Ancestry.com, Inc.
12/15/20		11.000%		65,000		70,525

Corporate Bonds & Notes(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Angus Chemical Co. Senior Unsecured(d)(h)
02/15/23		8.750%		40,000		40,600
Antero Resources Corp.(d)
12/01/22		5.125%		86,000		82,345
Aramark Services, Inc.
03/15/20		5.750%		60,000		62,400
ArcelorMittal Senior Unsecured
03/01/21		6.000%		161,000		166,031
Asbury Automotive Group, Inc.
12/15/24		6.000%		34,000		35,190
Ashland, Inc. Senior Unsecured
04/15/18		3.875%		150,000		153,187
Ashtead Capital, Inc. Secured(d)
07/15/22		6.500%		72,000		77,580
Audatex North America, Inc.(d)
06/15/21		6.000%		114,000		118,560
Aviation Capital Group Corp. Senior Unsecured(d)
04/06/21		6.750%		3,000		3,375
Avis Budget Car Rental LLC/Finance, Inc.
03/15/20		9.750%		68,000		73,780
Axalta Coating Systems Dutch Holding B BV/U.S. Holdings, Inc.(d)
05/01/21		7.375%		88,000		93,500
Blue Racer Midstream LLC/Finance Corp.(d)
11/15/22		6.125%		70,000		69,300
Building Materials Corp. of America Senior Unsecured(d)
11/15/24		5.375%		44,000		44,660
CB Richard Ellis Services, Inc.
03/15/25		5.250%		100,000		106,000
CBRE Services, Inc.
03/15/23		5.000%		46,000		48,185
CCO Holdings LLC/Capital Corp.
04/30/21		6.500%		72,000		75,780
09/30/22		5.250%		40,000		40,150
CCOH Safari LLC
12/01/22		5.500%		40,000		40,550
12/01/24		5.750%		162,000		164,227
CHS/Community Health Systems, Inc.
11/15/19		8.000%		135,000		143,775
02/01/22		6.875%		150,000		159,319
CIT Group, Inc. Senior Unsecured(d)
02/15/19		5.500%		119,000		125,545
CNH Industrial Capital LLC Senior Unsecured(d)
07/15/19		3.375%		27,000		25,920

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

Semiannual Report 2015 15

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CSC Holdings LLC Senior Unsecured
02/15/19		8.625%		101,000		117,665
Cablevision Systems Corp. Senior Unsecured
04/15/20		8.000%		36,000		40,590
Calpine Corp. Senior Secured(d)
01/15/22		6.000%		117,000		125,775
Capsugel SA Senior Unsecured PIK(d)
05/15/19		7.000%		20,000		20,422
Carrizo Oil & Gas, Inc.
10/15/18		8.625%		175,000		175,262
Case New Holland Industrial, Inc.
12/01/17		7.875%		77,000		84,777
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.(d)
06/01/24		5.375%		56,000		56,560
Celanese U.S. Holdings LLC
06/15/21		5.875%		88,000		94,380
Centene Corp. Senior Unsecured
05/15/22		4.750%		63,000		63,945
CenturyLink, Inc. Senior Unsecured
06/15/21		6.450%		109,000		117,992
03/15/22		5.800%		25,000		26,313
12/01/23		6.750%		35,000		39,069
Cequel Communications Holdings I LLC/Capital Corp.(d) Senior Unsecured
09/15/20		6.375%		69,000		71,760
12/15/21		5.125%		40,000		39,100
Chesapeake Energy Corp.
02/15/21		6.125%		205,000		216,275
03/15/23		5.750%		91,000		94,185
Choice Hotels International, Inc.
07/01/22		5.750%		58,000		62,205
Chrysler Group LLC/Co-Issuer, Inc. Secured
06/15/21		8.250%		225,000		250,312
Cimarex Energy Co.
06/01/24		4.375%		22,000		20,893
Clear Channel Worldwide Holdings, Inc.
03/15/20		7.625%		90,000		94,950
Senior Unsecured
11/15/22		6.500%		131,000		135,094
Concho Resources, Inc.
10/01/22		5.500%		281,000		281,000
04/01/23		5.500%		81,000		81,000
Constellation Brands, Inc.
11/15/19		3.875%		62,000		63,783
11/15/24		4.750%		60,000		62,850

Corporate Bonds & Notes(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Crestwood Midstream Partners LP/Finance Corp.
12/15/20		6.000%		8,000		7,800
Crown Castle International Corp. Senior Unsecured
04/15/22		4.875%		152,000		153,976
CyrusOne LP/Finance Corp.
11/15/22		6.375%		44,000		45,540
DISH DBS Corp.
06/01/21		6.750%		196,000		212,905
DaVita HealthCare Partners, Inc.
08/15/22		5.750%		167,000		177,020
07/15/24		5.125%		31,000		31,862
Dana Holding Corp. Senior Unsecured
02/15/21		6.750%		54,000		57,105
Darling Ingredients, Inc.
01/15/22		5.375%		57,000		56,858
Diamondback Energy, Inc.
10/01/21		7.625%		17,000		17,425
E*TRADE Financial Corp. Senior Unsecured
11/15/22		5.375%		59,000		61,950
EP Energy LLC/Everest Acquisition Finance, Inc.
05/01/20		9.375%		96,000		96,720
09/01/22		7.750%		66,000		62,618
Eco Services Operations LLC/Finance Corp. Senior Unsecured(d)
11/01/22		8.500%		37,000		37,185
Endo Finance LLC/Finco, Inc.(d)
02/01/25		6.000%		85,000		86,859
Entegris, Inc.(d)
04/01/22		6.000%		84,000		84,840
Equinix, Inc. Senior Unsecured
01/01/22		5.375%		76,000		78,660
First Data Corp.
01/15/21		12.625%		124,000		147,095
First Data Corp.(d) Secured
01/15/21		8.250%		144,000		153,540
Senior Secured
11/01/20		6.750%		122,000		130,692
Florida East Coast Holdings Corp.(d)
05/01/20		9.750%		22,000		21,450
Senior Secured
05/01/19		6.750%		68,000		67,150
Fresenius Medical Care U.S. Finance II, Inc.(d)
01/31/22		5.875%		134,000		149,577
10/15/24		4.750%		14,000		14,735
Frontier Communications Corp. Senior Unsecured
07/01/21		9.250%		120,000		138,504
09/15/21		6.250%		8,000		8,240
01/15/25		6.875%		100,000		101,375

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

16 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
GLP Capital LP/Financing II, Inc.
11/01/23		5.375%		76,000		79,040
Gannett Co., Inc.
10/15/23		6.375%		12,000		12,780
Gannett Co., Inc.(d)
09/15/21		4.875%		22,000		22,000
09/15/24		5.500%		21,000		21,210
Gates Global LLC/Co.(d)
07/15/22		6.000%		43,000		40,313
General Motors Co. Senior Unsecured
10/02/23		4.875%		95,000		103,648
General Motors Financial Co, Inc.
01/15/25		4.000%		61,000		62,333
General Motors Financial Co., Inc.
09/25/21		4.375%		45,000		47,700
Goodman Networks, Inc. Senior Secured
07/01/18		12.125%		22,000		22,330
Group 1 Automotive, Inc.(d)
06/01/22		5.000%		28,000		27,650
H&E Equipment Services, Inc.
09/01/22		7.000%		35,000		33,338
HCA Holdings, Inc. Senior Unsecured
02/15/21		6.250%		302,000		327,670
HCA, Inc.
02/01/25		5.375%		80,000		82,200
Senior Secured
04/15/25		5.250%		80,000		87,200
HD Supply, Inc.
07/15/20		7.500%		115,000		120,462
Secured
04/15/20		11.000%		85,000		96,900
HD Supply, Inc.(d) Senior Secured
12/15/21		5.250%		43,000		44,290
HUB International Ltd. Senior Unsecured(d)
10/01/21		7.875%		155,000		155,000
Hertz Corp. (The)
01/15/21		7.375%		114,000		120,259
Hiland Partners LP/Finance Corp.(d)
10/01/20		7.250%		98,000		105,350
05/15/22		5.500%		59,000		61,213
Hilcorp Energy I LP/Finance Co. Senior Unsecured(d)
12/01/24		5.000%		43,000		38,700
Hilton Worldwide Finance LLC/Corp.
10/15/21		5.625%		180,000		189,900
Hub Holdings LLC/Finance, Inc. Senior Unsecured PIK(d)
07/15/19		8.125%		15,000		14,700

Corporate Bonds & Notes(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Hughes Satellite Systems Corp. Senior Secured
06/15/19		6.500%		56,000		59,850
Huntington Ingalls Industries, Inc.(d)
12/15/21		5.000%		26,000		26,975
Huntsman International LLC(d)
11/15/22		5.125%		43,000		42,893
IHS, Inc.(d)
11/01/22		5.000%		86,000		86,699
IMS Health, Inc. Senior Unsecured(d)
11/01/20		6.000%		107,000		111,414
Icahn Enterprises LP/Finance Corp.
02/01/22		5.875%		121,000		123,722
International Lease Finance Corp. Senior Unsecured
05/15/19		6.250%		138,000		152,145
12/15/20		8.250%		159,000		195,172
Iron Mountain, Inc.
08/15/23		6.000%		36,000		37,710
JM Huber Corp. Senior Unsecured(d)
11/01/19		9.875%		110,000		119,625
Jaguar Holding Co. I Senior Unsecured PIK(d)
10/15/17		9.375%		38,000		38,760
Kinder Morgan, Inc.
09/15/20		6.500%		166,000		191,645
Kosmos Energy Ltd. Senior Secured(d)
08/01/21		7.875%		100,000		86,000
Laredo Petroleum, Inc.
02/15/19		9.500%		164,000		164,000
01/15/22		5.625%		8,000		7,080
05/01/22		7.375%		115,000		110,112
Level 3 Communications, Inc. Senior Unsecured(d)
12/01/22		5.750%		50,000		50,375
Level 3 Financing, Inc.
07/01/19		8.125%		94,000		99,757
01/15/21		6.125%		88,000		91,300
Level 3 Financing, Inc.(d)
08/15/22		5.375%		78,000		79,170
LifePoint Hospitals, Inc.
12/01/21		5.500%		94,000		98,817
MGM Resorts International
03/01/18		11.375%		140,000		166,950
10/01/20		6.750%		48,000		50,760
03/15/23		6.000%		2,000		2,020
MPH Acquisition Holdings LLC(d)
04/01/22		6.625%		84,000		87,570
MSCI, Inc.(d)
11/15/24		5.250%		62,000		64,635

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

Semiannual Report 2015 17

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
MarkWest Energy Partners LP/Finance Corp.
02/15/23		5.500%		200,000		205,750
07/15/23		4.500%		64,000		63,360
Markwest Energy Partners LP/Finance Corp.
12/01/24		4.875%		100,000		100,500
Meritage Homes Corp.
04/01/22		7.000%		97,000		102,335
Monitronics International, Inc.
04/01/20		9.125%		58,000		53,940
NCR Corp.
12/15/21		5.875%		47,000		48,528
NRG Energy, Inc.
07/15/22		6.250%		115,000		118,162
NRG Yield Operating LLC(d)
08/15/24		5.375%		66,000		68,310
Navient Corp. Senior Unsecured
01/15/19		5.500%		40,000		41,380
10/26/20		5.000%		9,000		8,989
01/25/22		7.250%		40,000		43,500
03/25/24		6.125%		47,000		45,825
10/25/24		5.875%		106,000		100,170
Nielsen Finance LLC/Co.
10/01/20		4.500%		39,000		39,098
Nielsen Finance LLC/Co.(d)
04/15/22		5.000%		47,000		47,118
Noble Holding International Ltd.
03/15/42		5.250%		250,000		194,773
Nortek, Inc.
12/01/18		10.000%		29,000		30,450
04/15/21		8.500%		91,000		96,687
Nuance Communications, Inc.(d)
08/15/20		5.375%		59,000		59,443
Oasis Petroleum, Inc.
11/01/21		6.500%		153,000		139,612
03/15/22		6.875%		113,000		104,031
Omnicare, Inc. Senior Unsecured
12/01/22		4.750%		36,000		37,260
12/01/24		5.000%		16,000		16,640
OneMain Financial Holdings, Inc.(d)
12/15/19		6.750%		28,000		28,980
12/15/21		7.250%		49,000		50,593
Outfront Media Capital LLC/Corp.(d)
02/15/22		5.250%		31,000		32,085
02/15/24		5.625%		31,000		32,395
03/15/25		5.875%		79,000		81,765
PQ Corp. Secured(d)
05/01/18		8.750%		401,000		409,020
PSPC Escrow Corp. Senior Unsecured(d)(h)
02/01/22		6.500%		107,000		109,140

Corporate Bonds & Notes(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Parsley Energy LLC/Finance Corp. Senior Unsecured(d)
02/15/22		7.500%		100,000		99,000
Penn National Gaming, Inc. Senior Unsecured
11/01/21		5.875%		77,000		75,075
Penske Automotive Group, Inc.
12/01/24		5.375%		37,000		37,648
Pinnacle Entertainment, Inc.
08/01/21		6.375%		64,000		65,600
Pinnacle Foods Finance LLC/Corp.
05/01/21		4.875%		11,000		10,863
Plastipak Holdings, Inc. Senior Unsecured(d)
10/01/21		6.500%		58,000		57,855
Post Holdings, Inc.(d)
12/15/22		6.000%		30,000		28,650
Provident Funding Associates LP/Finance Corp.(d)
06/15/21		6.750%		126,000		120,330
Senior Unsecured
02/15/19		10.125%		37,000		38,965
Qualitytech LP/Finance Corp.(d)
08/01/22		5.875%		39,000		39,488
RSP Permian, Inc.(d)
10/01/22		6.625%		26,000		25,838
Regency Energy Partners LP/Finance Corp.
07/15/21		6.500%		170,000		180,200
10/01/22		5.000%		67,000		70,015
Reynolds Group Issuer, Inc./LLC
08/15/19		9.875%		163,000		173,187
02/15/21		8.250%		10,000		10,163
Senior Secured
02/15/21		6.875%		157,000		165,242
Rite Aid Corp.
03/15/20		9.250%		49,000		53,778
SBA Telecommunications, Inc.
07/15/20		5.750%		148,000		152,810
STHI Holding Corp. Secured(d)
03/15/18		8.000%		140,000		146,300
Salix Pharmaceuticals Ltd.(d)
01/15/21		6.000%		21,000		22,365
Sally Holdings LLC/Capital, Inc.
11/15/19		6.875%		51,000		54,124
Scientific Games International, Inc.(d)
12/01/22		10.000%		122,000		111,630
Senior Secured
01/01/22		7.000%		111,000		112,249
Serta Simmons Holdings LLC Senior Unsecured(d)
10/01/20		8.125%		112,000		119,700
Shea Homes LP/Funding Corp. Senior Secured
05/15/19		8.625%		126,000		131,985

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

18 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Signode Industrial Group Luxembourg SA/US, Inc. Senior Unsecured(d)
05/01/22		6.375%		88,000		83,600
Spectrum Brands, Inc.
03/15/20		6.750%		173,000		182,082
Springleaf Finance Corp.
12/15/17		6.900%		39,000		41,779
06/01/20		6.000%		81,000		81,405
10/01/21		7.750%		102,000		113,220
Sprint Communications, Inc. Senior Unsecured
11/15/22		6.000%		115,000		107,237
Sprint Communications, Inc.(d)
03/01/20		7.000%		161,000		175,490
Sprint Corp.
09/15/21		7.250%		130,000		129,805
Standard Pacific Corp.
12/15/21		6.250%		46,000		46,920
11/15/24		5.875%		20,000		19,850
T-Mobile USA, Inc.
04/28/21		6.633%		174,000		180,655
01/15/22		6.125%		34,000		34,978
03/01/23		6.000%		63,000		64,417
03/01/25		6.375%		16,000		16,280
TRI Pointe Holdings, Inc. Senior Unsecured(d)
06/15/19		4.375%		25,000		23,813
Targa Resources Partners LP/Finance Corp.
05/01/23		5.250%		3,000		2,985
11/15/23		4.250%		52,000		48,620
Targa Resources Partners LP/Finance Corp.(d)
01/15/18		5.000%		90,000		91,782
11/15/19		4.125%		33,000		32,175
Taylor Morrison Communities, Inc./Monarch, Inc.(d)
04/15/20		7.750%		34,000		35,360
04/15/21		5.250%		61,000		57,493
Teleflex, Inc.(d)
06/15/24		5.250%		6,000		6,060
Tempur Sealy International, Inc.
12/15/20		6.875%		94,000		100,815
Tenet Healthcare Corp. Senior Secured
06/01/20		4.750%		165,000		168,712
04/01/21		4.500%		67,000		67,670
Senior Unsecured
04/01/22		8.125%		121,000		136,427
Tenet Healthcare Corp.(d) Senior Unsecured
03/01/19		5.000%		24,000		24,060
Tenneco, Inc.
12/15/24		5.375%		27,000		28,080
TerraForm Power Operating LLC(d)
02/01/23		5.875%		49,000		50,041

Corporate Bonds & Notes(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Tesoro Logistics LP/Finance Corp.(d) Senior Unsecured
10/15/19		5.500%		17,000		17,234
10/15/22		6.250%		105,000		106,575
TransDigm, Inc.
07/15/21		7.500%		44,000		46,640
07/15/24		6.500%		76,000		76,950
USG Corp.(d)
11/01/21		5.875%		44,000		45,650
United Rentals North America, Inc.
04/15/22		7.625%		129,000		141,874
Universal Health Services, Inc. Senior Secured(d)
08/01/22		4.750%		90,000		92,362
Univision Communications, Inc.(d)
05/15/21		8.500%		54,000		57,915
Senior Secured
09/15/22		6.750%		120,000		130,500
Valeant Pharmaceuticals International, Inc.(d)
10/15/20		6.375%		298,000		315,135
VeriSign, Inc. Senior Unsecured
05/01/23		4.625%		66,000		65,587
Virgin Media Secured Finance PLC Senior Secured(d)
04/15/21		5.375%		61,000		63,440
WR Grace & Co.(d)
10/01/21		5.125%		73,000		75,920
10/01/24		5.625%		24,000		25,740
WhiteWave Foods Co. (The)
10/01/22		5.375%		78,000		82,290
Whiting Petroleum Corp.
03/15/21		5.750%		138,000		131,272
Windstream Corp.
08/01/23		6.375%		68,000		62,645
Zayo Group LLC/Capital, Inc.
07/01/20		10.125%		22,000		24,695
Zayo Group LLC/Capital, Inc.(d)
04/01/23		6.000%		111,000		111,555
Zebra Technologies Corp. Senior Unsecured(d)
10/15/22		7.250%		76,000		81,510
iHeartCommunications, Inc. Senior Secured
03/01/21		9.000%		93,000		90,210
09/15/22		9.000%		32,000		30,960
iStar Financial, Inc Senior Unsecured
07/01/19		5.000%		58,000		56,985
Total						21,785,084
Total Corporate Bonds & Notes
(Cost: $25,330,943)						25,524,098

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

Semiannual Report 2015 19

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Convertible Bonds 2.3%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
China 0.1%
Ctrip.com International Ltd. Senior Unsecured
10/15/18		1.250%		100,000		98,125
Qihoo 360 Technology Co., Ltd. Senior Unsecured(d)
08/15/21		1.750%		130,000		108,306
Total						206,431
Ireland —%
Corsicanto Ltd. Senior Unsecured
01/15/32		3.500%		123,000		72,570
Marshall Islands —%
Scorpio Tankers, Inc. Senior Unsecured(d)
07/01/19		2.375%		120,000		109,117
Mexico —%
Cemex SAB de CV Subordinated Notes
03/15/18		3.750%		90,000		100,800
Netherlands —%
NXP Semiconductors NV Senior Unsecured(d)
12/01/19		1.000%		150,000		161,063
United States 2.2%
AMAG Pharmaceuticals, Inc. Senior Unsecured
02/15/19		2.500%		90,000		155,588
ARIAD Pharmaceuticals, Inc. Senior Unsecured(d)
06/15/19		3.625%		130,000		127,984
Acorda Therapeutics, Inc. Senior Unsecured
06/15/21		1.750%		110,000		128,013
Aegerion Pharmaceuticals, Inc. Senior Unsecured(d)
08/15/19		2.000%		210,000		179,613
Air Lease Corp. Senior Unsecured
12/01/18		3.875%		119,000		161,319
AirTran Holdings, Inc. Senior Unsecured
11/01/16		5.250%		55,000		169,503
Alpha Natural Resources, Inc.
12/15/20		4.875%		150,000		39,094
American Energy — Utica LLC PIK(d)
03/01/21		3.500%		120,000		70,800

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
American Energy-Permian Basin LLC PIK(d)
05/01/22		8.000%		60,000		48,000
Anthem, Inc. Senior Unsecured
10/15/42		2.750%		100,000		182,562
Ares Capital Corp. Senior Unsecured
01/15/19		4.375%		190,000		192,375
BioMarin Pharmaceutical, Inc. Senior Subordinated Notes
10/15/20		1.500%		200,000		257,500
Blackstone Mortgage Trust, Inc. Senior Unsecured
12/01/18		5.250%		155,000		163,190
Bottomline Technologies de, Inc. Senior Unsecured
12/01/17		1.500%		110,000		116,681
Brocade Communications Systems, Inc. Senior Unsecured(d)
01/01/20		1.375%		120,000		122,925
Brookdale Senior Living, Inc. Senior Unsecured
06/15/18		2.750%		100,000		128,500
Cepheid, Inc. Senior Unsecured(d)
02/01/21		1.250%		160,000		175,300
Ciena Corp. Senior Unsecured(d)
10/15/18		3.750%		180,000		212,625
Clean Energy Fuels Corp. Senior Unsecured(d)
10/01/18		5.250%		140,000		90,852
Clovis Oncology, Inc. Senior Unsecured(d)
09/15/21		2.500%		120,000		151,336
Cobalt International Energy, Inc. Senior Unsecured
12/01/19		2.625%		186,000		124,341
05/15/24		3.125%		268,000		192,290
Cornerstone OnDemand, Inc. Senior Unsecured
07/01/18		1.500%		180,000		177,300
Cowen Group, Inc. Senior Unsecured(d)
03/15/19		3.000%		130,000		129,919
Electronic Arts, Inc. Senior Unsecured
07/15/16		0.750%		150,000		260,156
Electronics for Imaging, Inc. Senior Unsecured(d)
09/01/19		0.750%		180,000		178,681
Encore Capital Group, Inc.(d)
03/15/21		2.875%		120,000		105,516

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

20 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Endeavour International Corp.(i)
07/15/16		5.500%		110,000		3,850
EnerNOC, Inc. Senior Unsecured(d)
08/15/19		2.250%		130,000		112,229
Energy XXI Ltd. Senior Unsecured
12/15/18		3.000%		180,000		54,448
Envestnet, Inc. Senior Unsecured
12/15/19		1.750%		150,000		158,344
Equinix, Inc. Subordinated Notes
06/15/16		4.750%		76,000		204,772
Forest City Enterprises, Inc. Senior Unsecured
08/15/20		3.625%		210,000		236,644
General Cable Corp. Subordinated Notes(f)
11/15/29		4.500%		260,000		164,288
Gilead Sciences, Inc. Senior Unsecured
05/01/16		1.625%		65,000		300,279
Greenbrier Companies, Inc. (The) Senior Unsecured
04/01/18		3.500%		82,000		117,311
HeartWare International, Inc. Senior Unsecured
12/15/17		3.500%		112,000		125,510
Hologic, Inc. Senior Unsecured(f)
12/15/37		2.000%		90,000		124,650
HomeAway, Inc. Senior Unsecured(d)
04/01/19		0.125%		120,000		108,975
Iconix Brand Group, Inc. Senior Subordinated Notes
03/15/18		1.500%		131,000		154,744
Incyte Corp. Senior Unsecured
11/15/20		1.250%		220,000		360,096
Insulet Corp. Senior Unsecured
06/15/19		2.000%		110,000		107,869
Intel Corp.
08/01/39		3.250%		290,000		471,431
Jarden Corp.
09/15/18		1.875%		200,000		314,875
Jazz Investments I Ltd.(d)
08/15/21		1.875%		250,000		289,060
Liberty Media Corp. Senior Unsecured
10/15/23		1.375%		225,000		218,109

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
LinkedIn Corp. Senior Unsecured(d)
11/01/19		0.500%		210,000		221,944
MGIC Investment Corp. Senior Unsecured
05/01/17		5.000%		120,000		132,300
Medicines Co. (The) Senior Unsecured(d)
01/15/22		2.500%		170,000		183,719
Mentor Graphics Corp. Subordinated Notes
04/01/31		4.000%		152,000		184,015
Micron Technology, Inc. Senior Unsecured
02/15/33		2.125%		210,000		563,456
Molina Healthcare, Inc. Senior Unsecured
08/15/44		1.625%		175,000		191,953
Mylan, Inc.
09/15/15		3.750%		70,000		278,644
NRG Yield, Inc.(d)
02/01/19		3.500%		150,000		179,422
NVIDIA Corp. Senior Unsecured
12/01/18		1.000%		180,000		202,725
National Health Investors, Inc. Senior Unsecured
04/01/21		3.250%		160,000		176,800
Navistar International Corp. Senior Subordinated Notes(d)
04/15/19		4.750%		285,000		254,719
Newpark Resources, Inc. Senior Unsecured
10/01/17		4.000%		85,000		90,979
Novellus Systems, Inc.
05/15/41		2.625%		130,000		286,162
Omnicare, Inc.
12/15/35		3.250%		150,000		174,750
PROS Holdings, Inc. Senior Unsecured(d)
12/01/19		2.000%		120,000		117,694
Palo Alto Networks, Inc. Senior Unsecured(d)(j)
07/01/19		0.000%		160,000		209,218
Priceline Group, Inc. (The) Senior Unsecured
03/15/18		1.000%		260,000		324,350
RWT Holdings, Inc.(d)
11/15/19		5.625%		130,000		132,750
Radian Group, Inc. Senior Unsecured
11/15/17		3.000%		150,000		218,906

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

Semiannual Report 2015 21

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Red Hat, Inc. Senior Unsecured(d)
10/01/19		0.250%		180,000		203,737
Restoration Hardware Holdings, Inc. Senior Unsecured(d)(j)
06/15/19		0.000%		110,000		110,583
Royal Gold, Inc. Senior Unsecured
06/15/19		2.875%		161,000		173,771
Salesforce.com, Inc. Senior Unsecured
04/01/18		0.250%		200,000		223,375
Salix Pharmaceuticals Ltd. Senior Unsecured
03/15/19		1.500%		122,000		256,352
SanDisk Corp. Senior Unsecured
08/15/17		1.500%		70,000		108,456
10/15/20		0.500%		100,000		106,563
ServiceNow, Inc. Senior Unsecured(j)
11/01/18		0.000%		150,000		178,687
Spansion LLC
09/01/20		2.000%		40,000		102,300
Starwood Property Trust, Inc. Senior Unsecured
10/15/17		3.750%		170,000		175,631
Starwood Waypoint Residential Trust(d) Senior Unsecured
10/15/17		4.500%		101,000		100,903
07/01/19		3.000%		120,000		110,713
Stone Energy Corp.
03/01/17		1.750%		130,000		112,288
SunEdison, Inc.(d) Senior Unsecured
01/01/21		2.750%		80,000		116,542
04/15/22		2.375%		230,000		230,000
Synchronoss Technologies, Inc. Senior Unsecured
08/15/19		0.750%		120,000		127,050
TESARO, Inc. Senior Unsecured
10/01/21		3.000%		80,000		107,050
Teleflex, Inc. Senior Subordinated Notes
08/01/17		3.875%		100,000		179,000
Theravance, Inc. Subordinated Notes
01/15/23		2.125%		120,000		82,281
TiVo, Inc. Senior Unsecured(d)
10/01/21		2.000%		235,000		215,319
Twitter, Inc. Senior Unsecured(d)
09/15/21		1.000%		220,000		196,075

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
United States Steel Corp. Senior Unsecured
04/01/19		2.750%		84,000		100,590
United Therapeutics Corp. Senior Unsecured
09/15/16		1.000%		45,000		132,778
Vantage Drilling Co. Senior Unsecured(d)
07/15/43		5.500%		102,000		76,348
Vector Group Ltd. Senior Unsecured
04/15/20		1.750%		50,000		53,215
Vector Group Ltd.(f) Senior Unsecured
01/15/19		2.500%		125,000		176,988
Verint Systems, Inc. Senior Unsecured
06/01/21		1.500%		120,000		127,725
WESCO International, Inc.
09/15/29		6.000%		40,000		94,500
Wabash National Corp. Senior Unsecured
05/01/18		3.375%		102,000		127,904
Walter Investment Management Corp. Senior Subordinated Notes
11/01/19		4.500%		184,000		133,170
j2 Global, Inc. Senior Unsecured
06/15/29		3.250%		159,000		168,441
Total						16,202,288
Total Convertible Bonds
(Cost: $15,619,326)						16,852,269
Residential Mortgage-Backed Securities — Agency(k) 3.2%
Federal Home Loan Mortgage Corp.(f)(l)(m)
CMO IO Series 2957 Class SW
04/15/35		5.834%		234,793		38,598
CMO IO Series 318 Class S1
11/15/43		5.784%		289,344		66,918
CMO IO Series 3280 Class SI
02/15/37		6.274%		276,663		30,758
CMO IO Series 3761 Class KS
06/15/40		5.834%		330,253		34,345
CMO IO Series 4094 Class SY
08/15/42		5.914%		361,590		71,249
Federal Home Loan Mortgage Corp.(h)(l)
02/12/45		4.000%		1,000,000		1,070,469
Federal Home Loan Mortgage Corp.(l)(m)
CMO IO Series 4098 Class AI
05/15/39		3.500%		263,514		41,576
CMO IO Series 4120 Class AI
11/15/39		3.500%		202,061		18,132

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

22 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Residential Mortgage-Backed Securities — Agency(k) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CMO IO Series 4121 Class IA
01/15/41		3.500%		211,357		40,743
CMO IO Series 4121 Class MI
10/15/42		4.000%		216,548		50,119
CMO IO Series 4122 Class JI
12/15/40		4.000%		209,836		30,653
CMO IO Series 4139 Class CI
05/15/42		3.500%		85,180		10,011
CMO IO Series 4147 Class CI
01/15/41		3.500%		321,500		45,670
CMO IO Series 4177 Class IY
03/15/43		4.000%		439,783		86,513
CMO IO Series 4213 Class DI
06/15/38		3.500%		440,330		49,838
Federal National Mortgage Association(f)(l)(m)
CMO IO Series 2003-117 Class KS
08/25/33		6.932%		69,634		4,717
CMO IO Series 2006-5 Class N1
08/25/34		1.885%		334,029		13,169
CMO IO Series 2006-5 Class N2
02/25/35		1.921%		376,045		22,010
CMO IO Series 2007-54 Class DI
06/25/37		5.932%		583,575		118,710
CMO IO Series 2010-135 Class MS
12/25/40		5.782%		214,838		30,596
CMO IO Series 2012-80 Class DS
06/25/39		6.482%		206,684		37,767
CMO IO Series 2013-13 Class SA
03/25/43		5.982%		214,967		52,059
Federal National Mortgage Association(h)(l)
02/18/30 - 02/12/45		3.000%		3,000,000		3,119,468
02/12/45		3.500%		2,000,000		2,112,937
02/12/45		4.000%		1,000,000		1,070,937
02/12/45		4.500%		2,000,000		2,170,547
02/12/45		5.000%		1,000,000		1,105,586
Federal National Mortgage Association(l)(m)
CMO IO STRIPS Series 417 Class C5
02/25/43		3.500%		215,944		35,163
CMO IO Series 2012-118 Class BI
12/25/39		3.500%		622,904		76,952
CMO IO Series 2012-121 Class GI
08/25/39		3.500%		309,938		35,289
CMO IO Series 2012-129 Class IC
01/25/41		3.500%		212,640		25,617
CMO IO Series 2013-41 Class IY
05/25/40		3.500%		439,462		60,661
CMO IO Series 2013-6 Class MI
02/25/40		3.500%		255,551		31,319
Government National Mortgage Association(h)(l)
02/19/45		3.500%		10,000,000		10,560,156
02/19/45		4.000%		1,000,000		1,073,805
Government National Mortgage Association(l)(m)
CMO IO Series 2012-129 Class AI
08/20/37		3.000%		204,809		27,112
Total Residential Mortgage-Backed Securities — Agency
(Cost: $23,548,285)						23,470,169

Residential Mortgage-Backed Securities — Non-Agency 0.3%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
BCAP LLC Trust(d)(f)(l)
CMO Series 2012-RR11 Class 4A2
03/26/37		4.000%		815,998		827,749
Series 2012-RR10 Class 2A1
09/26/36		2.618%		127,205		128,176
BNPP Mortgage Securities LLC Trust CMO Series 2009-1 Class A1(d)(l)
08/27/37		6.000%		129,908		134,908
Citigroup Mortgage Loan Trust, Inc.(d)(f)(l)
CMO Series 2010-7 Class 3A4
12/25/35		5.979%		175,000		186,382
CMO Series 2012-7 Class 12A1
03/25/36		2.613%		157,403		158,271
CMO Series 2013-2 Class 1A1
11/25/37		2.610%		90,078		90,018
CMO Series 2013-7 Class 1A2
10/25/35		4.000%		82,257		80,735
CMO Series 2014-2 Class 2A3
04/25/36		4.750%		217,275		223,094
GS Mortgage Securities Corp. Resecuritization Trust CMO Series 2013-1R Class A(d)(f)(l)
11/26/36		0.330%		377,680		352,406
RBSSP Resecuritization Trust CMO Series 2012-1 Class 5A2(d)(f)(l)
12/27/35		5.190%		100,000		86,677
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $2,249,802)						2,268,416
Commercial Mortgage-Backed Securities — Non-Agency —%
General Electric Capital Assurance Co. Series 2003-1 Class A4(d)(f)(l)
05/12/35		5.254%		25,503		25,864
ORES NPL LLC Series 2014-LV3 Class A(d)(l)
03/27/24		3.000%		121,234		121,235
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $146,505)						147,099
Asset-Backed Securities — Non-Agency —%
Carlyle Global Market Strategies CLO Series 2013-1A Class B(d)(f)
02/14/25		3.333%		100,000		98,635
Dryden Senior Loan Fund Series 2014-33A Class C(d)(f)
07/15/26		3.097%		183,333		178,019
Morgan Stanley Resecuritization Trust Series 2013-BSFC Class A(c)(d)(f)
07/06/38		2.654%		27,765		27,765
Total Asset-Backed Securities — Non-Agency
(Cost: $306,607)						304,419

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

Semiannual Report 2015 23

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Inflation-Indexed Bonds(g) 2.0%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Brazil —%
Brazil Notas do Tesouro Nacional
08/15/22		6.000%	BRL	409,860		158,211
Series B
05/15/35		6.000%	BRL	303,600		115,123
Total						273,334
Germany 0.7%
Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond
04/15/18		0.750%	EUR	4,246,920		4,935,582
Italy 0.6%
Italy Buoni Poliennali Del Tesoro
09/15/41		2.550%	EUR	3,256,290		4,640,970
United States 0.6%
U.S. Treasury Inflation-Indexed Bond
04/15/18		0.125%		1,021,770		1,038,693
04/15/19		0.125%		251,998		256,329
01/15/22		0.125%		1,043,550		1,058,307
01/15/27		2.375%		292,802		367,307
02/15/40		2.125%		1,174,738		1,629,123
Total						4,349,759
Uruguay 0.1%
Uruguay Government International Bond Senior Unsecured
12/15/28		4.375%	UYU	16,218,985		676,670
Total Inflation-Indexed Bonds
(Cost: $15,725,197)						14,876,315
U.S. Treasury Obligations 0.2%
U.S. Treasury(e)
11/15/18		9.000%		650,000		845,051
08/15/19		3.625%		250,000		277,500
08/15/19		8.125%		250,000		327,754
08/15/20		2.625%		50,000		53,484
11/15/20		2.625%		50,000		53,523
08/15/41		3.750%		150,000		197,309
Total U.S. Treasury Obligations
(Cost: $1,719,744)						1,754,621
U.S. Government & Agency Obligations 0.8%
Federal Home Loan Mortgage Corp.
01/13/22		2.375%		2,882,000		3,001,934
Federal National Mortgage Association
10/15/15		4.375%		1,914,000		1,969,870
03/15/16		2.250%		610,000		623,200
11/15/16		1.375%		150,000		152,415

U.S. Government & Agency Obligations (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Private Export Funding Corp. U.S. Government Guaranty
09/15/17		5.450%		45,000		50,347
Total U.S. Government & Agency Obligations
(Cost: $5,590,943)						5,797,766
Foreign Government Obligations(g)(n) 5.9%
Argentina —%
Argentina Bonar Bonds
04/17/17		7.000%		144,729		139,302
Provincia de Buenos Aires Senior Unsecured(d)
01/26/21		10.875%		134,000		128,640
Total						267,942
Australia 0.4%
Treasury Corp. of Victoria
11/15/18		5.500%	AUD	1,000,000		869,590
12/17/24		5.500%	AUD	1,800,000		1,737,380
Local Government Guaranteed
11/15/16		5.750%	AUD	100,000		82,688
06/15/20		6.000%	AUD	140,000		128,851
Total						2,818,509
Brazil 0.1%
Banco Nacional de Desenvolvimento Economico e Social Senior Unsecured(d)
06/10/19		6.500%		219,000		236,520
Brazil Notas do Tesouro Nacional Senior Notes
01/01/17		10.000%	BRL	575,000		207,665
Petrobras International Finance Co. SA
01/20/20		5.750%		443,000		410,834
01/20/40		6.875%		55,000		46,200
Total						901,219
Canada 0.2%
Canadian Government Bond
06/01/18		4.250%	CAD	1,660,000		1,469,858
06/01/20		3.500%	CAD	170,000		153,324
Total						1,623,182
Colombia 0.2%
Colombia Government International Bond Senior Unsecured
06/28/27		9.850%	COP	156,000,000		85,250
09/18/37		7.375%		137,000		184,950
01/18/41		6.125%		165,000		198,684
Ecopetrol SA Senior Unsecured
01/16/25		4.125%		109,000		102,444

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

24 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Foreign Government Obligations(g)(n) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Empresa de Energia de Bogota SA ESP Senior Unsecured(d)
11/10/21		6.125%		495,000		526,290
Empresas Publicas de Medellin ESP(d) Senior Unsecured
02/01/21		8.375%	COP	650,000,000		282,643
09/10/24		7.625%	COP	224,000,000		92,189
Total						1,472,450
Croatia —%
Croatia Government International Bond Senior Unsecured(d)
01/26/24		6.000%		200,000		219,350
Dominican Republic 0.2%
Banco de Reservas de La Republica Dominicana Subordinated Notes(d)
02/01/23		7.000%		246,000		242,076
Dominican Republic International Bond(d)
01/08/21		14.000%	DOP	17,504,000		432,588
Senior Unsecured
04/20/27		8.625%		250,000		295,000
04/30/44		7.450%		200,000		218,500
Total						1,188,164
El Salvador —%
El Salvador Government International Bond Senior Unsecured(d)
06/15/35		7.650%		109,000		118,129
France 0.2%
France Government Bond OAT
04/25/17		3.750%	EUR	310,000		380,170
10/25/21		3.250%	EUR	400,000		542,755
04/25/29		5.500%	EUR	150,000		274,556
Total						1,197,481
Germany 0.3%
Bundesrepublik Deutschland
01/04/18		4.000%	EUR	500,000		633,749
01/04/19		3.750%	EUR	620,000		807,770
07/04/28		4.750%	EUR	510,000		897,299
Total						2,338,818
Ghana —%
Republic of Ghana(d)
08/07/23		7.875%		100,000		87,500
Hungary 0.1%
Hungary Government International Bond
Senior Unsecured
03/29/21		6.375%		300,000		351,975
03/25/24		5.375%		274,000		310,647

Foreign Government Obligations(g)(n) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
03/29/41		7.625%		218,000		322,640
Total						985,262
Indonesia 0.3%
Indonesia Government International Bond(d)
Senior Unsecured
05/05/21		4.875%		150,000		162,375
01/17/38		7.750%		546,000		752,115
Indonesia Treasury Bond
Senior Unsecured
04/15/19		7.875%	IDR	1,369,000,000		112,124
09/15/19		11.500%	IDR	4,385,000,000		408,470
11/15/20		11.000%	IDR	712,000,000		66,802
05/15/27		7.000%	IDR	1,643,000,000		128,081
03/15/29		9.000%	IDR	1,386,000,000		126,373
Majapahit Holding BV(d)
01/20/20		7.750%		100,000		117,448
PT Perusahaan Listrik Negara Senior Unsecured(d)
11/22/21		5.500%		273,000		295,142
Total						2,168,930
Italy 0.9%
Italy Buoni Poliennali Del Tesoro
11/01/17		3.500%	EUR	1,500,000		1,833,474
09/01/22		5.500%	EUR	2,000,000		2,930,541
Italy Buoni Poliennali Del Tesoro(d)
09/01/44		4.750%	EUR	1,250,000		2,017,798
Total						6,781,813
Ivory Coast —%
Ivory Coast Government International Bond Senior Unsecured(d)
07/23/24		5.375%		200,000		188,500
Japan 0.3%
Japan Government 20-Year Bond
Senior Unsecured
09/20/26		2.200%	JPY	35,000,000		358,776
12/20/27		2.100%	JPY	30,000,000		306,574
Japan Government 30-Year Bond
Senior Unsecured
03/20/33		1.100%	JPY	92,000,000		805,619
09/20/44		1.700%	JPY	100,000,000		933,132
Total						2,404,101
Kazakhstan —%
KazMunayGas National Co. JSC Senior Unsecured(d)
04/09/21		6.375%		200,000		196,500

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

Semiannual Report 2015 25

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Foreign Government Obligations(g)(n) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Mexico 0.5%
Mexican Bonos
06/16/16		6.250%	MXN	4,200,000		290,775
12/13/18		8.500%	MXN	3,700,000		282,348
06/10/21		6.500%	MXN	25,350,000		1,833,296
06/09/22		6.500%	MXN	4,800,000		348,315
06/03/27		7.500%	MXN	5,000,000		394,005
Petroleos Mexicanos
06/15/35		6.625%		368,000		422,206
06/02/41		6.500%		109,000		121,960
01/23/45		6.375%		273,000		303,631
Total						3,996,536
Morocco 0.1%
Morocco Government International Bond Senior Unsecured(d)
12/11/22		4.250%		300,000		314,625
Netherlands —%
Petrobras Global Finance BV
03/17/24		6.250%		189,000		170,729
New Zealand 0.1%
New Zealand Government Bond Senior Unsecured
03/15/19		5.000%	NZD	500,000		389,567
Norway 0.2%
Norway Government Bond
05/19/17		4.250%	NOK	5,850,000		818,753
05/24/23		2.000%	NOK	2,000,000		275,713
Total						1,094,466
Panama —%
Ena Norte Trust Pass-Through Certificates(d)
04/25/23		4.950%		134,567		136,586
Paraguay —%
Republic of Paraguay(d)
08/11/44		6.100%		77,000		84,892
Peru 0.1%
Peruvian Government International Bond
Senior Unsecured
07/21/25		7.350%		100,000		135,750
08/12/26		8.200%	PEN	308,000		123,895
Peruvian Government International Bond(d)
Senior Unsecured
08/12/31		6.950%	PEN	296,000		109,680
Total						369,325

Foreign Government Obligations(g)(n) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Philippines —%
Power Sector Assets & Liabilities Management Corp. Government Guaranteed(d)
12/02/24		7.390%		165,000		217,800
Poland 0.4%
Poland Government Bond
10/25/17		5.250%	PLN	2,200,000		652,263
10/25/19		5.500%	PLN	4,000,000		1,265,204
10/25/21		5.750%	PLN	1,000,000		337,442
Poland Government International Bond Senior Unsecured
03/23/22		5.000%		327,000		375,265
Total						2,630,174
Republic of Namibia —%
Namibia International Bonds Senior Unsecured(d)
11/03/21		5.500%		273,000		293,475
Romania —%
Romanian Government International Bond Senior Unsecured(d)
02/07/22		6.750%		218,000		266,505
Russian Federation 0.1%
Gazprom OAO Via Gaz Capital SA(d)
Senior Unsecured
04/11/18		8.146%		80,000		77,200
03/07/22		6.510%		460,000		393,374
Russian Agricultural Bank OJSC Via RSHB Capital SA
Senior Unsecured(d)
12/27/17		5.298%		200,000		165,000
Russian Foreign Bond — Eurobond Senior Unsecured(d)(f)
03/31/30		7.500%		288,855		290,471
Total						926,045
Senegal —%
Senegal Government International Bond(d)
07/30/24		6.250%		51,000		51,000
Sweden 0.1%
Sweden Government Bond
08/12/17		3.750%	SEK	4,800,000		636,620
Trinidad and Tobago 0.1%
Petroleum Co. of Trinidad & Tobago Ltd. Senior Unsecured(d)
08/14/19		9.750%		350,000		407,750

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

26 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Foreign Government Obligations(g)(n) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Turkey 0.3%
Export Credit Bank of Turkey Senior Unsecured(d)
04/24/19		5.875%		200,000		214,142
Turkey Government International Bond Senior Unsecured
06/05/20		7.000%		151,000		177,220
03/30/21		5.625%		411,000		456,991
09/26/22		6.250%		519,000		603,218
02/05/25		7.375%		109,000		138,942
03/17/36		6.875%		224,000		289,520
Total						1,880,033
United Arab Emirates 0.1%
Abu Dhabi National Energy Co. PJSC Senior Unsecured(d)
05/06/24		3.875%		179,000		188,794
Dolphin Energy Ltd. Senior Secured(d)
12/15/21		5.500%		200,000		232,297
Total						421,091
United Kingdom 0.4%
United Kingdom Gilt
03/07/19		4.500%	GBP	800,000		1,385,420
09/07/21		3.750%	GBP	35,000		61,685
09/07/22		1.750%	GBP	1,000,000		1,567,919
Total						3,015,024
Uruguay —%
Uruguay Government International Bond Senior Unsecured
11/20/45		4.125%		164,401		159,880
Venezuela 0.2%
Petroleos de Venezuela SA
04/12/17		5.250%		663,000		245,592
11/02/17		8.500%		199,800		114,186
11/17/21		9.000%		82,496		28,991
05/16/24		6.000%		135,316		42,625
Venezuela Government International Bond Senior Unsecured
05/07/23		9.000%		2,105,000		699,912
Total						1,131,306
Zambia —%
Zambia Government International Bond Senior Unsecured(d)
04/14/24		8.500%		200,000		211,040
Total Foreign Government Obligations
(Cost: $47,056,934)						43,762,319

Exchange-Traded Funds 1.0%
	Shares		Value ($)
United States 1.0%
iShares MSCI Canada ETF		264,329		6,988,859
Total Exchange-Traded Funds
(Cost: $8,714,578)				6,988,859
Fixed-Income Funds 4.0%
Investment Grade 4.0%
Columbia Mortgage Opportunities Fund, Class I Shares(o)		2,935,439		29,207,617
Total Fixed-Income Funds
(Cost: $29,411,514)				29,207,617
Alternative Investment Funds 0.9%
Columbia Commodity Strategy Fund, Class I Shares(a)(o)		1,094,982		6,942,183
Total Alternative Investment Funds
(Cost: $10,402,986)				6,942,183

Options Purchased Puts —%
Issuer	Notional ($)/ Contracts		Exercise Price ($)		Expiration Date		Value ($)
OTC 3-Year Interest Rate Swap(p)
		5,000,000		1.75		02/11/15		1
		8,000,000		2.25		11/02/15		11,597
Total Options Purchased Puts
(Cost: $113,045)								11,598
Money Market Funds 15.4%
					Shares		Value ($)
Columbia Short-Term Cash Fund, 0.118%(o)(q)						113,846,108		113,846,108
Total Money Market Funds
(Cost: $113,846,108)								113,846,108
Total Investments
(Cost: $722,252,733)								752,409,296
Other Assets & Liabilities, Net								(13,015,296	)
Net Assets								739,394,000

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

Semiannual Report 2015 27

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at January 31, 2015

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays Bank PLC		02/05/2015		5,800,000	AUD		4,791,960	USD		277,207		—
Barclays Bank PLC		02/05/2015		7,550,000	EUR		9,297,825	USD		766,187		—
Barclays Bank PLC		02/05/2015		1,720,250,000	JPY		14,257,003	USD		—		(392,434	)
Barclays Bank PLC		02/05/2015		4,800,000	NZD		3,660,240	USD		168,646		—
Barclays Bank PLC		02/05/2015		1,153,628	USD		1,325,000	CAD		—		(110,925	)
Barclays Bank PLC		02/05/2015		3,459,144	USD		3,375,000	CHF		216,895		—
Barclays Bank PLC		02/05/2015		156,342	USD		100,000	GBP		—		(5,724	)
Barclays Bank PLC		02/05/2015		13,394,897	USD		96,025,000	NOK		—		(966,609	)
Barclays Bank PLC		02/05/2015		741,874	USD		5,600,000	SEK		—		(65,061	)
Barclays Bank PLC		02/05/2015		15,316,748	USD		20,225,000	SGD		—		(366,974	)
Barclays Bank PLC		02/23/2015		3,000,000	EUR		3,384,600	USD		—		(5,958	)
Barclays Bank PLC		02/23/2015		73,458,209	USD		62,360,000	EUR		—		(2,979,800	)
Citigroup Global Markets Inc.		02/05/2015		4,900,000	CAD		4,265,525	USD		409,489		—
Citigroup Global Markets Inc.		02/05/2015		650,000	GBP		1,016,275	USD		37,257		—
Citigroup Global Markets Inc.		02/05/2015		490,500,000	JPY		4,065,007	USD		—		(112,031	)
Citigroup Global Markets Inc.		02/05/2015		30,500,000	NOK		4,253,391	USD		305,848		—
Citigroup Global Markets Inc.		02/05/2015		13,600,000	NZD		10,367,416	USD		474,568		—
Citigroup Global Markets Inc.		02/05/2015		15,900,000	SEK		2,107,244	USD		185,578		—
Citigroup Global Markets Inc.		02/05/2015		8,429,688	USD		10,200,000	AUD		—		(489,949	)
Citigroup Global Markets Inc.		02/05/2015		7,586,942	USD		7,400,000	CHF		473,113		—
Citigroup Global Markets Inc.		02/05/2015		7,144,933	USD		5,800,000	EUR		—		(590,827	)
Citigroup Global Markets Inc.		02/05/2015		30,688,328	USD		40,500,000	SGD		—		(751,822	)
Citigroup Global Markets Inc.		02/23/2015		37,485,509	USD		4,430,000,000	JPY		246,462		—
Citigroup Global Markets Inc.		03/02/2015		1,451,000	EUR		1,626,748	USD		—		(13,247	)
Credit Suisse Securities (USA) L.L.C.		02/05/2015		4,400,000	AUD		3,633,023	USD		208,038		—
Credit Suisse Securities (USA) L.L.C.		02/05/2015		6,000,000	CAD		5,010,738	USD		289,063		—
Credit Suisse Securities (USA) L.L.C.		02/05/2015		6,900,000	CHF		7,013,532	USD		—		(501,924	)
Credit Suisse Securities (USA) L.L.C.		02/05/2015		13,300,000	EUR		16,173,747	USD		1,144,503		—
Credit Suisse Securities (USA) L.L.C.		02/05/2015		11,400,000	GBP		17,191,297	USD		20,819		—
Credit Suisse Securities (USA) L.L.C.		02/05/2015		70,700,000	JPY		602,292	USD		219		—
Credit Suisse Securities (USA) L.L.C.		02/05/2015		11,600,000	NOK		1,489,930	USD		—		(11,430	)
Credit Suisse Securities (USA) L.L.C.		02/05/2015		28,400,000	NOK		3,960,693	USD		284,948		—
Credit Suisse Securities (USA) L.L.C.		02/05/2015		1,400,000	NZD		1,094,590	USD		76,209		—
Credit Suisse Securities (USA) L.L.C.		02/05/2015		43,300,000	SGD		32,547,388	USD		541,197		—
Credit Suisse Securities (USA) L.L.C.		02/05/2015		1,526,175	USD		1,900,000	AUD		—		(47,204	)
Credit Suisse Securities (USA) L.L.C.		02/05/2015		1,265,017	USD		1,500,000	CAD		—		(84,598	)
Credit Suisse Securities (USA) L.L.C.		02/05/2015		3,900,000	USD		3,900,000	CHF		347,866		—
Credit Suisse Securities (USA) L.L.C.		02/05/2015		708,600	USD		600,000	EUR		—		(30,589	)
Credit Suisse Securities (USA) L.L.C.		02/05/2015		27,887,386	USD		18,200,000	GBP		—		(474,869	)
Credit Suisse Securities (USA) L.L.C.		02/05/2015		1,499,543	USD		179,500,000	JPY		29,057		—
Credit Suisse Securities (USA) L.L.C.		02/05/2015		4,197,614	USD		31,800,000	NOK		—		(81,815	)

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

28 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at January 31, 2015 (continued)

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Credit Suisse Securities (USA) L.L.C.		02/05/2015		7,730,141	USD		10,100,000	NZD		—		(383,247	)
Credit Suisse Securities (USA) L.L.C.		02/05/2015		755,229	USD		5,700,000	SEK		—		(66,330	)
Credit Suisse Securities (USA) L.L.C.		02/05/2015		10,585,085	USD		14,200,000	SGD		—		(88,829	)
Credit Suisse Securities (USA) L.L.C.		02/25/2015		7,532,000	CHF		8,595,356	USD		383,296		—
Credit Suisse Securities (USA) L.L.C.		02/25/2015		1,709,080	USD		199,195,000	JPY		—		(12,429	)
Credit Suisse Securities (USA) L.L.C.		02/25/2015		1,681,332	USD		198,894,000	JPY		12,756		—
Deutsche Bank		02/05/2015		1,700,000	AUD		1,404,511	USD		81,221		—
Deutsche Bank		02/05/2015		8,000,000	CAD		6,721,272	USD		425,704		—
Deutsche Bank		02/05/2015		81,100,000	JPY		672,324	USD		—		(18,314	)
Deutsche Bank		02/05/2015		8,800,000	NZD		6,682,342	USD		281,087		—
Deutsche Bank		02/05/2015		5,900,000	SEK		735,439	USD		22,368		—
Deutsche Bank		02/05/2015		800,000	SGD		605,904	USD		14,565		—
Deutsche Bank		02/05/2015		5,115,341	USD		6,300,000	AUD		—		(211,385	)
Deutsche Bank		02/05/2015		1,777,122	USD		2,200,000	CAD		—		(45,840	)
Deutsche Bank		02/05/2015		3,545,486	USD		3,600,000	CHF		375,622		—
Deutsche Bank		02/05/2015		8,318,608	USD		7,100,000	EUR		—		(295,478	)
Deutsche Bank		02/05/2015		781,927	USD		500,000	GBP		—		(28,836	)
Deutsche Bank		02/05/2015		2,086,381	USD		247,800,000	JPY		23,854		—
Deutsche Bank		02/05/2015		220,173	USD		1,700,000	NOK		—		(146	)
Deutsche Bank		02/05/2015		745,868	USD		1,000,000	SGD		—		(6,695	)
Deutsche Bank		02/12/2015		2,555,000	CAD		2,197,320	USD		186,869		—
Deutsche Bank		02/12/2015		2,964,000	DKK		461,538	USD		11,295		—
Deutsche Bank		02/12/2015		6,128,000	ILS		1,552,831	USD		—		(5,875	)
Deutsche Bank		02/12/2015		139,551,000	JPY		1,167,707	USD		—		(20,774	)
Deutsche Bank		02/12/2015		27,481,000	JPY		235,095	USD		1,054		—
Deutsche Bank		02/12/2015		4,991,522,000	KRW		4,530,336	USD		—		(21,069	)
Deutsche Bank		02/12/2015		16,241,000	NOK		2,175,741	USD		74,112		—
Deutsche Bank		02/12/2015		49,015,000	TWD		1,559,745	USD		7,710		—
Deutsche Bank		02/12/2015		7,813,791	USD		9,591,000	AUD		—		(351,256	)
Deutsche Bank		02/12/2015		312,214	USD		818,000	BRL		—		(8,070	)
Deutsche Bank		02/12/2015		2,958,404	USD		2,908,000	CHF		210,092		—
Deutsche Bank		02/12/2015		2,006,058	USD		1,728,000	EUR		—		(53,273	)
Deutsche Bank		02/12/2015		4,665,661	USD		2,996,000	GBP		—		(153,336	)
Deutsche Bank		02/12/2015		626,997	USD		814,000	NZD		—		(35,264	)
Deutsche Bank		02/12/2015		1,151,756	USD		8,873,000	SEK		—		(79,310	)
Deutsche Bank		02/12/2015		310,797	USD		409,000	SGD		—		(8,524	)
HSBC Securities (USA), Inc.		02/05/2015		100,000	AUD		79,667	USD		1,827		—
HSBC Securities (USA), Inc.		02/05/2015		100,000	CAD		87,119	USD		8,424		—
HSBC Securities (USA), Inc.		02/05/2015		9,000,000	CHF		9,227,769	USD		—		(575,001	)
HSBC Securities (USA), Inc.		02/05/2015		100,000	CHF		110,435	USD		1,515		—
HSBC Securities (USA), Inc.		02/05/2015		400,000	GBP		625,448	USD		22,975		—
HSBC Securities (USA), Inc.		02/05/2015		13,100,000	NOK		1,763,312	USD		67,810		—
HSBC Securities (USA), Inc.		02/05/2015		1,000,000	SEK		128,225	USD		7,365		—

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

Semiannual Report 2015 29

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at January 31, 2015 (continued)

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
HSBC Securities (USA), Inc.		02/05/2015		2,047,132	USD		2,500,000	AUD		—		(101,118	)
HSBC Securities (USA), Inc.		02/05/2015		8,412,089	USD		9,800,000	CAD		—		(700,019	)
HSBC Securities (USA), Inc.		02/05/2015		4,189,517	USD		3,400,000	EUR		—		(347,455	)
HSBC Securities (USA), Inc.		02/05/2015		11,975,294	USD		1,445,200,000	JPY		331,851		—
HSBC Securities (USA), Inc.		02/05/2015		278,979	USD		2,000,000	NOK		—		(20,124	)
HSBC Securities (USA), Inc.		02/05/2015		6,488,231	USD		8,500,000	NZD		—		(305,201	)
HSBC Securities (USA), Inc.		02/05/2015		14,790,864	USD		111,600,000	SEK		—		(1,302,939	)
HSBC Securities (USA), Inc.		02/05/2015		2,726,240	USD		3,600,000	SGD		—		(65,217	)
HSBC Securities (USA), Inc.		02/25/2015		6,374,000	AUD		5,175,654	USD		220,086		—
HSBC Securities (USA), Inc.		02/25/2015		33,000	GBP		49,688	USD		—		(10	)
HSBC Securities (USA), Inc.		02/25/2015		2,202,000	GBP		3,354,003	USD		37,802		—
HSBC Securities (USA), Inc.		02/25/2015		8,441,961	USD		68,231,000	SEK		—		(194,278	)
HSBC Securities (USA), Inc.		02/25/2015		174,034	USD		1,442,000	SEK		274		—
J.P. Morgan Securities, Inc.		02/23/2015		1,435,000	PLN		394,005	USD		6,857		—
Morgan Stanley		02/05/2015		700,000	AUD		578,263	USD		33,379		—
Morgan Stanley		02/05/2015		3,300,000	CAD		2,873,013	USD		276,091		—
Morgan Stanley		02/05/2015		2,100,000	GBP		3,282,993	USD		120,010		—
Morgan Stanley		02/05/2015		204,956	USD		200,000	CHF		12,884		—
Morgan Stanley		02/05/2015		4,167,039	USD		5,500,000	SGD		—		(101,588	)
Standard Chartered Bank		02/17/2015		357,000	PEN		119,139	USD		2,816		—
State Street Bank & Trust Company		02/05/2015		2,700,000	AUD		2,230,983	USD		129,288		—
State Street Bank & Trust Company		02/05/2015		1,000,000	CAD		861,136	USD		74,190		—
State Street Bank & Trust Company		02/05/2015		2,100,000	CHF		2,431,563	USD		144,250		—
State Street Bank & Trust Company		02/05/2015		500,000	EUR		615,887	USD		50,877		—
State Street Bank & Trust Company		02/05/2015		89,700,000	JPY		761,893	USD		—		(1,981	)
State Street Bank & Trust Company		02/05/2015		3,900,000	NZD		2,972,990	USD		136,070		—
State Street Bank & Trust Company		02/05/2015		4,875,789	USD		5,600,000	CAD		—		(468,892	)
State Street Bank & Trust Company		02/05/2015		614,930	USD		600,000	CHF		38,588		—
State Street Bank & Trust Company		02/05/2015		4,846,757	USD		3,100,000	GBP		—		(177,592	)
State Street Bank & Trust Company		02/05/2015		600,734	USD		72,500,000	JPY		16,667		—
State Street Bank & Trust Company		02/05/2015		4,107,821	USD		33,600,000	SEK		—		(46,940	)
UBS Securities LLC		02/05/2015		5,400,000	AUD		4,465,004	USD		261,613		—
UBS Securities LLC		02/05/2015		6,400,000	CAD		5,565,363	USD		528,909		—
UBS Securities LLC		02/05/2015		1,775,000	CHF		1,823,232	USD		—		(110,092	)
UBS Securities LLC		02/05/2015		5,750,000	EUR		7,112,977	USD		615,371		—
UBS Securities LLC		02/05/2015		7,800,000	GBP		12,190,844	USD		442,622		—
UBS Securities LLC		02/05/2015		43,200,000	JPY		370,029	USD		2,143		—
UBS Securities LLC		02/05/2015		53,825,000	NOK		7,502,621	USD		536,179		—
UBS Securities LLC		02/05/2015		22,300,000	NOK		3,097,782	USD		211,545		—
UBS Securities LLC		02/05/2015		254,100,000	SEK		33,647,674	USD		2,937,266		—
UBS Securities LLC		02/05/2015		42,325,000	SGD		32,050,593	USD		765,097		—
UBS Securities LLC		02/05/2015		5,878,791	USD		6,775,000	CAD		—		(547,232	)
UBS Securities LLC		02/05/2015		11,401,886	USD		9,200,000	EUR		—		(1,005,717	)

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

30 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at January 31, 2015 (continued)

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
UBS Securities LLC		02/05/2015		7,580,793	USD		4,850,000	GBP		—		(275,808	)
UBS Securities LLC		02/05/2015		1,215,016	USD		146,450,000	JPY		32,134		—
UBS Securities LLC		02/05/2015		2,035,349	USD		15,100,000	NOK		—		(80,992	)
UBS Securities LLC		02/05/2015		12,421,415	USD		16,300,000	NZD		—		(564,545	)
UBS Securities LLC		02/05/2015		12,636,884	USD		97,700,000	SEK		—		(828,907	)
UBS Securities LLC		02/05/2015		18,999,326	USD		24,900,000	SGD		—		(593,919	)
UBS Securities LLC		02/23/2015		265,000	EUR		298,939	USD		—		(561	)
UBS Securities LLC		02/23/2015		235,000	EUR		276,768	USD		11,174		—
UBS Securities LLC		02/25/2015		3,341,036	USD		2,886,000	EUR		—		(79,265	)
UBS Securities LLC		02/25/2015		1,791,598	USD		1,589,000	EUR		4,298		—
Wells Fargo Bank		02/05/2015		900,000	AUD		743,580	USD		43,015		—
Wells Fargo Bank		02/05/2015		1,300,000	CAD		1,131,379	USD		108,350		—
Wells Fargo Bank		02/05/2015		9,600,000	NOK		1,338,016	USD		95,511		—
Wells Fargo Bank		02/05/2015		3,900,000	SGD		2,952,689	USD		69,914		—
Wells Fargo Bank		02/05/2015		1,232,100	USD		1,000,000	EUR		—		(102,082	)
Wells Fargo Bank		02/05/2015		1,406,745	USD		900,000	GBP		—		(51,181	)
Wells Fargo Bank		02/05/2015		3,209,877	USD		387,400,000	JPY		89,174		—
Wells Fargo Bank		02/05/2015		457,560	USD		600,000	NZD		—		(21,111	)
Total										17,110,985		(18,647,837	)

Futures Contracts Outstanding at January 31, 2015

At January 31, 2015, securities and cash totaling $21,271,073 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 ($)
3MO EURO EURIBOR		12		EUR		3,388,474		09/2015		—		(154	)
3MO EURO SWISS FRANC		17		CHF		4,668,427		09/2015		16,288		—
AUST 10YR BOND		13		AUD		1,333,729		03/2015		9,075		—
BANK ACCEPT		1		CAD		195,286		09/2015		997		—
CAN 10YR BOND		10		CAD		1,146,455		03/2015		34,946		—
DAX INDEX		4		EUR		1,208,535		03/2015		84,831		—
EURO STOXX		9		EUR		340,593		03/2015		32,888		—
EURO-BTP (ITALY GOVT)		30		EUR		4,684,640		03/2015		—		(29,991	)
EURO-BUND		32		EUR		5,763,541		03/2015		40,079		—
FTSE 100 INDEX		6		GBP		606,035		03/2015		3,293		—
FTSE/MIB INDEX		20		EUR		2,315,030		03/2015		178,462		—
HANG SENG INDEX		11		HKD		1,740,677		02/2015		—		(21,728	)
LONG GILT		126		GBP		23,508,214		03/2015		1,140,646		—
MSCI SING IX ETS		88		SGD		4,946,422		02/2015		—		(16,702	)
OMXS30 INDEX		85		SEK		1,615,156		02/2015		71,211		—
RUSSELL 2000 EMINI ICE		1		USD		116,120		03/2015		1,903		—
S&P/TSE 60 INDEX		31		CAD		4,174,156		03/2015		—		(17,202	)
SGX CNX NIFTY ETS		222		USD		3,942,276		02/2015		—		(28,971	)
TOPIX INDEX		39		JPY		4,697,735		03/2015		—		(83,363	)
US 10YR NOTE		50		USD		6,543,750		03/2015		127,869		—
US LONG BOND		46		USD		6,958,938		03/2015		384,937		—
US ULTRA T-BOND		21		USD		3,757,688		03/2015		242,567		—
Total						87,651,877				2,369,992		(198,111	)

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

Semiannual Report 2015 31

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency		Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
3MO EUROYEN (TFX)		(19	)		JPY		(4,039,300	)		09/2015		—		(457	)
90 DAY STERLING		(24	)		GBP		(4,488,780	)		09/2015		303		—
CAC40 10 EURO		(10	)		EUR		(520,647	)		02/2015		—		(29,355	)
EURO$ 90 DAY		(21	)		USD		(5,224,013	)		09/2015		37		—
EURO-BOBL		(14	)		EUR		(2,070,679	)		03/2015		—		(22,450	)
IBEX 35 INDEX		(13	)		EUR		(1,525,953	)		02/2015		—		(17,311	)
JPN 10YR BOND (OSE)		(4	)		JPY		(5,045,729	)		03/2015		—		(4,466	)
MSCI EMER MKT MIN		(278	)		USD		(13,225,850	)		03/2015		—		(430,136	)
RUSSELL 2000 EMINI ICE		(135	)		USD		(15,676,200	)		03/2015		—		(256,831	)
S&P 500		(16	)		USD		(7,953,600	)		03/2015		213,916		—
S&P500 EMINI		(529	)		USD		(52,593,180	)		03/2015		146,551		—
SPI 200		(13	)		AUD		(1,402,195	)		03/2015		—		(17,562	)
TOPIX INDEX		(8	)		JPY		(963,638	)		03/2015		—		(19,154	)
US LONG BOND		(16	)		USD		(2,420,500	)		03/2015		—		(23,528	)
Total							(117,150,264	)				360,807		(821,250	)

Credit Default Swap Contracts Outstanding at January 31, 2015

At January 31, 2015, cash totaling $1,052,975 was received from broker as collateral to cover open credit default swap contracts.

At January 31, 2015, cash totaling $581,453 was pledged as collateral to cover open centrally cleared credit default swap contracts.

Buy Protection

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate (%)		Notional Amount ($)		Market Value ($)		Unamortized Premium (Paid) Received ($)			Periodic Payments Receivable (Payable) ($)			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Morgan Stanley	CDX Emerging Markets Index 22-V1	12/20/2019		1.000		9,750,000		1,218,094		(659,836	)		(10,833	)		547,425		—

Sell Protection

Counterparty	Reference Entity	Expiration Date	Receive Fixed Rate (%)		Implied Credit Spread (%)**		Notional Amount ($)		Market Value ($)			Periodic Payments Receivable (Payable) ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Morgan Stanley*	CDX North America Investment Grade 21-V1	12/20/2018		1.000		0.544		17,000,000		117,611			18,889		136,500		—
Morgan Stanley*	CDX North America Investment Grade 23-V1	12/20/2019		1.000		0.705		5,000,000		(8,654	)		5,556		—		(3,098	)
Morgan Stanley*	CDX North America High Yield 23-V1	12/20/2019		5.000		3.662		5,000,000		(28,092	)		27,778		—		(314	)
Total															136,500		(3,412	)

* Centrally cleared swap contract

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

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

32 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Total Return Swap Contracts Outstanding at January 31, 2015

Counterparty

Fund Receives

Fund Pays

Expiration Date

Notional Currency

Notional Amount

Unrealized Appreciation ($)

Unrealized Depreciation ($)

Barclays

Total return on S&P 500 Dynamic VIX Futures Excess Returns Index

Fixed Rate of 1.50%

01/30/2015

USD

758,530

—

(1,721

)

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 January 31, 2015 was $1, which represents less than 0.01% of net assets. Information concerning such security holdings at January 31, 2015 is as follows:

Security Description	Acquisition Dates		Cost ($)
BGP Holdings PLC		02/04/2009 - 05/14/2009		—

(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2015, the value of these securities amounted to $56,752, which represents 0.01% of net assets.

(d) 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 January 31, 2015, the value of these securities amounted to $29,664,125 or 4.01% of net assets.

(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) Variable rate security.

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

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

(i) Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At January 31, 2015, the value of these securities amounted to $3,850, which represents less than 0.01% of net assets.

(j) Zero coupon bond.

(k) Represents comparable securities held to satisfy future delivery requirements of the following open forward sale commitments at January 31, 2015:

Security Description	Principal Amount ($)		Settlement Date		Proceeds Receivable ($)		Value ($)
Federal National Mortgage Association
02/18/30 3.500%		2,500,000		02/18/15		2,646,289		2,654,248

(l) 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.

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

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

(o) 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 January 31, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Commodity Strategy Fund, Class I Shares		20,227,781		—		(7,839,000	)		(1,985,795	)		10,402,986		—		—		6,942,183
Columbia Mortgage Opportunities Fund, Class I Shares		28,506,185		29,547,880		(28,642,551	)		—			29,411,514		287,127		618,202		29,207,617
Columbia Short-Term Cash Fund		133,511,015		252,547,198		(272,212,105	)		—			113,846,108		—		61,481		113,846,108
Total		182,244,981		282,095,078		(308,693,656	)		(1,985,795	)		153,660,608		287,127		679,683		149,995,908

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

Semiannual Report 2015 33

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)

(p) Purchased swaption contracts outstanding at January 31, 2015:

At January 31, 2015, cash totaling $10,025 was 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 3-Year Interest Rate Swap

Citibank

3-Month USD LIBOR

Receive

1.750

2/13/2018

5,000,000

37,125

1

OTC 3-Year Interest Rate Swap

Morgan Stanley

3-Month USD LIBOR

Receive

2.250

11/4/2018

8,000,000

75,920

11,597

Total

11,598

(q) The rate shown is the seven-day current annualized yield at January 31, 2015.

Abbreviation Legend

ADR	American Depositary Receipt
ADS	American Depositary Share
CMO	Collateralized Mortgage Obligation
GDR	Global Depositary Receipt
PIK	Payment-in-Kind
STRIPS	Separate Trading of Registered Interest and Principal Securities
Currency Legend
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
COP	Colombian Peso
DKK	Danish Krone
DOP	Dominican Republic Peso
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
ILS	Israeli Shekel
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peru Nuevos Soles
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
TWD	Taiwan Dollar
USD	US Dollar
UYU	Uruguay Pesos

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.

34 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (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.

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 2015 35

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at January 31, 2015:

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		32,498,538		33,907,066		—		66,405,604
Consumer Staples		29,219,182		10,164,038		—		39,383,220
Energy		20,400,715		9,114,450		—		29,515,165
Financials		49,617,369		50,167,705		28,987		99,814,061
Health Care		40,083,270		21,468,253		—		61,551,523
Industrials		25,073,751		18,576,191		—		43,649,942
Information Technology		52,975,945		21,936,240		—		74,912,185
Materials		7,758,820		6,597,541		—		14,356,361
Telecommunication Services		813,835		11,562,912		—		12,376,747
Utilities		5,727,089		5,884,550		—		11,611,639
Preferred Stocks
Consumer Staples		—		1,652,546		—		1,652,546
Exchange-Traded Funds		6,988,859		—		—		6,988,859
Convertible Preferred Stocks
Consumer Discretionary		375,424		—		—		375,424
Consumer Staples		217,665		403,606		—		621,271
Energy		—		740,302		—		740,302
Financials		1,357,120		486,819		—		1,843,939
Health Care		246,150		113,934		—		360,084
Industrials		281,956		—		—		281,956
Materials		167,500		—		—		167,500
Telecommunication Services		136,872		—		—		136,872
Utilities		629,324		269,775		—		899,099
Total Equity Securities		274,569,384		193,045,928		28,987		467,644,299
Bonds
Corporate Bonds & Notes		—		25,524,098		—		25,524,098
Convertible Bonds		—		16,852,269		—		16,852,269
Residential Mortgage-Backed Securities — Agency		—		23,470,169		—		23,470,169
Residential Mortgage-Backed Securities — Non-Agency		—		2,268,416		—		2,268,416
Commercial Mortgage-Backed Securities — Non-Agency		—		147,099		—		147,099
Asset-Backed Securities — Non-Agency		—		276,654		27,765		304,419
Inflation-Indexed Bonds		—		14,876,315		—		14,876,315
U.S. Treasury Obligations		1,754,621		—		—		1,754,621
U.S. Government & Agency Obligations		—		5,797,766		—		5,797,766
Foreign Government Obligations		—		43,329,732		432,587		43,762,319
Total Bonds		1,754,621		132,542,518		460,352		134,757,491

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

36 Semiannual Report 2015

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (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 ($)		Total ($)
Other
Options Purchased Puts		—			11,598			—		11,598
Total Other		—			11,598			—		11,598
Mutual Funds
Fixed-Income Funds		29,207,617			—			—		29,207,617
Alternative Investment Funds		6,942,183			—			—		6,942,183
Money Market Funds		113,846,108			—			—		113,846,108
Total Mutual Funds		149,995,908			—			—		149,995,908
Investments in Securities		426,319,913			325,600,044			489,339		752,409,296
Forward Sale Commitments Liability		—			(2,654,248	)		—		(2,654,248	)
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			17,110,985			—		17,110,985
Futures Contracts		2,730,799			—			—		2,730,799
Swap Contracts		—			683,925			—		683,925
Liabilities
Forward Foreign Currency Exchange Contracts		—			(18,647,837	)		—		(18,647,837	)
Futures Contracts		(1,019,361	)		—			—		(1,019,361	)
Swap Contracts		—			(5,133	)		—		(5,133	)
Total		428,031,351			322,087,736			489,339		750,608,426

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

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

Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

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

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

Certain asset backed securities and foreign government obligations 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.

Certain common 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 halt price of the security, the movement in observed market prices for other securities from the issuer, the movement in certain foreign or domestic market indices, and the estimated earnings of the respective company and market multiples derived from a set of comparable companies. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in estimated earnings of the respective company may result in a change to the comparable companies and market multiples utilized.

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.

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

Semiannual Report 2015 37

Columbia Global Opportunities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Fair Value Measurements (continued)

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

Transfers In		Transfers Out
Level 2 ($)	Level 3 ($)	Level 2 ($)	Level 3 ($)
239,296	172,133	172,133	239,296

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.

38 Semiannual Report 2015

Columbia Global Opportunities Fund

Statement of Assets and Liabilities

January 31, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $568,479,080)	$602,401,790
Affiliated issuers (identified cost $153,660,608)	149,995,908
Options purchased (identified cost $113,045)	11,598
Total investments (identified cost $722,252,733)	752,409,296
Cash	13,187
Foreign currency (identified cost $126,924)	126,843
Margin deposits	7,474,926
Unrealized appreciation on forward foreign currency exchange contracts	17,110,985
Unrealized appreciation on swap contracts	547,425
Premiums paid on outstanding swap contracts	659,836
Receivable for:
Investments sold	5,509,826
Capital shares sold	37,377
Dividends	388,661
Interest	1,311,985
Reclaims	221,000
Variation margin	2,048,444
Prepaid expenses	2,887
Other assets	18,242
Total assets	787,880,920
Liabilities
Forward sale commitments, at value (proceeds receivable $2,646,289)	2,654,248
Unrealized depreciation on forward foreign currency exchange contracts	18,647,837
Unrealized depreciation on swap contracts	1,721
Payable for:
Investments purchased	3,163,780
Investments purchased on a delayed delivery basis	22,407,034
Capital shares purchased	1,005,478
Dividends and interest on securities sold short	4,132
Variation margin	206,342
Foreign capital gains taxes deferred	136,240
Investment management fees	12,566
Distribution and/or service fees	6,100
Transfer agent fees	59,899
Administration fees	1,137
Plan administration fees	1
Compensation of board members	71,118
Other expenses	109,287
Total liabilities	48,486,920
Net assets applicable to outstanding capital stock	$739,394,000
Represented by
Paid-in capital	$891,703,972
Undistributed net investment income	2,039,933
Accumulated net realized loss	(184,956,009	)
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	33,922,710
Investments — affiliated issuers	(3,664,700	)
Foreign currency translations	(259,638	)
Forward sale commitments	(7,959	)
Forward foreign currency exchange contracts	(1,536,852	)
Futures contracts	1,711,438
Options purchased	(101,447	)
Swap contracts	678,792
Foreign capital gains tax	(136,240	)
Total — representing net assets applicable to outstanding capital stock	$739,394,000

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

Semiannual Report 2015 39

Columbia Global Opportunities Fund

Statement of Assets and Liabilities (continued)

January 31, 2015 (Unaudited)

Class A
Net assets	$683,831,119
Shares outstanding	60,048,417
Net asset value per share	$11.39
Maximum offering price per share(a)	$12.08
Class B
Net assets	$19,435,068
Shares outstanding	1,731,670
Net asset value per share	$11.22
Class C
Net assets	$30,496,779
Shares outstanding	2,734,531
Net asset value per share	$11.15
Class K
Net assets	$207,600
Shares outstanding	18,173
Net asset value per share	$11.42
Class R
Net assets	$2,513
Shares outstanding	222
Net asset value per share(b)	$11.34
Class R4
Net assets	$2,445
Shares outstanding	214
Net asset value per share(b)	$11.42
Class R5
Net assets	$25,403
Shares outstanding	2,222
Net asset value per share	$11.43
Class W
Net assets	$2,413
Shares outstanding	212
Net asset value per share(b)	$11.36
Class Z
Net assets	$5,390,660
Shares outstanding	473,275
Net asset value per share	$11.39

(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.

40 Semiannual Report 2015

Columbia Global Opportunities Fund

Statement of Operations

Six Months Ended January 31, 2015 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$4,429,760
Dividends — affiliated issuers	679,683
Interest	2,533,729
Foreign taxes withheld	(213,921	)
Total income	7,429,251
Expenses:
Investment management fees	2,402,085
Distribution and/or service fees
Class A	906,754
Class B	113,320
Class C	163,966
Class R	6
Class W	3
Transfer agent fees
Class A	613,529
Class B	19,250
Class C	27,748
Class K	59
Class R	3
Class R4	3
Class R5	2
Class W	3
Class Z	4,162
Administration fees	217,266
Plan administration fees
Class K	294
Compensation of board members	10,285
Custodian fees	109,888
Printing and postage fees	73,962
Registration fees	59,110
Professional fees	25,337
Other	11,732
Total expenses	4,758,767
Net investment income	2,670,484
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	19,423,102
Investments — affiliated issuers	(1,985,795	)
Capital gain distributions from underlying affiliated funds	287,127
Foreign currency translations	(110,833	)
Forward foreign currency exchange contracts	(13,702,357	)
Futures contracts	7,687,905
Options purchased	(3,131,414	)
Swap contracts	(755,934	)
Net realized gain	7,711,801
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(31,518,824	)
Investments — affiliated issuers	(1,574,049	)
Foreign currency translations	(189,558	)
Forward sale commitments	(7,959	)
Forward foreign currency exchange contracts	(354,190	)
Futures contracts	(158,459	)
Options purchased	2,544,981
Swap contracts	718,246
Foreign capital gains tax	(54,208	)
Net change in unrealized depreciation	(30,594,020	)
Net realized and unrealized loss	(22,882,219	)
Net decrease in net assets from operations	$(20,211,735	)

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

Semiannual Report 2015 41

Columbia Global Opportunities Fund

Statement of Changes in Net Assets

	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014
Operations
Net investment income		$2,670,484			$9,266,422
Net realized gain		7,711,801			72,616,412
Net change in unrealized depreciation		(30,594,020	)		(10,686,451	)
Net increase (decrease) in net assets resulting from operations		(20,211,735	)		71,196,383
Distributions to shareholders
Net investment income
Class A		—			(11,367,515	)
Class B		—			(238,848	)
Class C		—			(256,158	)
Class K		—			(3,789	)
Class R		—			(55	)
Class R4		—			(46	)
Class R5		—			(53	)
Class Z		—			(48,197	)
Total distributions to shareholders		—			(11,914,661	)
Decrease in net assets from capital stock activity		(59,915,757	)		(86,588,203	)
Total decrease in net assets		(80,127,492	)		(27,306,481	)
Net assets at beginning of period		819,521,492			846,827,973
Net assets at end of period		$739,394,000			$819,521,492
Undistributed (excess of distributions over) net investment income		$2,039,933			$(630,551	)

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

42 Semiannual Report 2015

Columbia Global Opportunities Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		1,215,585			13,981,971			3,188,276			36,261,831
Distributions reinvested		—			—			989,153			11,182,874
Redemptions		(5,757,296	)		(66,295,477	)		(11,019,727	)		(125,231,575	)
Net decrease		(4,541,711	)		(52,313,506	)		(6,842,298	)		(77,786,870	)
Class B shares
Subscriptions		4,212			47,821			31,719			355,488
Distributions reinvested		—			—			21,426			237,858
Redemptions(b)		(479,090	)		(5,427,967	)		(1,037,725	)		(11,684,844	)
Net decrease		(474,878	)		(5,380,146	)		(984,580	)		(11,091,498	)
Class C shares
Subscriptions		98,956			1,119,306			394,997			4,415,036
Distributions reinvested		—			—			22,958			253,804
Redemptions		(365,715	)		(4,132,943	)		(526,300	)		(5,874,435	)
Net decrease		(266,759	)		(3,013,637	)		(108,345	)		(1,205,595	)
Class K shares
Distributions reinvested		—			—			334			3,789
Redemptions		(2,265	)		(25,773	)		(1,173	)		(13,423	)
Net decrease		(2,265	)		(25,773	)		(839	)		(9,634	)
Class R shares
Subscriptions		4			37			—			—
Redemptions		—			—			(216	)		(2,499	)
Net increase (decrease)		4			37			(216	)		(2,499	)
Class R4 shares
Redemptions		—			—			(35	)		(400	)
Net decrease		—			—			(35	)		(400	)
Class R5 shares
Subscriptions		2,008			23,156			—			—
Redemptions		—			—			(35	)		(400	)
Net increase (decrease)		2,008			23,156			(35	)		(400	)
Class W shares
Subscriptions		—			—			212			2,500
Net increase		—			—			212			2,500
Class Z shares
Subscriptions		110,971			1,283,086			395,275			4,473,563
Distributions reinvested		—			—			3,041			34,874
Redemptions		(42,682	)		(488,974	)		(87,406	)		(1,002,244	)
Net increase		68,289			794,112			310,910			3,506,193
Total net decrease		(5,215,312	)		(59,915,757	)		(7,625,226	)		(86,588,203	)

(a) Class W shares are for the period from June 25, 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 2015 43

Columbia Global 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.

	Six Months  Ended January 31, 2015		Year Ended July 31,						Year Ended September 30,
Class  A	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$11.68		$10.89		$9.89		$8.75		$9.02		$8.44		$9.10
Income from investment operations:
Net investment income	0.04		0.13		0.16		0.14		0.18		0.15		0.14
Net realized and unrealized gain (loss)	(0.33	)	0.83		1.05		1.16		(0.19	)	0.63		(0.40	)
Total from investment operations	(0.29	)	0.96		1.21		1.30		(0.01	)	0.78		(0.26	)
Less distributions to shareholders:
Net investment income	—		(0.17	)	(0.21	)	(0.16	)	(0.24	)	(0.20	)	(0.12	)
Net realized gains	—		—		—		—		—		—		(0.28	)
Tax return of capital	—		—		—		—		(0.02	)	—		—
Total distributions to shareholders	—		(0.17	)	(0.21	)	(0.16	)	(0.26	)	(0.20	)	(0.40	)
Net asset value, end of period	$11.39		$11.68		$10.89		$9.89		$8.75		$9.02		$8.44
Total return	(2.48	%)	8.84	%	12.35	%	14.95	%	(0.24	%)	9.29	%	(2.33	%)
Ratios to average net assets(b)
Total gross expenses	1.16	%(c)	1.18	%	1.19	%	1.20	%(c)	1.13	%	1.05	%	1.10	%
Total net expenses(d)	1.16	%(c)	1.18	%(e)	1.15	%(e)	1.15	%(c)	1.13	%(e)	1.05	%	1.10	%
Net investment income	0.73	%(c)	1.16	%	1.52	%	1.80	%(c)	1.93	%	1.73	%	1.82	%
Supplemental data
Net assets, end of period (in thousands)	$683,831		$754,577		$777,874		$794,822		$774,665		$945,595		$1,122,673
Portfolio turnover(f)	50	%	104	%	150	%	129	%	142	%	114	%	136	%

Notes to Financial Highlights

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

(f) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 42% for the six months ended January 31, 2015, 80% and 118% for the years ended July 31, 2014 and 2013, respectively, 108% for the period ended July 31, 2012 and 131%, 113% and 116% for the years ended September 30, 2011, 2010 and 2009, respectively.

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

44 Semiannual Report 2015

Columbia Global Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,						Year Ended September 30,
Class B	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$11.56		$10.78		$9.79		$8.67		$8.93		$8.36		$9.01
Income from investment operations:
Net investment income	(0.00	)(b)	0.05		0.08		0.08		0.11		0.08		0.08
Net realized and unrealized gain (loss)	(0.34	)	0.81		1.04		1.14		(0.18	)	0.62		(0.39	)
Total from investment operations	(0.34	)	0.86		1.12		1.22		(0.07	)	0.70		(0.31	)
Less distributions to shareholders:
Net investment income	—		(0.08	)	(0.13	)	(0.10	)	(0.18	)	(0.13	)	(0.06	)
Net realized gains	—		—		—		—		—		—		(0.28	)
Tax return of capital	—		—		—		—		(0.01	)	—		—
Total distributions to shareholders	—		(0.08	)	(0.13	)	(0.10	)	(0.19	)	(0.13	)	(0.34	)
Net asset value, end of period	$11.22		$11.56		$10.78		$9.79		$8.67		$8.93		$8.36
Total return	(2.94	%)	8.04	%	11.56	%	14.19	%	(0.94	%)	8.38	%	(3.00	%)
Ratios to average net assets(c)
Total gross expenses	1.91	%(d)	1.93	%	1.94	%	1.96	%(d)	1.87	%	1.81	%	1.87	%
Total net expenses(e)	1.91	%(d)	1.93	%(f)	1.90	%(f)	1.90	%(d)	1.87	%(f)	1.81	%	1.87	%
Net investment income (loss)	(0.01	%)(d)	0.40	%	0.78	%	1.05	%(d)	1.18	%	0.98	%	1.05	%
Supplemental data
Net assets, end of period (in thousands)	$19,435		$25,502		$34,389		$40,387		$47,580		$74,220		$115,318
Portfolio turnover(g)	50	%	104	%	150	%	129	%	142	%	114	%	136	%

Notes to Financial Highlights

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

(g) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 42% for the six months ended January 31, 2015, 80% and 118% for the years ended July 31, 2014 and 2013, respectively, 108% for the period ended July 31, 2012 and 131%, 113% and 116% for the years ended September 30, 2011, 2010 and 2009, respectively.

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

Semiannual Report 2015 45

Columbia Global Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,						Year Ended September 30,
Class C	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$11.48		$10.71		$9.73		$8.61		$8.88		$8.32		$8.97
Income from investment operations:
Net investment income	(0.00	)(b)	0.05		0.08		0.08		0.11		0.08		0.08
Net realized and unrealized gain (loss)	(0.33	)	0.80		1.03		1.15		(0.19	)	0.61		(0.39	)
Total from investment operations	(0.33	)	0.85		1.11		1.23		(0.08	)	0.69		(0.31	)
Less distributions to shareholders:
Net investment income	—		(0.08	)	(0.13	)	(0.11	)	(0.18	)	(0.13	)	(0.06	)
Net realized gains	—		—		—		—		—		—		(0.28	)
Tax return of capital	—		—		—		—		(0.01	)	—		—
Total distributions to shareholders	—		(0.08	)	(0.13	)	(0.11	)	(0.19	)	(0.13	)	(0.34	)
Net asset value, end of period	$11.15		$11.48		$10.71		$9.73		$8.61		$8.88		$8.32
Total return	(2.87	%)	8.00	%	11.55	%	14.31	%	(1.02	%)	8.34	%	(2.98	%)
Ratios to average net assets(c)
Total gross expenses	1.91	%(d)	1.93	%	1.94	%	1.95	%(d)	1.88	%	1.81	%	1.86	%
Total net expenses(e)	1.91	%(d)	1.93	%(f)	1.90	%(f)	1.90	%(d)	1.88	%(f)	1.81	%	1.86	%
Net investment income (loss)	(0.02	%)(d)	0.41	%	0.77	%	1.05	%(d)	1.17	%	0.98	%	1.07	%
Supplemental data
Net assets, end of period (in thousands)	$30,497		$34,467		$33,299		$31,649		$29,619		$36,614		$46,515
Portfolio turnover(g)	50	%	104	%	150	%	129	%	142	%	114	%	136	%

Notes to Financial Highlights

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

(g) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 42% for the six months ended January 31, 2015, 80% and 118% for the years ended July 31, 2014 and 2013, respectively, 108% for the period ended July 31, 2012 and 131%, 113% and 116% for the years ended September 30, 2011, 2010 and 2009, respectively.

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

46 Semiannual Report 2015

Columbia Global Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,						Year Ended September 30,
Class K	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$11.71		$10.92		$9.91		$8.77		$9.04		$8.45		$9.10
Income from investment operations:
Net investment income	0.05		0.15		0.17		0.15		0.20		0.16		0.15
Net realized and unrealized gain (loss)	(0.34	)	0.82		1.06		1.16		(0.19	)	0.64		(0.40	)
Total from investment operations	(0.29	)	0.97		1.23		1.31		0.01		0.80		(0.25	)
Less distributions to shareholders:
Net investment income	—		(0.18	)	(0.22	)	(0.17	)	(0.26	)	(0.21	)	(0.12	)
Net realized gains	—		—		—		—		—		—		(0.28	)
Tax return of capital	—		—		—		—		(0.02	)	—		—
Total distributions to shareholders	—		(0.18	)	(0.22	)	(0.17	)	(0.28	)	(0.21	)	(0.40	)
Net asset value, end of period	$11.42		$11.71		$10.92		$9.91		$8.77		$9.04		$8.45
Total return	(2.48	%)	8.97	%	12.55	%	14.99	%	(0.12	%)	9.49	%	(2.11	%)
Ratios to average net assets(b)
Total gross expenses	1.04	%(c)	1.04	%	1.03	%	1.06	%(c)	0.98	%	0.91	%	0.94	%
Total net expenses(d)	1.04	%(c)	1.04	%	1.02	%	1.05	%(c)	0.98	%	0.91	%	0.87	%
Net investment income	0.86	%(c)	1.30	%	1.66	%	1.91	%(c)	2.07	%	1.87	%	1.97	%
Supplemental data
Net assets, end of period (in thousands)	$208		$239		$232		$232		$384		$416		$1,219
Portfolio turnover(e)	50	%	104	%	150	%	129	%	142	%	114	%	136	%

Notes to Financial Highlights

(a) For the period October 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from September 30 to July 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) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 42% for the six months ended January 31, 2015, 80% and 118% for the years ended July 31, 2014 and 2013, respectively, 108% for the period ended July 31, 2012 and 131%, 113% and 116% for the years ended September 30, 2011, 2010 and 2009, respectively.

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

Semiannual Report 2015 47

Columbia Global Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,						Year Ended September 30,
Class R	(Unaudited)		2014		2013		2012(a)		2011		2010		2009
Per share data
Net asset value, beginning of period	$11.66		$10.87		$9.88		$8.74		$9.01		$8.43		$9.09
Income from investment operations:
Net investment income	0.02		0.10		0.13		0.12		0.16		0.12		0.12
Net realized and unrealized gain (loss)	(0.34	)	0.83		1.04		1.16		(0.19	)	0.63		(0.40	)
Total from investment operations	(0.32	)	0.93		1.17		1.28		(0.03	)	0.75		(0.28	)
Less distributions to shareholders:
Net investment income	—		(0.14	)	(0.18	)	(0.14	)	(0.22	)	(0.17	)	(0.10	)
Net realized gains	—		—		—		—		—		—		(0.28	)
Tax return of capital	—		—		—		—		(0.02	)	—		—
Total distributions to shareholders	—		(0.14	)	(0.18	)	(0.14	)	(0.24	)	(0.17	)	(0.38	)
Net asset value, end of period	$11.34		$11.66		$10.87		$9.88		$8.74		$9.01		$8.43
Total return	(2.74	%)	8.63	%	11.99	%	14.77	%	(0.49	%)	8.90	%	(2.52	%)
Ratios to average net assets(b)
Total gross expenses	1.41	%(c)	1.43	%	1.44	%	1.48	%(c)	1.36	%	1.42	%	1.42	%
Total net expenses(d)	1.41	%(c)	1.43	%(e)	1.40	%	1.40	%(c)	1.36	%	1.42	%	1.33	%
Net investment income	0.47	%(c)	0.90	%	1.28	%	1.55	%(c)	1.68	%	1.38	%	1.60	%
Supplemental data
Net assets, end of period (in thousands)	$3		$3		$5		$4		$4		$4		$4
Portfolio turnover(f)	50	%	104	%	150	%	129	%	142	%	114	%	136	%

Notes to Financial Highlights

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

(f) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 42% for the six months ended January 31, 2015, 80% and 118% for the years ended July 31, 2014 and 2013, respectively, 108% for the period ended July 31, 2012 and 131%, 113% and 116% for the years ended September 30, 2011, 2010 and 2009, respectively.

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

48 Semiannual Report 2015

Columbia Global Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class R4	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$11.71		$10.92		$10.06
Income from investment operations:
Net investment income	0.05		0.15		0.15
Net realized and unrealized gain (loss)	(0.34	)	0.83		0.86
Total from investment operations	(0.29	)	0.98		1.01
Less distributions to shareholders:
Net investment income	—		(0.19	)	(0.15	)
Total distributions to shareholders	—		(0.19	)	(0.15	)
Net asset value, end of period	$11.42		$11.71		$10.92
Total return	(2.48	%)	9.07	%	10.14	%
Ratios to average net assets(b)
Total gross expenses	0.91	%(c)	0.98	%	0.93	%(c)
Total net expenses(d)	0.91	%(c)	0.98	%(e)	0.92	%(c)
Net investment income	0.94	%(c)	1.34	%	1.98	%(c)
Supplemental data
Net assets, end of period (in thousands)	$2		$3		$3
Portfolio turnover(f)	50	%	104	%	150	%

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%.

(f) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 42% for the six months ended January 31, 2015, 80% and 118% for the years ended July 31, 2014 and 2013, respectively.

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

Semiannual Report 2015 49

Columbia Global Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class R5	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$11.71		$10.92		$10.06
Income from investment operations:
Net investment income	0.04		0.18		0.14
Net realized and unrealized gain (loss)	(0.32	)	0.83		0.88
Total from investment operations	(0.28	)	1.01		1.02
Less distributions to shareholders:
Net investment income	—		(0.22	)	(0.16	)
Total distributions to shareholders	—		(0.22	)	(0.16	)
Net asset value, end of period	$11.43		$11.71		$10.92
Total return	(2.39	%)	9.31	%	10.22	%
Ratios to average net assets(b)
Total gross expenses	0.83	%(c)	0.74	%	0.83	%(c)
Total net expenses(d)	0.83	%(c)	0.74	%	0.81	%(c)
Net investment income	0.80	%(c)	1.57	%	1.82	%(c)
Supplemental data
Net assets, end of period (in thousands)	$25		$3		$3
Portfolio turnover(e)	50	%	104	%	150	%

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) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 42% for the six months ended January 31, 2015, 80% and 118% for the years ended July 31, 2014 and 2013, respectively.

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

50 Semiannual Report 2015

Columbia Global Opportunities Fund

Financial Highlights (continued)

Class W	Six Months  Ended January 31, 2015 (Unaudited)		Year  Ended July 31, 2014(a)
Per share data
Net asset value, beginning of period	$11.66		$11.77
Income from investment operations:
Net investment income	0.04		0.00	(b)
Net realized and unrealized loss	(0.34	)	(0.11	)(c)
Total from investment operations	(0.30	)	(0.11	)
Net asset value, end of period	$11.36		$11.66
Total return	(2.57	%)	(0.93	%)
Ratios to average net assets(d)
Total gross expenses	1.20	%(e)	1.17	%(e)
Total net expenses(f)	1.20	%(e)	1.17	%(e)(g)
Net investment income	0.66	%(e)	0.36	%(e)
Supplemental data
Net assets, end of period (in thousands)	$2		$2
Portfolio turnover(h)	50	%	104	%

Notes to Financial Highlights

(a) Based on operations from June 25, 2014 (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) 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%.

(h) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 42% for the six months ended January 31, 2015 and 80% for the year ended July 31, 2014.

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

Semiannual Report 2015 51

Columbia Global Opportunities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,						Year Ended September 30,
Class Z	(Unaudited)		2014		2013		2012(a)		2011		2010(b)
Per share data
Net asset value, beginning of period	$11.67		$10.88		$9.88		$8.73		$9.01		$8.98
Income from investment operations:
Net investment income (loss)	0.06		0.16		0.18		0.17		0.21		(0.01	)
Net realized and unrealized gain (loss)	(0.34	)	0.82		1.05		1.16		(0.19	)	0.04
Total from investment operations	(0.28	)	0.98		1.23		1.33		0.02		0.03
Less distributions to shareholders:
Net investment income	—		(0.19	)	(0.23	)	(0.18	)	(0.30	)	—
Tax return of capital	—		—		—		—		0.00	(c)	—
Total distributions to shareholders	—		(0.19	)	(0.23	)	(0.18	)	(0.30	)	—
Net asset value, end of period	$11.39		$11.67		$10.88		$9.88		$8.73		$9.01
Total return	(2.40	%)	9.11	%	12.65	%	15.31	%	0.01	%	0.33	%
Ratios to average net assets(d)
Total gross expenses	0.91	%(e)	0.93	%	0.94	%	0.94	%(e)	0.89	%	1.02	%(e)
Total net expenses(f)	0.91	%(e)	0.93	%(g)	0.90	%(g)	0.88	%(e)	0.89	%(g)	1.02	%(e)
Net investment income (loss)	0.98	%(e)	1.41	%	1.75	%	2.06	%(e)	2.28	%	(13.66	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$5,391		$4,726		$1,023		$787		$335		$3
Portfolio turnover(h)	50	%	104	%	150	%	129	%	142	%	114	%

Notes to Financial Highlights

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

(h) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 42% for the six months ended January 31, 2015, 80% and 118% for the years ended July 31, 2014 and 2013, respectively, 108% for the period ended July 31, 2012 and 131% and 113% for the years ended September 30, 2011 and 2010, respectively.

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

52 Semiannual Report 2015

Columbia Global Opportunities Fund

Notes to Financial Statements

January 31, 2015 (Unaudited)

Note 1. Organization

Columbia Global Opportunities 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 K, 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 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 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 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 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

Semiannual Report 2015 53

Columbia Global Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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

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.

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 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.

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

54 Semiannual Report 2015

Columbia Global Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 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.

Semiannual Report 2015 55

Columbia Global Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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, to shift investment exposure from one currency to another and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, to generate total return through long and short currency positions versus the U.S. dollar and/or to recover an underweight country exposure in its portfolio. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The 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 produce incremental earnings, manage the duration and yield curve exposure of the Fund versus the benchmark, manage exposure to movements in interest rates, manage exposure to the securities market and maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

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 decrease the Fund’s exposure to equity market risk and to increase return on investments, protect gains and facilitate buying and selling of securities for investments. 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 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.

56 Semiannual Report 2015

Columbia Global Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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 to increase or decrease its credit exposure to a specific debt security or a basket of debt securities. 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.

Semiannual Report 2015 57

Columbia Global Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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.

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 or hedge the fair value of other Fund investments or 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 manage long or short exposure to the total return on a basket of reference securities in return for periodic payments based on a fixed or variable interest rate and to manage long or short exposure to the total return on a reference security index 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 (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.

58 Semiannual Report 2015

Columbia Global Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (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 January 31, 2015:

	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 ($)		Gross Amounts Not Offset in the Statement of Assets and Liabilities						Net Amount ($)(b)
							Financial Instruments ($)(a)		Cash Collateral Received ($)		Securities Collateral Received ($)
Asset Derivatives:
Forward Foreign Currency Exchange Contracts		17,110,985		—		17,110,985		12,166,379		—		—		4,944,606
Over-the-Counter Swap Contracts(c)		1,207,261		—		1,207,261		—		1,052,975		—		154,286
Options Purchased Puts		11,598		—		11,598		—		10,025		—		1,573
Total asset derivatives		18,329,844		—		18,329,844		12,166,379		1,063,000		—		5,100,465
	Gross Amounts of Recognized Liabilities ($)		Gross Amounts Offset in the Statement of Assets  and Liabilities ($)		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities ($)		Gross Amounts Not Offset in the Statement of Assets  and Liabilities						Net Amount ($)(e)
							Financial Instruments ($)(d)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)
Liability Derivatives:
Forward Foreign Currency Exchange Contracts		18,647,837		—		18,647,837		12,166,379		—		—		6,481,458
Over-the-Counter Swap Contracts(c)		1,721		—		1,721		—		—		—		1,721
Centrally Cleared Swap Contracts(f)		19,746		—		19,746		—		19,746		—		—
Total liability derivatives		18,669,304		—		18,669,304		12,166,379		19,746		—		6,483,179

(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.

(f) Centrally cleared swaps are included within payable for variation margin 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.

Semiannual Report 2015 59

Columbia Global Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (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 January 31, 2015.

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized appreciation on swap contracts	683,925	*
Credit risk	Premiums paid on outstanding swap contracts	659,836
Equity risk	Net assets — unrealized appreciation on futures contracts	733,055	*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	17,110,985
Interest rate risk	Net assets — unrealized appreciation on futures contracts	1,997,744	*
Interest rate risk	Investments, at value- Options purchased	11,598
Total		21,197,143
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized depreciation on swap contracts	3,412	*
Equity risk	Net assets — unrealized depreciation on futures contracts	938,315	*
Equity risk	Net assets — unrealized depreciation on swap contracts	1,721	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	18,647,837
Interest rate risk	Net assets — unrealized depreciation on futures contracts	81,046	*
Total		19,672,331

* 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 January 31, 2015:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Options Contracts Written and Purchased ($)			Swap Contracts ($)			Total ($)
Credit risk		—			—			—			(26,483	)		(26,483	)
Equity risk		—			4,639,342			(3,026,614	)		(729,451	)		883,277
Foreign exchange risk		(13,702,357	)		—			—			—			(13,702,357	)
Interest rate risk		—			3,048,563			(104,800	)		—			2,943,763
Total		(13,702,357	)		7,687,905			(3,131,414	)		(755,934	)		(9,901,800	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Options Contracts Written and Purchased ($)			Swap Contracts ($)			Total ($)
Credit risk		—			—			—			533,322			533,322
Equity risk		—			(2,596,727	)		—			184,924			(2,411,803	)
Foreign exchange risk		(354,190	)		—			—			—			(354,190	)
Interest rate risk		—			2,438,268			2,544,981			—			4,983,249
Total		(354,190	)		(158,459	)		2,544,981			718,246			2,750,578

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2015:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		88,846,185
Futures contracts — Short		96,155,310
Credit default swap contracts — buy protection		9,750,000
Credit default swap contracts — sell protection		22,000,000
Derivative Instrument	Average Market Value ($)*
Options contracts — Purchased		54,479

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		10,802,953		(12,273,062	)
Total return swap contracts		—		(253,488	)

* Based on the ending quarterly outstanding amounts for the six months ended January 31, 2015.

60 Semiannual Report 2015

Columbia Global Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

Forward Sale Commitments

The Fund may enter into forward sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of forward sale commitments are not received until the contractual settlement date. While a forward sale commitment is outstanding, equivalent deliverable securities or an offsetting forward purchase commitment deliverable on or before the sale commitment date, are used to satisfy the commitment.

Unsettled forward sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under “Security Valuation” above. The forward sale commitment is “marked-to-market” daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the market price established at the date the commitment was entered into.

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.

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

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.

Semiannual Report 2015 61

Columbia Global Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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.

Income and capital gain distributions from the Underlying Funds, if any, 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.

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 tax exempt and 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.

62 Semiannual Report 2015

Columbia Global Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 Fund does not pay the Investment Manager a direct fee for investment management services on the portion of assets held in underlying funds (including any exchange-traded funds (ETFs)) that pay an investment management fee to the Investment Manager. For the portion of the assets of the Fund holds in other funds advised by the Investment Manager that do not pay an investment management fee to the Investment Manager, derivatives and individual securities, the fund pays the Investment Manager a monthly fee at an annual rate that declines from 0.66% to 0.49% as such assets increase. The annualized effective investment management fee rate for the six months ended January 31, 2015 was 0.61% of the Fund’s average daily net assets.

The Investment Manager has entered into a personnel-sharing arrangement with its affiliate, Threadneedle Investments (Threadneedle). Threadneedle, like the Investment Manager, is a wholly-owned subsidiary of Ameriprise Financial and is an SEC-registered investment adviser. Pursuant to this arrangement, certain employees of Threadneedle serve as “associated persons” of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information (SAI), may provide research and related services, and discretionary investment management services (including acting as portfolio managers) to the Fund on behalf of the Investment Manager.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund does not pay administration fee on the portion of assets held in underlying funds (including any ETFs) that pay an administration fee to the Investment Manager. For the portion of assets the Fund holds in securities, including other funds administered by the Investment Manager that do not pay an administration fee to the Investment Manager, derivatives and individual securities, the fund pays a monthly fee for administration services to the Fund Administrator at an annual rate that declines from 0.06% to 0.03% as such assets increase. The annualized effective administration fee rate for the six months ended January 31, 2015 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 January 31, 2015, other expenses paid by the Fund to this company were $1,166.

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.

Semiannual Report 2015 63

Columbia Global Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

For the six months ended January 31, 2015, 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 January 31, 2015, 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 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 $3,550,000 and $342,000 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 $214,406 for Class A, $1,961 for Class B and $1,629 for Class C shares for the six months ended January 31, 2015.

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 December  1, 2014			Contractual Expense Cap Prior to December  1, 2014
Class A		1.30	%		1.30	%
Class B		2.05			2.05
Class C		2.05			2.05
Class K		1.24			1.20
Class R		1.55			1.55
Class R4		1.05			1.05
Class R5		0.99			0.95
Class W		1.30			1.30
Class Z		1.05			1.05

64 Semiannual Report 2015

Columbia Global Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (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. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At January 31, 2015, the cost of investments for federal income tax purposes was approximately $722,253,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$63,554,000
Unrealized depreciation	(33,398,000	)
Net unrealized appreciation	$30,156,000

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

Year of Expiration	Amount ($)
2018		171,936,403
2019		21,208,022
Total		193,144,425

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 $527,524 at July 31, 2014 as arising on August 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, but including mortgage dollar rolls, aggregated to $337,127,123 and $375,400,140, respectively, for the six months ended January 31, 2015, of which $100,278,949 and $92,007,677, 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 January 31, 2015, affiliated shareholders of record owned 94.6% 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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, 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 $550 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. Prior to the December 9, 2014 amendment, the credit facility agreement

Semiannual Report 2015 65

Columbia Global Opportunities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended January 31, 2015.

Note 9. Significant Risks

Derivatives Risk

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

Foreign Securities 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 10. Subsequent Events

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

Note 11. Information Regarding Pending and Settled Legal Proceedings

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.

66 Semiannual Report 2015

Columbia Global 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 columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us; or searching the website of the SEC at sec.gov.

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

Semiannual Report 2015 67

Columbia Global Opportunities Fund

P.O. Box 8081

Boston, MA 02266-8081

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

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

columbiathreadneedle.com/us

SAR156_07_E01_(03/15)

SEMIANNUAL REPORT

January 31, 2015

COLUMBIA INFLATION PROTECTED SECURITIES FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 11th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.***

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

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

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

* In U.S. dollars as of December 31, 2014. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies.

Contact us for more current data.

** Source: ICI as of December 31, 2014 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of December 2014 for Threadneedle Asset Management Limited.

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

Not part of the shareholder report

President’s Message

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the “About Us” tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

> Fund and strategy names

> Established investment teams, philosophies and processes

> Account services, features, servicing phone numbers and mailing addresses

> Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children’s education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

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

* Source: Ameriprise as of December 1, 2014

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 2015

Columbia Inflation Protected Securities Fund

Table of Contents

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Performance Overview	3
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	19
Notes to Financial Statements	28
Important Information About This Report	41

Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Inflation Protected Securities Fund (the Fund) Class A shares returned -1.76% excluding sales charges for the six months ended January 31, 2015.

> The Fund underperformed its benchmark, the Barclays Inflation-Protected Securities (TIPS) Series-L Index, which returned 0.98% for the same time period.

Average Annual Total Returns (%) (for period ended January 31, 2015)
	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	03/04/04
Excluding sales charges			-1.76		3.16		3.61		3.91
Including sales charges			-4.68		0.09		2.99		3.59
Class B	03/04/04
Excluding sales charges			-2.17		2.27		2.82		3.11
Including sales charges			-7.05		-2.73		2.49		3.11
Class C	03/04/04
Excluding sales charges			-2.18		2.28		2.82		3.11
Including sales charges			-3.15		1.28		2.82		3.11
Class I	03/04/04		-1.54		3.61		4.06		4.30
Class K	03/04/04		-1.73		3.16		3.73		4.03
Class R*	08/03/09		-1.94		2.75		3.31		3.60
Class R5*	11/08/12		-1.56		3.48		3.79		4.00
Class W*	12/01/06		-1.76		3.15		3.58		3.86
Class Z*	09/27/10		-1.59		3.35		3.82		4.01
Barclays Inflation-Protected Securities (TIPS) Series-L Index			0.98		4.83		4.43		4.70

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. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

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

The Barclays Inflation-Protected Securities (TIPS) Series-L Index includes all publicly issued, U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value.

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 2015 3

Columbia Inflation Protected Securities Fund

Portfolio Overview

(Unaudited)

Portfolio Management

Orhan Imer, Ph.D., CFA

Portfolio Breakdown (%) (at January 31, 2015)
Asset-Backed Securities — Non-Agency	3.1
Commercial Mortgage-Backed Securities — Non-Agency	0.0	(a)
Corporate Bonds & Notes	13.0
Foreign Government Obligations	0.2
Inflation-Indexed Bonds	80.9
Money Market Funds	0.7
Residential Mortgage-Backed Securities — Agency	2.0
Residential Mortgage-Backed Securities — Non-Agency	0.1
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 January 31, 2015)
AAA rating	72.4
AA rating	2.8
A rating	1.9
BBB rating	22.0
BB rating	0.9
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 rating of Moody’s, S&P or Fitch, whichever rating agency rates the security highest. When ratings are available from only two rating agencies, the higher of the two ratings 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.

4 Semiannual Report 2015

Columbia Inflation Protected Securities 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.

August 1, 2014 – January 31, 2015

	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		982.40	1,020.86		4.17	4.26		0.84
Class B		1,000.00	1,000.00		978.30	1,017.10		7.89	8.04		1.59
Class C		1,000.00	1,000.00		978.20	1,017.10		7.88	8.04		1.59
Class I		1,000.00	1,000.00		984.60	1,023.11		1.94	1.98		0.39
Class K		1,000.00	1,000.00		982.70	1,021.61		3.43	3.50		0.69
Class R		1,000.00	1,000.00		980.60	1,019.60		5.41	5.52		1.09
Class R5		1,000.00	1,000.00		984.40	1,022.86		2.19	2.23		0.44
Class W		1,000.00	1,000.00		982.40	1,020.86		4.17	4.26		0.84
Class Z		1,000.00	1,000.00		984.10	1,022.11		2.93	2.99		0.59

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 2015 5

Columbia Inflation Protected Securities Fund

Portfolio of Investments

January 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes 13.3%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Cable and Satellite 1.1%
DIRECTV Holdings LLC/Financing Co., Inc.
03/15/42		5.150%		1,250,000		1,355,727
Time Warner Cable, Inc.
05/01/37		6.550%		1,000,000		1,313,929
Total						2,669,656
Chemicals 0.6%
CF Industries, Inc.
03/15/34		5.150%		1,250,000		1,414,564
Electric 0.7%
FirstEnergy Corp. Senior Unsecured
11/15/31		7.375%		1,000,000		1,310,021
TransAlta Corp. Senior Unsecured
03/15/40		6.500%		500,000		538,617
Total						1,848,638
Finance Companies 0.3%
International Lease Finance Corp. Senior Unsecured
04/15/21		4.625%		750,000		772,500
Independent Energy 0.2%
Hess Corp. Senior Unsecured
08/15/31		7.300%		500,000		627,957
Integrated Energy 0.4%
Murphy Oil Corp. Senior Unsecured
06/01/22		4.000%		250,000		235,182
12/01/22		3.700%		750,000		681,568
Total						916,750
Life Insurance 0.5%
Genworth Holdings, Inc.
08/15/23		4.900%		500,000		404,673
06/15/34		6.500%		1,000,000		835,817
Total						1,240,490
Metals 3.0%
Alcoa, Inc. Senior Unsecured
10/01/24		5.125%		389,000		424,635
01/15/28		6.750%		500,000		583,717
02/01/37		5.950%		500,000		538,136
Anglo American Capital PLC(a)
09/27/22		4.125%		1,350,000		1,341,672

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
ArcelorMittal Senior Unsecured
06/01/18		6.125%		750,000		796,875
Freeport-McMoRan, Inc.
03/15/23		3.875%		500,000		447,990
Glencore Funding LLC(a)
04/29/24		4.625%		1,000,000		984,410
Kinross Gold Corp.
03/15/24		5.950%		500,000		497,204
Vale Overseas Ltd.
01/11/22		4.375%		1,000,000		950,780
Vale SA Senior Unsecured
09/11/42		5.625%		1,000,000		881,050
Total						7,446,469
Midstream 0.9%
El Paso Pipeline Partners Operating Co. LLC
05/01/24		4.300%		160,000		164,635
11/01/42		4.700%		750,000		733,386
Kinder Morgan Energy Partners LP
09/01/44		5.400%		750,000		798,623
Kinder Morgan, Inc.
12/01/19		3.050%		190,000		191,744
Williams Partners LP Senior Unsecured
01/15/25		3.900%		500,000		483,763
Total						2,372,151
Oil Field Services 0.5%
Noble Holding International Ltd.
03/15/42		5.250%		1,500,000		1,168,637
Property & Casualty 0.7%
Alleghany Corp. Senior Unsecured
09/15/44		4.900%		650,000		722,462
Liberty Mutual Group, Inc.(a)
08/01/44		4.850%		1,000,000		1,092,214
Total						1,814,676
Refining 0.4%
Marathon Petroleum Corp. Senior Unsecured
09/15/44		4.750%		1,000,000		981,911
Technology 0.9%
Pitney Bowes, Inc. Senior Unsecured
03/15/24		4.625%		1,250,000		1,326,072

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

6 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Xerox Corp. Senior Unsecured
12/15/39		6.750%		750,000		973,280
Total						2,299,352
Wirelines 3.1%
BellSouth Corp. Senior Unsecured
10/15/31		6.875%		500,000		649,721
11/15/34		6.000%		508,000		619,496
CenturyLink, Inc. Senior Unsecured
04/01/17		6.000%		750,000		802,500
Indiana Bell Telephone Co., Inc.
08/15/26		7.300%		500,000		658,032
Telecom Italia Capital SA
10/01/15		5.250%		500,000		507,500
06/04/18		6.999%		500,000		560,000
06/18/19		7.175%		500,000		572,500
06/04/38		7.721%		1,000,000		1,150,000
Telefonica Emisiones SAU
04/27/15		3.729%		500,000		503,450
Verizon New England, Inc.
11/15/29		7.875%		500,000		670,967
Verizon New York, Inc.
04/01/32		7.375%		800,000		1,038,294
Total						7,732,460
Total Corporate Bonds & Notes
(Cost: $31,690,338)						33,306,211
Residential Mortgage-Backed Securities — Agency 2.1%
Federal National Mortgage Association(b)(c)
02/12/45		3.000%		4,000,000		4,135,969
Government National Mortgage Association(b)(c)
02/19/45		3.500%		1,000,000		1,056,015
Total Residential Mortgage-Backed Securities — Agency
(Cost: $5,124,063)						5,191,984
Residential Mortgage-Backed Securities — Non-Agency 0.1%
Deutsche Mortgage Securities, Inc. Mortgage Loan Trust CMO Series 2003-1 Class 1A7(b)
04/25/33		5.500%		304,510		307,197
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $306,386)						307,197

Commercial Mortgage-Backed Securities — Non-Agency —%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Greenwich Capital Commercial Funding Corp. Series 2007-GG9 Class A2(b)
03/10/39		5.381%		62,318		62,504
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $64,424)						62,504
Asset-Backed Securities — Non-Agency 3.1%
Ares XXX CLO Ltd. Series 2014-30A Class A2(a)(d)
04/20/23		1.107%		938,392		929,235
Carlyle Global Market Strategies CLO Series 2014-3A Class A2(a)(d)
07/27/26		2.356%		1,000,000		988,039
Carlyle Global Market Strategies Series 2012-2AR Class B1R(a)(d)
07/20/23		2.357%		2,000,000		1,980,686
Dryden Senior Loan Fund Series 2014-33A Class B(a)(d)
07/15/26		2.247%		750,000		737,770
OHA Credit Partners VIII Ltd. Series 2013-8A Class B(a)(d)
04/20/25		1.907%		1,000,000		967,481
OZLM VII Ltd. Series 2014-7A Class A2A(a)(d)
07/17/26		2.307%		1,000,000		978,583
Octagon Investment Partners XXI Ltd. Series 2014-1A Class A2(a)(d)
11/14/26		2.634%		1,000,000		1,003,111
Symphony CLO V Ltd. Series 2007-5A Class A1(a)(d)
01/15/24		1.003%		250,000		247,824
Total Asset-Backed Securities — Non-Agency
(Cost: $7,900,072)						7,832,729
Inflation-Indexed Bonds(e) 82.3%
Brazil 3.9%
Brazil Notas do Tesouro Nacional
Senior Unsecured
08/15/40		6.000%	BRL	2,332,640		897,544
Series B
08/15/16		6.000%	BRL	7,589,935		2,917,677
08/15/18		6.000%	BRL	15,402,509		5,934,558
Total						9,749,779
Italy 4.6%
Italy Buoni Poliennali Del Tesoro
09/15/41		2.550%	EUR	8,140,725		11,602,425
Mexico 0.5%
Mexican Udibonos
11/15/40		4.000%	MXN	16,150,340		1,263,453

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

Semiannual Report 2015 7

Columbia Inflation Protected Securities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Inflation-Indexed Bonds(e) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Turkey 2.7%
Turkey Government Bond
02/11/15		4.500%	TRY	10,577,581		4,301,032
02/20/19		3.500%	TRY	5,391,073		2,356,831
Total						6,657,863
United States 70.6%
U.S. Treasury Inflation-Indexed Bond
01/15/21		1.125%		6,208,390		6,682,750
01/15/22		0.125%		2,608,875		2,645,767
07/15/23		0.375%		2,537,325		2,628,907
01/15/25		2.375%		10,650,755		13,107,086
01/15/26		2.000%		5,355,090		6,438,660
01/15/27		2.375%		14,054,520		17,630,735
01/15/28		1.750%		19,166,310		22,770,477
04/15/28		3.625%		7,301,600		10,473,802
01/15/29		2.500%		19,801,980		25,731,742
04/15/29		3.875%		16,522,625		24,696,169
02/15/42		0.750%		12,020,720		12,651,808
U.S. Treasury Inflation-Indexed Bond(f)
02/15/40		2.125%		21,855,600		31,824,745
Total						177,282,648
Total Inflation-Indexed Bonds
(Cost: $197,343,464)						206,556,168

Foreign Government Obligations(g) 0.2%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Netherlands 0.2%
Petrobras Global Finance BV
05/20/43		5.625%		250,000		195,000
Petrobras Global Finance BV(d)
03/17/17		2.603%		200,000		182,500
Total						377,500
Total Foreign Government Obligations
(Cost: $430,933)						377,500
Money Market Funds 0.7%
			Shares		Value
Columbia Short-Term Cash Fund, 0.118%(h)(i)				1,847,514		1,847,514
Total Money Market Funds
(Cost: $1,847,514)						1,847,514
Total Investments
(Cost: $244,707,194)						255,481,807
Other Assets & Liabilities, Net						(4,557,952	)
Net Assets						250,923,855

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at January 31, 2015

Counterparty	Exchange Date		Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays Bank PLC		02/23/2015		5,436,000 EUR		6,391,662 USD		247,970		—
Barclays Bank PLC		02/23/2015		2,800,000 EUR		3,155,225 USD		—		(9,296	)
Deutsche Bank		02/23/2015		391,000 TRY		169,622 USD		10,451		—
Deutsche Bank		02/23/2015		5,029,611 USD		11,950,000 TRY		—		(164,911	)
Standard Chartered Bank		02/23/2015		1,297,492 USD		19,500,000 MXN		1,761		—
Standard Chartered Bank		02/23/2015		5,060,389 USD		73,950,000 MXN		—		(133,221	)
State Street Bank & Trust Company		02/23/2015		9,000,000 BRL		3,340,509 USD		3,733		—
State Street Bank & Trust Company		02/23/2015		674,374 USD		1,750,000 BRL		—		(25,556	)
State Street Bank & Trust Company		02/23/2015		823,899 USD		2,000,000 TRY		—		(9,723	)
Total								263,915		(342,707	)

Futures Contracts Outstanding at January 31, 2015

At January 31, 2015, cash totaling $1,606,040 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 ($)
EURO BUXL 30YR BOND		23		EUR		4,376,715		03/2015		156,167		—
US 10YR NOTE		460		USD		60,202,500		03/2015		464,644		—
Total						64,579,215				620,811		—

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

8 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Short Futures Contracts Outstanding

Contract Description	Number of Contracts	Trading Currency		Notional Market Value ($)		Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
EURO-BOBL	(260)		EUR		(38,455,471)		03/2015		—		(402,645)
EURO-BUND	(80)		EUR		(14,408,852)		03/2015		—		(307,108)
US LONG BOND	(270)		USD		(40,845,938)		03/2015		—		(2,069,313)
US ULTRA T-BOND	(185)		USD		(33,103,437)		03/2015		—		(1,068,957)
Total					(126,813,698)				—		(3,848,023)

Credit Default Swap Contracts Outstanding at January 31, 2015

At January 31, 2015, cash totaling $175,168 was pledged as collateral to cover open centrally cleared credit default swap contracts.

Sell Protection

Counterparty	Reference Entity	Expiration Date		Receive Fixed Rate (%)		Implied Credit Spread (%)**		Notional Amount ($)		Market Value ($)			Periodic Payments Receivable (Payable) ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Morgan Stanley*	CDX North America Investment Grade 23-V1		12/20/2019		1.000		0.705%		15,000,000		(19,516	)		11,111		—		(8,405	)

* Centrally cleared swap contract

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

Interest Rate Swap Contracts Outstanding at January 31, 2015

At January 31, 2015, securities totaling $306,189 were pledged as collateral to cover open interest rate swap contracts.

Counterparty	Floating Rate Index	Fund Pay/Receive Floating Rate	Fixed Rate (%)		Expiration Date		Notional Currency		Notional Amount ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays	U.S. CPI Urban Consumers NSA	Receive		1.785		10/21/2018		USD		4,000,000		—		(75,364	)
Barclays	U.S. CPI Urban Consumers NSA	Receive		1.658		12/3/2018		USD		10,000,000		—		(118,190	)
JPMorgan	U.S. CPI Urban Consumers NSA	Receive		1.870		10/8/2018		USD		5,000,000		—		(117,762	)
JPMorgan	U.S. CPI Urban Consumers NSA	Receive		1.810		1/9/2025		USD		10,000,000		31,679		—
Goldman Sachs	U.S. CPI Urban Consumers NSA	Receive		1.895		9/24/2018		USD		1,000,000		—		(25,508	)
Goldman Sach International	U.S. CPI Urban Consumers NSA	Receive		1.600		12/8/2018		USD		10,000,000		—		(90,975	)
Total												31,679		(427,799	)

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

Semiannual Report 2015 9

Columbia Inflation Protected Securities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

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 January 31, 2015, the value of these securities amounted to $11,251,025 or 4.48% of net assets.

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

(d) Variable rate security.

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

(f) This security, or a portion of this security, has been pledged as collateral in connection with swap contracts. These values are denoted within the Investments in Derivatives section of the Portfolio of Investments.

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

(h) The rate shown is the seven-day current annualized yield at January 31, 2015.

(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 January 31, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		2,287,894		32,935,786		(33,376,166	)		1,847,514		452		1,847,514

Abbreviation Legend

CMO Collateralized Mortgage Obligation

Currency Legend

BRL	Brazilian Real
EUR	Euro
MXN	Mexican Peso
TRY	Turkish Lira
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.

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

10 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Portfolio of Investments (continued)

January 31, 2015 (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 January 31, 2015:

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		—			33,306,211			—		33,306,211
Residential Mortgage-Backed Securities — Agency		—			5,191,984			—		5,191,984
Residential Mortgage-Backed Securities — Non-Agency		—			307,197			—		307,197
Commercial Mortgage-Backed Securities — Non-Agency		—			62,504			—		62,504
Asset-Backed Securities — Non-Agency		—			7,832,729			—		7,832,729
Inflation-Indexed Bonds		—			206,556,168			—		206,556,168
Foreign Government Obligations		—			377,500			—		377,500
Total Bonds		—			253,634,293			—		253,634,293
Mutual Funds
Money Market Funds		1,847,514			—			—		1,847,514
Total Mutual Funds		1,847,514			—			—		1,847,514
Investments in Securities		1,847,514			253,634,293			—		255,481,807
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			263,915			—		263,915
Futures Contracts		620,811			—			—		620,811
Swap Contracts		—			31,679			—		31,679
Liabilities
Forward Foreign Currency Exchange Contracts		—			(342,707	)		—		(342,707	)
Futures Contracts		(3,848,023	)		—			—		(3,848,023	)
Swap Contracts		—			(436,204	)		—		(436,204	)
Total		(1,379,698	)		253,150,976			—		251,771,278

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

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

Semiannual Report 2015 11

Columbia Inflation Protected Securities Fund

Portfolio of Investments (continued)

January 31, 2015 (Unaudited)

Fair Value Measurements (continued)

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).

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		Transfers Out
Level 2 ($)	Level 3 ($)	Level 2 ($)	Level 3 ($)
1,000,000	—	—	1,000,000

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.

12 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Statement of Assets and Liabilities

January 31, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $242,859,680)	$253,634,293
Affiliated issuers (identified cost $1,847,514)	1,847,514
Total investments (identified cost $244,707,194)	255,481,807
Foreign currency (identified cost $1)	1
Margin deposits	1,781,209
Unrealized appreciation on forward foreign currency exchange contracts	263,915
Unrealized appreciation on swap contracts	31,679
Receivable for:
Investments sold	190,161
Investments sold on a delayed delivery basis	2,866,894
Capital shares sold	83,611
Dividends	58
Interest	1,311,612
Reclaims	17,932
Variation margin	447,779
Expense reimbursement due from Investment Manager	2,570
Prepaid expenses	1,905
Other assets	24,112
Total assets	262,505,245
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	342,707
Unrealized depreciation on swap contracts	427,799
Payable for:
Investments purchased	1,606,773
Investments purchased on a delayed delivery basis	7,978,137
Capital shares purchased	331,843
Variation margin	770,364
Investment management fees	3,019
Distribution and/or service fees	1,332
Transfer agent fees	39,123
Administration fees	480
Compensation of board members	42,196
Other expenses	37,617
Total liabilities	11,581,390
Net assets applicable to outstanding capital stock	$250,923,855
Represented by
Paid-in capital	$260,474,245
Undistributed net investment income	30,394
Accumulated net realized loss	(16,537,112	)
Unrealized appreciation (depreciation) on:
Investments	10,774,613
Foreign currency translations	(107,756	)
Forward foreign currency exchange contracts	(78,792	)
Futures contracts	(3,227,212	)
Swap contracts	(404,525	)
Total — representing net assets applicable to outstanding capital stock	$250,923,855

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

Semiannual Report 2015 13

Columbia Inflation Protected Securities Fund

Statement of Assets and Liabilities (continued)

January 31, 2015 (Unaudited)

Class A
Net assets	$84,532,825
Shares outstanding	9,143,625
Net asset value per share	$9.25
Maximum offering price per share(a)	$9.54
Class B
Net assets	$947,248
Shares outstanding	103,057
Net asset value per share	$9.19
Class C
Net assets	$12,451,015
Shares outstanding	1,357,610
Net asset value per share	$9.17
Class I
Net assets	$89,360,125
Shares outstanding	9,643,230
Net asset value per share	$9.27
Class K
Net assets	$39,157
Shares outstanding	4,235
Net asset value per share(b)	$9.24
Class R
Net assets	$5,916,322
Shares outstanding	642,165
Net asset value per share	$9.21
Class R5
Net assets	$96,214
Shares outstanding	10,439
Net asset value per share	$9.22
Class W
Net assets	$44,955,813
Shares outstanding	4,854,718
Net asset value per share	$9.26
Class Z
Net assets	$12,625,136
Shares outstanding	1,365,180
Net asset value per share	$9.25

(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 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.

14 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Statement of Operations

Six Months Ended January 31, 2015 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$452
Interest	1,379,593
Total income	1,380,045
Expenses:
Investment management fees	560,087
Distribution and/or service fees
Class A	111,120
Class B	6,261
Class C	62,820
Class R	14,475
Class W	58,184
Transfer agent fees
Class A	155,037
Class B	2,173
Class C	21,944
Class K	10
Class R	10,114
Class R5	22
Class W	81,366
Class Z	23,034
Administration fees	89,105
Plan administration fees
Class K	49
Compensation of board members	6,658
Custodian fees	13,447
Printing and postage fees	32,347
Registration fees	55,335
Professional fees	19,045
Other	6,502
Total expenses	1,329,135
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(415,812	)
Total net expenses	913,323
Net investment income	466,722
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	1,634,131
Foreign currency translations	750,617
Forward foreign currency exchange contracts	1,589,917
Futures contracts	(10,793,292	)
Options purchased	(35,071	)
Swap contracts	268,363
Net realized loss	(6,585,335	)
Net change in unrealized appreciation (depreciation) on:
Investments	3,384,199
Foreign currency translations	(88,046	)
Forward foreign currency exchange contracts	(115,255	)
Futures contracts	(1,281,787	)
Options purchased	14,290
Swap contracts	(424,661	)
Net change in unrealized appreciation	1,488,740
Net realized and unrealized loss	(5,096,595	)
Net decrease in net assets from operations	$(4,629,873	)

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

Semiannual Report 2015 15

Columbia Inflation Protected Securities Fund

Statement of Changes in Net Assets

	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014
Operations
Net investment income		$466,722			$6,052,165
Net realized loss		(6,585,335	)		(7,094,660	)
Net change in unrealized appreciation		1,488,740			13,158,180
Net increase (decrease) in net assets resulting from operations		(4,629,873	)		12,115,685
Distributions to shareholders
Net investment income
Class A		(423,108	)		(1,042,877	)
Class B		(3,718	)		(3,808	)
Class C		(34,492	)		(45,005	)
Class I		(497,023	)		(1,311,986	)
Class K		(200	)		(522	)
Class R		(23,776	)		(51,175	)
Class R5		(437	)		(696	)
Class W		(214,907	)		(829,404	)
Class Z		(74,885	)		(45,163	)
Net realized gains
Class A		—			(5,869,885	)
Class B		—			(123,535	)
Class C		—			(655,949	)
Class I		—			(4,145,973	)
Class K		—			(1,807	)
Class R		—			(265,755	)
Class R5		—			(106	)
Class W		—			(2,266,979	)
Class Z		—			(43,433	)
Tax return of capital
Class A		—			(542,226	)
Class B		—			(10,998	)
Class C		—			(62,682	)
Class I		—			(422,031	)
Class K		—			(203	)
Class R		—			(27,212	)
Class R5		—			(89	)
Class W		—			(282,173	)
Class Z		—			(8,697	)
Total distributions to shareholders		(1,272,546	)		(18,060,369	)
Increase (decrease) in net assets from capital stock activity		(32,984,344	)		12,113,076
Total increase (decrease) in net assets		(38,886,763	)		6,168,392
Net assets at beginning of period		289,810,618			283,642,226
Net assets at end of period		$250,923,855			$289,810,618
Undistributed net investment income		$30,394			$836,218

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

16 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		796,412			7,372,817			1,096,560			10,261,431
Distributions reinvested		43,898			403,858			787,172			7,177,370
Redemptions		(1,562,743	)		(14,385,702	)		(7,394,645	)		(69,970,169	)
Net decrease		(722,433	)		(6,609,027	)		(5,510,913	)		(52,531,368	)
Class B shares
Subscriptions		1,064			10,001			17,995			168,319
Distributions reinvested		400			3,669			15,105			136,995
Redemptions(a)		(58,957	)		(539,304	)		(226,506	)		(2,133,892	)
Net decrease		(57,493	)		(525,634	)		(193,406	)		(1,828,578	)
Class C shares
Subscriptions		160,193			1,474,542			415,353			3,853,125
Distributions reinvested		2,347			21,471			60,109			544,324
Redemptions		(151,023	)		(1,384,034	)		(711,250	)		(6,668,885	)
Net increase (decrease)		11,517			111,979			(235,788	)		(2,271,436	)
Class I shares
Subscriptions		578,013			5,326,861			6,485,988			61,487,390
Distributions reinvested		54,018			496,963			642,418			5,879,266
Redemptions		(301,788	)		(2,791,668	)		(4,993,259	)		(47,364,162	)
Net increase		330,243			3,032,156			2,135,147			20,002,494
Class K shares
Subscriptions		128			1,175			1,373			12,736
Distributions reinvested		16			149			250			2,285
Redemptions		(159	)		(1,451	)		(2,291	)		(21,851	)
Net decrease		(15	)		(127	)		(668	)		(6,830	)
Class R shares
Subscriptions		119,657			1,098,436			274,893			2,540,277
Distributions reinvested		520			4,770			8,786			79,936
Redemptions		(90,544	)		(826,078	)		(168,252	)		(1,574,830	)
Net increase		29,633			277,128			115,427			1,045,383
Class R5 shares
Subscriptions		2,223			20,403			10,621			100,153
Distributions reinvested		41			379			69			640
Redemptions		(1,748	)		(16,605	)		(985	)		(9,275	)
Net increase		516			4,177			9,705			91,518
Class W shares
Subscriptions		293,808			2,716,776			6,518,746			60,407,763
Distributions reinvested		23,329			214,860			368,556			3,378,156
Redemptions		(3,553,676	)		(33,537,759	)		(2,776,514	)		(26,083,974	)
Net increase (decrease)		(3,236,539	)		(30,606,123	)		4,110,788			37,701,945

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

Semiannual Report 2015 17

Columbia Inflation Protected Securities Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended January 31, 2015 (Unaudited)						Year Ended July 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		591,465			5,512,325			1,211,704			11,429,215
Distributions reinvested		8,012			73,626			9,893			91,319
Redemptions		(464,628	)		(4,254,824	)		(169,542	)		(1,610,586	)
Net increase		134,849			1,331,127			1,052,055			9,909,948
Total net increase (decrease)		(3,509,722	)		(32,984,344	)		1,482,347			12,113,076

(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.

18 Semiannual Report 2015

Columbia Inflation Protected Securities 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 January 31, 2015		Year Ended July 31,
Class  A	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.46		$9.73		$11.38		$11.03		$10.36		$9.75
Income from investment operations:
Net investment income	0.01		0.19		0.08		0.16		0.34		0.25
Net realized and unrealized gain (loss)	(0.18	)	0.21		(0.66	)	0.84		0.68		0.54
Total from investment operations	(0.17	)	0.40		(0.58	)	1.00		1.02		0.79
Less distributions to shareholders:
Net investment income	(0.04	)	(0.11	)	(0.11	)	(0.22	)	(0.35	)	(0.18	)
Net realized gains	—		(0.52	)	(0.96	)	(0.43	)	—		—
Tax return of capital	—		(0.04	)	—		—		—		—
Total distributions to shareholders	(0.04	)	(0.67	)	(1.07	)	(0.65	)	(0.35	)	(0.18	)
Net asset value, end of period	$9.25		$9.46		$9.73		$11.38		$11.03		$10.36
Total return	(1.76	%)	4.46	%	(5.69	%)	9.44	%	10.02	%	8.13	%
Ratios to average net assets(a)
Total gross expenses	1.21	%(b)	1.15	%	1.06	%	1.06	%	1.10	%	0.99	%
Total net expenses(c)	0.84	%(b)	0.85	%	0.85	%(d)	0.85	%(d)	0.85	%	0.85	%
Net investment income	0.28	%(b)	1.97	%	0.72	%	1.45	%	3.21	%	2.53	%
Supplemental data
Net assets, end of period (in thousands)	$84,533		$93,302		$149,612		$340,942		$273,195		$297,827
Portfolio turnover	60	%(e)	91	%(e)	114	%	93	%	99	%	177	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

(e) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 50% for the six months ended January 31, 2015 and 70% for the year ended July 31, 2014.

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

Semiannual Report 2015 19

Columbia Inflation Protected Securities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class B	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.42		$9.70		$11.38		$11.03		$10.35		$9.74
Income from investment operations:
Net investment income (loss)	(0.01	)	0.11		(0.00	)(a)	0.08		0.25		0.19
Net realized and unrealized gain (loss)	(0.19	)	0.21		(0.66	)	0.84		0.69		0.53
Total from investment operations	(0.20	)	0.32		(0.66	)	0.92		0.94		0.72
Less distributions to shareholders:
Net investment income	(0.03	)	(0.04	)	(0.06	)	(0.14	)	(0.26	)	(0.11	)
Net realized gains	—		(0.52	)	(0.96	)	(0.43	)	—		—
Tax return of capital	—		(0.04	)	—		—		—		—
Total distributions to shareholders	(0.03	)	(0.60	)	(1.02	)	(0.57	)	(0.26	)	(0.11	)
Net asset value, end of period	$9.19		$9.42		$9.70		$11.38		$11.03		$10.35
Total return	(2.17	%)	3.63	%	(6.43	%)	8.61	%	9.22	%	7.40	%
Ratios to average net assets(b)
Total gross expenses	1.96	%(c)	1.90	%	1.81	%	1.81	%	1.85	%	1.74	%
Total net expenses(d)	1.59	%(c)	1.60	%	1.60	%(e)	1.59	%(e)	1.60	%	1.61	%
Net investment income (loss)	(0.31	%)(c)	1.12	%	(0.01	%)	0.70	%	2.37	%	1.84	%
Supplemental data
Net assets, end of period (in thousands)	$947		$1,512		$3,433		$6,987		$8,846		$14,961
Portfolio turnover	60	%(f)	91	%(f)	114	%	93	%	99	%	177	%

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 50% for the six months ended January 31, 2015 and 70% for the year ended July 31, 2014.

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

20 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class C	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.40		$9.68		$11.36		$11.02		$10.35		$9.74
Income from investment operations:
Net investment income (loss)	(0.02	)	0.12		(0.00	)(a)	0.08		0.27		0.17
Net realized and unrealized gain (loss)	(0.18	)	0.20		(0.65	)	0.83		0.67		0.55
Total from investment operations	(0.20	)	0.32		(0.65	)	0.91		0.94		0.72
Less distributions to shareholders:
Net investment income	(0.03	)	(0.04	)	(0.07	)	(0.14	)	(0.27	)	(0.11	)
Net realized gains	—		(0.52	)	(0.96	)	(0.43	)	—		—
Tax return of capital	—		(0.04	)	—		—		—		—
Total distributions to shareholders	(0.03	)	(0.60	)	(1.03	)	(0.57	)	(0.27	)	(0.11	)
Net asset value, end of period	$9.17		$9.40		$9.68		$11.36		$11.02		$10.35
Total return	(2.18	%)	3.64	%	(6.40	%)	8.57	%	9.21	%	7.41	%
Ratios to average net assets(b)
Total gross expenses	1.97	%(c)	1.90	%	1.81	%	1.81	%	1.85	%	1.74	%
Total net expenses(d)	1.59	%(c)	1.60	%	1.60	%(e)	1.60	%(e)	1.60	%	1.60	%
Net investment income (loss)	(0.52	%)(c)	1.27	%	(0.02	%)	0.71	%	2.60	%	1.72	%
Supplemental data
Net assets, end of period (in thousands)	$12,451		$12,651		$15,310		$22,778		$17,963		$17,161
Portfolio turnover	60	%(f)	91	%(f)	114	%	93	%	99	%	177	%

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 50% for the six months ended January 31, 2015 and 70% for the year ended July 31, 2014.

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

Semiannual Report 2015 21

Columbia Inflation Protected Securities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class I	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.47		$9.74		$11.38		$11.03		$10.36		$9.75
Income from investment operations:
Net investment income	0.03		0.24		0.13		0.18		0.40		0.30
Net realized and unrealized gain (loss)	(0.18	)	0.20		(0.66	)	0.87		0.66		0.53
Total from investment operations	(0.15	)	0.44		(0.53	)	1.05		1.06		0.83
Less distributions to shareholders:
Net investment income	(0.05	)	(0.15	)	(0.15	)	(0.27	)	(0.39	)	(0.22	)
Net realized gains	—		(0.52	)	(0.96	)	(0.43	)	—		—
Tax return of capital	—		(0.04	)	—		—		—		—
Total distributions to shareholders	(0.05	)	(0.71	)	(1.11	)	(0.70	)	(0.39	)	(0.22	)
Net asset value, end of period	$9.27		$9.47		$9.74		$11.38		$11.03		$10.36
Total return	(1.54	%)	4.91	%	(5.26	%)	9.91	%	10.47	%	8.47	%
Ratios to average net assets(a)
Total gross expenses	0.62	%(b)	0.61	%	0.59	%	0.56	%	0.57	%	0.55	%
Total net expenses(c)	0.39	%(b)	0.41	%	0.42	%	0.41	%	0.45	%	0.49	%
Net investment income	0.68	%(b)	2.52	%	1.19	%	1.64	%	3.83	%	2.94	%
Supplemental data
Net assets, end of period (in thousands)	$89,360		$88,179		$69,902		$87,654		$202,937		$184,100
Portfolio turnover	60	%(d)	91	%(d)	114	%	93	%	99	%	177	%

Notes to Financial Highlights

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

(b) Annualized.

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

(d) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 50% for the six months ended January 31, 2015 and 70% for the year ended July 31, 2014.

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

22 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class K	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.45		$9.72		$11.38		$11.03		$10.35		$9.74
Income from investment operations:
Net investment income	0.02		0.22		0.09		0.17		0.36		0.26
Net realized and unrealized gain (loss)	(0.18	)	0.19		(0.66	)	0.85		0.68		0.54
Total from investment operations	(0.16	)	0.41		(0.57	)	1.02		1.04		0.80
Less distributions to shareholders:
Net investment income	(0.05	)	(0.12	)	(0.13	)	(0.24	)	(0.36	)	(0.19	)
Net realized gains	—		(0.52	)	(0.96	)	(0.43	)	—		—
Tax return of capital	—		(0.04	)	—		—		—		—
Total distributions to shareholders	(0.05	)	(0.68	)	(1.09	)	(0.67	)	(0.36	)	(0.19	)
Net asset value, end of period	$9.24		$9.45		$9.72		$11.38		$11.03		$10.35
Total return	(1.73	%)	4.60	%	(5.65	%)	9.58	%	10.24	%	8.19	%
Ratios to average net assets(a)
Total gross expenses	0.92	%(b)	0.91	%	0.89	%	0.86	%	0.88	%	0.86	%
Total net expenses(c)	0.69	%(b)	0.71	%	0.72	%	0.69	%	0.75	%	0.79	%
Net investment income	0.39	%(b)	2.32	%	0.88	%	1.53	%	3.42	%	2.57	%
Supplemental data
Net assets, end of period (in thousands)	$39		$40		$48		$77		$76		$79
Portfolio turnover	60	%(d)	91	%(d)	114	%	93	%	99	%	177	%

Notes to Financial Highlights

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

(b) Annualized.

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

(d) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 50% for the six months ended January 31, 2015 and 70% for the year ended July 31, 2014.

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

Semiannual Report 2015 23

Columbia Inflation Protected Securities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class R	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$9.43		$9.70		$11.36		$11.02		$10.35		$9.68
Income from investment operations:
Net investment income	(0.00	)(b)	0.18		0.06		0.18		0.36		0.18
Net realized and unrealized gain (loss)	(0.18	)	0.20		(0.66	)	0.79		0.63		0.62
Total from investment operations	(0.18	)	0.38		(0.60	)	0.97		0.99		0.80
Less distributions to shareholders:
Net investment income	(0.04	)	(0.09	)	(0.10	)	(0.20	)	(0.32	)	(0.13	)
Net realized gains	—		(0.52	)	(0.96	)	(0.43	)	—		—
Tax return of capital	—		(0.04	)	—		—		—		—
Total distributions to shareholders	(0.04	)	(0.65	)	(1.06	)	(0.63	)	(0.32	)	(0.13	)
Net asset value, end of period	$9.21		$9.43		$9.70		$11.36		$11.02		$10.35
Total return	(1.94	%)	4.20	%	(5.96	%)	9.14	%	9.73	%	8.34	%
Ratios to average net assets(c)
Total gross expenses	1.47	%(d)	1.40	%	1.31	%	1.31	%	1.36	%	1.36	%(d)
Total net expenses(e)	1.09	%(d)	1.10	%	1.10	%(f)	1.10	%(f)	1.12	%	1.29	%(d)
Net investment income (loss)	(0.03	%)(d)	1.93	%	0.54	%	1.57	%	3.39	%	1.84	%(d)
Supplemental data
Net assets, end of period (in thousands)	$5,916		$5,776		$4,824		$5,443		$1,955		$1,474
Portfolio turnover	60	%(g)	91	%(g)	114	%	93	%	99	%	177	%

Notes to Financial Highlights

(a) Based on operations from August 3, 2009 (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 50% for the six months ended January 31, 2015 and 70% for the year ended July 31, 2014.

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

24 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class R5	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$9.42		$9.69		$11.49
Income from investment operations:
Net investment income	0.03		0.34		0.09
Net realized and unrealized gain (loss)	(0.18	)	0.10		(0.86	)
Total from investment operations	(0.15	)	0.44		(0.77	)
Less distributions to shareholders:
Net investment income	(0.05	)	(0.15	)	(0.07	)
Net realized gains	—		(0.52	)	(0.96	)
Tax return of capital	—		(0.04	)	—
Total distributions to shareholders	(0.05	)	(0.71	)	(1.03	)
Net asset value, end of period	$9.22		$9.42		$9.69
Total return	(1.56	%)	4.88	%	(7.27	%)
Ratios to average net assets(b)
Total gross expenses	0.67	%(c)	0.68	%	0.64	%(c)
Total net expenses(d)	0.44	%(c)	0.45	%	0.47	%(c)
Net investment income	0.61	%(c)	3.79	%	1.16	%(c)
Supplemental data
Net assets, end of period (in thousands)	$96		$93		$2
Portfolio turnover	60	%(e)	91	%(e)	114	%

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) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 50% for the six months ended January 31, 2015 and 70% for the year ended July 31, 2014.

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

Semiannual Report 2015 25

Columbia Inflation Protected Securities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class W	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.47		$9.74		$11.40		$11.05		$10.35		$9.75
Income from investment operations:
Net investment income	0.01		0.24		0.08		0.16		0.30		0.26
Net realized and unrealized gain (loss)	(0.18	)	0.16		(0.66	)	0.84		0.73		0.51
Total from investment operations	(0.17	)	0.40		(0.58	)	1.00		1.03		0.77
Less distributions to shareholders:
Net investment income	(0.04	)	(0.11	)	(0.12	)	(0.22	)	(0.33	)	(0.17	)
Net realized gains	—		(0.52	)	(0.96	)	(0.43	)	—		—
Tax return of capital	—		(0.04	)	—		—		—		—
Total distributions to shareholders	(0.04	)	(0.67	)	(1.08	)	(0.65	)	(0.33	)	(0.17	)
Net asset value, end of period	$9.26		$9.47		$9.74		$11.40		$11.05		$10.35
Total return	(1.76	%)	4.44	%	(5.74	%)	9.43	%	10.14	%	7.93	%
Ratios to average net assets(a)
Total gross expenses	1.21	%(b)	1.16	%	1.06	%	1.09	%	1.07	%	1.01	%
Total net expenses(c)	0.84	%(b)	0.85	%	0.85	%(d)	0.85	%(d)	0.86	%	0.94	%
Net investment income	0.25	%(b)	2.59	%	0.75	%	1.42	%	2.87	%	2.55	%
Supplemental data
Net assets, end of period (in thousands)	$44,956		$76,624		$38,778		$39,315		$42,040		$100,345
Portfolio turnover	60	%(e)	91	%(e)	114	%	93	%	99	%	177	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

(e) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 50% for the six months ended January 31, 2015 and 70% for the year ended July 31, 2014.

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

26 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Financial Highlights (continued)

	Six Months  Ended January 31, 2015		Year Ended July 31,
Class Z	(Unaudited)		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.45		$9.73		$11.38		$11.03		$10.59
Income from investment operations:
Net investment income	0.02		0.28		0.11		0.19		0.60
Net realized and unrealized gain (loss)	(0.17	)	0.13		(0.66	)	0.84		0.17
Total from investment operations	(0.15	)	0.41		(0.55	)	1.03		0.77
Less distributions to shareholders:
Net investment income	(0.05	)	(0.13	)	(0.14	)	(0.25	)	(0.33	)
Net realized gains	—		(0.52	)	(0.96	)	(0.43	)	—
Tax return of capital	—		(0.04	)	—		—		—
Total distributions to shareholders	(0.05	)	(0.69	)	(1.10	)	(0.68	)	(0.33	)
Net asset value, end of period	$9.25		$9.45		$9.73		$11.38		$11.03
Total return	(1.59	%)	4.61	%	(5.49	%)	9.73	%	7.45	%
Ratios to average net assets(b)
Total gross expenses	0.97	%(c)	0.91	%	0.81	%	0.83	%	0.85	%(c)
Total net expenses(d)	0.59	%(c)	0.60	%	0.60	%(e)	0.59	%(e)	0.60	%(c)
Net investment income	0.44	%(c)	3.03	%	1.04	%	1.73	%	6.88	%(c)
Supplemental data
Net assets, end of period (in thousands)	$12,625		$11,631		$1,734		$2,405		$1,434
Portfolio turnover	60	%(f)	91	%(f)	114	%	93	%	99	%

Notes to Financial Highlights

(a) Based on operations from September 27, 2010 (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 50% for the six months ended January 31, 2015 and 70% for the year ended July 31, 2014.

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

Semiannual Report 2015 27

Columbia Inflation Protected Securities Fund

Notes to Financial Statements

January 31, 2015 (Unaudited)

Note 1. Organization

Columbia Inflation Protected Securities 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 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 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 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

28 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Notes to Financial Statements (continued)

January 31, 2015 (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.

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.

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.

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

Semiannual Report 2015 29

Columbia Inflation Protected Securities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 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, to shift investment exposure from one currency to another and to generate total return through long and short currency positions versus the U.S. dollar. 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

30 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

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

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.

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.

Semiannual Report 2015 31

Columbia Inflation Protected Securities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

Credit Default Swap Contracts

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

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

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.

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.

Interest Rate Swap Contracts

The Fund entered into interest rate swap transactions to gain exposure to or protect itself from market rate changes and to synthetically add or subtract principal exposure to a market. These instruments may be used for other purposes in future periods. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future (the effective date). The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of

32 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.

Risks of entering into interest rate swaps include a lack of correlation between the swaps and the portfolio of bonds the swaps are designed to hedge or replicate. A lack of correlation may cause the interest rate swaps to experience adverse changes in value relative to expectations. In addition, interest rate swaps are subject to the risk of default of a counterparty, and the risk of adverse movements in market interest rates relative to the interest rate swap positions taken. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life to the extent that such amount is positive, plus the cost of entering into a similar transaction with another counterparty.

The Fund attempts to mitigate counterparty credit risk by entering into interest rate swap transactions only with counterparties that meet prescribed levels of creditworthiness, as determined by the Investment Manager. The Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to monitor (on a daily basis) the net market value of all derivative transactions entered into pursuant to the agreement between the Fund and such counterparty. If the net market value of such derivatives transactions between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty is required to post cash and/or securities as collateral. Market values of derivatives transactions presented in the financial statements are not netted with the market values of other derivatives transactions or with any collateral amounts posted by the Fund or any counterparty.

Offsetting of Derivative Assets and Derivative Liabilities

The following tables present the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of January 31, 2015:

	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 ($)		Gross Amounts Not Offset in the Statement of Assets and Liabilities						Net Amount ($)(b)
							Financial Instruments ($)(a)		Cash Collateral Received ($)		Securities Collateral Received ($)
Asset Derivatives:
Forward Foreign Currency Exchange Contracts		263,915		—		263,915		25,241		—		—		238,674
Over-the-Counter Swap Contracts(c)		31,679		—		31,679		31,679		—		—		—
Total asset derivatives		295,594		—		295,594		56,920		—		—		238,674
	Gross Amounts of Recognized Liabilities ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Liabilities Presented in the  Statement of Assets and Liabilities ($)		Gross Amounts Not Offset in the Statement of Assets and Liabilities						Net Amount ($)(e)
							Financial Instruments ($)(d)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)
Liability Derivatives:
Forward Foreign Currency Exchange Contracts		342,707		—		342,707		25,241		—		—		317,466
Over-the-Counter Swap Contracts(c)		427,799		—		427,799		31,679		—		306,189		89,931
Centrally Cleared Swap Contracts(f)		10,459		—		10,459		—		10,459		—		—
Total liability derivatives		780,965		—		780,965		56,920		10,459		306,189		407,397

(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.

(f) Centrally cleared swaps are included within payable for variation margin on the Statement of Assets and Liabilities.

Semiannual Report 2015 33

Columbia Inflation Protected Securities Fund

Notes to Financial Statements (continued)

January 31, 2015 (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 January 31, 2015:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	263,915
Interest rate risk	Net assets — unrealized appreciation on futures contracts	620,811	*
Interest rate risk	Net assets — unrealized appreciation on swap contracts	31,679	*
Total		916,405
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized depreciation on swap contracts	8,405	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	342,707
Interest rate risk	Net assets — unrealized depreciation on futures contracts	3,848,023	*
Interest rate risk	Net assets — unrealized depreciation on swap contracts	427,799	*
Total		4,626,934

* 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 January 31, 2015:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Options Contracts Written and Purchased ($)			Swap Contracts ($)			Total ($)
Credit risk		—			—			—			(9,605	)		(9,605	)
Foreign exchange risk		1,589,917			—			—			—			1,589,917
Interest rate risk		—			(10,793,292	)		(35,071	)		277,968			(10,550,395	)
Total		1,589,917			(10,793,292	)		(35,071	)		268,363			(8,970,083	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Options Contracts Written and Purchased ($)			Swap Contracts ($)			Total ($)
Credit risk		—			—			—			(8,405	)		(8,405	)
Foreign exchange risk		(115,255	)		—			—			—			(115,255	)
Interest rate risk		—			(1,281,787	)		14,290			(416,256	)		(1,683,753	)
Total		(115,255	)		(1,281,787	)		14,290			(424,661	)		(1,807,413	)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2015:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		37,908,692
Futures contracts — Short		172,633,614
Credit default swap contracts — sell protection		7,500,000

34 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		248,097		(247,345	)
Interest rate swap contracts		15,840		(213,900	)
Total return swap contracts		1,293		(13,227	)

* Based on the ending quarterly outstanding amounts for the six months ended January 31, 2015.

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.

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 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.

Semiannual Report 2015 35

Columbia Inflation Protected Securities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 0.44% to 0.25% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended January 31, 2015 was 0.44% 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 January 31, 2015 was 0.07% 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 January 31, 2015, other expenses paid by the Fund to this company were $765.

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

36 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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 agency 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 January 31, 2015, 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	0.35	%
Class B	0.35
Class C	0.35
Class K	0.05
Class R	0.35
Class R5	0.05
Class W	0.35
Class Z	0.35

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 January 31, 2015, 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 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 $485,000 and $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 $27,503 for Class A, $444 for Class B and $802 for Class C shares for the six months ended January 31, 2015.

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 November 30, 2015
Class A		0.85	%
Class B		1.60
Class C		1.60
Class I		0.40
Class K		0.70
Class R		1.10
Class R5		0.45
Class W		0.85
Class Z		0.60

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),

Semiannual Report 2015 37

Columbia Inflation Protected Securities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

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 0.81% for Class A, 1.56% for Class B, 1.56% for Class C, 0.36% for Class I, 0.66% for Class K, 1.06% for Class R, 0.41% for Class R5, 0.81% for Class W and 0.56% 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 January 31, 2015, the cost of investments for federal income tax purposes was approximately $244,707,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$13,524,000
Unrealized depreciation	(2,749,000	)
Net unrealized appreciation	$10,775,000

The following capital loss carryforwards, determined as of July 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		5,438,432

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 $157,546,398 and $205,816,924, respectively, for the six months ended January 31, 2015, of which $129,607,996 and $178,969,239, 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 January 31, 2015, affiliated shareholders of record owned 83.8% 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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, 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 $550 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

38 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended January 31, 2015.

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.

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.

Inflation Protected Securities Risk

Inflation-protected debt securities tend to react to change in real interest rates. Real interest rates can be described as nominal interest rates minus the expected impact of inflation. In general, the price of an inflation-protected debt security falls when real interest rates rise, and rises when real interest rates fall. Interest payments on inflation-protected debt securities will vary as the principal and/or interest is adjusted for inflation and may be more volatile than interest paid on ordinary bonds. In periods of deflation, the Fund may have no income at all. Income earned by a shareholder depends on the amount of principal invested and that principal will not grow with inflation unless the investor reinvests the portion of Fund distributions that comes from inflation adjustments.

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.

Non-Diversification Risk

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

Note 10. Subsequent Events

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

Note 11. Information Regarding Pending and Settled Legal Proceedings

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

Semiannual Report 2015 39

Columbia Inflation Protected Securities Fund

Notes to Financial Statements (continued)

January 31, 2015 (Unaudited)

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.

40 Semiannual Report 2015

Columbia Inflation Protected Securities Fund

Important Information About This Report

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

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

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

Semiannual Report 2015 41

Columbia Inflation Protected Securities Fund

P.O. Box 8081

Boston, MA 02266-8081

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

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

columbiathreadneedle.com/us

SAR165_07_E01_(03/15)

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	March 24, 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	March 24, 2015
By (Signature and Title)		/s/ Michael G. Clarke
		Michael G. Clarke, Treasurer and Chief Financial Officer
Date	March 24, 2015