Columbia Funds Series Trust II NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-21852

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

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

Ryan Larrenaga c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110
(Name and address of agent for service)

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

Date of fiscal year end:	January 31

Date of reporting period:		July 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

July 31, 2015

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

Columbia Capital Allocation Conservative Portfolio

Columbia Capital Allocation Moderate Conservative Portfolio

Columbia Capital Allocation Moderate Portfolio

Columbia Capital Allocation Moderate Aggressive Portfolio

Columbia Capital Allocation Aggressive Portfolio

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia 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 $503 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 13th largest manager of long-term mutual fund assets in the U.S.** and the 4th largest manager of retail funds in the U.K.***

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

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

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

* In U.S. dollars as of June 30, 2015. Source: Ameriprise Q2 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 June 30, 2015 for Columbia Management Investment Advisers, LLC.

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

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/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

Stay informed

Become a subscriber to receive the latest investment publications and mutual fund commentaries

Subscribe to Columbia Threadneedle Investments

Email subscription center

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

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

n MarketTrack
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

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

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

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.

PRESIDENT'S MESSAGE

Dear Shareholder,

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

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

n Generate an appropriate stream of income in retirement

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

n Navigate a changing interest rate environment

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

n Maximize after-tax returns

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

n Grow assets to achieve financial goals

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

n Ease the impact of volatile markets

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

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

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

Sincerely,

Christopher O. Petersen
President, Columbia Funds

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

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

Semiannual Report 2015

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

TABLE OF CONTENTS

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

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.

Columbia Capital Allocation Conservative Portfolio

Performance Overview					3
Portfolio Overview					4

Columbia Capital Allocation Moderate Conservative Portfolio

Performance Overview					5
Portfolio Overview					6

Columbia Capital Allocation Moderate Portfolio

Performance Overview					7
Portfolio Overview					8

Columbia Capital Allocation Moderate Aggressive Portfolio

Performance Overview					9
Portfolio Overview					10

Columbia Capital Allocation Aggressive Portfolio

Performance Overview					11
Portfolio Overview					12
Understanding Your Fund's Expenses					13
Portfolio of Investments					17
Statements of Assets and Liabilities					64
Statements of Operations					70
Statements of Changes in Net Assets					72
Financial Highlights					81
Notes to Financial Statements					127
Interim Approval of Investment Management Services Agreement					142
Approval of Investment Management Services Agreement					144
Important Information About This Report					147

Semiannual Report 2015

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Conservative Portfolio

(Unaudited)

Performance Summary

n Columbia Capital Allocation Conservative Portfolio (the Fund) Class A shares returned 0.49% excluding sales charges for the six-month period that ended July 31, 2015.

n The Fund slightly outperformed its Blended Index, which returned 0.43% for the same six-month period.

n During the same time frame, the Barclays U.S. Aggregate Bond Index, which measures the U.S. fixed-income market, returned -1.47% and the Russell 3000 Index, which measures the broad U.S. equity market, returned 6.61%.

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

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	03/04/04
Excluding sales charges			0.49		2.22		5.23		4.56
Including sales charges			-4.25		-2.62		4.21		4.05
Class B	03/04/04
Excluding sales charges			0.11		1.46		4.43		3.78
Including sales charges			-4.83		-3.41		4.09		3.78
Class C	03/04/04
Excluding sales charges			0.11		1.46		4.46		3.78
Including sales charges			-0.88		0.49		4.46		3.78
Class K	03/04/04		0.43		2.22		5.32		4.71
Class R*	09/27/10		0.36		1.97		4.99		4.34
Class R4*	06/13/13		0.62		2.48		5.32		4.60
Class R5*	06/13/13		0.56		2.53		5.36		4.62
Class Y*	06/13/13		0.71		2.62		5.39		4.64
Class Z*	09/27/10		0.61		2.48		5.49		4.69
Blended Index			0.43		3.59		5.39		5.14
Barclays U.S. Aggregate Bond Index			-1.47		2.82		3.27		4.61
Russell 3000 Index			6.61		11.28		16.35		7.90

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 Blended Index consists of 66% Barclays U.S. Aggregate Bond Index, 15% Russell 3000 Index, 10% Citi Three-Month U.S. Treasury Bill Index, 5% MSCI EAFE Index (Unhedged Net) and 4% Barclays U.S. Corporate High Yield Bond Index. The Citi Three-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills. The MSCI EAFE Index (Unhedged Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Barclays U.S. Corporate High Yield Bond Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year.

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Unhedged Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Semiannual Report 2015
3

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OVERVIEW

Columbia Capital Allocation Conservative Portfolio

(Unaudited)

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Portfolio Breakdown (%) (at July 31, 2015)
Alternative Investment Funds					6.1
Common Stocks					0.9
Equity Funds					17.4
Fixed-Income Funds					67.5
Money Market Funds					8.1
Total					100.0

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

Semiannual Report 2015
4

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Moderate Conservative Portfolio

(Unaudited)

Performance Summary

n Columbia Capital Allocation Moderate Conservative Portfolio (the Fund) Class A shares returned 1.75% excluding sales charges for the six-month period that ended July 31, 2015.

n The Fund outperformed its Blended Index, which returned 1.60% for the same six-month period.

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

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			1.75		3.70		7.32		5.73
Including sales charges			-4.10		-2.23		6.06		5.11
Class B	08/07/97
Excluding sales charges			1.38		2.94		6.51		4.94
Including sales charges			-3.58		-1.93		6.20		4.94
Class C	10/15/96
Excluding sales charges			1.39		2.96		6.54		4.95
Including sales charges			0.40		1.99		6.54		4.95
Class K*	02/28/13		1.92		3.85		7.37		5.76
Class R*	01/23/06		1.72		3.53		7.08		5.48
Class R4*	11/08/12		1.99		3.99		7.48		5.81
Class R5*	11/08/12		1.93		4.08		7.52		5.83
Class Y*	06/13/13		1.97		4.11		7.52		5.83
Class Z	10/15/96		1.90		4.01		7.61		5.99
Blended Index			1.60		4.54		7.23		5.79
Barclays U.S. Aggregate Bond Index			-1.47		2.82		3.27		4.61
Russell 3000 Index			6.61		11.28		16.35		7.90

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 Blended Index consists of 55.5% Barclays U.S. Aggregate Bond Index, 26% Russell 3000 Index, 9% MSCI EAFE Index (Unhedged Net), 5% Citi Three-Month U.S. Treasury Bill Index and 4.5% Barclays U.S. Corporate High Yield Bond Index. The MSCI EAFE Index (Unhedged Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Citi Three-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills. The Barclays U.S. Corporate High Yield Bond Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year.

Semiannual Report 2015
5

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OVERVIEW

Columbia Capital Allocation Moderate Conservative Portfolio

(Unaudited)

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Portfolio Breakdown (%) (at July 31, 2015)
Alternative Investment Funds					5.3
Common Stocks					0.6
Equity Funds					31.0
Fixed-Income Funds					54.3
Money Market Funds					8.8
Total					100.0

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

Semiannual Report 2015
6

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Moderate Portfolio

(Unaudited)

Performance Summary

n Columbia Capital Allocation Moderate Portfolio (the Fund) Class A shares returned 3.11% excluding sales charges for the six-month period that ended July 31, 2015.

n The Fund outperformed its Blended Index, which returned 2.61% for the same six-month period.

n During the same time frame, the Russell 3000 Index, which measures the broad U.S. equity market, returned 6.61% and the Barclays U.S. Aggregate Bond Index, which measures the U.S. fixed-income market, returned -1.47%.

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

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	03/04/04
Excluding sales charges			3.11		5.31		8.79		6.10
Including sales charges			-2.81		-0.74		7.50		5.47
Class B	03/04/04
Excluding sales charges			2.74		4.54		7.98		5.30
Including sales charges			-2.25		-0.30		7.68		5.30
Class C	03/04/04
Excluding sales charges			2.83		4.55		7.98		5.32
Including sales charges			1.83		3.58		7.98		5.32
Class K	03/04/04		3.14		5.39		8.89		6.28
Class R*	09/27/10		2.98		5.05		8.50		5.83
Class R4*	06/13/13		3.26		5.62		8.91		6.16
Class R5*	06/13/13		3.30		5.73		8.97		6.19
Class Y*	06/13/13		3.43		5.81		9.00		6.20
Class Z*	09/27/10		3.24		5.57		9.05		6.23
Blended Index			2.61		5.12		9.03		6.51
Russell 3000 Index			6.61		11.28		16.35		7.90
Barclays U.S. Aggregate Bond Index			-1.47		2.82		3.27		4.61

The Blended Index consists of 42.5% Barclays U.S. Aggregate Bond Index, 37% Russell 3000 Index, 11% MSCI EAFE Index (Unhedged Net), 7.5% Barclays U.S. Corporate High Yield Bond Index and 2% MSCI Emerging Markets Index (Net). The MSCI EAFE Index (Unhedged Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Barclays U.S. Corporate High Yield Bond Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Unhedged Net) and the MSCI Emerging Markets Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Semiannual Report 2015
7

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OVERVIEW

Columbia Capital Allocation Moderate Portfolio

(Unaudited)

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Portfolio Breakdown (%) (at July 31, 2015)
Alternative Investment Funds					4.3
Common Stocks					1.2
Equity Funds					44.9
Fixed-Income Funds					41.9
Money Market Funds					7.7
Total					100.0

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

Semiannual Report 2015
8

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Moderate Aggressive Portfolio

(Unaudited)

Performance Summary

n Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) Class A shares returned 4.32% excluding sales charges for the six-month period that ended July 31, 2015.

n The Fund outperformed its Blended Index, which returned 3.58% for the same six-month period.

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

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			4.32		6.57		10.04		6.77
Including sales charges			-1.68		0.43		8.74		6.14
Class B	08/13/97
Excluding sales charges			3.91		5.80		9.20		5.96
Including sales charges			-1.09		0.96		8.92		5.96
Class C	10/15/96
Excluding sales charges			3.93		5.79		9.20		5.97
Including sales charges			2.93		4.82		9.20		5.97
Class K*	02/28/13		4.39		6.72		10.13		6.81
Class R*	01/23/06		4.20		6.32		9.78		6.50
Class R4*	11/08/12		4.42		6.79		10.21		6.85
Class R5*	11/08/12		4.56		7.00		10.28		6.89
Class T*	03/07/11
Excluding sales charges			4.32		6.56		10.00		6.72
Including sales charges			-1.68		0.42		8.70		6.09
Class Y*	06/13/13		4.49		6.94		10.25		6.87
Class Z	10/15/96		4.37		6.77		10.31		7.05
Blended Index			3.58		5.77		10.54		6.90
Russell 3000 Index			6.61		11.28		16.35		7.90
Barclays U.S. Aggregate Bond Index			-1.47		2.82		3.27		4.61

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

The Blended Index consists of 49% Russell 3000 Index, 28.5% Barclays U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Unhedged Net) and 6.5% Barclays U.S. Corporate High Yield Bond Index and 4% MSCI Emerging Markets Index (Net).The MSCI EAFE Index (Unhedged Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Barclays U.S. Corporate High Yield Bond Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Unhedged Net) and the MSCI Emerging Markets Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Semiannual Report 2015
9

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OVERVIEW

Columbia Capital Allocation Moderate Aggressive Portfolio

(Unaudited)

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Portfolio Breakdown (%) (at July 31, 2015)
Alternative Investment Funds					4.0
Common Stocks					1.0
Equity Funds					57.2
Fixed-Income Funds					27.0
Money Market Funds					10.8
Total					100.0

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

Semiannual Report 2015
10

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Aggressive Portfolio

(Unaudited)

Performance Summary

n Columbia Capital Allocation Aggressive Portfolio (the Fund) Class A shares returned 5.29% excluding sales charges for the six-month period that ended July 31, 2015.

n The Fund outperformed its Blended Index, which returned 4.55% for the same six-month period.

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

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	03/04/04
Excluding sales charges			5.29		7.23		11.44		6.40
Including sales charges			-0.80		1.05		10.12		5.77
Class B	03/04/04
Excluding sales charges			4.89		6.43		10.61		5.59
Including sales charges			-0.11		1.63		10.34		5.59
Class C	03/04/04
Excluding sales charges			4.90		6.37		10.60		5.60
Including sales charges			3.90		5.41		10.60		5.60
Class K	03/04/04		5.37		7.33		11.57		6.58
Class R*	09/27/10		5.16		6.86		11.17		6.15
Class R4*	06/13/13		5.40		7.52		11.55		6.45
Class R5*	06/13/13		5.50		7.57		11.61		6.48
Class Y*	06/13/13		5.50		7.62		11.62		6.48
Class Z*	09/27/10		5.42		7.44		11.72		6.53
Blended Index			4.55		6.30		11.92		7.20
Russell 3000 Index			6.61		11.28		16.35		7.90
Barclays U.S. Aggregate Bond Index			-1.47		2.82		3.27		4.61

The Blended Index consists of 60% Russell 3000 Index, 15% Barclays U.S. Aggregate Bond Index, 14% MSCI EAFE Index (Unhedged Net), 6% MSCI Emerging Markets Index (Net) and 5% Barclays U.S. Corporate High Yield Bond Index. The MSCI EAFE Index (Unhedged Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The Barclays U.S. Corporate High Yield Bond Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Unhedged Net) and the MSCI Emerging Markets Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Semiannual Report 2015
11

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OVERVIEW

Columbia Capital Allocation Aggressive Portfolio

(Unaudited)

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Portfolio Breakdown (%) (at July 31, 2015)
Alternative Investment Funds					4.2
Common Stocks					1.4
Equity Funds					72.1
Fixed-Income Funds					13.3
Money Market Funds					9.0
Total					100.0

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

Semiannual Report 2015
12

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

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

Analyzing Your Fund's Expenses

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

In addition to the ongoing expenses which the Fund bears directly, the Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the "Effective Expenses Paid During the Period" column.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

Semiannual Report 2015
13

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

UNDERSTANDING YOUR FUND'S EXPENSES (continued)

(Unaudited)

Columbia Capital Allocation Conservative Portfolio

February 1, 2015 – July 31, 2015

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,004.90		1,022.29		2.65		2.67		0.53		5.30		5.34		1.06
Class B		1,000.00		1,000.00		1,001.10		1,018.55		6.39		6.44		1.28		9.03		9.11		1.81
Class C		1,000.00		1,000.00		1,001.10		1,018.55		6.39		6.44		1.28		9.03		9.11		1.81
Class K		1,000.00		1,000.00		1,004.30		1,022.69		2.25		2.27		0.45		4.90		4.94		0.98
Class R		1,000.00		1,000.00		1,003.60		1,021.04		3.90		3.93		0.78		6.54		6.60		1.31
Class R4		1,000.00		1,000.00		1,006.20		1,023.54		1.40		1.41		0.28		4.05		4.09		0.81
Class R5		1,000.00		1,000.00		1,005.60		1,023.88		1.05		1.06		0.21		3.70		3.73		0.74
Class Y		1,000.00		1,000.00		1,007.10		1,024.18		0.75		0.76		0.15		3.40		3.43		0.68
Class Z		1,000.00		1,000.00		1,006.10		1,023.54		1.40		1.41		0.28		4.05		4.09		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.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Columbia Capital Allocation Moderate Conservative Portfolio

February 1, 2015 – July 31, 2015

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,017.50		1,022.49		2.46		2.47		0.49		5.33		5.34		1.06
Class B		1,000.00		1,000.00		1,013.80		1,018.75		6.23		6.24		1.24		9.09		9.11		1.81
Class C		1,000.00		1,000.00		1,013.90		1,018.75		6.23		6.24		1.24		9.09		9.11		1.81
Class K		1,000.00		1,000.00		1,019.20		1,022.84		2.11		2.12		0.42		4.98		4.99		0.99
Class R		1,000.00		1,000.00		1,017.20		1,021.24		3.72		3.73		0.74		6.59		6.60		1.31
Class R4		1,000.00		1,000.00		1,019.90		1,023.73		1.21		1.21		0.24		4.08		4.09		0.81
Class R5		1,000.00		1,000.00		1,019.30		1,024.08		0.86		0.86		0.17		3.73		3.73		0.74
Class Y		1,000.00		1,000.00		1,019.70		1,024.28		0.65		0.66		0.13		3.52		3.53		0.70
Class Z		1,000.00		1,000.00		1,019.00		1,023.73		1.21		1.21		0.24		4.08		4.09		0.81

Semiannual Report 2015
14

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

UNDERSTANDING YOUR FUND'S EXPENSES (continued)

(Unaudited)

Columbia Capital Allocation Moderate Portfolio

February 1, 2015 – July 31, 2015

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,031.10		1,022.64		2.33		2.32		0.46		5.52		5.50		1.09
Class B		1,000.00		1,000.00		1,027.40		1,018.90		6.12		6.09		1.21		9.30		9.26		1.84
Class C		1,000.00		1,000.00		1,028.30		1,018.90		6.12		6.09		1.21		9.30		9.26		1.84
Class K		1,000.00		1,000.00		1,031.40		1,022.94		2.03		2.02		0.40		5.22		5.19		1.03
Class R		1,000.00		1,000.00		1,029.80		1,021.39		3.59		3.58		0.71		6.78		6.75		1.34
Class R4		1,000.00		1,000.00		1,032.60		1,023.83		1.11		1.11		0.22		4.31		4.29		0.85
Class R5		1,000.00		1,000.00		1,033.00		1,024.18		0.76		0.76		0.15		3.95		3.94		0.78
Class Y		1,000.00		1,000.00		1,034.30		1,024.43		0.51		0.50		0.10		3.70		3.68		0.73
Class Z		1,000.00		1,000.00		1,032.40		1,023.88		1.06		1.06		0.21		4.26		4.24		0.84

Columbia Capital Allocation Moderate Aggressive Portfolio

February 1, 2015 – July 31, 2015

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,043.20		1,022.34		2.65		2.62		0.52		5.91		5.85		1.16
Class B		1,000.00		1,000.00		1,039.10		1,018.60		6.46		6.39		1.27		9.71		9.61		1.91
Class C		1,000.00		1,000.00		1,039.30		1,018.60		6.46		6.39		1.27		9.71		9.61		1.91
Class K		1,000.00		1,000.00		1,043.90		1,022.89		2.09		2.07		0.41		5.35		5.30		1.05
Class R		1,000.00		1,000.00		1,042.00		1,021.09		3.92		3.88		0.77		7.18		7.10		1.41
Class R4		1,000.00		1,000.00		1,044.20		1,023.59		1.38		1.36		0.27		4.64		4.59		0.91
Class R5		1,000.00		1,000.00		1,045.60		1,024.13		0.82		0.81		0.16		4.08		4.04		0.80
Class T		1,000.00		1,000.00		1,043.20		1,022.34		2.65		2.62		0.52		5.91		5.85		1.16
Class Y		1,000.00		1,000.00		1,044.90		1,024.18		0.76		0.76		0.15		4.03		3.99		0.79
Class Z		1,000.00		1,000.00		1,043.70		1,023.59		1.38		1.36		0.27		4.64		4.59		0.91

Semiannual Report 2015
15

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

UNDERSTANDING YOUR FUND'S EXPENSES (continued)

(Unaudited)

Columbia Capital Allocation Aggressive Portfolio

February 1, 2015 – July 31, 2015

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,052.90		1,022.44		2.56		2.52		0.50		6.14		6.05		1.20
Class B		1,000.00		1,000.00		1,048.90		1,018.70		6.39		6.29		1.25		9.96		9.81		1.95
Class C		1,000.00		1,000.00		1,049.00		1,018.70		6.39		6.29		1.25		9.96		9.81		1.95
Class K		1,000.00		1,000.00		1,053.70		1,022.79		2.20		2.17		0.43		5.79		5.70		1.13
Class R		1,000.00		1,000.00		1,051.60		1,021.19		3.84		3.78		0.75		7.42		7.31		1.45
Class R4		1,000.00		1,000.00		1,054.00		1,023.64		1.33		1.31		0.26		4.92		4.84		0.96
Class R5		1,000.00		1,000.00		1,055.00		1,024.03		0.92		0.91		0.18		4.51		4.44		0.88
Class Y		1,000.00		1,000.00		1,055.00		1,024.18		0.77		0.76		0.15		4.35		4.29		0.85
Class Z		1,000.00		1,000.00		1,054.20		1,023.68		1.28		1.26		0.25		4.87		4.79		0.95

Semiannual Report 2015
16

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Conservative Portfolio

July 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 17.4%

	Shares		Value ($)
INTERNATIONAL 4.7%
Columbia European Equity Fund, Class I Shares^(a)		583,816		4,296,889
Columbia Overseas Value Fund, Class I Shares^(a)		907,928		8,089,635
Columbia Pacific/Asia Fund, Class I Shares^(a)		141,008		1,383,290
Total				13,769,814
U.S. LARGE CAP 12.1%
Columbia Contrarian Core Fund, Class I Shares^(a)		214,915		4,865,679
Columbia Large Core Quantitative Fund, Class I Shares^(a)		855,159		8,602,894
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		981,500		9,373,327
Columbia Large Value Quantitative Fund, Class I Shares^(a)		944,948		9,118,748
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		268,819		3,215,071
Total				35,175,719
U.S. SMALL CAP 0.6%
Columbia Small Cap Core Fund, Class I Shares^(a)		95,347		1,758,203
Total Equity Funds (Cost: $44,571,705)				50,703,736

Fixed-Income Funds 67.6%

EMERGING MARKETS 1.4%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)	379,337	4,043,730
HIGH YIELD 3.4%
Columbia Income Opportunities Fund, Class I Shares^(a)	1,003,080	9,960,588
INFLATION PROTECTED SECURITIES 4.5%
Columbia Global Inflation-Linked Bond Plus Fund, Class I Shares^(a)	126,855	1,244,449
Columbia Inflation Protected Securities Fund, Class I Shares^(a)	1,332,483	11,845,774
Total		13,090,223
INVESTMENT GRADE 58.3%
Columbia Corporate Income Fund, Class I Shares^(a)	6,828,106	67,256,849

Fixed-Income Funds (continued)

	Shares		Value ($)
Columbia Limited Duration Credit Fund, Class I Shares^(a)		2,832,127		27,471,629
Columbia Mortgage Opportunities Fund, Class I Shares^(a)		419,311		4,205,691
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		9,218,264		50,884,817
Columbia U.S. Treasury Index Fund, Class I Shares^(a)		1,791,603		20,065,949
Total				169,884,935
Total Fixed-Income Funds (Cost: $203,059,130)				196,979,476

Alternative Investment Funds 6.1%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)	47,382	521,204
Columbia Adaptive Alternatives Fund, Class I Shares^(a)(b)	451,354	4,445,838
Columbia Diversified Absolute Return Fund, Class I Shares^(a)(b)	692,205	6,894,361
Columbia Multi-Asset Income Fund, Class I Shares^(a)	625,444	6,054,293
Total Alternative Investment Funds (Cost: $18,154,755)		17,915,696

Common Stocks 0.9%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.1%
Auto Components —%
Cooper Tire & Rubber Co.		650		21,404
Dana Holding Corp.		980		18,189
Gentherm, Inc.^(b)		25		1,258
Total				40,851
Diversified Consumer Services —%
Capella Education Co.		260		13,393
Hotels, Restaurants & Leisure 0.1%
Cracker Barrel Old Country Store, Inc.		160		24,303
Denny's Corp.^(b)		870		10,231
DineEquity, Inc.		85		8,841
Jack in the Box, Inc.		285		27,075
Marriott Vacations Worldwide Corp.		270		22,572
Ruth's Hospitality Group, Inc.		355		6,223
Total				99,245

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

Semiannual Report 2015
17

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Household Durables —%
Helen of Troy Ltd.^(b)		250		21,945
Internet & Catalog Retail —%
1-800-Flowers.com, Inc., Class A^(b)		1,915		19,054
Lands' End, Inc.^(b)		700		16,506
Overstock.com, Inc.^(b)		300		6,348
PetMed Express, Inc.		385		6,487
Total				48,395
Leisure Products —%
Sturm Ruger & Co., Inc.		370		22,207
Media —%
Eros International PLC^(b)		465		16,638
Nexstar Broadcasting Group, Inc., Class A		250		14,340
Total				30,978
Specialty Retail —%
Buckle, Inc. (The)		170		7,519
Build-A-Bear Workshop, Inc.^(b)		455		7,940
Cato Corp. (The), Class A		550		21,125
Children's Place, Inc. (The)		150		8,685
Citi Trends, Inc.^(b)		180		4,286
Outerwall, Inc.		280		19,830
Total				69,385
Textiles, Apparel & Luxury Goods —%
Perry Ellis International, Inc.^(b)		205		4,938
Vera Bradley, Inc.^(b)		625		6,788
Wolverine World Wide, Inc.		400		11,728
Total				23,454
Total Consumer Discretionary				369,853
CONSUMER STAPLES —%
Food & Staples Retailing —%
Ingles Markets, Inc., Class A		200		9,256
SUPERVALU, Inc.^(b)		1,410		13,000
Total				22,256
Food Products —%
Cal-Maine Foods, Inc.		430		23,289
Sanderson Farms, Inc.		270		19,443
Total				42,732

Common Stocks (continued)

Issuer	Shares		Value ($)
Personal Products —%
Usana Health Sciences, Inc.^(b)		145		18,074
Total Consumer Staples				83,062
ENERGY —%
Energy Equipment & Services —%
Newpark Resources, Inc.^(b)		1,200		8,676
Oil States International, Inc.^(b)		315		9,485
Pioneer Energy Services Corp.^(b)		700		2,562
Total				20,723
Oil, Gas & Consumable Fuels —%
Jones Energy, Inc., Class A^(b)		300		2,112
Pacific Ethanol, Inc.^(b)		2,500		18,450
PDC Energy, Inc.^(b)		75		3,521
REX American Resources Corp.^(b)		355		18,332
Westmoreland Coal Co.^(b)		630		9,822
Total				52,237
Total Energy				72,960
FINANCIALS 0.2%
Banks 0.1%
Banco Latinoamericano de Comercio Exterior SA, Class E		565		15,549
Berkshire Hills Bancorp, Inc.		380		11,058
Central Pacific Financial Corp.		830		19,331
Customers Bancorp, Inc.^(b)		620		15,593
First BanCorp^(b)		1,895		8,167
First NBC Bank Holding Co.^(b)		395		15,089
Hilltop Holdings, Inc.^(b)		215		4,526
International Bancshares Corp.		570		15,350
OFG Bancorp		100		806
Wintrust Financial Corp.		110		5,931
Total				111,400
Capital Markets —%
Arlington Asset Investment Corp., Class A		975		18,622
BGC Partners, Inc., Class A		95		936
Investment Technology Group, Inc.		440		8,954
Piper Jaffray Companies^(b)		100		4,485
Total				32,997

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

Semiannual Report 2015
18

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Consumer Finance —%
Cash America International, Inc.		150		4,159
Nelnet, Inc., Class A		445		17,529
World Acceptance Corp.^(b)		335		18,231
Total				39,919
Insurance —%
American Equity Investment Life Holding Co.		820		24,223
Employers Holdings, Inc.		275		6,600
Enstar Group Ltd.^(b)		35		5,600
Fidelity & Guaranty Life		35		911
Heritage Insurance Holdings, Inc.^(b)		780		19,281
Maiden Holdings Ltd.		1,155		19,104
Total				75,719
Real Estate Investment Trusts (REITs) 0.1%
AG Mortgage Investment Trust, Inc.		950		17,290
Apollo Residential Mortgage, Inc.		355		5,141
Coresite Realty Corp.		450		22,590
CyrusOne, Inc.		745		22,901
CYS Investments, Inc.		1,200		9,312
DiamondRock Hospitality Co.		720		9,079
DuPont Fabros Technology, Inc.		685		20,653
LaSalle Hotel Properties		690		22,956
Pebblebrook Hotel Trust		265		10,786
RLJ Lodging Trust		245		7,308
Ryman Hospitality Properties, Inc.		425		24,302
Strategic Hotels & Resorts, Inc.^(b)		1,945		26,588
Summit Hotel Properties, Inc.		1,560		21,263
Sunstone Hotel Investors, Inc.		1,530		21,527
Western Asset Mortgage Capital Corp.		75		1,040
Total				242,736
Thrifts & Mortgage Finance —%
Banc of California, Inc.		460		5,580
HomeStreet, Inc.^(b)		545		12,322
MGIC Investment Corp.^(b)		2,210		24,465
Radian Group, Inc.		1,370		25,290
Walker & Dunlop, Inc.^(b)		825		19,759
Washington Federal, Inc.		455		10,592
Total				98,008
Total Financials				600,779

Common Stocks (continued)

Issuer	Shares		Value ($)
HEALTH CARE 0.2%
Biotechnology 0.1%
Alder Biopharmaceuticals, Inc.^(b)		265		12,301
AMAG Pharmaceuticals, Inc.^(b)		150		9,585
Anacor Pharmaceuticals, Inc.^(b)		50		7,459
Arena Pharmaceuticals, Inc.^(b)		1,745		7,050
Arrowhead Research Corp.^(b)		1,100		6,798
Celldex Therapeutics, Inc.^(b)		135		3,179
Clovis Oncology, Inc.^(b)		90		7,599
Curis, Inc.^(b)		2,645		8,305
Dyax Corp.^(b)		255		6,276
Dynavax Technologies Corp.^(b)		590		17,352
Exelixis, Inc.^(b)		660		3,782
Insmed, Inc.^(b)		230		6,233
Keryx Biopharmaceuticals, Inc.^(b)		230		1,835
Merrimack Pharmaceuticals, Inc.^(b)		410		4,141
Neurocrine Biosciences, Inc.^(b)		130		6,516
Novavax, Inc.^(b)		1,660		20,020
Portola Pharmaceuticals, Inc.^(b)		170		8,405
PTC Therapeutics, Inc.^(b)		50		2,560
Spark Therapeutics, Inc.^(b)		125		7,680
TESARO, Inc.^(b)		155		8,990
Ultragenyx Pharmaceutical, Inc.^(b)		85		10,279
vTv Therapeutics, Inc., Class A^(b)		484		4,840
Total				171,185
Health Care Equipment & Supplies 0.1%
Analogic Corp.		160		12,888
Greatbatch, Inc.^(b)		420		22,903
Merit Medical Systems, Inc.^(b)		910		23,259
Natus Medical, Inc.^(b)		330		14,903
Orthofix International NV^(b)		475		15,846
Total				89,799
Health Care Providers & Services —%
LHC Group, Inc.^(b)		65		2,619
Magellan Health, Inc.^(b)		315		19,086
Molina Healthcare, Inc.^(b)		340		25,646
Owens & Minor, Inc.		65		2,286
Triple-S Management Corp., Class B^(b)		735		15,861
Total				65,498

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

Semiannual Report 2015
19

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Technology —%
Quality Systems, Inc.		65		829
Life Sciences Tools & Services —%
Affymetrix, Inc.^(b)		1,700		18,632
INC Research Holdings, Inc. Class A^(b)		530		26,516
PAREXEL International Corp.^(b)		360		24,825
Total				69,973
Pharmaceuticals —%
Lannett Co., Inc.^(b)		185		11,026
Pernix Therapeutics Holdings, Inc.^(b)		1,000		4,980
Total				16,006
Total Health Care				413,290
INDUSTRIALS 0.1%
Aerospace & Defense 0.1%
Astronics Corp.^(b)		295		18,290
Cubic Corp.		425		18,857
Curtiss-Wright Corp.		60		4,042
Moog, Inc., Class A^(b)		330		22,064
Teledyne Technologies, Inc.^(b)		105		10,886
Total				74,139
Air Freight & Logistics —%
Air Transport Services Group, Inc.^(b)		1,395		14,438
Building Products —%
Continental Building Product^(b)		880		18,691
Commercial Services & Supplies —%
Deluxe Corp.		375		24,161
Quad/Graphics, Inc.		1,100		18,095
West Corp.		75		2,164
Total				44,420
Construction & Engineering —%
Argan, Inc.		480		18,662
EMCOR Group, Inc.		500		23,915
Total				42,577
Electrical Equipment —%
General Cable Corp.		300		4,896
Machinery —%
Douglas Dynamics, Inc.		220		4,515
Kadant, Inc.		400		18,236
Meritor, Inc.^(b)		600		8,448

Common Stocks (continued)

Issuer	Shares		Value ($)
Mueller Industries, Inc.		75		2,428
Wabash National Corp.^(b)		1,545		21,228
Total				54,855
Marine —%
Matson, Inc.		550		22,781
Professional Services —%
GP Strategies Corp.^(b)		40		1,148
RPX Corp.^(b)		1,130		17,492
Total				18,640
Road & Rail —%
ArcBest Corp.		585		19,334
Total Industrials				314,771
INFORMATION TECHNOLOGY 0.2%
Communications Equipment —%
ADTRAN, Inc.		910		15,015
Plantronics, Inc.		75		4,356
Polycom, Inc.^(b)		1,605		18,265
Total				37,636
Electronic Equipment, Instruments & Components 0.1%
Benchmark Electronics, Inc.^(b)		75		1,655
Checkpoint Systems, Inc.		1,800		15,732
Coherent, Inc.^(b)		225		13,039
Insight Enterprises, Inc.^(b)		265		7,152
Littelfuse, Inc.		140		12,880
Methode Electronics, Inc.		415		11,134
Sanmina Corp.^(b)		1,150		25,381
Total				86,973
Internet Software & Services —%
Cimpress NV^(b)		30		1,936
Constant Contact, Inc.^(b)		675		17,442
DHI Group, Inc.^(b)		515		4,104
EarthLink Holdings Corp.		900		6,606
LogMeIn, Inc.^(b)		330		24,281
RetailMeNot, Inc.^(b)		705		10,681
Web.com Group, Inc.^(b)		320		7,965
Total				73,015
IT Services —%
Convergys Corp.		920		23,101
MAXIMUS, Inc.		100		6,821

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

Semiannual Report 2015
20

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
NeuStar, Inc., Class A^(b)		690		21,301
Science Applications International Corp.		415		22,277
Total				73,500
Semiconductors & Semiconductor Equipment —%
Amkor Technology, Inc.^(b)		3,460		15,259
Diodes, Inc.^(b)		825		18,307
Microsemi Corp.^(b)		710		23,387
Xcerra Corp.^(b)		1,500		9,427
Total				66,380
Software 0.1%
Aspen Technology, Inc.^(b)		570		25,297
AVG Technologies NV^(b)		800		22,992
Fair Isaac Corp.		145		13,150
Progress Software Corp.^(b)		790		23,447
Total				84,886
Total Information Technology				422,390
MATERIALS —%
Chemicals —%
Chemtura Corp.^(b)		760		20,847
Innospec, Inc.		155		6,704
PolyOne Corp.		315		10,795
Total				38,346
Metals & Mining —%
Century Aluminum Co.^(b)		1,320		12,302
Materion Corp.		515		15,759
Total				28,061
Paper & Forest Products —%
Clearwater Paper Corp.^(b)		335		19,715
Total Materials				86,122
TELECOMMUNICATION SERVICES —%
Diversified Telecommunication Services —%
General Communication, Inc., Class A^(b)		815		14,996

Common Stocks (continued)

Issuer	Shares		Value ($)
Wireless Telecommunication Services —%
Shenandoah Telecommunications Co.		225		7,735
Total Telecommunication Services				22,731
UTILITIES 0.1%
Electric Utilities —%
IDACORP, Inc.		230		14,285
Portland General Electric Co.		625		22,506
Total				36,791
Gas Utilities 0.1%
Chesapeake Utilities Corp.		190		9,770
New Jersey Resources Corp.		575		16,618
Southwest Gas Corp.		375		21,127
Total				47,515
Water Utilities —%
SJW Corp.		340		10,149
Total Utilities				94,455
Total Common Stocks (Cost: $2,576,295)				2,480,413

Money Market Funds 8.1%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.124%^(a)(c)		23,663,297		23,663,297
Total Money Market Funds (Cost: $23,663,297)				23,663,297
Total Investments (Cost: $292,025,182)				291,742,618
Other Assets & Liabilities, Net				(362,036	)
Net Assets				291,380,582

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

Semiannual Report 2015
21

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2015 (Unaudited)

At July 31, 2015, cash totaling $324,249 was pledged as collateral.

Investments in Derivatives

Futures Contracts Outstanding at July 31, 2015

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
S&P500 EMINI FUT		39	USD		4,091,880	09/2015		5,949		—
TOPIX INDX FUTR		7	JPY		937,588	09/2015		3,869		—
US 10YR NOTE (CBT)		10	USD		1,274,375	09/2015		2,637		—
US 5YR NOTE (CBT)		11	USD		1,318,281	09/2015		6,680		—
US LONG BOND (CBT)		3	USD		467,813	09/2015		5,901		—
US ULTRA BOND CBT		12	USD		1,914,375	09/2015		32,977		—
Total					10,004,312			58,013		—

Notes to Portfolio of Investments

(a) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended July 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 Absolute Return Currency and Income Fund, Class I Shares		535,207		17,683		(83,638	)		10,115			479,367		—		—		521,204
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		4,760,648		18,030		(4,531,642	)		(247,036	)		—		—		—		—
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		6,619,879		423,811		(6,901,821	)		(141,869	)		—		411,397		—		—
Columbia Adaptive Alternatives Fund, Class I Shares		—		4,500,000		—			—			4,500,000		—		—		4,445,838
Columbia Contrarian Core Fund, Class I Shares		5,249,892		90,521		(2,386,967	)		963,375			3,916,821		—		—		4,865,679
Columbia Corporate Income Fund, Class I Shares		70,088,420		1,442,069		(2,479,451	)		68,957			69,119,995		—		1,106,039		67,256,849
Columbia Diversified Absolute Return Fund, Class I Shares		—		7,433,435		(513,215	)		2,543			6,922,763		—		—		6,894,361
Columbia Emerging Markets Bond Fund, Class I Shares		4,838,435		196,163		(605,809	)		(18,059	)		4,410,730		—		69,029		4,043,730

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

Semiannual Report 2015
22

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia European Equity Fund, Class I Shares		3,989,100		99,958		(631,681	)		133,852			3,591,229		—		—		4,296,889
Columbia Global Inflation-Linked Bond Plus Fund, Class I Shares		1,278,928		51,732		(57,031	)		(259	)		1,273,370		—		29,552		1,244,449
Columbia Income Opportunities Fund, Class I Shares		9,761,076		1,088,901		(824,171	)		(10,655	)		10,015,151		—		243,176		9,960,588
Columbia Inflation Protected Securities Fund, Class I Shares		14,021,505		172,792		(403,329	)		(28,762	)		13,762,206		—		—		11,845,774
Columbia International Bond Fund, Class I Shares		796,815		6,042		(772,058	)		(30,799	)		—		—		—		—
Columbia Large Core Quantitative Fund, Class I Shares		6,457,572		85,390		(754,410	)		292,825			6,081,377		—		—		8,602,894
Columbia Large Growth Quantitative Fund, Class I Shares		9,322,468		123,459		(1,123,225	)		135,562			8,458,264		—		—		9,373,327
Columbia Large Value Quantitative Fund, Class I Shares		9,135,237		157,061		(889,806	)		74,249			8,476,741		—		—		9,118,748
Columbia Limited Duration Credit Fund, Class I Shares		29,379,839		427,522		(1,571,469	)		30,602			28,266,494		—		332,611		27,471,629
Columbia Mortgage Opportunities Fund, Class I Shares		—		4,643,420		(439,562	)		1,337			4,205,195		—		76,213		4,205,691
Columbia Multi-Asset Income Fund, Class I Shares		—		6,252,625		—			—			6,252,625		—		105,626		6,054,293
Columbia Overseas Value Fund, Class I Shares		9,085,139		153,560		(1,346,301	)		36,342			7,928,740		—		—		8,089,635
Columbia Pacific/Asia Fund, Class I Shares		1,305,130		33,161		(215,231	)		40,834			1,163,894		3,675		4,588		1,383,290
Columbia Select Large Cap Equity Fund, Class I Shares		—		3,316,828		—			—			3,316,828		126,871		16,956		3,215,071
Columbia Short-Term Cash Fund		37,727,043		15,580,269		(29,644,015	)		—			23,663,297		—		15,579		23,663,297
Columbia Small Cap Core Fund, Class I Shares		1,788,254		36,043		(213,460	)		26,974			1,637,811		—		—		1,758,203
Columbia U.S. Government Mortgage Fund, Class I Shares		53,311,801		925,590		(3,160,828	)		6,056			51,082,619		—		796,725		50,884,817
Columbia U.S. Treasury Index Fund, Class I Shares		21,808,729		359,694		(1,174,535	)		(70,518	)		20,923,370		—		145,911		20,065,949
Total		301,261,117		47,635,759		(60,723,655	)		1,275,666			289,448,887		541,943		2,942,005		289,262,205

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

Semiannual Report 2015
23

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)

(b) Non-income producing investment.

Currency Legend

JPY Japanese Yen

USD US Dollar

Fair Value Measurements

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

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

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

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

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

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

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
24

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2015 (Unaudited)

Fair Value Measurements (continued)

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 July 31, 2015:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Equity Funds		50,703,736		—		—		50,703,736
Fixed-Income Funds		196,979,476		—		—		196,979,476
Alternative Investment Funds		17,915,696		—		—		17,915,696
Common Stocks
Consumer Discretionary		369,853		—		—		369,853
Consumer Staples		83,062		—		—		83,062
Energy		72,960		—		—		72,960
Financials		600,779		—		—		600,779
Health Care		413,290		—		—		413,290
Industrials		314,771		—		—		314,771
Information Technology		422,390		—		—		422,390
Materials		86,122		—		—		86,122
Telecommunication Services		22,731		—		—		22,731
Utilities		94,455		—		—		94,455
Total Common Stocks		2,480,413		—		—		2,480,413
Money Market Funds		23,663,297		—		—		23,663,297
Total Investments		291,742,618		—		—		291,742,618
Derivatives
Assets
Futures Contracts		58,013		—		—		58,013
Total		291,800,631		—		—		291,800,631

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
25

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 31.0%

	Shares		Value ($)
INTERNATIONAL 7.9%
Columbia European Equity Fund, Class I Shares^(a)		2,826,447		20,802,653
Columbia Overseas Value Fund, Class I Shares^(a)		3,143,509		28,008,669
Columbia Pacific/Asia Fund, Class I Shares^(a)		357,605		3,508,101
Total				52,319,423
U.S. LARGE CAP 21.5%
Columbia Contrarian Core Fund, Class I Shares^(a)		1,028,383		23,282,585
Columbia Large Cap Growth Fund, Class I Shares^(a)		418,889		16,257,065
Columbia Large Core Quantitative Fund, Class I Shares^(a)		2,729,560		27,459,374
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		2,435,805		23,261,943
Columbia Large Value Quantitative Fund, Class I Shares^(a)		4,101,036		39,575,002
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		1,170,553		13,999,810
Total				143,835,779
U.S. SMALL CAP 1.6%
Columbia Small Cap Core Fund, Class I Shares^(a)		587,031		10,824,845
Total Equity Funds (Cost: $180,125,254)				206,980,047

Fixed-Income Funds 54.2%

EMERGING MARKETS 2.1%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)	1,327,754	14,153,859
HIGH YIELD 4.7%
Columbia Income Opportunities Fund, Class I Shares^(a)	3,205,146	31,827,101
INFLATION PROTECTED SECURITIES 2.3%
Columbia Global Inflation-Linked Bond Plus Fund, Class I Shares^(a)	156,208	1,532,396
Columbia Inflation Protected Securities Fund, Class I Shares^(a)	1,545,333	13,738,014
Total		15,270,410

Fixed-Income Funds (continued)

	Shares		Value ($)
INVESTMENT GRADE 45.1%
Columbia Corporate Income Fund, Class I Shares^(a)		13,764,283		135,578,187
Columbia Limited Duration Credit Fund, Class I Shares^(a)		4,686,981		45,463,711
Columbia Mortgage Opportunities Fund, Class I Shares^(a)		1,015,587		10,186,343
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		18,025,199		99,499,097
Columbia U.S. Treasury Index Fund, Class I Shares^(a)		947,488		10,611,870
Total				301,339,208
Total Fixed-Income Funds (Cost: $368,901,599)				362,590,578
Alternative Investment Funds 5.3%
Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)		227,182		2,498,996
Columbia Adaptive Alternatives Fund, Class I Shares^(a)(b)		451,354		4,445,837
Columbia Diversified Absolute Return Fund, Class I Shares^(a)(b)		1,465,068		14,592,073
Columbia Multi-Asset Income Fund, Class I Shares^(a)		1,406,866		13,618,467
Total Alternative Investment Funds (Cost: $35,511,699)				35,155,373
Common Stocks 0.6%
Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.1%
Auto Components —%
Cooper Tire & Rubber Co.		1,085		35,729
Dana Holding Corp.		1,625		30,160
Gentherm, Inc.^(b)		45		2,265
Total				68,154
Diversified Consumer Services —%
Capella Education Co.		425		21,892
Hotels, Restaurants & Leisure 0.1%
Cracker Barrel Old Country Store, Inc.		270		41,010
Denny's Corp.^(b)		1,420		16,699
DineEquity, Inc.		135		14,042

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

Semiannual Report 2015
26

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Jack in the Box, Inc.		475		45,125
Marriott Vacations Worldwide Corp.		445		37,202
Ruth's Hospitality Group, Inc.		525		9,203
Total				163,281
Household Durables —%
Helen of Troy Ltd.^(b)		400		35,112
Internet & Catalog Retail —%
1-800-Flowers.com, Inc., Class A^(b)		3,185		31,691
Lands' End, Inc.^(b)		1,170		27,589
Overstock.com, Inc.^(b)		505		10,686
PetMed Express, Inc.		670		11,289
Total				81,255
Leisure Products —%
Sturm Ruger & Co., Inc.		615		36,912
Media —%
Eros International PLC^(b)		750		26,835
Nexstar Broadcasting Group, Inc., Class A		410		23,517
Total				50,352
Specialty Retail —%
Buckle, Inc. (The)		275		12,163
Build-A-Bear Workshop, Inc.^(b)		750		13,088
Cato Corp. (The), Class A		920		35,337
Children's Place, Inc. (The)		250		14,475
Citi Trends, Inc.^(b)		300		7,143
Outerwall, Inc.		470		33,285
Total				115,491
Textiles, Apparel & Luxury Goods —%
Perry Ellis International, Inc.^(b)		340		8,191
Vera Bradley, Inc.^(b)		1,050		11,403
Wolverine World Wide, Inc.		675		19,791
Total				39,385
Total Consumer Discretionary				611,834
CONSUMER STAPLES —%
Food & Staples Retailing —%
Ingles Markets, Inc., Class A		350		16,198
SUPERVALU, Inc.^(b)		2,350		21,667
Total				37,865

Common Stocks (continued)

Issuer	Shares		Value ($)
Food Products —%
Cal-Maine Foods, Inc.		715		38,724
Sanderson Farms, Inc.		450		32,405
Total				71,129
Personal Products —%
Usana Health Sciences, Inc.^(b)		245		30,539
Total Consumer Staples				139,533
ENERGY —%
Energy Equipment & Services —%
Newpark Resources, Inc.^(b)		2,000		14,460
Oil States International, Inc.^(b)		520		15,657
Pioneer Energy Services Corp.^(b)		1,200		4,392
Total				34,509
Oil, Gas & Consumable Fuels —%
Jones Energy, Inc., Class A^(b)		500		3,520
Pacific Ethanol, Inc.^(b)		4,175		30,811
PDC Energy, Inc.^(b)		130		6,104
REX American Resources Corp.^(b)		600		30,984
Westmoreland Coal Co.^(b)		1,050		16,370
Total				87,789
Total Energy				122,298
FINANCIALS 0.2%
Banks 0.1%
Banco Latinoamericano de Comercio Exterior SA, Class E		950		26,144
Berkshire Hills Bancorp, Inc.		640		18,624
Central Pacific Financial Corp.		1,380		32,140
Customers Bancorp, Inc.^(b)		1,035		26,030
First BanCorp^(b)		3,175		13,684
First NBC Bank Holding Co.^(b)		660		25,212
Hilltop Holdings, Inc.^(b)		350		7,368
International Bancshares Corp.		920		24,776
OFG Bancorp		200		1,612
Wintrust Financial Corp.		175		9,436
Total				185,026
Capital Markets —%
Arlington Asset Investment Corp., Class A		1,620		30,942
BGC Partners, Inc., Class A		225		2,216

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

Semiannual Report 2015
27

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Investment Technology Group, Inc.		745		15,161
Piper Jaffray Companies^(b)		150		6,727
Total				55,046
Consumer Finance —%
Cash America International, Inc.		250		6,933
Nelnet, Inc., Class A		750		29,542
World Acceptance Corp.^(b)		560		30,475
Total				66,950
Insurance —%
American Equity Investment Life Holding Co.		1,360		40,175
Employers Holdings, Inc.		450		10,800
Enstar Group Ltd.^(b)		60		9,599
Fidelity & Guaranty Life		65		1,692
Heritage Insurance Holdings, Inc.^(b)		1,300		32,136
Maiden Holdings Ltd.		1,915		31,674
Total				126,076
Real Estate Investment Trusts (REITs) 0.1%
AG Mortgage Investment Trust, Inc.		1,575		28,665
Apollo Residential Mortgage, Inc.		600		8,688
Coresite Realty Corp.		745		37,399
CyrusOne, Inc.		1,240		38,118
CYS Investments, Inc.		2,000		15,520
DiamondRock Hospitality Co.		1,200		15,132
DuPont Fabros Technology, Inc.		1,100		33,165
LaSalle Hotel Properties		1,150		38,260
Pebblebrook Hotel Trust		450		18,315
RLJ Lodging Trust		420		12,529
Ryman Hospitality Properties, Inc.		700		40,026
Strategic Hotels & Resorts, Inc.^(b)		3,200		43,744
Summit Hotel Properties, Inc.		2,600		35,438
Sunstone Hotel Investors, Inc.		2,545		35,808
Western Asset Mortgage Capital Corp.		130		1,803
Total				402,610
Thrifts & Mortgage Finance —%
Banc of California, Inc.		775		9,401
HomeStreet, Inc.^(b)		925		20,914
MGIC Investment Corp.^(b)		3,680		40,738
Radian Group, Inc.		2,280		42,089

Common Stocks (continued)

Issuer	Shares		Value ($)
Walker & Dunlop, Inc.^(b)		1,370		32,811
Washington Federal, Inc.		775		18,042
Total				163,995
Total Financials				999,703
HEALTH CARE 0.1%
Biotechnology 0.1%
Alder Biopharmaceuticals, Inc.^(b)		445		20,657
AMAG Pharmaceuticals, Inc.^(b)		250		15,975
Anacor Pharmaceuticals, Inc.^(b)		85		12,681
Arena Pharmaceuticals, Inc.^(b)		2,905		11,736
Arrowhead Research Corp.^(b)		1,900		11,742
Celldex Therapeutics, Inc.^(b)		230		5,417
Clovis Oncology, Inc.^(b)		150		12,665
Curis, Inc.^(b)		4,405		13,832
Dyax Corp.^(b)		425		10,459
Dynavax Technologies Corp.^(b)		1,020		29,998
Exelixis, Inc.^(b)		1,100		6,303
Insmed, Inc.^(b)		390		10,569
Keryx Biopharmaceuticals, Inc.^(b)		385		3,072
Merrimack Pharmaceuticals, Inc.^(b)		670		6,767
Neurocrine Biosciences, Inc.^(b)		215		10,776
Novavax, Inc.^(b)		2,760		33,286
Portola Pharmaceuticals, Inc.^(b)		275		13,596
PTC Therapeutics, Inc.^(b)		75		3,841
Spark Therapeutics, Inc.^(b)		205		12,595
TESARO, Inc.^(b)		260		15,080
Ultragenyx Pharmaceutical, Inc.^(b)		150		18,139
vTv Therapeutics, Inc., Class A^(b)		806		8,060
Total				287,246
Health Care Equipment & Supplies —%
Analogic Corp.		275		22,151
Greatbatch, Inc.^(b)		700		38,171
Merit Medical Systems, Inc.^(b)		1,520		38,851
Natus Medical, Inc.^(b)		540		24,386
Orthofix International NV^(b)		815		27,189
Total				150,748

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

Semiannual Report 2015
28

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Providers & Services —%
LHC Group, Inc.^(b)		100		4,029
Magellan Health, Inc.^(b)		525		31,810
Molina Healthcare, Inc.^(b)		575		43,372
Owens & Minor, Inc.		100		3,516
Triple-S Management Corp., Class B^(b)		1,225		26,435
Total				109,162
Health Care Technology —%
Quality Systems, Inc.		110		1,403
Life Sciences Tools & Services —%
Affymetrix, Inc.^(b)		2,800		30,688
INC Research Holdings, Inc. Class A^(b)		880		44,026
PAREXEL International Corp.^(b)		600		41,376
Total				116,090
Pharmaceuticals —%
Lannett Co., Inc.^(b)		310		18,476
Pernix Therapeutics Holdings, Inc.^(b)		1,700		8,466
Total				26,942
Total Health Care				691,591
INDUSTRIALS 0.1%
Aerospace & Defense 0.1%
Astronics Corp.^(b)		495		30,690
Cubic Corp.		700		31,059
Curtiss-Wright Corp.		105		7,074
Moog, Inc., Class A^(b)		545		36,439
Teledyne Technologies, Inc.^(b)		175		18,142
Total				123,404
Air Freight & Logistics —%
Air Transport Services Group, Inc.^(b)		2,320		24,012
Building Products —%
Continental Building Product^(b)		1,465		31,117
Commercial Services & Supplies —%
Deluxe Corp.		625		40,269
Quad/Graphics, Inc.		1,890		31,090
West Corp.		150		4,328
Total				75,687

Common Stocks (continued)

Issuer	Shares		Value ($)
Construction & Engineering —%
Argan, Inc.		800		31,104
EMCOR Group, Inc.		830		39,699
Total				70,803
Electrical Equipment —%
General Cable Corp.		500		8,160
Machinery —%
Douglas Dynamics, Inc.		370		7,592
Kadant, Inc.		655		29,861
Meritor, Inc.^(b)		1,000		14,080
Mueller Industries, Inc.		125		4,046
Wabash National Corp.^(b)		2,575		35,381
Total				90,960
Marine —%
Matson, Inc.		910		37,692
Professional Services —%
GP Strategies Corp.^(b)		65		1,865
RPX Corp.^(b)		1,880		29,102
Total				30,967
Road & Rail —%
ArcBest Corp.		960		31,728
Total Industrials				524,530
INFORMATION TECHNOLOGY 0.1%
Communications Equipment —%
ADTRAN, Inc.		1,460		24,090
Plantronics, Inc.		125		7,260
Polycom, Inc.^(b)		2,675		30,441
Total				61,791
Electronic Equipment, Instruments & Components 0.1%
Benchmark Electronics, Inc.^(b)		125		2,757
Checkpoint Systems, Inc.		3,000		26,220
Coherent, Inc.^(b)		385		22,311
Insight Enterprises, Inc.^(b)		435		11,741
Littelfuse, Inc.		250		23,000
Methode Electronics, Inc.		700		18,781
Sanmina Corp.^(b)		1,900		41,933
Total				146,743

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

Semiannual Report 2015
29

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Internet Software & Services —%
Cimpress NV^(b)		50		3,227
Constant Contact, Inc.^(b)		1,100		28,424
DHI Group, Inc.^(b)		860		6,854
EarthLink Holdings Corp.		1,500		11,010
LogMeIn, Inc.^(b)		550		40,469
RetailMeNot, Inc.^(b)		1,185		17,953
Web.com Group, Inc.^(b)		525		13,067
Total				121,004
IT Services —%
Convergys Corp.		1,500		37,665
MAXIMUS, Inc.		165		11,255
NeuStar, Inc., Class A^(b)		1,165		35,963
Science Applications International Corp.		700		37,576
Total				122,459
Semiconductors & Semiconductor Equipment —%
Amkor Technology, Inc.^(b)		5,790		25,534
Diodes, Inc.^(b)		1,375		30,511
Microsemi Corp.^(b)		1,175		38,705
Xcerra Corp.^(b)		2,495		15,681
Total				110,431
Software —%
Aspen Technology, Inc.^(b)		950		42,161
AVG Technologies NV^(b)		1,330		38,224
Fair Isaac Corp.		245		22,219
Progress Software Corp.^(b)		1,300		38,584
Total				141,188
Total Information Technology				703,616
MATERIALS —%
Chemicals —%
Chemtura Corp.^(b)		1,260		34,562
Innospec, Inc.		270		11,678
PolyOne Corp.		535		18,334
Total				64,574
Metals & Mining —%
Century Aluminum Co.^(b)		2,195		20,457
Materion Corp.		855		26,163
Total				46,620

Common Stocks (continued)

Issuer	Shares		Value ($)
Paper & Forest Products —%
Clearwater Paper Corp.^(b)		550		32,368
Total Materials				143,562
TELECOMMUNICATION SERVICES —%
Diversified Telecommunication Services —%
General Communication, Inc., Class A^(b)		1,355		24,932
Wireless Telecommunication Services —%
Shenandoah Telecommunications Co.		350		12,033
Total Telecommunication Services				36,965
UTILITIES —%
Electric Utilities —%
IDACORP, Inc.		385		23,912
Portland General Electric Co.		1,050		37,811
Total				61,723
Gas Utilities —%
Chesapeake Utilities Corp.		325		16,712
New Jersey Resources Corp.		955		27,599
Southwest Gas Corp.		630		35,494
Total				79,805
Water Utilities —%
SJW Corp.		565		16,866
Total Utilities				158,394
Total Common Stocks (Cost: $4,291,536)				4,132,026

Money Market Funds 8.8%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.124%^(a)(c)		59,156,193		59,156,193
Total Money Market Funds (Cost: $59,156,193)				59,156,193
Total Investments (Cost: $647,986,281)				668,014,217
Other Assets & Liabilities, Net				735,553
Net Assets				668,749,770

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

Semiannual Report 2015
30

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2015 (Unaudited)

At July 31, 2015, cash totaling $1,251,482 was pledged as collateral.

Investments in Derivatives

Futures Contracts Outstanding at July 31, 2015

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
S&P500 EMINI FUT		120	USD		12,590,400	09/2015		4,545		—
S&P MID 400 EMINI		20	USD		2,998,600	09/2015		—		(54,449	)
SPI 200 FUTURES		28	AUD		2,891,418	09/2015		90,384		—
TOPIX INDX FUTR		30	JPY		4,018,235	09/2015		16,580		—
US 10YR NOTE (CBT)		60	USD		7,646,250	09/2015		15,824		—
US 5YR NOTE (CBT)		15	USD		1,797,656	09/2015		9,109		—
US LONG BOND(CBT)		20	USD		3,118,750	09/2015		36,677		—
US ULTRA BOND CBT		15	USD		2,392,969	09/2015		41,222		—
Total					37,454,278			214,341		(54,449	)

Notes to Portfolio of Investments

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		2,405,924		32,492		(163,098	)		20,176			2,295,494		—		—		2,498,996
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		11,047,318		11,523		(10,506,731	)		(552,110	)		—		—		—		—
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		15,378,197		983,780		(15,856,276	)		(505,701	)		—		942,817		—		—
Columbia Adaptive Alternatives Fund, Class I Shares		—		4,500,000		—			—			4,500,000		—		—		4,445,837
Columbia Contrarian Core Fund, Class I Shares		23,146,263		65,764		(10,247,122	)		4,157,224			17,122,129		—		—		23,282,585
Columbia Corporate Income Fund, Class I Shares		137,668,717		2,741,776		(1,815,104	)		18,292			138,613,681		—		2,197,433		135,578,187
Columbia Diversified Absolute Return Fund, Class I Shares		—		14,905,207		(254,639	)		1,044			14,651,612		—		—		14,592,073

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

Semiannual Report 2015
31

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Emerging Markets Bond Fund, Class I Shares		19,005,223		406,432		(4,102,248	)		(167,460	)		15,141,947		—		247,023		14,153,859
Columbia European Equity Fund, Class I Shares		21,306,614		169,651		(3,241,054	)		696,640			18,931,851		—		—		20,802,653
Columbia Global Inflation-Linked Bond Plus Fund, Class I Shares		1,525,553		50,038		(13,370	)		(151	)		1,562,070		—		35,654		1,532,396
Columbia Income Opportunities Fund, Class I Shares		28,438,560		4,361,184		(1,540,185	)		56,150			31,315,709		—		763,777		31,827,101
Columbia Inflation Protected Securities Fund, Class I Shares		15,451,697		126,312		(136,306	)		(17,954	)		15,423,749		—		—		13,738,014
Columbia International Bond Fund, Class I Shares		3,676,343		—		(3,513,004	)		(163,339	)		—		—		—		—
Columbia Large Cap Growth Fund, Class I Shares		12,692,142		28,267		(2,613,488	)		1,144,513			11,251,434		—		—		16,257,065
Columbia Large Core Quantitative Fund, Class I Shares		20,558,502		43,589		(1,799,284	)		782,909			19,585,716		—		—		27,459,374
Columbia Large Growth Quantitative Fund, Class I Shares		22,245,816		49,994		(2,035,644	)		408,121			20,668,287		—		—		23,261,943
Columbia Large Value Quantitative Fund, Class I Shares		38,613,588		124,808		(1,237,672	)		62,716			37,563,440		—		—		39,575,002
Columbia Limited Duration Credit Fund, Class I Shares		46,438,690		663,610		(1,455,972	)		32,691			45,679,019		—		542,790		45,463,711
Columbia Mortgage Opportunities Fund, Class I Shares		—		10,718,787		(534,738	)		995			10,185,044		—		181,911		10,186,343
Columbia Multi-Asset Income Fund, Class I Shares		—		14,064,593		—			—			14,064,593		—		237,593		13,618,467
Columbia Overseas Value Fund, Class I Shares		30,566,410		128,347		(3,388,744	)		48,779			27,354,792		—		—		28,008,669
Columbia Pacific/ Asia Fund, Class I Shares		3,791,988		118,385		(832,323	)		109,524			3,187,574		9,180		11,461		3,508,101
Columbia Select Large Cap Equity Fund, Class I Shares		—		14,364,558		—			—			14,364,558		487,415		65,143		13,999,810
Columbia Short-Term Cash Fund		81,183,164		41,663,273		(63,690,244	)		—			59,156,193		—		38,291		59,156,193
Columbia Small Cap Core Fund, Class I Shares		10,656,827		43,598		(695,284	)		90,332			10,095,473		—		—		10,824,845

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

Semiannual Report 2015
32

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia U.S. Government Mortgage Fund, Class I Shares		102,602,529		1,793,586		(4,445,083	)		(18,737	)		99,932,295		—		1,543,364		99,499,097
Columbia U.S. Treasury Index Fund, Class I Shares		11,194,137		144,056		(276,032	)		(14,076	)		11,048,085		—		75,445		10,611,870
Total		659,594,202		112,303,610		(134,393,645	)		6,190,578			643,694,745		1,439,412		5,939,885		663,882,191

(b) Non-income producing investment.

Currency Legend

AUD Australian Dollar

JPY Japanese Yen

USD US Dollar

Fair Value Measurements

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

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

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

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

Semiannual Report 2015
33

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 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 July 31, 2015:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Equity Funds		206,980,047			—		—		206,980,047
Fixed-Income Funds		362,590,578			—		—		362,590,578
Alternative Investment Funds		35,155,373			—		—		35,155,373
Common Stocks
Consumer Discretionary		611,834			—		—		611,834
Consumer Staples		139,533			—		—		139,533
Energy		122,298			—		—		122,298
Financials		999,703			—		—		999,703
Health Care		691,591			—		—		691,591
Industrials		524,530			—		—		524,530
Information Technology		703,616			—		—		703,616
Materials		143,562			—		—		143,562
Telecommunication Services		36,965			—		—		36,965
Utilities		158,394			—		—		158,394
Total Common Stocks		4,132,026			—		—		4,132,026
Money Market Funds		59,156,193			—		—		59,156,193
Total Investments		668,014,217			—		—		668,014,217
Derivatives
Assets
Futures Contracts		214,341			—		—		214,341
Liabilities
Futures Contracts		(54,449	)		—		—		(54,449	)
Total		668,174,109			—		—		668,174,109

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
34

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Moderate Portfolio

July 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 44.8%

	Shares		Value ($)
INTERNATIONAL 12.5%
Columbia Emerging Markets Fund, Class I Shares^(a)		1,528,587		15,071,864
Columbia European Equity Fund, Class I Shares^(a)		10,010,233		73,675,319
Columbia Overseas Value Fund, Class I Shares^(a)		8,225,754		73,291,465
Columbia Pacific/Asia Fund, Class I Shares^(a)		4,447,054		43,625,600
Total				205,664,248
U.S. LARGE CAP 30.6%
Columbia Contrarian Core Fund, Class I Shares^(a)		3,755,739		85,029,943
Columbia Large Cap Growth Fund, Class I Shares^(a)		636,789		24,713,789
Columbia Large Core Quantitative Fund, Class I Shares^(a)		6,928,665		69,702,369
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		7,486,961		71,500,473
Columbia Large Value Quantitative Fund, Class I Shares^(a)		10,876,809		104,961,205
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		5,735,392		68,595,290
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		2,342,364		44,645,467
Columbia Select Large-Cap Value Fund, Class I Shares^(a)		1,535,600		36,040,527
Total				505,189,063
U.S. SMALL CAP 1.7%
Columbia Select Smaller-Cap Value Fund, Class I Shares^(a)(b)		243,300		5,637,268
Columbia Small Cap Core Fund, Class I Shares^(a)		1,269,682		23,412,927
Total				29,050,195
Total Equity Funds (Cost: $625,239,629)				739,903,506

Fixed-Income Funds 41.8%

EMERGING MARKETS 1.8%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)					2,739,788				29,206,135

Fixed-Income Funds (continued)

	Shares		Value ($)
HIGH YIELD 7.9%
Columbia High Yield Bond Fund, Class I Shares^(a)		2,707,217		7,932,146
Columbia Income Opportunities Fund, Class I Shares^(a)		12,402,630		123,158,113
Total				131,090,259
INFLATION PROTECTED SECURITIES 1.0%
Columbia Inflation Protected Securities Fund, Class I Shares^(a)		1,803,351		16,031,789
INVESTMENT GRADE 31.1%
Columbia Corporate Income Fund, Class I Shares^(a)		13,591,141		133,872,741
Columbia Intermediate Bond Fund, Class I Shares^(a)		22,848,883		208,838,787
Columbia Limited Duration Credit Fund, Class I Shares^(a)		3,783,680		36,701,693
Columbia Mortgage Opportunities Fund, Class I Shares^(a)		2,762,790		27,710,789
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		19,302,837		106,551,661
Total				513,675,671
Total Fixed-Income Funds (Cost: $698,318,445)				690,003,854

Alternative Investment Funds 4.3%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)	827,428	9,101,702
Columbia Adaptive Alternatives Fund, Class I Shares^(a)(b)	451,354	4,445,837
Columbia Diversified Absolute Return Fund, Class I Shares^(a)(b)	3,190,475	31,777,135
Columbia Multi-Asset Income Fund, Class I Shares^(a)	2,605,353	25,219,821
Total Alternative Investment Funds (Cost: $70,745,051)		70,544,495

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

Semiannual Report 2015
35

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2015 (Unaudited)

Common Stocks 1.2%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.2%
Auto Components —%
Cooper Tire & Rubber Co.		5,335		175,682
Dana Holding Corp.		8,050		149,408
Gentherm, Inc.^(b)		250		12,582
Total				337,672
Diversified Consumer Services —%
Capella Education Co.		2,200		113,322
Hotels, Restaurants & Leisure 0.1%
Cracker Barrel Old Country Store, Inc.		1,300		197,457
Denny's Corp.^(b)		6,910		81,262
DineEquity, Inc.		700		72,807
Jack in the Box, Inc.		2,320		220,400
Marriott Vacations Worldwide Corp.		2,200		183,920
Ruth's Hospitality Group, Inc.		2,800		49,084
Total				804,930
Household Durables —%
Helen of Troy Ltd.^(b)		2,000		175,560
Internet & Catalog Retail —%
1-800-Flowers.com, Inc., Class A^(b)		15,680		156,016
Lands' End, Inc.^(b)		5,750		135,585
Overstock.com, Inc.^(b)		2,470		52,265
PetMed Express, Inc.		3,120		52,572
Total				396,438
Leisure Products —%
Sturm Ruger & Co., Inc.		3,020		181,260
Media —%
Eros International PLC^(b)		3,800		135,964
Nexstar Broadcasting Group, Inc., Class A		1,990		114,146
Total				250,110
Specialty Retail 0.1%
Buckle, Inc. (The)		1,400		61,922
Build-A-Bear Workshop, Inc.^(b)		3,800		66,310
Cato Corp. (The), Class A		4,520		173,613
Children's Place, Inc. (The)		1,225		70,928
Citi Trends, Inc.^(b)		1,490		35,477
Outerwall, Inc.		2,310		163,594
Total				571,844

Common Stocks (continued)

Issuer	Shares		Value ($)
Textiles, Apparel & Luxury Goods —%
Perry Ellis International, Inc.^(b)		1,680		40,471
Vera Bradley, Inc.^(b)		5,230		56,798
Wolverine World Wide, Inc.		3,300		96,756
Total				194,025
Total Consumer Discretionary				3,025,161
CONSUMER STAPLES —%
Food & Staples Retailing —%
Ingles Markets, Inc., Class A		1,700		78,676
SUPERVALU, Inc.^(b)		11,560		106,583
Total				185,259
Food Products —%
Cal-Maine Foods, Inc.		3,600		194,976
Sanderson Farms, Inc.		2,300		165,623
Total				360,599
Personal Products —%
Usana Health Sciences, Inc.^(b)		1,210		150,827
Total Consumer Staples				696,685
ENERGY —%
Energy Equipment & Services —%
Newpark Resources, Inc.^(b)		10,100		73,023
Oil States International, Inc.^(b)		2,560		77,082
Pioneer Energy Services Corp.^(b)		5,800		21,228
Total				171,333
Oil, Gas & Consumable Fuels —%
Jones Energy, Inc., Class A^(b)		2,400		16,896
Pacific Ethanol, Inc.^(b)		20,525		151,474
PDC Energy, Inc.^(b)		590		27,701
REX American Resources Corp.^(b)		2,925		151,047
Westmoreland Coal Co.^(b)		5,160		80,444
Total				427,562
Total Energy				598,895
FINANCIALS 0.3%
Banks 0.1%
Banco Latinoamericano de Comercio Exterior SA, Class E		4,665		128,381
Berkshire Hills Bancorp, Inc.		3,130		91,083
Central Pacific Financial Corp.		6,790		158,139
Customers Bancorp, Inc.^(b)		5,105		128,391

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

Semiannual Report 2015
36

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
First BanCorp^(b)		15,775		67,990
First NBC Bank Holding Co.^(b)		3,370		128,734
Hilltop Holdings, Inc.^(b)		1,825		38,416
International Bancshares Corp.		4,740		127,648
OFG Bancorp		800		6,448
Wintrust Financial Corp.		925		49,876
Total				925,106
Capital Markets —%
Arlington Asset Investment Corp., Class A		7,980		152,418
BGC Partners, Inc., Class A		980		9,653
Investment Technology Group, Inc.		3,645		74,176
Piper Jaffray Companies^(b)		800		35,880
Total				272,127
Consumer Finance —%
Cash America International, Inc.		1,200		33,276
Nelnet, Inc., Class A		3,650		143,774
World Acceptance Corp.^(b)		2,750		149,655
Total				326,705
Insurance —%
American Equity Investment Life Holding Co.		6,700		197,918
Employers Holdings, Inc.		2,315		55,560
Enstar Group Ltd.^(b)		325		51,997
Fidelity & Guaranty Life		365		9,501
Heritage Insurance Holdings, Inc.^(b)		6,360		157,219
Maiden Holdings Ltd.		9,380		155,145
Total				627,340
Real Estate Investment Trusts (REITs) 0.1%
AG Mortgage Investment Trust, Inc.		7,750		141,050
Apollo Residential Mortgage, Inc.		3,000		43,440
Coresite Realty Corp.		3,600		180,720
CyrusOne, Inc.		6,090		187,207
CYS Investments, Inc.		10,100		78,376
DiamondRock Hospitality Co.		6,000		75,660
DuPont Fabros Technology, Inc.		5,600		168,840
LaSalle Hotel Properties		5,675		188,807
Pebblebrook Hotel Trust		2,175		88,523
RLJ Lodging Trust		2,075		61,897
Ryman Hospitality Properties, Inc.		3,475		198,701
Strategic Hotels & Resorts, Inc.^(b)		16,100		220,087

Common Stocks (continued)

Issuer	Shares		Value ($)
Summit Hotel Properties, Inc.		12,700		173,101
Sunstone Hotel Investors, Inc.		12,545		176,508
Western Asset Mortgage Capital Corp.		720		9,986
Total				1,992,903
Thrifts & Mortgage Finance 0.1%
Banc of California, Inc.		3,900		47,307
HomeStreet, Inc.^(b)		4,530		102,423
MGIC Investment Corp.^(b)		18,100		200,367
Radian Group, Inc.		11,210		206,937
Walker & Dunlop, Inc.^(b)		6,750		161,662
Washington Federal, Inc.		3,775		87,882
Total				806,578
Total Financials				4,950,759
HEALTH CARE 0.2%
Biotechnology 0.1%
Alder Biopharmaceuticals, Inc.^(b)		2,180		101,195
AMAG Pharmaceuticals, Inc.^(b)		1,220		77,958
Anacor Pharmaceuticals, Inc.^(b)		430		64,152
Arena Pharmaceuticals, Inc.^(b)		14,290		57,732
Arrowhead Research Corp.^(b)		9,700		59,946
Celldex Therapeutics, Inc.^(b)		1,100		25,905
Clovis Oncology, Inc.^(b)		730		61,634
Curis, Inc.^(b)		21,670		68,044
Dyax Corp.^(b)		2,090		51,435
Dynavax Technologies Corp.^(b)		4,855		142,785
Exelixis, Inc.^(b)		5,410		30,999
Insmed, Inc.^(b)		1,920		52,032
Keryx Biopharmaceuticals, Inc.^(b)		1,890		15,082
Merrimack Pharmaceuticals, Inc.^(b)		3,330		33,633
Neurocrine Biosciences, Inc.^(b)		1,050		52,626
Novavax, Inc.^(b)		13,580		163,775
Portola Pharmaceuticals, Inc.^(b)		1,390		68,722
PTC Therapeutics, Inc.^(b)		400		20,484
Spark Therapeutics, Inc.^(b)		1,010		62,054
TESARO, Inc.^(b)		1,270		73,660
Ultragenyx Pharmaceutical, Inc.^(b)		730		88,279
vTv Therapeutics, Inc., Class A^(b)		3,958		39,580
Total				1,411,712

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

Semiannual Report 2015
37

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Equipment & Supplies 0.1%
Analogic Corp.		1,290		103,909
Greatbatch, Inc.^(b)		3,440		187,583
Merit Medical Systems, Inc.^(b)		7,475		191,061
Natus Medical, Inc.^(b)		2,705		122,158
Orthofix International NV^(b)		3,900		130,104
Total				734,815
Health Care Providers & Services —%
LHC Group, Inc.^(b)		550		22,160
Magellan Health, Inc.^(b)		2,650		160,563
Molina Healthcare, Inc.^(b)		2,800		211,204
Owens & Minor, Inc.		575		20,217
Triple-S Management Corp., Class B^(b)		6,010		129,696
Total				543,840
Health Care Technology —%
Quality Systems, Inc.		910		11,603
Life Sciences Tools & Services —%
Affymetrix, Inc.^(b)		13,700		150,152
INC Research Holdings, Inc. Class A^(b)		4,340		217,130
PAREXEL International Corp.^(b)		2,960		204,122
Total				571,404
Pharmaceuticals —%
Lannett Co., Inc.^(b)		1,530		91,188
Pernix Therapeutics Holdings, Inc.^(b)		8,600		42,828
Total				134,016
Total Health Care				3,407,390
INDUSTRIALS 0.2%
Aerospace & Defense 0.1%
Astronics Corp.^(b)		2,410		149,420
Cubic Corp.		3,400		150,858
Curtiss-Wright Corp.		505		34,022
Moog, Inc., Class A^(b)		2,690		179,853
Teledyne Technologies, Inc.^(b)		900		93,303
Total				607,456
Air Freight & Logistics —%
Air Transport Services Group, Inc.^(b)		11,410		118,094
Building Products —%
Continental Building Product^(b)		7,210		153,140

Common Stocks (continued)

Issuer	Shares		Value ($)
Commercial Services & Supplies —%
Deluxe Corp.		3,070		197,800
Quad/Graphics, Inc.		9,200		151,340
West Corp.		700		20,195
Total				369,335
Construction & Engineering —%
Argan, Inc.		3,940		153,187
EMCOR Group, Inc.		4,100		196,103
Total				349,290
Electrical Equipment —%
General Cable Corp.		2,300		37,536
Machinery 0.1%
Douglas Dynamics, Inc.		1,810		37,141
Kadant, Inc.		3,230		147,256
Meritor, Inc.^(b)		4,900		68,992
Mueller Industries, Inc.		675		21,850
Wabash National Corp.^(b)		12,600		173,124
Total				448,363
Marine —%
Matson, Inc.		4,490		185,976
Professional Services —%
GP Strategies Corp.^(b)		385		11,045
RPX Corp.^(b)		9,260		143,345
Total				154,390
Road & Rail —%
ArcBest Corp.		4,720		155,996
Total Industrials				2,579,576
INFORMATION TECHNOLOGY 0.2%
Communications Equipment —%
ADTRAN, Inc.		7,180		118,470
Plantronics, Inc.		650		37,752
Polycom, Inc.^(b)		13,100		149,078
Total				305,300
Electronic Equipment, Instruments & Components 0.1%
Benchmark Electronics, Inc.^(b)		700		15,442
Checkpoint Systems, Inc.		14,800		129,352
Coherent, Inc.^(b)		1,875		108,656
Insight Enterprises, Inc.^(b)		2,210		59,648
Littelfuse, Inc.		1,170		107,640

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

Semiannual Report 2015
38

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Methode Electronics, Inc.		3,450		92,564
Sanmina Corp.^(b)		9,300		205,251
Total				718,553
Internet Software & Services —%
Cimpress NV^(b)		200		12,906
Constant Contact, Inc.^(b)		5,520		142,637
DHI Group, Inc.^(b)		4,220		33,633
EarthLink Holdings Corp.		7,550		55,417
LogMeIn, Inc.^(b)		2,680		197,194
RetailMeNot, Inc.^(b)		5,845		88,552
Web.com Group, Inc.^(b)		2,675		66,581
Total				596,920
IT Services —%
Convergys Corp.		7,700		193,347
MAXIMUS, Inc.		815		55,591
NeuStar, Inc., Class A^(b)		5,530		170,711
Science Applications International Corp.		3,400		182,512
Total				602,161
Semiconductors & Semiconductor Equipment —%
Amkor Technology, Inc.^(b)		26,870		118,497
Diodes, Inc.^(b)		6,600		146,454
Microsemi Corp.^(b)		5,840		192,369
Xcerra Corp.^(b)		12,280		77,180
Total				534,500
Software 0.1%
Aspen Technology, Inc.^(b)		4,670		207,254
AVG Technologies NV^(b)		6,540		187,960
Fair Isaac Corp.		1,210		109,735
Progress Software Corp.^(b)		6,450		191,436
Total				696,385
Total Information Technology				3,453,819
MATERIALS —%
Chemicals —%
Chemtura Corp.^(b)		6,250		171,437
Innospec, Inc.		1,315		56,874
PolyOne Corp.		2,585		88,588
Total				316,899

Common Stocks (continued)

Issuer	Shares		Value ($)
Metals & Mining —%
Century Aluminum Co.^(b)		10,905		101,635
Materion Corp.		4,090		125,154
Total				226,789
Paper & Forest Products —%
Clearwater Paper Corp.^(b)		2,800		164,780
Total Materials				708,468
TELECOMMUNICATION SERVICES —%
Diversified Telecommunication Services —%
General Communication, Inc., Class A^(b)		6,660		122,544
Wireless Telecommunication Services —%
Shenandoah Telecommunications Co.		1,700		58,446
Total Telecommunication Services				180,990
UTILITIES 0.1%
Electric Utilities —%
IDACORP, Inc.		1,890		117,388
Portland General Electric Co.		5,100		183,651
Total				301,039
Gas Utilities 0.1%
Chesapeake Utilities Corp.		1,500		77,130
New Jersey Resources Corp.		4,690		135,541
Southwest Gas Corp.		3,055		172,119
Total				384,790
Water Utilities —%
SJW Corp.		2,770		82,684
Total Utilities				768,513
Total Common Stocks (Cost: $21,149,224)				20,370,256

Money Market Funds 7.7%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.124%^(a)(c)		126,277,153		126,277,153
Total Money Market Funds (Cost: $126,277,153)				126,277,153
Total Investments (Cost: $1,541,729,502)				1,647,099,264
Other Assets & Liabilities, Net				3,214,754
Net Assets				1,650,314,018

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

Semiannual Report 2015
39

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2015 (Unaudited)

At July 31, 2015, cash totaling $3,350,142 was pledged as collateral.

Investments in Derivatives

Futures Contracts Outstanding at July 31, 2015

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
S&P MID 400 EMINI		91	USD		13,643,630	09/2015		—		(247,743	)
S&P500 EMINI FUT		376	USD		39,449,920	09/2015		—		(36,587	)
SPI 200 FUTURES		28	AUD		2,891,418	09/2015		90,386		—
TOPIX INDX FUTR		39	JPY		5,223,706	09/2015		21,553		—
US 10YR NOTE (CBT)		85	USD		10,832,188	09/2015		42,321		—
US LONG BOND(CBT)		50	USD		7,796,875	09/2015		91,692		—
US ULTRA BOND CBT		50	USD		7,976,563	09/2015		38,567		—
Total					87,814,300			284,519		(284,330	)

Notes to Portfolio of Investments

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		8,778,841		14,277		(577,421	)		78,169			8,293,866		—		—		9,101,702
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		29,342,802		876		(27,842,449	)		(1,501,229	)		—		—		—		—
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		34,940,036		2,149,463		(36,043,723	)		(1,045,776	)		—		2,149,062		—		—
Columbia Adaptive Alternatives Fund, Class I Shares		—		4,500,000		—			—			4,500,000		—		—		4,445,837
Columbia Contrarian Core Fund, Class I Shares		101,055,637		13,461		(52,025,216	)		22,387,546			71,431,428		—		—		85,029,943
Columbia Corporate Income Fund, Class I Shares		135,769,462		2,228,541		(971,737	)		23,792			137,050,058		—		2,170,312		133,872,741
Columbia Diversified Absolute Return Fund, Class I Shares		—		32,243,904		(339,235	)		521			31,905,190		—		—		31,777,135

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

Semiannual Report 2015
40

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Emerging Markets Bond Fund, Class I Shares		30,325,054		490,363		(182,837	)		(7,752	)		30,624,828		—		476,153		29,206,135
Columbia Emerging Markets Fund, Class I Shares		15,745,379		6,799		(911,225	)		78,079			14,919,032		—		—		15,071,864
Columbia European Equity Fund, Class I Shares		63,955,328		15,603		(7,540,182	)		2,020,151			58,450,900		—		—		73,675,319
Columbia High Yield Bond Fund, Class I Shares		—		8,064,273		(50,492	)		(56	)		8,013,725		—		146,699		7,932,146
Columbia Income Opportunities Fund, Class I Shares		121,156,484		2,975,249		(4,769,254	)		1,190,137			120,552,616		—		2,954,462		123,158,113
Columbia Inflation Protected Securities Fund, Class I Shares		16,435,941		2,442,615		(604,762	)		(102,377	)		18,171,417		—		—		16,031,789
Columbia Intermediate Bond Fund, Class I Shares		210,817,422		2,725,166		(2,308,574	)		123,093			211,357,107		—		2,624,394		208,838,787
Columbia Large Cap Growth Fund, Class I Shares		16,578,363		6,868		(3,333,963	)		1,933,601			15,184,869		—		—		24,713,789
Columbia Large Core Quantitative Fund, Class I Shares		43,123,754		8,287		(4,096,204	)		2,251,142			41,286,979		—		—		69,702,369
Columbia Large Growth Quantitative Fund, Class I Shares		67,514,448		12,032		(6,685,109	)		2,666,836			63,508,207		—		—		71,500,473
Columbia Large Value Quantitative Fund, Class I Shares		102,173,027		21,811		(2,649,890	)		132,622			99,677,570		—		—		104,961,205
Columbia Limited Duration Credit Fund, Class I Shares		38,196,062		449,964		(889,822	)		(11,174	)		37,745,030		—		437,328		36,701,693
Columbia Mortgage Opportunities Fund, Class I Shares		—		28,338,509		(632,460	)		1,990			27,708,039		—		484,477		27,710,789
Columbia Multi-Asset Income Fund, Class I Shares		—		26,045,995		—			—			26,045,995		—		439,995		25,219,821
Columbia Overseas Value Fund, Class I Shares		80,799,010		21,488		(7,801,203	)		(184,870	)		72,834,425		—		—		73,291,465
Columbia Pacific/Asia Fund, Class I Shares		38,103,709		277,181		(4,171,371	)		1,144,107			35,353,626		115,385		144,042		43,625,600
Columbia Select Large Cap Equity Fund, Class I Shares		29,632,879		47,386,974		(4,787,645	)		(470,037	)		71,762,171		3,356,352		448,579		68,595,290
Columbia Select Large Cap Growth Fund, Class I Shares		33,898,738		2,463,972		(6,435,608	)		2,308,371			32,235,473		2,444,107		—		44,645,467

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

Semiannual Report 2015
41

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Select Large-Cap Value Fund, Class I Shares		23,380,096		11,566		(1,450,907	)		654,599		22,595,354		—		—		36,040,527
Columbia Select Smaller-Cap Value Fund, Class I Shares		6,800,652		6,864		(3,290,846	)		985,994		4,502,664		—		—		5,637,268
Columbia Short-Term Cash Fund		177,683,380		103,357,787		(154,764,014	)		—		126,277,153		—		81,772		126,277,153
Columbia Small Cap Core Fund, Class I Shares		22,763,461		9,592		(1,468,662	)		192,540		21,496,931		—		—		23,412,927
Columbia U.S. Government Mortgage Fund, Class I Shares		108,950,506		1,671,382		(3,538,229	)		11,966		107,095,625		—		1,641,835		106,551,661
Total		1,557,920,471		267,960,862		(340,163,040	)		34,861,985		1,520,580,278		8,064,906		12,050,048		1,626,729,008

(b) Non-income producing investment.

Currency Legend

AUD Australian Dollar

JPY Japanese Yen

USD US Dollar

Fair Value Measurements

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

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

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

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

Semiannual Report 2015
42

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2015 (Unaudited)

Fair Value Measurements (continued)

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

Semiannual Report 2015
43

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2015 (Unaudited)

Fair Value Measurements (continued)

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

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Equity Funds		739,903,506			—		—		739,903,506
Fixed-Income Funds		690,003,854			—		—		690,003,854
Alternative Investment Funds		70,544,495			—		—		70,544,495
Common Stocks
Consumer Discretionary		3,025,161			—		—		3,025,161
Consumer Staples		696,685			—		—		696,685
Energy		598,895			—		—		598,895
Financials		4,950,759			—		—		4,950,759
Health Care		3,407,390			—		—		3,407,390
Industrials		2,579,576			—		—		2,579,576
Information Technology		3,453,819			—		—		3,453,819
Materials		708,468			—		—		708,468
Telecommunication Services		180,990			—		—		180,990
Utilities		768,513			—		—		768,513
Total Common Stocks		20,370,256			—		—		20,370,256
Money Market Funds		126,277,153			—		—		126,277,153
Total Investments		1,647,099,264			—		—		1,647,099,264
Derivatives
Assets
Futures Contracts		284,519			—		—		284,519
Liabilities
Futures Contracts		(284,330	)		—		—		(284,330	)
Total		1,647,099,453			—		—		1,647,099,453

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
44

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 57.0%

	Shares		Value ($)
INTERNATIONAL 15.8%
Columbia Emerging Markets Fund, Class I Shares^(a)		5,805,976		57,246,925
Columbia European Equity Fund, Class I Shares^(a)		15,063,125		110,864,604
Columbia Overseas Value Fund, Class I Shares^(a)		13,579,954		120,997,393
Columbia Pacific/Asia Fund, Class I Shares^(a)		8,088,061		79,343,876
Total				368,452,798
U.S. LARGE CAP 39.2%
Columbia Contrarian Core Fund, Class I Shares^(a)		6,467,811		146,431,252
Columbia Large Cap Growth Fund, Class I Shares^(a)		1,909,275		74,098,973
Columbia Large Core Quantitative Fund, Class I Shares^(a)		13,948,755		140,324,473
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		10,361,985		98,956,959
Columbia Large Value Quantitative Fund, Class I Shares^(a)		19,407,062		187,278,145
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		8,929,526		106,797,130
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		4,666,297		88,939,627
Columbia Select Large-Cap Value Fund, Class I Shares^(a)		3,114,178		73,089,746
Total				915,916,305
U.S. SMALL CAP 2.0%
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares^(a)		2,141,634		15,162,769
Columbia Select Smaller-Cap Value Fund, Class I Shares^(a)(b)		375,163		8,692,521
Columbia Small Cap Core Fund, Class I Shares^(a)		651,007		12,004,570
Columbia Small Cap Growth Fund I, Class I Shares^(a)(b)		387,696		11,805,341
Total				47,665,201
Total Equity Funds (Cost: $1,128,878,124)				1,332,034,304

Fixed-Income Funds 26.9%

	Shares		Value ($)
EMERGING MARKETS 1.2%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)		2,749,982		29,314,803
HIGH YIELD 8.6%
Columbia High Yield Bond Fund, Class I Shares^(a)		22,719,859		66,569,187
Columbia Income Opportunities Fund, Class I Shares^(a)		13,481,730		133,873,582
Total				200,442,769
INFLATION PROTECTED SECURITIES 0.5%
Columbia Inflation Protected Securities Fund, Class I Shares^(a)		1,218,860		10,835,664
INVESTMENT GRADE 16.6%
Columbia Corporate Income Fund, Class I Shares^(a)		18,418,998		181,427,136
Columbia Mortgage Opportunities Fund, Class I Shares^(a)		2,053,568		20,597,286
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		30,254,822		167,006,616
Columbia U.S. Treasury Index Fund, Class I Shares^(a)		1,775,394		19,884,413
Total				388,915,451
Total Fixed-Income Funds (Cost: $634,761,787)				629,508,687

Alternative Investment Funds 4.0%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)	1,191,226	13,103,481
Columbia Adaptive Alternatives Fund, Class I Shares^(a)(b)	451,354	4,445,837
Columbia Diversified Absolute Return Fund, Class I Shares^(a)(b)	4,028,002	40,118,905
Columbia Multi-Asset Income Fund, Class I Shares^(a)	3,655,085	35,381,224
Total Alternative Investment Funds (Cost: $93,352,450)		93,049,447

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

Semiannual Report 2015
45

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2015 (Unaudited)

Common Stocks 1.0%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.2%
Auto Components —%
Cooper Tire & Rubber Co.		5,925		195,110
Dana Holding Corp.		8,900		165,184
Gentherm, Inc.^(b)		265		13,338
Total				373,632
Diversified Consumer Services —%
Capella Education Co.		2,400		123,624
Hotels, Restaurants & Leisure 0.1%
Cracker Barrel Old Country Store, Inc.		1,450		220,240
Denny's Corp.^(b)		7,570		89,023
DineEquity, Inc.		775		80,608
Jack in the Box, Inc.		2,580		245,100
Marriott Vacations Worldwide Corp.		2,440		203,984
Ruth's Hospitality Group, Inc.		3,030		53,116
Total				892,071
Household Durables —%
Helen of Troy Ltd.^(b)		2,225		195,311
Internet & Catalog Retail —%
1-800-Flowers.com, Inc., Class A^(b)		17,400		173,130
Lands' End, Inc.^(b)		6,380		150,440
Overstock.com, Inc.^(b)		2,750		58,190
PetMed Express, Inc.		3,480		58,638
Total				440,398
Leisure Products —%
Sturm Ruger & Co., Inc.		3,350		201,067
Media —%
Eros International PLC^(b)		4,220		150,991
Nexstar Broadcasting Group, Inc., Class A		2,210		126,766
Total				277,757
Specialty Retail 0.1%
Buckle, Inc. (The)		1,550		68,557
Build-A-Bear Workshop, Inc.^(b)		4,200		73,290
Cato Corp. (The), Class A		5,020		192,818
Children's Place, Inc. (The)		1,375		79,612
Citi Trends, Inc.^(b)		1,650		39,287
Outerwall, Inc.		2,560		181,299
Total				634,863

Common Stocks (continued)

Issuer	Shares		Value ($)
Textiles, Apparel & Luxury Goods —%
Perry Ellis International, Inc.^(b)		1,860		44,807
Vera Bradley, Inc.^(b)		5,790		62,880
Wolverine World Wide, Inc.		3,650		107,018
Total				214,705
Total Consumer Discretionary				3,353,428
CONSUMER STAPLES —%
Food & Staples Retailing —%
Ingles Markets, Inc., Class A		1,900		87,932
SUPERVALU, Inc.^(b)		12,830		118,293
Total				206,225
Food Products —%
Cal-Maine Foods, Inc.		3,890		210,683
China Milk Products Group Ltd.^(b)(c)(d)(e)		322,000		—
Sanderson Farms, Inc.		2,500		180,025
Total				390,708
Personal Products —%
Usana Health Sciences, Inc.^(b)		1,350		168,277
Total Consumer Staples				765,210
ENERGY —%
Energy Equipment & Services —%
Newpark Resources, Inc.^(b)		11,200		80,976
Oil States International, Inc.^(b)		2,840		85,512
Pioneer Energy Services Corp.^(b)		6,400		23,424
Total				189,912
Oil, Gas & Consumable Fuels —%
Jones Energy, Inc., Class A^(b)		2,700		19,008
Pacific Ethanol, Inc.^(b)		22,750		167,895
PDC Energy, Inc.^(b)		740		34,743
REX American Resources Corp.^(b)		3,245		167,572
Westmoreland Coal Co.^(b)		5,720		89,175
Total				478,393
Total Energy				668,305
FINANCIALS 0.2%
Banks 0.1%
Banco Latinoamericano de Comercio Exterior SA, Class E		5,150		141,728
Berkshire Hills Bancorp, Inc.		3,460		100,686
Central Pacific Financial Corp.		7,540		175,607

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

Semiannual Report 2015
46

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Customers Bancorp, Inc.^(b)		5,655		142,223
First BanCorp^(b)		17,475		75,317
First NBC Bank Holding Co.^(b)		3,605		137,711
Hilltop Holdings, Inc.^(b)		2,000		42,100
International Bancshares Corp.		5,290		142,460
OFG Bancorp		900		7,254
Wintrust Financial Corp.		1,025		55,268
Total				1,020,354
Capital Markets —%
Arlington Asset Investment Corp., Class A		8,850		169,035
BGC Partners, Inc., Class A		1,070		10,539
Investment Technology Group, Inc.		4,025		81,909
Piper Jaffray Companies^(b)		900		40,365
Total				301,848
Consumer Finance —%
Cash America International, Inc.		1,300		36,049
Nelnet, Inc., Class A		4,000		157,560
World Acceptance Corp.^(b)		2,980		162,172
Total				355,781
Insurance —%
American Equity Investment Life Holding Co.		7,440		219,778
Employers Holdings, Inc.		2,545		61,080
Enstar Group Ltd.^(b)		345		55,196
Fidelity & Guaranty Life		420		10,933
Heritage Insurance Holdings, Inc.^(b)		7,120		176,006
Maiden Holdings Ltd.		10,410		172,181
Total				695,174
Real Estate Investment Trusts (REITs) 0.1%
AG Mortgage Investment Trust, Inc.		8,600		156,520
Apollo Residential Mortgage, Inc.		3,300		47,784
Coresite Realty Corp.		4,000		200,800
CyrusOne, Inc.		6,760		207,802
CYS Investments, Inc.		11,200		86,912
DiamondRock Hospitality Co.		6,625		83,541
DuPont Fabros Technology, Inc.		6,200		186,930
LaSalle Hotel Properties		6,275		208,769
Pebblebrook Hotel Trust		2,425		98,698

Common Stocks (continued)

Issuer	Shares		Value ($)
RLJ Lodging Trust		2,300		68,609
Ryman Hospitality Properties, Inc.		3,800		217,284
Strategic Hotels & Resorts, Inc.^(b)		17,800		243,326
Summit Hotel Properties, Inc.		14,000		190,820
Sunstone Hotel Investors, Inc.		13,895		195,503
Western Asset Mortgage Capital Corp.		780		10,819
Total				2,204,117
Thrifts & Mortgage Finance —%
Banc of California, Inc.		4,300		52,159
HomeStreet, Inc.^(b)		5,140		116,215
MGIC Investment Corp.^(b)		20,090		222,396
Radian Group, Inc.		12,440		229,642
Walker & Dunlop, Inc.^(b)		7,490		179,386
Washington Federal, Inc.		4,200		97,776
Total				897,574
Total Financials				5,474,848
HEALTH CARE 0.2%
Biotechnology 0.1%
Alder Biopharmaceuticals, Inc.^(b)		2,420		112,337
AMAG Pharmaceuticals, Inc.^(b)		1,350		86,265
Anacor Pharmaceuticals, Inc.^(b)		470		70,119
Arena Pharmaceuticals, Inc.^(b)		15,860		64,074
Arrowhead Research Corp.^(b)		10,700		66,126
Celldex Therapeutics, Inc.^(b)		1,280		30,144
Clovis Oncology, Inc.^(b)		810		68,388
Curis, Inc.^(b)		24,040		75,486
Dyax Corp.^(b)		2,320		57,095
Dynavax Technologies Corp.^(b)		5,380		158,226
Exelixis, Inc.^(b)		6,000		34,380
Insmed, Inc.^(b)		2,120		57,452
Keryx Biopharmaceuticals, Inc.^(b)		2,090		16,678
Merrimack Pharmaceuticals, Inc.^(b)		3,700		37,370
Neurocrine Biosciences, Inc.^(b)		1,170		58,640
Novavax, Inc.^(b)		15,070		181,744
Portola Pharmaceuticals, Inc.^(b)		1,540		76,138
PTC Therapeutics, Inc.^(b)		500		25,605
Spark Therapeutics, Inc.^(b)		1,120		68,813
TESARO, Inc.^(b)		1,410		81,780

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

Semiannual Report 2015
47

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Ultragenyx Pharmaceutical, Inc.^(b)		810		97,953
vTv Therapeutics, Inc., Class A^(b)		4,398		43,980
Total				1,568,793
Health Care Equipment & Supplies 0.1%
Analogic Corp.		1,400		112,770
Greatbatch, Inc.^(b)		3,800		207,214
Merit Medical Systems, Inc.^(b)		8,270		211,381
Natus Medical, Inc.^(b)		2,990		135,029
Orthofix International NV^(b)		4,300		143,448
Total				809,842
Health Care Providers & Services —%
LHC Group, Inc.^(b)		630		25,383
Magellan Health, Inc.^(b)		2,900		175,711
Molina Healthcare, Inc.^(b)		3,100		233,833
Owens & Minor, Inc.		650		22,854
Triple-S Management Corp., Class B^(b)		6,670		143,938
Total				601,719
Health Care Technology —%
Quality Systems, Inc.		1,010		12,877
Life Sciences Tools & Services —%
Affymetrix, Inc.^(b)		15,200		166,592
INC Research Holdings, Inc. Class A^(b)		4,810		240,644
PAREXEL International Corp.^(b)		3,290		226,879
Total				634,115
Pharmaceuticals —%
Lannett Co., Inc.^(b)		1,690		100,724
Pernix Therapeutics Holdings, Inc.^(b)		9,500		47,310
Total				148,034
Total Health Care				3,775,380
INDUSTRIALS 0.1%
Aerospace & Defense 0.1%
Astronics Corp.^(b)		2,675		165,850
Cubic Corp.		3,800		168,606
Curtiss-Wright Corp.		560		37,727
Moog, Inc., Class A^(b)		3,000		200,580
Teledyne Technologies, Inc.^(b)		1,000		103,670
Total				676,433
Air Freight & Logistics —%
Air Transport Services Group, Inc.^(b)		12,660		131,031

Common Stocks (continued)

Issuer	Shares		Value ($)
Building Products —%
Continental Building Product^(b)		8,000		169,920
Commercial Services & Supplies —%
Deluxe Corp.		3,400		219,062
Quad/Graphics, Inc.		10,200		167,790
West Corp.		800		23,080
Total				409,932
Construction & Engineering —%
Argan, Inc.		4,380		170,294
EMCOR Group, Inc.		4,500		215,235
Total				385,529
Electrical Equipment —%
General Cable Corp.		2,600		42,432
Machinery —%
Douglas Dynamics, Inc.		2,010		41,245
Kadant, Inc.		3,590		163,668
Meritor, Inc.^(b)		5,400		76,032
Mueller Industries, Inc.		725		23,469
Wabash National Corp.^(b)		13,900		190,986
Total				495,400
Marine —%
Matson, Inc.		4,980		206,272
Professional Services —%
GP Strategies Corp.^(b)		420		12,050
RPX Corp.^(b)		10,270		158,979
Total				171,029
Road & Rail —%
ArcBest Corp.		5,240		173,182
Total Industrials				2,861,160
INFORMATION TECHNOLOGY 0.2%
Communications Equipment —%
ADTRAN, Inc.		7,970		131,505
Plantronics, Inc.		700		40,656
Polycom, Inc.^(b)		14,500		165,010
Total				337,171
Electronic Equipment, Instruments & Components 0.1%
Benchmark Electronics, Inc.^(b)		775		17,097
Checkpoint Systems, Inc.		15,760		137,742

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

Semiannual Report 2015
48

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Coherent, Inc.^(b)		2,075		120,246
Insight Enterprises, Inc.^(b)		2,460		66,395
Littelfuse, Inc.		1,310		120,520
Methode Electronics, Inc.		3,825		102,625
Sanmina Corp.^(b)		10,250		226,218
Total				790,843
Internet Software & Services —%
Cimpress NV^(b)		300		19,359
Constant Contact, Inc.^(b)		6,060		156,590
DHI Group, Inc.^(b)		4,690		37,379
EarthLink Holdings Corp.		8,350		61,289
LogMeIn, Inc.^(b)		2,965		218,165
RetailMeNot, Inc.^(b)		6,490		98,324
Web.com Group, Inc.^(b)		2,975		74,048
Total				665,154
IT Services —%
Convergys Corp.		8,500		213,435
MAXIMUS, Inc.		920		62,753
NeuStar, Inc., Class A^(b)		6,200		191,394
Science Applications International Corp.		3,800		203,984
Total				671,566
Semiconductors & Semiconductor Equipment —%
Amkor Technology, Inc.^(b)		31,620		139,444
Diodes, Inc.^(b)		7,300		161,987
Microsemi Corp.^(b)		6,460		212,792
Xcerra Corp.^(b)		13,620		85,602
Total				599,825
Software 0.1%
Aspen Technology, Inc.^(b)		5,180		229,888
AVG Technologies NV^(b)		7,260		208,652
Fair Isaac Corp.		1,340		121,525
Progress Software Corp.^(b)		7,160		212,509
Total				772,574
Total Information Technology				3,837,133
MATERIALS —%
Chemicals —%
Chemtura Corp.^(b)		6,910		189,541
Innospec, Inc.		1,455		62,929
PolyOne Corp.		2,875		98,526
Total				350,996

Common Stocks (continued)

Issuer	Shares		Value ($)
Metals & Mining —%
Century Aluminum Co.^(b)		12,070		112,493
Materion Corp.		4,540		138,924
Total				251,417
Paper & Forest Products —%
Clearwater Paper Corp.^(b)		3,100		182,435
Total Materials				784,848
TELECOMMUNICATION SERVICES —%
Diversified Telecommunication Services —%
General Communication, Inc., Class A^(b)		7,390		135,976
Wireless Telecommunication Services —%
Shenandoah Telecommunications Co.		1,900		65,322
Total Telecommunication Services				201,298
UTILITIES 0.1%
Electric Utilities —%
IDACORP, Inc.		2,100		130,431
Portland General Electric Co.		5,700		205,257
Total				335,688
Gas Utilities 0.1%
Chesapeake Utilities Corp.		1,700		87,414
New Jersey Resources Corp.		5,210		150,569
Southwest Gas Corp.		3,390		190,993
Total				428,976
Water Utilities —%
SJW Corp.		3,080		91,938
Total Utilities				856,602
Total Common Stocks (Cost: $23,627,298)				22,578,212

Money Market Funds 10.8%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.124%^(a)(f)		252,782,936		252,782,936
Total Money Market Funds (Cost: $252,782,936)				252,782,936
Total Investments (Cost: $2,133,402,595)				2,329,953,586
Other Assets & Liabilities, Net				5,927,448
Net Assets				2,335,881,034

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

Semiannual Report 2015
49

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2015 (Unaudited)

At July 31, 2015, cash totaling $7,380,165 was pledged as collateral.

Investments in Derivatives

Futures Contracts Outstanding at July 31, 2015

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
Russell 2000 Mini		225	USD		27,792,000	09/2015		—		(564,176	)
S&P MID 400 EMINI		174	USD		26,087,820	09/2015		—		(473,706	)
S&P500 EMINI FUT		961	USD		100,828,120	09/2015		181,348		—
US 10YR NOTE (CBT)		6	USD		764,625	09/2015		2,987		—
US LONG BOND(CBT)		20	USD		3,118,750	09/2015		36,677		—
US ULTRA BOND CBT		25	USD		3,988,281	09/2015		19,283		—
Total					162,579,596			240,295		(1,037,882	)

Notes to Portfolio of Investments

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		12,674,212		28,529		(774,959	)		104,365			12,032,147		—		—		13,103,481
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		24,038,585		66		(22,852,035	)		(1,186,616	)		—		—		—		—
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		19,426,328		1,190,627		(19,989,223	)		(627,732	)		—		1,190,621		—		—
Columbia Adaptive Alternatives Fund, Class I Shares		—		4,500,000		—			—			4,500,000		—		—		4,445,837
Columbia Contrarian Core Fund, Class I Shares		156,957,016		24,927		(59,483,786	)		20,512,299			118,010,456		—		—		146,431,252
Columbia Corporate Income Fund, Class I Shares		182,451,896		3,155,376		(340,149	)		8,090			185,275,213		—		2,928,044		181,427,136
Columbia Diversified Absolute Return Fund, Class I Shares		—		40,335,758		(56,031	)		301			40,280,028		—		—		40,118,905
Columbia Emerging Markets Bond Fund, Class I Shares		30,708,946		514,306		(24,017	)		(994	)		31,198,241		—		475,726		29,314,803

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

Semiannual Report 2015
50

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Emerging Markets Fund, Class I Shares		59,676,295		100,448		(2,496,132	)		111,412			57,392,023		—		—		57,246,925
Columbia European Equity Fund, Class I Shares		104,226,262		42,478		(9,173,560	)		2,444,749			97,539,929		—		—		110,864,604
Columbia High Yield Bond Fund, Class I Shares		22,852,644		44,871,259		(657,787	)		37,398			67,103,514		—		1,542,459		66,569,187
Columbia Income Opportunities Fund, Class I Shares		131,034,808		3,246,910		(3,181,814	)		295,375			131,395,279		—		3,192,401		133,873,582
Columbia Inflation Protected Securities Fund, Class I Shares		8,766,016		3,364,752		(912,354	)		(37,754	)		11,180,660		—		—		10,835,664
Columbia International Bond Fund, Class I Shares		21,408,707		12		(20,460,659	)		(948,060	)		—		—		—		—
Columbia Large Cap Growth Fund, Class I Shares		50,390,756		10,567		(8,655,350	)		5,150,122			46,896,095		—		—		74,098,973
Columbia Large Core Quantitative Fund, Class I Shares		91,004,253		16,159		(5,912,935	)		2,494,347			87,601,824		—		—		140,324,473
Columbia Large Growth Quantitative Fund, Class I Shares		97,761,238		16,920		(6,926,346	)		509,137			91,360,949		—		—		98,956,959
Columbia Large Value Quantitative Fund, Class I Shares		179,875,887		14,241		(1,243,692	)		63,400			178,709,836		—		—		187,278,145
Columbia Mortgage Opportunities Fund, Class I Shares		20,980,286		463,837		(917,497	)		7,228			20,533,854		—		435,854		20,597,286
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares		10,313,360		1,370		(685,077	)		404,705			10,034,358		—		—		15,162,769
Columbia Multi-Asset Income Fund, Class I Shares		—		36,540,275		—			—			36,540,275		—		617,275		35,381,224
Columbia Overseas Value Fund, Class I Shares		128,278,620		66,032		(10,941,910	)		1,346,912			118,749,654		—		—		120,997,393
Columbia Pacific/Asia Fund, Class I Shares		68,275,679		556,531		(6,211,778	)		1,681,010			64,301,442		209,232		261,198		79,343,876
Columbia Select Large Cap Equity Fund, Class I Shares		50,300,368		64,018,535		(3,081,205	)		(239,456	)		110,998,242		4,913,217		656,655		106,797,130
Columbia Select Large Cap Growth Fund, Class I Shares		68,754,909		4,896,412		(10,427,272	)		3,016,634			66,240,683		4,895,907		—		88,939,627
Columbia Select Large-Cap Value Fund, Class I Shares		51,591,866		14,399		(1,585,683	)		701,610			50,722,192		—		—		73,089,746

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

Semiannual Report 2015
51

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Select Smaller-Cap Value Fund, Class I Shares		8,607,895		680		(940,181	)		211,726			7,880,120		—		—		8,692,521
Columbia Short-Term Cash Fund		338,213,798		130,882,482		(216,313,344	)		—			252,782,936		—		162,557		252,782,936
Columbia Small Cap Core Fund, Class I Shares		11,508,308		4,243		(566,059	)		73,536			11,020,028		—		—		12,004,570
Columbia Small Cap Growth Fund I, Class I Shares		13,576,154		40		(2,319,509	)		163,608			11,420,293		—		—		11,805,341
Columbia U.S. Government Mortgage Fund, Class I Shares		167,893,644		2,622,121		(2,623,421	)		17,876			167,910,220		—		2,547,497		167,006,616
Columbia U.S. Treasury Index Fund, Class I Shares		20,028,037		168,945		(31,035	)		(1,141	)		20,164,806		—		138,790		19,884,413
Total		2,151,576,773		341,669,237		(419,784,800	)		36,314,087			2,109,775,297		11,208,977		12,958,456		2,307,375,374

(b) Non-income producing investment.

(c) Identifies securities considered by the Investment Manager to be illiquid and may be difficult to sell. The aggregate value of such securities at July 31, 2015 was $0, which represents less than 0.01% of net assets. Information concerning such security holdings at July 31, 2015 is as follows:

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

(d) Negligible market value.

(e) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2015, the value of these securities amounted to $0, which represents less than 0.01% of net assets.

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

Currency Legend

USD US Dollar

Fair Value Measurements

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

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

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

Semiannual Report 2015
52

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2015 (Unaudited)

Fair Value Measurements (continued)

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

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

Semiannual Report 2015
53

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2015 (Unaudited)

Fair Value Measurements (continued)

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

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)			Total ($)
Investments
Equity Funds		1,332,034,304			—		—			1,332,034,304
Fixed-Income Funds		629,508,687			—		—			629,508,687
Alternative Investment Funds		93,049,447			—		—			93,049,447
Common Stocks
Consumer Discretionary		3,353,428			—		—			3,353,428
Consumer Staples		765,210			—		0	^(a)		765,210
Energy		668,305			—		—			668,305
Financials		5,474,848			—		—			5,474,848
Health Care		3,775,380			—		—			3,775,380
Industrials		2,861,160			—		—			2,861,160
Information Technology		3,837,133			—		—			3,837,133
Materials		784,848			—		—			784,848
Telecommunication Services		201,298			—		—			201,298
Utilities		856,602			—		—			856,602
Total Common Stocks		22,578,212			—		0	^(a)		22,578,212
Money Market Funds		252,782,936			—		—			252,782,936
Total Investments		2,329,953,586			—		0	^(a)		2,329,953,586
Derivatives
Assets
Futures Contracts		240,295			—		—			240,295
Liabilities
Futures Contracts		(1,037,882	)		—		—			(1,037,882	)
Total		2,329,155,999			—		0	^(a)		2,329,155,999

(a) Round to zero.

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain common stock classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the halt price of the security, the movement in observed market prices for other securities from the issuer, the movement in certain foreign or domestic market indices, and the position of the security within the respective company's capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

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

Semiannual Report 2015
54

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Aggressive Portfolio

July 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 71.9%

	Shares		Value ($)
INTERNATIONAL 19.6%
Columbia Emerging Markets Fund, Class I Shares^(a)		2,922,403		28,814,894
Columbia European Equity Fund, Class I Shares^(a)		5,224,164		38,449,847
Columbia Overseas Value Fund, Class I Shares^(a)		4,486,376		39,973,611
Columbia Pacific/Asia Fund, Class I Shares^(a)		2,960,027		29,037,865
Total				136,276,217
U.S. LARGE CAP 48.6%
Columbia Contrarian Core Fund, Class I Shares^(a)		2,516,770		56,979,668
Columbia Large Cap Growth Fund, Class I Shares^(a)		561,541		21,793,394
Columbia Large Core Quantitative Fund, Class I Shares^(a)		4,176,052		42,011,082
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		4,386,359		41,889,731
Columbia Large Value Quantitative Fund, Class I Shares^(a)		6,978,869		67,346,085
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		4,039,320		48,310,262
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		1,752,224		33,397,396
Columbia Select Large-Cap Value Fund, Class I Shares^(a)		1,090,546		25,595,121
Total				337,322,739
U.S. SMALL CAP 3.7%
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares^(a)		924,744		6,547,185
Columbia Select Smaller-Cap Value Fund, Class I Shares^(a)(b)		217,307		5,034,995
Columbia Small Cap Core Fund, Class I Shares^(a)		572,882		10,563,954
Columbia Small Cap Growth Fund I, Class I Shares^(a)(b)		103,889		3,163,426
Total				25,309,560
Total Equity Funds (Cost: $421,697,627)				498,908,516

Fixed-Income Funds 13.2%

	Shares		Value ($)
EMERGING MARKETS 0.5%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)		319,037		3,400,931
HIGH YIELD 5.7%
Columbia High Yield Bond Fund, Class I Shares^(a)		5,870,820		17,201,502
Columbia Income Opportunities Fund, Class I Shares^(a)		2,260,585		22,447,612
Total				39,649,114
INVESTMENT GRADE 7.0%
Columbia Corporate Income Fund, Class I Shares^(a)		2,765,902		27,244,137
Columbia Mortgage Opportunities Fund, Class I Shares^(a)		410,018		4,112,479
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		3,133,065		17,294,517
Total				48,651,133
Total Fixed-Income Funds (Cost: $92,215,467)				91,701,178
Alternative Investment Funds 4.2%
Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)		183,136		2,014,497
Columbia Adaptive Alternatives Fund, Class I Shares^(a)(b)		451,354		4,445,838
Columbia Commodity Strategy Fund, Class I Shares^(a)(b)		317,378		1,856,660
Columbia Diversified Absolute Return Fund, Class I Shares^(a)(b)		1,036,766		10,326,189
Columbia Multi-Asset Income Fund, Class I Shares^(a)		1,064,994		10,309,141
Total Alternative Investment Funds (Cost: $29,832,771)				28,952,325
Common Stocks 1.5%
Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.2%
Auto Components —%
Cooper Tire & Rubber Co.		2,650		87,264
Dana Holding Corp.		3,960		73,498

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

Semiannual Report 2015
55

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Gentherm, Inc.^(b)		125		6,291
Total				167,053
Diversified Consumer Services —%
Capella Education Co.		1,050		54,085
Hotels, Restaurants & Leisure 0.1%
Cracker Barrel Old Country Store, Inc.		640		97,210
Denny's Corp.^(b)		3,375		39,690
DineEquity, Inc.		350		36,403
Jack in the Box, Inc.		1,145		108,775
Marriott Vacations Worldwide Corp.		1,085		90,706
Ruth's Hospitality Group, Inc.		1,335		23,403
Total				396,187
Household Durables —%
Helen of Troy Ltd.^(b)		1,000		87,780
Internet & Catalog Retail —%
1-800-Flowers.com, Inc., Class A^(b)		7,740		77,013
Lands' End, Inc.^(b)		2,840		66,967
Overstock.com, Inc.^(b)		1,220		25,815
PetMed Express, Inc.		1,545		26,034
Total				195,829
Leisure Products —%
Sturm Ruger & Co., Inc.		1,490		89,430
Media —%
Eros International PLC^(b)		1,875		67,087
Nexstar Broadcasting Group, Inc., Class A		980		56,213
Total				123,300
Specialty Retail 0.1%
Buckle, Inc. (The)		700		30,961
Build-A-Bear Workshop, Inc.^(b)		1,875		32,719
Cato Corp. (The), Class A		2,235		85,846
Children's Place, Inc. (The)		600		34,740
Citi Trends, Inc.^(b)		735		17,500
Outerwall, Inc.		1,140		80,735
Total				282,501
Textiles, Apparel & Luxury Goods —%
Perry Ellis International, Inc.^(b)		830		19,995
Vera Bradley, Inc.^(b)		2,600		28,236
Wolverine World Wide, Inc.		1,625		47,645
Total				95,876
Total Consumer Discretionary				1,492,041

Common Stocks (continued)

Issuer	Shares		Value ($)
CONSUMER STAPLES 0.1%
Food & Staples Retailing —%
Ingles Markets, Inc., Class A		800		37,024
SUPERVALU, Inc.^(b)		5,710		52,646
Total				89,670
Food Products 0.1%
Cal-Maine Foods, Inc.		1,730		93,697
Sanderson Farms, Inc.		1,100		79,211
Total				172,908
Personal Products —%
Usana Health Sciences, Inc.^(b)		600		74,790
Total Consumer Staples				337,368
ENERGY —%
Energy Equipment & Services —%
Newpark Resources, Inc.^(b)		5,000		36,150
Oil States International, Inc.^(b)		1,265		38,089
Pioneer Energy Services Corp.^(b)		2,800		10,248
Total				84,487
Oil, Gas & Consumable Fuels —%
Jones Energy, Inc., Class A^(b)		1,200		8,448
Pacific Ethanol, Inc.^(b)		10,050		74,169
PDC Energy, Inc.^(b)		295		13,850
REX American Resources Corp.^(b)		1,450		74,878
Westmoreland Coal Co.^(b)		2,545		39,677
Total				211,022
Total Energy				295,509
FINANCIALS 0.4%
Banks 0.1%
Banco Latinoamericano de Comercio Exterior SA, Class E		2,310		63,571
Berkshire Hills Bancorp, Inc.		1,535		44,669
Central Pacific Financial Corp.		3,355		78,138
Customers Bancorp, Inc.^(b)		2,505		63,001
First BanCorp^(b)		7,800		33,618
First NBC Bank Holding Co.^(b)		1,660		63,412
Hilltop Holdings, Inc.^(b)		900		18,945
International Bancshares Corp.		2,295		61,804
OFG Bancorp		400		3,224

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

Semiannual Report 2015
56

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Wintrust Financial Corp.		450		24,264
Total				454,646
Capital Markets —%
Arlington Asset Investment Corp., Class A		3,980		76,018
BGC Partners, Inc., Class A		435		4,285
Investment Technology Group, Inc.		1,800		36,630
Piper Jaffray Companies^(b)		400		17,940
Total				134,873
Consumer Finance —%
Cash America International, Inc.		600		16,638
Nelnet, Inc., Class A		1,805		71,099
World Acceptance Corp.^(b)		1,360		74,011
Total				161,748
Insurance 0.1%
American Equity Investment Life Holding Co.		3,305		97,630
Employers Holdings, Inc.		1,135		27,240
Enstar Group Ltd.^(b)		145		23,198
Fidelity & Guaranty Life		185		4,816
Heritage Insurance Holdings, Inc.^(b)		3,145		77,744
Maiden Holdings Ltd.		4,650		76,911
Total				307,539
Real Estate Investment Trusts (REITs) 0.1%
AG Mortgage Investment Trust, Inc.		3,800		69,160
Apollo Residential Mortgage, Inc.		1,500		21,720
Coresite Realty Corp.		1,800		90,360
CyrusOne, Inc.		3,010		92,527
CYS Investments, Inc.		5,000		38,800
DiamondRock Hospitality Co.		2,975		37,515
DuPont Fabros Technology, Inc.		2,800		84,420
LaSalle Hotel Properties		2,800		93,156
Pebblebrook Hotel Trust		1,075		43,753
RLJ Lodging Trust		1,030		30,725
Ryman Hospitality Properties, Inc.		1,700		97,206
Strategic Hotels & Resorts, Inc.^(b)		8,000		109,360
Summit Hotel Properties, Inc.		6,300		85,869
Sunstone Hotel Investors, Inc.		6,220		87,515
Western Asset Mortgage Capital Corp.		500		6,935
Total				989,021

Common Stocks (continued)

Issuer	Shares		Value ($)
Thrifts & Mortgage Finance 0.1%
Banc of California, Inc.		1,925		23,350
HomeStreet, Inc.^(b)		2,200		49,742
MGIC Investment Corp.^(b)		8,935		98,910
Radian Group, Inc.		5,535		102,176
Walker & Dunlop, Inc.^(b)		3,330		79,754
Washington Federal, Inc.		1,875		43,650
Total				397,582
Total Financials				2,445,409
HEALTH CARE 0.2%
Biotechnology 0.1%
Alder Biopharmaceuticals, Inc.^(b)		1,075		49,902
AMAG Pharmaceuticals, Inc.^(b)		600		38,340
Anacor Pharmaceuticals, Inc.^(b)		210		31,330
Arena Pharmaceuticals, Inc.^(b)		7,055		28,502
Arrowhead Research Corp.^(b)		4,800		29,664
Celldex Therapeutics, Inc.^(b)		580		13,659
Clovis Oncology, Inc.^(b)		360		30,395
Curis, Inc.^(b)		10,695		33,582
Dyax Corp.^(b)		1,035		25,471
Dynavax Technologies Corp.^(b)		2,480		72,937
Exelixis, Inc.^(b)		2,670		15,299
Insmed, Inc.^(b)		900		24,390
Keryx Biopharmaceuticals, Inc.^(b)		930		7,421
Merrimack Pharmaceuticals, Inc.^(b)		1,650		16,665
Neurocrine Biosciences, Inc.^(b)		520		26,063
Novavax, Inc.^(b)		6,705		80,862
Portola Pharmaceuticals, Inc.^(b)		690		34,114
PTC Therapeutics, Inc.^(b)		200		10,242
Spark Therapeutics, Inc.^(b)		500		30,720
TESARO, Inc.^(b)		625		36,250
Ultragenyx Pharmaceutical, Inc.^(b)		360		43,535
vTv Therapeutics, Inc., Class A^(b)		1,979		19,790
Total				699,133
Health Care Equipment & Supplies 0.1%
Analogic Corp.		640		51,552
Greatbatch, Inc.^(b)		1,700		92,701
Merit Medical Systems, Inc.^(b)		3,675		93,933

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

Semiannual Report 2015
57

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Natus Medical, Inc.^(b)		1,325		59,837
Orthofix International NV^(b)		1,900		63,384
Total				361,407
Health Care Providers & Services —%
LHC Group, Inc.^(b)		270		10,878
Magellan Health, Inc.^(b)		1,300		78,767
Molina Healthcare, Inc.^(b)		1,400		105,602
Owens & Minor, Inc.		300		10,548
Triple-S Management Corp., Class B^(b)		2,970		64,093
Total				269,888
Health Care Technology —%
Quality Systems, Inc.		300		3,825
Life Sciences Tools & Services —%
Affymetrix, Inc.^(b)		6,800		74,528
INC Research Holdings, Inc. Class A^(b)		2,140		107,064
PAREXEL International Corp.^(b)		1,450		99,992
Total				281,584
Pharmaceuticals —%
Lannett Co., Inc.^(b)		755		44,998
Pernix Therapeutics Holdings, Inc.^(b)		4,200		20,916
Total				65,914
Total Health Care				1,681,751
INDUSTRIALS 0.2%
Aerospace & Defense 0.1%
Astronics Corp.^(b)		1,200		74,400
Cubic Corp.		1,700		75,429
Curtiss-Wright Corp.		250		16,842
Moog, Inc., Class A^(b)		1,350		90,261
Teledyne Technologies, Inc.^(b)		425		44,060
Total				300,992
Air Freight & Logistics —%
Air Transport Services Group, Inc.^(b)		5,630		58,271
Building Products —%
Continental Building Product^(b)		3,560		75,614
Commercial Services & Supplies —%
Deluxe Corp.		1,550		99,866
Quad/Graphics, Inc.		4,500		74,025
West Corp.		300		8,655
Total				182,546

Common Stocks (continued)

Issuer	Shares		Value ($)
Construction & Engineering —%
Argan, Inc.		1,945		75,622
EMCOR Group, Inc.		2,000		95,660
Total				171,282
Electrical Equipment —%
General Cable Corp.		1,100		17,952
Machinery 0.1%
Douglas Dynamics, Inc.		895		18,366
Kadant, Inc.		1,595		72,716
Meritor, Inc.^(b)		2,400		33,792
Mueller Industries, Inc.		325		10,520
Wabash National Corp.^(b)		6,200		85,188
Total				220,582
Marine —%
Matson, Inc.		2,215		91,745
Professional Services —%
GP Strategies Corp.^(b)		200		5,738
RPX Corp.^(b)		4,570		70,744
Total				76,482
Road & Rail —%
ArcBest Corp.		2,330		77,006
Total Industrials				1,272,472
INFORMATION TECHNOLOGY 0.2%
Communications Equipment —%
ADTRAN, Inc.		3,545		58,492
Plantronics, Inc.		325		18,876
Polycom, Inc.^(b)		6,500		73,970
Total				151,338
Electronic Equipment, Instruments & Components 0.1%
Benchmark Electronics, Inc.^(b)		350		7,721
Checkpoint Systems, Inc.		7,300		63,802
Coherent, Inc.^(b)		925		53,604
Insight Enterprises, Inc.^(b)		1,090		29,419
Littelfuse, Inc.		580		53,360
Methode Electronics, Inc.		1,720		46,148
Sanmina Corp.^(b)		4,545		100,308
Total				354,362

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

Semiannual Report 2015
58

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2015 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Internet Software & Services —%
Cimpress NV^(b)		100		6,453
Constant Contact, Inc.^(b)		2,730		70,543
DHI Group, Inc.^(b)		2,085		16,617
EarthLink Holdings Corp.		3,750		27,525
LogMeIn, Inc.^(b)		1,325		97,494
RetailMeNot, Inc.^(b)		2,885		43,708
Web.com Group, Inc.^(b)		1,325		32,979
Total				295,319
IT Services —%
Convergys Corp.		3,800		95,418
MAXIMUS, Inc.		415		28,307
NeuStar, Inc., Class A^(b)		2,780		85,819
Science Applications International Corp.		1,700		91,256
Total				300,800
Semiconductors & Semiconductor Equipment —%
Amkor Technology, Inc.^(b)		14,140		62,358
Diodes, Inc.^(b)		3,265		72,450
Microsemi Corp.^(b)		2,800		92,232
Xcerra Corp.^(b)		6,060		38,087
Total				265,127
Software 0.1%
Aspen Technology, Inc.^(b)		2,305		102,296
AVG Technologies NV^(b)		3,230		92,830
Fair Isaac Corp.		595		53,961
Progress Software Corp.^(b)		3,200		94,976
Total				344,063
Total Information Technology				1,711,009
MATERIALS 0.1%
Chemicals 0.1%
Chemtura Corp.^(b)		3,070		84,210
Innospec, Inc.		640		27,680
PolyOne Corp.		1,275		43,694
Total				155,584
Metals & Mining —%
Century Aluminum Co.^(b)		5,375		50,095
Materion Corp.		2,020		61,812
Total				111,907

Common Stocks (continued)

Issuer	Shares		Value ($)
Paper & Forest Products —%
Clearwater Paper Corp.^(b)		1,380		81,213
Total Materials				348,704
TELECOMMUNICATION SERVICES —%
Diversified Telecommunication Services —%
General Communication, Inc., Class A^(b)		3,290		60,536
Wireless Telecommunication Services —%
Shenandoah Telecommunications Co.		900		30,942
Total Telecommunication Services				91,478
UTILITIES 0.1%
Electric Utilities —%
IDACORP, Inc.		935		58,073
Portland General Electric Co.		2,500		90,025
Total				148,098
Gas Utilities 0.1%
Chesapeake Utilities Corp.		775		39,851
New Jersey Resources Corp.		2,315		66,903
Southwest Gas Corp.		1,520		85,637
Total				192,391
Water Utilities —%
SJW Corp.		1,370		40,894
Total Utilities				381,383
Total Common Stocks (Cost: $10,442,941)				10,057,124

Money Market Funds 8.9%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.124%^(a)(c)		61,931,390		61,931,390
Total Money Market Funds (Cost: $61,931,390)				61,931,390
Total Investments (Cost: $616,120,196)				691,550,533
Other Assets & Liabilities, Net				2,083,733
Net Assets				693,634,266

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

Semiannual Report 2015
59

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2015 (Unaudited)

At July 31, 2015, cash totaling 1,949,755 was pledged as collateral.

Investments in Derivatives

Futures Contracts Outstanding at July 31, 2015

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
S&P500 EMINI FUT		323	USD		33,889,160	09/2015		105,493		—
S&P MID 400 EMINI		48	USD		7,196,640	09/2015		—		(130,678	)
Total					41,085,800			105,493		(130,678	)

Short Futures Contracts Outstanding

Contract Description				Number of Contracts				Trading Currency				Notional Market Value ($)				Expiration Date				Unrealized Appreciation ($)				Unrealized Depreciation ($)
US LONG BOND (CBT)					(2	)		USD					(311,875	)		09/2015					—				(10,136	)

Notes to Portfolio of Investments

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		1,902,588		43,599		(155,474	)		20,542			1,811,255		—		—		2,014,497
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		6,937,261		47,408		(6,605,319	)		(379,350	)		—		—		—		—
Columbia Adaptive Alternatives Fund, Class I Shares		—		4,500,000		—			—			4,500,000		—		—		4,445,838
Columbia Commodity Strategy Fund, Class I Shares		2,268,615		238,251		—			—			2,506,866		—		—		1,856,660
Columbia Contrarian Core Fund, Class I Shares		56,012,736		51,912		(20,068,124	)		9,957,188			45,953,712		—		—		56,979,668
Columbia Corporate Income Fund, Class I Shares		26,567,008		1,433,948		(4,406	)		(4	)		27,996,546		—		430,184		27,244,137
Columbia Diversified Absolute Return Fund, Class I Shares		—		10,476,805		(109,823	)		811			10,367,793		—		—		10,326,189
Columbia Emerging Markets Bond Fund, Class I Shares		3,378,691		173,242		(1,575	)		(60	)		3,550,298		—		54,348		3,400,931

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

Semiannual Report 2015
60

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Emerging Markets Fund, Class I Shares		29,053,969		378,669		(723,961	)		120,076			28,828,753		—		—		28,814,894
Columbia European Equity Fund, Class I Shares		32,209,543		57,568		(1,772,540	)		479,712			30,974,283		—		—		38,449,847
Columbia High Yield Bond Fund, Class I Shares		10,182,994		7,378,514		(17,352	)		(302	)		17,543,854		—		391,527		17,201,502
Columbia Income Opportunities Fund, Class I Shares		20,922,072		840,449		(46,740	)		6,432			21,722,213		—		525,624		22,447,612
Columbia Large Cap Growth Fund, Class I Shares		12,038,342		2,395		(1,502,971	)		835,709			11,373,475		—		—		21,793,394
Columbia Large Core Quantitative Fund, Class I Shares		23,643,554		110,334		(451,985	)		244,008			23,545,911		—		—		42,011,082
Columbia Large Growth Quantitative Fund, Class I Shares		39,024,463		47,352		(998,815	)		401,638			38,474,638		—		—		41,889,731
Columbia Large Value Quantitative Fund, Class I Shares		63,468,892		1,211,923		(442	)		23			64,680,396		—		—		67,346,085
Columbia Mortgage Opportunities Fund, Class I Shares		3,990,218		151,998		(40,435	)		275			4,102,056		—		84,845		4,112,479
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares		4,661,455		71,798		(97,148	)		57,741			4,693,846		—		—		6,547,185
Columbia Multi-Asset Income Fund, Class I Shares		—		10,646,857		—			—			10,646,857		—		179,857		10,309,141
Columbia Overseas Value Fund, Class I Shares		44,821,676		99,947		(5,171,796	)		(65,155	)		39,684,672		—		—		39,973,611
Columbia Pacific/ Asia Fund, Class I Shares		24,754,397		235,571		(1,524,018	)		392,581			23,858,531		76,482		95,477		29,037,865
Columbia Select Large Cap Equity Fund, Class I Shares		31,121,651		20,958,952		(786,499	)		(65,836	)		51,228,268		2,492,373		333,107		48,310,262
Columbia Select Large Cap Growth Fund, Class I Shares		23,740,336		1,835,926		(1,699,613	)		604,194			24,480,843		1,793,017		—		33,397,396
Columbia Select Large-Cap Value Fund, Class I Shares		17,142,772		257,903		(66,848	)		30,383			17,364,210		—		—		25,595,121
Columbia Select Smaller-Cap Value Fund, Class I Shares		4,106,564		21,950		(307,722	)		70,443			3,891,235		—		—		5,034,995
Columbia Short-Term Cash Fund		90,301,754		38,323,763		(66,694,127	)		—			61,931,390		—		38,424		61,931,390

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

Semiannual Report 2015
61

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Small Cap Core Fund, Class I Shares		9,688,963		142,360		(166,929	)		22,458			9,686,852		—		—		10,563,954
Columbia Small Cap Growth Fund I, Class I Shares		3,280,485		255		(298,564	)		(4,174	)		2,978,002		—		—		3,163,426
Columbia U.S. Government Mortgage Fund, Class I Shares		16,692,905		666,258		(58,732	)		69			17,300,500		—		258,025		17,294,517
Total		601,913,904		100,405,907		(109,371,958	)		12,729,402			605,677,255		4,361,872		2,391,418		681,493,409

(b) Non-income producing investment.

Currency Legend

USD US Dollar

Fair Value Measurements

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

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

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

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

Semiannual Report 2015
62

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2015 (Unaudited)

Fair Value Measurements (continued)

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

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Equity Funds		498,908,516			—		—		498,908,516
Fixed-Income Funds		91,701,178			—		—		91,701,178
Alternative Investment Funds		28,952,325			—		—		28,952,325
Common Stocks
Consumer Discretionary		1,492,041			—		—		1,492,041
Consumer Staples		337,368			—		—		337,368
Energy		295,509			—		—		295,509
Financials		2,445,409			—		—		2,445,409
Health Care		1,681,751			—		—		1,681,751
Industrials		1,272,472			—		—		1,272,472
Information Technology		1,711,009			—		—		1,711,009
Materials		348,704			—		—		348,704
Telecommunication Services		91,478			—		—		91,478
Utilities		381,383			—		—		381,383
Total Common Stocks		10,057,124			—		—		10,057,124
Money Market Funds		61,931,390			—		—		61,931,390
Total Investments		691,550,533			—		—		691,550,533
Derivatives
Assets
Futures Contracts		105,493			—		—		105,493
Liabilities
Futures Contracts		(140,814	)		—		—		(140,814	)
Total		691,515,212			—		—		691,515,212

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
63

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2015 (Unaudited)

	Columbia Capital Allocation Conservative Portfolio		Columbia Capital Allocation Moderate Conservative Portfolio		Columbia Capital Allocation Moderate Portfolio
Assets
Investments, at value
Unaffiliated issuers (identified cost $2,576,295, $4,291,536, $21,149,224)	$	2,480,413	$	4,132,026	$	20,370,256
Affiliated issuers (identified cost $289,448,887, $643,694,745, $1,520,580,278)		289,262,205		663,882,191		1,626,729,008
Total investments (identified cost $292,025,182, $647,986,281, $1,541,729,502)		291,742,618		668,014,217		1,647,099,264
Receivable due from broker		—		300,000		1,460,000
Margin deposits		324,249		1,251,482		3,350,142
Receivable for:
Investments sold		324,709		182,409		975,371
Capital shares sold		328,604		403,521		1,430,584
Dividends		461,606		912,928		1,701,760
Variation margin		30,609		125,780		220,587
Prepaid expenses		4,425		5,940		9,886
Other assets		15,515		1,652		33,626
Total assets		293,232,335		671,197,929		1,656,281,220
Liabilities
Payable for:
Investments purchased		812,394		1,423,098		4,138,229
Capital shares purchased		880,939		818,945		1,382,634
Variation margin		22,753		73,193		201,742
Investment management fees		395		978		2,270
Distribution and/or service fees		3,058		6,525		15,819
Transfer agent fees		26,107		58,001		118,306
Administration fees		160		366		903
Plan administration fees		1		—		2
Compensation of board members		78,042		26,735		31,796
Other expenses		27,904		40,318		75,501
Total liabilities		1,851,753		2,448,159		5,967,202
Net assets applicable to outstanding capital stock	$	291,380,582	$	668,749,770	$	1,650,314,018

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

Semiannual Report 2015
64

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2015 (Unaudited)

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Represented by
Paid-in capital	$	289,522,121		$	641,328,087		$	1,507,738,686
Undistributed (excess of distributions over) net investment income		254,533			580,107			(739,344	)
Accumulated net realized gain		1,832,221			6,698,618			37,994,172
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(95,882	)		(159,510	)		(778,968	)
Investments — affiliated issuers		(186,682	)		20,187,446			106,148,730
Foreign currency translations		(3,742	)		(44,870	)		(49,447	)
Futures contracts		58,013			159,892			189
Total — representing net assets applicable to outstanding capital stock	$	291,380,582		$	668,749,770		$	1,650,314,018
Class A
Net assets	$	234,865,069		$	535,323,439		$	1,424,978,151
Shares outstanding		23,507,460			49,054,049			124,297,195
Net asset value per share	$	9.99		$	10.91		$	11.46
Maximum offering price per share^(a)	$	10.49		$	11.58		$	12.16
Class B
Net assets	$	5,186,097		$	11,933,229		$	34,276,107
Shares outstanding		520,784			1,099,650			3,005,598
Net asset value per share	$	9.96		$	10.85		$	11.40
Class C
Net assets	$	47,520,943		$	91,139,064		$	186,505,639
Shares outstanding		4,782,815			8,462,155			16,391,345
Net asset value per share	$	9.94		$	10.77		$	11.38
Class K
Net assets	$	97,084		$	3,102		$	309,730
Shares outstanding		9,813			288			27,045
Net asset value per share	$	9.89		$	10.76	^(b)	$	11.45
Class R
Net assets	$	472,810		$	2,911,417		$	1,707,747
Shares outstanding		47,346			266,379			149,349
Net asset value per share	$	9.99		$	10.93		$	11.43
Class R4
Net assets	$	194,909		$	997,551		$	55,652
Shares outstanding		19,627			92,142			4,903
Net asset value per share	$	9.93		$	10.83		$	11.35

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

Semiannual Report 2015
65

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2015 (Unaudited)

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio		Columbia Capital Allocation Moderate Portfolio
Class R5
Net assets	$	109,337		$	235,001	$	79,993
Shares outstanding		11,010			21,716		7,048
Net asset value per share	$	9.93		$	10.82	$	11.35
Class Y
Net assets	$	2,358		$	7,415	$	2,400
Shares outstanding		237			693		212
Net asset value per share	$	9.93	^(b)	$	10.70	$	11.35	^(b)
Class Z
Net assets	$	2,931,975		$	26,199,552	$	2,398,599
Shares outstanding		293,531			2,430,207		209,467
Net asset value per share	$	9.99		$	10.78	$	11.45

(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 4.75% for Columbia Capital Allocation Conservative Portfolio and dividing the net asset value by 1.0 minus the maximum sales charge of 5.75% for Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Portfolio.

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

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

Semiannual Report 2015
66

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2015 (Unaudited)

	Columbia Capital Allocation Moderate Aggressive Portfolio		Columbia Capital Allocation Aggressive Portfolio
Assets
Investments, at value
Unaffiliated issuers (identified cost $23,627,298, $10,442,941)	$	22,578,212	$	10,057,124
Affiliated issuers (identified cost $2,109,775,297, $605,677,255)		2,307,375,374		681,493,409
Total investments (identified cost $2,133,402,595, $616,120,196)		2,329,953,586		691,550,533
Foreign currency (identified cost $900)		900		—
Receivable due from broker		740,000		410,000
Margin deposits		7,380,165		1,949,755
Receivable for:
Investments sold		1,515,743		425,698
Capital shares sold		684,774		996,555
Dividends		1,867,391		303,575
Variation margin		258,353		29,180
Prepaid expenses		12,637		6,027
Trustees' deferred compensation plan		103,872		—
Other assets		7,888		20,716
Total assets		2,342,525,309		695,692,039
Liabilities
Payable for:
Investments purchased		3,646,362		1,394,609
Capital shares purchased		2,022,713		420,760
Dividend distributions to shareholders		85		—
Variation margin		355,992		116,528
Investment management fees		4,260		1,062
Distribution and/or service fees		20,625		6,516
Transfer agent fees		239,920		50,311
Administration fees		1,280		380
Plan administration fees		1		—
Compensation of board members		143,798		21,305
Other expenses		105,367		46,302
Trustees' deferred compensation plan		103,872		—
Total liabilities		6,644,275		2,057,773
Net assets applicable to outstanding capital stock	$	2,335,881,034	$	693,634,266

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

Semiannual Report 2015
67

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2015 (Unaudited)

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Represented by
Paid-in capital	$	2,089,732,924		$	604,342,989
Undistributed (excess of distributions over) net investment income		(2,740,578	)		327,367
Accumulated net realized gain		53,142,758			13,571,043
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(1,049,086	)		(385,817	)
Investments — affiliated issuers		197,600,077			75,816,154
Foreign currency translations		(7,474	)		(2,149	)
Futures contracts		(797,587	)		(35,321	)
Total — representing net assets applicable to outstanding capital stock	$	2,335,881,034		$	693,634,266
Class A
Net assets	$	1,836,455,178		$	602,588,905
Shares outstanding		146,526,445			47,390,351
Net asset value per share	$	12.53		$	12.72
Maximum offering price per share^(a)	$	13.29		$	13.50
Class B
Net assets	$	45,469,717		$	16,873,452
Shares outstanding		3,669,529			1,333,235
Net asset value per share	$	12.39		$	12.66
Class C
Net assets	$	221,647,489		$	70,141,811
Shares outstanding		17,600,865			5,638,118
Net asset value per share	$	12.59		$	12.44
Class K
Net assets	$	97,536		$	58,207
Shares outstanding		7,804			4,566
Net asset value per share	$	12.50		$	12.75
Class R
Net assets	$	4,415,599		$	915,146
Shares outstanding		352,789			72,490
Net asset value per share	$	12.52		$	12.62
Class R4
Net assets	$	1,249,628		$	1,004,481
Shares outstanding		99,003			80,234
Net asset value per share	$	12.62		$	12.52

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

Semiannual Report 2015
68

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2015 (Unaudited)

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Class R5
Net assets	$	1,163,611		$	399,030
Shares outstanding		92,217			31,879
Net asset value per share	$	12.62		$	12.52
Class T
Net assets	$	96,748,645		$	—
Shares outstanding		7,719,287			—
Net asset value per share	$	12.53		$	—
Maximum offering price per share^(a)	$	13.29		$	—
Class Y
Net assets	$	2,321		$	2,456
Shares outstanding		187			196
Net asset value per share	$	12.38	^(b)	$	12.51	^(b)
Class Z
Net assets	$	128,631,310		$	1,650,778
Shares outstanding		10,278,756			130,195
Net asset value per share	$	12.51		$	12.68

(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
69

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF OPERATIONS

Six Months Ended July 31, 2015 (Unaudited)

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Net investment income
Income:
Dividends — unaffiliated issuers	$	9,776		$	16,433		$	80,708
Dividends — affiliated issuers		2,942,005			5,939,885			12,050,048
Interest		—			740			859
Foreign taxes withheld		(1	)		(2	)		(8	)
Total income		2,951,780			5,957,056			12,131,607
Expenses:
Investment management fees		78,931			192,583			431,982
Distribution and/or service fees
Class A		302,520			681,706			1,810,144
Class B		34,121			74,221			215,776
Class C		242,792			456,547			927,877
Class R		766			6,467			4,047
Transfer agent fees
Class A		148,649			330,657			822,528
Class B		4,202			9,011			24,582
Class C		29,822			55,354			105,379
Class K		24			1			76
Class R		187			1,567			919
Class R4		108			610			18
Class R5		16			57			20
Class Z		1,861			16,116			1,560
Administration fees		30,108			68,193			168,162
Plan administration fees
Class K		121			4			381
Compensation of board members		8,895			9,866			16,284
Custodian fees		10,698			11,771			11,206
Printing and postage fees		22,022			39,193			100,033
Registration fees		63,794			58,176			69,038
Professional fees		12,152			13,241			16,773
Other		6,474			8,484			13,347
Total expenses		998,263			2,033,825			4,740,132
Expense reductions		(20	)		(140	)		(80	)
Total net expenses		998,243			2,033,685			4,740,052
Net investment income		1,953,537			3,923,371			7,391,555
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		(17,712	)		(25,958	)		(143,071	)
Investments — affiliated issuers		1,275,666			6,190,578			34,861,985
Capital gain distributions from underlying affiliated funds		541,943			1,439,412			8,064,906
Foreign currency translations		(17,581	)		(62,338	)		(136,596	)
Futures contracts		691,840			2,713,067			7,913,488
Swap contracts		6,042			7,854			39,271
Net realized gain		2,480,198			10,262,615			50,599,983
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(95,882	)		(159,510	)		(778,968	)
Investments — affiliated issuers		(3,161,359	)		(1,420,564	)		(3,768,131	)
Foreign currency translations		85			(5,988	)		(6,274	)
Futures contracts		59,868			(498,960	)		(1,558,717	)
Net change in unrealized appreciation (depreciation)		(3,197,288	)		(2,085,022	)		(6,112,090	)
Net realized and unrealized gain (loss)		(717,090	)		8,177,593			44,487,893
Net increase in net assets resulting from operations	$	1,236,447		$	12,100,964		$	51,879,448

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

Semiannual Report 2015
70

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF OPERATIONS (continued)

Six Months Ended July 31, 2015 (Unaudited)

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Net investment income
Income:
Dividends — unaffiliated issuers	$	89,530		$	39,755
Dividends — affiliated issuers		12,958,456			2,391,418
Interest		1,654			—
Foreign taxes withheld		(9	)		(4	)
Total income		13,049,631			2,431,169
Expenses:
Investment management fees		828,229			204,938
Distribution and/or service fees
Class A		2,319,767			751,627
Class B		273,365			101,150
Class C		1,105,378			339,193
Class R		10,811			2,230
Class T		123,424			—
Transfer agent fees
Class A		1,463,190			388,123
Class B		43,147			13,090
Class C		174,287			43,773
Class K		25			15
Class R		3,407			576
Class R4		891			342
Class R5		202			91
Class T		77,850			—
Class Z		103,064			1,035
Administration fees		236,737			69,282
Plan administration fees
Class K		124			76
Compensation of board members		23,478			9,738
Custodian fees		21,434			12,587
Printing and postage fees		135,647			47,728
Registration fees		71,346			69,068
Professional fees		20,950			14,112
Other		17,115			8,267
Total expenses		7,053,868			2,077,041
Expense reductions		(10,788	)		(180	)
Total net expenses		7,043,080			2,076,861
Net investment income		6,006,551			354,308
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		(28,555	)		(67,738	)
Investments — affiliated issuers		36,314,087			12,729,402
Capital gain distributions from underlying affiliated funds		11,208,977			4,361,872
Foreign currency translations		44,310			(588	)
Futures contracts		16,701,648			4,645,609
Swap contracts		19,938			10,875
Net realized gain		64,260,405			21,679,432
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(876,206	)		(385,817	)
Investments — affiliated issuers		32,620,252			13,824,919
Foreign currency translations		(5,355	)		(1,521	)
Futures contracts		(2,808,716	)		(534,139	)
Net change in unrealized appreciation (depreciation)		28,929,975			12,903,442
Net realized and unrealized gain (loss)		93,190,380			34,582,874
Net increase in net assets resulting from operations	$	99,196,931		$	34,937,182

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

Semiannual Report 2015
71

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS

	Columbia Capital Allocation Conservative Portfolio						Columbia Capital Allocation Moderate Conservative Portfolio
	Six Months Ended July 31, 2015 (Unaudited)			Year Ended January 31, 2015			Six Months Ended July 31, 2015 (Unaudited)			Year Ended January 31, 2015
Operations
Net investment income	$	1,953,537		$	4,884,142		$	3,923,371		$	11,031,975
Net realized gain		2,480,198			9,970,600			10,262,615			32,208,591
Net change in unrealized appreciation (depreciation)		(3,197,288	)		1,153,821			(2,085,022	)		(1,904,201	)
Net increase in net assets resulting from operations		1,236,447			16,008,563			12,100,964			41,336,365
Distributions to shareholders
Net investment income
Class A		(1,721,102	)		(4,678,256	)		(3,547,547	)		(11,069,734	)
Class B		(23,565	)		(102,358	)		(43,599	)		(252,795	)
Class C		(166,337	)		(534,918	)		(257,964	)		(1,145,791	)
Class K		(734	)		(1,900	)		(22	)		(110	)
Class R		(1,786	)		(3,179	)		(13,361	)		(38,385	)
Class R4		(1,462	)		(1,859	)		(7,915	)		(17,563	)
Class R5		(538	)		(54	)		(1,861	)		(3,855	)
Class Y		(22	)		(55	)		(45	)		(84	)
Class Z		(25,681	)		(68,020	)		(207,646	)		(598,245	)
Net realized gains
Class A		(2,047,725	)		(13,788,348	)		(9,248,923	)		(40,886,882	)
Class B		(47,449	)		(522,244	)		(213,835	)		(1,568,580	)
Class C		(417,064	)		(2,614,805	)		(1,586,471	)		(6,706,213	)
Class K		(845	)		(5,265	)		(55	)		(250	)
Class R		(4,079	)		(10,594	)		(49,274	)		(159,791	)
Class R4		(1,662	)		(3,616	)	��	(17,458	)		(54,567	)
Class R5		(530	)		(137	)		(3,982	)		(11,651	)
Class Y		(21	)		(137	)		(137	)		(226	)
Class Z		(25,773	)		(181,112	)		(459,160	)		(1,994,601	)
Total distributions to shareholders		(4,486,375	)		(22,516,857	)		(15,659,255	)		(64,509,323	)
Increase (decrease) in net assets from capital stock activity		(9,827,727	)		(15,261,332	)		(10,170,758	)		11,455,155
Total increase (decrease) in net assets		(13,077,655	)		(21,769,626	)		(13,729,049	)		(11,717,803	)
Net assets at beginning of period		304,458,237			326,227,863			682,478,819			694,196,622
Net assets at end of period	$	291,380,582		$	304,458,237		$	668,749,770		$	682,478,819
Undistributed (excess of distributions over) net investment income	$	254,533		$	242,223		$	580,107		$	736,696

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

Semiannual Report 2015
72

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Conservative Portfolio												Columbia Capital Allocation Moderate Conservative Portfolio
	Six Months Ended July 31, 2015 (Unaudited)						Year Ended January 31, 2015						Six Months Ended July 31, 2015 (Unaudited)						Year Ended January 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		1,346,332			13,651,599			2,621,777			27,140,318			2,844,033			31,676,214			5,541,896			63,029,176
Distributions reinvested		357,612			3,588,648			1,725,455			17,624,946			1,069,915			11,726,143			4,244,327			47,459,752
Redemptions		(2,463,052	)		(24,986,376	)		(5,556,640	)		(57,682,238	)		(4,578,283	)		(50,936,028	)		(8,770,781	)		(100,034,271	)
Net increase (decrease)		(759,108	)		(7,746,129	)		(1,209,408	)		(12,916,974	)		(664,335	)		(7,533,671	)		1,015,442			10,454,657
Class B shares
Subscriptions		15,330			155,106			38,446			395,003			21,187			234,010			92,475			1,046,557
Distributions reinvested		6,802			68,031			58,706			598,857			21,349			232,564			146,052			1,627,147
Redemptions^(a)		(271,639	)		(2,743,583	)		(535,351	)		(5,532,938	)		(507,547	)		(5,635,375	)		(1,077,387	)		(12,199,564	)
Net decrease		(249,507	)		(2,520,446	)		(438,199	)		(4,539,078	)		(465,011	)		(5,168,801	)		(838,860	)		(9,525,860	)
Class C shares
Subscriptions		467,120			4,723,218			928,139			9,555,122			798,615			8,769,254			1,621,177			18,239,558
Distributions reinvested		56,379			562,235			298,654			3,036,129			156,366			1,689,803			645,039			7,123,139
Redemptions		(506,900	)		(5,111,872	)		(1,073,515	)		(11,082,639	)		(817,322	)		(8,974,868	)		(1,575,771	)		(17,728,564	)
Net increase		16,599			173,581			153,278			1,508,612			137,659			1,484,189			690,445			7,634,133
Class K shares
Subscriptions		29			295			52			537			—			—			17			189
Distributions reinvested		155			1,539			686			6,944			1			14			5			61
Redemptions		(6	)		(59	)		(755	)		(7,849	)		(6	)		(64	)		(4,746	)		(54,329	)
Net increase (decrease)		178			1,775			(17	)		(368	)		(5	)		(50	)		(4,724	)		(54,079	)
Class R shares
Subscriptions		27,418			279,463			4,621			47,946			74,888			837,083			65,432			740,588
Distributions reinvested		583			5,829			1,332			13,591			4,195			46,011			13,337			149,354
Redemptions		(1,032	)		(10,401	)		(2,938	)		(30,795	)		(15,551	)		(171,968	)		(72,943	)		(834,372	)
Net increase (decrease)		26,969			274,891			3,015			30,742			63,532			711,126			5,826			55,570
Class R4 shares
Subscriptions		4,308			43,754			16,804			172,489			12,119			134,282			90,075			1,023,566
Distributions reinvested		310			3,083			528			5,285			2,328			25,311			6,503			71,883
Redemptions		(495	)		(5,000	)		(2,065	)		(20,819	)		(10,988	)		(120,886	)		(8,116	)		(89,475	)
Net increase		4,123			41,837			15,267			156,955			3,459			38,707			88,462			1,005,974
Class R5 shares
Subscriptions		4,857			48,331			5,813			58,066			1,341			14,729			13,248			150,449
Distributions reinvested		103			1,026			—			—			532			5,781			1,381			15,256
Redemptions		—			—			—			—			(73	)		(811	)		(1,240	)		(13,979	)
Net increase		4,960			49,357			5,813			58,066			1,800			19,699			13,389			151,726

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

Semiannual Report 2015
73

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Conservative Portfolio												Columbia Capital Allocation Moderate Conservative Portfolio
	Six Months Ended July 31, 2015 (Unaudited)						Year Ended January 31, 2015						Six Months Ended July 31, 2015 (Unaudited)						Year Ended January 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		—			—			—			—			537			5,899			166			1,851
Distributions reinvested		—			—			—			—			11			120			5			58
Redemptions		—			—			—			—			(206	)		(2,245	)		(41	)		(452	)
Net increase (decrease)		—			—			—			—			342			3,774			130			1,457
Class Z shares
Subscriptions		40,126			407,318			159,935			1,672,487			219,674			2,409,503			713,743			7,988,759
Distributions reinvested		3,850			38,620			19,198			196,142			27,128			293,579			96,806			1,068,999
Redemptions		(54,076	)		(548,531	)		(138,649	)		(1,427,916	)		(221,535	)		(2,428,813	)		(654,233	)		(7,326,181	)
Net increase (decrease)		(10,100	)		(102,593	)		40,484			440,713			25,267			274,269			156,316			1,731,577
Total net increase (decrease)		(965,886	)		(9,827,727	)		(1,429,767	)		(15,261,332	)		(897,292	)		(10,170,758	)		1,126,426			11,455,155

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

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

Semiannual Report 2015
74

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Moderate Portfolio						Columbia Capital Allocation Moderate Aggressive Portfolio
	Six Months Ended July 31, 2015 (Unaudited)			Year Ended January 31, 2015			Six Months Ended July 31, 2015 (Unaudited)			Year Ended January 31, 2015
Operations
Net investment income	$	7,391,555		$	23,547,452		$	6,006,551		$	27,083,878
Net realized gain		50,599,983			113,856,823			64,260,405			194,214,422
Net change in unrealized appreciation (depreciation)		(6,112,090	)		(28,096,334	)		28,929,975			(59,935,306	)
Net increase in net assets resulting from operations		51,879,448			109,307,941			99,196,931			161,362,994
Distributions to shareholders
Net investment income
Class A		(8,510,086	)		(28,758,842	)		(8,233,728	)		(34,516,560	)
Class B		(92,240	)		(648,567	)		(42,320	)		(824,921	)
Class C		(406,648	)		(2,229,702	)		(195,097	)		(2,619,905	)
Class K		(1,894	)		(6,121	)		(497	)		(1,977	)
Class R		(7,507	)		(26,729	)		(13,787	)		(81,372	)
Class R4		(211	)		(470	)		(6,448	)		(14,448	)
Class R5		(599	)		(1,103	)		(5,959	)		(14,202	)
Class T		—			—			(438,072	)		(1,847,218	)
Class Y		(19	)		(63	)		(15	)		(58	)
Class Z		(19,396	)		(70,355	)		(742,235	)		(2,775,192	)
Net realized gains
Class A		(39,861,150	)		(126,283,047	)		(57,368,272	)		(169,563,640	)
Class B		(1,004,820	)		(4,982,956	)		(1,493,615	)		(6,697,170	)
Class C		(5,226,436	)		(15,421,095	)		(6,882,251	)		(19,458,283	)
Class K		(8,567	)		(24,386	)		(3,036	)		(8,980	)
Class R		(46,765	)		(132,155	)		(134,296	)		(454,217	)
Class R4		(830	)		(1,275	)		(35,897	)		(46,911	)
Class R5		(2,242	)		(2,921	)		(35,886	)		(58,047	)
Class T		—			—			(3,040,966	)		(9,299,777	)
Class Y		(69	)		(225	)		(75	)		(230	)
Class Z		(69,294	)		(278,188	)		(4,050,321	)		(11,996,520	)
Total distributions to shareholders		(55,258,773	)		(178,868,200	)		(82,722,773	)		(260,279,628	)
Increase (decrease) in net assets from capital stock activity		(17,250,248	)		75,905,360			(2,412,558	)		88,664,254
Total increase (decrease) in net assets		(20,629,573	)		6,345,101			14,061,600			(10,252,380	)
Net assets at beginning of period		1,670,943,591			1,664,598,490			2,321,819,434			2,332,071,814
Net assets at end of period	$	1,650,314,018		$	1,670,943,591		$	2,335,881,034		$	2,321,819,434
Undistributed (excess of distributions over) net investment income	$	(739,344	)	$	907,701		$	(2,740,578	)	$	931,029

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

Semiannual Report 2015
75

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Moderate Portfolio												Columbia Capital Allocation Moderate Aggressive Portfolio
	Six Months Ended July 31, 2015 (Unaudited)						Year Ended January 31, 2015						Six Months Ended July 31, 2015 (Unaudited)						Year Ended January 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		5,560,987			65,485,571			12,947,125			156,209,088			6,092,730			78,464,971			12,890,460			168,780,106
Distributions reinvested		4,152,083			47,774,817			12,992,838			153,064,805			4,443,897			56,042,939			13,509,586			173,522,840
Redemptions		(10,471,911	)		(123,248,633	)		(19,719,911	)		(237,538,126	)		(9,763,284	)		(125,858,731	)		(19,449,855	)		(255,169,724	)
Net increase (decrease)		(758,841	)		(9,988,245	)		6,220,052			71,735,767			773,343			8,649,179			6,950,191			87,133,222
Class B shares
Subscriptions		33,339			392,297			167,118			2,007,411			37,429			471,595			209,854			2,707,214
Distributions reinvested		95,433			1,092,238			477,608			5,606,845			105,152			1,310,195			487,292			6,205,799
Redemptions^(a)		(1,303,955	)		(15,317,567	)		(2,448,067	)		(29,299,200	)		(1,479,143	)		(18,926,681	)		(2,901,317	)		(37,705,712	)
Net decrease		(1,175,183	)		(13,833,032	)		(1,803,341	)		(21,684,944	)		(1,336,562	)		(17,144,891	)		(2,204,171	)		(28,792,699	)
Class C shares
Subscriptions		1,635,497			19,106,793			3,260,986			39,051,679			1,404,138			18,163,240			2,858,744			37,738,722
Distributions reinvested		489,640			5,592,592			1,498,025			17,515,321			464,016			5,879,086			1,398,343			18,053,716
Redemptions		(1,515,175	)		(17,683,522	)		(2,598,610	)		(31,062,362	)		(1,302,462	)		(16,849,978	)		(2,430,791	)		(32,107,001	)
Net increase		609,962			7,015,863			2,160,401			25,504,638			565,692			7,192,348			1,826,296			23,685,437
Class K shares
Subscriptions		821			9,660			1,899			22,946			45			581			456			5,992
Distributions reinvested		903			10,376			2,567			30,203			274			3,440			830			10,629
Redemptions		(117	)		(1,374	)		(8,930	)		(110,339	)		(428	)		(5,566	)		(1,432	)		(19,118	)
Net increase (decrease)		1,607			18,662			(4,464	)		(57,190	)		(109	)		(1,545	)		(146	)		(2,497	)
Class R shares
Subscriptions		24,027			282,692			45,969			554,037			66,347			844,010			106,419			1,398,886
Distributions reinvested		4,728			54,272			13,527			158,879			11,764			148,083			41,780			535,584
Redemptions		(19,810	)		(230,818	)		(14,901	)		(178,125	)		(68,635	)		(876,872	)		(139,518	)		(1,793,685	)
Net increase (decrease)		8,945			106,146			44,595			534,791			9,476			115,221			8,681			140,785
Class R4 shares
Subscriptions		2,298			26,214			2,412			28,623			13,499			173,299			79,609			1,064,857
Distributions reinvested		84			955			127			1,461			3,329			42,257			4,805			61,080
Redemptions		—			—			(230	)		(2,725	)		(1,883	)		(24,209	)		(909	)		(11,835	)
Net increase		2,382			27,169			2,309			27,359			14,945			191,347			83,505			1,114,102
Class R5 shares
Subscriptions		—			—			6,536			76,537			37,830			498,257			3,520			46,661
Distributions reinvested		241			2,752			326			3,737			3,291			41,756			5,571			71,967
Redemptions		—			—			(267	)		(3,000	)		(574	)		(7,315	)		(1,524	)		(19,728	)
Net increase		241			2,752			6,595			77,274			40,547			532,698			7,567			98,900
Class T shares
Subscriptions		—			—			—			—			35,841			459,399			51,867			676,876
Distributions reinvested		—			—			—			—			216,380			2,728,825			669,576			8,601,109
Redemptions		—			—			—			—			(354,380	)		(4,571,321	)		(726,050	)		(9,535,902	)
Net increase (decrease)		—			—			—			—			(102,159	)		(1,383,097	)		(4,607	)		(257,917	)

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

Semiannual Report 2015
76

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Moderate Portfolio												Columbia Capital Allocation Moderate Aggressive Portfolio
	Six Months Ended July 31, 2015 (Unaudited)						Year Ended January 31, 2015						Six Months Ended July 31, 2015 (Unaudited)						Year Ended January 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		—			—			—			—			—			—			1			10
Distributions reinvested		—			—			—			—			—			—			—			—
Redemptions		—			—			—			—			—			—			(16	)		(210	)
Net increase (decrease)		—			—			—			—			—			—			(15	)		(200	)
Class Z shares
Subscriptions		67,145			790,159			121,993			1,471,293			580,998			7,456,491			1,315,174			17,147,355
Distributions reinvested		5,399			62,123			24,054			283,239			232,211			2,924,572			699,684			8,970,274
Redemptions		(123,279	)		(1,451,845	)		(165,444	)		(1,986,867	)		(852,285	)		(10,944,881	)		(1,568,691	)		(20,572,508	)
Net increase (decrease)		(50,735	)		(599,563	)		(19,397	)		(232,335	)		(39,076	)		(563,818	)		446,167			5,545,121
Total net increase (decrease)		(1,361,622	)		(17,250,248	)		6,606,750			75,905,360			(73,903	)		(2,412,558	)		7,113,468			88,664,254

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

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

Semiannual Report 2015
77

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Six Months Ended July 31, 2015 (Unaudited)			Year Ended January 31, 2015
Operations
Net investment income	$	354,308		$	5,490,272
Net realized gain		21,679,432			68,322,682
Net change in unrealized appreciation (depreciation)		12,903,442			(27,002,909	)
Net increase in net assets resulting from operations		34,937,182			46,810,045
Distributions to shareholders
Net investment income
Class A		(16,798	)		(12,809,041	)
Class B		—			(359,699	)
Class C		—			(902,180	)
Class K		(7	)		(1,956	)
Class R		—			(17,686	)
Class R4		(122	)		(9,909	)
Class R5		(116	)		(9,276	)
Class Y		(1	)		(69	)
Class Z		(396	)		(33,396	)
Net realized gains
Class A		(22,272,576	)		(41,325,025	)
Class B		(649,322	)		(1,746,156	)
Class C		(2,615,744	)		(4,383,783	)
Class K		(2,126	)		(6,379	)
Class R		(33,737	)		(64,168	)
Class R4		(19,031	)		(26,545	)
Class R5		(13,409	)		(25,694	)
Class Y		(96	)		(189	)
Class Z		(63,657	)		(95,212	)
Total distributions to shareholders		(25,687,138	)		(61,816,363	)
Increase (decrease) in net assets from capital stock activity		18,690,937			42,200,788
Total increase (decrease) in net assets		27,940,981			27,194,470
Net assets at beginning of period		665,693,285			638,498,815
Net assets at end of period	$	693,634,266		$	665,693,285
Undistributed (excess of distributions over) net investment income	$	327,367		$	(9,501	)

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

Semiannual Report 2015
78

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Six Months Ended July 31, 2015 (Unaudited)						Year Ended January 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		2,439,586			31,976,949			4,456,735			58,954,134
Distributions reinvested		1,725,414			22,119,802			4,161,553			53,807,701
Redemptions		(2,874,903	)		(37,671,119	)		(5,746,418	)		(76,231,760	)
Net increase (decrease)		1,290,097			16,425,632			2,871,870			36,530,075
Class B shares
Subscriptions		11,453			149,120			46,579			616,874
Distributions reinvested		50,647			646,765			161,578			2,092,473
Redemptions^(a)		(488,734	)		(6,430,606	)		(904,483	)		(11,901,859	)
Net decrease		(426,634	)		(5,634,721	)		(696,326	)		(9,192,512	)
Class C shares
Subscriptions		724,646			9,302,463			1,310,072			17,020,272
Distributions reinvested		205,647			2,580,869			410,360			5,215,821
Redemptions		(364,594	)		(4,682,796	)		(663,516	)		(8,632,474	)
Net increase		565,699			7,200,536			1,056,916			13,603,619
Class K shares
Subscriptions		269			3,536			521			6,953
Distributions reinvested		158			2,033			618			8,075
Redemptions		(1,313	)		(16,991	)		(7,540	)		(101,407	)
Net increase (decrease)		(886	)		(11,422	)		(6,401	)		(86,379	)
Class R shares
Subscriptions		4,858			63,094			19,059			251,376
Distributions reinvested		2,650			33,737			6,367			81,855
Redemptions		(8,206	)		(104,507	)		(2,734	)		(35,753	)
Net increase (decrease)		(698	)		(7,676	)		22,692			297,478
Class R4 shares
Subscriptions		43,466			546,005			36,616			490,394
Distributions reinvested		1,510			19,058			2,877			36,200
Redemptions		(5,031	)		(65,831	)		(1,235	)		(16,046	)
Net increase		39,945			499,232			38,258			510,548
Class R5 shares
Subscriptions		4,726			60,010			10,369			135,788
Distributions reinvested		1,064			13,429			2,730			34,714
Redemptions		(4,806	)		(61,889	)		(12,685	)		(167,643	)
Net increase		984			11,550			414			2,859

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

Semiannual Report 2015
79

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Six Months Ended July 31, 2015 (Unaudited)						Year Ended January 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		—			—			—			—
Distributions reinvested		—			—			—			—
Redemptions		—			—			(16	)		(200	)
Net increase (decrease)		—			—			(16	)		(200	)
Class Z shares
Subscriptions		32,259			423,679			66,669			888,250
Distributions reinvested		4,759			60,818			9,435			121,213
Redemptions		(21,580	)		(276,691	)		(35,808	)		(474,163	)
Net increase (decrease)		15,438			207,806			40,296			535,300
Total net increase (decrease)		1,483,945			18,690,937			3,327,703			42,200,788

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

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

Semiannual Report 2015
80

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Conservative Portfolio

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 July 31, 2015			Year Ended January 31,
Class A	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	10.10		$	10.34		$	10.63		$	10.32		$	10.44		$	9.77
Income from investment operations:
Net investment income		0.07			0.18			0.20			0.24			0.25			0.24
Net realized and unrealized gain (loss)		(0.02	)		0.35			0.14			0.54			0.14			0.68
Total from investment operations		0.05			0.53			0.34			0.78			0.39			0.92
Less distributions to shareholders:
Net investment income		(0.07	)		(0.19	)		(0.27	)		(0.35	)		(0.25	)		(0.25	)
Net realized gains		(0.09	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)		—
Total distributions to shareholders		(0.16	)		(0.77	)		(0.63	)		(0.47	)		(0.51	)		(0.25	)
Net asset value, end of period	$	9.99		$	10.10		$	10.34		$	10.63		$	10.32		$	10.44
Total return		0.49	%		5.24	%		3.28	%		7.62	%		3.90	%		9.47	%
Ratios to average net assets^(a)
Total gross expenses		0.53	%^(b)		0.55	%		0.50	%		0.48	%		0.49	%		0.48	%
Total net expenses^(c)		0.53	%^(b)(d)		0.55	%^(d)		0.50	%^(d)		0.48	%^(d)		0.49	%^(d)		0.48	%
Net investment income		1.43	%^(b)		1.69	%		1.91	%		2.28	%		2.35	%		2.32	%
Supplemental data
Net assets, end of period (in thousands)	$	234,865		$	245,212		$	263,334		$	282,382		$	251,178		$	217,147
Portfolio turnover		12	%		12	%		22	%		19	%		88	%		16	%

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
81

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class B	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	10.07		$	10.31		$	10.60		$	10.29		$	10.40		$	9.73
Income from investment operations:
Net investment income		0.03			0.09			0.11			0.15			0.16			0.15
Net realized and unrealized gain (loss)		(0.02	)		0.37			0.15			0.54			0.16			0.69
Total from investment operations		0.01			0.46			0.26			0.69			0.32			0.84
Less distributions to shareholders:
Net investment income		(0.03	)		(0.12	)		(0.19	)		(0.26	)		(0.17	)		(0.17	)
Net realized gains		(0.09	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)		—
Total distributions to shareholders		(0.12	)		(0.70	)		(0.55	)		(0.38	)		(0.43	)		(0.17	)
Net asset value, end of period	$	9.96		$	10.07		$	10.31		$	10.60		$	10.29		$	10.40
Total return		0.11	%		4.46	%		2.51	%		6.79	%		3.19	%		8.64	%
Ratios to average net assets^(a)
Total gross expenses		1.28	%^(b)		1.30	%		1.25	%		1.23	%		1.24	%		1.23	%
Total net expenses^(c)		1.28	%^(b)(d)		1.30	%^(d)		1.25	%^(d)		1.23	%^(d)		1.24	%^(d)		1.23	%
Net investment income		0.67	%^(b)		0.90	%		1.07	%		1.47	%		1.56	%		1.47	%
Supplemental data
Net assets, end of period (in thousands)	$	5,186		$	7,759		$	12,454		$	19,598		$	24,717		$	30,599
Portfolio turnover		12	%		12	%		22	%		19	%		88	%		16	%

Notes to Financial Highlights

(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
82

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class C	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	10.05		$	10.28		$	10.58		$	10.28		$	10.39		$	9.73
Income from investment operations:
Net investment income		0.03			0.10			0.12			0.16			0.17			0.16
Net realized and unrealized gain (loss)		(0.02	)		0.37			0.13			0.53			0.16			0.67
Total from investment operations		0.01			0.47			0.25			0.69			0.33			0.83
Less distributions to shareholders:
Net investment income		(0.03	)		(0.12	)		(0.19	)		(0.27	)		(0.18	)		(0.17	)
Net realized gains		(0.09	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)		—
Total distributions to shareholders		(0.12	)		(0.70	)		(0.55	)		(0.39	)		(0.44	)		(0.17	)
Net asset value, end of period	$	9.94		$	10.05		$	10.28		$	10.58		$	10.28		$	10.39
Total return		0.11	%		4.57	%		2.43	%		6.75	%		3.28	%		8.63	%
Ratios to average net assets^(a)
Total gross expenses		1.28	%^(b)		1.30	%		1.26	%		1.23	%		1.24	%		1.23	%
Total net expenses^(c)		1.28	%^(b)(d)		1.30	%^(d)		1.26	%^(d)		1.23	%^(d)		1.24	%^(d)		1.23	%
Net investment income		0.68	%^(b)		0.95	%		1.18	%		1.54	%		1.62	%		1.60	%
Supplemental data
Net assets, end of period (in thousands)	$	47,521		$	47,899		$	47,435		$	45,368		$	36,637		$	26,212
Portfolio turnover		12	%		12	%		22	%		19	%		88	%		16	%

Notes to Financial Highlights

(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
83

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class K	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	10.01		$	10.24		$	10.54		$	10.25		$	10.35		$	9.69
Income from investment operations:
Net investment income		0.08			0.18			0.23			0.24			0.25			0.24
Net realized and unrealized gain (loss)		(0.04	)		0.37			0.12			0.53			0.16			0.67
Total from investment operations		0.04			0.55			0.35			0.77			0.41			0.91
Less distributions to shareholders:
Net investment income		(0.07	)		(0.20	)		(0.29	)		(0.36	)		(0.25	)		(0.25	)
Net realized gains		(0.09	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)		—
Total distributions to shareholders		(0.16	)		(0.78	)		(0.65	)		(0.48	)		(0.51	)		(0.25	)
Net asset value, end of period	$	9.89		$	10.01		$	10.24		$	10.54		$	10.25		$	10.35
Total return		0.43	%		5.48	%		3.35	%		7.62	%		4.14	%		9.49	%
Ratios to average net assets^(a)
Total gross expenses		0.45	%^(b)		0.47	%		0.41	%		0.39	%		0.41	%		0.44	%
Total net expenses^(c)		0.45	%^(b)		0.47	%		0.41	%		0.39	%		0.39	%		0.44	%
Net investment income		1.51	%^(b)		1.79	%		2.16	%		2.27	%		2.43	%		2.35	%
Supplemental data
Net assets, end of period (in thousands)	$	97		$	96		$	99		$	12		$	79		$	81
Portfolio turnover		12	%		12	%		22	%		19	%		88	%		16	%

Notes to Financial Highlights

(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
84

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class R	(Unaudited)			2015			2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	10.10		$	10.33		$	10.63		$	10.32		$	10.44		$	10.24
Income from investment operations:
Net investment income		0.06			0.15			0.20			0.25			0.22			0.10
Net realized and unrealized gain (loss)		(0.02	)		0.37			0.11			0.50			0.15			0.21
Total from investment operations		0.04			0.52			0.31			0.75			0.37			0.31
Less distributions to shareholders:
Net investment income		(0.06	)		(0.17	)		(0.25	)		(0.32	)		(0.23	)		(0.11	)
Net realized gains		(0.09	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)		—
Total distributions to shareholders		(0.15	)		(0.75	)		(0.61	)		(0.44	)		(0.49	)		(0.11	)
Net asset value, end of period	$	9.99		$	10.10		$	10.33		$	10.63		$	10.32		$	10.44
Total return		0.36	%		5.07	%		2.94	%		7.39	%		3.66	%		3.03	%
Ratios to average net assets^(b)
Total gross expenses		0.78	%^(c)		0.80	%		0.76	%		0.72	%		0.75	%		0.68	%^(c)
Total net expenses^(d)		0.78	%^(c)(e)		0.80	%^(e)		0.76	%^(e)		0.72	%		0.75	%		0.68	%^(c)
Net investment income		1.23	%^(c)		1.46	%		1.91	%		2.36	%		2.07	%		2.78	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	473		$	206		$	179		$	114		$	3		$	3
Portfolio turnover		12	%		12	%		22	%		19	%		88	%		16	%

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.

(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
85

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class R4	(Unaudited)			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	10.04		$	10.29		$	10.53
Income from investment operations:
Net investment income		0.09			0.25			0.18
Net realized and unrealized gain (loss)		(0.03	)		0.30			0.09
Total from investment operations		0.06			0.55			0.27
Less distributions to shareholders:
Net investment income		(0.08	)		(0.22	)		(0.26	)
Net realized gains		(0.09	)		(0.58	)		(0.25	)
Total distributions to shareholders		(0.17	)		(0.80	)		(0.51	)
Net asset value, end of period	$	9.93		$	10.04		$	10.29
Total return		0.62	%		5.41	%		2.56	%
Ratios to average net assets^(b)
Total gross expenses		0.28	%^(c)		0.31	%		0.23	%^(c)
Total net expenses^(d)		0.28	%^(c)(e)		0.31	%^(e)		0.23	%^(c)(e)
Net investment income		1.70	%^(c)		2.44	%		2.67	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	195		$	156		$	2
Portfolio turnover		12	%		12	%		22	%

Notes to Financial Highlights

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

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

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

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

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

Semiannual Report 2015
86

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class R5	(Unaudited)			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	10.05		$	10.29		$	10.53
Income from investment operations:
Net investment income		0.09			0.17			0.18
Net realized and unrealized gain (loss)		(0.03	)		0.40			0.09
Total from investment operations		0.06			0.57			0.27
Less distributions to shareholders:
Net investment income		(0.09	)		(0.23	)		(0.26	)
Net realized gains		(0.09	)		(0.58	)		(0.25	)
Total distributions to shareholders		(0.18	)		(0.81	)		(0.51	)
Net asset value, end of period	$	9.93		$	10.05		$	10.29
Total return		0.56	%		5.60	%		2.64	%
Ratios to average net assets^(b)
Total gross expenses		0.21	%^(c)		0.25	%		0.12	%^(c)
Total net expenses^(d)		0.21	%^(c)		0.25	%		0.12	%^(c)
Net investment income		1.78	%^(c)		1.80	%		2.78	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	109		$	61		$	2
Portfolio turnover		12	%		12	%		22	%

Notes to Financial Highlights

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

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

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

Semiannual Report 2015
87

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class Y	(Unaudited)			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	10.04		$	10.29		$	10.53
Income from investment operations:
Net investment income		0.10			0.20			0.19
Net realized and unrealized gain (loss)		(0.03	)		0.36			0.09
Total from investment operations		0.07			0.56			0.28
Less distributions to shareholders:
Net investment income		(0.09	)		(0.23	)		(0.27	)
Net realized gains		(0.09	)		(0.58	)		(0.25	)
Total distributions to shareholders		(0.18	)		(0.81	)		(0.52	)
Net asset value, end of period	$	9.93		$	10.04		$	10.29
Total return		0.71	%		5.55	%		2.68	%
Ratios to average net assets^(b)
Total gross expenses		0.15	%^(c)		0.17	%		0.07	%^(c)
Total net expenses^(d)		0.15	%^(c)		0.17	%		0.07	%^(c)
Net investment income		1.80	%^(c)		2.08	%		2.83	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	2		$	2
Portfolio turnover		12	%		12	%		22	%

Notes to Financial Highlights

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

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

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

Semiannual Report 2015
88

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class Z	(Unaudited)			2015			2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	10.10		$	10.33		$	10.63		$	10.32		$	10.44		$	10.24
Income from investment operations:
Net investment income		0.09			0.20			0.24			0.30			0.28			0.12
Net realized and unrealized gain (loss)		(0.03	)		0.37			0.12			0.51			0.14			0.20
Total from investment operations		0.06			0.57			0.36			0.81			0.42			0.32
Less distributions to shareholders:
Net investment income		(0.08	)		(0.22	)		(0.30	)		(0.38	)		(0.28	)		(0.12	)
Net realized gains		(0.09	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)		—
Total distributions to shareholders		(0.17	)		(0.80	)		(0.66	)		(0.50	)		(0.54	)		(0.12	)
Net asset value, end of period	$	9.99		$	10.10		$	10.33		$	10.63		$	10.32		$	10.44
Total return		0.61	%		5.60	%		3.42	%		7.91	%		4.19	%		3.15	%
Ratios to average net assets^(b)
Total gross expenses		0.28	%^(c)		0.30	%		0.26	%		0.22	%		0.24	%		0.26	%^(c)
Total net expenses^(d)		0.28	%^(c)(e)		0.30	%^(e)		0.26	%^(e)		0.22	%^(e)		0.24	%^(e)		0.21	%^(c)
Net investment income		1.69	%^(c)		1.96	%		2.26	%		2.80	%		2.71	%		3.28	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2,932		$	3,067		$	2,719		$	700		$	52		$	20
Portfolio turnover		12	%		12	%		22	%		19	%		88	%		16	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2015
89

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,												Year Ended March 31,
Class A	(Unaudited)			2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	10.98		$	11.37		$	11.33		$	10.96		$	10.89		$	10.04		$	8.03
Income from investment operations:
Net investment income		0.07			0.19			0.25			0.25			0.21			0.26			0.31
Net realized and unrealized gain		0.12			0.51			0.44			0.71			0.07			0.85			2.00
Total from investment operations		0.19			0.70			0.69			0.96			0.28			1.11			2.31
Less distributions to shareholders:
Net investment income		(0.07	)		(0.23	)		(0.33	)		(0.32	)		(0.21	)		(0.26	)		(0.30	)
Net realized gains		(0.19	)		(0.86	)		(0.32	)		(0.27	)		—			—			—
Total distributions to shareholders		(0.26	)		(1.09	)		(0.65	)		(0.59	)		(0.21	)		(0.26	)		(0.30	)
Net asset value, end of period	$	10.91		$	10.98		$	11.37		$	11.33		$	10.96		$	10.89		$	10.04
Total return		1.75	%		6.23	%		6.18	%		8.94	%		2.63	%		11.21	%		29.06	%
Ratios to average net assets^(b)
Total gross expenses		0.49	%^(c)		0.51	%		0.47	%		0.70	%		0.64	%^(c)(d)		0.50	%		0.50	%
Total net expenses^(e)		0.49	%^(c)(f)		0.51	%^(f)		0.47	%^(f)		0.57	%^(f)		0.57	%^(c)(d)(f)		0.50	%		0.50	%
Net investment income		1.26	%^(c)		1.70	%		2.15	%		2.19	%		2.37	%^(c)		2.52	%		3.26	%
Supplemental data
Net assets, end of period (in thousands)	$	535,323		$	545,696		$	553,593		$	71,321		$	68,452		$	63,807		$	60,848
Portfolio turnover		12	%		14	%		30	%		38	%		55	%		87	%		34	%

Notes to Financial Highlights

(a) For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

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

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

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

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

Semiannual Report 2015
90

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,												Year Ended March 31,
Class B	(Unaudited)			2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	10.92		$	11.31		$	11.28		$	10.91		$	10.85		$	10.00		$	8.01
Income from investment operations:
Net investment income		0.03			0.10			0.15			0.15			0.14			0.18			0.23
Net realized and unrealized gain		0.12			0.51			0.45			0.73			0.07			0.85			1.99
Total from investment operations		0.15			0.61			0.60			0.88			0.21			1.03			2.22
Less distributions to shareholders:
Net investment income		(0.03	)		(0.14	)		(0.25	)		(0.24	)		(0.15	)		(0.18	)		(0.23	)
Net realized gains		(0.19	)		(0.86	)		(0.32	)		(0.27	)		—			—			—
Total distributions to shareholders		(0.22	)		(1.00	)		(0.57	)		(0.51	)		(0.15	)		(0.18	)		(0.23	)
Net asset value, end of period	$	10.85		$	10.92		$	11.31		$	11.28		$	10.91		$	10.85		$	10.00
Total return		1.38	%		5.46	%		5.32	%		8.17	%		1.96	%		10.43	%		27.94	%
Ratios to average net assets^(b)
Total gross expenses		1.24	%^(c)		1.26	%		1.22	%		1.44	%		1.39	%^(c)(d)		1.25	%		1.25	%
Total net expenses^(e)		1.24	%^(c)(f)		1.26	%^(f)		1.22	%^(f)		1.32	%^(f)		1.31	%^(c)(d)(f)		1.25	%		1.25	%
Net investment income		0.50	%^(c)		0.88	%		1.30	%		1.36	%		1.58	%^(c)		1.75	%		2.51	%
Supplemental data
Net assets, end of period (in thousands)	$	11,933		$	17,080		$	27,184		$	8,335		$	14,587		$	26,181		$	40,508
Portfolio turnover		12	%		14	%		30	%		38	%		55	%		87	%		34	%

Notes to Financial Highlights

(a) For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

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

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

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

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

Semiannual Report 2015
91

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,												Year Ended March 31,
Class C	(Unaudited)			2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	10.84		$	11.23		$	11.20		$	10.84		$	10.78		$	9.94		$	7.96
Income from investment operations:
Net investment income		0.03			0.11			0.16			0.16			0.14			0.18			0.23
Net realized and unrealized gain		0.12			0.50			0.44			0.71			0.07			0.84			1.98
Total from investment operations		0.15			0.61			0.60			0.87			0.21			1.02			2.21
Less distributions to shareholders:
Net investment income		(0.03	)		(0.14	)		(0.25	)		(0.24	)		(0.15	)		(0.18	)		(0.23	)
Net realized gains		(0.19	)		(0.86	)		(0.32	)		(0.27	)		—			—			—
Total distributions to shareholders		(0.22	)		(1.00	)		(0.57	)		(0.51	)		(0.15	)		(0.18	)		(0.23	)
Net asset value, end of period	$	10.77		$	10.84		$	11.23		$	11.20		$	10.84		$	10.78		$	9.94
Total return		1.39	%		5.50	%		5.35	%		8.13	%		1.97	%		10.39	%		27.99	%
Ratios to average net assets^(b)
Total gross expenses		1.24	%^(c)		1.26	%		1.23	%		1.45	%		1.39	%^(c)(d)		1.25	%		1.25	%
Total net expenses^(e)		1.24	%^(c)(f)		1.26	%^(f)		1.23	%^(f)		1.32	%^(f)		1.32	%^(c)(d)(f)		1.25	%		1.25	%
Net investment income		0.51	%^(c)		0.96	%		1.38	%		1.44	%		1.61	%^(c)		1.77	%		2.51	%
Supplemental data
Net assets, end of period (in thousands)	$	91,139		$	90,199		$	85,756		$	23,470		$	24,156		$	23,651		$	23,321
Portfolio turnover		12	%		14	%		30	%		38	%		55	%		87	%		34	%

Notes to Financial Highlights

(a) For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

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

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

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

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

Semiannual Report 2015
92

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class K	(Unaudited)			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	10.82		$	11.22		$	11.25
Income from investment operations:
Net investment income		0.07			0.18			0.32
Net realized and unrealized gain		0.14			0.52			0.32
Total from investment operations		0.21			0.70			0.64
Less distributions to shareholders:
Net investment income		(0.08	)		(0.24	)		(0.35	)
Net realized gains		(0.19	)		(0.86	)		(0.32	)
Total distributions to shareholders		(0.27	)		(1.10	)		(0.67	)
Net asset value, end of period	$	10.76		$	10.82		$	11.22
Total return		1.92	%		6.31	%		5.72	%
Ratios to average net assets^(b)
Total gross expenses		0.42	%^(c)		0.41	%		0.38	%^(c)
Total net expenses^(d)		0.42	%^(c)		0.41	%		0.38	%^(c)
Net investment income		1.33	%^(c)		1.53	%		3.10	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	56
Portfolio turnover		12	%		14	%		30	%

Notes to Financial Highlights

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

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

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

Semiannual Report 2015
93

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,												Year Ended March 31,
Class R	(Unaudited)			2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	10.99		$	11.38		$	11.34		$	10.96		$	10.90		$	10.04		$	8.04
Income from investment operations:
Net investment income		0.06			0.17			0.21			0.23			0.18			0.23			0.28
Net realized and unrealized gain		0.13			0.50			0.45			0.72			0.07			0.86			2.00
Total from investment operations		0.19			0.67			0.66			0.95			0.25			1.09			2.28
Less distributions to shareholders:
Net investment income		(0.06	)		(0.20	)		(0.30	)		(0.30	)		(0.19	)		(0.23	)		(0.28	)
Net realized gains		(0.19	)		(0.86	)		(0.32	)		(0.27	)		—			—			—
Total distributions to shareholders		(0.25	)		(1.06	)		(0.62	)		(0.57	)		(0.19	)		(0.23	)		(0.28	)
Net asset value, end of period	$	10.93		$	10.99		$	11.38		$	11.34		$	10.96		$	10.90		$	10.04
Total return		1.72	%		5.95	%		5.87	%		8.76	%		2.34	%		11.03	%		28.58	%
Ratios to average net assets^(b)
Total gross expenses		0.74	%^(c)		0.76	%		0.74	%		0.96	%		0.89	%^(c)(d)		0.75	%		0.75	%
Total net expenses^(e)		0.74	%^(c)(f)		0.76	%^(f)		0.74	%^(f)		0.81	%^(f)		0.82	%^(c)(d)(f)		0.75	%		0.75	%
Net investment income		1.02	%^(c)		1.46	%		1.85	%		2.04	%		2.03	%^(c)		2.28	%		3.00	%
Supplemental data
Net assets, end of period (in thousands)	$	2,911		$	2,230		$	2,243		$	2,148		$	1,102		$	428		$	559
Portfolio turnover		12	%		14	%		30	%		38	%		55	%		87	%		34	%

Notes to Financial Highlights

(a) For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

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

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

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

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

Semiannual Report 2015
94

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class R4	(Unaudited)			2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	10.89		$	11.29		$	11.25		$	11.30
Income from investment operations:
Net investment income		0.08			0.24			0.27			0.09
Net realized and unrealized gain		0.14			0.48			0.46			0.26
Total from investment operations		0.22			0.72			0.73			0.35
Less distributions to shareholders:
Net investment income		(0.09	)		(0.26	)		(0.37	)		(0.17	)
Net realized gains		(0.19	)		(0.86	)		(0.32	)		(0.23	)
Total distributions to shareholders		(0.28	)		(1.12	)		(0.69	)		(0.40	)
Net asset value, end of period	$	10.83		$	10.89		$	11.29		$	11.25
Total return		1.99	%		6.44	%		6.52	%		3.11	%
Ratios to average net assets^(b)
Total gross expenses		0.24	%^(c)		0.26	%		0.19	%		0.51	%^(c)
Total net expenses^(d)		0.24	%^(c)(e)		0.26	%^(e)		0.19	%^(e)		0.37	%^(c)
Net investment income		1.52	%^(c)		2.19	%		2.36	%		3.68	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	998		$	966		$	2		$	2
Portfolio turnover		12	%		14	%		30	%		38	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2015
95

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class R5	(Unaudited)			2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	10.89		$	11.28		$	11.25		$	11.30
Income from investment operations:
Net investment income		0.09			0.26			0.38			0.10
Net realized and unrealized gain		0.12			0.48			0.35			0.25
Total from investment operations		0.21			0.74			0.73			0.35
Less distributions to shareholders:
Net investment income		(0.09	)		(0.27	)		(0.38	)		(0.17	)
Net realized gains		(0.19	)		(0.86	)		(0.32	)		(0.23	)
Total distributions to shareholders		(0.28	)		(1.13	)		(0.70	)		(0.40	)
Net asset value, end of period	$	10.82		$	10.89		$	11.28		$	11.25
Total return		1.93	%		6.63	%		6.53	%		3.13	%
Ratios to average net assets^(b)
Total gross expenses		0.17	%^(c)		0.18	%		0.13	%		0.41	%^(c)
Total net expenses^(d)		0.17	%^(c)		0.18	%		0.13	%		0.29	%^(c)
Net investment income		1.58	%^(c)		2.33	%		3.35	%		3.77	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	235		$	217		$	74		$	2
Portfolio turnover		12	%		14	%		30	%		38	%

Notes to Financial Highlights

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

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

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

Semiannual Report 2015
96

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class Y	(Unaudited)			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	10.77		$	11.18		$	11.32
Income from investment operations:
Net investment income		0.09			0.25			0.22
Net realized and unrealized gain		0.12			0.48			0.28
Total from investment operations		0.21			0.73			0.50
Less distributions to shareholders:
Net investment income		(0.09	)		(0.28	)		(0.32	)
Net realized gains		(0.19	)		(0.86	)		(0.32	)
Total distributions to shareholders		(0.28	)		(1.14	)		(0.64	)
Net asset value, end of period	$	10.70		$	10.77		$	11.18
Total return		1.97	%		6.66	%		4.51	%
Ratios to average net assets^(b)
Total gross expenses		0.13	%^(c)		0.09	%		0.08	%^(c)
Total net expenses^(d)		0.13	%^(c)		0.09	%		0.08	%^(c)
Net investment income		1.67	%^(c)		2.24	%		3.02	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	7		$	4		$	2
Portfolio turnover		12	%		14	%		30	%

Notes to Financial Highlights

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

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

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

Semiannual Report 2015
97

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,												Year Ended March 31,
Class Z	(Unaudited)			2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	10.85		$	11.25		$	11.21		$	10.85		$	10.78		$	9.94		$	7.96
Income from investment operations:
Net investment income		0.08			0.22			0.28			0.27			0.23			0.28			0.33
Net realized and unrealized gain		0.13			0.50			0.44			0.71			0.07			0.84			1.98
Total from investment operations		0.21			0.72			0.72			0.98			0.30			1.12			2.31
Less distributions to shareholders:
Net investment income		(0.09	)		(0.26	)		(0.36	)		(0.35	)		(0.23	)		(0.28	)		(0.33	)
Net realized gains		(0.19	)		(0.86	)		(0.32	)		(0.27	)		—			—			—
Total distributions to shareholders		(0.28	)		(1.12	)		(0.68	)		(0.62	)		(0.23	)		(0.28	)		(0.33	)
Net asset value, end of period	$	10.78		$	10.85		$	11.25		$	11.21		$	10.85		$	10.78		$	9.94
Total return		1.90	%		6.47	%		6.49	%		9.22	%		2.85	%		11.49	%		29.25	%
Ratios to average net assets^(b)
Total gross expenses		0.24	%^(c)		0.26	%		0.24	%		0.45	%		0.39	%^(c)(d)		0.25	%		0.25	%
Total net expenses^(e)		0.24	%^(c)(f)		0.26	%^(f)		0.24	%^(f)		0.32	%^(f)		0.32	%^(c)(d)(f)		0.25	%		0.25	%
Net investment income		1.51	%^(c)		1.97	%		2.46	%		2.45	%		2.61	%^(c)		2.77	%		3.51	%
Supplemental data
Net assets, end of period (in thousands)	$	26,200		$	26,084		$	25,287		$	20,710		$	21,157		$	21,839		$	20,406
Portfolio turnover		12	%		14	%		30	%		38	%		55	%		87	%		34	%

Notes to Financial Highlights

(a) For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

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

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

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

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

Semiannual Report 2015
98

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class A	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	11.50		$	12.00		$	11.61		$	10.75		$	10.71		$	9.46
Income from investment operations:
Net investment income		0.06			0.18			0.20			0.22			0.23			0.23
Net realized and unrealized gain		0.30			0.63			0.86			0.93			0.06			1.29
Total from investment operations		0.36			0.81			1.06			1.15			0.29			1.52
Less distributions to shareholders:
Net investment income		(0.07	)		(0.24	)		(0.31	)		(0.29	)		(0.25	)		(0.27	)
Net realized gains		(0.33	)		(1.07	)		(0.36	)		—			—			—
Total distributions to shareholders		(0.40	)		(1.31	)		(0.67	)		(0.29	)		(0.25	)		(0.27	)
Net asset value, end of period	$	11.46		$	11.50		$	12.00		$	11.61		$	10.75		$	10.71
Total return		3.11	%		6.77	%		9.26	%		10.87	%		2.84	%		16.23	%
Ratios to average net assets^(a)
Total gross expenses		0.46	%^(b)		0.48	%		0.46	%		0.46	%		0.43	%		0.43	%
Total net expenses^(c)		0.46	%^(b)(d)		0.48	%^(d)		0.46	%^(d)		0.46	%^(d)		0.43	%^(d)		0.43	%
Net investment income		0.98	%^(b)		1.49	%		1.64	%		1.98	%		2.11	%		2.32	%
Supplemental data
Net assets, end of period (in thousands)	$	1,424,978		$	1,437,972		$	1,425,904		$	1,331,311		$	1,215,462		$	1,164,732
Portfolio turnover		13	%		16	%		23	%		23	%		58	%		9	%

Notes to Financial Highlights

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

(b) 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
99

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class B	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	11.44		$	11.94		$	11.55		$	10.70		$	10.66		$	9.41
Income from investment operations:
Net investment income		0.01			0.08			0.10			0.13			0.14			0.15
Net realized and unrealized gain		0.30			0.64			0.87			0.93			0.07			1.29
Total from investment operations		0.31			0.72			0.97			1.06			0.21			1.44
Less distributions to shareholders:
Net investment income		(0.02	)		(0.15	)		(0.22	)		(0.21	)		(0.17	)		(0.19	)
Net realized gains		(0.33	)		(1.07	)		(0.36	)		—			—			—
Total distributions to shareholders		(0.35	)		(1.22	)		(0.58	)		(0.21	)		(0.17	)		(0.19	)
Net asset value, end of period	$	11.40		$	11.44		$	11.94		$	11.55		$	10.70		$	10.66
Total return		2.74	%		6.00	%		8.47	%		9.99	%		2.03	%		15.43	%
Ratios to average net assets^(a)
Total gross expenses		1.21	%^(b)		1.23	%		1.21	%		1.20	%		1.18	%		1.19	%
Total net expenses^(c)		1.21	%^(b)(d)		1.23	%^(d)		1.21	%^(d)		1.20	%^(d)		1.18	%^(d)		1.19	%
Net investment income		0.23	%^(b)		0.66	%		0.81	%		1.17	%		1.32	%		1.47	%
Supplemental data
Net assets, end of period (in thousands)	$	34,276		$	47,829		$	71,473		$	94,225		$	117,235		$	153,336
Portfolio turnover		13	%		16	%		23	%		23	%		58	%		9	%

Notes to Financial Highlights

(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
100

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class C	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	11.41		$	11.92		$	11.53		$	10.69		$	10.65		$	9.41
Income from investment operations:
Net investment income		0.01			0.09			0.11			0.14			0.15			0.16
Net realized and unrealized gain		0.31			0.62			0.86			0.91			0.07			1.28
Total from investment operations		0.32			0.71			0.97			1.05			0.22			1.44
Less distributions to shareholders:
Net investment income		(0.02	)		(0.15	)		(0.22	)		(0.21	)		(0.18	)		(0.20	)
Net realized gains		(0.33	)		(1.07	)		(0.36	)		—			—			—
Total distributions to shareholders		(0.35	)		(1.22	)		(0.58	)		(0.21	)		(0.18	)		(0.20	)
Net asset value, end of period	$	11.38		$	11.41		$	11.92		$	11.53		$	10.69		$	10.65
Total return		2.83	%		5.92	%		8.51	%		9.95	%		2.10	%		15.40	%
Ratios to average net assets^(a)
Total gross expenses		1.21	%^(b)		1.23	%		1.21	%		1.21	%		1.18	%		1.19	%
Total net expenses^(c)		1.21	%^(b)(d)		1.23	%^(d)		1.21	%^(d)		1.21	%^(d)		1.18	%^(d)		1.19	%
Net investment income		0.23	%^(b)		0.77	%		0.92	%		1.25	%		1.38	%		1.62	%
Supplemental data
Net assets, end of period (in thousands)	$	186,506		$	180,143		$	162,357		$	132,770		$	107,827		$	90,001
Portfolio turnover		13	%		16	%		23	%		23	%		58	%		9	%

Notes to Financial Highlights

(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
101

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class K	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	11.49		$	11.99		$	11.60		$	10.74		$	10.70		$	9.45
Income from investment operations:
Net investment income		0.06			0.19			0.21			0.21			0.23			0.27
Net realized and unrealized gain		0.30			0.63			0.86			0.95			0.08			1.26
Total from investment operations		0.36			0.82			1.07			1.16			0.31			1.53
Less distributions to shareholders:
Net investment income		(0.07	)		(0.25	)		(0.32	)		(0.30	)		(0.27	)		(0.28	)
Net realized gains		(0.33	)		(1.07	)		(0.36	)		—			—			—
Total distributions to shareholders		(0.40	)		(1.32	)		(0.68	)		(0.30	)		(0.27	)		(0.28	)
Net asset value, end of period	$	11.45		$	11.49		$	11.99		$	11.60		$	10.74		$	10.70
Total return		3.14	%		6.88	%		9.39	%		10.94	%		2.94	%		16.38	%
Ratios to average net assets^(a)
Total gross expenses		0.40	%^(b)		0.40	%		0.36	%		0.34	%		0.34	%		0.33	%
Total net expenses^(c)		0.40	%^(b)		0.40	%		0.36	%		0.34	%		0.34	%		0.33	%
Net investment income		1.04	%^(b)		1.55	%		1.77	%		1.93	%		2.18	%		2.66	%
Supplemental data
Net assets, end of period (in thousands)	$	310		$	292		$	359		$	298		$	748		$	760
Portfolio turnover		13	%		16	%		23	%		23	%		58	%		9	%

Notes to Financial Highlights

(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
102

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class R	(Unaudited)			2015			2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	11.47		$	11.97		$	11.58		$	10.74		$	10.70		$	10.10
Income from investment operations:
Net investment income		0.04			0.15			0.23			0.18			0.30			0.11
Net realized and unrealized gain (loss)		0.30			0.63			0.80			0.93			(0.02	)		0.60
Total from investment operations		0.34			0.78			1.03			1.11			0.28			0.71
Less distributions to shareholders:
Net investment income		(0.05	)		(0.21	)		(0.28	)		(0.27	)		(0.24	)		(0.11	)
Net realized gains		(0.33	)		(1.07	)		(0.36	)		—			—			—
Total distributions to shareholders		(0.38	)		(1.28	)		(0.64	)		(0.27	)		(0.24	)		(0.11	)
Net asset value, end of period	$	11.43		$	11.47		$	11.97		$	11.58		$	10.74		$	10.70
Total return		2.98	%		6.52	%		9.02	%		10.46	%		2.66	%		7.06	%
Ratios to average net assets^(b)
Total gross expenses		0.71	%^(c)		0.73	%		0.72	%		0.70	%		0.71	%		0.67	%^(c)
Total net expenses^(d)		0.71	%^(c)(e)		0.73	%^(e)		0.72	%^(e)		0.70	%^(e)		0.71	%		0.67	%^(c)
Net investment income		0.74	%^(c)		1.29	%		1.92	%		1.67	%		2.93	%		3.18	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,708		$	1,610		$	1,147		$	138		$	60		$	3
Portfolio turnover		13	%		16	%		23	%		23	%		58	%		9	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2015
103

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class R4	(Unaudited)			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	11.39		$	11.90		$	11.82
Income from investment operations:
Net investment income		0.07			0.26			0.18
Net realized and unrealized gain		0.30			0.57			0.53
Total from investment operations		0.37			0.83			0.71
Less distributions to shareholders:
Net investment income		(0.08	)		(0.27	)		(0.27	)
Net realized gains		(0.33	)		(1.07	)		(0.36	)
Total distributions to shareholders		(0.41	)		(1.34	)		(0.63	)
Net asset value, end of period	$	11.35		$	11.39		$	11.90
Total return		3.26	%		7.06	%		6.11	%
Ratios to average net assets^(b)
Total gross expenses		0.22	%^(c)		0.23	%		0.21	%^(c)
Total net expenses^(d)		0.22	%^(c)(e)		0.23	%^(e)		0.21	%^(c)(e)
Net investment income		1.25	%^(c)		2.22	%		2.36	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	56		$	29		$	3
Portfolio turnover		13	%		16	%		23	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2015
104

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class R5	(Unaudited)			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	11.39		$	11.90		$	11.82
Income from investment operations:
Net investment income		0.08			0.39			0.19
Net realized and unrealized gain		0.30			0.46			0.53
Total from investment operations		0.38			0.85			0.72
Less distributions to shareholders:
Net investment income		(0.09	)		(0.29	)		(0.28	)
Net realized gains		(0.33	)		(1.07	)		(0.36	)
Total distributions to shareholders		(0.42	)		(1.36	)		(0.64	)
Net asset value, end of period	$	11.35		$	11.39		$	11.90
Total return		3.30	%		7.21	%		6.21	%
Ratios to average net assets^(b)
Total gross expenses		0.15	%^(c)		0.16	%		0.11	%^(c)
Total net expenses^(d)		0.15	%^(c)		0.16	%		0.11	%^(c)
Net investment income		1.29	%^(c)		3.39	%		2.51	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	80		$	78		$	3
Portfolio turnover		13	%		16	%		23	%

Notes to Financial Highlights

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

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

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

Semiannual Report 2015
105

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class Y	(Unaudited)			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	11.38		$	11.90		$	11.82
Income from investment operations:
Net investment income		0.08			0.23			0.19
Net realized and unrealized gain		0.31			0.61			0.54
Total from investment operations		0.39			0.84			0.73
Less distributions to shareholders:
Net investment income		(0.09	)		(0.29	)		(0.29	)
Net realized gains		(0.33	)		(1.07	)		(0.36	)
Total distributions to shareholders		(0.42	)		(1.36	)		(0.65	)
Net asset value, end of period	$	11.35		$	11.38		$	11.90
Total return		3.43	%		7.16	%		6.25	%
Ratios to average net assets^(b)
Total gross expenses		0.10	%^(c)		0.06	%		0.07	%^(c)
Total net expenses^(d)		0.10	%^(c)		0.06	%		0.07	%^(c)
Net investment income		1.33	%^(c)		1.92	%		2.56	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	2		$	3
Portfolio turnover		13	%		16	%		23	%

Notes to Financial Highlights

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

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

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

Semiannual Report 2015
106

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class Z	(Unaudited)			2015			2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	11.49		$	11.99		$	11.59		$	10.75		$	10.71		$	10.10
Income from investment operations:
Net investment income		0.07			0.21			0.23			0.28			0.26			0.16
Net realized and unrealized gain		0.30			0.63			0.87			0.88			0.07			0.58
Total from investment operations		0.37			0.84			1.10			1.16			0.33			0.74
Less distributions to shareholders:
Net investment income		(0.08	)		(0.27	)		(0.34	)		(0.32	)		(0.29	)		(0.13	)
Net realized gains		(0.33	)		(1.07	)		(0.36	)		—			—			—
Total distributions to shareholders		(0.41	)		(1.34	)		(0.70	)		(0.32	)		(0.29	)		(0.13	)
Net asset value, end of period	$	11.45		$	11.49		$	11.99		$	11.59		$	10.75		$	10.71
Total return		3.24	%		7.05	%		9.65	%		10.98	%		3.15	%		7.31	%
Ratios to average net assets^(b)
Total gross expenses		0.21	%^(c)		0.23	%		0.21	%		0.22	%		0.19	%		0.11	%^(c)
Total net expenses^(d)		0.21	%^(c)(e)		0.23	%^(e)		0.21	%^(e)		0.22	%^(e)		0.19	%^(e)		0.11	%^(c)
Net investment income		1.24	%^(c)		1.77	%		1.90	%		2.54	%		2.49	%		4.32	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2,399		$	2,989		$	3,352		$	2,544		$	836		$	7
Portfolio turnover		13	%		16	%		23	%		23	%		58	%		9	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2015
107

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,												Year Ended March 31,
Class A	(Unaudited)			2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	12.45		$	13.01		$	12.04		$	11.30		$	11.61		$	10.23		$	7.33
Income from investment operations:
Net investment income		0.04			0.16			0.18			0.18			0.15			0.19			0.23
Net realized and unrealized gain (loss)		0.50			0.76			1.21			1.07			(0.30	)		1.37			2.89
Total from investment operations		0.54			0.92			1.39			1.25			(0.15	)		1.56			3.12
Less distributions to shareholders:
Net investment income		(0.06	)		(0.25	)		(0.25	)		(0.22	)		(0.14	)		(0.18	)		(0.22	)
Net realized gains		(0.40	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—			—
Total distributions to shareholders		(0.46	)		(1.48	)		(0.42	)		(0.51	)		(0.16	)		(0.18	)		(0.22	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—			—
Net asset value, end of period	$	12.53		$	12.45		$	13.01		$	12.04		$	11.30		$	11.61		$	10.23
Total return		4.32	%		7.03	%		11.67	%		11.28	%		(1.20	%)		15.48	%		42.94	%
Ratios to average net assets^(c)
Total gross expenses		0.52	%^(d)		0.52	%		0.50	%		0.53	%		0.51	%^(d)(e)		0.50	%^(e)		0.50	%
Total net expenses^(f)		0.52	%^(d)(g)		0.52	%^(g)		0.50	%^(g)		0.53	%^(g)		0.51	%^(d)(e)(g)		0.50	%^(e)		0.50	%
Net investment income		0.58	%^(d)		1.22	%		1.38	%		1.51	%		1.60	%^(d)		1.75	%		2.45	%
Supplemental data
Net assets, end of period (in thousands)	$	1,836,455		$	1,815,185		$	1,805,239		$	679,109		$	665,859		$	291,758		$	245,327
Portfolio turnover		10	%		20	%		22	%		34	%		42	%		68	%		27	%

Notes to Financial Highlights

(a) For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b) Rounds to zero.

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

(d) Annualized.

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

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

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

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

Semiannual Report 2015
108

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,												Year Ended March 31,
Class B	(Unaudited)			2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	12.32		$	12.89		$	11.94		$	11.21		$	11.53		$	10.16		$	7.29
Income from investment operations:
Net investment income (loss)		(0.01	)		0.05			0.07			0.07			0.07			0.10			0.16
Net realized and unrealized gain (loss)		0.49			0.77			1.21			1.08			(0.29	)		1.37			2.87
Total from investment operations		0.48			0.82			1.28			1.15			(0.22	)		1.47			3.03
Less distributions to shareholders:
Net investment income		(0.01	)		(0.16	)		(0.16	)		(0.13	)		(0.08	)		(0.10	)		(0.16	)
Net realized gains		(0.40	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—			—
Total distributions to shareholders		(0.41	)		(1.39	)		(0.33	)		(0.42	)		(0.10	)		(0.10	)		(0.16	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—			—
Net asset value, end of period	$	12.39		$	12.32		$	12.89		$	11.94		$	11.21		$	11.53		$	10.16
Total return		3.91	%		6.32	%		10.78	%		10.45	%		(1.87	%)		14.63	%		41.72	%
Ratios to average net assets^(c)
Total gross expenses		1.27	%^(d)		1.27	%		1.25	%		1.27	%		1.26	%^(d)(e)		1.25	%^(e)		1.25	%
Total net expenses^(f)		1.27	%^(d)(g)		1.27	%^(g)		1.25	%^(g)		1.27	%^(g)		1.26	%^(d)(e)(g)		1.25	%^(e)		1.25	%
Net investment income (loss)		(0.18	%)^(d)		0.37	%		0.53	%		0.65	%		0.75	%^(d)		0.99	%		1.70	%
Supplemental data
Net assets, end of period (in thousands)	$	45,470		$	61,673		$	92,956		$	53,009		$	85,005		$	133,770		$	181,026
Portfolio turnover		10	%		20	%		22	%		34	%		42	%		68	%		27	%

Notes to Financial Highlights

(a) For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b) Rounds to zero.

(d) Annualized.

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

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

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

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

Semiannual Report 2015
109

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,												Year Ended March 31,
Class C	(Unaudited)			2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	12.51		$	13.07		$	12.11		$	11.36		$	11.68		$	10.29		$	7.38
Income from investment operations:
Net investment income (loss)		(0.01	)		0.06			0.08			0.09			0.08			0.11			0.16
Net realized and unrealized gain (loss)		0.50			0.77			1.21			1.08			(0.30	)		1.38			2.91
Total from investment operations		0.49			0.83			1.29			1.17			(0.22	)		1.49			3.07
Less distributions to shareholders:
Net investment income		(0.01	)		(0.16	)		(0.16	)		(0.13	)		(0.08	)		(0.10	)		(0.16	)
Net realized gains		(0.40	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—			—
Total distributions to shareholders		(0.41	)		(1.39	)		(0.33	)		(0.42	)		(0.10	)		(0.10	)		(0.16	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—			—
Net asset value, end of period	$	12.59		$	12.51		$	13.07		$	12.11		$	11.36		$	11.68		$	10.29
Total return		3.93	%		6.30	%		10.71	%		10.49	%		(1.85	%)		14.64	%		41.76	%
Ratios to average net assets^(c)
Total gross expenses		1.27	%^(d)		1.27	%		1.25	%		1.28	%		1.26	%^(d)(e)		1.25	%^(e)		1.25	%
Total net expenses^(f)		1.27	%^(d)(g)		1.27	%^(g)		1.25	%^(g)		1.28	%^(g)		1.26	%^(d)(e)(g)		1.25	%^(e)		1.25	%
Net investment income (loss)		(0.17	%)^(d)		0.49	%		0.63	%		0.75	%		0.81	%^(d)		1.00	%		1.70	%
Supplemental data
Net assets, end of period (in thousands)	$	221,647		$	213,166		$	198,837		$	84,349		$	86,321		$	91,556		$	87,496
Portfolio turnover		10	%		20	%		22	%		34	%		42	%		68	%		27	%

Notes to Financial Highlights

(a) For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b) Rounds to zero.

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

(d) Annualized.

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

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

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

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

Semiannual Report 2015
110

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class K	(Unaudited)			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	12.42		$	12.98		$	12.07
Income from investment operations:
Net investment income		0.04			0.18			0.18
Net realized and unrealized gain		0.51			0.75			1.17
Total from investment operations		0.55			0.93			1.35
Less distributions to shareholders:
Net investment income		(0.07	)		(0.26	)		(0.27	)
Net realized gains		(0.40	)		(1.23	)		(0.17	)
Total distributions to shareholders		(0.47	)		(1.49	)		(0.44	)
Net asset value, end of period	$	12.50		$	12.42		$	12.98
Total return		4.39	%		7.17	%		11.31	%
Ratios to average net assets^(b)
Total gross expenses		0.41	%^(c)		0.41	%		0.38	%^(c)
Total net expenses^(d)		0.41	%^(c)		0.41	%		0.38	%^(c)
Net investment income		0.69	%^(c)		1.34	%		1.57	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	98		$	98		$	105
Portfolio turnover		10	%		20	%		22	%

Notes to Financial Highlights

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

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

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

Semiannual Report 2015
111

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,												Year Ended March 31,
Class R	(Unaudited)			2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	12.44		$	12.99		$	12.03		$	11.29		$	11.60		$	10.22		$	7.33
Income from investment operations:
Net investment income		0.02			0.13			0.13			0.15			0.13			0.16			0.20
Net realized and unrealized gain (loss)		0.50			0.76			1.22			1.07			(0.30	)		1.38			2.89
Total from investment operations		0.52			0.89			1.35			1.22			(0.17	)		1.54			3.09
Less distributions to shareholders:
Net investment income		(0.04	)		(0.21	)		(0.22	)		(0.19	)		(0.12	)		(0.16	)		(0.20	)
Net realized gains		(0.40	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—			—
Total distributions to shareholders		(0.44	)		(1.44	)		(0.39	)		(0.48	)		(0.14	)		(0.16	)		(0.20	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—			—
Net asset value, end of period	$	12.52		$	12.44		$	12.99		$	12.03		$	11.29		$	11.60		$	10.22
Total return		4.20	%		6.86	%		11.31	%		11.01	%		(1.39	%)		15.21	%		42.46	%
Ratios to average net assets^(c)
Total gross expenses		0.77	%^(d)		0.77	%		0.75	%		0.78	%		0.77	%^(d)(e)		0.75	%^(e)		0.75	%
Total net expenses^(f)		0.77	%^(d)(g)		0.77	%^(g)		0.75	%^(g)		0.78	%^(g)		0.77	%^(d)(e)(g)		0.75	%^(e)		0.75	%
Net investment income		0.33	%^(d)		1.01	%		1.02	%		1.26	%		1.40	%^(d)		1.54	%		2.16	%
Supplemental data
Net assets, end of period (in thousands)	$	4,416		$	4,270		$	4,347		$	4,664		$	3,908		$	1,517		$	1,740
Portfolio turnover		10	%		20	%		22	%		34	%		42	%		68	%		27	%

Notes to Financial Highlights

(a) For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b) Rounds to zero.

(d) Annualized.

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

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

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

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

Semiannual Report 2015
112

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class R4	(Unaudited)			2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	12.54		$	13.08		$	12.11		$	11.71
Income from investment operations:
Net investment income		0.05			0.53			0.18			0.11
Net realized and unrealized gain		0.51			0.44			1.25			0.65
Total from investment operations		0.56			0.97			1.43			0.76
Less distributions to shareholders:
Net investment income		(0.08	)		(0.28	)		(0.29	)		(0.14	)
Net realized gains		(0.40	)		(1.23	)		(0.17	)		(0.22	)
Total distributions to shareholders		(0.48	)		(1.51	)		(0.46	)		(0.36	)
Net asset value, end of period	$	12.62		$	12.54		$	13.08		$	12.11
Total return		4.42	%		7.41	%		11.95	%		6.60	%
Ratios to average net assets^(b)
Total gross expenses		0.27	%^(c)		0.29	%		0.22	%		0.24	%^(c)
Total net expenses^(d)		0.27	%^(c)(e)		0.29	%^(e)		0.22	%^(e)		0.24	%^(c)
Net investment income		0.84	%^(c)		4.16	%		1.39	%		3.98	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,250		$	1,054		$	7		$	3
Portfolio turnover		10	%		20	%		22	%		34	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2015
113

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class R5	(Unaudited)			2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	12.53		$	13.08		$	12.11		$	11.71
Income from investment operations:
Net investment income		0.06			0.21			0.33			0.11
Net realized and unrealized gain		0.51			0.77			1.12			0.66
Total from investment operations		0.57			0.98			1.45			0.77
Less distributions to shareholders:
Net investment income		(0.08	)		(0.30	)		(0.31	)		(0.15	)
Net realized gains		(0.40	)		(1.23	)		(0.17	)		(0.22	)
Total distributions to shareholders		(0.48	)		(1.53	)		(0.48	)		(0.37	)
Net asset value, end of period	$	12.62		$	12.53		$	13.08		$	12.11
Total return		4.56	%		7.46	%		12.07	%		6.64	%
Ratios to average net assets^(b)
Total gross expenses		0.16	%^(c)		0.16	%		0.18	%		0.12	%^(c)
Total net expenses^(d)		0.16	%^(c)		0.16	%		0.18	%		0.12	%^(c)
Net investment income		0.96	%^(c)		1.62	%		2.56	%		4.10	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,164		$	648		$	577		$	3
Portfolio turnover		10	%		20	%		22	%		34	%

Notes to Financial Highlights

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

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

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

Semiannual Report 2015
114

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,												Year Ended March 31,
Class T	(Unaudited)			2015			2014			2013			2012^(a)			2011^(b)
Per share data
Net asset value, beginning of period	$	12.45		$	13.00		$	12.04		$	11.30		$	11.61		$	11.49
Income from investment operations:
Net investment income		0.04			0.16			0.16			0.17			0.15			0.02
Net realized and unrealized gain (loss)		0.50			0.76			1.22			1.07			(0.30	)		0.13
Total from investment operations		0.54			0.92			1.38			1.24			(0.15	)		0.15
Less distributions to shareholders:
Net investment income		(0.06	)		(0.24	)		(0.25	)		(0.21	)		(0.14	)		(0.03	)
Net realized gains		(0.40	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.46	)		(1.47	)		(0.42	)		(0.50	)		(0.16	)		(0.03	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(c)		—
Net asset value, end of period	$	12.53		$	12.45		$	13.00		$	12.04		$	11.30		$	11.61
Total return		4.32	%		7.07	%		11.52	%		11.23	%		(1.23	%)		1.28	%
Ratios to average net assets^(d)
Total gross expenses		0.52	%^(e)		0.56	%		0.55	%		0.58	%		0.56	%^(e)(f)		0.55	%^(e)
Total net expenses^(g)		0.52	%^(e)(h)		0.54	%^(h)		0.55	%^(h)		0.58	%^(h)		0.56	%^(e)(f)(h)		0.55	%^(e)
Net investment income		0.58	%^(e)		1.20	%		1.24	%		1.46	%		1.58	%^(e)		2.26	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	96,749		$	97,408		$	101,766		$	100,955		$	102,913		$	3
Portfolio turnover		10	%		20	%		22	%		34	%		42	%		68	%

Notes to Financial Highlights

(a) For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

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

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

(e) Annualized.

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

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

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

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

Semiannual Report 2015
115

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class Y	(Unaudited)			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	12.31		$	12.87		$	12.35
Income from investment operations:
Net investment income		0.06			0.21			0.18
Net realized and unrealized gain		0.49			0.76			0.78
Total from investment operations		0.55			0.97			0.96
Less distributions to shareholders:
Net investment income		(0.08	)		(0.30	)		(0.27	)
Net realized gains		(0.40	)		(1.23	)		(0.17	)
Total distributions to shareholders		(0.48	)		(1.53	)		(0.44	)
Net asset value, end of period	$	12.38		$	12.31		$	12.87
Total return		4.49	%		7.58	%		7.88	%
Ratios to average net assets^(b)
Total gross expenses		0.15	%^(c)		0.09	%		0.07	%^(c)
Total net expenses^(d)		0.15	%^(c)		0.09	%		0.07	%^(c)
Net investment income		0.95	%^(c)		1.64	%		2.22	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	2		$	3
Portfolio turnover		10	%		20	%		22	%

Notes to Financial Highlights

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

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

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

Semiannual Report 2015
116

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

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

	Six Months Ended July 31, 2015			Year Ended January 31,												Year Ended March 31,
Class Z	(Unaudited)			2015			2014			2013			2012^(a)			2011			2010
Per share data
Net asset value, beginning of period	$	12.44		$	12.99		$	12.03		$	11.29		$	11.60		$	10.21		$	7.33
Income from investment operations:
Net investment income		0.05			0.19			0.19			0.20			0.17			0.21			0.25
Net realized and unrealized gain (loss)		0.50			0.77			1.23			1.08			(0.30	)		1.39			2.88
Total from investment operations		0.55			0.96			1.42			1.28			(0.13	)		1.60			3.13
Less distributions to shareholders:
Net investment income		(0.08	)		(0.28	)		(0.29	)		(0.25	)		(0.16	)		(0.21	)		(0.25	)
Net realized gains		(0.40	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—			—
Total distributions to shareholders		(0.48	)		(1.51	)		(0.46	)		(0.54	)		(0.18	)		(0.21	)		(0.25	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—			—
Net asset value, end of period	$	12.51		$	12.44		$	12.99		$	12.03		$	11.29		$	11.60		$	10.21
Total return		4.37	%		7.40	%		11.87	%		11.57	%		(1.00	%)		15.89	%		43.01	%
Ratios to average net assets^(c)
Total gross expenses		0.27	%^(d)		0.27	%		0.25	%		0.28	%		0.26	%^(d)(e)		0.25	%^(e)		0.25	%
Total net expenses^(f)		0.27	%^(d)(g)		0.27	%^(g)		0.25	%^(g)		0.28	%^(g)		0.26	%^(d)(e)(g)		0.25	%^(e)		0.25	%
Net investment income		0.83	%^(d)		1.47	%		1.49	%		1.72	%		1.86	%^(d)		2.03	%		2.69	%
Supplemental data
Net assets, end of period (in thousands)	$	128,631		$	128,314		$	128,234		$	147,433		$	146,805		$	56,805		$	64,967
Portfolio turnover		10	%		20	%		22	%		34	%		42	%		68	%		27	%

Notes to Financial Highlights

(a) For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b) Rounds to zero.

(d) Annualized.

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

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

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

Semiannual Report 2015
117

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class A	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	12.54		$	12.82		$	11.41		$	10.19		$	10.28		$	8.62
Income from investment operations:
Net investment income		0.01			0.12			0.12			0.13			0.12			0.14
Net realized and unrealized gain (loss)		0.66			0.86			1.53			1.25			(0.07	)		1.69
Total from investment operations		0.67			0.98			1.65			1.38			0.05			1.83
Less distributions to shareholders:
Net investment income		(0.00	)^(a)		(0.30	)		(0.24	)		(0.16	)		(0.14	)		(0.17	)
Net realized gains		(0.49	)		(0.96	)		—			—			—			—
Total distributions to shareholders		(0.49	)		(1.26	)		(0.24	)		(0.16	)		(0.14	)		(0.17	)
Net asset value, end of period	$	12.72		$	12.54		$	12.82		$	11.41		$	10.19		$	10.28
Total return		5.29	%		7.50	%		14.41	%		13.63	%		0.60	%		21.22	%
Ratios to average net assets^(b)
Total gross expenses		0.50	%^(c)		0.54	%		0.52	%		0.52	%		0.49	%		0.50	%
Total net expenses^(d)		0.50	%^(c)(e)		0.54	%^(e)		0.52	%^(e)		0.51	%^(e)		0.49	%^(e)		0.50	%
Net investment income		0.20	%^(c)		0.92	%		0.98	%		1.25	%		1.18	%		1.48	%
Supplemental data
Net assets, end of period (in thousands)	$	602,589		$	577,868		$	554,189		$	495,722		$	472,855		$	489,241
Portfolio turnover		8	%		27	%		29	%		21	%		83	%		10	%

Notes to Financial Highlights

(a) Rounds to zero.

(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
118

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class B	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	12.53		$	12.81		$	11.41		$	10.17		$	10.24		$	8.57
Income from investment operations:
Net investment income (loss)		(0.04	)		0.01			0.02			0.04			0.04			0.06
Net realized and unrealized gain (loss)		0.66			0.87			1.53			1.26			(0.07	)		1.69
Total from investment operations		0.62			0.88			1.55			1.30			(0.03	)		1.75
Less distributions to shareholders:
Net investment income		—			(0.20	)		(0.15	)		(0.06	)		(0.04	)		(0.08	)
Net realized gains		(0.49	)		(0.96	)		—			—			—			—
Total distributions to shareholders		(0.49	)		(1.16	)		(0.15	)		(0.06	)		(0.04	)		(0.08	)
Net asset value, end of period	$	12.66		$	12.53		$	12.81		$	11.41		$	10.17		$	10.24
Total return		4.89	%		6.72	%		13.54	%		12.80	%		(0.22	%)		20.46	%
Ratios to average net assets^(a)
Total gross expenses		1.25	%^(b)		1.28	%		1.27	%		1.26	%		1.24	%		1.26	%
Total net expenses^(c)		1.25	%^(b)(d)		1.28	%^(d)		1.27	%^(d)		1.26	%^(d)		1.24	%^(d)		1.26	%
Net investment income (loss)		(0.57	%)^(b)		0.04	%		0.14	%		0.41	%		0.38	%		0.62	%
Supplemental data
Net assets, end of period (in thousands)	$	16,873		$	22,043		$	31,473		$	39,020		$	49,003		$	66,323
Portfolio turnover		8	%		27	%		29	%		21	%		83	%		10	%

Notes to Financial Highlights

(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
119

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class C	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	12.32		$	12.62		$	11.24		$	10.04		$	10.14		$	8.50
Income from investment operations:
Net investment income (loss)		(0.04	)		0.03			0.03			0.05			0.04			0.07
Net realized and unrealized gain (loss)		0.65			0.83			1.50			1.24			(0.07	)		1.67
Total from investment operations		0.61			0.86			1.53			1.29			(0.03	)		1.74
Less distributions to shareholders:
Net investment income		—			(0.20	)		(0.15	)		(0.09	)		(0.07	)		(0.10	)
Net realized gains		(0.49	)		(0.96	)		—			—			—			—
Total distributions to shareholders		(0.49	)		(1.16	)		(0.15	)		(0.09	)		(0.07	)		(0.10	)
Net asset value, end of period	$	12.44		$	12.32		$	12.62		$	11.24		$	10.04		$	10.14
Total return		4.90	%		6.66	%		13.56	%		12.86	%		(0.23	%)		20.45	%
Ratios to average net assets^(a)
Total gross expenses		1.25	%^(b)		1.29	%		1.27	%		1.27	%		1.24	%		1.25	%
Total net expenses^(c)		1.25	%^(b)(d)		1.29	%^(d)		1.27	%^(d)		1.26	%^(d)		1.24	%^(d)		1.25	%
Net investment income (loss)		(0.55	%)^(b)		0.22	%		0.27	%		0.52	%		0.44	%		0.72	%
Supplemental data
Net assets, end of period (in thousands)	$	70,142		$	62,488		$	50,676		$	38,461		$	33,266		$	31,772
Portfolio turnover		8	%		27	%		29	%		21	%		83	%		10	%

Notes to Financial Highlights

(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
120

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class K	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	12.56		$	12.84		$	11.43		$	10.20		$	10.30		$	8.63
Income from investment operations:
Net investment income		0.02			0.10			0.14			0.15			0.13			0.15
Net realized and unrealized gain (loss)		0.66			0.89			1.52			1.25			(0.07	)		1.70
Total from investment operations		0.68			0.99			1.66			1.40			0.06			1.85
Less distributions to shareholders:
Net investment income		(0.00	)^(a)		(0.31	)		(0.25	)		(0.17	)		(0.16	)		(0.18	)
Net realized gains		(0.49	)		(0.96	)		—			—			—			—
Total distributions to shareholders		(0.49	)		(1.27	)		(0.25	)		(0.17	)		(0.16	)		(0.18	)
Net asset value, end of period	$	12.75		$	12.56		$	12.84		$	11.43		$	10.20		$	10.30
Total return		5.37	%		7.60	%		14.52	%		13.84	%		0.64	%		21.46	%
Ratios to average net assets^(b)
Total gross expenses		0.43	%^(c)		0.43	%		0.40	%		0.37	%		0.35	%		0.38	%
Total net expenses^(d)		0.43	%^(c)		0.43	%		0.40	%		0.37	%		0.35	%		0.38	%
Net investment income		0.26	%^(c)		0.72	%		1.13	%		1.37	%		1.30	%		1.62	%
Supplemental data
Net assets, end of period (in thousands)	$	58		$	68		$	152		$	126		$	451		$	461
Portfolio turnover		8	%		27	%		29	%		21	%		83	%		10	%

Notes to Financial Highlights

(a) Rounds to zero.

(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
121

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class R	(Unaudited)			2015			2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	12.46		$	12.75		$	11.35		$	10.16		$	10.25		$	9.42
Income from investment operations:
Net investment income		(0.00	)^(b)		0.10			0.14			0.11			0.10			0.10
Net realized and unrealized gain (loss)		0.65			0.83			1.47			1.24			(0.07	)		0.92
Total from investment operations		0.65			0.93			1.61			1.35			0.03			1.02
Less distributions to shareholders:
Net investment income		—			(0.26	)		(0.21	)		(0.16	)		(0.12	)		(0.19	)
Net realized gains		(0.49	)		(0.96	)		—			—			—			—
Total distributions to shareholders		(0.49	)		(1.22	)		(0.21	)		(0.16	)		(0.12	)		(0.19	)
Net asset value, end of period	$	12.62		$	12.46		$	12.75		$	11.35		$	10.16		$	10.25
Total return		5.16	%		7.19	%		14.13	%		13.38	%		0.33	%		10.87	%
Ratios to average net assets^(c)
Total gross expenses		0.75	%^(d)		0.79	%		0.78	%		0.79	%		0.70	%		0.71	%^(d)
Total net expenses^(e)		0.75	%^(d)(f)		0.79	%^(f)		0.78	%^(f)		0.76	%^(f)		0.70	%		0.71	%^(d)
Net investment income (loss)		(0.05	%)^(d)		0.72	%		1.12	%		1.03	%		0.98	%		2.91	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	915		$	912		$	644		$	182		$	3		$	3
Portfolio turnover		8	%		27	%		29	%		21	%		83	%		10	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

Semiannual Report 2015
122

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class R4	(Unaudited)			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	12.34		$	12.63		$	11.82
Income from investment operations:
Net investment income		0.03			0.54			0.20
Net realized and unrealized gain		0.64			0.46			0.88
Total from investment operations		0.67			1.00			1.08
Less distributions to shareholders:
Net investment income		(0.00	)^(b)		(0.33	)		(0.27	)
Net realized gains		(0.49	)		(0.96	)		—
Total distributions to shareholders		(0.49	)		(1.29	)		(0.27	)
Net asset value, end of period	$	12.52		$	12.34		$	12.63
Total return		5.40	%		7.78	%		9.08	%
Ratios to average net assets^(c)
Total gross expenses		0.26	%^(d)		0.28	%		0.29	%^(d)
Total net expenses^(e)		0.26	%^(d)(f)		0.28	%^(f)		0.29	%^(d)(f)
Net investment income		0.44	%^(d)		4.28	%		2.54	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	1,004		$	497		$	26
Portfolio turnover		8	%		27	%		29	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

Semiannual Report 2015
123

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class R5	(Unaudited)			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	12.33		$	12.63		$	11.82
Income from investment operations:
Net investment income		0.03			0.16			0.04
Net realized and unrealized gain		0.65			0.85			1.06
Total from investment operations		0.68			1.01			1.10
Less distributions to shareholders:
Net investment income		(0.00	)^(b)		(0.35	)		(0.29	)
Net realized gains		(0.49	)		(0.96	)		—
Total distributions to shareholders		(0.49	)		(1.31	)		(0.29	)
Net asset value, end of period	$	12.52		$	12.33		$	12.63
Total return		5.50	%		7.83	%		9.27	%
Ratios to average net assets^(c)
Total gross expenses		0.18	%^(d)		0.18	%		0.19	%^(d)
Total net expenses^(e)		0.18	%^(d)		0.18	%		0.19	%^(d)
Net investment income		0.52	%^(d)		1.22	%		0.47	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	399		$	381		$	385
Portfolio turnover		8	%		27	%		29	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

Semiannual Report 2015
124

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class Y	(Unaudited)			2015			2014^(a)
Per share data
Net asset value, beginning of period	$	12.32		$	12.62		$	11.82
Income from investment operations:
Net investment income		0.03			0.17			0.15
Net realized and unrealized gain		0.65			0.84			0.95
Total from investment operations		0.68			1.01			1.10
Less distributions to shareholders:
Net investment income		(0.00	)^(b)		(0.35	)		(0.30	)
Net realized gains		(0.49	)		(0.96	)		—
Total distributions to shareholders		(0.49	)		(1.31	)		(0.30	)
Net asset value, end of period	$	12.51		$	12.32		$	12.62
Total return		5.50	%		7.88	%		9.23	%
Ratios to average net assets^(c)
Total gross expenses		0.15	%^(d)		0.14	%		0.06	%^(d)
Total net expenses^(e)		0.15	%^(d)		0.14	%		0.06	%^(d)
Net investment income		0.54	%^(d)		1.30	%		1.95	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	2		$	3
Portfolio turnover		8	%		27	%		29	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

Semiannual Report 2015
125

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2015			Year Ended January 31,
Class Z	(Unaudited)			2015			2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	12.49		$	12.78		$	11.36		$	10.16		$	10.26		$	9.42
Income from investment operations:
Net investment income		0.03			0.17			0.19			0.21			0.14			0.12
Net realized and unrealized gain (loss)		0.65			0.83			1.50			1.19			(0.07	)		0.92
Total from investment operations		0.68			1.00			1.69			1.40			0.07			1.04
Less distributions to shareholders:
Net investment income		(0.00	)^(b)		(0.33	)		(0.27	)		(0.20	)		(0.17	)		(0.20	)
Net realized gains		(0.49	)		(0.96	)		—			—			—			—
Total distributions to shareholders		(0.49	)		(1.29	)		(0.27	)		(0.20	)		(0.17	)		(0.20	)
Net asset value, end of period	$	12.68		$	12.49		$	12.78		$	11.36		$	10.16		$	10.26
Total return		5.42	%		7.70	%		14.82	%		13.87	%		0.83	%		11.11	%
Ratios to average net assets^(c)
Total gross expenses		0.25	%^(d)		0.29	%		0.28	%		0.28	%		0.24	%		0.18	%^(d)
Total net expenses^(e)		0.25	%^(d)(f)		0.29	%^(f)		0.28	%^(f)		0.26	%^(f)		0.24	%^(f)		0.18	%^(d)
Net investment income		0.45	%^(d)		1.30	%		1.51	%		2.00	%		1.40	%		3.44	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	1,651		$	1,433		$	951		$	413		$	168		$	3
Portfolio turnover		8	%		27	%		29	%		21	%		83	%		10	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

Semiannual Report 2015
126

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS

July 31, 2015 (Unaudited)

Note 1. Organization

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

Information presented in these financial statements pertains to the following series of the Trusts (each, a Fund and collectively, the Funds): Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio, each a series of Columbia Funds Series Trust, and Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio, each a series of Columbia Funds Series Trust II. Each Fund currently operates as a diversified fund.

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

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

Fund Shares

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

Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio each offers Class A, Class B, Class C, Class K, Class R, Class R4, Class R5, Class Y and Class Z shares. Columbia Capital Allocation Moderate Aggressive Portfolio offers Class A, Class B, Class C, Class K, Class R, Class R4, Class R5, Class T, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trusts' organizational documents and 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% for Columbia Capital Allocation Conservative Portfolio. Class A shares of Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Aggressive Portfolio are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

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

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

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

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

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

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

Semiannual Report 2015
127

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

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

All equity securities are valued at the close of business of the 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.

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

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using quotes 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 reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security.

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

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

Foreign Currency Transactions and Translations

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

Semiannual Report 2015
128

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

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

Derivative Instruments

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

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a

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

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

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

Semiannual Report 2015
129

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

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

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

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

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin

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

Swap Contracts

Swap contracts are 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
130

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

Credit Default Swap Contracts

Certain Funds entered into credit default swap contracts as detailed below:

Credit Default Swap Contracts				Funds
To increase or decrease its credit exposure to an index				Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Aggressive Portfolio

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.

Effects of Derivative Transactions in the Financial Statements

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

Columbia Capital Allocation Conservative Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2015:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		9,818	*
Interest rate risk	Net assets — unrealized appreciation on futures contracts		48,195	*
Total			58,013

Semiannual Report 2015
131

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

*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 July 31, 2015:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)		Total ($)
Credit risk		—			6,042		6,042
Equity risk		992,738			—		992,738
Interest rate risk		(300,898	)		—		(300,898	)
Total		691,840			6,042		697,882
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)		Total ($)
Equity risk		11,673			—		11,673
Interest rate risk		48,195			—		48,195
Total		59,868			—		59,868

The following table provides a summary of the average outstanding volume by derivative instrument for the year ended July 31, 2015:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		14,616,324
Credit default swap contracts — sell protection		1,250,000

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

Columbia Capital Allocation Moderate Conservative Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2015:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		111,510	*
Interest rate risk	Net assets — unrealized appreciation on futures contracts		102,831	*
Total			214,341

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		54,449	*

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)		Total ($)
Credit risk		—			7,854		7,854
Equity risk		3,340,390			—		3,340,390
Interest rate risk		(627,323	)		—		(627,323	)
Total		2,713,067			7,854		2,720,921
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)		Total ($)
Equity risk		(232,153	)		—		(232,153	)
Interest rate risk		(266,807	)		—		(266,807	)
Total		(498,960	)		—		(498,960	)

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

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		26,334,408
Credit default swap contracts — sell protection		1,625,000

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

Semiannual Report 2015
132

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

Columbia Capital Allocation Moderate Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2015:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		111,939	*
Interest rate risk	Net assets — unrealized appreciation on futures contracts		172,580	*
Total			284,519
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		284,330	*

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)		Total ($)
Credit risk		—			39,271		39,271
Equity risk		8,286,756			—		8,286,756
Interest rate risk		(373,268	)		—		(373,268	)
Total		7,913,488			39,271		7,952,759
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)		Total ($)
Equity risk		(833,548	)		—		(833,548	)
Interest rate risk		(725,169	)		—		(725,169	)
Total		(1,558,717	)		—		(1,558,717	)

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

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		116,205,288
Credit default swap contracts — sell protection		8,125,000

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

Columbia Capital Allocation Moderate Aggressive Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2015:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		181,347	*
Interest rate risk	Net assets — unrealized appreciation on futures contracts		58,948	*
Total			240,295
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		1,037,882	*

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)		Total ($)
Equity risk		17,677,533			19,938		17,697,471
Interest rate risk		(975,885	)		—		(975,885	)
Total		16,701,648			19,938		16,721,586

Semiannual Report 2015
133

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)		Total ($)
Equity risk		(2,675,567	)		—		(2,675,567	)
Interest rate risk		(133,149	)		—		(133,149	)
Total		(2,808,716	)		—		(2,808,716	)

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

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		211,367,336
Credit default swap contracts — sell protection		4,125,000

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

Columbia Capital Allocation Aggressive Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2015:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		105,493	*
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		130,678	*
Interest rate risk	Net assets — unrealized depreciation on futures contracts		10,136	*
Total			140,814

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)		Total ($)
Credit risk		—			10,875		10,875
Equity risk		4,724,222			—		4,724,222
Interest rate risk		(78,613	)		—		(78,613	)
Total		4,645,609			10,875		4,656,484
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)		Total ($)
Equity risk		(524,003	)		—		(524,003	)
Interest rate risk		(10,136	)		—		(10,136	)
Total		(534,139	)		—		(534,139	)

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

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		48,310,654
Futures contracts — Short		155,938
Credit default swap contracts — sell protection		2,250,000

*Based on the ending quarterly outstanding amounts for the six months ended July 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

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

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

The Funds may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds, other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information on the tax

Semiannual Report 2015
134

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by the Fund's management. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

For federal income tax purposes, each Fund is treated as a separate entity. The Funds intend to qualify each year as separate regulated investment companies under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of their taxable income for their tax year, and as such will not be subject to federal income taxes. In addition, the Funds intend to distribute in each calendar year substantially all of their net investment income, capital gains and certain other amounts, if any, such that the Funds should not be subject to federal excise tax. Therefore, no federal income or excise tax provisions are recorded.

Foreign Taxes

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

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 quarterly for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio. Distributions from net investment income, if any, are declared and paid annually for Columbia Capital Allocation Aggressive Portfolio. Net realized capital gains, if any, are distributed along with the income dividend. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

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

In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820),

Semiannual Report 2015
135

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2016 and interim periods within those fiscal years. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Other Transactions with Affiliates

Investment Management Fees and Underlying Fund Fees

Under an Investment Management Services Agreement, the Investment Manager determines which securities will be purchased, held or sold. The investment management fee for the Funds is an annual fee that is a blend of (i) 0.00% on assets invested in Columbia proprietary funds that pay an investment management fee to the Investment Manager, (ii) 0.10% on assets invested in non-exchange-traded third-party advised mutual funds and (iii) 0.55% on assets invested in all other securities, including other funds advised by the Investment Manager that do not pay an investment management fee, exchange-traded funds, derivatives and individual securities.

The annualized effective investment management fee rates, net of any waivers, based on each Fund's average daily net assets for the six months ended July 31, 2015 were as follows:

Columbia Capital Allocation Conservative Portfolio	0.05	%
Columbia Capital Allocation Moderate Conservative Portfolio	0.06
Columbia Capital Allocation Moderate Portfolio	0.05
Columbia Capital Allocation Moderate Aggressive Portfolio	0.07
Columbia Capital Allocation Aggressive Portfolio	0.06

In addition to the fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of the Underlying Funds in which the Funds invest. Because the Underlying Funds have varied expense and fee levels and the Funds may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. These expenses are not reflected in the expenses shown in Statement of

Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Administration Fees

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

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board, including payments to Board Services Corp., a company providing limited 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 July 31, 2015, other expenses paid by the Fund to this company were as follows:

Fund	Amount ($)
Columbia Capital Allocation Conservative Portfolio		772
Columbia Capital Allocation Moderate Conservative Portfolio		1,039
Columbia Capital Allocation Moderate Portfolio		1,740
Columbia Capital Allocation Moderate Aggressive Portfolio		2,217
Columbia Capital Allocation Aggressive Portfolio		1,042

Compensation of Board Members

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

Transfer Agency Fees

Semiannual Report 2015
136

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

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

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

For the six months ended July 31, 2015, the Funds' effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Fund	Class A (%)		Class B (%)		Class C (%)		Class K (%)		Class R (%)		Class R4 (%)		Class R5 (%)		Class T (%)		Class Z (%)
Columbia Capital Allocation Conservative Portfolio		0.12		0.12		0.12		0.05		0.12		0.12		0.05		—		0.12
Columbia Capital Allocation Moderate Conservative Portfolio		0.12		0.12		0.12		0.05		0.12		0.12		0.05		—		0.12
Columbia Capital Allocation Moderate Portfolio		0.11		0.11		0.11		0.05		0.11		0.12		0.05		—		0.11
Columbia Capital Allocation Moderate Aggressive Portfolio		0.16		0.16		0.16		0.05		0.16		0.16		0.05		0.16		0.16
Columbia Capital Allocation Aggressive Portfolio		0.13		0.13		0.13		0.05		0.13		0.13		0.05		—		0.13

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance

fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations.

For the six months ended July 31, 2015, these minimum account balance fees reduced total expenses as follows:

Fund	Amount ($)
Columbia Capital Allocation Conservative Portfolio		20
Columbia Capital Allocation Moderate Conservative Portfolio		140
Columbia Capital Allocation Moderate Portfolio		80
Columbia Capital Allocation Moderate Aggressive Portfolio		10,788
Columbia Capital Allocation Aggressive Portfolio		180

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, each Fund pays an annual fee at a rate of 0.25% of the Fund's average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution and Service Fees

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

Under the Plans, each Fund pays a monthly fee to the Distributor at the annual rates of up to 0.25% of each Fund's average daily net assets attributable to Class A shares, up to 1.00% of each Fund's average daily net assets attributable to Class B and Class C shares and up to 0.50% of each Fund's average daily net assets atributable to Class R shares (of which up to 0.25% may be used for shareholder services for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio).

For Class B and Class C shares of the Funds, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses. The amount of distribution expenses incurred

Semiannual Report 2015
137

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

by the Distributor and not yet reimbursed (unreimbursed expense) for each Fund was approximately as follows:

Fund	Class B ($)		Class C ($)
Columbia Capital Allocation Conservative Portfolio		1,618,000		142,000
Columbia Capital Allocation Moderate Conservative Portfolio		2,745,000		225,000
Columbia Capital Allocation Moderate Portfolio		5,136,000		1,136,000
Columbia Capital Allocation Moderate Aggressive Portfolio		4,632,000		816,000
Columbia Capital Allocation Aggressive Portfolio		1,383,000		113,000

These amounts are based on the most recent information available as of June 30, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Shareholder Services Fees

Columbia Capital Allocation Moderate Aggressive Portfolio has adopted a shareholder services plan that permits it to pay for certain services provided to Class T shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund's average daily net assets attributable to Class T shares (comprised of up to 0.25% for shareholder liaison services and up to 0.25% for administrative support services). These fees are contractually limited to an aggregate annual rate of not more than 0.25% of the Fund's average daily net assets attributable to Class T shares. The annualized effective shareholder services fee rate for the six months ended July 31, 2015 was 0.25% of the Fund's average daily net assets attributable to Class T shares.

Sales Charges

Sales charges, including front-end and CDSCs, received by the Distributor for distributing each Fund's shares for the six months ended July 31, 2015, are as follows:

Fund	Class A ($)		Class B ($)		Class C ($)		Class T ($)
Columbia Capital Allocation Conservative Portfolio		108,057		647		1,939		—
Columbia Capital Allocation Moderate Conservative Portfolio		312,212		925		3,873		—

Fund	Class A ($)		Class B ($)		Class C ($)		Class T ($)
Columbia Capital Allocation Moderate Portfolio		1,076,032		3,577		12,071		—
Columbia Capital Allocation Moderate Aggressive Portfolio		1,303,107		4,427		10,156		9,412
Columbia Capital Allocation Aggressive Portfolio		649,679		1,716		4,925		—

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), so that each Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the annual rates of:

	Contractual Expense Cap July 1, 2015 through May 31, 2016
Fund	Class A (%)		Class B (%)		Class C (%)		Class K (%)		Class R (%)		Class R4 (%)		Class R5 (%)		Class T (%)		Class Y (%)		Class Z (%)
Columbia Capital Allocation Conservative Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26
Columbia Capital Allocation Moderate Conservative Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26
Columbia Capital Allocation Moderate Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26
Columbia Capital Allocation Moderate Aggressive Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		0.51		0.16		0.26
Columbia Capital Allocation Aggressive Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26

Semiannual Report 2015
138

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

	Voluntary Expense Cap Prior to July 1, 2015
Fund	Class A (%)		Class B (%)		Class C (%)		Class K (%)		Class R (%)		Class R4 (%)		Class R5 (%)		Class T (%)		Class Y (%)		Class Z (%)
Columbia Capital Allocation Conservative Portfolio		0.51		1.26		1.26		0.45		0.76		0.26		0.20		N/A		0.15		0.26
Columbia Capital Allocation Moderate Conservative Portfolio		0.51		1.26		1.26		0.45		0.76		0.26		0.20		N/A		0.15		0.26
Columbia Capital Allocation Moderate Portfolio		0.51		1.26		1.26		0.45		0.76		0.26		0.20		N/A		0.15		0.26
Columbia Capital Allocation Moderate Aggressive Portfolio		0.51		1.26		1.26		0.45		0.76		0.26		0.20		0.51		0.15		0.26
Columbia Capital Allocation Aggressive Portfolio		0.51		1.26		1.26		0.45		0.76		0.26		0.20		N/A		0.15		0.26

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

Note 4. Federal Tax Information

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

At July 31, 2015, the approximate cost of investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was approximately:

Fund	Tax Cost ($)		Gross Unrealized Appreciation ($)		Gross Unrealized Depreciation ($)			Net Appreciation (Depreciation) ($)
Columbia Capital Allocation Conservative Portfolio		292,025,000		6,407,000		(6,689,000	)		(282,000	)
Columbia Capital Allocation Moderate Conservative Portfolio		647,986,000		28,203,000		(8,175,000	)		20,028,000
Columbia Capital Allocation Moderate Portfolio		1,541,730,000		122,512,000		(17,143,000	)		105,369,000
Columbia Capital Allocation Moderate Aggressive Portfolio		2,133,403,000		212,154,000		(15,603,000	)		196,551,000
Columbia Capital Allocation Aggressive Portfolio		616,120,000		81,546,000		(6,115,000	)		75,431,000

The following capital loss carryforwards, determined as of January 31, 2015, 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:

Fund

2015
($)

2016
($)

2017
($)

2016
($)

2018
($)

2019
($)

2020
($)

No Expiration
Short-term
($)

No Expiration
Long-term
($)

Total
($)

Columbia Capital Allocation
Conservative Portfolio

—

Columbia Capital Allocation
Moderate Conservative Portfolio

—

Semiannual Report 2015
139

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

Fund	2015 ($)	2016 ($)	2017 ($)	2016 ($)	2018 ($)	2019 ($)	2020 ($)	No Expiration Short-term ($)	No Expiration Long-term ($)	Total ($)
Columbia Capital Allocation Moderate Portfolio	—	—	—	—	—	—	—	—	—	—
Columbia Capital Allocation Moderate Aggressive Portfolio	—	388,505	—	—	—	—	—	—	—	388,505
Columbia Capital Allocation Aggressive Portfolio	—	—	—	—	7,841	—	—	—	—	7,841

Note 5. Portfolio Information

For the six months ended July 31, 2015, the cost of purchases and proceeds from sales of investments in the Underlying Funds, including U.S. government securities, but excluding investments in money market funds and derivatives, if any, for each Fund aggregated to:

	Other Investment Securities
Fund	Purchases ($)		Proceeds ($)
Columbia Capital Allocation Conservative Portfolio		35,733,281		32,163,424
Columbia Capital Allocation Moderate Conservative Portfolio		76,763,924		72,509,494
Columbia Capital Allocation Moderate Portfolio		194,751,169		194,254,825
Columbia Capital Allocation Moderate Aggressive Portfolio		244,212,302		213,414,030
Columbia Capital Allocation Aggressive Portfolio		76,981,254		47,066,262

The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

Each Fund may invest in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by each Fund and other affiliated Funds. The income earned by the Funds from such investments

is included as Dividends — affiliated issuers in the Statement of Operations. As an investing fund, each Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At July 31, 2015, certain shareholder accounts owned more than 10% of the outstanding shares of one or more of the Funds. For unaffiliated shareholder accounts, the Funds have no knowledge about whether any portion of those shares were owned beneficially. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds. The number of accounts and aggregate percentages of shares outstanding held therein were as follows:

Fund	Number of Unaffiliated Accounts		Percentage of Shares Outstanding Held — Unaffiliated (%)		Percentage of Shares Outstanding Held — Affiliated (%)
Columbia Capital Allocation Conservative Portfolio		—		—		85.1
Columbia Capital Allocation Moderate Conservative Portfolio		—		—		79.7
Columbia Capital Allocation Moderate Portfolio		—		—		94.5
Columbia Capital Allocation Moderate Aggressive Portfolio		1		15.5		56.7
Columbia Capital Allocation Aggressive Portfolio		—		—		92.1

Semiannual Report 2015
140

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

Note 8. Line of Credit

Each Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. whereby the Funds may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, which is a collective agreement between the Funds and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $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. Each Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations.

No Fund had borrowings during the six months ended July 31, 2015.

Note 9. Subsequent Events

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

Note 10. Information Regarding Pending and Settled Legal Proceedings

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

Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the Funds' Boards of Trustees.

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

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
141

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

INTERIM APPROVAL OF INVESTMENT MANAGEMENT SERVICES AGREEMENT

Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to each of the Columbia Capital Allocation Portfolios (each, a Series Fund and collectively, the Series Funds). Under an investment management services agreement with respect to each Series Fund (each, an IMS Agreement), Columbia Management provides investment advice and other services to each of the Series Funds and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

Each Series Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considered the renewal of each IMS Agreement for a two-month period (Short-Term Period) in order to align each IMS Agreement with the review cycle of other funds in the Columbia family of funds. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2015, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel, and reviews information prepared by Columbia Management addressing the services Columbia Management provides and each Series Fund's performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue each IMS Agreement.

The Board, at its April 13-15, 2015 in-person Board meeting (the April Meeting), considered the renewal of each IMS Agreement for the Short-Term Period. At the April Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each IMS Agreement for the Short-Term Period.

Nature, Extent and Quality of Services Provided by Columbia Management

The Independent Trustees analyzed various reports and presentations they had received detailing the services performed by Columbia Management, as well as its expertise, resources and capabilities. The Independent Trustees specifically considered many developments during the past year concerning the services provided by Columbia Management. The Independent Trustees noted the information they received concerning Columbia Management's ability to retain its key portfolio management personnel. In evaluating the quality of services provided under each IMS Agreement and the Series Fund's Administrative Services Agreement, the Independent Trustees also took into account the organization and strength of each Series Fund's and their service providers' compliance programs. In addition, the Board also reviewed the financial condition of Columbia Management (and its affiliates) and each entity's ability to carry out its responsibilities under each IMS Agreement and the Series Fund's other services agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. The Board also discussed the acceptability of the terms of each IMS Agreement for the Short-Term Period.

Based on the foregoing, and based on other information received (both oral and written, including the information on investment performance referenced below) and other considerations, the Board concluded that the services being performed by Columbia Management and its affiliates were acceptable for the Short-Term Period.

Investment Performance

Semiannual Report 2015
142

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

INTERIM APPROVAL OF INVESTMENT MANAGEMENT SERVICES AGREEMENT (continued)

Comparative Fees, Costs of Services Provided and the Profits Realized by Columbia Management and its Affiliates from their Relationships with the Series Funds

The Board reviewed comparative fees and the costs of services provided under each IMS Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by an independent organization) showing a comparison of each Series Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Series Fund's contribution to Columbia Management's profitability.

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain defined exceptions) are generally in line with the "pricing philosophy" currently in effect (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund).

Economies of Scale to be Realized

Given that each Series Fund pays minimal direct investment services fees, the board determined not to accord weight to the lack of any material economies of scale associated with the growth of the Fund.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that, for purposes of its consideration of the renewal of each IMS Agreement for the Short-Term Period, the investment management service fees were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. The Board noted its understanding that it would undertake the full consideration of renewal of each IMS Agreement for the full annual period at its June 2015 meetings. On April 15, 2015, the Board, including all of the Independent Trustees, approved the renewal of each IMS Agreement for the Short-Term Period.

Semiannual Report 2015
143

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AGREEMENT

Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager, and together with its global affiliates, Columbia Threadneedle), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to each of the Columbia Capital Allocation Portfolios (each, a Series Fund and collectively, the Series Funds). Under an investment management services agreement with respect to each Series Fund, (each, an IMS Agreement), Columbia Management provides investment advice and other services to each of the Series Funds and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, each Series Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of each IMS Agreement. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March, April and June 2015, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to items of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March, April and June were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials were revised to reflect discussion and subsequent requests made by the Board representatives. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by Columbia Management addressing the services Columbia Management provides and each Series Fund's performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue each Agreement.

The Board, at its June 15-17, 2015 in-person Board meeting (the June Meeting), considered the renewal of each IMS Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each IMS Agreement.

Nature, Extent and Quality of Services Provided by Columbia Management

The Independent Trustees analyzed various reports and presentations they had received detailing the services performed by Columbia Management, as well as its organization, expertise, resources and capabilities.

The Independent Trustees specifically considered many developments during the past year concerning the services provided by Columbia Management, including, in particular, the restructured leadership in the Chief Investment Officer's organization, the strengthening of the investment research department, the solidifying of the Global Asset Management initiative and the restructured investment risk management organization. The Board also noted the broad scope of services provided by Columbia Management to each Series Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning Columbia Management's ability to attract and retain key portfolio management personnel.

In connection with the Board's evaluation of the overall package of services provided by Columbia Management, the Board also considered the quality of administrative services provided to the Series Funds by Columbia Management, recalling the information it received highlighting achievements in 2014 in the performance of administrative services. In evaluating the quality of services provided under each IMS Agreement and the Series Funds' Administrative Services Agreement, the Independent Trustees also took into account the organization and strength of each Series Fund and their service providers' compliance programs. In addition, the Board reviewed the financial condition of Columbia Management and its affiliates and each entity's ability to carry out its responsibilities under each IMS Agreement and the Series Funds' other service agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. The Board also discussed the acceptability of the terms of each IMS Agreement (including the relatively broad scope of services required to be performed by Columbia Management). The Board took into account the proposed

Semiannual Report 2015
144

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AGREEMENT (continued)

combination of the forms of IMS Agreements and Administrative Services Agreements into a single form of agreement with the combined form reflecting no proposed change in services or fees. Given no material change, the Trustees agreed to the combined form, to be effective upon each Fund's next annual update. The Board concluded that the services being performed under each IMS Agreement and the Administrative Services Agreement were of a reasonably high quality.

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under each IMS Agreement, the Board carefully reviewed the investment performance of each Series Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods, the performance of each Series Fund, the performance of a benchmark index, the percentage ranking of each Series Fund among its comparison group and the net assets of each Series Fund. For Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Portfolio, the Board observed that the Series Fund's investment performance met expectations. For Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Aggressive Portfolio, the Board observed the Series Fund's investment performance was appropriate in light of the particular management style involved and the particular market environment.

Comparative Fees, Costs of Services Provided and the Profits Realized by Columbia Management and its Affiliates from their Relationships with the Series Funds

The Board considered the reports of its independent fee consultant, JDL, which assisted in its analysis of the Series Funds' performance and expenses, and JDL's conclusion that the effective investment management fee rate for each Series Fund remains within a reasonable range. The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain defined exceptions) are generally in line with the "pricing philosophy" currently in effect (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). With respect to the Funds that operate as funds-of-funds (the Funds-of-Funds), the Independent Trustees noted the information provided by Columbia Management demonstrating the rationale for according weight to the Funds-of-Funds' direct expenses as opposed to their total expense ratios, which also include indirect expenses (i.e., the expenses incurred by the underlying Funds in which the Funds-of-Funds invest). In this regard, they noted that the Funds-of-Funds' direct expenses do not include advisory fees, except some of these Funds charge a fee on assets invested in direct investments (and not Funds) which, for the impacted Funds, has amounted to an immaterial level of advisory fees thus far. Further, they considered the information provided by Columbia Management demonstrating that the Funds-of-Funds' direct and indirect total expense ratios generally approximate or are below the respective peer universe median ratios. Based on its review, the Board concluded that each Series Fund's management fee was fair and reasonable in light of the extent and quality of services that each Series Fund receives.

Semiannual Report 2015
145

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AGREEMENT (continued)

levels of industry competitors. It also took into account the indirect economic benefits flowing to Columbia Management or its affiliates in connection with managing or distributing the Series Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by each Series Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Economies of Scale to be Realized

Given that each Series Fund pays minimal direct investment services fees, the Board determined not to accord weight to the lack of any material economies of scale associated with the growth of the Fund.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that the investment management services fees were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On June 17, 2015, the Board, including all of the Independent Trustees, approved the renewal of each IMS Agreement.

Semiannual Report 2015
146

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

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
147

Columbia Capital Allocation Portfolios

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 Funds, go to columbiathreadneedle.com/us. The 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.

columbiathreadneedle.com/us

SAR124_01_E01_(09/15)

LOGO

SEMIANNUAL REPORT

July 31, 2015

LOGO

COLUMBIA INCOME BUILDER FUND

LOGO

PRESIDENT’S MESSAGE

LOGO

Dear Shareholder,

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

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

Generate an appropriate stream of income in retirement

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

Navigate a changing interest rate environment

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

Maximize after-tax returns

Grow assets to achieve financial goals

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

Ease the impact of volatile markets

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

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

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

Sincerely,

LOGO

Christopher O. Petersen

President, Columbia Funds

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

Semiannual

Report 2015



COLUMBIA INCOME BUILDER FUND

TABLE OF CONTENTS


Performance Overview			2

Portfolio Overview			3

Understanding Your Fund’s Expenses			4

Portfolio of Investments			5

Statement of Assets and Liabilities			8

Statement of Operations			10

Statement of Changes in Net Assets			11

Financial Highlights			13

Notes to Financial Statements			22

Interim Approval of Investment Management Services Agreement			28

Approval of Investment Management Services Agreement			30

Important Information About This Report			33

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

Semiannual Report 2015



		COLUMBIA INCOME BUILDER FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

Columbia Income Builder Fund (the Fund) Class A shares returned 1.53% excluding sales charges for the six-month period that ended July 31, 2015.

The Fund outperformed its Blended Index, which returned 0.01% for the same time period.

During the six-month period, the Barclays U.S. Aggregate Bond Index returned -1.47%, the Russell 3000 Value Index returned 3.83% and the Citi Three-Month U.S. Treasury Bill Index returned 0.01%.


Average Annual Total Returns (%) (for period ended July 31, 2015)
	Inception	6 Months Cumulative		1 Year		5 Years		Life*
Class A	02/16/06
Excluding sales charges			1.53		1.36		6.81		5.75
Including sales charges			-3.32		-3.46		5.79		5.21
Class B	02/16/06
Excluding sales charges			1.14		0.61		6.02		4.95
Including sales charges			-3.70		-4.13		5.70		4.95
Class C	02/16/06
Excluding sales charges			1.14		0.61		6.01		4.96
Including sales charges			0.17		-0.34		6.01		4.96
Class K	02/16/06		1.49		1.45		6.87		5.95
Class R**	09/27/10		1.39		1.10		6.65		5.57
Class R4**	11/08/12		1.65		1.61		6.95		5.82
Class R5**	11/08/12		1.68		1.67		7.00		5.85
Class W**	06/25/14		1.51		1.33		6.80		5.74
Class Z**	09/27/10		1.65		1.61		7.08		5.89
Blended Index			0.01		3.47		5.91		5.08
Barclays U.S. Aggregate Bond Index			-1.47		2.82		3.27		4.80
Russell 3000 Value Index			3.83		6.23		14.88		6.36
Citi Three-Month U.S. Treasury Bill Index			0.01		0.02		0.06		1.17

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.

*	Fund data, Barclays U.S. Aggregate Bond Index and Russell 3000 Value Index are from February 16, 2006. Blended Index and Citi Three-Month U.S. Treasury Bill Index are from February 28, 2006.

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 Blended Index consists of 65% Barclays U.S. Aggregate Bond Index, 25% Russell 3000 Value Index and 10% Citi Three-Month U.S. Treasury Bill Index.

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The Russell 3000 Value Index, an unmanaged index, measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values.

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

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


2		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

PORTFOLIO OVERVIEW

(Unaudited)


Portfolio Breakdown (%) (at July 31, 2015)
Equity Funds			29.0
Fixed-Income Funds			70.9
Money Market Funds			0.1
Total			100.0

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

Portfolio Management

Colin Lundgren, CFA

Gene Tannuzzo, CFA


Semiannual Report 2015			3



		COLUMBIA INCOME BUILDER FUND

UNDERSTANDING YOUR FUND’S EXPENSES

(Unaudited)

Analyzing Your Fund’s Expenses

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

In addition to the ongoing expenses which the Fund bears directly, the Fund’s shareholders indirectly bear the Fund’s allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the “Effective Expenses Paid During the Period” column.

Compare With Other Funds

February 1, 2015 – July 31, 2015


	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)			Fund’s Effective Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,015.30	1,022.89		2.06	2.07		0.41		5.23	5.25		1.04
Class B		1,000.00	1,000.00		1,011.40	1,019.15		5.82	5.84		1.16		8.98	9.01		1.79
Class C		1,000.00	1,000.00		1,011.40	1,019.15		5.82	5.84		1.16		8.98	9.01		1.79
Class K		1,000.00	1,000.00		1,014.90	1,023.19		1.76	1.77		0.35		4.92	4.94		0.98
Class R		1,000.00	1,000.00		1,013.90	1,021.64		3.31	3.33		0.66		6.48	6.50		1.29
Class R4		1,000.00	1,000.00		1,016.50	1,024.13		0.80	0.81		0.16		3.97	3.99		0.79
Class R5		1,000.00	1,000.00		1,016.80	1,024.43		0.50	0.50		0.10		3.67	3.68		0.73
Class W		1,000.00	1,000.00		1,015.10	1,022.79		2.16	2.17		0.43		5.33	5.35		1.06
Class Z		1,000.00	1,000.00		1,016.50	1,024.13		0.80	0.81		0.16		3.97	3.99		0.79

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

Effective expenses paid during the period and the Fund’s effective annualized expense ratio include expenses borne directly to the class plus the Fund’s pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund’s most recent shareholder report.


4		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

PORTFOLIO OF INVESTMENTS

July 31, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)


Equity Funds 29.0%
	Shares		Value ($)
CONVERTIBLE 4.9%
Columbia Convertible Securities Fund, Class I Shares^(a)		3,457,478		65,000,596


DIVIDEND INCOME 19.3%
Columbia Dividend Income Fund, Class I Shares^(a)		4,832,471		91,671,976

Columbia Dividend Opportunity Fund, Class I Shares^(a)		11,114,103		103,361,153

Columbia Global Dividend Opportunity Fund, Class I Shares^(a)		3,515,214		61,938,076

Total				256,971,205


U.S. SMALL CAP 4.8%
Columbia Small Cap Value Fund I, Class I Shares^(a)		1,411,411		64,148,632

Total Equity Funds
(Cost: $381,068,815)				386,120,433


Fixed-Income Funds 71.0%
EMERGING MARKETS 11.5%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)		14,334,386		152,804,550


FLOATING RATE 9.8%
Columbia Floating Rate Fund, Class I Shares^(a)		14,402,117		130,051,118


HIGH YIELD 16.3%
Columbia High Yield Bond Fund, Class I Shares^(a)		74,103,530		217,123,342


Fixed-Income Funds (continued)
	Shares		Value ($)
INFLATION PROTECTED SECURITIES 2.5%
Columbia Inflation Protected Securities Fund, Class I Shares^(a)		3,749,324		33,331,493


INTERNATIONAL 1.9%
Columbia Global Unconstrained Bond Fund, Class I Shares^(a)(b)		2,500,000		24,775,000


INVESTMENT GRADE 29.0%
Columbia Corporate Income Fund, Class I Shares^(a)		5,851,167		57,633,997

Columbia Limited Duration Credit Fund, Class I Shares^(a)		6,948,334		67,398,835

Columbia Mortgage Opportunities Fund, Class I Shares^(a)		7,870,245		78,938,554

Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		31,855,325		175,841,397

Columbia U.S. Treasury Index Fund, Class I Shares^(a)		593,505		6,647,253

Total				386,460,036

Total Fixed-Income Funds
(Cost: $966,578,057)				944,545,539


Money Market Funds —%
Columbia Money Market Fund, Class I Shares, 0.008%^(a)(c)		651,936		651,936

Total Money Market Funds
(Cost: $651,936)				651,936

Total Investments
(Cost: $1,348,298,808)				1,331,317,908

Other Assets & Liabilities, Net				(335,925	)

Net Assets				1,330,981,983

Notes to Portfolio of Investments

(a)

As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended July 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 Convertible Securities Fund, Class I Shares		33,848,968		30,434,597		(4,245,016	)		886,459			60,925,008		1,375,603		810,974		65,000,596

Columbia Corporate Income Fund, Class I Shares		61,830,179		1,214,235		(2,253,274	)		(123,852	)		60,667,288		—		940,574		57,633,997

Columbia Dividend Income Fund, Class I Shares		95,935,960		1,295,319		(9,954,301	)		748,051			88,025,029		—		1,239,595		91,671,976

Columbia Dividend Opportunity Fund, Class I Shares		105,449,156		2,006,336		(12,748,485	)		2,214,633			96,921,640		—		1,946,444		103,361,153

Columbia Emerging Markets Bond Fund, Class I Shares		185,437,140		3,575,431		(20,084,145	)		(1,741,580	)		167,186,846		—		2,643,536		152,804,550

Columbia Floating Rate Fund, Class I Shares		68,612,163		66,018,014		(4,597,255	)		60,719			130,093,641		—		2,622,969		130,051,118

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


Semiannual Report 2015			5



		COLUMBIA INCOME BUILDER FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)


Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Global Dividend Opportunity Fund, Class I Shares		102,204,634		2,375,594		(32,597,255	)		(3,412,879	)		68,570,094		—		1,431,734		61,938,076

Columbia Global Unconstrained Bond Fund, Class I Shares*		—		25,000,000		—			—			25,000,000		—		—		24,775,000

Columbia High Yield Bond Fund, Class I Shares		242,410,251		5,833,045		(37,677,471	)		4,762,976			215,328,801		—		5,807,406		217,123,342

Columbia Inflation Protected Securities Fund, Class I Shares		36,446,089		47,928		—			—			36,494,017		—		—		33,331,493

Columbia International Bond Fund, Class I Shares*		51,257,717		—		(48,788,888	)		(2,468,829	)		—		—		—		—

Columbia Limited Duration Credit Fund, Class I Shares		54,517,226		14,792,049		(991,262	)		(42,862	)		68,275,151		—		792,048		67,398,835

Columbia Money Market Fund, Class I Shares		651,903		33		—			—			651,936		—		32		651,936

Columbia Mortgage Opportunities Fund, Class I Shares		103,991,148		2,985,698		(27,859,604	)		156,986			79,274,228		—		2,101,731		78,938,554

Columbia Small Cap Value Fund I, Class I Shares		71,963,761		521,662		(6,614,383	)		756,004			66,627,044		—		—		64,148,632

Columbia U.S. Government Mortgage Fund, Class I Shares		153,334,909		30,660,699		(6,476,451	)		(58,024	)		177,461,133		—		2,416,846		175,841,397

Columbia U.S. Treasury Index Fund, Class I Shares		6,739,424		57,528		—			—			6,796,952		—		46,383		6,647,253

Total		1,374,630,628		186,818,168		(214,887,790	)		1,737,802			1,348,298,808		1,375,603		22,800,272		1,331,317,908

Issuer was not an affiliate for the entire period ended July 31, 2015.

(b)	Non-income producing investment.

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

Fair Value Measurements

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

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

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

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

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

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

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


6		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2015 (Unaudited)

Fair Value Measurements (continued)

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


	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments

Equity Funds		386,120,433		—		—		386,120,433

Fixed-Income Funds		944,545,539		—		—		944,545,539

Money Market Funds		651,936		—		—		651,936

Total Investments		1,331,317,908		—		—		1,331,317,908

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

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

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


Semiannual Report 2015			7



		COLUMBIA INCOME BUILDER FUND

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2015 (Unaudited)



Assets

Investments, at value

Affiliated issuers (identified cost $1,348,298,808)	$1,331,317,908

Receivable for:

Investments sold	444,406

Capital shares sold	540,462

Dividends	2,213,789

Prepaid expenses	8,669

Other assets	27,758

Total assets	1,334,552,992


Liabilities

Payable for:

Investments purchased	2,213,789

Capital shares purchased	1,151,445

Distribution and/or service fees	14,020

Transfer agent fees	116,440

Administration fees	730

Compensation of board members	27,611

Other expenses	46,974

Total liabilities	3,571,009

Net assets applicable to outstanding capital stock	$1,330,981,983


Represented by

Paid-in capital	$1,357,284,447

Excess of distributions over net investment income	(869,062	)

Accumulated net realized loss	(8,452,502	)

Unrealized appreciation (depreciation) on:

Investments — affiliated issuers	(16,980,900	)

Total — representing net assets applicable to outstanding capital stock	$1,330,981,983

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


8		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2015 (Unaudited)


Class A

Net assets			$1,022,933,835

Shares outstanding			89,808,062

Net asset value per share			$11.39

Maximum offering price per share^(a)			$11.96

Class B

Net assets			$9,502,135

Shares outstanding			830,039

Net asset value per share			$11.45

Class C

Net assets			$245,931,464

Shares outstanding			21,510,855

Net asset value per share			$11.43

Class K

Net assets			$3,040

Shares outstanding			267

Net asset value per share^(b)			$11.40

Class R

Net assets			$1,180,828

Shares outstanding			103,118

Net asset value per share			$11.45

Class R4

Net assets			$4,602,793

Shares outstanding			403,070

Net asset value per share			$11.42

Class R5

Net assets			$1,296,243

Shares outstanding			113,422

Net asset value per share			$11.43

Class W

Net assets			$9,343

Shares outstanding			821

Net asset value per share			$11.38

Class Z

Net assets			$45,522,302

Shares outstanding			3,996,092

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 4.75%.

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

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


Semiannual Report 2015			9



		COLUMBIA INCOME BUILDER FUND

STATEMENT OF OPERATIONS

Six Months Ended July 31, 2015 (Unaudited)


Net investment income

Income:

Dividends — affiliated issuers	$22,800,272

Total income	22,800,272


Expenses:

Distribution and/or service fees

Class A	1,307,952

Class B	76,877

Class C	1,229,857

Class R	2,908

Class W	12

Transfer agent fees

Class A	571,167

Class B	8,425

Class C	134,239

Class K	1

Class R	634

Class R4	2,499

Class R5	238

Class W	5

Class Z	27,200

Administration fees	136,422

Plan administration fees

Class K	4

Compensation of board members	14,149

Custodian fees	3,689

Printing and postage fees	61,143

Registration fees	74,729

Professional fees	17,187

Other	11,427

Total expenses	3,680,764

Expense reductions	(20	)

Total net expenses	3,680,744

Net investment income	19,119,528


Realized and unrealized gain (loss) — net

Net realized gain (loss) on:

Investments — affiliated issuers	1,737,802

Capital gain distributions from underlying affiliated funds	1,375,603

Net realized gain	3,113,405

Net change in unrealized appreciation (depreciation) on:

Investments — affiliated issuers	(2,365,052	)

Net change in unrealized depreciation	(2,365,052	)

Net realized and unrealized gain	748,353

Net increase in net assets resulting from operations	$19,867,881

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


10		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended July 31, 2015 (Unaudited)			Year Ended January 31, 2015^(a)
Operations

Net investment income		$19,119,528			$38,155,054

Net realized gain		3,113,405			54,901,854

Net change in unrealized depreciation		(2,365,052	)		(28,799,709	)

Net increase in net assets resulting from operations		19,867,881			64,257,199


Distributions to shareholders

Net investment income

Class A		(16,853,240	)		(32,538,591	)

Class B		(173,567	)		(549,795	)

Class C		(3,043,546	)		(5,344,646	)

Class K		(53	)		(335	)

Class R		(17,126	)		(35,464	)

Class R4		(79,614	)		(143,057	)

Class R5		(17,858	)		(15,619	)

Class W		(155	)		(213	)

Class Z		(855,301	)		(1,735,119	)

Net realized gains

Class A		(32,592,214	)		(2,289,817	)

Class B		(329,658	)		(43,402	)

Class C		(7,766,712	)		(517,333	)

Class K		(99	)		(7	)

Class R		(36,512	)		(2,736	)

Class R4		(144,623	)		(10,516	)

Class R5		(39,620	)		(1,045	)

Class W		(305	)		(21	)

Class Z		(1,490,654	)		(116,967	)

Total distributions to shareholders		(63,440,857	)		(43,344,683	)

Increase in net assets from capital stock activity		14,643,660			102,930,759

Total increase (decrease) in net assets		(28,929,316	)		123,843,275

Net assets at beginning of period		1,359,911,299			1,236,068,024

Net assets at end of period		$1,330,981,983			$1,359,911,299

Undistributed (excess of distributions over) net investment income		$(869,062	)		$1,051,870

(a)	Class W shares are for the period from June 25, 2014 (commencement of operations) through the stated period end.

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


Semiannual Report 2015			11



		COLUMBIA INCOME BUILDER FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)


	Six Months Ended July 31, 2015 (Unaudited)						Year Ended January 31, 2015^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity

Class A shares

Subscriptions^(b)		5,474,021			64,945,723			16,836,817			201,121,208

Distributions reinvested		4,119,975			47,726,117			2,734,884			32,707,494

Redemptions		(8,372,102	)		(99,115,069	)		(15,132,292	)		(180,569,263	)

Net increase		1,221,894			13,556,771			4,439,409			53,259,439

Class B shares

Subscriptions		19,725			234,836			118,741			1,424,124

Distributions reinvested		41,909			488,825			47,968			576,456

Redemptions^(b)		(832,885	)		(9,942,357	)		(919,229	)		(10,998,760	)

Net decrease		(771,251	)		(9,218,696	)		(752,520	)		(8,998,180	)

Class C shares

Subscriptions		2,314,130			27,567,203			6,466,610			77,487,640

Distributions reinvested		890,555			10,342,854			465,582			5,587,818

Redemptions		(1,914,734	)		(22,731,295	)		(3,115,317	)		(37,289,518	)

Net increase		1,289,951			15,178,762			3,816,875			45,785,940

Class K shares

Distributions reinvested		—			—			6			71

Redemptions		—			—			(3,157	)		(37,712	)

Net increase (decrease)		—			—			(3,151	)		(37,641	)

Class R shares

Subscriptions		7,740			91,878			33,883			407,512

Distributions reinvested		4,609			53,638			3,177			38,188

Redemptions		(8,291	)		(99,552	)		(31,924	)		(382,692	)

Net increase		4,058			45,964			5,136			63,008

Class R4 shares

Subscriptions		63,174			750,676			268,107			3,215,899

Distributions reinvested		19,290			224,108			12,793			153,476

Redemptions		(84,933	)		(1,011,598	)		(85,324	)		(1,022,225	)

Net increase (decrease)		(2,469	)		(36,814	)		195,576			2,347,150

Class R5 shares

Subscriptions		50,894			605,818			45,146			537,390

Distributions reinvested		4,955			57,478			1,387			16,650

Redemptions		(9,451	)		(111,861	)		(7,794	)		(93,409	)

Net increase		46,398			551,435			38,739			460,631

Class W shares

Subscriptions		—			—			821			10,000

Net increase		—			—			821			10,000

Class Z shares

Subscriptions		550,193			6,545,160			2,422,710			29,062,334

Distributions reinvested		167,645			1,943,785			124,803			1,493,151

Redemptions		(1,173,845	)		(13,922,707	)		(1,719,040	)		(20,515,073	)

Net increase (decrease)		(456,007	)		(5,433,762	)		828,473			10,040,412

Total net increase		1,332,574			14,643,660			8,569,358			102,930,759

(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.


12		Semiannual Report 2015



COLUMBIA INCOME BUILDER 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 July 31, 2015		Year Ended January 31,
Class A	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$11.77		$11.56		$11.48		$10.85		$10.58		$9.76

Income from investment operations:

Net investment income	0.17		0.36		0.32		0.37		0.37		0.35

Net realized and unrealized gain	0.01		0.25		0.12		0.69		0.30		0.87

Total from investment operations	0.18		0.61		0.44		1.06		0.67		1.22

Less distributions to shareholders:

Net investment income	(0.19	)	(0.37	)	(0.36	)	(0.43	)	(0.40	)	(0.40	)

Net realized gains	(0.37	)	(0.03	)	—		—		—		—

Tax return of capital	—		—		—		—		—		(0.00	)^(a)

Total distributions to shareholders	(0.56	)	(0.40	)	(0.36	)	(0.43	)	(0.40	)	(0.40	)

Net asset value, end of period	$11.39		$11.77		$11.56		$11.48		$10.85		$10.58

Total return	1.53	%	5.29	%	3.83	%	9.98	%	6.48	%	12.72	%

Ratios to average net assets^(b)

Total gross expenses	0.41	%^(c)	0.41	%	0.41	%	0.42	%	0.42	%	0.44	%

Total net expenses^(d)	0.41	%^(c)(e)	0.41	%^(e)	0.41	%	0.42	%^(e)	0.42	%	0.44	%

Net investment income	2.94	%^(c)	2.99	%	2.79	%	3.30	%	3.50	%	3.42	%

Supplemental data

Net assets, end of period (in thousands)	$1,022,934		$1,042,888		$972,684		$808,070		$692,920		$199,434

Portfolio turnover	14	%	29	%	28	%	26	%	31	%	28	%

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 the underlying funds in which the Fund 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			13



		COLUMBIA INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended July 31, 2015		Year Ended January 31,
Class B	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$11.83		$11.61		$11.54		$10.90		$10.62		$9.79

Income from investment operations:

Net investment income	0.13		0.26		0.22		0.28		0.29		0.27

Net realized and unrealized gain	0.01		0.27		0.12		0.71		0.30		0.88

Total from investment operations	0.14		0.53		0.34		0.99		0.59		1.15

Less distributions to shareholders:

Net investment income	(0.15	)	(0.28	)	(0.27	)	(0.35	)	(0.31	)	(0.32	)

Net realized gains	(0.37	)	(0.03	)	—		—		—		—

Tax return of capital	—		—		—		—		—		(0.00	)^(a)

Total distributions to shareholders	(0.52	)	(0.31	)	(0.27	)	(0.35	)	(0.31	)	(0.32	)

Net asset value, end of period	$11.45		$11.83		$11.61		$11.54		$10.90		$10.62

Total return	1.14	%	4.57	%	2.96	%	9.18	%	5.67	%	11.91	%

Ratios to average net assets^(b)

Total gross expenses	1.16	%^(c)	1.16	%	1.16	%	1.17	%	1.17	%	1.19	%

Total net expenses^(d)	1.16	%^(c)(e)	1.16	%^(e)	1.16	%	1.17	%^(e)	1.17	%	1.19	%

Net investment income	2.18	%^(c)	2.17	%	1.92	%	2.50	%	2.74	%	2.61	%

Supplemental data

Net assets, end of period (in thousands)	$9,502		$18,941		$27,334		$34,248		$40,756		$18,295

Portfolio turnover	14	%	29	%	28	%	26	%	31	%	28	%

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 the underlying funds in which the Fund 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.


14		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended July 31, 2015		Year Ended January 31,
Class C	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$11.81		$11.60		$11.52		$10.89		$10.61		$9.79

Income from investment operations:

Net investment income	0.13		0.27		0.25		0.29		0.29		0.28

Net realized and unrealized gain	0.01		0.25		0.10		0.69		0.31		0.86

Total from investment operations	0.14		0.52		0.35		0.98		0.60		1.14

Less distributions to shareholders:

Net investment income	(0.15	)	(0.28	)	(0.27	)	(0.35	)	(0.32	)	(0.32	)

Net realized gains	(0.37	)	(0.03	)	—		—		—		—

Tax return of capital	—		—		—		—		—		(0.00	)^(a)

Total distributions to shareholders	(0.52	)	(0.31	)	(0.27	)	(0.35	)	(0.32	)	(0.32	)

Net asset value, end of period	$11.43		$11.81		$11.60		$11.52		$10.89		$10.61

Total return	1.14	%	4.49	%	3.06	%	9.14	%	5.73	%	11.84	%

Ratios to average net assets^(b)

Total gross expenses	1.16	%^(c)	1.16	%	1.16	%	1.17	%	1.17	%	1.20	%

Total net expenses^(d)	1.16	%^(c)(e)	1.16	%^(e)	1.16	%	1.17	%^(e)	1.17	%	1.20	%

Net investment income	2.19	%^(c)	2.26	%	2.14	%	2.61	%	2.76	%	2.72	%

Supplemental data

Net assets, end of period (in thousands)	$245,931		$238,901		$190,266		$102,019		$60,381		$17,732

Portfolio turnover	14	%	29	%	28	%	26	%	31	%	28	%

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 the underlying funds in which the Fund 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			15



		COLUMBIA INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended July 31, 2015		Year Ended January 31,
Class K	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$11.79		$11.57		$11.50		$10.87		$10.59		$9.77

Income from investment operations:

Net investment income	0.18		0.37		0.30		0.37		0.38		0.35

Net realized and unrealized gain	0.00	^(a)	0.26		0.13		0.70		0.31		0.87

Total from investment operations	0.18		0.63		0.43		1.07		0.69		1.22

Less distributions to shareholders:

Net investment income	(0.20	)	(0.38	)	(0.36	)	(0.44	)	(0.41	)	(0.40	)

Net realized gains	(0.37	)	(0.03	)	—		—		—		—

Tax return of capital	—		—		—		—		—		(0.00	)^(a)

Total distributions to shareholders	(0.57	)	(0.41	)	(0.36	)	(0.44	)	(0.41	)	(0.40	)

Net asset value, end of period	$11.40		$11.79		$11.57		$11.50		$10.87		$10.59

Total return	1.49	%	5.45	%	3.80	%	10.02	%	6.64	%	12.74	%

Ratios to average net assets^(b)

Total gross expenses	0.35	%^(c)	0.34	%	0.34	%	0.37	%	0.35	%	0.43	%

Total net expenses^(d)	0.35	%^(c)	0.34	%	0.34	%	0.37	%	0.35	%	0.42	%

Net investment income	3.10	%^(c)	3.06	%	2.60	%	3.34	%	3.58	%	3.45	%

Supplemental data

Net assets, end of period (in thousands)	$3		$3		$40		$70		$65		$11

Portfolio turnover	14	%	29	%	28	%	26	%	31	%	28	%

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 the underlying funds in which the Fund 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.


16		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended July 31, 2015		Year Ended January 31,
Class R	(Unaudited)		2015		2014		2013		2012		2011^(a)
Per share data
Net asset value, beginning of period	$11.83		$11.62		$11.54		$10.91		$10.63		$10.29

Income from investment operations:

Net investment income	0.16		0.33		0.32		0.35		0.30		0.17

Net realized and unrealized gain	0.01		0.25		0.09		0.69		0.35		0.33

Total from investment operations	0.17		0.58		0.41		1.04		0.65		0.50

Less distributions to shareholders:

Net investment income	(0.18	)	(0.34	)	(0.33	)	(0.41	)	(0.37	)	(0.16	)

Net realized gains	(0.37	)	(0.03	)	—		—		—		—

Tax return of capital	—		—		—		—		—		(0.00	)^(b)

Total distributions to shareholders	(0.55	)	(0.37	)	(0.33	)	(0.41	)	(0.37	)	(0.16	)

Net asset value, end of period	$11.45		$11.83		$11.62		$11.54		$10.91		$10.63

Total return	1.39	%	5.00	%	3.56	%	9.68	%	6.29	%	4.88	%

Ratios to average net assets^(c)

Total gross expenses	0.66	%^(d)	0.66	%	0.66	%	0.67	%	0.73	%	0.63	%^(d)

Total net expenses^(e)	0.66	%^(d)(f)	0.66	%^(f)	0.66	%	0.67	%^(f)	0.66	%	0.63	%^(d)

Net investment income	2.67	%^(d)	2.75	%	2.71	%	3.19	%	2.90	%	4.84	%^(d)

Supplemental data

Net assets, end of period (in thousands)	$1,181		$1,172		$1,091		$715		$44		$3

Portfolio turnover	14	%	29	%	28	%	26	%	31	%	28	%

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 the underlying funds in which the Fund 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 INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended July 31, 2015		Year Ended January 31,
Class R4	(Unaudited)		2015		2014		2013^(a)
Per share data
Net asset value, beginning of period	$11.80		$11.59		$11.52		$11.29

Income from investment operations:

Net investment income	0.19		0.39		0.44		0.13

Net realized and unrealized gain	0.01		0.25		0.02		0.28

Total from investment operations	0.20		0.64		0.46		0.41

Less distributions to shareholders:

Net investment income	(0.21	)	(0.40	)	(0.39	)	(0.18	)

Net realized gains	(0.37	)	(0.03	)	—		—

Total distributions to shareholders	(0.58	)	(0.43	)	(0.39	)	(0.18	)

Net asset value, end of period	$11.42		$11.80		$11.59		$11.52

Total return	1.65	%	5.55	%	4.00	%	3.61	%

Ratios to average net assets^(b)

Total gross expenses	0.16	%^(c)	0.16	%	0.16	%	0.13	%^(c)

Total net expenses^(d)	0.16	%^(c)(e)	0.16	%^(e)	0.16	%	0.13	%^(c)

Net investment income	3.18	%^(c)	3.28	%	3.79	%	5.21	%^(c)

Supplemental data

Net assets, end of period (in thousands)	$4,603		$4,786		$2,433		$3

Portfolio turnover	14	%	29	%	28	%	26	%

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 the underlying funds in which the Fund 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.


18		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)


	Six Months Ended July 31, 2015		Year Ended January 31,
Class R5	(Unaudited)		2015		2014		2013^(a)
Per share data
Net asset value, beginning of period	$11.81		$11.60		$11.52		$11.29

Income from investment operations:

Net investment income	0.20		0.40		0.42		0.14

Net realized and unrealized gain	0.00	^(b)	0.25		0.05		0.27

Total from investment operations	0.20		0.65		0.47		0.41

Less distributions to shareholders:

Net investment income	(0.21	)	(0.41	)	(0.39	)	(0.18	)

Net realized gains	(0.37	)	(0.03	)	—		—

Total distributions to shareholders	(0.58	)	(0.44	)	(0.39	)	(0.18	)

Net asset value, end of period	$11.43		$11.81		$11.60		$11.52

Total return	1.68	%	5.61	%	4.14	%	3.61	%

Ratios to average net assets^(c)

Total gross expenses	0.10	%^(d)	0.10	%	0.09	%	0.10	%^(d)

Total net expenses^(e)	0.10	%^(d)	0.10	%	0.09	%	0.10	%^(d)

Net investment income	3.37	%^(d)	3.32	%	3.63	%	5.23	%^(d)

Supplemental data

Net assets, end of period (in thousands)	$1,296		$792		$328		$3

Portfolio turnover	14	%	29	%	28	%	26	%

Notes to Financial Highlights

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

(b)	Rounds to zero.

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

(d)	Annualized.

(e)	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 INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)


Class W	Six Months Ended July 31, 2015 (Unaudited)		Year Ended January 31, 2015^(a)
Per share data
Net asset value, beginning of period	$11.76		$12.18

Income from investment operations:

Net investment income	0.17		0.21

Net realized and unrealized gain (loss)	0.01		(0.34	)^(b)

Total from investment operations	0.18		(0.13	)

Less distributions to shareholders:

Net investment income	(0.19	)	(0.26	)

Net realized gains	(0.37	)	(0.03	)

Total distributions to shareholders	(0.56	)	(0.29	)

Net asset value, end of period	$11.38		$11.76

Total return	1.51	%	(1.12	%)

Ratios to average net assets^(c)

Total gross expenses	0.43	%^(d)	0.44	%^(d)

Total net expenses^(e)	0.43	%^(d)(f)	0.44	%^(d)(f)

Net investment income	2.91	%^(d)	2.98	%^(d)

Supplemental data

Net assets, end of period (in thousands)	$9		$10

Portfolio turnover	14	%	29	%

Notes to Financial Highlights

(a)	Based on operations from June 25, 2014 (commencement of operations) through the stated period end.

(b)

Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the 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 the underlying funds in which the Fund 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.


20		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)


Class Z	Six Months Ended July 31, 2015		Year Ended January 31,
Class Z	(Unaudited)		2015		2014		2013		2012		2011^(a)
Per share data
Net asset value, beginning of period	$11.77		$11.56		$11.49		$10.86		$10.59		$10.29

Income from investment operations:

Net investment income	0.19		0.39		0.38		0.41		0.41		0.09

Net realized and unrealized gain	0.01		0.25		0.08		0.68		0.29		0.39

Total from investment operations	0.20		0.64		0.46		1.09		0.70		0.48

Less distributions to shareholders:

Net investment income	(0.21	)	(0.40	)	(0.39	)	(0.46	)	(0.43	)	(0.18	)

Net realized gains	(0.37	)	(0.03	)	—		—		—		—

Tax return of capital	—		—		—		—		—		(0.00	)^(b)

Total distributions to shareholders	(0.58	)	(0.43	)	(0.39	)	(0.46	)	(0.43	)	(0.18	)

Net asset value, end of period	$11.39		$11.77		$11.56		$11.49		$10.86		$10.59

Total return	1.65	%	5.56	%	4.00	%	10.25	%	6.79	%	4.67	%

Ratios to average net assets^(c)

Total gross expenses	0.16	%^(d)	0.16	%	0.16	%	0.17	%	0.17	%	0.47	%^(d)

Total net expenses^(e)	0.16	%^(d)(f)	0.16	%^(f)	0.16	%	0.17	%^(f)	0.17	%	0.17	%^(d)

Net investment income	3.17	%^(d)	3.26	%	3.30	%	3.68	%	3.87	%	2.44	%^(d)

Supplemental data

Net assets, end of period (in thousands)	$45,522		$52,419		$41,893		$7,672		$1,537		$89

Portfolio turnover	14	%	29	%	28	%	26	%	31	%	28	%

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 the underlying funds in which the Fund 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 INCOME BUILDER FUND

NOTES TO FINANCIAL STATEMENTS

July 31, 2015 (Unaudited)

Note 1. Organization

Columbia Income Builder 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 Fund is a “fund-of-funds”, investing significantly in funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or its affiliates (Underlying Funds).

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

Fund Shares

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

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

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. 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 after purchase.

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

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

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

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

Class 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.


22		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

Security Valuation

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

Security Transactions

Income Recognition

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

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds, other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information on the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by the Fund’s management. Management’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Expenses

General expenses of the 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 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.

Recent Accounting Pronouncement

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

In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update


Semiannual Report 2015			23



		COLUMBIA INCOME BUILDER FUND

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

(ASU) No. 2015-07, Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2016 and interim periods within those fiscal years. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Other Transactions with Affiliates

Investment Management Fees and Underlying Fund Fees

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

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Administration Fees

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

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board of Trustees (the Board), including payments to Board Services Corp., a company providing limited administrative services to the Fund and the Board. That company’s expenses include boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. For the

six months ended July 31, 2015, other expenses paid by the Fund to this company were $1,518.

Compensation of Board Members

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

Transfer Agency Fees

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

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


24		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

For the six months ended July 31, 2015, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:


Class A	0.11	%
Class B	0.11
Class C	0.11
Class K	0.05
Class R	0.11
Class R4	0.11
Class R5	0.05
Class W	0.10
Class Z	0.11

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended July 31, 2015, these minimum account balance fees reduced total expenses of the Fund by $20.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution and Service Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. 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 and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $4,463,000 and $481,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of June 30, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $631,751 for Class A, $1,143 for Class B and $17,731 for Class C shares for the six months ended July 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), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:


	Contractual Expense Cap July 1, 2015 Through May 31, 2016			Voluntary Expense Cap Prior to July 1, 2015
Class A		0.45	%		0.45	%
Class B		1.20			1.20
Class C		1.20			1.20
Class K		0.42			0.42
Class R		0.70			0.70
Class R4		0.20			0.20
Class R5		0.17			0.17
Class W		0.45			0.45
Class Z		0.20			0.20


Semiannual Report 2015			25



		COLUMBIA INCOME BUILDER FUND

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend and interest expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. 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

At July 31, 2015, the cost of investments for federal income tax purposes was approximately $1,348,299,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:


Unrealized appreciation	$15,957,000
Unrealized depreciation	(32,938,000	)
Net unrealized depreciation	$(16,981,000	)

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 investments in the Underlying Funds, excluding investments in money market funds and derivatives, if any, aggregated to $186,818,135 and $214,887,790, respectively, for the six months ended July 31, 2015. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Shareholder Concentration

At July 31, 2015, affiliated shareholders of record owned 83.4% 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 7. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, 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.

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

Note 8. Subsequent Events

Note 9. Information Regarding Pending and Settled Legal Proceedings


26		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2015 (Unaudited)

Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at http://www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the Funds’ Boards of Trustees.


Semiannual Report 2015			27



		COLUMBIA INCOME BUILDER FUND

INTERIM APPROVAL OF INVESTMENT MANAGEMENT SERVICES AGREEMENT

Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Income Builder Fund (the Fund). Under an investment management services agreement (the IMS Agreement), Columbia Management provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

The Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considered the renewal of the IMS Agreement for a two-month period (Short-Term Period) in order to align the IMS Agreement with the review cycle of other funds in the Columbia family of funds. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2015, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel, and reviews information prepared by Columbia Management addressing the services Columbia Management provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the IMS Agreement.

The Board, at its April 13-15, 2015 in-person Board meeting (the April Meeting), considered the renewal of the IMS Agreement for the Short-Term Period. At the April Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement for the Short-Term Period.

Nature, Extent and Quality of Services Provided by Columbia Management

The Independent Trustees analyzed various reports and presentations they had received detailing the services performed by Columbia Management, as well as its expertise, resources and capabilities. The Independent Trustees specifically considered many developments during the past year concerning the services provided by Columbia Management. The Independent Trustees noted the information they received concerning Columbia Management’s ability to retain its key portfolio management personnel. In evaluating the quality of services provided under the IMS Agreement and the Fund’s Administrative Services Agreement, the Independent Trustees also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. In addition, the Board also reviewed the financial condition of Columbia Management (and its affiliates) and each entity’s ability to carry out its responsibilities under the IMS Agreement and the Fund’s other services agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. The Board also discussed the acceptability of the terms of the IMS Agreement for the Short-Term Period.

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under the IMS Agreement, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods, the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group and the net assets of the Fund. The Board observed that for purposes of approving the IMS Agreement for the Short-Term Period, the Fund’s performance was acceptable.


28		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

INTERIM APPROVAL OF INVESTMENT MANAGEMENT SERVICES AGREEMENT (continued)

Comparative Fees, Costs of Services Provided and the Profits Realized By Columbia Management and its Affiliates from their Relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the IMS Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by an independent organization) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to Columbia Management’s profitability.

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain defined exceptions) are generally in line with the “pricing philosophy” currently in effect (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund).

Economies of Scale to be Realized

The Board also considered the economies of scale that might be realized by Columbia Management as the Fund grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Independent Trustees took into account that IMS fees decline as Fund assets exceed various breakpoints.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that, for purposes of its consideration of the renewal of the IMS Agreement for the Short-Term Period, the investment management service fees were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. The Board noted its understanding that it would undertake the full consideration of renewal of the IMS Agreement for the full annual period at its June 2015 meetings. On April 15, 2015, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement for the Short-Term Period.


Semiannual Report 2015			29



		COLUMBIA INCOME BUILDER FUND

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AGREEMENT

Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager, and together with its global affiliates, Columbia Threadneedle), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Income Builder Fund (the Fund). Under an investment management services agreement (the IMS Agreement), Columbia Management provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the IMS Agreement. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March, April and June 2015, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to items of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March, April and June were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials were revised to reflect discussion and subsequent requests made by the Board representatives. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by Columbia Management addressing the services Columbia Management provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the IMS Agreement.

The Board, at its June 15-17, 2015 in-person Board meeting (the June Meeting), considered the renewal of the IMS Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement.

Nature, Extent and Quality of Services Provided by Columbia Management

The Independent Trustees specifically considered many developments during the past year concerning the services provided by Columbia Management, including, in particular, the restructured leadership in the Chief Investment Officer’s organization, the strengthening of the investment research department, the solidifying of the Global Asset Management initiative and the restructured investment risk management organization. The Board also noted the broad scope of services provided by Columbia Management to each Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning Columbia Management’s ability to attract and retain key portfolio management personnel.

In connection with the Board’s evaluation of the overall package of services provided by Columbia Management, the Board also considered the quality of administrative services provided to the Fund by Columbia Management, recalling the information it received highlighting achievements in 2014 in the performance of administrative services. In evaluating the quality of services provided under the IMS Agreement and the Fund’s Administrative Services Agreement, the Independent Trustees also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. In addition, the Board reviewed the financial condition of Columbia Management and its affiliates and each entity’s ability to carry out its responsibilities under the IMS Agreement and the Fund’s other service agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. The Board also discussed the acceptability of the terms of the IMS Agreement (including the relatively broad scope of services required to be performed by Columbia Management). The Board took into account the proposed combination of the forms of IMS Agreements and Administrative Services Agreements into a single form of agreement with the combined form reflecting no proposed change in services or fees. Given no material change, the Trustees agreed to the combined form, to be effective upon each Fund’s next annual update. The Board concluded that the services being performed under the IMS Agreement and the Administrative Services Agreement were of a reasonably high quality.


30		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AGREEMENT (continued)

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under the IMS Agreement, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods, the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group and the net assets of the Fund. The Board observed that the Fund’s investment performance met expectations.

Comparative Fees, Costs of Services Provided and the Profits Realized By Columbia Management and its Affiliates from their Relationships with the Fund

The Board considered the reports of its independent fee consultant, JDL, which assisted in its analysis of the Funds’ performance and expenses, and JDL’s conclusion that the effective investment management fee rate for the Fund remains within a reasonable range. The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain defined exceptions) are generally in line with the “pricing philosophy” currently in effect (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). With respect to the Funds that operate as funds-of-funds (the Funds-of-Funds), the Independent Trustees noted the information provided by Columbia Management demonstrating the rationale for according weight to the Funds-of-Funds’ direct expenses as opposed to their total expense ratios, which also include indirect expenses (i.e., the expenses incurred by the underlying Funds in which the Funds-of-Funds invest). In this regard, they noted that the Funds-of-Funds’ direct expenses do not include advisory fees, except some of these Funds charge a fee on assets invested in direct investments (and not Funds) which, for the impacted Funds, has amounted to an immaterial level of advisory fees thus far. Further, they considered the information provided by Columbia Management demonstrating that the Funds-of-Funds’ direct and indirect total expense ratios generally approximate or are below the respective peer universe median ratios. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was below the peer universe’s median expense ratio shown in the reports. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

The Board also considered the expected profitability of Columbia Management and its affiliates in connection with Columbia Management providing investment management services to the Fund. In this regard, the Independent Trustees referred to their detailed analysis of the Profitability Report, discussing the profitability to Columbia Management and Ameriprise from managing, operating and distributing the Funds. The Board took into account JDL’s conclusion that 2014 Columbia Management profitability was reasonable. It also considered that Columbia Management generated 2014 profitability that only moderately exceeded 2013 levels. It was further observed that, based on information presented, 2014 overall profitability is in line with profitability levels of industry competitors. It also took into account the indirect economic benefits flowing to Columbia Management or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Economies of Scale to be Realized

Given that the Fund does not pay any investment management service fees, the Board determined not to accord weight to the lack of any material economies of scale associated with the growth of the Fund.


Semiannual Report 2015			31



		COLUMBIA INCOME BUILDER FUND

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AGREEMENT (continued)


32		Semiannual Report 2015



COLUMBIA INCOME BUILDER FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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 Income Builder Fund

P.O. Box 8081

Boston, MA 02266-8081

LOGO

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

columbiathreadneedle.com/us

SAR163_01_E01_(09/15)

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	September 21, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)		/s/ Christopher O. Petersen
		Christopher O. Petersen, President and Principal Executive Officer


Date	September 21, 2015


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


Date	September 21, 2015

Columbia Funds Series Trust II N-CSRSCertified semi-annual shareholder report (management investment company)