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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-21852
Columbia Funds Series Trust II
(Exact name of registrant as specified in charter)
50606 Ameriprise Financial Center Minneapolis, MN					55474
(Address of principal executive offices)					(Zip code)
Ryan Larrenaga c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(800) 345-6611
Date of fiscal year end:	July 31
Date of reporting period:		January 31, 2016

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

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

Item 1. Reports to Stockholders.

SEMIANNUAL REPORT

January 31, 2016

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

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.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2016

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

TABLE OF CONTENTS

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund's Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	19
Statement of Operations	21
Statement of Changes in Net Assets	22
Financial Highlights	24
Notes to Financial Statements	30
Important Information About This Report	37

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

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

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

Semiannual Report 2016

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n  Columbia AMT-Free Tax-Exempt Bond Fund (the Fund) Class A shares returned 4.16% excluding sales charges for the six-month period that ended January 31, 2016. Class Z shares of the Fund returned 4.29% for the same six-month period.

n  The Fund's benchmark, the Barclays Municipal Bond Index, returned 3.66% during the same time period.

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

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	11/24/76
Excluding sales charges			4.16		2.94		7.23		4.93
Including sales charges			1.14		-0.19		6.58		4.61
Class B	03/20/95
Excluding sales charges			3.77		2.17		6.42		4.14
Including sales charges			-1.23		-2.76		6.11		4.14
Class C	06/26/00
Excluding sales charges			3.77		1.93		6.43		4.12
Including sales charges			2.77		0.95		6.43		4.12
Class R4*	03/19/13		4.29		3.20		7.38		5.00
Class R5*	12/11/13		4.03		2.93		7.34		4.98
Class Z*	09/27/10		4.29		3.20		7.44		5.04
Barclays Municipal Bond Index			3.66		2.71		5.75		4.81

Returns for Class A are shown with and without the maximum initial sales charge of 3.00%. The maximum applicable sales charge was reduced from 4.75% to 3.00% on Class A share purchases made on or after February 19, 2015. Class A returns (including sales charges) for all periods reflect the current maximum applicable sales charge of 3.00%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

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

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

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

Semiannual Report 2016
2

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OVERVIEW

(Unaudited)

Top Ten States/Territories (%) (at January 31, 2016)
Illinois	24.4
California	12.1
Texas	7.2
Wisconsin	5.7
Pennsylvania	3.8
Missouri	3.8
Minnesota	3.3
Florida	3.3
Michigan	3.0
Colorado	2.9

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

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

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

Quality Breakdown (%) (at January 31, 2016)
AAA rating	1.3
AA rating	14.6
A rating	33.1
BBB rating	32.8
BB rating	2.9
Not rated	15.3
Total	100.0

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

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

Portfolio Management

Catherine Steinstra

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3

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

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

Analyzing Your Fund's Expenses

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

Compare With Other Funds

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

August 1, 2015 – January 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,041.60		1,020.89		4.06		4.02		0.80
Class B		1,000.00		1,000.00		1,037.70		1,017.16		7.85		7.77		1.55
Class C		1,000.00		1,000.00		1,037.70		1,017.16		7.85		7.77		1.55
Class R4		1,000.00		1,000.00		1,042.90		1,022.13		2.79		2.77		0.55
Class R5		1,000.00		1,000.00		1,040.30		1,022.08		2.84		2.82		0.56
Class Z		1,000.00		1,000.00		1,042.90		1,022.13		2.79		2.77		0.55

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 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

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

Semiannual Report 2016
4

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OF INVESTMENTS

January 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Municipal Bonds 97.3%

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
ALABAMA 0.9%
Alabama Special Care Facilities Financing Authority Refunding Revenue Bonds Children's Hospital of Alabama Series 2015 06/01/34		5.000	%		4,000,000		4,615,520
County of Jefferson Revenue Bonds Series 2004A 01/01/23		5.250	%		1,500,000		1,514,700
Total							6,130,220
ALASKA 0.9%
City of Koyukuk Revenue Bonds Tanana Chiefs Conference Health Care Series 2011 10/01/32		7.500	%		3,665,000		4,171,246
10/01/41		7.750	%		2,000,000		2,287,560
Total							6,458,806
ARIZONA 1.2%
Arizona Health Facilities Authority Revenue Bonds Banner Health Series 2008D 01/01/32		5.375	%		1,900,000		2,022,151
Industrial Development Authority of the County of Pima (The) Refunding Revenue Bonds American Leadership Academy Series 2015(a) 06/15/45		5.625	%		820,000		820,828
Maricopa County Pollution Control Corp. Refunding Revenue Bonds Southern California Edison Co. Series 2000B 06/01/35		5.000	%		2,225,000		2,498,809
Queen Creek Improvement District No. 1 Special Assessment Bonds Series 2006 01/01/19		5.000	%		650,000		661,700
01/01/20		5.000	%		500,000		509,000
01/01/21		5.000	%		860,000		875,480
University Medical Center Corp. Prerefunded 07/01/19 Revenue Bonds Series 2009 07/01/39		6.500	%		1,000,000		1,184,570
Total							8,572,538

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
CALIFORNIA 11.9%
ABAG Finance Authority for Nonprofit Corps. Refunding Revenue Bonds Episcopal Senior Communities Series 2012 07/01/47		5.000	%		4,100,000		4,485,810
California Municipal Finance Authority Revenue Bonds Julian Charter School Project Series 2015A(a) 03/01/45		5.625	%		4,000,000		4,104,200
California School Finance Authority(a) Revenue Bonds River Springs Charter School Project Series 2015 07/01/46		6.375	%		3,000,000		3,065,820
07/01/46		6.375	%		415,000		424,105
California State Public Works Board Revenue Bonds Judicial Council Projects Series 2011D 12/01/31		5.000	%		5,000,000		5,965,500
Various Capital Projects Series 2012A 04/01/37		5.000	%		650,000		743,587
California Statewide Communities Development Authority Refunding Revenue Bonds University of California Irvine East Campus Apartments Series 2006 05/15/38		5.000	%		2,500,000		2,530,575
Revenue Bonds Loma Linda University Medical Center Series 2014 12/01/54		5.500	%		3,000,000		3,269,160
Foothill-Eastern Transportation Corridor Agency Refunding Revenue Bonds Junior Lien Series 2014C 01/15/33		6.250	%		1,155,000		1,370,038
Series 2014A 01/15/46		5.750	%		4,250,000		4,970,460
Glendale Unified School District(b) Unlimited General Obligation Refunding Bonds Series 2015B 09/01/32		0.000	%		1,000,000		519,170
09/01/33		0.000	%		1,100,000		540,441
Rowland Water District Prerefunded 12/01/18 Certificate of Participation Recycled Water Project Series 2008 12/01/39		6.250	%		1,500,000		1,726,995

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

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COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
San Diego Public Facilities Financing Authority Sewer Revenue Bonds Senior Series 2009A 05/15/34		5.250	%		1,500,000		1,704,165
San Francisco City & County Redevelopment Agency Tax Allocation Bonds Mission Bay South Redevelopment Series 2009D 08/01/31		6.500	%		500,000		571,655
Santee Community Development Commission Tax Allocation Bonds Santee Community Redevelopment Project Series 2011A 08/01/41		7.000	%		2,000,000		2,443,900
State of California Unlimited General Obligation Bonds Various Purpose Series 2007 06/01/37		5.000	%		1,235,000		1,300,010
12/01/37		5.000	%		3,000,000		3,216,360
Series 2009 04/01/31		5.750	%		15,000,000		17,198,700
Series 2010 03/01/30		5.250	%		1,000,000		1,163,290
03/01/33		6.000	%		5,625,000		6,738,975
Series 2012 04/01/35		5.250	%		4,500,000		5,339,340
Unlimited General Obligation Refunding Bonds Series 2007 08/01/30		4.500	%		5,550,000		5,758,680
Unrefunded Unlimited General Obligation Bonds Series 2004 04/01/29		5.300	%		2,000		2,009
West Covina Community Development Commission Refunding Special Tax Bonds Fashion Plaza Series 1996 09/01/17		6.000	%		1,660,000		1,728,425
Total							80,881,370
COLORADO 2.9%
Baptist Road Rural Transportation Authority Revenue Bonds Series 2007 12/01/22		4.950	%		790,000		788,949
12/01/26		5.000	%		395,000		393,665
Colorado Educational & Cultural Facilities Authority Refunding Revenue Bonds Pinnacle Charter School Building Series 2013 06/01/29		5.000	%		700,000		795,697

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Colorado Educational & Cultural Facilities Authority(a) Improvement Refunding Revenue Bonds Skyview Charter School Series 2014 07/01/44		5.375	%		750,000		793,133
07/01/49		5.500	%		700,000		741,363
Colorado Health Facilities Authority Refunding Revenue Bonds Covenant Retirement Communities Series 2015 12/01/35		5.000	%		850,000		936,538
Unrefunded Revenue Bonds Health Facilities Evangelical Lutheran Series 2005 06/01/23		5.250	%		125,000		126,684
E-470 Public Highway Authority Revenue Bonds Series 2010C 09/01/26		5.375	%		10,325,000		11,687,900
Foothills Metropolitan District Special Assessment Bonds Series 2014 12/01/30		5.750	%		1,500,000		1,619,550
North Range Metropolitan District No. 2 Limited Tax General Obligation Bonds Series 2007 12/15/27		5.500	%		735,000		746,554
12/15/37		5.500	%		820,000		829,996
Total							19,460,029
DISTRICT OF COLUMBIA 0.8%
District of Columbia Water & Sewer Authority Prerefunded 10/01/18 Revenue Bonds Subordinated Lien Series 2008A 10/01/29		5.000	%		1,515,000		1,681,377
District of Columbia Refunding Revenue Bonds Children's Hospital Series 2015 07/15/44		5.000	%		2,910,000		3,337,683
Revenue Bonds KIPP Charter School Series 2013 07/01/48		6.000	%		300,000		346,311
Total							5,365,371
FLORIDA 3.2%
Capital Trust Agency, Inc. Revenue Bonds 1st Mortgage Tallahassee Tapestry Senior Housing Project Series 2015(a) 12/01/45		7.000	%		1,335,000		1,367,214

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

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COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
City of Lakeland Revenue Bonds Lakeland Regional Health Series 2015 11/15/45		5.000	%		5,000,000		5,571,300
Florida Development Finance Corp.(a) Revenue Bonds Miami Arts Charter School Project Series 2014A 06/15/34		5.875	%		415,000		423,769
Renaissance Charter School Series 2015 06/15/46		6.125	%		1,000,000		1,011,950
Florida Municipal Loan Council Revenue Bonds Capital Appreciation Series 2000A (NPFGC)(b) 04/01/20		0.000	%		4,360,000		3,927,052
Hillsborough County Aviation Authority Revenue Bonds Tampa International Airport Series 2015A 10/01/44		5.000	%		2,220,000		2,486,511
Mid-Bay Bridge Authority Refunding Revenue Bonds Series 2015C 10/01/40		5.000	%		1,000,000		1,105,700
Orange County Health Facilities Authority Refunding Revenue Bonds Mayflower Retirement Center Series 2012 06/01/36		5.000	%		250,000		269,622
Palm Beach County Health Facilities Authority Revenue Bonds ACTS Retirement-Life Communities Series 2010 11/15/33		5.500	%		5,000,000		5,542,300
Total							21,705,418
GEORGIA 2.3%
Cherokee County Water & Sewer Authority Unrefunded Revenue Bonds Series 1995 (NPFGC) 08/01/25		5.200	%		2,665,000		3,195,255
DeKalb County Hospital Authority Revenue Bonds DeKalb Medical Center, Inc. Project Series 2010 09/01/40		6.125	%		6,250,000		6,868,375

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Gainesville & Hall County Hospital Authority Revenue Bonds Northeast Georgia Healthcare Series 2010A 02/15/45		5.500	%		5,000,000		5,534,950
Total							15,598,580
HAWAII 0.6%
Hawaii Pacific Health Revenue Bonds Series 2010A 07/01/40		5.500	%		1,500,000		1,678,575
Series 2010B 07/01/30		5.625	%		280,000		321,726
07/01/40		5.750	%		370,000		419,210
State of Hawaii Department of Budget & Finance Refunding Revenue Bonds Special Purpose - Kahala Nui Series 2012 11/15/37		5.250	%		705,000		777,199
Revenue Bonds Hawaii Pacific University Series 2013A 07/01/33		6.625	%		655,000		739,442
Total							3,936,152
IDAHO 0.5%
Idaho Health Facilities Authority Revenue Bonds Terraces of Boise Project Series 2014A 10/01/44		8.000	%		1,365,000		1,514,195
10/01/49		8.125	%		1,635,000		1,815,667
Total							3,329,862
ILLINOIS 23.9%
Chicago Midway International Airport Refunding Revenue Bonds 2nd Lien Series 2013B 01/01/35		5.250	%		3,000,000		3,406,980
Series 2014B 01/01/35		5.000	%		5,000,000		5,632,750
Chicago O'Hare International Airport Revenue Bonds Customer Facility Charge Senior Lien Series 2013 01/01/43		5.750	%		2,285,000		2,619,730
General 3rd Lien Series 2011A 01/01/39		5.750	%		1,820,000		2,125,360
Series 2015D 01/01/46		5.000	%		4,390,000		4,933,745

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

Semiannual Report 2016
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COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
City of Chicago Wastewater Transmission Refunding Revenue Bonds 2nd Lien Series 2015C 01/01/39		5.000	%		530,000		576,894
Revenue Bonds 2nd Lien Series 2012 01/01/25		5.000	%		5,000,000		5,573,250
01/01/42		5.000	%		5,000,000		5,329,000
Series 2014 01/01/34		5.000	%		1,000,000		1,095,730
01/01/39		5.000	%		2,000,000		2,159,960
City of Chicago Waterworks Refunding Revenue Bonds 2nd Lien Series 2012 11/01/31		5.000	%		2,000,000		2,184,020
Revenue Bonds 2nd Lien Series 2014 11/01/44		5.000	%		650,000		700,063
City of Chicago Refunding Revenue Bonds Series 2002 01/01/33		5.000	%		4,000,000		4,350,760
01/01/34		5.000	%		1,000,000		1,086,110
Revenue Bonds Asphalt Operating Services - Recovery Zone Facility Series 2010 12/01/18		6.125	%		530,000		546,812
Unlimited General Obligation Bonds Project Series 2011A 01/01/35		5.250	%		4,500,000		4,517,190
01/01/40		5.000	%		5,000,000		4,778,150
Series 2012A 01/01/33		5.000	%		5,000,000		4,844,400
Series 2009C 01/01/34		5.000	%		1,890,000		1,822,716
01/01/40		5.000	%		3,500,000		3,344,705
Series 2015A 01/01/33		5.500	%		1,350,000		1,370,858
Unlimited General Obligation Refunding Bonds Project Series 2014A 01/01/35		5.000	%		1,000,000		963,230
01/01/36		5.000	%		7,500,000		7,215,975
Series 2016C 01/01/35		5.000	%		1,000,000		963,230
City of Springfield Electric Refunding Revenue Bonds Senior Lien Series 2015 (AGM) 03/01/40		4.000	%		5,000,000		5,068,750

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Illinois Finance Authority Prerefunded 05/01/19 Revenue Bonds Rush University Medical Center Series 2009C 11/01/39		6.625	%		2,150,000		2,543,235
Prerefunded 08/01/17 Revenue Bonds Sherman Health System Series 2007A 08/01/37		5.500	%		2,000,000		2,145,760
Prerefunded 08/15/19 Revenue Bonds Silver Cross & Medical Centers Series 2009 08/15/38		6.875	%		10,700,000		12,925,386
Refunding Revenue Bonds OSF Healthcare System Series 2015A 11/15/45		5.000	%		5,000,000		5,612,700
Rush University Medical Center Series 2015A 11/15/38		5.000	%		2,750,000		3,133,267
Series 2015B 11/15/39		5.000	%		1,810,000		2,056,033
Silver Cross Hospital & Medical Centers Series 2015C 08/15/35		5.000	%		1,500,000		1,690,290
Swedish Covenant Series 2010A 08/15/38		6.000	%		2,475,000		2,769,797
Revenue Bonds Northwestern Memorial Hospital Series 2009A 08/15/30		5.750	%		3,000,000		3,485,880
Riverside Health System Series 2009 11/15/35		6.250	%		1,000,000		1,159,680
Illinois Finance Authority(b) Subordinated Revenue Bonds Regency Series 1990-RMK Escrowed to Maturity 04/15/20		0.000	%		13,745,000		12,975,280
Metropolitan Pier & Exposition Authority Revenue Bonds Capital Appreciation Series 1993A Escrowed to Maturity (FGIC)(b) 06/15/21		0.000	%		1,870,000		1,741,662
Railsplitter Tobacco Settlement Authority Revenue Bonds Series 2010 06/01/28		6.000	%		5,000,000		6,017,650
State of Illinois Unlimited General Obligation Bonds Series 2012 03/01/34		5.000	%		2,000,000		2,105,960
Series 2013 07/01/25		5.500	%		2,850,000		3,306,484
07/01/26		5.500	%		1,955,000		2,254,115

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

Semiannual Report 2016
8

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
07/01/33		5.500	%		5,000,000		5,610,350
07/01/38		5.500	%		875,000		969,798
Series 2013A (AGM) 04/01/27		5.000	%		3,000,000		3,358,830
Series 2014 02/01/33		5.250	%		3,000,000		3,263,280
05/01/39		5.000	%		1,325,000		1,396,325
Series 2016 01/01/41		5.000	%		4,790,000		5,058,336
Total							162,790,466
INDIANA 0.6%
Hospital Authority of Vigo County Revenue Bonds Union Hospital, Inc. Series 2007(a) 09/01/37		5.700	%		1,050,000		1,088,167
Indiana Finance Authority Refunding Revenue Bonds Sisters of St. Francis Health Series 2008 11/01/32		5.375	%		1,000,000		1,101,190
Revenue Bonds Parkview Health System Series 2009A 05/01/31		5.750	%		1,000,000		1,138,280
Indiana Health & Educational Facilities Financing Authority Refunding Revenue Bonds Clarian Health Obligation Group Series 2006B 02/15/33		5.000	%		1,035,000		1,037,629
Total							4,365,266
IOWA 1.7%
City of Coralville Tax Allocation Bonds Tax Increment Series 2007C 06/01/39		5.125	%		2,425,000		2,296,936
Iowa Finance Authority Refunding Revenue Bonds Sunrise Retirement Community Series 2012 09/01/27		5.000	%		1,000,000		1,017,920
09/01/32		5.500	%		1,500,000		1,549,155
09/01/43		5.750	%		830,000		858,543
Revenue Bonds Genesis Health System Series 2013 07/01/33		5.000	%		5,000,000		5,775,950
Total							11,498,504

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
KANSAS 0.6%
University of Kansas Hospital Authority Improvement Refunding Revenue Bonds Kansas University Health System Series 2015 09/01/45		5.000	%		3,725,000		4,251,678
KENTUCKY 1.1%
Kentucky Economic Development Finance Authority Refunding Revenue Bonds Owensboro Medical Health System Series 2010B 03/01/40		6.375	%		1,700,000		1,960,882
Revenue Bonds Baptist Healthcare System Series 2009A 08/15/27		5.625	%		1,000,000		1,098,090
Louisville Arena Subordinated Series 2008A-1 (AGM) 12/01/33		6.000	%		800,000		871,256
Owensboro Medical Health System Series 2010A 03/01/45		6.500	%		2,950,000		3,411,174
Total							7,341,402
LOUISIANA 1.9%
Ascension Parish Industrial Development Board, Inc. Revenue Bonds Impala Warehousing LLC Series 2011 07/01/36		6.000	%		4,000,000		4,448,960
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds Westlake Chemical Corp. Series 2010A-2 11/01/35		6.500	%		1,750,000		2,074,887
Louisiana Public Facilities Authority Refunding Revenue Bonds 19th Judicial District Court Series 2015 (AGM) 06/01/36		5.000	%		1,000,000		1,115,190
New Orleans Aviation Board Revenue Bonds Consolidated Rental Car Series 2009A 01/01/40		6.500	%		4,600,000		5,201,450
Total							12,840,487

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

Semiannual Report 2016
9

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
MARYLAND 0.4%
Maryland Economic Development Corp. Revenue Bonds University of Maryland College Park Projects Series 2008 06/01/33		5.750	%		400,000		431,924
Maryland Health & Higher Educational Facilities Authority Prerefunded 01/01/18 Revenue Bonds Washington County Hospital Series 2008 01/01/33		5.750	%		875,000		958,685
Refunding Revenue Bonds Meritus Medical Center Issue Series 2015 07/01/40		5.000	%		1,200,000		1,344,408
Total							2,735,017
MASSACHUSETTS 0.4%
Commonwealth of Massachusetts Refunding Revenue Bonds Series 2005 (NPFGC) 01/01/27		5.500	%		500,000		650,935
Massachusetts Health & Educational Facilities Authority Revenue Bonds Milford Regional Medical Center Series 2007E 07/15/37		5.000	%		2,200,000		2,271,346
Total							2,922,281
MICHIGAN 2.9%
City of Detroit Sewage Disposal System Refunding Revenue Bonds Senior Lien Series 2012A 07/01/39		5.250	%		1,700,000		1,890,400
City of Detroit Water Supply System Revenue Bonds Senior Lien Series 2011A 07/01/41		5.250	%		1,500,000		1,641,750
Grand Traverse County Hospital Finance Authority Revenue Bonds Munson Healthcare Series 2014A 07/01/47		5.000	%		505,000		558,343
Michigan Finance Authority Refunding Revenue Bonds Senior Lien-Detroit Water & Sewer Series 2014C-6 07/01/33		5.000	%		430,000		490,484
Series 2015 11/15/45		5.000	%		1,220,000		1,387,799

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Revenue Bonds Local Government Loan Program - Detroit Series 2015 07/01/34		5.000	%		1,000,000		1,139,290
Michigan Finance Authority(c) Revenue Bonds Beaumont Health Credit Group Series 2016S 11/01/44		5.000	%		5,000,000		5,614,300
Wayne County Airport Authority Revenue Bonds Series 2015D 12/01/45		5.000	%		6,455,000		7,226,243
Total							19,948,609
MINNESOTA 3.2%
City of Blaine Refunding Revenue Bonds Crest View Senior Community Project Series 2015 07/01/50		6.125	%		3,000,000		3,169,020
City of Bloomington Refunding Revenue Bonds Gideon Pond Commons LLC Senior Series 2010 12/01/26		5.750	%		2,000,000		2,062,860
City of Minneapolis Prerefunded 11/15/18 Revenue Bonds Fairview Health Services Series 2008A 11/15/23		6.375	%		1,000,000		1,150,590
11/15/32		6.750	%		1,000,000		1,160,910
City of North Oaks Revenue Bonds Presbyterian Homes Series 2007 10/01/47		6.500	%		5,000,000		5,229,400
City of St. Louis Park Prerefunded 07/01/18 Revenue Bonds Park Nicollet Health Services Series 2008C 07/01/30		5.750	%		800,000		895,008
Prerefunded 07/01/19 Revenue Bonds Park Nicollet Health Services Series 2009 07/01/39		5.750	%		2,350,000		2,728,914
Housing & Redevelopment Authority of The City of St Paul Minnesota Refunding Revenue Bonds HealthEast Care System Project Series 2015 11/15/40		5.000	%		400,000		456,496

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

Semiannual Report 2016
10

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Minneapolis/St. Paul Housing Finance Board Mortgage-Backed Revenue Bonds City Living Series 2006A-5 (GNMA/FNMA/FHLMC) 04/01/27		5.450	%		214,910		218,282
Minnesota Higher Education Facilities Authority Revenue Bonds Hamline University 7th Series 2011K2 10/01/40		6.000	%		2,250,000		2,575,575
Perham Hospital District Revenue Bonds Perham Memorial Hospital & Home Series 2010 03/01/35		6.350	%		1,000,000		1,083,870
03/01/40		6.500	%		700,000		760,424
Total							21,491,349
MISSISSIPPI 0.2%
Mississippi Business Finance Corp. Revenue Bonds Series 2009A 05/01/24		4.700	%		1,145,000		1,242,302
Mississippi Home Corp. Revenue Bonds Series 2007E-1 (GNMA/FNMA) 12/01/37		5.850	%		415,000		441,021
Total							1,683,323
MISSOURI 3.8%
Arnold Retail Corridor Transportation Development District Revenue Bonds Series 2010 05/01/38		6.650	%		5,000,000		5,280,550
City of Manchester Refunding Tax Allocation Bonds Highway 141/Manchester Road Project Series 2010 11/01/25		6.000	%		565,000		596,798
City of St. Louis Airport Revenue Bonds Lambert-St. Louis International Airport Series 2009A-1 07/01/34		6.625	%		5,000,000		5,770,200
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds Lutheran Senior Services Series 2011 02/01/41		6.000	%		650,000		722,443
Series 2014 02/01/44		5.000	%		2,275,000		2,461,914

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Medical Research Lutheran Services Series 2016A 02/01/36		5.000	%		1,000,000		1,113,200
Kirkwood Industrial Development Authority Revenue Bonds Aberdeen Heights Series 2010A 05/15/39		8.250	%		3,000,000		3,406,980
Missouri Development Finance Board Revenue Bonds St. Joseph Sewage System Improvements Series 2011 05/01/31		5.250	%		500,000		568,155
St. Louis County Industrial Development Authority Refunding Revenue Bonds St. Andrew's Resources for Seniors Obligated Group Series 2015 12/01/35		5.000	%		1,500,000		1,545,765
Revenue Bonds Friendship Village Sunset Hills Series 2012 09/01/32		5.000	%		1,120,000		1,223,566
09/01/42		5.000	%		2,000,000		2,143,480
Series 2013A 09/01/23		5.000	%		690,000		771,517
Total							25,604,568
NEBRASKA 1.8%
Douglas County Hospital Authority No. 2 Revenue Bonds Madonna Rehabilitation Hospital Series 2014 05/15/44		5.000	%		4,350,000		4,770,036
Unrefunded Revenue Bonds Health Facilities-Children's Hospital Medical Center Series 2008 08/15/31		6.125	%		1,275,000		1,364,275
Douglas County Hospital Authority No. 3 Refunding Revenue Bonds Health Facilities - Nebraska Methodist Health System Series 2015 11/01/36		4.125	%		2,000,000		2,082,300
Madison County Hospital Authority No. 1 Revenue Bonds Faith Regional Health Services Project Series 2008A-1 07/01/33		6.000	%		3,500,000		3,832,815
Total							12,049,426

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

Semiannual Report 2016
11

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
NEVADA 1.2%
Carson City Refunding Revenue Bonds Carson Tahoe Regional Medical Center Series 2012 09/01/33		5.000	%		2,600,000		2,848,456
County of Clark Revenue Bonds Las Vegas-McCarran International Airport Series 2010A 07/01/34		5.125	%		4,250,000		4,750,267
State of Nevada Department of Business & Industry Revenue Bonds Somerset Academy Series 2015A(a) 12/15/35		5.000	%		570,000		580,648
Total							8,179,371
NEW JERSEY 2.4%
New Jersey Economic Development Authority Refunding Revenue Bonds Series 2015XX 06/15/21		5.000	%		4,500,000		4,965,750
Revenue Bonds MSU Student Housing Project-Provident Series 2010 06/01/31		5.750	%		1,500,000		1,691,970
Provident Group-Rowan Properties LLC Series 2015 01/01/48		5.000	%		1,200,000		1,284,612
Series 2015WW 06/15/40		5.250	%		375,000		405,847
New Jersey Transportation Trust Fund Authority Revenue Bonds Transportation Program Series 2015AA 06/15/41		5.250	%		7,500,000		8,098,800
Total							16,446,979
NEW MEXICO 0.4%
New Mexico Hospital Equipment Loan Council Prerefunded 08/01/18 Revenue Bonds Presbyterian Healthcare Services Series 2008 08/01/32		6.375	%		685,000		778,256
08/01/32		6.375	%		1,480,000		1,681,487
Total							2,459,743

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
NEW YORK 2.4%
Brooklyn Arena Local Development Corp. Revenue Bonds Barclays Center Project Series 2009 07/15/30		6.000	%		1,500,000		1,720,605
City of New York Unrefunded Unlimited General Obligation Bonds Series 2006J-J1 06/01/25		5.000	%		5,000		5,081
Metropolitan Transportation Authority Revenue Bonds Transportation Series 2006A 11/15/22		5.000	%		2,500,000		2,594,300
Metropolitan Transportation Authority(b) Refunding Revenue Bonds Series 2012A 11/15/32		0.000	%		2,605,000		1,550,366
New York State Dormitory Authority Revenue Bonds Consolidated City University System 2nd Generation Series 1993A 07/01/18		5.750	%		3,485,000		3,701,035
Port Authority of New York & New Jersey Revenue Bonds JFK International Air Terminal Series 2010 12/01/42		6.000	%		5,000,000		5,829,450
Westchester County Healthcare Corp. Revenue Bonds Senior Lien Series 2010C-2 11/01/37		6.125	%		650,000		746,505
Total							16,147,342
OHIO 1.2%
City of Middleburg Heights Revenue Bonds Southwest General Facilities Series 2011 08/01/36		5.250	%		1,870,000		2,063,096
County of Lucas Prerefunded 11/01/20 Improvement Revenue Bonds Lutheran Homes Series 2010A 11/01/35		6.625	%		5,000,000		6,235,100
Total							8,298,196

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

Semiannual Report 2016
12

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
OREGON 0.3%
Hospital Facilities Authority of Multnomah County Refunding Revenue Bonds Mirabella at South Waterfront Series 2014A 10/01/44		5.400	%		525,000		579,191
Oregon Health & Science University Revenue Bonds Series 2009A 07/01/39		5.750	%		1,500,000		1,714,050
Total							2,293,241
PENNSYLVANIA 3.8%
Allegheny County Hospital Development Authority Refunding Revenue Bonds Capital Appreciation Magee-Women's Hospital Project Series 1992 Escrowed to Maturity (NPFGC/FGIC)(b) 10/01/17		0.000	%		5,115,000		5,036,638
Commonwealth Financing Authority Revenue Bonds Series 2015A 06/01/35		5.000	%		1,950,000		2,226,256
Cumberland County Municipal Authority Refunding Revenue Bonds Diakon Lutheran Ministries Series 2015 01/01/38		5.000	%		1,280,000		1,404,416
East Hempfield Township Industrial Development Authority Revenue Bonds Student Service, Inc. Student Housing Project Series 2014 07/01/46		5.000	%		1,000,000		1,047,550
Lancaster County Hospital Authority Refunding Revenue Bonds Masonic Villages of the Grand Lodge of Pennsylvania Series 2015 11/01/35		5.000	%		700,000		802,025
Montgomery County Industrial Development Authority Refunding Revenue Bonds Albert Einstein HealthCare Network Series 2015 01/15/45		5.250	%		1,850,000		2,037,331
Northampton County General Purpose Authority Revenue Bonds Saint Luke's Hospital Project Series 2008A 08/15/28		5.375	%		1,000,000		1,094,010
Pennsylvania Higher Educational Facilities Authority Revenue Bonds Edinboro University Foundation Series 2010 07/01/43		6.000	%		750,000		809,903

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Shippensburg University Series 2011 10/01/31		6.000	%		2,000,000		2,225,740
Pennsylvania Turnpike Commission Revenue Bonds Series 2014C 12/01/44		5.000	%		2,500,000		2,815,250
Series 2015B 12/01/40		5.000	%		2,500,000		2,814,175
Philadelphia Authority for Industrial Development Revenue Bonds First Philadelphia Preparatory Charter School Series 2014 06/15/43		7.250	%		750,000		889,125
Philadelphia Municipal Authority Revenue Bonds Lease Series 2009 04/01/34		6.500	%		700,000		795,991
Pocono Mountains Industrial Park Authority Revenue Bonds St. Luke's Hospital-Monroe Project Series 2015 08/15/40		5.000	%		1,450,000		1,622,130
Total							25,620,540
SOUTH CAROLINA 1.4%
Piedmont Municipal Power Agency Refunding Revenue Bonds Electric Series 1991 (NPFGC) 01/01/21		6.250	%		1,000,000		1,230,830
South Carolina Jobs-Economic Development Authority Revenue Bonds York Preparatory Academy Project Series 2014A 11/01/45		7.250	%		1,315,000		1,459,545
South Carolina State Public Service Authority Refunding Revenue Bonds Series 2014C 12/01/46		5.000	%		5,000,000		5,626,450
Revenue Bonds Series 2015E 12/01/55		5.250	%		1,085,000		1,231,204
Total							9,548,029
SOUTH DAKOTA 0.3%
South Dakota Health & Educational Facilities Authority Refunding Revenue Bonds Sanford Obligated Group Series 2015 11/01/45		5.000	%		1,580,000		1,793,932

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

Semiannual Report 2016
13

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
TENNESSEE 0.1%
Chattanooga Health Educational & Housing Facility Board Refunding Revenue Bonds Student Housing - CDFI Phase I Series 2015 10/01/35		5.000	%		355,000		400,845
TEXAS 7.1%
Bexar County Health Facilities Development Corp. Revenue Bonds Army Retirement Residence Project Series 2010 07/01/30		5.875	%		185,000		207,276
07/01/45		6.200	%		1,100,000		1,248,148
Capital Area Cultural Education Facilities Finance Corp. Revenue Bonds Roman Catholic Diocese Series 2005B 04/01/45		6.125	%		550,000		633,221
Central Texas Regional Mobility Authority Revenue Bonds Senior Lien Series 2011 01/01/41		6.000	%		5,580,000		6,398,307
Series 2015A 01/01/40		5.000	%		2,000,000		2,254,360
Central Texas Turnpike System Subordinated Refunding Revenue Bonds Series 2015C 08/15/42		5.000	%		2,500,000		2,784,600
Central Texas Turnpike System(b) Refunding Revenue Bonds Series 2015B 08/15/37		0.000	%		2,000,000		811,920
City of Austin Electric Utility Refunding Revenue Bonds Series 2008A 11/15/35		5.250	%		2,000,000		2,208,600
Clifton Higher Education Finance Corp. Revenue Bonds Idea Public Schools Series 2011 08/15/31		5.500	%		1,750,000		1,947,330
Series 2012 08/15/32		5.000	%		580,000		628,012
08/15/42		5.000	%		1,500,000		1,599,015
Series 2013 08/15/33		6.000	%		260,000		311,727
International Leadership Series 2015 08/15/38		5.750	%		2,015,000		2,116,052
Series 2015A 12/01/45		5.000	%		400,000		425,760

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Harris County Cultural Education Facilities Finance Corp. Refunding Revenue Bonds YMCA Greater Houston Area Series 2013A 06/01/38		5.000	%		1,500,000		1,627,260
Harris County Health Facilities Development Corp. Prerefunded 12/01/18 Revenue Bonds Memorial Hermann Healthcare System Series 2008B 12/01/35		7.250	%		2,200,000		2,594,746
Houston Higher Education Finance Corp. Prerefunded 05/15/21 Revenue Bonds Cosmos Foundation, Inc. Series 2011 05/15/31		6.500	%		270,000		344,393
Unrefunded Revenue Bonds Cosmos Foundation, Inc. Series 2011 05/15/31		6.500	%		230,000		274,717
New Hope Cultural Education Facilities Corp. Revenue Bonds Collegiate Housing Tarleton State University Series 2015 04/01/47		5.000	%		2,465,000		2,611,766
NCCD-College Station Properties LLC Series 2015A 07/01/47		5.000	%		6,000,000		6,351,000
North Texas Tollway Authority Refunding Revenue Bonds Series 2015A 01/01/38		5.000	%		1,730,000		1,980,106
System-2nd Tier 01/01/31		5.000	%		585,000		682,192
Red River Health Facilities Development Corp. Revenue Bonds MRC Crossings Project Series 2014A 11/15/44		7.750	%		500,000		589,020
San Juan Higher Education Finance Authority Revenue Bonds Idea Public Schools Series 2010A 08/15/40		6.700	%		800,000		930,400
Tarrant County Cultural Education Facilities Finance Corp. Refunding Revenue Bonds Barton Creek Senior Living Center Series 2015 11/15/40		5.000	%		605,000		623,386
Trinity Terrace Project Series 2014 10/01/49		5.000	%		750,000		809,025

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

Semiannual Report 2016
14

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Revenue Bonds Stayton at Museum Way Series 2009A 11/15/44		8.250	%		3,000,000		3,030,630
Texas Municipal Gas Acquisition & Supply Corp. III Revenue Bonds Series 2012 12/15/32		5.000	%		1,250,000		1,410,075
Uptown Development Authority Tax Allocation Bonds Infrastructure Improvement Facilities Series 2009 09/01/29		5.500	%		500,000		553,405
Total							47,986,449
VIRGINIA 0.5%
City of Chesapeake Expressway Toll Road Revenue Bonds Transportation System Senior Series 2012A 07/15/47		5.000	%		3,250,000		3,478,865
WASHINGTON 2.6%
Energy Northwest Unrefunded Revenue Bonds Columbia Generating Station Series 2007 07/01/22		5.000	%		2,005,000		2,129,691
King County Public Hospital District No. 4 Revenue Bonds Series 2015A 12/01/35		6.000	%		1,000,000		1,007,880
Washington Health Care Facilities Authority Revenue Bonds Overlake Hospital Medical Center Series 2010 07/01/30		5.500	%		3,000,000		3,425,820
Washington Higher Education Facilities Authority Refunding Revenue Bonds Whitworth University Project Series 2009 10/01/40		5.625	%		1,050,000		1,130,713
Washington State Housing Finance Commission Refunding Revenue Bonds Nonprofit Housing-Mirabella Series 2012 10/01/47		6.750	%		3,000,000		3,283,920
Revenue Bonds Heron's Key Series 2015A 07/01/45		7.000	%		200,000		208,954

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Skyline at First Hill Project Series 2007A 01/01/38		5.625	%		5,500,000		5,548,235
Washington State Housing Finance Commission(a) Refunding Revenue Bonds Skyline 1st Hill Project Series 2015 01/01/35		5.750	%		425,000		432,391
01/01/45		6.000	%		595,000		605,234
Total							17,772,838
WEST VIRGINIA 0.1%
West Virginia Economic Development Authority Refunding Revenue Bonds Appalachian Power Co.-Amos Project Series 2010A 12/01/38		5.375	%		900,000		1,018,521
WISCONSIN 5.6%
Public Finance Authority Revenue Bonds FFAH NC & MO Portfolio Series 2015 12/01/45		5.000	%		2,000,000		2,027,820
Rose Villa Project Series 2014A 11/15/49		6.000	%		1,645,000		1,790,089
State of Wisconsin Revenue Bonds Series 2009A 05/01/33		5.750	%		3,000,000		3,437,640
Wisconsin Health & Educational Facilities Authority Prerefunded 02/15/19 Revenue Bonds ProHealth Care, Inc. Obligation Group Series 2009 02/15/39		6.625	%		5,300,000		6,213,137
Prerefunded 04/01/18 Revenue Bonds Riverview Hospital Association Series 2008 04/01/38		5.750	%		3,000,000		3,323,250
Prerefunded 09/01/22 Revenue Bonds Watertown Regional Medical Center Series 2012 09/01/42		5.000	%		2,270,000		2,800,272
Refunding Revenue Bonds Saint John's Communities, Inc. Series 2015B 09/15/45		5.000	%		1,000,000		1,072,710
Wheaton Healthcare Series 2006B 08/15/25		5.125	%		4,310,000		4,405,423
Revenue Bonds Aurora Health Care, Inc. Series 2010A 04/15/39		5.625	%		1,400,000		1,569,610

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

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COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)

Issue Description	Coupon Rate			Principal Amount ($)		Value ($)
Beaver Dam Community Hospitals Series 2013A 08/15/28		5.125	%		3,375,000		3,713,209
Marshfield Clinic Series 2012B 02/15/32		5.000	%		2,000,000		2,263,280
Medical College of Wisconsin Series 2008A 12/01/35		5.250	%		3,600,000		3,953,412
ThedaCare, Inc. Series 2015 12/15/44		5.000	%		1,275,000		1,430,155
Total							38,000,007
WYOMING 0.2%
County of Laramie Revenue Bonds Cheyenne Regional Medical Center Project Series 2012 05/01/32		5.000	%		1,000,000		1,126,040
Total Municipal Bonds (Cost: $602,310,162)							661,531,660

Municipal Bonds Held in Trust 0.7%

MASSACHUSETTS 0.7%
Massachusetts Health & Educational Facilities Authority Revenue Bonds Harvard University Series 2009A(a)(d)(e) 11/15/36	5.500	%	5,000,000	4,513,880
Total Municipal Bonds Held in Trust (Cost: $4,067,304)				4,513,880

Floating Rate Notes 0.1%

Issue Description	Effective Yield			Principal Amount ($)		Value ($)
MINNESOTA 0.1%
City of Minneapolis/St. Paul Housing & Redevelopment Authority Revenue Bonds Children's Health Care Facilities VRDN Series 2004A (AGM)(d) 08/15/34		0.020	%		575,000		575,000
Total Floating Rate Notes (Cost: $575,000)							575,000
Total Investments (Cost: $606,952,466)							666,620,540
Other Assets & Liabilities, Net							12,823,316
Net Assets							679,443,856

Notes to Portfolio of Investments

(a)  Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund's Board of Trustees. At January 31, 2016, the value of these securities amounted to $19,972,702 or 2.94% of net assets.

(b)  Zero coupon bond.

(c)  Security, or a portion thereof, has been purchased on a when-issued or delayed delivery basis.

(d)  Variable rate security.

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

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

Semiannual Report 2016
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COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Abbreviation Legend

AGM  Assured Guaranty Municipal Corporation

FGIC  Financial Guaranty Insurance Company

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

GNMA  Government National Mortgage Association

NPFGC  National Public Finance Guarantee Corporation

VRDN  Variable Rate Demand Note

Fair Value Measurements

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.

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COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

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

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

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Municipal Bonds		—		661,531,660		—		661,531,660
Municipal Bonds Held in Trust		—		4,513,880		—		4,513,880
Floating Rate Notes		—		575,000		—		575,000
Total Investments		—		666,620,540		—		666,620,540

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

The Fund's assets assigned to the Level 2 input category are valued based upon utilizing observable market inputs, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets and/or fund per share market values which are not considered publicly available.

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 2016
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COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2016 (Unaudited)

Assets
Investments, at value (identified cost $606,952,466)	$	666,620,540
Cash		13,482,079
Receivable for:
Investments sold		15,375
Capital shares sold		3,614,342
Interest		7,209,205
Expense reimbursement due from Investment Manager		574
Prepaid expenses		2,580
Other assets		8,179
Total assets		690,952,874
Liabilities
Short-term floating rate notes outstanding		3,000,000
Payable for:
Investments purchased on a delayed delivery basis		5,601,150
Capital shares purchased		564,757
Dividend distributions to shareholders		2,219,251
Investment management fees		8,836
Distribution and/or service fees		4,663
Transfer agent fees		26,311
Compensation of board members		47,802
Other expenses		36,248
Total liabilities		11,509,018
Net assets applicable to outstanding capital stock	$	679,443,856
Represented by
Paid-in capital	$	619,087,648
Undistributed net investment income		1,512,221
Accumulated net realized loss		(824,087	)
Unrealized appreciation (depreciation) on:
Investments		59,668,074
Total — representing net assets applicable to outstanding capital stock	$	679,443,856

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

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COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016 (Unaudited)

Class A
Net assets	$	605,350,551
Shares outstanding		147,977,303
Net asset value per share	$	4.09
Maximum offering price per share(a)	$	4.22
Class B
Net assets	$	368,525
Shares outstanding		90,082
Net asset value per share	$	4.09
Class C
Net assets	$	19,824,350
Shares outstanding		4,844,193
Net asset value per share	$	4.09
Class R4
Net assets	$	2,132,134
Shares outstanding		522,347
Net asset value per share	$	4.08
Class R5
Net assets	$	4,534,154
Shares outstanding		1,110,317
Net asset value per share	$	4.08
Class Z
Net assets	$	47,234,142
Shares outstanding		11,574,850
Net asset value per share	$	4.08

(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 3.00%.

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

Semiannual Report 2016
20

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2016 (Unaudited)

Net investment income
Income:
Interest	$	15,248,611
Total income		15,248,611
Expenses:
Investment management fees		1,515,931
Distribution and/or service fees
Class A		725,414
Class B		2,176
Class C		88,677
Transfer agent fees
Class A		191,055
Class B		143
Class C		5,844
Class R4		459
Class R5		358
Class Z		10,503
Compensation of board members		6,631
Custodian fees		2,686
Printing and postage fees		23,759
Registration fees		48,900
Audit fees		12,890
Legal fees		5,068
Interest expense		9,170
Other		9,327
Total expenses		2,658,991
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(98,445	)
Total net expenses		2,560,546
Net investment income		12,688,065
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		2,527,717
Net realized gain		2,527,717
Net change in unrealized appreciation (depreciation) on:
Investments		10,420,207
Net change in unrealized appreciation		10,420,207
Net realized and unrealized gain		12,947,924
Net increase in net assets resulting from operations	$	25,635,989

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

Semiannual Report 2016
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COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015
Operations
Net investment income	$	12,688,065		$	24,296,950
Net realized gain		2,527,717			5,919,908
Net change in unrealized appreciation (depreciation)		10,420,207			(3,399,733	)
Net increase in net assets resulting from operations		25,635,989			26,817,125
Distributions to shareholders
Net investment income
Class A		(11,950,600	)		(22,685,264	)
Class B		(7,268	)		(26,787	)
Class C		(298,150	)		(548,518	)
Class R4		(30,698	)		(27,314	)
Class R5		(32,665	)		(16,905	)
Class Z		(699,033	)		(813,368	)
Net realized gains
Class A		(1,768,491	)		—
Class B		(1,234	)		—
Class C		(54,766	)		—
Class R4		(4,902	)		—
Class R5		(3,850	)		—
Class Z		(100,965	)		—
Total distributions to shareholders		(14,952,622	)		(24,118,156	)
Increase in net assets from capital stock activity		54,341,565			42,807,094
Total increase in net assets		65,024,932			45,506,063
Net assets at beginning of period		614,418,924			568,912,861
Net assets at end of period	$	679,443,856		$	614,418,924
Undistributed net investment income	$	1,512,221		$	1,842,570

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

Semiannual Report 2016
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COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		10,550,259			42,787,359			19,049,307			77,221,923
Distributions reinvested		2,839,020			11,503,087			4,532,313			18,421,620
Redemptions		(7,447,144	)		(30,139,008	)		(17,158,518	)		(69,522,953	)
Net increase		5,942,135			24,151,438			6,423,102			26,120,590
Class B shares
Subscriptions		—			—			2,823			11,362
Distributions reinvested		1,885			7,636			6,209			25,261
Redemptions(a)		(33,427	)		(135,228	)		(152,796	)		(621,140	)
Net decrease		(31,542	)		(127,592	)		(143,764	)		(584,517	)
Class C shares
Subscriptions		880,965			3,573,841			1,291,657			5,261,029
Distributions reinvested		83,771			339,465			129,104			524,902
Redemptions		(257,092	)		(1,042,626	)		(804,064	)		(3,266,630	)
Net increase		707,644			2,870,680			616,697			2,519,301
Class R4 shares
Subscriptions		276,501			1,119,781			162,943			657,763
Distributions reinvested		8,736			35,342			6,635			26,862
Redemptions		(32,986	)		(133,399	)		(967	)		(3,898	)
Net increase		252,251			1,021,724			168,611			680,727
Class R5 shares
Subscriptions		977,639			3,972,903			115,291			468,825
Distributions reinvested		8,934			36,258			4,052			16,454
Redemptions		(12,736	)		(51,396	)		(5,623	)		(22,655	)
Net increase		973,837			3,957,765			113,720			462,624
Class Z shares
Subscriptions		5,995,377			24,267,173			4,983,179			20,257,355
Distributions reinvested		137,680			557,061			118,899			481,422
Redemptions		(583,552	)		(2,356,684	)		(1,767,838	)		(7,130,408	)
Net increase		5,549,505			22,467,550			3,334,240			13,608,369
Total net increase		13,393,830			54,341,565			10,512,606			42,807,094

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

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

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COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended November 30,
Class A	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	4.02		$	4.00		$	3.83		$	4.09		$	3.82		$	3.74		$	3.72
Income from investment operations:
Net investment income		0.08			0.17			0.17			0.16			0.11			0.17			0.17
Net realized and unrealized gain (loss)		0.09			0.02			0.17			(0.26	)		0.27			0.08			0.01
Total from investment operations		0.17			0.19			0.34			(0.10	)		0.38			0.25			0.18
Less distributions to shareholders:
Net investment income		(0.09	)		(0.17	)		(0.17	)		(0.16	)		(0.11	)		(0.17	)		(0.16	)
Net realized gains		(0.01	)		—			—			—			—			—			—
Total distributions to shareholders		(0.10	)		(0.17	)		(0.17	)		(0.16	)		(0.11	)		(0.17	)		(0.16	)
Net asset value, end of period	$	4.09		$	4.02		$	4.00		$	3.83		$	4.09		$	3.82		$	3.74
Total return		4.16	%		4.67	%		9.02	%		(2.51	%)		10.16	%		6.86	%		4.99	%
Ratios to average net assets(b)
Total gross expenses		0.83	%(c)(d)		0.84	%(c)		0.85	%(c)		0.84	%(e)		0.84	%(d)(e)		0.83	%(e)		0.83	%(e)
Total net expenses(f)		0.80	%(c)(d)		0.81	%(c)		0.81	%(c)		0.81	%(e)		0.80	%(d)(e)		0.80	%(e)		0.80	%(e)
Net investment income		4.02	%(d)		4.10	%		4.35	%		4.02	%		4.27	%(d)		4.56	%		4.38	%
Supplemental data
Net assets, end of period (in thousands)	$	605,351		$	571,464		$	542,530		$	572,179		$	623,462		$	584,728		$	616,281
Portfolio turnover		7	%		16	%		22	%		16	%		13	%		30	%		23	%

Notes to Financial Highlights

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

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

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

(d)  Annualized.

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

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

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

Semiannual Report 2016
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COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended November 30,
Class B	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	4.02		$	4.00		$	3.83		$	4.09		$	3.82		$	3.74		$	3.72
Income from investment operations:
Net investment income		0.07			0.14			0.14			0.13			0.09			0.14			0.14
Net realized and unrealized gain (loss)		0.08			0.01			0.17			(0.26	)		0.27			0.08			0.01
Total from investment operations		0.15			0.15			0.31			(0.13	)		0.36			0.22			0.15
Less distributions to shareholders:
Net investment income		(0.07	)		(0.13	)		(0.14	)		(0.13	)		(0.09	)		(0.14	)		(0.13	)
Net realized gains		(0.01	)		—			—			—			—			—			—
Total distributions to shareholders		(0.08	)		(0.13	)		(0.14	)		(0.13	)		(0.09	)		(0.14	)		(0.13	)
Net asset value, end of period	$	4.09		$	4.02		$	4.00		$	3.83		$	4.09		$	3.82		$	3.74
Total return		3.77	%		3.88	%		8.21	%		(3.23	%)		9.60	%		6.06	%		4.20	%
Ratios to average net assets(b)
Total gross expenses		1.58	%(c)(d)		1.59	%(d)		1.60	%(d)		1.59	%(e)		1.59	%(c)(e)		1.58	%(e)		1.59	%(e)
Total net expenses(f)		1.55	%(c)(d)		1.56	%(d)		1.56	%(d)		1.56	%(e)		1.55	%(c)(e)		1.55	%(e)		1.56	%(e)
Net investment income		3.27	%(c)		3.35	%		3.59	%		3.27	%		3.51	%(c)		3.83	%		3.61	%
Supplemental data
Net assets, end of period (in thousands)	$	369		$	489		$	1,062		$	1,791		$	2,612		$	3,544		$	7,435
Portfolio turnover		7	%		16	%		22	%		16	%		13	%		30	%		23	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

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

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

Semiannual Report 2016
25

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended November 30,
Class C	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	4.02		$	4.00		$	3.83		$	4.09		$	3.82		$	3.74		$	3.72
Income from investment operations:
Net investment income		0.07			0.14			0.14			0.13			0.09			0.14			0.14
Net realized and unrealized gain (loss)		0.08			0.02			0.17			(0.26	)		0.27			0.08			0.02
Total from investment operations		0.15			0.16			0.31			(0.13	)		0.36			0.22			0.16
Less distributions to shareholders:
Net investment income		(0.07	)		(0.14	)		(0.14	)		(0.13	)		(0.09	)		(0.14	)		(0.14	)
Net realized gains		(0.01	)		—			—			—			—			—			—
Total distributions to shareholders		(0.08	)		(0.14	)		(0.14	)		(0.13	)		(0.09	)		(0.14	)		(0.14	)
Net asset value, end of period	$	4.09		$	4.02		$	4.00		$	3.83		$	4.09		$	3.82		$	3.74
Total return		3.77	%		3.89	%		8.21	%		(3.23	%)		9.60	%		6.07	%		4.21	%
Ratios to average net assets(b)
Total gross expenses		1.59	%(c)(d)		1.59	%(d)		1.60	%(d)		1.59	%(e)		1.59	%(c)(e)		1.58	%(e)		1.59	%(e)
Total net expenses(f)		1.55	%(c)(d)		1.56	%(d)		1.56	%(d)		1.56	%(e)		1.55	%(c)(e)		1.55	%(e)		1.55	%(e)
Net investment income		3.27	%(c)		3.35	%		3.59	%		3.27	%		3.51	%(c)		3.81	%		3.63	%
Supplemental data
Net assets, end of period (in thousands)	$	19,824		$	16,649		$	14,086		$	15,017		$	13,106		$	9,686		$	10,335
Portfolio turnover		7	%		16	%		22	%		16	%		13	%		30	%		23	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

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

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

Semiannual Report 2016
26

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class R4	(Unaudited)			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	4.01		$	3.99		$	3.83		$	4.08
Income from investment operations:
Net investment income		0.09			0.18			0.18			0.06
Net realized and unrealized gain (loss)		0.08			0.02			0.16			(0.25	)
Total from investment operations		0.17			0.20			0.34			(0.19	)
Less distributions to shareholders:
Net investment income		(0.09	)		(0.18	)		(0.18	)		(0.06	)
Net realized gains		(0.01	)		—			—			—
Total distributions to shareholders		(0.10	)		(0.18	)		(0.18	)		(0.06	)
Net asset value, end of period	$	4.08		$	4.01		$	3.99		$	3.83
Total return		4.29	%		4.93	%		9.02	%		(4.65	%)
Ratios to average net assets(b)
Total gross expenses		0.59	%(c)(d)		0.60	%(d)		0.60	%(d)		0.58	%(c)(e)
Total net expenses(f)		0.55	%(c)(d)		0.56	%(d)		0.56	%(d)		0.57	%(c)(e)
Net investment income		4.29	%(c)		4.38	%		4.60	%		4.38	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	2,132		$	1,084		$	405		$	51
Portfolio turnover		7	%		16	%		22	%		16	%

Notes to Financial Highlights

(a)  Based on operations from March 19, 2013 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

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

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

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

Semiannual Report 2016
27

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class R5	(Unaudited)			2015			2014(a)
Per share data
Net asset value, beginning of period	$	4.02		$	3.99		$	3.80
Income from investment operations:
Net investment income		0.09			0.18			0.12
Net realized and unrealized gain		0.07			0.03			0.18
Total from investment operations		0.16			0.21			0.30
Less distributions to shareholders:
Net investment income		(0.09	)		(0.18	)		(0.11	)
Net realized gains		(0.01	)		—			—
Total distributions to shareholders		(0.10	)		(0.18	)		(0.11	)
Net asset value, end of period	$	4.08		$	4.02		$	3.99
Total return		4.03	%		5.18	%		8.07	%
Ratios to average net assets(b)
Total gross expenses		0.58	%(c)(d)		0.57	%(d)		0.58	%(c)(d)
Total net expenses(e)		0.56	%(c)(d)		0.56	%(d)		0.55	%(c)(d)
Net investment income		4.36	%(c)		4.35	%		4.62	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	4,534		$	548		$	91
Portfolio turnover		7	%		16	%		22	%

Notes to Financial Highlights

(a)  Based on operations from December 11, 2013 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

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

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

Semiannual Report 2016
28

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended November 30,
Class Z	(Unaudited)			2015			2014			2013			2012(a)			2011			2010(b)
Per share data
Net asset value, beginning of period	$	4.01		$	3.99		$	3.82		$	4.08		$	3.81		$	3.73		$	3.88
Income from investment operations:
Net investment income		0.09			0.18			0.18			0.17			0.12			0.18			0.03
Net realized and unrealized gain (loss)		0.08			0.02			0.17			(0.26	)		0.27			0.08			(0.15	)
Total from investment operations		0.17			0.20			0.35			(0.09	)		0.39			0.26			(0.12	)
Less distributions to shareholders:
Net investment income		(0.09	)		(0.18	)		(0.18	)		(0.17	)		(0.12	)		(0.18	)		(0.03	)
Net realized gains		(0.01	)		—			—			—			—			—			—
Total distributions to shareholders		(0.10	)		(0.18	)		(0.18	)		(0.17	)		(0.12	)		(0.18	)		(0.03	)
Net asset value, end of period	$	4.08		$	4.01		$	3.99		$	3.82		$	4.08		$	3.81		$	3.73
Total return		4.29	%		4.93	%		9.30	%		(2.28	%)		10.36	%		7.15	%		(3.09	%)
Ratios to average net assets(c)
Total gross expenses		0.59	%(d)(e)		0.59	%(e)		0.60	%(e)		0.59	%(f)		0.60	%(d)(f)		0.57	%(f)		0.49	%(d)(f)
Total net expenses(g)		0.55	%(d)(e)		0.56	%(e)		0.56	%(e)		0.56	%(f)		0.55	%(d)(f)		0.55	%(f)		0.49	%(d)(f)
Net investment income		4.29	%(d)		4.36	%		4.63	%		4.26	%		4.51	%(d)		4.76	%		4.68	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	47,234		$	24,184		$	10,739		$	2,336		$	1,983		$	184		$	2
Portfolio turnover		7	%		16	%		22	%		16	%		13	%		30	%		23	%

Notes to Financial Highlights

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

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

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

(d)  Annualized.

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

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

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

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

Semiannual Report 2016
29

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2016 (Unaudited)

Note 1. Organization

Columbia AMT-Free Tax-Exempt Bond Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class R4, Class R5 and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure.

Class A shares are subject to a maximum front-end sales charge of 3.00% based on the initial investment amount. In addition, Class A shares purchased on or after February 19, 2015 are subject to a contingent deferred sales charge (CDSC) of 0.75% on certain investments of $500,000 or more if redeemed within 12 months after purchase. Redemptions of Class A shares purchased prior to February 19, 2015, without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase, are subject to a CDSC of 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase.

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

Class C shares are subject to a 1.00% CDSC on shares redeemed within 12 months after purchase.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans

and certain investors as described in the Fund's prospectus.

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.

Investments for which market quotations are not readily available, or that have quotations which management

Semiannual Report 2016
30

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security.

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

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

Delayed Delivery Securities

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

Inverse Floater Program Transactions

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

to a new or different mode at the reset date (e.g., mode can be daily, weekly, monthly, or a fixed specific date) at the discretion of the holder of the inverse floating rate security. The floating rate note holders have the option to tender their notes to the trusts for redemption at par at each reset date. The income received by the inverse floating rate security holder varies inversely with the short-term rate paid to the floating rate note holders, and in most circumstances the inverse floating rate security holder bears substantially all of the underlying bond's downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond's value. The inverse floating rate security holder will be subject to greater interest rate risk than if they were to hold the underlying bond because the interest rate is dependent on both the fixed coupon rate of the underlying bond and the short-term interest rate paid on the floating rate notes. The inverse floating rate security holder is also subject to the credit risk, liquidity risk and market risk associated with the underlying bond. The bonds held by the trusts serve as collateral for the short-term floating rate notes outstanding. Contractual maturities and interest rates of the municipal bonds held in trusts, if any, at January 31, 2016 are presented in the Portfolio of Investments. Interest and fee expense related to the short-term floating rate notes, which is accrued daily, is presented in the Statement of Operations and corresponds to an equal increase in interest income from the fixed rate municipal bonds held in trust. For the six months ended January 31, 2016, the average value of short-term floating rate notes outstanding was $3,000,000 and the annualized average interest rate and fees related to these short-term floating rate notes were 0.05% and 0.52%, respectively.

Security Transactions

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

Income Recognition

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

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be

Semiannual Report 2016
31

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

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

Guarantees and Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The

Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

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

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

Note 3. Fees and Other Transactions with Affiliates

Management Fees

Effective December 1, 2015, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.48% to 0.29% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2016 was 0.48% of the Fund's average daily net assets.

Prior to December 1, 2015, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. For the period from August 1, 2015 through November 30, 2015, the investment advisory services fee paid to the Investment Manager was $854,785, and

Semiannual Report 2016
32

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

the administrative services fee paid to the Investment Manager was $143,871.

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 January 31, 2016, other expenses paid by the Fund to this company were $1,288.

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.

Transactions with Affiliates

For the six months ended January 31, 2016, the Fund engaged in purchase and/or sale transactions with affiliates and/or accounts that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers. Those purchase and sale transactions complied with provisions of Rule 17a-7 under the 1940 Act and were $0 and $5,063,150, respectively. The sale transactions resulted in a net realized gain of $377,332.

Transfer Agency Fees

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

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

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

For the six months ended January 31, 2016, 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	0.07	%
Class B	0.07
Class C	0.07
Class R4	0.07
Class R5	0.05
Class Z	0.07

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer 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 January 31, 2016, no minimum account balance fees were charged by the Fund.

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

Semiannual Report 2016
33

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

attributable to Class A shares and a fee at an annual rate of up to 1.00% of the Fund's average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $243,000 and $93,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution 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 $145,660 for Class A and $809 for Class C shares for the six months ended January 31, 2016.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

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

	Contractual Expense Cap December 1, 2015 Through November 30, 2016			Voluntary Expense Cap Prior to December 1, 2015
Class A		0.80	%		0.80	%
Class B		1.55			1.55
Class C		1.55			1.55
Class R4		0.55			0.55
Class R5		0.56			0.56
Class Z		0.55			0.55

The contractual agreement may be modified or amended only with approval from all parties. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled

investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend and interest expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At January 31, 2016, the cost of investments for federal income tax purposes was approximately $606,952,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	60,889,000
Unrealized depreciation		(1,220,000	)
Net unrealized appreciation	$	59,669,000

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $95,879,480 and $42,743,375, respectively, for the six months ended January 31, 2016,. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan

Semiannual Report 2016
34

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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

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

Note 7. Significant Risks

Shareholder Concentration Risk

At January 31, 2016, affiliated shareholders of record owned 80.4% 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. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Credit Risk

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

Interest Rate Risk

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

Liquidity Risk

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

Illinois Geographic Concentration Risk

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

Note 8. Subsequent Events

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

Semiannual Report 2016
35

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

On December 1, 2015, the Fund's Board approved a change in the Fund's name to Columbia Strategic Municipal Income Fund, along with certain changes to the Fund's principal investment strategies. These changes are expected to become effective April 2016, subject to shareholder approval.

Note 9. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay 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 2016
36

COLUMBIA AMT-FREE TAX-EXEMPT BOND FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

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

Semiannual Report 2016
37

Columbia AMT-Free Tax-Exempt Bond Fund

P.O. Box 8081

Boston, MA 02266-8081

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

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

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

© 2016 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR118_07_F01_(03/16)

SEMIANNUAL REPORT

January 31, 2016

COLUMBIA DISCIPLINED VALUE FUND

(formerly Columbia Large Value Quantitative Fund)

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

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

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

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

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

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

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

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

Investment strategies to help meet investor needs

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

Your success is our priority.

Retire comfortably

Fund college or higher education

Leave a legacy

Generate an appropriate stream of income in retirement

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

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

Navigate a changing interest rate environment

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

Make investment choices designed specifically for this market environment.

Maximize after-tax returns

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

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

Grow assets to achieve financial goals

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

Do your investments deliver the portfolio growth you need?

Ease the impact of volatile markets

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

Interested in turning volatility into opportunity?

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

Not part of the shareholder report  

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

Stay informed with Columbia Threadneedle Investments

Investor insight

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

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

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

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

nMarketTrack, featuring straightforward insight on current investment opportunities

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

n  Quarterly portfolio manager commentary and fund fact sheets

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

Social media

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

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

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

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

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

Not part of the shareholder report  

PRESIDENT'S MESSAGE

Dear Shareholder,

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

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

n  Generate an appropriate stream of income in retirement

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

n  Navigate a changing interest rate environment

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

n  Maximize after-tax returns

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

n  Grow assets to achieve financial goals

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

n  Ease the impact of volatile markets

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

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

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

Sincerely,

Christopher O. Petersen
President, Columbia Funds

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

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2016

COLUMBIA DISCIPLINED VALUE FUND

TABLE OF CONTENTS

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

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

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

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund's Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	11
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	30
Important Information About This Report	39

Semiannual Report 2016

COLUMBIA DISCIPLINED VALUE FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n  Columbia Disciplined Value Fund (the Fund) Class A shares returned -9.11% excluding sales charges for the six-month period that ended January 31, 2016.

n  The Fund underperformed its benchmark, the Russell 1000 Value Index, which returned -8.63% during the same time period.

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

	Inception	6 Months Cumulative		1 Year		5 Years		Life
Class A	08/01/08
Excluding sales charges			-9.11		-6.27		10.09		6.09
Including sales charges			-14.31		-11.70		8.80		5.26
Class B	08/01/08
Excluding sales charges			-9.40		-6.94		9.26		5.30
Including sales charges			-13.67		-11.33		8.98		5.30
Class C	08/01/08
Excluding sales charges			-9.42		-6.93		9.23		5.27
Including sales charges			-10.28		-7.81		9.23		5.27
Class I	08/01/08		-8.94		-5.92		10.53		6.52
Class K	08/01/08		-9.03		-6.10		10.23		6.22
Class R	08/01/08		-9.24		-6.50		9.79		5.79
Class R4*	06/01/15		-9.01		-6.15		10.11		6.11
Class R5*	06/01/15		-9.01		-6.15		10.12		6.11
Class T*	03/07/11
Excluding sales charges			-9.15		-6.30		10.02		6.05
Including sales charges			-14.35		-11.65		8.73		5.22
Class W	08/01/08		-9.07		-6.24		10.07		6.05
Class Y*	06/01/15		-8.95		-6.08		10.13		6.12
Class Z*	09/27/10		-9.01		-6.09		10.36		6.28
Russell 1000 Value Index			-8.63		-5.00		9.61		6.86

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

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

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

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

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

Semiannual Report 2016
3

COLUMBIA DISCIPLINED VALUE FUND

PORTFOLIO OVERVIEW

(Unaudited)

Portfolio Management

Brian Condon, CFA

Peter Albanese

Morningstar Style Box^TM

The Morningstar Style Box^TM is based on a fund's portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

© 2016 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Top Ten Holdings (%) (at January 31, 2016)
Johnson & Johnson	4.5
JPMorgan Chase & Co.	3.7
Pfizer, Inc.	3.6
Microsoft Corp.	3.3
Cisco Systems, Inc.	2.8
Wal-Mart Stores, Inc.	2.8
Citigroup, Inc.	2.8
Intel Corp.	2.4
Valero Energy Corp.	2.2
Raytheon Co.	2.1

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

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

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

Portfolio Breakdown (%) (at January 31, 2016)
Common Stocks	99.4
Money Market Funds	0.6
Total	100.0

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

Equity Sector Breakdown (%) (at January 31, 2016)
Consumer Discretionary	5.4
Consumer Staples	7.7
Energy	11.6
Financials	28.8
Health Care	12.4
Industrials	10.1
Information Technology	11.2
Materials	2.7
Telecommunication Services	2.9
Utilities	7.2
Total	100.0

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

Semiannual Report 2016
4

COLUMBIA DISCIPLINED VALUE FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

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

Analyzing Your Fund's Expenses

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

Compare With Other Funds

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

August 1, 2015 – January 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		908.90		1,019.00		5.60		5.92		1.18
Class B		1,000.00		1,000.00		906.00		1,015.27		9.15		9.67		1.93
Class C		1,000.00		1,000.00		905.80		1,015.27		9.15		9.67		1.93
Class I		1,000.00		1,000.00		910.60		1,021.03		3.66		3.87		0.77
Class K		1,000.00		1,000.00		909.70		1,019.74		4.89		5.17		1.03
Class R		1,000.00		1,000.00		907.60		1,017.75		6.78		7.17		1.43
Class R4		1,000.00		1,000.00		909.90		1,020.19		4.46		4.72		0.94
Class R5		1,000.00		1,000.00		909.90		1,020.79		3.89		4.12		0.82
Class T		1,000.00		1,000.00		908.50		1,019.00		5.60		5.92		1.18
Class W		1,000.00		1,000.00		909.30		1,019.00		5.60		5.92		1.18
Class Y		1,000.00		1,000.00		910.50		1,021.18		3.52		3.72		0.74
Class Z		1,000.00		1,000.00		909.90		1,020.24		4.42		4.67		0.93

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

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

Semiannual Report 2016
5

COLUMBIA DISCIPLINED VALUE FUND

PORTFOLIO OF INVESTMENTS

January 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 99.3%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 5.4%
Automobiles 1.4%
Ford Motor Co.		1,040,900		12,428,346
Hotels, Restaurants & Leisure 0.3%
Darden Restaurants, Inc.		47,300		2,982,738
Media 1.9%
Comcast Corp., Class A		288,300		16,061,193
Multiline Retail 1.8%
Target Corp.		213,100		15,432,702
Total Consumer Discretionary				46,904,979
CONSUMER STAPLES 7.6%
Food & Staples Retailing 3.6%
CVS Health Corp.		75,400		7,282,886
Wal-Mart Stores, Inc.		360,900		23,949,324
Total				31,232,210
Food Products 0.3%
Pilgrim's Pride Corp.(a)		102,600		2,275,668
Household Products 0.4%
Procter & Gamble Co. (The)		45,500		3,716,895
Personal Products 0.6%
Herbalife Ltd.(a)		35,300		1,631,213
Nu Skin Enterprises, Inc., Class A		102,700		3,250,455
Total				4,881,668
Tobacco 2.7%
Altria Group, Inc.		125,800		7,687,638
Philip Morris International, Inc.		179,300		16,138,793
Total				23,826,431
Total Consumer Staples				65,932,872
ENERGY 11.5%
Energy Equipment & Services 1.1%
Baker Hughes, Inc.		33,500		1,457,585
Noble Corp. PLC		149,100		1,161,489
Superior Energy Services, Inc.		723,600		7,460,316
Total				10,079,390
Oil, Gas & Consumable Fuels 10.4%
Chevron Corp.		175,400		15,166,838
ConocoPhillips		449,000		17,546,920

Common Stocks (continued)

Issuer	Shares		Value ($)
EOG Resources, Inc.		96,700		6,867,634
Exxon Mobil Corp.(b)		212,800		16,566,480
Marathon Petroleum Corp.		329,000		13,748,910
Valero Energy Corp.		282,300		19,159,701
World Fuel Services Corp.		25,200		981,540
Total				90,038,023
Total Energy				100,117,413
FINANCIALS 28.6%
Banks 8.0%
CIT Group, Inc.		262,900		7,716,115
Citigroup, Inc.		561,800		23,921,444
JPMorgan Chase & Co.		533,300		31,731,350
Wells Fargo & Co.		118,900		5,972,347
Total				69,341,256
Capital Markets 1.8%
BlackRock, Inc.		49,100		15,430,166
Goldman Sachs Group, Inc. (The)		2,700		436,212
Total				15,866,378
Consumer Finance 3.0%
Capital One Financial Corp.		159,500		10,466,390
Navient Corp.		1,101,900		10,534,164
Santander Consumer USA Holdings, Inc.(a)		464,000		4,848,800
Total				25,849,354
Diversified Financial Services 4.0%
Berkshire Hathaway, Inc., Class B(a)		36,000		4,671,720
Intercontinental Exchange, Inc.		68,800		18,149,440
Voya Financial, Inc.		379,100		11,592,878
Total				34,414,038
Insurance 7.3%
Aflac, Inc.		200,900		11,644,164
Aspen Insurance Holdings Ltd.		26,500		1,232,515
Assured Guaranty Ltd.		580,000		13,792,400
Everest Re Group Ltd.		55,700		9,966,958
Lincoln National Corp.		24,100		950,986
Marsh & McLennan Companies, Inc.		219,500		11,705,935
Prudential Financial, Inc.		206,400		14,464,512
Total				63,757,470

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

Semiannual Report 2016
6

COLUMBIA DISCIPLINED VALUE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Real Estate Investment Trusts (REITs) 4.5%
AvalonBay Communities, Inc.		13,900		2,383,711
CBL & Associates Properties, Inc.		311,100		3,344,325
Empire State Realty Trust, Inc., Class A		427,600		7,076,780
General Growth Properties, Inc.		361,100		10,125,244
Public Storage		64,900		16,456,044
Total				39,386,104
Total Financials				248,614,600
HEALTH CARE 12.3%
Biotechnology 0.2%
Alkermes PLC(a)		47,600		1,523,676
Health Care Equipment & Supplies 2.5%
Abbott Laboratories		174,500		6,604,825
Baxter International, Inc.		405,000		14,823,000
Total				21,427,825
Health Care Providers & Services 1.5%
Cardinal Health, Inc.		163,400		13,295,858
Pharmaceuticals 8.1%
Johnson & Johnson		372,500		38,903,900
Pfizer, Inc.		1,029,800		31,398,602
Total				70,302,502
Total Health Care				106,549,861
INDUSTRIALS 10.1%
Aerospace & Defense 3.7%
BWX Technologies, Inc.		57,400		1,718,556
Raytheon Co.		143,100		18,351,144
Spirit AeroSystems Holdings, Inc., Class A(a)		284,900		12,079,760
Total				32,149,460
Airlines 1.3%
JetBlue Airways Corp.(a)		511,200		10,893,672
Commercial Services & Supplies 0.2%
RR Donnelley & Sons Co.		154,900		2,163,953
Electrical Equipment 1.9%
Eaton Corp. PLC		323,300		16,329,883
Industrial Conglomerates 1.2%
General Electric Co.		345,300		10,048,230

Common Stocks (continued)

Issuer	Shares		Value ($)
Machinery 1.8%
AGCO Corp.		161,400		7,871,478
Lincoln Electric Holdings, Inc.		148,600		7,911,464
Total				15,782,942
Total Industrials				87,368,140
INFORMATION TECHNOLOGY 11.1%
Communications Equipment 2.8%
Cisco Systems, Inc.		1,025,000		24,384,750
Semiconductors & Semiconductor Equipment 2.4%
Intel Corp.		657,500		20,395,650
Software 4.5%
Microsoft Corp.		512,000		28,206,080
Oracle Corp.		295,200		10,718,712
Total				38,924,792
Technology Hardware, Storage & Peripherals 1.4%
EMC Corp.		507,600		12,573,252
Total Information Technology				96,278,444
MATERIALS 2.7%
Chemicals 1.3%
Westlake Chemical Corp.		251,200		11,424,576
Paper & Forest Products 1.4%
Domtar Corp.		369,400		11,913,150
Total Materials				23,337,726
TELECOMMUNICATION SERVICES 2.9%
Diversified Telecommunication Services 2.9%
AT&T, Inc.		25,500		919,530
CenturyLink, Inc.		270,700		6,881,194
Verizon Communications, Inc.		344,600		17,219,662
Total				25,020,386
Total Telecommunication Services				25,020,386
UTILITIES 7.1%
Electric Utilities 3.8%
Entergy Corp.		232,600		16,416,908
Exelon Corp.		572,400		16,925,868
Total				33,342,776

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

Semiannual Report 2016
7

COLUMBIA DISCIPLINED VALUE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Independent Power and Renewable Electricity Producers 0.4%
AES Corp. (The)		352,900		3,352,550
Multi-Utilities 2.9%
PG&E Corp.		139,400		7,654,454
Public Service Enterprise Group, Inc.		429,400		17,734,220
Total				25,388,674
Total Utilities				62,084,000
Total Common Stocks (Cost: $878,104,110)				862,208,421

Money Market Funds 0.6%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.360%(c)(d)		5,298,905		5,298,905
Total Money Market Funds (Cost: $5,298,905)				5,298,905
Total Investments (Cost: $883,403,015)				867,507,326
Other Assets & Liabilities, Net				1,213,979
Net Assets				868,721,305

At January 31, 2016, securities totaling $4,694,355 were pledged as collateral.

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
S&P 500 FUTURE		14	USD		6,755,350	03/2016		44,926		—

Notes to Portfolio of Investments

(a)  Non-income producing investment.

(b)  This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

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

(d)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended January 31, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		13,763,518		40,627,096		(49,091,709	)		5,298,905		7,366		5,298,905

Currency Legend

USD  US Dollar

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

Semiannual Report 2016
8

COLUMBIA DISCIPLINED VALUE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

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.

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

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

Semiannual Report 2016
9

COLUMBIA DISCIPLINED VALUE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

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

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Common Stocks
Consumer Discretionary		46,904,979		—		—		46,904,979
Consumer Staples		65,932,872		—		—		65,932,872
Energy		100,117,413		—		—		100,117,413
Financials		248,614,600		—		—		248,614,600
Health Care		106,549,861		—		—		106,549,861
Industrials		87,368,140		—		—		87,368,140
Information Technology		96,278,444		—		—		96,278,444
Materials		23,337,726		—		—		23,337,726
Telecommunication Services		25,020,386		—		—		25,020,386
Utilities		62,084,000		—		—		62,084,000
Total Common Stocks		862,208,421		—		—		862,208,421
Money Market Funds		—		5,298,905		—		5,298,905
Total Investments		862,208,421		5,298,905		—		867,507,326
Derivatives
Assets
Futures Contracts		44,926		—		—		44,926
Total		862,253,347		5,298,905		—		867,552,252

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

The Fund's assets assigned to the Level 2 input category are valued based upon utilizing observable market inputs, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets and/or fund per share market values which are not considered publicly available.

Derivative instruments are valued at unrealized appreciation (depreciation).

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

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

Transfers In				Transfers Out
Level 1 ($)		Level 2 ($)		Level 1 ($)		Level 2 ($)
	—		13,763,518		13,763,518		—

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

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

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

Semiannual Report 2016
10

COLUMBIA DISCIPLINED VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2016 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $878,104,110)	$	862,208,421
Affiliated issuers (identified cost $5,298,905)		5,298,905
Total investments (identified cost $883,403,015)		867,507,326
Cash		283
Receivable for:
Capital shares sold		375,873
Dividends		1,271,816
Variation margin		185,250
Expense reimbursement due from Investment Manager		225
Prepaid expenses		3,356
Trustees' deferred compensation plan		28,646
Other assets		37,840
Total assets		869,410,615
Liabilities
Payable for:
Capital shares purchased		499,907
Variation margin		8,904
Investment management fees		16,861
Distribution and/or service fees		2,973
Transfer agent fees		61,911
Compensation of board members		34,944
Other expenses		35,164
Trustees' deferred compensation plan		28,646
Total liabilities		689,310
Net assets applicable to outstanding capital stock	$	868,721,305
Represented by
Paid-in capital	$	907,416,572
Undistributed net investment income		728,307
Accumulated net realized loss		(23,572,811	)
Unrealized appreciation (depreciation) on:
Investments		(15,895,689	)
Futures contracts		44,926
Total — representing net assets applicable to outstanding capital stock	$	868,721,305

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

Semiannual Report 2016
11

COLUMBIA DISCIPLINED VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016 (Unaudited)

Class A
Net assets	$	92,673,754
Shares outstanding		11,402,328
Net asset value per share	$	8.13
Maximum offering price per share(a)	$	8.63
Class B
Net assets	$	265,353
Shares outstanding		32,820
Net asset value per share	$	8.09
Class C
Net assets	$	15,964,654
Shares outstanding		2,003,320
Net asset value per share	$	7.97
Class I
Net assets	$	365,271,982
Shares outstanding		44,596,486
Net asset value per share	$	8.19
Class K
Net assets	$	2,505
Shares outstanding		307
Net asset value per share(b)	$	8.17
Class R
Net assets	$	2,499,739
Shares outstanding		306,749
Net asset value per share	$	8.15
Class R4
Net assets	$	71,115
Shares outstanding		8,691
Net asset value per share	$	8.18
Class R5
Net assets	$	29,809
Shares outstanding		3,648
Net asset value per share	$	8.17
Class T
Net assets	$	72,643,614
Shares outstanding		8,959,456
Net asset value per share	$	8.11
Maximum offering price per share(a)	$	8.60
Class W
Net assets	$	211,377,829
Shares outstanding		25,848,856
Net asset value per share	$	8.18

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

Semiannual Report 2016
12

COLUMBIA DISCIPLINED VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016 (Unaudited)

Class Y
Net assets	$	2,085
Shares outstanding		255
Net asset value per share	$	8.18
Class Z
Net assets	$	107,918,866
Shares outstanding		13,175,369
Net asset value per share	$	8.19

(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 2016
13

COLUMBIA DISCIPLINED VALUE FUND

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2016 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	13,593,245
Dividends — affiliated issuers		7,366
Total income		13,600,611
Expenses:
Investment management fees		3,400,568
Distribution and/or service fees
Class A		124,365
Class B		1,527
Class C		81,217
Class R		5,994
Class T		97,944
Class W		276,839
Transfer agent fees
Class A		92,380
Class B		283
Class C		15,081
Class K		1
Class R		2,226
Class R4		11
Class R5		5
Class T		72,746
Class W		205,570
Class Z		121,304
Plan administration fees
Class K		3
Compensation of board members		9,378
Custodian fees		7,009
Printing and postage fees		45,541
Registration fees		80,377
Audit fees		11,380
Legal fees		6,417
Other		14,214
Total expenses		4,672,380
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(51,996	)
Total net expenses		4,620,384
Net investment income		8,980,227
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(681,582	)
Futures contracts		(689,040	)
Net realized loss		(1,370,622	)
Net change in unrealized appreciation (depreciation) on:
Investments		(95,248,290	)
Futures contracts		(65,902	)
Net change in unrealized depreciation		(95,314,192	)
Net realized and unrealized loss		(96,684,814	)
Net decrease in net assets from operations	$	(87,704,587	)

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

Semiannual Report 2016
14

COLUMBIA DISCIPLINED VALUE FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015(a)(b)(c)
Operations
Net investment income	$	8,980,227		$	14,299,234
Net realized gain (loss)		(1,370,622	)		68,417,717
Net change in unrealized depreciation		(95,314,192	)		(19,171,278	)
Net increase (decrease) in net assets resulting from operations		(87,704,587	)		63,545,673
Distributions to shareholders
Net investment income
Class A		(1,447,806	)		(750,196	)
Class B		(2,168	)		(2,182	)
Class C		(113,286	)		(42,189	)
Class I		(7,253,316	)		(5,992,480	)
Class K		(45	)		(37	)
Class R		(29,296	)		(3,933	)
Class R4		(203	)		—
Class R5		(578	)		—
Class T		(1,137,552	)		(906,209	)
Class W		(3,279,003	)		(2,550,101	)
Class Y		(45	)		—
Class Z		(2,137,290	)		(1,754,975	)
Net realized gains
Class A		(4,863,906	)		(3,280,868	)
Class B		(15,609	)		(27,840	)
Class C		(815,462	)		(538,364	)
Class I		(18,763,515	)		(19,227,870	)
Class K		(138	)		(144	)
Class R		(119,693	)		(22,027	)
Class R4		(577	)		—
Class R5		(1,540	)		—
Class T		(3,853,210	)		(4,144,797	)
Class W		(11,015,816	)		(11,152,660	)
Class Y		(115	)		—
Class Z		(6,096,626	)		(6,295,711	)
Total distributions to shareholders		(60,946,795	)		(56,692,583	)
Increase in net assets from capital stock activity		21,332,694			173,647,118
Total increase (decrease) in net assets		(127,318,688	)		180,500,208
Net assets at beginning of period		996,039,993			815,539,785
Net assets at end of period	$	868,721,305		$	996,039,993
Undistributed net investment income	$	728,307		$	7,148,668

(a) Class R4 shares are based on operations from June 1, 2015 (commencement of operations) through the stated period end.

(b) Class R5 shares are based on operations from June 1, 2015 (commencement of operations) through the stated period end.

(c) Class Y shares are based on operations from June 1, 2015 (commencement of operations) through the stated period end.

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

Semiannual Report 2016
15

COLUMBIA DISCIPLINED VALUE FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015(a)(b)(c)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(d)		1,861,935			16,563,074			11,101,650			107,624,009
Distributions reinvested		652,159			5,549,869			377,991			3,632,497
Redemptions		(1,960,948	)		(17,543,658	)		(4,279,497	)		(41,209,860	)
Net increase		553,146			4,569,285			7,200,144			70,046,646
Class B shares
Subscriptions		4,481			41,265			14,593			140,188
Distributions reinvested		1,837			15,556			2,774			26,548
Redemptions(d)		(10,754	)		(95,956	)		(56,303	)		(539,155	)
Net decrease		(4,436	)		(39,135	)		(38,936	)		(372,419	)
Class C shares
Subscriptions		339,185			2,926,736			1,230,124			11,673,805
Distributions reinvested		84,123			702,428			46,392			437,475
Redemptions		(208,581	)		(1,817,835	)		(247,688	)		(2,338,900	)
Net increase		214,727			1,811,329			1,028,828			9,772,380
Class I shares
Subscriptions		174,908			1,540,504			7,632,005			76,081,578
Distributions reinvested		3,035,782			26,016,654			2,608,084			25,220,177
Redemptions		(1,100,186	)		(10,418,695	)		(2,937,943	)		(29,080,483	)
Net increase		2,110,504			17,138,463			7,302,146			72,221,272
Class R shares
Subscriptions		107,267			961,114			229,187			2,186,873
Distributions reinvested		14,385			122,700			974			9,376
Redemptions		(32,563	)		(296,376	)		(29,292	)		(282,586	)
Net increase		89,089			787,438			200,869			1,913,663
Class R4 shares
Subscriptions		8,436			71,993			255			2,500
Distributions reinvested		73			625			—			—
Redemptions		(73	)		(625	)		—			—
Net increase		8,436			71,993			255			2,500
Class R5 shares
Subscriptions		3,164			29,948			255			2,500
Distributions reinvested		229			1,961			—			—
Net increase		3,393			31,909			255			2,500
Class T shares
Subscriptions		22,370			195,133			74,898			715,868
Distributions reinvested		504,324			4,281,707			449,953			4,315,045
Redemptions		(378,952	)		(3,404,549	)		(806,634	)		(7,804,547	)
Net increase (decrease)		147,742			1,072,291			(281,783	)		(2,773,634	)

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

Semiannual Report 2016
16

COLUMBIA DISCIPLINED VALUE FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015(a)(b)(c)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class W shares
Subscriptions		2,787,172			25,353,153			3,540,001			34,460,385
Distributions reinvested		1,669,934			14,294,639			1,418,487			13,702,583
Redemptions		(2,472,620	)		(22,230,513	)		(5,176,581	)		(50,432,995	)
Net increase (decrease)		1,984,486			17,417,279			(218,093	)		(2,270,027	)
Class Y shares
Subscriptions		—			—			255			2,500
Net increase		—			—			255			2,500
Class Z shares
Subscriptions		1,543,132			13,683,712			6,894,047			67,337,828
Distributions reinvested		561,857			4,815,111			446,301			4,320,194
Redemptions		(4,466,400	)		(40,026,981	)		(4,760,022	)		(46,556,285	)
Net increase (decrease)		(2,361,411	)		(21,528,158	)		2,580,326			25,101,737
Total net increase		2,745,676			21,332,694			17,774,266			173,647,118

(a) Class R4 shares are based on operations from June 1, 2015 (commencement of operations) through the stated period end.

(b) Class R5 shares are based on operations from June 1, 2015 (commencement of operations) through the stated period end.

(c) Class Y shares are based on operations from June 1, 2015 (commencement of operations) through the stated period end.

(d) 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 2016
17

COLUMBIA DISCIPLINED VALUE FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class A	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	9.56		$	9.45		$	8.67		$	6.96		$	6.36		$	8.19		$	7.78
Income from investment operations:
Net investment income		0.08			0.13			0.10			0.16			0.12			0.09			0.08
Net realized and unrealized gain (loss)		(0.93	)		0.56			1.27			1.97			1.23			0.11			0.70
Total from investment operations		(0.85	)		0.69			1.37			2.13			1.35			0.20			0.78
Less distributions to shareholders:
Net investment income		(0.13	)		(0.11	)		(0.10	)		(0.23	)		(0.08	)		(0.09	)		(0.07	)
Net realized gains		(0.45	)		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		(0.30	)
Total distributions to shareholders		(0.58	)		(0.58	)		(0.59	)		(0.42	)		(0.75	)		(2.03	)		(0.37	)
Net asset value, end of period	$	8.13		$	9.56		$	9.45		$	8.67		$	6.96		$	6.36		$	8.19
Total return		(9.11	%)		7.25	%		16.42	%(b)		31.78	%		22.47	%		0.01	%		10.28	%
Ratios to average net assets(c)
Total gross expenses		1.20	%(d)		1.20	%		1.22	%		1.32	%		1.38	%(d)		1.33	%		1.19	%
Total net expenses(e)		1.18	%(d)		1.18	%(f)		1.18	%(f)		1.16	%(f)		1.11	%(d)(g)		1.14	%(g)		1.19	%
Net investment income		1.73	%(d)		1.32	%		1.15	%		2.05	%		2.16	%(d)		1.25	%		1.04	%
Supplemental data
Net assets, end of period (in thousands)	$	92,674		$	103,691		$	34,470		$	20,163		$	12,084		$	11,757		$	3,009
Portfolio turnover		35	%		89	%		90	%		103	%		73	%		90	%		99	%

Notes to Financial Highlights

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

(b)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

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

(d)  Annualized.

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

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

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

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

Semiannual Report 2016
18

COLUMBIA DISCIPLINED VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class B	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	9.47		$	9.37		$	8.61		$	6.89		$	6.28		$	8.12		$	7.71
Income from investment operations:
Net investment income		0.04			0.05			0.04			0.10			0.08			0.04			0.03
Net realized and unrealized gain (loss)		(0.91	)		0.56			1.25			1.95			1.22			0.12			0.68
Total from investment operations		(0.87	)		0.61			1.29			2.05			1.30			0.16			0.71
Less distributions to shareholders:
Net investment income		(0.06	)		(0.04	)		(0.04	)		(0.14	)		(0.02	)		(0.06	)		—
Net realized gains		(0.45	)		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		(0.30	)
Total distributions to shareholders		(0.51	)		(0.51	)		(0.53	)		(0.33	)		(0.69	)		(2.00	)		(0.30	)
Net asset value, end of period	$	8.09		$	9.47		$	9.37		$	8.61		$	6.89		$	6.28		$	8.12
Total return		(9.40	%)		6.42	%		15.48	%(b)		30.79	%		21.79	%		(0.64	%)		9.37	%
Ratios to average net assets(c)
Total gross expenses		1.95	%(d)		1.94	%		1.97	%		2.07	%		2.14	%(d)		2.10	%		1.96	%
Total net expenses(e)		1.93	%(d)		1.93	%(f)		1.93	%(f)		1.91	%(f)		1.86	%(d)(g)		1.88	%(g)		1.96	%
Net investment income		1.01	%(d)		0.55	%		0.42	%		1.37	%		1.49	%(d)		0.48	%		0.39	%
Supplemental data
Net assets, end of period (in thousands)	$	265		$	353		$	714		$	754		$	809		$	1,215		$	226
Portfolio turnover		35	%		89	%		90	%		103	%		73	%		90	%		99	%

Notes to Financial Highlights

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

(b)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

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

(d)  Annualized.

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

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

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

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

Semiannual Report 2016
19

COLUMBIA DISCIPLINED VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class C	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	9.34		$	9.25		$	8.51		$	6.84		$	6.25		$	8.09		$	7.74
Income from investment operations:
Net investment income		0.04			0.05			0.04			0.10			0.08			0.04			0.03
Net realized and unrealized gain (loss)		(0.90	)		0.55			1.23			1.93			1.22			0.11			0.67
Total from investment operations		(0.86	)		0.60			1.27			2.03			1.30			0.15			0.70
Less distributions to shareholders:
Net investment income		(0.06	)		(0.04	)		(0.04	)		(0.17	)		(0.04	)		(0.05	)		(0.05	)
Net realized gains		(0.45	)		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		(0.30	)
Total distributions to shareholders		(0.51	)		(0.51	)		(0.53	)		(0.36	)		(0.71	)		(1.99	)		(0.35	)
Net asset value, end of period	$	7.97		$	9.34		$	9.25		$	8.51		$	6.84		$	6.25		$	8.09
Total return		(9.42	%)		6.40	%		15.42	%(b)		30.81	%		21.93	%		(0.82	%)		9.36	%
Ratios to average net assets(c)
Total gross expenses		1.95	%(d)		1.95	%		1.96	%		2.07	%		2.13	%(d)		2.04	%		1.97	%
Total net expenses(e)		1.93	%(d)		1.93	%(f)		1.93	%(f)		1.91	%(f)		1.86	%(d)(g)		1.85	%(g)		1.97	%
Net investment income		0.97	%(d)		0.57	%		0.40	%		1.27	%		1.39	%(d)		0.50	%		0.35	%
Supplemental data
Net assets, end of period (in thousands)	$	15,965		$	16,710		$	7,026		$	4,001		$	1,873		$	1,735		$	94
Portfolio turnover		35	%		89	%		90	%		103	%		73	%		90	%		99	%

Notes to Financial Highlights

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

(b)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

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

(d)  Annualized.

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

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

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

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

Semiannual Report 2016
20

COLUMBIA DISCIPLINED VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class I	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	9.65		$	9.53		$	8.74		$	7.01		$	6.40		$	8.23		$	7.81
Income from investment operations:
Net investment income		0.10			0.17			0.14			0.19			0.15			0.13			0.11
Net realized and unrealized gain (loss)		(0.94	)		0.57			1.28			1.98			1.23			0.10			0.70
Total from investment operations		(0.84	)		0.74			1.42			2.17			1.38			0.23			0.81
Less distributions to shareholders:
Net investment income		(0.17	)		(0.15	)		(0.14	)		(0.25	)		(0.10	)		(0.12	)		(0.09	)
Net realized gains		(0.45	)		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		(0.30	)
Total distributions to shareholders		(0.62	)		(0.62	)		(0.63	)		(0.44	)		(0.77	)		(2.06	)		(0.39	)
Net asset value, end of period	$	8.19		$	9.65		$	9.53		$	8.74		$	7.01		$	6.40		$	8.23
Total return		(8.94	%)		7.72	%		16.88	%(b)		32.32	%		22.92	%		0.37	%		10.71	%
Ratios to average net assets(c)
Total gross expenses		0.77	%(d)		0.76	%		0.78	%		0.83	%		0.87	%(d)		0.88	%		0.77	%
Total net expenses(e)		0.77	%(d)		0.76	%		0.77	%		0.73	%		0.74	%(d)		0.84	%		0.77	%
Net investment income		2.14	%(d)		1.74	%		1.52	%		2.52	%		2.65	%(d)		1.66	%		1.37	%
Supplemental data
Net assets, end of period (in thousands)	$	365,272		$	409,975		$	335,330		$	65,134		$	63,878		$	81,686		$	69,800
Portfolio turnover		35	%		89	%		90	%		103	%		73	%		90	%		99	%

Notes to Financial Highlights

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

(b)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

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

(d)  Annualized.

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

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

Semiannual Report 2016
21

COLUMBIA DISCIPLINED VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class K	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	9.61		$	9.50		$	8.72		$	6.99		$	6.38		$	8.20		$	7.79
Income from investment operations:
Net investment income		0.08			0.14			0.12			0.17			0.14			0.11			0.08
Net realized and unrealized gain (loss)		(0.92	)		0.56			1.26			1.98			1.23			0.10			0.70
Total from investment operations		(0.84	)		0.70			1.38			2.15			1.37			0.21			0.78
Less distributions to shareholders:
Net investment income		(0.15	)		(0.12	)		(0.11	)		(0.23	)		(0.09	)		(0.09	)		(0.07	)
Net realized gains		(0.45	)		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		(0.30	)
Total distributions to shareholders		(0.60	)		(0.59	)		(0.60	)		(0.42	)		(0.76	)		(2.03	)		(0.37	)
Net asset value, end of period	$	8.17		$	9.61		$	9.50		$	8.72		$	6.99		$	6.38		$	8.20
Total return		(9.03	%)		7.35	%		16.49	%(b)		32.01	%		22.68	%		0.11	%		10.37	%
Ratios to average net assets(c)
Total gross expenses		1.03	%(d)		1.03	%		1.10	%		1.13	%		1.17	%(d)		1.17	%		1.09	%
Total net expenses(e)		1.03	%(d)		1.03	%		1.05	%		1.01	%		1.04	%(d)		1.09	%		1.09	%
Net investment income		1.88	%(d)		1.45	%		1.37	%		2.23	%		2.39	%(d)		1.41	%		1.04	%
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	3		$	9		$	7		$	13		$	15
Portfolio turnover		35	%		89	%		90	%		103	%		73	%		90	%		99	%

Notes to Financial Highlights

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

(b)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

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

(d)  Annualized.

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

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

Semiannual Report 2016
22

COLUMBIA DISCIPLINED VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class R	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	9.57		$	9.46		$	8.68		$	6.97		$	6.36		$	8.17		$	7.77
Income from investment operations:
Net investment income		0.06			0.10			0.07			0.14			0.11			0.08			0.05
Net realized and unrealized gain (loss)		(0.92	)		0.56			1.28			1.97			1.23			0.11			0.69
Total from investment operations		(0.86	)		0.66			1.35			2.11			1.34			0.19			0.74
Less distributions to shareholders:
Net investment income		(0.11	)		(0.08	)		(0.08	)		(0.21	)		(0.06	)		(0.06	)		(0.04	)
Net realized gains		(0.45	)		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		(0.30	)
Total distributions to shareholders		(0.56	)		(0.55	)		(0.57	)		(0.40	)		(0.73	)		(2.00	)		(0.34	)
Net asset value, end of period	$	8.15		$	9.57		$	9.46		$	8.68		$	6.97		$	6.36		$	8.17
Total return		(9.24	%)		6.98	%		16.13	%(b)		31.42	%		22.23	%		(0.15	%)		9.75	%
Ratios to average net assets(c)
Total gross expenses		1.45	%(d)		1.45	%		1.44	%		1.57	%		1.65	%(d)		1.62	%		1.54	%
Total net expenses(e)		1.43	%(d)		1.43	%(f)		1.43	%(f)		1.41	%(f)		1.36	%(d)(g)		1.45	%(g)		1.54	%
Net investment income		1.44	%(d)		1.02	%		0.76	%		1.83	%		1.91	%(d)		1.04	%		0.59	%
Supplemental data
Net assets, end of period (in thousands)	$	2,500		$	2,083		$	159		$	9		$	7		$	6		$	8
Portfolio turnover		35	%		89	%		90	%		103	%		73	%		90	%		99	%

Notes to Financial Highlights

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

(b)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

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

(d)  Annualized.

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

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

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

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

Semiannual Report 2016
23

COLUMBIA DISCIPLINED VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

Class R4	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015(a)
Per share data
Net asset value, beginning of period	$	9.63		$	9.80
Income from investment operations:
Net investment income		0.04			0.02
Net realized and unrealized loss		(0.88	)		(0.19	)(b)
Total from investment operations		(0.84	)		(0.17	)
Less distributions to shareholders:
Net investment income		(0.16	)		—
Net realized gains		(0.45	)		—
Total distributions to shareholders		(0.61	)		—
Net asset value, end of period	$	8.18		$	9.63
Total return		(9.01	%)		(1.73	%)
Ratios to average net assets(c)
Total gross expenses		0.99	%(d)		0.92	%(d)
Total net expenses(e)		0.94	%(d)		0.92	%(d)(f)
Net investment income		1.00	%(d)		1.11	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	71		$	2
Portfolio turnover		35	%		89	%

Notes to Financial Highlights

(a)  Based on operations from June 1, 2015 (commencement of operations) through the stated period end.

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

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

(d)  Annualized.

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

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

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

Semiannual Report 2016
24

COLUMBIA DISCIPLINED VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

Class R5	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015(a)
Per share data
Net asset value, beginning of period	$	9.63		$	9.80
Income from investment operations:
Net investment income		0.08			0.02
Net realized and unrealized loss		(0.92	)		(0.19	)(b)
Total from investment operations		(0.84	)		(0.17	)
Less distributions to shareholders:
Net investment income		(0.17	)		—
Net realized gains		(0.45	)		—
Total distributions to shareholders		(0.62	)		—
Net asset value, end of period	$	8.17		$	9.63
Total return		(9.01	%)		(1.73	%)
Ratios to average net assets(c)
Total gross expenses		0.83	%(d)		0.80	%(d)
Total net expenses(e)		0.82	%(d)		0.80	%(d)
Net investment income		1.93	%(d)		1.23	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	30		$	2
Portfolio turnover		35	%		89	%

Notes to Financial Highlights

(a)  Based on operations from June 1, 2015 (commencement of operations) through the stated period end.

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

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

(d)  Annualized.

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

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

Semiannual Report 2016
25

COLUMBIA DISCIPLINED VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class T	(Unaudited)			2015			2014			2013			2012(a)			2011(b)
Per share data
Net asset value, beginning of period	$	9.54		$	9.42		$	8.66		$	6.95		$	6.35		$	7.95
Income from investment operations:
Net investment income		0.08			0.12			0.10			0.16			0.12			0.05
Net realized and unrealized gain (loss)		(0.93	)		0.57			1.25			1.96			1.23			(1.07	)
Total from investment operations		(0.85	)		0.69			1.35			2.12			1.35			(1.02	)
Less distributions to shareholders:
Net investment income		(0.13	)		(0.10	)		(0.10	)		(0.22	)		(0.08	)		—
Net realized gains		(0.45	)		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(0.58	)
Total distributions to shareholders		(0.58	)		(0.57	)		(0.59	)		(0.41	)		(0.75	)		(0.58	)
Net asset value, end of period	$	8.11		$	9.54		$	9.42		$	8.66		$	6.95		$	6.35
Total return		(9.15	%)		7.33	%		16.15	%(c)		31.74	%		22.55	%		(13.95	%)
Ratios to average net assets(d)
Total gross expenses		1.20	%(e)		1.21	%		1.27	%		1.37	%		1.43	%(e)		1.30	%(e)
Total net expenses(f)		1.18	%(e)		1.20	%(g)		1.23	%(g)		1.21	%(g)		1.16	%(e)(h)		1.10	%(e)(h)
Net investment income		1.73	%(e)		1.29	%		1.11	%		2.03	%		2.09	%(e)		1.23	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	72,644		$	84,026		$	85,696		$	80,761		$	67,879		$	61,361
Portfolio turnover		35	%		89	%		90	%		103	%		73	%		90	%

Notes to Financial Highlights

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

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

(c)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

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

(e)  Annualized.

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

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

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

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

Semiannual Report 2016
26

COLUMBIA DISCIPLINED VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class W	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	9.61		$	9.50		$	8.72		$	7.00		$	6.37		$	8.19		$	7.78
Income from investment operations:
Net investment income		0.08			0.13			0.10			0.15			0.12			0.10			0.07
Net realized and unrealized gain (loss)		(0.93	)		0.56			1.27			1.99			1.24			0.10			0.71
Total from investment operations		(0.85	)		0.69			1.37			2.14			1.36			0.20			0.78
Less distributions to shareholders:
Net investment income		(0.13	)		(0.11	)		(0.10	)		(0.23	)		(0.06	)		(0.08	)		(0.07	)
Net realized gains		(0.45	)		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		(0.30	)
Total distributions to shareholders		(0.58	)		(0.58	)		(0.59	)		(0.42	)		(0.73	)		(2.02	)		(0.37	)
Net asset value, end of period	$	8.18		$	9.61		$	9.50		$	8.72		$	7.00		$	6.37		$	8.19
Total return		(9.07	%)		7.21	%		16.32	%(b)		31.75	%		22.47	%		(0.03	%)		10.30	%
Ratios to average net assets(c)
Total gross expenses		1.20	%(d)		1.19	%		1.21	%		1.32	%		1.38	%(d)		1.36	%		1.20	%
Total net expenses(e)		1.18	%(d)		1.18	%(f)		1.18	%(f)		1.16	%(f)		1.11	%(d)(g)		1.23	%(g)		1.20	%
Net investment income		1.72	%(d)		1.30	%		1.15	%		1.98	%		2.13	%(d)		1.27	%		0.88	%
Supplemental data
Net assets, end of period (in thousands)	$	211,378		$	229,401		$	228,749		$	156,758		$	61,854		$	69,221		$	173,685
Portfolio turnover		35	%		89	%		90	%		103	%		73	%		90	%		99	%

Notes to Financial Highlights

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

(b)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

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

(d)  Annualized.

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

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

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

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

Semiannual Report 2016
27

COLUMBIA DISCIPLINED VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

Class Y	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015(a)
Per share data
Net asset value, beginning of period	$	9.64		$	9.81
Income from investment operations:
Net investment income		0.10			0.02
Net realized and unrealized loss		(0.93	)		(0.19	)(b)
Total from investment operations		(0.83	)		(0.17	)
Less distributions to shareholders:
Net investment income		(0.18	)		—
Net realized gains		(0.45	)		—
Total distributions to shareholders		(0.63	)		—
Net asset value, end of period	$	8.18		$	9.64
Total return		(8.95	%)		(1.73	%)
Ratios to average net assets(c)
Total gross expenses		0.74	%(d)		0.75	%(d)
Total net expenses(e)		0.74	%(d)		0.75	%(d)
Net investment income		2.17	%(d)		1.28	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	2
Portfolio turnover		35	%		89	%

Notes to Financial Highlights

(a)  Based on operations from June 1, 2015 (commencement of operations) through the stated period end.

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

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

(d)  Annualized.

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

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

Semiannual Report 2016
28

COLUMBIA DISCIPLINED VALUE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class Z	(Unaudited)			2015			2014			2013			2012(a)			2011			2010(b)
Per share data
Net asset value, beginning of period	$	9.64		$	9.52		$	8.74		$	7.01		$	6.40		$	8.23		$	8.23
Income from investment operations:
Net investment income		0.09			0.15			0.12			0.18			0.14			0.11			0.01
Net realized and unrealized gain (loss)		(0.93	)		0.57			1.27			1.98			1.23			0.12			(0.01	)
Total from investment operations		(0.84	)		0.72			1.39			2.16			1.37			0.23			0.00
Less distributions to shareholders:
Net investment income		(0.16	)		(0.13	)		(0.12	)		(0.24	)		(0.09	)		(0.12	)		—
Net realized gains		(0.45	)		(0.47	)		(0.49	)		(0.19	)		(0.67	)		(1.94	)		—
Total distributions to shareholders		(0.61	)		(0.60	)		(0.61	)		(0.43	)		(0.76	)		(2.06	)		—
Net asset value, end of period	$	8.19		$	9.64		$	9.52		$	8.74		$	7.01		$	6.40		$	8.23
Total return		(9.01	%)		7.55	%		16.56	%(c)		32.15	%		22.74	%		0.32	%		0.00	%(d)
Ratios to average net assets(e)
Total gross expenses		0.95	%(f)		0.94	%		0.95	%		1.08	%		1.13	%(f)		1.05	%		1.03	%(f)
Total net expenses(g)		0.93	%(f)		0.93	%(h)		0.93	%(h)		0.90	%(h)		0.86	%(f)(i)		0.85	%(i)		1.03	%(f)
Net investment income		2.01	%(f)		1.55	%		1.35	%		2.40	%		2.39	%(f)		1.44	%		16.13	%(f)
Supplemental data
Net assets, end of period (in thousands)	$	107,919		$	149,791		$	123,394		$	30,062		$	43,836		$	74,993		$	3
Portfolio turnover		35	%		89	%		90	%		103	%		73	%		90	%		99	%

Notes to Financial Highlights

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

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

(c)  The Fund received a payment from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(d)  Rounds to zero.

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

(f)  Annualized.

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

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

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

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

Semiannual Report 2016
29

COLUMBIA DISCIPLINED VALUE FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2016 (Unaudited)

Note 1. Organization

Columbia Disciplined Value Fund (formerly known as Columbia Large Value Quantitative Fund) (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Effective December 21, 2015, Columbia Large Value Quantitative Fund was renamed Columbia Disciplined Value Fund.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class T, Class W, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure.

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

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 12 months after purchase.

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

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

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

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

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting

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30

COLUMBIA DISCIPLINED VALUE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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

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

Security Valuation

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

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

likely to be different from the quoted or published price, if available.

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

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.

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

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

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

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more 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

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COLUMBIA DISCIPLINED VALUE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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

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

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

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

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the exchange or clearinghouse for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its 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.

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32

COLUMBIA DISCIPLINED VALUE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Futures Contracts

Futures contracts are exchange traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

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

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized 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.

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

instruments for accounting disclosure purposes) at January 31, 2016

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		44,926	*

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended January 31, 2016

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(689,040	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(65,902	)

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

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		9,857,988

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

Security Transactions

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

Income Recognition

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

The Fund may receive distributions from holdings in 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

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COLUMBIA DISCIPLINED VALUE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (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 Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

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

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

Note 3. Fees and Other Transactions with Affiliates

Management Fees

Effective December 1, 2015, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The

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34

COLUMBIA DISCIPLINED VALUE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

management services fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.75% to 0.55% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2016 was 0.73% of the Fund's average daily net assets.

Prior to December 1, 2015, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. For the period from August 1, 2015 through November 30, 2015, the investment advisory services fee paid to the Investment Manager was $2,135,743, and the administrative services fee paid to the Investment Manager was $184,061.

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 January 31, 2016, other expenses paid by the Fund to this company were $1,588.

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).

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 I and Class Y shares do not pay transfer agency fees.

For the six months ended January 31, 2016, 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	0.19	%
Class B	0.19
Class C	0.19
Class K	0.05
Class R	0.19
Class R4	0.18
Class R5	0.05
Class T	0.19
Class W	0.19
Class Z	0.19

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

Semiannual Report 2016
35

COLUMBIA DISCIPLINED VALUE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

expense reductions in the Statement of Operations. For the six months ended January 31, 2016, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

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

Distribution 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 $55,000 and $66,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Shareholder Services Fees

The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class T shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund's average daily net assets attributable to Class T shares (comprised of up to 0.25% for shareholder liaison services and up to 0.25% for administrative support services). These fees are currently 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 January 31, 2016 was 0.25% of the Fund's average daily net assets attributable to Class T shares.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $53,229 for Class A, $16 for Class B, $2,043 for Class C, and $1,630 for Class T shares for the six months ended January 31, 2016.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

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

	Contractual Expense Cap December 1, 2015 through November 30, 2016			Voluntary Expense Cap Prior to December 1, 2015
Class A		1.19	%		1.18	%
Class B		1.94			1.93
Class C		1.94			1.93
Class I		0.81			0.78
Class K		1.11			1.08
Class R		1.44			1.43
Class R4		0.94			0.93
Class R5		0.86			0.83
Class T		1.19			1.18
Class W		1.19			1.18
Class Y		0.81			0.78
Class Z		0.94			0.93

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

Semiannual Report 2016
36

COLUMBIA DISCIPLINED VALUE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend and interest expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At January 31, 2016, the cost of investments for federal income tax purposes was approximately $883,403,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	60,527,000
Unrealized depreciation		(76,423,000	)
Net unrealized depreciation	$	(15,896,000	)

The following capital loss carryforwards, determined as of July 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:

Year of Expiration	Amount ($)
2017		20,709,205

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $322,795,180 and $346,784,153, respectively, for the six months ended

January 31, 2016. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

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

Note 7. Line of Credit

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

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

Note 8. Significant Risks

Shareholder Concentration Risk

At January 31, 2016, affiliated shareholders of record owned 79.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Semiannual Report 2016
37

COLUMBIA DISCIPLINED VALUE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Financial Sector Risk

The Fund may be more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to real estate developers, which makes them vulnerable to economic conditions that affect that industry. Performance of such companies may be affected by competitive pressures and exposure to investments or agreements that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.

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 2016
38

COLUMBIA DISCIPLINED VALUE FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting 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 2016
39

Columbia Disciplined Value Fund

P.O. Box 8081

Boston, MA 02266-8081

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

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

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

© 2016 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR179_07_F01_(03/16)

SEMIANNUAL REPORT

January 31, 2016

COLUMBIA DISCIPLINED CORE FUND

(formerly Columbia Large Core Quantitative Fund)

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

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

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

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

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

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

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

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

PRESIDENT'S MESSAGE

Dear Shareholder,

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

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

n  Generate an appropriate stream of income in retirement

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

n  Navigate a changing interest rate environment

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

n  Maximize after-tax returns

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

n  Grow assets to achieve financial goals

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

n  Ease the impact of volatile markets

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

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

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

Sincerely,

Christopher O. Petersen
President, Columbia Funds

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

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2016

COLUMBIA DISCIPLINED CORE FUND

TABLE OF CONTENTS

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

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

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

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund's Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	11
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	17
Notes to Financial Statements	28
Important Information About This Report	37

Semiannual Report 2016

COLUMBIA DISCIPLINED CORE FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n  Columbia Disciplined Core Fund (the Fund) Class A shares returned -8.95% excluding sales charges for the six-month period that ended January 31, 2016.

n  The Fund underperformed its benchmark, the S&P 500 Index, which returned -6.77% during the same time period.

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

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	04/24/03
Excluding sales charges			-8.95		-3.03		11.49		5.87
Including sales charges			-14.19		-8.58		10.17		5.24
Class B	04/24/03
Excluding sales charges			-9.31		-3.78		10.66		5.07
Including sales charges			-13.82		-8.57		10.39		5.07
Class C	04/24/03
Excluding sales charges			-9.23		-3.72		10.68		5.07
Including sales charges			-10.13		-4.68		10.68		5.07
Class I	07/15/04		-8.71		-2.62		12.00		6.31
Class K	04/24/03		-8.90		-2.91		11.64		6.02
Class R*	12/11/06		-9.09		-3.27		11.21		5.60
Class R4*	03/19/13		-8.84		-2.86		11.62		5.93
Class R5*	12/11/06		-8.80		-2.68		11.95		6.23
Class W*	12/01/06		-9.00		-3.01		11.49		5.83
Class Y*	06/01/15		-8.80		-2.77		11.55		5.90
Class Z*	09/27/10		-8.87		-2.87		11.77		6.01
S&P 500 Index			-6.77		-0.67		10.91		6.48

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

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

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

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

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

Semiannual Report 2016
3

COLUMBIA DISCIPLINED CORE FUND

PORTFOLIO OVERVIEW

(Unaudited)

Portfolio Management

Brian Condon, CFA

Peter Albanese

Morningstar Style Box^TM

The Morningstar Style Box^TM is based on a fund's portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

© 2016 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Top Ten Holdings (%) (at January 31, 2016)
Apple, Inc.	4.4
Johnson & Johnson	3.6
Verizon Communications, Inc.	3.1
Home Depot, Inc. (The)	2.8
Pfizer, Inc.	2.7
Wal-Mart Stores, Inc.	2.5
Comcast Corp., Class A	2.5
Oracle Corp.	2.3
MasterCard, Inc., Class A	2.3
Cisco Systems, Inc.	2.2

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

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

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

Portfolio Breakdown (%) (at January 31, 2016)
Common Stocks	99.5
Money Market Funds	0.5
Total	100.0

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

Equity Sector Breakdown (%) (at January 31, 2016)
Consumer Discretionary	12.9
Consumer Staples	10.7
Energy	6.2
Financials	15.6
Health Care	15.0
Industrials	9.8
Information Technology	20.4
Materials	2.7
Telecommunication Services	3.1
Utilities	3.6
Total	100.0

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

Semiannual Report 2016
4

COLUMBIA DISCIPLINED CORE FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

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

Analyzing Your Fund's Expenses

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

Compare With Other Funds

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

August 1, 2015 – January 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		910.50		1,019.69		4.94		5.22		1.04
Class B		1,000.00		1,000.00		906.90		1,015.96		8.49		8.97		1.79
Class C		1,000.00		1,000.00		907.70		1,015.96		8.49		8.97		1.79
Class I		1,000.00		1,000.00		912.90		1,021.63		3.09		3.27		0.65
Class K		1,000.00		1,000.00		911.00		1,020.14		4.51		4.77		0.95
Class R		1,000.00		1,000.00		909.10		1,018.45		6.12		6.47		1.29
Class R4		1,000.00		1,000.00		911.60		1,020.93		3.75		3.97		0.79
Class R5		1,000.00		1,000.00		912.00		1,021.38		3.33		3.52		0.70
Class W		1,000.00		1,000.00		910.00		1,019.69		4.94		5.22		1.04
Class Y		1,000.00		1,000.00		912.00		1,021.58		3.14		3.32		0.66
Class Z		1,000.00		1,000.00		911.30		1,020.93		3.75		3.97		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 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Semiannual Report 2016
5

COLUMBIA DISCIPLINED CORE FUND

PORTFOLIO OF INVESTMENTS

January 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 99.6%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 12.9%
Automobiles 1.2%
Ford Motor Co.		3,854,700		46,025,118
Hotels, Restaurants & Leisure 1.9%
Carnival Corp.		476,300		22,924,319
Darden Restaurants, Inc.		823,000		51,898,380
Total				74,822,699
Internet & Catalog Retail 1.6%
Amazon.com, Inc.(a)		103,100		60,519,700
Media 2.8%
Comcast Corp., Class A		1,711,105		95,325,660
News Corp., Class A		804,100		10,429,177
Total				105,754,837
Multiline Retail 1.4%
Target Corp.		738,600		53,489,412
Specialty Retail 4.0%
Best Buy Co., Inc.		1,560,100		43,573,593
Home Depot, Inc. (The)		858,900		108,015,264
Total				151,588,857
Total Consumer Discretionary				492,200,623
CONSUMER STAPLES 10.6%
Beverages 0.6%
Coca-Cola Enterprises, Inc.		148,200		6,879,444
Dr. Pepper Snapple Group, Inc.		163,000		15,295,920
Total				22,175,364
Food & Staples Retailing 4.7%
CVS Health Corp.		30,900		2,984,631
Kroger Co. (The)		2,121,600		82,339,296
Wal-Mart Stores, Inc.		1,455,100		96,560,436
Total				181,884,363
Food Products 1.3%
Archer-Daniels-Midland Co.		139,600		4,934,860
Campbell Soup Co.		143,200		8,077,912
Tyson Foods, Inc., Class A		682,200		36,402,192
Total				49,414,964

Common Stocks (continued)

Issuer	Shares		Value ($)
Tobacco 4.0%
Altria Group, Inc.		1,181,500		72,201,465
Philip Morris International, Inc.		910,200		81,927,102
Total				154,128,567
Total Consumer Staples				407,603,258
ENERGY 6.2%
Energy Equipment & Services 0.9%
Transocean Ltd.		3,385,500		35,276,910
Oil, Gas & Consumable Fuels 5.3%
Chevron Corp.		420,200		36,334,694
ConocoPhillips		1,531,660		59,857,273
Exxon Mobil Corp.		181,100		14,098,635
HollyFrontier Corp.		236,400		8,266,908
Valero Energy Corp.		1,214,150		82,404,360
Total				200,961,870
Total Energy				236,238,780
FINANCIALS 15.5%
Banks 4.1%
Citigroup, Inc.		1,915,900		81,579,022
JPMorgan Chase & Co.		1,298,100		77,236,950
Total				158,815,972
Capital Markets 1.7%
BlackRock, Inc.		56,300		17,692,838
T. Rowe Price Group, Inc.		652,206		46,274,015
Total				63,966,853
Consumer Finance 0.9%
Capital One Financial Corp.		204,700		13,432,414
Navient Corp.		2,384,800		22,798,688
Total				36,231,102
Diversified Financial Services 2.4%
Moody's Corp.		716,600		63,877,724
Voya Financial, Inc.		913,200		27,925,656
Total				91,803,380
Insurance 3.3%
Aflac, Inc.		400,400		23,207,184
Aon PLC		218,848		19,221,420
MetLife, Inc.		347,100		15,498,015

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

Semiannual Report 2016
6

COLUMBIA DISCIPLINED CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Prudential Financial, Inc.		722,400		50,625,792
Travelers Companies, Inc. (The)		153,700		16,452,048
Total				125,004,459
Real Estate Investment Trusts (REITs) 3.1%
Crown Castle International Corp.		216,100		18,627,820
Digital Realty Trust, Inc.		282,200		22,598,576
Simon Property Group, Inc.		416,900		77,660,132
Total				118,886,528
Total Financials				594,708,294
HEALTH CARE 15.0%
Biotechnology 3.2%
Alexion Pharmaceuticals, Inc.(a)		125,200		18,270,436
Alkermes PLC(a)		168,600		5,396,886
Biogen, Inc.(a)		109,400		29,872,764
BioMarin Pharmaceutical, Inc.(a)		120,700		8,934,214
Celgene Corp.(a)		330,700		33,175,824
Incyte Corp.(a)		148,700		10,492,272
Vertex Pharmaceuticals, Inc.(a)		198,800		18,041,100
Total				124,183,496
Health Care Equipment & Supplies 2.0%
Abbott Laboratories		1,184,400		44,829,540
DENTSPLY International, Inc.		527,918		31,089,091
Total				75,918,631
Health Care Providers & Services 3.5%
AmerisourceBergen Corp.		726,500		65,065,340
Express Scripts Holding Co.(a)		473,880		34,057,756
McKesson Corp.		204,022		32,843,461
Total				131,966,557
Pharmaceuticals 6.3%
Johnson & Johnson		1,302,100		135,991,324
Pfizer, Inc.		3,428,155		104,524,446
Total				240,515,770
Total Health Care				572,584,454
INDUSTRIALS 9.8%
Aerospace & Defense 4.3%
Boeing Co. (The)		588,300		70,672,479
Honeywell International, Inc.		586,500		60,526,800

Common Stocks (continued)

Issuer	Shares		Value ($)
Lockheed Martin Corp.		101,300		21,374,300
Raytheon Co.		98,600		12,644,464
Total				165,218,043
Air Freight & Logistics 0.4%
United Parcel Service, Inc., Class B		150,888		14,062,762
Airlines 2.3%
Delta Air Lines, Inc.		1,562,600		69,207,554
United Continental Holdings, Inc.(a)		354,150		17,098,362
Total				86,305,916
Electrical Equipment 2.1%
Eaton Corp. PLC		572,200		28,901,822
Rockwell Automation, Inc.		543,400		51,932,738
Total				80,834,560
Machinery 0.5%
Illinois Tool Works, Inc.		203,900		18,365,273
Professional Services 0.2%
Equifax, Inc.		91,100		9,638,380
Total Industrials				374,424,934
INFORMATION TECHNOLOGY 20.3%
Communications Equipment 2.2%
Cisco Systems, Inc.		3,509,900		83,500,521
Internet Software & Services 4.3%
Alphabet, Inc., Class A(a)		31,200		23,754,120
Facebook, Inc., Class A(a)		657,600		73,789,296
VeriSign, Inc.(a)		886,400		67,011,840
Total				164,555,256
IT Services 2.3%
MasterCard, Inc., Class A		969,400		86,305,682
Semiconductors & Semiconductor Equipment 1.8%
Intel Corp.		1,354,100		42,004,182
NVIDIA Corp.		956,500		28,015,885
Total				70,020,067
Software 5.4%
Electronic Arts, Inc.(a)		985,100		63,583,280
Microsoft Corp.(b)		450,900		24,840,081
Oracle Corp.		2,389,900		86,777,269
Red Hat, Inc.(a)		453,700		31,781,685
Total				206,982,315

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

Semiannual Report 2016
7

COLUMBIA DISCIPLINED CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Technology Hardware, Storage & Peripherals 4.3%
Apple, Inc.		1,706,180		166,079,561
Total Information Technology				777,443,402
MATERIALS 2.6%
Chemicals 1.9%
LyondellBasell Industries NV, Class A		872,800		68,052,216
Mosaic Co. (The)		119,058		2,869,298
Total				70,921,514
Metals & Mining 0.4%
Newmont Mining Corp.		858,400		17,133,664
Paper & Forest Products 0.3%
International Paper Co.		354,839		12,139,042
Total Materials				100,194,220
TELECOMMUNICATION SERVICES 3.1%
Diversified Telecommunication Services 3.1%
Verizon Communications, Inc.		2,384,100		119,133,477
Total Telecommunication Services				119,133,477

Common Stocks (continued)

Issuer	Shares		Value ($)
UTILITIES 3.6%
Electric Utilities 1.6%
Entergy Corp.		880,500		62,145,690
Multi-Utilities 2.0%
Public Service Enterprise Group, Inc.		1,808,800		74,703,440
Total Utilities				136,849,130
Total Common Stocks (Cost: $3,660,875,187)				3,811,380,572

Money Market Funds 0.5%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.360%(c)(d)		20,380,782		20,380,782
Total Money Market Funds (Cost: $20,380,782)				20,380,782
Total Investments (Cost: $3,681,255,969)				3,831,761,354
Other Assets & Liabilities, Net				(4,395,149	)
Net Assets				3,827,366,205

At January 31, 2016, securities totaling $3,151,148 were pledged as collateral.

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
S&P 500 FUTURE		53	USD		25,573,825	03/2016		323,394		—

Notes to Portfolio of Investments

(a)  Non-income producing investment.

(b)  This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

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

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

Semiannual Report 2016
8

COLUMBIA DISCIPLINED CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Notes to Portfolio of Investments (continued)

(d)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended January 31, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		25,976,748		142,969,600		(148,565,566	)		20,380,782		32,952		20,380,782

Currency Legend

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 2016
9

COLUMBIA DISCIPLINED CORE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

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

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

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Common Stocks
Consumer Discretionary		492,200,623		—		—		492,200,623
Consumer Staples		407,603,258		—		—		407,603,258
Energy		236,238,780		—		—		236,238,780
Financials		594,708,294		—		—		594,708,294
Health Care		572,584,454		—		—		572,584,454
Industrials		374,424,934		—		—		374,424,934
Information Technology		777,443,402		—		—		777,443,402
Materials		100,194,220		—		—		100,194,220
Telecommunication Services		119,133,477		—		—		119,133,477
Utilities		136,849,130		—		—		136,849,130
Total Common Stocks		3,811,380,572		—		—		3,811,380,572
Money Market Funds		—		20,380,782		—		20,380,782
Total Investments		3,811,380,572		20,380,782		—		3,831,761,354
Assets
Futures Contracts		323,394		—		—		323,394
Total		3,811,703,966		20,380,782		—		3,832,084,748

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

The Fund's assets assigned to the Level 2 input category are valued based upon utilizing observable market inputs, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets and/or fund per share market values which are not considered publicly available.

Derivative instruments are valued at unrealized appreciation (depreciation).

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

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

Transfers In				Transfers Out
Level 1 ($)		Level 2 ($)		Level 1 ($)		Level 2 ($)
	—		25,976,748		25,976,748		—

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

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

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

Semiannual Report 2016
10

COLUMBIA DISCIPLINED CORE FUND

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2016 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $3,660,875,187)	$	3,811,380,572
Affiliated issuers (identified cost $20,380,782)		20,380,782
Total investments (identified cost $3,681,255,969)		3,831,761,354
Receivable for:
Investments sold		85,414,426
Capital shares sold		677,507
Dividends		4,666,864
Variation margin		741,000
Prepaid expenses		9,325
Other assets		51,388
Total assets		3,923,321,864
Liabilities
Payable for:
Investments purchased		92,596,292
Capital shares purchased		2,575,609
Variation margin		62,325
Investment management fees		65,147
Distribution and/or service fees		24,524
Transfer agent fees		268,444
Plan administration fees		132
Compensation of board members		218,554
Other expenses		144,632
Total liabilities		95,955,659
Net assets applicable to outstanding capital stock	$	3,827,366,205
Represented by
Paid-in capital	$	4,012,992,204
Undistributed net investment income		537,586
Accumulated net realized loss		(336,992,364	)
Unrealized appreciation (depreciation) on:
Investments		150,505,385
Futures contracts		323,394
Total — representing net assets applicable to outstanding capital stock	$	3,827,366,205

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

Semiannual Report 2016
11

COLUMBIA DISCIPLINED CORE FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016 (Unaudited)

Class A
Net assets	$	3,245,339,997
Shares outstanding		361,591,205
Net asset value per share	$	8.98
Maximum offering price per share(a)	$	9.53
Class B
Net assets	$	31,312,769
Shares outstanding		3,499,903
Net asset value per share	$	8.95
Class C
Net assets	$	57,452,185
Shares outstanding		6,508,341
Net asset value per share	$	8.83
Class I
Net assets	$	293,198,838
Shares outstanding		32,484,632
Net asset value per share	$	9.03
Class K
Net assets	$	19,810,055
Shares outstanding		2,194,902
Net asset value per share	$	9.03
Class R
Net assets	$	5,115,301
Shares outstanding		569,839
Net asset value per share	$	8.98
Class R4
Net assets	$	1,702,622
Shares outstanding		188,248
Net asset value per share	$	9.04
Class R5
Net assets	$	68,958,877
Shares outstanding		7,673,623
Net asset value per share	$	8.99
Class W
Net assets	$	53,661,105
Shares outstanding		5,940,243
Net asset value per share	$	9.03
Class Y
Net assets	$	34,127
Shares outstanding		3,785
Net asset value per share	$	9.02
Class Z
Net assets	$	50,780,329
Shares outstanding		5,633,473
Net asset value per share	$	9.01

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

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

Semiannual Report 2016
12

COLUMBIA DISCIPLINED CORE FUND

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2016 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	48,440,922
Dividends — affiliated issuers		32,952
Total income		48,473,874
Expenses:
Investment management fees		12,808,316
Distribution and/or service fees
Class A		4,276,813
Class B		188,982
Class C		273,669
Class R		12,860
Class W		98,676
Transfer agent fees
Class A		2,284,186
Class B		25,228
Class C		36,536
Class K		5,160
Class R		3,435
Class R4		992
Class R5		18,159
Class W		52,772
Class Z		31,942
Plan administration fees
Class K		25,859
Compensation of board members		21,956
Custodian fees		17,843
Printing and postage fees		230,701
Registration fees		78,344
Audit fees		12,380
Legal fees		17,818
Other		39,925
Total expenses		20,562,552
Net investment income		27,911,322
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		22,774,129
Futures contracts		(2,144,994	)
Net realized gain		20,629,135
Net change in unrealized appreciation (depreciation) on:
Investments		(428,864,412	)
Futures contracts		107,514
Net change in unrealized depreciation		(428,756,898	)
Net realized and unrealized loss		(408,127,763	)
Net decrease in net assets from operations	$	(380,216,441	)

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

Semiannual Report 2016
13

COLUMBIA DISCIPLINED CORE FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015
Operations
Net investment income	$	27,911,322		$	48,047,809
Net realized gain		20,629,135			514,344,381
Net change in unrealized depreciation		(428,756,898	)		(54,513,260	)
Net increase (decrease) in net assets resulting from operations		(380,216,441	)		507,878,930
Distributions to shareholders
Net investment income
Class A		(44,224,173	)		(36,842,502	)
Class B		(189,958	)		(195,763	)
Class C		(321,070	)		(151,340	)
Class I		(5,228,680	)		(4,758,466	)
Class K		(283,117	)		(329,772	)
Class R		(54,433	)		(25,994	)
Class R4		(29,149	)		(15,329	)
Class R5		(1,192,888	)		(926,384	)
Class W		(729,900	)		(1,116,991	)
Class Y		(613	)		—
Class Z		(870,786	)		(479,036	)
Total distributions to shareholders		(53,124,767	)		(44,841,577	)
Increase (decrease) in net assets from capital stock activity		2,532,732			(144,451,749	)
Total increase (decrease) in net assets		(430,808,476	)		318,585,604
Net assets at beginning of period		4,258,174,681			3,939,589,077
Net assets at end of period	$	3,827,366,205		$	4,258,174,681
Undistributed net investment income	$	537,586		$	25,751,031

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

Semiannual Report 2016
14

COLUMBIA DISCIPLINED CORE FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		12,935,437			125,028,593			17,587,216			170,092,203
Distributions reinvested		4,455,947			42,376,053			3,641,858			35,253,183
Redemptions		(16,471,181	)		(156,675,879	)		(33,072,039	)		(319,811,522	)
Net increase (decrease)		920,203			10,728,767			(11,842,965	)		(114,466,136	)
Class B shares
Subscriptions		27,688			265,353			61,189			587,410
Distributions reinvested		19,875			188,614			20,184			194,979
Redemptions(b)		(960,226	)		(9,057,636	)		(2,530,084	)		(24,166,864	)
Net decrease		(912,663	)		(8,603,669	)		(2,448,711	)		(23,384,475	)
Class C shares
Subscriptions		1,735,028			16,395,418			1,894,029			18,052,763
Distributions reinvested		31,050			290,940			14,936			142,341
Redemptions		(632,354	)		(5,866,743	)		(611,397	)		(5,781,701	)
Net increase		1,133,724			10,819,615			1,297,568			12,413,403
Class I shares
Subscriptions		80,361			756,659			2,788,686			26,484,929
Distributions reinvested		546,927			5,228,624			488,544			4,758,418
Redemptions		(1,506,352	)		(14,850,249	)		(5,459,691	)		(52,890,945	)
Net decrease		(879,064	)		(8,864,966	)		(2,182,461	)		(21,647,598	)
Class K shares
Subscriptions		154,761			1,429,572			425,071			4,098,077
Distributions reinvested		29,580			283,077			33,854			329,737
Redemptions		(161,242	)		(1,538,387	)		(1,413,818	)		(14,031,932	)
Net increase (decrease)		23,099			174,262			(954,893	)		(9,604,118	)
Class R shares
Subscriptions		216,586			2,048,702			292,910			2,910,096
Distributions reinvested		3,800			36,178			1,733			16,795
Redemptions		(146,032	)		(1,373,680	)		(208,955	)		(2,006,827	)
Net increase		74,354			711,200			85,688			920,064
Class R4 shares
Subscriptions		145,057			1,447,783			146,829			1,436,190
Distributions reinvested		3,038			29,105			1,568			15,292
Redemptions		(53,895	)		(519,536	)		(76,011	)		(763,014	)
Net increase		94,200			957,352			72,386			688,468

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

Semiannual Report 2016
15

COLUMBIA DISCIPLINED CORE FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		422,161			4,033,444			1,891,873			18,585,615
Distributions reinvested		125,298			1,192,837			95,598			926,340
Redemptions		(540,002	)		(5,153,527	)		(737,647	)		(7,287,500	)
Net increase		7,457			72,754			1,249,824			12,224,455
Class W shares
Subscriptions		4,110,746			39,384,594			4,046,671			38,181,158
Distributions reinvested		76,266			729,862			114,678			1,116,961
Redemptions		(5,824,300	)		(56,873,606	)		(7,976,478	)		(76,361,052	)
Net decrease		(1,637,288	)		(16,759,150	)		(3,815,129	)		(37,062,933	)
Class Y shares
Subscriptions		3,482			35,235			248			2,500
Distributions reinvested		60			572			—			—
Redemptions		(5	)		(43	)		—			—
Net increase		3,537			35,764			248			2,500
Class Z shares
Subscriptions		2,443,130			24,052,941			4,665,779			45,312,618
Distributions reinvested		76,557			731,118			46,663			453,563
Redemptions		(1,231,467	)		(11,523,256	)		(1,039,168	)		(10,301,560	)
Net increase		1,288,220			13,260,803			3,673,274			35,464,621
Total net increase (decrease)		115,779			2,532,732			(14,865,171	)		(144,451,749	)

(a) Class Y shares are based on operations from June 1, 2015 (commencement of operations) through the stated period end.

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

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

Semiannual Report 2016
16

COLUMBIA DISCIPLINED CORE FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended January 31, 2016			Year Ended July 31,
Class A	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	9.99		$	8.93		$	7.75		$	6.33		$	5.78		$	4.74
Income from investment operations:
Net investment income		0.06			0.11			0.09			0.09			0.08			0.06
Net realized and unrealized gain (loss)		(0.95	)		1.05			1.23			1.42			0.51			1.02
Total from investment operations		(0.89	)		1.16			1.32			1.51			0.59			1.08
Less distributions to shareholders:
Net investment income		(0.12	)		(0.10	)		(0.14	)		(0.09	)		(0.04	)		(0.04	)
Total distributions to shareholders		(0.12	)		(0.10	)		(0.14	)		(0.09	)		(0.04	)		(0.04	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)		—
Net asset value, end of period	$	8.98		$	9.99		$	8.93		$	7.75		$	6.33		$	5.78
Total return		(8.95	%)		13.03	%		17.21	%		24.12	%		10.25	%		22.76	%
Ratios to average net assets(b)
Total gross expenses		1.04	%(c)		1.06	%		1.11	%		1.18	%		1.17	%		1.18	%
Total net expenses(d)		1.04	%(c)		1.06	%(e)		1.11	%(e)		1.16	%(e)		1.08	%(e)		1.12	%
Net investment income		1.36	%(c)		1.12	%		1.12	%		1.28	%		1.36	%		1.19	%
Supplemental data
Net assets, end of period (in thousands)	$	3,245,340		$	3,601,777		$	3,325,544		$	3,084,807		$	2,800,422		$	2,845,786
Portfolio turnover		39	%		77	%		73	%		69	%		71	%		57	%

Notes to Financial Highlights

(a)  Rounds to zero.

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

(c)  Annualized.

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

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

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

Semiannual Report 2016
17

COLUMBIA DISCIPLINED CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class B	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	9.92		$	8.87		$	7.71		$	6.28		$	5.74		$	4.71
Income from investment operations:
Net investment income		0.03			0.04			0.03			0.04			0.04			0.02
Net realized and unrealized gain (loss)		(0.95	)		1.04			1.22			1.42			0.50			1.01
Total from investment operations		(0.92	)		1.08			1.25			1.46			0.54			1.03
Less distributions to shareholders:
Net investment income		(0.05	)		(0.03	)		(0.09	)		(0.03	)		—			—
Total distributions to shareholders		(0.05	)		(0.03	)		(0.09	)		(0.03	)		—			—
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)		—
Net asset value, end of period	$	8.95		$	9.92		$	8.87		$	7.71		$	6.28		$	5.74
Total return		(9.31	%)		12.23	%		16.25	%		23.27	%		9.41	%		21.87	%
Ratios to average net assets(b)
Total gross expenses		1.79	%(c)		1.81	%		1.87	%		1.93	%		1.92	%		1.93	%
Total net expenses(d)		1.79	%(c)		1.81	%(e)		1.87	%(e)		1.91	%(e)		1.83	%(e)		1.88	%
Net investment income		0.64	%(c)		0.38	%		0.39	%		0.54	%		0.63	%		0.44	%
Supplemental data
Net assets, end of period (in thousands)	$	31,313		$	43,755		$	60,860		$	77,087		$	83,451		$	114,107
Portfolio turnover		39	%		77	%		73	%		69	%		71	%		57	%

Notes to Financial Highlights

(a)  Rounds to zero.

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

(c)  Annualized.

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

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

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

Semiannual Report 2016
18

COLUMBIA DISCIPLINED CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class C	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	9.78		$	8.75		$	7.61		$	6.22		$	5.68		$	4.66
Income from investment operations:
Net investment income		0.03			0.04			0.03			0.04			0.03			0.02
Net realized and unrealized gain (loss)		(0.93	)		1.02			1.20			1.40			0.51			1.00
Total from investment operations		(0.90	)		1.06			1.23			1.44			0.54			1.02
Less distributions to shareholders:
Net investment income		(0.05	)		(0.03	)		(0.09	)		(0.05	)		—			—
Total distributions to shareholders		(0.05	)		(0.03	)		(0.09	)		(0.05	)		—			—
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)		—
Net asset value, end of period	$	8.83		$	9.78		$	8.75		$	7.61		$	6.22		$	5.68
Total return		(9.23	%)		12.17	%		16.20	%		23.22	%		9.51	%		21.89	%
Ratios to average net assets(b)
Total gross expenses		1.79	%(c)		1.80	%		1.86	%		1.93	%		1.92	%		1.94	%
Total net expenses(d)		1.79	%(c)		1.80	%(e)		1.86	%(e)		1.91	%(e)		1.83	%(e)		1.88	%
Net investment income		0.57	%(c)		0.37	%		0.37	%		0.53	%		0.59	%		0.44	%
Supplemental data
Net assets, end of period (in thousands)	$	57,452		$	52,590		$	35,687		$	30,686		$	25,903		$	23,061
Portfolio turnover		39	%		77	%		73	%		69	%		71	%		57	%

Notes to Financial Highlights

(a)  Rounds to zero.

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

(c)  Annualized.

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

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

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

Semiannual Report 2016
19

COLUMBIA DISCIPLINED CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class I	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	10.06		$	9.00		$	7.81		$	6.38		$	5.82		$	4.77
Income from investment operations:
Net investment income		0.08			0.15			0.13			0.12			0.11			0.09
Net realized and unrealized gain (loss)		(0.95	)		1.05			1.24			1.43			0.51			1.02
Total from investment operations		(0.87	)		1.20			1.37			1.55			0.62			1.11
Less distributions to shareholders:
Net investment income		(0.16	)		(0.14	)		(0.18	)		(0.12	)		(0.06	)		(0.06	)
Total distributions to shareholders		(0.16	)		(0.14	)		(0.18	)		(0.12	)		(0.06	)		(0.06	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)		—
Net asset value, end of period	$	9.03		$	10.06		$	9.00		$	7.81		$	6.38		$	5.82
Total return		(8.71	%)		13.39	%		17.71	%		24.65	%		10.85	%		23.34	%
Ratios to average net assets(b)
Total gross expenses		0.65	%(c)		0.65	%		0.65	%		0.67	%		0.68	%		0.71	%
Total net expenses(d)		0.65	%(c)		0.65	%		0.65	%		0.66	%		0.65	%		0.69	%
Net investment income		1.75	%(c)		1.53	%		1.58	%		1.78	%		1.77	%		1.62	%
Supplemental data
Net assets, end of period (in thousands)	$	293,199		$	335,759		$	319,764		$	295,375		$	279,293		$	212,969
Portfolio turnover		39	%		77	%		73	%		69	%		71	%		57	%

Notes to Financial Highlights

(a)  Rounds to zero.

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

(c)  Annualized.

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

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

Semiannual Report 2016
20

COLUMBIA DISCIPLINED CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class K	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	10.05		$	8.98		$	7.80		$	6.37		$	5.80		$	4.76
Income from investment operations:
Net investment income		0.07			0.12			0.11			0.10			0.09			0.08
Net realized and unrealized gain (loss)		(0.96	)		1.06			1.23			1.43			0.52			1.00
Total from investment operations		(0.89	)		1.18			1.34			1.53			0.61			1.08
Less distributions to shareholders:
Net investment income		(0.13	)		(0.11	)		(0.16	)		(0.10	)		(0.04	)		(0.04	)
Total distributions to shareholders		(0.13	)		(0.11	)		(0.16	)		(0.10	)		(0.04	)		(0.04	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)		—
Net asset value, end of period	$	9.03		$	10.05		$	8.98		$	7.80		$	6.37		$	5.80
Total return		(8.90	%)		13.22	%		17.29	%		24.29	%		10.57	%		22.83	%
Ratios to average net assets(b)
Total gross expenses		0.95	%(c)		0.95	%		0.95	%		0.97	%		1.06	%		0.97	%
Total net expenses(d)		0.95	%(c)		0.95	%		0.95	%		0.96	%		0.95	%		0.96	%
Net investment income		1.45	%(c)		1.24	%		1.34	%		1.47	%		1.50	%		1.39	%
Supplemental data
Net assets, end of period (in thousands)	$	19,810		$	21,822		$	28,087		$	75,884		$	61,446		$	73,036
Portfolio turnover		39	%		77	%		73	%		69	%		71	%		57	%

Notes to Financial Highlights

(a)  Rounds to zero.

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

(c)  Annualized.

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

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

Semiannual Report 2016
21

COLUMBIA DISCIPLINED CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class R	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	9.98		$	8.92		$	7.75		$	6.33		$	5.77		$	4.73
Income from investment operations:
Net investment income		0.05			0.08			0.07			0.07			0.06			0.05
Net realized and unrealized gain (loss)		(0.95	)		1.06			1.22			1.43			0.52			1.01
Total from investment operations		(0.90	)		1.14			1.29			1.50			0.58			1.06
Less distributions to shareholders:
Net investment income		(0.10	)		(0.08	)		(0.12	)		(0.08	)		(0.02	)		(0.02	)
Total distributions to shareholders		(0.10	)		(0.08	)		(0.12	)		(0.08	)		(0.02	)		(0.02	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)		—
Net asset value, end of period	$	8.98		$	9.98		$	8.92		$	7.75		$	6.33		$	5.77
Total return		(9.09	%)		12.78	%		16.81	%		23.87	%		10.11	%		22.51	%
Ratios to average net assets(b)
Total gross expenses		1.29	%(c)		1.31	%		1.37	%		1.43	%		1.41	%		1.44	%
Total net expenses(d)		1.29	%(c)		1.31	%(e)		1.37	%(e)		1.41	%(e)		1.32	%(e)		1.38	%
Net investment income		1.10	%(c)		0.86	%		0.89	%		1.02	%		1.05	%		0.92	%
Supplemental data
Net assets, end of period (in thousands)	$	5,115		$	4,943		$	3,655		$	4,180		$	3,522		$	2,579
Portfolio turnover		39	%		77	%		73	%		69	%		71	%		57	%

Notes to Financial Highlights

(a)  Rounds to zero.

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

(c)  Annualized.

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

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

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

Semiannual Report 2016
22

COLUMBIA DISCIPLINED CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class R4	(Unaudited)			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	10.07		$	9.00		$	7.81		$	7.02
Income from investment operations:
Net investment income		0.07			0.14			0.11			0.03
Net realized and unrealized gain (loss)		(0.95	)		1.05			1.24			0.76
Total from investment operations		(0.88	)		1.19			1.35			0.79
Less distributions to shareholders:
Net investment income		(0.15	)		(0.12	)		(0.16	)		—
Total distributions to shareholders		(0.15	)		(0.12	)		(0.16	)		—
Net asset value, end of period	$	9.04		$	10.07		$	9.00		$	7.81
Total return		(8.84	%)		13.29	%		17.45	%		11.25	%
Ratios to average net assets(b)
Total gross expenses		0.79	%(c)		0.80	%		0.87	%		0.92	%(c)
Total net expenses(d)		0.79	%(c)		0.80	%(e)		0.87	%(e)		0.92	%(c)
Net investment income		1.54	%(c)		1.40	%		1.34	%		1.25	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,703		$	948		$	195		$	3
Portfolio turnover		39	%		77	%		73	%		69	%

Notes to Financial Highlights

(a)  Based on operations from March 19, 2013 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

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

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

Semiannual Report 2016
23

COLUMBIA DISCIPLINED CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class R5	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	10.02		$	8.96		$	7.77		$	6.35		$	5.80		$	4.75
Income from investment operations:
Net investment income		0.08			0.14			0.13			0.12			0.10			0.09
Net realized and unrealized gain (loss)		(0.95	)		1.06			1.24			1.42			0.51			1.02
Total from investment operations		(0.87	)		1.20			1.37			1.54			0.61			1.11
Less distributions to shareholders:
Net investment income		(0.16	)		(0.14	)		(0.18	)		(0.12	)		(0.06	)		(0.06	)
Total distributions to shareholders		(0.16	)		(0.14	)		(0.18	)		(0.12	)		(0.06	)		(0.06	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)		—
Net asset value, end of period	$	8.99		$	10.02		$	8.96		$	7.77		$	6.35		$	5.80
Total return		(8.80	%)		13.40	%		17.75	%		24.55	%		10.71	%		23.38	%
Ratios to average net assets(b)
Total gross expenses		0.70	%(c)		0.70	%		0.70	%		0.72	%		0.80	%		0.72	%
Total net expenses(d)		0.70	%(c)		0.70	%		0.70	%		0.71	%		0.70	%		0.70	%
Net investment income		1.69	%(c)		1.47	%		1.53	%		1.72	%		1.72	%		1.61	%
Supplemental data
Net assets, end of period (in thousands)	$	68,959		$	76,799		$	57,466		$	46,858		$	37,489		$	31,225
Portfolio turnover		39	%		77	%		73	%		69	%		71	%		57	%

Notes to Financial Highlights

(a)  Rounds to zero.

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

(c)  Annualized.

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

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

Semiannual Report 2016
24

COLUMBIA DISCIPLINED CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class W	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	10.05		$	8.98		$	7.80		$	6.37		$	5.81		$	4.73
Income from investment operations:
Net investment income		0.07			0.11			0.09			0.09			0.08			0.06
Net realized and unrealized gain (loss)		(0.97	)		1.06			1.23			1.43			0.51			1.02
Total from investment operations		(0.90	)		1.17			1.32			1.52			0.59			1.08
Less distributions to shareholders:
Net investment income		(0.12	)		(0.10	)		(0.14	)		(0.09	)		(0.03	)		—
Total distributions to shareholders		(0.12	)		(0.10	)		(0.14	)		(0.09	)		(0.03	)		—
Proceeds from regulatory settlements		—			—			—			—			0.00	(a)		—
Net asset value, end of period	$	9.03		$	10.05		$	8.98		$	7.80		$	6.37		$	5.81
Total return		(9.00	%)		13.07	%		17.10	%		24.15	%		10.23	%		22.83	%
Ratios to average net assets(b)
Total gross expenses		1.04	%(c)		1.06	%		1.12	%		1.18	%		1.18	%		1.17	%
Total net expenses(d)		1.04	%(c)		1.06	%(e)		1.12	%(e)		1.16	%(e)		1.08	%(e)		1.12	%
Net investment income		1.45	%(c)		1.09	%		1.09	%		1.27	%		1.35	%		1.22	%
Supplemental data
Net assets, end of period (in thousands)	$	53,661		$	76,143		$	102,303		$	113,166		$	115,408		$	141,510
Portfolio turnover		39	%		77	%		73	%		69	%		71	%		57	%

Notes to Financial Highlights

(a)  Rounds to zero.

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

(c)  Annualized.

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

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

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

Semiannual Report 2016
25

COLUMBIA DISCIPLINED CORE FUND

FINANCIAL HIGHLIGHTS (continued)

Class Y	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015(a)
Per share data
Net asset value, beginning of period	$	10.06		$	10.09
Income from investment operations:
Net investment income		0.08			0.02
Net realized and unrealized loss		(0.96	)		(0.05	)(b)
Total from investment operations		(0.88	)		(0.03	)
Less distributions to shareholders:
Net investment income		(0.16	)		—
Total distributions to shareholders		(0.16	)		—
Net asset value, end of period	$	9.02		$	10.06
Total return		(8.80	%)		(0.30	%)
Ratios to average net assets(c)
Total gross expenses		0.66	%(d)		0.60	%(d)
Total net expenses(e)		0.66	%(d)		0.60	%(d)
Net investment income		1.74	%(d)		1.16	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	34		$	2
Portfolio turnover		39	%		77	%

Notes to Financial Highlights

(a)  Based on operations from June 1, 2015 (commencement of operations) through the stated period end.

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

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

(d)  Annualized.

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

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

Semiannual Report 2016
26

COLUMBIA DISCIPLINED CORE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class Z	(Unaudited)			2015			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	10.04		$	8.97		$	7.79		$	6.36		$	5.81		$	4.98
Income from investment operations:
Net investment income		0.07			0.14			0.11			0.10			0.09			0.07
Net realized and unrealized gain (loss)		(0.95	)		1.05			1.23			1.44			0.52			0.82
Total from investment operations		(0.88	)		1.19			1.34			1.54			0.61			0.89
Less distributions to shareholders:
Net investment income		(0.15	)		(0.12	)		(0.16	)		(0.11	)		(0.06	)		(0.06	)
Total distributions to shareholders		(0.15	)		(0.12	)		(0.16	)		(0.11	)		(0.06	)		(0.06	)
Proceeds from regulatory settlements		—			—			—			—			0.00	(b)		—
Net asset value, end of period	$	9.01		$	10.04		$	8.97		$	7.79		$	6.36		$	5.81
Total return		(8.87	%)		13.34	%		17.38	%		24.48	%		10.59	%		17.89	%
Ratios to average net assets(c)
Total gross expenses		0.79	%(d)		0.80	%		0.87	%		0.93	%		0.89	%		0.89	%(d)
Total net expenses(e)		0.79	%(d)		0.80	%(f)		0.87	%(f)		0.91	%(f)		0.82	%(f)		0.83	%(d)
Net investment income		1.55	%(d)		1.38	%		1.35	%		1.51	%		1.60	%		1.52	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	50,780		$	43,636		$	6,030		$	3,817		$	2,496		$	1,820
Portfolio turnover		39	%		77	%		73	%		69	%		71	%		57	%

Notes to Financial Highlights

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

(b)  Rounds to zero.

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

(d)  Annualized.

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

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

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

Semiannual Report 2016
27

COLUMBIA DISCIPLINED CORE FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2016 (Unaudited)

Note 1. Organization

Columbia Disciplined Core Fund (formerly known as Columbia Large Core Quantitative Fund) (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Effective December 21, 2015, Columbia Large Core Quantitative Fund was renamed Columbia Disciplined Core Fund.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class W, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure.

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

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 12 months after purchase.

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

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

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

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

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

Semiannual Report 2016
28

COLUMBIA DISCIPLINED CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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

Security Valuation

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

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

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

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.

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

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

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

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more 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

Semiannual Report 2016
29

COLUMBIA DISCIPLINED CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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

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

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the exchange or clearinghouse for exchange-traded and

centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its 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 maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include

Semiannual Report 2016
30

COLUMBIA DISCIPLINED CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

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

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized 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.

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

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		323,394	*

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended January 31, 2016:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(2,144,994	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		107,514

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

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		30,154,150

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

Security Transactions

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

Income Recognition

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

The Fund may receive distributions from holdings in 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

Semiannual Report 2016
31

COLUMBIA DISCIPLINED CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

in a proportionate change in return of capital to shareholders.

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

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

Guarantees and Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are

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

Recent Accounting Pronouncement

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

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

Note 3. Fees and Other Transactions with Affiliates

Management Fees

Effective December 1, 2015, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.75% to 0.55% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2016 was 0.63% of the Fund's average daily net assets.

Prior to December 1, 2015, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting

Semiannual Report 2016
32

COLUMBIA DISCIPLINED CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

services under an Administrative Services Agreement. For the period from August 1, 2015 through November 30, 2015, the investment advisory services fee paid to the Investment Manager was $7,974,794, and the administrative services fee paid to the Investment Manager was $673,359.

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 January 31, 2016, other expenses paid by the Fund to this company were $4,528.

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).

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 I and Class Y shares do not pay transfer agency fees.

For the six months ended January 31, 2016, 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	0.13	%
Class B	0.13
Class C	0.13
Class K	0.05
Class R	0.13
Class R4	0.13
Class R5	0.05
Class W	0.13
Class Z	0.13

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

The lease and the Guaranty expire in January 2019. At December 31, 2015, the Fund's total potential future obligation over the life of the Guaranty is $48,830. The liability remaining at January 31, 2016 for non-recurring charges associated with the lease amounted to $28,970 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities. SDC is owned by six associated investment companies, including the Fund. The Fund's ownership interest in SDC at January 31, 2016 is recorded as a part of other assets in the Statement of Assets and Liabilities at a cost of $22,506, which approximates the fair value of the ownership interest.

Semiannual Report 2016
33

COLUMBIA DISCIPLINED CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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 January 31, 2016, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

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

Distribution 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 $5,764,000 and $1,320,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution 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 $727,926 for Class A, $1,176 for Class B and $2,332 for Class C shares for the six months ended January 31, 2016.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

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

	Contractual Expense Cap December 1, 2015 Through November 30, 2016			Voluntary Expense Cap Prior to December 1, 2015
Class A		1.15	%		1.18	%
Class B		1.90			1.93
Class C		1.90			1.93
Class I		0.80			0.80
Class K		1.10			1.10
Class R		1.40			1.43
Class R4		0.90			0.93
Class R5		0.85			0.85
Class W		1.15			1.18
Class Y		0.80			0.80
Class Z		0.90			0.93

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

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34

COLUMBIA DISCIPLINED CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

At January 31, 2016, the cost of investments for federal income tax purposes was approximately $3,681,256,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	430,555,000
Unrealized depreciation		(280,050,000	)
Net unrealized appreciation	$	150,505,000

The following capital loss carryforwards, determined as of January 31, 2016, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration		Amount ($)
	2017		8,928,904
	2018		328,324,590
	2019		18,579,540
	Total		355,833,034

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,562,148,915 and $1,573,869,532, respectively, for the six months ended January 31, 2016. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

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

Note 7. Line of Credit

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

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

Note 8. Significant Risks

Shareholder Concentration Risk

At January 31, 2016, affiliated shareholders of record owned 86.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Technology and Technology-related Investment Risk

The Fund may be more susceptible to the particular risks that may affect companies in the information technology sector, as well as other technology-related sectors

Semiannual Report 2016
35

COLUMBIA DISCIPLINED CORE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

(collectively, the technology sectors) than if it were invested in a wider variety of companies in unrelated sectors. Companies in the technology sectors are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term.

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 2016
36

COLUMBIA DISCIPLINED CORE FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

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

Semiannual Report 2016
37

Columbia Disciplined Core Fund

P.O. Box 8081

Boston, MA 02266-8081

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

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

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

© 2016 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR177_07_F01_(03/16)

SEMIANNUAL REPORT

January 31, 2016

COLUMBIA DISCIPLINED GROWTH FUND

(formerly Columbia Large Growth Quantitative Fund)

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.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2016

COLUMBIA DISCIPLINED GROWTH FUND

TABLE OF CONTENTS

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund's Expenses	4
Portfolio of Investments	6
Statement of Assets and Liabilities	11
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	17
Notes to Financial Statements	28
Important Information About This Report	37

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

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

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

Semiannual Report 2016

COLUMBIA DISCIPLINED GROWTH FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n  Columbia Disciplined Growth Fund (the Fund) Class A shares returned -7.36% excluding sales charges for the six-month period that ended January 31, 2016.

n  The Fund underperformed its benchmark, the Russell 1000 Growth Index, which returned -7.18% during the same time period.

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

		Inception	6 Months Cumulative		1 Year		5 Years		Life
Class A		05/17/07
Excluding sales charges				-7.36		-0.01		12.01		6.11
Including sales charges				-12.66		-5.76		10.69		5.39
Class B		05/17/07
Excluding sales charges				-7.67		-0.77		11.16		5.31
Including sales charges				-11.75		-5.15		10.94		5.31
Class C		05/17/07
Excluding sales charges				-7.74		-0.79		11.16		5.30
Including sales charges				-8.55		-1.67		11.16		5.30
Class I	��	05/17/07		-7.12		0.45		12.53		6.60
Class K		05/17/07		-7.28		0.07		12.21		6.31
Class R		05/17/07		-7.59		-0.39		11.70		5.84
Class R4*		06/01/15		-7.24		0.12		12.03		6.12
Class R5*		11/08/12		-7.19		0.37		12.32		6.28
Class W*		08/01/08		-7.44		-0.14		11.95		6.10
Class Y*		06/01/15		-7.11		0.35		12.09		6.15
Class Z*		09/27/10		-7.29		0.23		12.21		6.23
Russell 1000 Growth Index				-7.18		1.32		11.67		7.14

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

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

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

The Russell 1000 Growth Index, an unmanaged index, measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

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

Semiannual Report 2016
2

COLUMBIA DISCIPLINED GROWTH FUND

PORTFOLIO OVERVIEW

(Unaudited)

Top Ten Holdings (%) (at January 31, 2016)
Apple, Inc.	7.3
Amazon.com, Inc.	3.8
Facebook, Inc., Class A	3.3
Home Depot, Inc. (The)	3.3
Comcast Corp., Class A	2.9
Altria Group, Inc.	2.8
Verizon Communications, Inc.	2.8
Alphabet, Inc., Class A	2.8
MasterCard, Inc., Class A	2.5
Visa, Inc., Class A	2.4

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

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

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

Portfolio Breakdown (%) (at January 31, 2016)
Common Stocks	98.4
Money Market Funds	1.6
Total	100.0

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

Equity Sector Breakdown (%) (at January 31, 2016)
Consumer Discretionary	21.3
Consumer Staples	11.8
Energy	0.7
Financials	5.5
Health Care	15.9
Industrials	11.0
Information Technology	27.9
Materials	3.1
Telecommunication Services	2.8
Total	100.0

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

Portfolio Management

Brian Condon, CFA

Peter Albanese

Morningstar Style Box^TM

The Morningstar Style Box^TM is based on a fund's portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

© 2016 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Semiannual Report 2016
3

COLUMBIA DISCIPLINED GROWTH FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

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

Analyzing Your Fund's Expenses

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

Compare With Other Funds

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

August 1, 2015 – January 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		926.40		1,018.70		5.94		6.22		1.24
Class B		1,000.00		1,000.00		923.30		1,014.97		9.52		9.97		1.99
Class C		1,000.00		1,000.00		922.60		1,014.97		9.51		9.97		1.99
Class I		1,000.00		1,000.00		928.80		1,020.93		3.79		3.97		0.79
Class K		1,000.00		1,000.00		927.20		1,019.64		5.03		5.27		1.05
Class R		1,000.00		1,000.00		924.10		1,017.40		7.18		7.52		1.50
Class R4		1,000.00		1,000.00		927.60		1,019.94		4.74		4.97		0.99
Class R5		1,000.00		1,000.00		928.10		1,020.74		3.98		4.17		0.83
Class W		1,000.00		1,000.00		925.60		1,018.70		5.94		6.22		1.24
Class Y		1,000.00		1,000.00		928.90		1,020.98		3.74		3.92		0.78
Class Z		1,000.00		1,000.00		927.10		1,019.94		4.74		4.97		0.99

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 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

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

Semiannual Report 2016
4

COLUMBIA DISCIPLINED GROWTH FUND

UNDERSTANDING YOUR FUND'S EXPENSES (continued)

(Unaudited)

Columbia Management Investment Advisers, LLC and/or certain of its affiliates have contractually agreed to waive certain fees and/or to reimburse certain expenses until November 30, 2016, unless sooner terminated at the sole discretion of the Fund's Board, such that net expenses, subject to applicable exclusions, will not exceed 1.45% for Class R. Any amounts waived will not be reimbursed by the Fund. This change was effective December 1, 2015. If this change had been in place for the entire six month period ended January 31, 2016, the actual expenses paid would have been $6.94 for Class R and the hypothetical expenses paid would have been $7.27 for Class R. Other share classes may have had expense waiver changes; however, the changes were not considered material.

Semiannual Report 2016
5

COLUMBIA DISCIPLINED GROWTH FUND

PORTFOLIO OF INVESTMENTS

January 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 98.3%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 20.9%
Auto Components 1.5%
Gentex Corp.		502,400		6,877,856
Diversified Consumer Services 1.8%
ServiceMaster Global Holdings, Inc.(a)		188,700		7,965,027
Hotels, Restaurants & Leisure 1.5%
Darden Restaurants, Inc.		99,300		6,261,858
Las Vegas Sands Corp.		7,400		333,740
Total				6,595,598
Internet & Catalog Retail 3.8%
Amazon.com, Inc.(a)		28,400		16,670,800
Media 4.8%
Comcast Corp., Class A		230,000		12,813,300
MSG Networks, Inc., Class A(a)		49,400		864,006
Walt Disney Co. (The)		80,900		7,751,838
Total				21,429,144
Multiline Retail 1.6%
Target Corp.		99,300		7,191,306
Specialty Retail 5.9%
Aaron's, Inc.		35,600		814,528
Home Depot, Inc. (The)		113,500		14,273,760
Lowe's Companies, Inc.		139,300		9,982,238
O'Reilly Automotive, Inc.(a)		3,900		1,017,510
Total				26,088,036
Total Consumer Discretionary				92,817,767
CONSUMER STAPLES 11.5%
Beverages 0.8%
Coca-Cola Co. (The)		10,500		450,660
Dr. Pepper Snapple Group, Inc.		21,600		2,026,944
PepsiCo, Inc.		12,300		1,221,390
Total				3,698,994
Food & Staples Retailing 2.7%
CVS Health Corp.		37,600		3,631,784
Kroger Co. (The)		216,086		8,386,298
Total				12,018,082
Food Products 2.9%
Ingredion, Inc.		48,500		4,884,920
Pilgrim's Pride Corp.(a)		159,900		3,546,582
Tyson Foods, Inc., Class A		85,800		4,578,288
Total				13,009,790

Common Stocks (continued)

Issuer	Shares		Value ($)
Personal Products 2.3%
Herbalife Ltd.(a)		117,500		5,429,675
Nu Skin Enterprises, Inc., Class A		150,000		4,747,500
Total				10,177,175
Tobacco 2.8%
Altria Group, Inc.		201,924		12,339,576
Total Consumer Staples				51,243,617
ENERGY 0.7%
Oil, Gas & Consumable Fuels 0.7%
Marathon Petroleum Corp.		74,500		3,113,355
Total Energy				3,113,355
FINANCIALS 5.4%
Consumer Finance 0.2%
Santander Consumer USA Holdings, Inc.(a)		99,100		1,035,595
Diversified Financial Services 2.0%
Intercontinental Exchange, Inc.		3,700		976,060
Moody's Corp.		86,000		7,666,040
Total				8,642,100
Real Estate Investment Trusts (REITs) 3.2%
Empire State Realty Trust, Inc., Class A		76,200		1,261,110
Equity LifeStyle Properties, Inc.		105,100		6,928,192
Simon Property Group, Inc.		31,600		5,886,448
Total				14,075,750
Total Financials				23,753,445
HEALTH CARE 15.7%
Biotechnology 5.8%
Alexion Pharmaceuticals, Inc.(a)		22,100		3,225,053
Alkermes PLC(a)		39,500		1,264,395
Baxalta, Inc.		22,100		884,221
Biogen, Inc.(a)		20,400		5,570,424
BioMarin Pharmaceutical, Inc.(a)		25,500		1,887,510
Bluebird Bio, Inc.(a)		10,800		446,688
Celgene Corp.(a)		59,200		5,938,944
Gilead Sciences, Inc.		25,000		2,075,000
Incyte Corp.(a)		23,700		1,672,272
Vertex Pharmaceuticals, Inc.(a)		31,000		2,813,250
Total				25,777,757

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

Semiannual Report 2016
6

COLUMBIA DISCIPLINED GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care Equipment & Supplies 1.7%
DENTSPLY International, Inc.		127,500		7,508,475
Health Care Providers & Services 4.0%
AmerisourceBergen Corp.		84,700		7,585,732
Cardinal Health, Inc.		4,800		390,576
Express Scripts Holding Co.(a)		15,400		1,106,798
McKesson Corp.		53,700		8,644,626
Total				17,727,732
Life Sciences Tools & Services 0.3%
Charles River Laboratories International, Inc.(a)		14,700		1,091,181
Pharmaceuticals 3.9%
Johnson & Johnson		88,300		9,222,052
Mallinckrodt PLC(a)		8,500		493,765
Merck & Co., Inc.		151,700		7,686,639
Total				17,402,456
Total Health Care				69,507,601
INDUSTRIALS 10.8%
Aerospace & Defense 4.8%
Boeing Co. (The)		84,600		10,162,998
BWX Technologies, Inc.		46,900		1,404,186
Honeywell International, Inc.		85,100		8,782,320
Huntington Ingalls Industries, Inc.		7,400		946,312
Total				21,295,816
Air Freight & Logistics 0.2%
United Parcel Service, Inc., Class B		8,900		829,480
Airlines 3.6%
Delta Air Lines, Inc.		187,700		8,313,233
United Continental Holdings, Inc.(a)		156,800		7,570,304
Total				15,883,537
Machinery 1.8%
Illinois Tool Works, Inc.		88,500		7,971,195
Professional Services 0.4%
Equifax, Inc.		19,200		2,031,360
TOTAL INDUSTRIALS				48,011,388
INFORMATION TECHNOLOGY 27.5%
Communications Equipment 0.1%
F5 Networks, Inc.(a)		4,400		412,632

Common Stocks (continued)

Issuer	Shares		Value ($)
Internet Software & Services 8.4%
Alphabet, Inc., Class A(a)		15,990		12,173,987
eBay, Inc.(a)		155,400		3,645,684
Facebook, Inc., Class A(a)		128,000		14,362,880
VeriSign, Inc.(a)		94,300		7,129,080
Total				37,311,631
IT Services 4.8%
MasterCard, Inc., Class A		122,200		10,879,466
Visa, Inc., Class A		141,100		10,510,539
Total				21,390,005
Semiconductors & Semiconductor Equipment 1.4%
Intel Corp.		198,900		6,169,878
Software 5.6%
Electronic Arts, Inc.(a)		122,400		7,900,308
Microsoft Corp.		74,290		4,092,636
Red Hat, Inc.(a)		13,500		945,675
Salesforce.com, inc.(a)		124,600		8,480,276
SolarWinds, Inc.(a)		56,200		3,369,190
Total				24,788,085
Technology Hardware, Storage & Peripherals 7.2%
Apple, Inc.(b)		326,877		31,818,207
Total Information Technology				121,890,438
MATERIALS 3.1%
Chemicals 1.9%
LyondellBasell Industries NV, Class A		107,300		8,366,181
Containers & Packaging 0.2%
Sealed Air Corp.		28,400		1,151,052
Metals & Mining 0.2%
Steel Dynamics, Inc.		39,900		732,165
Paper & Forest Products 0.8%
International Paper Co.		99,500		3,403,895
Total Materials				13,653,293
TELECOMMUNICATION SERVICES 2.7%
Diversified Telecommunication Services 2.7%
Verizon Communications, Inc.		243,800		12,182,686
Total Telecommunication Services				12,182,686
Total Common Stocks (Cost: $369,843,826)				436,173,590

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

Semiannual Report 2016
7

COLUMBIA DISCIPLINED GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Money Market Funds 1.6%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.360%(c)(d)		7,114,415		7,114,415
Total Money Market Funds (Cost: $7,114,415)				7,114,415
Total Investments (Cost: $376,958,241)				443,288,005
Other Assets & Liabilities, Net				498,110
Net Assets				443,786,115

At January 31, 2016, securities totaling $973,400 were pledged as collateral.

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
S&P 500 FUTURE		16	USD		7,720,400	03/2016		188,969		—

Notes to Portfolio of Investments

(a)  Non-income producing investment.

(b)  This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

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

(d)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended January 31, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		6,520,533		127,246,625		(126,652,743	)		7,114,415		13,029		7,114,415

Currency Legend

USD  US Dollar

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

Semiannual Report 2016
8

COLUMBIA DISCIPLINED GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

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.

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

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

Semiannual Report 2016
9

COLUMBIA DISCIPLINED GROWTH FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

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

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Common Stocks
Consumer Discretionary		92,817,767		—		—		92,817,767
Consumer Staples		51,243,617		—		—		51,243,617
Energy		3,113,355		—		—		3,113,355
Financials		23,753,445		—		—		23,753,445
Health Care		69,507,601		—		—		69,507,601
Industrials		48,011,388		—		—		48,011,388
Information Technology		121,890,438		—		—		121,890,438
Materials		13,653,293		—		—		13,653,293
Telecommunication Services		12,182,686		—		—		12,182,686
Total Common Stocks		436,173,590		—		—		436,173,590
Money Market Funds		—		7,114,415		—		7,114,415
Total Investments		436,173,590		7,114,415		—		443,288,005
Derivatives
Assets
Futures Contracts		188,969		—		—		188,969
Total		436,362,559		7,114,415		—		443,476,974

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

The Fund's assets assigned to the Level 2 input category are valued based upon utilizing observable market inputs, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets and/or fund per share market values which are not considered publicly available.

Derivative instruments are valued at unrealized appreciation (depreciation).

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

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

Transfers In				Transfers Out
Level 1 ($)		Level 2 ($)		Level 1 ($)		Level 2 ($)
	—		6,520,533		6,520,533		—

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

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

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

Semiannual Report 2016
10

COLUMBIA DISCIPLINED GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2016 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $369,843,826)	$	436,173,590
Affiliated issuers (identified cost $7,114,415)		7,114,415
Total investments (identified cost $376,958,241)		443,288,005
Receivable for:
Capital shares sold		471,470
Dividends		287,852
Variation margin		197,600
Expense reimbursement due from Investment Manager		729
Prepaid expenses		2,718
Other assets		27,617
Total assets		444,275,991
Liabilities
Payable for:
Capital shares purchased		347,331
Investment management fees		8,906
Distribution and/or service fees		1,728
Transfer agent fees		45,720
Compensation of board members		49,377
Other expenses		36,814
Total liabilities		489,876
Net assets applicable to outstanding capital stock	$	443,786,115
Represented by
Paid-in capital	$	369,282,797
Excess of distributions over net investment income		(150,304	)
Accumulated net realized gain		8,134,889
Unrealized appreciation (depreciation) on:
Investments		66,329,764
Futures contracts		188,969
Total — representing net assets applicable to outstanding capital stock	$	443,786,115

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

Semiannual Report 2016
11

COLUMBIA DISCIPLINED GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016 (Unaudited)

Class A
Net assets	$	113,765,689
Shares outstanding		14,876,889
Net asset value per share	$	7.65
Maximum offering price per share(a)	$	8.12
Class B
Net assets	$	323,545
Shares outstanding		43,166
Net asset value per share	$	7.50
Class C
Net assets	$	15,398,513
Shares outstanding		2,068,704
Net asset value per share	$	7.44
Class I
Net assets	$	222,366,362
Shares outstanding		28,592,869
Net asset value per share	$	7.78
Class K
Net assets	$	2,360
Shares outstanding		304
Net asset value per share(b)	$	7.77
Class R
Net assets	$	119,368
Shares outstanding		15,556
Net asset value per share	$	7.67
Class R4
Net assets	$	54,652
Shares outstanding		7,114
Net asset value per share	$	7.68
Class R5
Net assets	$	1,369,659
Shares outstanding		173,138
Net asset value per share	$	7.91
Class W
Net assets	$	81,914,814
Shares outstanding		10,645,840
Net asset value per share	$	7.69
Class Y
Net assets	$	5,424
Shares outstanding		699
Net asset value per share	$	7.76
Class Z
Net assets	$	8,465,729
Shares outstanding		1,099,309
Net asset value per share	$	7.70

(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 2016
12

COLUMBIA DISCIPLINED GROWTH FUND

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2016 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	4,691,610
Dividends — affiliated issuers		13,029
Total income		4,704,639
Expenses:
Investment management fees		2,179,255
Distribution and/or service fees
Class A		289,983
Class B		2,114
Class C		64,091
Class R		297
Class W		118,023
Transfer agent fees
Class A		248,495
Class B		452
Class C		13,781
Class K		1
Class R		129
Class R4		65
Class R5		333
Class W		101,080
Class Z		9,809
Plan administration fees
Class K		3
Compensation of board members		6,744
Custodian fees		4,237
Printing and postage fees		46,311
Registration fees		68,528
Audit fees		10,890
Legal fees		5,230
Other		10,900
Total expenses		3,180,751
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(39,447	)
Total net expenses		3,141,304
Net investment income		1,563,335
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		31,310,841
Futures contracts		(4,144,137	)
Net realized gain		27,166,704
Net change in unrealized appreciation (depreciation) on:
Investments		(76,569,290	)
Futures contracts		80,414
Net change in unrealized depreciation		(76,488,876	)
Net realized and unrealized loss		(49,322,172	)
Net decrease in net assets from operations	$	(47,758,837	)

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

Semiannual Report 2016
13

COLUMBIA DISCIPLINED GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015
Operations
Net investment income	$	1,563,335		$	4,838,363
Net realized gain		27,166,704			65,336,003
Net change in unrealized appreciation (depreciation)		(76,488,876	)		28,244,521
Net increase (decrease) in net assets resulting from operations		(47,758,837	)		98,418,887
Distributions to shareholders
Net investment income
Class A		(1,532,239	)		(954,194	)
Class I		(2,543,124	)		(2,221,593	)
Class K		(23	)		(15	)
Class R		(514	)		(27	)
Class R4		(490	)		—
Class R5		(14,401	)		(240	)
Class W		(551,053	)		(375,597	)
Class Y		(62	)		—
Class Z		(81,924	)		(29,222	)
Net realized gains
Class A		(27,962,373	)		(28,258,818	)
Class B		(46,453	)		(82,233	)
Class C		(1,591,244	)		(661,974	)
Class I		(26,752,049	)		(29,971,991	)
Class K		(322	)		(312	)
Class R		(15,697	)		(2,208	)
Class R4		(6,668	)		—
Class R5		(160,754	)		(3,449	)
Class W		(10,056,371	)		(11,470,143	)
Class Y		(635	)		—
Class Z		(1,078,300	)		(533,071	)
Total distributions to shareholders		(72,394,696	)		(74,565,087	)
Increase (decrease) in net assets from capital stock activity		(68,898,639	)		45,190,442
Total increase (decrease) in net assets		(189,052,172	)		69,044,242
Net assets at beginning of period		632,838,287			563,794,045
Net assets at end of period	$	443,786,115		$	632,838,287
Undistributed (excess of distributions over) net investment income	$	(150,304	)	$	3,010,191

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

Semiannual Report 2016
14

COLUMBIA DISCIPLINED GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		3,475,601			29,847,419			5,897,654			54,433,103
Distributions reinvested		3,583,988			29,281,178			3,301,860			29,089,389
Redemptions		(18,515,024	)		(142,156,205	)		(10,198,323	)		(93,708,894	)
Net decrease		(11,455,435	)		(83,027,608	)		(998,809	)		(10,186,402	)
Class B shares
Subscriptions		5,001			42,494			15,058			138,972
Distributions reinvested		5,760			46,136			9,410			81,680
Redemptions(b)		(26,918	)		(231,932	)		(53,141	)		(482,286	)
Net decrease		(16,157	)		(143,302	)		(28,673	)		(261,634	)
Class C shares
Subscriptions		736,331			6,137,576			929,406			8,342,482
Distributions reinvested		170,260			1,355,272			57,978			499,768
Redemptions		(131,351	)		(1,111,906	)		(125,915	)		(1,127,036	)
Net increase		775,240			6,380,942			861,469			7,715,214
Class I shares
Subscriptions		565,493			5,330,021			7,763,158			75,432,412
Distributions reinvested		3,529,498			29,294,830			3,601,036			32,193,258
Redemptions		(1,513,343	)		(14,326,974	)		(8,165,876	)		(76,846,644	)
Net increase		2,581,648			20,297,877			3,198,318			30,779,026
Class R shares
Subscriptions		11,801			104,672			13,307			123,630
Distributions reinvested		906			7,430			216			1,914
Redemptions		(7,314	)		(62,485	)		(6,154	)		(58,640	)
Net increase		5,393			49,617			7,369			66,904
Class R4 shares
Subscriptions		1,393			12,668			6,279			58,841
Distributions reinvested		836			6,852			—			—
Redemptions		(1,394	)		(13,170	)		—			—
Net increase		835			6,350			6,279			58,841
Class R5 shares
Subscriptions		20,166			189,693			135,370			1,267,964
Distributions reinvested		20,688			174,816			371			3,367
Redemptions		(3,507	)		(32,270	)		(3,302	)		(31,249	)
Net increase		37,347			332,239			132,439			1,240,082
Class W shares
Subscriptions		724,158			6,436,277			2,034,165			18,942,079
Distributions reinvested		1,290,401			10,607,093			1,336,955			11,845,425
Redemptions		(3,332,131	)		(29,744,119	)		(2,628,399	)		(24,476,954	)
Net increase (decrease)		(1,317,572	)		(12,700,749	)		742,721			6,310,550

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

Semiannual Report 2016
15

COLUMBIA DISCIPLINED GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		389			3,667			265			2,500
Distributions reinvested		47			388			—			—
Redemptions		(2	)		(14	)		—			—
Net increase		434			4,041			265			2,500
Class Z shares
Subscriptions		306,281			2,637,239			1,225,447			11,399,380
Distributions reinvested		104,225			856,732			53,799			477,193
Redemptions		(416,844	)		(3,592,017	)		(262,730	)		(2,411,212	)
Net increase (decrease)		(6,338	)		(98,046	)		1,016,516			9,465,361
Total net increase (decrease)		(9,394,605	)		(68,898,639	)		4,937,894			45,190,442

(a) Class R4 and Class Y shares are based on operations from June 1, 2015 (commencement of operations) through the stated period end.

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

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

Semiannual Report 2016
16

COLUMBIA DISCIPLINED GROWTH FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class A	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	9.39		$	9.04		$	9.04		$	8.47		$	8.04		$	8.32		$	7.50
Income from investment operations:
Net investment income		0.02			0.05			0.05			0.10			0.07			0.08			0.04
Net realized and unrealized gain (loss)		(0.64	)		1.36			1.80			1.35			1.70			0.17			0.81
Total from investment operations		(0.62	)		1.41			1.85			1.45			1.77			0.25			0.85
Less distributions to shareholders:
Net investment income		(0.06	)		(0.03	)		(0.10	)		(0.13	)		(0.06	)		(0.06	)		(0.03	)
Net realized gains		(1.06	)		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—
Total distributions to shareholders		(1.12	)		(1.06	)		(1.85	)		(0.88	)		(1.34	)		(0.53	)		(0.03	)
Net asset value, end of period	$	7.65		$	9.39		$	9.04		$	9.04		$	8.47		$	8.04		$	8.32
Total return		(7.36	%)		16.41	%		22.23	%		18.82	%		24.31	%		2.49	%		11.39	%
Ratios to average net assets(b)
Total gross expenses		1.26	%(c)		1.24	%		1.26	%		1.25	%		1.29	%(c)		1.23	%		1.23	%
Total net expenses(d)		1.24	%(c)		1.24	%		1.26	%(e)		1.22	%		1.19	%(c)(e)		1.23	%(e)		1.21	%
Net investment income		0.38	%(c)		0.55	%		0.55	%		1.16	%		1.07	%(c)		0.88	%		0.51	%
Supplemental data
Net assets, end of period (in thousands)	$	113,766		$	247,170		$	247,008		$	260,590		$	286,932		$	316,366		$	343,147
Portfolio turnover		39	%		102	%		105	%		96	%		65	%		57	%		98	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

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

Semiannual Report 2016
17

COLUMBIA DISCIPLINED GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class B	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	9.20		$	8.91		$	8.94		$	8.34		$	7.93		$	8.22		$	7.43
Income from investment operations:
Net investment income (loss)		(0.02	)		(0.02	)		(0.02	)		0.04			0.02			0.01			(0.02	)
Net realized and unrealized gain (loss)		(0.62	)		1.34			1.77			1.34			1.67			0.17			0.81
Total from investment operations		(0.64	)		1.32			1.75			1.38			1.69			0.18			0.79
Less distributions to shareholders:
Net investment income		—			—			(0.03	)		(0.03	)		—			—			—
Net realized gains		(1.06	)		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—
Total distributions to shareholders		(1.06	)		(1.03	)		(1.78	)		(0.78	)		(1.28	)		(0.47	)		—
Net asset value, end of period	$	7.50		$	9.20		$	8.91		$	8.94		$	8.34		$	7.93		$	8.22
Total return		(7.67	%)		15.49	%		21.23	%		18.11	%		23.37	%		1.68	%		10.63	%
Ratios to average net assets(b)
Total gross expenses		2.01	%(c)		1.99	%		2.01	%		1.99	%		2.06	%(c)		1.97	%		2.00	%
Total net expenses(d)		1.99	%(c)		1.99	%		2.01	%(e)		1.97	%		1.94	%(c)(e)		1.97	%(e)		1.98	%
Net investment income (loss)		(0.36	%)(c)		(0.18	%)		(0.18	%)		0.43	%		0.34	%(c)		0.12	%		(0.30	%)
Supplemental data
Net assets, end of period (in thousands)	$	324		$	546		$	784		$	1,022		$	1,248		$	1,543		$	2,568
Portfolio turnover		39	%		102	%		105	%		96	%		65	%		57	%		98	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

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

Semiannual Report 2016
18

COLUMBIA DISCIPLINED GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class C	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	9.14		$	8.86		$	8.90		$	8.34		$	7.93		$	8.22		$	7.43
Income from investment operations:
Net investment income (loss)		(0.02	)		(0.02	)		(0.02	)		0.03			0.02			0.01			(0.02	)
Net realized and unrealized gain (loss)		(0.62	)		1.33			1.76			1.35			1.68			0.17			0.81
Total from investment operations		(0.64	)		1.31			1.74			1.38			1.70			0.18			0.79
Less distributions to shareholders:
Net investment income		—			—			(0.03	)		(0.07	)		(0.01	)		(0.00	)(b)		—
Net realized gains		(1.06	)		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—
Total distributions to shareholders		(1.06	)		(1.03	)		(1.78	)		(0.82	)		(1.29	)		(0.47	)		—
Net asset value, end of period	$	7.44		$	9.14		$	8.86		$	8.90		$	8.34		$	7.93		$	8.22
Total return		(7.74	%)		15.47	%		21.22	%		18.12	%		23.46	%		1.69	%		10.63	%
Ratios to average net assets(c)
Total gross expenses		2.02	%(d)		1.99	%		2.02	%		1.99	%		2.04	%(d)		1.98	%		1.99	%
Total net expenses(e)		1.99	%(d)		1.99	%		2.02	%(f)		1.97	%		1.94	%(d)(f)		1.98	%(f)		1.96	%
Net investment income (loss)		(0.44	%)(d)		(0.23	%)		(0.23	%)		0.37	%		0.30	%(d)		0.13	%		(0.25	%)
Supplemental data
Net assets, end of period (in thousands)	$	15,399		$	11,825		$	3,826		$	2,892		$	2,515		$	1,742		$	1,676
Portfolio turnover		39	%		102	%		105	%		96	%		65	%		57	%		98	%

Notes to Financial Highlights

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

(b)  Rounds to zero.

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

(d)  Annualized.

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

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

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

Semiannual Report 2016
19

COLUMBIA DISCIPLINED GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class I	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	9.55		$	9.18		$	9.16		$	8.56		$	8.14		$	8.41		$	7.57
Income from investment operations:
Net investment income		0.04			0.10			0.09			0.13			0.11			0.13			0.08
Net realized and unrealized gain (loss)		(0.65	)		1.38			1.81			1.38			1.71			0.17			0.81
Total from investment operations		(0.61	)		1.48			1.90			1.51			1.82			0.30			0.89
Less distributions to shareholders:
Net investment income		(0.10	)		(0.08	)		(0.13	)		(0.16	)		(0.12	)		(0.10	)		(0.05	)
Net realized gains		(1.06	)		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—
Total distributions to shareholders		(1.16	)		(1.11	)		(1.88	)		(0.91	)		(1.40	)		(0.57	)		(0.05	)
Net asset value, end of period	$	7.78		$	9.55		$	9.18		$	9.16		$	8.56		$	8.14		$	8.41
Total return		(7.12	%)		16.89	%		22.67	%		19.51	%		24.64	%		3.06	%		11.84	%
Ratios to average net assets(b)
Total gross expenses		0.80	%(c)		0.78	%		0.80	%		0.79	%		0.80	%(c)		0.73	%		0.71	%
Total net expenses(d)		0.79	%(c)		0.78	%		0.80	%		0.78	%		0.75	%(c)		0.73	%		0.71	%
Net investment income		0.79	%(c)		1.04	%		1.01	%		1.56	%		1.49	%(c)		1.38	%		1.00	%
Supplemental data
Net assets, end of period (in thousands)	$	222,366		$	248,438		$	209,398		$	201,700		$	189,839		$	162,770		$	228,158
Portfolio turnover		39	%		102	%		105	%		96	%		65	%		57	%		98	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

Semiannual Report 2016
20

COLUMBIA DISCIPLINED GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class K	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	9.53		$	9.16		$	9.14		$	8.55		$	8.12		$	8.39		$	7.54
Income from investment operations:
Net investment income		0.02			0.07			0.07			0.11			0.09			0.10			0.05
Net realized and unrealized gain (loss)		(0.64	)		1.38			1.81			1.37			1.71			0.16			0.83
Total from investment operations		(0.62	)		1.45			1.88			1.48			1.80			0.26			0.88
Less distributions to shareholders:
Net investment income		(0.08	)		(0.05	)		(0.11	)		(0.14	)		(0.09	)		(0.06	)		(0.03	)
Net realized gains		(1.06	)		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—
Total distributions to shareholders		(1.14	)		(1.08	)		(1.86	)		(0.89	)		(1.37	)		(0.53	)		(0.03	)
Net asset value, end of period	$	7.77		$	9.53		$	9.16		$	9.14		$	8.55		$	8.12		$	8.39
Total return		(7.28	%)		16.60	%		22.37	%		19.08	%		24.45	%		2.64	%		11.68	%
Ratios to average net assets(b)
Total gross expenses		1.05	%(c)		1.06	%		1.09	%		1.09	%		1.10	%(c)		1.03	%		1.04	%
Total net expenses(d)		1.05	%(c)		1.06	%		1.09	%		1.05	%		1.04	%(c)		1.01	%		1.04	%
Net investment income		0.55	%(c)		0.73	%		0.77	%		1.31	%		1.24	%(c)		1.10	%		0.63	%
Supplemental data
Net assets, end of period (in thousands)	$	2		$	3		$	3		$	9		$	9		$	8		$	8
Portfolio turnover		39	%		102	%		105	%		96	%		65	%		57	%		98	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

Semiannual Report 2016
21

COLUMBIA DISCIPLINED GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class R	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	9.41		$	9.05		$	9.06		$	8.52		$	8.08		$	8.37		$	7.53
Income from investment operations:
Net investment income		0.00	(b)		0.02			0.04			0.04			0.06			0.06			0.02
Net realized and unrealized gain (loss)		(0.64	)		1.38			1.77			1.40			1.71			0.16			0.82
Total from investment operations		(0.64	)		1.40			1.81			1.44			1.77			0.22			0.84
Less distributions to shareholders:
Net investment income		(0.04	)		(0.01	)		(0.07	)		(0.15	)		(0.05	)		(0.04	)		(0.00	)(b)
Net realized gains		(1.06	)		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—
Total distributions to shareholders		(1.10	)		(1.04	)		(1.82	)		(0.90	)		(1.33	)		(0.51	)		(0.00	)(b)
Net asset value, end of period	$	7.67		$	9.41		$	9.05		$	9.06		$	8.52		$	8.08		$	8.37
Total return		(7.59	%)		16.22	%		21.75	%		18.65	%		24.04	%		2.10	%		11.17	%
Ratios to average net assets(c)
Total gross expenses		1.52	%(d)		1.49	%		1.50	%		1.49	%		1.53	%(d)		1.47	%		1.50	%
Total net expenses(e)		1.50	%(d)		1.49	%		1.50	%(f)		1.48	%		1.44	%(d)		1.47	%		1.50	%
Net investment income		0.07	%(d)		0.20	%		0.39	%		0.44	%		0.85	%(d)		0.64	%		0.21	%
Supplemental data
Net assets, end of period (in thousands)	$	119		$	96		$	25		$	123		$	9		$	8		$	8
Portfolio turnover		39	%		102	%		105	%		96	%		65	%		57	%		98	%

Notes to Financial Highlights

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

(b)  Rounds to zero.

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

(d)  Annualized.

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

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

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

Semiannual Report 2016
22

COLUMBIA DISCIPLINED GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

Class R4	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015(a)
Per share data
Net asset value, beginning of period	$	9.43		$	9.33
Income from investment operations:
Net investment income (loss)		0.03			(0.01	)
Net realized and unrealized gain (loss)		(0.64	)		0.11
Total from investment operations		(0.61	)		0.10
Less distributions to shareholders:
Net investment income		(0.08	)		—
Net realized gains		(1.06	)		—
Total distributions to shareholders		(1.14	)		—
Net asset value, end of period	$	7.68		$	9.43
Total return		(7.24	%)		1.07	%
Ratios to average net assets(b)
Total gross expenses		1.01	%(c)		1.05	%(c)
Total net expenses(d)		0.99	%(c)		1.05	%(c)
Net investment income (loss)		0.57	%(c)		(0.60	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$	55		$	59
Portfolio turnover		39	%		102	%

Notes to Financial Highlights

(a)  Based on operations from June 1, 2015 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

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

Semiannual Report 2016
23

COLUMBIA DISCIPLINED GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class R5	(Unaudited)			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	9.69		$	9.30		$	9.25		$	8.54
Income from investment operations:
Net investment income		0.03			0.03			0.08			0.07
Net realized and unrealized gain (loss)		(0.65	)		1.46			1.85			1.56
Total from investment operations		(0.62	)		1.49			1.93			1.63
Less distributions to shareholders:
Net investment income		(0.10	)		(0.07	)		(0.13	)		(0.17	)
Net realized gains		(1.06	)		(1.03	)		(1.75	)		(0.75	)
Total distributions to shareholders		(1.16	)		(1.10	)		(1.88	)		(0.92	)
Net asset value, end of period	$	7.91		$	9.69		$	9.30		$	9.25
Total return		(7.19	%)		16.82	%		22.80	%		20.86	%
Ratios to average net assets(b)
Total gross expenses		0.85	%(c)		0.86	%		0.85	%		0.79	%(c)
Total net expenses(d)		0.83	%(c)		0.86	%		0.85	%		0.76	%(c)
Net investment income		0.73	%(c)		0.33	%		0.90	%		1.13	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,370		$	1,316		$	31		$	3
Portfolio turnover		39	%		102	%		105	%		96	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

Semiannual Report 2016
24

COLUMBIA DISCIPLINED GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class W	(Unaudited)			2015			2014			2013			2012(a)			2011			2010
Per share data
Net asset value, beginning of period	$	9.44		$	9.08		$	9.08		$	8.50		$	8.07		$	8.35		$	7.52
Income from investment operations:
Net investment income		0.02			0.05			0.04			0.14			0.07			0.08			0.04
Net realized and unrealized gain (loss)		(0.65	)		1.37			1.80			1.32			1.70			0.16			0.83
Total from investment operations		(0.63	)		1.42			1.84			1.46			1.77			0.24			0.87
Less distributions to shareholders:
Net investment income		(0.06	)		(0.03	)		(0.09	)		(0.13	)		(0.06	)		(0.05	)		(0.04	)
Net realized gains		(1.06	)		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—
Total distributions to shareholders		(1.12	)		(1.06	)		(1.84	)		(0.88	)		(1.34	)		(0.52	)		(0.04	)
Net asset value, end of period	$	7.69		$	9.44		$	9.08		$	9.08		$	8.50		$	8.07		$	8.35
Total return		(7.44	%)		16.43	%		22.11	%		18.85	%		24.13	%		2.43	%		11.54	%
Ratios to average net assets(b)
Total gross expenses		1.26	%(c)		1.24	%		1.29	%		1.26	%		1.30	%(c)		1.23	%		1.16	%
Total net expenses(d)		1.24	%(c)		1.24	%		1.28	%(e)		1.21	%		1.19	%(c)(e)		1.23	%(e)		1.16	%
Net investment income		0.37	%(c)		0.55	%		0.49	%		1.65	%		1.03	%(c)		0.91	%		0.55	%
Supplemental data
Net assets, end of period (in thousands)	$	81,915		$	112,928		$	101,907		$	1,796		$	87,810		$	92,023		$	176,538
Portfolio turnover		39	%		102	%		105	%		96	%		65	%		57	%		98	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

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

Semiannual Report 2016
25

COLUMBIA DISCIPLINED GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

Class Y	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015(a)
Per share data
Net asset value, beginning of period	$	9.53		$	9.42
Income from investment operations:
Net investment income		0.03			0.01
Net realized and unrealized gain (loss)		(0.63	)		0.10
Total from investment operations		(0.60	)		0.11
Less distributions to shareholders:
Net investment income		(0.11	)		—
Net realized gains		(1.06	)		—
Total distributions to shareholders		(1.17	)		—
Net asset value, end of period	$	7.76		$	9.53
Total return		(7.11	%)		1.17	%
Ratios to average net assets(b)
Total gross expenses		0.79	%(c)		0.75	%(c)
Total net expenses(d)		0.78	%(c)		0.75	%(c)
Net investment income		0.66	%(c)		0.64	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	5		$	3
Portfolio turnover		39	%		102	%

Notes to Financial Highlights

(a)  Based on operations from June 1, 2015 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

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

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COLUMBIA DISCIPLINED GROWTH FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,												Year Ended September 30,
Class Z	(Unaudited)			2015			2014			2013			2012(a)			2011			2010(b)
Per share data
Net asset value, beginning of period	$	9.46		$	9.09		$	9.09		$	8.51		$	8.10		$	8.42		$	8.42
Income from investment operations:
Net investment income		0.03			0.07			0.06			0.13			0.08			0.11			0.00	(c)
Net realized and unrealized gain (loss)		(0.65	)		1.39			1.81			1.35			1.71			0.14			0.00	(c)
Total from investment operations		(0.62	)		1.46			1.87			1.48			1.79			0.25			0.00	(c)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.06	)		(0.12	)		(0.15	)		(0.10	)		(0.10	)		—
Net realized gains		(1.06	)		(1.03	)		(1.75	)		(0.75	)		(1.28	)		(0.47	)		—
Total distributions to shareholders		(1.14	)		(1.09	)		(1.87	)		(0.90	)		(1.38	)		(0.57	)		—
Net asset value, end of period	$	7.70		$	9.46		$	9.09		$	9.09		$	8.51		$	8.10		$	8.42
Total return		(7.29	%)		16.80	%		22.39	%		19.19	%		24.46	%		2.43	%		0.00	%(c)
Ratios to average net assets(d)
Total gross expenses		1.01	%(e)		1.00	%		1.02	%		1.02	%		1.02	%(e)		0.98	%		0.95	%(e)
Total net expenses(f)		0.99	%(e)		1.00	%		1.02	%(g)		0.98	%		0.92	%(e)(g)		0.98	%(g)		0.95	%(e)
Net investment income		0.61	%(e)		0.76	%		0.72	%		1.49	%		1.19	%(e)		1.25	%		3.19	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	8,466		$	10,456		$	811		$	254		$	435		$	125		$	3
Portfolio turnover		39	%		102	%		105	%		96	%		65	%		57	%		98	%

Notes to Financial Highlights

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

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

(c)  Rounds to zero.

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

(e)  Annualized.

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

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

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

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27

COLUMBIA DISCIPLINED GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2016 (Unaudited)

Note 1. Organization

Columbia Disciplined Growth Fund (formerly Columbia Large Growth Quantitative Fund) (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Effective December 21, 2015, Columbia Large Growth Quantitative Fund was renamed Columbia Disciplined Growth Fund.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class W, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure.

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

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 12 months after purchase.

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

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

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

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

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

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COLUMBIA DISCIPLINED GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Security Valuation

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

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

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

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.

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

supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security.

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

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

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more 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

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29

COLUMBIA DISCIPLINED GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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

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

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

comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its 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 maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over

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COLUMBIA DISCIPLINED GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized 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.

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

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		188,969	*

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended January 31, 2016.

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(4,144,137	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		80,414

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

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		4,651,831

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

Security Transactions

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

Income Recognition

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

The Fund may receive distributions from holdings in 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.

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.

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COLUMBIA DISCIPLINED GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

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

Guarantees and Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and

the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

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

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

Note 3. Fees and Other Transactions with Affiliates

Management Fees

Effective December 1, 2015, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.75% to 0.55% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2016 was 0.74% of the Fund's average daily net assets.

Prior to December 1, 2015, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. For the period from August 1, 2015 through November 30, 2015, the investment advisory services fee paid to the Investment Manager was $1,371,566, and the administrative services fee paid to the Investment Manager was $118,898.

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COLUMBIA DISCIPLINED GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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 January 31, 2016, other expenses paid by the Fund to this company were $1,266.

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).

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 I and Class Y shares do not pay transfer agency fees.

For the six months ended January 31, 2016, 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	0.21	%
Class B	0.21
Class C	0.22
Class K	0.04
Class R	0.22
Class R4	0.21
Class R5	0.05
Class W	0.21
Class Z	0.21

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer 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 January 31, 2016, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

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

Distribution 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

Semiannual Report 2016
33

COLUMBIA DISCIPLINED GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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 $108,000 and $71,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution 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 $103,798 for Class A, $1 for Class B and $1,823 for Class C shares for the six months ended January 31, 2016.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

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

	Contractual Expense Cap December 1, 2015 through November 30, 2016			Voluntary Expense Cap Prior to December 1, 2015
Class A		1.20	%		1.30	%
Class B		1.95			2.05
Class C		1.95			2.05
Class I		0.79			0.88
Class K		1.09			1.18
Class R		1.45			1.55
Class R4		0.95			1.05
Class R5		0.84			0.93
Class W		1.20			1.30
Class Y		0.79			0.88
Class Z		0.95			1.05

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

Note 4. Federal Tax Information

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

At January 31, 2016, the cost of investments for federal income tax purposes was approximately $376,958,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	86,198,000
Unrealized depreciation		(19,868,000	)
Net unrealized appreciation	$	66,330,000

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $222,278,488 and $367,253,301, respectively, for the six months ended January 31, 2016. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Semiannual Report 2016
34

COLUMBIA DISCIPLINED GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Note 6. Affiliated Money Market Fund

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

Note 7. Line of Credit

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

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

Note 8. Significant Risks

Shareholder Concentration Risk

At January 31, 2016, affiliated shareholders of record owned 90.6% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the

Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Consumer Discretionary Sector Risk

The Fund may be more susceptible to the particular risks that may affect companies in the consumer discretionary sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the consumer discretionary sector are subject to certain risks, including fluctuations in the performance of the overall domestic and international economy, interest rate changes, increased competition and consumer confidence. Performance of such companies may be affected by factors including reduced disposable household income, reduced consumer spending, changing demographics and consumer tastes.

Technology and Technology-related Investment Risk

The Fund may be more susceptible to the particular risks that may affect companies in the information technology sector, as well as other technology-related sectors (collectively, the technology sectors) than if it were invested in a wider variety of companies in unrelated sectors. Companies in the technology sectors are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term.

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.

Semiannual Report 2016
35

COLUMBIA DISCIPLINED GROWTH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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 2016
36

COLUMBIA DISCIPLINED GROWTH FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

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

Semiannual Report 2016
37

Columbia Disciplined Growth Fund

P.O. Box 8081

Boston, MA 02266-8081

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

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

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

© 2016 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR178_07_F01_(03/16)

SEMIANNUAL REPORT

January 31, 2016

COLUMBIA FLOATING RATE FUND

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.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2016

COLUMBIA FLOATING RATE FUND

TABLE OF CONTENTS

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund's Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	22
Statement of Operations	24
Statement of Changes in Net Assets	25
Financial Highlights	28
Notes to Financial Statements	39
Important Information About This Report	49

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

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

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

Semiannual Report 2016

COLUMBIA FLOATING RATE FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n  Columbia Floating Rate Fund (the Fund) Class A shares returned -3.93% excluding sales charges for the six-month period that ended January 31, 2016.

n  The Fund outperformed its benchmark, the Credit Suisse Leveraged Loan Index, which returned -3.95% during the same time period.

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

	Inception	6 Months Cumulative		1 Year		5 Years		Life
Class A	02/16/06
Excluding sales charges			-3.93		-1.30		2.90		3.38
Including sales charges			-6.82		-4.28		2.27		3.06
Class B	02/16/06
Excluding sales charges			-4.28		-2.03		2.13		2.61
Including sales charges			-8.99		-6.77		1.78		2.61
Class C	02/16/06
Excluding sales charges			-4.29		-2.03		2.13		2.60
Including sales charges			-5.23		-2.98		2.13		2.60
Class I	02/16/06		-3.76		-0.95		3.27		3.73
Class K	02/16/06		-3.89		-1.23		2.95		3.51
Class R*	09/27/10		-4.04		-1.53		2.65		3.13
Class R4*	02/28/13		-3.92		-1.17		3.02		3.44
Class R5*	08/01/08		-3.76		-0.98		3.23		3.62
Class W*	12/01/06		-3.94		-1.34		2.89		3.34
Class Y*	06/01/15		-3.76		-1.08		2.94		3.40
Class Z*	09/27/10		-3.81		-1.06		3.13		3.52
Credit Suisse Leveraged Loan Index			-3.95		-1.36		3.20		3.90	**

Returns for Class A are shown with and without the maximum initial sales charge of 3.00%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

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

**From February 28, 2006

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

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

Semiannual Report 2016
2

COLUMBIA FLOATING RATE FUND

PORTFOLIO OVERVIEW

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2016)
Common Stocks	2.1
Corporate Bonds & Notes	2.2
Fixed-Income Funds	0.5
Money Market Funds	2.7
Senior Loans	92.5
Total	100.0

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

Quality Breakdown (%) (at January 31, 2016)
BBB rating	3.1
BB rating	39.1
B rating	46.0
CCC rating	7.3
CC rating	0.1
D rating	0.1
Not rated	4.3
Total	100.0

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

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the rating assigned by Moody's, as available. If Moody's doesn't rate a bond, then the S&P rating is used. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund's subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral. Additionally, the Investment Manager considers the interest rate to be paid on the investment, the portfolio's exposure to a particular sector, and the relative value of the loan within the sector, among other factors.

Portfolio Management

Lynn Hopton

Yvonne Stevens

Steven Staver

Ronald Launsbach, CFA

Semiannual Report 2016
3

COLUMBIA FLOATING RATE FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

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

Analyzing Your Fund's Expenses

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

Compare With Other Funds

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

August 1, 2015 – January 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		960.70		1,019.69		5.07		5.22		1.04
Class B		1,000.00		1,000.00		957.20		1,015.96		8.71		8.97		1.79
Class C		1,000.00		1,000.00		957.10		1,015.96		8.71		8.97		1.79
Class I		1,000.00		1,000.00		962.40		1,021.43		3.37		3.47		0.69
Class K		1,000.00		1,000.00		961.10		1,019.94		4.83		4.97		0.99
Class R		1,000.00		1,000.00		959.60		1,018.45		6.29		6.47		1.29
Class R4		1,000.00		1,000.00		960.80		1,020.93		3.85		3.97		0.79
Class R5		1,000.00		1,000.00		962.40		1,021.18		3.61		3.72		0.74
Class W		1,000.00		1,000.00		960.60		1,019.74		5.02		5.17		1.03
Class Y		1,000.00		1,000.00		962.40		1,021.48		3.32		3.42		0.68
Class Z		1,000.00		1,000.00		961.90		1,020.93		3.85		3.97		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 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

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

Semiannual Report 2016
4

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS

January 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Senior Loans 92.0%

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
AEROSPACE & DEFENSE 1.5%
B/E Aerospace, Inc. Term Loan(a)(b) 12/16/21		4.000	%		2,025,467		2,022,935
Booz Allen Hamilton, Inc. Tranche B Term Loan(a)(b) 07/31/19		3.750	%		1,649,589		1,650,959
Doncasters US Finance LLC Tranche B Term Loan(a)(b) 04/09/20		4.500	%		2,913,393		2,702,172
Engility Corp. 1st Lien Term Loan(a)(b) 05/22/20		7.000	%		2,738,706		2,694,202
TransDigm, Inc.(a)(b) Tranche C Term Loan 02/28/20		3.750	%		2,809,522		2,742,796
Tranche E Term Loan 05/16/22		3.500	%		620,538		594,264
Total							12,407,328
AIRLINES 0.5%
American Airlines, Inc. Term Loan(a)(b) 06/27/20		3.250	%		2,214,864		2,171,763
Delta Air Lines, Inc. Tranche B1 Term Loan(a)(b) 10/18/18		3.250	%		2,002,133		1,998,209
Total							4,169,972
AUTOMOTIVE 2.1%
Allison Transmission, Inc. Tranche B3 Term Loan(a)(b) 08/23/19		3.500	%		2,494,740		2,483,114
FCA US LLC(a)(b) Tranche B Term Loan 05/24/17		3.500	%		5,124,425		5,102,031
12/31/18		3.250	%		989,924		982,084
Gates Global LLC Term Loan(a)(b) 07/06/21		4.250	%		5,159,687		4,639,436
Goodyear Tire & Rubber Co. (The) 2nd Lien Term Loan(a)(b) 04/30/19		3.750	%		1,700,000		1,698,300
Navistar, Inc. Tranche B Term Loan(a)(b) 08/07/20		6.500	%		2,200,000		1,929,136
Schaeffler AG Tranche B Term Loan(a)(b) 05/15/20		4.250	%		647,477		647,568
Total							17,481,669

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
BROKERAGE/ASSET MANAGERS/EXCHANGES 0.4%
RCS Capital Corp.(a)(b) 1st Lien Term Loan 04/29/19		0.000	%		1,514,288		1,047,388
2nd Lien Term Loan 04/29/21		0.000	%		1,000,000		50,000
USI, Inc. Term Loan(a)(b) 12/27/19		4.250	%		2,180,608		2,132,918
Total							3,230,306
BUILDING MATERIALS 0.9%
Contech Engineered Solutions LLC Term Loan(a)(b) 04/29/19		6.250	%		1,218,750		1,214,180
HD Supply, Inc. Term Loan(a)(b) 08/13/21		3.750	%		2,584,222		2,538,998
Wilsonart LLC Term Loan(a)(b) 10/31/19		4.000	%		3,429,004		3,340,432
Total							7,093,610
CABLE AND SATELLITE 2.3%
Block Communications, Inc. Tranche B Term Loan(a)(b) 11/07/21		4.000	%		1,975,000		1,960,187
CSC Holdings, Inc. Term Loan(a)(b) 10/09/22		5.000	%		3,625,000		3,614,814
Charter Communications Operating LLC(a)(b) Tranche H Term Loan 08/24/21		3.250	%		1,125,000		1,114,526
Tranche I Term Loan 01/24/23		3.500	%		450,000		449,271
Encompass Digital Media, Inc.(a)(b) Tranche B 1st Lien Term Loan 06/06/21		5.500	%		1,927,425		1,871,202
Tranche B 2nd Lien Term Loan 06/06/22		8.750	%		1,500,000		1,410,000
MCC Iowa LLC Tranche H Term Loan(a)(b) 01/29/21		3.250	%		1,462,500		1,438,734
Numericable US LLC Tranche B5 Term Loan(a)(b) 07/29/22		4.563	%		2,743,125		2,605,338
Quebecor Media, Inc. Tranche B1 Term Loan(a)(b) 08/17/20		3.250	%		1,955,000		1,884,131

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

Semiannual Report 2016
5

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Virgin Media Investment Holdings Ltd. Tranche F Term Loan(a)(b) 06/30/23		3.500	%		2,743,784		2,686,110
Total							19,034,313
CHEMICALS 7.0%
Allnex & Cy SCA Tranche B1 Term Loan(a)(b) 10/03/19		4.500	%		1,821,720		1,797,819
Allnex U.S.A, Inc. Tranche B2 Term Loan(a)(b) 10/03/19		4.500	%		945,203		932,802
Ascend Performance Materials Operations LLC Tranche B Term Loan(a)(b) 04/10/18		6.750	%		1,837,940		1,694,580
Axalta Coating Systems Dutch Holding B BV Tranche B Term Loan(a)(b) 02/01/20		3.750	%		3,529,022		3,497,578
Axiall Holdco, Inc. Term Loan(a)(b) 02/28/22		4.000	%		1,485,000		1,473,862
Chemours Co. LLC (The) Tranche B Term Loan(a)(b) 05/12/22		3.750	%		4,651,625		4,108,920
ColourOz Investment 1 GmbH Tranche C 1st Lien Term Loan(a)(b) 09/07/21		4.500	%		474,197		457,206
ColourOz Investment 2 GmbH Tranche B2 1st Lien Term Loan(a)(b) 09/07/21		4.500	%		2,868,502		2,765,724
Eco Services Operations Term Loan(a)(b) 12/01/21		4.750	%		1,806,750		1,763,081
HII Holding Corp.(a)(b) 1st Lien Term Loan 12/20/19		4.250	%		1,902,676		1,807,542
2nd Lien Term Loan 12/21/20		9.750	%		2,150,000		2,042,500
Huntsman International LLC(a)(b) Term Loan 10/01/21		3.750	%		1,707,750		1,676,806
Tranche B Term Loan 04/19/19		3.522	%		1,930,261		1,893,258
Tranche C Term Loan 06/30/16		2.772	%		182,246		179,968
Ineos US Finance LLC Term Loan(a)(b) 12/15/20		3.750	%		2,886,995		2,749,863

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Kronos Worldwide, Inc. Term Loan(a)(b) 02/18/20		4.000	%		2,947,500		2,645,381
MacDermid, Inc. Tranche B 1st Lien Term Loan(a)(b) 06/07/20		5.500	%		2,485,625		2,300,446
Minerals Technologies, Inc. Tranche B1 Term Loan(a)(b) 05/10/21		3.750	%		1,076,445		1,052,225
Nexeo Solutions LLC Tranche B3 Term Loan(a)(b) 09/08/17		5.000	%		2,311,042		2,234,015
Oxea Finance & Cy SCA Tranche B2 1st Lien Term Loan(a)(b) 01/15/20		4.250	%		3,494,562		3,361,769
PQ Corp. Term Loan(a)(b) 08/07/17		4.000	%		3,298,000		3,262,975
Polyone Corp. Term Loan(a)(b) 11/11/22		3.750	%		1,000,000		1,000,000
Ravago Holdings America, Inc. Term Loan(a)(b) 12/20/20		5.500	%		3,119,438		3,096,042
Trinseo Materials Operating SCA/Finance, Inc. Tranche B Term Loan(a)(b) 11/05/21		4.250	%		3,009,875		2,914,883
Tronox Pigments BV Term Loan(a)(b) 03/19/20		4.500	%		4,151,803		3,636,274
Univar, Inc. Term Loan(a)(b) 07/01/22		4.250	%		3,438,875		3,326,149
Total							57,671,668
CONSTRUCTION MACHINERY 1.0%
Doosan Bobcat, Inc. Tranche B Term Loan(a)(b) 05/28/21		4.500	%		3,476,542		3,320,098
Maxim Crane Works LP 2nd Lien Term Loan(a)(b) 11/26/18		10.250	%		3,000,000		2,865,000
North American Lifting Holdings, Inc. 1st Lien Term Loan(a)(b) 11/27/20		5.500	%		2,438,479		1,743,512
Total							7,928,610

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

Semiannual Report 2016
6

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
CONSUMER CYCLICAL SERVICES 2.5%
Creative Artists Agency LLC Term Loan(a)(b) 12/17/21		5.500	%		2,500,246		2,488,795
KAR Auction Services, Inc. Tranche B2 Term Loan(a)(b) 03/11/21		3.500	%		1,225,968		1,224,951
Quikrete Holdings, Inc. 1st Lien Term Loan(a)(b) 09/28/20		4.000	%		2,425,406		2,399,138
Quikrete Holdings,Inc 2nd Lien Term Loan(a)(b) 03/26/21		7.000	%		1,632,578		1,622,375
ServiceMaster Co. LLC (The) Term Loan(a)(b) 07/01/21		4.250	%		3,458,725		3,423,273
SourceHOV LLC Tranche B 1st Lien Term Loan(a)(b) 10/31/19		7.750	%		1,985,938		1,744,308
Weight Watchers International, Inc. Tranche B2 Term Loan(a)(b) 04/02/20		4.000	%		5,912,812		4,081,200
West Corp. Tranche B10 Term Loan(a)(b) 06/30/18		3.250	%		3,223,093		3,159,985
Total							20,144,025
CONSUMER PRODUCTS 2.2%
Affinion Group, Inc. Tranche B Term Loan(a)(b) 04/30/18		6.750	%		1,393,397		1,255,799
Fender Musical Instruments Corp. Term Loan(a)(b) 04/03/19		5.750	%		633,000		618,758
Jarden Corp. Tranche B1 Term Loan(a)(b) 09/30/20		3.178	%		2,500,300		2,497,174
NBTY, Inc. Tranche B2 Term Loan(a)(b) 10/01/17		3.500	%		2,778,351		2,734,370
Party City Holdings, Inc. Term Loan(a)(b) 08/19/22		4.250	%		3,017,438		2,923,143
Serta Simmons Holdings LLC Term Loan(a)(b) 10/01/19		4.250	%		2,554,925		2,537,372
Tempur-Pedic International, Inc. Tranche B Term Loan(a)(b) 03/18/20		3.500	%		370,763		369,217

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Varsity Brands, Inc. 1st Lien Term Loan(a)(b) 12/10/21		5.000	%		2,802,108		2,777,590
Waterpik, Inc. Term Loan(a)(b) 07/08/20		5.750	%		2,713,651		2,677,478
Total							18,390,901
DIVERSIFIED MANUFACTURING 3.8%
Accudyne Industries Borrower SCA/LLC Term Loan(a)(b) 12/13/19		4.000	%		4,219,654		3,504,971
Apex Tool Group LLC Term Loan(a)(b) 01/31/20		4.500	%		2,573,937		2,402,333
Crosby U.S. Acquisition Corp.(a)(b) 1st Lien Term Loan 11/23/20		4.000	%		857,500		590,243
2nd Lien Term Loan 11/22/21		7.000	%		2,000,000		1,030,000
Filtration Group Corp.(a)(b) 1st Lien Term Loan 11/23/20		4.250	%		3,276,898		3,168,760
2nd Lien Term Loan 11/22/21		8.250	%		261,870		253,525
Gardner Denver, Inc. Term Loan(a)(b) 07/30/20		4.250	%		4,838,625		4,346,876
Generac Power System, Inc. Tranche B Term Loan(a)(b) 05/31/20		3.500	%		2,874,464		2,806,195
Horizon Global Corp. Tranche B Term Loan(a)(b) 06/30/21		7.000	%		2,120,625		2,025,197
Husky Injection Molding Systems Ltd. 2nd Lien Term Loan(a)(b) 06/30/22		7.250	%		1,308,460		1,246,308
LTI Flexible Products, Inc. 1st Lien Term Loan(a)(b) 04/15/22		5.250	%		1,542,250		1,460,511
Rexnord LLC/RBS Global, Inc. Tranche B Term Loan(a)(b) 08/21/20		4.000	%		4,258,479		4,053,263
Terex Corp. Term Loan(a)(b)(c) 12/01/22		4.500	%		1,700,000		1,668,652
William Morris Endeavor Entertainment LLC 2nd Lien Term Loan(a)(b) 05/06/22		8.250	%		2,600,000		2,255,500
Total							30,812,334

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

Semiannual Report 2016
7

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
ELECTRIC 4.4%
Astoria Energy LLC Tranche B Term Loan(a)(b) 12/24/21		5.000	%		2,997,764		2,870,359
Calpine Construction Finance Co. LP Tranche B1 Term Loan(a)(b) 05/03/20		3.000	%		901,250		844,922
Calpine Corp. Term Loan(a)(b) 10/09/19		4.000	%		4,874,055		4,739,336
Dynegy, Inc. Tranche B2 Term Loan(a)(b) 04/23/20		4.000	%		2,910,153		2,801,837
EFS Cogen Holdings I LLC Tranche B Term Loan(a)(b) 12/17/20		3.750	%		1,133,483		1,102,312
Essential Power LLC Term Loan(a)(b) 08/08/19		4.750	%		1,538,538		1,496,229
FREIF North American Power I LLC(a)(b) Tranche B Term Loan 03/27/22		4.750	%		3,027,615		2,997,339
Tranche C Term Loan 03/27/22		4.750	%		564,407		558,763
La Frontera Generation LLC Term Loan(a)(b) 09/30/20		4.500	%		2,752,402		2,630,608
Southeast PowerGen LLC Tranche B Term Loan(a)(b) 12/02/21		4.500	%		1,534,500		1,511,482
TPF Generation Holdings LLC Term Loan(a)(b) 12/31/17		4.750	%		3,900,000		3,446,625
TPF II Power LLC Term Loan(a)(b) 10/02/21		5.500	%		983,651		942,465
Texas Competitive Electric Holdings Co. LLC(a)(b) Term Loan 06/30/16		4.906	%		6,497,531		1,895,655
Texas Competitive Electric Holdings Co. LLC(a)(b)(d) Debtor in Possession Term Loan 11/07/16		3.750	%		1,890,594		1,875,621
Viva Alamo LLC Term Loan(a)(b) 02/22/21		5.250	%		4,349,233		2,903,113
Windsor Financing LLC Tranche B Term Loan(a)(b) 12/05/17		6.250	%		3,314,227		3,214,800
Total							35,831,466

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
ENVIRONMENTAL 2.0%
ADS Waste Holdings, Inc. Tranche B2 Term Loan(a)(b) 10/09/19		3.750	%		4,049,739		3,905,973
EWT Holdings III Corp.(a)(b) 1st Lien Term Loan 01/15/21		4.750	%		2,450,000		2,388,750
2nd Lien Term Loan 01/15/22		8.500	%		1,000,000		945,000
EnergySolutions LLC Term Loan(a)(b) 05/29/20		6.750	%		2,860,464		2,374,185
STI Infrastructure SARL Term Loan(a)(b) 08/22/20		6.250	%		2,834,939		2,409,698
WCA Waste Corp. Term Loan(a)(b) 03/23/18		4.000	%		649,688		643,191
Waste Industries USA, Inc. Term Loan(a)(b) 02/27/20		4.250	%		4,044,437		4,017,906
Total							16,684,703
FOOD AND BEVERAGE 3.4%
ARAMARK Corp.(a)(b) 3rd Letter of Credit 07/26/16		3.925	%		7,874		7,756
Tranche E Term Loan 09/07/19		3.250	%		922,196		918,452
Tranche F Term Loan 02/24/21		3.250	%		804,995		798,957
AdvancePierre Foods, Inc. 1st Lien Term Loan(a)(b) 07/10/17		5.750	%		4,413,500		4,406,880
CSM Bakery Solutions Ltd.(a)(b) 1st Lien Term Loan 07/03/20		5.000	%		1,599,470		1,537,490
2nd Lien Term Loan 07/03/21		8.750	%		3,000,000		2,835,000
Del Monte Foods, Inc. 2nd Lien Term Loan(a)(b) 08/18/21		8.250	%		2,000,000		1,640,000
Dole Food Co.,Inc. Tranche B Term Loan(a)(b) 11/01/18		4.500	%		2,570,779		2,501,702
Hostess Brands, Inc. Tranche B 1st Lien Term Loan(a)(b) 08/03/22		4.500	%		2,194,500		2,177,120

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

Semiannual Report 2016
8

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
JBS U.S.A. LLC Term Loan(a)(b) 09/18/20		3.750	%		2,028,312		1,957,322
Performance Food Group, Inc. 2nd Lien Term Loan(a)(b) 11/14/19		6.800	%		1,638,221		1,634,125
Pinnacle Foods Finance LLC(a)(b) Tranche G Term Loan 04/29/20		3.000	%		1,837,701		1,814,215
Tranche H Term Loan 04/29/20		3.000	%		1,197,438		1,182,470
U.S. Foods, Inc. Term Loan(a)(b) 03/31/19		4.500	%		4,143,125		4,079,694
Total							27,491,183
GAMING 4.7%
Affinity Gaming LLC Term Loan(a)(b) 11/09/17		5.250	%		1,390,280		1,386,804
Amaya Holdings BV Tranche B 1st Lien Term Loan(a)(b) 08/01/21		5.000	%		2,131,642		1,959,789
Aristocrat Leisure Ltd. Term Loan(a)(b) 10/20/21		4.750	%		1,876,923		1,866,375
CCM Merger, Inc. Term Loan(a)(b) 08/06/21		4.500	%		1,552,178		1,542,477
Cannery Casino Resorts LLC(a)(b) 1st Lien Term Loan 10/02/18		6.000	%		1,024,572		1,006,130
2nd Lien Term Loan 10/02/19		12.500	%		1,193,359		1,129,514
CityCenter Holdings LLC Tranche B Term Loan(a)(b) 10/16/20		4.250	%		3,540,978		3,515,306
Las Vegas Sands LLC Tranche B Term Loan(a)(b) 12/19/20		3.250	%		3,383,345		3,363,789
MGM Resorts International Tranche B Term Loan(a)(b) 12/20/19		3.500	%		5,035,092		4,984,741
Marina District Finance Co., Inc. Term Loan(a)(b) 08/15/18		6.500	%		1,807,500		1,802,981
Mohegan Tribal Gaming Authority Tranche B Term Loan(a)(b) 06/15/18		5.500	%		3,428,675		3,318,478

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Pinnacle Entertainment, Inc. Tranche B2 Term Loan(a)(b) 08/13/20		3.750	%		520,454		519,543
ROC Finance LLC Tranche B Term Loan(a)(b) 06/20/19		5.000	%		2,981,375		2,642,244
Scientific Games International, Inc.(a)(b) Term Loan 10/18/20		6.000	%		2,841,690		2,538,965
Tranche B2 Term Loan 10/01/21		6.000	%		1,287,000		1,142,611
Twin River Management Group, Inc. Term Loan(a)(b) 07/10/20		5.250	%		2,658,575		2,643,288
Yonkers Racing Corp. 1st Lien Term Loan(a)(b) 08/20/19		4.250	%		3,207,629		3,103,381
Total							38,466,416
HEALTH CARE 7.0%
Alere, Inc. Tranche B Term Loan(a)(b) 06/20/22		4.250	%		1,854,531		1,832,276
Alliance HealthCare Services, Inc. Term Loan(a)(b) 06/03/19		4.250	%		2,976,621		2,708,725
AmSurg Corp. Term Loan(a)(b) 07/16/21		3.500	%		3,112,699		3,091,564
CHS/Community Health Systems, Inc.(a)(b) Tranche F Term Loan 12/31/18		3.657	%		1,476,442		1,451,623
Tranche G Term Loan 12/31/19		3.750	%		1,934,105		1,855,774
Tranche H Term Loan 01/27/21		4.000	%		3,124,893		3,003,803
DaVita HealthCare Partners, Inc. Tranche B Term Loan(a)(b) 06/24/21		3.500	%		3,846,450		3,837,795
Grifols Worldwide Operations Ltd. Tranche B Term Loan(a)(b) 02/27/21		3.428	%		2,829,099		2,817,782
HCA, Inc.(a)(b) Tranche B4 Term Loan 05/01/18		3.357	%		3,224,439		3,219,216
Tranche B5 Term Loan 03/31/17		3.178	%		4,728,140		4,721,568
IASIS Healthcare LLC Tranche B2 Term Loan(a)(b) 05/03/18		4.500	%		2,877,468		2,841,499

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

Semiannual Report 2016
9

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Lantheus Medical Imaging Term Loan(a)(b) 06/30/22		7.041	%		1,865,625		1,679,063
National Mentor Holdings, Inc. Tranche B Term Loan(a)(b) 01/31/21		4.250	%		1,252,688		1,231,555
Onex Carestream Finance LP 1st Lien Term Loan(a)(b) 06/07/19		5.000	%		2,907,750		2,562,455
Ortho-Clinical Diagnostics Holdings SARL Term Loan(a)(b) 06/30/21		4.750	%		5,525,899		4,843,451
PRA Holdings, Inc. Tranche B1 Term Loan(a)(b) 09/23/20		4.500	%		3,096,629		3,073,404
Physio-Control International, Inc.(a)(b) 1st Lien Term Loan 06/06/22		5.500	%		3,625,000		3,547,969
2nd Lien Term Loan 06/05/23		10.000	%		900,000		812,250
Select Medical Corp. Tranche B-E Term Loan(a)(b) 06/01/18		5.000	%		504,647		497,078
Surgery Center Holdings, Inc.(a)(b) 1st Lien Term Loan 11/03/20		5.250	%		1,980,000		1,940,400
2nd Lien Term Loan 11/03/21		8.500	%		503,061		452,755
Surgical Care Affiliates, Inc. Term Loan(a)(b) 03/17/22		4.250	%		1,463,938		1,455,403
Team Health, Inc. Tranche B Term Loan(a)(b) 11/23/22		4.500	%		2,125,000		2,111,719
Tecomet, Inc. 1st Lien Term Loan(a)(b) 12/03/21		5.750	%		2,128,500		1,865,992
Total							57,455,119
INDEPENDENT ENERGY —%
American Energy-Marcellus LLC(a)(b) 1st Lien Term Loan 08/04/20		5.250	%		375,000		74,250
2nd Lien Term Loan 08/04/21		8.500	%		2,000,000		45,000
Samson Investment Co. Tranche 1 2nd Lien Term Loan(a)(b)(e) 09/25/18		0.000	%		4,525,000		67,875

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Templar Energy LLC 2nd Lien Term Loan(a)(b) 11/25/20		8.500	%		2,250,000		130,500
Total							317,625
LEISURE 2.9%
24 Hour Fitness Worldwide, Inc. Term Loan(a)(b) 05/28/21		4.750	%		4,383,250		4,021,632
AMC Entertainment, Inc. Term Loan(a)(b) 12/15/22		4.000	%		2,309,836		2,309,189
Delta 2 SARL Tranche B3 Term Loan(a)(b) 07/30/21		4.750	%		3,470,657		3,261,341
Fitness International LLC Tranche B Term Loan(a)(b) 07/01/20		5.500	%		1,970,000		1,856,725
Life Time Fitness, Inc. Term Loan(a)(b) 06/10/22		4.250	%		2,164,125		2,115,432
Lions Gate Entertainment Corp. 2nd Lien Term Loan(a)(b) 03/17/22		5.000	%		2,450,000		2,413,250
Live Nation Entertainment, Inc. Tranche B1 Term Loan(a)(b) 08/17/20		3.500	%		1,944,741		1,935,834
Six Flags Premier Parks Tranche B Term Loan(a)(b) 06/30/22		3.500	%		2,212,129		2,201,069
Steinway Musical Instruments, Inc. 1st Lien Term Loan(a)(b) 09/19/19		4.750	%		1,746,382		1,720,186
Zuffa LLC Term Loan(a)(b) 02/25/20		3.750	%		1,579,506		1,538,439
Total							23,373,097
LODGING 0.8%
Four Seasons Holdings, Inc. 2nd Lien Term Loan(a)(b) 12/27/20		6.250	%		4,000,000		3,935,000
Hilton Worldwide Finance LLC Term Loan(a)(b) 10/26/20		3.500	%		2,779,605		2,773,184
Total							6,708,184

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

Semiannual Report 2016
10

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
MEDIA AND ENTERTAINMENT 5.0%
Activision Blizzard, Inc. Term Loan(a)(b) 10/13/20		3.250	%		1,775,313		1,774,212
Cengage Learning Acquisitions, Inc. Term Loan(a)(b) 03/31/20		7.000	%		3,446,593		3,353,983
Cumulus Media Holdings, Inc. Term Loan(a)(b) 12/23/20		4.250	%		3,087,699		2,244,109
Getty Images, Inc. Term Loan(a)(b) 10/18/19		4.750	%		3,055,500		1,972,325
Gray Television, Inc. Term Loan(a)(b) 06/13/21		3.750	%		1,780,600		1,761,690
HIBU Connect SA, Sociedad Unipersonal Term Loan(a)(b)(f)(g)(h) 03/03/19		0.000	%		4,488		—
Hubbard Radio LLC Term Loan(a)(b) 05/27/22		4.250	%		3,043,333		2,804,949
ION Media Networks, Inc. Tranche B1 Term Loan(a)(b) 12/18/20		4.750	%		2,475,000		2,413,125
Learfield Communications, Inc. 2nd Lien Term Loan(a)(b) 10/08/21		8.750	%		1,904,762		1,876,190
Media General, Inc. Tranche B Term Loan(a)(b) 07/31/20		4.000	%		2,487,495		2,476,301
National CineMedia LLC Term Loan(a)(b) 11/26/19		3.180	%		1,950,000		1,933,542
R.H. Donnelly, Inc. Term Loan(a)(b) 12/31/16		9.750	%		315,660		93,120
Radio One, Inc. Term Loan(a)(b) 12/31/18		5.110	%		2,512,375		2,543,780
Salem Communications Corp. Term Loan(a)(b) 03/13/20		4.500	%		1,301,500		1,218,529
Sinclair Television Group, Inc.(a)(b) Tranche B Term Loan 04/09/20		3.000	%		2,018,028		1,972,622
Tranche B1 Term Loan 07/30/21		3.500	%		497,500		490,037

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Sonifi Solutions, Inc. Tranche C Term Loan(a)(b)(f) 03/28/18		6.750	%		440,931		77,163
SuperMedia, Inc. Term Loan(a)(b) 12/30/16		11.600	%		132,866		47,168
Tribune Media Co. Tranche B Term Loan(a)(b) 12/27/20		3.750	%		2,753,625		2,703,152
Univision Communications, Inc. Term Loan(a)(b) 03/01/20		4.000	%		3,437,915		3,354,133
YH Ltd.(a)(b) Tranche A2 Term Loan 03/01/19		5.586	%		124,231		248,772
YH Ltd.(a)(b)(f)(g)(h) Tranche B2 Term Loan PIK 03/01/24		0.000	%		508,595		—
iHeartCommunications, Inc. Tranche D Term Loan(a)(b) 01/30/19		7.178	%		7,958,970		5,260,163
Total							40,619,065
METALS 1.0%
Alpha Natural Resources, Inc. Tranche B Term Loan(a)(b) 05/22/20		3.500	%		2,174,937		759,684
Arch Coal, Inc. Term Loan(a)(b) 05/16/18		6.250	%		2,914,224		858,880
FMG Resources August 2006 Proprietary Ltd. Term Loan(a)(b) 06/30/19		4.250	%		4,523,309		3,124,475
Fairmount Minerals Ltd. Tranche B2 Term Loan(a)(b) 09/05/19		4.500	%		1,994,898		895,709
Foresight Energy LLC Term Loan(a)(b) 08/21/20		5.500	%		1,109,500		848,768
Noranda Aluminum Acquisition Corp. Tranche B Term Loan(a)(b) 02/28/19		5.750	%		923,611		271,542
Novelis, Inc. Term Loan(a)(b) 06/02/22		4.000	%		1,800,081		1,662,824
Total							8,421,882

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

Semiannual Report 2016
11

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
MIDSTREAM 0.1%
Southcross Energy Partner Term Loan(a)(b) 08/04/21		5.250	%		1,797,625		814,917
OIL FIELD SERVICES 0.3%
Drillships Ocean Ventures, Inc. Term Loan(a)(b) 07/25/21		5.500	%		1,625,250		631,133
Fieldwood Energy LLC 2nd Lien Term Loan(a)(b) 09/30/20		8.375	%		492,611		79,227
McJunkin Red Man Corp. Term Loan(a)(b) 11/08/19		4.750	%		2,086,686		1,857,151
Total							2,567,511
OTHER FINANCIAL INSTITUTIONS 0.7%
IG Investments Holdings LLC Tranche B Term Loan(a)(b) 10/31/21		6.000	%		2,999,208		2,971,706
Moneygram International, Inc. Term Loan(a)(b) 03/27/20		4.250	%		734,997		671,295
Vantiv LLC Tranche B Term Loan(a)(b) 06/13/21		3.750	%		2,126,411		2,116,842
Total							5,759,843
OTHER INDUSTRY 1.4%
AECOM Technology Corp. Tranche B Term Loan(a)(b) 10/15/21		3.750	%		477,230		477,349
ATI Acquisition Co.(a)(b)(e)(f)(g)(h) Term Loan 12/30/15		0.000	%		586,404		—
Tranche B Term Loan 12/30/14		0.000	%		1,165,105		—
Harland Clarke Holdings Corp.(a)(b) Tranche B3 Term Loan 05/22/18		7.000	%		1,289,062		1,216,011
Tranche B4 Term Loan 08/04/19		6.000	%		950,000		889,837
Hillman Group, Inc. (The) Term Loan(a)(b) 06/30/21		4.500	%		2,487,125		2,383,487
Sensus U.S.A., Inc.(a)(b) 1st Lien Term Loan 05/09/17		4.500	%		3,842,256		3,669,354
2nd Lien Term Loan 05/09/18		8.500	%		2,925,000		2,837,250
Total							11,473,288

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
OTHER REIT 0.3%
DTZ US Borrower LLC(a)(b) 1st Lien Term Loan 11/04/21		4.250	%		1,119,375		1,084,865
2nd Lien Term Loan 11/04/22		9.250	%		1,000,000		986,670
Total							2,071,535
OTHER UTILITY 0.2%
Sandy Creek Energy Associates LP Term Loan(a)(b) 11/09/20		5.000	%		3,091,801		1,941,651
PACKAGING 3.6%
Ardagh Holdings USA, Inc. Term Loan(a)(b) 12/17/19		4.000	%		1,645,687		1,628,720
BWAY Intermediate Co., Inc. Term Loan(a)(b) 08/14/20		5.500	%		2,511,750		2,353,208
Berry Plastics Corp.(a)(b) Tranche E Term Loan 01/06/21		3.750	%		3,661,307		3,615,174
Tranche F Term Loan 10/03/22		4.000	%		146,053		145,271
Consolidated Container Co. LLC Term Loan(a)(b) 07/03/19		5.000	%		2,418,750		2,181,616
Kleopatra Acquisition Co. Term Loan(a)(b) 04/28/20		5.000	%		769,189		766,627
Kleopatra Acquisition Corp. Term Loan(a)(b) 04/28/20		5.000	%		1,799,901		1,793,908
Mauser Holding SARL 2nd Lien Term Loan(a)(b) 07/31/22		8.750	%		2,000,000		1,680,000
Packaging Coordinators, Inc. Tranche B 1st Lien Term Loan(a)(b) 08/01/21		5.250	%		1,607,913		1,589,824
Printpack Holdings, Inc.(a)(b) 1st Lien Term Loan 05/29/20		6.000	%		1,182,000		1,174,613
2nd Lien Term Loan 05/28/21		9.750	%		1,000,000		965,000
ProAmpac Holdings, Inc. 1st Lien Term Loan(a)(b) 08/18/22		5.750	%		1,174,713		1,145,345

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

Semiannual Report 2016
12

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Prolampac Holdings, Inc. 2nd Lien Term Loan(a)(b) 08/06/23		9.250	%		2,000,000		1,760,000
Ranpack Corp. Tranche B1 Term Loan(a)(b) 10/01/21		4.250	%		946,923		935,086
Reynolds Group Holdings, Inc. Term Loan(a)(b) 12/01/18		4.500	%		4,458,919		4,433,458
SIG Combibloc Holdings SCA Term Loan(a)(b) 03/11/22		4.250	%		1,538,375		1,519,530
Signode Industrial Group SA Tranche B Term Loan(a)(b) 05/01/21		3.750	%		2,253,611		2,152,199
Total							29,839,579
PAPER 0.4%
Caraustar Industries, Inc. Term Loan(a)(b) 05/01/19		8.000	%		3,165,265		3,101,960
PHARMACEUTICALS 2.4%
Akorn, Inc. Term Loan(a)(b) 04/16/21		6.000	%		1,802,187		1,757,133
Atrium Innovations, Inc.(a)(b) 2nd Lien Term Loan 08/13/21		7.750	%		1,000,000		855,000
Tranche B1 1st Lien Term Loan 02/15/21		4.250	%		1,596,562		1,472,829
Catalent Pharma Solutions, Inc. Term Loan(a)(b) 05/20/21		4.250	%		2,845,885		2,829,692
Endo Finance Co. I SARL Tranche B Term Loan(a)(b) 09/26/22		3.750	%		1,825,000		1,800,764
Pharmaceutical Product Development, Inc. Term Loan(a)(b) 08/18/22		4.250	%		3,308,375		3,241,513
Royalty Pharma Finance Tranche B4 Term Loan(a)(b) 11/09/20		3.500	%		4,727,900		4,712,534
Valeant Pharmaceuticals International, Inc.(a)(b) Tranche B-C2 Term Loan 12/11/19		3.750	%		1,705,587		1,640,024
Tranche B-D2 Term Loan 02/13/19		3.500	%		1,231,647		1,183,403
Tranche B-E1 Term Loan 08/05/20		3.750	%		388,590		373,046
Total							19,865,938

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
PROPERTY & CASUALTY 1.3%
Alliant Holdings Intermediate LLC Term Loan(a)(b) 08/12/22		4.500	%		2,014,252		1,943,753
Asurion LLC(a)(b) 2nd Lien Term Loan 03/03/21		8.500	%		1,725,000		1,451,467
Tranche B1 Term Loan 05/24/19		5.000	%		908,191		853,137
Tranche B4 Term Loan 08/04/22		5.000	%		3,706,375		3,380,214
Hub International Ltd. Term Loan(a)(b) 10/02/20		4.000	%		2,976,767		2,848,140
Total							10,476,711
REFINING 0.1%
Seadrill Operating LP Term Loan(a)(b) 02/21/21		4.000	%		2,189,202		869,113
RESTAURANTS 0.5%
Burger King Corp. Tranche B2 Term Loan(a)(b) 12/10/21		3.750	%		3,775,780		3,750,143
RETAILERS 8.3%
Academy Ltd. Term Loan(a)(b) 07/01/22		5.000	%		4,468,404		4,274,788
BJ's Wholesale Club, Inc. 1st Lien Term Loan(a)(b) 09/26/19		4.500	%		2,077,640		1,968,564
Bass Pro Group LLC Term Loan(a)(b) 06/05/20		4.000	%		2,141,620		2,045,247
Blue Buffalo Company Ltd. Tranche B3 Term Loan(a)(b) 08/08/19		3.750	%		3,634,986		3,625,898
Burlington Coat Factory Warehouse Corp. Tranche B3 Term Loan(a)(b) 08/13/21		4.250	%		4,158,293		4,126,233
David's Bridal, Inc. Term Loan(a)(b) 10/11/19		5.250	%		3,571,857		3,041,186
Dollar Tree, Inc.(a)(b) Tranche B1 Term Loan 07/06/22		3.500	%		2,191,556		2,182,877
Tranche B2 Term Loan 07/06/22		4.250	%		1,750,000		1,741,250

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

Semiannual Report 2016
13

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
General Nutrition Centers, Inc. Tranche B Term Loan(a)(b) 03/04/19		3.250	%		5,570,268		5,403,160
Gymboree Corp. (The) Term Loan(a)(b) 02/23/18		5.000	%		2,000,000		1,046,820
Hudson's Bay Co. Term Loan(a)(b) 09/30/22		4.750	%		691,244		688,652
J. Crew Group, Inc. Term Loan(a)(b) 03/05/21		4.000	%		3,994,676		2,696,406
J.C. Penney Corp., Inc. Term Loan(a)(b) 05/22/18		6.000	%		6,842,366		6,679,860
Jo-Ann Stores, Inc. Tranche B Term Loan(a)(b) 03/16/18		4.000	%		1,349,251		1,251,430
Leslie's Poolmart, Inc. Tranche B Term Loan(a)(b)(h)(i) 10/16/19		4.250	%		—		—
Men's Wearhouse, Inc. (The) Tranche B Term Loan(a)(b) 06/18/21		4.500	%		955,551		857,607
Michaels Stores, Inc. Tranche B Term Loan(a)(b) 01/28/20		3.750	%		4,649,297		4,583,044
Neiman Marcus Group, Inc. (The) Term Loan(a)(b) 10/25/20		4.250	%		3,102,809		2,687,250
Pep Boys-Manny, Moe & Jack (The) Term Loan(a)(b) 10/11/18		5.500	%		3,005,499		3,001,742
PetCo Animal Supplies, Inc. Term Loan(a)(b)(h)(i) 11/24/17		4.000	%		—		—
PetSmart, Inc. Tranche B1 Term Loan(a)(b) 03/11/22		4.250	%		3,250,437		3,144,799
Pilot Travel Centers LLC Tranche B Term Loan(a)(b) 10/01/21		3.750	%		2,476,669		2,476,050
Raley's Term Loan(a)(b) 05/18/22		7.250	%		2,656,875		2,630,306
Rite Aid Corp.(a)(b) Tranche 1 2nd Lien Term Loan 08/21/20		5.750	%		1,950,000		1,950,000
Tranche 2 2nd Lien Term Loan 06/21/21		4.875	%		1,900,000		1,893,350

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Sports Authority, Inc. (The) Tranche B Term Loan(a)(b)(g) 11/16/17		7.500	%		1,863,367		265,530
Staples, Inc. 1st Lien Term Loan(a)(b)(c) 11/10/21		3.500	%		4,200,000		4,165,896
Total							68,427,945
SUPERMARKETS 0.7%
Albertson's LLC(a)(b) Tranche B2 Term Loan 03/21/19		5.500	%		2,786,354		2,756,930
Tranche B4 Term Loan 08/25/21		5.500	%		1,315,062		1,285,171
Crossmark Holdings, Inc. 1st Lien Term Loan(a)(b) 12/20/19		4.500	%		2,359,927		1,677,908
Total							5,720,009
TECHNOLOGY 12.5%
Applied Systems, Inc.(a)(b) 1st Lien Term Loan 01/25/21		4.250	%		1,904,458		1,864,674
2nd Lien Term Loan 01/24/22		7.500	%		1,000,000		919,000
Avago Technologies Ltd.(a)(b) Term Loan 05/06/21		3.750	%		5,550,640		5,541,981
Avago Technologies Ltd.(a)(b)(c) Tranche B1 Term Loan 12/01/22		4.250	%		6,000,000		5,899,680
Avaya, Inc.(a)(b) Tranche B6 Term Loan 03/31/18		6.500	%		1,950,483		1,465,027
Tranche B7 Term Loan 05/29/20		6.250	%		973,811		650,544
BMC Software Finance, Inc. Term Loan(a)(b) 09/10/20		5.000	%		4,511,546		3,598,770
Blue Coat Systems, Inc. Term Loan(a)(b) 05/20/22		4.500	%		1,246,875		1,201,987
CDW LLC Term Loan(a)(b) 04/29/20		3.250	%		3,448,713		3,383,187
Cirque Du Soleil, Inc. 2nd Lien Term Loan(a)(b) 07/10/23		9.250	%		3,000,000		2,760,000

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

Semiannual Report 2016
14

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
CommScope, Inc. Tranche 5 Term Loan(a)(b) 12/29/22		3.827	%		1,795,500		1,782,034
Computer Sciences Government Services, Inc. Tranche B Term Loan(a)(b) 11/28/22		3.750	%		1,700,000		1,696,821
Dell International LLC(a)(b) Tranche B2 Term Loan 04/29/20		4.000	%		4,238,683		4,224,780
Tranche C Term Loan 10/29/18		3.750	%		687,214		685,496
EVERTEC Group LLC Tranche B Term Loan(a)(b) 04/17/20		3.250	%		1,608,750		1,530,323
First Data Corp.(a)(b) Term Loan 03/23/18		3.927	%		3,393,261		3,345,891
07/08/22		4.177	%		1,200,000		1,176,300
Go Daddy Operating Co. LLC Term Loan(a)(b) 05/13/21		4.250	%		4,664,790		4,633,443
Greeneden U.S. Holdings II LLC Term Loan(a)(b) 02/08/20		4.000	%		1,222,571		1,187,423
IPC Corp. Tranche B1 1st Lien Term Loan(a)(b) 08/06/21		5.500	%		1,980,025		1,836,473
Infogroup, Inc. Tranche B Term Loan(a)(b) 05/26/18		7.000	%		3,493,007		3,270,328
Infor US, Inc. Tranche B5 Term Loan(a)(b) 06/03/20		3.750	%		3,708,604		3,487,015
Informatica Corp. Term Loan(a)(b) 08/05/22		4.500	%		2,992,500		2,851,852
Information Resources, Inc. Term Loan(a)(b) 09/30/20		4.750	%		3,299,062		3,290,815
MA FinanceCo LLC Tranche B Term Loan(a)(b) 11/19/21		5.250	%		3,936,838		3,848,259
Microsemi Corp.(a)(b) Tranche B Term Loan 01/15/23		5.250	%		2,825,000		2,805,931
Microsemi Corp.(a)(b)(h)(i) Term Loan 02/19/20		3.250	%		—		—

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Mitel US Holdings, Inc. Term Loan(a)(b) 04/29/22		5.500	%		2,584,227		2,576,966
NXP BV/Funding LLC Tranche B Term Loan(a)(b) 12/07/20		3.750	%		2,825,000		2,817,937
OpenLink International, Inc. Term Loan(a)(b) 10/30/17		6.250	%		894,367		883,188
RP Crown Parent LLC(a)(b) 1st Lien Term Loan 12/21/18		6.000	%		3,808,035		3,334,734
2nd Lien Term Loan 12/21/19		11.250	%		2,000,000		1,566,000
Riverbed Technology, Inc. Term Loan(a)(b) 04/25/22		6.000	%		1,612,813		1,595,346
Rovi Solutions Corp./Guides, Inc. Tranche B Term Loan(a)(b) 07/02/21		3.750	%		2,659,500		2,512,669
SAIC, Inc. Tranche B Term Loan(a)(b) 05/04/22		3.750	%		1,981,982		1,980,753
SCS Holdings I, Inc. 1st Lien Term Loan(a)(b) 10/30/22		6.000	%		1,705,618		1,680,034
SS&C European Holdings SARL Tranche B2 Term Loan(a)(b) 07/08/22		4.018	%		296,439		294,957
SS&C Technologies, Inc. Tranche B1 Term Loan(a)(b) 07/08/22		4.007	%		2,063,229		2,052,913
Sensata Technologies BV Term Loan(a)(b) 10/14/21		3.000	%		994,987		977,884
Syniverse Holdings, Inc.(a)(b) Term Loan 04/23/19		4.000	%		1,015,635		690,632
Tranche B Term Loan 04/23/19		4.000	%		1,939,043		1,302,804
TTM Technologies, Inc. Tranche B Term Loan(a)(b) 05/31/21		6.000	%		2,487,500		2,067,734
TransUnion LLC Tranche B2 Term Loan(a)(b) 04/09/21		3.500	%		2,468,376		2,381,094
Verint Systems, Inc. Tranche B Term Loan(a)(b) 09/06/19		3.500	%		1,281,292		1,276,487

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

Semiannual Report 2016
15

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Senior Loans (continued)

Borrower	Weighted Average Coupon			Principal Amount ($)		Value ($)
Zebra Technologies Corp. Term Loan(a)(b) 10/27/21		4.750	%		3,700,000		3,698,668
Total							102,628,834
TRANSPORTATION SERVICES 0.9%
Avis Budget Car Rental LLC Tranche B Term Loan(a)(b) 03/15/19		3.000	%		3,856,028		3,842,378
Hertz Corp. (The)(a)(b) Letter of Credit 03/11/18		3.750	%		2,825,000		2,768,500
Tranche B2 Term Loan 03/11/18		3.000	%		471,748		465,497
Total							7,076,375
WIRELESS 1.0%
Cequel Communications LLC Term Loan(a)(b) 02/14/19		3.813	%		3,292,582		3,223,635
SBA Senior Finance II LLC Tranche B1 Term Loan(a)(b) 03/24/21		3.250	%		1,029,814		1,011,679
Telesat Canada Tranche B2 Term Loan(a)(b) 03/28/19		3.500	%		3,976,808		3,897,272
Total							8,132,586
WIRELINES 1.9%
Integra Telecom Holdings, Inc.(a)(b) Tranche B1 2nd Lien Term Loan 02/12/21		9.750	%		1,764,159		1,709,029
Tranche B1 Term Loan 08/14/20		5.250	%		2,643,480		2,521,219
Level 3 Financing, Inc.(a)(b) Tranche B Term Loan 01/15/20		4.000	%		3,000,000		2,992,500
Tranche B3 Term Loan 08/01/19		4.000	%		2,000,000		1,995,500
Southwire Co. LLC Term Loan(a)(b) 02/10/21		3.250	%		1,596,563		1,530,034
Windstream Services, LLC Tranche B5 Term Loan(a)(b) 08/08/19		3.500	%		1,548,400		1,503,109
Zayo Group LLC(a)(b) Term Loan 05/06/21		3.750	%		3,024,211		2,976,973
05/06/21		4.500	%		400,000		400,252
Total							15,628,616
Total Senior Loans (Cost: $821,496,717)							753,880,030

Corporate Bonds & Notes 2.2%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
CHEMICALS 0.1%
INEOS Group Holdings SA(j) 08/15/18		6.125	%		1,000,000		998,750
CONSUMER PRODUCTS 0.4%
Alphabet Holding Co., Inc. PIK 11/01/17		7.750	%		3,181,000		3,109,427
FOOD AND BEVERAGE 0.3%
Dole Food Co, Inc.(j) 05/01/19		7.250	%		2,000,000		1,960,000
GAMING 0.1%
Tunica-Biloxi Gaming Authority(e)(j) 05/15/16		0.000	%		2,105,000		1,036,713
HEALTH CARE 0.5%
HCA, Inc. 10/01/18		8.000	%		960,000		1,075,200
IASIS Healthcare LLC/Capital Corp. 05/15/19		8.375	%		3,000,000		2,812,500
Total							3,887,700
INDEPENDENT ENERGY —%
Linn Energy LLC/Finance Corp. 04/15/20		8.625	%		2,000,000		300,000
MEDIA AND ENTERTAINMENT 0.3%
Radio One, Inc.(j) 02/15/20		9.250	%		3,000,000		2,370,000
PACKAGING 0.2%
Reynolds Group Issuer, Inc./LLC 05/15/18		8.500	%		2,000,000		1,930,000
RETAILERS 0.3%
Jo-Ann Stores LLC(j) 03/15/19		8.125	%		3,000,000		2,415,000
Total Corporate Bonds & Notes (Cost: $22,283,803)							18,007,590

Common Stocks 2.1%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 1.1%
Auto Components 0.1%
Delphi Automotive PLC		11,178		725,899
Automobiles —%
Dayco/Mark IV(k)		2,545		92,256

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

Semiannual Report 2016
16

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Diversified Consumer Services —%
Houghton Mifflin Harcourt Co.(k)		18,619		332,163
Household Durables —%
Rhodes Companies LLC (The)(f)(g)(h)		109,053		—
Media 1.0%
Cengage Learning, Inc.(k)		77,986		1,520,727
Media News Group(k)		10,513		341,673
MGM Holdings II, Inc.(k)		68,207		5,115,525
Star Tribune Co. (The)(f)(g)(h)(k)		1,098		—
Tribune Media Co.		29,872		984,282
Tribune Publishing Co.		4,413		41,218
Total				8,003,425
Total Consumer Discretionary				9,153,743
INFORMATION TECHNOLOGY —%
Software —%
Physical Eagle Topco Ltd.(f)(g)(h)(k)		194,303		—
Total Information Technology				—
MATERIALS 0.9%
Chemicals 0.8%
LyondellBasell Industries NV, Class A		91,857		7,162,090
Metals & Mining 0.1%
Aleris International, Inc.(k)		16,833		488,157
Total Materials				7,650,247

Common Stocks (continued)

Issuer	Shares		Value ($)
TELECOMMUNICATION SERVICES 0.1%
Diversified Telecommunication Services 0.1%
Hawaiian Telcom Holdco, Inc.(k)		15,044		358,950
Total Telecommunication Services				358,950
Total Common Stocks (Cost: $11,307,604)				17,162,940

Fixed-Income Funds 0.5%

	Shares		Value ($)
FLOATING RATE 0.1%
Nuveen Floating Rate Income Fund		35,589		350,196
HIGH YIELD 0.2%
Blackstone/GSO Strategic Credit Fund		146,297		1,887,231
MULTISECTOR 0.2%
Invesco Dynamic Credit Opportunities Fund		164,192		1,669,833

Total Fixed-Income Funds
(Cost: $5,181,831) 3,907,260

Money Market Funds 2.7%

Columbia Short-Term Cash Fund, 0.360%(l)(m)	22,078,653	22,078,653
Total Money Market Funds (Cost: $22,078,653)		22,078,653
Total Investments (Cost: $882,348,608)		815,036,473
Other Assets & Liabilities, Net		4,457,984
Net Assets		819,494,457

Notes to Portfolio of Investments

(a)  Variable rate security.

(b)  Senior loans have interest rates that float periodically based primarily on the London Interbank Offered Rate ("LIBOR") and other short-term rates. The interest rate shown reflects the weighted average coupon as of January 31, 2016. The interest rate shown for senior loans purchased on a when-issued or delayed delivery basis, if any, reflects an estimated average coupon. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted.

(c)  Security, or a portion thereof, has been purchased on a when-issued or delayed delivery basis.

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

(e)  Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At January 31, 2016, the value of these securities amounted to $1,104,588, which represents 0.13% of net assets.

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

Semiannual Report 2016
17

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Notes to Portfolio of Investments (continued)

(f)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2016, the value of these securities amounted to $77,163, which represents 0.01% of net assets.

(g)  Identifies securities considered by the Investment Manager to be illiquid and may be difficult to sell. The aggregate value of such securities at January 31, 2016 was $265,530, which represents 0.03% of net assets. Information concerning such security holdings at January 31, 2016 is as follows:

Security Description	Acquisition Dates	Cost ($)
ATI Acquisition Co. Term Loan 12/30/15 0.000%	12/23/2009 - 07/13/2012		497,832
ATI Acquisition Co. Tranche B Term Loan 12/30/14 0.000%	12/23/2009 - 04/08/2015		751,053
HIBU Connect SA, Sociedad Unipersonal Term Loan 03/03/19 0.000%	03/06/2014		2,413
Physical Eagle Topco Ltd.	03/06/2014		—
Rhodes Companies LLC (The)	02/22/2006 - 01/08/2010		167,159
Sport Authority, Inc. (The) Tranche B Term Loan 11/16/17 7.500%	03/22/2012		1,841,536
Star Tribune Co. (The)	02/16/2012		—
YH Ltd. Tranche B2 Term Loan PIK 03/01/24 0.000%	03/06/2014 - 03/23/2015		153,942

(h)  Negligible market value.

(i)  Represents fractional shares.

(j)  Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund's Board of Trustees. At January 31, 2016, the value of these securities amounted to $8,780,463 or 1.07% of net assets.

(k)  Non-income producing investment.

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

(m)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended January 31, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		66,955,098		98,916,889		(143,793,334	)		22,078,653		32,903		22,078,653

Abbreviation Legend

PIK    Payment-in-Kind

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

Semiannual Report 2016
18

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

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.

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

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

Semiannual Report 2016
19

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

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

	Level 1 Quoted Prices in Active Assets ($)		Level 2 Markets for Identical Observable Inputs ($)		Level 3 Other Significant Unobservable Inputs ($)			Significant Total ($)
Investments
Senior Loans		—		701,780,813		52,099,217			753,880,030
Corporate Bonds & Notes		—		18,007,590		—			18,007,590
Common Stocks
Consumer Discretionary		2,083,562		7,070,181		—			9,153,743
Information Technology		—		—		0	(a)		0	(a)
Materials		7,162,090		488,157		—			7,650,247
Telecommunication Services		358,950		—		—			358,950
Total Common Stocks		9,604,602		7,558,338		0	(a)		17,162,940
Fixed-Income Funds		3,907,260		—		—			3,907,260
Money Market Funds		—		22,078,653		—			22,078,653
Total Investments		13,511,862		749,425,394		52,099,217			815,036,473

(a) Rounds to zero.

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

The Fund's assets assigned to the Level 2 input category are valued based upon utilizing observable market inputs, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets and/or fund per share market values which are not considered publicly available.

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

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

Transfers In				Transfers Out
Level 1 ($)		Level 2 ($)		Level 1 ($)		Level 2 ($)
	—		66,955,098		66,955,098		—

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

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

	Senior Loans ($)			Common Stocks ($)			Total ($)
Balance as of July 31, 2015		71,091,435			772,054			71,863,489
Increase (decrease) in accrued discounts/premiums		24,300			—			24,300
Realized gain (loss)		81,903			900			82,803
Change in unrealized appreciation (depreciation)(a)		(2,359,694	)		8,895			(2,350,799	)
Sales		(11,185,598	)		(13,585	)		(11,199,183	)
Transfers into Level 3		28,338,609			—			28,338,609
Transfers out of Level 3		(33,891,738	)		(768,264	)		(34,660,002	)
Balance as of January 31, 2016		52,099,217			—			52,099,217

(a) Change in unrealized appreciation (depreciation) relating to securities held at January 31, 2016 was $(2,319,552), which is comprised of Senior Loans of $(2,319,552).

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

Semiannual Report 2016
20

COLUMBIA FLOATING RATE FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

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

Financial Assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, Management concluded that the market input(s) were generally unobservable.

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

Financial assets were transferred from Level 3 to Level 1 as the market for these assets was deemed to be active during the period and fair values were consequently obtained using quoted prices for identical assets rather than being based upon other unobservable market inputs as of period end.

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

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

Semiannual Report 2016
21

COLUMBIA FLOATING RATE FUND

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2016 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $860,269,955)	$	792,957,820
Affiliated issuers (identified cost $22,078,653)		22,078,653
Total investments (identified cost $882,348,608)		815,036,473
Cash		4,795,959
Receivable for:
Investments sold on a delayed delivery basis		10,303,444
Capital shares sold		3,138,326
Dividends		9,924
Interest		3,486,868
Expense reimbursement due from Investment Manager		1,187
Prepaid expenses		3,165
Other assets		35,466
Total assets		836,810,812
Liabilities
Payable for:
Investments purchased on a delayed delivery basis		11,785,000
Capital shares purchased		2,360,836
Dividend distributions to shareholders		2,939,779
Investment management fees		14,452
Distribution and/or service fees		5,873
Transfer agent fees		80,747
Compensation of board members		45,059
Other expenses		84,609
Total liabilities		17,316,355
Net assets applicable to outstanding capital stock	$	819,494,457
Represented by
Paid-in capital	$	956,600,561
Excess of distributions over net investment income		(476,972	)
Accumulated net realized loss		(69,316,997	)
Unrealized appreciation (depreciation) on:
Investments		(67,312,135	)
Total — representing net assets applicable to outstanding capital stock	$	819,494,457

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

Semiannual Report 2016
22

COLUMBIA FLOATING RATE FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016 (Unaudited)

Class A
Net assets	$	474,337,510
Shares outstanding		55,807,751
Net asset value per share	$	8.50
Maximum offering price per share(a)	$	8.76
Class B
Net assets	$	1,461,301
Shares outstanding		171,816
Net asset value per share	$	8.51
Class C
Net assets	$	92,436,026
Shares outstanding		10,873,466
Net asset value per share	$	8.50
Class I
Net assets	$	117,512,281
Shares outstanding		13,830,714
Net asset value per share	$	8.50
Class K
Net assets	$	15,268
Shares outstanding		1,793
Net asset value per share	$	8.52
Class R
Net assets	$	5,437,115
Shares outstanding		639,128
Net asset value per share	$	8.51
Class R4
Net assets	$	14,788,410
Shares outstanding		1,743,290
Net asset value per share	$	8.48
Class R5
Net assets	$	20,413,321
Shares outstanding		2,392,802
Net asset value per share	$	8.53
Class W
Net assets	$	2,307
Shares outstanding		271
Net asset value per share	$	8.51
Class Y
Net assets	$	9,321
Shares outstanding		1,096
Net asset value per share	$	8.50
Class Z
Net assets	$	93,081,597
Shares outstanding		10,966,398
Net asset value per share	$	8.49

(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 3.00%.

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

Semiannual Report 2016
23

COLUMBIA FLOATING RATE FUND

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2016 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	344,299
Dividends — affiliated issuers		32,903
Interest		21,879,842
Foreign taxes withheld		(23	)
Total income		22,257,021
Expenses:
Investment management fees		2,874,245
Distribution and/or service fees
Class A		638,671
Class B		10,138
Class C		486,302
Class R		12,373
Class W		3
Transfer agent fees
Class A		335,870
Class B		1,330
Class C		63,955
Class K		4
Class R		3,259
Class R4		8,966
Class R5		10,503
Class W		2
Class Z		63,991
Plan administration fees
Class K		20
Compensation of board members		8,713
Custodian fees		76,328
Printing and postage fees		48,320
Registration fees		73,893
Audit fees		17,055
Legal fees		6,229
Other		13,684
Total expenses		4,753,854
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(144,733	)
Total net expenses		4,609,121
Net investment income		17,647,900
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(3,014,720	)
Foreign currency translations		(124	)
Net realized loss		(3,014,844	)
Net change in unrealized appreciation (depreciation) on:
Investments		(50,693,658	)
Net change in unrealized depreciation		(50,693,658	)
Net realized and unrealized loss		(53,708,502	)
Net decrease in net assets from operations	$	(36,060,602	)

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

Semiannual Report 2016
24

COLUMBIA FLOATING RATE FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015(a)
Operations
Net investment income	$	17,647,900		$	37,493,860
Net realized loss		(3,014,844	)		(2,219,069	)
Net change in unrealized depreciation		(50,693,658	)		(21,503,947	)
Net increase (decrease) in net assets resulting from operations		(36,060,602	)		13,770,844
Distributions to shareholders
Net investment income
Class A		(10,419,282	)		(22,795,851	)
Class B		(33,421	)		(143,852	)
Class C		(1,618,151	)		(3,444,698	)
Class I		(2,782,330	)		(4,222,976	)
Class K		(321	)		(768	)
Class R		(95,330	)		(135,392	)
Class R4		(296,310	)		(389,842	)
Class R5		(913,041	)		(1,849,009	)
Class W		(48	)		(94	)
Class Y		(213	)		(71	)
Class Z		(2,110,016	)		(4,497,916	)
Total distributions to shareholders		(18,268,463	)		(37,480,469	)
Decrease in net assets from capital stock activity		(87,461,486	)		(124,100,661	)
Total decrease in net assets		(141,790,551	)		(147,810,286	)
Net assets at beginning of period		961,285,008			1,109,095,294
Net assets at end of period	$	819,494,457		$	961,285,008
Undistributed (excess of distributions over) net investment income	$	(476,972	)	$	143,591

(a) Class Y shares are based on operations from June 1, 2015 (commencement of operations) through the stated period end.

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

Semiannual Report 2016
25

COLUMBIA FLOATING RATE FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		5,391,650			47,317,209			12,973,940			118,004,716
Distributions reinvested		1,144,004			9,988,433			2,388,678			21,706,535
Redemptions		(12,384,563	)		(108,758,707	)		(29,155,948	)		(265,082,901	)
Net decrease		(5,848,909	)		(51,453,065	)		(13,793,330	)		(125,371,650	)
Class B shares
Subscriptions		1,916			16,971			24,280			221,398
Distributions reinvested		3,767			32,954			15,440			140,493
Redemptions(b)		(115,310	)		(1,008,658	)		(490,966	)		(4,458,433	)
Net decrease		(109,627	)		(958,733	)		(451,246	)		(4,096,542	)
Class C shares
Subscriptions		1,165,873			10,258,729			1,733,920			15,790,601
Distributions reinvested		164,785			1,438,403			334,724			3,041,888
Redemptions		(1,625,142	)		(14,219,811	)		(4,678,047	)		(42,494,862	)
Net decrease		(294,484	)		(2,522,679	)		(2,609,403	)		(23,662,373	)
Class I shares
Subscriptions		20,114			175,590			7,023,410			63,395,045
Distributions reinvested		318,850			2,782,277			464,936			4,222,871
Redemptions		(1,300,143	)		(11,384,096	)		(518,448	)		(4,716,937	)
Net increase (decrease)		(961,179	)		(8,426,229	)		6,969,898			62,900,979
Class K shares
Distributions reinvested		31			273			74			674
Redemptions		—			—			(1,189	)		(10,803	)
Net increase (decrease)		31			273			(1,115	)		(10,129	)
Class R shares
Subscriptions		363,033			3,187,655			345,467			3,151,960
Distributions reinvested		5,645			49,394			10,561			95,945
Redemptions		(175,295	)		(1,528,111	)		(172,942	)		(1,570,410	)
Net increase		193,383			1,708,938			183,086			1,677,495
Class R4 shares
Subscriptions		751,221			6,621,867			513,607			4,671,019
Distributions reinvested		34,065			296,186			42,919			389,232
Redemptions		(286,466	)		(2,504,986	)		(370,202	)		(3,366,594	)
Net increase		498,820			4,413,067			186,324			1,693,657

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

Semiannual Report 2016
26

COLUMBIA FLOATING RATE FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		1,261,115			11,117,156			2,478,627			22,590,568
Distributions reinvested		103,417			907,701			202,401			1,845,495
Redemptions		(4,073,659	)		(35,312,822	)		(2,479,364	)		(22,632,402	)
Net increase (decrease)		(2,709,127	)		(23,287,965	)		201,664			1,803,661
Class Y shares
Subscriptions		—			—			1,096			10,000
Net increase		—			—			1,096			10,000
Class Z shares
Subscriptions		3,173,039			27,624,529			6,740,235			61,294,146
Distributions reinvested		173,296			1,510,928			362,383			3,288,149
Redemptions		(4,125,163	)		(36,070,550	)		(11,391,729	)		(103,628,054	)
Net decrease		(778,828	)		(6,935,093	)		(4,289,111	)		(39,045,759	)
Total net decrease		(10,009,920	)		(87,461,486	)		(13,602,137	)		(124,100,661	)

(a) Class Y shares are based on operations from June 1, 2015 (commencement of operations) through the stated period end.

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

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

Semiannual Report 2016
27

COLUMBIA FLOATING RATE FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended January 31, 2016			Year Ended July 31,
Class A	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	9.03		$	9.24		$	9.20		$	8.90		$	8.96		$	8.54
Income from investment operations:
Net investment income		0.17			0.35			0.33			0.36			0.42			0.41
Net realized and unrealized gain (loss)		(0.52	)		(0.21	)		0.04			0.31			(0.05	)		0.41
Total from investment operations		(0.35	)		0.14			0.37			0.67			0.37			0.82
Less distributions to shareholders:
Net investment income		(0.18	)		(0.35	)		(0.33	)		(0.37	)		(0.43	)		(0.40	)
Total distributions to shareholders		(0.18	)		(0.35	)		(0.33	)		(0.37	)		(0.43	)		(0.40	)
Net asset value, end of period	$	8.50		$	9.03		$	9.24		$	9.20		$	8.90		$	8.96
Total return		(3.93	%)		1.58	%		4.10	%		7.60	%		4.36	%		9.65	%
Ratios to average net assets(a)
Total gross expenses		1.08	%(b)		1.07	%		1.07	%		1.11	%		1.14	%(c)		1.10	%
Total net expenses(d)		1.04	%(b)		1.05	%(e)		1.06	%(e)		1.09	%		1.11	%(c)(e)		1.08	%
Net investment income		3.95	%(b)		3.87	%		3.62	%		3.92	%		4.73	%		4.59	%
Supplemental data
Net assets, end of period (in thousands)	$	474,338		$	556,853		$	697,138		$	565,254		$	337,242		$	419,157
Portfolio turnover		6	%		36	%		57	%		85	%		42	%		69	%

Notes to Financial Highlights

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

(b)  Annualized.

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

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

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

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

Semiannual Report 2016
28

COLUMBIA FLOATING RATE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class B	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	9.04		$	9.25		$	9.20		$	8.91		$	8.97		$	8.54
Income from investment operations:
Net investment income		0.14			0.28			0.26			0.29			0.35			0.34
Net realized and unrealized gain (loss)		(0.52	)		(0.21	)		0.05			0.30			(0.04	)		0.42
Total from investment operations		(0.38	)		0.07			0.31			0.59			0.31			0.76
Less distributions to shareholders:
Net investment income		(0.15	)		(0.28	)		(0.26	)		(0.30	)		(0.37	)		(0.33	)
Total distributions to shareholders		(0.15	)		(0.28	)		(0.26	)		(0.30	)		(0.37	)		(0.33	)
Net asset value, end of period	$	8.51		$	9.04		$	9.25		$	9.20		$	8.91		$	8.97
Total return		(4.28	%)		0.82	%		3.43	%		6.68	%		3.57	%		8.95	%
Ratios to average net assets(a)
Total gross expenses		1.83	%(b)		1.82	%		1.82	%		1.86	%		1.90	%(c)		1.85	%
Total net expenses(d)		1.79	%(b)		1.80	%(e)		1.81	%(e)		1.84	%		1.86	%(c)(e)		1.83	%
Net investment income		3.17	%(b)		3.11	%		2.86	%		3.19	%		4.00	%		3.86	%
Supplemental data
Net assets, end of period (in thousands)	$	1,461		$	2,543		$	6,774		$	8,668		$	7,287		$	11,337
Portfolio turnover		6	%		36	%		57	%		85	%		42	%		69	%

Notes to Financial Highlights

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

(b)  Annualized.

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

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

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

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

Semiannual Report 2016
29

COLUMBIA FLOATING RATE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class C	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	9.03		$	9.24		$	9.20		$	8.91		$	8.96		$	8.54
Income from investment operations:
Net investment income		0.14			0.28			0.26			0.29			0.35			0.34
Net realized and unrealized gain (loss)		(0.52	)		(0.21	)		0.04			0.30			(0.03	)		0.41
Total from investment operations		(0.38	)		0.07			0.30			0.59			0.32			0.75
Less distributions to shareholders:
Net investment income		(0.15	)		(0.28	)		(0.26	)		(0.30	)		(0.37	)		(0.33	)
Total distributions to shareholders		(0.15	)		(0.28	)		(0.26	)		(0.30	)		(0.37	)		(0.33	)
Net asset value, end of period	$	8.50		$	9.03		$	9.24		$	9.20		$	8.91		$	8.96
Total return		(4.29	%)		0.83	%		3.32	%		6.68	%		3.68	%		8.84	%
Ratios to average net assets(a)
Total gross expenses		1.83	%(b)		1.82	%		1.82	%		1.85	%		1.89	%(c)		1.85	%
Total net expenses(d)		1.79	%(b)		1.80	%(e)		1.81	%(e)		1.84	%		1.86	%(c)(e)		1.83	%
Net investment income		3.20	%(b)		3.12	%		2.87	%		3.14	%		3.96	%		3.83	%
Supplemental data
Net assets, end of period (in thousands)	$	92,436		$	100,881		$	127,321		$	96,164		$	45,449		$	52,578
Portfolio turnover		6	%		36	%		57	%		85	%		42	%		69	%

Notes to Financial Highlights

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

(b)  Annualized.

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

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

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

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

Semiannual Report 2016
30

COLUMBIA FLOATING RATE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class I	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	9.03		$	9.24		$	9.20		$	8.90		$	8.96		$	8.54
Income from investment operations:
Net investment income		0.19			0.39			0.37			0.39			0.45			0.44
Net realized and unrealized gain (loss)		(0.53	)		(0.22	)		0.04			0.31			(0.04	)		0.41
Total from investment operations		(0.34	)		0.17			0.41			0.70			0.41			0.85
Less distributions to shareholders:
Net investment income		(0.19	)		(0.38	)		(0.37	)		(0.40	)		(0.47	)		(0.43	)
Total distributions to shareholders		(0.19	)		(0.38	)		(0.37	)		(0.40	)		(0.47	)		(0.43	)
Net asset value, end of period	$	8.50		$	9.03		$	9.24		$	9.20		$	8.90		$	8.96
Total return		(3.76	%)		1.95	%		4.48	%		8.00	%		4.75	%		10.02	%
Ratios to average net assets(a)
Total gross expenses		0.70	%(b)		0.69	%		0.69	%		0.71	%		0.73	%(c)		0.77	%
Total net expenses(d)		0.69	%(b)		0.69	%		0.69	%		0.71	%		0.73	%(c)		0.74	%
Net investment income		4.30	%(b)		4.24	%		3.97	%		4.30	%		5.09	%		5.00	%
Supplemental data
Net assets, end of period (in thousands)	$	117,512		$	133,548		$	72,256		$	97,880		$	62,786		$	82,844
Portfolio turnover		6	%		36	%		57	%		85	%		42	%		69	%

Notes to Financial Highlights

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

(b)  Annualized.

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

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

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

Semiannual Report 2016
31

COLUMBIA FLOATING RATE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class K	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	9.05		$	9.26		$	9.21		$	8.92		$	8.97		$	8.56
Income from investment operations:
Net investment income		0.18			0.36			0.34			0.37			0.42			0.42
Net realized and unrealized gain (loss)		(0.53	)		(0.21	)		0.05			0.29			(0.03	)		0.40
Total from investment operations		(0.35	)		0.15			0.39			0.66			0.39			0.82
Less distributions to shareholders:
Net investment income		(0.18	)		(0.36	)		(0.34	)		(0.37	)		(0.44	)		(0.41	)
Total distributions to shareholders		(0.18	)		(0.36	)		(0.34	)		(0.37	)		(0.44	)		(0.41	)
Net asset value, end of period	$	8.52		$	9.05		$	9.26		$	9.21		$	8.92		$	8.97
Total return		(3.89	%)		1.65	%		4.28	%		7.55	%		4.56	%		9.62	%
Ratios to average net assets(a)
Total gross expenses		1.00	%(b)		0.99	%		0.98	%		1.01	%		1.03	%(c)		1.07	%
Total net expenses(d)		0.99	%(b)		0.99	%		0.98	%		1.01	%		1.02	%(c)		1.04	%
Net investment income		4.01	%(b)		3.92	%		3.66	%		4.04	%		4.83	%		4.67	%
Supplemental data
Net assets, end of period (in thousands)	$	15		$	16		$	27		$	78		$	129		$	137
Portfolio turnover		6	%		36	%		57	%		85	%		42	%		69	%

Notes to Financial Highlights

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

(b)  Annualized.

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

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

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

Semiannual Report 2016
32

COLUMBIA FLOATING RATE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class R	(Unaudited)			2015			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.04		$	9.25		$	9.21		$	8.91		$	8.97		$	8.64
Income from investment operations:
Net investment income		0.16			0.33			0.31			0.33			0.38			0.32
Net realized and unrealized gain (loss)		(0.52	)		(0.21	)		0.04			0.31			(0.03	)		0.32
Total from investment operations		(0.36	)		0.12			0.35			0.64			0.35			0.64
Less distributions to shareholders:
Net investment income		(0.17	)		(0.33	)		(0.31	)		(0.34	)		(0.41	)		(0.31	)
Total distributions to shareholders		(0.17	)		(0.33	)		(0.31	)		(0.34	)		(0.41	)		(0.31	)
Net asset value, end of period	$	8.51		$	9.04		$	9.25		$	9.21		$	8.91		$	8.97
Total return		(4.04	%)		1.33	%		3.84	%		7.33	%		4.11	%		7.47	%
Ratios to average net assets(b)
Total gross expenses		1.33	%(c)		1.33	%		1.33	%		1.36	%		1.39	%(d)		1.33	%(c)
Total net expenses(e)		1.29	%(c)		1.30	%(f)		1.31	%(f)		1.34	%		1.36	%(d)(f)		1.33	%(c)
Net investment income		3.72	%(c)		3.64	%		3.40	%		3.64	%		4.38	%		4.23	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	5,437		$	4,030		$	2,429		$	891		$	237		$	96
Portfolio turnover		6	%		36	%		57	%		85	%		42	%		69	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

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

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

Semiannual Report 2016
33

COLUMBIA FLOATING RATE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class R4	(Unaudited)			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	9.02		$	9.22		$	9.18		$	9.11
Income from investment operations:
Net investment income		0.18			0.37			0.36			0.14
Net realized and unrealized gain (loss)		(0.53	)		(0.20	)		0.03			0.08
Total from investment operations		(0.35	)		0.17			0.39			0.22
Less distributions to shareholders:
Net investment income		(0.19	)		(0.37	)		(0.35	)		(0.15	)
Total distributions to shareholders		(0.19	)		(0.37	)		(0.35	)		(0.15	)
Net asset value, end of period	$	8.48		$	9.02		$	9.22		$	9.18
Total return		(3.92	%)		1.94	%		4.36	%		2.43	%
Ratios to average net assets(b)
Total gross expenses		0.83	%(c)		0.82	%		0.82	%		0.85	%(c)
Total net expenses(d)		0.79	%(c)		0.80	%(e)		0.81	%(e)		0.84	%(c)
Net investment income		4.22	%(c)		4.12	%		3.89	%		3.91	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	14,788		$	11,219		$	9,759		$	103
Portfolio turnover		6	%		36	%		57	%		85	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

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

Semiannual Report 2016
34

COLUMBIA FLOATING RATE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class R5	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	9.06		$	9.27		$	9.23		$	8.93		$	8.99		$	8.56
Income from investment operations:
Net investment income		0.19			0.38			0.36			0.35			0.44			0.44
Net realized and unrealized gain (loss)		(0.53	)		(0.21	)		0.04			0.35			(0.04	)		0.41
Total from investment operations		(0.34	)		0.17			0.40			0.70			0.40			0.85
Less distributions to shareholders:
Net investment income		(0.19	)		(0.38	)		(0.36	)		(0.40	)		(0.46	)		(0.42	)
Total distributions to shareholders		(0.19	)		(0.38	)		(0.36	)		(0.40	)		(0.46	)		(0.42	)
Net asset value, end of period	$	8.53		$	9.06		$	9.27		$	9.23		$	8.93		$	8.99
Total return		(3.76	%)		1.91	%		4.43	%		7.93	%		4.70	%		9.98	%
Ratios to average net assets(a)
Total gross expenses		0.75	%(b)		0.74	%		0.74	%		0.76	%		0.79	%(c)		0.81	%
Total net expenses(d)		0.74	%(b)		0.74	%		0.74	%		0.76	%		0.79	%(c)		0.79	%
Net investment income		4.22	%(b)		4.19	%		3.93	%		3.95	%		5.04	%		4.94	%
Supplemental data
Net assets, end of period (in thousands)	$	20,413		$	46,248		$	45,445		$	61,580		$	5		$	5
Portfolio turnover		6	%		36	%		57	%		85	%		42	%		69	%

Notes to Financial Highlights

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

(b)  Annualized.

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

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

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

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COLUMBIA FLOATING RATE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class W	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	9.04		$	9.24		$	9.20		$	8.91		$	8.96		$	8.54
Income from investment operations:
Net investment income		0.17			0.36			0.34			0.36			0.41			0.41
Net realized and unrealized gain (loss)		(0.52	)		(0.21	)		0.03			0.30			(0.03	)		0.41
Total from investment operations		(0.35	)		0.15			0.37			0.66			0.38			0.82
Less distributions to shareholders:
Net investment income		(0.18	)		(0.35	)		(0.33	)		(0.37	)		(0.43	)		(0.40	)
Total distributions to shareholders		(0.18	)		(0.35	)		(0.33	)		(0.37	)		(0.43	)		(0.40	)
Net asset value, end of period	$	8.51		$	9.04		$	9.24		$	9.20		$	8.91		$	8.96
Total return		(3.94	%)		1.65	%		4.10	%		7.49	%		4.47	%		9.65	%
Ratios to average net assets(a)
Total gross expenses		1.03	%(b)		1.02	%		1.05	%		1.10	%		1.18	%(c)		1.11	%
Total net expenses(d)		1.03	%(b)		1.02	%(e)		1.05	%(e)		1.09	%		1.11	%(c)		1.09	%
Net investment income		3.94	%(b)		3.93	%		3.63	%		3.95	%		4.72	%		4.63	%
Supplemental data
Net assets, end of period (in thousands)	$	2		$	2		$	3		$	5		$	4		$	4
Portfolio turnover		6	%		36	%		57	%		85	%		42	%		69	%

Notes to Financial Highlights

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

(b)  Annualized.

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

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

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

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

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COLUMBIA FLOATING RATE FUND

FINANCIAL HIGHLIGHTS (continued)

Class Y	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015(a)
Per share data
Net asset value, beginning of period	$	9.03		$	9.12
Income from investment operations:
Net investment income		0.19			0.06
Net realized and unrealized loss		(0.53	)		(0.09	)
Total from investment operations		(0.34	)		(0.03	)
Less distributions to shareholders:
Net investment income		(0.19	)		(0.06	)
Total distributions to shareholders		(0.19	)		(0.06	)
Net asset value, end of period	$	8.50		$	9.03
Total return		(3.76	%)		(0.28	%)
Ratios to average net assets(b)
Total gross expenses		0.69	%(c)		0.70	%(c)
Total net expenses(d)		0.68	%(c)		0.70	%(c)
Net investment income		4.31	%(c)		4.13	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	9		$	10
Portfolio turnover		6	%		36	%

Notes to Financial Highlights

(a)  Based on operations from June 1, 2015 (commencement of operations) through the stated period end.

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

(c)  Annualized.

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

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

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37

COLUMBIA FLOATING RATE FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended January 31, 2016			Year Ended July 31,
Class Z	(Unaudited)			2015			2014			2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	9.02		$	9.23		$	9.18		$	8.89		$	8.95		$	8.63
Income from investment operations:
Net investment income		0.18			0.37			0.36			0.38			0.43			0.35
Net realized and unrealized gain (loss)		(0.52	)		(0.21	)		0.04			0.30			(0.04	)		0.32
Total from investment operations		(0.34	)		0.16			0.40			0.68			0.39			0.67
Less distributions to shareholders:
Net investment income		(0.19	)		(0.37	)		(0.35	)		(0.39	)		(0.45	)		(0.35	)
Total distributions to shareholders		(0.19	)		(0.37	)		(0.35	)		(0.39	)		(0.45	)		(0.35	)
Net asset value, end of period	$	8.49		$	9.02		$	9.23		$	9.18		$	8.89		$	8.95
Total return		(3.81	%)		1.83	%		4.47	%		7.75	%		4.63	%		7.80	%
Ratios to average net assets(b)
Total gross expenses		0.83	%(c)		0.82	%		0.82	%		0.86	%		0.89	%(d)		0.82	%(c)
Total net expenses(e)		0.79	%(c)		0.80	%(f)		0.81	%(f)		0.84	%		0.85	%(d)(f)		0.82	%(c)
Net investment income		4.20	%(c)		4.12	%		3.87	%		4.16	%		4.92	%		4.76	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	93,082		$	105,935		$	147,944		$	100,795		$	41,450		$	67,558
Portfolio turnover		6	%		36	%		57	%		85	%		42	%		69	%

Notes to Financial Highlights

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

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

(c)  Annualized.

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

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

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

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

Semiannual Report 2016
38

COLUMBIA FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2016 (Unaudited)

Note 1. Organization

Columbia Floating Rate Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class W, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure.

Class A shares are subject to a maximum front-end sales charge of 3.00% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months 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 12 months after purchase.

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

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

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

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

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

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

Semiannual Report 2016
39

COLUMBIA FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.

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

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

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

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

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

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

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

Foreign Currency Transactions and Translations

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

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

Investments in Senior Loans

The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund's rights may be more

Semiannual Report 2016
40

COLUMBIA FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent, enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid, when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. These commitments are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund's Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

Delayed Delivery Securities

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

Security Transactions

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

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

Income Recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue

discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

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

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

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

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

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

Expenses

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

Determination of Class Net Asset Value

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

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41

COLUMBIA FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Federal Income Tax Status

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

Foreign Taxes

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

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

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

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

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

Note 3. Fees and Other Transactions with Affiliates

Management Fees

Effective December 1, 2015, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.66% to 0.40% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2016 was 0.64% of the Fund's average daily net assets.

Prior to December 1, 2015, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. For the period from August 1, 2015 through November 30, 2015, the investment advisory services fee paid to the Investment Manager was $1,763,604, and the administrative services fee paid to the Investment Manager was $207,726.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board, including payments to

Semiannual Report 2016
42

COLUMBIA FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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 January 31, 2016, other expenses paid by the Fund to this company were $1,541.

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).

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 I and Class Y shares do not pay transfer agency fees.

For the six months ended January 31, 2016, 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	0.13	%
Class B	0.13
Class C	0.13
Class K	0.05
Class R	0.13
Class R4	0.13
Class R5	0.05
Class W	0.16
Class Z	0.13

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer 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 January 31, 2016, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

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

Distribution 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

Semiannual Report 2016
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COLUMBIA FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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 $1,114,000 and $670,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution 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 $103,785 for Class A, $57 for Class B and $4,539 for Class C shares for the six months ended January 31, 2016.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

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

	December 1, 2015 Through November 30, 2016			Prior to December 1, 2015
Class A		1.03	%		1.06	%
Class B		1.78			1.81
Class C		1.78			1.81
Class I		0.68			0.71
Class K		0.98			1.01
Class R		1.28			1.31
Class R4		0.78			0.81
Class R5		0.73			0.76
Class W		1.03			1.06
Class Y		0.68			0.71
Class Z		0.78			0.81

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend 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. This agreement may be modified or amended only with approval from all parties.

Prior to December 1, 2015, the Fund's expense ratio was subject to a voluntary expense reimbursement arrangement pursuant to which fees were waived and/or expenses reimbursed (excluding certain fees and expenses immediately described above), so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, did not exceed the annual rates of 1.05% for Class A, 1.80% for Class B, 1.80% for Class C, 0.70% for Class I, 1.00% for Class K, 1.30% for Class R, 0.80% for Class R4, 0.75% for Class R5, 1.05% for Class W, 0.70% for Class Y and 0.80% for Class Z.

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

Note 4. Federal Tax Information

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

At January 31, 2016, the cost of investments for federal income tax purposes was approximately $882,349,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	9,969,000
Unrealized depreciation		(77,282,000	)
Net unrealized depreciation	$	(67,313,000	)

Semiannual Report 2016
44

COLUMBIA FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

The following capital loss carryforwards, determined as of July 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:

Year of Expiration	Amount ($)
2017		28,593,376
2018		35,398,330
No expiration — long-term		2,330,867
Total		66,322,573

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

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $54,597,498 and $158,054,494, respectively, for the six months ended January 31, 2016. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

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

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or

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

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

Note 8. Significant Risks

Shareholder Concentration Risk

At January 31, 2016, affiliated shareholders of record owned 68.9% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Credit Risk

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

Semiannual Report 2016
45

COLUMBIA FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Interest Rate Risk

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

Liquidity Risk

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

Floating Rate Loan Risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Decreases in the number of financial institutions willing to make markets in the Fund's investments or in their capacity or willingness to trade such investments may increase the Fund's exposure to this risk. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity of the Fund's investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Floating rate loans generally are subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such loans. Loans or other assets may trade

only in the over-the-counter market rather than on an organized exchange and may be more difficult to purchase or sell at a fair price, which may have a negative impact on the Fund's performance. Price volatility may be higher for illiquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Price volatility, liquidity of the market and other factors can lead to an increase in Fund redemptions, which may negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell securities in a down market.

High-Yield Securities Risk

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

Note 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

Semiannual Report 2016
46

COLUMBIA FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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.

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

deposited $1,327,620 with the Bankruptcy Court clerk of court. On February 11, 2011, the District Court entered an opinion and order quashing the Bankruptcy Court's decision as it relates to the liability of the Senior Transeastern Defendants and ordering that "[t]he Bankruptcy Court's imposition of remedies as to the [Senior Transeastern Defendants] is null and void." On March 8, 2011, the Committee appealed the District Court's order to the Eleventh Circuit Court of Appeals. On May 15, 2012, the Eleventh Circuit issued an order reversing the decision of the District Court. A petition for rehearing by the entire panel of the Eleventh Circuit Court of Appeals was filed and denied. On June 23, 2015, the District Court affirmed the Bankruptcy Court's liability findings and remanded the case back to the Bankruptcy Court to decide two issues: whether a settlement entered into by certain defendants as part of the TOUSA bankruptcy plan should reduce the judgement against the Senior Transeastern Lenders and whether the Bankruptcy Court erred in ordering certain remedies. The Bankruptcy Court held a hearing on the motions to determine the impact of the settlements on November 19, 2015. The Bankruptcy Court took the matter under advisement. The District Court will decide whether the Bankruptcy Court erred in ordering certain remedies after the Bankruptcy Court decides the first issue.

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.

Semiannual Report 2016
47

COLUMBIA FLOATING RATE FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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 2016
48

COLUMBIA FLOATING RATE FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

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

Semiannual Report 2016
49

Columbia Floating Rate Fund

P.O. Box 8081

Boston, MA 02266-8081

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

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

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

© 2016 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR149_07_F01_(03/16)

SEMIANNUAL REPORT

January 31, 2016

COLUMBIA SHORT-TERM CASH FUND

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

COLUMBIA SHORT-TERM CASH FUND

TABLE OF CONTENTS

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

Fund Investment Manager

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

Fund Distributor

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

Fund Transfer Agent

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

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

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

Semiannual Report 2016

COLUMBIA SHORT-TERM CASH FUND

PORTFOLIO OVERVIEW

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2016)
Asset-Backed Commercial Paper	10.7
Asset-Backed Securities — Non-Agency(a)	3.2
Certificates of Deposit	20.2
Commercial Paper	28.7
Repurchase Agreements	0.9
U.S. Government & Agency Obligations	27.7
U.S. Treasury Obligations	8.6
Total	100.0

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

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

Semiannual Report 2016
2

COLUMBIA SHORT-TERM CASH FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

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

Analyzing Your Fund's Expenses

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

Compare With Other Funds

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

August 1, 2015 – January 31, 2016

Account Value at the Beginning of the Period ($)

Account Value at the End of the Period ($)

Expenses Paid During the Period ($)

Fund's Annualized Expense Ratio (%)

ActualHypothetical

ActualHypothetical

ActualHypothetical

Actual

1,000.00

1,000.00

1,001.00

1,024.86

0.00

*

0.00

*

0.00

*

*Rounds to zero

Expenses paid during the period are equal to the annualized expense ratio as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Semiannual Report 2016
3

COLUMBIA SHORT-TERM CASH FUND

PORTFOLIO OF INVESTMENTS

January 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Asset-Backed Commercial Paper 10.8%

Issuer	Effective Yield			Principal Amount ($)		Value ($)
MetLife Short Term Funding LLC(a) 02/01/16		0.140	%		15,000,000		14,999,825
03/01/16		0.400	%		70,000,000		69,975,286
03/09/16		0.540	%		20,000,000		19,988,083
03/16/16		0.600	%		20,000,000		19,984,667
04/04/16		0.500	%		20,000,000		19,981,945
04/12/16		0.510	%		40,000,000		39,958,634
04/13/16		0.510	%		30,000,000		29,968,550
04/14/16		0.510	%		60,000,000		59,936,250
04/18/16		0.580	%		50,000,000		49,936,361
Old Line Funding LLC(a) 02/10/16		0.260	%		40,034,000		40,030,575
02/18/16		0.290	%		50,000,000		49,992,083
02/22/16		0.270	%		30,000,000		29,994,633
02/23/16		0.280	%		50,000,000		49,990,333
03/04/16		0.390	%		50,000,000		49,981,111
03/18/16		0.520	%		100,000,000		99,930,000
Regency Markets No. 1 LLC(a) 02/16/16		0.410	%		130,000,000		129,973,603
02/22/16		0.420	%		182,000,000		181,950,001
Thunder Bay Funding LLC(a) 02/03/16		0.230	%		22,610,000		22,609,297
02/18/16		0.290	%		50,000,000		49,992,083
02/22/16		0.380	%		30,000,000		29,992,525
03/21/16		0.600	%		30,000,000		29,974,500
04/06/16		0.570	%		50,000,000		49,946,958
Total Asset-Backed Commercial Paper (Cost: $1,139,087,303)							1,139,087,303

Commercial Paper 28.9%

BANKING 8.6%
BNP Paribas Finance, Inc. 02/01/16	0.180	%	263,100,000	263,096,053
Bank of Nova Scotia(a) 02/01/16	0.200	%	50,000,000	49,999,167
02/08/16	0.370	%	50,000,000	49,995,000	��
02/12/16	0.400	%	50,000,000	49,992,417
02/22/16	0.390	%	50,000,000	49,987,222
03/07/16	0.490	%	50,000,000	49,974,306
Royal Bank of Canada 05/02/16	0.610	%	100,000,000	99,842,417
Scotiabanc, Inc.(a) 02/16/16	0.410	%	35,000,000	34,992,893
Toronto Dominion Holdings USA, Inc.(a) 02/17/16	0.240	%	50,000,000	49,993,750
02/19/16	0.290	%	100,000,000	99,983,333
02/26/16	0.220	%	50,000,000	49,991,375
03/01/16	0.370	%	25,000,000	24,991,819

Commercial Paper (continued)

Issuer	Effective Yield			Principal Amount ($)		Value ($)
Westpac Banking Corp.(a) 02/10/16		0.370	%		39,155,000		39,150,214
Total							911,989,966
CONSUMER PRODUCTS 1.1%
Procter & Gamble Co. (The)(a) 02/23/16		0.320	%		118,500,000		118,473,930
DIVERSIFIED MANUFACTURING 2.9%
General Electric Co. 03/08/16		0.380	%		50,000,000		49,979,944
03/17/16		0.380	%		50,000,000		49,975,194
03/28/16		0.380	%		100,000,000		99,938,778
03/29/16		0.390	%		50,000,000		49,968,042
03/31/16		0.450	%		50,000,000		49,961,875
Total							299,823,833
INTEGRATED ENERGY 5.9%
Chevron Corp.(a) 02/01/16		0.150	%		50,000,000		49,999,389
02/03/16		0.200	%		25,000,000		24,999,306
02/23/16		0.230	%		40,500,000		40,493,520
02/24/16		0.230	%		50,000,000		49,991,667
02/26/16		0.230	%		23,200,000		23,195,824
03/10/16		0.400	%		30,000,000		29,986,667
03/23/16		0.410	%		50,000,000		49,969,819
04/01/16		0.430	%		50,000,000		49,962,972
Exxon Mobil Corp. 02/01/16		0.080	%		100,000,000		99,999,333
02/02/16		0.180	%		75,000,000		74,998,500
03/01/16		0.390	%		80,000,000		79,972,617
03/17/16		0.470	%		50,000,000		49,969,319
Total							623,538,933
LIFE INSURANCE 1.9%
New York Life Capital Corp.(a) 04/06/16		0.470	%		23,000,000		22,979,881
04/07/16		0.470	%		57,355,000		57,304,082
04/08/16		0.470	%		22,500,000		22,479,731
04/11/16		0.470	%		23,000,000		22,978,380
04/12/16		0.470	%		10,000,000		9,990,469
04/18/16		0.470	%		67,588,000		67,518,291
Total							203,250,834
PHARMACEUTICALS 8.5%
Johnson & Johnson(a) 02/02/16		0.270	%		50,000,000		49,998,542
02/08/16		0.330	%		50,000,000		49,995,500
03/01/16		0.330	%		86,500,000		86,474,675
03/14/16		0.360	%		75,000,000		74,966,542
03/15/16		0.360	%		50,000,000		49,977,500

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

Semiannual Report 2016
4

COLUMBIA SHORT-TERM CASH FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Commercial Paper (continued)

Issuer	Effective Yield			Principal Amount ($)		Value ($)
Novartis Finance Corp.(a) 02/04/16		0.280	%		90,000,000		89,995,875
Roche Holdings, Inc.(a) 02/02/16		0.250	%		30,000,000		29,999,175
02/04/16		0.280	%		30,000,000		29,998,625
02/08/16		0.310	%		100,000,000		99,991,500
02/09/16		0.320	%		66,000,000		65,993,628
04/25/16		0.410	%		50,000,000		49,951,028
Sanofi Aventis(a) 03/18/16		0.400	%		150,000,000		149,918,666
03/31/16		0.460	%		65,600,000		65,548,868
Total							892,810,124
Total Commercial Paper (Cost: $3,049,887,620)							3,049,887,620
Certificates of Deposit 20.3%
Australia & New Zealand Banking Group Ltd. 02/01/16		0.330	%		275,000,000		275,000,000
BB&T Corp. 02/23/16		0.440	%		50,000,000		50,000,000
02/25/16		0.440	%		50,000,000		50,000,000
02/25/16		0.450	%		50,000,000		50,000,000
03/22/16		0.550	%		50,000,000		50,000,000
03/22/16		0.550	%		50,000,000		50,000,000
03/23/16		0.550	%		50,000,000		50,000,000
Bank of Montreal Chicago Branch 02/05/16		0.300	%		100,000,000		100,000,000
03/11/16		0.400	%		100,000,000		100,000,000
Bank of Montreal 02/01/16		0.200	%		98,000,000		98,000,000
Canadian Imperial Bank of Commerce 02/01/16		0.260	%		274,600,000		274,600,000
HSBC Bank USA NA(b) 03/24/16		0.610	%		80,000,000		80,000,000
04/20/16		0.610	%		50,000,000		50,000,000
State Street Bank and Trust Co. 04/14/16		0.520	%		75,000,000		75,000,000
04/15/16		0.520	%		100,000,000		100,000,000
State Street Bank and Trust Co.(b) 05/18/16		0.430	%		100,000,000		100,000,000
US Bank NA 04/21/16		0.540	%		100,000,000		100,000,000
04/22/16		0.540	%		100,000,000		100,000,000
Wells Fargo Bank NA 04/19/16		0.580	%		100,000,000		100,000,000

Certificates of Deposit (continued)

Issuer	Effective Yield			Principal Amount ($)		Value ($)
Wells Fargo Bank NA(b) 02/01/16		0.580	%		100,000,000		100,000,000
08/01/16		0.780	%		100,000,000		100,000,000
Westpac Banking Corp.(a)(b) 03/03/16		0.590	%		95,000,000		95,000,000
Total Certificates of Deposit (Cost: $2,147,600,000)							2,147,600,000
U.S. Government & Agency Obligations 27.9%
Federal Home Loan Banks Discount Notes 02/01/16		0.120	%		100,000,000		99,999,000
02/03/16		0.140	%		100,000,000		99,998,139
02/04/16		0.230	%		100,000,000		99,996,250
02/05/16		0.160	%		154,900,000		154,895,178
02/09/16		0.190	%		100,000,000		99,994,167
02/10/16		0.310	%		100,000,000		99,989,917
02/11/16		0.220	%		100,000,000		99,992,333
02/12/16		0.310	%		50,000,000		49,994,042
02/16/16		0.270	%		50,000,000		49,993,389
02/17/16		0.240	%		140,000,000		139,982,600
02/18/16		0.320	%		100,000,000		99,982,583
02/19/16		0.390	%		100,000,000		99,977,778
02/22/16		0.270	%		135,000,000		134,975,850
02/24/16		0.280	%		123,170,000		123,145,089
02/26/16		0.280	%		214,200,000		214,154,455
03/01/16		0.270	%		50,000,000		49,988,375
03/04/16		0.290	%		105,901,000		105,871,203
03/09/16		0.300	%		245,000,000		244,919,351
03/11/16		0.300	%		100,000,000		99,965,833
03/14/16		0.300	%		80,000,000		79,970,178
03/16/16		0.300	%		140,000,000		139,945,279
03/21/16		0.300	%		100,000,000		99,956,792
03/28/16		0.310	%		40,000,000		39,980,022
03/30/16		0.370	%		143,000,000		142,912,292
04/01/16		0.310	%		75,000,000		74,959,528
Federal Home Loan Banks(b) 08/26/16		0.400	%		150,000,000		150,000,000
01/13/17		0.580	%		50,000,000		50,000,000
Total U.S. Government & Agency Obligations (Cost: $2,945,539,623)							2,945,539,623
Repurchase Agreements 0.9%
Tri-party RBC Capital Markets LLC dated 01/29/16, matures 02/01/16 repurchase price $50,001,208 (collateralized by U.S. Treasury Securities, Total Market Value $51,000,014)		0.290	%		50,000,000		50,000,000

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

Semiannual Report 2016
5

COLUMBIA SHORT-TERM CASH FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Repurchase Agreements (continued)

Issuer	Effective Yield			Principal Amount ($)		Value ($)
Tri-party TD Securities (USA) LLC dated 01/29/16, matures 02/01/16 repurchase price $50,001,375 (collateralized by U.S. Treasury Securities, Total Market Value $51,000,078)		0.330	%		50,000,000		50,000,000
Total Repurchase Agreements (Cost: $100,000,000)							100,000,000

Asset-Backed Securities — Non-Agency 3.2%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
ABS OTHER 1.1%
CCG Receivables Trust Series 2015-1 Class A1(a) 09/14/16		0.550	%		18,264,257		18,264,257
CNH Equipment Trust Series 2015-C Class A1 09/12/16		0.400	%		27,909,077		27,909,077
Dell Equipment Finance Trust(a) Series 2015-1 Class A1 04/22/16		0.420	%		312,180		312,180
Series 2015-2 Class A1 10/24/16		0.530	%		24,228,991		24,228,991
Volvo Financial Equipment LLC Series 2016-1A Class A1(a) 02/15/17		0.750	%		42,000,000		42,000,000
Total							112,714,505
CAR LOAN 2.1%
ARI Fleet Lease Trust Series 2015-A Class A1(a) 04/15/16		0.400	%		2,146,520		2,146,520
Ally Auto Receivables Trust Series 2015-1 Class A1 08/15/16		0.390	%		6,967,898		6,967,898
AmeriCredit Automobile Receivables Series 2016-1 Class A1 02/08/17		0.600	%		50,000,000		50,000,000
California Republic Auto Receivables Trust Series 2015-4 Class A1(a) 12/15/16		0.490	%		19,163,833		19,163,833

Asset-Backed Securities — Non-Agency (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
CarMax Auto Owner Trust Series 2015-3 Class A1 08/15/16		0.400	%		6,466,977		6,466,977
CarMax Auto Owner Trust(c)
Series 2016-1 Class A1 02/15/17		0.800	%		43,000,000		43,000,000
Enterprise Fleet Financing LLC Series 2015-2 Class A1(a) 07/20/16		0.480	%		19,234,885		19,234,885
Hyundai Auto Lease Securitization Trust Series 2016-A Class A1(a)(c) 02/15/17		0.700	%		37,000,000		37,000,000
Nissan Auto Receivables Owner Trust Series 2015-B Class A1 08/15/16		0.380	%		9,274,535		9,274,535
SMART ABS Trust Series 2015-3US Class A1 10/14/16		0.520	%		22,739,378		22,739,378
Wheels SPV 2 LLC Series 2015-1A Class A1(a) 06/20/16		0.400	%		9,601,452		9,601,452
Total							225,595,478
Total Asset-Backed Securities — Non-Agency (Cost: $338,309,983)							338,309,983

U.S. Treasury Obligations 8.7%

U.S. Treasury(b) 01/31/16	0.350	%	315,000,000	314,999,929
04/30/16	0.374	%	200,000,000	200,000,505
10/31/16	0.358	%	100,000,000	99,988,934
04/30/17	0.379	%	200,000,000	199,918,425
07/31/17	0.382	%	100,000,000	99,930,911
Total U.S. Treasury Obligations (Cost: $914,838,704)				914,838,704
Total Investments (Cost: $10,635,263,233)				10,635,263,233
Other Assets & Liabilities, Net				(78,829,138	)
Net Assets				10,556,434,095

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

Semiannual Report 2016
6

COLUMBIA SHORT-TERM CASH FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Notes to Portfolio of Investments

(a)  Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund's Board of Trustees. At January 31, 2016, the value of these securities amounted to $3,488,224,969 or 33.04% of net assets.

(b)  Variable rate security.

(c)  Security, or a portion thereof, has been purchased on a when-issued or delayed delivery basis.

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.

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

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

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

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

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

Semiannual Report 2016
7

COLUMBIA SHORT-TERM CASH FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

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

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

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Asset-Backed Commercial Paper		—		1,139,087,303		—		1,139,087,303
Commercial Paper		—		3,049,887,620		—		3,049,887,620
Certificates of Deposit		—		2,147,600,000		—		2,147,600,000
U.S. Government & Agency Obligations		—		2,945,539,623		—		2,945,539,623
Repurchase Agreements		—		100,000,000		—		100,000,000
Asset-Backed Securities — Non-Agency		—		338,309,983		—		338,309,983
U.S. Treasury Obligations		—		914,838,704		—		914,838,704
Total Investments		—		10,635,263,233		—		10,635,263,233

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

The Fund's assets assigned to the Level 2 input category represent certain short-term obligations which are valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

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

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

Semiannual Report 2016
8

COLUMBIA SHORT-TERM CASH FUND

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2016 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $10,535,263,233)	$	10,535,263,233
Repurchase agreements (identified cost $100,000,000)		100,000,000
Total investments (identified cost $10,635,263,233)		10,635,263,233
Cash		62,111
Receivable for:
Capital shares sold		2,982,522
Interest		1,062,499
Prepaid expenses		22,305
Total assets		10,639,392,670
Liabilities
Payable for:
Investments purchased on a delayed delivery basis		80,000,000
Dividend distributions to shareholders		2,775,094
Compensation of board members		119,637
Other expenses		63,844
Total liabilities		82,958,575
Net assets applicable to outstanding capital stock	$	10,556,434,095
Represented by
Paid-in capital	$	10,556,566,876
Excess of distributions over net investment income		(88,197	)
Accumulated net realized loss		(44,584	)
Total — representing net assets applicable to outstanding capital stock	$	10,556,434,095
Shares outstanding		10,556,566,865
Net asset value per share	$	1.00

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

Semiannual Report 2016
9

COLUMBIA SHORT-TERM CASH FUND

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2016 (Unaudited)

Net investment income
Income:
Interest	$	11,107,903
Total income		11,107,903
Expenses:
Compensation of board members		67,594
Custodian fees		41,778
Shareholder reports and communication		10,313
Audit fees		11,387
Legal fees		42,686
Fidelity and surety fees		26,479
Miscellaneous expenses		15,686
Commitment fees for bank credit facility		30,606
Total expenses		246,529
Net investment income		10,861,374
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(259	)
Net realized loss		(259	)
Net realized and unrealized loss		(259	)
Net increase in net assets resulting from operations	$	10,861,115

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

Semiannual Report 2016
10

COLUMBIA SHORT-TERM CASH FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015
Operations
Net investment income	$	10,861,374		$	11,522,817
Net realized gain (loss)		(259	)		22,748
Net increase in net assets resulting from operations		10,861,115			11,545,565
Distributions to shareholders
Net investment income		(10,933,630	)		(11,537,132	)
Total distributions to shareholders		(10,933,630	)		(11,537,132	)
Increase (decrease) in net assets from capital stock activity		(783,454,526	)		1,821,741,381
Total increase (decrease) in net assets		(783,527,041	)		1,821,749,814
Net assets at beginning of period		11,339,961,136			9,518,211,322
Net assets at end of period	$	10,556,434,095		$	11,339,961,136
Excess of distributions over net investment income	$	(88,197	)	$	(15,941	)

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

Semiannual Report 2016
11

COLUMBIA SHORT-TERM CASH FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Subscriptions		7,482,375,135			7,482,375,135			20,612,690,701			20,612,690,700
Distributions reinvested		11,141,057			11,141,058			12,326,462			12,326,462
Redemptions		(8,276,970,718	)		(8,276,970,719	)		(18,803,275,781	)		(18,803,275,781	)
Total increase (decrease)		(783,454,526	)		(783,454,526	)		1,821,741,382			1,821,741,381
Total net increase (decrease)		(783,454,526	)		(783,454,526	)		1,821,741,382			1,821,741,381

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

Semiannual Report 2016
12

COLUMBIA SHORT-TERM CASH FUND

FINANCIAL HIGHLIGHTS

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share held for the periods shown. Total return assumes reinvestment of all dividends and distributions, if any. Total return is not annualized for periods of less than one year.

	Six Months Ended January 31, 2016			Year Ended July 31,
	(Unaudited)			2015			2014			2013			2012			2011
Per share data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)
Net realized and unrealized gain (loss)		(0.00	)(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		—
Total from investment operations		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)		0.00	(a)
Less distributions to shareholders from:
Net investment income		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)
Total distributions to shareholders		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)		(0.00	)(a)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.10	%		0.11	%		0.09	%		0.14	%		0.15	%		0.26	%
Ratios to average net assets
Total gross expenses		0.00	%(a)		0.00	%(a)		0.00	%(a)		0.00	%(a)		0.00	%(a)(b)		0.00	%(a)
Total net expenses		0.00	%(a)		0.00	%(a)		0.00	%(a)		0.00	%(a)		0.00	%(a)(b)		0.00	%(a)
Net investment income		0.20	%		0.11	%		0.09	%		0.14	%		0.15	%		0.21	%
Supplemental data
Net assets, end of period (in thousands)	$	10,556,434		$	11,339,961		$	9,518,211		$	7,594,075		$	6,760,419		$	4,814,012

Notes to Financial Highlights

(a)  Rounds to zero.

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

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

Semiannual Report 2016
13

COLUMBIA SHORT-TERM CASH FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2016 (Unaudited)

Note 1. Organization

Columbia Short-Term Cash Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

Securities in the Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Board of Trustees (the Board) continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves

valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. The Board has established procedures intended to stabilize the Fund's net asset value for purposes of purchases and redemptions of Fund shares at $1.00 per share. These procedures include determinations, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Fund's market-based net asset value deviates from $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board will promptly consider what action, if any, should be initiated.

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

Repurchase Agreements

The Fund may invest in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Delayed Delivery Securities

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

Semiannual Report 2016
14

COLUMBIA SHORT-TERM CASH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Offsetting of Assets and Liabilities

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

	RBC Capital Markets ($)		TD Securities ($)		Total ($)
Assets
Repurchase agreements		50,000,000		50,000,000		100,000,000
Total Financial and Derivative Net Assets		50,000,000		50,000,000		100,000,000
Total collateral received (pledged)(a)		50,000,000		50,000,000		100,000,000
Net Amount(b)		—		—		—

(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

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

Security Transactions

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

Income Recognition

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

Expenses

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

Federal Income Tax Status

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

Distributions to Shareholders

Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually after the fiscal year in which the capital gains were earned or more

frequently to seek to maintain a net asset value of $1.00 per share, unless offset by any available capital loss carryforward. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

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

Money Market Fund Reform

In July 2014, the U.S. Securities and Exchange Commission adopted amendments to the rules that govern money market funds, which will significantly change the way certain money market funds will be required to operate. These rules provide boards of trustees with the discretion to impose liquidity fees and/or redemption gates for non-government money market funds if portfolio liquidity drops below specified levels and will require institutional prime money market funds to price shares with a floating net asset value. Non-government money market funds will be required to restrict beneficial owners to natural persons if they want to continue to maintain a stable net asset value. Government money market funds will not be required to float their net asset value or make themselves subject to liquidity fees or redemption gates. Money market funds

Semiannual Report 2016
15

COLUMBIA SHORT-TERM CASH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

are required to comply with the liquidity fees, redemption gates and floating net asset value rules by October 14, 2016. After considering the likely effects of the rule changes on the Fund, the Board of Trustees of the Fund considered the likely effects of the rule changes on the Fund and approved a recommendation made by Columbia Management Investment Advisers, LLC (the Investment Manager) to retain the Fund's structure as an institutional prime money market fund. As a result, on or about October 1, 2016, the Fund will begin pricing its shares with a floating net asset value and will be subject to liquidity fees and redemption gates.

Recent Accounting Pronouncement

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

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

Note 3. Fees and Other Transactions with Affiliates

Management Fees

Effective December 1, 2015, the Fund entered into a Management Agreement with the Investment Manager, a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, subject to the policies set by the Board, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The Fund does not pay an investment management fee for managing its assets, but it may pay taxes, brokerage commissions and nonadvisory expenses.

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.

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 January 31, 2016, other expenses paid by the Fund to this company were $10,756.

Transfer Agency Fees

The Fund has a Transfer and Dividend Disbursing Agent Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, under which the Fund does not pay an annual fee to the Transfer Agent.

Note 4. Federal Tax Information

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

At January 31, 2016, the cost of investments for federal income tax purposes was approximately $10,635,263,000.

The following capital loss carryforwards, determined as of July 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:

Year of Expiration	Amount ($)
2017		8,785
No expiration — short-term		35,540
Total		44,325

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16

COLUMBIA SHORT-TERM CASH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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

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

Note 5. Line of Credit

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

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

Note 6. Significant Risks

Shareholder Concentration Risk

At January 31, 2016, affiliated shareholders of record owned 100.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Credit Risk

Credit risk is the risk that the value of debt securities in the Fund's portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund's performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates.

Note 7. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 2 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 8. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation

Semiannual Report 2016
17

COLUMBIA SHORT-TERM CASH FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

(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.

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20

COLUMBIA SHORT-TERM CASH FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Semiannual Report 2016
21

Columbia Short-Term Cash Fund

P.O. Box 8081

Boston, MA 02266-8081

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

SAR224_07_F01_(03/16)

SEMIANNUAL REPORT

January 31, 2016

COLUMBIA LIMITED DURATION CREDIT FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of actively managed investment strategies and solutions for individual, institutional and corporate clients around the world.

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $472 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 13th largest manager of long-term mutual fund assets in the U.S.** and the 4th largest manager of retail funds in the U.K.***

Our priority is the investment success of our clients. We aim to deliver the investment outcomes they expect through an investment approach that is team-based, performance-driven and risk-aware. Our culture is dynamic and interactive. By sharing our insights across asset classes and geographies, we generate richer perspectives on global, regional and local investment landscapes. The ability to exchange and debate investment ideas in a collaborative environment enriches our teams’ investment processes. More importantly, it results in better informed investment decisions for our clients.

Columbia funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

* In U.S. dollars as of December 31, 2015. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies. Contact us for more current data.

** Source: ICI as of December 31, 2015 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of September 2015 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

	Investment strategies to help meet investor needs
	We are committed to helping investors navigate financial challenges to reach their desired outcomes. The possibilities are endless.
	Your success is our priority.
		Retire comfortably
		Fund college or higher education
		Leave a legacy
	Generate an appropriate stream of income in retirement Traditional approaches to income may no longer be adequate — and they may no longer provide the diversification benefits they once did. Investors need to rethink how they generate retirement income. Worried about running out of income? You are not alone.
	Navigate a changing interest rate environment Even in today’s challenging interest rate environment, it’s still possible to navigate markets and achieve your goals. Make investment choices designed specifically for this market environment.
	Maximize after-tax returns In an environment where what you keep is more important than what you earn, municipal bonds can help mitigate higher taxes while providing attractive yields compared to other investment options. You’ve worked too hard building your wealth to lose it to taxes.
	Grow assets to achieve financial goals Finding growth opportunities in today’s complex market environment requires strong research capabilities, creative thinking and a disciplined approach. Do your investments deliver the portfolio growth you need?
	Ease the impact of volatile markets With increasing concerns about market volatility, investors should consider diversifying their portfolios with non-traditional holdings. Interested in turning volatility into opportunity?

To find out more, contact your financial professional, call 800.426.3750 or visit columbiathreadneedle.com/us

Not part of the shareholder report

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.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

TABLE OF CONTENTS

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	10
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	16
Notes to Financial Statements	26
Important Information About This Report	35

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiathreadneedle.com/us or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Limited Duration Credit Fund (the Fund) Class A shares returned -3.47% excluding sales charges for the six-month period that ended January 31, 2016.

n The Fund underperformed its benchmark, the Barclays U.S. 1-5 Year Corporate Index, which returned 0.45% for the same time period.

Average Annual Total Returns (%) (for period ended January 31, 2016)
	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	06/19/03
Excluding sales charges			-3.47		-3.41		1.11		2.96
Including sales charges			-6.36		-6.28		0.50		2.64
Class B	06/19/03
Excluding sales charges			-3.84		-4.04		0.37		2.18
Including sales charges			-8.60		-8.77		0.01		2.18
Class C	06/19/03
Excluding sales charges			-3.84		-4.14		0.36		2.18
Including sales charges			-4.79		-5.08		0.36		2.18
Class I	03/04/04		-3.29		-3.05		1.49		3.33
Class K	06/19/03		-3.43		-3.33		1.19		3.10
Class R4*	02/28/13		-3.35		-3.17		1.26		3.03
Class R5*	11/08/12		-3.31		-3.00		1.35		3.08
Class W*	12/01/06		-3.46		-3.40		1.12		2.94
Class Y*	03/19/13		-3.29		-3.05		1.33		3.07
Class Z*	09/27/10		-3.35		-3.17		1.37		3.09
Barclays U.S. 1-5 Year Corporate Index			0.45		0.63		2.75		4.29

Returns for Class A are shown with and without the maximum initial sales charge of 3.00%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedle.com/us or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information.

The Barclays U.S. 1-5 Year Corporate Index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility, and financial companies, with maturities between 1 and 5 years.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

PORTFOLIO OVERVIEW

(Unaudited)

Quality Breakdown (%) (at January 31, 2016)
A rating	3.3
BBB rating	92.4
BB rating	3.0
B rating	0.4
CCC rating	0.9
Total	100.0

Percentages indicated are based upon total fixed income investments (excluding Money Market Funds).

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

Portfolio Breakdown (%) (at January 31, 2016)
Corporate Bonds & Notes	95.5
Money Market Funds	4.5
Total	100.0

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

Portfolio Management

Tom Murphy, CFA

Timothy Doubek, CFA

Royce Wilson, CFA

Semiannual Report 2016 3

COLUMBIA LIMITED DURATION CREDIT FUND

UNDERSTANDING YOUR FUND’S EXPENSES

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

August 1, 2015 – January 31, 2016

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		965.30	1,020.74		4.06	4.17		0.83
Class B		1,000.00	1,000.00		961.60	1,017.01		7.71	7.92		1.58
Class C		1,000.00	1,000.00		961.60	1,017.01		7.71	7.92		1.58
Class I		1,000.00	1,000.00		967.10	1,022.58		2.25	2.31		0.46
Class K		1,000.00	1,000.00		965.70	1,021.08		3.71	3.82		0.76
Class R4		1,000.00	1,000.00		966.50	1,021.98		2.84	2.92		0.58
Class R5		1,000.00	1,000.00		966.90	1,022.33		2.49	2.56		0.51
Class W		1,000.00	1,000.00		965.40	1,020.74		4.06	4.17		0.83
Class Y		1,000.00	1,000.00		967.10	1,022.58		2.25	2.31		0.46
Class Z		1,000.00	1,000.00		966.50	1,021.98		2.84	2.92		0.58

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

4 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

PORTFOLIO OF INVESTMENTS

January 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes 92.9%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
AEROSPACE & DEFENSE 4.4%
L-3 Communications Corp.
05/28/17		1.500%		2,675,000		2,653,410
02/15/21		4.950%		25,374,000		26,378,633
Northrop Grumman Corp.
03/15/21		3.500%		10,994,000		11,530,705
Total						40,562,748
CABLE AND SATELLITE 0.5%
DISH DBS Corp.
07/15/17		4.625%		4,451,000		4,540,020
CHEMICALS 0.9%
PQ Corp.(a)
11/01/18		8.750%		8,565,000		7,965,450
ELECTRIC 19.2%
Berkshire Hathaway Energy Co.
11/15/23		3.750%		1,439,000		1,484,772
CMS Energy Corp.
03/15/22		5.050%		16,682,000		18,517,971
DTE Energy Co.(a)
06/15/22		3.300%		12,755,000		13,086,643
Dominion Resources, Inc.
03/15/21		4.450%		23,239,000		25,069,466
09/15/22		2.750%		7,500,000		7,350,788
Duke Energy Corp.
08/15/22		3.050%		12,680,000		12,637,598
Oncor Electric Delivery Co. LLC
09/30/17		5.000%		14,659,000		15,353,309
06/01/19		2.150%		6,650,000		6,562,473
PPL Capital Funding, Inc.
12/01/22		3.500%		25,121,000		25,675,144
PSEG Power LLC
11/15/18		2.450%		3,950,000		3,969,019
09/15/21		4.150%		7,380,000		7,683,931
Progress Energy, Inc.
04/01/22		3.150%		15,737,000		15,833,247
TransAlta Corp.
06/03/17		1.900%		24,850,000		23,310,393
Total						176,534,754
FOOD AND BEVERAGE 7.9%
Anheuser-Busch InBev Finance, Inc.
02/01/21		2.650%		6,005,000		6,041,702
ConAgra Foods, Inc.
01/25/23		3.200%		16,012,000		15,547,732
Grupo Bimbo SAB de CV(a)
01/25/22		4.500%		9,036,000		9,351,664
SABMiller Holdings, Inc.(a)
01/15/22		3.750%		11,858,000		12,291,054

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Tyson Foods, Inc.
08/15/19		2.650%		3,105,000		3,128,731
Wm. Wrigley Jr., Co.(a)
10/21/18		2.400%		15,695,000		15,827,984
10/21/19		2.900%		9,877,000		10,061,137
Total						72,250,004
INDEPENDENT ENERGY 9.5%
Antero Resources Corp.
11/01/21		5.375%		8,530,000		7,229,175
Canadian Natural Resources Ltd.
05/15/17		5.700%		2,720,000		2,696,499
Canadian Oil Sands Ltd.(a)
04/01/22		4.500%		11,330,000		10,391,253
Cimarex Energy Co.
05/01/22		5.875%		9,809,000		9,122,370
06/01/24		4.375%		1,012,000		885,915
Concho Resources, Inc.
04/01/23		5.500%		3,220,000		2,920,508
Continental Resources, Inc.
09/15/22		5.000%		20,964,000		14,727,210
EnCana Corp.
11/15/21		3.900%		5,000,000		3,412,000
Marathon Oil Corp.
11/01/22		2.800%		15,375,000		10,525,448
Pioneer Natural Resources Co.
07/15/16		5.875%		3,090,000		3,130,395
Range Resources Corp.
06/01/21		5.750%		2,773,000		2,287,725
Whiting Petroleum Corp.
03/15/21		5.750%		2,605,000		1,634,637
Woodside Finance Ltd.(a)
05/10/21		4.600%		15,095,000		15,262,117
03/05/25		3.650%		3,490,000		3,051,234
Total						87,276,486
LIFE INSURANCE 6.8%
Five Corners Funding Trust(a)
11/15/23		4.419%		35,910,000		37,444,075
MetLife, Inc.
09/15/23		4.368%		9,275,000		9,921,950
TIAA Asset Management Finance Co. LLC(a)
11/01/19		2.950%		15,685,000		15,625,146
Total						62,991,171
MEDIA AND ENTERTAINMENT 6.9%
Scripps Networks Interactive, Inc.
11/15/19		2.750%		9,640,000		9,554,416
06/15/20		2.800%		19,490,000		19,187,749
Sky PLC(a)
11/26/22		3.125%		26,193,000		25,933,689

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 5

COLUMBIA LIMITED DURATION CREDIT FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Thomson Reuters Corp.
10/15/19		4.700%		7,960,000		8,514,812
Total						63,190,666
METALS 0.8%
Barrick Gold Corp.
05/01/23		4.100%		6,194,000		5,324,480
Teck Resources Ltd.
02/01/43		5.400%		3,956,000		1,780,200
Total						7,104,680
MIDSTREAM 13.5%
Columbia Pipeline Group, Inc.(a)
06/01/20		3.300%		11,560,000		10,960,452
Kinder Morgan Energy Partners LP
09/01/22		3.950%		25,262,000		22,127,567
02/15/23		3.450%		8,687,000		7,229,408
Northwest Pipeline LLC
06/15/16		7.000%		7,241,000		7,358,645
04/15/17		5.950%		13,565,000		13,360,182
Panhandle Eastern Pipeline Co. LP
11/01/17		6.200%		10,533,000		11,112,568
Plains All American Pipeline LP/Finance Corp.
06/01/22		3.650%		16,875,000		14,729,664
10/15/23		3.850%		4,344,000		3,640,676
Southern Natural Gas Co. LLC/Issuing Corp.
06/15/21		4.400%		15,048,000		13,883,496
Southern Natural Gas Co. LLC(a)
04/01/17		5.900%		9,160,000		9,292,197
Transcontinental Gas Pipe Line Co. LLC
04/15/16		6.400%		6,102,000		6,159,206
Williams Partners LP
03/15/22		3.600%		5,820,000		4,249,962
Total						124,104,023
NATURAL GAS 3.2%
CenterPoint Energy Resources Corp.
11/01/17		6.125%		9,069,000		9,661,986
Sempra Energy
10/01/22		2.875%		20,177,000		19,398,450
Total						29,060,436
OIL FIELD SERVICES 1.8%
Noble Holding International Ltd.
03/15/22		3.950%		24,058,000		12,209,435
Weatherford International Ltd.
02/15/16		5.500%		4,710,000		4,703,437
Total						16,912,872

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
PROPERTY & CASUALTY 4.1%
Alleghany Corp.
06/27/22		4.950%		3,789,000		4,128,536
CNA Financial Corp.
08/15/20		5.875%		6,380,000		7,130,307
08/15/21		5.750%		2,735,000		3,073,618
Liberty Mutual Group, Inc.(a)
06/01/21		5.000%		11,265,000		12,171,945
06/15/23		4.250%		10,538,000		10,827,310
Total						37,331,716
REFINING 0.5%
Marathon Petroleum Corp.
03/01/21		5.125%		4,995,000		5,101,094
RESTAURANTS 0.4%
Yum! Brands, Inc.
11/01/43		5.350%		4,448,000		3,291,520
TECHNOLOGY 0.8%
Hewlett Packard Enterprise Co.(a)
10/15/20		3.600%		7,810,000		7,830,134
TRANSPORTATION SERVICES 2.1%
ERAC U.S.A. Finance LLC(a)
10/15/17		6.375%		4,480,000		4,796,042
08/16/21		4.500%		8,120,000		8,700,133
10/15/22		3.300%		5,680,000		5,644,074
Total						19,140,249
WIRELESS 3.8%
CC Holdings GS V LLC/Crown Castle GS III Corp.
12/15/17		2.381%		21,587,000		21,687,380
Rogers Communications, Inc.
03/15/23		3.000%		13,444,000		13,292,150
Total						34,979,530
WIRELINES 5.8%
AT&T, Inc.
06/30/22		3.000%		26,815,000		26,300,152
Verizon Communications, Inc.
11/01/21		3.500%		7,760,000		7,998,108
11/01/22		2.450%		20,025,000		19,180,626
Total						53,478,886
Total Corporate Bonds & Notes
(Cost: $896,802,195)						853,646,439

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Money Market Funds 4.4%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.360%(b)(c)		40,245,225		40,245,225
Total Money Market Funds
(Cost: $40,245,225)				40,245,225
Total Investments
(Cost: $937,047,420)				893,891,664
Other Assets & Liabilities, Net				24,817,571
Net Assets				918,709,235

At January 31, 2016, cash totaling $4,127,714 was pledged as collateral.

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2016

Long Futures Contracts Outstanding

Contract Description

Number of Contracts

Trading Currency

Notional Market Value ($)

Expiration Date

Unrealized Appreciation ($)

Unrealized Depreciation ($)

US 5YR NOTE

467

USD

56,353,766

03/2016

1,087,662

—

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency		Notional Market Value ($)				Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
US 10YR NOTE		(3,078	)		USD		(398,841,469	)			03/2016		—		(10,410,557	)
US 2YR NOTE		(62	)		USD		(13,554,750	)			03/2016		—		(66,661	)
Total							(412,396,219	)					—		(10,477,218	)
									��

Notes to Portfolio of Investments

(a) Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At January 31, 2016, the value of these securities amounted to $246,513,733 or 26.83% of net assets.

(b) The rate shown is the seven-day current annualized yield at January 31, 2016.

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended January 31, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		29,894,340		296,463,123		(286,112,238	)		40,245,225		49,864		40,245,225

Currency Legend

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.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 7

COLUMBIA LIMITED DURATION CREDIT FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

Fair value inputs are summarized in the three broad levels listed below:

n 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.

n Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

n Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at January 31, 2016:

		Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Corporate Bonds & Notes			—			853,646,439		—		853,646,439
Money Market Funds			—			40,245,225		—		40,245,225
Total Investments	��		—			893,891,664		—		893,891,664
Derivatives
Assets
Futures Contracts			1,087,662			—		—		1,087,662
Liabilities
Futures Contracts			(10,477,218	)		—		—		(10,477,218	)
Total			(9,389,556	)		893,891,664		—		884,502,108

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

The Fund’s assets assigned to the Level 2 input category are valued based upon utilizing observable market inputs, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets and/or fund per share market values which are not considered publicly available.

Derivative instruments are valued at unrealized appreciation (depreciation).

Financial assets were transferred from Level 1 to Level 2 as the market for these assets is not considered publicly available. Fund per share market values were obtained using observable market inputs.

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In		Transfers Out
Level 1 ($)	Level 2 ($)	Level 1 ($)	Level 2 ($)
—	29,894,340	29,894,340	—

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

There were no transfers of financial assets between Levels 2 and 3 during the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 9

COLUMBIA LIMITED DURATION CREDIT FUND

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2016 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $896,802,195)	$853,646,439
Affiliated issuers (identified cost $40,245,225)	40,245,225
Total investments (identified cost $937,047,420)	893,891,664
Cash	1
Margin deposits	4,127,714
Receivable for:
Investments sold	15,698,874
Capital shares sold	2,261,010
Dividends	15,391
Interest	9,309,089
Variation margin	149,586
Expense reimbursement due from Investment Manager	1,362
Prepaid expenses	3,514
Other assets	4,942
Total assets	925,463,147
Liabilities
Payable for:
Capital shares purchased	2,740,462
Dividend distributions to shareholders	2,027,116
Variation margin	1,760,050
Investment management fees	10,737
Distribution and/or service fees	4,990
Transfer agent fees	99,673
Plan administration fees	1
Compensation of board members	53,974
Other expenses	56,909
Total liabilities	6,753,912
Net assets applicable to outstanding capital stock	$918,709,235
Represented by
Paid-in capital	$987,188,862
Undistributed net investment income	120,679
Accumulated net realized loss	(16,054,994	)
Unrealized appreciation (depreciation) on:
Investments	(43,155,756	)
Futures contracts	(9,389,556	)
Total — representing net assets applicable to outstanding capital stock	$918,709,235

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016 (Unaudited)

Class A
Net assets	$440,242,074
Shares outstanding	47,598,362
Net asset value per share	$9.25
Maximum offering price per share(a)	$9.54
Class B
Net assets	$675,760
Shares outstanding	73,082
Net asset value per share	$9.25
Class C
Net assets	$55,907,509
Shares outstanding	6,047,708
Net asset value per share	$9.24
Class I
Net assets	$159,194,704
Shares outstanding	17,208,508
Net asset value per share	$9.25
Class K
Net assets	$101,788
Shares outstanding	10,980
Net asset value per share	$9.27
Class R4
Net assets	$44,485,844
Shares outstanding	4,809,193
Net asset value per share	$9.25
Class R5
Net assets	$61,228,100
Shares outstanding	6,615,650
Net asset value per share	$9.26
Class W
Net assets	$62,971,002
Shares outstanding	6,799,924
Net asset value per share	$9.26
Class Y
Net assets	$2,890,391
Shares outstanding	312,382
Net asset value per share	$9.25
Class Z
Net assets	$91,012,063
Shares outstanding	9,836,618
Net asset value per share	$9.25

(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 3.00%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 11

COLUMBIA LIMITED DURATION CREDIT FUND

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2016 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$49,864
Interest	16,136,495
Total income	16,186,359
Expenses:
Investment management fees	2,184,826
Distribution and/or service fees
Class A	618,278
Class B	4,590
Class C	307,437
Class W	83,480
Transfer agent fees
Class A	420,137
Class B	773
Class C	52,232
Class K	26
Class R4	40,816
Class R5	15,485
Class W	56,691
Class Z	97,598
Plan administration fees
Class K	130
Compensation of board members	9,390
Custodian fees	10,566
Printing and postage fees	55,518
Registration fees	72,075
Audit fees	14,805
Legal fees	6,844
Other	14,575
Total expenses	4,066,272
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(220,295	)
Total net expenses	3,845,977
Net investment income	12,340,382
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(4,358,127	)
Futures contracts	(2,118,035	)
Net realized loss	(6,476,162	)
Net change in unrealized appreciation (depreciation) on:
Investments	(33,253,176	)
Futures contracts	(7,296,398	)
Net change in unrealized depreciation	(40,549,574	)
Net realized and unrealized loss	(47,025,736	)
Net decrease in net assets from operations	$(34,685,354	)

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015
Operations
Net investment income		$12,340,382			$22,891,184
Net realized loss		(6,476,162	)		(6,428,844	)
Net change in unrealized depreciation		(40,549,574	)		(27,744,543	)
Net decrease in net assets resulting from operations		(34,685,354	)		(11,282,203	)
Distributions to shareholders
Net investment income
Class A		(6,003,010	)		(11,400,136	)
Class B		(7,498	)		(24,632	)
Class C		(515,031	)		(851,933	)
Class I		(2,400,582	)		(3,598,437	)
Class K		(1,305	)		(2,214	)
Class R4		(644,717	)		(584,024	)
Class R5		(858,161	)		(848,633	)
Class W		(814,365	)		(2,853,540	)
Class Y		(41,377	)		(42,072	)
Class Z		(1,542,545	)		(2,309,893	)
Net realized gains
Class A		—			(639,325	)
Class B		—			(2,331	)
Class C		—			(74,133	)
Class I		—			(124,262	)
Class K		—			(112	)
Class R4		—			(11,741	)
Class R5		—			(38,434	)
Class W		—			(208,653	)
Class Y		—			(10	)
Class Z		—			(110,233	)
Total distributions to shareholders		(12,828,591	)		(23,724,748	)
Increase (decrease) in net assets from capital stock activity		(170,148,636	)		1,754,625
Total decrease in net assets		(217,662,581	)		(33,252,326	)
Net assets at beginning of period		1,136,371,816			1,169,624,142
Net assets at end of period		$918,709,235			$1,136,371,816
Undistributed net investment income		$120,679			$608,888

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 13

COLUMBIA LIMITED DURATION CREDIT FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		3,375,111			32,162,432			18,652,771			184,603,729
Distributions reinvested		612,598			5,819,055			1,186,045			11,675,608
Redemptions		(11,925,200	)		(113,577,172	)		(27,493,721	)		(270,877,827	)
Net decrease		(7,937,491	)		(75,595,685	)		(7,654,905	)		(74,598,490	)
Class B shares
Subscriptions		798			7,530			16,438			162,257
Distributions reinvested		774			7,358			2,700			26,590
Redemptions(a)		(65,632	)		(628,374	)		(197,110	)		(1,942,731	)
Net decrease		(64,060	)		(613,486	)		(177,972	)		(1,753,884	)
Class C shares
Subscriptions		221,388			2,109,437			1,496,443			14,755,413
Distributions reinvested		49,234			467,185			85,152			837,308
Redemptions		(1,127,362	)		(10,755,213	)		(2,600,063	)		(25,588,433	)
Net decrease		(856,740	)		(8,178,591	)		(1,018,468	)		(9,995,712	)
Class I shares
Subscriptions		34,467			329,357			5,788,653			56,679,226
Distributions reinvested		252,738			2,400,447			377,875			3,717,296
Redemptions		(1,330,826	)		(12,564,512	)		(3,928,930	)		(39,107,990	)
Net increase (decrease)		(1,043,621	)		(9,834,708	)		2,237,598			21,288,532
Class K shares
Distributions reinvested		124			1,185			215			2,123
Redemptions		—			—			(1,088	)		(10,723	)
Net increase (decrease)		124			1,185			(873	)		(8,600	)
Class R4 shares
Subscriptions		563,245			5,383,128			5,808,780			57,209,235
Distributions reinvested		67,859			644,588			60,700			595,501
Redemptions		(838,001	)		(7,952,953	)		(1,454,014	)		(14,293,413	)
Net increase (decrease)		(206,897	)		(1,925,237	)		4,415,466			43,511,323
Class R5 shares
Subscriptions		2,266,794			21,571,433			4,512,550			44,313,206
Distributions reinvested		90,302			858,029			89,996			885,832
Redemptions		(1,732,893	)		(16,518,603	)		(2,221,484	)		(21,882,956	)
Net increase		624,203			5,910,859			2,381,062			23,316,082
Class W shares
Subscriptions		468,872			4,479,060			15,635,125			155,674,327
Distributions reinvested		85,633			814,249			310,595			3,061,997
Redemptions		(5,173,508	)		(50,036,946	)		(19,067,241	)		(188,657,858	)
Net decrease		(4,619,003	)		(44,743,637	)		(3,121,521	)		(29,921,534	)
Class Y shares
Subscriptions		40,194			384,547			379,893			3,726,787
Distributions reinvested		4,342			41,242			4,269			41,847
Redemptions		(35,238	)		(337,819	)		(82,087	)		(805,471	)
Net increase		9,298			87,970			302,075			2,963,163

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		3,688,385			35,419,116			11,240,647			110,735,709
Distributions reinvested		86,851			825,933			171,918			1,692,902
Redemptions		(7,505,042	)		(71,502,355	)		(8,674,415	)		(85,474,866	)
Net increase (decrease)		(3,729,806	)		(35,257,306	)		2,738,150			26,953,745
Total net increase (decrease)		(17,823,993	)		(170,148,636	)		100,612			1,754,625

(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 2016 15

COLUMBIA LIMITED DURATION CREDIT FUND

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  A	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$9.70		$9.99		$10.04		$10.15		$10.10		$9.94
Income from investment operations:
Net investment income	0.11		0.19		0.16		0.16		0.25		0.31
Net realized and unrealized gain (loss)	(0.44	)	(0.28	)	0.11		0.05		0.03		0.17
Total from investment operations	(0.33	)	(0.09	)	0.27		0.21		0.28		0.48
Less distributions to shareholders:
Net investment income	(0.12	)	(0.19	)	(0.22	)	(0.16	)	(0.23	)	(0.32	)
Net realized gains	—		(0.01	)	(0.10	)	(0.16	)	—		—
Total distributions to shareholders	(0.12	)	(0.20	)	(0.32	)	(0.32	)	(0.23	)	(0.32	)
Net asset value, end of period	$9.25		$9.70		$9.99		$10.04		$10.15		$10.10
Total return	(3.47	%)	(0.96	%)	2.78	%	2.11	%	2.87	%	4.87	%
Ratios to average net assets(a)
Total gross expenses	0.88	%(b)	0.86	%	0.87	%	0.86	%	0.88	%	0.94	%
Total net expenses(c)	0.83	%(b)	0.83	%(d)	0.84	%(d)	0.85	%(d)	0.84	%(d)	0.86	%
Net investment income	2.34	%(b)	1.92	%	1.55	%	1.56	%	2.45	%	3.11	%
Supplemental data
Net assets, end of period (in thousands)	$440,242		$538,661		$631,359		$645,559		$624,738		$516,916
Portfolio turnover	18	%	68	%	93	%	87	%	106	%	113	%

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.

16 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class B	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$9.70		$9.99		$10.04		$10.14		$10.10		$9.94
Income from investment operations:
Net investment income	0.08		0.11		0.08		0.08		0.17		0.24
Net realized and unrealized gain (loss)	(0.45	)	(0.28	)	0.12		0.07		0.03		0.17
Total from investment operations	(0.37	)	(0.17	)	0.20		0.15		0.20		0.41
Less distributions to shareholders:
Net investment income	(0.08	)	(0.11	)	(0.15	)	(0.09	)	(0.16	)	(0.25	)
Net realized gains	—		(0.01	)	(0.10	)	(0.16	)	—		—
Total distributions to shareholders	(0.08	)	(0.12	)	(0.25	)	(0.25	)	(0.16	)	(0.25	)
Net asset value, end of period	$9.25		$9.70		$9.99		$10.04		$10.14		$10.10
Total return	(3.84	%)	(1.70	%)	2.01	%	1.45	%	1.99	%	4.08	%
Ratios to average net assets(a)
Total gross expenses	1.63	%(b)	1.61	%	1.61	%	1.61	%	1.63	%	1.69	%
Total net expenses(c)	1.58	%(b)	1.58	%(d)	1.59	%(d)	1.60	%(d)	1.60	%(d)	1.61	%
Net investment income	1.57	%(b)	1.14	%	0.81	%	0.81	%	1.70	%	2.36	%
Supplemental data
Net assets, end of period (in thousands)	$676		$1,330		$3,147		$5,108		$6,385		$8,756
Portfolio turnover	18	%	68	%	93	%	87	%	106	%	113	%

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 2016 17

COLUMBIA LIMITED DURATION CREDIT FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  C	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$9.69		$9.99		$10.04		$10.14		$10.10		$9.94
Income from investment operations:
Net investment income	0.08		0.12		0.08		0.08		0.17		0.23
Net realized and unrealized gain (loss)	(0.45	)	(0.30	)	0.12		0.07		0.03		0.18
Total from investment operations	(0.37	)	(0.18	)	0.20		0.15		0.20		0.41
Less distributions to shareholders:
Net investment income	(0.08	)	(0.11	)	(0.15	)	(0.09	)	(0.16	)	(0.25	)
Net realized gains	—		(0.01	)	(0.10	)	(0.16	)	—		—
Total distributions to shareholders	(0.08	)	(0.12	)	(0.25	)	(0.25	)	(0.16	)	(0.25	)
Net asset value, end of period	$9.24		$9.69		$9.99		$10.04		$10.14		$10.10
Total return	(3.84	%)	(1.80	%)	2.01	%	1.45	%	2.00	%	4.09	%
Ratios to average net assets(a)
Total gross expenses	1.64	%(b)	1.61	%	1.62	%	1.61	%	1.63	%	1.69	%
Total net expenses(c)	1.58	%(b)	1.58	%(d)	1.59	%(d)	1.60	%(d)	1.59	%(d)	1.61	%
Net investment income	1.59	%(b)	1.17	%	0.81	%	0.81	%	1.70	%	2.34	%
Supplemental data
Net assets, end of period (in thousands)	$55,908		$66,931		$79,115		$91,079		$90,079		$72,019
Portfolio turnover	18	%	68	%	93	%	87	%	106	%	113	%

Notes to Financial Highlights

(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(b) Annualized.

(c) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(d) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class I	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$9.70		$9.99		$10.05		$10.15		$10.11		$9.94
Income from investment operations:
Net investment income	0.13		0.23		0.19		0.20		0.28		0.34
Net realized and unrealized gain (loss)	(0.45	)	(0.29	)	0.11		0.06		0.03		0.19
Total from investment operations	(0.32	)	(0.06	)	0.30		0.26		0.31		0.53
Less distributions to shareholders:
Net investment income	(0.13	)	(0.22	)	(0.26	)	(0.20	)	(0.27	)	(0.36	)
Net realized gains	—		(0.01	)	(0.10	)	(0.16	)	—		—
Total distributions to shareholders	(0.13	)	(0.23	)	(0.36	)	(0.36	)	(0.27	)	(0.36	)
Net asset value, end of period	$9.25		$9.70		$9.99		$10.05		$10.15		$10.11
Total return	(3.29	%)	(0.59	%)	3.06	%	2.60	%	3.17	%	5.34	%
Ratios to average net assets(a)
Total gross expenses	0.46	%(b)	0.46	%	0.46	%	0.47	%	0.46	%	0.58	%
Total net expenses(c)	0.46	%(b)	0.46	%	0.46	%	0.47	%	0.46	%	0.52	%
Net investment income	2.71	%(b)	2.31	%	1.93	%	1.94	%	2.83	%	3.41	%
Supplemental data
Net assets, end of period (in thousands)	$159,195		$177,071		$160,050		$220,958		$207,343		$216,337
Portfolio turnover	18	%	68	%	93	%	87	%	106	%	113	%

Notes to Financial Highlights

(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(b) Annualized.

(c) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 19

COLUMBIA LIMITED DURATION CREDIT FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class K	(Unaudited)		2015			2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$9.72		$10.01			$10.07		$10.17		$10.13		$9.97
Income from investment operations:
Net investment income	0.11		0.20			0.16		0.18		0.26		0.32
Net realized and unrealized gain (loss)	(0.44	)	(0.29	)		0.11		0.05		0.02		0.17
Total from investment operations	(0.33	)	(0.09	)	��	0.27		0.23		0.28		0.49
Less distributions to shareholders:
Net investment income	(0.12	)	(0.19	)		(0.23	)	(0.17	)	(0.24	)	(0.33	)
Net realized gains	—		(0.01	)		(0.10	)	(0.16	)	—		—
Total distributions to shareholders	(0.12	)	(0.20	)		(0.33	)	(0.33	)	(0.24	)	(0.33	)
Net asset value, end of period	$9.27		$9.72			$10.01		$10.07		$10.17		$10.13
Total return	(3.43	%)	(0.88	%)		2.76	%	2.29	%	2.87	%	4.92	%
Ratios to average net assets(a)
Total gross expenses	0.76	%(b)	0.76	%		0.76	%	0.76	%	0.76	%	0.89	%
Total net expenses(c)	0.76	%(b)	0.76	%		0.76	%	0.76	%	0.76	%	0.82	%
Net investment income	2.41	%(b)	1.99	%		1.63	%	1.72	%	2.54	%	3.16	%
Supplemental data
Net assets, end of period (in thousands)	$102		$106			$117		$108		$455		$575
Portfolio turnover	18	%	68	%		93	%	87	%	106	%	113	%

Notes to Financial Highlights

(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(b) Annualized.

(c) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class R4	(Unaudited)		2015		2014		2013(a)
Per share data
Net asset value, beginning of period	$9.70		$9.99		$10.04		$10.12
Income from investment operations:
Net investment income	0.12		0.22		0.18		0.07
Net realized and unrealized gain (loss)	(0.44	)	(0.29	)	0.12		(0.08	)(b)
Total from investment operations	(0.32	)	(0.07	)	0.30		(0.01	)
Less distributions to shareholders:
Net investment income	(0.13	)	(0.21	)	(0.25	)	(0.07	)
Net realized gains	—		(0.01	)	(0.10	)	—
Total distributions to shareholders	(0.13	)	(0.22	)	(0.35	)	(0.07	)
Net asset value, end of period	$9.25		$9.70		$9.99		$10.04
Total return	(3.35	%)	(0.71	%)	3.04	%	(0.07	%)
Ratios to average net assets(c)
Total gross expenses	0.63	%(d)	0.61	%	0.62	%	0.62	%(d)
Total net expenses(e)	0.58	%(d)	0.58	%(f)	0.59	%(f)	0.60	%(d)(f)
Net investment income	2.59	%(d)	2.27	%	1.80	%	1.76	%(d)
Supplemental data
Net assets, end of period (in thousands)	$44,486		$48,659		$6,000		$2,270
Portfolio turnover	18	%	68	%	93	%	87	%

Notes to Financial Highlights

(a) Based on operations from February 28, 2013 (commencement of operations) through the stated period end.

(b) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 21

COLUMBIA LIMITED DURATION CREDIT FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class R5	(Unaudited)		2015		2014		2013(a)
Per share data
Net asset value, beginning of period	$9.71		$10.00		$10.05		$10.30
Income from investment operations:
Net investment income	0.13		0.22		0.18		0.14
Net realized and unrealized gain (loss)	(0.45	)	(0.28	)	0.13		(0.10	)(b)
Total from investment operations	(0.32	)	(0.06	)	0.31		0.04
Less distributions to shareholders:
Net investment income	(0.13	)	(0.22	)	(0.26	)	(0.13	)
Net realized gains	—		(0.01	)	(0.10	)	(0.16	)
Total distributions to shareholders	(0.13	)	(0.23	)	(0.36	)	(0.29	)
Net asset value, end of period	$9.26		$9.71		$10.00		$10.05
Total return	(3.31	%)	(0.63	%)	3.12	%	0.44	%
Ratios to average net assets(c)
Total gross expenses	0.51	%(d)	0.51	%	0.51	%	0.55	%(d)
Total net expenses(e)	0.51	%(d)	0.51	%	0.51	%	0.54	%(d)
Net investment income	2.66	%(d)	2.26	%	1.84	%	1.99	%(d)
Supplemental data
Net assets, end of period (in thousands)	$61,228		$58,152		$36,091		$1,983
Portfolio turnover	18	%	68	%	93	%	87	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(b) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  W	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$9.71		$10.01		$10.06		$10.16		$10.12		$9.95
Income from investment operations:
Net investment income	0.11		0.19		0.15		0.16		0.25		0.26
Net realized and unrealized gain (loss)	(0.44	)	(0.29	)	0.12		0.06		0.03		0.23
Total from investment operations	(0.33	)	(0.10	)	0.27		0.22		0.28		0.49
Less distributions to shareholders:
Net investment income	(0.12	)	(0.19	)	(0.22	)	(0.16	)	(0.24	)	(0.32	)
Net realized gains	—		(0.01	)	(0.10	)	(0.16	)	—		—
Total distributions to shareholders	(0.12	)	(0.20	)	(0.32	)	(0.32	)	(0.24	)	(0.32	)
Net asset value, end of period	$9.26		$9.71		$10.01		$10.06		$10.16		$10.12
Total return	(3.46	%)	(1.05	%)	2.77	%	2.21	%	2.78	%	4.97	%
Ratios to average net assets(a)
Total gross expenses	0.89	%(b)	0.86	%	0.87	%	0.86	%	0.88	%	0.89	%
Total net expenses(c)	0.83	%(b)	0.83	%(d)	0.83	%(d)	0.85	%(d)	0.84	%(d)	0.86	%
Net investment income	2.35	%(b)	1.92	%	1.50	%	1.61	%	2.45	%	2.64	%
Supplemental data
Net assets, end of period (in thousands)	$62,971		$110,891		$145,507		$9,498		$15,593		$12,353
Portfolio turnover	18	%	68	%	93	%	87	%	106	%	113	%

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 2016 23

COLUMBIA LIMITED DURATION CREDIT FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  Y	(Unaudited)		2015		2014		2013(a)
Per share data
Net asset value, beginning of period	$9.70		$10.00		$10.05		$10.13
Income from investment operations:
Net investment income	0.13		0.24		0.19		0.07
Net realized and unrealized gain (loss)	(0.45	)	(0.31	)	0.12		(0.08	)(b)
Total from investment operations	(0.32	)	(0.07	)	0.31		(0.01	)
Less distributions to shareholders:
Net investment income	(0.13	)	(0.22	)	(0.26	)	(0.07	)
Net realized gains	—		(0.01	)	(0.10	)	—
Total distributions to shareholders	(0.13	)	(0.23	)	(0.36	)	(0.07	)
Net asset value, end of period	$9.25		$9.70		$10.00		$10.05
Total return	(3.29	%)	(0.69	%)	3.16	%	(0.14	%)
Ratios to average net assets(c)
Total gross expenses	0.46	%(d)	0.47	%	0.46	%	0.44	%(d)
Total net expenses(e)	0.46	%(d)	0.46	%	0.46	%	0.44	%(d)
Net investment income	2.71	%(d)	2.44	%	1.87	%	1.81	%(d)
Supplemental data
Net assets, end of period (in thousands)	$2,890		$2,941		$10		$2
Portfolio turnover	18	%	68	%	93	%	87	%

Notes to Financial Highlights

(a) Based on operations from March 19, 2013 (commencement of operations) through the stated period end.

(b) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  Z	(Unaudited)		2015		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.70		$9.99		$10.05		$10.15		$10.11		$10.05
Income from investment operations:
Net investment income	0.12		0.21		0.18		0.18		0.27		0.25
Net realized and unrealized gain (loss)	(0.44	)	(0.28	)	0.11		0.07		0.03		0.09
Total from investment operations	(0.32	)	(0.07	)	0.29		0.25		0.30		0.34
Less distributions to shareholders:
Net investment income	(0.13	)	(0.21	)	(0.25	)	(0.19	)	(0.26	)	(0.28	)
Net realized gains	—		(0.01	)	(0.10	)	(0.16	)	—		—
Total distributions to shareholders	(0.13	)	(0.22	)	(0.35	)	(0.35	)	(0.26	)	(0.28	)
Net asset value, end of period	$9.25		$9.70		$9.99		$10.05		$10.15		$10.11
Total return	(3.35	%)	(0.71	%)	2.93	%	2.46	%	3.05	%	3.49	%
Ratios to average net assets(b)
Total gross expenses	0.63	%(c)	0.61	%	0.62	%	0.61	%	0.63	%	0.67	%(c)
Total net expenses(d)	0.58	%(c)	0.58	%(e)	0.59	%(e)	0.60	%(e)	0.59	%(e)	0.61	%(c)
Net investment income	2.58	%(c)	2.17	%	1.81	%	1.80	%	2.69	%	3.01	%(c)
Supplemental data
Net assets, end of period (in thousands)	$91,012		$131,631		$108,228		$98,123		$97,765		$29,799
Portfolio turnover	18	%	68	%	93	%	87	%	106	%	113	%

Notes to Financial Highlights

(a) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 25

COLUMBIA LIMITED DURATION CREDIT FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2016 (Unaudited)

Note 1. Organization

Columbia Limited Duration Credit Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R4, Class R5, Class W, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure.

Class A shares are subject to a maximum front-end sales charge of 3.00% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months 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 12 months after purchase.

Class I shares are not subject to sales charges and are available only to the Columbia Family of Funds.

Class K shares are not subject to sales charges, however this share class is closed to new investors.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class W shares are not subject to sales charges and are available only to investors purchasing through authorized investment programs managed by investment professionals, including discretionary managed account programs.

Class Y shares are not subject to sales charges and are generally available only to certain retirement plans as described in the Fund’s prospectus.

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services —Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as

26 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.

Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.

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.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more 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

Semiannual Report 2016 27

COLUMBIA LIMITED DURATION CREDIT FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Fund and a counterparty that governs over-the-counter derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the exchange or clearinghouse for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives 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 manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

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

28 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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.

The following table provides a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2016:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized appreciation on futures contracts	1,087,662	*
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized depreciation on futures contracts	10,477,218	*

* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended January 31, 2016:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Interest rate risk		(2,118,035	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Interest rate risk		(7,296,398	)

The following table provides a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		36,980,231
Futures contracts — Short		439,265,001

* Based on the ending quarterly outstanding amounts for the six months ended January 31, 2016.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based

upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Semiannual Report 2016 29

COLUMBIA LIMITED DURATION CREDIT FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Distributions to Shareholders

Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

In May 2015, FASB issued Accounting Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Other Transactions with Affiliates

Management Fees

Effective December 1, 2015, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management

services fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.43% to 0.28% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2016 was 0.43% of the Fund’s average daily net assets.

Prior to December 1, 2015, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. For the period from August 1, 2015 through November 30, 2015, the investment advisory services fee paid to the Investment Manager was $1,268,257, and the administrative services fee paid to the Investment Manager was $236,597.

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 January 31, 2016, other expenses paid by the Fund to this company were $1,670.

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

30 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (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 I and Class Y shares do not pay transfer agency fees.

For the six months ended January 31, 2016, 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	0.17	%
Class B	0.17
Class C	0.17
Class K	0.05
Class R4	0.17
Class R5	0.05
Class W	0.17
Class Z	0.17

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer 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 January 31, 2016, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution 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 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 $579,000 and $528,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution 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 $73,227 for Class A, $212 for Class B and $2,398 for Class C shares for the six months ended January 31, 2016.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses

Semiannual Report 2016 31

COLUMBIA LIMITED DURATION CREDIT FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Contractual Expense Cap December 1, 2015 Through November 30, 2016			Voluntary Expense Cap Prior to December 1, 2015
Class A		0.83	%		0.83	%
Class B		1.58			1.58
Class C		1.58			1.58
Class I		0.46			0.46
Class K		0.76			0.76
Class R4		0.58			0.58
Class R5		0.51			0.51
Class W		0.83			0.83
Class Y		0.46			0.46
Class Z		0.58			0.58

The contractual agreement may be modified or amended only with approval from all parties. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend and interest expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At January 31, 2016, the cost of investments for federal income tax purposes was approximately $937,047,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$5,128,000
Unrealized depreciation	(48,284,000)
Net unrealized depreciation	$(43,156,000)

The following capital loss carryforwards, determined as of January 31, 2016, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
No expiration — short-term		1,105,806
No expiration — long-term		2,421,211
Total		3,527,017

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat post-October capital losses of $7,637,285 as arising on August 1, 2015.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $175,634,406 and $371,851,764, respectively, for the six months ended January 31, 2016. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as Dividends — affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of

32 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the six months ended January 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At January 31, 2016, affiliated shareholders of record owned 70.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Credit Risk

Credit risk is the risk that the value of debt securities in the Fund’s portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking

authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates.

Liquidity Risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

Note 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

Semiannual Report 2016 33

COLUMBIA LIMITED DURATION CREDIT FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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.

34 Semiannual Report 2016

COLUMBIA LIMITED DURATION CREDIT FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Semiannual Report 2016 35

Columbia Limited Duration Credit Fund

P.O. Box 8081

Boston, MA 02266-8081

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to columbiathreadneedle.com/us. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR183_07_F01_(03/16)

SEMIANNUAL REPORT

January 31, 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of actively managed investment strategies and solutions for individual, institutional and corporate clients around the world.

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $472 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 13th largest manager of long-term mutual fund assets in the U.S.** and the 4th largest manager of retail funds in the U.K.***

Our priority is the investment success of our clients. We aim to deliver the investment outcomes they expect through an investment approach that is team-based, performance-driven and risk-aware. Our culture is dynamic and interactive. By sharing our insights across asset classes and geographies, we generate richer perspectives on global, regional and local investment landscapes. The ability to exchange and debate investment ideas in a collaborative environment enriches our teams’ investment processes. More importantly, it results in better informed investment decisions for our clients.

Columbia funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

* In U.S. dollars as of December 31, 2015. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies. Contact us for more current data.

** Source: ICI as of December 31, 2015 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of September 2015 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

PRESIDENT’S MESSAGE

Dear Shareholder,

Today’s investors are typically focused on outcomes, like living a certain retirement lifestyle, paying for college education or building a legacy. But in today’s complex global investment landscape, even simple goals are not easily achieved.

At Columbia Threadneedle Investments, we aspire to help satisfy five core needs of today’s investors:

n Generate an appropriate stream of income in retirement

Traditional approaches to generating income may not provide the diversification benefits they once did, and they may actually introduce unwanted risk in today’s market. To seek to improve your potential to live comfortably long term, we endeavor to pursue investments that explore less traveled paths to income.

n Navigate a changing interest rate environment

Today’s uncertain market environment includes the prospect of a rise in interest rates. Blending traditional investments with non-traditional or alternative products may help protect your wealth during periods of volatility. We can attempt to help strengthen your portfolio with agile products designed to take on the market’s ups and downs.

n Maximize after-tax returns

In an environment where what you keep may be more important than what you earn, municipal bonds can help mitigate high tax burdens while providing potentially attractive yields. Our state and federal tax-exempt products are aimed at helping investors manage risk, minimize the fluctuation of capital and grow wealth on a more tax-efficient basis.

n Grow assets to achieve financial goals

We believe that finding and protecting growth comes from a disciplined security selection process designed to create excess return. Our goal is to provide investment solutions built to help you face today’s market challenges and grow your assets at each crossroad of your journey.

n Ease the impact of volatile markets

Despite a bull market run that has benefited many investors over the past several years, it’s important to remember the lessons of 2008 and the value that a well-diversified portfolio may provide through times of market volatility. We are here to help you hold onto the savings you have worked tirelessly to amass, and to provide you the best opportunity to maintain your standard of living regardless of market conditions.

Find out today how we can help you confidently invest to realize your dreams. Please visit us at blog.columbiathreadneedleus.com/our-best-ideas to learn more about our unique investment solutions.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and summary prospectus, which contains this and other important information about a fund, visit columbiathreadneedle.com/us. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

TABLE OF CONTENTS

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiathreadneedle.com/us or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	15
Statement of Operations	17
Statement of Changes in Net Assets	18
Financial Highlights	20
Notes to Financial Statements	26
Important Information About This Report	33

Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Minnesota Tax-Exempt Fund (the Fund) Class A shares returned 3.41% excluding sales charges for the six-month period that ended January 31, 2016. Class Z shares of the Fund returned 3.35% for the same time period.

n During the same time period, the Barclays Minnesota Municipal Bond Index returned 3.14% and the broader Barclays Municipal Bond Index returned 3.66%.

Average Annual Total Returns (%) (for period ended January 31, 2016)
	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	08/18/86
Excluding sales charges			3.41		2.98		6.19		4.71
Including sales charges			0.32		-0.04		5.53		4.40
Class B	03/20/95
Excluding sales charges			2.83		2.03		5.40		3.92
Including sales charges			-2.17		-2.94		5.08		3.92
Class C	06/26/00
Excluding sales charges			3.02		2.21		5.40		3.93
Including sales charges			2.02		1.22		5.40		3.93
Class R4*	03/19/13		3.54		3.23		6.36		4.79
Class R5*	12/11/13		3.36		3.25		6.32		4.77
Class Z*	09/27/10		3.35		3.05		6.42		4.83
Barclays Minnesota Municipal Bond Index			3.14		2.52		4.94		4.65
Barclays Municipal Bond Index			3.66		2.71		5.75		4.81

Returns for Class A are shown with and without the maximum initial sales charge of 3.00%. The maximum applicable sales charge was reduced from 4.75% to 3.00% on Class A share purchases made on or after February 19, 2015. Class A returns (including sales charges) for all periods reflect the current maximum applicable sales charge of 3.00%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedle.com/us or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information.

The Barclays Minnesota Municipal Bond Index is a market capitalization-weighted index of Minnesota investment-grade bonds with maturities of one year or more.

The Barclays Municipal Bond Index is an unmanaged index considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Semiannual Report 2016 3

COLUMBIA MINNESOTA TAX-EXEMPT FUND

PORTFOLIO OVERVIEW

(Unaudited)

Portfolio Management

Catherine Steinstra

Quality Breakdown (%) (at January 31, 2016)
AAA rating	4.3
AA rating	29.9
A rating	33.1
BBB rating	15.0
BB rating	0.9
Not rated	16.8
Total	100.0

Percentages indicated are based upon total fixed income investments (excluding Money Market Funds).

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

UNDERSTANDING YOUR FUND’S EXPENSES

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

August 1, 2015 – January 31, 2016

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,034.10	1,020.84		4.10	4.07		0.81
Class B		1,000.00	1,000.00		1,028.30	1,017.11		7.87	7.82		1.56
Class C		1,000.00	1,000.00		1,030.20	1,017.11		7.87	7.82		1.56
Class R4		1,000.00	1,000.00		1,035.40	1,022.03		2.88	2.87		0.57
Class R5		1,000.00	1,000.00		1,033.60	1,022.13		2.78	2.77		0.55
Class Z		1,000.00	1,000.00		1,033.50	1,022.08		2.83	2.82		0.56

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Semiannual Report 2016 5

COLUMBIA MINNESOTA TAX-EXEMPT FUND

PORTFOLIO OF INVESTMENTS

January 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Municipal Bonds 97.6%
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
AIRPORT 3.7%
Minneapolis-St. Paul Metropolitan Airports Commission Refunding Revenue Bonds Series 2011
01/01/25		5.000%		2,000,000		2,295,060
Subordinated Series 2012B
01/01/30		5.000%		1,000,000		1,147,480
01/01/31		5.000%		750,000		859,718
Subordinated Series 2014A
01/01/34		5.000%		1,000,000		1,156,860
Revenue Bonds Senior Series 2010A
01/01/35		5.000%		6,795,000		7,647,772
Senior Series 2010B
01/01/21		5.000%		2,175,000		2,506,078
Minneapolis-St. Paul Metropolitan Airports Commission(a) Refunding Revenue Bonds Senior Series 2009B AMT
01/01/22		5.000%		2,680,000		2,980,562
Total						18,593,530
ASSISTED LIVING 1.1%
City of Red Wing Refunding Revenue Bonds Deer Crest Project Series 2012A
11/01/32		5.000%		325,000		343,502
11/01/42		5.000%		1,250,000		1,309,488
Dakota County Community Development Agency Revenue Bonds Sanctuary at West St. Paul Project Series 2015
08/01/35		6.000%		4,000,000		4,090,800
Total						5,743,790
HEALTH SERVICES 0.4%
City of Center City Revenue Bonds Hazelden Betty Ford Foundation Project Series 2011
11/01/41		5.000%		1,600,000		1,706,912
Series 2014
11/01/44		5.000%		500,000		563,345
Total						2,270,257
HIGHER EDUCATION 10.8%
Minnesota Higher Education Facilities Authority Refunding Revenue Bonds St. Olaf College 8th Series 2015G
12/01/31		5.000%		740,000		890,427
12/01/32		5.000%		1,000,000		1,196,580
Revenue Bonds Bethel University 6th Series 2007R
05/01/23		5.500%		275,000		282,708
05/01/37		5.500%		6,000,000		6,130,200

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
Carleton College 6th Series 2008T
01/01/28		5.000%		3,000,000		3,214,770
College of St. Benedict 7th Series 2011M
03/01/31		5.000%		300,000		327,021
03/01/36		5.125%		275,000		297,985
Series 2008V
03/01/18		5.000%		500,000		536,570
College of St. Scholastica Series 2010H
12/01/30		5.125%		870,000		936,529
12/01/35		5.250%		1,000,000		1,079,090
Series 2011-7J
12/01/40		6.300%		1,800,000		2,017,944
Series 2012
12/01/27		4.250%		350,000		371,203
12/01/32		4.000%		350,000		356,069
Hamline University 7th Series 2010E
10/01/29		5.000%		500,000		542,135
7th Series 2011K2
10/01/32		6.000%		1,000,000		1,167,280
10/01/40		6.000%		4,000,000		4,578,800
St. Catherine University 7th Series 2012Q
10/01/25		5.000%		325,000		371,043
10/01/26		5.000%		280,000		316,333
10/01/27		5.000%		200,000		224,370
10/01/32		5.000%		700,000		770,714
St. John’s University 6th Series 2008U
10/01/28		4.750%		1,000,000		1,082,880
St. Johns University Series 2015-8-1
10/01/31		5.000%		370,000		443,045
10/01/32		5.000%		645,000		766,286
10/01/33		5.000%		350,000		415,159
10/01/34		5.000%		380,000		448,978
University of St. Thomas 6th Series 2008W
10/01/30		6.000%		3,625,000		3,737,520
6th Series 2009X
04/01/39		5.250%		6,000,000		6,278,160
Unrefunded Revenue Bonds College of St. Benedict
Series 2008
03/01/23		4.750%		730,000		766,653
St. Olaf College 6th Series 2007O
10/01/22		5.000%		1,035,000		1,067,261
University of Minnesota Revenue Bonds Series 2009A
04/01/34		5.125%		1,000,000		1,120,980
Series 2011A
12/01/31		5.250%		5,000,000		5,912,900
Series 2011D
12/01/36		5.000%		5,985,000		6,984,914
Total						54,632,507

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
HOSPITAL 18.6%
City of Breckenridge Revenue Bonds Catholic Health Initiatives Series 2004A
05/01/30		5.000%		500,000		501,805
City of Glencoe Refunding Revenue Bonds Glencoe Regional Health Services Project Series 2013
04/01/23		4.000%		400,000		430,260
04/01/24		4.000%		745,000		797,955
04/01/26		4.000%		500,000		530,290
04/01/31		4.000%		1,450,000		1,516,105
City of Maple Grove Refunding Revenue Bonds North Memorial Health Care Series 2015
09/01/32		5.000%		1,000,000		1,152,060
09/01/35		4.000%		1,500,000		1,563,090
Revenue Bonds Maple Grove Hospital Corp. Series 2007
05/01/19		5.000%		1,965,000		2,070,855
05/01/20		5.000%		1,000,000		1,052,220
05/01/21		5.000%		1,500,000		1,575,750
05/01/37		5.250%		6,610,000		6,861,444
City of Minneapolis/St. Paul Housing & Redevelopment Authority Revenue Bonds Children’s Health Care Facilities Series 2010A
08/15/25		5.250%		1,000,000		1,154,160
08/15/35		5.250%		2,275,000		2,570,340
City of Minneapolis Refunding Revenue Bonds Fairview Health Services Series 2015A
11/15/44		5.000%		4,725,000		5,371,191
City of Northfield Hospital & Skilled Nursing Revenue Bonds Series 2006
11/01/31		5.375%		1,500,000		1,542,300
City of Rochester Revenue Bonds Mayo Clinic Series 2011C
11/15/38		4.500%		2,560,000		2,990,080
Olmsted Medical Center Project Series 2010
07/01/30		5.875%		1,950,000		2,264,652
Series 2013
07/01/24		5.000%		300,000		360,645
07/01/27		5.000%		245,000		288,162
07/01/28		5.000%		225,000		263,302
07/01/33		5.000%		650,000		741,481
City of Shakopee Refunding Revenue Bonds St. Francis Regional Medical Center Series 2014
09/01/34		5.000%		1,000,000		1,146,340

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
City of St. Cloud Refunding Revenue Bonds CentraCare Health System Series 2014B
05/01/24		5.000%		1,400,000		1,719,732
Revenue Bonds CentraCare Health System Series 2010A
05/01/30		5.125%		5,000,000		5,682,400
City of Winona Refunding Revenue Bonds Winona Health Obligation Group Series 2007
07/01/31		5.150%		2,000,000		2,053,860
Series 2012
07/01/34		5.000%		750,000		812,033
County of Chippewa Revenue Bonds Montevideo Hospital Project Series 2007
03/01/20		5.375%		1,940,000		2,003,322
03/01/21		5.375%		1,045,000		1,077,959
County of Meeker Revenue Bonds Hospital Facilities Memorial Hospital Project Series 2007
11/01/27		5.750%		1,000,000		1,044,890
11/01/37		5.750%		2,250,000		2,349,022
Housing & Redevelopment Authority of The City of St Paul Minnesota Refunding Revenue Bonds HealthEast Care System Project Series 2015
11/15/27		5.000%		2,500,000		2,986,250
11/15/44		5.000%		1,000,000		1,134,970
HealthPartners Obligation Group Series 2015
07/01/33		5.000%		3,000,000		3,521,490
07/01/35		4.000%		5,000,000		5,314,700
Revenue Bonds Allina Health Systems Series 2007A (NPFGC)
11/15/22		5.000%		1,025,000		1,102,633
Series 2009A-1
11/15/29		5.250%		7,000,000		7,921,270
Gillette Children’s Specialty Series 2009
02/01/27		5.000%		7,445,000		8,103,734
02/01/29		5.000%		3,000,000		3,254,850
Perham Hospital District Revenue Bonds Perham Memorial Hospital & Home Series 2010
03/01/40		6.500%		3,500,000		3,802,120
Staples United Hospital District Unlimited General Obligation Bonds Health Care Facilities-Lakewood Series 2004
12/01/34		5.000%		3,775,000		3,786,287
Total						94,416,009

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 7

COLUMBIA MINNESOTA TAX-EXEMPT FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
JOINT POWER AUTHORITY 11.9%
Central Minnesota Municipal Power Agency Revenue Bonds Brookings-Southeast Twin Cities Transmission Project Series 2012
01/01/19		5.000%		1,925,000		2,129,724
01/01/42		5.000%		1,500,000		1,658,205
Hutchinson Utilities Commission Revenue Bonds Series 2012A
12/01/22		5.000%		250,000		300,807
12/01/25		5.000%		400,000		474,016
Minnesota Municipal Power Agency Refunding Revenue Bonds Series 2014
10/01/32		5.000%		250,000		295,030
10/01/33		5.000%		250,000		294,395
Series 2014A
10/01/35		5.000%		1,000,000		1,169,150
Revenue Bonds Series 2010A
10/01/35		5.250%		7,000,000		7,985,390
Northern Municipal Power Agency Revenue Bonds Series 2007A (AMBAC)
01/01/26		5.000%		3,500,000		3,759,595
Series 2008A
01/01/21		5.000%		3,500,000		3,763,060
Series 2013A
01/01/30		5.000%		340,000		393,482
01/01/31		5.000%		460,000		529,833
Southern Minnesota Municipal Power Agency Refunding Revenue Bonds Series 2015A
01/01/41		5.000%		2,550,000		2,975,289
01/01/46		5.000%		2,000,000		2,314,980
Revenue Bonds
Series 2002A (AMBAC)
01/01/17		5.250%		4,000,000		4,176,480
Southern Minnesota Municipal Power Agency(b) Revenue Bonds Capital Appreciation Series 1994A (NPFGC)
01/01/19		0.000%		5,000,000		4,790,500
01/01/26		0.000%		10,000,000		7,915,400
Western Minnesota Municipal Power Agency Refunding Revenue Bonds Series 2012A
01/01/29		5.000%		1,200,000		1,412,940
01/01/30		5.000%		1,000,000		1,174,650
Series 2015A
01/01/36		5.000%		1,000,000		1,189,420
Revenue Bonds Series 2014A
01/01/40		5.000%		1,000,000		1,148,430
01/01/46		5.000%		9,025,000		10,302,759
Total						60,153,535

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
LOCAL APPROPRIATION 3.4%
Anoka-Hennepin Independent School District No. 11 Certificate of Participation Series 2014A
02/01/34		5.000%		1,700,000		1,981,146
Duluth Independent School District No. 709 Certificate of Participation Series 2008B (School District Credit Enhancement Program)
02/01/26		4.750%		4,000,000		4,414,400
Goodhue County Education District No. 6051 Certificate of Participation Series 2014
02/01/29		5.000%		1,200,000		1,402,836
02/01/34		5.000%		1,200,000		1,373,352
02/01/39		5.000%		1,300,000		1,460,199
Northeastern Metropolitan Intermediate School District No. 916 Certificate of Participation Series 2015B
02/01/34		5.000%		1,000,000		1,165,390
02/01/42		4.000%		5,250,000		5,423,513
Total						17,220,836
LOCAL GENERAL OBLIGATION 6.0%
Burnsville-Eagan-Savage Independent School District No. 191 Unlimited General Obligation Bonds School Building Series 2015A
02/01/31		4.000%		4,820,000		5,412,185
Centennial Independent School District No. 12(b) Unlimited General Obligation Bonds Series 2015A (School District Credit Enhancement Program)
02/01/32		0.000%		1,225,000		729,291
02/01/33		0.000%		750,000		421,470
City of Willmar Unlimited General Obligation Refunding Bonds Rice Memorial Hospital Project Series 2012A
02/01/27		5.000%		1,000,000		1,168,870
County of Anoka Unlimited General Obligation Bonds Capital Improvements Series 2008A
02/01/23		5.000%		500,000		540,455
County of Otter Tail Unlimited General Obligation Bonds Disposal Systems-Prairie Lakes Series 2011 AMT(a)
11/01/30		5.000%		2,010,000		2,272,003
Farmington Independent School District No. 192 Unlimited General Obligation Refunding Bonds Series 2015A (School District Credit Enhancement Program)
02/01/26		5.000%		4,155,000		5,101,260
Hermantown Independent School District No. 700 Unlimited General Obligation Bonds School Building Series 2014A
02/01/37		5.000%		4,740,000		5,546,179

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
Mahtomedi Independent School District No. 832 Unlimited General Obligation Refunding Bonds School Building Series 2014A
02/01/30		5.000%		500,000		612,355
02/01/31		5.000%		1,140,000		1,387,004
Monticello Independent School District No 88 Unlimited General Obligation Bonds School Building Series 2016A (School District Credit Enhancement Program)(c)
02/01/31		4.000%		1,735,000		1,946,514
Monticello Independent School District No 882 Unlimited General Obligation Bonds School Building Series 2016A (School District Credit Enhancement Program)(c)
02/01/30		4.000%		1,000,000		1,130,170
Waconia Independent School District No. 110 Unlimited General Obligation Refunding Bonds Series 2015A
02/01/25		5.000%		3,470,000		4,274,971
Total						30,542,727
MULTI-FAMILY 4.0%
Anoka Housing & Redevelopment Authority Revenue Bonds Woodland Park Apartments Project Series 2011A
04/01/27		5.000%		2,500,000		2,663,800
Austin Housing & Redevelopment Authority Refunding Revenue Bonds Chauncey & Courtyard Apartments Series 2010
01/01/31		5.000%		1,500,000		1,596,720
City of Bloomington Refunding Revenue Bonds Gideon Pond Commons LLC Senior Series 2010
12/01/26		5.750%		1,000,000		1,031,430
12/01/30		6.000%		3,000,000		3,107,310
City of Crystal Revenue Bonds Crystal Leased Housing Association Series 2014
06/01/31		5.250%		2,500,000		2,570,325
City of Oak Park Heights Revenue Bonds Housing Oakgreen Commons Project Series 2010
08/01/45		7.000%		2,000,000		2,195,020
Oakgreen Commons Project Memory Series 2013
08/01/43		6.500%		1,000,000		1,092,390
City of St. Anthony Revenue Bonds Multifamily Housing Landings Silver Lake Village Series 2013
12/01/30		6.000%		3,000,000		3,296,340

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
Northwest Multi-County Housing & Redevelopment Authority Refunding Revenue Bonds Pooled Housing Program Series 2015
07/01/45		5.500%		2,500,000		2,521,075
Total						20,074,410
MUNICIPAL POWER 0.4%
City of Rochester Electric Utility Refunding Revenue Bonds Series 2015E
12/01/27		4.000%		1,000,000		1,151,110
12/01/28		4.000%		950,000		1,080,245
Total						2,231,355
NURSING HOME 4.6%
City of Anoka Revenue Bonds Homestead Anoka, Inc. Project Senior Series 2011B
11/01/34		6.875%		2,765,000		2,978,458
Series 2011A
11/01/40		7.000%		1,000,000		1,075,200
11/01/46		7.000%		1,000,000		1,073,430
City of Oak Park Heights Refunding Revenue Bonds Boutwells Landing Care Center Series 2013
08/01/25		5.250%		1,480,000		1,621,014
City of Sartell Revenue Bonds Country Manor Campus Series 2010A
09/01/30		6.125%		840,000		858,144
09/01/36		6.250%		925,000		945,147
09/01/42		6.375%		2,435,000		2,488,083
City of Sauk Rapids Refunding Revenue Bonds Good Shepherd Lutheran Home Series 2013
01/01/39		5.125%		2,500,000		2,555,550
Dakota County Community Development Agency Revenue Bonds Ebenezer Ridges Care Center TCU Project Series 2014S
09/01/46		5.000%		2,000,000		2,068,820
Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds Episcopal Homes Project Senior Series 2013
05/01/38		5.000%		1,200,000		1,244,988
05/01/48		5.125%		6,250,000		6,505,437
Total						23,414,271

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 9

COLUMBIA MINNESOTA TAX-EXEMPT FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
OTHER BOND ISSUE 0.3%
Housing & Redevelopment Authority of The City of St Paul Minnesota Refunding Revenue Bonds Parking Facilities Project Series 2010A
08/01/35		5.000%		1,500,000		1,659,000
OTHER UTILITY 0.3%
St. Paul Port Authority(a) Revenue Bonds Energy Park Utility Co. Project Series 2012 AMT
08/01/28		5.450%		250,000		264,275
08/01/36		5.700%		1,250,000		1,318,725
Total						1,583,000
POOL / BOND BANK 0.8%
City of Minneapolis Limited Tax Revenue Bonds Supported Common Bond Series 2010
12/01/30		6.250%		1,000,000		1,198,110
City of Minneapolis(a) Limited Tax Revenue Bonds Common Bond Fund Series 2007-2A AMT
06/01/22		5.125%		1,035,000		1,075,117
06/01/28		5.000%		1,500,000		1,539,225
Total						3,812,452
PREP SCHOOL 5.6%
City of Brooklyn Park Refunding Revenue Bonds Prairie Seeds Academy Project Series 2015
03/01/34		5.000%		1,000,000		1,024,170
03/01/39		5.000%		2,000,000		2,017,360
City of Cologne Revenue Bonds Cologne Academy Charter School Project Series 2014A
07/01/34		5.000%		500,000		523,775
07/01/45		5.000%		2,070,000		2,127,773
City of Deephaven Refunding Revenue Bonds Eagle Ridge Academy Project Series 2015
07/01/50		5.500%		1,500,000		1,550,055
City of Forest Lake Revenue Bonds Lakes International Language Academy Series 2014
08/01/36		5.500%		500,000		542,210
08/01/44		5.750%		1,500,000		1,621,005

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
City of Woodbury Revenue Bonds MSA Building Co. Series 2012A
12/01/32		5.000%		220,000		229,425
12/01/43		5.000%		1,500,000		1,538,310
County of Anoka Revenue Bonds Spectrum Building Co. Series 2012A
06/01/27		5.000%		290,000		305,086
06/01/32		5.000%		300,000		312,033
06/01/43		5.000%		1,000,000		1,023,930
Series 2014A
06/01/47		5.000%		1,600,000		1,633,872
County of Rice Revenue Bonds Shattuck-St. Mary’s School Series 2015A(d)
08/01/22		5.000%		2,500,000		2,692,375
Housing & Redevelopment Authority of The City of St Paul Minnesota Refunding Revenue Bonds Hope Community Academy Project Series 2015A
12/01/43		5.000%		3,000,000		3,042,600
St. Paul Academy & Summit School Series 2007
10/01/24		5.000%		5,000,000		5,322,800
St. Paul Conservatory Series 2013A
03/01/28		4.000%		200,000		200,976
03/01/43		4.625%		1,000,000		1,006,270
Revenue Bonds Nova Classical Academy Series 2011A
09/01/42		6.625%		1,500,000		1,699,605
Total						28,413,630
REFUNDED / ESCROWED 6.2%
City of Minneapolis Prerefunded 08/01/18 Revenue Bonds National Marrow Donor Program Series 2010
08/01/25		4.875%		3,000,000		3,300,270
Prerefunded 11/15/18 Revenue Bonds Fairview Health Services Series 2008A
11/15/32		6.750%		5,240,000		6,083,168
City of St. Louis Park Prerefunded 07/01/18 Revenue Bonds Park Nicollet Health Services Series 2008C
07/01/26		5.625%		3,000,000		3,347,310
Prerefunded 07/01/19 Revenue Bonds Park Nicollet Health Services Series 2009
07/01/39		5.750%		6,400,000		7,431,936

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
Housing & Redevelopment Authority of The City of St Paul Minnesota Prerefunded 11/15/16 Revenue Bonds HealthPartners Obligation Group Project Series 2006
05/15/23		5.250%		1,000,000		1,038,610
05/15/26		5.250%		1,000,000		1,038,610
05/15/36		5.250%		9,000,000		9,347,490
Total						31,587,394
RETIREMENT COMMUNITIES 3.4%
City of Blaine Refunding Revenue Bonds Crest View Senior Community Project Series 2015
07/01/50		6.125%		2,500,000		2,640,850
City of Hayward Refunding Revenue Bonds St. John’s Lutheran Home Series 2014
10/01/44		5.375%		2,000,000		2,041,180
City of Moorhead Refunding Revenue Bonds Evercare Senior Living LLC Series 2012
09/01/37		5.125%		1,000,000		1,014,330
City of North Oaks Revenue Bonds Presbyterian Homes Series 2007
10/01/27		6.000%		1,250,000		1,303,162
10/01/33		6.000%		3,000,000		3,122,940
10/01/47		6.250%		1,265,000		1,316,764
City of Rochester Revenue Bonds Homestead Rochester, Inc. Project Series 2015
12/01/49		5.000%		2,200,000		2,274,206
Duluth Housing & Redevelopment Authority Revenue Bonds Benedictine Health Center Project Series 2007
11/01/33		5.875%		1,500,000		1,531,725
Woodbury Housing & Redevelopment Authority Revenue Bonds St. Therese of Woodbury Series 2014
12/01/49		5.250%		2,000,000		2,092,700
Total						17,337,857
SALES TAX 0.3%
City of St. Paul Revenue Bonds Series 2014G
11/01/32		5.000%		1,250,000		1,468,538

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
SINGLE FAMILY 2.3%
Minneapolis/St. Paul Housing Finance Board Mortgage-Backed Revenue Bonds City Living Series 2006A-5 (GNMA/FNMA/FHLMC)
04/01/27		5.450%		120,751		122,646
Series 2011A (GNMA)
12/01/27		4.450%		610,000		663,094
Minnesota Housing Finance Agency Revenue Bonds Residential Housing Finance Series 2008A
07/01/23		4.650%		115,000		120,796
Series 2009
01/01/40		5.100%		640,000		671,898
Series 2016 (GNMA/FNMA)
02/01/46		2.950%		8,000,000		8,000,960
Minnesota Housing Finance Agency(a) Revenue Bonds Residential Housing Series 2015E AMT
01/01/46		3.500%		2,000,000		2,125,560
Total						11,704,954
SPECIAL NON PROPERTY TAX 3.9%
City of Lakeville Liquor Revenue Bonds Series 2007
02/01/22		5.000%		175,000		176,829
02/01/27		5.000%		225,000		228,425
County of Hennepin Sales Tax Revenue Bonds 2nd Lien Ballpark Project Series 2008B
12/15/27		4.750%		4,205,000		4,493,841
12/15/29		5.000%		1,825,000		1,962,532
Territory of Guam(e) Revenue Bonds Section 30 Series 2009A
12/01/34		5.750%		3,500,000		3,911,040
Series 2011A
01/01/42		5.125%		1,200,000		1,320,300
Virgin Islands Public Finance Authority(e) Refunding Revenue Bonds Gross Receipts Taxes Loan Series 2012A
10/01/32		5.000%		4,000,000		4,326,880
Revenue Bonds Matching Fund Loan Notes-Senior Lien Series 2012A
10/01/32		5.000%		2,905,000		3,131,677
Total						19,551,524

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 11

COLUMBIA MINNESOTA TAX-EXEMPT FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
SPECIAL PROPERTY TAX 0.5%
St. Paul Port Authority Tax Allocation Bonds River Bend Project Lot 1 Series 2007-5
02/01/32		6.375%		2,250,000		2,323,553
STATE APPROPRIATED 6.7%
State of Minnesota Refunding Revenue Bonds Appropriation Series 2012B
03/01/25		5.000%		7,600,000		9,155,568
03/01/28		5.000%		3,000,000		3,576,060
03/01/29		5.000%		4,250,000		5,040,840
Revenue Bonds Appropriation Series 2014A
06/01/38		5.000%		8,880,000		10,237,574
University of Minnesota Revenue Bonds State Supported Biomed Science Research Facilities Series 2013
08/01/38		5.000%		5,000,000		5,769,250
Total						33,779,292
STATE GENERAL OBLIGATION 1.9%
State of Minnesota Unlimited General Obligation Bonds Series 2015A
08/01/30		5.000%		5,000,000		6,233,800
Unrefunded Unlimited General Obligation Bonds Various Purpose Series 2012
08/01/29		4.000%		2,975,000		3,329,858
Total						9,563,658

Municipal Bonds (continued)
Issue Description	Coupon Rate		Principal Amount ($)		Value ($)
TRANSPORTATION 0.5%
Virgin Islands Public Finance Authority Revenue Bonds Series 2015(d)(e)
09/01/33		5.000%		2,000,000		2,302,320
Total Municipal Bonds
(Cost: $460,321,885)						494,380,399
Floating Rate Notes 0.2%
Issue Description	Effective Yield		Principal Amount ($)		Value ($)
City of Minneapolis/St. Paul Housing & Redevelopment Authority Revenue Bonds Children’s Hospitals Clinics VRDN Series 2007A (AGM)(f)
08/15/37		0.020%		1,350,000		1,350,000
Total Floating Rate Notes
(Cost: $1,350,000)						1,350,000
Money Market Funds 2.2%
			Shares		Value ($)
JPMorgan Tax-Free Money Market Fund, Agency Shares, 0.010%(g)				11,093,091		11,093,091
Total Money Market Funds
(Cost: $11,093,091)						11,093,091
Total Investments
(Cost: $472,764,976)						506,823,490
Other Assets & Liabilities, Net						(173,326	)
Net Assets						506,650,164

Notes to Portfolio of Investments

(a) Income from this security may be subject to alternative minimum tax.

(b) Zero coupon bond.

(c) Security, or a portion thereof, has been purchased on a when-issued or delayed delivery basis.

(d) Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At January 31, 2016, the value of these securities amounted to $4,994,695 or 0.99% of net assets.

(e) Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At January 31, 2016, the value of these securities amounted to $14,992,217 or 2.96% of net assets.

(f) Variable rate security.

(g) The rate shown is the seven-day current annualized yield at January 31, 2016.

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
AMT	Alternative Minimum Tax
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
NPFGC	National Public Finance Guarantee Corporation
VRDN	Variable Rate Demand Note

Fair Value Measurements

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:

n 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.

n Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

n Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 13

COLUMBIA MINNESOTA TAX-EXEMPT FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at January 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Municipal Bonds		—		494,380,399		—		494,380,399
Floating Rate Notes		—		1,350,000		—		1,350,000
Money Market Funds		11,093,091		—		—		11,093,091
Total Investments		11,093,091		495,730,399		—		506,823,490

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are valued based upon utilizing observable market inputs, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets and/or fund per share market values which are not considered publicly available.

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.

14 Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2016 (Unaudited)

Assets
Investments, at value
(identified cost $472,764,976)	$506,823,490
Receivable for:
Investments sold	92,624
Capital shares sold	2,201,282
Interest	5,790,916
Prepaid expenses	2,333
Total assets	514,910,645
Liabilities
Payable for:
Investments purchased	3,316,738
Investments purchased on a delayed delivery basis	3,065,026
Capital shares purchased	381,232
Dividend distributions to shareholders	1,377,334
Investment management fees	6,430
Distribution and/or service fees	4,486
Transfer agent fees	18,898
Compensation of board members	35,527
Other expenses	54,810
Total liabilities	8,260,481
Net assets applicable to outstanding capital stock	$506,650,164
Represented by
Paid-in capital	$472,664,753
Undistributed net investment income	358,061
Accumulated net realized loss	(431,164	)
Unrealized appreciation (depreciation) on:
Investments	34,058,514
Total — representing net assets applicable to outstanding capital stock	$506,650,164

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 15

COLUMBIA MINNESOTA TAX-EXEMPT FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016 (Unaudited)

Class A
Net assets	$431,207,230
Shares outstanding	76,928,380
Net asset value per share	$5.61
Maximum offering price per share(a)	$5.78
Class B
Net assets	$322,771
Shares outstanding	57,502
Net asset value per share	$5.61
Class C
Net assets	$56,910,834
Shares outstanding	10,151,558
Net asset value per share	$5.61
Class R4
Net assets	$4,310,126
Shares outstanding	769,410
Net asset value per share	$5.60
Class R5
Net assets	$10,449
Shares outstanding	1,866
Net asset value per share	$5.60
Class Z
Net assets	$13,888,754
Shares outstanding	2,479,766
Net asset value per share	$5.60

(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 3.00%.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2016 (Unaudited)

Net investment income
Income:
Dividends	$1,189
Interest	10,233,949
Total income	10,235,138
Expenses:
Investment management fees	1,119,602
Distribution and/or service fees
Class A	516,797
Class B	1,862
Class C	264,826
Transfer agent fees
Class A	132,841
Class B	120
Class C	17,018
Class R4	688
Class R5	3
Class Z	3,199
Compensation of board members	6,228
Custodian fees	2,421
Printing and postage fees	17,252
Registration fees	15,159
Audit fees	12,391
Legal fees	4,568
Other	9,516
Total expenses	2,124,491
Net investment income	8,110,647
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	1,015,957
Net realized gain	1,015,957
Net change in unrealized appreciation (depreciation) on:
Investments	6,459,706
Net change in unrealized appreciation	6,459,706
Net realized and unrealized gain	7,475,663
Net increase in net assets resulting from operations	$15,586,310

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 17

COLUMBIA MINNESOTA TAX-EXEMPT FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015
Operations
Net investment income		$8,110,647			$15,718,919
Net realized gain		1,015,957			416,931
Net change in unrealized appreciation		6,459,706			1,420,569
Net increase in net assets resulting from operations		15,586,310			17,556,419
Distributions to shareholders
Net investment income
Class A		(7,211,362	)		(14,100,175	)
Class B		(5,067	)		(17,526	)
Class C		(722,337	)		(1,282,135	)
Class R4		(40,427	)		(21,574	)
Class R5		(193	)		(392	)
Class Z		(186,565	)		(223,826	)
Total distributions to shareholders		(8,165,951	)		(15,645,628	)
Increase in net assets from capital stock activity		29,721,472			34,282,037
Total increase in net assets		37,141,831			36,192,828
Net assets at beginning of period		469,508,333			433,315,505
Net assets at end of period		$506,650,164			$469,508,333
Undistributed net investment income		$358,061			$413,365

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		5,422,225			30,112,115			8,671,585			48,112,126
Distributions reinvested		1,171,006			6,498,894			2,270,632			12,606,483
Redemptions		(3,809,569	)		(21,093,938	)		(7,201,083	)		(39,912,868	)
Net increase		2,783,662			15,517,071			3,741,134			20,805,741
Class B shares
Subscriptions		—			—			6,563			36,505
Distributions reinvested		880			4,886			3,122			17,364
Redemptions(a)		(22,515	)		(124,892	)		(71,405	)		(395,449	)
Net decrease		(21,635	)		(120,006	)		(61,720	)		(341,580	)
Class C shares
Subscriptions		1,346,073			7,467,865			2,239,048			12,437,789
Distributions reinvested		126,382			701,448			222,625			1,235,851
Redemptions		(479,800	)		(2,660,341	)		(974,993	)		(5,408,015	)
Net increase		992,655			5,508,972			1,486,680			8,265,625
Class R4 shares
Subscriptions		628,202			3,476,519			117,228			648,991
Distributions reinvested		7,234			40,235			3,824			21,185
Redemptions		(22,230	)		(124,029	)		(9,836	)		(54,169	)
Net increase		613,206			3,392,725			111,216			616,007
Class Z shares
Subscriptions		1,066,682			5,921,171			1,017,695			5,635,940
Distributions reinvested		27,052			150,151			29,655			164,468
Redemptions		(116,989	)		(648,612	)		(155,868	)		(864,164	)
Net increase		976,745			5,422,710			891,482			4,936,244
Total net increase		5,344,633			29,721,472			6,168,792			34,282,037

(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 2016 19

COLUMBIA MINNESOTA TAX-EXEMPT FUND

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended January 31, 2016		Year Ended July 31,								Year Ended August 31,
Class  A	(Unaudited)		2015		2014		2013		2012(a)		2011		2010
Per share data
Net asset value, beginning of period	$5.52		$5.49		$5.30		$5.63		$5.36		$5.47		$5.16
Income from investment operations:
Net investment income	0.10		0.20		0.20		0.20		0.19		0.21		0.22
Net realized and unrealized gain (loss)	0.09		0.03		0.21		(0.32	)	0.31		(0.10	)	0.30
Total from investment operations	0.19		0.23		0.41		(0.12	)	0.50		0.11		0.52
Less distributions to shareholders:
Net investment income	(0.10	)	(0.20	)	(0.21	)	(0.20	)	(0.19	)	(0.22	)	(0.21	)
Net realized gains	—		—		(0.01	)	(0.01	)	(0.04	)	(0.00	)(b)	—
Total distributions to shareholders	(0.10	)	(0.20	)	(0.22	)	(0.21	)	(0.23	)	(0.22	)	(0.21	)
Net asset value, end of period	$5.61		$5.52		$5.49		$5.30		$5.63		$5.36		$5.47
Total return	3.41	%	4.14	%	7.82	%	(2.32	%)	9.59	%	2.09	%	10.38	%
Ratios to average net assets(c)
Total gross expenses	0.81	%(d)	0.82	%	0.83	%	0.83	%	0.84	%(d)	0.82	%	0.82	%
Total net expenses(e)	0.81	%(d)	0.82	%(f)	0.83	%(f)	0.82	%(f)	0.79	%(d)(f)	0.79	%	0.79	%
Net investment income	3.47	%(d)	3.54	%	3.79	%	3.57	%	3.85	%(d)	4.08	%	4.08	%
Supplemental data
Net assets, end of period (in thousands)	$431,207		$409,338		$386,773		$396,780		$416,684		$372,830		$329,335
Portfolio turnover	8	%	9	%	12	%	14	%	8	%	22	%	21	%

Notes to Financial Highlights

(a) For the period from September 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from August 31 to July 31.

(b) Rounds to zero.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) 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 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,								Year Ended August 31,
Class B	(Unaudited)		2015		2014		2013		2012(a)		2011		2010
Per share data
Net asset value, beginning of period	$5.53		$5.50		$5.30		$5.64		$5.37		$5.48		$5.16
Income from investment operations:
Net investment income	0.08		0.15		0.16		0.16		0.16		0.18		0.18
Net realized and unrealized gain (loss)	0.08		0.03		0.22		(0.34	)	0.30		(0.11	)	0.31
Total from investment operations	0.16		0.18		0.38		(0.18	)	0.46		0.07		0.49
Less distributions to shareholders:
Net investment income	(0.08	)	(0.15	)	(0.17	)	(0.15	)	(0.15	)	(0.18	)	(0.17	)
Net realized gains	—		—		(0.01	)	(0.01	)	(0.04	)	(0.00	)(b)	—
Total distributions to shareholders	(0.08	)	(0.15	)	(0.18	)	(0.16	)	(0.19	)	(0.18	)	(0.17	)
Net asset value, end of period	$5.61		$5.53		$5.50		$5.30		$5.64		$5.37		$5.48
Total return	2.83	%	3.36	%	7.21	%	(3.22	%)	8.82	%	1.33	%	9.75	%
Ratios to average net assets(c)
Total gross expenses	1.56	%(d)	1.57	%	1.58	%	1.58	%	1.59	%(d)	1.58	%	1.57	%
Total net expenses(e)	1.56	%(d)	1.57	%(f)	1.58	%(f)	1.57	%(f)	1.54	%(d)(f)	1.54	%	1.55	%
Net investment income	2.72	%(d)	2.78	%	3.04	%	2.81	%	3.09	%(d)	3.32	%	3.31	%
Supplemental data
Net assets, end of period (in thousands)	$323		$437		$775		$1,207		$1,806		$2,688		$5,768
Portfolio turnover	8	%	9	%	12	%	14	%	8	%	22	%	21	%

Notes to Financial Highlights

(a) For the period from September 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from August 31 to July 31.

(b) Rounds to zero.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) 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 2016 21

COLUMBIA MINNESOTA TAX-EXEMPT FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,								Year Ended August 31,
Class C	(Unaudited)		2015		2014		2013		2012(a)		2011		2010
Per share data
Net asset value, beginning of period	$5.52		$5.49		$5.30		$5.63		$5.36		$5.47		$5.16
Income from investment operations:
Net investment income	0.07		0.15		0.16		0.16		0.16		0.17		0.18
Net realized and unrealized gain (loss)	0.10		0.03		0.21		(0.33	)	0.30		(0.10	)	0.30
Total from investment operations	0.17		0.18		0.37		(0.17	)	0.46		0.07		0.48
Less distributions to shareholders:
Net investment income	(0.08	)	(0.15	)	(0.17	)	(0.15	)	(0.15	)	(0.18	)	(0.17	)
Net realized gains	—		—		(0.01	)	(0.01	)	(0.04	)	(0.00	)(b)	—
Total distributions to shareholders	(0.08	)	(0.15	)	(0.18	)	(0.16	)	(0.19	)	(0.18	)	(0.17	)
Net asset value, end of period	$5.61		$5.52		$5.49		$5.30		$5.63		$5.36		$5.47
Total return	3.02	%	3.37	%	7.02	%	(3.05	%)	8.84	%	1.33	%	9.56	%
Ratios to average net assets(c)
Total gross expenses	1.56	%(d)	1.57	%	1.58	%	1.58	%	1.59	%(d)	1.57	%	1.57	%
Total net expenses(e)	1.56	%(d)	1.57	%(f)	1.58	%(f)	1.57	%(f)	1.54	%(d)(f)	1.54	%	1.54	%
Net investment income	2.72	%(d)	2.79	%	3.04	%	2.81	%	3.09	%(d)	3.33	%	3.32	%
Supplemental data
Net assets, end of period (in thousands)	$56,911		$50,570		$42,153		$39,820		$34,756		$25,068		$20,225
Portfolio turnover	8	%	9	%	12	%	14	%	8	%	22	%	21	%

Notes to Financial Highlights

(a) For the period from September 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from August 31 to July 31.

(b) Rounds to zero.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

FINANCIAL HIGHLIGHTS (continued)

		Six Months  Ended January 31, 2016		Year Ended July 31,
Class R4		(Unaudited)		2015		2014		2013(a)
Per share data
Net asset value, beginning of period		$5.51		$5.49		$5.29		$5.59
Income from investment operations:
Net investment income		0.10		0.21		0.22		0.08
Net realized and unrealized gain (loss)		0.09		0.02		0.21		(0.30	)
Total from investment operations		0.19		0.23		0.43		(0.22	)
Less distributions to shareholders:
Net investment income		(0.10	)	(0.21	)	(0.22	)	(0.08	)
Net realized gains		—		—		(0.01	)	—
Total distributions to shareholders		(0.10	)	(0.21	)	(0.23	)	(0.08	)
Net asset value, end of period		$5.60		$5.51		$5.49		$5.29
Total return		3.54	%	4.21	%	8.32	%	(4.02	%)
Ratios to average net assets(b)
Total gross expenses		0.57	%(c)	0.57	%	0.59	%	0.57	%(c)
Total net expenses(d)	��	0.57	%(c)	0.57	%(e)	0.59	%(e)	0.57	%(c)(e)
Net investment income		3.71	%(c)	3.79	%	4.05	%	3.94	%(c)
Supplemental data
Net assets, end of period (in thousands)		$4,310		$861		$247		$2
Portfolio turnover		8	%	9	%	12	%	14	%

Notes to Financial Highlights

(a) Based on operations from March 19, 2013 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 23

COLUMBIA MINNESOTA TAX-EXEMPT FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class R5	(Unaudited)		2015		2014(a)
Per share data
Net asset value, beginning of period	$5.52		$5.49		$5.27
Income from investment operations:
Net investment income	0.10		0.21		0.14
Net realized and unrealized gain	0.08		0.03		0.22
Total from investment operations	0.18		0.24		0.36
Less distributions to shareholders:
Net investment income	(0.10	)	(0.21	)	(0.14	)
Total distributions to shareholders	(0.10	)	(0.21	)	(0.14	)
Net asset value, end of period	$5.60		$5.52		$5.49
Total return	3.36	%	4.42	%	6.86	%
Ratios to average net assets(b)
Total gross expenses	0.55	%(c)	0.55	%	0.54	%(c)
Total net expenses(d)	0.55	%(c)	0.55	%	0.54	%(c)
Net investment income	3.74	%(c)	3.81	%	4.07	%(c)
Supplemental data
Net assets, end of period (in thousands)	$10		$10		$10
Portfolio turnover	8	%	9	%	12	%

Notes to Financial Highlights

(a) Based on operations from December 11, 2013 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,								Year  Ended August 31,
Class Z	(Unaudited)		2015		2014		2013		2012(a)		2011(b)
Per share data
Net asset value, beginning of period	$5.52		$5.49		$5.29		$5.62		$5.36		$5.46
Income from investment operations:
Net investment income	0.10		0.21	��	0.22		0.21		0.21		0.20
Net realized and unrealized gain (loss)	0.08		0.03		0.21		(0.32	)	0.30		(0.09	)
Total from investment operations	0.18		0.24		0.43		(0.11	)	0.51		0.11
Less distributions to shareholders:
Net investment income	(0.10	)	(0.21	)	(0.22	)	(0.21	)	(0.21	)	(0.21	)
Net realized gains	—		—		(0.01	)	(0.01	)	(0.04	)	(0.00	)(c)
Total distributions to shareholders	(0.10	)	(0.21	)	(0.23	)	(0.22	)	(0.25	)	(0.21	)
Net asset value, end of period	$5.60		$5.52		$5.49		$5.29		$5.62		$5.36
Total return	3.35	%	4.40	%	8.29	%	(2.09	%)	9.65	%	2.22	%
Ratios to average net assets(d)
Total gross expenses	0.56	%(e)	0.57	%	0.59	%	0.58	%	0.59	%(e)	0.54	%(e)
Total net expenses(f)	0.56	%(e)	0.57	%(g)	0.59	%(g)	0.57	%(g)	0.54	%(e)(g)	0.54	%(e)
Net investment income	3.72	%(e)	3.80	%	4.05	%	3.82	%	4.09	%(e)	4.25	%(e)
Supplemental data
Net assets, end of period (in thousands)	$13,889		$8,291		$3,357		$2,282		$1,376		$779
Portfolio turnover	8	%	9	%	12	%	14	%	8	%	22	%

Notes to Financial Highlights

(a) For the period from September 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from August 31 to July 31.

(b) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(c) Rounds to zero.

(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(e) Annualized.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 25

COLUMBIA MINNESOTA TAX-EXEMPT FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2016 (Unaudited)

Note 1. Organization

Columbia Minnesota Tax-Exempt Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class R4, Class R5 and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure.

Class A shares are subject to a maximum front-end sales charge of 3.00% based on the initial investment amount. In addition, Class A shares purchased on or after February 19, 2015 are subject to a contingent deferred sales charge (CDSC) of 0.75% on certain investments of $500,000 or more if redeemed within 12 months after purchase. Redemptions of Class A shares purchased prior to February 19, 2015, without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase, are subject to a CDSC of 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Fund no longer accepts investments by new or existing investors in the Fund’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within 12 months after purchase.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.

Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.

26 Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.

Delayed Delivery Securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its tax exempt and taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may

Semiannual Report 2016 27

COLUMBIA MINNESOTA TAX-EXEMPT FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

In May 2015, FASB issued Accounting Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Other Transactions with Affiliates

Management Fees

Effective December 1, 2015, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2016 was 0.47% of the Fund’s average daily net assets.

Prior to December 1, 2015, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. For the period from August 1, 2015 through November 30, 2015, the investment advisory services fee paid to the Investment Manager was $634,080, and the administrative services fee paid to the Investment Manager was $107,216.

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 January 31, 2016, other expenses paid by the Fund to this company were $1,147.

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).

28 Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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 R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R5 shares.

For the six months ended January 31, 2016, 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	0.06	%
Class B	0.06
Class C	0.06
Class R4	0.06
Class R5	0.05
Class Z	0.06

The Fund and certain other associated investment companies have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). SDC was the legacy Seligman funds’ former transfer agent.

The lease and the Guaranty expire in January 2019. At January 31, 2016, the Fund’s total potential future obligation over the life of the Guaranty is $34,812. The liability remaining at January 31, 2016 for non-recurring charges associated with the lease amounted to $24,238 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer 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 January 31, 2016, no minimum account balance fees were charged by the Fund.

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 shares and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $106,000 and $331,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution 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 $162,933 for Class A, $6 for Class B and $1,569 for Class C shares for the six months ended January 31, 2016.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Contractual Expense Cap December 1,  2015 Through November 30, 2016			Voluntary Expense Cap Prior to December  1, 2015
Class A		0.86	%		0.85	%
Class B		1.61			1.60
Class C		1.61			1.60
Class R4		0.61			0.60
Class R5		0.62			0.60
Class Z		0.61			0.60

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

Semiannual Report 2016 29

COLUMBIA MINNESOTA TAX-EXEMPT FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend and interest expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At January 31, 2016, the cost of investments for federal income tax purposes was approximately $472,765,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$34,066,000
Unrealized depreciation	(8,000	)
Net unrealized appreciation	$34,058,000

The following capital loss carryforwards, determined as of January 31, 2016, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
No expiration — short-term		513,933

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $60,952,298 and

$37,760,422, respectively, for the six months ended January 31, 2016. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the six months ended January 31, 2016.

Note 7. Significant Risks

Shareholder Concentration Risk

At January 31, 2016, affiliated shareholders of record owned 81.8% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

30 Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Credit Risk

Credit risk is the risk that the value of debt securities in the Fund’s portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates.

Liquidity Risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

Geographic Concentration Risk

Because the Fund invests substantially in municipal securities issued by the state identified in the Fund’s name and political sub-division of that state, the Fund will be particularly affected by the adverse tax, legislative, regulatory, demographic or political changes as well as changes impacting the state’s financial, economic or other condition and prospects. In addition,

because of the relatively small number of issuers of tax-exempt securities in the state, the Fund may invest a higher percentage of assets in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.

Non-Diversification Risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. The Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

Note 8. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 9. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay 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,

Semiannual Report 2016 31

COLUMBIA MINNESOTA TAX-EXEMPT FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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.

32 Semiannual Report 2016

COLUMBIA MINNESOTA TAX-EXEMPT FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Semiannual Report 2016 33

Columbia Minnesota Tax-Exempt Fund

P.O. Box 8081

Boston, MA 02266-8081

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to columbiathreadneedle.com/us. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR199_07_F01_(03/16)

SEMIANNUAL REPORT

January 31, 2016

COLUMBIA INCOME OPPORTUNITIES FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of actively managed investment strategies and solutions for individual, institutional and corporate clients around the world.

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $472 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 13th largest manager of long-term mutual fund assets in the U.S.** and the 4th largest manager of retail funds in the U.K.***

Our priority is the investment success of our clients. We aim to deliver the investment outcomes they expect through an investment approach that is team-based, performance-driven and risk-aware. Our culture is dynamic and interactive. By sharing our insights across asset classes and geographies, we generate richer perspectives on global, regional and local investment landscapes. The ability to exchange and debate investment ideas in a collaborative environment enriches our teams’ investment processes. More importantly, it results in better informed investment decisions for our clients.

Columbia funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

* In U.S. dollars as of December 31, 2015. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies. Contact us for more current data.

** Source: ICI as of December 31, 2015 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of September 2015 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

PRESIDENT’S MESSAGE

Dear Shareholder,

Today’s investors are typically focused on outcomes, like living a certain retirement lifestyle, paying for college education or building a legacy. But in today’s complex global investment landscape, even simple goals are not easily achieved.

At Columbia Threadneedle Investments, we aspire to help satisfy five core needs of today’s investors:

n Generate an appropriate stream of income in retirement

Traditional approaches to generating income may not provide the diversification benefits they once did, and they may actually introduce unwanted risk in today’s market. To seek to improve your potential to live comfortably long term, we endeavor to pursue investments that explore less traveled paths to income.

n Navigate a changing interest rate environment

Today’s uncertain market environment includes the prospect of a rise in interest rates. Blending traditional investments with non-traditional or alternative products may help protect your wealth during periods of volatility. We can attempt to help strengthen your portfolio with agile products designed to take on the market’s ups and downs.

n Maximize after-tax returns

In an environment where what you keep may be more important than what you earn, municipal bonds can help mitigate high tax burdens while providing potentially attractive yields. Our state and federal tax-exempt products are aimed at helping investors manage risk, minimize the fluctuation of capital and grow wealth on a more tax-efficient basis.

n Grow assets to achieve financial goals

We believe that finding and protecting growth comes from a disciplined security selection process designed to create excess return. Our goal is to provide investment solutions built to help you face today’s market challenges and grow your assets at each crossroad of your journey.

n Ease the impact of volatile markets

Despite a bull market run that has benefited many investors over the past several years, it’s important to remember the lessons of 2008 and the value that a well-diversified portfolio may provide through times of market volatility. We are here to help you hold onto the savings you have worked tirelessly to amass, and to provide you the best opportunity to maintain your standard of living regardless of market conditions.

Find out today how we can help you confidently invest to realize your dreams. Please visit us at blog.columbiathreadneedleus.com/our-best-ideas to learn more about our unique investment solutions.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and summary prospectus, which contains this and other important information about a fund, visit columbiathreadneedle.com/us. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

TABLE OF CONTENTS

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiathreadneedle.com/us or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	17
Statement of Operations	19
Statement of Changes in Net Assets	20
Financial Highlights	23
Notes to Financial Statements	34
Important Information About This Report	45

Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Income Opportunities Fund (the Fund) Class A shares returned -4.85% excluding sales charges for the six-month period that ended January 31, 2016.

n The Fund outperformed its benchmark, the Bank of America Merrill Lynch (BofAML) BB-B US Cash Pay High Yield Constrained Index, which returned -6.25% during the same time period.

Average Annual Total Returns (%) (for period ended January 31, 2016)
	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	06/19/03
Excluding sales charges			-4.85		-3.47		4.71		6.13
Including sales charges			-9.33		-8.07		3.70		5.61
Class B	06/19/03
Excluding sales charges			-5.11		-4.19		3.95		5.33
Including sales charges			-9.73		-8.77		3.63		5.33
Class C	06/19/03
Excluding sales charges			-5.11		-4.19		4.04		5.38
Including sales charges			-6.04		-5.11		4.04		5.38
Class I	03/04/04		-4.53		-3.04		5.17		6.56
Class K	06/19/03		-4.76		-3.32		4.84		6.32
Class R*	09/27/10		-4.86		-3.70		4.48		5.88
Class R4*	11/08/12		-4.60		-3.19		4.91		6.22
Class R5*	11/08/12		-4.64		-3.08		4.97		6.26
Class W*	09/27/10		-4.75		-3.36		4.74		6.14
Class Y*	03/07/11		-4.53		-3.04		5.16		6.35
Class Z*	09/27/10		-4.61		-3.21		5.00		6.29
BofAML BB-B US Cash Pay High Yield Constrained Index			-6.25		-4.88		4.59		6.18

Returns for Class A are shown with and without the maximum initial sales charge of 4.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedle.com/us or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information.

The BofAML BB-B US Cash Pay High Yield Constrained Index is an unmanaged index of high yield bonds. The index is subject to a 2% cap on allocation to any one issuer. The 2% cap is intended to provide broad diversification and better reflect the overall character of the high yield market.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Semiannual Report 2016 3

COLUMBIA INCOME OPPORTUNITIES FUND

PORTFOLIO OVERVIEW

(Unaudited)

Portfolio Management

Brian Lavin, CFA

Portfolio Breakdown (%) (at January 31, 2016)
Common Stocks	0.0	(a)
Convertible Bonds	0.0	(a)
Corporate Bonds & Notes	91.3
Money Market Funds	6.6
Senior Loans	2.1
Warrants	0.0
Total	100.0

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

(a) Rounds to zero.

Quality Breakdown (%) (at January 31, 2016)
BBB rating	4.9
BB rating	47.6
B rating	39.4
CCC rating	6.2
CC rating	0.1
Not rated	1.8
Total	100.0

Percentages indicated are based upon total fixed income investments (excluding Money Market Funds).

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the average rating of Moody’s, S&P and Fitch. When ratings are available from only two rating agencies, the average of the two rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

UNDERSTANDING YOUR FUND’S EXPENSES

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

August 1, 2015 – January 31, 2016

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		951.50	1,019.54		5.19	5.37		1.07
Class B		1,000.00	1,000.00		948.90	1,015.81		8.82	9.12		1.82
Class C		1,000.00	1,000.00		948.90	1,015.81		8.82	9.12		1.82
Class I		1,000.00	1,000.00		954.70	1,021.68		3.11	3.22		0.64
Class K		1,000.00	1,000.00		952.40	1,020.19		4.56	4.72		0.94
Class R		1,000.00	1,000.00		951.40	1,018.30		6.40	6.62		1.32
Class R4		1,000.00	1,000.00		954.00	1,020.79		3.98	4.12		0.82
Class R5		1,000.00	1,000.00		953.60	1,021.43		3.35	3.47		0.69
Class W		1,000.00	1,000.00		952.50	1,019.54		5.19	5.37		1.07
Class Y		1,000.00	1,000.00		954.70	1,021.68		3.11	3.22		0.64
Class Z		1,000.00	1,000.00		953.90	1,020.79		3.98	4.12		0.82

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Semiannual Report 2016 5

COLUMBIA INCOME OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS

January 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes 90.8%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
AEROSPACE & DEFENSE 0.6%
ADS Tactical, Inc.(a)
04/01/18		11.000%		4,278,000		4,342,170
Huntington Ingalls Industries, Inc.(a)
12/15/21		5.000%		3,340,000		3,448,550
TransDigm, Inc.
07/15/22		6.000%		7,875,000		7,717,500
Total						15,508,220
AUTOMOTIVE 0.8%
American Axle & Manufacturing, Inc.
02/15/19		5.125%		4,704,000		4,627,560
Lear Corp. Escrow Bond(b)(c)(d)
12/01/16		8.750%		1,595,000		—
Schaeffler Holding Finance BV(a)
PIK
08/15/18		6.875%		10,876,000		11,175,090
11/15/19		6.250%		5,543,000		5,778,578
Total						21,581,228
BANKING 3.0%
Ally Financial, Inc.
02/13/22		4.125%		13,480,000		13,143,000
05/19/22		4.625%		15,018,000		15,018,000
03/30/25		4.625%		6,533,000		6,353,342
11/01/31		8.000%		6,554,000		7,373,250
Subordinated
11/20/25		5.750%		3,433,000		3,424,417
Popular, Inc.
07/01/19		7.000%		3,474,000		3,235,163
Royal Bank of Scotland Group PLC Subordinated
05/28/24		5.125%		12,819,000		12,868,994
Royal Bank of Scotland PLC (The) Subordinated(a)(e)
03/16/22		9.500%		1,839,000		1,957,954
Synovus Financial Corp.
02/15/19		7.875%		13,578,000		14,867,910
Subordinated
06/15/17		5.125%		790,000		805,800
Total						79,047,830
BROKERAGE/ASSET MANAGERS/EXCHANGES 0.5%
E*TRADE Financial Corp.
11/15/22		5.375%		7,729,000		8,134,773
09/15/23		4.625%		6,141,000		6,048,885
Total						14,183,658
BUILDING MATERIALS 1.7%
Allegion PLC
09/15/23		5.875%		4,845,000		5,002,462
Allegion US Holding Co., Inc.
10/01/21		5.750%		5,672,000		5,898,880

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
American Builders & Contractors Supply Co., Inc.(a)
04/15/21		5.625%		14,189,000		14,455,044
12/15/23		5.750%		3,465,000		3,529,969
Beacon Roofing Supply, Inc.(a)
10/01/23		6.375%		2,779,000		2,865,844
Gibraltar Industries, Inc.
02/01/21		6.250%		2,001,000		2,006,003
HD Supply, Inc.(a)
12/15/21		5.250%		5,663,000		5,825,811
RSI Home Products, Inc.(a)
03/15/23		6.500%		4,607,000		4,733,692
Total						44,317,705
CABLE AND SATELLITE 8.8%
Altice US Finance I Corp.(a)
07/15/23		5.375%		21,760,000		21,868,800
CCO Holdings LLC/Capital Corp.
09/30/22		5.250%		5,846,000		5,919,075
CCO Holdings LLC/Capital Corp.(a)
05/01/25		5.375%		15,919,000		15,759,810
CCOH Safari LLC(a)
02/15/26		5.750%		8,985,000		8,934,414
DISH DBS Corp.
09/01/19		7.875%		8,675,000		9,412,375
06/01/21		6.750%		14,466,000		14,755,320
07/15/22		5.875%		9,313,000		8,765,861
11/15/24		5.875%		7,700,000		6,862,625
DigitalGlobe, Inc.(a)
02/01/21		5.250%		8,519,000		7,454,125
Hughes Satellite Systems Corp.
06/15/19		6.500%		8,448,000		9,250,560
Intelsat Jackson Holdings SA
04/01/21		7.500%		7,999,000		6,839,145
08/01/23		5.500%		10,044,000		8,010,090
Neptune Finco Corp.(a)
01/15/23		10.125%		2,278,000		2,408,985
10/15/25		6.625%		32,372,000		33,383,625
10/15/25		10.875%		6,903,000		7,325,809
Quebecor Media, Inc.(a)(b)(d)
01/15/49		9.750%		1,885,000		41,847
Sirius XM Radio, Inc.(a)
04/15/25		5.375%		9,033,000		8,987,835
UPCB Finance IV Ltd.(a)
01/15/25		5.375%		16,136,000		15,490,560
Unitymedia Hessen GmbH & Co. KG NRW(a)
01/15/25		5.000%		16,445,000		16,403,888
Virgin Media Secured Finance PLC(a)
01/15/26		5.250%		26,888,000		26,619,120
Total						234,493,869

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CHEMICALS 4.1%
Angus Chemical Co.(a)
02/15/23		8.750%		7,233,000		6,844,226
Axalta Coating Systems Dutch Holding B BV/U.S. Holdings, Inc.(a)
05/01/21		7.375%		11,522,000		12,040,490
Celanese U.S. Holdings LLC
06/15/21		5.875%		5,293,000		5,610,580
Chemours Co. LLC (The)(a)
05/15/23		6.625%		9,857,000		6,037,413
05/15/25		7.000%		9,787,000		5,970,070
Huntsman International LLC
11/15/20		4.875%		2,965,000		2,631,438
Huntsman International LLC(a)
11/15/22		5.125%		3,424,000		2,944,640
INEOS Group Holdings SA(a)
08/15/18		6.125%		1,539,000		1,537,076
02/15/19		5.875%		7,939,000		7,720,677
NOVA Chemicals Corp.(a)
05/01/25		5.000%		12,498,000		11,716,875
PQ Corp.(a)
11/01/18		8.750%		41,572,000		38,661,960
Platform Specialty Products Corp.(a)
05/01/21		10.375%		3,390,000		3,161,175
02/01/22		6.500%		3,920,000		3,077,200
Total						107,953,820
CONSTRUCTION MACHINERY 0.5%
United Rentals North America, Inc.
04/15/22		7.625%		11,649,000		11,983,909
CONSUMER CYCLICAL SERVICES 1.9%
ADT Corp. (The)
07/15/22		3.500%		8,893,000		8,025,933
APX Group, Inc.
12/01/19		6.375%		30,957,000		29,602,631
IHS, Inc.
11/01/22		5.000%		4,561,000		4,561,000
Interval Acquisition Corp.(a)
04/15/23		5.625%		8,354,000		8,312,230
Total						50,501,794
CONSUMER PRODUCTS 1.5%
Scotts Miracle-Gro Co. (The)(a)
10/15/23		6.000%		6,652,000		6,951,340
Spectrum Brands, Inc.
11/15/20		6.375%		5,926,000		6,266,745
Spectrum Brands, Inc.(a)
07/15/25		5.750%		6,924,000		7,097,100
Springs Industries, Inc.
06/01/21		6.250%		7,380,000		7,324,650

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Tempur Sealy International, Inc.
12/15/20		6.875%		6,705,000		7,057,012
Tempur Sealy International, Inc.(a)
10/15/23		5.625%		4,656,000		4,749,120
Total						39,445,967
DIVERSIFIED MANUFACTURING 0.4%
Entegris, Inc.(a)
04/01/22		6.000%		9,465,000		9,606,975
ELECTRIC 2.1%
AES Corp. (The)
07/01/21		7.375%		13,188,000		13,583,640
Calpine Corp.
01/15/23		5.375%		8,900,000		8,099,000
NRG Energy, Inc.
07/15/22		6.250%		18,151,000		14,974,575
05/01/24		6.250%		1,282,000		1,022,395
NRG Yield Operating LLC
08/15/24		5.375%		15,229,000		12,792,360
Talen Energy Supply LLC
06/01/25		6.500%		7,421,000		5,046,280
Total						55,518,250
FINANCE COMPANIES 5.1%
AerCap Ireland Capital Ltd./Global Aviation Trust
10/30/20		4.625%		9,423,000		9,281,655
05/15/21		4.500%		15,443,000		15,134,140
Aircastle Ltd.
02/15/22		5.500%		2,071,000		2,060,645
International Lease Finance Corp.
12/15/20		8.250%		8,762,000		9,988,680
01/15/22		8.625%		4,638,000		5,438,055
Navient Corp.
01/15/19		5.500%		3,890,000		3,646,875
10/26/20		5.000%		2,619,000		2,265,435
01/25/22		7.250%		8,247,000		7,339,830
03/25/24		6.125%		10,829,000		8,893,316
10/25/24		5.875%		14,180,000		11,237,650
OneMain Financial Holdings, Inc.(a)							��
12/15/19		6.750%		7,050,000		6,944,250
12/15/21		7.250%		5,533,000		5,477,670
Provident Funding Associates LP/Finance Corp.(a)
06/15/21		6.750%		19,518,000		18,590,895
Quicken Loans, Inc.(a)
05/01/25		5.750%		10,570,000		9,922,588
Springleaf Finance Corp.
10/01/21		7.750%		4,617,000		4,339,980
10/01/23		8.250%		3,579,000		3,364,260
iStar, Inc.
07/01/19		5.000%		13,767,000		12,940,980
Total						136,866,904

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 7

COLUMBIA INCOME OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
FOOD AND BEVERAGE 1.6%
Constellation Brands, Inc.
11/15/19		3.875%		2,142,000		2,206,260
05/01/23		4.250%		8,295,000		8,492,006
11/15/24		4.750%		5,497,000		5,737,494
12/01/25		4.750%		1,165,000		1,202,862
Pinnacle Foods Finance LLC/Corp.(a)
01/15/24		5.875%		962,000		995,670
Post Holdings, Inc.
02/15/22		7.375%		3,131,000		3,299,291
Post Holdings, Inc.(a)
12/15/22		6.000%		199,000		197,508
03/15/24		7.750%		9,477,000		10,093,005
Treehouse Foods, Inc.(a)
02/15/24		6.000%		1,397,000		1,437,164
WhiteWave Foods Co. (The)
10/01/22		5.375%		7,877,000		8,369,312
Total						42,030,572
GAMING 3.8%
Boyd Gaming Corp.
05/15/23		6.875%		4,851,000		4,923,765
International Game Technology PLC(a)
02/15/22		6.250%		9,291,000		8,942,587
02/15/25		6.500%		7,105,000		6,358,975
MGM Resorts International
10/01/20		6.750%		13,087,000		13,610,480
12/15/21		6.625%		12,546,000		12,891,015
Pinnacle Entertainment, Inc.
08/01/21		6.375%		7,483,000		7,931,980
Scientific Games International, Inc.
12/01/22		10.000%		7,783,000		5,409,185
Scientific Games International, Inc.(a)
01/01/22		7.000%		22,537,000		21,184,780
Seminole Tribe of Florida, Inc.(a)
10/01/20		6.535%		7,440,000		7,551,600
10/01/20		7.804%		2,725,000		2,895,067
SugarHouse HSP Gaming LP/Finance Corp.(a)
06/01/21		6.375%		8,772,000		7,916,730
Tunica-Biloxi Gaming Authority(a)(f)
05/15/16		0.000%		5,481,000		2,699,393
Total						102,315,557
HEALTH CARE 6.2%
CHS/Community Health Systems, Inc.
08/01/21		5.125%		2,318,000		2,300,615
02/01/22		6.875%		15,863,000		14,356,015
ConvaTec Finance International SA Junior Subordinated PIK(a)
01/15/19		8.250%		6,149,000		5,472,610
DaVita HealthCare Partners, Inc.
08/15/22		5.750%		6,242,000		6,460,470

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Fresenius Medical Care U.S. Finance II, Inc.(a)
09/15/18		6.500%		746,000		820,600
07/31/19		5.625%		1,808,000		1,957,160
01/31/22		5.875%		5,572,000		6,031,690
10/15/24		4.750%		5,823,000		5,852,115
HCA, Inc.
02/01/25		5.375%		24,780,000		25,058,775
04/15/25		5.250%		29,793,000		30,537,825
02/15/26		5.875%		7,100,000		7,242,000
HealthSouth Corp.(a)
11/01/24		5.750%		2,796,000		2,759,904
09/15/25		5.750%		1,600,000		1,551,680
Hologic, Inc.(a)
07/15/22		5.250%		5,537,000		5,730,795
LifePoint Health, Inc.
12/01/21		5.500%		16,869,000		17,122,035
MEDNAX, Inc.(a)
12/01/23		5.250%		4,274,000		4,380,850
Surgical Care Affiliates, Inc.(a)
04/01/23		6.000%		3,562,000		3,437,330
Tenet Healthcare Corp.
06/01/20		4.750%		16,105,000		16,266,050
10/01/20		6.000%		2,851,000		3,014,932
04/01/21		4.500%		3,272,000		3,206,560
Total						163,560,011
HEALTHCARE INSURANCE 1.2%
Centene Corp.
05/15/22		4.750%		8,524,000		8,183,040
Centene Escrow Corp.(a)(g)
02/15/21		5.625%		4,069,000		4,140,207
02/15/24		6.125%		5,972,000		6,136,230
Molina Healthcare, Inc.(a)
11/15/22		5.375%		14,472,000		14,435,820
Total						32,895,297
HOME CONSTRUCTION 0.7%
CalAtlantic Group, Inc.
11/15/24		5.875%		2,630,000		2,728,625
Meritage Homes Corp.
04/15/20		7.150%		3,019,000		3,147,308
04/01/22		7.000%		5,570,000		5,709,250
06/01/25		6.000%		3,796,000		3,701,100
Taylor Morrison Communities, Inc./Monarch, Inc.(a)
04/15/21		5.250%		600,000		564,000
03/01/24		5.625%		3,500,000		3,176,250
Total						19,026,533
INDEPENDENT ENERGY 5.0%
Antero Resources Corp.(a)
06/01/23		5.625%		7,130,000		5,917,900

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Carrizo Oil & Gas, Inc.
04/15/23		6.250%		16,269,000		11,367,964
Concho Resources, Inc.
10/01/22		5.500%		6,032,000		5,428,800
04/01/23		5.500%		22,771,000		20,653,069
Continental Resources, Inc.
06/01/24		3.800%		3,071,000		1,984,241
06/01/44		4.900%		4,387,000		2,375,981
CrownRock LP/Finance, Inc.(a)
04/15/21		7.125%		1,230,000		1,088,550
02/15/23		7.750%		9,168,000		8,159,520
Diamondback Energy, Inc.
10/01/21		7.625%		2,098,000		2,087,510
Laredo Petroleum, Inc.
01/15/22		5.625%		12,530,000		8,896,300
05/01/22		7.375%		8,068,000		5,990,490
03/15/23		6.250%		13,937,000		10,034,640
Parsley Energy LLC/Finance Corp.(a)
02/15/22		7.500%		19,885,000		19,089,600
RSP Permian, Inc.
10/01/22		6.625%		6,228,000		5,542,920
RSP Permian, Inc.(a)
10/01/22		6.625%		4,450,000		3,960,500
SM Energy Co.
11/15/22		6.125%		6,083,000		3,497,725
06/01/25		5.625%		2,406,000		1,287,210
Whiting Petroleum Corp.
03/15/21		5.750%		17,176,000		10,777,940
04/01/23		6.250%		7,469,000		4,668,125
Total						132,808,985
LODGING 1.1%
Hilton Worldwide Finance LLC/Corp.
10/15/21		5.625%		15,804,000		16,278,120
Playa Resorts Holding BV(a)
08/15/20		8.000%		13,214,000		13,478,280
Total						29,756,400
MEDIA AND ENTERTAINMENT 5.7%
AMC Networks, Inc.
12/15/22		4.750%		15,090,000		15,014,550
Activision Blizzard, Inc.(a)
09/15/21		5.625%		23,000,000		24,150,000
09/15/23		6.125%		3,624,000		3,877,680
Lamar Media Corp.(a)
02/01/26		5.750%		2,000,000		2,060,000
MDC Partners, Inc.(a)
04/01/20		6.750%		18,859,000		18,693,984
Netflix, Inc.
03/01/24		5.750%		2,594,000		2,665,335

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Netflix, Inc.(a)
02/15/22		5.500%		11,760,000		12,112,800
02/15/25		5.875%		14,259,000		14,704,594
Nielsen Finance Co. SARL (The)(a)
10/01/21		5.500%		9,346,000		9,603,015
Outfront Media Capital LLC/Corp.
02/15/22		5.250%		11,627,000		11,888,607
02/15/24		5.625%		4,783,000		4,890,618
03/15/25		5.875%		6,483,000		6,564,037
Univision Communications, Inc.(a)
02/15/25		5.125%		27,776,000		26,317,760
Ziff Davis Media, Inc.(b)(c)(d)(f)
12/15/11		0.000%		753,352		—
Total						152,542,980
METALS 0.5%
ArcelorMittal(e)
03/01/21		6.500%		7,516,000		6,106,750
02/25/22		7.250%		7,497,000		6,072,570
Total						12,179,320
MIDSTREAM 5.2%
Crestwood Midstream Partners LP/Finance Corp.(a)
04/01/23		6.250%		4,204,000		2,553,930
Energy Transfer Equity LP
06/01/27		5.500%		16,856,000		11,967,760
Hiland Partners LP/Finance Corp.(a)
05/15/22		5.500%		7,536,000		6,631,680
Kinder Morgan, Inc.
06/01/25		4.300%		16,950,000		14,716,990
MPLX LP(a)
02/15/23		5.500%		12,671,000		10,529,855
07/15/23		4.500%		10,057,000		7,875,335
12/01/24		4.875%		17,245,000		13,459,360
06/01/25		4.875%		2,851,000		2,226,768
Sabine Pass Liquefaction LLC
03/01/25		5.625%		23,683,000		20,367,380
Targa Resources Partners LP/Finance Corp.
05/01/23		5.250%		411,000		318,525
11/15/23		4.250%		25,898,000		18,905,540
Targa Resources Partners LP/Finance Corp.(a)
03/15/24		6.750%		8,778,000		7,241,850
Tesoro Logistics LP/Finance Corp.(a)
10/15/19		5.500%		2,124,000		1,972,665
10/15/22		6.250%		9,981,000		9,082,710
Williams Companies, Inc. (The)
06/24/24		4.550%		16,517,000		10,825,770
Total						138,676,118
OTHER FINANCIAL INSTITUTIONS 0.2%
FTI Consulting, Inc.
11/15/22		6.000%		2,378,000		2,461,230

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 9

COLUMBIA INCOME OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Icahn Enterprises LP/Finance Corp.
08/01/20		6.000%		4,000,000		3,754,600
Total						6,215,830
OTHER INDUSTRY 0.2%
CB Richard Ellis Services, Inc.
03/15/25		5.250%		5,914,000		6,109,470
OTHER REIT —%
CyrusOne LP/Finance Corp.
11/15/22		6.375%		1,041,000		1,056,615
PACKAGING 1.7%
Ball Corp.
12/15/20		4.375%		5,633,000		5,830,155
Berry Plastics Corp.
07/15/23		5.125%		15,880,000		15,483,000
Berry Plastics Corp.(a)
10/15/22		6.000%		3,350,000		3,425,375
Owens-Brockway Glass Container, Inc.(a)
08/15/23		5.875%		8,099,000		7,947,144
08/15/25		6.375%		3,482,000		3,429,770
Plastipak Holdings, Inc.(a)
10/01/21		6.500%		9,058,000		8,673,035
Total						44,788,479
PHARMACEUTICALS 4.8%
Capsugel SA PIK(a)
05/15/19		7.000%		2,513,000		2,450,175
Endo Finance LLC/Finco, Inc.(a)
02/01/25		6.000%		11,119,000		10,981,347
Endo Finance LLC/Ltd./Finco, Inc.(a)
07/15/23		6.000%		11,110,000		11,165,550
Grifols Worldwide Operations Ltd.
04/01/22		5.250%		3,882,000		3,940,618
Jaguar Holding Co. II/Pharmaceutical Product Development LLC(a)
08/01/23		6.375%		12,771,000		12,579,435
Mallinckrodt International Finance SA/CB LLC(a)
04/15/20		4.875%		3,911,000		3,744,783
10/15/23		5.625%		10,605,000		9,942,187
04/15/25		5.500%		2,832,000		2,520,480
Quintiles Transnational Corp.(a)
05/15/23		4.875%		6,621,000		6,703,763
Valeant Pharmaceuticals International, Inc.(a)
10/15/20		6.375%		15,875,000		15,319,375
07/15/21		7.500%		13,556,000		13,445,857
03/01/23		5.500%		4,480,000		3,953,600
05/15/23		5.875%		19,078,000		17,074,810
04/15/25		6.125%		13,988,000		12,571,715
Total						126,393,695

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
PROPERTY & CASUALTY 0.2%
HUB International Ltd.(a)(g)
02/15/21		9.250%		5,115,000		5,230,087
Lumbermens Mutual Casualty Co.(a)(f)
12/01/97		0.000%		4,600,000		460
Subordinated
12/01/37		0.000%		180,000		18
Lumbermens Mutual Casualty Co.(f)
Subordinated
07/01/26		0.000%		9,865,000		987
Total						5,231,552
RAILROADS 0.2%
Florida East Coast Holdings Corp.(a)
05/01/19		6.750%		5,965,000		5,457,975
RETAILERS 1.9%
Asbury Automotive Group, Inc.
12/15/24		6.000%		4,467,000		4,366,492
Asbury Automotive Group, Inc.(a)
12/15/24		6.000%		2,563,000		2,505,333
Group 1 Automotive, Inc.
06/01/22		5.000%		3,183,000		3,027,829
Group 1 Automotive, Inc.(a)
12/15/23		5.250%		3,492,000		3,282,480
L Brands, Inc.
05/01/20		7.000%		2,000,000		2,245,000
04/01/21		6.625%		3,530,000		3,927,125
L Brands, Inc.(a)
11/01/35		6.875%		3,782,000		3,909,642
Penske Automotive Group, Inc.
12/01/24		5.375%		4,654,000		4,514,380
Rite Aid Corp.(a)
04/01/23		6.125%		19,166,000		20,220,130
Sally Holdings LLC/Capital, Inc.
12/01/25		5.625%		2,122,000		2,190,965
Total						50,189,376
TECHNOLOGY 6.7%
Alliance Data Systems Corp.(a)
12/01/17		5.250%		8,453,000		8,474,133
04/01/20		6.375%		4,734,000		4,793,175
08/01/22		5.375%		14,153,000		13,409,967
Ancestry.com, Inc. Junior Subordinated
12/15/20		11.000%		8,203,000		8,695,180
Audatex North America, Inc.(a)
11/01/23		6.125%		10,020,000		10,095,150
Equinix, Inc.
01/01/22		5.375%		4,954,000		5,152,160
01/15/26		5.875%		19,753,000		20,444,355

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
First Data Corp.(a)
01/15/24		5.750%		38,115,000		37,829,137
IMS Health, Inc.(a)
11/01/20		6.000%		4,191,000		4,329,303
MSCI, Inc.(a)
11/15/24		5.250%		8,090,000		8,342,813
08/15/25		5.750%		8,090,000		8,555,175
Microsemi Corp.(a)
04/15/23		9.125%		5,656,000		5,952,940
NCR Corp.
12/15/21		5.875%		2,100,000		2,063,250
12/15/23		6.375%		3,600,000		3,561,732
Qualitytech LP/Finance Corp.
08/01/22		5.875%		8,297,000		8,421,455
Sensata Technologies UK Financing Co. PLC(a)
02/15/26		6.250%		4,880,000		4,977,600
VeriSign, Inc.
05/01/23		4.625%		5,812,000		5,695,760
04/01/25		5.250%		7,160,000		7,082,099
Zebra Technologies Corp.
10/15/22		7.250%		9,427,000		9,804,080
Total						177,679,464
WIRELESS 7.9%
Crown Castle International Corp.
04/15/22		4.875%		9,594,000		10,070,726
01/15/23		5.250%		12,431,000		13,239,015
Numericable-SFR(a)
05/15/19		4.875%		7,089,000		7,035,833
05/15/22		6.000%		18,098,000		17,826,530
SBA Communications Corp
07/15/22		4.875%		8,181,000		8,181,000
SBA Telecommunications, Inc.
07/15/20		5.750%		14,275,000		14,810,312
Sprint Communications, Inc.(a)
11/15/18		9.000%		24,849,000		25,221,735
03/01/20		7.000%		29,218,000		28,049,280
Sprint Corp.
09/15/23		7.875%		16,759,000		11,940,787
T-Mobile USA, Inc.
01/15/22		6.125%		5,853,000		5,955,428
04/28/22		6.731%		10,982,000		11,270,277
04/01/23		6.625%		9,185,000		9,391,663
01/15/24		6.500%		8,181,000		8,262,810
03/01/25		6.375%		2,446,000		2,452,115
01/15/26		6.500%		15,060,000		15,060,000
Wind Acquisition Finance SA(a)
04/23/21		7.375%		21,714,000		20,641,763
Total						209,409,274

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
WIRELINES 5.0%
CenturyLink, Inc.
04/01/20		5.625%		5,959,000		5,847,269
06/15/21		6.450%		14,394,000		14,025,226
Frontier Communications Corp.
07/01/21		9.250%		10,925,000		10,542,625
01/15/23		7.125%		5,000,000		4,162,500
01/15/25		6.875%		2,282,000		1,814,190
Frontier Communications Corp.(a)
09/15/20		8.875%		2,577,000		2,586,664
09/15/22		10.500%		6,345,000		6,170,512
09/15/25		11.000%		13,155,000		12,678,131
Level 3 Communications, Inc.
12/01/22		5.750%		8,416,000		8,668,480
Level 3 Financing, Inc.
06/01/20		7.000%		5,681,000		5,965,050
01/15/21		6.125%		4,739,000		4,964,102
08/15/22		5.375%		9,971,000		10,120,565
02/01/23		5.625%		8,020,000		8,200,450
Level 3 Financing, Inc.(a)
01/15/24		5.375%		3,137,000		3,168,370
Level 3 Financing, Inc.(e)
01/15/18		4.101%		1,728,000		1,728,000
Telecom Italia SpA(a)
05/30/24		5.303%		6,662,000		6,512,105
Windstream Services, LLC
10/15/20		7.750%		11,144,000		9,221,660
Zayo Group LLC/Capital, Inc.
05/15/25		6.375%		18,250,000		17,702,500
Total						134,078,399
Total Corporate Bonds & Notes
(Cost: $2,542,433,637)						2,413,412,031
Convertible Bonds —%
WIRELINES —%
At Home Corp. Subordinated(b)(c)(d)(f)
06/12/15		4.750%		3,896,787		—
Total Convertible Bonds
(Cost: $—)						—
Senior Loans 2.1%
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
MEDIA AND ENTERTAINMENT 0.3%
Match Group, Inc. Tranche B1 Term Loan(e)(h)
11/16/22		5.500%		8,500,000		8,464,555

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 11

COLUMBIA INCOME OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Senior Loans (continued)
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
PHARMACEUTICALS 0.7%
Concordia Healthcare Corp. Term Loan(e)(h)
10/21/21		5.250%		19,341,000		18,470,655
RETAILERS 0.3%
Rite Aid Corp. Tranche 1 2nd Lien Term Loan(e)(h)
08/21/20		5.750%		5,972,000		5,972,000
TECHNOLOGY 0.8%
Microsemi Corp. Tranche B Term Loan(e)(g)(h)
01/15/23		5.250%		9,034,000		8,973,020
Riverbed Technology, Inc. Term Loan(e)(h)
04/25/22		6.000%		12,876,624		12,737,171
Total						21,710,191
Total Senior Loans
(Cost: $54,791,156)						54,617,401

Common Stocks —%
Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY —%
Auto Components —%
Lear Corp.		1,324		137,471
Media —%
Haights Cross Communications, Inc.(b)(c)(d)(i)		275,078		—
Loral Space & Communications, Inc.(i)		101		3,490
Ziff Davis Holdings, Inc.(b)(d)(i)		6,107		61
Total				3,551
Total Consumer Discretionary				141,022

Common Stocks (continued)
Issuer	Shares		Value ($)
INDUSTRIALS —%
Commercial Services & Supplies —%
Quad/Graphics, Inc.		1,009		10,171
Total Industrials				10,171
UTILITIES —%
Independent Power and Renewable Electricity Producers —%
Calpine Corp. Escrow(b)(c)(d)(i)		23,187,000		—
Total Utilities				—
Total Common Stocks
(Cost: $3,133,669)				151,193
Warrants —%
CONSUMER DISCRETIONARY —%
Media —%
ION Media Networks, Inc.(b)(c)(d)(i)		221		—
ION Media Networks, Inc.(b)(c)(d)(i)		223		—
Total				—
Total Consumer Discretionary				—
Total Warrants
(Cost: $1,137,893)				—
Money Market Funds 6.6%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.360%(j)(k)		176,178,269		176,178,269
Total Money Market Funds
(Cost: $176,178,269)				176,178,269
Total Investments
(Cost: $2,777,674,624)				2,644,358,894
Other Assets & Liabilities, Net				13,226,070
Net Assets				2,657,584,964

At January 31, 2016, cash totaling $2,510,964 was pledged as collateral.

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2016

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency		Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
US 10YR NOTE		(432	)		USD		(55,977,750	)		03/2016		—		(1,464,342	)

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Credit Default Swap Contracts Outstanding at January 31, 2016

Sell Protection

Counterparty

Reference Entity

Expiration Date

Receive Fixed Rate (%)

Implied Credit Spread (%)**

Notional Amount ($)

Market Value ($)

Periodic Payments Receivable (Payable) ($)

Unrealized Appreciation ($)

Unrealized Depreciation ($)

Morgan Stanley*

Markit CDX North America High Yield Index, Series 25

12/20/2020

5.000

5.050

30,000,000

251,220

166,666

417,886

—

* Centrally cleared swap contract

** Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Notes to Portfolio of Investments

(a) Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At January 31, 2016, the value of these securities amounted to $1,184,848,388 or 44.58% of net assets.

(b) Identifies securities considered by the Investment Manager to be illiquid and may be difficult to sell. The aggregate value of such securities at January 31, 2016 was $41,908, which represents less than 0.01% of net assets. Information concerning such security holdings at January 31, 2016 is as follows:

Security Description	Acquisition Dates		Cost ($)
At Home Corp. Subordinated 06/12/15 4.750%		07/26/2005		—
Calpine Corp. Escrow		09/29/2011		—
Haights Cross Communications, Inc.		01/15/2004 - 02/03/2006		3,131,160
ION Media Networks, Inc.		12/19/2005 - 04/14/2009		1,137,893
ION Media Networks, Inc.		03/12/2011		—
Lear Corp. Escrow Bond 12/01/16 8.750%		11/20/2006 - 07/24/2008		—
Quebecor Media, Inc. 01/15/49 9.750%		01/17/2007		28,005
Ziff Davis Holdings, Inc.		07/01/2008		61
Ziff Davis Media, Inc. 12/15/11 0.000%		07/01/2008 - 04/15/2011		551,540

(c) Negligible market value.

(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2016, the value of these securities amounted to $41,908, which represents less than 0.01% of net assets.

(e) Variable rate security.

(f) Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At January 31, 2016, the value of these securities amounted to $2,700,858, which represents 0.10% of net assets.

(g) Security, or a portion thereof, has been purchased on a when-issued or delayed delivery basis.

(h) Senior loans have interest rates that float periodically based primarily on the London Interbank Offered Rate (“LIBOR”) and other short-term rates. The interest rate shown reflects the weighted average coupon as of January 31, 2016. The interest rate shown for senior loans purchased on a when-issued or delayed delivery basis, if any, reflects an estimated average coupon. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 13

COLUMBIA INCOME OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Notes to Portfolio of Investments (continued)

(i) Non-income producing investment.

(j) The rate shown is the seven-day current annualized yield at January 31, 2016.

(k) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended January 31, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		149,182,168		763,583,457		(736,587,356	)		176,178,269		154,196		176,178,269

Abbreviation Legend

PIK	Payment-in-Kind
Currency Legend
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:

n 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.

n Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

n 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.

14 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at January 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)			Total ($)
Investments
Corporate Bonds & Notes		—			2,413,370,184		41,847			2,413,412,031
Convertible Bonds		—			—		0	(a)		0	(a)
Senior Loans		—			54,617,401		—			54,617,401
Common Stocks
Consumer Discretionary		140,961			—		61			141,022
Industrials		10,171			—		—			10,171
Utilities		—			—		0	(a)		0	(a)
Total Common Stocks		151,132			—		61			151,193
Warrants
Consumer Discretionary		—			—		0			0
Money Market Funds		—			176,178,269		—			176,178,269
Total Investments		151,132			2,644,165,854		41,908			2,644,358,894
Derivatives
Assets
Swap Contracts		—			417,886		—			417,886
Liabilities
Futures Contracts		(1,464,342	)		—		—			(1,464,342	)
Total		(1,313,210	)		2,644,583,740		41,908			2,643,312,438

(a) Rounds to zero.

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are valued based upon utilizing observable market inputs, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets and/or fund per share market values which are not considered publicly available.

Derivative instruments are valued at unrealized appreciation (depreciation).

Financial assets were transferred from Level 1 to Level 2 as the market for these assets is not considered publicly available. Fund per share market values were obtained using observable market inputs.

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In		Transfers Out
Level 1 ($)	Level 2 ($)	Level 1 ($)	Level 2 ($)
—	149,182,168	149,182,168	—

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 15

COLUMBIA INCOME OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

Certain corporate bonds, common stock, preferred stocks and warrants classified as Level 3 are valued using an income approach. To determine fair value for these securities, management considered estimates of future distributions from the liquidation of company assets or potential actions related to the respective company’s bankruptcy filing. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in the bankruptcy filings would result in a directionally similar change to estimates of future distributions

Certain corporate bonds, convertible bonds and common stock classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, trades of similar securities, single market quotations from broker dealers, estimated earnings of the respective company, market multiples derived from a set of comparable companies, and the position of the security within the respective company’s capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in estimated earnings of the respective company may result in a change to the comparable companies and market multiples utilized.

There were no transfers of financial assets between Levels 2 and 3 during the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2016 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $2,601,496,355)	$2,468,180,625
Affiliated issuers (identified cost $176,178,269)	176,178,269
Total investments (identified cost $2,777,674,624)	2,644,358,894
Cash	27,662
Margin deposits	2,510,964
Receivable for:
Investments sold	11,631,972
Capital shares sold	12,610,247
Dividends	30,454
Interest	40,666,170
Foreign tax reclaims	101,815
Variation margin	133,915
Expense reimbursement due from Investment Manager	4,891
Prepaid expenses	7,397
Trustees’ deferred compensation plan	44,625
Other assets	42,657
Total assets	2,712,171,663
Liabilities
Payable for:
Investments purchased	12,759,733
Investments purchased on a delayed delivery basis	24,024,691
Capital shares purchased	5,638,831
Dividend distributions to shareholders	11,112,488
Variation margin	236,250
Investment management fees	44,781
Distribution and/or service fees	12,647
Transfer agent fees	375,057
Plan administration fees	3
Compensation of board members	196,808
Other expenses	140,785
Trustees’ deferred compensation plan	44,625
Total liabilities	54,586,699
Net assets applicable to outstanding capital stock	$2,657,584,964
Represented by
Paid-in capital	$2,869,694,613
Excess of distributions over net investment income	(1,283,846	)
Accumulated net realized loss	(76,463,617	)
Unrealized appreciation (depreciation) on:
Investments	(133,315,730	)
Futures contracts	(1,464,342	)
Swap contracts	417,886
Total — representing net assets applicable to outstanding capital stock	$2,657,584,964

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 17

COLUMBIA INCOME OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016 (Unaudited)

Class A
Net assets	$1,465,987,236
Shares outstanding	160,141,697
Net asset value per share	$9.15
Maximum offering price per share(a)	$9.61
Class B
Net assets	$5,059,599
Shares outstanding	553,012
Net asset value per share	$9.15
Class C
Net assets	$91,849,546
Shares outstanding	10,041,594
Net asset value per share	$9.15
Class I
Net assets	$437,648,970
Shares outstanding	47,744,193
Net asset value per share	$9.17
Class K
Net assets	$388,517
Shares outstanding	42,307
Net asset value per share	$9.18
Class R
Net assets	$917,964
Shares outstanding	100,236
Net asset value per share	$9.16
Class R4
Net assets	$10,048,039
Shares outstanding	1,093,602
Net asset value per share	$9.19
Class R5
Net assets	$25,984,279
Shares outstanding	2,829,765
Net asset value per share	$9.18
Class W
Net assets	$5,701,709
Shares outstanding	622,639
Net asset value per share	$9.16
Class Y
Net assets	$1,065,045
Shares outstanding	116,163
Net asset value per share	$9.17
Class Z
Net assets	$612,934,060
Shares outstanding	66,789,878
Net asset value per share	$9.18

(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 4.75%.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2016 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$1,267
Dividends — affiliated issuers	154,196
Interest	80,857,099
Total income	81,012,562
Expenses:
Investment management fees	8,761,948
Distribution and/or service fees
Class A	1,850,195
Class B	29,281
Class C	490,155
Class R	2,618
Class W	7,122
Transfer agent fees
Class A	1,726,341
Class B	6,825
Class C	114,447
Class K	144
Class R	1,224
Class R4	4,529
Class R5	9,035
Class W	6,659
Class Z	852,026
Plan administration fees
Class K	720
Compensation of board members	17,323
Custodian fees	17,519
Printing and postage fees	184,139
Registration fees	116,253
Audit fees	14,805
Legal fees	14,130
Other	29,373
Total expenses	14,256,811
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(723,346	)
Total net expenses	13,533,465
Net investment income	67,479,097
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(76,555,775	)
Futures contracts	(88,658	)
Swap contracts	(796,082	)
Net realized loss	(77,440,515	)
Net change in unrealized appreciation (depreciation) on:
Investments	(127,729,904	)
Futures contracts	(1,336,332	)
Swap contracts	260,370
Net change in unrealized depreciation	(128,805,866	)
Net realized and unrealized loss	(206,246,381	)
Net decrease in net assets from operations	$(138,767,284	)

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 19

COLUMBIA INCOME OPPORTUNITIES FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015
Operations
Net investment income		$67,479,097			$144,883,844
Net realized gain (loss)		(77,440,515	)		26,341,416
Net change in unrealized depreciation		(128,805,866	)		(68,044,317	)
Net increase (decrease) in net assets resulting from operations		(138,767,284	)		103,180,943
Distributions to shareholders
Net investment income
Class A		(35,168,850	)		(73,568,463	)
Class B		(116,468	)		(334,312	)
Class C		(1,956,666	)		(3,997,880	)
Class I		(12,229,560	)		(25,021,483	)
Class K		(13,938	)		(33,034	)
Class R		(23,530	)		(39,694	)
Class R4		(99,814	)		(162,295	)
Class R5		(927,385	)		(1,121,846	)
Class W		(135,412	)		(456,605	)
Class Y		(20,603	)		(339,330	)
Class Z		(18,196,238	)		(38,995,660	)
Net realized gains
Class A		(10,420,098	)		(5,335,164	)
Class B		(40,828	)		(31,014	)
Class C		(717,393	)		(348,807	)
Class I		(3,553,586	)		(1,645,460	)
Class K		(4,341	)		(2,815	)
Class R		(7,669	)		(2,583	)
Class R4		(26,272	)		(9,894	)
Class R5		(527,943	)		(90,730	)
Class W		(42,457	)		(39,759	)
Class Y		(6,292	)		(26,305	)
Class Z		(5,339,920	)		(2,631,788	)
Total distributions to shareholders		(89,575,263	)		(154,234,921	)
Decrease in net assets from capital stock activity		(218,116,881	)		(2,357,050	)
Total decrease in net assets		(446,459,428	)		(53,411,028	)
Net assets at beginning of period		3,104,044,392			3,157,455,420
Net assets at end of period		$2,657,584,964			$3,104,044,392
Undistributed (excess of distributions over) net investment income		$(1,283,846	)		$125,521

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		38,037,344			358,617,844			54,969,602			550,643,677
Distributions reinvested		4,583,627			43,431,714			7,444,166			74,733,496
Redemptions		(46,109,749	)		(441,173,781	)		(60,781,057	)		(609,755,011	)
Net increase (decrease)		(3,488,778	)		(39,124,223	)		1,632,711			15,622,162
Class B shares
Subscriptions		4,874			45,043			23,407			234,737
Distributions reinvested		13,371			126,715			29,819			299,281
Redemptions(a)		(172,796	)		(1,655,219	)		(469,003	)		(4,698,091	)
Net decrease		(154,551	)		(1,483,461	)		(415,777	)		(4,164,073	)
Class C shares
Subscriptions		375,147			3,574,188			1,753,575			17,722,989
Distributions reinvested		251,448			2,381,467			384,615			3,857,657
Redemptions		(1,136,913	)		(10,765,279	)		(3,012,405	)		(30,216,815	)
Net decrease		(510,318	)		(4,809,624	)		(874,215	)		(8,636,169	)
Class I shares
Subscriptions		3,946,320			37,954,985			10,419,388			104,527,274
Distributions reinvested		1,662,805			15,782,832			2,652,391			26,666,434
Redemptions		(9,346,596	)		(89,413,226	)		(12,738,843	)		(127,592,215	)
Net increase (decrease)		(3,737,471	)		(35,675,409	)		332,936			3,601,493
Class K shares
Subscriptions		1,652			15,356			12,640			126,986
Distributions reinvested		1,889			17,982			3,512			35,377
Redemptions		(25,172	)		(234,991	)		(45,270	)		(454,004	)
Net decrease		(21,631	)		(201,653	)		(29,118	)		(291,641	)
Class R shares
Subscriptions		9,160			86,282			59,968			603,224
Distributions reinvested		3,287			31,155			4,186			42,048
Redemptions		(20,683	)		(190,290	)		(55,136	)		(555,553	)
Net increase (decrease)		(8,236	)		(72,853	)		9,018			89,719
Class R4 shares
Subscriptions		742,964			6,763,449			854,651			8,594,476
Distributions reinvested		13,263			125,782			17,041			171,686
Redemptions		(40,370	)		(387,323	)		(741,182	)		(7,503,764	)
Net increase		715,857			6,501,908			130,510			1,262,398
Class R5 shares
Subscriptions		7,554,425			73,481,761			5,140,667			51,885,912
Distributions reinvested		153,138			1,455,019			120,340			1,211,004
Redemptions		(7,257,273	)		(68,834,152	)		(4,044,432	)		(40,385,954	)
Net increase		450,290			6,102,628			1,216,575			12,710,962

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 21

COLUMBIA INCOME OPPORTUNITIES FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class W shares
Subscriptions		86,209			822,338			208,689			2,094,022
Distributions reinvested		18,738			177,576			49,392			495,901
Redemptions		(60,546	)		(577,707	)		(941,466	)		(9,407,874	)
Net increase (decrease)		44,401			422,207			(683,385	)		(6,817,951	)
Class Y shares
Subscriptions		82,854			794,118			69,914			697,021
Distributions reinvested		2,790			26,387			1,187			11,929
Redemptions		(14,071	)		(134,952	)		(1,242,290	)		(12,506,488	)
Net increase (decrease)		71,573			685,553			(1,171,189	)		(11,797,538	)
Class Z shares
Subscriptions		7,805,123			74,186,339			29,453,565			296,814,732
Distributions reinvested		696,630			6,616,827			1,112,637			11,199,434
Redemptions		(24,473,405	)		(231,265,120	)		(31,072,744	)		(311,950,578	)
Net decrease		(15,971,652	)		(150,461,954	)		(506,542	)		(3,936,412	)
Total net decrease		(22,610,516	)		(218,116,881	)		(358,476	)		(2,357,050	)

(a) Includes conversions of Class B shares to Class A shares, if any. The line items from the prior year have been combined to conform to the current year presentation.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

		Six Months  Ended January 31, 2016		Year Ended July 31,
Class  A		(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period		$9.92		$10.08		$9.96		$9.78		$9.76		$9.72
Income from investment operations:
Net investment income		0.22		0.44		0.48		0.50		0.56		0.62
Net realized and unrealized gain (loss)		(0.69	)	(0.13	)	0.12		0.18		0.21		0.51
Total from investment operations		(0.47	)	0.31		0.60		0.68		0.77		1.13
Less distributions to shareholders:
Net investment income		(0.23	)	(0.44	)	(0.48	)	(0.50	)	(0.56	)	(0.64	)
Net realized gains		(0.07	)	(0.03	)	—		—		(0.19	)	(0.45	)
Total distributions to shareholders		(0.30	)	(0.47	)	(0.48	)	(0.50	)	(0.75	)	(1.09	)
Proceeds from regulatory settlements		—		—		—		—		0.00	(a)	—
Net asset value, end of period		$9.15		$9.92		$10.08		$9.96		$9.78		$9.76
Total return		(4.85	%)	3.10	%	6.18	%	7.10	%	8.51	%	12.19	%
Ratios to average net assets(b)
Total gross expenses		1.13	%(c)	1.12	%	1.13	%	1.11	%	1.10	%	1.07	%
Total net expenses(d)		1.07	%(c)	1.07	%(e)	1.08	%(e)	1.08	%(e)	1.02	%(e)	1.07	%
Net investment income		4.66	%(c)	4.37	%	4.73	%	4.98	%	5.89	%	6.41	%
Supplemental data
Net assets, end of period (in thousands)		$1,465,987		$1,622,952		$1,632,562		$1,515,539		$907,546		$767,359
Portfolio turnover	��	25	%	61	%	65	%	59	%	55	%	84	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 23

COLUMBIA INCOME OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class B	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$9.91		$10.07		$9.95		$9.77		$9.76		$9.72
Income from investment operations:
Net investment income	0.19		0.36		0.40		0.43		0.49		0.55
Net realized and unrealized gain (loss)	(0.69	)	(0.13	)	0.13		0.18		0.20		0.51
Total from investment operations	(0.50	)	0.23		0.53		0.61		0.69		1.06
Less distributions to shareholders:
Net investment income	(0.19	)	(0.36	)	(0.41	)	(0.43	)	(0.49	)	(0.57	)
Net realized gains	(0.07	)	(0.03	)	—		—		(0.19	)	(0.45	)
Total distributions to shareholders	(0.26	)	(0.39	)	(0.41	)	(0.43	)	(0.68	)	(1.02	)
Proceeds from regulatory settlements	—		—		—		—		0.00	(a)	—
Net asset value, end of period	$9.15		$9.91		$10.07		$9.95		$9.77		$9.76
Total return	(5.11	%)	2.33	%	5.39	%	6.30	%	7.59	%	11.35	%
Ratios to average net assets(b)
Total gross expenses	1.88	%(c)	1.87	%	1.88	%	1.84	%	1.85	%	1.81	%
Total net expenses(d)	1.82	%(c)	1.82	%(e)	1.83	%(e)	1.82	%(e)	1.77	%(e)	1.81	%
Net investment income	3.90	%(c)	3.62	%	4.01	%	4.30	%	5.17	%	5.61	%
Supplemental data
Net assets, end of period (in thousands)	$5,060		$7,014		$11,315		$17,685		$25,570		$39,725
Portfolio turnover	25	%	61	%	65	%	59	%	55	%	84	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class C	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$9.91		$10.07		$9.95		$9.77		$9.76		$9.72
Income from investment operations:
Net investment income	0.19		0.36		0.41		0.44		0.51		0.55
Net realized and unrealized gain (loss)	(0.69	)	(0.13	)	0.12		0.18		0.20		0.51
Total from investment operations	(0.50	)	0.23		0.53		0.62		0.71		1.06
Less distributions to shareholders:
Net investment income	(0.19	)	(0.36	)	(0.41	)	(0.44	)	(0.51	)	(0.57	)
Net realized gains	(0.07	)	(0.03	)	—		—		(0.19	)	(0.45	)
Total distributions to shareholders	(0.26	)	(0.39	)	(0.41	)	(0.44	)	(0.70	)	(1.02	)
Proceeds from regulatory settlements	—		—		—		—		0.00	(a)	—
Net asset value, end of period	$9.15		$9.91		$10.07		$9.95		$9.77		$9.76
Total return	(5.11	%)	2.33	%	5.45	%	6.46	%	7.83	%	11.36	%
Ratios to average net assets(b)
Total gross expenses	1.88	%(c)	1.87	%	1.88	%	1.85	%	1.85	%	1.81	%
Total net expenses(d)	1.82	%(c)	1.82	%(e)	1.78	%(e)	1.67	%(e)	1.57	%(e)	1.81	%
Net investment income	3.91	%(c)	3.63	%	4.04	%	4.44	%	5.35	%	5.63	%
Supplemental data
Net assets, end of period (in thousands)	$91,850		$104,568		$115,050		$128,766		$132,634		$118,257
Portfolio turnover	25	%	61	%	65	%	59	%	55	%	84	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 25

COLUMBIA INCOME OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

		Six Months  Ended January 31, 2016		Year Ended July 31,
Class I		(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period		$9.93		$10.09		$9.97		$9.79		$9.77		$9.73
Income from investment operations:
Net investment income		0.24		0.48		0.52		0.55		0.60		0.66
Net realized and unrealized gain (loss)		(0.68	)	(0.13	)	0.13		0.18		0.21		0.51
Total from investment operations		(0.44	)	0.35		0.65		0.73		0.81		1.17
Less distributions to shareholders:
Net investment income		(0.25	)	(0.48	)	(0.53	)	(0.55	)	(0.60	)	(0.68	)
Net realized gains		(0.07	)	(0.03	)	—		—		(0.19	)	(0.45	)
Total distributions to shareholders		(0.32	)	(0.51	)	(0.53	)	(0.55	)	(0.79	)	(1.13	)
Proceeds from regulatory settlements		—		—		—		—		0.00	(a)	—
	��
Net asset value, end of period		$9.17		$9.93		$10.09		$9.97		$9.79		$9.77
Total return		(4.53	%)	3.55	%	6.65	%	7.56	%	8.92	%	12.59	%
Ratios to average net assets(b)
Total gross expenses		0.65	%(c)	0.64	%	0.64	%	0.65	%	0.65	%	0.70	%
Total net expenses(d)		0.64	%(c)	0.64	%	0.64	%	0.65	%	0.65	%	0.70	%
Net investment income		5.09	%(c)	4.81	%	5.19	%	5.45	%	6.25	%	6.81	%
Supplemental data
Net assets, end of period (in thousands)		$437,649		$511,298		$516,118		$568,577		$272,571		$209,065
Portfolio turnover		25	%	61	%	65	%	59	%	55	%	84	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class K	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$9.95		$10.11		$9.99		$9.81		$9.79		$9.75
Income from investment operations:
Net investment income	0.23		0.45		0.49		0.52		0.57		0.64
Net realized and unrealized gain (loss)	(0.70	)	(0.13	)	0.13		0.18		0.21		0.51
Total from investment operations	(0.47	)	0.32		0.62		0.70		0.78		1.15
Less distributions to shareholders:
Net investment income	(0.23	)	(0.45	)	(0.50	)	(0.52	)	(0.57	)	(0.66	)
Net realized gains	(0.07	)	(0.03	)	—		—		(0.19	)	(0.45	)
Total distributions to shareholders	(0.30	)	(0.48	)	(0.50	)	(0.52	)	(0.76	)	(1.11	)
Proceeds from regulatory settlements	—		—		—		—		0.00	(a)	—
Net asset value, end of period	$9.18		$9.95		$10.11		$9.99		$9.81		$9.79
Total return	(4.76	%)	3.24	%	6.33	%	7.23	%	8.59	%	12.28	%
Ratios to average net assets(b)
Total gross expenses	0.95	%(c)	0.94	%	0.94	%	0.94	%	0.94	%	0.99	%
Total net expenses(d)	0.94	%(c)	0.94	%	0.94	%	0.94	%	0.94	%	0.99	%
Net investment income	4.77	%(c)	4.51	%	4.85	%	5.16	%	5.98	%	6.58	%
Supplemental data
Net assets, end of period (in thousands)	$389		$636		$941		$649		$485		$359
Portfolio turnover	25	%	61	%	65	%	59	%	55	%	84	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 27

COLUMBIA INCOME OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  R	(Unaudited)		2015		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.92		$10.08		$9.96		$9.78		$9.76		$9.85
Income from investment operations:
Net investment income	0.21		0.41		0.45		0.48		0.52		0.49
Net realized and unrealized gain (loss)	(0.69	)	(0.13	)	0.13		0.18		0.23		0.37
Total from investment operations	(0.48	)	0.28		0.58		0.66		0.75		0.86
Less distributions to shareholders:
Net investment income	(0.21	)	(0.41	)	(0.46	)	(0.48	)	(0.54	)	(0.50	)
Net realized gains	(0.07	)	(0.03	)	—		—		(0.19	)	(0.45	)
Total distributions to shareholders	(0.28	)	(0.44	)	(0.46	)	(0.48	)	(0.73	)	(0.95	)
Proceeds from regulatory settlements	—		—		—		—		0.00	(b)	—
Net asset value, end of period	$9.16		$9.92		$10.08		$9.96		$9.78		$9.76
Total return	(4.86	%)	2.84	%	5.92	%	6.83	%	8.27	%	9.21	%
Ratios to average net assets(c)
Total gross expenses	1.38	%(d)	1.37	%	1.38	%	1.35	%	1.37	%	1.32	%(d)
Total net expenses(e)	1.32	%(d)	1.32	%(f)	1.33	%(f)	1.32	%(f)	1.29	%(f)	1.32	%(d)
Net investment income	4.41	%(d)	4.13	%	4.48	%	4.80	%	5.49	%	6.05	%(d)
Supplemental data
Net assets, end of period (in thousands)	$918		$1,076		$1,003		$943		$1,023		$4
Portfolio turnover	25	%	61	%	65	%	59	%	55	%	84	%

Notes to Financial Highlights

(a) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

28 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  R4	(Unaudited)		2015		2014		2013(a)
Per share data
Net asset value, beginning of period	$9.95		$10.11		$9.99		$9.95
Income from investment operations:
Net investment income	0.23		0.47		0.50		0.38
Net realized and unrealized gain (loss)	(0.68	)	(0.14	)	0.13		0.04
Total from investment operations	(0.45	)	0.33		0.63		0.42
Less distributions to shareholders:
Net investment income	(0.24	)	(0.46	)	(0.51	)	(0.38	)
Net realized gains	(0.07	)	(0.03	)	—		—
Total distributions to shareholders	(0.31	)	(0.49	)	(0.51	)	(0.38	)
Net asset value, end of period	$9.19		$9.95		$10.11		$9.99
Total return	(4.60	%)	3.35	%	6.45	%	4.25	%
Ratios to average net assets(b)
Total gross expenses	0.90	%(c)	0.87	%	0.88	%	0.92	%(c)
Total net expenses(d)	0.82	%(c)	0.82	%(e)	0.83	%(e)	0.83	%(c)(e)
Net investment income	5.08	%(c)	4.64	%	4.93	%	5.28	%(c)
Supplemental data
Net assets, end of period (in thousands)	$10,048		$3,759		$2,500		$216
Portfolio turnover	25	%	61	%	65	%	59	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 29

COLUMBIA INCOME OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class R5	(Unaudited)		2015		2014		2013(a)
Per share data
Net asset value, beginning of period	$9.95		$10.11		$9.99		$9.95
Income from investment operations:
Net investment income	0.24		0.48		0.51		0.38
Net realized and unrealized gain (loss)	(0.70	)	(0.13	)	0.14		0.05
Total from investment operations	(0.46	)	0.35		0.65		0.43
Less distributions to shareholders:
Net investment income	(0.24	)	(0.48	)	(0.53	)	(0.39	)
Net realized gains	(0.07	)	(0.03	)	—		—
Total distributions to shareholders	(0.31	)	(0.51	)	(0.53	)	(0.39	)
Net asset value, end of period	$9.18		$9.95		$10.11		$9.99
Total return	(4.64	%)	3.50	%	6.59	%	4.34	%
Ratios to average net assets(b)
Total gross expenses	0.70	%(c)	0.69	%	0.68	%	0.75	%(c)
Total net expenses(d)	0.69	%(c)	0.69	%	0.68	%	0.75	%(c)
Net investment income	5.02	%(c)	4.77	%	5.00	%	5.50	%(c)
Supplemental data
Net assets, end of period (in thousands)	$25,984		$23,669		$11,756		$12,784
Portfolio turnover	25	%	61	%	65	%	59	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

30 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class W	(Unaudited)		2015		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.92		$10.08		$9.95		$9.77		$9.76		$9.85
Income from investment operations:
Net investment income	0.22		0.44		0.47		0.50		0.55		0.52
Net realized and unrealized gain (loss)	(0.68	)	(0.13	)	0.14		0.18		0.21		0.36
Total from investment operations	(0.46	)	0.31		0.61		0.68		0.76		0.88
Less distributions to shareholders:
Net investment income	(0.23	)	(0.44	)	(0.48	)	(0.50	)	(0.56	)	(0.52	)
Net realized gains	(0.07	)	(0.03	)	—		—		(0.19	)	(0.45	)
Total distributions to shareholders	(0.30	)	(0.47	)	(0.48	)	(0.50	)	(0.75	)	(0.97	)
Proceeds from regulatory settlements	—		—		—		—		0.00	(b)	—
Net asset value, end of period	$9.16		$9.92		$10.08		$9.95		$9.77		$9.76
Total return	(4.75	%)	3.10	%	6.29	%	7.10	%	8.43	%	9.45	%
Ratios to average net assets(c)
Total gross expenses	1.13	%(d)	1.12	%	1.13	%	1.10	%	1.11	%	1.02	%(d)
Total net expenses(e)	1.07	%(d)	1.07	%(f)	1.08	%(f)	1.07	%(f)	1.04	%(f)	1.02	%(d)
Net investment income	4.66	%(d)	4.39	%	4.71	%	5.01	%	5.78	%	6.38	%(d)
Supplemental data
Net assets, end of period (in thousands)	$5,702		$5,737		$12,712		$9,804		$33		$2
Portfolio turnover	25	%	61	%	65	%	59	%	55	%	84	%

Notes to Financial Highlights

(a) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 31

COLUMBIA INCOME OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class Y	(Unaudited)		2015		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.93		$10.09		$9.97		$9.79		$9.78		$9.76
Income from investment operations:
Net investment income	0.24		0.48		0.52		0.55		0.60		0.25
Net realized and unrealized gain (loss)	(0.68	)	(0.13	)	0.13		0.18		0.20		0.02
Total from investment operations	(0.44	)	0.35		0.65		0.73		0.80		0.27
Less distributions to shareholders:
Net investment income	(0.25	)	(0.48	)	(0.53	)	(0.55	)	(0.60	)	(0.25	)
Net realized gains	(0.07	)	(0.03	)	—		—		(0.19	)	—
Total distributions to shareholders	(0.32	)	(0.51	)	(0.53	)	(0.55	)	(0.79	)	(0.25	)
Proceeds from regulatory settlements	—		—		—		—		0.00	(b)	—
Net asset value, end of period	$9.17		$9.93		$10.09		$9.97		$9.79		$9.78
Total return	(4.53	%)	3.55	%	6.65	%	7.56	%	8.81	%	2.81	%
Ratios to average net assets(c)
Total gross expenses	0.65	%(d)	0.63	%	0.64	%	0.64	%	0.65	%	0.66	%(d)
Total net expenses(e)	0.64	%(d)	0.63	%	0.64	%	0.64	%	0.65	%	0.66	%(d)
Net investment income	5.15	%(d)	4.76	%	5.17	%	5.48	%	6.26	%	6.46	%(d)
Supplemental data
Net assets, end of period (in thousands)	$1,065		$443		$12,272		$11,852		$13,183		$10,464
Portfolio turnover	25	%	61	%	65	%	59	%	55	%	84	%

Notes to Financial Highlights

(a) Based on operations from March 7, 2011 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

32 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class Z	(Unaudited)		2015			2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.94		$10.10			$9.98		$9.80		$9.79		$9.86
Income from investment operations:
Net investment income	0.23		0.47			0.50		0.53		0.58		0.52
Net realized and unrealized gain (loss)	(0.68	)	(0.14	)		0.13		0.18		0.21		0.40
Total from investment operations	(0.45	)	0.33			0.63		0.71		0.79		0.92
Less distributions to shareholders:
Net investment income	(0.24	)	(0.46	)		(0.51	)	(0.53	)	(0.59	)	(0.54	)
Net realized gains	(0.07	)	(0.03	)		—		—		(0.19	)	(0.45	)
Total distributions to shareholders	(0.31	)	(0.49	)		(0.51	)	(0.53	)	(0.78	)	(0.99	)
Proceeds from regulatory settlements	—		—		��	—		—		0.00	(b)	—
Net asset value, end of period	$9.18		$9.94			$10.10		$9.98		$9.80		$9.79
Total return	(4.61	%)	3.36	%		6.44	%	7.36	%	8.67	%	9.89	%
Ratios to average net assets(c)
Total gross expenses	0.88	%(d)	0.87	%		0.88	%	0.85	%	0.84	%	0.76	%(d)
Total net expenses(e)	0.82	%(d)	0.82	%(f)		0.83	%(f)	0.82	%(f)	0.77	%(f)	0.76	%(d)
Net investment income	4.89	%(d)	4.62	%		4.99	%	5.30	%	6.13	%	6.35	%(d)
Supplemental data
Net assets, end of period (in thousands)	$612,934		$822,892			$841,227		$938,744		$1,140,401		$880,214
Portfolio turnover	25	%	61	%		65	%	59	%	55	%	84	%

Notes to Financial Highlights

(a) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(d) Annualized.

(e) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 33

COLUMBIA INCOME OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2016 (Unaudited)

Note 1. Organization

Columbia Income Opportunities Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class W, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense 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 12 months after purchase.

Class I shares are not subject to sales charges and are available only to the Columbia Family of Funds.

Class K shares are not subject to sales charges, however this share class is closed to new investors.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other investors as described in the Fund’s prospectus.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class W shares are not subject to sales charges and are available only to investors purchasing through authorized investment programs managed by investment professionals, including discretionary managed account programs.

Class Y shares are not subject to sales charges and are generally available only to certain retirement plans as described in the Fund’s prospectus.

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based

34 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of transactions, at the mean of the latest quoted bid and ask prices.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use

assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more 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;

Semiannual Report 2016 35

COLUMBIA INCOME OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

therefore, the counterparty credit risk is failure of the clearinghouse. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the exchange or clearinghouse for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be

made. To the extent amounts due to the Fund from its 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 manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments.

36 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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.

Credit Default Swap Contracts

The Fund entered into credit default swap contracts to manage cash positions. 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.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Semiannual Report 2016 37

COLUMBIA INCOME OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Any premium paid or received by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk. The Fund will enter into credit default swap transactions only with counterparties that meet certain standards of creditworthiness, as determined by the Investment Manager.

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2016:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized appreciation on swap contracts	417,886	*
	Liability Derivatives
Risk Exposure Category	Statement��of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized depreciation on futures contracts	1,464,342	*

* 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 is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2016:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—			(796,082	)		(796,082	)
Interest rate risk		(88,658	)		—			(88,658	)
Total		(88,658	)		(796,082	)		(884,740	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—			260,370			260,370
Interest rate risk		(1,336,332	)		—			(1,336,332	)
Total		(1,336,332	)		260,370			(1,075,962	)

The following table provides a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Short		56,654,719
Credit default swap contracts — sell protection		30,000,000

* Based on the ending quarterly outstanding amounts for the six months ended January 31, 2016.

Investments in Senior Loans

The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent, enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid, when purchased, may become illiquid.

38 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund’s Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

Delayed Delivery Securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

Offsetting of Assets and Liabilities

The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of January 31, 2016:

	Morgan Stanley ($)
Assets
Centrally cleared credit default swap contracts(a)		417,886
Liabilities
Total Financial and Derivative Net Assets		417,886
Total collateral received (pledged)(b)		—
Net Amount(c)		417,886

(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Trade date for senior loans purchased in the primary market is the date on which the loan is allocated. Trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

Income Recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

Corporate actions and dividend income are recorded on the ex-dividend date.

The Fund may receive distributions from holdings in 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.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

The value of additional securities received as an income payment is recorded as income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

Semiannual Report 2016 39

COLUMBIA INCOME OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and

the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

In May 2015, FASB issued Accounting Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Other Transactions with Affiliates

Management Fees

Effective December 1, 2015, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.66% to 0.40% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2016 was 0.62% of the Fund’s average daily net assets.

Prior to December 1, 2015, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. For the period from August 1, 2015 through November 30, 2015, the investment advisory services fee paid to the Investment Manager was $5,456,672, and the administrative services fee paid to the Investment Manager was $614,797.

40 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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 January 31, 2016, other expenses paid by the Fund to this company were $3,368.

Compensation of Board Members

Board members, who are not officers or employees of the Investment Manager or Ameriprise Financial, are compensated for their services to the 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.

Transactions with Affiliates

For the six months ended January 31, 2016, the Fund engaged in purchase and/or sale transactions with affiliates and/or accounts that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers. Those purchase and sale transactions complied with provisions of Rule 17a-7 under the 1940 Act and were $1,267,490 and $328,038, respectively. The sale transactions resulted in a net realized gain of $2,038.

Transfer Agency Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives a monthly transfer agency fee based on the number or the average value of

accounts, depending on the type of account. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., for which the Transfer Agent receives a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class. Class I and Class Y shares do not pay transfer agency fees.

For the six months ended January 31, 2016, 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	0.23	%
Class B	0.23
Class C	0.23
Class K	0.05
Class R	0.23
Class R4	0.24
Class R5	0.05
Class W	0.23
Class Z	0.23

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 January 31, 2016, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable

Semiannual Report 2016 41

COLUMBIA INCOME OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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 $1,788,000 and $1,241,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution 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 $145,330 for Class A, $1,655 for Class B and $2,419 for Class C shares for the six months ended January 31, 2016.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Contractual Expense Cap December 1, 2015 Through November 30, 2016			Voluntary Expense Cap Prior to December 1, 2015
Class A		1.07	%		1.07	%
Class B		1.82			1.82
Class C		1.82			1.82
Class I		0.65			0.64
Class K		0.95			0.94
Class R		1.32			1.32
Class R4		0.82			0.82
Class R5		0.70			0.69
Class W		1.07			1.07
Class Y		0.65			0.64
Class Z		0.82			0.82

The contractual agreement may be modified or amended only with approval from all parties. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend and interest expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At January 31, 2016, the cost of investments for federal income tax purposes was approximately $2,777,675,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$24,504,000
Unrealized depreciation	(157,820,000	)
Net unrealized depreciation	$(133,316,000	)

42 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $677,003,517 and $901,443,083, respectively, for the six months ended January 31, 2016. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as Dividends — affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was

the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the six months ended January 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At January 31, 2016, one unaffiliated shareholder of record owned 16.1% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 67.2% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Credit Risk

Credit risk is the risk that the value of debt securities in the Fund’s portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates.

Semiannual Report 2016 43

COLUMBIA INCOME OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Liquidity Risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

High-Yield Securities Risk

Securities rated below investment grade (commonly called “high-yield” or “junk” bonds) and unrated securities of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade securities. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated securities. High-yield securities are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.

Note 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.

44 Semiannual Report 2016

COLUMBIA INCOME OPPORTUNITIES FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Semiannual Report 2016 45

Columbia Income Opportunities Fund

P.O. Box 8081

Boston, MA 02266-8081

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to columbiathreadneedle.com/us. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR164_07_F01_(03/16)

SEMIANNUAL REPORT

January 31, 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of actively managed investment strategies and solutions for individual, institutional and corporate clients around the world.

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $472 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 13th largest manager of long-term mutual fund assets in the U.S.** and the 4th largest manager of retail funds in the U.K.***

Our priority is the investment success of our clients. We aim to deliver the investment outcomes they expect through an investment approach that is team-based, performance-driven and risk-aware. Our culture is dynamic and interactive. By sharing our insights across asset classes and geographies, we generate richer perspectives on global, regional and local investment landscapes. The ability to exchange and debate investment ideas in a collaborative environment enriches our teams’ investment processes. More importantly, it results in better informed investment decisions for our clients.

Columbia funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

* In U.S. dollars as of December 31, 2015. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies. Contact us for more current data.

** Source: ICI as of December 31, 2015 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of September 2015 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

	Investment strategies to help meet investor needs
	We are committed to helping investors navigate financial challenges to reach their desired outcomes. The possibilities are endless.
	Your success is our priority.
		Retire comfortably
		Fund college or higher education
		Leave a legacy
	Generate an appropriate stream of income in retirement Traditional approaches to income may no longer be adequate — and they may no longer provide the diversification benefits they once did. Investors need to rethink how they generate retirement income. Worried about running out of income? You are not alone.
	Navigate a changing interest rate environment Even in today’s challenging interest rate environment, it’s still possible to navigate markets and achieve your goals. Make investment choices designed specifically for this market environment.
	Maximize after-tax returns In an environment where what you keep is more important than what you earn, municipal bonds can help mitigate higher taxes while providing attractive yields compared to other investment options. You’ve worked too hard building your wealth to lose it to taxes.
	Grow assets to achieve financial goals Finding growth opportunities in today’s complex market environment requires strong research capabilities, creative thinking and a disciplined approach. Do your investments deliver the portfolio growth you need?
	Ease the impact of volatile markets With increasing concerns about market volatility, investors should consider diversifying their portfolios with non-traditional holdings. Interested in turning volatility into opportunity?

To find out more, contact your financial professional, call 800.426.3750 or visit columbiathreadneedle.com/us

Not part of the shareholder report

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.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

TABLE OF CONTENTS

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	11
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	17
Notes to Financial Statements	26
Important Information About This Report	39

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiathreadneedle.com/us or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Inflation Protected Securities Fund (the Fund) Class A shares returned -4.63% excluding sales charges for the six-month period that ended January 31, 2016.

n The Fund underperformed its benchmark, the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index, which returned -0.52% for the same six-month period.

Average Annual Total Returns (%) (for period ended January 31, 2016)
	Inception	6 Months Cumulative		1 Year		��	5 Years		10 Years
Class A	03/04/04
Excluding sales charges			-4.63		-8.76			1.04		2.74
Including sales charges			-7.46		-11.53			0.43		2.43
Class B	03/04/04
Excluding sales charges			-5.02		-9.36			0.29		1.96
Including sales charges			-9.77		-13.89			-0.03		1.96
Class C	03/04/04
Excluding sales charges			-4.92		-9.38			0.29		1.96
Including sales charges			-5.87		-10.28			0.29		1.96
Class I	03/04/04		-4.50		-8.41			1.47		3.14
Class K	03/04/04		-4.52		-8.55			1.19		2.87
Class R*	08/03/09		-4.77		-8.90			0.78		2.45
Class R5*	11/08/12		-4.53		-8.46			1.28		2.87
Class W*	12/01/06		-4.63		-8.75			1.04		2.70
Class Z*	09/27/10		-4.51		-8.54			1.28		2.87
Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index			-0.52		-3.03			2.81		4.08

Returns for Class A are shown with and without the maximum initial sales charge of 3.00%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedle.com/us or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information.

The Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index includes all publicly issued, U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

PORTFOLIO OVERVIEW

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2016)
Asset-Backed Securities — Non-Agency	4.7
Corporate Bonds & Notes	11.7
Foreign Government Obligations	0.2
Inflation-Indexed Bonds	83.1
Money Market Funds	0.1
Residential Mortgage-Backed Securities — Non-Agency	0.2
Total	100.0

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

Quality Breakdown (%) (at January 31, 2016)
AAA rating	76.6
AA rating	4.2
A rating	3.3
BBB rating	11.7
BB rating	2.6
Not rated	1.6
Total	100.0

Percentages indicated are based upon total fixed income investments (excluding Money Market Funds).

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the rating of Moody’s, S&P or Fitch, whichever rating agency rates the security highest. When ratings are available from only two rating agencies, the higher of the two ratings is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

Portfolio Management

Orhan Imer, Ph.D., CFA

David Kennedy*

* Effective November 2015, Mr. Kennedy was named a Portfolio Manager of the Fund

Semiannual Report 2016 3

COLUMBIA INFLATION PROTECTED SECURITIES FUND

UNDERSTANDING YOUR FUND’S EXPENSES

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

August 1, 2015 – January 31, 2016

	Account Value at the Beginning of the Period  ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		953.70	1,020.98		3.79	3.92		0.78
Class B		1,000.00	1,000.00		949.80	1,017.26		7.42	7.67		1.53
Class C		1,000.00	1,000.00		950.80	1,017.26		7.42	7.67		1.53
Class I		1,000.00	1,000.00		955.00	1,022.97		1.85	1.91		0.38
Class K		1,000.00	1,000.00		954.80	1,021.48		3.31	3.42		0.68
Class R		1,000.00	1,000.00		952.30	1,019.74		5.00	5.17		1.03
Class R5		1,000.00	1,000.00		954.70	1,022.73		2.09	2.16		0.43
Class W		1,000.00	1,000.00		953.70	1,020.98		3.79	3.92		0.78
Class Z		1,000.00	1,000.00		954.90	1,022.23		2.58	2.66		0.53

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 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

Columbia Management Investment Advisers, LLC and/or certain of its affiliates have contractually agreed to waive certain fees and/or to reimburse certain expenses until November 30, 2016, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses, subject to applicable exclusions, will not exceed 0.43% for Class I, 0.73% for Class K and 0.48% for Class R5. Any amounts waived will not be reimbursed by the Fund. This change was effective December 1, 2015. If this change had been in place for the entire six month period ended January 31, 2016, the actual expenses paid would have been $2.09 for Class I, $3.55 for Class K and $2.33 for Class R5; and the hypothetical expenses paid would have been $2.16 for Class I, $3.67 for Class K and $2.41 for Class R5.

Other share classes may have had expense waiver changes; however, the changes were not considered material.

4 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

PORTFOLIO OF INVESTMENTS

January 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes 11.6%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
BANKING 0.1%
Deutsche Bank AG
08/20/20		2.950%		200,000		199,284
ELECTRIC 1.1%
FirstEnergy Corp.
11/15/31		7.375%		1,000,000		1,235,387
TransAlta Corp.
03/15/40		6.500%		1,000,000		620,807
Total						1,856,194
FINANCE COMPANIES 0.5%
International Lease Finance Corp.
04/15/21		4.625%		750,000		735,937
INDEPENDENT ENERGY 0.6%
Canadian Natural Resources Ltd.
02/01/39		6.750%		500,000		390,898
Hess Corp.
08/15/31		7.300%		693,000		621,374
Total						1,012,272
INTEGRATED ENERGY 0.4%
Murphy Oil Corp.
06/01/22		4.000%		250,000		147,106
12/01/22		3.700%		1,000,000		577,786
Total						724,892
LIFE INSURANCE 0.3%
Genworth Holdings, Inc.
08/15/23		4.900%		500,000		295,000
06/15/34		6.500%		250,000		133,750
Total						428,750
METALS 2.4%
Alcoa, Inc.
02/01/37		5.950%		250,000		182,500
ArcelorMittal
06/01/18		6.125%		750,000		682,500
Freeport-McMoRan, Inc.
03/15/23		3.875%		500,000		205,000
Kinross Gold Corp.
03/15/24		5.950%		500,000		310,000
Teck Resources Ltd.
02/01/18		2.500%		1,000,000		821,250
02/01/43		5.400%		750,000		337,500
Vale Overseas Ltd.
01/11/22		4.375%		1,000,000		695,000
Vale SA
09/11/42		5.625%		1,000,000		592,360
Total						3,826,110

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
MIDSTREAM 1.8%
Energy Transfer Partners LP
03/15/45		5.150%		1,500,000		1,027,425
Kinder Morgan Energy Partners LP
02/01/19		2.650%		84,000		77,712
05/01/24		4.300%		160,000		136,162
11/01/42		4.700%		1,000,000		699,083
Kinder Morgan, Inc.
06/01/45		5.550%		175,000		136,970
Williams Partners LP
01/15/25		3.900%		500,000		356,109
09/15/45		5.100%		750,000		485,809
Total						2,919,270
OIL FIELD SERVICES 0.4%
Noble Holding International Ltd.
03/15/42		5.250%		1,750,000		700,000
RETAILERS 0.3%
Macys Retail Holdings, Inc.
01/15/21		3.450%		500,000		495,374
WIRELINES 3.7%
AT&T, Inc.
05/15/46		4.750%		485,000		430,042
BellSouth LLC
10/15/31		6.875%		500,000		565,207
11/15/34		6.000%		508,000		519,825
CenturyLink, Inc.
04/01/17		6.000%		750,000		772,500
DIRECTV Holdings LLC/Financing Co., Inc.
03/15/42		5.150%		500,000		456,836
Indiana Bell Telephone Co., Inc.
08/15/26		7.300%		500,000		619,481
Telecom Italia Capital SA
06/04/38		7.721%		1,000,000		1,029,800
Verizon New England, Inc.
11/15/29		7.875%		500,000		636,617
Verizon New York, Inc.
04/01/32		7.375%		800,000		915,408
Total						5,945,716
Total Corporate Bonds & Notes
(Cost: $23,611,452)						18,843,799
Residential Mortgage-Backed Securities — Non-Agency 0.2%
Deutsche Mortgage Securities, Inc. Mortgage Loan Trust CMO Series 2003-1 Class 1A7
04/25/33		5.500%		271,051		273,468
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $272,667)						273,468

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 5

COLUMBIA INFLATION PROTECTED SECURITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Asset-Backed Securities — Non-Agency 4.7%
Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Ares XXX CLO Ltd. Series 2014-30A Class A2(a)(b)
04/20/23		1.474%			752,889		743,590
Carlyle Global Market Strategies CLO Series 2014-3A Class A2(a)(b)
07/27/26		2.721%			1,000,000		971,688
Carlyle Global Market Strategies Series 2012-2AR Class B1R(a)(b)
07/20/23		2.724%			2,000,000		1,982,856
Dryden Senior Loan Fund Series 2014-33A Class B(a)(b)
07/15/26		2.622%			750,000		724,348
OHA Credit Partners VIII Ltd. Series 2013-8A Class B(a)(b)
04/20/25		2.274%			1,000,000		956,373
OZLM VII Ltd. Series 2014-7A Class A2A(a)(b)
07/17/26		2.670%			1,000,000		953,859
Octagon Investment Partners XXI Ltd. Series 2014-1A Class A2(a)(b)
11/14/26		2.762%			1,000,000		975,739
Symphony CLO V Ltd. Series 2007-5A Class A1(a)(b)
01/15/24		1.372%			239,320		232,599
Total Asset-Backed Securities — Non-Agency
(Cost: $7,705,687)							7,541,052
Inflation-Indexed Bonds(c) 82.8%
BRAZIL 5.4%
Brazil Notas do Tesouro Nacional
08/15/16		6.000%	BRL		8,395,740		2,158,417
08/15/18		6.000%	BRL		23,082,700		5,927,232
08/15/40		6.000%	BRL		2,580,290		564,421
Total							8,650,070
MEXICO 0.6%
Mexican Udibonos
11/15/40		4.000%	MXN		16,525,644		935,720
TURKEY 1.2%
Turkey Government Bond
02/20/19		3.500%	TRY		5,824,819		2,018,072

Inflation-Indexed Bonds(c) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
UNITED STATES 75.6%
U.S. Treasury Inflation-Indexed Bond
04/15/20		0.125%		1,013,610		1,016,105
01/15/22		0.125%		524,375		518,175
01/15/24		0.625%		11,444,737		11,540,404
01/15/25		0.250%		751,628		732,063
07/15/25		0.375%		750,713		741,847
01/15/27		2.375%		10,593,450		12,501,097
01/15/28		1.750%		13,313,220		14,836,093
04/15/28		3.625%		3,668,975		4,882,125
01/15/29		2.500%		18,794,860		22,682,314
02/15/43		0.625%		1,806,770		1,580,900
U.S. Treasury Inflation-Indexed Bond(d)
02/15/40		2.125%		18,120,630		21,868,864
02/15/42		0.750%		32,302,567		29,248,134
Total						122,148,121
Total Inflation-Indexed Bonds
(Cost: $141,721,560)						133,751,983
Foreign Government Obligations(e) 0.2%
NETHERLANDS 0.2%
Petrobras Global Finance BV
05/20/43		5.625%		250,000		150,625
Petrobras Global Finance BV(b)
03/17/17		2.886%		200,000		186,000
Total						336,625
Total Foreign Government Obligations
(Cost: $430,767)						336,625
Money Market Funds 0.1%
			Shares		Value ($)
Columbia Short-Term Cash Fund, 0.360%(f)(g)				127,863		127,863
Total Money Market Funds
(Cost: $127,863)						127,863
Total Investments
(Cost: $173,869,996)						160,874,790
Other Assets & Liabilities, Net						688,180
Net Assets						161,562,970

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

At January 31, 2016, securities and cash totaling $2,879,916 were pledged as collateral.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at January 31, 2016

Counterparty	Exchange Date		Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citi		02/23/2016		431,623 USD		8,000,000 MXN		8,830		—
Citi		02/23/2016		264,025 USD		4,750,000 MXN		—		(2,506	)
Deutsche bank		02/23/2016		2,104,748 USD		6,450,000 TRY		65,037		—
State Street		02/23/2016		6,737,000 BRL		1,659,237 USD		—		(14,942	)
Total								73,867		(17,448	)

Futures Contracts Outstanding at January 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency		Notional Market Value ($)		Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
US 10YR NOTE (CBT)		14		USD		1,814,094		03/2016		19,222		—
US 5YR NOTE (CBT)		18		USD		2,172,094		03/2016		25,702		—
US 5YR NOTE (CBT)		35		USD		4,223,516		03/2016		43,980		—
Total						8,209,704				88,904		—

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency		Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
US ULTRA BOND (CBT)		(68	)		USD		(11,300,750	)		03/2016		—		(489,223	)
US ULTRA BOND (CBT)		(195	)		USD		(32,406,562	)		03/2016		—		(1,682,468	)
Total							(43,707,312	)				—		(2,171,691	)

Credit Default Swap Contracts Outstanding at January 31, 2016

Sell Protection

Counterparty	Reference Entity	Expiration Date	Receive Fixed Rate (%)		Implied Credit Spread (%)**		Notional Amount ($)		Market Value ($)			Periodic Payments Receivable (Payable) ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Morgan Stanley*	Markit CDX North America Investment Grade Index, Series 25	12/20/2020		1.000		1.015		19,500,000		(183,306	)		21,667		—		(161,639	)

* Centrally cleared swap contract

** Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 7

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PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Interest Rate Swap Contracts Outstanding at January 31, 2016

Counterparty	Floating Rate Index	Fund Pay/Receive Floating Rate	Fixed Rate (%)		Expiration Date		Notional Currency		Notional Amount ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays	U.S. CPI Urban Consumers NSA	Receive		1.785		10/21/2018		USD		4,000,000		—		(142,676	)
Barclays	U.S. CPI Urban Consumers NSA	Receive		1.658		12/3/2018		USD		10,000,000		—		(289,178	)
Goldman Sachs	U.S. CPI Urban Consumers NSA	Receive		1.895		9/24/2018		USD		1,000,000		—		(42,064	)
Goldman Sachs International	U.S. CPI Urban Consumers NSA	Receive		1.600		12/8/2018		USD		10,000,000		—		(261,817	)
Goldman Sachs International	U.S. CPI Urban Consumers NSA	Receive		1.448		1/14/2021		USD		10,000,000		—		(917	)
JPMorgan	U.S. CPI Urban Consumers NSA	Receive		1.870		10/8/2018		USD		5,000,000		—		(201,354	)
JPMorgan	U.S. CPI Urban Consumers NSA	Receive		1.490		1/13/2021		USD		20,000,000		—		(45,226	)
JPMorgan	U.S. CPI Urban Consumers NSA	Receive		1.810		1/9/2025		USD		10,000,000		—		(305,996	)
Total												—		(1,289,228	)

Notes to Portfolio of Investments

(a) Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At January 31, 2016, the value of these securities amounted to $7,541,052 or 4.67% of net assets.

(b) Variable rate security.

(c) Principal amounts are denominated in United States Dollars unless otherwise noted.

(d) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(e) Principal and interest may not be guaranteed by the government.

(f) The rate shown is the seven-day current annualized yield at January 31, 2016.

(g) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended January 31, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		453,919		20,237,753		(20,563,809	)		127,863		561		127,863

Abbreviation Legend

CMO Collateralized Mortgage Obligation

Currency Legend

BRL	Brazilian Real
MXN	Mexican Peso
TRY	Turkish Lira
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

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

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:

n 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.

n Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

n Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 9

COLUMBIA INFLATION PROTECTED SECURITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at January 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Corporate Bonds & Notes		—			18,843,799			—		18,843,799
Residential Mortgage-Backed Securities — Non-Agency		—			273,468			—		273,468
Asset-Backed Securities — Non-Agency		—			7,541,052			—		7,541,052
Inflation-Indexed Bonds		—			133,751,983			—		133,751,983
Foreign Government Obligations		—			336,625			—		336,625
Money Market Funds		—			127,863			—		127,863
Total Investments		—			160,874,790			—		160,874,790
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			73,867			—		73,867
Futures Contracts		88,904			—			—		88,904
Liabilities
Forward Foreign Currency Exchange Contracts		—			(17,448	)		—		(17,448	)
Futures Contracts		(2,171,691	)		—			—		(2,171,691	)
Swap Contracts		—			(1,450,867	)		—		(1,450,867	)
Total		(2,082,787	)		159,480,342			—		157,397,555

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are valued based upon utilizing observable market inputs, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets and/or fund per share market values which are not considered publicly available.

Derivative instruments are valued at unrealized appreciation (depreciation).

Financial assets were transferred from Level 1 to Level 2 as the market for these assets is not considered publicly available. Fund per share market values were obtained using observable market inputs.

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In		Transfers Out
Level 1 ($)	Level 2 ($)	Level 1 ($)	Level 2 ($)
—	453,919	453,919	—

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

There were no transfers of financial assets between Levels 2 and 3 during the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2016 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $173,742,133)	$160,746,927
Affiliated issuers (identified cost $127,863)	127,863
Total investments (identified cost $173,869,996)	160,874,790
Foreign currency (identified cost $19,675)	19,843
Margin deposits	1,633,874
Unrealized appreciation on forward foreign currency exchange contracts	73,867
Receivable for:
Investments sold	91,557
Investments sold on a delayed delivery basis	2,099,943
Capital shares sold	21,659
Dividends	294
Interest	820,972
Variation margin	40,735
Expense reimbursement due from Investment Manager	952
Prepaid expenses	1,817
Other assets	18,680
Total assets	165,698,983
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	17,448
Unrealized depreciation on swap contracts	1,289,228
Payable for:
Investments purchased on a delayed delivery basis	2,096,271
Capital shares purchased	372,741
Variation margin	247,198
Investment management fees	2,259
Distribution and/or service fees	668
Transfer agent fees	19,524
Compensation of board members	41,324
Other expenses	49,352
Total liabilities	4,136,013
Net assets applicable to outstanding capital stock	$161,562,970
Represented by
Paid-in capital	$189,081,172
Undistributed net investment income	553,181
Accumulated net realized loss	(11,598,944	)
Unrealized appreciation (depreciation) on:
Investments	(12,995,206	)
Foreign currency translations	2
Forward foreign currency exchange contracts	56,419
Futures contracts	(2,082,787	)
Swap contracts	(1,450,867	)
Total — representing net assets applicable to outstanding capital stock	$161,562,970

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 11

COLUMBIA INFLATION PROTECTED SECURITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016 (Unaudited)

Class A
Net assets	$56,853,442
Shares outstanding	6,737,605
Net asset value per share	$8.44
Maximum offering price per share(a)	$8.70
Class B
Net assets	$201,025
Shares outstanding	24,142
Net asset value per share	$8.33
Class C
Net assets	$7,232,907
Shares outstanding	870,578
Net asset value per share	$8.31
Class I
Net assets	$83,167,853
Shares outstanding	9,792,069
Net asset value per share	$8.49
Class K
Net assets	$38,348
Shares outstanding	4,539
Net asset value per share	$8.45
Class R
Net assets	$5,411,979
Shares outstanding	645,193
Net asset value per share	$8.39
Class R5
Net assets	$40,150
Shares outstanding	4,757
Net asset value per share	$8.44
Class W
Net assets	$291,083
Shares outstanding	34,444
Net asset value per share	$8.45
Class Z
Net assets	$8,326,183
Shares outstanding	984,018
Net asset value per share	$8.46

(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 3.00%.

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2016 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$561
Interest	2,080,486
Total income	2,081,047
Expenses:
Investment management fees	440,702
Distribution and/or service fees
Class A	78,416
Class B	1,503
Class C	43,815
Class R	12,816
Class W	408
Transfer agent fees
Class A	48,706
Class B	233
Class C	6,807
Class K	10
Class R	3,980
Class R5	17
Class W	254
Class Z	7,076
Plan administration fees
Class K	48
Compensation of board members	4,332
Custodian fees	11,572
Printing and postage fees	15,982
Registration fees	51,140
Audit fees	15,905
Legal fees	3,625
Other	7,577
Total expenses	754,924
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(225,982	)
Total net expenses	528,942
Net investment income	1,552,105
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(5,149,267	)
Foreign currency translations	(190	)
Forward foreign currency exchange contracts	1,271,859
Futures contracts	(384,586	)
Swap contracts	61,021
Net realized loss	(4,201,163	)
Net change in unrealized appreciation (depreciation) on:
Investments	(3,949,089	)
Foreign currency translations	3,643
Forward foreign currency exchange contracts	(69,679	)
Futures contracts	(843,547	)
Swap contracts	(802,308	)
Net change in unrealized depreciation	(5,660,980	)
Net realized and unrealized loss	(9,862,143	)
Net decrease in net assets from operations	$(8,310,038	)

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 13

COLUMBIA INFLATION PROTECTED SECURITIES FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015
Operations
Net investment income		$1,552,105			$2,791,373
Net realized loss		(4,201,163	)		(799,974	)
Net change in unrealized depreciation		(5,660,980	)		(16,279,047	)
Net decrease in net assets resulting from operations		(8,310,038	)		(14,287,648	)
Distributions to shareholders
Net investment income
Class A		—			(423,108	)
Class B		—			(3,718	)
Class C		—			(34,492	)
Class I		—			(497,023	)
Class K		—			(200	)
Class R		—			(23,776	)
Class R5		—			(437	)
Class W		—			(214,907	)
Class Z		—			(74,885	)
Total distributions to shareholders		—			(1,272,546	)
Decrease in net assets from capital stock activity		(17,728,499	)		(86,648,917	)
Total decrease in net assets		(26,038,537	)		(102,209,111	)
Net assets at beginning of period		187,601,507			289,810,618
Net assets at end of period		$161,562,970			$187,601,507
Undistributed (excess of distributions over) net investment income		$553,181			$(998,924	)

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		268,765			2,298,076			1,062,590			9,774,000
Distributions reinvested		—			—			43,898			403,858
Redemptions		(1,501,976	)		(12,884,778	)		(3,001,730	)		(27,338,602	)
Net decrease		(1,233,211	)		(10,586,702	)		(1,895,242	)		(17,160,744	)
Class B shares
Subscriptions		134			1,109			2,199			20,000
Distributions reinvested		—			—			400			3,669
Redemptions(a)		(19,608	)		(164,993	)		(119,533	)		(1,078,120	)
Net decrease		(19,474	)		(163,884	)		(116,934	)		(1,054,451	)
Class C shares
Subscriptions		51,332			431,477			206,427			1,887,447
Distributions reinvested		—			—			2,347			21,471
Redemptions		(369,944	)		(3,117,197	)		(365,677	)		(3,290,309	)
Net decrease		(318,612	)		(2,685,720	)		(156,903	)		(1,381,391	)
Class I shares
Subscriptions		148,724			1,249,918			2,499,184			22,835,412
Distributions reinvested		—			—			54,018			496,963
Redemptions		(582,060	)		(4,954,942	)		(1,640,784	)		(14,891,892	)
Net increase (decrease)		(433,336	)		(3,705,024	)		912,418			8,440,483
Class K shares
Subscriptions		264			2,264			250			2,272
Distributions reinvested		—			—			16			149
Redemptions		(17	)		(141	)		(224	)		(2,035	)
Net increase		247			2,123			42			386
Class R shares
Subscriptions		192,571			1,630,471			190,982			1,734,323
Distributions reinvested		—			—			520			4,770
Redemptions		(146,057	)		(1,245,866	)		(205,355	)		(1,855,412	)
Net increase (decrease)		46,514			384,605			(13,853	)		(116,319	)
Class R5 shares
Subscriptions		566			4,870			2,886			26,351
Distributions reinvested		—			—			41			379
Redemptions		(4,497	)		(38,260	)		(4,162	)		(38,620	)
Net decrease		(3,931	)		(33,390	)		(1,235	)		(11,890	)
Class W shares
Subscriptions		—			—			431,288			3,968,540
Distributions reinvested		—			—			23,329			214,860
Redemptions		(10,278	)		(88,531	)		(8,501,152	)		(78,364,921	)
Net decrease		(10,278	)		(88,531	)		(8,046,535	)		(74,181,521	)

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 15

COLUMBIA INFLATION PROTECTED SECURITIES FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		59,748			514,932			753,590			6,963,291
Distributions reinvested		—			—			8,012			73,626
Redemptions		(161,060	)		(1,366,908	)		(906,603	)		(8,220,387	)
Net decrease		(101,312	)		(851,976	)		(145,001	)		(1,183,470	)
Total net decrease		(2,073,393	)		(17,728,499	)		(9,463,243	)		(86,648,917	)

(a) Includes conversions of Class B shares to Class A shares, if any.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  A	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$8.85		$9.46		$9.73		$11.38		$11.03		$10.36
Income from investment operations:
Net investment income	0.07		0.11		0.19		0.08		0.16		0.34
Net realized and unrealized gain (loss)	(0.48	)	(0.68	)	0.21		(0.66	)	0.84		0.68
Total from investment operations	(0.41	)	(0.57	)	0.40		(0.58	)	1.00		1.02
Less distributions to shareholders:
Net investment income	—		(0.04	)	(0.11	)	(0.11	)	(0.22	)	(0.35	)
Net realized gains	—		—		(0.52	)	(0.96	)	(0.43	)	—
Tax return of capital	—		—		(0.04	)	—		—		—
Total distributions to shareholders	—		(0.04	)	(0.67	)	(1.07	)	(0.65	)	(0.35	)
Net asset value, end of period	$8.44		$8.85		$9.46		$9.73		$11.38		$11.03
Total return	(4.63	%)	(6.01	%)	4.46	%	(5.69	%)	9.44	%	10.02	%
Ratios to average net assets(a)
Total gross expenses	1.05	%(b)	1.21	%	1.15	%	1.06	%	1.06	%	1.10	%
Total net expenses(c)	0.78	%(b)	0.82	%(d)	0.85	%	0.85	%(d)	0.85	%(d)	0.85	%
Net investment income	1.67	%(b)	1.16	%	1.97	%	0.72	%	1.45	%	3.21	%
Supplemental data
Net assets, end of period (in thousands)	$56,853		$70,528		$93,302		$149,612		$340,942		$273,195
Portfolio turnover	25	%	88	%	91	%	114	%	93	%	99	%

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 2016 17

COLUMBIA INFLATION PROTECTED SECURITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  B	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$8.77		$9.42		$9.70		$11.38		$11.03		$10.35
Income from investment operations:
Net investment income	0.05		0.02		0.11		(0.00	)(a)	0.08		0.25
Net realized and unrealized gain (loss)	(0.49	)	(0.64	)	0.21		(0.66	)	0.84		0.69
Total from investment operations	(0.44	)	(0.62	)	0.32		(0.66	)	0.92		0.94
Less distributions to shareholders:
Net investment income	—		(0.03	)	(0.04	)	(0.06	)	(0.14	)	(0.26	)
Net realized gains	—		—		(0.52	)	(0.96	)	(0.43	)	—
Tax return of capital	—		—		(0.04	)	—		—		—
Total distributions to shareholders	—		(0.03	)	(0.60	)	(1.02	)	(0.57	)	(0.26	)
Net asset value, end of period	$8.33		$8.77		$9.42		$9.70		$11.38		$11.03
Total return	(5.02	%)	(6.65	%)	3.63	%	(6.43	%)	8.61	%	9.22	%
Ratios to average net assets(b)
Total gross expenses	1.80	%(c)	1.96	%	1.90	%	1.81	%	1.81	%	1.85	%
Total net expenses(d)	1.53	%(c)	1.58	%(e)	1.60	%	1.60	%(e)	1.59	%(e)	1.60	%
Net investment income (loss)	1.11	%(c)	0.21	%	1.12	%	(0.01	%)	0.70	%	2.37	%
Supplemental data
Net assets, end of period (in thousands)	$201		$382		$1,512		$3,433		$6,987		$8,846
Portfolio turnover	25	%	88	%	91	%	114	%	93	%	99	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  C	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$8.74		$9.40		$9.68		$11.36		$11.02		$10.35
Income from investment operations:
Net investment income	0.04		0.04		0.12		(0.00	)(a)	0.08		0.27
Net realized and unrealized gain (loss)	(0.47	)	(0.67	)	0.20		(0.65	)	0.83		0.67
Total from investment operations	(0.43	)	(0.63	)	0.32		(0.65	)	0.91		0.94
Less distributions to shareholders:
Net investment income	—		(0.03	)	(0.04	)	(0.07	)	(0.14	)	(0.27	)
Net realized gains	—		—		(0.52	)	(0.96	)	(0.43	)	—
Tax return of capital	—		—		(0.04	)	—		—		—
Total distributions to shareholders	—		(0.03	)	(0.60	)	(1.03	)	(0.57	)	(0.27	)
Net asset value, end of period	$8.31		$8.74		$9.40		$9.68		$11.36		$11.02
Total return	(4.92	%)	(6.77	%)	3.64	%	(6.40	%)	8.57	%	9.21	%
Ratios to average net assets(b)
Total gross expenses	1.80	%(c)	1.96	%	1.90	%	1.81	%	1.81	%	1.85	%
Total net expenses(d)	1.53	%(c)	1.57	%(e)	1.60	%	1.60	%(e)	1.60	%(e)	1.60	%
Net investment income (loss)	1.01	%(c)	0.41	%	1.27	%	(0.02	%)	0.71	%	2.60	%
Supplemental data
Net assets, end of period (in thousands)	$7,233		$10,399		$12,651		$15,310		$22,778		$17,963
Portfolio turnover	25	%	88	%	91	%	114	%	93	%	99	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 19

COLUMBIA INFLATION PROTECTED SECURITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  I	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$8.89		$9.47		$9.74		$11.38		$11.03		$10.36
Income from investment operations:
Net investment income	0.09		0.15		0.24		0.13		0.18		0.40
Net realized and unrealized gain (loss)	(0.49	)	(0.68	)	0.20		(0.66	)	0.87		0.66
Total from investment operations	(0.40	)	(0.53	)	0.44		(0.53	)	1.05		1.06
Less distributions to shareholders:
Net investment income	—		(0.05	)	(0.15	)	(0.15	)	(0.27	)	(0.39	)
Net realized gains	—		—		(0.52	)	(0.96	)	(0.43	)	—
Tax return of capital	—		—		(0.04	)	—		—		—
Total distributions to shareholders	—		(0.05	)	(0.71	)	(1.11	)	(0.70	)	(0.39	)
Net asset value, end of period	$8.49		$8.89		$9.47		$9.74		$11.38		$11.03
Total return	(4.50	%)	(5.57	%)	4.91	%	(5.26	%)	9.91	%	10.47	%
Ratios to average net assets(a)
Total gross expenses	0.64	%(b)	0.63	%	0.61	%	0.59	%	0.56	%	0.57	%
Total net expenses(c)	0.38	%(b)	0.37	%	0.41	%	0.42	%	0.41	%	0.45	%
Net investment income	2.00	%(b)	1.68	%	2.52	%	1.19	%	1.64	%	3.83	%
Supplemental data
Net assets, end of period (in thousands)	$83,168		$90,891		$88,179		$69,902		$87,654		$202,937
Portfolio turnover	25	%	88	%	91	%	114	%	93	%	99	%

Notes to Financial Highlights

(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(b) Annualized.

(c) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  K	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$8.85		$9.45		$9.72		$11.38		$11.03		$10.35
Income from investment operations:
Net investment income	0.07		0.13		0.22		0.09		0.17		0.36
Net realized and unrealized gain (loss)	(0.47	)	(0.68	)	0.19		(0.66	)	0.85		0.68
Total from investment operations	(0.40	)	(0.55	)	0.41		(0.57	)	1.02		1.04
Less distributions to shareholders:
Net investment income	—		(0.05	)	(0.12	)	(0.13	)	(0.24	)	(0.36	)
Net realized gains	—		—		(0.52	)	(0.96	)	(0.43	)	—
Tax return of capital	—		—		(0.04	)	—		—		—
Total distributions to shareholders	—		(0.05	)	(0.68	)	(1.09	)	(0.67	)	(0.36	)
Net asset value, end of period	$8.45		$8.85		$9.45		$9.72		$11.38		$11.03
Total return	(4.52	%)	(5.87	%)	4.60	%	(5.65	%)	9.58	%	10.24	%
Ratios to average net assets(a)
Total gross expenses	0.94	%(b)	0.93	%	0.91	%	0.89	%	0.86	%	0.88	%
Total net expenses(c)	0.68	%(b)	0.67	%	0.71	%	0.72	%	0.69	%	0.75	%
Net investment income	1.64	%(b)	1.39	%	2.32	%	0.88	%	1.53	%	3.42	%
Supplemental data
Net assets, end of period (in thousands)	$38		$38		$40		$48		$77		$76
Portfolio turnover	25	%	88	%	91	%	114	%	93	%	99	%

Notes to Financial Highlights

(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(b) Annualized.

(c) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 21

COLUMBIA INFLATION PROTECTED SECURITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  R	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$8.81		$9.43		$9.70		$11.36		$11.02		$10.35
Income from investment operations:
Net investment income	0.06		0.08		0.18		0.06		0.18		0.36
Net realized and unrealized gain (loss)	(0.48	)	(0.66	)	0.20		(0.66	)	0.79		0.63
Total from investment operations	(0.42	)	(0.58	)	0.38		(0.60	)	0.97		0.99
Less distributions to shareholders:
Net investment income	—		(0.04	)	(0.09	)	(0.10	)	(0.20	)	(0.32	)
Net realized gains	—		—		(0.52	)	(0.96	)	(0.43	)	—
Tax return of capital	—		—		(0.04	)	—		—		—
Total distributions to shareholders	—		(0.04	)	(0.65	)	(1.06	)	(0.63	)	(0.32	)
Net asset value, end of period	$8.39		$8.81		$9.43		$9.70		$11.36		$11.02
Total return	(4.77	%)	(6.20	%)	4.20	%	(5.96	%)	9.14	%	9.73	%
Ratios to average net assets(a)
Total gross expenses	1.29	%(b)	1.46	%	1.40	%	1.31	%	1.31	%	1.36	%
Total net expenses(c)	1.03	%(b)	1.07	%(d)	1.10	%	1.10	%(d)	1.10	%(d)	1.12	%
Net investment income	1.31	%(b)	0.93	%	1.93	%	0.54	%	1.57	%	3.39	%
Supplemental data
Net assets, end of period (in thousands)	$5,412		$5,272		$5,776		$4,824		$5,443		$1,955
Portfolio turnover	25	%	88	%	91	%	114	%	93	%	99	%

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.

22 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  R5	(Unaudited)		2015		2014		2013(a)
Per share data
Net asset value, beginning of period	$8.84		$9.42		$9.69		$11.49
Income from investment operations:
Net investment income	0.09		0.13		0.34		0.09
Net realized and unrealized gain (loss)	(0.49	)	(0.66	)	0.10		(0.86	)
Total from investment operations	(0.40	)	(0.53	)	0.44		(0.77	)
Less distributions to shareholders:
Net investment income	—		(0.05	)	(0.15	)	(0.07	)
Net realized gains	—		—		(0.52	)	(0.96	)
Tax return of capital	—		—		(0.04	)	—
Total distributions to shareholders	—		(0.05	)	(0.71	)	(1.03	)
Net asset value, end of period	$8.44		$8.84		$9.42		$9.69
Total return	(4.53	%)	(5.62	%)	4.88	%	(7.27	%)
Ratios to average net assets(b)
Total gross expenses	0.69	%(c)	0.68	%	0.68	%	0.64	%(c)
Total net expenses(d)	0.43	%(c)	0.42	%	0.45	%	0.47	%(c)
Net investment income	2.06	%(c)	1.47	%	3.79	%	1.16	%(c)
Supplemental data
Net assets, end of period (in thousands)	$40		$77		$93		$2
Portfolio turnover	25	%	88	%	91	%	114	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 23

COLUMBIA INFLATION PROTECTED SECURITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  W	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$8.86		$9.47		$9.74		$11.40		$11.05		$10.35
Income from investment operations:
Net investment income	0.08		0.02		0.24		0.08		0.16		0.30
Net realized and unrealized gain (loss)	(0.49	)	(0.59	)	0.16		(0.66	)	0.84		0.73
Total from investment operations	(0.41	)	(0.57	)	0.40		(0.58	)	1.00		1.03
Less distributions to shareholders:
Net investment income	—		(0.04	)	(0.11	)	(0.12	)	(0.22	)	(0.33	)
Net realized gains	—		—		(0.52	)	(0.96	)	(0.43	)	—
Tax return of capital	—		—		(0.04	)	—		—		—
Total distributions to shareholders	—		(0.04	)	(0.67	)	(1.08	)	(0.65	)	(0.33	)
Net asset value, end of period	$8.45		$8.86		$9.47		$9.74		$11.40		$11.05
Total return	(4.63	%)	(6.00	%)	4.44	%	(5.74	%)	9.43	%	10.14	%
Ratios to average net assets(a)
Total gross expenses	1.05	%(b)	1.22	%	1.16	%	1.06	%	1.09	%	1.07	%
Total net expenses(c)	0.78	%(b)	0.83	%(d)	0.85	%	0.85	%(d)	0.85	%(d)	0.86	%
Net investment income	1.75	%(b)	0.20	%	2.59	%	0.75	%	1.42	%	2.87	%
Supplemental data
Net assets, end of period (in thousands)	$291		$396		$76,624		$38,778		$39,315		$42,040
Portfolio turnover	25	%	88	%	91	%	114	%	93	%	99	%

Notes to Financial Highlights

(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(b) Annualized.

(c) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(d) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  Z	(Unaudited)		2015		2014		2013		2012		2011(a)
Per share data
Net asset value, beginning of period	$8.86		$9.45		$9.73		$11.38		$11.03		$10.59
Income from investment operations:
Net investment income	0.08		0.12		0.28		0.11		0.19		0.60
Net realized and unrealized gain (loss)	(0.48	)	(0.66	)	0.13		(0.66	)	0.84		0.17
Total from investment operations	(0.40	)	(0.54	)	0.41		(0.55	)	1.03		0.77
Less distributions to shareholders:
Net investment income	—		(0.05	)	(0.13	)	(0.14	)	(0.25	)	(0.33	)
Net realized gains	—		—		(0.52	)	(0.96	)	(0.43	)	—
Tax return of capital	—		—		(0.04	)	—		—		—
Total distributions to shareholders	—		(0.05	)	(0.69	)	(1.10	)	(0.68	)	(0.33	)
Net asset value, end of period	$8.46		$8.86		$9.45		$9.73		$11.38		$11.03
Total return	(4.51	%)	(5.74	%)	4.61	%	(5.49	%)	9.73	%	7.45	%
Ratios to average net assets(b)
Total gross expenses	0.79	%(c)	0.96	%	0.91	%	0.81	%	0.83	%	0.85	%(c)
Total net expenses(d)	0.53	%(c)	0.57	%(e)	0.60	%	0.60	%(e)	0.59	%(e)	0.60	%(c)
Net investment income	1.86	%(c)	1.29	%	3.03	%	1.04	%	1.73	%	6.88	%(c)
Supplemental data
Net assets, end of period (in thousands)	$8,326		$9,618		$11,631		$1,734		$2,405		$1,434
Portfolio turnover	25	%	88	%	91	%	114	%	93	%	99	%

Notes to Financial Highlights

(a) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 25

COLUMBIA INFLATION PROTECTED SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2016 (Unaudited)

Note 1. Organization

Columbia Inflation Protected Securities Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R5, Class W and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure.

Class A shares are subject to a maximum front-end sales charge of 3.00% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months 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 12 months after purchase.

Class I shares are not subject to sales charges and are available only to the Columbia Family of Funds.

Class K shares are not subject to sales charges, however this share class is closed to new investors.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other investors as described in the Fund’s prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class W shares are not subject to sales charges and are available only to investors purchasing through authorized investment programs managed by investment professionals, including discretionary managed account programs.

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are not readily available or not believed to be

26 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer.

Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of transactions, at the mean of the latest quoted bid and ask prices.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the NYSE on any given day. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more 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.

Semiannual Report 2016 27

COLUMBIA INFLATION PROTECTED SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the exchange’s clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the counterparty credit risk is failure of the clearinghouse. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the exchange or clearinghouse for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivatives contracts based on whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts [to hedge the currency exposure associated with some or all of the Fund’s securities, to shift foreign currency exposure back to U.S. dollars, to shift U.S. dollar

28 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

exposure to achieve a representative weighted mix of major currencies in its benchmark and/or to recover an underweight country exposure in its portfolio and to generate total return through long and short currency positions versus the U.S. dollar. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts are exchange traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract

value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Swap Contracts

Swap contracts are negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund’s counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. Unlike a bilateral swap contract, for centrally cleared swap contracts, the Fund has minimal credit exposure to the counterparty because the CCP stands between the Fund and the counterparty. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Credit Default Swap Contracts

The Fund entered into credit default swap contracts to manage credit risk exposure and to increase or decrease its credit exposure to an index. These instruments may be used for other purposes in future periods. Credit default swap contracts are agreements in which one party pays fixed periodic payments to a counterparty in consideration for a guarantee from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of

Semiannual Report 2016 29

COLUMBIA INFLATION PROTECTED SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any premium paid or received by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk. The Fund will enter into credit default swap transactions only with counterparties that meet certain standards of creditworthiness, as determined by the Investment Manager.

Interest Rate Swap Contracts

The Fund entered into interest rate swap transactions to hedge the portfolio risk associated with some or all of the Fund’s securities and to manage long or short exposure to an inflation index. These instruments may be used for other purposes in future periods. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future (the effective date). The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.

Risks of entering into interest rate swaps include a lack of correlation between the swaps and the portfolio of bonds the swaps are designed to hedge or replicate. A lack of correlation may cause the interest rate swaps to experience adverse changes in value relative to expectations. In addition, interest rate swaps are subject to the risk of default of a counterparty, and the risk of adverse movements in market interest rates relative to

30 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

the interest rate swap positions taken. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life to the extent that such amount is positive, plus the cost of entering into a similar transaction with another counterparty.

The Fund attempts to mitigate counterparty credit risk by entering into interest rate swap transactions only with counterparties that meet prescribed levels of creditworthiness, as determined by the Investment Manager. The Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to monitor (on a daily basis) the net market value of all derivative transactions entered into pursuant to the agreement between the Fund and such counterparty. If the net market value of such derivatives transactions between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty is required to post cash and/or securities as collateral. Market values of derivatives transactions presented in the financial statements are not netted with the market values of other derivatives transactions or with any collateral amounts posted by the Fund or any counterparty.

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.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2016:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	73,867
Interest rate risk	Net assets — unrealized appreciation on futures contracts	88,904	*
Total		162,771
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized depreciation on swap contracts	161,639	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	17,448
Interest rate risk	Net assets — unrealized depreciation on futures contracts	2,171,691	*
Interest rate risk	Net assets — unrealized depreciation on swap contracts	1,289,228	*
Total		3,640,006

* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended January 31, 2016:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Swap Contracts ($)		Total ($)
Credit risk		—		—			61,021		61,021
Foreign exchange risk		1,271,859		—			—		1,271,859
Interest rate risk		—		(384,586	)		—		(384,586	)
Total		1,271,859		(384,586	)		61,021		948,294

Semiannual Report 2016 31

COLUMBIA INFLATION PROTECTED SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—			—			(149,439	)		(149,439	)
Foreign exchange risk		(69,679	)		—			—			(69,679	)
Interest rate risk		—			(843,547	)		(652,869	)		(1,496,416	)
Total		(69,679	)		(843,547	)		(802,308	)		(1,715,534	)

The following table provides a summary of the average outstanding volume by derivative instrument for the six months ended January 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		4,998,665
Futures contracts — Short		45,974,891
Credit default swap contracts — sell protection		24,000,000

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		99,007		(42,526	)
Interest rate swap contracts		—		(1,139,218	)

* Based on the ending quarterly outstanding amounts for the six months ended January 31, 2016.

Asset- and Mortgage-Backed Securities

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

Delayed Delivery Securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

To Be Announced Securities

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

Mortgage Dollar Roll Transactions

The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund will benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price.

For financial reporting and tax purposes, the Fund treats “to be announced” mortgage dollar rolls as two separate transactions, one involving the purchase of a security and a separate transaction involving a sale. These transactions may increase the Fund’s portfolio turnover rate. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

32 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations.

Treasury Inflation Protected Securities

The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is

adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as interest income in the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

Offsetting of Assets and Liabilities

The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of January 31, 2016:

	Barclays ($)			Goldman Sachs & Co. ($)			Goldman Sachs International ($)			J.P. Morgan Securities, Inc. ($)			Morgan Stanley ($)		Total ($)
Assets
Centrally cleared credit default swap contracts(a)		—			—			—			—			13,368		13,368
Total Assets		—			—			—			—			13,368		13,368
Liabilities
OTC interest rate swap contracts(b)		431,854			42,064			262,734			552,576			—		1,289,228
Total Liabilities		431,854			42,064			262,734			552,576			—		1,289,228
Total Financial and Derivative Net Assets		(431,854	)		(42,064	)		(262,734	)		(552,576	)		13,368		(1,275,860	)
Total collateral received (pledged)(c)		(266,770	)		—			(254,825	)		(552,576	)		13,368		(1,060,803	)
Net Amount(d)		(165,084	)		(42,064	)		(7,909	)		—			—		(215,057	)

(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.

(b) Over-the-Counter Swap Contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, premiums paid and premiums received.

(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(d) Represents the net amount due from/ (to) counterparties in the event of default.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Semiannual Report 2016 33

COLUMBIA INFLATION PROTECTED SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

In May 2015, FASB issued Accounting Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820),Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. At this time, management is evaluating the implications of this guidance and the

impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Other Transactions with Affiliates

Management Fees

Effective December 1, 2015, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.51% to 0.29% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2016 was 0.51% of the Fund’s average daily net assets.

Prior to December 1, 2015, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. For the period from August 1, 2015 through November 30, 2015, the investment advisory services fee paid to the Investment Manager was $260,455, and the administrative services fee paid to the Investment Manager was $41,436.

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 January 31, 2016, other expenses paid by the Fund to this company were $868.

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

34 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agency fees. Total transfer agency fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class.

For the six months ended January 31, 2016, 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	0.16	%
Class B	0.16
Class C	0.16
Class K	0.05
Class R	0.16
Class R5	0.05
Class W	0.16
Class Z	0.16

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended January 31, 2016, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution 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 $417,000 and $133,000 for Class B and Class C shares, respectively. These amounts are based on the

Semiannual Report 2016 35

COLUMBIA INFLATION PROTECTED SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

most recent information available as of September 30, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution 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 $8,869 for Class A, $183 for Class B and $116 for Class C shares for the six months ended January 31, 2016.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the periods disclosed below, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

	December 1, 2015 Through November 30, 2016			Prior to December 1, 2015
Class A		0.80	%		0.85	%
Class B		1.55			1.60
Class C		1.55			1.60
Class I		0.43			0.40
Class K		0.73			0.70
Class R		1.05			1.10
Class R5		0.48			0.45
Class W		0.80			0.85
Class Z		0.55			0.60

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), 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 any other

expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Prior to December 1, 2015, the Fund’s expense ratio was subject to a voluntary expense reimbursement arrangement pursuant to which fees were waived and/or expenses reimbursed (excluding certain fees and expenses immediately described above), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, did not exceed the annual rates of 0.81% for Class A, 1.56% for Class B, 1.56% for Class C, 0.36% for Class I, 0.66% for Class K, 1.06% for Class R, 0.41% for Class R5, 0.81% for Class W, and 0.56% for Class Z.

Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At January 31, 2016, the cost of investments for federal income tax purposes was approximately $173,870,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$774,000
Unrealized depreciation	(13,769,000	)
Net unrealized depreciation	$(12,995,000	)

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $43,321,306 and $60,146,958, respectively, for the six months ended

36 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

January 31, 2016, of which $40,590,284 and $56,836,842, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as Dividends — affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the six months ended January 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At January 31, 2016, affiliated shareholders of record owned 83.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption

activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Credit Risk

Credit risk is the risk that the value of debt securities in the Fund’s portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates.

Liquidity Risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

Semiannual Report 2016 37

COLUMBIA INFLATION PROTECTED SECURITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Inflation-Protected Securities Risk

Inflation-protected debt securities tend to react to changes in real interest rates (i.e., nominal interest rates minus the expected impact of inflation). In general, the price of such securities falls when real interest rates rise, and rises when real interest rates fall. Interest payments on these securities will vary and may be more volatile than interest paid on ordinary bonds. In periods of deflation, the Fund may have no income at all from such investments.

Non-Diversification Risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. The Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

Note 9. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued 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.

38 Semiannual Report 2016

COLUMBIA INFLATION PROTECTED SECURITIES FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Semiannual Report 2016 39

Columbia Inflation Protected Securities Fund

P.O. Box 8081

Boston, MA 02266-8081

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to columbiathreadneedle.com/us. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR165_07_F01_(03/16)

SEMIANNUAL REPORT

January 31, 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of actively managed investment strategies and solutions for individual, institutional and corporate clients around the world.

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $472 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 13th largest manager of long-term mutual fund assets in the U.S.** and the 4th largest manager of retail funds in the U.K.***

Our priority is the investment success of our clients. We aim to deliver the investment outcomes they expect through an investment approach that is team-based, performance-driven and risk-aware. Our culture is dynamic and interactive. By sharing our insights across asset classes and geographies, we generate richer perspectives on global, regional and local investment landscapes. The ability to exchange and debate investment ideas in a collaborative environment enriches our teams’ investment processes. More importantly, it results in better informed investment decisions for our clients.

Columbia funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

* In U.S. dollars as of December 31, 2015. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies. Contact us for more current data.

** Source: ICI as of December 31, 2015 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of September 2015 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

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n Youtube.com/CTInvestUS

View our commentaries on the economy, markets and current investment opportunities.

n Linkedin.com/company/Columbia-Threadneedle-Investments-US

Connect with us on LinkedIn for updates from our thought leaders.

Not part of the shareholder report

PRESIDENT’S MESSAGE

Dear Shareholder,

Today’s investors are typically focused on outcomes, like living a certain retirement lifestyle, paying for college education or building a legacy. But in today’s complex global investment landscape, even simple goals are not easily achieved.

At Columbia Threadneedle Investments, we aspire to help satisfy five core needs of today’s investors:

n Generate an appropriate stream of income in retirement

Traditional approaches to generating income may not provide the diversification benefits they once did, and they may actually introduce unwanted risk in today’s market. To seek to improve your potential to live comfortably long term, we endeavor to pursue investments that explore less traveled paths to income.

n Navigate a changing interest rate environment

Today’s uncertain market environment includes the prospect of a rise in interest rates. Blending traditional investments with non-traditional or alternative products may help protect your wealth during periods of volatility. We can attempt to help strengthen your portfolio with agile products designed to take on the market’s ups and downs.

n Maximize after-tax returns

In an environment where what you keep may be more important than what you earn, municipal bonds can help mitigate high tax burdens while providing potentially attractive yields. Our state and federal tax-exempt products are aimed at helping investors manage risk, minimize the fluctuation of capital and grow wealth on a more tax-efficient basis.

n Grow assets to achieve financial goals

We believe that finding and protecting growth comes from a disciplined security selection process designed to create excess return. Our goal is to provide investment solutions built to help you face today’s market challenges and grow your assets at each crossroad of your journey.

n Ease the impact of volatile markets

Despite a bull market run that has benefited many investors over the past several years, it’s important to remember the lessons of 2008 and the value that a well-diversified portfolio may provide through times of market volatility. We are here to help you hold onto the savings you have worked tirelessly to amass, and to provide you the best opportunity to maintain your standard of living regardless of market conditions.

Find out today how we can help you confidently invest to realize your dreams. Please visit us at blog.columbiathreadneedleus.com/our-best-ideas to learn more about our unique investment solutions.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and summary prospectus, which contains this and other important information about a fund, visit columbiathreadneedle.com/us. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

TABLE OF CONTENTS

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiathreadneedle.com/us or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	38
Statement of Operations	40
Statement of Changes in Net Assets	41
Financial Highlights	43
Notes to Financial Statements	52
Important Information About This Report	67

Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Global Opportunities Fund (the Fund) Class A shares returned -6.14% excluding sales charges for the six months that ended January 31, 2016.

n The Fund underperformed its Blended Index, which returned -5.52% over the same six-month period.

n During the same time period, the Fund’s broad-based equity benchmark, the MSCI ACWI All Cap Index (Net), returned -11.62%, and its broad-based fixed-income benchmark, the Barclays Global Aggregate Index, returned 0.56%.

Average Annual Total Returns (%) (for period ended January 31, 2016)
	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	01/23/85
Excluding sales charges			-6.14		-3.34		4.34		3.11
Including sales charges			-11.57		-8.86		3.12		2.51
Class B	03/20/95
Excluding sales charges			-6.51		-4.01		3.56		2.34
Including sales charges			-11.18		-8.81		3.21		2.34
Class C	06/26/00
Excluding sales charges			-6.47		-4.04		3.55		2.34
Including sales charges			-7.40		-5.00		3.55		2.34
Class K	03/20/95		-6.12		-3.24		4.48		3.25
Class R*	12/11/06		-6.34		-3.62		4.06		2.85
Class R4*	11/08/12		-5.95		-3.06		4.48		3.18
Class R5*	11/08/12		-6.02		-2.97		4.57		3.23
Class W*	06/25/14		-6.15		-3.35		4.32		3.10
Class Z*	09/27/10		-6.04		-3.07		4.64		3.26
Blended Index			-5.52		-4.27		2.92		N/A	**
MSCI ACWI All Cap Index (Net)			-11.62		-6.86		4.43		N/A	**
Barclays Global Aggregate Index			0.56		-2.16		1.03		3.70

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedle.com/us or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information.

** Ten-year returns are not available because the inception date of the MSCI ACWI All Cap Index (Net) and the Blended Index that includes the MSCI ACWI All Cap Index (Net) is November 30, 2007.

The Blended Index consists of 50% MSCI ACWI All Cap Index (Net) and 50% Barclays Global Aggregate Index.

The MSCI ACWI All Cap Index (Net) captures large-, mid-, small- and micro-cap representation across 24 developed markets countries and large-, mid- and small-cap representation across 21 emerging markets countries.

The Barclays Global Aggregate Index is a broad-based benchmark that measures the global investment grade fixed-rate debt markets.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI ACWI All Cap Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Semiannual Report 2016 3

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OVERVIEW

(Unaudited)

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Fred Copper, CFA

Orhan Imer, Ph.D., CFA

Toby Nangle

Top Ten Holdings (%) (at January 31, 2016)
Columbia Mortgage Opportunities Fund, Class I Shares (United States)	5.3
Columbia Diversified Absolute Return Fund, Class I Shares (United States)	2.3
Government National Mortgage Association 02/22/46 3.500% (United States)	1.9
U.S. Treasury Inflation-Indexed Bond 01/15/24 0.625% (United States)	1.9
iShares MSCI Canada ETF (United States)	1.6
U.S. Treasury Inflation-Indexed Bond 02/15/42 0.750% (United States)	1.3
Microsoft Corp. (United States)	1.1
Italy Buoni Poliennali Del Tesoro 09/15/41 2.550% (Italy)	1.0
Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond 04/15/18 0.750% (Germany)	0.9
Exxon Mobil Corp. (United States)	0.8

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Country Breakdown (%) (at January 31, 2016)
Argentina	0.1
Australia	0.8
Belgium	0.1
Brazil	0.3
Canada	0.8
China	1.7
Colombia	0.2
Croatia	0.0	(a)
Denmark	0.6
Dominican Republic	0.2
Ecuador	0.0	(a)
Egypt	0.0	(a)
El Salvador	0.0	(a)
France	1.7
Gabon	0.0	(a)
Georgia	0.0	(a)
Germany	2.5
Guatemala	0.1
Honduras	0.0	(a)
Hong Kong	0.5
Hungary	0.2
India	1.0
Indonesia	0.6
Ireland	1.3
Israel	0.3
Italy	2.5
Ivory Coast	0.0	(a)

4 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OVERVIEW (continued)

(Unaudited)

Country Breakdown (%) (at January 31, 2016) (continued)
Japan	5.8
Kazakhstan	0.0	(a)
Luxembourg	0.1
Malaysia	0.0	(a)
Malta	0.0	(a)
Marshall Islands	0.0	(a)
Mexico	1.1
Morocco	0.1
Netherlands	0.8
New Zealand	0.9
Norway	1.4
Pakistan	0.1
Panama	0.0	(a)
Paraguay	0.0	(a)
Peru	0.1
Philippines	0.1
Poland	0.4
Portugal	0.0	(a)
Puerto Rico	0.0	(a)
Republic of Namibia	0.1
Russian Federation	0.4
Senegal	0.0	(a)
Singapore	0.2
South Africa	0.3
South Korea	0.9
Spain	1.0
Sweden	0.7
Switzerland	1.3
Taiwan	0.7
Thailand	0.1
Trinidad and Tobago	0.1
Turkey	0.4
Ukraine	0.0	(a)
United Kingdom	4.2
United States(b)	63.1
Uruguay	0.0	(a)
Venezuela	0.1
Virgin Islands	0.0	(a)
Zambia	0.0	(a)
Total	100.0

Country Breakdown is based primarily on issuer’s place of organization/incorporation. The Fund may use this and/or other criteria, for purposes of its investment policies, in determining whether an issuer is domestic (U.S.) or foreign. Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

(a) Rounds to zero.

(b) Includes investments in Money Market Funds.

Semiannual Report 2016 5

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OVERVIEW (continued)

(Unaudited)

Equity Sector Breakdown (%) (at January 31, 2016)
Consumer Discretionary	14.6
Consumer Staples	9.0
Energy	6.4
Financials	21.1
Health Care	13.1
Industrials	10.0
Information Technology	16.9
Materials	2.9
Telecommunication Services	3.0
Utilities	3.0
Total	100.0

Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.

Market Exposure Through Derivatives Investments (% of notional exposure) (at January 31, 2016)(a)
Fixed Income Derivative Contracts	16.3
Equity Derivative Contracts	(23.0	)
Foreign Currency Derivative Contracts	106.7
Total Notional Market Value of Derivative Contracts	100.0

(a) The Fund has market exposure (long and/or short) to fixed income and equity asset classes and foreign currency through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund’s investments in derivatives, see Investments in Derivatives following the Portfolio of Investments, and Note 2 to the financial statements.

6 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

UNDERSTANDING YOUR FUND’S EXPENSES

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

August 1, 2015 – January 31, 2016

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		938.60	1,019.14		5.54	5.77		1.15
Class B		1,000.00	1,000.00		934.90	1,015.47		9.09	9.47		1.89
Class C		1,000.00	1,000.00		935.30	1,015.42		9.14	9.52		1.90
Class K		1,000.00	1,000.00		938.80	1,019.59		5.11	5.32		1.06
Class R		1,000.00	1,000.00		936.60	1,017.90		6.74	7.02		1.40
Class R4		1,000.00	1,000.00		940.50	1,020.44		4.29	4.47		0.89
Class R5		1,000.00	1,000.00		939.80	1,020.84		3.91	4.07		0.81
Class W		1,000.00	1,000.00		938.50	1,019.00		5.69	5.92		1.18
Class Z		1,000.00	1,000.00		939.60	1,020.39		4.34	4.52		0.90

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 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Semiannual Report 2016 7

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS

January 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 47.8%
Issuer	Shares		Value ($)
ARGENTINA 0.1%
Globant SA(a)		8,757		266,388
AUSTRALIA 0.4%
Macquarie Group Ltd.		26,546		1,369,286
National Australia Bank Ltd.		49,208		977,567
Total				2,346,853
BELGIUM 0.1%
KBC Groep NV		12,138		695,590
BRAZIL 0.1%
Itaú Unibanco Holding SA, ADR		53,803		338,421
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		29,400		293,132
Total				631,553
CANADA 0.2%
Jaguar Mining, Inc.(a)		53,685		6,132
Magna International, Inc.		36,814		1,273,396
Total				1,279,528
CHINA 1.8%
58.Com, Inc., ADR(a)		20,955		1,175,576
AAC Technologies Holdings, Inc.		27,000		172,996
Alibaba Group Holding Ltd., ADR(a)		22,469		1,506,097
Baidu, Inc., ADR(a)		2,225		363,276
China Mobile Ltd.		103,000		1,131,371
China Pacific Insurance Group Co., Ltd., Class H		145,000		511,654
Ctrip.com International Ltd., ADR(a)		13,960		595,813
JD.com, Inc. ADR(a)		22,169		577,059
Pax Global Technology Ltd.		174,000		176,383
Ping An Insurance Group Co. of China Ltd., Class H		164,000		743,026
Shenzhou International Group Holdings Ltd.		107,000		573,746
Tencent Holdings Ltd.		179,600		3,374,091
Zhuzhou CSR Times Electric Co., Ltd., Class H		30,000		154,794
Total				11,055,882
DENMARK 0.6%
Novo Nordisk A/S, Class B		43,150		2,410,722
Royal UNIBREW A/S		28,048		1,176,012
Total				3,586,734

Common Stocks (continued)
Issuer	Shares		Value ($)
FRANCE 1.4%
Aperam SA(a)		27,990		874,405
AXA SA		103,333		2,553,642
BNP Paribas SA		21,092		999,166
Casino Guichard Perrachon SA		17,296		784,010
CNP Assurances		34,216		457,554
Sanofi		22,582		1,877,935
VINCI SA		21,164		1,433,803
Total				8,980,515
GERMANY 1.2%
Allianz SE, Registered Shares		14,700		2,378,996
BASF SE		14,148		943,010
Continental AG		7,784		1,633,452
Duerr AG		12,115		820,361
Freenet AG		28,695		892,355
RWE AG		36,547		511,933
Total				7,180,107
HONG KONG 0.5%
AIA Group Ltd.		186,400		1,036,284
CK Hutchison Holdings Ltd.		108,500		1,355,675
Techtronic Industries Co., Ltd.		158,500		601,381
Total				2,993,340
INDIA 1.0%
Asian Paints Ltd.		25,295		325,584
Bharat Petroleum Corp., Ltd.		21,546		283,998
Dish TV India Ltd.(a)		758,889		1,027,247
Eicher Motors Ltd.		3,893		954,255
HCL Technologies Ltd.		35,117		450,511
IndusInd Bank Ltd.		40,309		554,960
InterGlobe Aviation Ltd.(a)		26,075		336,014
LIC Housing Finance Ltd.		29,276		207,458
Natco Pharma Ltd.		21,075		165,093
SKS Microfinance Ltd.(a)		49,966		395,583
Syngene International Ltd.(a)		30,967		184,502
UPL Ltd.		141,545		917,888
Yes Bank Ltd.		28,712		318,092
Zee Entertainment Enterprises Ltd.		43,434		270,342
Total				6,391,527
INDONESIA 0.4%
PT Astra International Tbk		602,200		286,315
PT Bank Rakyat Indonesia Persero Tbk		489,800		403,952

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
PT Matahari Department Store Tbk		873,900		1,025,948
PT Mitra Keluarga Karyasehat Tbk		1,755,500		278,837
PT Telekomunikasi Indonesia Persero Tbk		1,642,800		403,043
Total				2,398,095
IRELAND 0.7%
Amarin Corp. PLC, ADR(a)		124,752		169,663
Medtronic PLC		41,164		3,125,171
Smurfit Kappa Group PLC		47,764		1,036,319
Total				4,331,153
ISRAEL 0.2%
Bezeq Israeli Telecommunication Corp., Ltd. (The)		702,222		1,513,821
ITALY 0.4%
Ei Towers SpA		29,558		1,719,852
Esprinet SpA		100,803		820,522
Total				2,540,374
JAPAN 5.0%
Alps Electric Co., Ltd.		24,800		491,697
Aozora Bank Ltd.		216,000		723,494
Central Japan Railway Co.		3,900		723,893
CyberAgent, Inc.		34,793		1,641,786
CYBERDYNE, Inc.(a)		14,900		249,517
Daiichikosho Co., Ltd.		56,100		2,261,461
Eisai Co., Ltd.		10,000		604,442
Fuji Heavy Industries Ltd.		53,400		2,185,284
Hoya Corp.		25,100		968,917
Invincible Investment Corp.		994		610,082
ITOCHU Corp.		113,600		1,335,133
KDDI Corp.		59,800		1,514,292
Keyence Corp.		1,800		849,394
Miraca Holdings, Inc.		31,400		1,295,859
Mitsubishi UFJ Financial Group, Inc.		193,200		990,710
Nakanishi, Inc.		22,500		879,052
Nihon M&A Center, Inc.		26,800		1,268,919
Nippon Telegraph & Telephone Corp.		30,300		1,289,950
Nishi-Nippon City Bank Ltd. (The)		339,000		760,196
ORIX Corp.		122,800		1,736,695
Relo Holdings, Inc.		10,800		1,293,136
Shinmaywa Industries Ltd.		171,000		1,381,240
Sony Corp.		45,800		1,062,987

Common Stocks (continued)
Issuer	Shares		Value ($)
Sumitomo Mitsui Financial Group, Inc.		28,900		969,555
Tanseisha Co., Ltd.		94,000		599,789
Temp Holdings Co., Ltd.		25,100		371,360
Tokio Marine Holdings, Inc.		21,700		776,418
Toyota Motor Corp.		19,200		1,156,408
Tsuruha Holdings, Inc.		18,100		1,502,025
Total				31,493,691
MALAYSIA —%
MyEg Services Bhd		438,000		242,068
MALTA —%
BGP Holdings PLC(a)(b)(c)		581,000		1
MEXICO 0.1%
Controladora Vuela Cia de Aviacion SAB de CV, ADR(a)		24,948		422,619
Grupo Financiero Banorte SAB de CV, Class O		66,700		347,516
Total				770,135
NETHERLANDS 0.6%
AVG Technologies NV(a)		7,245		136,713
Ferrari NV(a)(d)		1		15
ING Groep NV-CVA		149,415		1,702,180
Koninklijke Ahold NV		89,143		2,016,384
Total				3,855,292
NORWAY 1.2%
Atea ASA		87,533		712,493
BW LPG Ltd.		286,348		2,198,659
Kongsberg Automotive ASA(a)		2,139,795		1,449,271
Leroy Seafood Group ASA		23,336		894,978
Opera Software ASA		185,399		949,071
Spectrum ASA		59,215		182,796
Tanker Investments Ltd.(a)		136,057		1,368,519
Total				7,755,787
PAKISTAN 0.1%
DG Khan Cement Co., Ltd.		535,500		812,510
PANAMA —%
Banco Latinoamericano de Comercio Exterior SA, Class E		4,745		110,653
PERU 0.1%
Credicorp Ltd.		2,977		301,749

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 9

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
PHILIPPINES 0.1%
Metropolitan Bank & Trust Co.		262,852		392,753
Robinsons Retail Holdings, Inc.		236,600		294,761
Total				687,514
PORTUGAL —%
Banco Espirito Santo SA, Registered Shares(a)(b)(c)		641,287		20,841
PUERTO RICO —%
EVERTEC, Inc.		8,925		122,629
RUSSIAN FEDERATION 0.2%
Mail.ru Group Ltd., GDR(a)(e)		8,658		188,495
Sberbank of Russia PJSC, ADR		47,173		261,176
X5 Retail Group NV GDR, Registered Shares(a)(e)		23,240		429,940
Yandex NV, Class A(a)		10,157		136,307
Total				1,015,918
SINGAPORE 0.2%
DBS Group Holdings Ltd.		147,500		1,466,348
SOUTH AFRICA 0.3%
Aspen Pharmacare Holdings Ltd.		16,365		278,617
AVI Ltd.		79,065		396,707
Naspers Ltd., Class N		10,644		1,345,115
Total				2,020,439
SOUTH KOREA 0.9%
AMOREPACIFIC Corp.		646		220,190
Cuckoo Electronics Co., Ltd.		2,966		592,157
GS Home Shopping, Inc.		3,525		480,586
Hyundai Home Shopping Network Corp.		8,896		832,137
LF Corp.		27,668		600,464
LIG Nex1 Co., Ltd.		2,613		279,110
Lotte Chemical Corp.		1,364		317,237
Medy-Tox, Inc.		401		174,149
Samsung Electronics Co., Ltd.		1,282		1,240,275
Seegene, Inc.(a)		6,350		205,488
SK Telecom Co., Ltd.		2,075		363,979
Total				5,305,772
SPAIN 0.7%
Cellnex Telecom SAU		49,868		859,435
Endesa SA		66,566		1,288,669

Common Stocks (continued)
Issuer	Shares		Value ($)
Iberdrola SA		287,358		2,019,914
Total				4,168,018
SWEDEN 0.6%
Hemfosa Fastigheter AB		100,256		990,683
Nordea Bank AB		141,977		1,429,666
Saab AB, Class B		38,323		1,156,822
Total				3,577,171
SWITZERLAND 1.4%
Autoneum Holding AG		7,842		1,710,879
Forbo Holding AG, Registered Shares		738		783,247
Nestlé SA, Registered Shares		23,673		1,744,047
Novartis AG, Registered Shares		14,895		1,153,967
Roche Holding AG, Genusschein Shares		8,515		2,205,592
Wizz Air Holdings PLC(a)(e)		33,904		918,016
Total				8,515,748
TAIWAN 0.7%
Advanced Semiconductor Engineering, Inc.		197,000		211,612
Cathay Financial Holding Co., Ltd.		394,750		431,117
Cub Elecparts, Inc.		36,240		416,668
Eclat Textile Co., Ltd.		22,200		316,332
eMemory Technology, Inc.		27,000		314,466
Gigasolar Materials Corp.		10,400		210,977
Hota Industrial Manufacturing Co., Ltd.		62,000		260,597
Largan Precision Co., Ltd.		10,000		717,733
Taiwan Paiho., Ltd.		62,000		155,085
Taiwan Semiconductor Manufacturing Co., Ltd.		243,530		1,048,623
Voltronic Power Technology Corp.		6,000		93,340
Total				4,176,550
THAILAND 0.1%
Mega Lifesciences PCL, Foreign Registered Shares		594,500		265,139
Siam Commercial Bank PCL (The), Foreign Registered Shares		47,800		175,516
Thai Oil PCL, Foreign Registered Shares		210,600		382,234
Total				822,889
TURKEY 0.1%
Akbank TAS		93,900		229,469
Coca-Cola Icecek AS		17,081		189,779
Total				419,248

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
UNITED KINGDOM 3.3%
Aon PLC		20,825		1,829,060
AstraZeneca PLC		20,089		1,293,541
Aviva PLC		216,549		1,493,488
BHP Billiton PLC		53,575		520,220
BP PLC, ADR		49,154		1,591,115
Crest Nicholson Holdings PLC		148,890		1,217,556
DCC PLC		10,032		774,500
GlaxoSmithKline PLC		34,655		713,909
GW Pharmaceuticals PLC ADR(a)		4,470		224,215
HSBC Holdings PLC		233,679		1,648,026
Intermediate Capital Group PLC		108,238		902,290
John Wood Group PLC		180,995		1,673,001
LivaNova PLC(a)		3,105		173,818
Paysafe Group PLC(a)		357,886		2,061,965
Reckitt Benckiser Group PLC		11,757		1,045,680
Royal Dutch Shell PLC, Class B		131,607		2,867,444
Vodafone Group PLC		224,036		720,130
Total				20,749,958
UNITED STATES 23.0%
ACADIA Pharmaceuticals, Inc.(a)		1,745		36,104
Acorda Therapeutics, Inc.(a)		1,980		72,904
Aerie Pharmaceuticals, Inc.(a)		8,082		133,676
Aetna, Inc.		17,473		1,779,450
AG Mortgage Investment Trust, Inc.		2,310		27,096
Air Transport Services Group, Inc.(a)		10,250		99,732
Alder Biopharmaceuticals, Inc.(a)		1,975		47,756
Alexion Pharmaceuticals, Inc.(a)		5,721		834,866
Alkermes PLC(a)		14,439		462,192
Alon USA Energy, Inc.		4,875		61,328
Alphabet, Inc., Class A(a)		4,284		3,261,623
Alphabet, Inc., Class C(a)		4,551		3,381,165
Altria Group, Inc.		43,526		2,659,874
AMAG Pharmaceuticals, Inc.(a)		2,250		51,548
Amazon.com, Inc.(a)		5,754		3,377,598
American Assets Trust, Inc.		1,595		59,637
American Eagle Outfitters, Inc.		4,600		67,344
American Equity Investment Life Holding Co.		4,213		76,634
Amkor Technology, Inc.(a)		25,635		157,399
Anacor Pharmaceuticals, Inc.(a)		1,280		96,166
Analogic Corp.		1,890		139,992
Apollo Residential Mortgage, Inc.		4,135		44,865

Common Stocks (continued)
Issuer	Shares		Value ($)
Applied Industrial Technologies, Inc.		1,975		75,919
ArcBest Corp.		4,190		86,021
ARIAD Pharmaceuticals, Inc.(a)		5,990		30,070
Arlington Asset Investment Corp., Class A		10,415		115,606
Arrowhead Research Corp.(a)		32,747		113,960
Aspen Technology, Inc.(a)		5,200		168,688
Atento SA(a)		26,999		256,221
Banc of California, Inc.		8,345		126,009
Bank of New York Mellon Corp. (The)		48,721		1,764,675
Barnes Group, Inc.		900		29,259
BBCN Bancorp, Inc.		5,270		80,104
Benchmark Electronics, Inc.(a)		6,350		133,350
Berkshire Hathaway, Inc., Class B(a)		25,353		3,290,059
Biogen, Inc.(a)		3,454		943,149
BioMarin Pharmaceutical, Inc.(a)		6,190		458,184
BlackRock, Inc.		7,408		2,328,038
Bluebird Bio, Inc.(a)		4,254		175,945
BofI Holding, Inc.(a)		4,500		77,220
Bristol-Myers Squibb Co.		29,918		1,859,703
Cabot Microelectronics Corp.(a)		1,625		66,040
Cal-Maine Foods, Inc.		3,328		167,964
Cambrex Corp.(a)		3,584		124,150
Capella Education Co.		955		41,934
Carlisle Companies, Inc.		16,734		1,400,301
Cash America International, Inc.		5,280		158,083
Cato Corp. (The), Class A		3,671		148,051
Celgene Corp.(a)		10,877		1,091,181
Central Pacific Financial Corp.		7,425		155,554
Checkpoint Systems, Inc.		6,549		42,438
Chemed Corp.		135		18,943
Chemtura Corp.(a)		6,485		170,166
Chesapeake Utilities Corp.		2,210		139,164
Children’s Place, Inc. (The)		2,470		160,797
Cirrus Logic, Inc.(a)		800		27,776
Cisco Systems, Inc.		142,727		3,395,475
Citigroup, Inc.		65,670		2,796,229
Coach, Inc.		49,028		1,816,487
Cognizant Technology Solutions Corp., Class A(a)		7,991		505,910
Coherent, Inc.(a)		390		30,135
Comcast Corp., Class A		60,954		3,395,747
Commercial Metals Co.		5,098		70,964
Continental Building Product(a)		8,580		128,185

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 11

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Convergys Corp.		385		9,409
Cooper Tire & Rubber Co.		4,800		175,008
Coresite Realty Corp.		2,770		177,668
Cousins Properties, Inc.		3,400		29,308
Cowen Group, Inc., Class A(a)		18,620		53,253
Cracker Barrel Old Country Store, Inc.		1,365		179,129
CSG Systems International, Inc.		2,200		76,868
CubeSmart		6,930		216,840
Cubic Corp.		820		32,767
Curis, Inc.(a)		12,395		20,328
Customers Bancorp, Inc.(a)		5,080		127,508
CVS Health Corp.		35,238		3,403,638
CyrusOne, Inc.		2,095		77,201
CYS Investments, Inc.		22,720		156,541
Dana Holding Corp.		6,515		77,463
Dean Foods Co.		8,985		179,520
Delta Air Lines, Inc.		41,584		1,841,755
Deluxe Corp.		3,375		188,662
Denny’s Corp.(a)		12,930		121,154
DHI Group, Inc.(a)		11,110		103,434
Diodes, Inc.(a)		6,705		128,267
DISH Network Corp., Class A(a)		26,214		1,265,350
Dun & Bradstreet Corp. (The)		11,206		1,102,895
DuPont Fabros Technology, Inc.		5,380		178,455
Dynavax Technologies Corp.(a)		3,930		94,674
EarthLink Holdings Corp.		20,785		123,047
Eastman Chemical Co.		31,371		1,920,219
Edison International		22,840		1,411,512
Electronic Arts, Inc.(a)		24,936		1,609,494
EMCOR Group, Inc.		3,975		181,657
Employers Holdings, Inc.		2,010		50,069
EnerSys		2,875		139,236
Entegris, Inc.(a)		1,800		20,988
EOG Resources, Inc.		22,608		1,605,620
Express Scripts Holding Co.(a)		25,911		1,862,224
Exxon Mobil Corp.		56,380		4,389,183
Facebook, Inc., Class A(a)		30,819		3,458,200
First BanCorp(a)		17,205		44,733
First NBC Bank Holding Co.(a)		4,415		138,587
Flagstar Bancorp, Inc.(a)		4,850		90,452
Flex Pharma, Inc.(a)		29,193		242,886
General Cable Corp.		10,980		128,686
General Communication, Inc., Class A(a)		6,980		126,478
Gigamon, Inc.(a)		3,575		93,486

Common Stocks (continued)
Issuer	Shares		Value ($)
Global Brass & Copper Holdings, Inc.		3,560		73,728
Gray Television, Inc.(a)		3,875		50,956
Guess?, Inc.		3,100		57,474
Hawaiian Holdings, Inc.(a)		2,525		88,905
HCI Group, Inc.		1,280		42,560
Helen of Troy Ltd.(a)		1,680		150,142
Heritage Insurance Holdings, Inc.		7,760		153,803
Hersha Hospitality Trust		2,200		38,654
Hilltop Holdings, Inc.(a)		1,420		22,677
Home Depot, Inc. (The)		30,209		3,799,084
HomeStreet, Inc.(a)		4,295		87,962
Honeywell International, Inc.		27,400		2,827,680
IDACORP, Inc.		2,220		154,490
INC Research Holdings, Inc. Class A(a)		3,321		139,914
Incyte Corp.(a)		1,371		96,738
Infinity Pharmaceuticals, Inc.(a)		7,880		48,935
Ingles Markets, Inc., Class A		650		24,934
Innophos Holdings, Inc.		1,575		42,068
Innospec, Inc.		3,300		164,505
Insight Enterprises, Inc.(a)		2,400		56,712
Insmed, Inc.(a)		8,971		118,417
Insperity, Inc.		195		8,761
Insys Therapeutics, Inc.(a)		2,515		43,635
Interface, Inc.		2,125		35,891
International Bancshares Corp.		5,210		120,820
Isle of Capri Casinos, Inc.(a)		3,400		43,044
j2 Global, Inc.		1,440		104,414
Jack in the Box, Inc.		2,365		183,619
JPMorgan Chase & Co.		67,106		3,992,807
Kadant, Inc.		2,635		102,264
KCG Holdings, Inc., Class A(a)		5,400		55,188
Keryx Biopharmaceuticals, Inc.(a)		14,220		50,197
Laboratory Corp. of America Holdings(a)		14,395		1,617,278
Lam Research Corp.		31,425		2,256,001
LHC Group, Inc.(a)		1,130		42,850
Lockheed Martin Corp.		9,938		2,096,918
LogMeIn, Inc.(a)		2,915		152,280
Luxoft Holding, Inc.(a)		3,696		277,496
Mack-Cali Realty Corp.		6,450		134,095
Macquarie Infrastructure Corp.		1,600		107,296
Magellan Health, Inc.(a)		2,733		155,781
Maiden Holdings Ltd.		10,875		139,200
Marriott Vacations Worldwide Corp.		2,405		118,783
MasterCard, Inc., Class A		24,126		2,147,938

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Materion Corp.		4,465		109,348
Matson, Inc.		4,205		169,924
Merit Medical Systems, Inc.(a)		9,450		156,397
MGIC Investment Corp.(a)		23,485		155,471
Microsoft Corp.(f)		107,901		5,944,266
Molina Healthcare, Inc.(a)		3,016		165,609
Moog, Inc., Class A(a)		3,045		141,075
Movado Group, Inc.		5,290		135,953
MRC Global, Inc.(a)		6,900		69,345
MTS Systems Corp.		450		24,030
Mueller Industries, Inc.		5,290		134,630
Nelnet, Inc., Class A		4,095		132,965
NETGEAR, Inc.(a)		4,165		155,646
Neurocrine Biosciences, Inc.(a)		1,695		72,122
NeuStar, Inc., Class A(a)		7,110		174,764
New Jersey Resources Corp.		4,225		148,804
Nexstar Broadcasting Group, Inc., Class A		3,060		138,343
Northrop Grumman Corp.		9,677		1,790,826
Novavax, Inc.(a)		40,998		211,140
Oil States International, Inc.(a)		3,280		92,594
Opus Bank		650		21,444
Orthofix International NV(a)		3,760		148,407
Outerwall, Inc.		4,110		138,918
Owens & Minor, Inc.		615		21,310
Oxford Industries, Inc.		2,595		181,287
Palo Alto Networks, Inc.(a)		8,400		1,255,716
Papa John’s International, Inc.		120		5,730
PAREXEL International Corp.(a)		1,100		70,356
PDC Energy, Inc.(a)		3,405		193,642
PepsiCo, Inc.		35,179		3,493,275
Pernix Therapeutics Holdings, Inc.(a)		9,395		20,481
PetMed Express, Inc.		4,945		89,109
PG&E Corp.		49,194		2,701,243
PharMerica Corp.(a)		2,025		60,122
Philip Morris International, Inc.		41,424		3,728,574
Plantronics, Inc.		495		22,191
Polycom, Inc.(a)		9,460		96,397
Portola Pharmaceuticals, Inc.(a)		580		19,157
Progress Software Corp.(a)		2,200		56,958
Public Storage		8,199		2,078,938
Puma Biotechnology, Inc.(a)		1,926		80,391
Quad/Graphics, Inc.		11,105		111,938
Radian Group, Inc.		13,050		131,283

Common Stocks (continued)
Issuer	Shares		Value ($)
RealPage, Inc.(a)		4,000		77,160
Red Hat, Inc.(a)		22,342		1,565,057
RetailMeNot, Inc.(a)		16,905		153,835
REX American Resources Corp.(a)		3,017		161,198
RPX Corp.(a)		12,415		143,766
Ruth’s Hospitality Group, Inc.		3,605		58,581
Ryman Hospitality Properties, Inc.		3,615		169,724
Sanderson Farms, Inc.		2,180		177,060
Schlumberger Ltd.		29,934		2,163,330
Shenandoah Telecommunications Co.		3,820		87,784
Silicon Laboratories, Inc.(a)		850		38,760
Simon Property Group, Inc.		10,990		2,047,217
SJW Corp.		3,130		102,038
Southwest Gas Corp.		3,050		179,431
Sovran Self Storage, Inc.		1,805		203,387
Spark Therapeutics, Inc.(a)		2,445		68,876
Stillwater Mining Co.(a)		67,207		440,206
STORE Capital Corp.		6,440		159,648
Sturm Ruger & Co., Inc.		2,775		163,309
Sucampo Pharmaceuticals, Inc., Class A(a)		9,110		115,241
Summit Hotel Properties, Inc.		12,850		130,427
Sunstone Hotel Investors, Inc.		14,239		169,161
SUPERVALU, Inc.(a)		9,210		41,906
Sykes Enterprises, Inc.(a)		4,750		139,840
SYNNEX Corp.		2,000		167,900
Syntel, Inc.(a)		500		23,670
Tech Data Corp.(a)		2,725		170,040
TESARO, Inc.(a)		3,492		120,614
Thermo Fisher Scientific, Inc.		19,983		2,638,955
TJX Companies, Inc. (The)		31,245		2,225,894
Triple-S Management Corp., Class B(a)		5,575		124,267
Ultragenyx Pharmaceutical, Inc.(a)		2,971		166,822
United Parcel Service, Inc., Class B		22,264		2,075,005
Universal Corp.		1,000		54,730
Universal Display Corp.(a)		4,823		236,809
Universal Insurance Holdings, Inc.		7,603		142,480
US Concrete, Inc.(a)		1,650		75,042
Usana Health Sciences, Inc.(a)		1,010		128,169
VASCO Data Security International, Inc.(a)		3,900		60,450
Veeco Instruments, Inc.(a)		1,400		26,096
Vertex Pharmaceuticals, Inc.(a)		10,325		936,994
vTv Therapeutics, Inc., Class A(a)		3,867		28,036
Wabash National Corp.(a)		14,105		156,001

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 13

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Walker & Dunlop, Inc.(a)		5,955		142,682
Washington Federal, Inc.		7,405		158,097
Web.com Group, Inc.(a)		7,740		145,744
WellCare Health Plans, Inc.(a)		855		64,963
Wells Fargo & Co.		63,170		3,173,029
West Corp.		2,115		38,303
Western Refining, Inc.		1,925		63,333
WGL Holdings, Inc.		590		39,406
Wolverine World Wide, Inc.		8,860		149,823
Xcerra Corp.(a)		14,370		78,748
Xylem, Inc.		47,477		1,706,798
Zagg, Inc.(a)		2,100		19,362
Total				143,918,872
Total Common Stocks
(Cost: $301,230,853)				298,521,261
Preferred Stocks 0.1%
GERMANY 0.1%
Henkel AG & Co. KGaA		6,601		701,367
SOUTH KOREA —%
Samsung Electronics Co., Ltd.		240		201,902
Total Preferred Stocks
(Cost: $958,911)				903,269
Convertible Preferred Stocks 1.4%
IRELAND 0.3%
Allergan PLC, 5.500%		2,470		2,342,276
ISRAEL 0.1%
Teva Pharmaceutical Industries Ltd., 7.000%		580		566,567
UNITED STATES 1.0%
A. Schulman, Inc., 6.000%		150		108,303
AMG Capital Trust II, 5.150%		4,500		225,000
Alere, Inc., 3.000%		450		115,740
Alexandria Real Estate Equities, Inc., 7.000%		10,000		275,000
American Tower Corp., 5.250%		1,845		182,950
American Tower Corp., 5.500%		1,800		177,750
Anadarko Petroleum Corp., 7.500%		3,100		85,405
Anthem, Inc., 5.250%		6,000		264,540
Bank of America Corp., 7.250%		350		383,978
Bunge Ltd., 4.875%		2,500		217,006

Convertible Preferred Stocks (continued)
Issuer	Shares		Value ($)
Chesapeake Energy Corp., 5.750%(e)		480		64,500
Cowen Group, Inc., 5.625%(b)(e)		140		78,138
Crown Castle International Corp., 4.500%		2,420		256,496
Frontier Communications Corp., 11.125%		2,400		214,512
Kinder Morgan, Inc., 9.750%		3,500		151,025
NextEra Energy, Inc., 6.371%		7,500		413,250
Penn Virginia Corp., 6.000%(e)		1,150		524
Southwestern Energy Co., 6.250%		5,000		102,000
T-Mobile USA, Inc., 5.500%		3,000		207,060
Tyson Foods, Inc., 4.750%		36,200		2,173,448
Welltower, Inc., 5.510%		4,300		244,068
Weyerhaeuser Co., 6.375%		4,800		219,984
Total				6,160,677
Total Convertible Preferred Stocks
(Cost: $9,999,231)				9,069,520

Corporate Bonds & Notes 9.7%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
BRAZIL 0.1%
Vale Overseas Ltd.
11/21/36		6.875%		500,000		315,490
CANADA 0.4%
BC ULC/New Red Finance, Inc.(e)
01/15/22		4.625%		151,000		151,755
04/01/22		6.000%		59,000		61,581
Concordia Healthcare Corp.(e)
04/15/23		7.000%		35,000		30,450
MDC Partners, Inc.(e)
04/01/20		6.750%		122,000		120,932
NOVA Chemicals Corp.(e)
08/01/23		5.250%		77,000		75,364
05/01/25		5.000%		92,000		86,250
Quebecor Media, Inc.
01/15/23		5.750%		96,000		96,600
Rogers Communications, Inc.
12/15/25		3.625%		470,000		466,958
Teck Resources Ltd.
02/01/43		5.400%		750,000		337,500
TransAlta Corp.
06/03/17		1.900%		500,000		469,022
Valeant Pharmaceuticals International, Inc.(e)
03/01/23		5.500%		35,000		30,888
05/15/23		5.875%		108,000		96,660
04/15/25		6.125%		384,000		345,120
Videotron Ltd.
07/15/22		5.000%		191,000		192,671
Total						2,561,751

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
FRANCE —%
Numericable-SFR(e)
05/15/22		6.000%		196,000		193,060
GERMANY 0.2%
Deutsche Bank AG
08/20/20		2.950%		750,000		747,314
Unitymedia Hessen GmbH & Co. KG NRW(e)
01/15/25		5.000%		312,000		311,220
Total						1,058,534
GUATEMALA —%
Agromercantil Senior Trust(e)
04/10/19		6.250%		104,000		103,844
IRELAND 0.3%
AerCap Ireland Capital Ltd./Global Aviation Trust
10/30/20		4.625%		75,000		73,875
05/15/21		4.500%		851,000		833,980
10/01/21		5.000%		417,000		417,000
Allegion PLC
09/15/23		5.875%		32,000		33,040
Ardagh Packaging Finance PLC/Holdings USA, Inc.(e)
01/31/21		6.750%		76,000		72,010
Grifols Worldwide Operations Ltd.
04/01/22		5.250%		189,000		191,854
Total						1,621,759
ITALY 0.1%
Telecom Italia SpA(e)
05/30/24		5.303%		104,000		101,660
Wind Acquisition Finance SA(e)
04/30/20		6.500%		36,000		37,080
07/15/20		4.750%		104,000		102,180
04/23/21		7.375%		62,000		58,939
Total						299,859
LUXEMBOURG —%
INEOS Group Holdings SA(e)
08/15/18		6.125%		11,000		10,986
02/15/19		5.875%		71,000		69,048
Intelsat Jackson Holdings SA
10/15/20		7.250%		218,000		187,480
Intelsat Luxembourg SA
06/01/23		8.125%		50,000		20,625
Total						288,139
MEXICO —%
Cemex SAB de CV(e)
01/15/21		7.250%		300,000		285,300

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
NETHERLANDS 0.1%
NXP BV/Funding LLC(e)
06/01/18		3.750%		130,000		130,845
06/15/22		4.625%		51,000		49,597
03/15/23		5.750%		35,000		35,722
Playa Resorts Holding BV(e)
08/15/20		8.000%		123,000		125,460
Schaeffler Finance BV(e)
05/15/21		4.250%		152,000		150,860
Schaeffler Holding Finance BV PIK(e)
08/15/18		6.875%		194,000		199,335
Sensata Technologies BV(e)
10/01/25		5.000%		96,000		92,400
Total						784,219
RUSSIAN FEDERATION 0.1%
Lukoil International Finance BV(e)
11/09/20		6.125%		355,000		361,656
UKRAINE —%
MHP SA(e)
04/02/20		8.250%		200,000		171,000
UNITED KINGDOM 0.2%
Barclays PLC
01/12/26		4.375%		700,000		705,347
Intelsat Jackson Holdings SA
04/01/21		7.500%		11,000		9,405
Royal Bank of Scotland Group PLC Subordinated
05/28/24		5.125%		59,000		59,230
Virgin Media Finance PLC(e)
01/15/25		5.750%		134,000		132,660
Virgin Media Secured Finance PLC(e)
01/15/26		5.250%		251,000		248,490
Total						1,155,132
UNITED STATES 8.2%
21st Century Fox America, Inc.
10/15/45		4.950%		320,000		308,470
ADT Corp. (The)
07/15/22		3.500%		55,000		49,638
AES Corp. (The)
07/01/21		7.375%		87,000		89,610
AMC Entertainment, Inc.
06/15/25		5.750%		52,000		52,975
AMC Networks, Inc.
07/15/21		7.750%		12,000		12,705
12/15/22		4.750%		102,000		101,490

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 15

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
APX Group, Inc.
12/01/19		6.375%		199,000		190,294
12/01/20		8.750%		73,000		58,583
AT&T, Inc.
06/15/44		4.800%		500,000		444,218
AT&T, Inc.(g)
02/17/23		3.600%		1,000,000		999,250
02/17/26		4.125%		610,000		609,597
02/15/47		5.650%		1,000,000		997,660
Acadia Healthcare Co., Inc.
07/01/22		5.125%		17,000		15,725
02/15/23		5.625%		22,000		20,735
Activision Blizzard, Inc.(e)
09/15/21		5.625%		360,000		378,000
Aircastle Ltd.
03/15/21		5.125%		86,000		84,925
02/15/22		5.500%		31,000		30,845
Alabama Power Co.
01/02/46		4.300%		415,000		425,630
Alere, Inc.(e)
07/01/23		6.375%		46,000		43,470
Allegion US Holding Co., Inc.
10/01/21		5.750%		59,000		61,360
Alliance Data Systems Corp.(e)
04/01/20		6.375%		244,000		247,050
08/01/22		5.375%		78,000		73,905
Alliant Holdings I LP(e)
08/01/23		8.250%		6,000		5,250
Ally Financial, Inc.
02/13/22		4.125%		103,000		100,425
05/19/22		4.625%		381,000		381,000
09/30/24		5.125%		32,000		32,440
03/30/25		4.625%		127,000		123,507
Subordinated
11/20/25		5.750%		264,000		263,340
Altice US Finance I Corp.(e)
07/15/23		5.375%		118,000		118,590
American Axle & Manufacturing, Inc.
02/15/19		5.125%		85,000		83,619
American Builders & Contractors Supply Co., Inc.(e)
04/15/21		5.625%		84,000		85,575
12/15/23		5.750%		140,000		142,625
Amsted Industries, Inc.(e)
03/15/22		5.000%		25,000		24,750
Amsurg Corp.
07/15/22		5.625%		114,000		114,427
Ancestry.com, Inc. Junior Subordinated
12/15/20		11.000%		65,000		68,900
Angus Chemical Co.(e)
02/15/23		8.750%		57,000		53,936
Anheuser-Busch InBev Finance, Inc.
02/01/23		3.300%		1,275,000		1,294,070
02/01/36		4.700%		1,240,000		1,256,264

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Antero Resources Corp.
12/01/22		5.125%		65,000		54,763
Aramark Services, Inc.
03/15/20		5.750%		60,000		62,252
Aramark Services, Inc.(e)
01/15/24		5.125%		132,000		136,290
ArcelorMittal(h)
03/01/21		6.500%		115,000		93,437
Arizona Public Service Co.
11/15/45		4.350%		135,000		142,430
Asbury Automotive Group, Inc.
12/15/24		6.000%		34,000		33,235
Asbury Automotive Group, Inc.(e)
12/15/24		6.000%		24,000		23,460
Ashland, Inc.
04/15/18		3.875%		150,000		153,750
Axalta Coating Systems Dutch Holding B BV/U.S. Holdings, Inc.(e)
05/01/21		7.375%		88,000		91,960
BAE Systems Holdings, Inc.(e)
12/15/25		3.850%		1,000,000		1,009,758
Ball Corp.
12/15/20		4.375%		187,000		193,545
Beacon Roofing Supply, Inc.(e)
10/01/23		6.375%		112,000		115,500
Berry Plastics Corp.
05/15/22		5.500%		155,000		154,612
07/15/23		5.125%		80,000		78,000
Berry Plastics Corp.(e)
10/15/22		6.000%		48,000		49,080
Boston Properties LP
02/01/26		3.650%		725,000		732,509
Boyd Gaming Corp.
05/15/23		6.875%		94,000		95,410
Building Materials Corp. of America(e)
10/15/25		6.000%		76,000		77,520
CB Richard Ellis Services, Inc.
03/15/25		5.250%		100,000		103,305
CBRE Services, Inc.
03/15/23		5.000%		94,000		94,817
CCO Holdings LLC/Capital Corp.
09/30/22		5.250%		40,000		40,500
CCO Holdings LLC/Capital Corp.(e)
05/01/23		5.125%		10,000		10,000
05/01/25		5.375%		309,000		305,910
05/01/27		5.875%		30,000		29,550
CCOH Safari LLC(e)
02/15/26		5.750%		125,000		124,296
CHS/Community Health Systems, Inc.
08/01/21		5.125%		116,000		115,130
02/01/22		6.875%		125,000		113,125
CIT Group, Inc.
03/15/18		5.250%		123,000		127,074
08/01/23		5.000%		160,000		159,900

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CIT Group, Inc.(e)
02/15/19		5.500%		119,000		123,165
CMS Energy Corp.
11/15/25		3.600%		95,000		96,276
CSC Holdings LLC
02/15/19		8.625%		101,000		107,565
06/01/24		5.250%		68,000		60,010
CSX Corp.
03/15/18		6.250%		500,000		546,250
Cable One, Inc.(e)
06/15/22		5.750%		28,000		28,280
CalAtlantic Group, Inc.
12/15/21		6.250%		77,000		81,235
11/15/24		5.875%		128,000		132,800
Calpine Corp.(e)
01/15/22		6.000%		58,000		60,030
Capsugel SA PIK(e)
05/15/19		7.000%		20,000		19,500
Carrizo Oil & Gas, Inc.
04/15/23		6.250%		126,000		88,042
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.
06/01/24		5.375%		56,000		56,280
Celanese U.S. Holdings LLC
06/15/21		5.875%		181,000		191,860
Centene Corp.
05/15/22		4.750%		117,000		112,320
Centene Escrow Corp.(e)(g)
02/15/21		5.625%		59,000		60,033
02/15/24		6.125%		86,000		88,365
CenturyLink, Inc.
06/15/21		6.450%		157,000		152,978
03/15/22		5.800%		25,000		23,125
12/01/23		6.750%		35,000		33,119
Cequel Communications Holdings I LLC/Capital Corp.(e)
09/15/20		6.375%		47,000		45,414
12/15/21		5.125%		36,000		32,400
12/15/21		5.125%		150,000		135,000
07/15/25		7.750%		33,000		30,195
Chemours Co. LLC (The)(e)
05/15/23		6.625%		145,000		88,812
05/15/25		7.000%		98,000		59,780
Choice Hotels International, Inc.
07/01/22		5.750%		106,000		111,830
Concho Resources, Inc.
10/01/22		5.500%		407,000		366,300
Constellation Brands, Inc.
11/15/19		3.875%		62,000		63,860
11/15/24		4.750%		180,000		187,875
12/01/25		4.750%		73,000		75,373
ConvaTec Finance International SA Junior Subordinated PIK(e)
01/15/19		8.250%		40,000		35,600
Corrections Corp. of America
10/15/22		5.000%		25,000		25,344

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Crestwood Midstream Partners LP/Finance Corp.(e)
04/01/23		6.250%		40,000		24,300
Crown Castle International Corp.
04/15/22		4.875%		276,000		289,714
CrownRock LP/Finance, Inc.(e)
02/15/23		7.750%		177,000		157,530
CyrusOne LP/Finance Corp.
11/15/22		6.375%		92,000		93,380
D.R. Horton, Inc.
02/15/20		4.000%		37,000		37,463
09/15/22		4.375%		26,000		25,870
DISH DBS Corp.
06/01/21		6.750%		196,000		199,920
07/15/22		5.875%		172,000		161,895
11/15/24		5.875%		26,000		23,173
DaVita HealthCare Partners, Inc.
08/15/22		5.750%		243,000		251,505
07/15/24		5.125%		31,000		31,174
Diamondback Energy, Inc.
10/01/21		7.625%		17,000		16,915
DigitalGlobe, Inc.(e)
02/01/21		5.250%		62,000		54,250
Dollar Tree, Inc.(e)
03/01/23		5.750%		128,000		134,880
Dominion Resources, Inc.
10/01/25		3.900%		65,000		65,730
E*TRADE Financial Corp.
11/15/22		5.375%		141,000		148,402
09/15/23		4.625%		220,000		216,700
ERAC U.S.A. Finance LLC(e)
11/01/25		3.800%		640,000		638,730
Eco Services Operations LLC/Finance Corp.(e)
11/01/22		8.500%		51,000		44,370
Emdeon, Inc.(e)
02/15/21		6.000%		103,000		95,790
Endo Finance LLC/Finco, Inc.(e)
02/01/25		6.000%		230,000		227,153
Energy Transfer Equity LP
06/01/27		5.500%		214,000		151,940
Energy Transfer Partners LP
03/15/45		5.150%		750,000		513,712
Entegris, Inc.(e)
04/01/22		6.000%		128,000		129,920
Equinix, Inc.
01/01/22		5.375%		76,000		79,040
04/01/23		5.375%		128,000		132,480
01/15/26		5.875%		82,000		84,870
ExamWorks Group, Inc.
04/15/23		5.625%		26,000		26,127
First Data Corp.(e)
11/01/20		6.750%		122,000		128,405
08/15/23		5.375%		186,000		189,720
12/01/23		7.000%		166,000		167,245
01/15/24		5.750%		385,000		382,112

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 17

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
FirstEnergy Transmission LLC(e)
07/15/44		5.450%		500,000		522,494
Florida East Coast Holdings Corp.(e)
05/01/19		6.750%		26,000		23,790
Ford Motor Credit Co. LLC
01/08/19		2.943%		1,090,000		1,092,364
Fresenius Medical Care U.S. Finance II, Inc.(e)
01/31/22		5.875%		262,000		283,615
10/15/24		4.750%		14,000		14,070
Frontier Communications Corp.
07/01/21		9.250%		101,000		97,465
01/15/25		6.875%		82,000		65,190
Frontier Communications Corp.(e)
09/15/20		8.875%		22,000		22,083
09/15/22		10.500%		48,000		46,680
09/15/25		11.000%		345,000		332,494
GLP Capital LP/Financing II, Inc.
11/01/18		4.375%		190,000		190,926
11/01/23		5.375%		64,000		61,280
Group 1 Automotive, Inc.
06/01/22		5.000%		28,000		26,635
Group 1 Automotive, Inc.(e)
12/15/23		5.250%		31,000		29,140
HCA Holdings, Inc. Junior Subordinated
02/15/21		6.250%		302,000		318,610
HCA, Inc.
03/15/22		5.875%		88,000		94,380
03/15/24		5.000%		100,000		101,250
02/01/25		5.375%		303,000		306,409
04/15/25		5.250%		80,000		82,000
HD Supply, Inc.
07/15/20		7.500%		183,000		190,320
07/15/20		11.500%		137,000		151,042
HD Supply, Inc.(e)
12/15/21		5.250%		122,000		125,507
HUB International Ltd.(e)
10/01/21		7.875%		326,000		286,065
HUB International Ltd.(e)(g)
02/15/21		9.250%		27,000		27,608
Halliburton Co.
11/15/45		5.000%		575,000		512,722
HealthSouth Corp.(e)
11/01/24		5.750%		23,000		22,703
09/15/25		5.750%		14,000		13,577
Hiland Partners LP/Finance Corp.(e)
10/01/20		7.250%		98,000		97,020
Hilton Worldwide Finance LLC/Corp.
10/15/21		5.625%		180,000		185,400
Hologic, Inc.(e)
07/15/22		5.250%		72,000		74,520
Hub Holdings LLC/Finance, Inc. PIK(e)
07/15/19		8.125%		15,000		12,750

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Hughes Satellite Systems Corp.
06/15/19		6.500%		50,000		54,750
Huntington Ingalls Industries, Inc.(e)
12/15/21		5.000%		130,000		134,225
11/15/25		5.000%		14,000		14,420
Huntsman International LLC(e)
11/15/22		5.125%		43,000		36,980
IHS, Inc.
11/01/22		5.000%		186,000		186,000
IMS Health, Inc.(e)
11/01/20		6.000%		107,000		110,531
Icahn Enterprises LP/Finance Corp.
02/01/22		5.875%		60,000		53,625
Infor US, Inc.(e)
08/15/20		5.750%		15,000		15,113
International Game Technology PLC(e)
02/15/22		6.250%		91,000		87,587
International Lease Finance Corp.
05/15/19		6.250%		138,000		144,555
12/15/20		8.250%		159,000		181,260
Interval Acquisition Corp.(e)
04/15/23		5.625%		190,000		189,050
Iron Mountain, Inc.(e)
10/01/20		6.000%		100,000		106,500
Jaguar Holding Co. II/Pharmaceutical Product Development LLC(e)
08/01/23		6.375%		174,000		171,390
Jarden Corp.(e)
11/15/23		5.000%		23,000		23,633
Kinder Morgan Energy Partners LP
02/15/18		5.950%		108,000		109,646
11/01/42		4.700%		500,000		349,541
Kinder Morgan, Inc.
09/15/20		6.500%		166,000		166,227
Kosmos Energy Ltd.(e)
08/01/21		7.875%		300,000		222,750
L Brands, Inc.
04/01/21		6.625%		172,000		191,350
LTF Merger Sub, Inc.(e)
06/15/23		8.500%		79,000		74,655
Lamar Media Corp.(e)
02/01/26		5.750%		28,000		28,840
Laredo Petroleum, Inc.
01/15/22		5.625%		10,000		7,100
05/01/22		7.375%		115,000		85,387
03/15/23		6.250%		216,000		155,520
Lennar Corp.
11/15/19		4.500%		148,000		152,070
Level 3 Communications, Inc.
12/01/22		5.750%		50,000		51,500
Level 3 Financing, Inc.
01/15/21		6.125%		88,000		92,180
08/15/22		5.375%		204,000		207,060

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Level 3 Financing, Inc.(e)
01/15/24		5.375%		15,000		15,150
LifePoint Health, Inc.
12/01/21		5.500%		150,000		152,250
Lockheed Martin Corp.
05/15/36		4.500%		460,000		477,024
05/15/46		4.700%		315,000		332,898
MEDNAX, Inc.(e)
12/01/23		5.250%		182,000		186,550
MGM Resorts International
03/01/18		11.375%		140,000		160,300
10/01/20		6.750%		48,000		49,920
03/15/23		6.000%		154,000		153,519
MPH Acquisition Holdings LLC(e)
04/01/22		6.625%		132,000		132,330
MPLX LP(e)
02/15/23		5.500%		200,000		166,204
07/15/23		4.500%		38,000		29,757
12/01/24		4.875%		162,000		126,438
MSCI, Inc.(e)
11/15/24		5.250%		110,000		113,437
08/15/25		5.750%		73,000		77,198
Macys Retail Holdings, Inc.
01/15/21		3.450%		775,000		767,830
Mallinckrodt International Finance SA/CB LLC(e)
10/15/23		5.625%		54,000		50,625
04/15/25		5.500%		22,000		19,580
Marathon Petroleum Corp.
12/15/45		5.850%		1,000,000		855,120
McDonald’s Corp.
12/09/45		4.875%		555,000		560,678
Meritage Homes Corp.
04/01/22		7.000%		253,000		259,325
Microsemi Corp.(e)
04/15/23		9.125%		78,000		82,095
Molina Healthcare, Inc.(e)
11/15/22		5.375%		186,000		185,535
Monitronics International, Inc.
04/01/20		9.125%		58,000		45,965
NCR Corp.
12/15/21		5.875%		47,000		46,178
NRG Energy, Inc.
07/15/22		6.250%		115,000		94,875
05/01/24		6.250%		18,000		14,355
NRG Yield Operating LLC
08/15/24		5.375%		206,000		173,040
National Financial Partners Corp.(e)
07/15/21		9.000%		18,000		16,200
Navient Corp.
01/15/19		5.500%		40,000		37,500
10/26/20		5.000%		30,000		25,950
01/25/22		7.250%		33,000		29,370
03/25/24		6.125%		47,000		38,599
10/25/24		5.875%		92,000		72,910

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Neptune Finco Corp.(e)
01/15/23		10.125%		256,000		270,720
10/15/25		6.625%		104,000		107,250
10/15/25		10.875%		57,000		60,491
Netflix, Inc.(e)
02/15/22		5.500%		212,000		218,360
02/15/25		5.875%		186,000		191,812
Nielsen Finance LLC/Co.
10/01/20		4.500%		74,000		75,064
Nielsen Finance LLC/Co.(e)
04/15/22		5.000%		25,000		25,219
Noble Holding International Ltd.
03/15/42		5.250%		250,000		100,000
04/01/45		6.950%		675,000		298,687
Nortek, Inc.
04/15/21		8.500%		91,000		93,957
OneMain Financial Holdings, Inc.(e)
12/15/19		6.750%		28,000		27,580
12/15/21		7.250%		130,000		128,700
Outfront Media Capital LLC/Corp.
02/15/22		5.250%		31,000		31,698
02/15/24		5.625%		40,000		40,900
03/15/25		5.875%		147,000		148,837
PQ Corp.(e)
11/01/18		8.750%		401,000		372,930
Parsley Energy LLC/Finance Corp.(e)
02/15/22		7.500%		147,000		141,120
Penn National Gaming, Inc.
11/01/21		5.875%		18,000		17,415
Penske Automotive Group, Inc.
12/01/24		5.375%		87,000		84,390
Pinnacle Entertainment, Inc.
08/01/21		6.375%		64,000		67,840
Pinnacle Foods Finance LLC/Corp.(e)
01/15/24		5.875%		108,000		111,780
Plastipak Holdings, Inc.(e)
10/01/21		6.500%		156,000		149,370
Platform Specialty Products Corp.(e)
05/01/21		10.375%		32,000		29,840
Post Holdings, Inc.
02/15/22		7.375%		16,000		16,860
Post Holdings, Inc.(e)
12/15/22		6.000%		70,000		69,475
03/15/24		7.750%		126,000		134,190
Procter & Gamble Co. (The)(g)
02/02/21		1.850%		310,000		311,248
Provident Funding Associates LP/Finance Corp.(e)
06/15/21		6.750%		194,000		184,785
Qualitytech LP/Finance Corp.
08/01/22		5.875%		39,000		39,585
Quicken Loans, Inc.(e)
05/01/25		5.750%		63,000		59,141

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 19

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Quintiles Transnational Corp.(e)
05/15/23		4.875%		52,000		52,650
RHP Hotel Properties LP/Finance Corp.
04/15/23		5.000%		75,000		74,719
RSI Home Products, Inc.(e)
03/15/23		6.500%		75,000		77,063
RSP Permian, Inc.
10/01/22		6.625%		174,000		154,860
RSP Permian, Inc.(e)
10/01/22		6.625%		37,000		32,930
Range Resources Corp.(e)
05/15/25		4.875%		63,000		51,030
Reynolds Group Issuer, Inc./LLC
10/15/20		5.750%		221,000		221,276
02/15/21		6.875%		157,000		162,495
Reynolds Group Issuer, Inc./LLC(h)
02/15/21		8.250%		78,000		72,735
Rite Aid Corp.
03/15/20		9.250%		49,000		51,634
Rite Aid Corp.(e)
04/01/23		6.125%		125,000		131,875
Riverbed Technology, Inc.(e)
03/01/23		8.875%		83,000		75,841
SBA Telecommunications, Inc.
07/15/20		5.750%		216,000		224,100
SM Energy Co.
06/01/25		5.625%		64,000		34,240
Sabine Pass Liquefaction LLC
03/01/25		5.625%		141,000		121,260
Sally Holdings LLC/Capital, Inc.
06/01/22		5.750%		128,000		133,600
12/01/25		5.625%		19,000		19,618
Scientific Games International, Inc.
12/01/22		10.000%		122,000		84,790
Scientific Games International, Inc.(e)
01/01/22		7.000%		159,000		149,460
Scotts Miracle-Gro Co. (The)(e)
10/15/23		6.000%		181,000		189,145
Sempra Energy
11/15/20		2.850%		330,000		328,943
Serta Simmons Bedding LLC(e)
10/01/20		8.125%		180,000		184,275
Signode Industrial Group Luxembourg SA/US, Inc.(e)
05/01/22		6.375%		25,000		20,750
Sirius XM Radio, Inc.(e)
04/15/25		5.375%		116,000		115,420
Spectrum Brands, Inc.
11/15/22		6.625%		178,000		189,570
Spectrum Brands, Inc.(e)
12/15/24		6.125%		211,000		219,440
07/15/25		5.750%		55,000		56,375

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Springleaf Finance Corp.
12/15/17		6.900%		39,000		39,780
06/01/20		6.000%		36,000		32,850
10/01/21		7.750%		90,000		84,600
Springs Industries, Inc.
06/01/21		6.250%		56,000		55,580
Sprint Communications, Inc.
11/15/22		6.000%		115,000		77,338
Sprint Communications, Inc.(e)
03/01/20		7.000%		446,000		428,160
Sprint Corp.
09/15/21		7.250%		130,000		93,600
06/15/24		7.125%		132,000		89,100
02/15/25		7.625%		32,000		21,860
Sterigenics-Nordion Holdings LLC(e)
05/15/23		6.500%		100,000		95,625
Surgical Care Affiliates, Inc.(e)
04/01/23		6.000%		27,000		26,055
Synchrony Financial
01/15/19		2.600%		490,000		489,264
T-Mobile USA, Inc.
04/28/21		6.633%		174,000		179,872
01/15/22		6.125%		34,000		34,595
03/01/23		6.000%		303,000		304,666
01/15/24		6.500%		23,000		23,230
03/01/25		6.375%		16,000		16,040
01/15/26		6.500%		122,000		122,000
Talen Energy Supply LLC
06/01/25		6.500%		59,000		40,120
Targa Resources Partners LP/Finance Corp.
01/15/18		5.000%		90,000		84,037
11/15/19		4.125%		33,000		27,720
05/01/23		5.250%		3,000		2,325
11/15/23		4.250%		73,000		53,290
Targa Resources Partners LP/Finance Corp.(e)
03/15/24		6.750%		132,000		108,900
Taylor Morrison Communities, Inc./Monarch, Inc.(e)
04/15/21		5.250%		61,000		57,340
04/15/23		5.875%		16,000		14,960
Tempur Sealy International, Inc.
12/15/20		6.875%		77,000		81,042
Tempur Sealy International, Inc.(e)
10/15/23		5.625%		115,000		117,300
Tenet Healthcare Corp.
06/01/20		4.750%		165,000		166,650
04/01/21		4.500%		155,000		151,900
04/01/22		8.125%		77,000		77,193
06/15/23		6.750%		74,000		68,450
Tenneco, Inc.
12/15/24		5.375%		27,000		27,338
Tesoro Logistics LP/Finance Corp.(e)
10/15/19		5.500%		17,000		15,789
10/15/22		6.250%		241,000		219,310

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Toll Brothers Finance Corp.
11/15/25		4.875%		33,000		32,340
TransDigm, Inc.
07/15/21		7.500%		108,000		110,160
07/15/24		6.500%		76,000		74,290
TransDigm, Inc.(e)
05/15/25		6.500%		58,000		55,753
Transcontinental Gas Pipe Line Co. LLC(e)
02/01/26		7.850%		595,000		613,594
Treehouse Foods, Inc.(e)
02/15/24		6.000%		20,000		20,575
USG Corp.(e)
11/01/21		5.875%		44,000		45,210
03/01/25		5.500%		9,000		9,079
United Rentals North America, Inc.
04/15/22		7.625%		125,000		128,594
Universal Health Services, Inc.(e)
08/01/22		4.750%		90,000		90,112
Univision Communications, Inc.(e)
09/15/22		6.750%		84,000		86,520
02/15/25		5.125%		216,000		204,660
Valeant Pharmaceuticals International, Inc.(e)
10/15/20		6.375%		298,000		287,570
VeriSign, Inc.
05/01/23		4.625%		66,000		64,680
04/01/25		5.250%		55,000		54,402
Verizon Communications, Inc.
11/01/42		3.850%		750,000		615,325
WR Grace & Co.(e)
10/01/21		5.125%		73,000		73,365
10/01/24		5.625%		24,000		23,880
WhiteWave Foods Co. (The)
10/01/22		5.375%		78,000		82,875
Whiting Petroleum Corp.
03/15/21		5.750%		143,000		89,732
04/01/23		6.250%		39,000		24,375
Williams Companies, Inc. (The)
06/24/24		4.550%		147,000		96,348
Williams Partners LP/ACMP Finance Corp.
05/15/23		4.875%		175,000		132,975
Williams Partners LP
09/15/45		5.100%		750,000		485,809
Windstream Services, LLC
10/15/20		7.750%		15,000		12,413
ZF North America Capital, Inc.(e)
04/29/25		4.750%		130,000		121,875
Zayo Group LLC/Capital, Inc.
07/01/20		10.125%		22,000		23,650
04/01/23		6.000%		239,000		233,622
05/15/25		6.375%		16,000		15,520
Zebra Technologies Corp.
10/15/22		7.250%		180,000		187,200

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
iStar, Inc.
07/01/19		5.000%		58,000		54,520
Total						51,089,901
VIRGIN ISLANDS —%
Platform Specialty Products Corp.(e)
02/01/22		6.500%		36,000		28,260
Total Corporate Bonds & Notes
(Cost: $62,538,094)						60,317,904
Convertible Bonds 2.1%
CHINA —%
Ctrip.com International Ltd.(e)
07/01/25		1.990%		120,000		128,175
IRELAND 0.1%
Corsicanto Ltd.
01/15/32		3.500%		123,000		95,018
Horizon Pharma Investment Ltd.(e)
03/15/22		2.500%		120,000		105,300
Total						200,318
MARSHALL ISLANDS —%
Scorpio Tankers, Inc.(e)
07/01/19		2.375%		120,000		93,077
NETHERLANDS —%
NXP Semiconductors NV
12/01/19		1.000%		180,000		189,952
UNITED STATES 2.0%
AMAG Pharmaceuticals, Inc.
02/15/19		2.500%		110,000		114,675
ARIAD Pharmaceuticals, Inc.(e)
06/15/19		3.625%		120,000		107,246
Aegerion Pharmaceuticals, Inc.
08/15/19		2.000%		230,000		141,576
Air Lease Corp.
12/01/18		3.875%		129,000		150,124
American Energy-Permian Basin LLC Junior Subordinated PIK(e)
05/01/22		8.000%		62,400		9,360
Ares Capital Corp.
01/15/19		4.375%		240,000		238,350
Ascent Resources — Utica LLC PIK(e)
03/01/21		3.500%		122,100		4,579
Atlas Air Worldwide Holdings, Inc.
06/01/22		2.250%		140,000		107,975
BioMarin Pharmaceutical, Inc.
10/15/20		1.500%		280,000		308,875

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 21

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Blackstone Mortgage Trust, Inc.
12/01/18		5.250%		155,000		153,075
Broadsoft, Inc.(e)
09/01/22		1.000%		120,000		126,206
Brookdale Senior Living, Inc.
06/15/18		2.750%		120,000		115,575
CalAtlantic Group, Inc.
05/15/18		1.625%		80,000		96,650
Ciena Corp.(e)
10/15/18		3.750%		120,000		137,322
Clean Energy Fuels Corp.(e)
10/01/18		5.250%		140,000		61,993
Clovis Oncology, Inc.
09/15/21		2.500%		70,000		49,175
Cobalt International Energy, Inc.
12/01/19		2.625%		300,000		153,577
Colony Starwood Homes
10/15/17		4.500%		61,000		60,446
07/01/19		3.000%		60,000		55,950
Echo Global Logistics, Inc.
05/01/20		2.500%		200,000		172,500
Encore Capital Group, Inc.
03/15/21		2.875%		130,000		78,244
Endologix, Inc.
11/01/20		3.250%		100,000		88,250
EnerNOC, Inc.
08/15/19		2.250%		130,000		86,112
Energy XXI Ltd.
12/15/18		3.000%		200,000		6,005
Envestnet, Inc.
12/15/19		1.750%		150,000		126,469
Exelixis, Inc.
08/15/19		4.250%		90,000		92,981
Extra Space Storage LP(e)
10/01/35		3.125%		220,000		245,300
FireEye, Inc.(e)
06/01/35		1.625%		200,000		152,625
Fluidigm Corp.
02/01/34		2.750%		160,000		80,150
Forest City Realty Trust, Inc.
08/15/20		3.625%		220,000		223,712
General Cable Corp. Subordinated(h)
11/15/29		4.500%		260,000		131,462
Gogo, Inc.(e)
03/01/20		3.750%		120,000		105,446
Greenbrier Companies, Inc. (The)
04/01/18		3.500%		200,000		208,625
Iconix Brand Group, Inc.
06/01/16		2.500%		60,000		53,138
03/15/18		1.500%		140,000		70,175

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Immunomedics, Inc.(e)
02/15/20		4.750%		103,000		71,405
Impax Laboratories, Inc.(e)
06/15/22		2.000%		200,000		185,625
Incyte Corp.
11/15/20		1.250%		130,000		199,104
Inphi Corp.(e)
12/01/20		1.125%		100,000		96,563
Integrated Device Technology, Inc.(e)
11/15/22		0.875%		110,000		110,138
Intel Corp. Junior Subordinated
08/01/39		3.250%		380,000		580,450
Jarden Corp.
09/15/18		1.875%		150,000		253,500
Jazz Investments I Ltd.
08/15/21		1.875%		110,000		111,436
Liberty Interactive LLC
03/30/43		0.750%		160,000		241,800
LinkedIn Corp.
11/01/19		0.500%		290,000		293,806
MGIC Investment Corp.
04/01/20		2.000%		80,000		89,550
MGIC Investment Corp.(e)(h) Junior Subordinated
04/01/63		9.000%		180,000		202,837
Medicines Co. (The)
01/15/22		2.500%		130,000		152,727
Merrimack Pharmaceuticals, Inc.
07/15/20		4.500%		80,000		98,250
Microchip Technology, Inc.(e)
02/15/25		1.625%		560,000		538,300
Micron Technology, Inc.
02/15/33		2.125%		90,000		108,619
Molina Healthcare, Inc.
08/15/44		1.625%		150,000		171,656
NRG Yield, Inc.(e)
06/01/20		3.250%		270,000		221,400
NVIDIA Corp.
12/01/18		1.000%		210,000		315,525
Navistar International Corp.
04/15/19		4.750%		430,000		178,987
Novavax, Inc.(e)
02/01/23		3.750%		160,000		154,509
Nuance Communications, Inc.(e)
12/15/35		1.000%		180,000		161,892
PTC Therapeutics, Inc.(e)
08/15/22		3.000%		120,000		94,875
Pacira Pharmaceuticals, Inc.
02/01/19		3.250%		50,000		121,327
Palo Alto Networks, Inc.(i)
07/01/19		0.000%		140,000		203,262

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Pandora Media, Inc.(e)
12/01/20		1.750%		120,000		106,800
Pattern Energy Group, Inc.(e)
07/15/20		4.000%		180,000		156,487
Priceline Group, Inc. (The)
03/15/18		1.000%		250,000		316,562
RTI International Metals, Inc.
10/15/19		1.625%		170,000		158,737
RWT Holdings, Inc
11/15/19		5.625%		130,000		116,187
Red Hat, Inc.
10/01/19		0.250%		120,000		142,275
Restoration Hardware Holdings, Inc.(e)(i)
07/15/20		0.000%		115,000		91,696
Salesforce.com, Inc.
04/01/18		0.250%		230,000		272,550
ServiceNow, Inc.(i)
11/01/18		0.000%		120,000		129,225
Starwood Property Trust, Inc.
10/15/17		3.750%		180,000		176,175
Stone Energy Corp.
03/01/17		1.750%		140,000		82,163
SunEdison, Inc.(e)
07/02/18		5.000%		80,000		59,750
06/01/23		2.625%		350,000		77,656
SunPower Corp.
06/01/18		0.750%		100,000		118,562
SunPower Corp.(e)
01/15/23		4.000%		180,000		195,403
TESARO, Inc.
10/01/21		3.000%		80,000		99,000
TiVo, Inc.
10/01/21		2.000%		235,000		199,891
Vector Group Ltd.(h)
01/15/19		2.500%		75,000		112,450
04/15/20		1.750%		100,000		112,009
Walter Investment Management Corp.
11/01/19		4.500%		184,000		103,960
Workday, Inc.
07/15/20		1.500%		200,000		211,750
j2 Global, Inc.
06/15/29		3.250%		138,000		166,980
Total						12,277,734
Total Convertible Bonds
(Cost: $14,480,741)						12,889,256
Residential Mortgage-Backed Securities — Agency 3.7%
Federal Home Loan Mortgage Corp.(h)(j) CMO IO Series 2957 Class SW
04/15/35		5.575%		186,226		34,318

Residential Mortgage-Backed Securities — Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CMO IO Series 318 Class S1
11/15/43		5.525%		268,748		67,748
CMO IO Series 3280 Class SI
02/15/37		6.015%		191,018		24,467
CMO IO Series 3761 Class KS
06/15/40		5.575%		254,023		25,391
CMO IO Series 4094 Class SY
08/15/42		5.655%		323,063		77,706
Federal Home Loan Mortgage Corp.(j) CMO IO Series 4098 Class AI
05/15/39		3.500%		228,409		29,576
CMO IO Series 4120 Class AI
11/15/39		3.500%		170,180		13,476
CMO IO Series 4122 Class JI
12/15/40		4.000%		180,990		19,749
CMO IO Series 4139 Class CI
05/15/42		3.500%		74,316		10,541
CMO IO Series 4147 Class CI
01/15/41		3.500%		279,920		37,068
CMO IO Series 4177 Class IY
03/15/43		4.000%		384,655		78,003
CMO IO Series 4213 Class DI
06/15/38		3.500%		383,118		39,328
Federal National Mortgage Association(h)(j) CMO IO Series 2003-117 Class KS
08/25/33		6.674%		42,791		2,610
CMO IO Series 2006-5 Class N1
08/25/34		1.860%		277,452		4,725
CMO IO Series 2006-5 Class N2
02/25/35		1.889%		318,129		12,782
CMO IO Series 2007-54 Class DI
06/25/37		5.674%		470,568		100,585
CMO IO Series 2010-135 Class MS
12/25/40		5.524%		155,687		27,109
CMO IO Series 2012-80 Class DS
06/25/39		6.224%		173,287		27,815
CMO IO Series 2013-13 Class SA
03/25/43		5.724%		191,154		48,088
Federal National Mortgage Association(g)
02/17/31 - 02/11/46		3.000%		3,000,000		3,083,656
02/11/46		3.500%		2,000,000		2,094,570
02/11/46		4.000%		2,000,000		2,136,696
02/11/46		4.500%		2,000,000		2,174,062
02/11/46		5.000%		1,000,000		1,104,063
Federal National Mortgage Association(j) CMO IO STRIPS Series 417 Class C5
02/25/43		3.500%		185,747		33,809
CMO IO Series 2012-118 Class BI
12/25/39		3.500%		527,383		65,202
CMO IO Series 2012-121 Class GI
08/25/39		3.500%		257,617		29,016
CMO IO Series 2013-41 Class IY
05/25/40		3.500%		384,071		38,593
Government National Mortgage Association(g)
02/22/46		3.500%		10,000,000		10,546,875
02/22/46		4.000%		1,000,000		1,068,145

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 23

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Residential Mortgage-Backed Securities — Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Government National Mortgage Association(j) CMO IO Series 2012-129 Class AI
08/20/37		3.000%		174,676		21,608
Total Residential Mortgage-Backed Securities — Agency
(Cost: $22,943,648)						23,077,380
Residential Mortgage-Backed Securities — Non-Agency 0.2%
BCAP LLC Trust(e) CMO Series 2012-RR11 Class 4A2
03/26/37		4.000%		567,193		571,574
BCAP LLC Trust(e)(h) Series 2012-RR10 Class 2A1
09/26/36		2.739%		93,910		94,320
BNPP Mortgage Securities LLC Trust CMO Series 2009-1 Class A1(e)
08/27/37		6.000%		58,052		59,054
Citigroup Mortgage Loan Trust, Inc.(e) CMO Series 2013-7 Class 1A2
10/25/35		4.000%		72,757		71,652
Citigroup Mortgage Loan Trust, Inc.(e)(h) CMO Series 2010-7 Class 3A4
12/25/35		5.717%		175,000		182,008
CMO Series 2012-7 Class 12A1
03/25/36		2.781%		104,972		104,474
CMO Series 2013-2 Class 1A1
11/25/37		2.811%		72,206		72,144
RBSSP Resecuritization Trust CMO Series 2012-1 Class 5A2(e)(h)
12/27/35		2.785%		100,000		89,172
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $1,244,987)						1,244,398
Commercial Mortgage-Backed Securities — Non-Agency —%
ORES NPL LLC Series 2014-LV3 Class A(e)
03/27/24		3.000%		48,242		48,242
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $48,242)						48,242
Asset-Backed Securities — Non-Agency —%
Carlyle Global Market Strategies CLO Series 2013-1A Class B(e)(h)
02/14/25		3.462%		100,000		97,471
Dryden Senior Loan Fund Series 2014-33A Class C(e)(h)
07/15/26		3.472%		183,333		173,415
Total Asset-Backed Securities — Non-Agency
(Cost: $279,536)						270,886

Inflation-Indexed Bonds(k) 6.0%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
GERMANY 0.8%
Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond
04/15/18		0.750%	EUR	4,250,640		4,731,640
ITALY 1.0%
Italy Buoni Poliennali Del Tesoro(e)
09/15/24		2.350%	EUR	753,645		938,900
09/15/41		2.550%	EUR	4,073,925		5,526,359
Total						6,465,259
NEW ZEALAND 0.7%
New Zealand Government Bond(e)
09/20/25		2.000%	NZD	6,197,486		4,015,400
UNITED STATES 3.5%
U.S. Treasury Inflation-Indexed Bond
01/15/24		0.625%		10,427,427		10,514,590
02/15/42		0.750%		7,878,875		7,133,691
U.S. Treasury Inflation-Indexed Bond(f)
04/15/18		0.125%		1,026,860		1,031,673
04/15/19		0.125%		253,253		254,588
01/15/22		0.125%		1,048,750		1,036,351
01/15/27		2.375%		294,263		347,253
02/15/40		2.125%		1,180,586		1,424,790
02/15/45		0.750%		403,204		362,458
Total						22,105,394
Total Inflation-Indexed Bonds
(Cost: $38,350,041)						37,317,693
U.S. Treasury Obligations 0.3%
U.S. Treasury(f)
11/15/18		9.000%		650,000		793,813
08/15/19		3.625%		250,000		271,787
08/15/19		8.125%		250,000		310,869
08/15/20		2.625%		50,000		52,881
11/15/20		2.625%		50,000		52,922
08/15/41		3.750%		150,000		180,603
Total U.S. Treasury Obligations
(Cost: $1,644,398)						1,662,875
U.S. Government & Agency Obligations 0.6%
Federal Home Loan Mortgage Corp.
01/13/22		2.375%		2,882,000		2,997,090
Federal National Mortgage Association
03/15/16		2.250%		610,000		611,435
11/15/16		1.375%		150,000		150,854
Private Export Funding Corp.
09/15/17		5.450%		45,000		48,212
Total U.S. Government & Agency Obligations
(Cost: $3,650,175)						3,807,591

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Foreign Government Obligations(k)(l) 8.6%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
ARGENTINA 0.1%
Argentina Bonar Bonds
04/17/17		7.000%		144,729		148,781
Provincia de Buenos Aires(e)
01/26/21		10.875%		150,000		157,688
06/09/21		9.950%		150,000		155,024
YPF SA(e)
07/28/25		8.500%		100,000		92,750
Total						554,243
AUSTRALIA 0.4%
Treasury Corp. of Victoria
11/15/16		5.750%	AUD	100,000		72,773
11/15/18		5.500%	AUD	1,000,000		772,708
06/15/20		6.000%	AUD	140,000		114,494
12/17/24		5.500%	AUD	1,800,000		1,541,899
Total						2,501,874
BRAZIL 0.2%
Banco Nacional de Desenvolvimento Economico e Social(e)
06/10/19		6.500%		219,000		217,631
Brazilian Government International Bond
01/27/45		5.000%		1,250,000		859,375
Petrobras Global Finance BV
01/20/20		5.750%		153,000		120,251
Total						1,197,257
CANADA 0.2%
Canadian Government Bond
06/01/18		4.250%	CAD	1,660,000		1,289,536
06/01/20		3.500%	CAD	170,000		136,687
Total						1,426,223
COLOMBIA 0.2%
Colombia Government International Bond
06/28/27		9.850%	COP	156,000,000		52,990
09/18/37		7.375%		137,000		144,192
01/18/41		6.125%		165,000		152,867
Ecopetrol SA
01/16/25		4.125%		109,000		82,840
06/26/26		5.375%		150,000		120,000
Empresa de Energia de Bogota SA ESP(e)
11/10/21		6.125%		495,000		488,861
Empresas Publicas de Medellin ESP(e)
02/01/21		8.375%	COP	650,000,000		189,466
09/10/24		7.625%	COP	224,000,000		58,251
Total						1,289,467
CROATIA —%
Croatia Government International Bond(e)
01/26/24		6.000%		200,000		214,950

Foreign Government Obligations(k)(l) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
DOMINICAN REPUBLIC 0.2%
Banco de Reservas de La Republica Dominicana Subordinated(e)
02/01/23		7.000%		246,000		235,423
Dominican Republic International Bond(c)(e)
01/08/21		14.000%	DOP	17,504,000		423,699
Dominican Republic International Bond(e)
01/29/26		6.875%		200,000		200,750
04/20/27		8.625%		250,000		278,750
04/30/44		7.450%		200,000		194,000
Total						1,332,622
ECUADOR —%
Ecuador Government International Bond(e)
03/24/20		10.500%		200,000		150,500
EGYPT —%
Egypt Government International Bond(e)
06/11/25		5.875%		100,000		83,520
EL SALVADOR —%
El Salvador Government International Bond(e)
06/15/35		7.650%		109,000		85,838
FRANCE 0.3%
France Government Bond OAT
04/25/17		3.750%	EUR	310,000		353,018
10/25/21		3.250%	EUR	400,000		514,464
04/25/29		5.500%	EUR	150,000		253,060
France Government Bond OAT(e)
05/25/45		3.250%	EUR	500,000		738,397
Total						1,858,939
GABON —%
Gabon Government International Bond(e)
06/16/25		6.950%		200,000		153,000
GEORGIA —%
Georgian Railway JSC(e)
07/11/22		7.750%		222,000		224,220
GERMANY 0.4%
Bundesrepublik Deutschland
01/04/18		4.000%	EUR	500,000		588,539
01/04/19		3.750%	EUR	620,000		754,567
07/04/28		4.750%	EUR	510,000		834,065
Total						2,177,171
GUATEMALA —%
Guatemala Government Bond(e)
02/13/28		4.875%		200,000		187,500

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 25

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Foreign Government Obligations(k)(l) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
HONDURAS —%
Honduras Government International Bond(e)
03/15/24		7.500%		200,000		202,500
HUNGARY 0.2%
Hungary Government International Bond
03/29/21		6.375%		300,000		340,125
03/25/24		5.375%		274,000		302,290
03/29/41		7.625%		218,000		297,298
Total						939,713
INDONESIA 0.3%
Indonesia Government International Bond(e)
05/05/21		4.875%		150,000		157,500
01/08/26		4.750%		400,000		407,000
01/17/38		7.750%		546,000		649,220
Majapahit Holding BV(e)
01/20/20		7.750%		100,000		111,704
PT Perusahaan Listrik Negara(e)
11/22/21		5.500%		273,000		277,630
Total						1,603,054
ITALY 1.1%
Italy Buoni Poliennali Del Tesoro
11/01/17		3.500%	EUR	1,500,000		1,724,885
09/01/22		5.500%	EUR	2,000,000		2,810,822
Italy Buoni Poliennali Del Tesoro(e)
09/01/44		4.750%	EUR	1,250,000		1,956,154
Total						6,491,861
IVORY COAST —%
Ivory Coast Government International Bond(e)
07/23/24		5.375%		200,000		173,500
JAPAN 1.0%
Japan Government 20-Year Bond
09/20/26		2.200%	JPY	35,000,000		351,185
12/20/27		2.100%	JPY	30,000,000		301,839
12/20/35		1.000%	JPY	55,000,000		467,876
Japan Government 30-Year Bond
03/20/33		1.100%	JPY	92,000,000		818,550
09/20/44		1.700%	JPY	430,000,000		4,085,187
Total						6,024,637
KAZAKHSTAN —%
KazMunayGas National Co. JSC(e)
04/09/21		6.375%		200,000		196,000
MEXICO 0.9%
Banco Nacional de Comercio Exterior SNC(e)
10/14/25		4.375%		200,000		199,290

Foreign Government Obligations(k)(l) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Comision Federal de Electricidad(e)
06/16/45		6.125%		300,000		282,750
Mexican Bonos
06/16/16		6.250%	MXN	4,200,000		233,867
12/13/18		8.500%	MXN	3,700,000		225,095
06/10/21		6.500%	MXN	25,350,000		1,466,113
06/09/22		6.500%	MXN	4,800,000		277,345
03/05/26		5.750%	MXN	12,500,000		670,660
06/03/27		7.500%	MXN	5,000,000		302,604
Mexico Government International Bond
01/23/46		4.600%		750,000		665,625
Petroleos Mexicanos
06/15/35		6.625%		368,000		325,757
06/02/41		6.500%		109,000		92,868
01/23/45		6.375%		623,000		527,328
Petroleos Mexicanos(e)(g)
08/04/26		6.875%		400,000		404,332
Total						5,673,634
MOROCCO 0.1%
Morocco Government International Bond(e)
12/11/22		4.250%		300,000		300,000
NEW ZEALAND 0.2%
New Zealand Government Bond(e)
03/15/19		5.000%	NZD	500,000		347,459
04/14/33		3.500%	NZD	1,750,000		1,120,889
Total						1,468,348
NORWAY 0.2%
Norway Government Bond(e)
05/19/17		4.250%	NOK	5,850,000		705,375
05/24/23		2.000%	NOK	2,000,000		243,872
Total						949,247
PARAGUAY —%
Republic of Paraguay(e)
08/11/44		6.100%		77,000		74,305
PERU 0.1%
Peruvian Government International Bond
07/21/25		7.350%		100,000		125,500
Peruvian Government International Bond(e)
08/12/26		8.200%	PEN	88,000		26,386
08/12/31		6.950%	PEN	296,000		77,640
Total						229,526
PHILIPPINES —%
Power Sector Assets & Liabilities Management Corp.(e)
12/02/24		7.390%		165,000		213,262

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Foreign Government Obligations(k)(l) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
POLAND 0.4%
Poland Government Bond
10/25/17		5.250%	PLN	2,200,000		573,954
10/25/19		5.500%	PLN	4,000,000		1,106,155
10/25/21		5.750%	PLN	1,000,000		288,120
Poland Government International Bond
03/23/22		5.000%		327,000		361,341
Total						2,329,570
REPUBLIC OF NAMIBIA 0.1%
Namibia International Bonds(e)
11/03/21		5.500%		273,000		274,136
RUSSIAN FEDERATION 0.2%
Gazprom OAO Via Gaz Capital SA(e)
04/11/18		8.146%		80,000		85,368
03/07/22		6.510%		660,000		666,666
02/06/28		4.950%		500,000		427,175
Russian Agricultural Bank OJSC Via RSHB Capital SA(e)
12/27/17		5.298%		200,000		199,000
Total						1,378,209
SENEGAL —%
Senegal Government International Bond(e)
07/30/24		6.250%		51,000		45,263
SPAIN 0.4%
Spain Government Bond(e)
07/30/30		1.950%	EUR	1,000,000		1,067,365
01/31/37		4.200%	EUR	250,000		344,249
Spain Government International Bond
04/06/29		5.250%	GBP	500,000		821,618
Total						2,233,232
SWEDEN 0.1%
Sweden Government Bond
08/12/17		3.750%	SEK	4,800,000		596,042
TRINIDAD AND TOBAGO 0.1%
Petroleum Co. of Trinidad & Tobago Ltd.(e)
08/14/19		9.750%		500,000		505,000
TURKEY 0.3%
Turkey Government International Bond
06/05/20		7.000%		151,000		168,709
03/30/21		5.625%		311,000		330,873
09/26/22		6.250%		519,000		570,010
04/11/23		4.125%	EUR	250,000		284,678
03/17/36		6.875%		224,000		253,967
04/16/43		4.875%		500,000		445,625
Total						2,053,862

Foreign Government Obligations(k)(l) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
UNITED KINGDOM 0.8%
United Kingdom Gilt(e)
03/07/19		4.500%	GBP	800,000		1,278,527
09/07/21		3.750%	GBP	35,000		57,222
09/07/22		1.750%	GBP	1,000,000		1,472,273
01/22/44		3.250%	GBP	875,000		1,473,407
01/22/45		3.500%	GBP	500,000		881,307
Total						5,162,736
URUGUAY —%
Uruguay Government International Bond
11/20/45		4.125%		164,401		127,411
VENEZUELA 0.1%
Petroleos de Venezuela SA(e)
11/17/21		9.000%		82,496		27,512
05/16/24		6.000%		1,000,000		295,000
Venezuela Government International Bond(e)
05/07/23		9.000%		775,000		263,500
Total						586,012
ZAMBIA —%
Zambia Government International Bond(e)
07/30/27		8.970%		250,000		177,813
Total Foreign Government Obligations
(Cost: $58,946,967)						53,446,197

Exchange-Traded Funds 1.4%
	Shares		Value ($)
UNITED STATES 1.4%
iShares MSCI Canada ETF		422,127		8,826,676
Total Exchange-Traded Funds
(Cost: $10,333,669)				8,826,676
Fixed-Income Funds 4.7%
INVESTMENT GRADE 4.7%
Columbia Mortgage Opportunities Fund, Class I Shares(m)		3,087,633		29,270,763
Total Fixed-Income Funds
(Cost: $30,909,581)				29,270,763
Alternative Investment Funds 2.0%
Columbia Diversified Absolute Return Fund, Class I Shares(m)		1,338,683		12,811,200
Total Alternative Investment Funds
(Cost: $13,131,268)				12,811,200

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 27

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Rights —%
Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY —%
Textiles, Apparel & Luxury Goods —%
Eclat Textile Co., Ltd. Rights(a)		510		2,372
Total Rights
(Cost: $—)				2,372

Money Market Funds 14.3%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.360%(m)(n)		89,349,653		89,349,653
Total Money Market Funds
(Cost: $89,349,653)				89,349,653
Total Investments
(Cost: $660,039,995)				642,837,136
Other Assets & Liabilities, Net				(18,226,020	)
Net Assets				624,611,116

At January 31, 2016, securities and cash totaling $13,912,559 were pledged as collateral.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at January 31, 2016

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays		02/23/2016		46,753,180	USD		42,950,000	EUR		—		(203,184	)
Barclays		03/02/2016		6,100,000	MXN		330,088	USD		—		(5,578	)
Barclays		03/04/2016		1,800,000	CHF		1,798,993	USD		39,736		—
BNP Paribas		03/04/2016		2,800,000	AUD		1,954,960	USD		—		(23,895	)
BNP Paribas		03/04/2016		2,100,000	CAD		1,492,198	USD		—		(6,839	)
BNP Paribas		03/04/2016		400,000	CHF		399,210	USD		8,264		—
BNP Paribas		03/04/2016		3,500,000	EUR		3,800,413	USD		6,150		—
BNP Paribas		03/04/2016		40,000,000	NOK		4,481,291	USD		—		(124,726	)
BNP Paribas		03/04/2016		2,600,000	SGD		1,808,718	USD		—		(15,297	)
BNP Paribas		03/04/2016		979,483	USD		1,400,000	AUD		9,944		—
BNP Paribas		03/04/2016		1,892,260	USD		2,700,000	CAD		35,073		—
BNP Paribas		03/04/2016		989,849	USD		700,000	GBP		7,619		—
BNP Paribas		03/04/2016		3,210,152	USD		2,200,000	GBP		—		(75,252	)
BNP Paribas		03/04/2016		8,397,714	USD		991,500,000	JPY		—		(203,363	)
BNP Paribas		03/04/2016		2,442,833	USD		3,700,000	NZD		—		(51,264	)
BNP Paribas		03/04/2016		2,227,649	USD		19,000,000	SEK		—		(12,208	)
Citi		02/23/2016		18,000,000	CAD		12,343,444	USD		—		(505,439	)
Citi		02/23/2016		55,552,000	JPY		469,226	USD		10,199		—
Citi		02/23/2016		8,000,000	MXN		444,673	USD		4,221		—
Citi		02/23/2016		12,542,680	USD		18,000,000	CAD		306,203		—
Citi		02/23/2016		925,556	USD		650,000	GBP		651		—
Citi		02/23/2016		5,915,386	USD		4,100,000	GBP		—		(73,154	)
Citi		02/23/2016		3,608,125	USD		2,500,000	GBP		—		(45,788	)
Citi		02/23/2016		39,499,030	USD		4,644,632,000	JPY		—		(1,120,404	)
Citi		02/23/2016		758,515	USD		14,000,000	MXN		12,277		—
Citi		02/23/2016		145,735	USD		1,250,000	SEK		—		(26	)
Citi		02/26/2016		557,000	EUR		607,274	USD		3,546		—
Citi		02/29/2016		1,068,000,000	COP		312,509	USD		—		(12,052	)
Citi		03/04/2016		13,658,537	USD		19,600,000	SGD		91,729		—
Credit Suisse		03/04/2016		1,100,000	AUD		769,978	USD		—		(7,429	)

The accompanying Notes to Financial Statements are an integral part of this statement.

28 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at January 31, 2016 (continued)

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Credit Suisse		03/04/2016		3,700,000	CAD		2,628,410	USD		—		(12,750	)
Credit Suisse		03/04/2016		1,300,000	CHF		1,300,065	USD		29,491		—
Credit Suisse		03/04/2016		2,000,000	GBP		2,917,670	USD		67,761		—
Credit Suisse		03/04/2016		31,200,000	NOK		3,494,158	USD		—		(98,535	)
Credit Suisse		03/04/2016		3,600,000	NZD		2,380,122	USD		53,190		—
Credit Suisse		03/04/2016		31,000,000	SEK		3,630,912	USD		16,245		—
Credit Suisse		03/04/2016		100,000	SGD		69,618	USD		—		(536	)
Credit Suisse		03/04/2016		3,267,331	USD		385,300,000	JPY		—		(82,981	)
Deutsche Bank		02/23/2016		2,299,000	NZD		1,496,649	USD		9,766		—
Deutsche Bank		02/23/2016		3,750,000	NZD		2,414,850	USD		—		(10,470	)
Deutsche Bank		02/23/2016		653,774	USD		5,750,000	NOK		8,407		—
Deutsche Bank		02/23/2016		553,690	USD		850,000	NZD		—		(3,951	)
Deutsche Bank		02/23/2016		2,353,496	USD		7,200,000	TRY		68,590		—
Deutsche Bank		02/23/2016		50,468	USD		150,000	TRY		—		(8	)
Deutsche Bank		03/03/2016		6,676,000	DKK		973,082	USD		3,250		—
Deutsche Bank		03/03/2016		2,372,000	ILS		604,707	USD		5,405		—
Deutsche Bank		03/03/2016		518,520,000	JPY		4,402,349	USD		117,152		—
Deutsche Bank		03/03/2016		2,896,724,000	KRW		2,415,044	USD		20,067		—
Deutsche Bank		03/03/2016		60,583,000	NOK		6,785,746	USD		—		(190,486	)
Deutsche Bank		03/03/2016		1,920,000	SEK		225,165	USD		1,298		—
Deutsche Bank		03/03/2016		5,358,984	USD		7,673,000	AUD		64,064		—
Deutsche Bank		03/03/2016		2,825,077	USD		2,821,000	CHF		—		(68,067	)
Deutsche Bank		03/03/2016		5,736,578	USD		5,275,000	EUR		—		(18,266	)
Deutsche Bank		03/03/2016		5,994,411	USD		4,115,000	GBP		—		(130,742	)
Deutsche Bank		03/04/2016		2,600,000	AUD		1,819,386	USD		—		(18,122	)
Deutsche Bank		03/04/2016		5,000,000	EUR		5,431,005	USD		10,629		—
Deutsche Bank		03/04/2016		2,400,000	GBP		3,489,414	USD		69,524		—
Deutsche Bank		03/04/2016		219,600,000	JPY		1,865,503	USD		50,597		—
Deutsche Bank		03/04/2016		9,900,000	NZD		6,543,841	USD		144,779		—
Deutsche Bank		03/04/2016		53,500,000	SEK		6,268,287	USD		30,071		—
Deutsche Bank		03/04/2016		19,900,000	SGD		13,852,151	USD		—		(108,578	)
Deutsche Bank		03/04/2016		621,594	USD		900,000	AUD		14,466		—
Deutsche Bank		03/04/2016		6,751,235	USD		9,500,000	CAD		30,123		—
Deutsche Bank		03/04/2016		14,002,324	USD		14,000,000	CHF		—		(319,215	)
Deutsche Bank		03/04/2016		1,086,139	USD		1,000,000	EUR		—		(2,064	)
Deutsche Bank		03/04/2016		5,735,201	USD		676,800,000	JPY		—		(141,720	)
Deutsche Bank		03/04/2016		10,747,426	USD		95,900,000	NOK		295,500		—
Deutsche Bank		03/04/2016		140,044	USD		200,000	SGD		265		—
HSBC		02/23/2016		1,335,000	PLN		333,723	USD		6,633		—
HSBC		02/23/2016		1,503,982	USD		6,100,000	BRL		11,899		—
HSBC		02/23/2016		650,062	USD		475,000,000	CLP		14,331		—
HSBC		02/23/2016		105,048	USD		75,000,000	CLP		—		(144	)
HSBC		03/04/2016		13,800,000	AUD		9,656,785	USD		—		(96,143	)

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 29

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at January 31, 2016 (continued)

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
HSBC		03/04/2016		13,500,000	CAD		9,588,123	USD		—		(48,544	)
HSBC		03/04/2016		11,800,000	CHF		11,801,322	USD		268,415		—
HSBC		03/04/2016		6,700,000	EUR		7,273,915	USD		10,612		—
HSBC		03/04/2016		25,400,000	NOK		2,844,254	USD		—		(80,567	)
HSBC		03/04/2016		1,458,703	USD		1,000,000	GBP		—		(33,749	)
HSBC		03/04/2016		10,358,713	USD		1,221,400,000	JPY		—		(264,331	)
HSBC		03/04/2016		6,810,082	USD		10,300,000	NZD		—		(152,472	)
HSBC		03/04/2016		10,008,869	USD		85,400,000	SEK		—		(51,043	)
HSBC		03/04/2016		7,383,281	USD		10,600,000	SGD		53,087		—
Standard Chartered		02/23/2016		204,000	EUR		221,369	USD		270		—
Standard Chartered		02/23/2016		735,439	USD		3,000,000	BRL		10,076		—
Standard Chartered		02/23/2016		2,578,864	USD		3,700,000	CAD		62,295		—
Standard Chartered		02/23/2016		1,760,015	USD		1,625,000	EUR		1,190		—
Standard Chartered		02/23/2016		7,296,314	USD		6,706,000	EUR		—		(28,229	)
Standard Chartered		03/02/2016		363,000	PEN		104,701	USD		527		—
State Street		02/23/2016		10,202,000	USD		1,200,000,000	JPY		—		(286,391	)
State Street		03/04/2016		200,000	CAD		141,885	USD		—		(880	)
State Street		03/04/2016		100,000	CHF		98,375	USD		638		—
State Street		03/04/2016		2,400,000	GBP		3,500,916	USD		81,026		—
State Street		03/04/2016		562,800,000	JPY		4,772,087	USD		120,771		—
State Street		03/04/2016		28,200,000	NOK		3,159,131	USD		—		(88,111	)
State Street		03/04/2016		2,200,000	NZD		1,454,072	USD		32,059		—
State Street		03/04/2016		800,000	NZD		517,053	USD		—		(43	)
State Street		03/04/2016		6,900,000	SGD		4,803,679	USD		—		(36,976	)
State Street		03/04/2016		1,468,404	USD		2,100,000	AUD		15,737		—
State Street		03/04/2016		1,103,739	USD		1,600,000	CAD		38,385		—
State Street		03/04/2016		4,000,080	USD		4,000,000	CHF		—		(90,620	)
State Street		03/04/2016		434,333	USD		400,000	EUR		—		(703	)
State Street		03/04/2016		714,619	USD		6,300,000	NOK		10,828		—
State Street		03/04/2016		1,850,251	USD		15,800,000	SEK		—		(7,936	)
State Street		03/04/2016		1,044,925	USD		1,500,000	SGD		7,391		—
UBS		02/23/2016		1,632,045	USD		1,500,000	EUR		—		(6,318	)
UBS		03/04/2016		100,000	CAD		70,649	USD		—		(734	)
UBS		03/04/2016		3,100,000	CHF		3,099,265	USD		69,434		—
UBS		03/04/2016		100,000	EUR		108,223	USD		—		(184	)
UBS		03/04/2016		2,245,900,000	JPY		19,042,599	USD		481,133		—
UBS		03/04/2016		42,300,000	SEK		4,952,669	USD		20,397		—
UBS		03/04/2016		100,000	SEK		11,659	USD		—		(1	)
UBS		03/04/2016		900,000	SGD		629,041	USD		—		(2,349	)
UBS		03/04/2016		11,465,520	USD		16,400,000	AUD		124,916		—
UBS		03/04/2016		2,910,605	USD		4,100,000	CAD		16,087		—
UBS		03/04/2016		296,018	USD		300,000	CHF		—		(2,809	)
UBS		03/04/2016		14,658,705	USD		13,500,000	EUR		—		(23,690	)

The accompanying Notes to Financial Statements are an integral part of this statement.

30 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at January 31, 2016 (continued)

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
UBS		03/04/2016		2,905,329	USD		2,000,000	GBP		—		(55,420	)
UBS		03/04/2016		1,764,553	USD		15,700,000	NOK		43,309		—
UBS		03/04/2016		258,316	USD		400,000	NZD		232		—
UBS		03/04/2016		2,312,538	USD		3,500,000	NZD		—		(50,243	)
UBS		03/04/2016		765,803	USD		1,100,000	SGD		5,895		—
Total										3,153,825		(5,101,019	)

Futures Contracts Outstanding at January 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency		Notional Market Value ($)		Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
3MO EURO EURIBOR		19		EUR		5,162,915		09/2016		1,764		—
3MO EUROYEN TFX		42		JPY		8,669,558		09/2016		9,494		—
90 DAY STERLING		45		GBP		7,970,976		09/2016		16,218		—
90DAY EURO$ FUTR		37		USD		9,182,012		09/2016		26,325		—
AUST 10Y BOND FUT		16		AUD		1,465,470		03/2016		14,408		—
BANK ACCEPT FUTR		22		CAD		3,900,921		09/2016		—		(2,430	)
CAC40 10 EURO FUT		2		EUR		95,569		02/2016		3,210		—
CAN 10YR BOND FUT		9		CAD		917,667		03/2016		4,029		—
Euro CHF 3MO ICE		35		CHF		8,621,443		09/2016		6,824		—
EURO-BUND FUTURE		44		EUR		7,786,113		03/2016		184,952		—
Euro-OAT Future		77		EUR		12,884,146		03/2016		230,576		—
FTSE/MIB IDX FUT		1		EUR		100,769		03/2016		—		(1,789	)
HANG SENG IDX FUT		2		HKD		253,481		02/2016		9,143		—
LONG GILT FUTURE		106		GBP		18,173,051		03/2016		472,149		—
MSCI SING IX ETS		2		SGD		41,401		02/2016		821		—
MSCI SING IX ETS		8		SGD		165,604		02/2016		3,014		—
Russell 2000 Mini		1		USD		103,140		03/2016		—		(8,643	)
S&P/TSX 60 IX FUT		5		CAD		537,369		03/2016		26,990		—
SPI 200 FUTURES		1		AUD		87,849		03/2016		476		—
TOPIX INDX FUTR		52		JPY		6,180,812		03/2016		34,179		—
US LONG BOND (CBT)		6		USD		966,188		03/2016		27,706		—
Total						93,266,454				1,072,278		(12,862	)

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency		Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
DAX INDEX FUTURE		(1	)		EUR		(264,217.00	)		03/2016		14,992		—
EURO STOXX 50		(4	)		EUR		(131,209.00	)		03/2016		4,419		—
EURO-BOBL FUTURE		(13	)		EUR		(1,864,999.00	)		03/2016		—		(14,353	)
EURO-BUND FUTURE		(25	)		EUR		(4,423,928.00	)		03/2016		—		(99,913	)
FTSE 100 IDX FUT		(7	)		GBP		(599,156.00	)		03/2016		4,025		—
IBEX 35 INDX FUTR		(1	)		EUR		(94,989.00	)		02/2016		—		(2,533	)
IBEX 35 INDX FUTR		(1	)		EUR		(94,989.00	)		02/2016		879		—
JPN 10Y BOND (OSE)		(1	)		JPY		(1,242,473.00	)		03/2016		—		(7,276	)
mini MSCI EAFE		(202	)		USD		(16,176,160.00	)		03/2016		531,009		—
mini MSCI Emg Mkt		(37	)		USD		(1,383,430.00	)		03/2016		21,562		—
OMXS30 IND FUTURE		(6	)		SEK		(94,589.00	)		02/2016		1,291		—
S&P500 EMINI FUT		(242	)		USD		(23,354,210.00	)		03/2016		824,020		—
US 10YR NOTE (CBT)		(55	)		USD		(7,126,797.00	)		03/2016		—		(101,813	)
US 10YR NOTE (CBT)		(4	)		USD		(518,312.00	)		03/2016		55		—
US 5YR NOTE (CBT)		(50	)		USD		(6,033,594.00	)		03/2016		—		(54,001	)
US 5YR NOTE (CBT)		(28	)		USD		(3,378,812.00	)		03/2016		—		(26,629	)

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 31

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Futures Contracts Outstanding at January 31, 2016 (continued)

Short Futures Contracts Outstanding (continued)

Contract Description	Number of Contracts			Trading Currency		Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
US LONG BOND (CBT)		(1	)		USD		(161,031.00	)		03/2016		—		(3,346	)
US LONG BOND (CBT)		(10	)		USD		(1,610,312.00	)		03/2016		—		(18,301	)
Total							(68,553,207	)				1,402,252		(328,165	)

Credit Default Swap Contracts Outstanding at January 31, 2016

Sell Protection

Counterparty	Reference Entity	Expiration Date	Receive Fixed Rate (%)		Implied Credit Spread (%)**		Notional Amount ($)		Market Value ($)			Periodic Payments Receivable (Payable) ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Morgan Stanley*	Markit CDX North America High Yield Index, Series 25	12/20/2020		5.000		5.050		17,500,000		(124,904	)		97,222		—		(27,682	)
Morgan Stanley*	Markit CDX North America Investment Grade Index, Series 25	12/20/2020		1.000		1.015		2,500,000		3,491			2,778		6,269		—
Morgan Stanley*	Markit CDX North America Investment Grade Index, Series 25	12/20/2020		1.000		1.015		20,500,000		(191,573	)		22,778		—		(168,795	)
Total															6,269		(196,477	)

* Centrally cleared swap contract

** Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Notes to Portfolio of Investments

(a) Non-income producing investment.

(b) Identifies securities considered by the Investment Manager to be illiquid and may be difficult to sell. The aggregate value of such securities at January 31, 2016 was $98,980, which represents 0.02% of net assets. Information concerning such security holdings at January 31, 2016 is as follows:

Security Description	Acquisition Dates		Cost ($)
Banco Espirito Santo SA, Registered Shares		07/02/2014 - 07/29/2014		528,269
BGP Holdings PLC		02/04/2009 - 05/14/2009		—
Cowen Group, Inc., 5.625%		05/14/2015 - 10/15/2015		137,647

(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2016, the value of these securities amounted to $444,541, which represents 0.07% of net assets.

(d) Represents fractional shares.

(e) Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private

The accompanying Notes to Financial Statements are an integral part of this statement.

32 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Notes to Portfolio of Investments (continued)

placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At January 31, 2016, the value of these securities amounted to $60,827,136 or 9.74% of net assets.

(f) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.

(g) Security, or a portion thereof, has been purchased on a when-issued or delayed delivery basis.

(h) Variable rate security.

(i) Zero coupon bond.

(j) Interest Only (IO) represents the right to receive the monthly interest payments on an underlying pool of mortgage loans.

(k) Principal amounts are denominated in United States Dollars unless otherwise noted.

(l) Principal and interest may not be guaranteed by the government.

(m) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended January 31, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Diversified Absolute Return Fund, Class I Shares		—		13,131,268		—			13,131,268		81,061		50,211		12,811,200
Columbia Mortgage Opportunities Fund, Class I Shares		30,030,591		878,990		—			30,909,581		316,445		562,546		29,270,763
Columbia Short-Term Cash Fund, 0.360%		125,174,940		284,741,379		(320,566,666	)		89,349,653		—		101,031		89,349,653
Total		155,205,531		298,751,637		(320,566,666	)		133,390,502		397,506		713,788		131,431,616

(n) The rate shown is the seven-day current annualized yield at January 31, 2016.

Abbreviation Legend

ADR	American Depositary Receipt
CMO	Collateralized Mortgage Obligation
GDR PIK	Global Depositary Receipt Payment-in-Kind
STRIPS	Separate Trading of Registered Interest and Principal Securities

Currency Legend

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF CLP	Swiss Franc Chilean Peso
COP	Colombian Peso
DKK	Danish Krone
DOP	Dominican Republic Peso
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
ILS	Israeli Shekel
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peru Nuevos Soles
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish Lira
USD	US Dollar

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 33

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

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:

n 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.

n Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

n Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The accompanying Notes to Financial Statements are an integral part of this statement.

34 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at January 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Common Stocks
Argentina		266,388		—		—		266,388
Australia		—		2,346,853		—		2,346,853
Belgium		—		695,590		—		695,590
Brazil		631,553		—		—		631,553
Canada		1,273,396		6,132		—		1,279,528
China		4,217,821		6,838,061		—		11,055,882
Denmark		—		3,586,734		—		3,586,734
France		—		8,980,515		—		8,980,515
Germany		—		7,180,107		—		7,180,107
Hong Kong		—		2,993,340		—		2,993,340
India		—		6,391,527		—		6,391,527
Indonesia		—		2,398,095		—		2,398,095
Ireland		3,294,834		1,036,319		—		4,331,153
Israel		—		1,513,821		—		1,513,821
Italy		—		2,540,374		—		2,540,374
Japan		—		31,493,691		—		31,493,691
Malaysia		—		242,068		—		242,068
Malta		—		—		1		1
Mexico		770,135		—		—		770,135
Netherlands		136,728		3,718,564		—		3,855,292
Norway		—		7,755,787		—		7,755,787
Pakistan		—		812,510		—		812,510
Panama		110,653		—		—		110,653
Peru		301,749		—		—		301,749
Philippines		—		687,514		—		687,514
Portugal		—		—		20,841		20,841
Puerto Rico		122,629		—		—		122,629
Russian Federation		136,307		879,611		—		1,015,918
Singapore		—		1,466,348		—		1,466,348
South Africa		—		2,020,439		—		2,020,439
South Korea		—		5,305,772		—		5,305,772
Spain		—		4,168,018		—		4,168,018
Sweden		—		3,577,171		—		3,577,171
Switzerland		—		8,515,748		—		8,515,748
Taiwan		—		4,176,550		—		4,176,550
Thailand		—		822,889		—		822,889
Turkey		—		419,248		—		419,248
United Kingdom		3,818,208		16,931,750		—		20,749,958
United States		143,918,872		—		—		143,918,872
Total Common Stocks		158,999,273		139,501,146		20,842		298,521,261

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 35

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Preferred Stocks
Germany		—			701,367			—		701,367
South Korea		—			201,902			—		201,902
Total Preferred Stocks		—			903,269			—		903,269
Convertible Preferred Stocks
Ireland		2,342,276			—			—		2,342,276
Israel		566,567			—			—		566,567
United States		5,192,206			968,471			—		6,160,677
Total Convertible Preferred Stocks		8,101,049			968,471			—		9,069,520
Corporate Bonds & Notes		—			60,317,904			—		60,317,904
Convertible Bonds		—			12,889,256			—		12,889,256
Residential Mortgage-Backed Securities — Agency		—			23,077,380			—		23,077,380
Residential Mortgage-Backed Securities — Non-Agency		—			1,244,398			—		1,244,398
Commercial Mortgage-Backed Securities — Non-Agency		—			48,242			—		48,242
Asset-Backed Securities — Non-Agency		—			270,886			—		270,886
Inflation-Indexed Bonds		—			37,317,693			—		37,317,693
U.S. Treasury Obligations		1,662,875			—			—		1,662,875
U.S. Government & Agency Obligations		—			3,807,591			—		3,807,591
Foreign Government Obligations		—			53,022,498			423,699		53,446,197
Exchange-Traded Funds		8,826,676			—			—		8,826,676
Fixed-Income Funds		29,270,763			—			—		29,270,763
Alternative Investment Funds		12,811,200			—			—		12,811,200
Rights
Consumer Discretionary
Textiles, Apparel & Luxury Goods		—			2,372			—		2,372
Money Market Funds		—			89,349,653			—		89,349,653
Total Investments		219,671,836			422,720,759			444,541		642,837,136
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			3,153,825			—		3,153,825
Futures Contracts		2,474,530			—			—		2,474,530
Swap Contracts		—			6,269			—		6,269
Liabilities
Forward Foreign Currency Exchange Contracts		—			(5,101,019	)		—		(5,101,019	)
Futures Contracts		(341,027	)		—			—		(341,027	)
Swap Contracts		—			(196,477	)		—		(196,477	)
Total		221,805,339			420,583,357			444,541		642,833,237

See the Portfolio of Investments for all investment classifications not indicated in the table.

The accompanying Notes to Financial Statements are an integral part of this statement.

36 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets and/or fund per share market values which are not considered publicly available. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

Derivative instruments are valued at unrealized appreciation (depreciation).

Financial assets were transferred from Level 1 to Level 2 as the market for these assets is not considered publicly available. Fund per share market values were obtained using observable market inputs.

Financial assets were transferred from Level 2 to Level 1 as the market for these assets was deemed to be active during the period and fair values were consequently obtained using quoted prices for identical assets rather than being based upon other observable market inputs as of period end.

The following table shows transfers between Level 2 and Level 1 of the fair value hierarchy:

Transfers In		Transfers Out
Level 1 ($)	Level 2 ($)	Level 1 ($)	Level 2 ($)
114,502	125,174,940	125,174,940	114,502

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances.

Certain foreign government obligations classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but were not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

Certain common stocks classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the halt price of the security, the movement in observed market prices for other securities from the issuer, the movement in certain foreign or domestic market indices, and the estimated earnings of the respective company and market multiples derived from a set of comparable companies. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in estimated earnings of the respective company may result in a change to the comparable companies and market multiples utilized.

There were no transfers of financial assets between Levels 2 and 3 during the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 37

COLUMBIA GLOBAL OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2016 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $526,649,493)	$511,405,520
Affiliated issuers (identified cost $133,390,502)	131,431,616
Total investments (identified cost $660,039,995)	642,837,136
Cash	27,640
Foreign currency (identified cost $684,798)	666,083
Margin deposits	5,037,694
Unrealized appreciation on forward foreign currency exchange contracts	3,153,825
Receivable for:
Investments sold	3,676,713
Capital shares sold	3,661,471
Dividends	271,530
Interest	1,780,772
Foreign tax reclaims	271,677
Variation margin	627,391
Prepaid expenses	2,784
Other assets	7,637
Total assets	662,022,353
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	5,101,019
Payable for:
Investments purchased	1,261,584
Investments purchased on a delayed delivery basis	25,514,585
Capital shares purchased	4,113,486
Variation margin	1,133,500
Foreign capital gains taxes deferred	58,899
Investment management fees	11,254
Distribution and/or service fees	4,860
Transfer agent fees	54,131
Plan administration fees	1
Compensation of board members	68,581
Other expenses	89,337
Total liabilities	37,411,237
Net assets applicable to outstanding capital stock	$624,611,116
Represented by
Paid-in capital	$791,278,290
Excess of distributions over net investment income	(2,594,960	)
Accumulated net realized loss	(146,668,537	)
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(15,243,973	)
Investments — affiliated issuers	(1,958,886	)
Foreign currency translations	(138,020	)
Forward foreign currency exchange contracts	(1,947,194	)
Futures contracts	2,133,503
Swap contracts	(190,208	)
Foreign capital gains tax	(58,899	)
Total — representing net assets applicable to outstanding capital stock	$624,611,116

The accompanying Notes to Financial Statements are an integral part of this statement.

38 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016 (Unaudited)

Class A
Net assets	$581,851,407
Shares outstanding	52,851,410
Net asset value per share	$11.01
Maximum offering price per share(a)	$11.68
Class B
Net assets	$7,453,101
Shares outstanding	692,131
Net asset value per share	$10.77
Class C
Net assets	$26,379,328
Shares outstanding	2,465,086
Net asset value per share	$10.70
Class K
Net assets	$195,862
Shares outstanding	17,719
Net asset value per share	$11.05
Class R
Net assets	$18,560
Shares outstanding	1,698
Net asset value per share	$10.93
Class R4
Net assets	$42,034
Shares outstanding	3,799
Net asset value per share(b)	$11.07
Class R5
Net assets	$2,813,730
Shares outstanding	253,676
Net asset value per share	$11.09
Class W
Net assets	$2,331
Shares outstanding	212
Net asset value per share(b)	$10.98
Class Z
Net assets	$5,854,763
Shares outstanding	530,357
Net asset value per share	$11.04

(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 2016 39

COLUMBIA GLOBAL OPPORTUNITIES FUND

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2016 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$4,043,132
Dividends — affiliated issuers	713,788
Interest	2,035,374
Foreign taxes withheld	(180,717	)
Total income	6,611,577
Expenses:
Investment management fees	2,203,533
Distribution and/or service fees
Class A	769,668
Class B	48,364
Class C	137,753
Class R	28
Class W	3
Transfer agent fees
Class A	430,342
Class B	6,749
Class C	19,258
Class K	50
Class R	8
Class R4	36
Class R5	461
Class W	2
Class Z	3,587
Plan administration fees
Class K	251
Compensation of board members	6,420
Custodian fees	88,347
Printing and postage fees	67,162
Registration fees	55,656
Audit fees	39,593
Legal fees	5,445
Other	18,295
Total expenses	3,901,011
Net investment income	2,710,566
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	3,910,861
Capital gain distributions from underlying affiliated funds	397,506
Foreign currency translations	(125,216	)
Forward foreign currency exchange contracts	(682,921	)
Futures contracts	5,411,534
Options purchased	(75,920	)
Options contracts written	3,856
Swap contracts	(12,716	)
Net realized gain	8,826,984
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(51,549,613	)
Investments — affiliated issuers	(1,993,357	)
Foreign currency translations	(32,105	)
Forward sale commitments	1,172
Forward foreign currency exchange contracts	(1,780,523	)
Futures contracts	1,432,190
Options purchased	75,063
Swap contracts	(400,243	)
Foreign capital gains tax	165,951
Net change in unrealized depreciation	(54,081,465	)
Net realized and unrealized loss	(45,254,481	)
Net decrease in net assets from operations	$(42,543,915	)

The accompanying Notes to Financial Statements are an integral part of this statement.

40 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015
Operations
Net investment income		$2,710,566			$7,065,282
Net realized gain		8,826,984			19,476,519
Net change in unrealized depreciation		(54,081,465	)		(24,522,336	)
Net increase (decrease) in net assets resulting from operations		(42,543,915	)		2,019,465
Decrease in net assets from capital stock activity		(39,546,886	)		(114,839,040	)
Total decrease in net assets		(82,090,801	)		(112,819,575	)
Net assets at beginning of period		706,701,917			819,521,492
Net assets at end of period		$624,611,116			$706,701,917
Excess of distributions over net investment income		$(2,594,960	)		$(5,305,526	)

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 41

COLUMBIA GLOBAL OPPORTUNITIES FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		945,556			10,673,286			2,469,833			28,758,638
Redemptions		(4,347,325	)		(49,087,255	)		(10,806,782	)		(125,702,249	)
Net decrease		(3,401,769	)		(38,413,969	)		(8,336,949	)		(96,943,611	)
Class B shares
Subscriptions		1,316			14,654			5,839			66,674
Redemptions(a)		(368,112	)		(4,081,175	)		(1,153,460	)		(13,264,324	)
Net decrease		(366,796	)		(4,066,521	)		(1,147,621	)		(13,197,650	)
Class C shares
Subscriptions		139,097			1,535,486			221,573			2,527,270
Redemptions		(216,632	)		(2,379,847	)		(680,242	)		(7,743,416	)
Net decrease		(77,535	)		(844,361	)		(458,669	)		(5,216,146	)
Class K shares
Subscriptions		—			—			211			2,500
Redemptions		—			—			(2,930	)		(33,439	)
Net decrease		—			—			(2,719	)		(30,939	)
Class R shares
Subscriptions		1,352			15,210			1,444			16,951
Redemptions		(1,316	)		(14,692	)		—			—
Net increase		36			518			1,444			16,951
Class R4 shares
Subscriptions		—			—			4,930			58,433
Redemptions		(1,288	)		(14,711	)		(57	)		(675	)
Net increase (decrease)		(1,288	)		(14,711	)		4,873			57,758
Class R5 shares
Subscriptions		266,374			3,031,714			2,008			23,156
Redemptions		(14,920	)		(168,673	)		—			—
Net increase		251,454			2,863,041			2,008			23,156
Class Z shares
Subscriptions		169,564			1,852,616			138,778			1,609,892
Redemptions		(83,264	)		(923,499	)		(99,707	)		(1,158,451	)
Net increase		86,300			929,117			39,071			451,441
Total net decrease		(3,509,598	)		(39,546,886	)		(9,898,562	)		(114,839,040	)

(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.

42 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended January 31, 2016		Year Ended July 31,								Year Ended September 30,
Class  A	(Unaudited)		2015		2014		2013		2012(a)		2011		2010
Per share data
Net asset value, beginning of period	$11.73		$11.68		$10.89		$9.89		$8.75		$9.02		$8.44
Income from investment operations:
Net investment income	0.05		0.11		0.13		0.16		0.14		0.18		0.15
Net realized and unrealized gain (loss)	(0.77	)	(0.06	)	0.83		1.05		1.16		(0.19	)	0.63
Total from investment operations	(0.72	)	0.05		0.96		1.21		1.30		(0.01	)	0.78
Less distributions to shareholders:
Net investment income	—		—		(0.17	)	(0.21	)	(0.16	)	(0.24	)	(0.20	)
Tax return of capital	—		—		—		—		—		(0.02	)	—
Total distributions to shareholders	—		—		(0.17	)	(0.21	)	(0.16	)	(0.26	)	(0.20	)
Net asset value, end of period	$11.01		$11.73		$11.68		$10.89		$9.89		$8.75		$9.02
Total return	(6.14	%)	0.43	%	8.84	%	12.35	%	14.95	%	(0.24	%)	9.29	%
Ratios to average net assets(b)
Total gross expenses	1.15	%(c)	1.15	%	1.18	%	1.19	%	1.20	%(c)	1.13	%	1.05	%
Total net expenses(d)	1.15	%(c)	1.15	%	1.18	%(e)	1.15	%(e)	1.15	%(c)	1.13	%(e)	1.05	%
Net investment income	0.86	%(c)	0.98	%	1.16	%	1.52	%	1.80	%(c)	1.93	%	1.73	%
Supplemental data
Net assets, end of period (in thousands)	$581,851		$659,873		$754,577		$777,874		$794,822		$774,665		$945,595
Portfolio turnover	66	%	104	%	104	%	150	%	129	%	142	%	114	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from September 30 to July 31.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 43

COLUMBIA GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,								Year Ended September 30,
Class B	(Unaudited)		2015		2014		2013		2012(a)		2011		2010
Per share data
Net asset value, beginning of period	$11.52		$11.56		$10.78		$9.79		$8.67		$8.93		$8.36
Income from investment operations:
Net investment income	0.01		0.02		0.05		0.08		0.08		0.11		0.08
Net realized and unrealized gain (loss)	(0.76	)	(0.06	)	0.81		1.04		1.14		(0.18	)	0.62
Total from investment operations	(0.75	)	(0.04	)	0.86		1.12		1.22		(0.07	)	0.70
Less distributions to shareholders:
Net investment income	—		—		(0.08	)	(0.13	)	(0.10	)	(0.18	)	(0.13	)
Tax return of capital	—		—		—		—		—		(0.01	)	—
Total distributions to shareholders	—		—		(0.08	)	(0.13	)	(0.10	)	(0.19	)	(0.13	)
Net asset value, end of period	$10.77		$11.52		$11.56		$10.78		$9.79		$8.67		$8.93
Total return	(6.51	%)	(0.35	%)	8.04	%	11.56	%	14.19	%	(0.94	%)	8.38	%
Ratios to average net assets(b)
Total gross expenses	1.89	%(c)	1.90	%	1.93	%	1.94	%	1.96	%(c)	1.87	%	1.81	%
Total net expenses(d)	1.89	%(c)	1.90	%	1.93	%(e)	1.90	%(e)	1.90	%(c)	1.87	%(e)	1.81	%
Net investment income	0.13	%(c)	0.21	%	0.40	%	0.78	%	1.05	%(c)	1.18	%	0.98	%
Supplemental data
Net assets, end of period (in thousands)	$7,453		$12,196		$25,502		$34,389		$40,387		$47,580		$74,220
Portfolio turnover	66	%	104	%	104	%	150	%	129	%	142	%	114	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from September 30 to July 31.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

44 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,								Year Ended September 30,
Class C	(Unaudited)		2015		2014		2013		2012(a)		2011		2010
Per share data
Net asset value, beginning of period	$11.44		$11.48		$10.71		$9.73		$8.61		$8.88		$8.32
Income from investment operations:
Net investment income	0.01		0.03		0.05		0.08		0.08		0.11		0.08
Net realized and unrealized gain (loss)	(0.75	)	(0.07	)	0.80		1.03		1.15		(0.19	)	0.61
Total from investment operations	(0.74	)	(0.04	)	0.85		1.11		1.23		(0.08	)	0.69
Less distributions to shareholders:
Net investment income	—		—		(0.08	)	(0.13	)	(0.11	)	(0.18	)	(0.13	)
Tax return of capital	—		—		—		—		—		(0.01	)	—
Total distributions to shareholders	—		—		(0.08	)	(0.13	)	(0.11	)	(0.19	)	(0.13	)
Net asset value, end of period	$10.70		$11.44		$11.48		$10.71		$9.73		$8.61		$8.88
Total return	(6.47	%)	(0.35	%)	8.00	%	11.55	%	14.31	%	(1.02	%)	8.34	%
Ratios to average net assets(b)
Total gross expenses	1.90	%(c)	1.90	%	1.93	%	1.94	%	1.95	%(c)	1.88	%	1.81	%
Total net expenses(d)	1.90	%(c)	1.90	%	1.93	%(e)	1.90	%(e)	1.90	%(c)	1.88	%(e)	1.81	%
Net investment income	0.11	%(c)	0.23	%	0.41	%	0.77	%	1.05	%(c)	1.17	%	0.98	%
Supplemental data
Net assets, end of period (in thousands)	$26,379		$29,100		$34,467		$33,299		$31,649		$29,619		$36,614
Portfolio turnover	66	%	104	%	104	%	150	%	129	%	142	%	114	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from September 30 to July 31.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 45

COLUMBIA GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,								Year Ended September 30,
Class K	(Unaudited)		2015		2014		2013		2012(a)		2011		2010
Per share data
Net asset value, beginning of period	$11.77		$11.71		$10.92		$9.91		$8.77		$9.04		$8.45
Income from investment operations:
Net investment income	0.05		0.13		0.15		0.17		0.15		0.20		0.16
Net realized and unrealized gain (loss)	(0.77	)	(0.07	)	0.82		1.06		1.16		(0.19	)	0.64
Total from investment operations	(0.72	)	0.06		0.97		1.23		1.31		0.01		0.80
Less distributions to shareholders:
Net investment income	—		—		(0.18	)	(0.22	)	(0.17	)	(0.26	)	(0.21	)
Tax return of capital	—		—		—		—		—		(0.02	)	—
Total distributions to shareholders	—		—		(0.18	)	(0.22	)	(0.17	)	(0.28	)	(0.21	)
Net asset value, end of period	$11.05		$11.77		$11.71		$10.92		$9.91		$8.77		$9.04
Total return	(6.12	%)	0.51	%	8.97	%	12.55	%	14.99	%	(0.12	%)	9.49	%
Ratios to average net assets(b)
Total gross expenses	1.06	%(c)	1.04	%	1.04	%	1.03	%	1.06	%(c)	0.98	%	0.91	%
Total net expenses(d)	1.06	%(c)	1.04	%	1.04	%	1.02	%	1.05	%(c)	0.98	%	0.91	%
Net investment income	0.95	%(c)	1.08	%	1.30	%	1.66	%	1.91	%(c)	2.07	%	1.87	%
Supplemental data
Net assets, end of period (in thousands)	$196		$209		$239		$232		$232		$384		$416
Portfolio turnover	66	%	104	%	104	%	150	%	129	%	142	%	114	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from September 30 to July 31.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

46 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,								Year Ended September 30,
Class R	(Unaudited)		2015		2014		2013		2012(a)		2011		2010
Per share data
Net asset value, beginning of period	$11.67		$11.66		$10.87		$9.88		$8.74		$9.01		$8.43
Income from investment operations:
Net investment income	0.03		0.07		0.10		0.13		0.12		0.16		0.12
Net realized and unrealized gain (loss)	(0.77	)	(0.06	)	0.83		1.04		1.16		(0.19	)	0.63
Total from investment operations	(0.74	)	0.01		0.93		1.17		1.28		(0.03	)	0.75
Less distributions to shareholders:
Net investment income	—		—		(0.14	)	(0.18	)	(0.14	)	(0.22	)	(0.17	)
Tax return of capital	—		—		—		—		—		(0.02	)	—
Total distributions to shareholders	—		—		(0.14	)	(0.18	)	(0.14	)	(0.24	)	(0.17	)
Net asset value, end of period	$10.93		$11.67		$11.66		$10.87		$9.88		$8.74		$9.01
Total return	(6.34	%)	0.09	%	8.63	%	11.99	%	14.77	%	(0.49	%)	8.90	%
Ratios to average net assets(b)
Total gross expenses	1.40	%(c)	1.48	%	1.43	%	1.44	%	1.48	%(c)	1.36	%	1.42	%
Total net expenses(d)	1.40	%(c)	1.48	%	1.43	%(e)	1.40	%	1.40	%(c)	1.36	%	1.42	%
Net investment income	0.59	%(c)	0.65	%	0.90	%	1.28	%	1.55	%(c)	1.68	%	1.38	%
Supplemental data
Net assets, end of period (in thousands)	$19		$19		$3		$5		$4		$4		$4
Portfolio turnover	66	%	104	%	104	%	150	%	129	%	142	%	114	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from September 30 to July 31.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 47

COLUMBIA GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class R4	(Unaudited)		2015		2014		2013(a)
Per share data
Net asset value, beginning of period	$11.77		$11.71		$10.92		$10.06
Income from investment operations:
Net investment income	0.06		0.17		0.15		0.15
Net realized and unrealized gain (loss)	(0.76	)	(0.11	)	0.83		0.86
Total from investment operations	(0.70	)	0.06		0.98		1.01
Less distributions to shareholders:
Net investment income	—		—		(0.19	)	(0.15	)
Total distributions to shareholders	—		—		(0.19	)	(0.15	)
Net asset value, end of period	$11.07		$11.77		$11.71		$10.92
Total return	(5.95	%)	0.51	%	9.07	%	10.14	%
Ratios to average net assets(b)
Total gross expenses	0.89	%(c)	0.92	%	0.98	%	0.93	%(c)
Total net expenses(d)	0.89	%(c)	0.92	%	0.98	%(e)	0.92	%(c)
Net investment income	1.14	%(c)	1.47	%	1.34	%	1.98	%(c)
Supplemental data
Net assets, end of period (in thousands)	$42		$60		$3		$3
Portfolio turnover	66	%	104	%	104	%	150	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

48 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class R5	(Unaudited)		2015		2014		2013(a)
Per share data
Net asset value, beginning of period	$11.80		$11.71		$10.92		$10.06
Income from investment operations:
Net investment income	0.06		0.17		0.18		0.14
Net realized and unrealized gain (loss)	(0.77	)	(0.08	)	0.83		0.88
Total from investment operations	(0.71	)	0.09		1.01		1.02
Less distributions to shareholders:
Net investment income	—		—		(0.22	)	(0.16	)
Total distributions to shareholders	—		—		(0.22	)	(0.16	)
Net asset value, end of period	$11.09		$11.80		$11.71		$10.92
Total return	(6.02	%)	0.77	%	9.31	%	10.22	%
Ratios to average net assets(b)
Total gross expenses	0.81	%(c)	0.80	%	0.74	%	0.83	%(c)
Total net expenses(d)	0.81	%(c)	0.80	%	0.74	%	0.81	%(c)
Net investment income	1.00	%(c)	1.44	%	1.57	%	1.82	%(c)
Supplemental data
Net assets, end of period (in thousands)	$2,814		$26		$3		$3
Portfolio turnover	66	%	104	%	104	%	150	%

Notes to Financial Highlights

(a) Based on operations from November 8, 2012 (commencement of operations) through the stated period end.

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(c) Annualized.

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 49

COLUMBIA GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class W	(Unaudited)		2015		2014(a)
Per share data
Net asset value, beginning of period	$11.70		$11.66		$11.77
Income from investment operations:
Net investment income	0.04		0.11		0.00	(b)
Net realized and unrealized loss	(0.76	)	(0.07	)	(0.11	)(c)
Total from investment operations	(0.72	)	0.04		(0.11	)
Net asset value, end of period	$10.98		$11.70		$11.66
Total return	(6.15	%)	0.34	%	(0.93	%)
Ratios to average net assets(d)
Total gross expenses	1.18	%(e)	1.21	%	1.17	%(e)
Total net expenses(f)	1.18	%(e)	1.21	%	1.17	%(e)(g)
Net investment income	0.79	%(e)	0.91	%	0.36	%(e)
Supplemental data
Net assets, end of period (in thousands)	$2		$2		$2
Portfolio turnover	66	%	104	%	104	%

Notes to Financial Highlights

(a) Based on operations from June 25, 2014 (commencement of operations) through the stated period end.

(b) Rounds to zero.

(c) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(e) Annualized.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

50 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,								Year Ended September 30,
Class Z	(Unaudited)		2015		2014		2013		2012(a)		2011		2010(b)
Per share data
Net asset value, beginning of period	$11.75		$11.67		$10.88		$9.88		$8.73		$9.01		$8.98
Income from investment operations:
Net investment income (loss)	0.06		0.15		0.16		0.18		0.17		0.21		(0.01	)
Net realized and unrealized gain (loss)	(0.77	)	(0.07	)	0.82		1.05		1.16		(0.19	)	0.04
Total from investment operations	(0.71	)	0.08		0.98		1.23		1.33		0.02		0.03
Less distributions to shareholders:
Net investment income	—		—		(0.19	)	(0.23	)	(0.18	)	(0.30	)	—
Tax return of capital	—		—		—		—		—		0.00	(c)	—
Total distributions to shareholders	—		—		(0.19	)	(0.23	)	(0.18	)	(0.30	)	—
Net asset value, end of period	$11.04		$11.75		$11.67		$10.88		$9.88		$8.73		$9.01
Total return	(6.04	%)	0.69	%	9.11	%	12.65	%	15.31	%	0.01	%	0.33	%
Ratios to average net assets(d)
Total gross expenses	0.90	%(e)	0.90	%	0.93	%	0.94	%	0.94	%(e)	0.89	%	1.02	%(e)
Total net expenses(f)	0.90	%(e)	0.90	%	0.93	%(g)	0.90	%(g)	0.88	%(e)	0.89	%(g)	1.02	%(e)
Net investment income (loss)	1.11	%(e)	1.25	%	1.41	%	1.75	%	2.06	%(e)	2.28	%	(13.66	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$5,855		$5,216		$4,726		$1,023		$787		$335		$3
Portfolio turnover	66	%	104	%	104	%	150	%	129	%	142	%	114	%

Notes to Financial Highlights

(a) For the period from October 1, 2011 to July 31, 2012. During the period, the Fund’s fiscal year end was changed from September 30 to July 31.

(b) Based on operations from September 27, 2010 (commencement of operations) through the stated period end.

(c) Rounds to zero.

(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.

(e) Annualized.

(f) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 51

COLUMBIA GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2016 (Unaudited)

Note 1. Organization

Columbia Global Opportunities Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class K, Class R, Class R4, Class R5, Class W and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

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 12 months after purchase.

Class K shares are not subject to sales charges, however this share class is closed to new investors.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other investors as described in the Fund’s prospectus.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain investors as described in the Fund’s prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class W shares are not subject to sales charges and are available only to investors purchasing through authorized investment programs managed by investment professionals, including discretionary managed account programs.

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services —Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation

All equity securities and exchange-traded funds are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities and exchange-traded funds are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no

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January 31, 2016 (Unaudited)

sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer.

Foreign equity securities are valued based on the closing price on the foreign exchange in which such securities are primarily traded. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board, including, if available, utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a

good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in the Underlying Funds are valued at the net asset value of the applicable class of the Underlying Fund determined as of the close of the NYSE on the valuation date.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price 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 Fund’s Portfolio of Investments.

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S.

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January 31, 2016 (Unaudited)

dollars at exchange rates determined at the close of the NYSE on any given day. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more 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

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivatives contracts based on whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark and/or to recover an underweight country exposure in its portfolio, to generate total return through long and short currency positions versus the U.S. dollar, and for gaining market exposure to various foreign currencies. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts

are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts are exchange traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market, to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions, and for gaining market exposure to various currency, interest rate and equity markets. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

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January 31, 2016 (Unaudited)

Options Contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and wrote option contracts to decrease the Fund’s exposure to equity market risk and to increase return on investments, to protect gains, to produce incremental earnings, and facilitate buying and selling of securities for investments. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Cash collateral may be collected or posted by the Fund to secure certain over-the-counter option contract trades. Cash collateral held or posted by the Fund for such option contract trades must be returned to the counterparty or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency

when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

Contracts and premiums associated with options contracts written for the six months Ended January 31, 2016 are as follows:

	Calls
	Contracts			Premiums ($)
Balance at July 31, 2015		—			—
Opened		41			(3,856	)
Expired		(41	)		3,856
Balance at January 31, 2016		—			—

Swap Contracts

Swap contracts are negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund’s counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. Unlike a bilateral swap contract, for centrally cleared swap contracts, the Fund has minimal credit exposure to the counterparty because the CCP stands between the Fund and the counterparty. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Credit Default Swap Contracts

The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index. Additionally, credit default swap contracts were used to hedge the Fund’s exposure on a debt security that it owns or in lieu of selling such debt security. These instruments may be used for other purposes in future periods. Credit default swap contracts are agreements in which one party pays fixed periodic payments to a counterparty in consideration for a guarantee from the

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NOTES TO FINANCIAL STATEMENTS (continued)

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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.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the

counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any premium paid or received by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk. The Fund will enter into credit default swap transactions only with counterparties that meet certain standards of creditworthiness, as determined by the Investment Manager.

Interest Rate Swaption Contracts

Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. The Fund purchased or wrote interest rate swaption contracts to manage exposure to fluctuations in interest rates. These instruments may be used for other purposes in future periods. Each interest rate swaption agreement will specify if the buyer is entitled to receive the fixed or floating rate if the interest rate is exercised. Changes in the value of a purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on options in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the interest rate swaption contract written. Premiums

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NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

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.

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2016.

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized appreciation on swap contracts	6,269	*
Equity risk	Net assets — unrealized appreciation on futures contracts	1,480,031	*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	3,153,825
Interest rate risk	Net assets — unrealized appreciation on futures contracts	994,499	*
Total		5,634,624

	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized depreciation on swap contracts	196,477	*
Equity risk	Net assets — unrealized depreciation on futures contracts	12,965	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	5,101,019
Interest rate risk	Net assets — unrealized depreciation on futures contracts	328,062	*
Total		5,638,523

* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended January 31, 2016.

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)		Options Contracts Written ($)		Options Contracts Purchased ($)			Swap Contracts ($)			Total ($)
Credit risk		—			—		—		—			(12,716	)		(12,716	)
Equity risk		—			3,991,693		3,856		—			—			3,995,549
Foreign exchange risk		(682,921	)		—		—		—			—			(682,921	)
Interest rate risk		—			1,419,841		—		(75,920	)		—			1,343,921
Total		(682,921	)		5,411,534		3,856		(75,920	)		(12,716	)		4,643,833

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Options Contracts Purchased ($)		Swap Contracts ($)			Total ($)
Credit risk		—			—			—		(400,243	)		(400,243	)
Equity risk		—			1,611,328			—		—			1,611,328
Foreign exchange risk		(1,780,523	)		—			—		—			(1,780,523	)
Interest rate risk		—			(179,138	)		75,063		—			(104,075	)
Total		(1,780,523	)		1,432,190			75,063		(400,243	)		(673,513	)

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January 31, 2016 (Unaudited)

The following table provides a summary of the average outstanding volume by derivative instrument for the six months ended January 31,2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		91,788,112
Futures contracts — Short		91,824,374
Credit default swap contracts — sell protection		37,725,000
Derivative Instrument	Average Market Value ($)*
Options contracts — Purchased		1

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		3,503,208		(5,186,798	)

* Based on the ending quarterly outstanding amounts for the six months ended January 31, 2016.

Asset- and Mortgage-Backed Securities

The Fund may invest in asset-backed and mortgage-backed securities. The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. All, or a portion, of the obligation may be prepaid at any time because the underlying asset may be prepaid. As a result, decreasing market interest rates could result in an increased level of prepayment. An increased prepayment rate will have the effect of shortening the maturity of the security. Unless otherwise noted, the coupon rates presented are fixed rates.

Delayed Delivery Securities

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

To Be Announced Securities

The Fund may trade securities on a To Be Announced (TBA) basis. As with other delayed-delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms.

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern

transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

Mortgage Dollar Roll Transactions

The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund will benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price.

For financial reporting and tax purposes, the Fund treats “to be announced” mortgage dollar rolls as two separate transactions, one involving the purchase of a security and a separate transaction involving a sale. These transactions may increase the Fund’s portfolio turnover rate. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations.

Treasury Inflation Protected Securities

The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or

Semiannual Report 2016 59

COLUMBIA GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

decreased for deflation based on a monthly published index. These adjustments are recorded as interest income in the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

Interest Only and Principal Only Securities

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security’s interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults

on its obligation. Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

Offsetting of Assets and Liabilities

The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of January 31, 2016:

	Barclays ($)			BNP Paribas ($)			Citi ($)			Credit Suisse ($)			Deutsche Bank ($)			HSBC ($)			Morgan Stanley ($)		Standard Chartered ($)		State Street ($)			UBS ($)		Total ($)
Assets
Centrally cleared credit default swap contracts(a)		—			—			—			—			—			—			93,884		—		—			—		93,884
Forward foreign currency exchange contracts		39,736			67,050			428,826			166,687			943,953			364,977			—		74,358		306,835			761,403		3,153,825
Total Assets		39,736			67,050			428,826			166,687			943,953			364,977			93,884		74,358		306,835			761,403		3,247,709
Liabilities
Forward foreign currency exchange contracts		208,762			512,844			1,756,863			202,231			1,011,689			726,993			—		28,229		511,660			141,748		5,101,019
Total Financial and Derivative Net Assets		(169,026	)		(445,794	)		(1,328,037	)		(35,544	)		(67,736	)		(362,016	)		93,884		46,129		(204,825	)		619,655		(1,853,310	)
Total collateral received (pledged)(b)		—			—			—			—			—			—			—		—		—			—		—
Net Amount(c)		(169,026	)		(445,794	)		(1,328,037	)		(35,544	)		(67,736	)		(362,016	)		93,884		46,129		(204,825	)		619,655		(1,853,310	)

(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities,

unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

60 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds, other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information on the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable 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.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

The value of additional securities received as an income payment is recorded as income and increases the cost basis of such securities.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net

assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its tax exempt and taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Semiannual Report 2016 61

COLUMBIA GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

In May 2015, FASB issued Accounting Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820),Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Other Transactions with Affiliates

Management Fees and Underlying Fund Fees

Effective December 1, 2015, the Fund entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.00% on assets invested in Columbia proprietary funds, including exchange-traded funds, that pay an investment management fee to the Investment Manager, (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities, instruments and other assets not described above, including other funds advised by the Investment Manager that do not pay an investment management fee, derivatives and individual securities. The annualized effective management services fee rate for the six months ended January 31, 2016 was 0.67% of the Fund’s average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not

reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Prior to December 1, 2015, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. For the period from August 1, 2015 through November 30, 2015, the investment advisory services fee paid to the Investment Manager was $1,378,722, and the administrative services fee paid to the Investment Manager was $124,931.

Participating Affiliates

The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. Such coordination may include functional leadership of the business (the “Global” business). From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates will provide services to the Investment Manager (or any affiliated investment subadviser to the Fund as the case may be) either pursuant to subadvisory agreements, personnel-sharing agreements or similar inter-company arrangements and the Fund will pay no additional fees and expenses as a result of any such arrangements.

These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered with appropriate respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.

Pursuant to some of these arrangements, certain employees of these Participating Affiliates may serve as “associated persons” of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information (SAI), may provide such services to the Fund on behalf of the Investment Manager.

62 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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 January 31, 2016, other expenses paid by the Fund to this company were $1,325.

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).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class.

For the six months ended January 31, 2016, 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	0.14	%
Class B	0.14
Class C	0.14
Class K	0.05
Class R	0.13
Class R4	0.14
Class R5	0.05
Class W	0.18
Class Z	0.14

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 January 31, 2016, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution 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

Semiannual Report 2016 63

COLUMBIA GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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 $3,220,000 and $346,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution 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 $147,457 for Class A, $459 for Class B and $1,123 for Class C shares for the six months ended January 31, 2016.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Contractual Expense Cap December 1, 2015 Through November 30, 2016			Voluntary Expense Cap Prior to December 1, 2015
Class A		1.37	%		1.30	%
Class B		2.12			2.05
Class C		2.12			2.05
Class K		1.32			1.24
Class R		1.62			1.55
Class R4		1.12			1.05
Class R5		1.07			0.99
Class W		1.37			1.30
Class Z		1.12			1.05

The contractual agreement may be modified or amended only with approval from all parties. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend and interest expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At January 31, 2016, the cost of investments for federal income tax purposes was approximately $660,040,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$29,104,000
Unrealized depreciation	(46,307,000	)
Net unrealized depreciation	$(17,203,000	)

The following capital loss carryforwards, determined as of July 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:

Year of Expiration	Amount ($)
2018		133,719,540
2019		21,208,022
Total		154,927,562

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat late-year ordinary losses of $2,543,261 as arising on August 1, 2015.

64 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $393,221,063 and $381,166,742, respectively, for the six months ended January 31, 2016, of which $134,573,740 and $134,117,583, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as Dividends — affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.15% per annum. The commitment

fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the six months ended January 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At January 31, 2016, affiliated shareholders of record owned 93.2% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Derivatives Risk

Losses involving derivative instruments may be substantial, because a relatively small price movement in the underlying security(ies), commodity, currency or index or other instrument or asset may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk and liquidity risk.

Foreign Securities and Emerging Market Countries Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation,

Semiannual Report 2016 65

COLUMBIA GLOBAL OPPORTUNITIES FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

deflation or currency devaluation which could hurt their economies and securities markets. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the various conditions, events or other factors impacting those countries and may, therefore, have a greater risk than that of a fund which is more geographically diversified.

Note 9. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

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.

66 Semiannual Report 2016

COLUMBIA GLOBAL OPPORTUNITIES FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Semiannual Report 2016 67

Columbia Global Opportunities Fund

P.O. Box 8081

Boston, MA 02266-8081

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to columbiathreadneedle.com/us. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR156_07_F01_(03/16)

SEMIANNUAL REPORT

January 31, 2016

COLUMBIA MONEY MARKET FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of actively managed investment strategies and solutions for individual, institutional and corporate clients around the world.

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $472 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 13th largest manager of long-term mutual fund assets in the U.S.** and the 4th largest manager of retail funds in the U.K.***

Our priority is the investment success of our clients. We aim to deliver the investment outcomes they expect through an investment approach that is team-based, performance-driven and risk-aware. Our culture is dynamic and interactive. By sharing our insights across asset classes and geographies, we generate richer perspectives on global, regional and local investment landscapes. The ability to exchange and debate investment ideas in a collaborative environment enriches our teams’ investment processes. More importantly, it results in better informed investment decisions for our clients.

Columbia funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

* In U.S. dollars as of December 31, 2015. Source: Ameriprise Q4 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies. Contact us for more current data.

** Source: ICI as of December 31, 2015 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of September 2015 for Threadneedle Asset Management Limited.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

PRESIDENT’S MESSAGE

Dear Shareholder,

Today’s investors are typically focused on outcomes, like living a certain retirement lifestyle, paying for college education or building a legacy. But in today’s complex global investment landscape, even simple goals are not easily achieved.

At Columbia Threadneedle Investments, we aspire to help satisfy five core needs of today’s investors:

n Generate an appropriate stream of income in retirement

Traditional approaches to generating income may not provide the diversification benefits they once did, and they may actually introduce unwanted risk in today’s market. To seek to improve your potential to live comfortably long term, we endeavor to pursue investments that explore less traveled paths to income.

n Navigate a changing interest rate environment

Today’s uncertain market environment includes the prospect of a rise in interest rates. Blending traditional investments with non-traditional or alternative products may help protect your wealth during periods of volatility. We can attempt to help strengthen your portfolio with agile products designed to take on the market’s ups and downs.

n Maximize after-tax returns

In an environment where what you keep may be more important than what you earn, municipal bonds can help mitigate high tax burdens while providing potentially attractive yields. Our state and federal tax-exempt products are aimed at helping investors manage risk, minimize the fluctuation of capital and grow wealth on a more tax-efficient basis.

n Grow assets to achieve financial goals

We believe that finding and protecting growth comes from a disciplined security selection process designed to create excess return. Our goal is to provide investment solutions built to help you face today’s market challenges and grow your assets at each crossroad of your journey.

n Ease the impact of volatile markets

Despite a bull market run that has benefited many investors over the past several years, it’s important to remember the lessons of 2008 and the value that a well-diversified portfolio may provide through times of market volatility. We are here to help you hold onto the savings you have worked tirelessly to amass, and to provide you the best opportunity to maintain your standard of living regardless of market conditions.

Find out today how we can help you confidently invest to realize your dreams. Please visit us at blog.columbiathreadneedleus.com/our-best-ideas to learn more about our unique investment solutions.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and summary prospectus, which contains this and other important information about a fund, visit columbiathreadneedle.com/us. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

TABLE OF CONTENTS

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiathreadneedle.com/us or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	9
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	22
Important Information About This Report	29

Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Money Market Fund (the Fund) Class A shares returned 0.00% for the six-month period that ended January 31, 2016.

n The Fund’s annualized simple yield was 0.01% and its annualized compound yield was also 0.01% for the seven-day period ended January 31, 2016.

Average Annual Total Returns (%) (for period ended January 31, 2016)
	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	10/06/75		0.00		0.01		0.01		1.12
Class B	03/20/95
Excluding sales charges			0.00		0.01		0.01		0.92
Including sales charges			-5.00		-4.99		-0.39		0.92
Class C	06/26/00
Excluding sales charges			0.00		0.01		0.01		0.92
Including sales charges			-1.00		-0.99		0.01		0.92
Class I	03/04/04		0.00		0.01		0.01		1.21
Class R*	08/03/09		0.00		0.01		0.01		1.14
Class R5*	12/11/06		0.00		0.01		0.01		1.17
Class W*	12/01/06		0.00		0.01		0.01		1.11
Class Z*	04/30/10		0.00		0.01		0.01		1.12

Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) (applied as follows: first year 5%; second year 4%; third and forth years 3%; fifth year 2%; sixth year 1%; no sales charge thereafter). Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The performance of different share classes may vary from that shown because of differences in fees and expenses. The Fund’s returns reflect the effect of fee waivers/expense reimbursements, if any. Without such waivers/reimbursements, the Fund’s returns would be lower. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedle.com/us or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information.

The Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the Fund seeks to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Semiannual Report 2016 3

COLUMBIA MONEY MARKET FUND

PORTFOLIO OVERVIEW

(Unaudited)

Portfolio Management

Leonard Aplet, CFA

John McColley

Portfolio Breakdown (%) (at January 31, 2016)
Asset-Backed Commercial Paper	8.8
Asset-Backed Securities — Non-Agency(a)	1.0
Certificates of Deposit	20.8
Commercial Paper	38.4
Repurchase Agreements	4.6
U.S. Government & Agency Obligations	17.0
U.S. Treasury Obligations	9.4
Total	100.0

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

(a) Category comprised of short-term asset-backed securities.

4 Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

UNDERSTANDING YOUR FUND’S EXPENSES

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund’s Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare With Other Funds” below for details on how to use the hypothetical data.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

August 1, 2015 – January 31, 2016

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,000.00	1,023.87		0.99	1.01		0.20
Class B		1,000.00	1,000.00		1,000.00	1,023.92		0.94	0.96		0.19
Class C		1,000.00	1,000.00		1,000.00	1,023.87		0.99	1.01		0.20
Class I		1,000.00	1,000.00		1,000.00	1,023.87		0.99	1.01		0.20
Class R		1,000.00	1,000.00		1,000.00	1,023.87		0.99	1.01		0.20
Class R5		1,000.00	1,000.00		1,000.00	1,023.87		0.99	1.01		0.20
Class W		1,000.00	1,000.00		1,000.00	1,023.72		1.14	1.16		0.23
Class Z		1,000.00	1,000.00		1,000.00	1,023.87		0.99	1.01		0.20

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 366.

Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.

From time to time, the Investment Manager and its affiliates may limit the expenses of the Fund for the purpose of increasing the yield. This expense limitation policy may be revised or terminated at any time without notice. Had the Investment Manager and its affiliates not limited the expenses of the Fund during the six months ended January 31, 2016, the annualized expense ratios would have been 0.62% for Class A, 1.27% for Class B, 0.67% for Class C, 0.33% for Class I, 0.67% for Class R, 0.38% for Class R5, 0.62% for Class W and 0.52% for Class Z. The actual expenses paid would have been $3.08 for Class A, $6.32 for Class B, $3.33 for Class C, $1.64 for Class I, $3.33 for Class R, $1.89 for Class R5, $3.08 for Class W and $2.59 for Class Z; the hypothetical expenses paid would have been $3.12 for Class A, $6.37 for Class B, $3.37 for Class C, $1.66 for Class I, $3.37 for Class R, $1.91 for Class R5, $3.12 for Class W and $2.61 for Class Z.

Semiannual Report 2016 5

COLUMBIA MONEY MARKET FUND

PORTFOLIO OF INVESTMENTS

January 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Asset-Backed Commercial Paper 8.8%
Issuer	Effective Yield		Principal Amount ($)		Value ($)
Jupiter Securitization Co. LLC(a)
02/23/16		0.340%		4,500,000		4,498,950
MetLife Short Term Funding LLC(a)
04/01/16		0.460%		34,000,000		33,973,064
04/04/16		0.520%		13,000,000		12,987,794
Old Line Funding LLC(a)
03/18/16		0.480%		32,000,000		31,979,400
04/01/16		0.450%		15,000,000		14,988,375
Thunder Bay Funding LLC(a)
04/06/16		0.570%		39,000,000		38,958,628
Total Asset-Backed Commercial Paper
(Cost: $137,386,211)						137,386,211
Commercial Paper 38.4%
BANKING 8.6%
BNP Paribas Finance, Inc.
02/01/16		0.180%		47,000,000		46,999,295
Bank of Nova Scotia(a)
03/18/16		0.550%		40,000,000		39,970,667
Toronto Dominion Holdings USA, Inc.(a)
02/17/16		0.240%		48,000,000		47,994,000
Total						134,963,962
CONSUMER PRODUCTS 2.0%
Procter & Gamble Co. (The)(a)
02/19/16		0.340%		4,898,000		4,897,048
03/01/16		0.300%		27,000,000		26,992,792
Total						31,889,840
DIVERSIFIED MANUFACTURING 3.0%
General Electric Co.
02/04/16		0.250%		47,000,000		46,998,107
INTEGRATED ENERGY 6.1%
Chevron Corp.(a)
03/01/16		0.390%		19,000,000		18,993,456
04/11/16		0.440%		28,000,000		27,975,360
Exxon Mobil Corp.
03/17/16		0.440%		26,000,000		25,985,064
03/18/16		0.400%		22,000,000		21,988,267
Total						94,942,147
LIFE INSURANCE 3.1%
New York Life Capital Corp.(a)
04/04/16		0.470%		18,000,000		17,984,725
04/05/16		0.470%		30,000,000		29,974,150
Total						47,958,875

Commercial Paper (continued)
Issuer	Effective Yield		Principal Amount ($)		Value ($)
PHARMACEUTICALS 11.5%
Johnson & Johnson(a)
02/01/16		0.200%		28,000,000		27,999,549
03/01/16		0.300%		20,000,000		19,994,661
Novartis Finance Corp.(a)
02/01/16		0.220%		16,000,000		15,999,716
02/08/16		0.300%		29,000,000		28,997,607
Roche Holdings, Inc.(a)
02/01/16		0.180%		3,300,000		3,299,951
02/08/16		0.300%		44,000,000		43,996,370
Sanofi Aventis(a)
03/08/16		0.400%		39,000,000		38,983,533
Total						179,271,387
PROPERTY & CASUALTY 1.4%
Travelers Co., Inc.(a)
02/01/16		0.210%		22,000,000		21,999,621
RETAILERS 2.7%
Wal-Mart Stores, Inc.(a)
04/28/16		0.450%		43,000,000		42,952,162
Total Commercial Paper
(Cost: $600,976,101)						600,976,101
Certificates of Deposit 20.8%
Australia & New Zealand Banking Group Ltd.
02/01/16		0.380%		47,000,000		47,000,000
BB&T Corp.
02/23/16		0.440%		10,000,000		10,000,000
03/22/16		0.550%		36,000,000		36,000,000
Bank of Montreal Chicago Branch
02/03/16		0.330%		32,000,000		32,000,000
Canadian Imperial Bank of Commerce
02/02/16		0.300%		47,000,000		47,000,000
HSBC Bank USA NA(b)
03/24/16		0.610%		21,000,000		21,000,000
State Street Bank and Trust Co.(b)
05/18/16		0.430%		35,000,000		35,000,000
US Bank NA
04/21/16		0.540%		37,000,000		37,000,000
Wells Fargo Bank NA
04/19/16		0.580%		12,000,000		12,000,000
Wells Fargo Bank NA(b)
07/20/16		0.780%		34,000,000		34,000,000
Westpac Banking Corp.(a)(b)
03/03/16		0.590%		15,000,000		15,000,000
Total Certificates of Deposit
(Cost: $326,000,000)						326,000,000

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

U.S. Government & Agency Obligations 17.1%
Issuer	Effective Yield		Principal Amount ($)		Value ($)
Federal Home Loan Banks Discount Notes
02/03/16		0.210%		23,000,000		22,999,336
02/05/16		0.200%		2,000,000		1,999,923
02/10/16		0.250%		17,000,000		16,998,624
02/17/16		0.240%		45,021,000		45,015,372
02/18/16		0.260%		12,000,000		11,998,258
02/24/16		0.240%		35,000,000		34,993,924
03/08/16		0.300%		32,000,000		31,989,867
03/09/16		0.290%		18,000,000		17,994,345
03/23/16		0.400%		16,210,000		16,200,454
Federal Home Loan Banks(b)
08/26/16		0.400%		30,000,000		30,000,000
01/13/17		0.580%		19,000,000		19,000,000
Federal National Mortgage Association Discount Notes
02/01/16		0.160%		12,000,000		11,999,840
02/02/16		0.150%		6,000,000		5,999,900
Total U.S. Government & Agency Obligations (Cost: $267,189,843)						267,189,843
Repurchase Agreements 4.6%
Tri-party RBC Capital Markets LLC dated 01/29/16, matures 02/01/16, repurchase price $38,000,918 (collateralized by U.S. Treasury Securities, Total Market Value $38,760,023)
		0.290%		38,000,000		38,000,000
Tri-party TD Securities (USA) LLC dated 01/29/16, matures 02/01/16, repurchase price $34,700,954 (collateralized by U.S. Government Agencies and U.S. Treasury Securities, Total Market Value $35,394,077)
		0.330%		34,700,000		34,700,000
Total Repurchase Agreements
(Cost: $72,700,000)						72,700,000

Asset-Backed Securities — Non-Agency 1.0%
Issuer	Coupon Rate		Principal Amount		Value
ABS OTHER 0.5%
Dell Equipment Finance Trust(a) Series 2015-1 Class A1
04/22/16		0.420%		54,440		54,440
Series 2015-2 Class A1
10/24/16		0.530%		7,651,260		7,651,260
Total						7,705,700
CAR LOAN 0.5%
ARI Fleet Lease Trust Series 2015-A Class A1(a)
04/15/16		0.400%		370,622		370,622
SMART ABS Trust Series 2015-3US Class A1
10/14/16		0.520%		7,579,793		7,579,793
Total						7,950,415
Total Asset-Backed Securities — Non-Agency
(Cost: $15,656,115)						15,656,115
U.S. Treasury Obligations 9.4%
U.S. Treasury(b)
01/31/16		0.350%		68,000,000		67,999,972
04/30/16		0.374%		20,000,000		20,000,051
04/30/17		0.379%		24,000,000		23,996,051
07/31/17		0.382%		35,000,000		34,942,691
Total U.S. Treasury Obligations
(Cost: $146,938,765)						146,938,765
Total Investments
(Cost: $1,566,847,035)						1,566,847,035
Other Assets & Liabilities, Net						(2,153,501	)
Net Assets						1,564,693,534

Notes to Portfolio of Investments

(a) Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At January 31, 2016, the value of these securities amounted to $619,467,901 or 39.59% of net assets.

(b) Variable rate security.

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:

n 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.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 7

COLUMBIA MONEY MARKET FUND

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2016 (Unaudited)

Fair Value Measurements (continued)

n Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

n Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Short-term securities are valued using amortized cost, as permitted under Rule 2a-7 of the Investment Company Act of 1940, as amended. Generally, amortized cost approximates the current fair value of these securities, but because the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at January 31, 2016:

	Level 1 Quoted Prices in Active Markets for  Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Asset-Backed Commercial Paper		—		137,386,211		—		137,386,211
Commercial Paper		—		600,976,101		—		600,976,101
Certificates of Deposit		—		326,000,000		—		326,000,000
U.S. Government & Agency Obligations		—		267,189,843		—		267,189,843
Repurchase Agreements		—		72,700,000		—		72,700,000
Asset-Backed Securities — Non-Agency		—		15,656,115		—		15,656,115
U.S. Treasury Obligations		—		146,938,765		—		146,938,765
Total Investments		—		1,566,847,035		—		1,566,847,035

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category represent certain short-term obligations which are valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

There were no transfers of financial assets between levels during the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2016 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,494,147,035)	$1,494,147,035
Repurchase agreements (identified cost $72,700,000)	72,700,000
Total investments (identified cost $1,566,847,035)	1,566,847,035
Cash	34,107
Receivable for:
Capital shares sold	4,290,543
Interest	169,235
Expense reimbursement due from Investment Manager	12,891
Prepaid expenses	4,378
Other assets	13,432
Total assets	1,571,371,621
Liabilities
Payable for:
Capital shares purchased	6,123,547
Dividend distributions to shareholders	11,558
Investment management fees	16,195
Distribution and/or service fees	36
Transfer agent fees	227,844
Compensation of board members	148,049
Other expenses	150,858
Total liabilities	6,678,087
Net assets applicable to outstanding capital stock	$1,564,693,534
Represented by
Paid-in capital	$1,564,463,358
Excess of distributions over net investment income	(157,047	)
Accumulated net realized gain	387,223
Total — representing net assets applicable to outstanding capital stock	$1,564,693,534

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 9

COLUMBIA MONEY MARKET FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2016 (Unaudited)

Class A
Net assets	$1,378,412,335
Shares outstanding	1,377,901,398
Net asset value per share	$1.00
Class B
Net assets	$1,756,441
Shares outstanding	1,757,497
Net asset value per share	$1.00
Class C
Net assets	$26,970,970
Shares outstanding	26,965,951
Net asset value per share	$1.00
Class I
Net assets	$662,642
Shares outstanding	661,969
Net asset value per share	$1.00
Class R
Net assets	$6,026,707
Shares outstanding	6,026,568
Net asset value per share	$1.00
Class R5
Net assets	$1,173,294
Shares outstanding	1,172,851
Net asset value per share	$1.00
Class W
Net assets	$102,527
Shares outstanding	102,503
Net asset value per share	$1.00
Class Z
Net assets	$149,588,618
Shares outstanding	149,569,489
Net asset value per share	$1.00

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2016 (Unaudited)

Net investment income
Income:
Interest	$1,654,657
Total income	1,654,657
Expenses:
Investment management fees	2,981,741
Distribution and/or service fees
Class B	8,329
Transfer agent fees
Class A	1,802,885
Class B	2,869
Class C	33,833
Class R	9,117
Class R5	148
Class W	84
Class Z	190,634
Compensation of board members	8,895
Custodian fees	10,830
Printing and postage fees	168,755
Registration fees	59,399
Audit fees	10,980
Legal fees	8,599
Other	20,488
Total expenses	5,317,586
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(3,728,563	)
Total net expenses	1,589,023
Net investment income	65,634
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	387,223
Net realized gain	387,223
Net realized and unrealized gain	387,223
Net increase in net assets resulting from operations	$452,857

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2016 11

COLUMBIA MONEY MARKET FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended January 31, 2016 (Unaudited)			Year Ended July 31, 2015
Operations
Net investment income		$65,634			$109,179
Net realized gain		387,223			916
Net increase in net assets resulting from operations		452,857			110,095
Distributions to shareholders
Net investment income
Class A		(57,981	)		(120,645	)
Class B		(79	)		(299	)
Class C		(1,276	)		(2,232	)
Class I		(33	)		(66	)
Class R		(346	)		(688	)
Class R5		(64	)		(56	)
Class W		(3	)		(7	)
Class Z		(7,330	)		(13,963	)
Total distributions to shareholders		(67,112	)		(137,956	)
Decrease in net assets from capital stock activity		(37,228,679	)		(190,464,626	)
Total decrease in net assets		(36,842,934	)		(190,492,487	)
Net assets at beginning of period		1,601,536,468			1,792,028,955
Net assets at end of period		$1,564,693,534			$1,601,536,468
Excess of distributions over net investment income		$(157,047	)		$(155,569	)

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended January 31, 2016 (Unaudited)						Year Ended July 31, 2015
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		770,645,762			770,645,762			1,781,376,383			1,781,376,383
Distributions reinvested		56,861			56,861			119,744			119,744
Redemptions		(816,165,671	)		(816,165,671	)		(1,963,459,946	)		(1,963,459,948	)
Net decrease		(45,463,048	)		(45,463,048	)		(181,963,819	)		(181,963,821	)
Class B shares
Subscriptions		496,999			497,000			1,289,228			1,289,227
Distributions reinvested		63			63			243			243
Redemptions(a)		(1,215,034	)		(1,215,034	)		(4,501,077	)		(4,501,076	)
Net decrease		(717,972	)		(717,971	)		(3,211,606	)		(3,211,606	)
Class C shares
Subscriptions		21,372,911			21,372,911			35,134,438			35,134,438
Distributions reinvested		1,213			1,213			2,146			2,146
Redemptions		(20,256,877	)		(20,256,877	)		(37,311,218	)		(37,311,218	)
Net increase (decrease)		1,117,247			1,117,247			(2,174,634	)		(2,174,634	)
Class I shares
Subscriptions		1			1			—			—
Distributions reinvested		33			33			65			65
Net increase		34			34			65			65
Class R shares
Subscriptions		5,037,200			5,037,200			8,116,145			8,116,145
Distributions reinvested		342			342			677			677
Redemptions		(5,667,089	)		(5,667,089	)		(9,512,339	)		(9,512,340	)
Net decrease		(629,547	)		(629,547	)		(1,395,517	)		(1,395,518	)
Class R5 shares
Subscriptions		2,633,745			2,633,745			270,028			270,028
Distributions reinvested		64			64			56			56
Redemptions		(2,105,821	)		(2,105,821	)		(123,979	)		(123,979	)
Net increase		527,988			527,988			146,105			146,105
Class W shares
Subscriptions		201,600			201,600			208,782			208,782
Distributions reinvested		3			3			6			6
Redemptions		(144,037	)		(144,037	)		(213,373	)		(213,373	)
Net increase (decrease)		57,566			57,566			(4,585	)		(4,585	)
Class Z shares
Subscriptions		66,213,580			66,213,579			64,597,472			64,597,473
Distributions reinvested		6,006			6,006			11,161			11,161
Redemptions		(58,340,533	)		(58,340,533	)		(66,469,266	)		(66,469,266	)
Net increase (decrease)		7,879,053			7,879,052			(1,860,633	)		(1,860,632	)
Total net decrease		(37,228,679	)		(37,228,679	)		(190,464,624	)		(190,464,626	)

(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 2016 13

COLUMBIA MONEY MARKET FUND

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class  A	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Net realized and unrealized gain	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Total from investment operations	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Less distributions to shareholders:
Net investment income	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net realized gains	—		—		—		(0.000	)(a)	—		—
Total distributions to shareholders	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.00	%(a)	0.01	%	0.01	%	0.03	%	0.01	%	0.01	%
Ratios to average net assets
Total gross expenses	0.67	%(b)	0.71	%	0.78	%	0.80	%	0.71	%	0.68	%
Total net expenses(c)	0.20	%(b)	0.11	%(d)	0.09	%(d)	0.13	%(d)	0.14	%(d)	0.21	%
Net investment income	0.01	%(b)	0.01	%	0.01	%	0.01	%	0.01	%	0.01	%
Supplemental data
Net assets, end of period (in thousands)	$1,378,412		$1,423,534		$1,605,518		$1,756,157		$1,846,163		$2,170,619

Notes to Financial Highlights

(a) Rounds to zero.

(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.

14 Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class B	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income (loss)	0.000	(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	0.000	(a)
Net realized and unrealized gain	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Total from investment operations	0.000	(a)	(0.000	)(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Less distributions to shareholders:
Net investment income	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net realized gains	—		—		—		(0.000	)(a)	—		—
Total distributions to shareholders	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.00	%(a)	0.01	%	0.01	%	0.03	%	0.01	%	0.01	%
Ratios to average net assets
Total gross expenses	1.42	%(b)	1.47	%	1.53	%	1.55	%	1.46	%	1.43	%
Total net expenses(c)	0.19	%(b)	0.12	%(d)	0.10	%(d)	0.14	%(d)	0.14	%(d)	0.21	%
Net investment income (loss)	0.01	%(b)	(0.01	%)	(0.01	%)	(0.00	%)(a)	(0.00	%)(a)	0.00	%(a)
Supplemental data
Net assets, end of period (in thousands)	$1,756		$2,474		$5,686		$9,860		$12,159		$18,617

Notes to Financial Highlights

(a) Rounds to zero.

(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 2016 15

COLUMBIA MONEY MARKET FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class C	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Net realized and unrealized gain	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Total from investment operations	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Less distributions to shareholders:
Net investment income	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net realized gains	—		—		—		(0.000	)(a)	—		—
Total distributions to shareholders	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.00	%(a)	0.01	%	0.01	%	0.03	%	0.01	%	0.01	%
Ratios to average net assets
Total gross expenses	0.67	%(b)	0.71	%	0.78	%	0.79	%	0.72	%	0.68	%
Total net expenses(c)	0.20	%(b)	0.11	%(d)	0.09	%(d)	0.13	%(d)	0.13	%(d)	0.20	%
Net investment income	0.01	%(b)	0.01	%	0.01	%	0.00	%(a)	0.01	%	0.01	%
Supplemental data
Net assets, end of period (in thousands)	$26,971		$25,847		$28,023		$27,580		$10,252		$12,975

Notes to Financial Highlights

(a) Rounds to zero.

(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.

16 Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class I	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Net realized and unrealized gain	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Total from investment operations	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Less distributions to shareholders:
Net investment income	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net realized gains	—		—		—		(0.000	)(a)	—		—
Total distributions to shareholders	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.00	%(a)	0.01	%	0.01	%	0.03	%	0.01	%	0.01	%
Ratios to average net assets
Total gross expenses	0.41	%(b)	0.41	%	0.41	%	0.40	%	0.40	%	0.40	%
Total net expenses(c)	0.20	%(b)	0.10	%	0.09	%	0.12	%	0.10	%	0.21	%
Net investment income	0.01	%(b)	0.01	%	0.01	%	0.01	%	0.03	%	0.01	%
Supplemental data
Net assets, end of period (in thousands)	$663		$662		$662		$662		$391		$38,467

Notes to Financial Highlights

(a) Rounds to zero.

(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 2016 17

COLUMBIA MONEY MARKET FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class R	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Net realized and unrealized gain	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Total from investment operations	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Less distributions to shareholders:
Net investment income	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net realized gains	—		—		—		(0.000	)(a)	—		—
Total distributions to shareholders	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.00	%(a)	0.01	%	0.01	%	0.03	%	0.01	%	0.03	%
Ratios to average net assets
Total gross expenses	0.67	%(b)	0.71	%	0.78	%	0.78	%	0.71	%	0.67	%
Total net expenses(c)	0.20	%(b)	0.11	%(d)	0.09	%(d)	0.12	%(d)	0.14	%(d)	0.18	%
				��
Net investment income	0.01	%(b)	0.01	%	0.01	%	0.00	%(a)	0.02	%	0.02	%
Supplemental data
Net assets, end of period (in thousands)	$6,027		$6,655		$8,051		$6,904		$654		$30

Notes to Financial Highlights

(a) Rounds to zero.

(b) Annualized.

(c) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(d) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class R5	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Net realized and unrealized gain	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Total from investment operations	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Less distributions to shareholders:
Net investment income	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net realized gains	—		—		—		(0.000	)(a)	—		—
Total distributions to shareholders	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.00	%(a)	0.01	%	0.01	%	0.03	%	0.01	%	0.01	%
Ratios to average net assets
Total gross expenses	0.44	%(b)	0.43	%	0.44	%	0.44	%	0.42	%	0.42	%
Total net expenses(c)	0.20	%(b)	0.10	%	0.09	%	0.13	%	0.12	%	0.21	%
Net investment income	0.01	%(b)	0.01	%	0.01	%	0.01	%	0.03	%	0.01	%
Supplemental data
Net assets, end of period (in thousands)	$1,173		$645		$499		$640		$773		$884

Notes to Financial Highlights

(a) Rounds to zero.

(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 2016 19

COLUMBIA MONEY MARKET FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class W	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Net realized and unrealized gain	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Total from investment operations	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Less distributions to shareholders:
Net investment income	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net realized gains	—		—		—		(0.000	)(a)	—		—
Total distributions to shareholders	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.00	%(a)	0.01	%	0.01	%	0.03	%	0.01	%	0.01	%
Ratios to average net assets
Total gross expenses	0.67	%(b)	0.71	%	0.79	%	0.80	%	0.74	%	0.67	%
Total net expenses(c)	0.23	%(b)	0.11	%(d)	0.10	%(d)	0.12	%(d)	0.13	%(d)	0.21	%
Net investment income	0.01	%(b)	0.01	%	0.00	%(a)	0.01	%	0.00	%(a)	0.01	%
Supplemental data
Net assets, end of period (in thousands)	$103		$45		$50		$2,073		$2,074		$21,133

Notes to Financial Highlights

(a) Rounds to zero.

(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.

20 Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended January 31, 2016		Year Ended July 31,
Class Z	(Unaudited)		2015		2014		2013		2012		2011
Per share data
Net asset value, beginning of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Income from investment operations:
Net investment income	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Net realized and unrealized gain	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Total from investment operations	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)	0.000	(a)
Less distributions to shareholders:
Net investment income	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net realized gains	—		—		—		(0.000	)(a)	—		—
Total distributions to shareholders	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)	(0.000	)(a)
Net asset value, end of period	$1.00		$1.00		$1.00		$1.00		$1.00		$1.00
Total return	0.00	%(a)	0.01	%	0.01	%	0.03	%	0.01	%	0.01	%
Ratios to average net assets
Total gross expenses	0.67	%(b)	0.71	%	0.78	%	0.80	%	0.71	%	0.67	%
Total net expenses(c)	0.20	%(b)	0.11	%(d)	0.09	%(d)	0.13	%(d)	0.14	%(d)	0.20	%
Net investment income	0.01	%(b)	0.01	%	0.01	%	0.01	%	0.01	%	0.01	%
Supplemental data
Net assets, end of period (in thousands)	$149,589		$141,674		$143,541		$129,435		$70,390		$64,787

Notes to Financial Highlights

(a) Rounds to zero.

(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 2016 21

COLUMBIA MONEY MARKET FUND

NOTES TO FINANCIAL STATEMENTS

January 31, 2016 (Unaudited)

Note 1. Organization

Columbia Money Market Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R, Class R5, Class W and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure.

Class A shares are not subject to any front-end sales charge or contingent deferred sales charge (CDSC).

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Fund no longer accepts investments by new or existing investors in the Fund’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within 12 months after purchase.

Class I shares are not subject to sales charges and are available only to the Columbia Family of Funds.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other investors as described in the Fund’s prospectus.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class W shares are not subject to sales charges and are available only to investors purchasing through authorized investment programs managed by investment professionals, including discretionary managed account programs.

Class Z shares are not subject to sales charges and are available only to eligible investors, which are subject to different investment minimums as described in the Fund’s prospectus.

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services —Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation

Securities in the Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Board of Trustees (the Board) continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. The Board has established procedures intended to stabilize the Fund’s net asset value for purposes of purchases and redemptions of Fund shares at $1.00 per share. These procedures include determinations, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Fund’s market-based net asset value deviates from $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board will promptly consider what action, if any, should be initiated.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition,

22 Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.

Repurchase Agreements

The Fund may invest in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Offsetting of Assets and Liabilities

The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of January 31, 2016:

	RBC Capital Markets ($)		TD Securities ($)		Total ($)
Assets
Repurchase agreements		38,000,000		34,700,000		72,700,000
Total Financial and Derivative Net Assets		38,000,000		34,700,000		72,700,000
Total collateral received (pledged)(a)		38,000,000		34,700,000		72,700,000
Net Amount(b)		—		—		—

(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(b) Represents the net amount due from/(to) counterparties in the event of default.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Interest income, including amortization of premium and discount, is recognized daily.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its tax exempt and taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually after the fiscal year in which the capital gains were earned or more frequently to seek to maintain a net asset value of $1.00 per share, unless offset by any available capital loss carryforward. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The

Semiannual Report 2016 23

COLUMBIA MONEY MARKET FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Money Market Fund Reform

In July 2014, the U.S. Securities and Exchange Commission adopted amendments to the rules that govern money market funds, which will significantly change the way certain money market funds will be required to operate. These rules provide boards of trustees with the discretion to impose liquidity fees and/or redemption gates for non-government money market funds if portfolio liquidity drops below specified levels and will require institutional prime money market funds to price shares with a floating net asset value. Non-government money market funds will be required to restrict beneficial owners to natural persons if they want to continue to maintain a stable net asset value. Government money market funds will not be required to float their net asset value or make themselves subject to liquidity fees or redemption gates. Money market funds are required to comply with the liquidity fees, redemption gates and floating net asset value rules by October 14, 2016. After considering the likely effects of the rule changes on the Fund, the Board approved a recommendation made by Columbia Management Investment Advisers, LLC (the Investment Manager) to convert the Fund to a government money market fund on or about October 1, 2016. On such date, the Fund will be re-named Columbia Government Money Market Fund and will be required to invest at least 99.5% of its assets in cash, government securities and repurchase agreements collateralized by cash or government securities. By converting to a government money market fund, the Fund will seek to maintain a stable net asset value per share and will not be required to be subject to liquidity fees or redemption gates.

Recent Accounting Pronouncement

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

In May 2015, FASB issued Accounting Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using

the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Other Transactions with Affiliates

Management Fees

Effective December 1, 2015, the Fund entered into a Management Agreement with the Investment Manager, a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.39% to 0.18% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2016 was 0.38% of the Fund’s average daily net assets.

Prior to December 1, 2015, the Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement. For the period from August 1, 2015 through November 30, 2015, the investment advisory services fee paid to the Investment Manager was $1,710,367, and the administrative services fee paid to the Investment Manager was $290,034.

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 January 31, 2016, other expenses paid by the Fund to this company were $2,171.

Compensation of Board Members

Board members, who are not officers or employees of the Investment Manager or Ameriprise Financial, are

24 Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agency fees. Total transfer agency fees for Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R5 shares.

For the six months ended January 31, 2016, 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	0.26	%
Class B	0.26
Class C	0.26
Class R	0.26
Class R5	0.02
Class W	0.26
Class Z	0.26

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 January 31, 2016, no minimum account balance fees were charged by the Fund.

The Fund and certain other associated investment companies have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). SDC was the legacy Seligman funds’ former transfer agent.

The lease and the Guaranty expire in January 2019. At January 31, 2016, the Fund’s total potential future obligation over the life of the Guaranty is $71,278. The liability remaining at January 31, 2016 for non-recurring charges associated with the lease amounted to $41,356 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities. SDC is owned by six associated investment companies, including the Fund. The Fund’s ownership interest in SDC at January 31, 2016 is recorded as a part of other assets in the Statement of Assets and Liabilities at a cost of $3,719, which approximates the fair value of the ownership interest.

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 0.10% of the Fund’s average daily net assets attributable to Class A and Class W shares, and a fee at an annual rate of up to 0.85%, 0.75% and 0.50% of the Fund’s average daily net assets attributable to Class B, Class C and Class R shares, respectively. For the six

Semiannual Report 2016 25

COLUMBIA MONEY MARKET FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

months ended January 31, 2016, the Fund did not pay fees for Class A, Class C, Class R and Class W shares. For Class B shares, of the 0.85% fee, up to 0.75% is reimbursed for distribution expenses. For the six months ended January 31, 2016, the Fund paid fees equal to 0.75% of the 0.85% for Class B shares.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $3,341,000 and $995,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2015, and may be recovered from future payments under the distribution plan or CDSC. To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales Charges

CDSCs received by the Distributor for distributing Fund shares were $786 for Class B and $1,913 for Class C shares for the six months ended January 31, 2016.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period disclosed below, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

	December 1, 2015 through November 30, 2016			Prior to December 1, 2015
Class A		0.62	%		0.62	%
Class B		1.27			1.27
Class C		1.27			1.27
Class I		0.33			0.32
Class R		0.77			0.77
Class R5		0.38			0.37
Class W		0.62			0.62
Class Z		0.52			0.52

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid

by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend 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. This agreement may be modified or amended only with approval from all parties.

In addition, from time to time, the Investment Manager and its affiliates may waive or absorb expenses of the Fund for the purposes of allowing the Fund to avoid a negative net yield or to increase the Fund’s positive net yield. The Fund’s yield would be negative if Fund expenses exceed Fund income. Any such expense limitation is voluntary and may be revised or terminated at any time without notice.

Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At January 31, 2016, the cost of investments for federal income tax purposes was approximately $1,566,847,000.

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. Line of Credit

The Fund has access to a revolving credit facility whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Effective December 8, 2015, Citibank, N.A. and HSBC Bank USA, N.A. joined JPMorgan

26 Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

Chase Bank, N.A. (JPMorgan) as lead of a syndicate of banks under the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to December 8, 2015, JPMorgan was the sole lead bank under the credit facility agreement that permitted borrowings up to $550 million under the same terms and interest rates as described above with the exception of the commitment fee which was charged at a rate of 0.075% per annum.

The Fund had no borrowings during the six months ended January 31, 2016.

Note 6. Significant Risks

Shareholder Concentration Risk

At January 31, 2016, affiliated shareholders of record owned 84.8% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Credit Risk

Credit risk is the risk that the value of debt securities in the Fund’s portfolio may decline because the issuer may default and fail to pay interest or repay principal when due. Rating agencies assign credit ratings to debt securities to indicate their credit risk. Lower rated or unrated debt securities held by the Fund may present increased credit risk as compared to higher-rated debt securities.

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates.

Note 7. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 2 above, there were no items requiring adjustment of the financial statements or additional disclosure.

Note 8. 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

Semiannual Report 2016 27

COLUMBIA MONEY MARKET FUND

NOTES TO FINANCIAL STATEMENTS (continued)

January 31, 2016 (Unaudited)

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.

28 Semiannual Report 2016

COLUMBIA MONEY MARKET FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Semiannual Report 2016 29

Columbia Money Market Fund

P.O. Box 8081

Boston, MA 02266-8081

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to columbiathreadneedle.com/us. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR200_07_F01_(03/16)

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a)The registrant’s “Schedule I — Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b)There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)		Columbia Funds Series Trust II
By (Signature and Title)		/s/ Christopher O. Petersen
	Christopher O. Petersen, President and Principal Executive Officer
Date		March 23, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)		/s/ Christopher O. Petersen
	Christopher O. Petersen, President and Principal Executive Officer
Date		March 23, 2016
By (Signature and Title)		/s/ Michael G. Clarke
		Michael G. Clarke, Treasurer and Chief Financial Officer
Date		March 23, 2016