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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-21852

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

225 Franklin Street, Boston, Massachusetts					02110
(Address of principal executive offices)					(Zip code)

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

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

Date of fiscal year end:	May 31

Date of reporting period:		November 30, 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

November 30, 2016

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

PRESIDENT'S MESSAGE

Dear Shareholders,

While emotions have run high following the outcome of the U.S. Presidential election, it remains unclear how the Trump presidency will unfold in terms of policy. We have a sense of the priorities espoused by the president-elect over the past eighteen months, but campaign priorities are not always realized and are often never pursued. What seems certain is that, while some investors have already priced expectations into the market, others have retreated, preferring instead a wait and see approach. The outcome of such behaviors appears to have created conditions ripe for ongoing market volatility.

While volatility in the financial markets can be stressful, volatility itself is not a new phenomenon. Other factors that have been at the root cause of recent volatility include uncertainty following the United Kingdom's vote to exit the European Union (Brexit), speculation around the Federal Reserve's decision to increase interest rates, divergent central bank policy and geopolitical unrest. The point is, financial markets have fluctuated for years and may be expected to continue to fluctuate — sometimes wildly. If anything, such volatility seems to be the new normal, perhaps exacerbated by access to information and development of technological tools which have enabled investors to react rapidly to real and perceived change. So what can you do?

Position your portfolio for the reality of market volatility

That there is a historical precedent for market volatility, or even an acceptance that it may persist, offers little comfort. A measured and strategic approach remains the best strategy for investors to stay on track in achieving their investment goals.

Step 1: Review your investment goals

Take this opportunity to review your investment goals and the strategies you are pursuing to achieve those goals in order to remain focused on what's important to you. It is entirely possible that your goals have changed in response either to your life situation or to changes in the market. Accept what you can't control — volatility, and focus on what you can — your investment goals and strategies.

Step 2: Reassess your risk tolerance

Sit down with your financial advisor to discuss your investment goals and strategies, as well as any changes to your tolerance for risk. Consider your investment horizon. Increased market volatility and a new investment horizon may impact the strategies that can best help you achieve your investment goals. Remember, achieving your investment goals may require a certain amount of risk. Ultimately, you must maintain vigilance in reassessing your risk tolerance and the strategies you have selected in pursuit of your investment goals, and awareness of how those strategies may react to market volatility.

Step 3: Remain calm and focus on your long-term plan

Remember, investing is about the long game. Short term events are not necessarily evidence of a longer term reality. Investors who attempt to time the market too often end up reacting to a down turn by selling low and then compounding the problem by waiting on the sidelines, ultimately missing the right opportunity to reinvest.

As long as there is a market, there will be volatility. How you respond to that volatility can make a big difference in the measure of your success as an investor. Talk to your financial advisor about how working with Columbia Threadneedle Investments may help you position your portfolio for the reality of ongoing volatility and, perhaps, even turn such volatility into investment opportunity.

Best regards,

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 investor.columbiathreadneedleus.com. The prospectus should be read carefully before investing.

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

Semiannual Report 2016

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

TABLE OF CONTENTS

Performance Overview					2
Portfolio Overview					3
Understanding Your Fund's Expenses					4
Portfolio of Investments					5
Statement of Assets and Liabilities					10
Statement of Operations					12
Statement of Changes in Net Assets					13
Financial Highlights					16
Notes to Financial Statements					27
Approval of Management Agreement					34
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 investor.columbiathreadneedleus.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Semiannual Report 2016

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Diversified Equity Income Fund (the Fund) Class A shares returned 8.19% excluding sales charges for the six-month period that ended November 30, 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 November 30, 2016)

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	10/15/90
Excluding sales charges			8.19		9.24		12.95		5.25
Including sales charges			1.99		2.97		11.63		4.63
Class B	03/20/95
Excluding sales charges			7.76		8.40		12.11		4.45
Including sales charges			2.76		3.59		11.85		4.45
Class C	06/26/00
Excluding sales charges			7.72		8.36		12.11		4.46
Including sales charges			6.72		7.40		12.11		4.46
Class I	03/04/04		8.34		9.54		13.41		5.70
Class K	03/20/95		8.14		9.25		13.06		5.39
Class R*	12/11/06		7.94		8.86		12.65		4.94
Class R4*	12/11/06		8.24		9.44		13.15		5.29
Class R5*	12/11/06		8.27		9.53		13.35		5.64
Class W*	12/01/06		8.16		9.12		12.92		5.25
Class Y*	11/08/12		8.39		9.57		13.34		5.43
Class Z*	09/27/10		8.24		9.45		13.21		5.42
Russell 1000 Value Index			8.63		12.02		14.69		5.70

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 investor.columbiathreadneedleus.com or calling 800.345.6611.

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

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

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

Semiannual Report 2016
2

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

PORTFOLIO OVERVIEW

(Unaudited)

Top Ten Holdings (%) (at November 30, 2016)
Exxon Mobil Corp.					4.4
JPMorgan Chase & Co.					3.9
Berkshire Hathaway, Inc., Class B					3.6
Wells Fargo & Co.					3.5
Johnson & Johnson					3.0
Citigroup, Inc.					2.8
Cisco Systems, Inc.					2.3
Merck & Co., Inc.					2.2
Philip Morris International, Inc.					2.2
Medtronic PLC					1.9

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.

Portfolio Breakdown (%) (at November 30, 2016)
Common Stocks					97.9
Convertible Bonds					0.5
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 November 30, 2016)
Consumer Discretionary					6.7
Consumer Staples					8.0
Energy					14.4
Financials					27.8
Health Care					10.6
Industrials					8.8
Information Technology					11.0
Materials					2.0
Real Estate					4.6
Telecommunication Services					1.5
Utilities					4.6
Total					100.0

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

Portfolio Management

Hugh Mullin, CFA

Russell Bloomfield, CFA, CAIA

Morningstar Style Box^TM

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

©2017 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 DIVERSIFIED EQUITY INCOME FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

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

Analyzing Your Fund's Expenses

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

Compare With Other Funds

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

June 1, 2016 – November 30, 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		1,081.90		1,019.90		5.38		5.22		1.03
Class B		1,000.00		1,000.00		1,077.60		1,016.14		9.27		9.00		1.78
Class C		1,000.00		1,000.00		1,077.20		1,016.14		9.27		9.00		1.78
Class I		1,000.00		1,000.00		1,083.40		1,021.86		3.34		3.24		0.64
Class K		1,000.00		1,000.00		1,081.40		1,020.26		5.01		4.86		0.96
Class R		1,000.00		1,000.00		1,079.40		1,018.65		6.67		6.48		1.28
Class R4		1,000.00		1,000.00		1,082.40		1,021.11		4.12		4.00		0.79
Class R5		1,000.00		1,000.00		1,082.70		1,021.51		3.71		3.60		0.71
Class W		1,000.00		1,000.00		1,081.60		1,019.85		5.43		5.27		1.04
Class Y		1,000.00		1,000.00		1,083.90		1,021.76		3.45		3.35		0.66
Class Z		1,000.00		1,000.00		1,082.40		1,021.11		4.12		4.00		0.79

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

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

Semiannual Report 2016
4

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

PORTFOLIO OF INVESTMENTS

November 30, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 97.7%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 6.6%
Auto Components 1.0%
Magna International, Inc.		570,448		23,074,622
Household Durables 0.8%
Toll Brothers, Inc.^(a)		667,821		19,807,571
Media 2.3%
Comcast Corp., Class A		394,141		27,396,741
DISH Network Corp., Class A^(a)		443,822		25,497,574
Total				52,894,315
Multiline Retail 0.8%
Macy's, Inc.		459,100		19,374,020
Specialty Retail 1.7%
Foot Locker, Inc.		306,880		21,994,089
Home Depot, Inc. (The)		130,207		16,848,786
Total				38,842,875
Total Consumer Discretionary				153,993,403
CONSUMER STAPLES 7.8%
Beverages 1.2%
PepsiCo, Inc.		282,059		28,234,106
Food & Staples Retailing 1.2%
SYSCO Corp.		509,553		27,133,697
Food Products 2.1%
Mondelez International, Inc., Class A		651,074		26,850,291
Tyson Foods, Inc., Class A		396,506		22,525,506
Total				49,375,797
Tobacco 3.3%
Altria Group, Inc.		419,384		26,811,219
Philip Morris International, Inc.		573,602		50,637,585
Total				77,448,804
Total Consumer Staples				182,192,404
ENERGY 14.1%
Energy Equipment & Services 1.2%
Halliburton Co.		538,411		28,584,240
Oil, Gas & Consumable Fuels 12.9%
BP PLC, ADR		713,034		24,963,320
Cimarex Energy Co.		167,745		23,128,681
ConocoPhillips		597,415		28,986,576
Devon Energy Corp.		572,353		27,661,821

Common Stocks (continued)

Issuer	Shares		Value ($)
EOG Resources, Inc.		316,922		32,490,843
Exxon Mobil Corp.		1,147,143		100,145,584
Hess Corp.		550,521		30,807,155
Valero Energy Corp.		541,396		33,328,338
Total				301,512,318
Total Energy				330,096,558
FINANCIALS 27.1%
Banks 14.3%
Citigroup, Inc.		1,154,869		65,123,063
Fifth Third Bancorp		1,243,056		32,344,317
JPMorgan Chase & Co.		1,109,143		88,919,994
PNC Financial Services Group, Inc. (The)		360,281		39,825,462
SunTrust Banks, Inc.		537,710		27,934,034
Wells Fargo & Co.		1,533,092		81,131,229
Total				335,278,099
Capital Markets 5.5%
Charles Schwab Corp. (The)		757,849		29,298,442
Intercontinental Exchange, Inc.		490,825		27,191,705
Invesco Ltd.		1,009,950		31,621,535
Morgan Stanley		968,981		40,077,054
Total				128,188,736
Diversified Financial Services 3.5%
Berkshire Hathaway, Inc., Class B^(a)		527,998		83,128,005
Insurance 3.8%
Aon PLC		202,180		23,068,738
Chubb Ltd.		294,858		37,741,824
MetLife, Inc.		511,454		28,135,085
Total				88,945,647
Total Financials				635,540,487
HEALTH CARE 10.4%
Biotechnology 1.0%
AbbVie, Inc.		381,323		23,184,439
Health Care Equipment & Supplies 1.8%
Medtronic PLC		584,239		42,655,289
Health Care Providers & Services 1.9%
Aetna, Inc.		227,358		29,747,521
Cardinal Health, Inc.		213,880		15,187,619
Total				44,935,140

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

Semiannual Report 2016
5

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

November 30, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Pharmaceuticals 5.7%
Jazz Pharmaceuticals PLC^(a)		102,357		10,607,256
Johnson & Johnson		628,686		69,972,752
Merck & Co., Inc.		834,682		51,074,191
Total				131,654,199
Total Health Care				242,429,067
INDUSTRIALS 8.6%
Aerospace & Defense 1.2%
Northrop Grumman Corp.		106,366		26,554,272
Air Freight & Logistics 1.0%
United Parcel Service, Inc., Class B		207,027		23,998,570
Airlines 1.5%
United Continental Holdings, Inc.^(a)		506,496		34,922,899
Industrial Conglomerates 1.1%
Carlisle Companies, Inc.		225,530		25,297,700
Machinery 2.6%
Cummins, Inc.		204,059		28,931,485
Ingersoll-Rand PLC		439,207		32,738,490
Total				61,669,975
Road & Rail 1.2%
Norfolk Southern Corp.		265,616		28,277,479
Total Industrials				200,720,895
INFORMATION TECHNOLOGY 10.7%
Communications Equipment 2.2%
Cisco Systems, Inc.		1,766,325		52,671,811
IT Services 1.4%
Leidos Holdings, Inc.		323,598		16,568,218
MasterCard, Inc., Class A		165,241		16,887,630
Total				33,455,848
Semiconductors & Semiconductor Equipment 3.6%
Intel Corp.		931,165		32,311,425
Lam Research Corp.		183,783		19,484,674
ON Semiconductor Corp.^(a)		1,500,729		17,678,588
Skyworks Solutions, Inc.		180,899		13,902,088
Total				83,376,775
Software 1.5%
Activision Blizzard, Inc.		460,054		16,842,577
Microsoft Corp.		313,082		18,866,321
Total				35,708,898

Common Stocks (continued)

Issuer	Shares		Value ($)
Technology Hardware, Storage & Peripherals 2.0%
Apple, Inc.		268,857		29,714,076
Western Digital Corp.		263,788		16,792,744
Total				46,506,820
Total Information Technology				251,720,152
MATERIALS 2.0%
Chemicals 1.1%
Eastman Chemical Co.		346,056		25,995,727
Metals & Mining 0.9%
Freeport-McMoRan, Inc.^(a)		1,329,218		20,403,496
Total Materials				46,399,223
REAL ESTATE 4.5%
Equity Real Estate Investment Trusts (REITs) 4.5%
Alexandria Real Estate Equities, Inc.		261,331		28,639,264
American Tower Corp.		242,101		24,759,669
AvalonBay Communities, Inc.		128,620		21,156,704
Duke Realty Corp.		1,178,249		29,962,872
Total				104,518,509
Total Real Estate				104,518,509
TELECOMMUNICATION SERVICES 1.5%
Diversified Telecommunication Services 1.5%
Verizon Communications, Inc.		697,296		34,795,070
Total Telecommunication Services				34,795,070
UTILITIES 4.4%
Electric Utilities 3.1%
Edison International		414,429		28,500,283
NextEra Energy, Inc.		199,901		22,834,691
Xcel Energy, Inc.		576,618		22,493,868
Total				73,828,842
Multi-Utilities 1.3%
Ameren Corp.		610,792		30,002,103
Total Utilities				103,830,945
Total Common Stocks (Cost: $1,862,447,212)				2,286,236,713

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

Semiannual Report 2016
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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

November 30, 2016 (Unaudited)

Convertible Bonds 0.5%

Issuer

Coupon
Rate

Principal
Amount ($)

Value ($)

Cable and Satellite 0.5%

DISH Network Corp.^(b)08/15/26

3.375

9,732,000

10,893,125

Total Convertible Bonds
(Cost: $9,732,000)

10,893,125

Money Market Funds 1.6%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.480%^(c)(d)		38,584,257		38,587,861
Total Money Market Funds (Cost: $38,584,257)				38,587,861
Total Investments (Cost: $1,910,763,469)				2,335,717,699
Other Assets & Liabilities, Net				5,681,549
Net Assets				2,341,399,248

Notes to Portfolio of Investments

(a) Non-income producing investment.

(b) 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 November 30, 2016, the value of these securities amounted to $10,893,125 or 0.47% of net assets.

(d) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2016 are as follows:

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Realized Gain (Loss) ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					34,470,263				157,351,529				(153,236,263	)			(1,272	)			38,584,257				85,980				38,587,861

Abbreviation Legend

ADR American Depositary Receipt

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).

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

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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

November 30, 2016 (Unaudited)

Fair Value Measurements (continued)

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.

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Columbia Short-Term Cash Fund prices its shares with a floating NAV and no longer seeks to maintain a stable NAV.

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

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

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

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

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

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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

November 30, 2016 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at November 30, 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		153,993,403		—		—		153,993,403
Consumer Staples		182,192,404		—		—		182,192,404
Energy		330,096,558		—		—		330,096,558
Financials		635,540,487		—		—		635,540,487
Health Care		242,429,067		—		—		242,429,067
Industrials		200,720,895		—		—		200,720,895
Information Technology		251,720,152		—		—		251,720,152
Materials		46,399,223		—		—		46,399,223
Real Estate		104,518,509		—		—		104,518,509
Telecommunication Services		34,795,070		—		—		34,795,070
Utilities		103,830,945		—		—		103,830,945
Total Common Stocks		2,286,236,713		—		—		2,286,236,713
Convertible Bonds		—		10,893,125		—		10,893,125
Investments measured at net asset value
Money Market Funds		—		—		—		38,587,861
Total Investments		2,286,236,713		10,893,125		—		2,335,717,699

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

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

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

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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES

November 30, 2016 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,872,179,212)	$	2,297,129,838
Affiliated issuers (identified cost $38,584,257)		38,587,861
Total investments (identified cost $1,910,763,469)		2,335,717,699
Receivable for:
Investments sold		19,959,301
Capital shares sold		493,200
Dividends		5,107,349
Interest		103,098
Foreign tax reclaims		14,261
Prepaid expenses		7,671
Other assets		26,785
Total assets		2,361,429,364
Liabilities
Payable for:
Investments purchased		16,536,225
Capital shares purchased		2,855,025
Management services fees		40,446
Distribution and/or service fees		16,949
Transfer agent fees		215,086
Plan administration fees		8,026
Compensation of board members		219,212
Chief compliance officer expenses		168
Other expenses		138,979
Total liabilities		20,030,116
Net assets applicable to outstanding capital stock	$	2,341,399,248
Represented by
Paid-in capital	$	1,865,962,011
Undistributed net investment income		7,499,790
Accumulated net realized gain		42,983,217
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		424,950,626
Investments — affiliated issuers		3,604
Total — representing net assets applicable to outstanding capital stock	$	2,341,399,248

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

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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

November 30, 2016 (Unaudited)

Class A
Net assets	$	2,151,834,889
Shares outstanding		162,095,695
Net asset value per share	$	13.28
Maximum offering price per share^(a)	$	14.09
Class B
Net assets	$	15,716,322
Shares outstanding		1,180,202
Net asset value per share	$	13.32
Class C
Net assets	$	65,879,905
Shares outstanding		4,976,971
Net asset value per share	$	13.24
Class I
Net assets	$	2,722
Shares outstanding		205
Net asset value per share^(b)	$	13.25
Class K
Net assets	$	36,190,272
Shares outstanding		2,724,648
Net asset value per share	$	13.28
Class R
Net assets	$	5,666,650
Shares outstanding		429,456
Net asset value per share	$	13.19
Class R4
Net assets	$	7,379,451
Shares outstanding		555,992
Net asset value per share	$	13.27
Class R5
Net assets	$	33,532,213
Shares outstanding		2,524,739
Net asset value per share	$	13.28
Class W
Net assets	$	2,542
Shares outstanding		191
Net asset value per share^(b)	$	13.30
Class Y
Net assets	$	436,441
Shares outstanding		32,550
Net asset value per share	$	13.41
Class Z
Net assets	$	24,757,841
Shares outstanding		1,867,024
Net asset value per share	$	13.26

(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.

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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

STATEMENT OF OPERATIONS

Six Months Ended November 30, 2016 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	32,512,476
Dividends — affiliated issuers		85,980
Interest		103,098
Foreign taxes withheld		(42,784	)
Total income		32,658,770
Expenses:
Management services fees		7,383,172
Distribution and/or service fees
Class A		2,674,488
Class B		91,259
Class C		322,288
Class R		14,194
Class W		3
Transfer agent fees
Class A		1,342,697
Class B		11,455
Class C		40,450
Class K		9,335
Class R		3,563
Class R4		4,576
Class R5		7,977
Class W		2
Class Z		14,250
Plan administration fees
Class K		46,547
Compensation of board members		29,065
Custodian fees		9,131
Printing and postage fees		144,589
Registration fees		69,215
Audit fees		15,282
Legal fees		15,635
Chief compliance officer expenses		168
Other		40,483
Total expenses		12,289,824
Expense reductions		(100	)
Total net expenses		12,289,724
Net investment income		20,369,046
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		65,812,754
Investments — affiliated issuers		(1,272	)
Net realized gain		65,811,482
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		95,149,221
Investments — affiliated issuers		3,604
Net change in unrealized appreciation		95,152,825
Net realized and unrealized gain		160,964,307
Net increase in net assets resulting from operations	$	181,333,353

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

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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended November 30, 2016 (Unaudited)			Year Ended May 31, 2016
Operations
Net investment income	$	20,369,046		$	31,235,632
Net realized gain		65,811,482			47,102,801
Net change in unrealized appreciation (depreciation)		95,152,825			(123,241,674	)
Net increase (decrease) in net assets resulting from operations		181,333,353			(44,903,241	)
Distributions to shareholders
Net investment income
Class A		(13,091,919	)		(42,828,996	)
Class B		(46,105	)		(359,903	)
Class C		(155,173	)		(775,943	)
Class I		(21	)		(63	)
Class K		(245,563	)		(958,207	)
Class R		(27,869	)		(103,819	)
Class R4		(52,824	)		(182,217	)
Class R5		(246,081	)		(673,644	)
Class W		(14	)		(48	)
Class Y		(3,373	)		(8,161	)
Class Z		(164,974	)		(405,344	)
Net realized gains
Class A		—			(226,187,014	)
Class B		—			(2,895,297	)
Class C		—			(6,760,372	)
Class I		—			(285	)
Class K		—			(4,452,412	)
Class R		—			(631,570	)
Class R4		—			(749,241	)
Class R5		—			(3,103,883	)
Class W		—			(265	)
Class Y		—			(35,518	)
Class Z		—			(1,898,379	)
Total distributions to shareholders		(14,033,916	)		(293,010,581	)
Increase (decrease) in net assets from capital stock activity		(171,549,632	)		5,143,312
Total decrease in net assets		(4,250,195	)		(332,770,510	)
Net assets at beginning of period		2,345,649,443			2,678,419,953
Net assets at end of period	$	2,341,399,248		$	2,345,649,443
Undistributed net investment income	$	7,499,790		$	1,164,660

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

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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended November 30, 2016 (Unaudited)						Year Ended May 31, 2016
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		3,140,116			39,753,499			9,672,641			120,428,010
Distributions reinvested		1,016,934			12,833,059			22,145,402			264,453,403
Redemptions		(16,867,622	)		(213,641,698	)		(27,780,236	)		(351,776,878	)
Net increase (decrease)		(12,710,572	)		(161,055,140	)		4,037,807			33,104,535
Class B shares
Subscriptions		3,084			39,680			13,038			171,679
Distributions reinvested		3,619			45,739			268,622			3,213,674
Redemptions^(a)		(486,794	)		(6,202,557	)		(1,708,113	)		(22,267,855	)
Net decrease		(480,091	)		(6,117,138	)		(1,426,453	)		(18,882,502	)
Class C shares
Subscriptions		175,733			2,222,282			475,802			5,975,209
Distributions reinvested		12,081			151,826			622,517			7,389,450
Redemptions		(472,661	)		(5,968,927	)		(900,515	)		(11,437,591	)
Net increase (decrease)		(284,847	)		(3,594,819	)		197,804			1,927,068
Class K shares
Subscriptions		158,563			1,998,206			425,762			5,350,619
Distributions reinvested		19,453			245,563			451,758			5,410,619
Redemptions		(550,691	)		(6,967,898	)		(1,922,119	)		(24,698,432	)
Net decrease		(372,675	)		(4,724,129	)		(1,044,599	)		(13,937,194	)
Class R shares
Subscriptions		21,167			265,454			61,832			777,717
Distributions reinvested		2,177			27,313			60,556			718,018
Redemptions		(57,171	)		(717,275	)		(201,171	)		(2,615,271	)
Net decrease		(33,827	)		(424,508	)		(78,783	)		(1,119,536	)
Class R4 shares
Subscriptions		86,926			1,098,736			150,464			1,890,414
Distributions reinvested		4,184			52,789			77,663			930,873
Redemptions		(106,188	)		(1,353,541	)		(394,928	)		(5,188,243	)
Net decrease		(15,078	)		(202,016	)		(166,801	)		(2,366,956	)
Class R5 shares
Subscriptions		166,402			2,116,875			633,730			8,022,571
Distributions reinvested		19,500			246,081			316,270			3,777,327
Redemptions		(242,522	)		(3,036,143	)		(459,671	)		(5,768,259	)
Net increase (decrease)		(56,620	)		(673,187	)		490,329			6,031,639

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

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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended November 30, 2016 (Unaudited)						Year Ended May 31, 2016
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		4,933			63,360			8,356			107,905
Distributions reinvested		263			3,354			3,594			43,364
Redemptions		(4,976	)		(63,951	)		(4,787	)		(63,708	)
Net increase		220			2,763			7,163			87,561
Class Z shares
Subscriptions		1,131,179			14,211,873			336,053			4,292,802
Distributions reinvested		12,324			155,355			178,071			2,126,116
Redemptions		(718,090	)		(9,128,686	)		(487,016	)		(6,120,221	)
Net increase		425,413			5,238,542			27,108			298,697
Total net increase (decrease)		(13,528,077	)		(171,549,632	)		2,043,575			5,143,312

(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.

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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended September 30,
Class A	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	12.35		$	14.26		$	14.25		$	12.29		$	9.76		$	8.53		$	9.03
Income from investment operations:
Net investment income		0.11			0.17			0.23			0.15			0.19			0.11			0.12
Net realized and unrealized gain (loss)		0.90			(0.44	)		1.05			1.97			2.55			1.20			(0.49	)
Total from investment operations		1.01			(0.27	)		1.28			2.12			2.74			1.31			(0.37	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.25	)		(0.17	)		(0.16	)		(0.21	)		(0.08	)		(0.13	)
Net realized gains		—			(1.39	)		(1.10	)		—			—			—			—
Total distributions to shareholders		(0.08	)		(1.64	)		(1.27	)		(0.16	)		(0.21	)		(0.08	)		(0.13	)
Net asset value, end of period	$	13.28		$	12.35		$	14.26		$	14.25		$	12.29		$	9.76		$	8.53
Total return		8.19	%		(1.34	%)		9.34	%		17.45	%		28.46	%		15.31	%		(4.32	%)
Ratios to average net assets^(b)
Total gross expenses		1.03	%^(c)		1.04	%		1.05	%		1.09	%		1.14	%^(d)		1.10	%^(c)		1.13	%
Total net expenses^(e)		1.03	%^(c)(f)		1.04	%^(f)		1.05	%^(f)		1.08	%^(f)		1.08	%^(d)(f)		1.10	%^(c)		1.13	%^(f)
Net investment income		1.76	%^(c)		1.31	%		1.61	%		1.16	%		1.77	%		1.66	%^(c)		1.20	%
Supplemental data
Net assets, end of period (in thousands)	$	2,151,835		$	2,159,152		$	2,434,631		$	2,454,495		$	2,480,865		$	2,320,419		$	3,197,508
Portfolio turnover		15	%		43	%		48	%		74	%		43	%		16	%		36	%

Notes to Financial Highlights

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

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

(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
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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended September 30,
Class B	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	12.39		$	14.30		$	14.28		$	12.32		$	9.79		$	8.56		$	9.05
Income from investment operations:
Net investment income		0.07			0.08			0.11			0.05			0.11			0.06			0.04
Net realized and unrealized gain (loss)		0.89			(0.45	)		1.07			1.98			2.55			1.21			(0.49	)
Total from investment operations		0.96			(0.37	)		1.18			2.03			2.66			1.27			(0.45	)
Less distributions to shareholders:
Net investment income		(0.03	)		(0.15	)		(0.06	)		(0.07	)		(0.13	)		(0.04	)		(0.04	)
Net realized gains		—			(1.39	)		(1.10	)		—			—			—			—
Total distributions to shareholders		(0.03	)		(1.54	)		(1.16	)		(0.07	)		(0.13	)		(0.04	)		(0.04	)
Net asset value, end of period	$	13.32		$	12.39		$	14.30		$	14.28		$	12.32		$	9.79		$	8.56
Total return		7.76	%		(2.08	%)		8.58	%		16.54	%		27.38	%		14.82	%		(5.01	%)
Ratios to average net assets^(b)
Total gross expenses		1.78	%^(c)		1.79	%		1.80	%		1.84	%		1.88	%^(d)		1.87	%^(c)		1.88	%
Total net expenses^(e)		1.78	%^(c)(f)		1.79	%^(f)		1.80	%^(f)		1.83	%^(f)		1.83	%^(d)(f)		1.87	%^(c)		1.88	%^(f)
Net investment income		1.03	%^(c)		0.58	%		0.74	%		0.39	%		1.03	%		0.93	%^(c)		0.43	%
Supplemental data
Net assets, end of period (in thousands)	$	15,716		$	20,574		$	44,132		$	69,741		$	108,589		$	138,560		$	142,429
Portfolio turnover		15	%		43	%		48	%		74	%		43	%		16	%		36	%

Notes to Financial Highlights

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

(d) Ratios include line of credit interest expense which 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
17

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended September 30,
Class C	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	12.32		$	14.22		$	14.21		$	12.26		$	9.74		$	8.52		$	9.02
Income from investment operations:
Net investment income		0.06			0.07			0.12			0.05			0.11			0.06			0.04
Net realized and unrealized gain (loss)		0.89			(0.43	)		1.05			1.97			2.54			1.20			(0.49	)
Total from investment operations		0.95			(0.36	)		1.17			2.02			2.65			1.26			(0.45	)
Less distributions to shareholders:
Net investment income		(0.03	)		(0.15	)		(0.06	)		(0.07	)		(0.13	)		(0.04	)		(0.05	)
Net realized gains		—			(1.39	)		(1.10	)		—			—			—			—
Total distributions to shareholders		(0.03	)		(1.54	)		(1.16	)		(0.07	)		(0.13	)		(0.04	)		(0.05	)
Net asset value, end of period	$	13.24		$	12.32		$	14.22		$	14.21		$	12.26		$	9.74		$	8.52
Total return		7.72	%		(2.02	%)		8.55	%		16.54	%		27.46	%		14.80	%		(5.07	%)
Ratios to average net assets^(b)
Total gross expenses		1.78	%^(c)		1.79	%		1.80	%		1.84	%		1.89	%^(d)		1.85	%^(c)		1.88	%
Total net expenses^(e)		1.78	%^(c)(f)		1.79	%^(f)		1.80	%^(f)		1.83	%^(f)		1.83	%^(d)(f)		1.85	%^(c)		1.88	%^(f)
Net investment income		1.01	%^(c)		0.56	%		0.87	%		0.41	%		1.02	%		0.95	%^(c)		0.44	%
Supplemental data
Net assets, end of period (in thousands)	$	65,880		$	64,809		$	72,010		$	69,633		$	61,178		$	55,775		$	54,238
Portfolio turnover		15	%		43	%		48	%		74	%		43	%		16	%		36	%

Notes to Financial Highlights

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

(d) Ratios include line of credit interest expense which 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
18

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended September 30,
Class I	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	12.33		$	14.24		$	14.23		$	12.28		$	9.76		$	8.52		$	9.02
Income from investment operations:
Net investment income		0.14			0.22			0.29			0.19			0.24			0.14			0.16
Net realized and unrealized gain (loss)		0.88			(0.43	)		1.05			1.98			2.54			1.20			(0.49	)
Total from investment operations		1.02			(0.21	)		1.34			2.17			2.78			1.34			(0.33	)
Less distributions to shareholders:
Net investment income		(0.10	)		(0.31	)		(0.23	)		(0.22	)		(0.26	)		(0.10	)		(0.17	)
Net realized gains		—			(1.39	)		(1.10	)		—			—			—			—
Total distributions to shareholders		(0.10	)		(1.70	)		(1.33	)		(0.22	)		(0.26	)		(0.10	)		(0.17	)
Net asset value, end of period	$	13.25		$	12.33		$	14.24		$	14.23		$	12.28		$	9.76		$	8.52
Total return		8.34	%		(0.93	%)		9.84	%		17.90	%		28.92	%		15.76	%		(3.88	%)
Ratios to average net assets^(b)
Total gross expenses		0.64	%^(c)		0.63	%		0.62	%		0.63	%		0.66	%^(d)		0.63	%^(c)		0.67	%
Total net expenses^(e)		0.64	%^(c)		0.63	%		0.62	%		0.63	%		0.66	%^(d)		0.63	%^(c)		0.67	%
Net investment income		2.14	%^(c)		1.72	%		2.04	%		1.46	%		2.19	%		2.13	%^(c)		1.63	%
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3		$	3		$	3		$	45,330		$	39,849		$	79,024
Portfolio turnover		15	%		43	%		48	%		74	%		43	%		16	%		36	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2016
19

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended September 30,
Class K	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	12.36		$	14.27		$	14.26		$	12.30		$	9.77		$	8.53		$	9.04
Income from investment operations:
Net investment income		0.12			0.18			0.24			0.16			0.20			0.12			0.14
Net realized and unrealized gain (loss)		0.88			(0.44	)		1.06			1.98			2.56			1.20			(0.50	)
Total from investment operations		1.00			(0.26	)		1.30			2.14			2.76			1.32			(0.36	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.26	)		(0.19	)		(0.18	)		(0.23	)		(0.08	)		(0.15	)
Net realized gains		—			(1.39	)		(1.10	)		—			—			—			—
Total distributions to shareholders		(0.08	)		(1.65	)		(1.29	)		(0.18	)		(0.23	)		(0.08	)		(0.15	)
Net asset value, end of period	$	13.28		$	12.36		$	14.27		$	14.26		$	12.30		$	9.77		$	8.53
Total return		8.14	%		(1.24	%)		9.46	%		17.60	%		28.61	%		15.51	%		(4.23	%)
Ratios to average net assets^(b)
Total gross expenses		0.96	%^(c)		0.96	%		0.95	%		0.94	%		0.94	%^(d)		0.93	%^(c)		0.97	%
Total net expenses^(e)		0.96	%^(c)		0.96	%		0.95	%		0.94	%		0.94	%^(d)		0.93	%^(c)		0.97	%
Net investment income		1.85	%^(c)		1.39	%		1.68	%		1.24	%		1.88	%		1.87	%^(c)		1.36	%
Supplemental data
Net assets, end of period (in thousands)	$	36,190		$	38,278		$	59,092		$	72,165		$	168,438		$	202,741		$	189,510
Portfolio turnover		15	%		43	%		48	%		74	%		43	%		16	%		36	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2016
20

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended September 30,
Class R	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	12.28		$	14.18		$	14.18		$	12.23		$	9.72		$	8.50		$	8.99
Income from investment operations:
Net investment income		0.10			0.14			0.19			0.12			0.17			0.09			0.09
Net realized and unrealized gain (loss)		0.87			(0.43	)		1.04			1.96			2.53			1.20			(0.48	)
Total from investment operations		0.97			(0.29	)		1.23			2.08			2.70			1.29			(0.39	)
Less distributions to shareholders:
Net investment income		(0.06	)		(0.22	)		(0.13	)		(0.13	)		(0.19	)		(0.07	)		(0.10	)
Net realized gains		—			(1.39	)		(1.10	)		—			—			—			—
Total distributions to shareholders		(0.06	)		(1.61	)		(1.23	)		(0.13	)		(0.19	)		(0.07	)		(0.10	)
Net asset value, end of period	$	13.19		$	12.28		$	14.18		$	14.18		$	12.23		$	9.72		$	8.50
Total return		7.94	%		(1.52	%)		9.04	%		17.16	%		28.05	%		15.14	%		(4.46	%)
Ratios to average net assets^(b)
Total gross expenses		1.28	%^(c)		1.29	%		1.30	%		1.34	%		1.39	%^(d)		1.35	%^(c)		1.38	%
Total net expenses^(e)		1.28	%^(c)(f)		1.29	%^(f)		1.30	%^(f)		1.33	%^(f)		1.33	%^(d)(f)		1.35	%^(c)		1.38	%^(f)
Net investment income		1.51	%^(c)		1.07	%		1.36	%		0.90	%		1.53	%		1.46	%^(c)		0.95	%
Supplemental data
Net assets, end of period (in thousands)	$	5,667		$	5,688		$	7,687		$	8,004		$	9,859		$	10,976		$	10,114
Portfolio turnover		15	%		43	%		48	%		74	%		43	%		16	%		36	%

Notes to Financial Highlights

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

(d) Ratios include line of credit interest expense which 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
21

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended September 30,
Class R4	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	12.35		$	14.26		$	14.24		$	12.28		$	9.75		$	8.51		$	9.02
Income from investment operations:
Net investment income		0.13			0.20			0.26			0.18			0.20			0.11			0.11
Net realized and unrealized gain (loss)		0.88			(0.43	)		1.06			1.97			2.54			1.20			(0.50	)
Total from investment operations		1.01			(0.23	)		1.32			2.15			2.74			1.31			(0.39	)
Less distributions to shareholders:
Net investment income		(0.09	)		(0.29	)		(0.20	)		(0.19	)		(0.21	)		(0.07	)		(0.12	)
Net realized gains		—			(1.39	)		(1.10	)		—			—			—			—
Total distributions to shareholders		(0.09	)		(1.68	)		(1.30	)		(0.19	)		(0.21	)		(0.07	)		(0.12	)
Net asset value, end of period	$	13.27		$	12.35		$	14.26		$	14.24		$	12.28		$	9.75		$	8.51
Total return		8.24	%		(1.07	%)		9.69	%		17.71	%		28.46	%		15.37	%		(4.52	%)
Ratios to average net assets^(b)
Total gross expenses		0.79	%^(c)		0.79	%		0.80	%		0.84	%		1.02	%^(d)		1.18	%^(c)		1.21	%
Total net expenses^(e)		0.79	%^(c)(f)		0.79	%^(f)		0.80	%^(f)		0.83	%^(f)		0.99	%^(d)		1.18	%^(c)		1.21	%
Net investment income		2.01	%^(c)		1.56	%		1.81	%		1.37	%		1.91	%		1.63	%^(c)		1.06	%
Supplemental data
Net assets, end of period (in thousands)	$	7,379		$	7,052		$	10,520		$	13,093		$	22,154		$	53,739		$	53,617
Portfolio turnover		15	%		43	%		48	%		74	%		43	%		16	%		36	%

Notes to Financial Highlights

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

(d) Ratios include line of credit interest expense which 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
22

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended September 30,
Class R5	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	12.36		$	14.27		$	14.26		$	12.30		$	9.77		$	8.53		$	9.03
Income from investment operations:
Net investment income		0.13			0.21			0.29			0.19			0.23			0.14			0.16
Net realized and unrealized gain (loss)		0.89			(0.43	)		1.04			1.98			2.55			1.20			(0.49	)
Total from investment operations		1.02			(0.22	)		1.33			2.17			2.78			1.34			(0.33	)
Less distributions to shareholders:
Net investment income		(0.10	)		(0.30	)		(0.22	)		(0.21	)		(0.25	)		(0.10	)		(0.17	)
Net realized gains		—			(1.39	)		(1.10	)		—			—			—			—
Total distributions to shareholders		(0.10	)		(1.69	)		(1.32	)		(0.21	)		(0.25	)		(0.10	)		(0.17	)
Net asset value, end of period	$	13.28		$	12.36		$	14.27		$	14.26		$	12.30		$	9.77		$	8.53
Total return		8.27	%		(0.98	%)		9.73	%		17.89	%		28.95	%		15.65	%		(3.87	%)
Ratios to average net assets^(b)
Total gross expenses		0.71	%^(c)		0.71	%		0.70	%		0.69	%		0.70	%^(d)		0.68	%^(c)		0.72	%
Total net expenses^(e)		0.71	%^(c)		0.71	%		0.70	%		0.69	%		0.70	%^(d)		0.68	%^(c)		0.72	%
Net investment income		2.08	%^(c)		1.64	%		2.00	%		1.48	%		2.14	%		2.11	%^(c)		1.62	%
Supplemental data
Net assets, end of period (in thousands)	$	33,532		$	31,899		$	29,830		$	26,434		$	83,244		$	57,805		$	57,903
Portfolio turnover		15	%		43	%		48	%		74	%		43	%		16	%		36	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2016
23

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended September 30,
Class W	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	12.37		$	14.28		$	14.27		$	12.31		$	9.78		$	8.55		$	9.04
Income from investment operations:
Net investment income		0.11			0.17			0.23			0.16			0.19			0.11			0.12
Net realized and unrealized gain (loss)		0.89			(0.44	)		1.05			1.97			2.55			1.20			(0.48	)
Total from investment operations		1.00			(0.27	)		1.28			2.13			2.74			1.31			(0.36	)
Less distributions to shareholders:
Net investment income		(0.07	)		(0.25	)		(0.17	)		(0.17	)		(0.21	)		(0.08	)		(0.13	)
Net realized gains		—			(1.39	)		(1.10	)		—			—			—			—
Total distributions to shareholders		(0.07	)		(1.64	)		(1.27	)		(0.17	)		(0.21	)		(0.08	)		(0.13	)
Net asset value, end of period	$	13.30		$	12.37		$	14.28		$	14.27		$	12.31		$	9.78		$	8.55
Total return		8.16	%		(1.37	%)		9.31	%		17.44	%		28.38	%		15.32	%		(4.20	%)
Ratios to average net assets^(b)
Total gross expenses		1.04	%^(c)		1.07	%		1.10	%		1.07	%		1.11	%^(d)		1.08	%^(c)		1.10	%
Total net expenses^(e)		1.04	%^(c)(f)		1.07	%^(f)		1.08	%^(f)		1.07	%^(f)		1.08	%^(d)(f)		1.08	%^(c)		1.10	%^(f)
Net investment income		1.75	%^(c)		1.28	%		1.59	%		1.19	%		1.77	%		1.73	%^(c)		1.23	%
Supplemental data
Net assets, end of period (in thousands)	$	3		$	2		$	3		$	3		$	4		$	4		$	3
Portfolio turnover		15	%		43	%		48	%		74	%		43	%		16	%		36	%

Notes to Financial Highlights

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

(d) Ratios include line of credit interest expense which 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
24

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,
Class Y	(Unaudited)			2016			2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	12.47		$	14.38		$	14.36		$	12.38		$	10.33
Income from investment operations:
Net investment income		0.14			0.22			0.21			0.22			0.14
Net realized and unrealized gain (loss)		0.90			(0.44	)		1.14			1.98			2.04
Total from investment operations		1.04			(0.22	)		1.35			2.20			2.18
Less distributions to shareholders:
Net investment income		(0.10	)		(0.30	)		(0.23	)		(0.22	)		(0.13	)
Net realized gains		—			(1.39	)		(1.10	)		—			—
Total distributions to shareholders		(0.10	)		(1.69	)		(1.33	)		(0.22	)		(0.13	)
Net asset value, end of period	$	13.41		$	12.47		$	14.38		$	14.36		$	12.38
Total return		8.39	%		(0.93	%)		9.79	%		17.99	%		21.23	%
Ratios to average net assets^(b)
Total gross expenses		0.66	%^(c)		0.66	%		0.64	%		0.64	%		0.64	%^(c)(d)
Total net expenses^(e)		0.66	%^(c)		0.66	%		0.64	%		0.64	%		0.64	%^(c)(d)
Net investment income		2.14	%^(c)		1.68	%		1.42	%		1.63	%		2.24	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	436		$	403		$	362		$	20,127		$	3
Portfolio turnover		15	%		43	%		48	%		74	%		43	%

Notes to Financial Highlights

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

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

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

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

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25

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended September 30,
Class Z	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	12.34		$	14.25		$	14.24		$	12.28		$	9.76		$	8.52		$	9.03
Income from investment operations:
Net investment income		0.13			0.20			0.27			0.18			0.22			0.13			0.17
Net realized and unrealized gain (loss)		0.88			(0.43	)		1.04			1.98			2.54			1.20			(0.52	)
Total from investment operations		1.01			(0.23	)		1.31			2.16			2.76			1.33			(0.35	)
Less distributions to shareholders:
Net investment income		(0.09	)		(0.29	)		(0.20	)		(0.20	)		(0.24	)		(0.09	)		(0.16	)
Net realized gains		—			(1.39	)		(1.10	)		—			—			—			—
Total distributions to shareholders		(0.09	)		(1.68	)		(1.30	)		(0.20	)		(0.24	)		(0.09	)		(0.16	)
Net asset value, end of period	$	13.26		$	12.34		$	14.25		$	14.24		$	12.28		$	9.76		$	8.52
Total return		8.24	%		(1.08	%)		9.62	%		17.76	%		28.69	%		15.62	%		(4.06	%)
Ratios to average net assets^(b)
Total gross expenses		0.79	%^(c)		0.79	%		0.80	%		0.84	%		0.89	%^(d)		0.82	%^(c)		0.87	%
Total net expenses^(e)		0.79	%^(c)(f)		0.79	%^(f)		0.80	%^(f)		0.83	%^(f)		0.83	%^(d)(f)		0.82	%^(c)		0.87	%^(f)
Net investment income		2.00	%^(c)		1.57	%		1.90	%		1.37	%		2.03	%		2.00	%^(c)		1.77	%
Supplemental data
Net assets, end of period (in thousands)	$	24,758		$	17,788		$	20,150		$	15,733		$	54,418		$	69,694		$	58,213
Portfolio turnover		15	%		43	%		48	%		74	%		43	%		16	%		36	%

Notes to Financial Highlights

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

(d) Ratios include line of credit interest expense which 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
26

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS

November 30, 2016 (Unaudited)

Note 1. Organization

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

Fund Shares

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities

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27

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

November 30, 2016 (Unaudited)

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

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer 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.

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.

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 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.

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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

November 30, 2016 (Unaudited)

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.

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

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.

Investment Company Reporting Modernization

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29

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

November 30, 2016 (Unaudited)

governing the form and content of such financial statements. The amendments to Regulation S-X take effect on August 1, 2017. At this time, management is assessing the anticipated impact of these regulatory developments.

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees

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 0.72% to 0.52% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2016 was 0.63% of the Fund's average daily net assets.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board, including payments to 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

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.

Compensation of Chief Compliance Officer

The Board has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund is allocated a portion of the expenses associated with the Chief Compliance Officer based on relative net assets of the Trust.

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 pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, prior to October 1, 2016, the Transfer Agent also received 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). Effective October 1, 2016, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts up to the lesser of the amount charged by the servicing agent or a cap established by the Board from time to time.

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Effective January 1, 2017, total transfer agency fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.075% of the average daily net assets attributable to each share class. Total transfer agency fees for Class I and Class Y shares are subject to an annual limitation of not more than 0.025% of the average daily net assets attributable to each share class. Prior to January 1, 2017, total transfer agency fees for Class K and Class R5 shares were subject to an annual limitation of not more than 0.05% of the average daily net assets

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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

November 30, 2016 (Unaudited)

attributable to each share class. Class I and Class Y shares did not pay transfer agency fees.

For the six months ended November 30, 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

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 November 30, 2016, these minimum account balance fees reduced total expenses of the Fund by $100.

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 $7,523,000 and $625,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2016, 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 $348,211 for Class A, $65 for Class B and $2,291 for Class C shares for the six months ended November 30, 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:

	Fee Rates Contractual Through September 30, 2017
Class A		1.15	%
Class B		1.90
Class C		1.90
Class I		0.80
Class K		1.10
Class R		1.40
Class R4		0.90
Class R5		0.85
Class W		1.15
Class Y		0.80
Class Z		0.90

Under the agreement, the following fees and expenses are excluded from the waiver/reimbursement

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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

November 30, 2016 (Unaudited)

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, infrequent and/or unusual 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 the Investment Manager, certain of its affiliates and the Fund. 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 November 30, 2016, the cost of investments for federal income tax purposes was approximately $1,910,763,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	480,400,000
Unrealized depreciation		(55,445,000	)
Net unrealized appreciation	$	424,955,000

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 $19,584,565 as arising on June 1, 2016.

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 $340,962,014 and $505,691,377, respectively, for the six months ended November 30, 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 Affiliated MMF). 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 the Affiliated MMF. Effective October 1, 2016, the Affiliated MMF prices its shares with a floating net asset value (NAV) and no longer seeks to maintain a stable NAV. In addition, the Board of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Line of Credit

The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, 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.

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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

November 30, 2016 (Unaudited)

The Fund had no borrowings during the six months ended November 30, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At November 30, 2016, affiliated shareholders of record owned 85.7% 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.

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

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (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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COLUMBIA DIVERSIFIED EQUITY INCOME FUND

APPROVAL OF MANAGEMENT AGREEMENT

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. Columbia Threadneedle prepared detailed reports for the Board and its Contracts Committee in February, March and April 2016, including reports providing the results of analyses performed by an independent organization, Broadridge Financial Solutions, Inc. (Broadridge), and a comprehensive response to items of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. Many of the materials presented in February, March and April were first supplied in draft form to designated independent Board representatives, i.e., Independent Legal Counsel, the Chair of the Board and/or the Chair of the Contracts Committee, and the final materials were revised to contain information reflective of discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by Columbia Threadneedle addressing the services Columbia Threadneedle provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 13-15, 2016 in-person Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of management agreements and the Board's legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, Extent and Quality of Services Provided by Columbia Threadneedle

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

The Independent Trustees specifically considered many developments during the past year concerning the services provided by Columbia Threadneedle, including, in particular, the relatively recent change in the leadership of equity department oversight, improvements in technology research and the use of research analysts' model portfolios to highlight best ideas and improve implementation. The Independent Trustees further noted the restructured investment risk management department and its additional resources, including the new head of multi-asset investment risk. They also observed the relatively recent 5P leadership transition, and the additional staff and resources dedicated to the 5P team. The Board also noted the broad scope of services provided by Columbia Threadneedle to each Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning Columbia Threadneedle's ability to attract and retain key portfolio management personnel.

In connection with the Board's evaluation of the overall package of services provided by Columbia Threadneedle, the Board also considered the nature, quality and range of administrative services provided to the Fund by Columbia Threadneedle, as well as the achievements in 2015 in the performance of administrative services, and noted the various enhancements anticipated for 2016. In evaluating the quality of services provided under the Management Agreement, the Independent Trustees also took into account the organization and strength of the Fund's and its service providers' compliance programs. In addition, the Board reviewed the financial condition of Columbia Threadneedle and its affiliates and each entity's ability to carry out its responsibilities under the

Semiannual Report 2016
34

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

APPROVAL OF MANAGEMENT AGREEMENT (continued)

Management Agreement and the Fund's other service agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet.

The Board also discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by Columbia Threadneedle), noting that no material changes are proposed from the form of agreement previously approved. They also noted the wide array of legal and compliance services provided to the Funds. It was also observed that the services being performed under the Management Agreement were of a reasonably high quality.

Based on the foregoing, and based on other information received (both oral and written, including the information on investment performance referenced below) and other considerations, the Board concluded that Columbia Threadneedle and its affiliates are in a position to continue to provide a high quality and level of services to the Fund.

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under the Management Agreement, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods, the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group and the net assets of the Fund. The Board observed that the Fund's investment performance met expectations.

Comparative Fees, Costs of Services Provided and the Profits Realized by Columbia Threadneedle and its Affiliates from their Relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by an independent organization) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to Columbia Threadneedle's profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by Columbia Threadneedle and discussed differences in how the products are managed and operated, noting no unreasonable differences in the levels of contractual fees.

The Board considered the reports of its independent fee consultant, JDL Consultants, LLC (JDL), which assisted in its analysis of the Funds' performance and expenses, the reasonableness of the Funds' fee rates, the reasonableness of Columbia Threadneedle's profitability, and JDL's conclusion that the management fees being charged to the Fund are reasonable. The Board accorded particular weight to the notion that the level of fees should generally reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain defined exceptions) are generally in line with the "pricing philosophy" currently in effect (i.e., that the total expense ratio of the Fund is generally no higher than the median expense ratio of funds in the comparison universe of the Fund). The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports. Based on its review, the Board concluded that the Fund's management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

The Board also considered the expected profitability of Columbia Threadneedle and its affiliates in connection with Columbia Threadneedle providing management services to the Fund. In this regard, the Independent Trustees referred to their detailed analysis of the Profitability Report, discussing the profitability to Columbia Threadneedle and Ameriprise Financial from managing, operating and distributing the Funds. The Board took into account JDL's conclusion that 2015 Columbia Threadneedle profitability, relative to industry competitors, was reasonable. It also considered that in 2015 the Board had concluded that 2014 profitability was reasonable and that Columbia Threadneedle generated 2015 profitability that only slightly exceeded 2014 levels. It also took into account the indirect economic benefits flowing to Columbia Threadneedle or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to

Semiannual Report 2016
35

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

APPROVAL OF MANAGEMENT AGREEMENT (continued)

Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Economies of Scale to be Realized

The Board also considered the economies of scale that might be realized by Columbia Threadneedle as the Fund grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board concluded that the breakpoints in the management fee rate schedule satisfactorily provides for the sharing of economies of scale, as they allow for adequate opportunity for shareholders to realize benefits (fee breaks) as Fund assets grow.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that the management fees were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On June 15, 2016, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Semiannual Report 2016
36

COLUMBIA DIVERSIFIED EQUITY INCOME FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

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

Semiannual Report 2016
37

Columbia Diversified Equity Income Fund

P.O. Box 8081

Boston, MA 02266-8081

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 investor.columbiathreadneedleus.com. 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.

investor.columbiathreadneedleus.com

SAR138_05_G01_(01/17)

SEMIANNUAL REPORT

November 30, 2016

COLUMBIA DIVIDEND OPPORTUNITY FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of 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 $460 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 13th largest manager of long-term mutual fund assets in the U.S.** and the 4th largest manager of retail funds in the U.K.***

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

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

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

* In U.S. dollars as of June 30, 2016. Source: Ameriprise Q2 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle group of companies. Contact us for more current data.

** Source: ICI as of June 30, 2016 for Columbia Management Investment Advisers, LLC.

*** Source: Investment Association as of March 2016 for Threadneedle Asset Management Limited.

Not part of the shareholder report

PRESIDENT'S MESSAGE

Dear Shareholders,

Position your portfolio for the reality of market volatility

Step 1: Review your investment goals

Step 2: Reassess your risk tolerance

Step 3: Remain calm and focus on your long-term plan

Best regards,

Christopher O. Petersen
President, Columbia Funds

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

Semiannual Report 2016

COLUMBIA DIVIDEND OPPORTUNITY 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

Performance Overview					3
Portfolio Overview					4
Understanding Your Fund's Expenses					5
Portfolio of Investments					6
Statement of Assets and Liabilities					11
Statement of Operations					14
Statement of Changes in Net Assets					15
Financial Highlights					18
Notes to Financial Statements					29
Approval of Management Agreement					38
Important Information About This Report					41

Semiannual Report 2016

COLUMBIA DIVIDEND OPPORTUNITY FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Dividend Opportunity Fund (the Fund) Class A shares returned 2.94% excluding sales charges for the six-month period that ended November 30, 2016.

n During the same time period, the Fund underperformed both the MSCI USA High Dividend Yield Index (Net), which returned 5.07%, and the Russell 1000 Value Index, which returned 8.63%.

Average Annual Total Returns (%) (for period ended November 30, 2016)

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	08/01/88
Excluding sales charges			2.94		8.32		11.20		6.37
Including sales charges			-2.95		2.06		9.90		5.74
Class B	03/20/95
Excluding sales charges			2.58		7.59		10.39		5.57
Including sales charges			-2.42		2.59		10.12		5.57
Class C	06/26/00
Excluding sales charges			2.50		7.55		10.38		5.57
Including sales charges			1.50		6.55		10.38		5.57
Class I	03/04/04		3.12		8.82		11.68		6.81
Class K	03/20/95		2.97		8.49		11.35		6.56
Class R*	08/01/08		2.70		8.06		10.91		6.08
Class R4*	11/08/12		3.02		8.57		11.42		6.47
Class R5*	08/01/08		2.98		8.64		11.60		6.70
Class W	12/01/06		2.82		8.31		11.19		6.34
Class Y*	11/08/12		3.08		8.82		11.56		6.54
Class Z*	09/27/10		3.05		8.68		11.49		6.54
MSCI USA High Dividend Yield Index (Net)			5.07		11.80		12.96		7.00
Russell 1000 Value Index			8.63		12.02		14.69		5.70

The MSCI USA High Dividend Yield Index (Net) is composed of those securities in the MSCI USA Index that have higher-than-average dividend yield (e.g. 30% higher than that of the MSCI USA Index), a track record of consistent dividend payments and the capacity to sustain future dividend payments. The MSCI USA Index is a free float adjusted market capitalization index that is designed to measure large- and mid-cap U.S. equity market performance.

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

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

Semiannual Report 2016
3

COLUMBIA DIVIDEND OPPORTUNITY FUND

PORTFOLIO OVERVIEW

(Unaudited)

Portfolio Management

Steve Schroll

Paul Stocking

Dean Ramos, CFA

Morningstar Style Box^TM

© 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Top Ten Holdings (%) (at November 30, 2016)
Chevron Corp.					5.8
AT&T, Inc.					5.8
Philip Morris International, Inc.					5.5
Pfizer, Inc.					4.1
Altria Group, Inc.					3.9
Intel Corp.					3.4
Cisco Systems, Inc.					3.3
Microsoft Corp.					3.3
Johnson & Johnson					3.1
Occidental Petroleum Corp.					2.8

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

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

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

Portfolio Breakdown (%) (at November 30, 2016)
Common Stocks					93.5
Equity-Linked Notes					5.0
Money Market Funds					1.5
Total					100.0

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

Equity Sector Breakdown (%) (at November 30, 2016)
Consumer Discretionary					3.8
Consumer Staples					17.2
Energy					20.0
Financials					6.4
Health Care					11.8
Industrials					3.0
Information Technology					15.3
Materials					4.0
Telecommunication Services					9.8
Utilities					8.7
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 DIVIDEND OPPORTUNITY FUND

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

Analyzing Your Fund's Expenses

Compare With Other Funds

June 1, 2016 – November 30, 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		1,029.40		1,020.10		5.04		5.01		0.99
Class B		1,000.00		1,000.00		1,025.80		1,016.34		8.84		8.80		1.74
Class C		1,000.00		1,000.00		1,025.00		1,016.34		8.83		8.80		1.74
Class I		1,000.00		1,000.00		1,031.20		1,021.96		3.16		3.14		0.62
Class K		1,000.00		1,000.00		1,029.70		1,020.46		4.68		4.66		0.92
Class R		1,000.00		1,000.00		1,027.00		1,018.85		6.30		6.28		1.24
Class R4		1,000.00		1,000.00		1,030.20		1,021.31		3.82		3.80		0.75
Class R5		1,000.00		1,000.00		1,029.80		1,021.71		3.41		3.40		0.67
Class W		1,000.00		1,000.00		1,028.20		1,020.10		5.03		5.01		0.99
Class Y		1,000.00		1,000.00		1,030.80		1,021.96		3.16		3.14		0.62
Class Z		1,000.00		1,000.00		1,030.50		1,021.31		3.82		3.80		0.75

Semiannual Report 2016
5

COLUMBIA DIVIDEND OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS

November 30, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 93.5%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 3.5%
Automobiles 0.2%
Ford Motor Co.		862,802		10,319,112
Leisure Products 1.2%
Mattel, Inc.		1,660,251		52,414,124
Multiline Retail 1.7%
Kohl's Corp.		530,951		28,581,092
Macy's, Inc.		519,172		21,909,059
Nordstrom, Inc.		351,284		19,643,801
Total				70,133,952
Specialty Retail 0.4%
Staples, Inc.		1,761,430		17,033,028
Total Consumer Discretionary				149,900,216
CONSUMER STAPLES 16.1%
Food & Staples Retailing 0.6%
Wesfarmers Ltd.		799,271		24,610,149
Food Products 0.4%
Archer-Daniels-Midland Co.		349,923		15,127,171
Household Products 1.9%
Procter & Gamble Co. (The)		978,451		80,683,070
Tobacco 13.2%
Altria Group, Inc.		2,533,202		161,947,604
British American Tobacco PLC		1,242,604		68,307,749
Imperial Brands PLC		1,944,698		83,531,939
Philip Morris International, Inc.		2,582,560		227,988,397
Reynolds American, Inc.		383,442		20,744,212
Total				562,519,901
Total Consumer Staples				682,940,291
ENERGY 18.7%
Oil, Gas & Consumable Fuels 18.7%
BP PLC, ADR		2,665,910		93,333,544
Chevron Corp.		2,186,960		243,977,257
Enbridge Energy Management LLC^(a)		1		30
ENI SpA		1,479,648		20,606,207
Exxon Mobil Corp.		1,195,221		104,342,793
Hess Corp.		89,758		5,022,858
Occidental Petroleum Corp.		1,649,266		117,691,622
Royal Dutch Shell PLC, Class A		2,326,253		58,968,894

Common Stocks (continued)

Issuer	Shares		Value ($)
Spectra Energy Corp.		781,461		32,000,828
Suncor Energy, Inc.		503,015		16,026,058
Total SA		972,285		46,325,048
Valero Energy Corp.		905,524		55,744,057
Total				794,039,196
Total Energy				794,039,196
FINANCIALS 6.0%
Banks 3.5%
Bank of America Corp.		1,594,911		33,684,520
Bank of Montreal		727,600		47,919,736
JPMorgan Chase & Co.		304,303		24,395,972
PacWest Bancorp		374,524		19,194,355
Toronto-Dominion Bank (The)		472,331		22,383,766
Total				147,578,349
Capital Markets 1.4%
Invesco Ltd.		819,579		25,661,019
Morgan Stanley		829,909		34,325,036
Total				59,986,055
Insurance 1.1%
Principal Financial Group, Inc.		779,377		44,962,259
Total Financials				252,526,663
HEALTH CARE 11.0%
Biotechnology 0.6%
AbbVie, Inc.		433,436		26,352,909
Pharmaceuticals 10.4%
GlaxoSmithKline PLC		1,887,057		35,310,025
Johnson & Johnson		1,167,571		129,950,652
Merck & Co., Inc.		1,703,646		104,246,099
Pfizer, Inc.		5,347,496		171,868,521
Total				441,375,297
Total Health Care				467,728,206
INDUSTRIALS 2.8%
Aerospace & Defense 2.2%
BAE Systems PLC		3,502,574		26,316,427
Lockheed Martin Corp.		259,472		68,824,948
Total				95,141,375

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

Semiannual Report 2016
6

COLUMBIA DIVIDEND OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (continued)

November 30, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Road & Rail 0.6%
Kansas City Southern		262,738		23,307,488
Total Industrials				118,448,863
INFORMATION TECHNOLOGY 14.4%
Communications Equipment 3.7%
Cisco Systems, Inc.		4,684,740		139,698,947
Telefonaktiebolaget LM Ericsson, Class B		3,584,722		18,458,434
Total				158,157,381
IT Services 1.8%
International Business Machines Corp.		456,401		74,037,370
Semiconductors & Semiconductor Equipment 4.2%
Intel Corp.		4,149,882		144,000,905
QUALCOMM, Inc.		482,977		32,905,223
Total				176,906,128
Software 3.2%
Microsoft Corp.		2,273,376		136,993,638
Technology Hardware, Storage & Peripherals 1.5%
Seagate Technology PLC		1,558,899		62,511,850
Total Information Technology				608,606,367
MATERIALS 3.7%
Chemicals 2.8%
Dow Chemical Co. (The)		1,644,013		91,604,404
LyondellBasell Industries NV, Class A		309,311		27,936,970
Total				119,541,374
Containers & Packaging 0.9%
Graphic Packaging Holding Co.		1,549,496		19,477,165
International Paper Co.		285,562		13,912,580
WestRock Co.		107,774		5,518,029
Total				38,907,774
Total Materials				158,449,148
TELECOMMUNICATION SERVICES 9.2%
Diversified Telecommunication Services 8.4%
AT&T, Inc.		6,240,365		241,065,300
BCE, Inc.		851,110		36,665,819
CenturyLink, Inc.		2,159,205		50,784,501
Orange SA		1,725,040		25,148,035
Total				353,663,655

Common Stocks (continued)

Issuer	Shares		Value ($)
Wireless Telecommunication Services 0.8%
Vodafone Group PLC		4,596,937		11,152,518
Vodafone Group PLC, ADR		946,627		23,135,564
Total				34,288,082
Total Telecommunication Services				387,951,737
UTILITIES 8.1%
Electric Utilities 6.3%
American Electric Power Co., Inc.		680,618		40,190,493
Duke Energy Corp.		789,857		58,267,751
Exelon Corp.		728,003		23,667,378
PG&E Corp.		606,550		35,665,140
PPL Corp.		1,300,164		43,503,487
Scottish & Southern Energy PLC		802,555		14,811,308
Xcel Energy, Inc.		1,297,427		50,612,627
Total				266,718,184
Multi-Utilities 1.8%
Ameren Corp.		880,945		43,272,019
DTE Energy Co.		378,493		35,233,913
Total				78,505,932
Total Utilities				345,224,116
Total Common Stocks (Cost: $3,437,831,270)				3,965,814,803

Equity-Linked Notes 5.0%

Issuer	Coupon Rate			Shares		Value ($)
Barclays Bank PLC (linked to common stock of Leidos Holdings, Inc.)^(b)02/08/17		11.880	%		540,132		24,835,269
Credit Suisse AG (linked to common stock of United Continental Holdings, Inc.)^(b)02/22/17		12.250	%		304,137		19,218,417
Deutsche Bank AG^(b)(linked to common stock of American Airlines Group, Inc.) 02/10/17		12.500	%		430,020		18,901,099
(linked to common stock of Anadarko Petroleum Corp.) 02/01/17		13.090	%		348,243		22,659,476
(linked to common stock of Delta Air Lines, Inc.) 02/22/17		11.360	%		407,636		18,743,919
(linked to common stock of Devon Energy Corp.) 02/01/17		18.410	%		535,157		23,085,603
(linked to common stock of Eastman Chemical Co.) 02/10/17		9.800	%		197,602		14,596,069

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

Semiannual Report 2016
7

COLUMBIA DIVIDEND OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (continued)

November 30, 2016 (Unaudited)

Equity-Linked Notes (continued)

Issuer	Coupon Rate			Shares		Value ($)
JPMorgan Chase Bank NA (linked to common stock of WestRock Co.)^(b)02/21/17		15.930	%		533,635		26,639,059
Royal Bank of Canada (linked to common stock of Amerada Hess Corp.)^(b)02/02/17		14.670	%		417,895		22,662,446
Societe Generale SA (linked to common stock of CF Industries Holdings, Inc.)^(b)02/03/17		18.760	%		690,345		19,315,715
Total Equity-Linked Notes (Cost: $195,386,784)							210,657,072

Money Market Funds 1.5%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.480%^(c)(d)		65,264,468		65,270,994
Total Money Market Funds (Cost: $65,264,468)				65,270,994
Total Investments (Cost: $3,698,482,522)				4,241,742,869
Other Assets & Liabilities, Net				2,060,329
Net Assets				4,243,803,198

Notes to Portfolio of Investments

(a) Non-income producing investment.

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Sales ($)				Realized Gain (Loss) ($)				Ending Cost ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Short-Term Cash Fund					48,622,017				1,041,946,051				(1,025,303,564	)			(36	)			65,264,468				179,582				65,270,994

Abbreviation Legend

ADR American Depositary Receipt

Fair Value Measurements

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

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COLUMBIA DIVIDEND OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (continued)

November 30, 2016 (Unaudited)

Fair Value Measurements (continued)

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

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

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

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.

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

Semiannual Report 2016
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COLUMBIA DIVIDEND OPPORTUNITY FUND

PORTFOLIO OF INVESTMENTS (continued)

November 30, 2016 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at November 30, 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		149,900,216		—		—		149,900,216
Consumer Staples		506,490,454		176,449,837		—		682,940,291
Energy		668,139,017		125,900,179		—		794,039,196
Financials		252,526,663		—		—		252,526,663
Health Care		432,418,181		35,310,025		—		467,728,206
Industrials		92,132,436		26,316,427		—		118,448,863
Information Technology		590,147,933		18,458,434		—		608,606,367
Materials		158,449,148		—		—		158,449,148
Telecommunication Services		351,651,184		36,300,553		—		387,951,737
Utilities		330,412,808		14,811,308		—		345,224,116
Total Common Stocks		3,532,268,040		433,546,763		—		3,965,814,803
Equity-Linked Notes		—		210,657,072		—		210,657,072
Investments measured at net asset value
Money Market Funds		—		—		—		65,270,994
Total Investments		3,532,268,040		644,203,835		—		4,241,742,869

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

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

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

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

Semiannual Report 2016
10

COLUMBIA DIVIDEND OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES

November 30, 2016 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $3,633,218,054)	$	4,176,471,875
Affiliated issuers (identified cost $65,264,468)		65,270,994
Total investments (identified cost $3,698,482,522)		4,241,742,869
Receivable for:
Investments sold		15,288
Capital shares sold		2,615,501
Dividends		19,462,417
Foreign tax reclaims		1,774,702
Prepaid expenses		12,779
Other assets		35,839
Total assets		4,265,659,395
Liabilities
Payable for:
Investments purchased		15,066,882
Capital shares purchased		5,879,715
Management services fees		69,652
Distribution and/or service fees		30,300
Transfer agent fees		451,569
Plan administration fees		790
Compensation of board members		192,000
Chief compliance officer expenses		315
Other expenses		164,974
Total liabilities		21,856,197
Net assets applicable to outstanding capital stock	$	4,243,803,198
Represented by
Paid-in capital	$	3,658,869,274
Undistributed net investment income		31,807,741
Accumulated net realized gain		9,995,652
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		543,253,821
Investments — affiliated issuers		6,526
Foreign currency translations		(129,816	)
Total — representing net assets applicable to outstanding capital stock	$	4,243,803,198

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

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11

COLUMBIA DIVIDEND OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

November 30, 2016 (Unaudited)

Class A
Net assets	$	2,686,054,088
Shares outstanding		287,879,696
Net asset value per share	$	9.33
Maximum offering price per share^(a)	$	9.90
Class B
Net assets	$	8,287,264
Shares outstanding		897,345
Net asset value per share	$	9.24
Class C
Net assets	$	405,228,514
Shares outstanding		44,322,825
Net asset value per share	$	9.14
Class I
Net assets	$	49,129,145
Shares outstanding		5,237,381
Net asset value per share	$	9.38
Class K
Net assets	$	3,550,161
Shares outstanding		378,637
Net asset value per share	$	9.38
Class R
Net assets	$	41,976,446
Shares outstanding		4,502,536
Net asset value per share	$	9.32
Class R4
Net assets	$	105,967,773
Shares outstanding		11,180,252
Net asset value per share	$	9.48
Class R5
Net assets	$	239,749,091
Shares outstanding		25,547,959
Net asset value per share	$	9.38
Class W
Net assets	$	72,015
Shares outstanding		7,706
Net asset value per share^(b)	$	9.34

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

Semiannual Report 2016
12

COLUMBIA DIVIDEND OPPORTUNITY FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

November 30, 2016 (Unaudited)

Class Y
Net assets	$	71,534,306
Shares outstanding		7,530,982
Net asset value per share	$	9.50
Class Z
Net assets	$	632,254,395
Shares outstanding		67,499,568
Net asset value per share	$	9.37

(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 DIVIDEND OPPORTUNITY FUND

STATEMENT OF OPERATIONS

Six Months Ended November 30, 2016 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	86,395,170
Dividends — affiliated issuers		179,582
Interest		14,002,251
Foreign taxes withheld		(1,294,067	)
Total income		99,282,936
Expenses:
Management services fees		13,049,810
Distribution and/or service fees
Class A		3,486,742
Class B		48,447
Class C		2,085,486
Class R		100,974
Class W		95
Transfer agent fees
Class A		1,773,028
Class B		6,174
Class C		265,122
Class K		966
Class R		25,630
Class R4		68,724
Class R5		59,286
Class W		49
Class Z		401,510
Plan administration fees
Class K		4,819
Compensation of board members		40,827
Custodian fees		41,547
Printing and postage fees		180,231
Registration fees		92,182
Audit fees		30,655
Legal fees		25,883
Chief compliance officer expenses		315
Other		74,032
Total expenses		21,862,534
Expense reductions		(40	)
Total net expenses		21,862,494
Net investment income		77,420,442
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		83,464,131
Investments — affiliated issuers		(36	)
Foreign currency translations		70,525
Forward foreign currency exchange contracts		10,874,177
Net realized gain		94,408,797
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(45,377,242	)
Investments — affiliated issuers		6,526
Foreign currency translations		(41,351	)
Net change in unrealized depreciation		(45,412,067	)
Net realized and unrealized gain		48,996,730
Net increase in net assets resulting from operations	$	126,417,172

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

Semiannual Report 2016
14

COLUMBIA DIVIDEND OPPORTUNITY FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended November 30, 2016 (Unaudited)			Year Ended May 31, 2016
Operations
Net investment income	$	77,420,442		$	169,756,491
Net realized gain (loss)		94,408,797			(75,291,863	)
Net change in unrealized depreciation		(45,412,067	)		(60,757,890	)
Net increase in net assets resulting from operations		126,417,172			33,706,738
Distributions to shareholders
Net investment income
Class A		(51,190,348	)		(113,581,447	)
Class B		(145,769	)		(459,219	)
Class C		(6,208,004	)		(12,054,620	)
Class I		(1,146,666	)		(5,144,509	)
Class K		(78,558	)		(166,963	)
Class R		(684,095	)		(1,174,947	)
Class R4		(2,065,332	)		(4,912,593	)
Class R5		(4,776,746	)		(8,532,895	)
Class W		(1,401	)		(3,240	)
Class Y		(1,362,906	)		(2,327,437	)
Class Z		(12,278,265	)		(26,691,508	)
Net realized gains
Class A		—			(63,099,606	)
Class B		—			(301,813	)
Class C		—			(8,673,788	)
Class I		—			(2,635,664	)
Class K		—			(94,657	)
Class R		—			(743,037	)
Class R4		—			(2,407,644	)
Class R5		—			(4,345,419	)
Class W		—			(1,798	)
Class Y		—			(1,211,237	)
Class Z		—			(13,724,645	)
Total distributions to shareholders		(79,938,090	)		(272,288,686	)
Decrease in net assets from capital stock activity		(171,885,678	)		(1,217,185,284	)
Total decrease in net assets		(125,406,596	)		(1,455,767,232	)
Net assets at beginning of period		4,369,209,794			5,824,977,026
Net assets at end of period	$	4,243,803,198		$	4,369,209,794
Undistributed net investment income	$	31,807,741		$	34,325,389

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

Semiannual Report 2016
15

COLUMBIA DIVIDEND OPPORTUNITY FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended November 30, 2016 (Unaudited)						Year Ended May 31, 2016
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		16,888,344			158,576,868			35,381,035			316,281,842
Distributions reinvested		5,294,768			49,901,909			19,767,411			173,008,932
Redemptions		(38,125,999	)		(357,743,282	)		(143,038,034	)		(1,286,334,788	)
Net decrease		(15,942,887	)		(149,264,505	)		(87,889,588	)		(797,044,014	)
Class B shares
Subscriptions		22,342			208,563			30,638			271,917
Distributions reinvested		15,426			144,160			86,387			750,960
Redemptions^(a)		(302,559	)		(2,805,283	)		(1,594,517	)		(14,281,436	)
Net decrease		(264,791	)		(2,452,560	)		(1,477,492	)		(13,258,559	)
Class C shares
Subscriptions		2,850,419			26,246,378			4,838,991			42,351,346
Distributions reinvested		613,416			5,670,807			2,193,518			18,805,247
Redemptions		(4,584,428	)		(42,078,408	)		(11,430,489	)		(100,009,183	)
Net decrease		(1,120,593	)		(10,161,223	)		(4,397,980	)		(38,852,590	)
Class I shares
Subscriptions		—			—			3,519,358			30,761,095
Distributions reinvested		121,132			1,146,614			882,787			7,780,024
Redemptions		(4,204,093	)		(39,368,000	)		(13,308,655	)		(121,727,603	)
Net decrease		(4,082,961	)		(38,221,386	)		(8,906,510	)		(83,186,484	)
Class K shares
Subscriptions		20,438			192,469			119,974			1,068,348
Distributions reinvested		8,298			78,558			29,569			259,691
Redemptions		(161,740	)		(1,536,007	)		(125,526	)		(1,111,521	)
Net increase (decrease)		(133,004	)		(1,264,980	)		24,017			216,518
Class R shares
Subscriptions		1,031,103			9,630,748			1,554,021			13,914,534
Distributions reinvested		67,586			636,974			195,163			1,704,171
Redemptions		(777,835	)		(7,318,245	)		(1,377,117	)		(12,259,278	)
Net increase		320,854			2,949,477			372,067			3,359,427
Class R4 shares
Subscriptions		1,519,106			14,512,880			10,475,241			98,280,747
Distributions reinvested		186,768			1,786,317			686,800			6,103,769
Redemptions		(1,837,437	)		(17,473,357	)		(11,797,984	)		(106,940,651	)
Net decrease		(131,563	)		(1,174,160	)		(635,943	)		(2,556,135	)

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

Semiannual Report 2016
16

COLUMBIA DIVIDEND OPPORTUNITY FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended November 30, 2016 (Unaudited)						Year Ended May 31, 2016
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		6,114,928			58,234,978			12,392,645			112,294,308
Distributions reinvested		457,709			4,336,668			1,351,561			11,873,715
Redemptions		(6,610,395	)		(62,784,959	)		(14,735,221	)		(131,295,575	)
Net decrease		(37,758	)		(213,313	)		(991,015	)		(7,127,552	)
Class W shares
Distributions reinvested		144			1,358			560			4,910
Redemptions		(690	)		(6,400	)		(4,110	)		(36,628	)
Net decrease		(546	)		(5,042	)		(3,550	)		(31,718	)
Class Y shares
Subscriptions		1,106,426			10,546,135			2,593,530			23,120,567
Distributions reinvested		142,199			1,362,906			398,089			3,538,674
Redemptions		(719,308	)		(6,872,933	)		(2,175,824	)		(19,894,303	)
Net increase		529,317			5,036,108			815,795			6,764,938
Class Z shares
Subscriptions		13,994,761			131,533,363			15,249,835			136,726,901
Distributions reinvested		1,131,722			10,699,331			3,859,423			33,933,358
Redemptions		(12,668,721	)		(119,346,788	)		(50,529,246	)		(456,129,374	)
Net increase (decrease)		2,457,762			22,885,906			(31,419,988	)		(285,469,115	)
Total net decrease		(18,406,170	)		(171,885,678	)		(134,510,187	)		(1,217,185,284	)

(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
17

COLUMBIA DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended June 30,
Class A	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	9.23		$	9.58		$	10.67		$	9.83		$	8.14		$	8.31		$	6.31
Income from investment operations:
Net investment income		0.17			0.32			0.31			0.28			0.30			0.26			0.31
Net realized and unrealized gain (loss)		0.10			(0.16	)		0.23			1.34			1.69			(0.22	)		1.98
Total from investment operations		0.27			0.16			0.54			1.62			1.99			0.04			2.29
Less distributions to shareholders:
Net investment income		(0.17	)		(0.32	)		(0.29	)		(0.28	)		(0.30	)		(0.21	)		(0.29	)
Net realized gains		—			(0.19	)		(1.34	)		(0.50	)		—			—			—
Total distributions to shareholders		(0.17	)		(0.51	)		(1.63	)		(0.78	)		(0.30	)		(0.21	)		(0.29	)
Net asset value, end of period	$	9.33		$	9.23		$	9.58		$	10.67		$	9.83		$	8.14		$	8.31
Total return		2.94	%		2.08	%		5.82	%		17.30	%		25.05	%		0.58	%		36.74	%
Ratios to average net assets^(b)
Total gross expenses		0.99	%^(c)		1.01	%^(d)		1.00	%		1.01	%		1.05	%		1.08	%^(c)		1.16	%
Total net expenses^(e)		0.99	%^(c)(f)		1.01	%^(d)(f)		1.00	%^(f)		1.01	%^(f)		1.05	%^(f)		1.08	%^(c)(f)		1.16	%
Net investment income		3.54	%^(c)		3.53	%		3.08	%		2.75	%		3.32	%		3.49	%^(c)		4.01	%
Supplemental data
Net assets, end of period (in thousands)	$	2,686,054		$	2,805,177		$	3,754,040		$	4,011,117		$	3,705,617		$	2,660,013		$	1,630,280
Portfolio turnover		32	%		85	%		78	%		73	%		62	%		28	%		105	%

Notes to Financial Highlights

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

(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
18

COLUMBIA DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended June 30,
Class B	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	9.14		$	9.49		$	10.58		$	9.76		$	8.08		$	8.26		$	6.27
Income from investment operations:
Net investment income		0.13			0.24			0.23			0.20			0.23			0.20			0.27
Net realized and unrealized gain (loss)		0.11			(0.15	)		0.23			1.32			1.69			(0.22	)		1.95
Total from investment operations		0.24			0.09			0.46			1.52			1.92			(0.02	)		2.22
Less distributions to shareholders:
Net investment income		(0.14	)		(0.25	)		(0.21	)		(0.20	)		(0.24	)		(0.16	)		(0.23	)
Net realized gains		—			(0.19	)		(1.34	)		(0.50	)		—			—			—
Total distributions to shareholders		(0.14	)		(0.44	)		(1.55	)		(0.70	)		(0.24	)		(0.16	)		(0.23	)
Net asset value, end of period	$	9.24		$	9.14		$	9.49		$	10.58		$	9.76		$	8.08		$	8.26
Total return		2.58	%		1.32	%		5.05	%		16.33	%		24.21	%		(0.14	%)		35.72	%
Ratios to average net assets^(b)
Total gross expenses		1.74	%^(c)		1.76	%^(d)		1.75	%		1.76	%		1.80	%		1.83	%^(c)		1.92	%
Total net expenses^(e)		1.74	%^(c)(f)		1.76	%^(d)(f)		1.75	%^(f)		1.76	%^(f)		1.80	%^(f)		1.83	%^(c)(f)		1.91	%
Net investment income		2.78	%^(c)		2.73	%		2.29	%		1.98	%		2.58	%		2.68	%^(c)		3.50	%
Supplemental data
Net assets, end of period (in thousands)	$	8,287		$	10,622		$	25,055		$	39,217		$	53,428		$	56,776		$	65,777
Portfolio turnover		32	%		85	%		78	%		73	%		62	%		28	%		105	%

Notes to Financial Highlights

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

(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
19

COLUMBIA DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended June 30,
Class C	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	9.05		$	9.40		$	10.50		$	9.68		$	8.02		$	8.22		$	6.25
Income from investment operations:
Net investment income		0.13			0.25			0.23			0.20			0.23			0.20			0.25
Net realized and unrealized gain (loss)		0.10			(0.16	)		0.22			1.32			1.68			(0.23	)		1.96
Total from investment operations		0.23			0.09			0.45			1.52			1.91			(0.03	)		2.21
Less distributions to shareholders:
Net investment income		(0.14	)		(0.25	)		(0.21	)		(0.20	)		(0.25	)		(0.17	)		(0.24	)
Net realized gains		—			(0.19	)		(1.34	)		(0.50	)		—			—			—
Total distributions to shareholders		(0.14	)		(0.44	)		(1.55	)		(0.70	)		(0.25	)		(0.17	)		(0.24	)
Net asset value, end of period	$	9.14		$	9.05		$	9.40		$	10.50		$	9.68		$	8.02		$	8.22
Total return		2.50	%		1.33	%		5.00	%		16.46	%		24.25	%		(0.25	%)		35.71	%
Ratios to average net assets^(b)
Total gross expenses		1.74	%^(c)		1.76	%^(d)		1.75	%		1.76	%		1.80	%		1.84	%^(c)		1.91	%
Total net expenses^(e)		1.74	%^(c)(f)		1.76	%^(d)(f)		1.75	%^(f)		1.76	%^(f)		1.80	%^(f)		1.84	%^(c)(f)		1.90	%
Net investment income		2.79	%^(c)		2.79	%		2.35	%		2.06	%		2.56	%		2.76	%^(c)		3.26	%
Supplemental data
Net assets, end of period (in thousands)	$	405,229		$	411,269		$	468,629		$	445,402		$	313,275		$	143,150		$	52,281
Portfolio turnover		32	%		85	%		78	%		73	%		62	%		28	%		105	%

Notes to Financial Highlights

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

(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
20

COLUMBIA DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended June 30,
Class I	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	9.28		$	9.63		$	10.72		$	9.87		$	8.17		$	8.34		$	6.32
Income from investment operations:
Net investment income		0.19			0.35			0.35			0.31			0.34			0.29			0.35
Net realized and unrealized gain (loss)		0.10			(0.15	)		0.23			1.36			1.70			(0.23	)		1.99
Total from investment operations		0.29			0.20			0.58			1.67			2.04			0.06			2.34
Less distributions to shareholders:
Net investment income		(0.19	)		(0.36	)		(0.33	)		(0.32	)		(0.34	)		(0.23	)		(0.32	)
Net realized gains		—			(0.19	)		(1.34	)		(0.50	)		—			—			—
Total distributions to shareholders		(0.19	)		(0.55	)		(1.67	)		(0.82	)		(0.34	)		(0.23	)		(0.32	)
Net asset value, end of period	$	9.38		$	9.28		$	9.63		$	10.72		$	9.87		$	8.17		$	8.34
Total return		3.12	%		2.49	%		6.23	%		17.83	%		25.59	%		0.90	%		37.51	%
Ratios to average net assets^(b)
Total gross expenses		0.62	%^(c)		0.61	%^(d)		0.60	%		0.60	%		0.62	%		0.66	%^(c)		0.75	%
Total net expenses^(e)		0.62	%^(c)		0.61	%^(d)		0.60	%		0.60	%		0.62	%		0.66	%^(c)		0.75	%
Net investment income		3.96	%^(c)		3.89	%		3.46	%		3.08	%		3.76	%		3.90	%^(c)		4.58	%
Supplemental data
Net assets, end of period (in thousands)	$	49,129		$	86,500		$	175,535		$	205,817		$	311,786		$	306,301		$	232,481
Portfolio turnover		32	%		85	%		78	%		73	%		62	%		28	%		105	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2016
21

COLUMBIA DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended June 30,
Class K	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	9.28		$	9.63		$	10.71		$	9.87		$	8.17		$	8.34		$	6.33
Income from investment operations:
Net investment income		0.17			0.33			0.33			0.29			0.31			0.27			0.32
Net realized and unrealized gain (loss)		0.11			(0.16	)		0.23			1.34			1.71			(0.23	)		1.99
Total from investment operations		0.28			0.17			0.56			1.63			2.02			0.04			2.31
Less distributions to shareholders:
Net investment income		(0.18	)		(0.33	)		(0.30	)		(0.29	)		(0.32	)		(0.21	)		(0.30	)
Net realized gains		—			(0.19	)		(1.34	)		(0.50	)		—			—			—
Total distributions to shareholders		(0.18	)		(0.52	)		(1.64	)		(0.79	)		(0.32	)		(0.21	)		(0.30	)
Net asset value, end of period	$	9.38		$	9.28		$	9.63		$	10.71		$	9.87		$	8.17		$	8.34
Total return		2.97	%		2.17	%		6.01	%		17.37	%		25.25	%		0.68	%		36.95	%
Ratios to average net assets^(b)
Total gross expenses		0.92	%^(c)		0.92	%^(d)		0.90	%		0.91	%		0.90	%		0.94	%^(c)		1.01	%
Total net expenses^(e)		0.92	%^(c)		0.92	%^(d)		0.90	%		0.91	%		0.90	%		0.94	%^(c)		1.01	%
Net investment income		3.66	%^(c)		3.66	%		3.21	%		2.88	%		3.47	%		3.60	%^(c)		4.05	%
Supplemental data
Net assets, end of period (in thousands)	$	3,550		$	4,746		$	4,694		$	4,352		$	3,972		$	3,656		$	3,795
Portfolio turnover		32	%		85	%		78	%		73	%		62	%		28	%		105	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2016
22

COLUMBIA DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended June 30,
Class R	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	9.23		$	9.58		$	10.66		$	9.83		$	8.14		$	8.33		$	6.32
Income from investment operations:
Net investment income		0.15			0.30			0.29			0.26			0.28			0.25			0.29
Net realized and unrealized gain (loss)		0.10			(0.16	)		0.23			1.32			1.70			(0.24	)		1.99
Total from investment operations		0.25			0.14			0.52			1.58			1.98			0.01			2.28
Less distributions to shareholders:
Net investment income		(0.16	)		(0.30	)		(0.26	)		(0.25	)		(0.29	)		(0.20	)		(0.27	)
Net realized gains		—			(0.19	)		(1.34	)		(0.50	)		—			—			—
Total distributions to shareholders		(0.16	)		(0.49	)		(1.60	)		(0.75	)		(0.29	)		(0.20	)		(0.27	)
Net asset value, end of period	$	9.32		$	9.23		$	9.58		$	10.66		$	9.83		$	8.14		$	8.33
Total return		2.70	%		1.83	%		5.65	%		16.89	%		24.84	%		0.31	%		36.53	%
Ratios to average net assets^(b)
Total gross expenses		1.24	%^(c)		1.26	%^(d)		1.25	%		1.26	%		1.30	%		1.32	%^(c)		1.42	%
Total net expenses^(e)		1.24	%^(c)(f)		1.26	%^(d)(f)		1.25	%^(f)		1.26	%^(f)		1.30	%^(f)		1.32	%^(c)(f)		1.42	%
Net investment income		3.29	%^(c)		3.31	%		2.87	%		2.61	%		3.05	%		3.36	%^(c)		3.79	%
Supplemental data
Net assets, end of period (in thousands)	$	41,976		$	38,578		$	36,480		$	31,544		$	17,375		$	5,365		$	464
Portfolio turnover		32	%		85	%		78	%		73	%		62	%		28	%		105	%

Notes to Financial Highlights

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

(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
23

COLUMBIA DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,
Class R4	(Unaudited)			2016			2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	9.38		$	9.73		$	10.81		$	9.95		$	8.62
Income from investment operations:
Net investment income		0.18			0.35			0.35			0.33			0.20
Net realized and unrealized gain (loss)		0.10			(0.17	)		0.23			1.33			1.31
Total from investment operations		0.28			0.18			0.58			1.66			1.51
Less distributions to shareholders:
Net investment income		(0.18	)		(0.34	)		(0.32	)		(0.30	)		(0.18	)
Net realized gains		—			(0.19	)		(1.34	)		(0.50	)		—
Total distributions to shareholders		(0.18	)		(0.53	)		(1.66	)		(0.80	)		(0.18	)
Net asset value, end of period	$	9.48		$	9.38		$	9.73		$	10.81		$	9.95
Total return		3.02	%		2.31	%		6.11	%		17.57	%		17.71	%
Ratios to average net assets^(b)
Total gross expenses		0.75	%^(c)		0.76	%^(d)		0.75	%		0.77	%		0.83	%^(c)
Total net expenses^(e)		0.75	%^(c)(f)		0.76	%^(d)(f)		0.75	%^(f)		0.77	%^(f)		0.83	%^(c)
Net investment income		3.79	%^(c)		3.78	%		3.39	%		3.23	%		3.64	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	105,968		$	106,063		$	116,211		$	79,510		$	12,222
Portfolio turnover		32	%		85	%		78	%		73	%		62	%

Notes to Financial Highlights

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

(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
24

COLUMBIA DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended June 30,
Class R5	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	9.29		$	9.64		$	10.72		$	9.88		$	8.17		$	8.34		$	6.33
Income from investment operations:
Net investment income		0.18			0.35			0.35			0.32			0.33			0.29			0.32
Net realized and unrealized gain (loss)		0.10			(0.16	)		0.24			1.34			1.72			(0.23	)		2.01
Total from investment operations		0.28			0.19			0.59			1.66			2.05			0.06			2.33
Less distributions to shareholders:
Net investment income		(0.19	)		(0.35	)		(0.33	)		(0.32	)		(0.34	)		(0.23	)		(0.32	)
Net realized gains		—			(0.19	)		(1.34	)		(0.50	)		—			—			—
Total distributions to shareholders		(0.19	)		(0.54	)		(1.67	)		(0.82	)		(0.34	)		(0.23	)		(0.32	)
Net asset value, end of period	$	9.38		$	9.29		$	9.64		$	10.72		$	9.88		$	8.17		$	8.34
Total return		2.98	%		2.44	%		6.29	%		17.65	%		25.68	%		0.89	%		37.27	%
Ratios to average net assets^(b)
Total gross expenses		0.67	%^(c)		0.67	%^(d)		0.65	%		0.65	%		0.66	%		0.67	%^(c)		0.75	%
Total net expenses^(e)		0.67	%^(c)		0.67	%^(d)		0.65	%		0.65	%		0.66	%		0.67	%^(c)		0.75	%
Net investment income		3.89	%^(c)		3.89	%		3.41	%		3.19	%		3.52	%		3.88	%^(c)		3.95	%
Supplemental data
Net assets, end of period (in thousands)	$	239,749		$	237,565		$	256,079		$	310,352		$	191,577		$	30,819		$	21,589
Portfolio turnover		32	%		85	%		78	%		73	%		62	%		28	%		105	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2016
25

COLUMBIA DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended June 30,
Class W	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011
Per share data
Net asset value, beginning of period	$	9.25		$	9.60		$	10.69		$	9.85		$	8.15		$	8.33		$	6.32
Income from investment operations:
Net investment income		0.17			0.32			0.31			0.24			0.30			0.25			0.27
Net realized and unrealized gain (loss)		0.09			(0.16	)		0.23			1.38			1.71			(0.23	)		2.04
Total from investment operations		0.26			0.16			0.54			1.62			2.01			0.02			2.31
Less distributions to shareholders:
Net investment income		(0.17	)		(0.32	)		(0.29	)		(0.28	)		(0.31	)		(0.20	)		(0.30	)
Net realized gains		—			(0.19	)		(1.34	)		(0.50	)		—			—			—
Total distributions to shareholders		(0.17	)		(0.51	)		(1.63	)		(0.78	)		(0.31	)		(0.20	)		(0.30	)
Net asset value, end of period	$	9.34		$	9.25		$	9.60		$	10.69		$	9.85		$	8.15		$	8.33
Total return		2.82	%		2.08	%		5.82	%		17.28	%		25.19	%		0.38	%		36.95	%
Ratios to average net assets^(b)
Total gross expenses		0.99	%^(c)		1.01	%^(d)		1.00	%		1.01	%		1.05	%		1.11	%^(c)		1.14	%
Total net expenses^(e)		0.99	%^(c)(f)		1.01	%^(d)(f)		1.00	%^(f)		1.01	%^(f)		1.05	%^(f)		1.11	%^(c)(f)		1.14	%
Net investment income		3.55	%^(c)		3.51	%		2.99	%		2.32	%		3.27	%		3.42	%^(c)		3.36	%
Supplemental data
Net assets, end of period (in thousands)	$	72		$	76		$	113		$	201		$	128,328		$	18,330		$	21,260
Portfolio turnover		32	%		85	%		78	%		73	%		62	%		28	%		105	%

Notes to Financial Highlights

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

(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
26

COLUMBIA DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,
Class Y	(Unaudited)			2016			2015			2014			2013^(a)
Per share data
Net asset value, beginning of period	$	9.40		$	9.74		$	10.83		$	9.96		$	8.63
Income from investment operations:
Net investment income		0.19			0.36			0.36			0.34			0.22
Net realized and unrealized gain (loss)		0.10			(0.15	)		0.22			1.35			1.29
Total from investment operations		0.29			0.21			0.58			1.69			1.51
Less distributions to shareholders:
Net investment income		(0.19	)		(0.36	)		(0.33	)		(0.32	)		(0.18	)
Net realized gains		—			(0.19	)		(1.34	)		(0.50	)		—
Total distributions to shareholders		(0.19	)		(0.55	)		(1.67	)		(0.82	)		(0.18	)
Net asset value, end of period	$	9.50		$	9.40		$	9.74		$	10.83		$	9.96
Total return		3.08	%		2.56	%		6.17	%		17.84	%		17.73	%
Ratios to average net assets^(b)
Total gross expenses		0.62	%^(c)		0.62	%^(d)		0.60	%		0.61	%		0.71	%^(c)
Total net expenses^(e)		0.62	%^(c)		0.62	%^(d)		0.60	%		0.61	%		0.71	%^(c)
Net investment income		3.92	%^(c)		3.97	%		3.54	%		3.29	%		4.13	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	71,534		$	65,791		$	60,275		$	38,342		$	4,064
Portfolio turnover		32	%		85	%		78	%		73	%		62	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2016
27

COLUMBIA DIVIDEND OPPORTUNITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months Ended November 30, 2016			Year Ended May 31,															Year Ended June 30,
Class Z	(Unaudited)			2016			2015			2014			2013			2012^(a)			2011^(b)
Per share data
Net asset value, beginning of period	$	9.27		$	9.62		$	10.71		$	9.86		$	8.16		$	8.34		$	7.20
Income from investment operations:
Net investment income		0.18			0.34			0.34			0.30			0.32			0.28			0.24
Net realized and unrealized gain (loss)		0.10			(0.16	)		0.23			1.35			1.71			(0.24	)		1.14
Total from investment operations		0.28			0.18			0.57			1.65			2.03			0.04			1.38
Less distributions to shareholders:
Net investment income		(0.18	)		(0.34	)		(0.32	)		(0.30	)		(0.33	)		(0.22	)		(0.24	)
Net realized gains		—			(0.19	)		(1.34	)		(0.50	)		—			—			—
Total distributions to shareholders		(0.18	)		(0.53	)		(1.66	)		(0.80	)		(0.33	)		(0.22	)		(0.24	)
Net asset value, end of period	$	9.37		$	9.27		$	9.62		$	10.71		$	9.86		$	8.16		$	8.34
Total return		3.05	%		2.34	%		6.07	%		17.65	%		25.42	%		0.65	%		19.28	%
Ratios to average net assets^(c)
Total gross expenses		0.75	%^(d)		0.76	%^(e)		0.75	%		0.76	%		0.80	%		0.84	%^(d)		0.87	%^(d)
Total net expenses^(f)		0.75	%^(d)(g)		0.76	%^(e)(g)		0.75	%^(g)		0.76	%^(g)		0.80	%^(g)		0.84	%^(d)(g)		0.87	%^(d)
Net investment income		3.79	%^(d)		3.76	%		3.33	%		3.00	%		3.58	%		3.79	%^(d)		3.98	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	632,254		$	602,822		$	927,865		$	1,022,666		$	1,069,240		$	671,036		$	138,659
Portfolio turnover		32	%		85	%		78	%		73	%		62	%		28	%		105	%

Notes to Financial Highlights

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

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

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

(d) Annualized.

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

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

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

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

Semiannual Report 2016
28

COLUMBIA DIVIDEND OPPORTUNITY FUND

NOTES TO FINANCIAL STATEMENTS

November 30, 2016 (Unaudited)

Note 1. Organization

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