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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-21852

COLUMBIA FUNDS SERIES TRUST II

(Exact name of registrant as specified in charter)

50606 Ameriprise Financial Center, Minneapolis, Minnesota 55474

(Address of principal executive offices) (Zip code)

Scott R. Plummer – 5228 Ameriprise Financial Center, Minneapolis, MN 55474

(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 671-1947

Date of fiscal year end: September 30

Date of reporting period: March 31, 2012

Item 1.

Reports to Stockholders.

Semiannual Report

Semiannual Report

LOGO

Columbia

Diversified Equity Income Fund

Semiannual Report for the Period Ended March 31, 2012

Columbia Diversified Equity Income Fund seeks to provide shareholders with a high level of current income and, as a secondary objective, steady growth of capital.

Not FDIC insured ^¡ No bank guarantee ^¡ May lose value


Table of Contents



Your Fund at a Glance			2

Fund Expense Example			6

Portfolio of Investments			8

Statement of Assets and Liabilities			18

Statement of Operations			20

Statement of Changes in Net Assets			22

Financial Highlights			24

Notes to Financial Statements			34

Proxy Voting			47

See the Fund’s prospectus for risks associated with investing in the Fund.


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			1


Your Fund at a Glance

FUND SUMMARY

Columbia Diversified Equity Income Fund (the Fund) Class A shares increased 24.06% (excluding sales charge) for the six months ended March 31, 2012.

The Fund underperformed the 25.68% increase of the Russell 1000^® Value Index for the same six-month period.

ANNUALIZED TOTAL RETURNS (for period ended March 31, 2012)

6 months*

1 year

5 years

10 years

Columbia Diversified Equity Income Fund Class A (excluding sales charge)

+24.06%

-0.01%

-0.12%

+5.94%

Russell 1000 Value Index⁽¹⁾(unmanaged)

+25.68%

+4.79%

-0.81%

+4.58%

Not annualized.

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

The 5.75% sales charge applicable to Class A shares of the Fund is not reflected in the table above. If reflected, returns would be lower than those shown. The performance of other classes may vary from that shown because of differences in fees and expenses. The Fund’s returns reflect the effect of fee waivers/expense reimbursements, if any. Without such waivers/reimbursements, the Fund’s returns would be lower. See the Average Annual Total Returns table for performance of other share classes of the Fund.

The index does not reflect the effects of sales charges, expenses and taxes. It is not possible to invest directly in an index.

⁽¹⁾

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


2		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT

AVERAGE ANNUAL TOTAL RETURNS

at March 31, 2012

Without sales charge

6 months*

1 year

5 years

10 years

Class A (inception 10/15/90)

+24.06%

-0.01%

-0.12%

+5.94%

Class B (inception 3/20/95)

+23.62%

-0.76%

-0.89%

+5.13%

Class C (inception 6/26/00)

+23.64%

-0.79%

-0.87%

+5.13%

Class I^** (inception 3/4/04)

+24.42%

+0.51%

+0.32%

+6.31%

Class R^** (inception 12/11/06)

+23.90%

-0.24%

-0.44%

+5.63%

Class R3^*^* (inception 12/11/06)

+24.01%

-0.23%

+5.83%

Class R4 (inception 3/20/95)

+24.25%

+0.18%

+0.05%

+6.11%

Class R5^** (inception 12/11/06)

+24.41%

+0.45%

+0.29%

+6.16%

Class W^*^* (inception 12/01/06)

+24.05%

+0.03%

-0.10%

+5.95%

Class Z^*^* (inception 10/27/10)

+24.26%

+0.24%

-0.03%

+5.98%

With sales charge

Class A (inception 10/15/90)

+16.93%

-5.76%

-1.29%

+5.31%

Class B (inception 3/20/95)

+18.62%

-5.69%

-1.23%

+5.13%

Class C (inception 6/26/00)

+22.64%

-1.77%

-0.87%

+5.13%

The “Without sales charge” returns for Class A, Class B and Class C shares do not include applicable initial or contingent deferred sales charges. If included, returns would be lower than those shown. The “With sales charge” returns for Class A, Class B and Class C shares include: the maximum initial sales charge of 5.75% for Class A shares; the applicable contingent deferred sales charge (CDSC) for Class B shares (applied as follows: first year 5%; second year 4%; third and fourth years 3%; fifth year 2%; sixth year 1%; no sales charge thereafter); and a 1% CDSC for Class C shares sold within one year after purchase. The Fund’s other share classes are not subject to sales charges and have limited eligibility. See the Fund’s prospectuses for details.

*	Not annualized.

The returns shown for periods prior to the share class inception date (including returns since inception, which are since Fund inception) include the returns of the Fund’s Class A shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-fund/appended-performance for more information.


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			3


Your Fund at a Glance (continued)


PORTFOLIO BREAKDOWN⁽¹⁾ (at March 31, 2012)
Stocks	97.9	%
Consumer Discretionary	11.7
Consumer Staples	10.4
Energy	11.2
Financials	12.8
Health Care	10.5
Industrials	14.0
Information Technology	14.0
Materials	3.2
Telecommunication Services	5.8
Utilities	4.3
Bonds	0.2
Other⁽²⁾	1.9

⁽¹⁾

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s portfolio composition is subject to change.

⁽²⁾

Includes investments in money market funds.


TOP TEN HOLDINGS⁽¹⁾ (at March 31, 2012)
Microsoft Corp.	3.5	%
JPMorgan Chase & Co.	3.1
Lorillard, Inc.	2.9
Mastercard, Inc., Class A	2.4
AT&T, Inc.	2.3
Bank of America Corp.	2.3
Ford Motor Co.	2.2
Pfizer, Inc.	2.2
Target Corp.	2.1
XL Group PLC	2.0

⁽¹⁾

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and 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.


4		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT

MORNINGSTAR STYLE BOX^TM


		The Morningstar Style Box^TM is based on the 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.

^©2012 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. Past performance is no guarantee of future results.


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			5


Fund Expense Example

(Unaudited)

Understanding your expenses

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 service (Rule 12b-1) 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.


6		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT

October 1, 2011 — March 31, 2012


	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		1,240.60		1,019.34		6.18		5.57		1.11
Class B		1,000.00		1,000.00		1,236.20		1,015.51		10.45		9.42		1.88
Class C		1,000.00		1,000.00		1,236.40		1,015.61		10.34		9.32		1.86
Class I		1,000.00		1,000.00		1,244.20		1,021.73		3.52		3.17		0.63
Class R		1,000.00		1,000.00		1,239.00		1,018.15		7.52		6.77		1.35
Class R3		1,000.00		1,000.00		1,240.10		1,019.00		6.57		5.92		1.18
Class R4		1,000.00		1,000.00		1,242.50		1,020.24		5.19		4.67		0.93
Class R5		1,000.00		1,000.00		1,244.10		1,021.48		3.79		3.42		0.68
Class W		1,000.00		1,000.00		1,240.50		1,019.49		6.02		5.42		1.08
Class Z		1,000.00		1,000.00		1,242.60		1,020.79		4.57		4.12		0.82

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

Expenses do not include fees and expenses incurred indirectly by the Fund from the underlying funds in which the Fund may invest (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investments vehicles (including mutual funds and exchange traded funds).


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			7


Portfolio of Investments

Columbia Diversified Equity Income Fund

March 31, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value
Common Stocks 97.6%

CONSUMER DISCRETIONARY 11.6%
Auto Components 1.1%
Johnson Controls, Inc.		1,304,789		$42,379,547
Automobiles 2.2%
Ford Motor Co.^(a)		6,845,311		85,497,934
Hotels, Restaurants & Leisure 0.9%
McDonald’s Corp.		368,251		36,125,423
Household Durables 0.3%
Lennar Corp., Class A^(a)		470,539		12,789,250
Media 2.4%
Comcast Corp., Class A^(a)		678,058		20,348,521
Regal Entertainment Group, Class A^(a)		1,404,463		19,100,697
Time Warner, Inc.^(a)		338,129		12,764,370
Viacom, Inc., Class B		355,293		16,862,206
Walt Disney Co. (The)		544,252		23,827,352

Total				92,903,146
Multiline Retail 3.1%
Macy’s, Inc.		1,005,070		39,931,431
Target Corp.		1,338,573		77,998,649

Total				117,930,080
Specialty Retail 1.6%
Home Depot, Inc. (The)^(a)		1,258,585		63,319,411

TOTAL CONSUMER DISCRETIONARY				450,944,791

CONSUMER STAPLES 10.4%
Beverages 0.5%
PepsiCo, Inc.		315,069		20,904,828
Food & Staples Retailing 1.6%
CVS Caremark Corp.		348,232		15,600,794
Wal-Mart Stores, Inc.^(a)		721,878		44,178,933

Total				59,779,727
Food Products 1.7%
Kraft Foods, Inc., Class A		860,691		32,714,865
Sara Lee Corp.		596,135		12,834,786
Unilever NV — NY Shares		612,000		20,826,360

Total				66,376,011


Issuer	Shares		Value
Common Stocks (continued)

CONSUMER STAPLES (cont.)
Household Products 1.3%
Kimberly-Clark Corp.^(a)		421,609		$31,152,689
Procter & Gamble Co. (The)		295,493		19,860,085

Total				51,012,774
Tobacco 5.3%
Altria Group, Inc.		1,158,527		35,763,729
Lorillard, Inc.		859,921		111,342,571
Philip Morris International, Inc.		644,663		57,123,588

Total				204,229,888
TOTAL CONSUMER STAPLES				402,303,228

ENERGY 11.2%
Energy Equipment & Services 1.8%
C&J Energy Services, Inc.^(a)(b)		329,061		5,853,995
Halliburton Co.		729,699		24,218,710
McDermott International, Inc.^(b)		658,651		8,437,319
National Oilwell Varco, Inc.		402,484		31,985,404

Total				70,495,428
Oil, Gas & Consumable Fuels 9.4%
Anadarko Petroleum Corp.		572,504		44,849,963
Apache Corp.		576,076		57,861,073
Chevron Corp.		607,489		65,147,120
Enbridge, Inc.		636,756		24,737,971
Exxon Mobil Corp.		784,086		68,003,779
Occidental Petroleum Corp.		573,885		54,651,069
Royal Dutch Shell PLC, ADR		373,302		26,179,669
Total SA, ADR		357,164		18,258,224
Williams Companies, Inc. (The)		153,227		4,720,924

Total				364,409,792
TOTAL ENERGY				434,905,220
FINANCIALS 12.7%
Capital Markets 1.7%
Goldman Sachs Group, Inc. (The)		533,874		66,397,910
Commercial Banks 0.5%
Wells Fargo & Co.		569,623		19,446,929

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


8		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT


Issuer	Shares		Value
Common Stocks (continued)


FINANCIALS (cont.)
Diversified Financial Services 5.8%
Bank of America Corp.		9,104,277		$87,127,931
Citigroup, Inc.		643,432		23,517,439
JPMorgan Chase & Co.		2,530,610		116,357,448

Total				227,002,818
Insurance 4.5%
ACE Ltd.		525,901		38,495,953
Allstate Corp. (The)		754,495		24,837,976
Endurance Specialty Holdings Ltd.		211,196		8,587,229
MetLife, Inc.		627,540		23,438,619
PartnerRe Ltd.		42,184		2,863,872
XL Group PLC		3,516,444		76,271,670

Total				174,495,319
Real Estate Investment Trusts (REITs) 0.2%
ProLogis, Inc.^(a)		212,741		7,662,931

TOTAL FINANCIALS				495,005,907

HEALTH CARE 10.5%
Health Care Providers & Services 1.8%
UnitedHealth Group, Inc.		1,208,221		71,212,546
Life Sciences Tools & Services 1.7%
Agilent Technologies, Inc.		865,479		38,522,470
Thermo Fisher Scientific, Inc.		468,609		26,420,176

Total				64,942,646
Pharmaceuticals 7.0%
Bristol-Myers Squibb Co.		1,299,001		43,841,284
Johnson & Johnson		642,984		42,411,225
Merck & Co., Inc.		1,649,534		63,342,105
Novartis AG, ADR		710,636		39,376,341
Pfizer, Inc.		3,668,263		83,122,839

Total				272,093,794
TOTAL HEALTH CARE				408,248,986

INDUSTRIALS 14.0%
Aerospace & Defense 2.5%
Boeing Co. (The)		615,827		45,799,054
Honeywell International, Inc.		340,325		20,776,841
Lockheed Martin Corp.^(a)		342,953		30,817,757

Total				97,393,652
Air Freight & Logistics 0.5%
United Parcel Service, Inc., Class B^(a)		258,283		20,848,604


Issuer	Shares		Value
Common Stocks (continued)


INDUSTRIALS (cont.)
Airlines 0.6%
Delta Air Lines, Inc.(b)		927,635		$9,192,863
United Continental Holdings, Inc.^(a)(b)		730,242		15,700,203

Total				24,893,066
Electrical Equipment 2.4%
ABB Ltd., ADR^(a)(b)		744,859		15,202,572
Cooper Industries PLC		887,230		56,738,359
Hubbell, Inc., Class B		259,671		20,404,947

Total				92,345,878
Industrial Conglomerates 3.0%
General Electric Co.		3,016,643		60,544,025
Siemens AG, ADR		154,314		15,561,024
Tyco International Ltd.		693,947		38,985,942

Total				115,090,991
Machinery 4.3%
Caterpillar, Inc.^(a)		492,618		52,473,669
Deere & Co.^(a)		66,228		5,357,845
Eaton Corp.		578,859		28,844,544
Illinois Tool Works, Inc.^(a)		577,290		32,974,805
PACCAR, Inc.^(a)		318,107		14,896,951
Parker Hannifin Corp.^(a)		365,253		30,882,141

Total				165,429,955
Road & Rail 0.7%
Union Pacific Corp.^(a)		250,230		26,894,720

TOTAL INDUSTRIALS				542,896,866

INFORMATION TECHNOLOGY 13.9%
Communications Equipment 2.1%
Cisco Systems, Inc.		2,595,991		54,905,209
Nokia OYJ, ADR^(a)		4,992,532		27,409,001

Total				82,314,210
Computers & Peripherals 1.8%
Apple, Inc.^(b)		78,193		46,874,358
Western Digital Corp.^(b)		577,545		23,904,587

Total				70,778,945
Electronic Equipment, Instruments & Components 0.5%
TE Connectivity Ltd.		551,324		20,261,157
IT Services 3.3%
Accenture PLC, Class A		403,462		26,023,299
International Business Machines Corp.^(a)		53,555		11,174,251

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			9


Portfolio of Investments (continued)


Issuer	Shares		Value
Common Stocks (continued)


INFORMATION TECHNOLOGY (cont.)
IT Services (cont.)
Mastercard, Inc., Class A		215,958		$90,818,977

Total				128,016,527
Semiconductors & Semiconductor Equipment 2.2%
Intel Corp.^(a)		2,011,712		56,549,224
Microchip Technology, Inc.^(a)		772,742		28,746,003

Total				85,295,227
Software 4.0%
Microsoft Corp.		4,136,292		133,395,417
Oracle Corp.		732,824		21,369,148

Total				154,764,565
TOTAL INFORMATION TECHNOLOGY				541,430,631

MATERIALS 3.2%
Chemicals 3.0%
Air Products & Chemicals, Inc.		230,466		21,156,779
Dow Chemical Co. (The)^(a)		1,476,323		51,139,829
EI du Pont de Nemours & Co.^(a)		581,651		30,769,338
Huntsman Corp.		839,958		11,767,811

Total				114,833,757
Metals & Mining 0.2%
Freeport-McMoRan Copper & Gold, Inc.		255,335		9,712,943

TOTAL MATERIALS				124,546,700

TELECOMMUNICATION SERVICES 5.8%
Diversified Telecommunication Services 5.2%
AT&T, Inc.^(a)		2,823,462		88,176,718
CenturyLink, Inc.^(a)		1,054,508		40,756,734
Deutsche Telekom AG, ADR		1,600,088		19,273,060
Verizon Communications, Inc.^(a)		842,389		32,204,531
Windstream Corp.^(a)		1,721,598		20,159,913

Total				200,570,956
Wireless Telecommunication Services 0.6%
Vodafone Group PLC, ADR		891,647		24,671,873

TOTAL TELECOMMUNICATION SERVICES				225,242,829


Issuer	Shares		Value
Common Stocks (continued)


UTILITIES 4.3%
Electric Utilities 2.2%
American Electric Power Co., Inc.		520,951		$20,098,289
Entergy Corp.		246,929		16,593,629
FirstEnergy Corp.		428,601		19,539,920
NextEra Energy, Inc.^(a)		279,564		17,075,769
PPL Corp.		421,983		11,925,240

Total				85,232,847
Independent Power Producers & Energy Traders —%
Calpine Corp.^(b)		39,893		686,559
Multi-Utilities 2.1%
Dominion Resources, Inc.		571,525		29,267,795
PG&E Corp.		639,505		27,760,912
Sempra Energy		407,425		24,429,203

Total				81,457,910
TOTAL UTILITIES				167,377,316
Total Common Stocks (Cost: $3,090,379,095)				$3,792,902,474

Issuer

Coupon
Rate

Principal
Amount

Value

Convertible Bonds 0.2%

Building Materials 0.2%

Cemex SAB de CV Subordinated Notes

03/15/18

3.750

$7,719,000

$7,275,158

Total Convertible Bonds

(Cost: $7,719,001)

$7,275,158


	Shares		Value
Money Market Funds 1.9%


Columbia Short-Term Cash Fund, 0.166%^(c)(d)		72,132,370		$72,132,370
Total Money Market Funds (Cost: $72,132,370)				$72,132,370

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


10		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT


Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan 16.0%

Asset-Backed Commercial Paper 2.2%
Antalis US Funding Corp.
04/05/12		0.310	%		$4,999,698		$4,999,698
Atlantis One
04/11/12		0.511	%		9,987,108		9,987,108
08/01/12		0.662	%		9,966,633		9,966,633
09/10/12		0.592	%		7,976,400		7,976,400
Kells Funding LLC
04/13/12		0.581	%		14,977,525		14,977,525
06/04/12		0.501	%		6,990,764		6,990,764
LMA Americas LLC
04/03/12		0.310	%		4,999,699		4,999,699
Newport Funding Corp.
04/02/12		0.200	%		4,999,917		4,999,917
Regency Markets No. 1 LLC
04/20/12		0.440	%		9,989,367		9,989,367
Rheingold Securitization
04/27/12		0.600	%		4,997,417		4,997,417
Royal Park Investments Funding Corp.
04/05/12		1.001	%		4,995,972		4,995,972

Total							84,880,500
Certificates of Deposit 8.3%
Bank of Nova Scotia
05/03/12		0.373	%		11,000,000		11,000,000
07/26/12		0.321	%		10,000,000		10,000,000
Barclays Bank PLC
04/18/12		0.600	%		25,000,000		25,000,000
Branch Banking & Trust Corporation
07/12/12		0.420	%		20,000,000		20,000,000
DZ Bank AG
04/16/12		0.220	%		6,000,000		6,000,000
Den Danske Bank
04/02/12		0.200	%		20,000,000		20,000,000
Deutsche Bank AG
09/14/12		0.750	%		16,000,000		16,000,000
DnB NOR ASA
09/14/12		0.530	%		10,000,000		10,000,000
Hong Kong Shanghai Bank Corp., Ltd.
04/16/12		0.250	%		10,000,000		10,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/31/12		0.390	%		12,000,153		12,000,153
Mizuho Corporate Bank Ltd.
06/01/12		0.370	%		15,000,000		15,000,000
National Australia Bank
04/30/12		0.391	%		10,000,000		10,000,000
08/16/12		0.341	%		5,000,000		5,000,000


Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan (continued)

Certificates of Deposit (cont.)
National Bank of Canada
05/08/12		0.393	%		$13,000,000		$13,000,000
Norinchukin Bank
05/21/12		0.470	%		18,000,000		18,000,000
Royal Bank of Canada
04/02/12		0.100	%		20,000,000		20,000,000
Skandinaviska Enskilda Banken
05/21/12		0.340	%		15,000,000		15,000,000
Standard Chartered Bank PLC
04/03/12		0.570	%		15,000,000		15,000,000
04/20/12		0.560	%		4,992,932		4,992,932
Sumitomo Trust & Banking Co., Ltd.
05/29/12		0.370	%		12,000,000		12,000,000
Svenska Handelsbanken
07/26/12		0.590	%		10,000,504		10,000,504
08/30/12		0.580	%		15,000,000		15,000,000
Union Bank of Switzerland
04/17/12		0.580	%		5,000,000		5,000,000
07/24/12		0.790	%		5,000,000		5,000,000
United Overseas Bank Ltd.
04/16/12		0.230	%		10,000,000		10,000,000
Westpac Banking Corp.
05/11/12		0.412	%		10,000,000		10,000,000

Total							322,993,589
Commercial Paper 4.4%
Australia and New Zealand Bank Group, Ltd.
04/25/12		0.461	%		19,953,233		19,953,233
Caisse d’Amortissement de la Dette Sociale
08/10/12		0.531	%		9,978,947		9,978,947
Caisse des Depots
07/16/12		0.421	%		2,996,150		2,996,150
Development Bank of Singapore Ltd.
08/08/12		0.501	%		10,975,097		10,975,097
DnB NOR
04/10/12		0.521	%		9,986,278		9,986,278
07/25/12		0.602	%		4,984,833		4,984,833
Erste Abwicklungsanstalt
04/24/12		0.681	%		9,982,622		9,982,622
04/23/12		0.671	%		1,996,613		1,996,613
Macquarie Bank Ltd.
04/20/12		0.803	%		9,959,556		9,959,556
Nordea Bank AB
07/24/12		0.627	%		14,952,604		14,952,604
Skandinaviska Enskilda Banken AB
05/03/12		0.350	%		4,996,840		4,996,840
05/14/12		0.330	%		9,994,317		9,994,317

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			11

Portfolio of Investments (continued)


Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan (continued)

Commercial Paper (cont.)
Societe Generale
04/03/12		0.300	%		$9,999,417		$9,999,417
Suncorp Metway Ltd.
04/02/12		0.480	%		9,992,000		9,992,000
05/21/12		0.480	%		4,995,800		4,995,800
The Commonwealth Bank of Australia
08/16/12		0.302	%		5,000,000		5,000,000
Toyota Motor Credit Corp.
04/26/12		0.562	%		14,957,067		14,957,067
Westpac Securities NZ Ltd.
04/20/12		0.531	%		14,959,588		14,959,588

Total							170,660,962
Repurchase Agreements 1.1%
Mizuho Securities USA, Inc. dated 03/30/12, matures 04/02/12, repurchase price $10,000,225^(e)
		0.270	%		10,000,000		10,000,000
Nomura Securities dated 03/30/12, matures 04/02/12, repurchase price $5,000,083^(e)
		0.200	%		5,000,000		5,000,000


Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan (continued)

Repurchase Agreements (cont.)
Pershing LLC dated 03/30/12, matures 04/02/12, repurchase price $5,000,113^(e)
		0.270	%		$5,000,000		$5,000,000
Royal Bank of Canada dated 03/30/12, matures 04/02/12, repurchase price $15,000,225^(e)
		0.180	%		15,000,000		15,000,000
UBS Securities LLC dated 03/30/12, matures 04/02/12, repurchase price $6,101,028^(e)
		0.180	%		6,100,936		6,100,936

Total							41,100,936
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $619,635,987)							$619,635,987
Total Investments
(Cost: $3,789,866,453)							$4,491,945,989
Other Assets & Liabilities, Net							(608,382,962	)
Net Assets							$3,883,563,027


Notes to Portfolio of Investments

^(a)

At March 31, 2012, security was partially or fully on loan.

^(b)	Non-income producing.

^(c)	The rate shown is the seven-day current annualized yield at March 31, 2012.

^(d)	Investments in affiliates during the period ended March 31, 2012:


Issuer	Beginning Cost		Purchase Cost		Sales Cost/ Proceeds from Sales			Realized Gain/Loss		Ending Cost		Dividends or Interest Income		Value
Columbia Short-Term Cash Fund		$151,107,439		$512,729,683		$(591,704,752	)		$—		$72,132,370		$60,914		$72,132,370

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


12		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT


Notes to Portfolio of Investments (continued)

^(e)

The table below represents securities received as collateral for repurchase agreements. This collateral is deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. The value of securities and/or cash held as collateral for repurchase agreements is monitored on a daily basis to ensure the proper level of collateral.


Mizuho Securities USA, Inc. (0.270%)

Security Description	Value
Ginnie Mae II Pool		$98,573
Government National Mortgage Association		737,676
United States Treasury Note/Bond		9,363,751
Total Market Value of Collateral Securities		$10,200,000

Nomura Securities (0.200%)

Security Description	Value
Fannie Mae Pool		$2,856,796
Freddie Mac Gold Pool		2,243,204
Total Market Value of Collateral Securities		$5,100,000

Pershing LLC (0.270%)

Security Description	Value
Fannie Mae Interest Strip		$6,376
Fannie Mae Pool		1,394,007
Fannie Mae REMICS		238,011
Fannie Mae-Aces		6,753
Federal Farm Credit Bank		203,073
Federal Home Loan Banks		102,197
Federal Home Loan Mortgage Corp		153,519
Federal National Mortgage Association		177,266
Freddie Mac Coupon Strips		11,549
Freddie Mac Gold Pool		463,542
Freddie Mac Non Gold Pool		104,350
Freddie Mac Reference REMIC		15
Freddie Mac REMICS		386,122
Ginnie Mae I Pool		471,803
Ginnie Mae II Pool		707,404
Government National Mortgage Association		315,987
United States Treasury Bill		73,942
United States Treasury Inflation Indexed Bonds		13,990
United States Treasury Note/Bond		258,941
United States Treasury Strip Coupon		11,153
Total Market Value of Collateral Securities		$5,100,000

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			13


Portfolio of Investments (continued)


Notes to Portfolio of Investments (continued)


Royal Bank of Canada (0.180%)

Security Description	Value
Fannie Mae Pool		$15,300,000
Total Market Value of Collateral Securities		$15,300,000

UBS Securities LLC (0.180%)

Security Description	Value
Ginnie Mae I Pool		$1,207,776
Ginnie Mae II Pool		5,015,179
Total Market Value of Collateral Securities		$6,222,955


Abbreviation Legend
ADR		American Depositary Receipt

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


14		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT


Fair Value Measurements

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

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

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

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

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

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

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

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

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			15


Portfolio of Investments (continued)


Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2012:


	Fair Value at March 31, 2012
Description	Level 1 Quoted Prices in Active Markets for Identical Assets		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$450,944,791		$—		$—		$450,944,791
Consumer Staples		402,303,228		—		—		402,303,228
Energy		434,905,220		—		—		434,905,220
Financials		495,005,907		—		—		495,005,907
Health Care		408,248,986		—		—		408,248,986
Industrials		542,896,866		—		—		542,896,866
Information Technology		541,430,631		—		—		541,430,631
Materials		124,546,700		—		—		124,546,700
Telecommunication Services		225,242,829		—		—		225,242,829
Utilities		167,377,316		—		—		167,377,316
Total Equity Securities		3,792,902,474		—		—		3,792,902,474
Bonds
Convertible Bonds		—		7,275,158		—		7,275,158
Total Bonds		—		7,275,158		—		7,275,158
Other
Money Market Funds		72,132,370		—		—		72,132,370
Investments of Cash Collateral Received for Securities on Loan		—		619,635,987		—		619,635,987
Total Other		72,132,370		619,635,987		—		691,768,357
Total		$3,865,034,844		$626,911,145		$—		$4,491,945,989

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

There were no significant transfers between Levels 1 and 2 during the period.

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


16		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT

How to find information about the Fund’s quarterly portfolio holdings

(i)

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)

The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)

The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (information on the operations of the Public Reference Room may be obtained by calling 800.SEC.0330); and

(iv)

The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			17


Statement of Assets and Liabilities

March 31, 2012 (Unaudited)


Assets
Investments, at value*
Unaffiliated issuers (identified cost $3,098,098,096)	$	3,800,177,632
Affiliated issuers (identified cost $72,132,370)		72,132,370
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $578,535,051)		578,535,051
Repurchase agreements (identified cost $41,100,936)		41,100,936
Total investments (identified cost $3,789,866,453)		4,491,945,989
Receivable for:
Investments sold		28,794,698
Capital shares sold		3,881,462
Dividends		8,624,418
Interest		244,851
Reclaims		420,824
Total assets		4,533,912,242
Liabilities
Due upon return of securities on loan		619,635,987
Payable for:
Investments purchased		23,536,704
Capital shares purchased		6,230,415
Investment management fees		58,658
Distribution fees		28,114
Transfer agent fees		362,590
Administration fees		5,256
Plan administration fees		114,891
Compensation of board members		172,057
Other expenses		204,543
Total liabilities		650,349,215
Net assets applicable to outstanding capital stock	$	3,883,563,027

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


18		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT

March 31, 2012 (Unaudited)


Represented by
Paid-in capital	$	4,018,518,194
Undistributed net investment income		6,063,130
Accumulated net realized loss		(843,097,833	)
Unrealized appreciation (depreciation) on:
Investments		702,079,536
Total — representing net assets applicable to outstanding capital stock	$	3,883,563,027
*Value of securities on loan	$	606,526,615
Net assets applicable to outstanding shares
Class A	$	3,179,881,852
Class B	$	154,568,587
Class C	$	61,613,150
Class I	$	43,572,272
Class R	$	12,192,427
Class R3	$	59,590,021
Class R4	$	224,615,302
Class R5	$	70,090,829
Class W	$	3,796
Class Z	$	77,434,791
Shares outstanding
Class A		302,743,310
Class B		14,662,707
Class C		5,871,641
Class I		4,153,537
Class R		1,165,763
Class R3		5,683,478
Class R4		21,374,186
Class R5		6,671,988
Class W		361
Class Z		7,379,601
Net asset value per share
Class A^(a)	$	10.50
Class B	$	10.54
Class C	$	10.49
Class I	$	10.49
Class R	$	10.46
Class R3	$	10.48
Class R4	$	10.51
Class R5	$	10.51
Class W	$	10.52
Class Z	$	10.49

^(a)	The maximum offering price per share for Class A is $11.14. The offering price is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			19


Statement of Operations

Six months ended March 31, 2012 (Unaudited)


Net investment income
Income:
Dividends	$	52,321,674
Interest		144,731
Dividends from affiliates		60,914
Income from securities lending — net		1,452,020
Foreign taxes withheld		(540,002	)
Total income		53,439,337
Expenses:
Investment management fees		10,605,634
Distribution fees
Class A		3,939,666
Class B		754,160
Class C		293,722
Class R		28,311
Class R3		72,788
Class W		4
Transfer agent fees
Class A		3,596,758
Class B		190,095
Class C		67,268
Class R		12,529
Class R3		13,952
Class R4		52,585
Class R5		15,373
Class W		4
Class Z		62,617
Administration fees		951,176
Plan administration fees
Class R3		72,788
Class R4		262,032
Compensation of board members		14,161
Custodian fees		12,241
Printing and postage fees		235,094
Registration fees		106,382
Professional fees		61,410
Other		47,715
Total expenses		21,468,465
Net investment income		31,970,872

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


20		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT


Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	$	135,089,249
Foreign currency translations		1,527
Net realized gain		135,090,776
Net change in unrealized appreciation (depreciation) on:
Investments		668,654,850
Net change in unrealized appreciation		668,654,850
Net realized and unrealized gain		803,745,626
Net increase in net assets resulting from operations	$	835,716,498

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			21


Statement of Changes in Net Assets


	Six months ended March 31, 2012 (Unaudited)				Year ended September 30, 2011
Operations
Net investment income		$	31,970,872			$	54,882,123
Net realized gain			135,090,776				292,527,283
Net change in unrealized appreciation (depreciation)			668,654,850				(476,903,432	)
Net increase (decrease) in net assets resulting from operations			835,716,498				(129,494,026	)
Distributions to shareholders from:
Net investment income
Class A			(23,670,884	)			(46,513,138	)
Class B			(582,750	)			(988,039	)
Class C			(243,324	)			(324,080	)
Class I			(473,638	)			(2,470,472	)
Class R			(78,149	)			(118,643	)
Class R3			(403,776	)			(1,186,599	)
Class R4			(1,777,961	)			(3,423,364	)
Class R5			(634,753	)			(1,153,088	)
Class W			(29	)			(45	)
Class Z			(640,191	)			(573,511	)
Total distributions to shareholders			(28,505,455	)			(56,750,979	)
Increase (decrease) in net assets from share transactions			(766,206,563	)			(405,281,228	)
Total increase (decrease) in net assets			41,004,480				(591,526,233	)
Net assets at beginning of period			3,842,558,547				4,434,084,780
Net assets at end of period		$	3,883,563,027			$	3,842,558,547
Undistributed net investment income		$	6,063,130			$	2,597,713

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


22		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012 (Unaudited)						Year ended September 30, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		17,166,548			166,534,007			70,944,044			702,546,959
Conversions from Class B		—			—			5,743,413			59,616,244
Distributions reinvested		2,333,562			22,710,815			4,465,103			43,546,430
Redemptions		(91,563,098	)		(874,344,703	)		(95,741,801	)		(953,730,518	)
Net decrease		(72,062,988	)		(685,099,881	)		(14,589,241	)		(148,020,885	)
Class B shares
Subscriptions		126,519			1,249,490			358,803			3,618,135
Distributions reinvested		58,609			567,391			94,871			949,507
Conversions to Class A		—			—			(5,732,370	)		(59,616,244	)
Redemptions		(2,157,073	)		(20,963,891	)		(5,308,420	)		(53,153,151	)
Net decrease		(1,971,945	)		(19,147,010	)		(10,587,116	)		(108,201,753	)
Class C shares
Subscriptions		302,933			2,933,927			705,964			7,099,884
Distributions reinvested		24,046			232,022			30,717			300,510
Redemptions		(818,229	)		(7,912,194	)		(1,747,688	)		(17,341,575	)
Net decrease		(491,250	)		(4,746,245	)		(1,011,007	)		(9,941,181	)
Class I shares
Subscriptions		12,525			118,215			839,727			8,661,328
Distributions reinvested		49,022			473,554			250,180			2,470,332
Redemptions		(5,180,608	)		(47,710,810	)		(15,430,797	)		(156,637,289	)
Net decrease		(5,119,061	)		(47,119,041	)		(14,340,890	)		(145,505,629	)
Class R shares
Subscriptions		140,163			1,359,726			311,076			3,158,955
Distributions reinvested		8,087			78,130			12,207			118,624
Redemptions		(172,764	)		(1,666,852	)		(301,074	)		(3,031,143	)
Net increase (decrease)		(24,514	)		(228,996	)		22,209			246,436
Class R3 shares
Subscriptions		1,128,908			10,854,679			4,164,126			41,861,715
Distributions reinvested		41,510			403,751			119,578			1,186,471
Redemptions		(1,785,726	)		(17,352,308	)		(9,472,542	)		(92,325,458	)
Net decrease		(615,308	)		(6,093,878	)		(5,188,838	)		(49,277,272	)
Class R4 shares
Subscriptions		1,633,185			15,847,448			4,692,239			46,792,493
Distributions reinvested		168,095			1,640,292			326,681			3,193,901
Redemptions		(2,634,986	)		(25,687,061	)		(6,911,453	)		(69,213,089	)
Net decrease		(833,706	)		(8,199,321	)		(1,892,533	)		(19,226,695	)
Class R5 shares
Subscriptions		469,902			4,601,509			1,208,659			12,088,148
Distributions reinvested		64,902			633,942			117,384			1,143,255
Redemptions		(650,376	)		(6,287,008	)		(1,197,107	)		(11,925,924	)
Net increase (decrease)		(115,572	)		(1,051,557	)		128,936			1,305,479
Class Z shares
Subscriptions		1,674,764			16,238,337			7,459,113			79,450,030
Distributions reinvested		62,415			609,289			58,400			546,595
Redemptions		(1,187,978	)		(11,368,260	)		(687,390	)		(6,656,353	)
Net increase		549,201			5,479,366			6,830,123			73,340,272
Total net decrease		(80,685,143	)		(766,206,563	)		(40,628,357	)		(405,281,228	)

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			23


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 returns assume reinvestment of all dividends and distributions. Total returns do not reflect payments of sales charges, if any, and are not annualized for periods of less than one year.


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007
	(Unaudited)
Class A
Per share data
Net asset value, beginning of period		$8.53			$9.03			$8.31			$9.31			$14.34			$13.10
Income from investment operations:
Net investment income		0.08			0.12			0.12			0.16			0.17			0.18
Net realized and unrealized gain (loss)		1.97			(0.49	)		0.72			(1.02	)		(3.44	)		2.41
Total from investment operations		2.05			(0.37	)		0.84			(0.86	)		(3.27	)		2.59
Less distributions to shareholders from:
Net investment income		(0.08	)		(0.13	)		(0.12	)		(0.14	)		(0.17	)		(0.18	)
Net realized gains		—			—			—			—			(1.32	)		(1.17	)
Tax return of capital		—			—			—			—			(0.27	)		—
Total distributions to shareholders		(0.08	)		(0.13	)		(0.12	)		(0.14	)		(1.76	)		(1.35	)
Net asset value, end of period		$10.50			$8.53			$9.03			$8.31			$9.31			$14.34
Total return		24.06%			(4.32%	)		10.18%			(8.91%	)		(25.05%	)		20.98%
Ratios to average net assets^(a)
Expenses prior to fees waived or expenses reimbursed		1.11%	^(b)		1.13%			1.12%			0.99%			1.08%			1.00%
Net expenses after fees waived or expenses reimbursed^(c)		1.11%	^(b)		1.13%	^(d)		1.12%			0.99%			1.08%			1.00%
Net investment income		1.69%	^(b)		1.20%	^(d)		1.36%			2.21%			1.49%			1.34%
Supplemental data
Net assets, end of period (in thousands)		$3,179,882			$3,197,508			$3,516,017			$3,516,948			$4,504,418			$6,501,874
Portfolio turnover		10%			36%			34%			38%			31%			31%

Notes to Financial Highlights

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

^(b)	Annualized.

^(c)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

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


24		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007
	(Unaudited)
Class B
Per share data
Net asset value, beginning of period		$8.56			$9.05			$8.33			$9.32			$14.35			$13.11
Income from investment operations:
Net investment income		0.04			0.04			0.05			0.10			0.08			0.08
Net realized and unrealized gain (loss)		1.98			(0.49	)		0.72			(1.00	)		(3.45	)		2.40
Total from investment operations		2.02			(0.45	)		0.77			(0.90	)		(3.37	)		2.48
Less distributions to shareholders from:
Net investment income		(0.04	)		(0.04	)		(0.05	)		(0.09	)		(0.07	)		(0.07	)
Net realized gains		—			—			—			—			(1.32	)		(1.17	)
Tax return of capital		—			—			—			—			(0.27	)		—
Total distributions to shareholders		(0.04	)		(0.04	)		(0.05	)		(0.09	)		(1.66	)		(1.24	)
Net asset value, end of period		$10.54			$8.56			$9.05			$8.33			$9.32			$14.35
Total return		23.62%			(5.01%	)		9.26%			(9.53%	)		(25.66%	)		20.04%
Ratios to average net assets^(a)
Expenses prior to fees waived or expenses reimbursed		1.88%	^(b)		1.88%			1.89%			1.76%			1.84%			1.76%
Net expenses after fees waived or expenses reimbursed^(c)		1.88%	^(b)		1.88%	^(d)		1.89%			1.76%			1.84%			1.76%
Net investment income		0.93%	^(b)		0.43%	^(d)		0.58%			1.49%			0.71%			0.57%
Supplemental data
Net assets, end of period (in thousands)		$154,569			$142,429			$246,456			$377,652			$633,360			$1,113,206
Portfolio turnover		10%			36%			34%			38%			31%			31%

Notes to Financial Highlights

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

^(b)	Annualized.

^(c)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			25


Financial Highlights (continued)


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007
	(Unaudited)
Class C
Per share data
Net asset value, beginning of period		$8.52			$9.02			$8.30			$9.30			$14.32			$13.09
Income from investment operations:
Net investment income		0.05			0.04			0.05			0.10			0.09			0.08
Net realized and unrealized gain (loss)		1.96			(0.49	)		0.73			(1.01	)		(3.44	)		2.40
Total from investment operations		2.01			(0.45	)		0.78			(0.91	)		(3.35	)		2.48
Less distributions to shareholders from:
Net investment income		(0.04	)		(0.05	)		(0.06	)		(0.09	)		(0.08	)		(0.08	)
Net realized gains		—			—			—			—			(1.32	)		(1.17	)
Tax return of capital		—			—			—			—			(0.27	)		—
Total distributions to shareholders		(0.04	)		(0.05	)		(0.06	)		(0.09	)		(1.67	)		(1.25	)
Net asset value, end of period		$10.49			$8.52			$9.02			$8.30			$9.30			$14.32
Total return		23.64%			(5.07%	)		9.37%			(9.61%	)		(25.60%	)		20.04%
Ratios to average net assets^(a)
Expenses prior to fees waived or expenses reimbursed		1.86%	^(b)		1.88%			1.88%			1.75%			1.83%			1.76%
Net expenses after fees waived or expenses reimbursed^(c)		1.86%	^(b)		1.88%	^(d)		1.88%			1.75%			1.83%			1.76%
Net investment income		0.96%	^(b)		0.44%	^(d)		0.60%			1.46%			0.75%			0.58%
Supplemental data
Net assets, end of period (in thousands)		$61,613			$54,238			$66,505			$72,372			$93,321			$113,516
Portfolio turnover		10%			36%			34%			38%			31%			31%

Notes to Financial Highlights

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

^(b)	Annualized.

^(c)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

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


26		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007
	(Unaudited)
Class I
Per share data
Net asset value, beginning of period		$8.52			$9.02			$8.30			$9.30			$14.33			$13.09
Income from investment operations:
Net investment income		0.10			0.16			0.16			0.19			0.22			0.23
Net realized and unrealized gain (loss)		1.97			(0.49	)		0.72			(1.01	)		(3.45	)		2.41
Total from investment operations		2.07			(0.33	)		0.88			(0.82	)		(3.23	)		2.64
Less distributions to shareholders from:
Net investment income		(0.10	)		(0.17	)		(0.16	)		(0.18	)		(0.21	)		(0.23	)
Net realized gains		—			—			—			—			(1.32	)		(1.17	)
Tax return of capital		—			—			—			—			(0.27	)		—
Total distributions to shareholders		(0.10	)		(0.17	)		(0.16	)		(0.18	)		(1.80	)		(1.40	)
Net asset value, end of period		$10.49			$8.52			$9.02			$8.30			$9.30			$14.33
Total return		24.42%			(3.88%	)		10.69%			(8.47%	)		(24.75%	)		21.44%
Ratios to average net assets^(a)
Expenses prior to fees waived or expenses reimbursed		0.63%	^(b)		0.67%			0.67%			0.50%			0.67%			0.62%
Net expenses after fees waived or expenses reimbursed^(c)		0.63%	^(b)		0.67%			0.67%			0.50%			0.67%			0.62%
Net investment income		2.13%	^(b)		1.63%			1.82%			2.69%			1.98%			1.72%
Supplemental data
Net assets, end of period (in thousands)		$43,572			$79,024			$213,083			$212,064			$189,997			$131,742
Portfolio turnover		10%			36%			34%			38%			31%			31%

Notes to Financial Highlights

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

^(b)	Annualized.

^(c)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			27


Financial Highlights (continued)


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007^(a)
	(Unaudited)
Class R
Per share data
Net asset value, beginning of period		$8.50			$8.99			$8.28			$9.28			$14.33			$14.03
Income from investment operations:
Net investment income		0.07			0.09			0.09			0.13			0.14			0.11
Net realized and unrealized gain (loss)		1.96			(0.48	)		0.72			(1.01	)		(3.45	)		1.52
Total from investment operations		2.03			(0.39	)		0.81			(0.88	)		(3.31	)		1.63
Less distributions to shareholders from:
Net investment income		(0.07	)		(0.10	)		(0.10	)		(0.12	)		(0.15	)		(0.16	)
Net realized gains		—			—			—			—			(1.32	)		(1.17	)
Tax return of capital		—			—			—			—			(0.27	)		—
Total distributions to shareholders		(0.07	)		(0.10	)		(0.10	)		(0.12	)		(1.74	)		(1.33	)
Net asset value, end of period		$10.46			$8.50			$8.99			$8.28			$9.28			$14.33
Total return		23.90%			(4.46%	)		9.76%			(9.20%	)		(25.36%	)		12.74%
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.35%	^(c)		1.38%			1.46%			1.30%			1.46%			1.43%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		1.35%	^(c)		1.38%	^(e)		1.46%			1.30%			1.46%			1.43%	^(c)
Net investment income		1.47%	^(c)		0.95%	^(e)		1.03%			1.86%			1.33%			1.03%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$12,192			$10,114			$10,506			$8,271			$7,728			$30
Portfolio turnover		10%			36%			34%			38%			31%			31%

Notes to Financial Highlights

^(a)	For the period from December 11, 2006 (commencement of operations) to September 30, 2007.

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

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

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


28		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007^(a)
	(Unaudited)
Class R3
Per share data
Net asset value, beginning of period		$8.51			$9.02			$8.30			$9.30			$14.33			$14.03
Income from investment operations:
Net investment income		0.08			0.11			0.11			0.15			0.16			0.13
Net realized and unrealized gain (loss)		1.96			(0.50	)		0.72			(1.01	)		(3.45	)		1.54
Total from investment operations		2.04			(0.39	)		0.83			(0.86	)		(3.29	)		1.67
Less distributions to shareholders from:
Net investment income		(0.07	)		(0.12	)		(0.11	)		(0.14	)		(0.15	)		(0.20	)
Net realized gains		—			—			—			—			(1.32	)		(1.17	)
Tax return of capital		—			—			—			—			(0.27	)		—
Total distributions to shareholders		(0.07	)		(0.12	)		(0.11	)		(0.14	)		(1.74	)		(1.37	)
Net asset value, end of period		$10.48			$8.51			$9.02			$8.30			$9.30			$14.33
Total return		24.01%			(4.52%	)		10.09%			(8.95%	)		(25.17%	)		13.02%
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.18%	^(c)		1.21%			1.22%			1.05%			1.23%			1.32%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		1.18%	^(c)		1.21%			1.22%			1.05%			1.23%			1.32%	^(c)
Net investment income		1.64%	^(c)		1.06%			1.26%			2.13%			1.37%			1.35%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$59,590			$53,617			$103,577			$110,248			$108,543			$118,360
Portfolio turnover		10%			36%			34%			38%			31%			31%

Notes to Financial Highlights

^(a)	For the period from December 11, 2006 (commencement of operations) to September 30, 2007.

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

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			29


Financial Highlights (continued)


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007
	(Unaudited)
Class R4
Per share data
Net asset value, beginning of period		$8.53			$9.04			$8.32			$9.31			$14.35			$13.11
Income from investment operations:
Net investment income		0.09			0.14			0.13			0.17			0.19			0.20
Net realized and unrealized gain (loss)		1.97			(0.50	)		0.73			(1.00	)		(3.46	)		2.41
Total from investment operations		2.06			(0.36	)		0.86			(0.83	)		(3.27	)		2.61
Less distributions to shareholders from:
Net investment income		(0.08	)		(0.15	)		(0.14	)		(0.16	)		(0.18	)		(0.20	)
Net realized gains		—			—			—			—			(1.32	)		(1.17	)
Tax return of capital		—			—			—			—			(0.27	)		—
Total distributions to shareholders		(0.08	)		(0.15	)		(0.14	)		(0.16	)		(1.77	)		(1.37	)
Net asset value, end of period		$10.51			$8.53			$9.04			$8.32			$9.31			$14.35
Total return		24.25%			(4.23%	)		10.34%			(8.57%	)		(24.98%	)		21.10%
Ratios to average net assets^(a)
Expenses prior to fees waived or expenses reimbursed		0.93%	^(b)		0.97%			0.97%			0.80%			0.98%			0.91%
Net expenses after fees waived or expenses reimbursed^(c)		0.93%	^(b)		0.97%			0.97%			0.75%			0.94%			0.89%
Net investment income		1.89%	^(b)		1.36%			1.52%			2.42%			1.66%			1.46%
Supplemental data
Net assets, end of period (in thousands)		$224,615			$189,510			$217,779			$197,977			$182,738			$209,638
Portfolio turnover		10%			36%			34%			38%			31%			31%

Notes to Financial Highlights

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

^(b)	Annualized.

^(c)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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


30		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007^(a)
	(Unaudited)
Class R5
Per share data
Net asset value, beginning of period		$8.53			$9.03			$8.31			$9.31			$14.35			$14.03
Income from investment operations:
Net investment income		0.10			0.16			0.15			0.18			0.23			0.18
Net realized and unrealized gain (loss)		1.98			(0.49	)		0.73			(1.00	)		(3.47	)		1.54
Total from investment operations		2.08			(0.33	)		0.88			(0.82	)		(3.24	)		1.72
Less distributions to shareholders from:
Net investment income		(0.10	)		(0.17	)		(0.16	)		(0.18	)		(0.21	)		(0.23	)
Net realized gains		—			—			—			—			(1.32	)		(1.17	)
Tax return of capital		—			—			—			—			(0.27	)		—
Total distributions to shareholders		(0.10	)		(0.17	)		(0.16	)		(0.18	)		(1.80	)		(1.40	)
Net asset value, end of period		$10.51			$8.53			$9.03			$8.31			$9.31			$14.35
Total return		24.41%			(3.87%	)		10.62%			(8.51%	)		(24.83%	)		13.41%
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.68%	^(c)		0.72%			0.72%			0.55%			0.70%			0.73%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		0.68%	^(c)		0.72%			0.72%			0.55%			0.70%			0.73%	^(c)
Net investment income		2.15%	^(c)		1.62%			1.77%			2.62%			2.07%			1.63%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$70,091			$57,903			$60,156			$53,334			$45,589			$9,909
Portfolio turnover		10%			36%			34%			38%			31%			31%

Notes to Financial Highlights

^(a)	For the period from December 11, 2006 (commencement of operations) to September 30, 2007.

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

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			31


Financial Highlights (continued)


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007^(a)
	(Unaudited)
Class W
Per share data
Net asset value, beginning of period		$8.55			$9.04			$8.32			$9.32			$14.35			$13.86
Income from investment operations:
Net investment income		0.08			0.12			0.12			0.16			0.17			0.14
Net realized and unrealized gain (loss)		1.97			(0.48	)		0.72			(1.01	)		(3.45	)		1.70
Total from investment operations		2.05			(0.36	)		0.84			(0.85	)		(3.28	)		1.84
Less distributions to shareholders from:
Net investment income		(0.08	)		(0.13	)		(0.12	)		(0.15	)		(0.16	)		(0.18	)
Net realized gains		—			—			—			—			(1.32	)		(1.17	)
Tax return of capital		—			—			—			—			(0.27	)		—
Total distributions to shareholders		(0.08	)		(0.13	)		(0.12	)		(0.15	)		(1.75	)		(1.35	)
Net asset value, end of period		$10.52			$8.55			$9.04			$8.32			$9.32			$14.35
Total return		24.05%			(4.20%	)		10.18%			(8.85%	)		(25.07%	)		14.40%
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.08%	^(c)		1.10%			1.09%			0.91%			1.12%			1.05%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		1.08%	^(c)		1.10%			1.09%			0.91%			1.12%			1.05%	^(c)
Net investment income		1.75%	^(c)		1.23%			1.40%			2.28%			1.45%			1.29%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$4			$3			$3			$3			$3			$5
Portfolio turnover		10%			36%			34%			38%			31%			31%

Notes to Financial Highlights

^(a)	For the period from December 1, 2006 (commencement of operations) to September 30, 2007.

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

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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


32		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010^(a)
	(Unaudited)
Class Z
Per share data
Net asset value, beginning of period		$8.52			$9.03			$9.02
Income from investment operations:
Net investment income		0.10			0.17			0.01
Net realized and unrealized gain (loss)		1.96			(0.52	)		—
Total from investment operations		2.06			(0.35	)		0.01
Less distributions to shareholders from:
Net investment income		(0.09	)		(0.16	)		—
Total distributions to shareholders		(0.09	)		(0.16	)		—
Net asset value, end of period		$10.49			$8.52			$9.03
Total return		24.26%			(4.06%	)		0.11%
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.82%	^(c)		0.87%			1.02%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		0.82%	^(c)		0.87%	^(e)		1.02%	^(c)
Net investment income		2.03%	^(c)		1.77%	^(e)		9.89%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$77,435			$58,213			$3
Portfolio turnover		10%			36%			34%

Notes to Financial Highlights

^(a)	For the period from September 27, 2010 (commencement of operations) to September 30, 2010.

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

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			33


Notes to Financial Statements

March 31, 2012 (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 R, Class R3, Class R4, Class R5, Class W and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

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

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

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

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

Class R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class R3 shares are not subject to sales charges; however, this share class is closed to new investors.

Class R4 shares are not subject to sales charges; however, this share class is closed to new investors.


34		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT

Class R5 shares are not subject to sales charges; however, this share class is closed to new investors.

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

Class Z shares are not subject to sales charges, and are only available to certain investors, as described in the Fund’s prospectus.

Note

2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

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

Security Valuation

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and asked 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 which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			35


Notes to Financial Statements (continued)

(U.S.) time. However, 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 the policy adopted by the Board, including 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, 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 other open-end investment companies, including money market funds, are valued at net asset value.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

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

Foreign Currency Transactions and Translation

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day’s exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.


36		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT

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

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on a Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Security Transactions

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

Income Recognition

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

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

security with a corresponding increase in the cost basis, if any. For convertible securities, premiums attributable to the conversion feature are not amortized.

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.


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			37


Notes to Financial Statements (continued)

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable.

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 along with the income dividend. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Guarantees and Indemnifications

Under the 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.


38		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT

Recent Accounting Pronouncement

Fair Value Measurements and Disclosures

In May 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-04 modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (IASB) issued International Financial Reporting Standard 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures.

Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note

3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.66% to 0.49% as the Fund’s net assets increase. The annualized effective management fee rate for the six months ended March 31, 2012 was 0.56% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.06% to 0.03% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended March 31, 2012 was 0.05% of the Fund’s average daily net assets.


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			39


Notes to Financial Statements (continued)

Other Fees

Other expenses are for, among other things, certain expenses of the Fund or the Board, including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to the Fund and the Board. For the six months ended March 31, 2012, other expenses paid to this company were $7,889.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not “interested persons” of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees

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

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

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class R3, Class R4 and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class.


40		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT

For the six months ended March 31, 2012, the Fund’s annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:


Class A	0.23	%
Class B	0.25
Class C	0.23
Class R	0.22
Class R3	0.05
Class R4	0.05
Class R5	0.05
Class W	0.21
Class Z	0.19

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended March 31, 2012, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class R3 and Class R4 shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, 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, Class R3 and Class W shares, a fee at an annual rate of up to 0.50% of the Fund’s average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services) and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $11,366,000 and $744,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of December 31, 2011, and may be recovered from future payments under the distribution plan or CDSCs. To the


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			41


Notes to Financial Statements (continued)

extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $666,012 for Class A, $50,491 for Class B, and $1,632 for Class C shares for the six months ended March 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective April 20, 2012, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses through September 30, 2014 (excluding certain fees and expenses described 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/or overdraft charges from the Fund’s custodian, will not exceed the following annual rates as a percentage of the class’ average daily net assets:


Class A	1.08	%
Class B	1.83
Class C	1.83
Class I	0.68
Class R	1.33
Class R3	1.23
Class R4	0.98
Class R5	0.73
Class W	1.08
Class Z	0.83

investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note

4. Federal Tax Information

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


42		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT

At March 31, 2012, the cost of investments for federal income tax purposes was approximately $3,789,866,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:


Unrealized appreciation	$	770,726,000
Unrealized depreciation		(68,646,000	)
Net unrealized appreciation	$	702,080,000

The following capital loss carryforward, determined as of September 30, 2011 may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:


Year of expiration	Amount
2018	$	930,152,529

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused.

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However,

management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note

5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $369,942,995 and $1,064,393,017, respectively, for the six months ended March 31, 2012.

Note

6. Lending of Portfolio Securities


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			43


Notes to Financial Statements (continued)

in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At March 31, 2012, securities valued at $606,526,615 were on loan, secured by U.S. government securities valued at $645,126 and by cash collateral of $619,635,987 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Risks of delay in recovery of securities or even loss of rights in the securities may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. JPMorgan will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due. Such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Manager is not responsible for any losses incurred by the Fund in connection with the securities lending program.

Loans are subject to termination by the Fund or the borrower at any time, and are, therefore, not considered to be illiquid investments.

Pursuant to the Agreement, the Fund receives income for lending its securities either in the form of fees or by earning interest on invested cash collateral, net of negotiated rebates paid to borrowers and fees paid to the lending agent for services provided and any other securities lending expenses. Net income earned from securities lending for the six months ended March 31, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

Note

7. Affiliated Money Market Fund

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


44		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT

Note

8. Shareholder Concentration

At March 31, 2012, one unaffiliated shareholder account owned 33.6% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note

9. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan, whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, 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 (i) 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 0.08% per annum.

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus (i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the six months ended March 31, 2012.

Note

10. Subsequent Events

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			45


Notes to Financial Statements (continued)

Note

11. Information Regarding Pending and Settled Legal Proceedings

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

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

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


46		COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT


Proxy Voting

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


COLUMBIA DIVERSIFIED EQUITY INCOME FUND — 2012 SEMIANNUAL REPORT			47

Columbia Diversified Equity Income Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This report must be accompanied or preceded by the Fund’s current prospectus. The
Fund is distributed by Columbia Management Investment Distributors, Inc., member
FINRA, and managed by Columbia Management Investment Advisers, LLC.

S-6476 AA (5/12)

Semiannual Report

LOGO

Columbia

Large Growth Quantitative Fund

Semiannual Report for the Period Ended March 31, 2012

Columbia Large Growth Quantitative Fund seeks to provide shareholders with long-term capital growth.

Not FDIC insured ^¡ No bank guarantee ^¡ May lose value


Table of Contents



Your Fund at a Glance			2

Fund Expense Example			6

Portfolio of Investments			8

Statement of Assets and Liabilities			15

Statement of Operations			17

Statement of Changes in Net Assets			18

Financial Highlights			20

Notes to Financial Statements			28

Proxy Voting			44

See the Fund’s prospectus for risks associated with investing in the Fund.


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			1


Your Fund at a Glance

FUND SUMMARY

Columbia Large Growth Quantitative Fund (the Fund) Class A shares gained 28.27% (excluding sales charge) for the six months ended March 31, 2012.

The Fund outperformed its benchmark, the Russell 1000^® Growth Index, which gained 26.85% during the same six-month period.

ANNUALIZED TOTAL RETURNS (for period ended March 31, 2012)

6 months*

1 year

Since

inception

5/17/07

Columbia Large Growth Quantitative Fund
Class A (excluding sales charge)

+28.27%

+11.61%

+2.05%

Russell 1000 Growth Index⁽¹⁾ (unmanaged)

+26.85%

+11.02%

+3.91%

Not annualized.

The index does not reflect the effects of sales charges, expenses and taxes. It is not possible to invest directly in an index.

⁽¹⁾

The Russel 1000 Growth Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth value. The index reinvestment of all distributions and changes in market prices.


2		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

AVERAGE ANNUAL TOTAL RETURNS

at March 31, 2012

Without sales charge

6 months*

1 year

Since

inception

Class A (inception 5/17/07)

+28.27%

+11.61%

+2.05%

Class B (inception 5/17/07)

+27.66%

+10.76%

+1.27%

Class C (inception 5/17/07)

+27.75%

+10.84%

+1.28%

Class I (inception 5/17/07)

+28.43%

+12.05%

+2.53%

Class R (inception 5/17/07)

+28.11%

+11.31%

+1.82%

Class R4 (inception 5/17/07)

+28.38%

+11.85%

+2.27%

Class W (inception 8/1/08)**

+28.22%

+11.62%

+2.08%

Class Z (inception 9/27/10)**

+28.26%

+11.59%

+2.06%

With sales charge

Class A (inception 5/17/07)

+20.90%

+5.23%

+0.83%

Class B (inception 5/17/07)

+22.66%

+6.04%

+0.94%

Class C (inception 5/17/07)

+26.75%

+9.90%

+1.28%

*	Not annualized


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			3


Your Fund at a Glance (continued)


PORTFOLIO BREAKDOWN⁽¹⁾ (at March 31, 2012)
Consumer Discretionary	14.2	%
Consumer Staples	11.9
Energy	9.7
Financials	4.5
Health Care	10.1
Industrials	12.6
Information Technology	29.9
Materials	4.9
Telecommunication Services	1.2
Utilities	0.2
Other⁽²⁾	0.8

⁽¹⁾

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s portfolio composition is subject to change.

⁽²⁾

Includes investments in money market funds.


TOP TEN HOLDINGS⁽¹⁾ (at March 31, 2012)
Apple, Inc.	9.3	%
Microsoft Corp.	5.0
International Business Machines Corp.	3.9
Philip Morris International, Inc.	3.8
Wal-Mart Stores, Inc.	2.9
Exxon Mobil Corp.	2.5
Mastercard, Inc., Class A	2.4
Abbott Laboratories	2.2
Simon Property Group, Inc.	2.2
Oracle Corp.	2.1

⁽¹⁾Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and 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.


4		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

MORNINGSTAR STYLE BOX^TM


		The Morningstar Style Box^TM is based on the 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.


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			5


Fund Expense Example

(Unaudited)

Understanding your expenses

Analyzing your fund’s expenses

Compare with other funds


6		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

October 1, 2011 — March 31, 2012


	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		1,282.70		1,018.85		6.87		6.07		1.21
Class B		1,000.00		1,000.00		1,276.60		1,015.17		11.04		9.77		1.95
Class C		1,000.00		1,000.00		1,277.50		1,015.17		11.04		9.77		1.95
Class I		1,000.00		1,000.00		1,284.30		1,021.08		4.32		3.82		0.76
Class R		1,000.00		1,000.00		1,281.10		1,017.60		8.28		7.32		1.46
Class R4		1,000.00		1,000.00		1,283.80		1,019.69		5.91		5.22		1.04
Class W		1,000.00		1,000.00		1,282.20		1,018.85		6.87		6.07		1.21
Class Z		1,000.00		1,000.00		1,282.60		1,020.24		5.28		4.67		0.93

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


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			7


Portfolio of Investments

Columbia Large Growth Quantitative Fund

March 31, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value
Common Stocks 98.3%

CONSUMER DISCRETIONARY 14.0%
Diversified Consumer Services 1.6%
ITT Educational Services, Inc.^(a)(b)		147,418		$9,750,227
Hotels, Restaurants & Leisure 1.2%
McDonald’s Corp.		15,900		1,559,790
Wynn Resorts Ltd.		20,700		2,585,016
Yum! Brands, Inc.		46,100		3,281,398

Total				7,426,204
Household Durables 1.6%
Tempur-Pedic International, Inc.^(a)(b)		119,543		10,093,015
Leisure Equipment & Products 1.0%
Polaris Industries, Inc.		85,500		6,168,825
Media 5.3%
DIRECTV, Class A^(a)		253,100		12,487,954
DISH Network Corp., Class A		325,200		10,708,836
McGraw-Hill Companies, Inc. (The)		183,500		8,894,245

Total				32,091,035
Specialty Retail 3.2%
Aaron’s, Inc.^(b)		335,187		8,681,343
AutoZone, Inc.^(a)		2,200		817,960
Bed Bath & Beyond, Inc.^(a)		41,300		2,716,301
Ross Stores, Inc.		84,310		4,898,411
TJX Companies, Inc.		60,964		2,420,881

Total				19,534,896
Textiles, Apparel & Luxury Goods 0.1%
Coach, Inc.		5,923		457,729
TOTAL CONSUMER DISCRETIONARY				85,521,931

CONSUMER STAPLES 11.8%
Beverages 1.7%
Coca-Cola Co. (The)		10,900		806,709
Coca-Cola Enterprises, Inc.		339,633		9,713,504

Total				10,520,213
Food & Staples Retailing 4.3%
Kroger Co. (The)		368,643		8,932,220
Wal-Mart Stores, Inc.^(b)		286,565		17,537,778

Total				26,469,998


Issuer	Shares		Value
Common Stocks (continued)

CONSUMER STAPLES (cont.)
Food Products 1.2%
Campbell Soup Co.^(b)		116,958		$3,959,028
Hershey Co. (The)		31,743		1,946,798
Hormel Foods Corp.		48,100		1,419,912

Total				7,325,738
Tobacco 4.6%
Altria Group, Inc.		166,624		5,143,683
Philip Morris International, Inc.		255,500		22,639,855

Total				27,783,538
TOTAL CONSUMER STAPLES				72,099,487

ENERGY 9.6%
Energy Equipment & Services 1.9%
Oceaneering International, Inc.		9,700		522,733
Patterson-UTI Energy, Inc.^(b)		390,400		6,750,016
RPC, Inc.^(b)		300,300		3,186,183
Schlumberger Ltd.		13,800		965,034

Total				11,423,966
Oil, Gas & Consumable Fuels 7.7%
Apache Corp.		115,307		11,581,435
Chevron Corp.		110,700		11,871,468
ConocoPhillips		20,900		1,588,609
Exxon Mobil Corp.^(c)		175,718		15,240,022
HollyFrontier Corp.		212,900		6,844,735

Total				47,126,269
TOTAL ENERGY				58,550,235

FINANCIALS 4.5%
Consumer Finance 1.0%
Discover Financial Services		182,576		6,087,084
Diversified Financial Services 1.3%
IntercontinentalExchange, Inc.^(a)		58,600		8,052,812
Real Estate Investment Trusts (REITs) 2.2%
Digital Realty Trust, Inc.^(b)		4,200		310,674
Simon Property Group, Inc.		89,300		13,009,224

Total				13,319,898
TOTAL FINANCIALS				27,459,794

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


8		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


Issuer	Shares		Value
Common Stocks (continued)

HEALTH CARE 10.0%
Biotechnology 1.3%
Celgene Corp.^(a)		25,400		$1,969,008
Gilead Sciences, Inc.^(a)		126,011		6,155,637

Total				8,124,645
Health Care Equipment & Supplies 0.7%
CR Bard, Inc.		4,800		473,856
Hill-Rom Holdings, Inc.		117,700		3,932,357

Total				4,406,213
Health Care Providers & Services 2.4%
AmerisourceBergen Corp.		260,800		10,348,544
Humana, Inc.		3,166		292,792
McKesson Corp.		48,400		4,248,068

Total				14,889,404
Life Sciences Tools & Services 0.5%
Charles River Laboratories International, Inc.^(a)		80,200		2,894,418
Pharmaceuticals 5.1%
Abbott Laboratories^(b)		219,695		13,465,107
Eli Lilly & Co.		221,519		8,920,570
Warner Chilcott PLC, Class A^(a)		508,400		8,546,204

Total				30,931,881
TOTAL HEALTH CARE				61,246,561

INDUSTRIALS 12.5%
Aerospace & Defense 3.6%
Lockheed Martin Corp.^(b)		124,223		11,162,679
United Technologies Corp.		133,832		11,100,026

Total				22,262,705
Air Freight & Logistics 1.9%
United Parcel Service, Inc., Class B		141,800		11,446,096
Commercial Services & Supplies 0.4%
RR Donnelley & Sons Co.^(b)		189,398		2,346,641
Construction & Engineering 0.8%
Chicago Bridge & Iron Co. NV		106,800		4,612,692
Electrical Equipment 1.1%
Emerson Electric Co.		133,956		6,989,824
Industrial Conglomerates 0.6%
3M Co.		40,138		3,580,711
Machinery 1.7%
Illinois Tool Works, Inc.		20,900		1,193,808
Parker Hannifin Corp.		109,471		9,255,773

Total				10,449,581


Issuer	Shares		Value
Common Stocks (continued)

INDUSTRIALS (cont.)
Professional Services 2.4%
Dun & Bradstreet Corp. (The)		120,000		$10,167,600
Verisk Analytics, Inc., Class A^(a)		96,200		4,518,514

Total				14,686,114
TOTAL INDUSTRIALS				76,374,364

INFORMATION TECHNOLOGY 29.6%
Communications Equipment 1.1%
QUALCOMM, Inc.		101,100		6,876,822
Computers & Peripherals 10.7%
Apple, Inc.^(a)		93,111		55,817,251
Dell, Inc.^(a)		546,700		9,075,220

Total				64,892,471
Internet Software & Services 0.9%
Google, Inc., Class A^(a)		8,440		5,412,066
IT Services 6.3%
International Business Machines Corp.^(b)		111,420		23,247,783
Mastercard, Inc., Class A		33,800		14,214,252
Visa, Inc., Class A		7,800		920,400

Total				38,382,435
Semiconductors & Semiconductor Equipment 1.7%
Broadcom Corp., Class A^(a)		235,800		9,266,940
NVIDIA Corp.^(a)		85,100		1,309,689

Total				10,576,629
Software 8.9%
Microsoft Corp.		938,590		30,269,527
Oracle Corp.		430,000		12,538,800
VMware, Inc., Class A^(a)		102,500		11,517,925

Total				54,326,252
TOTAL INFORMATION TECHNOLOGY				180,466,675

MATERIALS 4.9%
Chemicals 3.1%
CF Industries Holdings, Inc.		60,500		11,050,325
Eastman Chemical Co.		18,086		934,865
LyondellBasell Industries NV, Class A		161,396		7,044,936

Total				19,030,126
Metals & Mining 1.8%
Cliffs Natural Resources, Inc.^(b)		113,834		7,884,143
Freeport-McMoRan Copper & Gold, Inc.		74,900		2,849,196

Total				10,733,339
TOTAL MATERIALS				29,763,465

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


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			9


Portfolio of Investments (continued)


Issuer	Shares		Value
Common Stocks (continued)

TELECOMMUNICATION SERVICES 1.2%
Diversified Telecommunication Services 1.2%
Verizon Communications, Inc.^(b)		188,900		$7,221,647
TOTAL TELECOMMUNICATION SERVICES				7,221,647

UTILITIES 0.2%
Gas Utilities 0.2%
Oneok, Inc.		11,800		963,588
TOTAL UTILITIES				963,588
Total Common Stocks (Cost: $479,830,403)				$599,667,747

	Shares		Value
Money Market Funds 0.8%
Columbia Short-Term Cash Fund, 0.161%^(d)(e)		5,025,543		$5,025,543
Total Money Market Funds (Cost: $5,025,543)				$5,025,543



Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan 13.9%

Asset-Backed Commercial Paper 1.3%
Atlantis One
04/11/12		0.511	%		$3,994,844		$3,994,844
Kells Funding LLC
06/04/12		0.501	%		3,994,722		3,994,722

Total							7,989,566
Certificates of Deposit 3.6%
Australia and New Zealand Bank Group, Ltd.
05/16/12		0.470	%		3,000,000		3,000,000
Banque et Caisse d’Epargne de l’Etat
06/15/12		0.430	%		1,997,805		1,997,805
Barclays Bank PLC
04/18/12		0.600	%		4,000,000		4,000,000
National Bank of Canada
05/08/12		0.393	%		3,000,000		3,000,000
Norinchukin Bank
05/21/12		0.470	%		5,000,000		5,000,000
Union Bank of Switzerland
04/13/12		0.580	%		5,000,000		5,000,000

Total							21,997,805



Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan (continued)

Commercial Paper 1.2%
Development Bank of Singapore Ltd.
08/02/12		0.551	%		$1,994,683		$1,994,683
Macquarie Bank Ltd.
04/20/12		0.803	%		4,979,778		4,979,778

Total							6,974,461
Repurchase Agreements 7.8%
Citibank NA dated 03/30/12, matures 04/02/12, repurchase price $20,000,283^(f)
		0.170	%		20,000,000		20,000,000
Citigroup Global Markets, Inc. dated 03/30/12, matures 04/02/12, repurchase price $5,000,075^(f)
		0.180	%		5,000,000		5,000,000
Mizuho Securities USA, Inc. dated 03/30/12, matures 04/02/12, repurchase price $10,000,225^(f)
		0.270	%		10,000,000		10,000,000
Pershing LLC dated 03/30/12, matures 04/02/12, repurchase price $5,000,113^(f)
		0.270	%		5,000,000		5,000,000
UBS Securities LLC dated 03/30/12, matures 04/02/12, repurchase price $7,574,156^(f)
		0.180	%		7,574,042		7,574,042

Total							47,574,042
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $84,535,874)							$84,535,874
Total Investments
(Cost: $569,391,820)							$689,229,164
Other Assets & Liabilities, Net							(79,491,320	)
Net Assets							$609,737,844

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


10		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

Investments in Derivatives

Futures Contracts Outstanding at March 31, 2012

Contract Description

Number of
Contracts
Long (Short)

Notional
Market Value

Expiration
Date

Unrealized
Appreciation

Unrealized
Depreciation

S&P 500 Index

$10,173,200

June 2012

$142,912

$—


Notes to Portfolio of Investments

^(a)	Non-income producing.

^(b)	At March 31, 2012, security was partially or fully on loan.

^(c)

At March 31, 2012, investments in securities included securities valued at $5,325,222 that were partially pledged as collateral to cover initial margin deposits on open stock index futures contracts.

^(d)	The rate shown is the seven-day current annualized yield at March 31, 2012.

^(e)	Investments in affiliates during the period ended March 31, 2012:

Issuer

Beginning
Cost

Purchase

Cost

Sales Cost/
Proceeds

from Sales

Realized
Gain/Loss

Ending

Cost

Dividends
or
Interest
Income

Value

Columbia Short-Term Cash Fund

$5,983,164

$104,457,855

$(105,415,476

)

$—

$5,025,543

$6,808

$5,025,543

^(f)


Citibank NA (0.170%)

Security Description	Value
Fannie Mae REMICS		$10,213,685
Freddie Mac REMICS		7,683,442
Government National Mortgage Association		2,502,873
Total Market Value of Collateral Securities		$20,400,000

Citigroup Global Markets, Inc. (0.180%)

Security Description	Value
Fannie Mae REMICS		$1,441,662
Fannie Mae-Aces		159,054
Freddie Mac REMICS		1,384,718
Ginnie Mae II Pool		135,082
Government National Mortgage Association		1,979,484
Total Market Value of Collateral Securities		$5,100,000

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


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			11


Portfolio of Investments (continued)


Notes to Portfolio of Investments (continued)


Mizuho Securities USA, Inc. (0.270%)

Security Description	Value
Ginnie Mae II Pool		$98,573
Government National Mortgage Association		737,676
United States Treasury Note/Bond		9,363,751
Total Market Value of Collateral Securities		$10,200,000

Pershing LLC (0.270%)

Security Description	Value
Fannie Mae Interest Strip		$6,376
Fannie Mae Pool		1,394,007
Fannie Mae REMICS		238,011
Fannie Mae-Aces		6,753
Federal Farm Credit Bank		203,073
Federal Home Loan Banks		102,197
Federal Home Loan Mortgage Corp		153,519
Federal National Mortgage Association		177,266
Freddie Mac Coupon Strips		11,549
Freddie Mac Gold Pool		463,542
Freddie Mac Non Gold Pool		104,350
Freddie Mac Reference REMIC		15
Freddie Mac REMICS		386,122
Ginnie Mae I Pool		471,803
Ginnie Mae II Pool		707,404
Government National Mortgage Association		315,987
United States Treasury Bill		73,942
United States Treasury Inflation Indexed Bonds		13,990
United States Treasury Note/Bond		258,941
United States Treasury Strip Coupon		11,153
Total Market Value of Collateral Securities		$5,100,000

UBS Securities LLC (0.180%)

Security Description	Value
Ginnie Mae I Pool		$1,499,400
Ginnie Mae II Pool		6,226,123
Total Market Value of Collateral Securities		$7,725,523

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


12		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


Fair Value Measurements

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

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

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

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


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			13


Portfolio of Investments (continued)


Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2012:


	Fair Value at March 31, 2012
Description	Level 1 Quoted Prices in Active Markets for Identical Assets		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$85,521,931		$—		$—		$85,521,931
Consumer Staples		72,099,487		—		—		72,099,487
Energy		58,550,235		—		—		58,550,235
Financials		27,459,794		—		—		27,459,794
Health Care		61,246,561		—		—		61,246,561
Industrials		76,374,364		—		—		76,374,364
Information Technology		180,466,675		—		—		180,466,675
Materials		29,763,465		—		—		29,763,465
Telecommunication Services		7,221,647		—		—		7,221,647
Utilities		963,588		—		—		963,588
Total Equity Securities		599,667,747		—		—		599,667,747
Other
Money Market Funds		5,025,543		—		—		5,025,543
Investments of Cash Collateral Received for Securities on Loan		—		84,535,874		—		84,535,874
Total Other		5,025,543		84,535,874		—		89,561,417
Investments in Securities		604,693,290		84,535,874		—		689,229,164
Derivatives
Assets
Futures Contracts		142,912		—		—		142,912
Total		$604,836,202		$84,535,874		$—		$689,372,076

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

There were no significant transfers between Levels 1 and 2 during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

How to find information about the Fund’s quarterly portfolio holdings

(i)

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)

The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)

(iv)

The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

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


14		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


Statement of Assets and Liabilities

March 31, 2012 (Unaudited)


Assets
Investments, at value*
Unaffiliated issuers (identified cost $479,830,403)	$	599,667,747
Affiliated issuers (identified cost $5,025,543)		5,025,543
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $36,961,832)		36,961,832
Repurchase agreements (identified cost $47,574,042)		47,574,042
Total investments (identified cost $569,391,820)		689,229,164
Receivable for:
Investments sold		32,596,721
Capital shares sold		429,591
Dividends		454,293
Interest		125,096
Variation margin on futures contracts		37,500
Expense reimbursement due from Investment Manager		1,522
Total assets		722,873,887
Liabilities
Due upon return of securities on loan		84,535,874
Payable for:
Investments purchased		27,306,353
Capital shares purchased		1,170,242
Investment management fees		11,368
Distribution fees		2,912
Transfer agent fees		41,653
Administration fees		985
Plan administration fees		4
Compensation of board members		35,595
Other expenses		31,057
Total liabilities		113,136,043
Net assets applicable to outstanding capital stock	$	609,737,844

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


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			15


Statement of Assets and Liabilities (continued)

March 31, 2012 (Unaudited)


Represented by
Paid-in capital	$	444,337,594
Undistributed net investment income		3,904,890
Accumulated net realized gain		41,515,104
Unrealized appreciation (depreciation) on:
Investments		119,837,344
Futures contracts		142,912
Total — representing net assets applicable to outstanding capital stock	$	609,737,844
*Value of securities on loan	$	82,701,067
Net assets applicable to outstanding shares
Class A	$	317,660,169
Class B	$	1,800,190
Class C	$	2,342,147
Class I	$	194,781,904
Class R	$	8,800
Class R4	$	8,821
Class W	$	92,713,478
Class Z	$	422,335
Shares outstanding
Class A		36,353,142
Class B		208,519
Class C		271,386
Class I		22,080,172
Class R		1,000
Class R4		1,000
Class W		10,562,453
Class Z		48,140
Net asset value per share
Class A^(a)	$	8.74
Class B	$	8.63
Class C	$	8.63
Class I	$	8.82
Class R	$	8.80
Class R4	$	8.82
Class W	$	8.78
Class Z	$	8.77

^(a)	The maximum offering price per share for Class A is $9.27. The offering price is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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


16		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


Statement of Operations

Six months ended March 31, 2012 (Unaudited)


Net investment income
Income:
Dividends	$	6,783,569
Dividends from affiliates		6,808
Income from securities lending — net		423,987
Foreign taxes withheld		(191,311	)
Total income		7,023,053
Expenses:
Investment management fees		1,969,340
Distribution fees
Class A		391,894
Class B		8,330
Class C		9,966
Class R		21
Class W		109,178
Transfer agent fees
Class A		387,873
Class B		2,333
Class C		2,387
Class R		11
Class R4		2
Class W		117,963
Class Z		275
Administration fees		170,822
Plan administration fees
Class R4		11
Compensation of board members		10,399
Custodian fees		5,501
Printing and postage fees		57,518
Registration fees		56,463
Professional fees		19,504
Other		9,053
Total expenses		3,328,844
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(230,825	)
Total net expenses		3,098,019
Net investment income		3,925,034
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		36,504,514
Futures contracts		1,697,376
Net realized gain		38,201,890
Net change in unrealized appreciation (depreciation) on:
Investments		103,717,942
Futures contracts		678,337
Net change in unrealized appreciation		104,396,279
Net realized and unrealized gain		142,598,169
Net increase in net assets resulting from operations	$	146,523,203

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


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			17


Statement of Changes in Net Assets


	Six months ended March 31, 2012 (Unaudited)				Year ended September 30, 2011
	Six months ended March 31, 2012 (Unaudited)
Operations
Net investment income		$	3,925,034			$	7,263,195
Net realized gain			38,201,890				92,056,330
Net change in unrealized appreciation (depreciation)			104,396,279				(58,245,454	)
Net increase in net assets resulting from operations			146,523,203				41,074,071
Distributions to shareholders from:
Net investment income
Class A			(2,197,708	)			(2,322,522	)
Class C			(1,344	)			(130	)
Class I			(2,056,677	)			(2,610,778	)
Class R			(48	)			(39	)
Class R4			(91	)			(65	)
Class W			(549,906	)			(1,066,588	)
Class Z			(1,830	)			(194	)
Net realized gains
Class A			(43,181,873	)			(17,771,094	)
Class B			(238,206	)			(136,041	)
Class C			(280,056	)			(93,287	)
Class I			(22,684,983	)			(11,941,305	)
Class R			(1,279	)			(467	)
Class R4			(1,279	)			(467	)
Class W			(11,733,225	)			(8,756,783	)
Class Z			(22,545	)			(892	)
Total distributions to shareholders			(82,951,050	)			(44,700,652	)
Decrease in net assets from share transactions			(28,419,830	)			(173,894,151	)
Total increase (decrease) in net assets			35,152,323				(177,520,732	)
Net assets at beginning of period			574,585,521				752,106,253
Net assets at end of period		$	609,737,844			$	574,585,521
Undistributed net investment income		$	3,904,890			$	4,787,460

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


18		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012 (Unaudited)						Year ended September 30, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		1,099,159			9,090,224			9,061,583			78,901,223
Distributions reinvested		6,023,173			44,993,103			2,283,735			19,914,167
Redemptions		(10,110,313	)		(86,896,799	)		(13,224,707	)		(118,584,834	)
Net decrease		(2,987,981	)		(32,813,472	)		(1,879,389	)		(19,769,444	)
Class B shares
Subscriptions		10,330			86,379			20,312			181,029
Distributions reinvested		31,830			235,221			15,480			133,903
Redemptions^(a)		(28,319	)		(232,392	)		(153,580	)		(1,400,495	)
Net increase (decrease)		13,841			89,208			(117,788	)		(1,085,563	)
Class C shares
Subscriptions		59,148			477,824			60,153			536,979
Distributions reinvested		21,630			159,844			5,713			49,417
Redemptions		(29,028	)		(240,366	)		(50,124	)		(435,315	)
Net increase		51,750			397,302			15,742			151,081
Class I shares
Subscriptions		4,627,925			38,539,990			1,888,271			17,066,004
Distributions reinvested		3,285,652			24,740,962			1,655,495			14,551,798
Redemptions		(5,837,119	)		(49,704,390	)		(10,654,518	)		(98,177,673	)
Net increase (decrease)		2,076,458			13,576,562			(7,110,752	)		(66,559,871	)
Class W shares
Subscriptions		1,100,265			9,361,218			2,747,164			24,284,312
Distributions reinvested		1,637,649			12,282,364			1,122,637			9,823,071
Redemptions		(3,581,438	)		(31,568,899	)		(13,607,899	)		(120,877,826	)
Net decrease		(843,524	)		(9,925,317	)		(9,738,098	)		(86,770,443	)
Class Z shares
Subscriptions		34,584			272,914			24,878			229,182
Distributions reinvested		1,653			12,384			104			917
Redemptions		(3,481	)		(29,411	)		(9,895	)		(90,010	)
Net increase		32,756			255,887			15,087			140,089
Total net decrease		(1,656,700	)		(28,419,830	)		(18,815,198	)		(173,894,151	)

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

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


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			19


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 returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007^(a)
	(Unaudited)
Class A
Per share data
Net asset value, beginning of period		$8.04			$8.32			$7.50			$7.65			$10.36			$10.07
Income from investment operations:
Net investment income		0.05			0.08			0.04			0.05			0.05			0.01
Net realized and unrealized gain (loss)		1.99			0.17			0.81			(0.16	)		(2.71	)		0.28
Total from investment operations		2.04			0.25			0.85			(0.11	)		(2.66	)		0.29
Less distributions to shareholders from:
Net investment income		(0.06	)		(0.06	)		(0.03	)		(0.04	)		(0.04	)		—
Net realized gains		(1.28	)		(0.47	)		—			(0.00	)^(b)		(0.01	)		—
Total distributions to shareholders		(1.34	)		(0.53	)		(0.03	)		(0.04	)		(0.05	)		—
Net asset value, end of period		$8.74			$8.04			$8.32			$7.50			$7.65			$10.36
Total return		28.27%			2.49%			11.39%			(1.27%	)		(25.78%	)		2.88%
Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		1.30%	^(d)		1.23%			1.23%			1.22%			1.13%			1.44%	^(d)
Net expenses after fees waived or expenses reimbursed^(e)		1.21%	^(d)		1.23%	^(f)		1.21%			1.22%			1.13%			1.38%	^(d)
Net investment income		1.24%	^(d)		0.88%	^(f)		0.51%			0.71%			0.51%			0.22%	^(d)
Supplemental data
Net assets, end of period (in thousands)		$317,660			$316,366			$343,147			$274,024			$25,776			$4,279
Portfolio turnover		36%			57%			98%			58%			70%			21%

Notes to Financial Highlights

^(a)	For the period from May 17, 2007 (commencement of operations) to September 30, 2007.

^(b)	Rounds to less than $0.01.

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

^(d)	Annualized.

^(e)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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

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


20		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007^(a)
	(Unaudited)
Class B
Per share data
Net asset value, beginning of period		$7.93			$8.22			$7.43			$7.58			$10.33			$10.07
Income from investment operations:
Net investment income (loss)		0.02			0.01			(0.02	)		0.00	^(b)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss)		1.96			0.17			0.81			(0.15	)		(2.69	)		0.28
Total from investment operations		1.98			0.18			0.79			(0.15	)		(2.71	)		0.26
Less distributions to shareholders from:
Net investment income		—			—			—			(0.00	)^(b)		(0.03	)		—
Net realized gains		(1.28	)		(0.47	)		—			(0.00	)^(b)		(0.01	)		—
Total distributions to shareholders		(1.28	)		(0.47	)		—			(0.00	)^(b)		(0.04	)		—
Net asset value, end of period		$8.63			$7.93			$8.22			$7.43			$7.58			$10.33
Total return		27.66%			1.68%			10.63%			(1.97%	)		(26.35%	)		2.58%
Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		2.08%	^(d)		1.97%			2.00%			1.99%			1.89%			2.17%	^(d)
Net expenses after fees waived or expenses reimbursed^(e)		1.95%	^(d)		1.97%	^(f)		1.98%			1.99%			1.89%			2.14%	^(d)
Net investment income (loss)		0.50%	^(d)		0.12%	^(f)		(0.30%	)		(0.02%	)		(0.25%	)		(0.49%	)^(d)
Supplemental data
Net assets, end of period (in thousands)		$1,800			$1,543			$2,568			$3,579			$2,912			$327
Portfolio turnover		36%			57%			98%			58%			70%			21%

Notes to Financial Highlights

^(a)	For the period from May 17, 2007 (commencement of operations) to September 30, 2007.

^(b)	Rounds to less than $0.01.

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

^(d)	Annualized.

^(e)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, 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.


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			21


Financial Highlights (continued)


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007^(a)
	(Unaudited)
Class C
Per share data
Net asset value, beginning of period		$7.93			$8.22			$7.43			$7.58			$10.33			$10.07
Income from investment operations:
Net investment income (loss)		0.02			0.01			(0.02	)		0.00	^(b)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss)		1.97			0.17			0.81			(0.15	)		(2.70	)		0.28
Total from investment operations		1.99			0.18			0.79			(0.15	)		(2.72	)		0.26
Less distributions to shareholders from:
Net investment income		(0.01	)		(0.00	)^(b)		—			—			(0.02	)		—
Net realized gains		(1.28	)		(0.47	)		—			(0.00	)^(b)		(0.01	)		—
Total distributions to shareholders		(1.29	)		(0.47	)		—			(0.00	)^(b)		(0.03	)		—
Net asset value, end of period		$8.63			$7.93			$8.22			$7.43			$7.58			$10.33
Total return		27.75%			1.69%			10.63%			(1.98%	)		(26.39%	)		2.58%
Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		2.04%	^(d)		1.98%			1.99%			1.98%			1.90%			2.27%	^(d)
Net expenses after fees waived or expenses reimbursed^(e)		1.95%	^(d)		1.98%	^(f)		1.96%			1.98%			1.90%			2.13%	^(d)
Net investment income (loss)		0.50%	^(d)		0.13%	^(f)		(0.25%	)		0.01%			(0.25%	)		(0.53%	)^(d)
Supplemental data
Net assets, end of period (in thousands)		$2,342			$1,742			$1,676			$1,561			$1,726			$31
Portfolio turnover		36%			57%			98%			58%			70%			21%

Notes to Financial Highlights

^(a)	For the period from May 17, 2007 (commencement of operations) to September 30, 2007.

^(b)	Rounds to less than $0.01.

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

^(d)	Annualized.

^(e)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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

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


22		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007^(a)
	(Unaudited)
Class I
Per share data
Net asset value, beginning of period		$8.14			$8.41			$7.57			$7.68			$10.37			$10.07
Income from investment operations:
Net investment income		0.07			0.13			0.08			0.08			0.08			0.03
Net realized and unrealized gain (loss)		2.01			0.17			0.81			(0.14	)		(2.71	)		0.27
Total from investment operations		2.08			0.30			0.89			(0.06	)		(2.63	)		0.30
Less distributions to shareholders from:
Net investment income		(0.12	)		(0.10	)		(0.05	)		(0.05	)		(0.05	)		—
Net realized gains		(1.28	)		(0.47	)		—			(0.00	)^(b)		(0.01	)		—
Total distributions to shareholders		(1.40	)		(0.57	)		(0.05	)		(0.05	)		(0.06	)		—
Net asset value, end of period		$8.82			$8.14			$8.41			$7.57			$7.68			$10.37
Total return		28.43%			3.06%			11.84%			(0.56%	)		(25.50%	)		2.98%
Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		0.80%	^(d)		0.73%			0.71%			0.72%			0.71%			0.95%	^(d)
Net expenses after fees waived or expenses reimbursed^(e)		0.76%	^(d)		0.73%			0.71%			0.72%			0.71%			0.95%	^(d)
Net investment income		1.69%	^(d)		1.38%			1.00%			1.27%			0.89%			0.71%	^(d)
Supplemental data
Net assets, end of period (in thousands)		$194,782			$162,770			$228,158			$206,056			$161,646			$76,003
Portfolio turnover		36%			57%			98%			58%			70%			21%

Notes to Financial Highlights

^(a)	For the period from May 17, 2007 (commencement of operations) to September 30, 2007.

^(b)	Rounds to less than $0.01.

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

^(d)	Annualized.

^(e)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			23


Financial Highlights (continued)


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007^(a)
	(Unaudited)
Class R
Per share data
Net asset value, beginning of period		$8.08			$8.37			$7.53			$7.65			$10.34			$10.07
Income from investment operations:
Net investment income (loss)		0.04			0.06			0.02			0.03			0.03			(0.01	)
Net realized and unrealized gain (loss)		2.01			0.16			0.82			(0.14	)		(2.70	)		0.28
Total from investment operations		2.05			0.22			0.84			(0.11	)		(2.67	)		0.27
Less distributions to shareholders from:
Net investment income		(0.05	)		(0.04	)		(0.00	)^(b)		(0.01	)		(0.01	)		—
Net realized gains		(1.28	)		(0.47	)		—			(0.00	)^(b)		(0.01	)		—
Total distributions to shareholders		(1.33	)		(0.51	)		(0.00	)^(b)		(0.01	)		(0.02	)		—
Net asset value, end of period		$8.80			$8.08			$8.37			$7.53			$7.65			$10.34
Total return		28.11%			2.10%			11.17%			(1.38%	)		(25.86%	)		2.68%
Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		1.54%	^(d)		1.47%			1.50%			1.53%			1.51%			1.98%	^(d)
Net expenses after fees waived or expenses reimbursed^(e)		1.46%	^(d)		1.47%			1.50%			1.45%			1.26%			1.78%	^(d)
Net investment income (loss)		1.05%	^(d)		0.64%			0.21%			0.53%			0.35%			(0.15%	)^(d)
Supplemental data
Net assets, end of period (in thousands)		$9			$8			$8			$8			$8			$10
Portfolio turnover		36%			57%			98%			58%			70%			21%

Notes to Financial Highlights

^(a)	For the period from May 17, 2007 (commencement of operations) to September 30, 2007.

^(b)	Rounds to less than $0.01.

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

^(d)	Annualized.

^(e)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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


24		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007^(a)
	(Unaudited)
Class R4
Per share data
Net asset value, beginning of period		$8.12			$8.39			$7.54			$7.68			$10.36			$10.07
Income from investment operations:
Net investment income		0.06			0.10			0.05			0.06			0.08			0.01
Net realized and unrealized gain (loss)		2.01			0.16			0.83			(0.16	)		(2.71	)		0.28
Total from investment operations		2.07			0.26			0.88			(0.10	)		(2.63	)		0.29
Less distributions to shareholders from:
Net investment income		(0.09	)		(0.06	)		(0.03	)		(0.04	)		(0.04	)		—
Net realized gains		(1.28	)		(0.47	)		—			(0.00	)^(b)		(0.01	)		—
Total distributions to shareholders		(1.37	)		(0.53	)		(0.03	)		(0.04	)		(0.05	)		—
Net asset value, end of period		$8.82			$8.12			$8.39			$7.54			$7.68			$10.36
Total return		28.38%			2.64%			11.68%			(1.10%	)		(25.49%	)		2.88%
Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		1.09%	^(d)		1.03%			1.04%			1.02%			1.00%			1.48%	^(d)
Net expenses after fees waived or expenses reimbursed^(e)		1.04%	^(d)		1.01%			1.04%			0.98%			0.81%			1.28%	^(d)
Net investment income		1.47%	^(d)		1.10%			0.63%			1.01%			0.84%			0.35%	^(d)
Supplemental data
Net assets, end of period (in thousands)		$9			$8			$8			$8			$22			$10
Portfolio turnover		36%			57%			98%			58%			70%			21%

Notes to Financial Highlights

^(a)	For the period from May 17, 2007 (commencement of operations) to September 30, 2007.

^(b)	Rounds to less than $0.01.

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

^(d)	Annualized.

^(e)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			25


Financial Highlights (continued)


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008^(a)
	(Unaudited)
Class W
Per share data
Net asset value, beginning of period		$8.07			$8.35			$7.52			$7.66			$8.80
Income from investment operations:
Net investment income		0.05			0.08			0.04			0.05			0.01
Net realized and unrealized gain (loss)		2.00			0.16			0.83			(0.15	)		(1.15	)
Total from investment operations		2.05			0.24			0.87			(0.10	)		(1.14	)
Less distributions to shareholders from:
Net investment income		(0.06	)		(0.05	)		(0.04	)		(0.04	)		—
Net realized gains		(1.28	)		(0.47	)		—			(0.00	)^(b)		—
Total distributions to shareholders		(1.34	)		(0.52	)		(0.04	)		(0.04	)		—
Net asset value, end of period		$8.78			$8.07			$8.35			$7.52			$7.66
Total return		28.22%			2.43%			11.54%			(1.18%	)		(12.95%	)
Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		1.32%	^(d)		1.23%			1.16%			1.17%			1.13%	^(d)
Net expenses after fees waived or expenses reimbursed^(e)		1.21%	^(d)		1.23%	^(f)		1.16%			1.17%			1.13%	^(d)
Net investment income		1.19%	^(d)		0.91%	^(f)		0.55%			0.72%			0.98%	^(d)
Supplemental data
Net assets, end of period (in thousands)		$92,713			$92,023			$176,538			$188,126			$4
Portfolio turnover		36%			57%			98%			58%			70%

Notes to Financial Highlights

^(a)	For the period from August 1, 2008 (commencement of operations) to September 30, 2008.

^(b)	Rounds to less than $0.01.

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

^(d)	Annualized.

^(e)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, 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.


26		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010^(a)
	(Unaudited)
Class Z
Per share data
Net asset value, beginning of period		$8.10			$8.42			$8.42
Income from investment operations:
Net investment income		0.06			0.11			0.00	^(b)
Net realized and unrealized gain		1.99			0.14			(0.00	)^(b)
Total from investment operations		2.05			0.25			0.00	^(b)
Less distributions to shareholders from:
Net investment income		(0.10	)		(0.10	)		—
Net realized gains		(1.28	)		(0.47	)		—
Total distributions to shareholders		(1.38	)		(0.57	)		—
Net asset value, end of period		$8.77			$8.10			$8.42
Total return		28.26%			2.43%			0.00%	^(c)
Ratios to average net assets^(d)
Expenses prior to fees waived or expenses reimbursed		1.02%	^(e)		0.98%			0.95%	^(e)
Net expenses after fees waived or expenses reimbursed^(f)		0.93%	^(e)		0.98%	^(g)		0.95%	^(e)
Net investment income		1.37%	^(e)		1.25%	^(g)		3.19%	^(e)
Supplemental data
Net assets, end of period (in thousands)		$422			$125			$3
Portfolio turnover		36%			57%			98%

Notes to Financial Highlights

^(a)	For the period from September 27, 2010 (commencement of operations) to September 30, 2010.

^(b)	Rounds to less than $0.01.

^(c)	Rounds to less than 0.01%.

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

^(e)	Annualized.

^(f)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, 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.


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			27


Notes to Financial Statements

March 31, 2012 (Unaudited)

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R, Class R4, Class W and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

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

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

Class R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class R4 shares are not subject to sales charges; however, this share class is closed to new investors.


28		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

Class Z shares are not subject to sales charges, and are only available to certain investors, as described in the Fund’s prospectus.

Note 2. Summary

of Significant Accounting Policies

Use of Estimates

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

Security Valuation


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			29


Notes to Financial Statements (continued)

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, 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 other open-end investment companies, including money market funds, are valued at net asset value.

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

Foreign Currency Transactions and Translation

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates


30		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative Instruments

The Fund invests in certain derivative instruments as detailed below to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to maintain cash reserves while maintaining exposure to certain other assets, to offset anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.

The Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to monitor (on a daily basis) the net fair value of all derivatives entered into pursuant to the agreement between the Fund and such counterparty. If the net fair value of such derivatives between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty (as the case may be) is required to post cash and/or securities as collateral. Fair values of derivatives presented in the financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Fund or any counterparty.

Futures Contracts

Futures contracts represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. Upon entering into futures contracts, the Fund bears risks which may include interest rates, exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

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


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			31


Notes to Financial Statements (continued)

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

Effects of Derivative Transactions in the Financial Statements

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

Fair Values of Derivative Instruments at March 31, 2012


	Asset derivatives
Risk exposure category	Statement of Assets and Liabilities location	Fair value
Equity contracts	Net assets — unrealized appreciation on futures contracts	$	142,912	*

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

Effect of Derivative Instruments in the Statement of Operations for the Period Ended March 31, 2012


Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts
Equity contracts	$	1,697,376

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts
Equity contracts	$	678,337


32		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


Volume of derivative instruments for the period ended March 31, 2012
	Contracts opened
Futures contracts		470

Repurchase Agreements

Security Transactions

Income Recognition

Interest income is recorded on the accrual basis.

The Fund receives distributions from holdings in real estate investment trusts (REITs) which report information on the character of their distributions annually. REIT distributions are allocated to dividend income, capital gain and return of capital based on estimates made by the Fund’s management if actual information has not yet been reported. Return of capital is recorded as a reduction of the cost basis of securities held. 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.


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			33


Notes to Financial Statements (continued)

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Foreign Taxes

Distributions to Shareholders

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


34		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

Guarantees and Indemnifications

Recent Accounting Pronouncement

Fair Value Measurements and Disclosures

In May 2011, the Financial Accounting and Standards Board (FASB) issued ASU No. 2011-04 modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (IASB) issued International Financial Reporting Standard 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures.

Note 3. Fees

and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.69% to 0.52% as the Fund’s net assets increase. The annualized effective management fee rate for the six months ended March 31, 2012 was 0.68% of the Fund’s average daily net assets.


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			35


Notes to Financial Statements (continued)

Administration Fees

Other Fees

Compensation of Board Members

Transfer Agent Fees


36		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class R4 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to the share class.

For the six months ended March 31, 2012, the Fund’s annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:


Class A	0.25	%
Class B	0.28
Class C	0.24
Class R	0.25
Class R4	0.05
Class W	0.27
Class Z	0.22

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 R4 shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, 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


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			37


Notes to Financial Statements (continued)

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

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $120,000 and $17,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of December 31, 2011, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $28,471 for Class A, $406 for Class B and $589 for Class C shares for the six months ended March 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective December 1, 2011, 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), through November 30, 2012, 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:


Class A	1.17	%
Class B	1.92
Class C	1.92
Class I	0.74
Class R	1.42
Class R4	1.04
Class W	1.17
Class Z	0.92


38		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

Prior to December 1, 2011, the Investment Manager and its affiliates contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, did not exceed the following annual rates as a percentage of the class’ average daily net assets:


Class A	1.27	%
Class B	2.02
Class C	2.02
Class I	0.82
Class R	1.52
Class R4	1.12
Class W	1.27
Class Z	1.02

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

Note 4. Federal

Tax Information

At March 31, 2012, the cost of investments for federal income tax purposes was approximately $569,392,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:


Unrealized appreciation	$	127,431,000
Unrealized depreciation		(7,594,000	)
Net unrealized appreciation	$	119,837,000


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			39


Notes to Financial Statements (continued)

based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio

Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $204,980,691 and $308,583,940, respectively, for the six months ended March 31, 2012.

Note 6. Lending

of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At March 31, 2012, securities valued at $82,701,067 were on loan, secured by cash collateral of $84,535,874 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.


40		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

Note 7. Affiliated

Money Market Fund

Note 8. Shareholder Concentration

At March 31, 2012, one unaffiliated shareholder account owned 60.9% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 31.8% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. Line of Credit

Prior to December 13, 2011, interest was charged to each participating fund based on its borrowings at a rate equal to the sum of the federal funds rate plus


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			41


Notes to Financial Statements (continued)

(i) 1.25% per annum plus (ii) if one-month LIBOR exceeds the federal funds rate, the amount of such excess. The Fund also paid a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.10% per annum.

The Fund had no borrowings during the six months ended March 31, 2012.

Note 10. Subsequent

Events

Note 11. Information

Regarding Pending and Settled Legal Proceedings


42		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			43


Proxy Voting


44		COLUMBIA LARGE GROWTH QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

Columbia Large Growth Quantitative Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

S-6286 F (5/12)

Semiannual Report

LOGO

Columbia

Large Value Quantitative Fund

Semiannual Report for the Period Ended March 31, 2012

Columbia Large Value Quantitative Fund seeks to provide shareholders with long-term capital growth.

Not FDIC insured ^¡ No bank guarantee ^¡ May lose value


Table of Contents



Your Fund at a Glance			2

Fund Expense Example			6

Portfolio of Investments			8

Statement of Assets and Liabilities			16

Statement of Operations			18

Statement of Changes in Net Assets			20

Financial Highlights			22

Notes to Financial Statements			31

Proxy Voting			48

See the Fund’s prospectus for risks associated with investing in the Fund.


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			1


Your Fund at a Glance

FUND SUMMARY

Columbia Large Value Quantitative Fund (the Fund) Class A shares returned 26.34% (excluding sales charge) for the six months ended March 31, 2012.

The Fund outperformed its benchmark, the Russell 1000^® Value Index, which increased 25.68% during the six-month period.

ANNUALIZED TOTAL RETURNS (for period ended March 31, 2012)

6 months

1 year

Since
inception
8/1/08

Columbia Large Value Quantitative Fund
Class A (excluding sales charge)

+26.34%

+6.43%

+2.00%

Russell 1000 Value Index⁽¹⁾ (unmanaged)

+25.68%

+4.79%

+3.50%

Not annualized.

The index does not reflect the effects of sales charges, expenses and taxes. It is not possible to invest directly in an index.

⁽¹⁾

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 value. The index reflects reinvestment of all distributions and changes in market prices.


2		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

AVERAGE ANNUAL TOTAL RETURNS

at March 31, 2012

Without sales charge

6 months*

1 year

Since
inception

Class A (inception 8/1/08)

+26.34%

+6.43%

+2.00%

Class B (inception 8/1/08)

+26.03%

+5.67%

+1.26%

Class C (inception 8/1/08)

+26.03%

+5.73%

+1.20%

Class I (inception 8/1/08)

+26.77%

+6.90%

+2.42%

Class R (inception 8/1/08)

+26.26%

+6.22%

+1.70%

Class R4 (inception 8/1/08)

+26.54%

+6.65%

+2.13%

Class T (inception 3/7/11)**

+26.43%

+6.47%

+1.97%

Class W (inception 8/1/08)

+26.32%

+6.44%

+1.94%

Class Z (inception 9/27/10)**

+26.59%

+6.74%

+2.14%

With sales charge

Class A (inception 8/1/08)

+19.04%

+0.32%

+0.36%

Class B (inception 8/1/08)

+21.03%

+0.91%

+0.70%

Class C (inception 8/1/08)

+25.03%

+4.78%

+1.20%

Class T (inception 3/7/11)**

+19.11%

+0.35%

+0.34%

The “Without sales charge” returns for Class A, Class B, Class C and Class T shares do not include applicable initial or contingent deferred sales charges. If included, returns would be lower than those shown. The “With sales charge” returns for Class A, Class B, Class C and Class T shares include: the maximum initial sales charge of 5.75% for Class A and Class T shares; the applicable contingent deferred sales charge (CDSC) for Class B shares (applied as follows: first year 5%; second year 4%; third and fourth years 3%; fifth year 2%; sixth year 1%; no sales charge thereafter); and a 1% CDSC for Class C shares sold within one year after purchase. The Fund’s other share classes are not subject to sales charges and have limited eligibility. See the Fund’s prospectuses for details.

*	Not annualized

The returns shown for periods prior to the share class inception date (including returns since inception, which are since Fund inception) include the returns of the Fund’s Class A Shares. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-fund/appended-performance for more information.


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			3


Your Fund at a Glance (continued)


PORTFOLIO BREAKDOWN⁽¹⁾ (at March 31, 2012)
Consumer Discretionary	8.7	%
Consumer Staples	7.8
Energy	11.8
Financials	26.2
Health Care	12.2
Industrials	8.9
Information Technology	9.3
Materials	3.1
Telecommunication Services	4.1
Utilities	6.5
Other⁽²⁾	1.4

⁽¹⁾

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s portfolio composition is subject to change.

⁽²⁾

Includes investments in money market funds.


TOP TEN HOLDINGS⁽¹⁾ (at March 31, 2012)
Chevron Corp.	4.7	%
JPMorgan Chase & Co.	4.7
Pfizer, Inc.	4.5
Cisco Systems, Inc.	3.4
Verizon Communications, Inc.	3.0
Wells Fargo & Co.	2.9
Merck & Co., Inc.	2.8
Tyco International Ltd.	2.5
Discover Financial Services	2.3
Philip Morris International, Inc.	2.2

⁽¹⁾

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and 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.


4		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

MORNINGSTAR STYLE BOX^TM


		The Morningstar Style Box^TM is based on the 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.


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			5


Fund Expense Example

(Unaudited)

Understanding your expenses

Analyzing your fund’s expenses

Compare with other funds


6		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

October 1, 2011 — March 31, 2012


	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		1,263.40		1,019.34		6.25		5.57		1.11
Class B		1,000.00		1,000.00		1,260.30		1,015.61		10.45		9.32		1.86
Class C		1,000.00		1,000.00		1,260.30		1,015.61		10.45		9.32		1.86
Class I		1,000.00		1,000.00		1,267.70		1,021.18		4.17		3.72		0.74
Class R		1,000.00		1,000.00		1,262.60		1,018.10		7.65		6.82		1.36
Class R4		1,000.00		1,000.00		1,265.40		1,019.69		5.86		5.22		1.04
Class T		1,000.00		1,000.00		1,264.30		1,019.10		6.53		5.82		1.16
Class W		1,000.00		1,000.00		1,263.20		1,019.34		6.25		5.57		1.11
Class Z		1,000.00		1,000.00		1,265.90		1,020.59		4.85		4.32		0.86

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


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			7


Portfolio of Investments

Columbia Large Value Quantitative Fund

March 31, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value
Common Stocks 98.6%

CONSUMER DISCRETIONARY 8.7%
Auto Components 0.2%
Visteon Corp.^(a)		9,400		$498,200
Automobiles 1.2%
General Motors Co.^(a)(b)		125,900		3,229,335
Media 2.7%
DISH Network Corp., Class A		170,250		5,606,333
McGraw-Hill Companies, Inc.(The)		35,200		1,706,144

Total				7,312,477
Multiline Retail 1.3%
Dillard’s, Inc., Class A^(b)		53,600		3,377,872
Specialty Retail 3.3%
Aaron’s, Inc.		159,500		4,131,050
Best Buy Co., Inc.^(b)		12,600		298,368
GameStop Corp., Class A^(b)		172,900		3,776,136
Gap, Inc. (The)		28,660		749,172

Total				8,954,726
TOTAL CONSUMER DISCRETIONARY				23,372,610

CONSUMER STAPLES 7.8%
Beverages 0.1%
Coca-Cola Enterprises, Inc.		7,800		223,080
Food & Staples Retailing 3.3%
Kroger Co. (The)		170,900		4,140,907
Safeway, Inc.^(b)		74,300		1,501,603
Wal-Mart Stores, Inc.		55,100		3,372,120

Total				9,014,630
Food Products 0.5%
Tyson Foods, Inc., Class A		76,100		1,457,315
Household Products 0.8%
Kimberly-Clark Corp.		7,800		576,342
Procter & Gamble Co. (The)		22,382		1,504,294

Total				2,080,636
Tobacco 3.1%
Lorillard, Inc.		18,800		2,434,224
Philip Morris International, Inc.		67,240		5,958,137

Total				8,392,361
TOTAL CONSUMER STAPLES				21,168,022


Issuer	Shares		Value
Common Stocks (continued)


ENERGY 11.8%
Energy Equipment & Services 0.5%
Patterson-UTI Energy, Inc.^(b)		35,500		$613,795
SEACOR Holdings, Inc.^(a)		3,500		335,230
Unit Corp.^(a)(b)		7,100		303,596

Total				1,252,621
Oil, Gas & Consumable Fuels 11.3%
Apache Corp.		35,850		3,600,774
Chevron Corp.		117,646		12,616,357
ConocoPhillips^(c)		49,208		3,740,300
Marathon Oil Corp.		96,275		3,051,918
Tesoro Corp.^(a)		114,200		3,065,128
Valero Energy Corp.		172,503		4,445,402

Total				30,519,879
TOTAL ENERGY				31,772,500

FINANCIALS 26.2%
Capital Markets 3.0%
American Capital Ltd. ^(a)(b)		211,900		1,837,173
Ares Capital Corp.		69,200		1,131,420
BlackRock, Inc.		23,800		4,876,620
Franklin Resources, Inc.		1,194		148,092

Total				7,993,305
Commercial Banks 3.7%
KeyCorp		89,029		756,747
Regions Financial Corp.		230,000		1,515,700
Wells Fargo & Co.		225,865		7,711,031

Total				9,983,478
Consumer Finance 2.3%
Discover Financial Services		183,527		6,118,790
SLM Corp.		11,300		178,088

Total				6,296,878
Diversified Financial Services 5.9%
Citigroup, Inc.		90,849		3,320,531
JPMorgan Chase & Co.		271,620		12,489,087

Total				15,809,618
Insurance 7.3%
Berkshire Hathaway, Inc., Class B^(a)		36,460		2,958,729
Brown & Brown, Inc.		55,100		1,310,278

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


8		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


Issuer	Shares		Value
Common Stocks (continued)


FINANCIALS (cont.)
Insurance (cont.)
Hartford Financial Services Group, Inc.		21,400		$451,112
Lincoln National Corp.^(b)		44,900		1,183,564
MetLife, Inc.		102,300		3,820,905
Protective Life Corp.^(b)		120,009		3,554,666
Prudential Financial, Inc.		80,300		5,090,217
Reinsurance Group of America, Inc.		21,627		1,286,158

Total				19,655,629
Real Estate Investment Trusts (REITs) 4.0%
American Capital Agency Corp.		34,500		1,019,130
Public Storage		18,100		2,500,877
Simon Property Group, Inc.		37,698		5,491,845
Taubman Centers, Inc.		26,300		1,918,585

Total				10,930,437
TOTAL FINANCIALS				70,669,345

HEALTH CARE 12.2%
Biotechnology 1.4%
Amgen, Inc.		54,900		3,732,651
Health Care Providers & Services 1.9%
Aetna, Inc.		97,500		4,890,600
Humana, Inc.		3,600		332,928

Total				5,223,528
Pharmaceuticals 8.9%
Abbott Laboratories		63,200		3,873,528
Johnson & Johnson		4,475		295,171
Merck & Co., Inc.		193,100		7,415,040
Pfizer, Inc.		528,987		11,986,845
Warner Chilcott PLC, Class A^(a)(b)		18,700		314,347

Total				23,884,931
TOTAL HEALTH CARE				32,841,110

INDUSTRIALS 8.9%
Aerospace & Defense 2.8%
Lockheed Martin Corp.		50,000		4,493,000
United Technologies Corp.		36,721		3,045,640

Total				7,538,640
Airlines 0.1%
United Continental Holdings, Inc.^(a)(b)		9,900		212,850


Issuer	Shares		Value
Common Stocks (continued)


INDUSTRIALS (cont.)
Commercial Services & Supplies 2.5%
Pitney Bowes, Inc.^(b)		210,700		$3,704,106
RR Donnelley & Sons Co.^(b)		247,649		3,068,371

Total				6,772,477
Industrial Conglomerates 3.4%
General Electric Co.		138,447		2,778,631
Tyco International Ltd.		117,500		6,601,150

Total				9,379,781
Machinery 0.1%
Parker Hannifin Corp.		2,900		245,195

TOTAL INDUSTRIALS				24,148,943

INFORMATION TECHNOLOGY 9.3%
Communications Equipment 3.3%
Cisco Systems, Inc.		422,200		8,929,530
Computers & Peripherals 1.2%
Dell, Inc.^(a)		187,000		3,104,200
IT Services 0.8%
Visa, Inc., Class A		18,600		2,194,800
Semiconductors & Semiconductor Equipment 2.4%
Applied Materials, Inc.		383,300		4,768,252
Intel Corp.		59,823		1,681,625

Total				6,449,877
Software 1.6%
Microsoft Corp.		135,085		4,356,491
TOTAL INFORMATION TECHNOLOGY				25,034,898

MATERIALS 3.1%
Chemicals 3.1%
CF Industries Holdings, Inc.		17,400		3,178,110
LyondellBasell Industries NV, Class A		121,300		5,294,745

Total				8,472,855
TOTAL MATERIALS				8,472,855

TELECOMMUNICATION SERVICES 4.1%
Diversified Telecommunication Services 4.1%
AT&T, Inc.		93,165		2,909,543
Verizon Communications, Inc.		211,610		8,089,850

Total				10,999,393
TOTAL TELECOMMUNICATION SERVICES				10,999,393

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


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			9


Portfolio of Investments (continued)


Issuer	Shares		Value
Common Stocks (continued)


UTILITIES 6.5%
Electric Utilities 3.1%
Entergy Corp.		44,675		$3,002,160
Exelon Corp.		139,395		5,465,678

Total				8,467,838

Independent Power Producers & Energy Traders 1.7%
AES Corp. (The)^(a)		348,800		4,558,816
Multi-Utilities 1.7%
Public Service Enterprise Group, Inc.		149,910		4,588,745

TOTAL UTILITIES				17,615,399
Total Common Stocks (Cost: $216,419,509)				$266,095,075


	Shares		Value
Money Market Funds 1.4%
Columbia Short-Term Cash Fund, 0.161%^(d)(e)		3,909,293		$3,909,293
Total Money Market Funds (Cost: $3,909,293)				$3,909,293


Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan 7.8%

Repurchase Agreements 7.8%
Natixis Financial Products, Inc. dated 03/30/12, matures 04/02/12, repurchase price $10,000,217^(f)
		0.260	%		$10,000,000		$10,000,000
Nomura Securities dated 03/30/12, matures 04/02/12, repurchase price $3,000,050^(f)
		0.200	%		3,000,000		3,000,000
Pershing LLC dated 03/30/12, matures 04/02/12, repurchase price $3,500,079^(f)
		0.270	%		3,500,000		3,500,000
RBS Securities, Inc. dated 03/30/12, matures 04/02/12, repurchase price $4,648,089^(f)
		0.200	%		4,648,012		4,648,012

Total							21,148,012
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $21,148,012)							$21,148,012
Total Investments
(Cost: $241,476,814)							$291,152,380
Other Assets & Liabilities, Net							(21,065,292	)
Net Assets							$270,087,088

Investment in Derivatives

Futures Contracts Outstanding at March 31, 2012

Contract Description

Number of
Contracts
Long (Short)

Notional
Market Value

Expiration
Date

Unrealized
Appreciation

Unrealized
Depreciation

S&P 500 Index

$4,209,600

June 2012

$78,184

$—


Notes to Portfolio of Investments

^(a)

Non-income producing.

^(b)

At March 31, 2012, security was partially or fully on loan.

^(c)

At March 31, 2012, investments in securities included securities valued at $300,000 that were partially pledged as collateral to cover initial margin deposits on open stock index futures contracts.

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


10		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


Notes to Portfolio of Investments (continued)

^(d)

The rate shown is the seven-day current annualized yield at March 31, 2012.

^(e)

Investments in affiliates during the period ended March 31, 2012:


Issuer	Beginning Cost		Purchase Cost		Sales Cost/ Proceeds from Sales			Realized Gain/Loss		Ending Cost		Dividends or Interest Income		Value
Columbia Short-Term Cash Fund		$5,111,366		$43,007,732		$(44,209,805	)		$—		$3,909,293		$3,538		$3,909,293

^(f)


Natixis Financial Products, Inc. (0.260%)

Security Description	Value
Fannie Mae Pool		$1,722,374
Fannie Mae REMICS		2,961,553
Freddie Mac Gold Pool		360,258
Freddie Mac REMICS		3,555,359
Government National Mortgage Association		415,199
United States Treasury Inflation Indexed Bonds		372,088
United States Treasury Note/Bond		813,390
Total Market Value of Collateral Securities		$10,200,221

Nomura Securities (0.200%)

Security Description	Value
Fannie Mae Pool		$1,714,078
Freddie Mac Gold Pool		1,345,922
Total Market Value of Collateral Securities		$3,060,000

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


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			11


Portfolio of Investments (continued)


Notes to Portfolio of Investments (continued)


Pershing LLC (0.270%)

Security Description	Value
Fannie Mae Interest Strip		$4,463
Fannie Mae Pool		975,805
Fannie Mae REMICS		166,608
Fannie Mae-Aces		4,727
Federal Farm Credit Bank		142,151
Federal Home Loan Banks		71,538
Federal Home Loan Mortgage Corp		107,463
Federal National Mortgage Association		124,087
Freddie Mac Coupon Strips		8,084
Freddie Mac Gold Pool		324,479
Freddie Mac Non Gold Pool		73,045
Freddie Mac Reference REMIC		11
Freddie Mac REMICS		270,285
Ginnie Mae I Pool		330,262
Ginnie Mae II Pool		495,183
Government National Mortgage Association		221,191
United States Treasury Bill		51,759
United States Treasury Inflation Indexed Bonds		9,793
United States Treasury Note/Bond		181,259
United States Treasury Strip Coupon		7,807
Total Market Value of Collateral Securities		$3,570,000

RBS Securities, Inc. (0.200%)

Security Description	Value
Fannie Mae Pool		$4,741,000
Total Market Value of Collateral Securities		$4,741,000

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


12		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


Fair Value Measurements

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

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

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

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


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			13


Portfolio of Investments (continued)


Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2012:


	��	Fair value at March 31, 2012
Description		Level 1 Quoted Prices in Active Markets for Identical Assets		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary			$23,372,610		$—		$—		$23,372,610
Consumer Staples			21,168,022		—		—		21,168,022
Energy			31,772,500		—		—		31,772,500
Financials			70,669,345		—		—		70,669,345
Health Care			32,841,110		—		—		32,841,110
Industrials			24,148,943		—		—		24,148,943
Information Technology			25,034,898		—		—		25,034,898
Materials			8,472,855		—		—		8,472,855
Telecommunication Services			10,999,393		—		—		10,999,393
Utilities			17,615,399		—		—		17,615,399
Total Equity Securities			266,095,075		—		—		266,095,075
Other
Money Market Funds			3,909,293		—		—		3,909,293
Investments of Cash Collateral Received for Securities on Loan			—		21,148,012		—		21,148,012
Total Other			3,909,293		21,148,012		—		25,057,305
Investments in Securities			270,004,368		21,148,012		—		291,152,380
Derivatives
Assets
Futures Contracts			78,184		—		—		78,184
Total			$270,082,552		$21,148,012		$—		$291,230,564

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

There were no significant transfers between Levels 1 and 2 during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

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


14		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

How to find information about the Fund’s quarterly portfolio holdings

(i)

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)

The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)

(iv)

The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

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


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			15


Statement of Assets and Liabilities

March 31, 2012 (Unaudited)


Assets
Investments, at value*
Unaffiliated issuers (identified cost $216,419,509)	$	266,095,075
Affiliated issuers (identified cost $3,909,293)		3,909,293
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $21,148,012)		21,148,012
Total investments (identified cost $241,476,814)		291,152,380
Receivable for:
Capital shares sold		272,564
Dividends		334,666
Interest		13,263
Variation margin on futures contracts		15,000
Expense reimbursement due from Investment Manager		2,034
Trustees' deferred compensation plan		45,397
Total assets		291,835,304
Liabilities
Due upon return of securities on loan		21,148,012
Payable for:
Capital shares purchased		446,971
Investment management fees		5,076
Distribution and service fees		1,177
Transfer agent fees		64,897
Administration fees		441
Plan administration fees		3
Chief compliance officer expenses		10
Compensation of board members		15,365
Other expenses		20,867
Trustees' deferred compensation plan		45,397
Total liabilities		21,748,216
Net assets applicable to outstanding capital stock	$	270,087,088

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


16		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

March 31, 2012 (Unaudited)


Represented by
Paid-in capital	$	283,471,877
Undistributed net investment income		3,680,479
Accumulated net realized loss		(66,819,018	)
Unrealized appreciation (depreciation) on:
Investments		49,675,566
Futures contracts		78,184
Total — representing net assets applicable to outstanding capital stock	$	270,087,088
*Value of securities on loan	$	20,429,611
Net assets applicable to outstanding shares
Class A	$	12,624,427
Class B	$	1,111,356
Class C	$	1,882,288
Class I	$	71,264,416
Class R	$	7,199
Class R4	$	7,213
Class T	$	72,422,873
Class W	$	61,316,700
Class Z	$	49,450,616
Shares outstanding
Class A		1,757,100
Class B		155,902
Class C		266,174
Class I		9,861,961
Class R		1,000
Class R4		1,000
Class T		10,101,041
Class W		8,490,991
Class Z		6,842,238
Net asset value per share
Class A^(a)	$	7.18
Class B	$	7.13
Class C	$	7.07
Class I	$	7.23
Class R	$	7.20
Class R4	$	7.21
Class T^(a)	$	7.17
Class W	$	7.22
Class Z	$	7.23

^(a)	The maximum offering price per share for Class A is $7.62 and Class T is $7.61. The offering price is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			17


Statement of Operations

Six months ended March 31, 2012 (Unaudited)


Net investment income
Income:
Dividends	$	5,132,825
Dividends from affiliates		3,538
Income from securities lending — net		36,402
Foreign taxes withheld		(125,246	)
Total income		5,047,519
Expenses:
Investment management fees		960,289
Distribution fees
Class A		15,653
Class B		5,948
Class C		9,104
Class R		17
Class W		76,518
Shareholder service fee — Class T		101,939
Transfer agent fees
Class A		17,262
Class B		1,704
Class C		2,484
Class R		9
Class R4		3
Class T		93,207
Class W		85,307
Class Z		75,795
Administration fees		83,503
Plan administration fees
Class R4		15
Compensation of board members		9,166
Custodian fees		5,181
Printing and postage fees		44,096
Registration fees		68,793
Professional fees		18,410
Chief compliance officer expenses		10
Other		9,250
Total expenses		1,683,663
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(326,824	)
Total net expenses		1,356,839
Net investment income		3,690,680

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


18		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	$	12,644,014
Futures contracts		1,743,381
Net realized gain		14,387,395
Net change in unrealized appreciation (depreciation) on:
Investments		50,820,830
Futures contracts		145,749
Net change in unrealized appreciation		50,966,579
Net realized and unrealized gain		65,353,974
Net increase in net assets resulting from operations	$	69,044,654

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


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			19


Statement of Changes in Net Assets


	Six months ended March 31, 2012				Year ended September 30, 2011^(a)
	(Unaudited)
Operations
Net investment income		$	3,690,680			$	4,595,509
Net realized gain			14,387,395				62,753,035
Net change in unrealized appreciation (depreciation)			50,966,579				(72,145,048	)
Net increase (decrease) in net assets resulting from operations			69,044,654				(4,796,504	)
Distributions to shareholders from:
Net investment income
Class A			(143,191	)			(35,668	)
Class B			(3,362	)			(1,623	)
Class C			(10,524	)			(531	)
Class I			(1,072,945	)			(1,656,430	)
Class R			(60	)			(60	)
Class R4			(181	)			(166	)
Class T			(801,400	)			—
Class W			(438,606	)			(1,592,661	)
Class Z			(683,751	)			(36	)
Net realized gains
Class A			(1,167,944	)			(802,085	)
Class B			(110,374	)			(63,615	)
Class C			(174,480	)			(25,574	)
Class I			(6,840,230	)			(27,861,180	)
Class R			(670	)			(1,941	)
Class R4			(1,371	)			(3,612	)
Class T			(6,357,746	)			(181	)
Class W			(5,227,128	)			(35,024,850	)
Class Z			(4,830,913	)			(590	)
Total distributions to shareholders			(27,864,876	)			(67,070,803	)
Increase (decrease) in net assets from share transactions			(73,079,779	)			127,014,737
Total increase (decrease) in net assets			(31,900,001	)			55,147,430
Net assets at beginning of period			301,987,089				246,839,659
Net assets at end of period		$	270,087,088			$	301,987,089
Undistributed net investment income		$	3,680,479			$	3,143,819

^(a)	Class T shares for the period from March 7, 2011 (commencement of operations) to September 30, 2011.

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


20		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012 (Unaudited)						Year ended September 30, 2011^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		175,689			1,199,128			400,798			3,053,281
Fund merger		—			—			1,397,272			10,296,932
Distributions reinvested		185,445			1,170,156			112,007			835,575
Redemptions		(452,962	)		(3,106,464	)		(428,794	)		(3,152,625	)
Net increase (decrease)		(91,828	)		(737,180	)		1,481,283			11,033,163
Class B shares
Subscriptions		3,156			21,177			19,987			156,375
Fund merger		—			—			219,754			1,606,505
Distributions reinvested		14,630			91,733			8,512			63,041
Redemptions^(b)		(55,367	)		(379,862	)		(82,524	)		(602,222	)
Net increase (decrease)		(37,581	)		(266,952	)		165,729			1,223,699
Class C shares
Subscriptions		25,741			169,796			35,261			255,094
Fund merger		—			—			271,962			1,979,095
Distributions reinvested		24,818			154,369			2,584			19,075
Redemptions		(61,830	)		(413,305	)		(43,971	)		(316,719	)
Net increase (decrease)		(11,271	)		(89,140	)		265,836			1,936,545
Class I shares
Subscriptions		1,229,101			8,502,999			16,872,871			133,352,138
Distributions reinvested		1,248,095			7,912,924			3,944,513			29,516,940
Redemptions		(5,378,512	)		(37,925,466	)		(16,539,072	)		(128,361,019	)
Net increase (decrease)		(2,901,316	)		(21,509,543	)		4,278,312			34,508,059
Class R4 shares
Distributions reinvested		125			794			234			1,746
Redemptions		(1,173	)		(7,858	)		—			—
Net increase (decrease)		(1,048	)		(7,064	)		234			1,746
Class T shares
Subscriptions		36,906			251,436			28,861			213,061
Fund merger		—			—			10,403,535			76,560,096
Distributions reinvested		938,419			5,912,039			—			—
Redemptions		(536,850	)		(3,658,834	)		(769,830	)		(5,653,470	)
Net increase		438,475			2,504,641			9,662,566			71,119,687
Class W shares
Subscriptions		1,102,458			7,707,313			3,113,988			23,063,362
Distributions reinvested		893,534			5,665,008			4,901,672			36,615,491
Redemptions		(4,379,101	)		(31,060,487	)		(18,360,436	)		(139,051,550	)
Net decrease		(2,383,109	)		(17,688,166	)		(10,344,776	)		(79,372,697	)
Class Z shares
Subscriptions		443,497			2,942,851			2,337,021			16,773,277
Fund merger		—			—			16,378,001			121,237,610
Distributions reinvested		66,266			420,127			—			—
Redemptions		(5,392,885	)		(38,649,353	)		(6,989,966	)		(51,446,352	)
Net increase (decrease)		(4,883,122	)		(35,286,375	)		11,725,056			86,564,535
Total net increase (decrease)		(9,870,800	)		(73,079,779	)		17,234,240			127,014,737

^(a)	Class T share are for the period from March 7, 2011 (commencement of operations) to September 30, 2011.

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

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


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			21


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 returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.


	Six months ended March 31, 2012			Year ended Sept 30,
	Six months ended March 31, 2012			2011			2010			2009			2008^(a)
	(Unaudited)
Class A
Per share data
Net asset value, beginning of period		$6.36			$8.19			$7.78			$9.14			$10.16
Income from investment operations:
Net investment income		0.09			0.09			0.08			0.12			0.04
Net realized and unrealized gain (loss)		1.48			0.11			0.70			(1.43	)		(1.06	)
Total from investment operations		1.57			0.20			0.78			(1.31	)		(1.02	)
Less distributions to shareholders from:
Net investment income		(0.08	)		(0.09	)		(0.07	)		(0.05	)		—
Net realized gains		(0.67	)		(1.94	)		(0.30	)		—			—
Total distributions to shareholders		(0.75	)		(2.03	)		(0.37	)		(0.05	)		—
Net asset value, end of period		$7.18			$6.36			$8.19			$7.78			$9.14
Total return		26.34%			0.01%			10.28%			(14.23%	)		(10.04%	)
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.39%	^(c)		1.33%			1.19%			1.34%			4.14%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		1.11%	^(c)		1.14%	^(e)		1.19%			1.26%			1.28%	^(c)
Net investment income		2.51%	^(c)		1.25%	^(e)		1.04%			1.83%			2.91%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$12,624			$11,757			$3,009			$1,434			$395
Portfolio turnover		40%			90%			99%			63%			6%

Notes to Financial Highlights

^(a)	For the period from August 1, 2008 (commencement of operations) to September 30, 2008.

^(b)

Expense ratios include the impact of a performance incentive adjustment, if any. In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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

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


22		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept 30,
	Six months ended March 31, 2012			2011			2010			2009			2008^(a)
	(Unaudited)
Class B
Per share data
Net asset value, beginning of period		$6.28			$8.12			$7.71			$9.13			$10.16
Income from investment operations:
Net investment income		0.06			0.04			0.03			0.07			0.02
Net realized and unrealized gain (loss)		1.48			0.12			0.68			(1.44	)		(1.05	)
Total from investment operations		1.54			0.16			0.71			(1.37	)		(1.03	)
Less distributions to shareholders from:
Net investment income		(0.02	)		(0.06	)		—			(0.05	)		—
Net realized gains		(0.67	)		(1.94	)		(0.30	)		—			—
Total distributions to shareholders		(0.69	)		(2.00	)		(0.30	)		(0.05	)		—
Net asset value, end of period		$7.13			$6.28			$8.12			$7.71			$9.13
Total return		26.03%			(0.64%	)		9.37%			(14.94%	)		(10.14%	)
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		2.15%	^(c)		2.10%			1.96%			2.10%			5.06%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		1.86%	^(c)		1.88%	^(e)		1.96%			2.02%			2.04%	^(c)
Net investment income		1.82%	^(c)		0.48%	^(e)		0.39%			1.04%			1.48%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$1,111			$1,215			$226			$58			$19
Portfolio turnover		40%			90%			99%			63%			6%

Notes to Financial Highlights

^(a)	For the period from August 1, 2008 (commencement of operations) to September 30, 2011.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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

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


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			23


Financial Highlights (continued)


	Six months ended March 31, 2012			Year ended Sept 30,
	Six months ended March 31, 2012			2011			2010			2009			2008^(a)
	(Unaudited)
Class C
Per share data
Net asset value, beginning of period		$6.25			$8.09			$7.74			$9.12			$10.16
Income from investment operations:
Net investment income		0.06			0.04			0.03			0.07			0.02
Net realized and unrealized gain (loss)		1.47			0.11			0.67			(1.43	)		(1.06	)
Total from investment operations		1.53			0.15			0.70			(1.36	)		(1.04	)
Less distributions to shareholders from:
Net investment income		(0.04	)		(0.05	)		(0.05	)		(0.02	)		—
Net realized gains		(0.67	)		(1.94	)		(0.30	)		—			—
Total distributions to shareholders		(0.71	)		(1.99	)		(0.35	)		(0.02	)		—
Net asset value, end of period		$7.07			$6.25			$8.09			$7.74			$9.12
Total return		26.03%			(0.82%	)		9.36%			(14.87%	)		(10.24%	)
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		2.14%	^(c)		2.04%			1.97%			2.12%			5.15%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		1.86%	^(c)		1.85%	^(e)		1.97%			2.01%			2.04%	^(c)
Net investment income		1.75%	^(c)		0.50%	^(e)		0.35%			1.05%			1.37%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$1,882			$1,735			$94			$27			$9
Portfolio turnover		40%			90%			99%			63%			6%

Notes to Financial Highlights

^(a)	For the period from August 1, 2008 (commencement of operations) to September 30, 2008.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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

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


24		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept 30,
	Six months ended March 31, 2012			2011			2010			2009			2008^(a)
	(Unaudited)
Class I
Per share data
Net asset value, beginning of period		$6.40			$8.23			$7.81			$9.14			$10.16
Income from investment operations:
Net investment income		0.10			0.13			0.11			0.15			0.04
Net realized and unrealized gain (loss)		1.50			0.10			0.70			(1.43	)		(1.06	)
Total from investment operations		1.60			0.23			0.81			(1.28	)		(1.02	)
Less distributions to shareholders from:
Net investment income		(0.10	)		(0.12	)		(0.09	)		(0.05	)		—
Net realized gains		(0.67	)		(1.94	)		(0.30	)		—			—
Total distributions to shareholders		(0.77	)		(2.06	)		(0.39	)		(0.05	)		—
Net asset value, end of period		$7.23			$6.40			$8.23			$7.81			$9.14
Total return		26.77%			0.37%			10.71%			(13.87%	)		(10.04%	)
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.86%	^(c)		0.88%			0.77%			0.88%			3.83%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		0.74%	^(c)		0.84%			0.77%			0.88%			0.91%	^(c)
Net investment income		3.02%	^(c)		1.66%			1.37%			2.22%			2.55%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$71,264			$81,686			$69,800			$60,019			$8,359
Portfolio turnover		40%			90%			99%			63%			6%

Notes to Financial Highlights

^(a)	For the period from August 1, 2008 (commencement of operations) to September 30, 2008.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			25


Financial Highlights (continued)


	Six months ended March 31, 2012			Year ended Sept 30,
	Six months ended March 31, 2012			2011			2010			2009			2008^(a)
	(Unaudited)
Class R
Per share data
Net asset value, beginning of period		$6.36			$8.17			$7.77			$9.13			$10.16
Income from investment operations:
Net investment income		0.08			0.08			0.05			0.10			0.03
Net realized and unrealized gain (loss)		1.49			0.11			0.69			(1.43	)		(1.06	)
Total from investment operations		1.57			0.19			0.74			(1.33	)		(1.03	)
Less distributions to shareholders from:
Net investment income		(0.06	)		(0.06	)		(0.04	)		(0.03	)		—
Net realized gains		(0.67	)		(1.94	)		(0.30	)		—			—
Total distributions to shareholders		(0.73	)		(2.00	)		(0.34	)		(0.03	)		—
Net asset value, end of period		$7.20			$6.36			$8.17			$7.77			$9.13
Total return		26.26%			(0.15%	)		9.75%			(14.46%	)		(10.14%	)
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.65%	^(c)		1.62%			1.54%			1.82%			4.76%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		1.36%	^(c)		1.45%	^(e)		1.54%			1.55%			1.71%	^(c)
Net investment income		2.29%	^(c)		1.04%	^(e)		0.59%			1.59%			1.70%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$7			$6			$8			$8			$9
Portfolio turnover		40%			90%			99%			63%			6%

Notes to Financial Highlights

^(a)	For the period from August 1, 2008 (commencement of operations) to September 30, 2008.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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

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


26		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept 30,
	Six months ended March 31, 2012			2011			2010			2009			2008^(a)
	(Unaudited)
Class R4
Per share data
Net asset value, beginning of period		$6.38			$8.20			$7.79			$9.14			$10.16
Income from investment operations:
Net investment income		0.09			0.11			0.08			0.14			0.04
Net realized and unrealized gain (loss)		1.50			0.10			0.70			(1.44	)		(1.06	)
Total from investment operations		1.59			0.21			0.78			(1.30	)		(1.02	)
Less distributions to shareholders from:
Net investment income		(0.09	)		(0.09	)		(0.07	)		(0.05	)		—
Net realized gains		(0.67	)		(1.94	)		(0.30	)		—			—
Total distributions to shareholders		(0.76	)		(2.03	)		(0.37	)		(0.05	)		—
Net asset value, end of period		$7.21			$6.38			$8.20			$7.79			$9.14
Total return		26.54%			0.11%			10.37%			(14.12%	)		(10.04%	)
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.17%	^(c)		1.17%			1.09%			1.25%			4.26%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		1.04%	^(c)		1.09%			1.09%			1.08%			1.21%	^(c)
Net investment income		2.66%	^(c)		1.41%			1.04%			2.08%			2.18%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$7			$13			$15			$14			$9
Portfolio turnover		40%			90%			99%			63%			6%

Notes to Financial Highlights

^(a)	For the period from August 1, 2008 (commencement of operations) to September 30, 2008.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			27


Financial Highlights (continued)


	Six months ended March 31, 2012			Year ended Sept 30,
	Six months ended March 31, 2012			2011^(a)
	(Unaudited)
Class T
Per share data
Net asset value, beginning of period		$6.35			$7.95
Income from investment operations:
Net investment income		0.08			0.05
Net realized and unrealized gain (loss)		1.49			(1.07	)
Total from investment operations		1.57			(1.02	)
Less distributions to shareholders from:
Net investment income		(0.08	)		—
Net realized gains		(0.67	)		(0.58	)
Total distributions to shareholders		(0.75	)		(0.58	)
Net asset value, end of period		$7.17			$6.35
Total return		26.43%			(13.95%	)
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.44%	^(c)		1.30%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		1.16%	^(c)		1.10%	^(c)(e)
Net investment income		2.45%	^(c)		1.23%	^(c)(e)
Supplemental data
Net assets, end of period (in thousands)		$72,423			$61,361
Portfolio turnover		40%			90%

Notes to Financial Highlights

^(a)	For the period from March 7, 2011 (commencement of operations) to September 30, 2011.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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

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


28		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept 30,
	Six months ended March 31, 2012			2011			2010			2009			2008^(a)
	(Unaudited)
Class W
Per share data
Net asset value, beginning of period		$6.37			$8.19			$7.78			$9.14			$10.16
Income from investment operations:
Net investment income		0.08			0.10			0.07			0.12			0.03
Net realized and unrealized gain (loss)		1.50			0.10			0.71			(1.44	)		(1.05	)
Total from investment operations		1.58			0.20			0.78			(1.32	)		(1.02	)
Less distributions to shareholders from:
Net investment income		(0.06	)		(0.08	)		(0.07	)		(0.04	)		—
Net realized gains		(0.67	)		(1.94	)		(0.30	)		—			—
Total distributions to shareholders		(0.73	)		(2.02	)		(0.37	)		(0.04	)		—
Net asset value, end of period		$7.22			$6.37			$8.19			$7.78			$9.14
Total return		26.32%			(0.03%	)		10.30%			(14.39%	)		(10.04%	)
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.39%	^(c)		1.36%			1.20%			1.19%			4.42%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		1.11%	^(c)		1.23%	^(e)		1.20%			1.19%			1.36%	^(c)
Net investment income		2.48%	^(c)		1.27%	^(e)		0.88%			1.77%			2.09%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$61,317			$69,221			$173,685			$237,105			$9
Portfolio turnover		40%			90%			99%			63%			6%

Notes to Financial Highlights

^(a)	For the period from August 1, 2008 (commencement of operations) to September 30, 2008.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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

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


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			29


Financial Highlights (continued)


	Six months ended March 31, 2012			Year ended Sept 30,
	Six months ended March 31, 2012			2011			2010^(a)
	(Unaudited)
Class Z
Per share data
Net asset value, beginning of period		$6.40			$8.23			$8.23
Income from investment operations:
Net investment income		0.09			0.11			0.01
Net realized and unrealized gain (loss)		1.50			0.12			(0.01	)
Total from investment operations		1.59			0.23			0.00
Less distributions to shareholders from:
Net investment income		(0.09	)		(0.12	)		—
Net realized gains		(0.67	)		(1.94	)		—
Total distributions to shareholders		(0.76	)		(2.06	)		—
Net asset value, end of period		$7.23			$6.40			$8.23
Total return		26.59%			0.32%			0.00%	^(b)
Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		1.13%	^(d)		1.05%			1.03%	^(d)
Net expenses after fees waived or expenses reimbursed^(e)		0.86%	^(d)		0.85%	^(f)		1.03%	^(d)
Net investment income		2.68%	^(d)		1.44%	^(f)		16.13%	^(d)
Supplemental data
Net assets, end of period (in thousands)		$49,451			$74,993			$3
Portfolio turnover		40%			90%			99%

Notes to Financial Highlights

^(a)	For the period from September 27, 2010 (commencement of operations) to September 30, 2010.

^(b)	Rounds to less than 0.01%.

^(c)

^(d)	Annualized.

^(e)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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

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


30		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


Notes to Financial Statements

March 31, 2012 (Unaudited)

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R, Class R4, Class T, Class W and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

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

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

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

Class R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class R4 shares are not subject to sales charges; however, this share class is closed to new investors.

Class T shares are subject to a maximum front-end sales charge of 5.75% based on the investment amount. Class T shares purchased without an initial sales


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			31


Notes to Financial Statements (continued)

charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase. Class T shares are available only to investors who received (and who have continuously held) Class T shares in connection with the merger of certain Galaxy funds into various Columbia Funds (formerly named Liberty funds).

Class Z shares are not subject to sales charges, and are only available to certain investors, as described in the Fund's prospectus.

Note 2. Summary

of Significant Accounting Policies

Use of Estimates

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

Security Valuation


32		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity the securities are valued at the mean of the latest quoted bid and asked prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. However, 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 the policy adopted by the Board, including 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, 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 other open-end investment companies, including money market funds, are valued at net asset value.

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


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			33


Notes to Financial Statements (continued)

Foreign Currency Transactions and Translation

Derivative Instruments


34		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

Futures Contracts

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

Effects of Derivative Transactions in the Financial Statements

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

Fair Values of Derivative Instruments at March 31, 2012


Risk exposure category	Asset derivatives
Risk exposure category	Statement of Assets and Liabilities location	Fair value
Equity contracts	Net assets — unrealized appreciation on futures contracts	$	78,184	*

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			35


Notes to Financial Statements (continued)

Effect of Derivative Instruments in the Statement of Operations

for the Period Ended March 31, 2012


Amount of realized gain (loss) on derivatives
Risk exposure category	Futures contracts
Equity contracts	$	1,743,381

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts
Equity contracts	$	145,749

Volume of Derivative Instruments

for the Period Ended March 31, 2012


	Contracts opened
Futures contracts		340

Repurchase Agreements

Security Transactions

Income Recognition

Interest income is recorded on the accrual basis.


36		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

return of capital based on estimates made by the Fund's management if actual information has not yet been reported. Return of capital is recorded as a reduction of the cost basis of securities held. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs which could result in a proportionate increase in return of capital to shareholders.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Foreign Taxes

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 net


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			37


Notes to Financial Statements (continued)

realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable.

Distributions to Shareholders

Guarantees and Indemnifications

Recent Accounting Pronouncement

Fair Value Measurements and Disclosures


38		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

Note 3. Fees

and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.69% to 0.52% as the Fund’s net assets increase. The annualized effective management fee rate for the six months ended March 31, 2012 was 0.69% of the Fund’s average daily net assets.

Administration Fees

Other Fees

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not "interested persons" of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			39


Notes to Financial Statements (continued)

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 also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class R4 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to the share class.

For the six months ended March 31, 2012, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:


Class A	0.28	%
Class B	0.29
Class C	0.27
Class R	0.28
Class R4	0.05
Class T	0.27
Class W	0.28
Class Z	0.28

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 R4 shares for the provision of various administrative, recordkeeping, communication and educational services.


40		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A and Class W shares, a fee at an annual rate of up to 0.50% of the Fund’s average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services) and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $3,000 and $1,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of December 31, 2011 and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Shareholder Services Fees

The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class T shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund’s average daily net assets attributable to Class T shares (comprised of up to 0.25% for shareholder liaison services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.30% of the Fund's average daily net assets attributable to Class T shares. The annualized shareholder services fee rate for the six months ended March 31, 2012 was 0.30% of the Fund’s average daily net assets attributable to Class T shares.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $2,826 for Class A, $453 for Class B, $120 for Class C and $2,501 for Class T shares for the six months ended March 31, 2012.

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), through November 30, 2012, unless sooner terminated at the sole discretion of the Board, so that the Fund's net operating expenses, after


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			41


Notes to Financial Statements (continued)

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:


Class A	1.11	%
Class B	1.86
Class C	1.86
Class I	0.74
Class R	1.36
Class R4	1.04
Class W	1.16
Class Y	1.11
Class Z	0.86

Note 4. Federal

Tax Information

At March 31, 2012, the cost of investments for federal income tax purposes was approximately $241,477,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:


Unrealized appreciation	$	53,323,000
Unrealized depreciation		(3,648,000	)
Net unrealized appreciation	$	49,675,000


42		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT


Year of expiration	Amount
2016	$	24,043,835
2017		55,470,259
Total	$	79,514,094

The Fund acquired $98,142,499 of capital loss carryforward in connection with the Columbia Disciplined Value Fund merger (Note 10). In addition to the acquired capital loss carryforward, the Fund also acquired unrealized capital gains as a result of the merger. The yearly utilization of the acquired capital loss carryforward may be limited by the Internal Revenue Code.

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

Note 5. Portfolio

Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $109,571,845 and $203,173,827, respectively, for the six months ended March 31, 2012.

Note 6. Lending

of Portfolio Securities

The Fund has entered into a Master Securities Lending Agreement (the Agreement) with JPMorgan Chase Bank, N.A. (JPMorgan). The Agreement


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			43


Notes to Financial Statements (continued)

authorizes JPMorgan as lending agent to lend securities to authorized borrowers in order to generate additional income on behalf of the Fund. Pursuant to the Agreement, the securities loaned are secured by cash or U.S. government securities equal to at least 100% of the market value of the loaned securities. Any additional collateral required to maintain those levels due to market fluctuations of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At March 31, 2012, securities valued at $20,429,611 were on loan, secured by U.S. government securities valued at cash collateral of 21,148,012 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Note 7. Affiliated

Money Market Fund


44		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 8. Shareholder

Concentration

At March 31, 2012, two unaffiliated shareholder accounts owned 44.6% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Affiliated shareholder accounts owned 26.3% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. Line

of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. (the Administrative Agent), whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011 amendment to the credit facility agreement, 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 (i) 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 0.08% per annum.

The Fund had no borrowings during the six months ended March 31, 2012.

Note 10. Fund

Merger

At the close of business on March 11, 2011, the Fund acquired the assets and assumed the identified liabilities of Columbia Disciplined Value Fund. The reorganization was completed after shareholders of Columbia Disciplined Value Fund approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			45


Notes to Financial Statements (continued)

The aggregate net assets of the Fund immediately before the acquisition were $232,882,523 and the combined net assets immediately after the acquisition were $444,562,761.

The merger was accomplished by a tax-free exchange of 17,887,304 shares of Columbia Disciplined Value Fund valued at $211,680,238 (including $44,895,335 of unrealized appreciation).

In exchange for Columbia Disciplined Value Fund shares, the Fund issued the following number of shares:


	Shares
Class A		1,397,272
Class B		219,754
Class C		271,962
Class T		10,403,535
Class Z		16,378,001

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, Columbia Disciplined Value Fund’s cost of investments was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The financial statements reflect the operations of the Fund for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of Columbia Disciplined Value Fund that have been included in the combined Fund’s Statement of Operations since the merger was completed.

Assuming the merger had been completed on October 1, 2010, the Fund’s pro-forma net investment income, net gain on investments, net change in unrealized depreciations and net increase in net assets from operations for the year ended March 31, 2011 would have been $6.4 million, $77.9 million, $(55.8) million and $28.5 million, respectively.

Note 11. Subsequent

Events


46		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

Note 12. Information

Regarding Pending and Settled Legal Proceedings


COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT			47


Proxy Voting


48		COLUMBIA LARGE VALUE QUANTITATIVE FUND — 2012 SEMIANNUAL REPORT

Columbia Large Value Quantitative Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

S-6524 E (5/12)

Semiannual Report

LOGO

Columbia

Mid Cap Value Opportunity Fund

Semiannual Report for the Period Ended March 31, 2012

Columbia Mid Cap Value Opportunity Fund seeks to

provide shareholders with long-term growth of capital.

Not FDIC insured ^¡ No bank guarantee ^¡ May lose value


Table of Contents



Your Fund at a Glance			2

Fund Expense Example			6

Portfolio of Investments			8

Statement of Assets and Liabilities			18

Statement of Operations			20

Statement of Changes in Net Assets			22

Financial Highlights			24

Notes to Financial Statements			34

Proxy Voting			48

See the Fund’s prospectus for risks associated with investing in the Fund.


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			1


Your Fund at a Glance

(Unaudited)

FUND SUMMARY

Columbia Mid Cap Value Opportunity Fund (the Fund) Class A shares increased 26.79% (excluding sales charge) for the six months ended March 31, 2012.

The Fund outperformed the 26.30% increase of the Russell Midcap^® Value Index for the same time period.

ANNUALIZED TOTAL RETURNS (for period ended March 31, 2012)

6 months

1 year

5 years

10 years

Columbia Mid Cap Value Opportunity Fund
Class A (excluding sales charge)

+26.79%

-3.14%

+0.87%

+7.59%

Russell Midcap Value Index⁽¹⁾ (unmanaged)

+26.30%

+2.28%

+1.26%

+8.02%

Not annualized.

The index does not reflect the effects of sales charges, expenses and taxes. It is not possible to invest directly in an index.

⁽¹⁾

The Russell Midcap Value Index, an unmanaged index, measures the performance of the midcap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. The index reflects reinvestment of all distributions and changes in market prices.


2		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT

AVERAGE ANNUAL TOTAL RETURNS

at March 31, 2012

Without sales charge

6 months*

1 year

5 years

10 years

Class A (inception 2/14/02)

+26.79%

-3.14%

+0.87%

+7.59%

Class B (inception 2/14/02)

+26.42%

-3.70%

+0.12%

+6.78%

Class C (inception 2/14/02)

+26.26%

-3.83%

+0.10%

+6.77%

Class I** (inception 3/4/04)

+27.03%

-2.65%

+1.35%

+8.00%

Class R** (inception 12/11/06)

+26.60%

-3.23%

+0.56%

+7.30%

Class R3** (inception 12/11/06)

+26.83%

-3.10%

+0.79%

+7.50%

Class R4 (inception 2/14/02)

+26.96%

-2.87%

+1.03%

+7.79%

Class R5** (inception 12/11/06)

+27.07%

-2.71%

+1.28%

+7.83%

Class W** (inception 12/01/06)

+26.83%

-3.05%

+0.92%

+7.61%

Class Z** (inception 9/27/10)

+26.92%

-2.88%

+0.97%

+7.64%

With sales charge

Class A (inception 2/14/02)

+19.55%

-8.67%

-0.33%

+6.95%

Class B (inception 2/14/02)

+21.42%

-8.52%

-0.23%

+6.78%

Class C (inception 2/14/02)

+25.26%

-4.79%

+0.10%

+6.77%

*	Not annualized.


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			3


Your Fund at a Glance (continued)


PORTFOLIO BREAKDOWN⁽¹⁾ (at March 31, 2012)
Stocks	96.9	%
Consumer Discretionary	12.1
Consumer Staples	6.3
Energy	8.5
Financials	19.9
Health Care	9.7
Industrials	16.8
Information Technology	7.8
Materials	7.3
Telecommunication Services	1.1
Utilities	7.4
Limited Partnerships	0.4
Bonds	0.2
Other⁽²⁾	2.5

⁽¹⁾

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s portfolio composition is subject to change.

⁽²⁾

Includes investments in money market funds.


TOP TEN HOLDINGS⁽¹⁾(at March 31, 2012)
CIT Group, Inc.	3.7	%
Cooper Industries PLC	3.2
Lorillard, Inc.	2.8
Eastman Chemical Co.	2.7
Mylan, Inc.	2.6
Enbridge, Inc.	2.4
XL Group PLC	1.9
PPG Industries, Inc.	1.9
Kansas City Southern	1.8
Invesco Ltd.	1.8

⁽¹⁾ Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and 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.


4		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT

MORNINGSTAR STYLE BOX^TM


		The Morningstar Style Box^TM is based on the 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.


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			5


Fund Expense Example

(Unaudited)

Understanding your expenses

Analyzing your fund’s expenses

Compare with other funds


6		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT

October 1, 2011 — March 31, 2012


	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		1,267.90		1,018.85		6.82		6.07		1.21
Class B		1,000.00		1,000.00		1,264.20		1,015.12		11.03		9.82		1.96
Class C		1,000.00		1,000.00		1,262.60		1,015.12		11.03		9.82		1.96
Class I		1,000.00		1,000.00		1,270.30		1,021.03		4.35		3.87		0.77
Class R		1,000.00		1,000.00		1,266.00		1,017.60		8.23		7.32		1.46
Class R3		1,000.00		1,000.00		1,268.30		1,018.30		7.44		6.62		1.32
Class R4		1,000.00		1,000.00		1,269.60		1,019.54		6.04		5.37		1.07
Class R5		1,000.00		1,000.00		1,270.70		1,020.79		4.63		4.12		0.82
Class W		1,000.00		1,000.00		1,268.30		1,019.00		6.65		5.92		1.18
Class Z		1,000.00		1,000.00		1,269.20		1,020.09		5.42		4.82		0.96

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


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			7


Portfolio of Investments

Columbia Mid Cap Value Opportunity Fund

March 31, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value
Common Stocks 97.2%

CONSUMER DISCRETIONARY 12.1%
Auto Components 1.8%
TRW Automotive Holdings Corp.^(a)		367,874		$17,087,747
Visteon Corp.^(a)		282,565		14,975,945

Total				32,063,692
Automobiles 0.7%
Ford Motor Co.^(b)		971,708		12,136,633
Diversified Consumer Services 0.9%
Apollo Group, Inc., Class A^(a)		103,598		4,003,027
Capella Education Co.^(a)(b)		96,135		3,456,053
Corinthian Colleges, Inc.^(a)(b)		555,998		2,301,832
DeVry, Inc.		71,237		2,412,797
ITT Educational Services, Inc.^(a)(b)		63,126		4,175,154

Total				16,348,863
Hotels, Restaurants & Leisure 1.7%
Penn National Gaming, Inc.^(a)		519,840		22,342,723
Royal Caribbean Cruises Ltd.		288,247		8,483,109

Total				30,825,832
Household Durables 0.5%
D.R. Horton, Inc.^(b)		259,640		3,938,739
Lennar Corp., Class A^(b)		161,713		4,395,359

Total				8,334,098
Internet & Catalog Retail 0.6%
Liberty Interactive Corp., Class A^(a)		578,680		11,047,001
Leisure Equipment & Products 0.5%
Hasbro, Inc.^(b)		242,731		8,913,082
Media 3.5%
DISH Network Corp., Class A		385,227		12,685,525
Liberty Media Corp.^(a)		97,545		8,598,592
National CineMedia, Inc.^(b)		779,071		11,919,787
Regal Entertainment Group, Class A^(b)		607,382		8,260,395
Valassis Communications, Inc.^(a)(b)		444,274		10,218,302
Virgin Media, Inc.		455,843		11,386,958

Total				63,069,559


Issuer	Shares		Value
Common Stocks (continued)

CONSUMER DISCRETIONARY (cont.)
Multiline Retail 1.4%
Macy’s, Inc.^(b)		643,836		$25,579,604
Specialty Retail 0.5%
Aeropostale, Inc.^(a)		403,667		8,727,281

TOTAL CONSUMER DISCRETIONARY				217,045,645

CONSUMER STAPLES 6.3%
Food Products 3.5%
Dean Foods Co.^(a)		706,603		8,556,962
Post Holdings, Inc.^(a)		278,435		9,168,865
Ralcorp Holdings, Inc.^(a)		386,404		28,628,672
Sara Lee Corp.		799,594		17,215,259

Total				63,569,758
Tobacco 2.8%
Lorillard, Inc.		382,570		49,535,164
TOTAL CONSUMER STAPLES				113,104,922

ENERGY 8.5%
Energy Equipment & Services 2.6%
C&J Energy Services, Inc.^(a)(b)		290,777		5,172,923
McDermott International, Inc.^(a)		371,901		4,764,052
Nabors Industries Ltd.^(a)		784,071		13,713,401
Noble Corp.^(a)(b)		627,004		23,493,840

Total				47,144,216
Oil, Gas & Consumable Fuels 5.9%
El Paso Corp.		499,253		14,752,926
Enbridge, Inc.		1,095,259		42,550,812
Pioneer Natural Resources Co.^(b)		76,153		8,497,913
QEP Resources, Inc.^(b)		367,632		11,212,776
SM Energy Co.^(b)		92,213		6,525,914
Whiting Petroleum Corp.^(a)		395,005		21,448,772

Total				104,989,113
TOTAL ENERGY				152,133,329

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


8		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT


Issuer	Shares		Value
Common Stocks (continued)

FINANCIALS 19.9%
Capital Markets 1.7%
Invesco Ltd.		1,164,259		$31,050,788
Commercial Banks 8.5%
CIT Group, Inc.^(a)		1,589,478		65,550,073
Comerica, Inc.^(b)		635,867		20,576,656
Cullen/Frost Bankers, Inc.^(b)		66,389		3,863,176
Fifth Third Bancorp		1,453,000		20,414,650
Huntington Bancshares, Inc.		2,549,504		16,444,301
KeyCorp		334,370		2,842,145
M&T Bank Corp.^(b)		123,162		10,700,314
SunTrust Banks, Inc.		201,249		4,864,188
TCF Financial Corp.^(b)		607,484		7,222,985

Total				152,478,488
Diversified Financial Services 0.3%
Pico Holdings, Inc.^(a)		214,767		5,036,286
Insurance 7.0%
Assurant, Inc.		480,493		19,459,966
Axis Capital Holdings Ltd.		286,568		9,505,461
Everest Re Group Ltd.		211,975		19,611,927
Lincoln National Corp.^(b)		958,487		25,265,717
PartnerRe Ltd.		93,214		6,328,298
Validus Holdings Ltd.		360,110		11,145,405
XL Group PLC		1,563,627		33,915,070

Total				125,231,844
Real Estate Investment Trusts (REITs) 2.4%
Boston Properties, Inc.^(b)		32,926		3,456,901
Digital Realty Trust, Inc.		53,367		3,947,557
Douglas Emmett, Inc.		171,372		3,908,995
Equity Lifestyle Properties, Inc.		57,164		3,986,617
Equity Residential		120,109		7,521,226
Hospitality Properties Trust		149,786		3,964,835
ProLogis, Inc.		1		31
Rayonier, Inc.		298,849		13,176,252
Taubman Centers, Inc.		54,225		3,955,714

Total				43,918,128
TOTAL FINANCIALS				357,715,534

HEALTH CARE 9.8%
Health Care Equipment & Supplies 2.0%
Teleflex, Inc.		266,846		16,317,633
Zimmer Holdings, Inc.^(b)		286,374		18,408,121

Total				34,725,754


Issuer	Shares		Value
Common Stocks (continued)

HEALTH CARE (cont.)
Health Care Providers & Services 2.4%
CIGNA Corp.		525,894		$25,900,279
Humana, Inc.		184,046		17,020,574

Total				42,920,853
Life Sciences Tools & Services 1.7%
Agilent Technologies, Inc.		688,106		30,627,598
Pharmaceuticals 3.7%
Mylan, Inc.^(a)		1,933,151		45,332,391
Watson Pharmaceuticals, Inc.^(a)		321,330		21,548,390

Total				66,880,781
TOTAL HEALTH CARE				175,154,986

INDUSTRIALS 16.8%
Aerospace & Defense 0.5%
Embraer SA, ADR^(b)		283,352		9,061,597
Airlines 1.2%
Delta Air Lines, Inc.^(a)		747,056		7,403,325
U.S. Airways Group, Inc.^(a)(b)		518,874		3,938,254
United Continental Holdings, Inc.^(a)(b)		443,036		9,525,274

Total				20,866,853
Building Products 1.0%
AO Smith Corp.^(b)		401,858		18,063,517
Construction & Engineering 2.0%
Chicago Bridge & Iron Co. NV		417,779		18,043,875
Jacobs Engineering Group, Inc.^(a)		193,335		8,578,274
KBR, Inc.		285,824		10,161,043

Total				36,783,192
Electrical Equipment 4.1%
Cooper Industries PLC		890,544		56,950,289
Rockwell Automation, Inc.		201,081		16,026,155

Total				72,976,444
Machinery 4.1%
AGCO Corp. ^(a)(b)		322,396		15,220,315
Eaton Corp.		507,560		25,291,715
Navistar International Corp.^(a)		370,531		14,987,979
Parker Hannifin Corp.^(b)		223,648		18,909,438

Total				74,409,447
Road & Rail 3.9%
Con-way, Inc.		200,475		6,537,490
JB Hunt Transport Services, Inc.^(b)		396,592		21,562,707

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


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			9


Portfolio of Investments (continued)


Issuer	Shares		Value
Common Stocks (continued)

INDUSTRIALS (cont.)
Road & Rail (cont.)
Kansas City Southern^(a)		440,344		$31,568,261
Werner Enterprises, Inc.^(b)		386,275		9,602,797

Total				69,271,255
TOTAL INDUSTRIALS				301,432,305

INFORMATION TECHNOLOGY 7.8%
Communications Equipment 0.4%
Juniper Networks, Inc.^(a)(b)		281,961		6,451,268
Computers & Peripherals 1.2%
Diebold, Inc.		265,640		10,232,453
Western Digital Corp.^(a)		285,886		11,832,821

Total				22,065,274
Electronic Equipment, Instruments & Components 2.0%
Amphenol Corp., Class A		253,322		15,141,056
Avnet, Inc.^(a)		592,964		21,577,960

Total				36,719,016
IT Services 0.7%
Amdocs Ltd.^(a)		401,517		12,679,907
Semiconductors & Semiconductor Equipment 3.5%
Advanced Micro Devices, Inc.^(a)(b)		1,291,169		10,355,176
LSI Corp.^(a)(b)		3,130,127		27,169,502
Microchip Technology, Inc.^(b)		520,674		19,369,073
ON Semiconductor Corp.^(a)(b)		567,419		5,112,445

Total				62,006,196
TOTAL INFORMATION TECHNOLOGY				139,921,661

MATERIALS 7.4%
Chemicals 4.7%
Agrium, Inc.		45,837		3,958,942
Eastman Chemical Co.^(b)		920,305		47,570,565
PPG Industries, Inc.^(b)		346,202		33,166,152

Total				84,695,659
Containers & Packaging 0.4%
Rock-Tenn Co., Class A		107,054		7,232,568
Metals & Mining 1.5%
Allegheny Technologies, Inc.		195,180		8,035,561
Freeport-McMoRan Copper & Gold, Inc.		92,080		3,502,723
Nucor Corp.^(b)		332,887		14,297,497

Total				25,835,781


Issuer	Shares		Value
Common Stocks (continued)

MATERIALS (cont.)
Paper & Forest Products 0.8%
Domtar Corp.		148,743		$14,187,107
TOTAL MATERIALS				131,951,115

TELECOMMUNICATION SERVICES 1.1%
Diversified Telecommunication Services 1.1%
CenturyLink, Inc.^(b)		521,091		20,140,167
TOTAL TELECOMMUNICATION SERVICES				20,140,167

UTILITIES 7.5%
Electric Utilities 2.3%
Entergy Corp.^(b)		178,275		11,980,080
FirstEnergy Corp.		1		46
NV Energy, Inc.^(b)		363,353		5,857,250
Pepco Holdings, Inc.^(b)		459,226		8,674,779
Pinnacle West Capital Corp.		285,207		13,661,415

Total				40,173,570
Gas Utilities 0.3%
Questar Corp.		297,356		5,727,077
Multi-Utilities 4.9%
Ameren Corp.		186,543		6,077,571
CenterPoint Energy, Inc.		868,383		17,124,513
DTE Energy Co.		379,494		20,883,555
Sempra Energy		287,341		17,228,966
Wisconsin Energy Corp.^(b)		597,989		21,037,253
Xcel Energy, Inc.		201,575		5,335,690

Total				87,687,548
TOTAL UTILITIES				133,588,195
Total Common Stocks (Cost: $1,441,455,487)				$1,742,187,859

Issuer

Coupon
Rate

Principal
Amount

Value

Convertible Bonds 0.2%

Building Materials 0.2%

Cemex SAB de CV Subordinated Notes

03/15/18

3.750

$3,746,000

$3,530,605

Total Convertible Bonds

(Cost: $3,746,000)

$3,530,605

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


10		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT


Issuer	Shares		Value

Limited Partnerships 0.4%
FINANCIALS 0. 4%
Capital Markets 0.4%
Lazard Ltd., Class A^(b)(c)		255,518		$7,297,594
TOTAL FINANCIALS				7,297,594
Total Limited Partnerships (Cost: $8,847,167)				$7,297,594

	Shares		Value
Money Market Funds 2.5%
Columbia Short-Term Cash Fund, 0.161%^(d)(e)		45,672,713		$45,672,713
Total Money Market Funds (Cost: $45,672,713)				$45,672,713



Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan 19.5%

Asset-Backed Commercial Paper 1.4%
Antalis US Funding Corp.
04/05/12		0.310	%		$14,999,096		$14,999,096
Kells Funding LLC
05/10/12		0.501	%		4,994,097		4,994,097
Royal Park Investments Funding Corp.
04/05/12		1.001	%		4,995,972		4,995,972

Total							24,989,165
Certificates of Deposit 8.9%
ABN AMRO Bank N.V.
06/21/12		0.400	%		9,989,789		9,989,789
Australia and New Zealand Bank Group, Ltd.
05/16/12		0.470	%		3,000,000		3,000,000
06/11/12		0.580	%		5,000,000		5,000,000
Bank of Nova Scotia
07/26/12		0.321	%		8,000,000		8,000,000
Banque et Caisse d’Epargne de l’Etat
06/15/12		0.430	%		9,989,023		9,989,023
Barclays Bank PLC
04/18/12		0.600	%		7,000,000		7,000,000
Den Danske Bank
04/02/12		0.200	%		5,000,000		5,000,000
Deutsche Bank AG
09/14/12		0.750	%		11,000,000		11,000,000


Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan (continued)

Certificates of Deposit (cont.)
DnB NOR ASA
09/14/12		0.530	%		$10,000,000		$10,000,000
FMS Wertmanagement Anstalt Des Oeffentlichen Rechts
04/26/12		0.300	%		5,000,000		5,000,000
Hong Kong Shanghai Bank Corp., Ltd.
04/16/12		0.250	%		10,000,000		10,000,000
Mitsubishi UFJ Trust and Banking Corp.
05/31/12		0.390	%		12,000,153		12,000,153
Mizuho Corporate Bank Ltd.
06/01/12		0.370	%		10,000,000		10,000,000
National Bank of Canada
05/08/12		0.393	%		6,000,000		6,000,000
Norinchukin Bank
05/21/12		0.470	%		7,000,000		7,000,000
Standard Chartered Bank PLC
04/03/12		0.570	%		14,000,000		14,000,000
Sumitomo Mitsui Banking Corp.
06/04/12		0.375	%		10,000,000		10,000,000
Svenska Handelsbanken
08/30/12		0.580	%		7,000,000		7,000,000
09/13/12		0.490	%		5,000,000		5,000,000
Union Bank of Switzerland
04/13/12		0.580	%		5,000,000		5,000,000

Total							159,978,965
Commercial Paper 4.8%
Australia and New Zealand Bank Group, Ltd.
04/25/12		0.461	%		6,983,632		6,983,632
Development Bank of Singapore Ltd.
08/02/12		0.551	%		6,981,392		6,981,392
Erste Abwicklungsanstalt
04/23/12		0.671	%		1,996,613		1,996,613
HSBC Bank PLC
04/13/12		0.481	%		5,985,360		5,985,360
Macquarie Bank Ltd.
04/20/12		0.803	%		4,979,778		4,979,778
Manhattan Asset Funding Co. LLC
04/05/12		0.200	%		2,999,533		2,999,533
Skandinaviska Enskilda Banken AB
05/14/12		0.330	%		6,996,022		6,996,022
Societe Generale
04/03/12		0.300	%		4,999,708		4,999,708
State Development Bank of NorthRhine-Westphalia
04/13/12		0.240	%		9,997,933		9,997,933
Suncorp Metway Ltd.
04/05/12		0.500	%		4,995,555		4,995,555
05/21/12		0.480	%		9,991,600		9,991,600

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


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			11


Portfolio of Investments (continued)


Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan (continued)

Commercial Paper (cont.)
The Commonwealth Bank of Australia
04/23/12		0.451	%		$4,988,438		$4,988,438
08/16/12		0.302	%		5,000,000		5,000,000
Toyota Motor Credit Corp.
04/26/12		0.562	%		4,985,689		4,985,689
Westpac Securities NZ Ltd.
08/27/12		0.491	%		4,988,771		4,988,771

Total							86,870,024
Repurchase Agreements 4.4%
Citigroup Global Markets, Inc. dated 03/30/12, matures 04/02/12, repurchase price $20,000,300^(f)
		0.180	%		20,000,000		20,000,000
Mizuho Securities USA, Inc. dated 03/30/12, matures 04/02/12, repurchase price $10,000,225^(f)
		0.270	%		10,000,000		10,000,000
Natixis Financial Products, Inc. dated 03/30/12, matures 04/02/12, repurchase price $15,000,325^(f)
		0.260	%		15,000,000		15,000,000
Nomura Securities dated 03/30/12, matures 04/02/12, repurchase price $5,000,083^(f)
		0.200	%		5,000,000		5,000,000


Issuer	Effective Yield			Par/ Principal/ Shares		Value
Investments of Cash Collateral Received for Securities on Loan (continued)

Repurchase Agreements (cont.)
Pershing LLC dated 03/30/12, matures 04/02/12, repurchase price $9,000,203^(f)
		0.270	%		$9,000,000		$9,000,000
Royal Bank of Canada dated 03/30/12, matures 04/02/12, repurchase price $10,000,150^(f)
		0.180	%		10,000,000		10,000,000
UBS Securities LLC dated 03/30/12, matures 04/02/12, repurchase price $9,844,936^(f)
		0.180	%		9,844,788		9,844,788

Total							78,844,788
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $350,682,942)							$350,682,942
Total Investments
(Cost: $1,850,404,309)							$2,149,371,713
Other Assets & Liabilities, Net							(355,488,473	)
Net Assets							$1,793,883,240


Notes to Portfolio of Investments

^(a)	Non-income producing.

^(b)	At March 31, 2012, security was partially or fully on loan.

^(c)	At March 31, 2012, there was no capital committed to the LLC or LP for future investment.

^(d)	The rate shown is the seven-day current annualized yield at March 31, 2012.

^(e)

Investments in affiliates during the period ended March 31, 2012:


Issuer	Beginning Cost		Purchase Cost		Sales Cost/ Proceeds from Sales			Realized Gain/Loss		Ending Cost		Dividends or Interest Income		Value
Columbia Short-Term Cash Fund		$63,013,802		$244,312,175		$(261,653,264	)		$—		$45,672,713		$32,579		$45,672,713

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


12		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT

^(f)


Citigroup Global Markets, Inc. (0.180%)

Security Description	Value
Fannie Mae REMICS		$5,766,647
Fannie Mae-Aces		636,217
Freddie Mac REMICS		5,538,872
Ginnie Mae II Pool		540,327
Government National Mortgage Association		7,917,937
Total Market Value of Collateral Securities		$20,400,000

Mizuho Securities USA, Inc. (0.270%)

Security Description	Value
Ginnie Mae II Pool		$98,573
Government National Mortgage Association		737,676
United States Treasury Note/Bond		9,363,751
Total Market Value of Collateral Securities		$10,200,000

Natixis Financial Products, Inc. (0.260%)

Security Description	Value
Fannie Mae Pool		$2,583,562
Fannie Mae REMICS		4,442,329
Freddie Mac Gold Pool		540,386
Freddie Mac REMICS		5,333,038
Government National Mortgage Association		622,799
United States Treasury Inflation Indexed Bonds		558,132
United States Treasury Note/Bond		1,220,086
Total Market Value of Collateral Securities		$15,300,332

Nomura Securities (0.200%)

Security Description	Value
Fannie Mae Pool		$2,856,796
Freddie Mac Gold Pool		2,243,204
Total Market Value of Collateral Securities		$5,100,000

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


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			13


Portfolio of Investments (continued)


Pershing LLC (0.270%)

Security Description	Value
Fannie Mae Interest Strip		$11,477
Fannie Mae Pool		2,509,213
Fannie Mae REMICS		428,420
Fannie Mae-Aces		12,156
Federal Farm Credit Bank		365,532
Federal Home Loan Banks		183,955
Federal Home Loan Mortgage Corp		276,334
Federal National Mortgage Association		319,079
Freddie Mac Coupon Strips		20,788
Freddie Mac Gold Pool		834,375
Freddie Mac Non Gold Pool		187,830
Freddie Mac Reference REMIC		27
Freddie Mac REMICS		695,019
Ginnie Mae I Pool		849,246
Ginnie Mae II Pool		1,273,327
Government National Mortgage Association		568,776
United States Treasury Bill		133,096
United States Treasury Inflation Indexed Bonds		25,181
United States Treasury Note/Bond		466,094
United States Treasury Strip Coupon		20,075
Total Market Value of Collateral Securities		$9,180,000

Royal Bank of Canada (0.180%)

Security Description	Value
Fannie Mae Pool		$10,200,000
Total Market Value of Collateral Securities		$10,200,000

UBS Securities LLC (0.180%)

Security Description	Value
Ginnie Mae I Pool		$1,948,930
Ginnie Mae II Pool		8,092,754
Total Market Value of Collateral Securities		$10,041,684


Abbreviation Legend
ADR		American Depository Receipt

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


14		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT


Fair Value Measurements

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

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

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

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


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			15


Portfolio of Investments (continued)


Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2012:


	Fair Value at March 31, 2012
Description	Level 1 Quoted Prices in Active Markets for Identical Assets		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$217,045,645		$—		$—		$217,045,645
Consumer Staples		113,104,922		—		—		113,104,922
Energy		152,133,329		—		—		152,133,329
Financials		357,715,534		—		—		357,715,534
Health Care		175,154,986		—		—		175,154,986
Industrials		301,432,305		—		—		301,432,305
Information Technology		139,921,661		—		—		139,921,661
Materials		131,951,115		—		—		131,951,115
Telecommunication Services		20,140,167		—		—		20,140,167
Utilities		133,588,195		—		—		133,588,195
Total Equity Securities		1,742,187,859		—		—		1,742,187,859
Bonds
Convertible Bonds		—		3,530,605		—		3,530,605
Total Bonds		—		3,530,605		—		3,530,605
Other
Limited Partnerships		7,297,594		—		—		7,297,594
Money Market Funds		45,672,713		—		—		45,672,713
Investments of Cash Collateral Received for Securities on Loan		—		350,682,942		—		350,682,942
Total Other		52,970,307		350,682,942		—		403,653,249
Total		$1,795,158,166		$354,213,547		$—		$2,149,371,713

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

There were no significant transfers between Levels 1 and 2 during the period.

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


16		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT

How to find information about the Fund’s quarterly portfolio holdings

(i)

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)

The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)

(iv)

The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

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


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			17


Statement of Assets and Liabilities

March 31, 2012 (Unaudited)


Assets
Investments, at value*
Unaffiliated issuers (identified cost $1,454,048,654)	$	1,753,016,058
Affiliated issuers (identified cost $45,672,713)		45,672,713
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $271,838,154)		271,838,154
Repurchase agreements (identified cost $78,844,788)		78,844,788
Total investments (identified cost $1,850,404,309)		2,149,371,713
Receivable for:
Investments sold		49,387,532
Capital shares sold		1,121,929
Dividends		2,182,369
Interest		128,892
Reclaims		1,908
Expense reimbursement due from Investment Manager		12,020
Total assets		2,202,206,363
Liabilities
Due upon return of securities on loan		350,682,942
Payable for:
Investments purchased		52,915,667
Capital shares purchased		3,884,316
Investment management fees		34,225
Distribution fees		9,551
Transfer agent fees		419,969
Administration fees		2,651
Plan administration fees		136,619
Compensation of board members		109,325
Other expenses		127,858
Total liabilities		408,323,123
Net assets applicable to outstanding capital stock	$	1,793,883,240

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


18		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT

March 31, 2012 (Unaudited)


Represented by
Paid-in capital	$	1,916,201,099
Undistributed net investment income		1,526,403
Accumulated net realized loss		(422,811,666	)
Unrealized appreciation (depreciation) on:
Investments		298,967,404
Total — representing net assets applicable to outstanding capital stock	$	1,793,883,240
*Value of securities on loan	$	343,865,317
Net assets applicable to outstanding shares
Class A	$	954,014,317
Class B	$	54,745,414
Class C	$	35,562,695
Class I	$	97,910,628
Class R	$	16,006,530
Class R3	$	52,747,009
Class R4	$	276,430,774
Class R5	$	152,719,730
Class W	$	4,161
Class Z	$	153,741,982
Shares outstanding
Class A		116,847,202
Class B		7,020,635
Class C		4,564,157
Class I		11,806,657
Class R		1,978,822
Class R3		6,489,064
Class R4		33,678,347
Class R5		18,575,600
Class W		506
Class Z		18,557,543
Net asset value per share
Class A^(a)	$	8.16
Class B	$	7.80
Class C	$	7.79
Class I	$	8.29
Class R	$	8.09
Class R3	$	8.13
Class R4	$	8.21
Class R5	$	8.22
Class W	$	8.22
Class Z	$	8.28

^(a)	The maximum offering price per share for Class A is $8.66. The offering price is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			19


Statement of Operations

Six months ended March 31, 2012 (Unaudited)


Net investment income
Income:
Dividends	$	16,092,307
Interest		70,238
Dividends from affiliates		32,579
Income from securities lending — net		662,706
Foreign taxes withheld		(106,504	)
Total income		16,751,326
Expenses:
Investment management fees		6,164,859
Distribution fees
Class A		1,173,954
Class B		268,024
Class C		182,530
Class R		40,152
Class R3		66,449
Class W		5
Transfer agent fees
Class A		1,359,118
Class B		77,294
Class C		53,043
Class R		23,281
Class R3		12,915
Class R4		66,211
Class R5		33,059
Class W		5
Class Z		206,358
Administration fees		477,288
Plan administration fees
Class R3		66,449
Class R4		339,297
Compensation of board members		16,549
Custodian fees		12,116
Printing and postage fees		112,923
Registration fees		94,691
Professional fees		33,608
Other		26,463
Total expenses		10,906,641
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(772,431	)
Total net expenses		10,134,210
Net investment income		6,617,116

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


20		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT


Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	$	45,871,618
Foreign currency translations		2,835
Net realized gain		45,874,453
Net change in unrealized appreciation (depreciation) on:
Investments		363,417,237
Net change in unrealized appreciation		363,417,237
Net realized and unrealized gain		409,291,690
Net increase in net assets resulting from operations	$	415,908,806

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


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			21


Statement of Changes in Net Assets


	Six months ended March 31, 2012 (Unaudited)				Year ended September 30, 2011
	Six months ended March 31, 2012 (Unaudited)
Operations
Net investment income		$	6,617,116			$	6,131,092
Net realized gain			45,874,453				202,875,598
Net change in unrealized appreciation (depreciation)			363,417,237				(274,429,830	)
Net increase (decrease) in net assets resulting from operations			415,908,806				(65,423,140	)
Distributions to shareholders from:
Net investment income
Class A			(586,260	)			(7,355,924	)
Class I			(582,198	)			(1,338,622	)
Class R			—				(61,366	)
Class R3			—				(425,673	)
Class R4			(552,107	)			(3,285,086	)
Class R5			(636,976	)			(1,525,902	)
Class W			(5	)			(25	)
Class Z			(551,466	)			(8,179	)
Total distributions to shareholders			(2,909,012	)			(14,000,777	)
Decrease in net assets from share transactions			(250,430,856	)			(482,979,896	)
Total increase (decrease) in net assets			162,568,938				(562,403,813	)
Net assets at beginning of period			1,631,314,302				2,193,718,115
Net assets at end of period		$	1,793,883,240			$	1,631,314,302
Undistributed (excess of distributions over) net investment income		$	1,526,403				$ (2,181,701)

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


22		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012 (Unaudited)						Year ended September 30, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		3,109,426			23,324,081			12,116,668			96,205,520
Distributions reinvested		75,259			534,338			863,049			6,705,889
Redemptions		(23,381,446	)		(174,282,084	)		(66,764,741	)		(521,234,776	)
Net decrease		(20,196,761	)		(150,423,665	)		(53,785,024	)		(418,323,367	)
Class B shares
Subscriptions		29,373			209,650			180,999			1,366,079
Redemptions^(a)		(1,067,256	)		(7,638,485	)		(5,980,500	)		(46,097,097	)
Net decrease		(1,037,883	)		(7,428,835	)		(5,799,501	)		(44,731,018	)
Class C shares
Subscriptions		275,875			1,954,973			465,281			3,533,090
Redemptions		(1,343,034	)		(9,698,705	)		(1,638,958	)		(12,238,889	)
Net decrease		(1,067,159	)		(7,743,732	)		(1,173,677	)		(8,705,799	)
Class I shares
Subscriptions		1,373,683			9,924,291			1,813,952			14,260,062
Distributions reinvested		80,854			582,152			169,863			1,338,524
Redemptions		(4,991,148	)		(38,918,104	)		(3,285,678	)		(26,244,805	)
Net decrease		(3,536,611	)		(28,411,661	)		(1,301,863	)		(10,646,219	)
Class R shares
Subscriptions		214,003			1,589,044			570,595			4,468,243
Distributions reinvested		—			—			7,843			60,547
Redemptions		(552,281	)		(4,161,534	)		(662,527	)		(5,125,325	)
Net decrease		(338,278	)		(2,572,490	)		(84,089	)		(596,535	)
Class R3 shares
Subscriptions		769,860			5,715,973			2,990,698			23,375,349
Distributions reinvested		—			—			54,997			425,673
Redemptions		(2,127,558	)		(15,845,483	)		(5,015,001	)		(39,393,332	)
Net decrease		(1,357,698	)		(10,129,510	)		(1,969,306	)		(15,592,310	)
Class R4 shares
Subscriptions		3,169,221			23,933,645			10,209,670			80,500,957
Distributions reinvested		77,429			552,068			420,606			3,284,933
Redemptions		(8,322,488	)		(62,791,056	)		(27,587,751	)		(226,389,245	)
Net decrease		(5,075,838	)		(38,305,343	)		(16,957,475	)		(142,603,355	)
Class R5 shares
Subscriptions		2,749,695			20,842,544			5,740,741			45,659,093
Distributions reinvested		80,397			574,035			175,246			1,370,424
Redemptions		(2,601,062	)		(19,815,724	)		(7,516,400	)		(58,577,262	)
Net increase (decrease)		229,030			1,600,855			(1,600,413	)		(11,547,745	)
Class Z shares
Subscriptions		2,233,822			16,869,875			21,991,103			189,023,832
Distributions reinvested		74,787			538,464			936			7,375
Redemptions		(3,234,514	)		(24,424,814	)		(2,508,948	)		(19,264,755	)
Net increase (decrease)		(925,905	)		(7,016,475	)		19,483,091			169,766,452
Total net decrease		(33,307,103	)		(250,430,856	)		(63,188,257	)		(482,979,896	)

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

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


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			23


Financial Highlights


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007
	(Unaudited)
Class A
Per share data
Net asset value, beginning of period		$6.44			$6.94			$6.15			$7.14			$10.15			$9.12
Income from investment operations:
Net investment income		0.03			0.02			0.04			0.07			0.07			0.06
Net realized and unrealized gain (loss)		1.69			(0.48	)		0.83			(0.59	)		(2.56	)		1.89
Total from investment operations		1.72			(0.46	)		0.87			(0.52	)		(2.49	)		1.95
Less distributions to shareholders from:
Net investment income		(0.00	)^(a)		(0.04	)		(0.08	)		(0.02	)		(0.05	)		(0.05	)
Net realized gains		—			—			—			(0.45	)		(0.47	)		(0.87	)
Total distributions to shareholders		(0.00	)^(a)		(0.04	)		(0.08	)		(0.47	)		(0.52	)		(0.92	)
Net asset value, end of period		$8.16			$6.44			$6.94			$6.15			$7.14			$10.15
Total return		26.79%			(6.69%	)		14.28%			(4.97%	)		(25.62%	)		22.74%
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.33%	^(c)		1.30%			1.20%			1.19%			1.28%			1.23%
Net expenses after fees waived or expenses reimbursed^(d)		1.21%	^(c)		1.29%	^(e)		1.20%			1.19%			1.28%			1.23%
Net investment income		0.70%	^(c)		0.22%	^(e)		0.62%			1.39%			0.74%			0.58%
Supplemental data
Net assets, end of period (in thousands)		$954,014			$882,934			$1,324,861			$1,351,336			$1,745,361			$2,025,926
Portfolio turnover		23%			46%			50%			42%			34%			24%

Notes to Financial Highlights

^(a)	Rounds to less than $0.01.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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

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


24		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012 (Unaudited)			Year ended Sept. 30,
				2011			2010			2009			2008			2007

Class B
Per share data
Net asset value, beginning of period		$6.17			$6.67			$5.90			$6.90			$9.84			$8.89
Income from investment operations:
Net investment income (loss)		(0.00	)^(a)		(0.04	)		(0.01	)		0.03			(0.01	)		(0.02	)
Net realized and unrealized gain (loss)		1.63			(0.46	)		0.81			(0.58	)		(2.46	)		1.84
Total from investment operations		1.63			(0.50	)		0.80			(0.55	)		(2.47	)		1.82
Less distributions to shareholders from:
Net investment income		—			—			(0.03	)		—			—			—
Net realized gains		—			—			—			(0.45	)		(0.47	)		(0.87	)
Total distributions to shareholders		—			—			(0.03	)		(0.45	)		(0.47	)		(0.87	)
Net asset value, end of period		$7.80			$6.17			$6.67			$5.90			$6.90			$9.84
Total return		26.42%			(7.50%	)		13.65%			(5.88%	)		(26.13%	)		21.73%
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		2.08%	^(c)		2.04%			1.97%			1.96%			2.04%			1.99%
Net expenses after fees waived or expenses reimbursed^(d)		1.96%	^(c)		2.03%	^(e)		1.97%			1.96%			2.04%			1.99%
Net investment income (loss)		(0.05%	)^(c)		(0.54%	)^(e)		(0.18%	)		0.62%			(0.07%	)		(0.17%	)
Supplemental data
Net assets, end of period (in thousands)		$54,745			$49,737			$92,370			$104,322			$164,380			$306,040
Portfolio turnover		23%			46%			50%			42%			34%			24%

Notes to Financial Highlights

^(a)	Rounds to less than $0.01.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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

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


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			25


Financial Highlights (continued)


	Six months ended March 31, 2012 (Unaudited)			Year ended Sept. 30,
				2011			2010			2009			2008			2007

Class C
Per share data
Net asset value, beginning of period		$6.17			$6.66			$5.91			$6.90			$9.84			$8.89
Income from investment operations:
Net investment income (loss)		(0.00	)^(a)		(0.04	)		(0.01	)		0.03			0.00	^(a)		(0.02	)
Net realized and unrealized gain (loss)		1.62			(0.45	)		0.80			(0.57	)		(2.46	)		1.84
Total from investment operations		1.62			(0.49	)		0.79			(0.54	)		(2.46	)		1.82
Less distributions to shareholders from:
Net investment income		—			—			(0.04	)		—			(0.01	)		—
Net realized gains		—			—			—			(0.45	)		(0.47	)		(0.87	)
Total distributions to shareholders		—			—			(0.04	)		(0.45	)		(0.48	)		(0.87	)
Net asset value, end of period		$7.79			$6.17			$6.66			$5.91			$6.90			$9.84
Total return		26.26%			(7.36%	)		13.49%			(5.74%	)		(26.11%	)		21.72%
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		2.08%	^(c)		2.05%			1.96%			1.95%			2.03%			1.98%
Net expenses after fees waived or expenses reimbursed^(d)		1.96%	^(c)		2.04%	^(e)		1.96%			1.95%			2.03%			1.98%
Net investment income (loss)		(0.06%	)^(c)		(0.52%	)^(e)		(0.13%	)		0.62%			0.03%			(0.18%	)
Supplemental data
Net assets, end of period (in thousands)		$35,563			$34,731			$45,317			$41,952			$54,137			$41,928
Portfolio turnover		23%			46%			50%			42%			34%			24%

Notes to Financial Highlights

^(a)	Rounds to less than $0.01.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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

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


26		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012 (Unaudited)			Year ended Sept. 30,
				2011			2010			2009			2008			2007

Class I
Per share data
Net asset value, beginning of period		$6.56			$7.07			$6.25			$7.26			$10.30			$9.24
Income from investment operations:
Net investment income		0.04			0.06			0.07			0.09			0.10			0.09
Net realized and unrealized gain (loss)		1.73			(0.49	)		0.86			(0.60	)		(2.58	)		1.92
Total from investment operations		1.77			(0.43	)		0.93			(0.51	)		(2.48	)		2.01
Less distributions to shareholders from:
Net investment income		(0.04	)		(0.08	)		(0.11	)		(0.05	)		(0.09	)		(0.08	)
Net realized gains		—			—			—			(0.45	)		(0.47	)		(0.87	)
Total distributions to shareholders		(0.04	)		(0.08	)		(0.11	)		(0.50	)		(0.56	)		(0.95	)
Net asset value, end of period		$8.29			$6.56			$7.07			$6.25			$7.26			$10.30
Total return		27.03%			(6.28%	)		15.06%			(4.60%	)		(25.25%	)		23.18%
Ratios to average net assets^(a)
Expenses prior to fees waived or expenses reimbursed		0.79%	^(b)		0.82%			0.73%			0.67%			0.85%			0.80%
Net expenses after fees waived or expenses reimbursed^(c)		0.77%	^(b)		0.82%			0.73%			0.67%			0.85%			0.80%
Net investment income		1.12%	^(b)		0.72%			1.05%			1.83%			1.13%			0.91%
Supplemental data
Net assets, end of period (in thousands)		$97,911			$100,645			$117,621			$44,214			$15,526			$29,272
Portfolio turnover		23%			46%			50%			42%			34%			24%

Notes to Financial Highlights

^(a)

^(b)	Annualized.

^(c)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			27


Financial Highlights (continued)


	Six months ended March 31, 2012 (Unaudited)			Year ended Sept. 30,
				2011			2010			2009			2008			2007^(a)

Class R
Per share data
Net asset value, beginning of period		$6.39			$6.88			$6.11			$7.12			$10.18			$9.96
Income from investment operations:
Net investment income		0.02			(0.00	)^(b)		0.02			0.05			0.05			0.01
Net realized and unrealized gain (loss)		1.68			(0.46	)		0.82			(0.58	)		(2.56	)		1.16
Total from investment operations		1.70			(0.46	)		0.84			(0.53	)		(2.51	)		1.17
Less distributions to shareholders from:
Net investment income		—			(0.03	)		(0.07	)		(0.03	)		(0.08	)		(0.08	)
Net realized gains		—			—			—			(0.45	)		(0.47	)		(0.87	)
Total distributions to shareholders		—			(0.03	)		(0.07	)		(0.48	)		(0.55	)		(0.95	)
Net asset value, end of period		$8.09			$6.39			$6.88			$6.11			$7.12			$10.18
Total return		26.60%			(6.81%	)		13.85%			(5.25%	)		(25.87%	)		13.00%
Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		1.58%	^(d)		1.55%			1.53%			1.47%			1.61%			1.67%	^(d)
Net expenses after fees waived or expenses reimbursed^(e)		1.46%	^(d)		1.54%	^(f)		1.53%			1.47%			1.61%			1.67%	^(d)
Net investment income (loss)		0.45%	^(d)		(0.01%	)^(f)		0.31%			1.07%			0.60%			0.11%	^(d)
Supplemental data
Net assets, end of period (in thousands)		$16,007			$14,799			$16,531			$15,827			$10,457			$287
Portfolio turnover		23%			46%			50%			42%			34%			24%

Notes to Financial Highlights

^(a)	For the period from December 11, 2006 (commencement of operations) to September 30, 2007.

^(b)	Rounds to less than $0.01.

^(c)

^(d)	Annualized.

^(e)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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

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


28		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012 (Unaudited)			Year ended Sept. 30,
				2011			2010			2009			2008			2007^(a)

Class R3
Per share data
Net asset value, beginning of period		$6.41			$6.92			$6.14			$7.15			$10.19			$9.96
Income from investment operations:
Net investment income		0.02			0.01			0.04			0.06			0.07			0.04
Net realized and unrealized gain (loss)		1.70			(0.48	)		0.83			(0.59	)		(2.56	)		1.14
Total from investment operations		1.72			(0.47	)		0.87			(0.53	)		(2.49	)		1.18
Less distributions to shareholders from:
Net investment income		—			(0.04	)		(0.09	)		(0.03	)		(0.08	)		(0.08	)
Net realized gains		—			—			—			(0.45	)		(0.47	)		(0.87	)
Total distributions to shareholders		—			(0.04	)		(0.09	)		(0.48	)		(0.55	)		(0.95	)
Net asset value, end of period		$8.13			$6.41			$6.92			$6.14			$7.15			$10.19
Total return		26.83%			(6.84%	)		14.22%			(5.07%	)		(25.60%	)		13.12%
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.34%	^(c)		1.37%			1.29%			1.22%			1.36%			1.49%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		1.32%	^(c)		1.37%			1.29%			1.22%			1.36%			1.49%	^(c)
Net investment income		0.58%	^(c)		0.16%			0.55%			1.30%			0.85%			0.57%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$52,747			$50,329			$67,911			$46,599			$30,952			$1,378
Portfolio turnover		23%			46%			50%			42%			34%			24%

Notes to Financial Highlights

^(a)	For the period from December 11, 2006 (commencement of operations) to September 30, 2007.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			29


Financial Highlights (continued)


	Six months ended March 31, 2012 (Unaudited)			Year ended Sept. 30,
				2011			2010			2009			2008				2007

Class R4
Per share data
Net asset value, beginning of period		$6.48			$6.99			$6.19			$7.20			$10.22				$9.19
Income from investment operations:
Net investment income		0.03			0.03			0.05			0.08			0.08				0.07
Net realized and unrealized gain (loss)		1.71			(0.48	)		0.85			(0.60	)		(2.56	)			1.90
Total from investment operations		1.74			(0.45	)		0.90			(0.52	)		(2.48	)			1.97
Less distributions to shareholders from:
Net investment income		(0.01	)		(0.06	)		(0.10	)		(0.04	)		(0.07	)			(0.07	)
Net realized gains		—			—			—			(0.45	)		(0.47	)			(0.87	)
Total distributions to shareholders		(0.01	)		(0.06	)		(0.10	)		(0.49	)		(0.54	)			(0.94	)
Net asset value, end of period		$8.21			$6.48			$6.99			$6.19			$7.20				$10.22
Total return		26.96%			(6.59%	)		14.61%			(4.91%	)		(25.41%	)			22.81%
Ratios to average net assets^(a)
Expenses prior to fees waived or expenses reimbursed		1.09%	^(b)		1.12%			1.03%			0.97%			1.13%				1.10%
Net expenses after fees waived or expenses reimbursed^(c)		1.07%	^(b)		1.12%			1.03%			0.97%			1.13%				1.10%
Net investment income		0.84%	^(b)		0.38%			0.80%			1.55%			0.96%		��		0.68%
Supplemental data
Net assets, end of period (in thousands)		$276,431			$251,200			$389,349			$337,593			$270,774				$157,136
Portfolio turnover		23%			46%			50%			42%			34%				24%

Notes to Financial Highlights

^(a)

^(b)	Annualized.

^(c)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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


30		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012 (Unaudited)			Year ended Sept. 30,
				2011			2010			2009			2008			2007^(a)

Class R5
Per share data
Net asset value, beginning of period		$6.50			$7.01			$6.20			$7.21			$10.23			$9.96
Income from investment operations:
Net investment income		0.04			0.05			0.07			0.09			0.12			0.08
Net realized and unrealized gain (loss)		1.71			(0.48	)		0.85			(0.60	)		(2.58	)		1.14
Total from investment operations		1.75			(0.43	)		0.92			(0.51	)		(2.46	)		1.22
Less distributions to shareholders from:
Net investment income		(0.03	)		(0.08	)		(0.11	)		(0.05	)		(0.09	)		(0.08	)
Net realized gains		—			—			—			(0.45	)		(0.47	)		(0.87	)
Total distributions to shareholders		(0.03	)		(0.08	)		(0.11	)		(0.50	)		(0.56	)		(0.95	)
Net asset value, end of period		$8.22			$6.50			$7.01			$6.20			$7.21			$10.23
Total return		27.07%			(6.38%	)		14.97%			(4.65%	)		(25.23%	)		13.57%
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.84%	^(c)		0.87%			0.79%			0.72%			0.84%			0.84%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		0.82%	^(c)		0.87%			0.79%			0.72%			0.84%			0.84%	^(c)
Net investment income		1.10%	^(c)		0.67%			1.05%			1.82%			1.46%			1.03%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$152,720			$119,293			$139,751			$133,143			$65,029			$12
Portfolio turnover		23%			46%			50%			42%			34%			24%

Notes to Financial Highlights

^(a)	For the period from December 11, 2006 (commencement of operations) to September 30, 2007.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			31


Financial Highlights (continued)


	Six months ended March 31, 2012 (Unaudited)			Year ended Sept. 30,
				2011			2010			2009			2008			2007^(a)

Class W
Per share data
Net asset value, beginning of period		$6.49			$7.00			$6.20			$7.19			$10.20			$9.88
Income from investment operations:
Net investment income		0.03			0.02			0.04			0.07			0.07			0.05
Net realized and unrealized gain (loss)		1.71			(0.48	)		0.85			(0.59	)		(2.56	)		1.22
Total from investment operations		1.74			(0.46	)		0.89			(0.52	)		(2.49	)		1.27
Less distributions to shareholders from:
Net investment income		(0.01	)		(0.05	)		(0.09	)		(0.02	)		(0.05	)		(0.08	)
Net realized gains		—			—			—			(0.45	)		(0.47	)		(0.87	)
Total distributions to shareholders		(0.01	)		(0.05	)		(0.09	)		(0.47	)		(0.52	)		(0.95	)
Net asset value, end of period		$8.22			$6.49			$7.00			$6.20			$7.19			$10.20
Total return		26.83%			(6.69%	)		14.43%			(4.96%	)		(25.53%	)		14.14%
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.28%	^(c)		1.28%			1.17%			1.07%			1.27%			1.23%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		1.18%	^(c)		1.28%			1.17%			1.07%			1.27%			1.23%	^(c)
Net investment income		0.74%	^(c)		0.26%			0.67%			1.48%			0.73%			0.66%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$4			$3			$4			$3			$4			$5
Portfolio turnover		23%			46%			50%			42%			34%			24%

Notes to Financial Highlights

^(a)	For the period from December 1, 2006 (commencement of operations) to September 30, 2007.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, if applicable.

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


32		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012 (Unaudited)			Year ended Sept. 30,
				2011			2010^(a)

Class Z
Per share data
Net asset value, beginning of period		$6.55			$7.07			$7.00
Income from investment operations:
Net investment income		0.04			0.06			0.00	^(b)
Net realized and unrealized gain (loss)		1.72			(0.50	)		0.07
Total from investment operations		1.76			(0.44	)		0.07
Less distributions to shareholders from:
Net investment income		(0.03	)		(0.08	)		—
Total distributions to shareholders		(0.03	)		(0.08	)		—
Net asset value, end of period		$8.28			$6.55			$7.07
Total return		26.92%			(6.42%	)		1.00%
Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		1.08%	^(d)		1.07%			1.01%	^(d)
Net expenses after fees waived or expenses reimbursed^(e)		0.96%	^(d)		1.06%	^(f)		1.01%	^(d)
Net investment income		0.96%	^(d)		0.80%	^(f)		4.49%	^(d)
Supplemental data
Net assets, end of period (in thousands)		$153,742			$127,642			$3
Portfolio turnover		23%			46%			50%

Notes to Financial Highlights

^(a)	For the period from September 27, 2010 (commencement of operations) to September 30, 2010.

^(b)	Rounds to less than $0.01.

^(c)

^(d)	Annualized.

^(e)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, before giving effect to any performance incentive adjustment, 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.


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			33


Notes to Financial Statements

March 31, 2012 (Unaudited)

Note 1. Organization

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

Fund Shares

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

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

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

Class R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class R3 shares are not subject to sales charges; however, this share class is closed to new investors.

Class R4 shares are not subject to sales charges; however, this share class is closed to new investors.


34		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT

Class R5 shares are not subject to sales charges; however, this share class is closed to new investors.

Class Z shares are not subject to sales charges, and are only available to certain investors, as described in the Fund's prospectus.

Note

2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			35


Notes to Financial Statements (continued)

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

Foreign Currency Transactions and Translation


36		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT

Repurchase Agreements

Security Transactions

Income Recognition

Interest income is recorded on the accrual basis. Market premium and discount are amortized and accreted, respectively, on all debt securities, unless otherwise noted. Original issue discount is accreted to interest income over the life of the security with a corresponding increase in the cost basis, if any. For convertible securities, premiums attributable to the conversion feature are not amortized.

The Fund receives distributions from holdings in real estate investment trusts (REITs) which report information on the character of their distributions annually. REIT distributions are allocated to dividend income, capital gain and return of capital based on estimates made by the Fund's management if actual information has not yet been reported. Return of capital is recorded as a reduction of the cost basis of securities held. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs which could result in a proportionate increase in return of capital to shareholders.


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			37


Notes to Financial Statements (continued)

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Foreign Taxes

Distributions to Shareholders

Distributions from net investment income are declared and paid annually. Net realized capital gains, if any, are distributed along with the income dividend.


38		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT

Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Guarantees and Indemnifications

Recent Accounting Pronouncement

Fair Value Measurements and Disclosures

Note

3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.76% to 0.62% as the Fund’s net assets increase. The annualized effective


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			39


Notes to Financial Statements (continued)

management fee rate for the six months ended March 31, 2012 was 0.70% of the Fund’s average daily net assets.

Administration Fees

Other Fees

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not "interested persons" of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees


40		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT

Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

For the six months ended March 31, 2012, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:


Class A	0.29	%
Class B	0.29
Class C	0.29
Class R	0.29
Class R3	0.05
Class R4	0.05
Class R5	0.05
Class W	0.27
Class Z	0.29

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 R3 and Class R4 shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution Fees


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			41


Notes to Financial Statements (continued)

average daily net assets attributable to Class A, Class R3 and Class W shares, a fee at an annual rate of up to 0.50% of the Fund’s average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services) and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $3,995,000 and $336,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of December 31, 2011, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $184,250 for Class A, $16,378 for Class B and $525 for Class C for the six months ended March 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective December 1, 2011, 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), through November 30, 2012, 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:


Class A	1.18	%
Class B	1.93
Class C	1.93
Class I	0.76
Class R	1.43
Class R3	1.31
Class R4	1.06
Class R5	0.81
Class W	1.18
Class Z	0.93


42		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT

and/or overdraft charges from the Fund's custodian, did not exceed the following annual rates as a percentage of the class' average daily net assets:


Class A	1.26	%
Class B	2.01
Class C	2.01
Class I	0.84
Class R	1.51
Class R3	1.39
Class R4	1.14
Class R5	0.89
Class W	1.26
Class Z	1.01

Note

4. Federal Tax Information

At March 31, 2012, the cost of investments for federal income tax purposes was approximately $1,850,404,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:


Unrealized appreciation	$	336,124,000
Unrealized depreciation		(37,156,000	)
Net unrealized appreciation	$	298,968,000


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			43


Notes to Financial Statements (continued)


Year of expiration	Amount
2016	$	5,423,870
2017		48,185,162
2018		377,638,979
Total	$	431,248,011

Note

5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $388,701,958 and $604,323,433, respectively, for the six months ended March 31, 2012.

Note

6. Lending of Portfolio Securities


44		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT

of the loaned securities is requested to be delivered the following business day. Cash collateral received is invested by the lending agent on behalf of the Fund into authorized investments pursuant to the Agreement. The investments made with the cash collateral are listed in the Portfolio of Investments. The values of such investments and any uninvested cash collateral are disclosed in the Statement of Assets and Liabilities along with the related obligation to return the collateral upon the return of the securities loaned. At March 31, 2012, securities valued at $343,865,317 were on loan, secured by cash collateral of $350,682,942 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.

Note

7. Affiliated Money Market Fund


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			45


Notes to Financial Statements (continued)

Note

8. Shareholder Concentration

At March 31, 2012, one unaffiliated shareholder account owned 20.1% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note

9. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan, whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Pursuant to a December 13, 2011amendment to the credit facility agreement, 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 (i) 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 0.08% per annum.

The Fund had no borrowings during the six months ended March 31, 2012.

Note

10. Subsequent Events

Note

11. Information Regarding Pending and Settled Legal Proceedings


46		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT

Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Trustees.


COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT			47


Proxy Voting


48		COLUMBIA MID CAP VALUE OPPORTUNITY FUND — 2012 SEMIANNUAL REPORT

Columbia Mid Cap Value Opportunity Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

S-6252 M (5/12)

Semiannual Report

LOGO

Columbia

Strategic Allocation Fund

Semiannual Report for the Period Ended

March 31, 2012

Columbia Strategic Allocation Fund seeks to provide shareholders maximum total return through a combination of growth of capital and current income.

Not FDIC insured ^¡ No bank guarantee ^¡ May lose value


Table of Contents



Your Fund at a Glance			2

Fund Expense Example			7

Portfolio of Investments			9

Statement of Assets and Liabilities			49

Statement of Operations			51

Statement of Changes in Net Assets			53

Financial Highlights			55

Notes to Financial Statements			62

Proxy Voting			85

See the Fund’s prospectus for risks associated with investing in the Fund.


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			1


Your Fund at a Glance

FUND SUMMARY

Columbia Strategic Allocation Fund (the Fund) Class A shares increased 17.68% (excluding sales charge) for the six months ended March 31, 2012.

The Fund underperformed the 25.89% increase of the broad-based Standard & Poor’s 500 Index (S&P 500 Index), an unmanaged group of large U.S. company stocks.

The Blended Index, which is composed of 45% S&P 500 Index, 15% MSCI EAFE Index (Gross) and 40% Barclays Aggregate Bond Index (Barclays Index), gained 14.09% during the same time period.

The Fund outperformed the 1.43% increase of the Barclays Aggregate Bond Index, an unmanaged index representing U.S. taxable investment-grade bonds, during the same period.

The Fund outperformed the MSCI (EAFE) Index (Gross), an unmanaged index representing non-North American securities, which increased 14.73% for the six-month period.

ANNUALIZED TOTAL RETURNS (for period ended March 31, 2012)

6 months

1 year

5 years

10 years

Columbia Strategic Allocation Fund
Class A (excluding sales charge)

+17.68%

+6.79%

+1.26%

+4.80%

S&P 500 Index⁽¹⁾ (unmanaged)

+25.89%

+8.54%

+2.01%

+4.12%

Blended Index⁽²⁾ (unmanaged)

+14.09%

+6.46%

+3.43%

+5.50%

Barclays Index⁽³⁾ (unmanaged)

+1.43%

+7.71%

+6.25%

+5.80%

MSCI (EAFE) Index⁽⁴⁾ (Gross) (unmanaged)

+14.73%

-5.31%

-3.04%

+6.16%

Not annualized.


2		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT

fees and expenses. The Fund’s returns reflect the effect of fee waivers/expense reimbursements, if any. Without such waivers/reimbursements, the Fund’s returns would be lower. See the Average Annual Total Returns table for performance of other share classes of the Fund.

The indices do not reflect the effects of sales charges, expenses and taxes. It is not possible to invest directly in an index.

⁽¹⁾

The Standard & Poor’s 500 Index (S&P 500 Index), an unmanaged index of common stocks of U.S. companies, is frequently used as a general measure of market performance. The index reflects reinvestment of all distributions and changes in market prices.

⁽²⁾

The Blended Index consists of 45% S&P 500 Index, 40% Barclays Aggregate Bond Index and 15% MSCI EAFE Index (Gross). The Barclays U.S. Aggregate Bond Index and the MSCI EAFE Index (Gross) are shown in the table because they are separate components of the Blended Index.

⁽³⁾

The Barclays Aggregate Bond Index, an unmanaged index, is made up of a representative list of government, corporate, asset-backed and mortgage-backed securities. The index is frequently used as a general measure of bond market performance. The index reflects reinvestment of all distributions and changes in market prices.

⁽⁴⁾

The MSCI Europe, Australasia and the Far East (EAFE) Index (Gross), an unmanaged index, is compiled from a composite of securities markets of Europe, Australasia and the Far East. The index is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities. The index reflects reinvestment of all distributions and changes in market prices.


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			3


Your Fund at a Glance (continued)

AVERAGE ANNUAL TOTAL RETURNS

at March 31, 2012

Without sales charge

6 months*

1 year

5 years

10 years

Class A (inception 1/23/85)

+17.68%

+6.79%

+1.26%

+4.80%

Class B (inception 3/20/95)

+17.29%

+6.00%

+0.50%

+4.00%

Class C (inception 6/26/00)

+17.42%

+6.09%

+0.51%

+4.01%

Class I** (inception 12/11/06)

+17.95%

+7.27%

+1.69%

+5.03%

Class R** (inception 12/11/06)

+17.57%

+6.54%

+1.02%

+4.55%

Class R4 (inception 3/20/95)

+17.73%

+6.93%

+1.42%

+4.97%

Class Z** (inception 9/27/10)

+17.96%

+7.23%

+1.37%

+4.85%

With sales charge

Class A (inception 1/23/85)

+10.96%

+0.60%

+0.07%

+4.18%

Class B (inception 3/20/95)

+12.29%

+1.00%

+0.16%

+4.00%

Class C (inception 6/26/00)

+16.42%

+5.09%

+0.51%

+4.01%

*	Not annualized.


4		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


ASSET ALLOCATION & PORTFOLIO BREAKDOWN⁽¹⁾ (at March 31, 2012)
Stocks	71.1	%
Consumer Discretionary	8.0
Consumer Staples	6.5
Energy	7.7
Financials	12.6
Health Care	7.3
Industrials	8.3
Information Technology	11.7
Materials	4.2
Telecommunication Services	1.9
Utilities	2.9
Bonds	23.2
Asset-Backed Securities — Non-Agency	0.0	*
Commercial Mortgage-Backed Securities — Agency	0.0	*
Commercial Mortgage-Backed Securities — Non-Agency	0.1
Corporate Bonds & Notes	9.8
Convertible Bonds	2.3
Foreign Government Obligations	5.7
Inflation-Indexed Bonds	0.9
Residential Mortgage-Backed Securities — Agency	2.9
Residential Mortgage-Backed Securities — Non-Agency	0.1
U.S. Government & Agency Obligations	0.7
U.S. Treasury Obligations	0.7
Senior Loans	0.1
Exchange Traded Funds	0.1
Options Purchased Puts	0.0	*
Other⁽²⁾	5.5

Rounds to less than 0.1%.

⁽¹⁾

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan). The Fund’s portfolio composition is subject to change.

⁽²⁾

Includes investments in money market funds.


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			5


Your Fund at a Glance (continued)


TOP TEN HOLDINGS⁽¹⁾ (at March 31, 2012)
Apple, Inc.	2.4	%
Microsoft Corp.	1.3
JPMorgan Chase & Co.	1.2
Chevron Corp.	1.1
Pfizer, Inc.	1.1
Philip Morris International, Inc.	1.1
Wal-Mart Stores, Inc.	1.0
Cisco Systems, Inc.	0.9
Verizon Communications, Inc.	0.9
Merck & Co., Inc.	0.9

⁽¹⁾

Percentages indicated are based upon total investments (excluding Investments of Cash Collateral Received for Securities on Loan and 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.


6		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Fund Expense Example

(Unaudited)

Understanding your expenses

Analyzing your fund’s expenses

Compare with other funds


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			7


Fund Expense Example (continued)

October 1, 2011 — March 31, 2012


	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		1,176.80		1,019.10		6.28		5.82		1.16
Class B		1,000.00		1,000.00		1,172.90		1,015.32		10.37		9.62		1.92
Class C		1,000.00		1,000.00		1,174.20		1,015.37		10.33		9.57		1.91
Class I		1,000.00		1,000.00		1,179.50		1,021.08		4.12		3.82		0.76
Class R		1,000.00		1,000.00		1,175.70		1,017.80		7.68		7.12		1.42
Class R4		1,000.00		1,000.00		1,177.30		1,019.64		5.68		5.27		1.05
Class Z		1,000.00		1,000.00		1,179.60		1,020.44		4.82		4.47		0.89

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

Expenses do not include fees and expenses incurred indirectly by the Fund from the underlying funds in which the Fund may invest (also referred to as "acquired funds"), including affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds).

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


8		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Portfolio of Investments

Columbia Strategic Allocation Fund

March 31, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)


Issuer	Shares		Value

Common Stocks 70.7%
CONSUMER DISCRETIONARY 8.0%
Auto Components 0.3%
Bharat Forge Ltd.		43,560		$273,905
Dana Holding Corp.		8,000		124,000
Exedy Corp.^(a)		16,500		473,466
Hankook Tire Co., Ltd.		9,969		369,952
Hyundai Mobis		2,865		727,188
Lear Corp.		1,900		88,331
NHK Spring Co., Ltd.		76,000		825,694
Standard Motor Products, Inc.^(a)		12,370		219,444
Tenneco, Inc.^(b)		5,278		196,078

Total				3,298,058
Automobiles 0.5%
Bayerische Motoren Werke AG		7,480		672,687
General Motors Co.^(a)(b)		32,200		825,930
Hyundai Motor Co.		4,825		996,354
Nissan Motor Co., Ltd.^(a)		111,600		1,199,927
PT Astra International Tbk		39,130		316,610
Tofas Turk Otomobil Fabrikasi AS		146,322		625,581

Total				4,637,089
Diversified Consumer Services 0.7%
Apollo Group, Inc., Class A^(b)		104,100		4,022,424
Bridgepoint Education, Inc.^(a)(b)		21,000		519,750
Coinstar, Inc.^(a)(b)		10,800		686,340
ITT Educational Services, Inc.^(a)(b)		10,100		668,014
Lincoln Educational Services Corp.		29,550		233,740

Total				6,130,268
Hotels, Restaurants & Leisure 0.5%
Bravo Brio Restaurant Group, Inc.^(a)(b)		1,700		33,932
Bwin.Party Digital Entertainment PLC		211,170		523,538
Domino’s Pizza, Inc.		7,800		283,140
Genting Bhd		90,900		321,810
McDonald’s Corp.		29,000		2,844,900
Multimedia Games Holdings Co., Inc.^(b)		50,100		549,096
Town Sports International Holdings, Inc.^(b)		5,800		73,254

Total				4,629,670


Issuer	Shares		Value

Common Stocks (continued)
CONSUMER DISCRETIONARY (cont.)
Household Durables 0.5%
American Greetings Corp., Class A^(a)		23,700		$363,558
Arnest One Corp.		68,200		763,495
Forbo Holding AG^(b)		1,493		1,090,765
Tempur-Pedic International, Inc.^(a)(b)		24,496		2,068,197

Total				4,286,015
Internet & Catalog Retail 0.1%
Expedia, Inc.^(a)		2,800		93,632
Netflix, Inc.^(a)(b)		10,600		1,219,424

Total				1,313,056
Leisure Equipment & Products 0.3%
Arctic Cat, Inc.^(a)(b)		13,480		577,348
Giant Manufacturing Co., Ltd.		75,000		330,994
Polaris Industries, Inc.		15,500		1,118,325
Sturm Ruger & Co., Inc.		13,400		657,940

Total				2,684,607
Media 1.8%
Comcast Corp., Class A		20,000		600,200
DIRECTV, Class A^(b)		125,224		6,178,552
Discovery Communications, Inc., Class A^(a)(b)		19,300		976,580
DISH Network Corp., Class A		164,241		5,408,456
Global Sources Ltd.^(b)		12,400		76,384
McGraw-Hill Companies, Inc. (The)		46,900		2,273,243
PT Media Nusantara Citra Tbk		2,776,000		571,410
Sinclair Broadcast Group, Inc., Class A		17,000		188,020
Time Warner Cable, Inc.		2,200		179,300
Valassis Communications, Inc.^(a)(b)		7,000		161,000

Total				16,613,145
Multiline Retail 0.3%
Dillard’s, Inc., Class A^(a)		15,400		970,508
Dollar Tree, Inc.^(b)		4,300		406,307
Macy’s, Inc.		28,200		1,120,386
SACI Falabella		49,841		481,079

Total				2,978,280

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			9


Portfolio of Investments (continued)


Issuer	Shares		Value

Common Stocks (continued)
CONSUMER DISCRETIONARY (cont.)
Specialty Retail 2.8%
Aaron’s, Inc.		37,100		$960,890
Ascena Retail Group, Inc.^(b)		2,700		119,664
AutoZone, Inc.^(b)		10,100		3,755,180
Bed Bath & Beyond, Inc.^(b)		32,706		2,151,074
Belle International Holdings Ltd.		407,000		732,480
Best Buy Co., Inc.		44,200		1,046,656
Buckle, Inc. (The)^(a)		12,500		598,750
Build-A-Bear Workshop, Inc.^(b)		16,800		88,200
Cato Corp. (The), Class A		19,196		530,577
Children’s Place Retail Stores, Inc. (The)^(a)(b)		754		38,959
Cia Hering		12,202		315,169
EDION Corp.^(a)		74,200		522,598
Express, Inc.^(a)(b)		24,780		619,004
Finish Line, Inc., Class A (The)		25,300		536,866
GameStop Corp., Class A^(a)		163,600		3,573,024
Home Product Center PCL, Foreign Registered Shares		783,288		353,014
Limited Brands, Inc.		18,157		871,536
Mr. Price Group Ltd.		25,754		316,730
Pier 1 Imports, Inc.^(b)		12,200		221,796
PT Ace Hardware Indonesia Tbk		931,000		453,632
PT Indomobil Sukses Internasional Tbk^(b)		116,000		191,747
Rent-A-Center, Inc.		17,296		652,924
Ross Stores, Inc.		46,500		2,701,650
Select Comfort Corp.^(a)(b)		4,900		158,711
Stage Stores, Inc.		5,600		90,944
Statoil Fuel & Retail ASA^(b)		79,794		508,630
TJX Companies, Inc.		87,300		3,466,683

Total				25,577,088
Textiles, Apparel & Luxury Goods 0.2%
Crocs, Inc.^(b)		7,900		165,268
LG Fashon Corp.		15,140		533,767
Titan Industries Ltd.		107,409		481,644
Trinity Ltd.		640,334		526,885
Youngone Corp.		29,150		557,619

Total				2,265,183
TOTAL CONSUMER DISCRETIONARY				74,412,459

CONSUMER STAPLES 6.3%
Beverages 0.7%
Carlsberg A/S, Class B		8,008		661,652
Cia de Bebidas das Americas, ADR		21,838		902,346
Coca-Cola Enterprises, Inc.		136,308		3,898,409


Issuer	Shares		Value

Common Stocks (continued)
CONSUMER STAPLES (cont.)
Beverages (cont.)
Constellation Brands, Inc., Class A^(b)		15,900		$375,081
Cott Corp.^(b)		54,923		361,942
Fomento Economico Mexicano SAB de CV, ADR		5,955		489,918

Total				6,689,348
Food & Staples Retailing 2.3%
Clicks Group Ltd.		73,834		430,530
CP ALL PCL, Foreign Registered Shares		206,480		438,449
CVS Caremark Corp.		36,103		1,617,415
Eurocash SA		59,053		664,872
George Weston Ltd.		12,535		795,871
Koninklijke Ahold NV		95,022		1,316,733
Kroger Co. (The)		166,510		4,034,537
Magnit OJSC, GDR^(c)		11,116		323,920
PT Sumber Alfaria Trijaya Tbk^(b)		305,500		168,184
Puregold Price Club, Inc.^(b)		665,900		316,997
Raia Drogasil SA		38,514		369,854
Safeway, Inc.^(a)		61,000		1,232,810
Seven & I Holdings Co., Ltd.		29,433		877,676
Wal-Mart Stores, Inc.		143,957		8,810,169

Total				21,398,017
Food Products 0.9%
AVI Ltd.		115,787		700,216
Cal-Maine Foods, Inc.		4,809		183,993
Campbell Soup Co.^(a)		30,400		1,029,040
ConAgra Foods, Inc.		1,700		44,642
Hershey Co. (The)		20,291		1,244,447
Marine Harvest ASA		964,784		498,084
Nestlé SA, Registered Shares		23,294		1,465,713
Omega Protein Corp.^(b)		19,600		149,156
PT Nippon Indosari Corpindo Tbk		1,017,000		391,262
Smithfield Foods, Inc.^(a)(b)		42,900		945,087
Tyson Foods, Inc., Class A		99,700		1,909,255
Want Want China Holdings Ltd.		274,000		306,588

Total				8,867,483
Household Products 0.2%
Kimberly-Clark Corp.		12,480		922,147
LG Household & Health Care Ltd.		780		410,258
McBride PLC^(b)		132,277		260,240
Oil-Dri Corp. of America		1,200		25,548

Total				1,618,193

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


10		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Issuer	Shares		Value

Common Stocks (continued)
CONSUMER STAPLES (cont.)
Personal Products 0.2%
Medifast, Inc.^(a)(b)		11,400		$199,044
Nu Skin Enterprises, Inc., Class A^(a)		10,058		582,459
Revlon, Inc., Class A^(b)		11,500		198,375
Usana Health Sciences, Inc.^(a)(b)		14,200		530,086

Total				1,509,964
Tobacco 2.0%
Imperial Tobacco Group PLC		26,123		1,059,218
ITC Ltd.		73,039		325,194
Lorillard, Inc.^(a)		51,700		6,694,116
Philip Morris International, Inc.		107,536		9,528,765
PT Gudang Garam Tbk		85,790		516,715
Universal Corp.^(a)		4,900		228,340

Total				18,352,348
TOTAL CONSUMER STAPLES				58,435,353

ENERGY 7.5%
Energy Equipment & Services 0.9%
Core Laboratories NV		6,211		817,181
Diamond Offshore Drilling, Inc.		4,700		313,725
Eurasia Drilling Co., Ltd., GDR^(c)		14,290		393,975
Helix Energy Solutions Group, Inc.^(a)(b)		12,000		213,600
Matrix Service Co.^(b)		12,700		177,927
National Oilwell Varco, Inc.		57,125		4,539,724
Oceaneering International, Inc.^(a)		9,600		517,344
Parker Drilling Co.^(b)		17,700		105,669
Patterson-UTI Energy, Inc.		19,600		338,884
PHI, Inc.^(b)		12,800		296,320
Schlumberger Ltd.		2,100		146,853
SEACOR Holdings, Inc.^(b)		300		28,734
Shinko Plantech Co., Ltd.^(a)		82,200		703,514
Union Drilling, Inc.^(b)		6,900		38,364

Total				8,631,814
Oil, Gas & Consumable Fuels 6.6%
Apache Corp.		50,180		5,040,079
Berry Petroleum Co., Class A^(a)		5,600		263,928
BP PLC		95,931		709,745
Chevron Corp.^(d)		94,094		10,090,641
China Coal Energy Co., Ltd., Class H		463,000		519,323
China Shenhua Energy Co., Ltd., Class H		197,500		835,386
Cloud Peak Energy, Inc.^(b)		27,900		444,447
CNOOC Ltd.		216,000		442,146
ConocoPhillips		38,851		2,953,064


Issuer	Shares		Value

Common Stocks (continued)
ENERGY (cont.)
Oil, Gas & Consumable Fuels (cont.)
CONSOL Energy, Inc.		17,900		$610,390
CVR Energy, Inc.^(b)		10,500		280,875
Delek U.S. Holdings, Inc.		1,500		23,265
Energen Corp.		8,200		403,030
Exxon Mobil Corp.		55,711		4,831,815
Gazprom OAO, ADR		142,150		1,734,230
HollyFrontier Corp.		6,900		221,835
Japan Petroleum Exploration Co.^(a)		19,100		895,722
Lukoil OAO, ADR		16,839		1,013,708
Marathon Oil Corp.		148,000		4,691,600
Noble Energy, Inc.		400		39,112
NovaTek OAO, GDR^(c)		6,392		866,116
OGX Petroleo e Gas Participacoes SA^(b)		72,287		598,745
Peabody Energy Corp.		36,600		1,059,936
PetroChina Co., Ltd., Class H		986,000		1,388,429
PT Indo Tambangraya Megah Tbk		90,500		431,013
PTT PCL, Foreign Registered Shares		103,800		1,191,031
QEP Resources, Inc.^(a)		29,700		905,850
Rosneft Oil Co., GDR		67,832		480,251
Royal Dutch Shell PLC, Class B		79,565		2,799,178
S-Oil Corp.		6		595
SK Innovation Co., Ltd.		3,580		525,411
Stone Energy Corp.^(b)		19,275		551,072
Tesoro Corp.^(b)		107,441		2,883,716
Total SA		38,396		1,958,222
VAALCO Energy, Inc.^(b)		62,300		588,735
Valero Energy Corp.^(d)		243,300		6,269,841
W&T Offshore, Inc.		24,400		514,352
Western Refining, Inc.		22,700		427,214
World Fuel Services Corp.^(a)		11,739		481,299
Yanzhou Coal Mining Co., Ltd., Class H		210,000		455,626
YPF SA, ADR		9,010		255,974

Total				60,676,947
TOTAL ENERGY				69,308,761

FINANCIALS 12.5%
Capital Markets 1.0%
American Capital Ltd.^(b)		31,600		273,972
Ares Capital Corp.		2,300		37,605
Arlington Asset Investment Corp., Class A^(a)		12,300		273,060
CETIP SA — Mercados Organizados		17,810		294,646
Credit Suisse Group AG^(b)		18,451		525,916

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			11


Portfolio of Investments (continued)


Issuer	Shares		Value

Common Stocks (continued)
FINANCIALS (cont.)
Capital Markets (cont.)
Franklin Resources, Inc.		39,593		$4,910,720
GAMCO Investors, Inc., Class A		5,500		272,855
Gladstone Investment Corp.^(a)		43,300		327,781
ICAP PLC		87,861		552,017
Intermediate Capital Group PLC		167,619		776,169
Kohlberg Capital Corp.		3,700		25,567
T Rowe Price Group, Inc.^(a)		13,000		848,900

Total				9,119,208
Commercial Banks 3.0%
Australia & New Zealand Banking Group Ltd.^(a)		71,918		1,734,967
Banco Bradesco SA, ADR		58,258		1,019,515
Banco Latinoamericano de Comercio Exterior SA, Class E		19,900		420,089
Banco Santander Chile, ADR		7,745		666,767
Banco Santander SA		145,550		1,120,072
Bangkok Bank PCL, Foreign Registered Shares		160,800		965,368
Banner Corp.		5,700		125,571
BNP Paribas SA		24,512		1,163,005
Century Bancorp, Inc., Class A		700		19,110
China Construction Bank Corp., Class H		550,190		424,647
Chinatrust Financial Holding Co., Ltd.		468,000		295,366
CVB Financial Corp.^(a)		50,400		591,696
DBS Group Holdings Ltd.		77,000		870,058
Enterprise Financial Services Corp.		27,600		324,024
First Interstate Bancsystem, Inc.		10,100		147,662
First Merchants Corp.^(a)		8,200		101,188
HDFC Bank Ltd., ADR		26,417		900,820
Home Bancshares, Inc.^(a)		1,800		47,898
HSBC Holdings PLC		216,914		1,924,902
ICICI Bank Ltd., ADR		10,762		375,271
Industrial & Commercial Bank of China, Class H		2,187,020		1,410,808
Itaú Unibanco Holding SA, ADR		81,420		1,562,450
Kasikornbank PCL, Foreign Registered Shares		243,240		1,214,458
KeyCorp		106,700		906,950
MainSource Financial Group, Inc.^(a)		40,588		489,085
Metropolitan Bank & Trust		502,348		1,024,263
Oriental Financial Group, Inc.		17,100		206,910
PT Bank Rakyat Indonesia Persero Tbk		428,500		326,565


Issuer	Shares		Value

Common Stocks (continued)
FINANCIALS (cont.)
Commercial Banks (cont.)
PT Bank Tabungan Pensiunan Nasional Tbk ^(b)		512,500		$201,770
Regions Financial Corp.		58,800		387,492
Republic Bancorp, Inc., Class A^(a)		19,700		471,224
RHB Capital Bhd		104,900		263,975
Sberbank of Russia		112,000		361,760
Security Bank Corp.		44,900		149,827
Shinhan Financial Group Co., Ltd.		11,740		454,813
Sumitomo Mitsui Financial Group, Inc.^(a)		46,200		1,529,115
Svenska Handelsbanken AB, Class A		23,493		748,915
Turkiye Garanti Bankasi AS		234,272		927,992
U.S. Bancorp		12,500		396,000
Virginia Commerce Bancorp, Inc.^(b)		33,500		294,130
Wells Fargo & Co.		39,133		1,336,001

Total				27,902,499
Consumer Finance 1.0%
DFC Global Corp.^(b)		3,100		58,497
Discover Financial Services^(d)		217,564		7,253,584
Nelnet, Inc., Class A		20,600		533,746
SLM Corp.		45,100		710,776
World Acceptance Corp.^(b)		5,300		324,625

Total				8,881,228
Diversified Financial Services 2.4%
AMMB Holdings Bhd		149,400		308,325
Citigroup, Inc.		148,555		5,429,685
FirstRand Ltd.		58,400		180,430
Fubon Financial Holding Co., Ltd.		465,911		525,876
IntercontinentalExchange, Inc.^(b)		16,268		2,235,548
JPMorgan Chase & Co.		232,258		10,679,223
Moody’s Corp.^(a)		59,200		2,492,320

Total				21,851,407
Insurance 2.6%
Aflac, Inc.		72,240		3,322,318
Allianz SE, Registered Shares		6,235		743,998
American Equity Investment Life Holding Co.		45,300		578,481
CNO Financial Group, Inc.^(a)(b)		33,749		262,567
Crawford & Co., Class B^(a)		5,400		26,460
FBL Financial Group, Inc., Class A		1,100		37,070
Hartford Financial Services Group, Inc.		30,800		649,264

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


12		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Issuer	Shares		Value

Common Stocks (continued)
FINANCIALS (cont.)
Insurance (cont.)
Horace Mann Educators Corp.		26,400		$465,168
Lancashire Holdings Ltd.		40,164		504,302
Legal & General Group PLC		419,824		877,662
Lincoln National Corp.^(d)		100,596		2,651,711
MetLife, Inc.		86,000		3,212,100
National Financial Partners Corp.^(a)(b)		28,400		429,976
Principal Financial Group, Inc.		21,050		621,185
Protective Life Corp.		35,314		1,046,001
Prudential Financial, Inc.		73,900		4,684,521
Reinsurance Group of America, Inc.		6,500		386,555
Sampo OYJ, Class A		37,744		1,090,850
Symetra Financial Corp.		55,900		644,527
Torchmark Corp.		6,400		319,040
Zurich Financial Services AG^(b)		5,147		1,383,253

Total				23,937,009
Real Estate Investment Trusts (REITs) 2.1%
American Campus Communities, Inc.		14,900		666,328
American Capital Agency Corp.		36,200		1,069,348
Annaly Capital Management, Inc.^(a)		3,200		50,624
ARMOUR Residential REIT, Inc.^(a)		64,800		437,400
BGP Holdings PLC^(e)(f)		581,000		1
Capstead Mortgage Corp.^(a)		5,918		77,585
CBL & Associates Properties, Inc.^(a)		35,600		673,552
Coresite Realty Corp.^(a)		12,900		304,311
CreXus Investment Corp.		18,000		186,120
CubeSmart^(a)		20,300		241,570
Digital Realty Trust, Inc.^(a)		15,700		1,161,329
DuPont Fabros Technology, Inc.^(a)		9,600		234,720
Equity Lifestyle Properties, Inc.		4,600		320,804
Equity Residential		22,200		1,390,164
Extra Space Storage, Inc.^(a)		23,800		685,202
First Industrial Realty Trust, Inc.^(b)		44,500		549,575
Home Properties, Inc.		10,300		628,403
Hospitality Properties Trust		40,100		1,061,447
Mid-America Apartment Communities, Inc.		2,400		160,872
Mission West Properties, Inc.^(a)		30,200		297,772
Monmouth Real Estate Investment Corp.		22,900		223,046
PennyMac Mortgage Investment Trust		20,400		380,868
Post Properties, Inc.		4,400		206,184


Issuer	Shares		Value

Common Stocks (continued)
FINANCIALS (cont.)
Real Estate Investment Trusts (REITs) (cont.)
Rayonier, Inc.		20,250		$892,822
Resource Capital Corp.		2,900		15,631
Simon Property Group, Inc.		43,276		6,304,448
Taubman Centers, Inc.		15,000		1,094,250
Two Harbors Investment Corp.		43,500		441,090
Ventas, Inc.		1,300		74,230
Winthrop Realty Trust		1,500		17,385

Total				19,847,081
Real Estate Management & Development 0.4%
BR Malls Participacoes SA		53,540		692,182
China Vanke Co., Ltd., Class B		301,776		359,565
Forest City Enterprises, Inc., Class A^(b)		4,600		72,036
Hongkong Land Holdings Ltd.		139,000		808,926
Huaku Development Co., Ltd.		371,915		944,577
LPN Development PCL, Foreign Registered Shares		329,800		165,889
LPN Development PCL, NVDR		230,577		115,980
Sobha Developers Ltd.		25,990		169,786
Swire Pacific Ltd., Class A		46,500		521,198
Swire Properties Ltd.		32,650		81,146

Total				3,931,285
Thrifts & Mortgage Finance —%
BofI Holding, Inc.^(b)		8,480		144,838
Walker & Dunlop, Inc.^(a)(b)		4,900		61,740

Total				206,578
TOTAL FINANCIALS				115,676,295

HEALTH CARE 7.3%
Biotechnology 0.9%
Amgen, Inc.		93,200		6,336,668
Momenta Pharmaceuticals, Inc.^(b)		33,900		519,348
PDL BioPharma, Inc.^(a)		56,000		355,600
Progenics Pharmaceuticals, Inc.^(a)(b)		52,500		519,750
Seegene, Inc.^(b)		3,740		231,918
Spectrum Pharmaceuticals, Inc.^(a)(b)		18,300		231,129
Trius Therapeutics, Inc.^(b)		2,400		12,840

Total				8,207,253
Health Care Equipment & Supplies 0.5%
Analogic Corp.		6,500		439,010
Boston Scientific Corp.^(b)		189,500		1,133,210
CONMED Corp.		11,600		346,492
Hartalega Holdings Bhd		47,700		124,213

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			13


Portfolio of Investments (continued)


Issuer	Shares		Value

Common Stocks (continued)
HEALTH CARE (cont.)
Health Care Equipment & Supplies (cont.)
Hill-Rom Holdings, Inc.		25,300		$845,273
Masimo Corp.^(a)(b)		6,600		154,308
Orthofix International NV ^(a)(b)		9,600		360,768
Zimmer Holdings, Inc.		19,300		1,240,604

Total				4,643,878
Health Care Providers & Services 1.4%
Aetna, Inc.		33,600		1,685,376
AmerisourceBergen Corp.		75,600		2,999,808
Centene Corp.^(b)		7,400		362,378
CIGNA Corp.		13,400		659,950
Fleury SA		22,720		300,452
Humana, Inc.		14,800		1,368,704
Life Healthcare Group Holdings Ltd.		122,147		398,080
Magellan Health Services, Inc.^(b)		1,678		81,903
Miraca Holdings, Inc.		25,700		1,006,457
Molina Healthcare, Inc.^(a)(b)		18,300		615,429
National Research Corp.		2,291		98,376
Odontoprev SA		17,507		294,429
Skilled Healthcare Group, Inc., Class A^(a)(b)		5,000		$38,300
Sun Healthcare Group, Inc.^(b)		54,000		369,360
Triple-S Management Corp., Class B^(a)(b)		10,500		242,550
UnitedHealth Group, Inc.		38,590		2,274,495
WellCare Health Plans, Inc.^(b)		10,700		769,116

Total				13,565,163
Life Sciences Tools & Services 0.2%
Cambrex Corp.^(a)(b)		39,900		278,901
Charles River Laboratories International, Inc.^(b)		24,500		884,205
Medtox Scientific, Inc.^(a)(b)		1,500		25,290
PAREXEL International Corp.^(a)(b)		25,100		676,947

Total				1,865,343
Pharmaceuticals 4.3%
Abbott Laboratories		106,800		6,545,772
AstraZeneca PLC, ADR^(a)		25,520		1,135,385
Bristol-Myers Squibb Co.		60,498		2,041,807
Eli Lilly & Co.		20,115		810,031
Forest Laboratories, Inc.^(b)		34,900		1,210,681
GlaxoSmithKline PLC		47,345		1,057,547
Hi-Tech Pharmacal Co., Inc.^(a)(b)		1,400		50,302
Jazz Pharmaceuticals PLC^(b)		4,800		232,656
Medicines Co. (The)^(b)		15,900		319,113
Medicis Pharmaceutical Corp., Class A		7,800		293,202


Issuer	Shares		Value

Common Stocks (continued)
HEALTH CARE (cont.)
Pharmaceuticals (cont.)
Merck & Co., Inc.		195,077		$7,490,957
Novartis AG, Registered Shares		22,619		1,251,850
Obagi Medical Products, Inc.^(a)(b)		10,800		144,720
Pfizer, Inc.		435,587		9,870,401
Pozen, Inc.^(b)		9,700		58,200
Questcor Pharmaceuticals, Inc.^(a)(b)		2,968		111,656
Roche Holding AG, Genusschein Shares		10,573		1,840,056
Sanofi		21,196		1,646,110
Santen Pharmaceutical Co., Ltd.		17,507		748,617
Teva Pharmaceutical Industries Ltd., ADR		24,206		1,090,722
Viropharma, Inc.^(a)(b)		17,456		524,902
Warner Chilcott PLC, Class A^(b)		58,900		990,109

Total				39,464,796
TOTAL HEALTH CARE				67,746,433

INDUSTRIALS 8.3%
Aerospace & Defense 2.1%
BAE Systems PLC		194,922		935,022
Exelis, Inc.		80,600		1,009,112
General Dynamics Corp.		49,900		3,661,662
L-3 Communications Holdings, Inc.		15,300		1,082,781
Lockheed Martin Corp.^(a)		62,326		5,600,614
MTU Aero Engines Holding AG		11,191		901,347
National Presto Industries, Inc.^(a)		2,453		186,085
Northrop Grumman Corp.		7,898		482,410
Raytheon Co.		22,336		1,178,894
Saab AB, Class B		41,028		765,887
United Technologies Corp.		48,418		4,015,789

Total				19,819,603
Air Freight & Logistics 0.3%
Forward Air Corp.		3,000		110,010
United Parcel Service, Inc., Class B		37,144		2,998,264

Total				3,108,274
Airlines 0.1%
Alaska Air Group, Inc.^(b)		16,822		602,564
Copa Holdings SA, Class A		4,341		343,807
U.S. Airways Group, Inc.^(b)		1,100		8,349
United Continental Holdings, Inc.^(a)(b)		9,300		199,950

Total				1,154,670

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


14		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Issuer	Shares		Value

Common Stocks (continued)
INDUSTRIALS (cont.)
Building Products —%
AAON, Inc.^(a)		15,949		$322,010
Commercial Services & Supplies 1.0%
Aeon Delight Co., Ltd.^(a)		37,700		795,023
Consolidated Graphics, Inc.^(b)		7,600		343,900
Courier Corp.		14,700		170,520
Deluxe Corp.^(a)		22,800		533,976
Intersections, Inc.		19,900		254,322
Iron Mountain, Inc.		29,800		858,240
Multiplus SA		12,366		256,066
Pitney Bowes, Inc.^(a)		129,113		2,269,807
Quad/Graphics, Inc.^(a)		5,200		72,280
Rollins, Inc.^(a)		25,500		542,640
RR Donnelley & Sons Co.^(a)		164,000		2,031,960
Sykes Enterprises, Inc.^(a)(b)		27,700		437,660
United Stationers, Inc.		10,500		325,815

Total				8,892,209
Construction & Engineering 0.4%
Chicago Bridge & Iron Co. NV		7,800		336,882
China Communications Construction Co., Ltd., Class H		1,803,560		1,817,072
CTCI Corp.		665,000		1,102,550
Dycom Industries, Inc.^(b)		5,200		121,472
Larsen & Toubro Ltd.		7,990		205,322
Primoris Services Corp.		20,600		330,836

Total				3,914,134
Electrical Equipment 0.2%
Acuity Brands, Inc.		8,100		508,923
Generac Holdings, Inc.^(b)		19,600		481,180
LS Corp.		5,665		400,631
Mitsubishi Electric Corp.		78,000		696,508
Vicor Corp.		200		1,600

Total				2,088,842
Industrial Conglomerates 1.4%
Alfa SAB de CV, Class A		39,167		563,880
DCC PLC		27,987		692,962
General Electric Co.		100,753		2,022,113
LG Corp.		4,846		278,564
Raven Industries, Inc.^(a)		7,800		475,878
Seaboard Corp.^(b)		24		46,824
Siemens AG, Registered Shares		10,755		1,084,258
SM Investments Corp.		25,140		387,260
Tyco International Ltd.		123,199		6,921,320

Total				12,473,059
Machinery 1.2%
Airtac International Group		19,000		99,379


Issuer	Shares		Value

Common Stocks (continued)
INDUSTRIALS (cont.)
Machinery (cont.)
Andritz AG^(a)		8,331		$815,329
Ashok Leyland Ltd.		441,332		263,254
CLARCOR, Inc.		3,100		152,179
Cummins India Ltd.		28,218		274,381
Dover Corp.		13,300		837,102
Eaton Corp.		3,300		164,439
Gardner Denver, Inc.^(a)		13,100		825,562
Hiwin Technologies Corp.		13,000		147,019
Illinois Tool Works, Inc.		39,500		2,256,240
JNK Heaters Co., Ltd.		14,252		204,934
Navistar International Corp.^(b)		6,100		246,745
Nordson Corp.^(a)		21,100		1,150,161
Parker Hannifin Corp.		29,600		2,502,680
Sany Heavy Equipment International Holdings Co., Ltd.		402,000		303,958
Sauer-Danfoss, Inc.		10,400		488,800
Sun Hydraulics Corp.^(a)		18,200		476,112

Total				11,208,274
Professional Services 0.8%
Corporate Executive Board Co. (The)		14,000		602,140
Dun & Bradstreet Corp. (The)		57,100		4,838,083
Insperity, Inc.		6,100		186,904
RPX Corp.^(b)		15,500		262,880
Verisk Analytics, Inc., Class A^(b)		25,300		1,188,341

Total				7,078,348
Road & Rail 0.2%
Dollar Thrifty Automotive Group, Inc. ^(b)		1,200		97,092
Globaltrans Investment PLC, GDR^(c)		25,557		437,024
Knight Transportation, Inc.		30,300		535,098
Localiza Rent a Car SA		15,444		284,269
Swift Transportation Co.^(b)		7,700		88,858
Werner Enterprises, Inc.		20,000		497,200

Total				1,939,541
Trading Companies & Distributors 0.5%
Applied Industrial Technologies, Inc.		14,800		608,724
Barloworld Ltd.		45,142		588,358
ITOCHU Corp.		80,800		885,312
Kloeckner & Co. SE		28,263		409,361
Mills Estruturas e Servicos de Engenharia SA		30,970		393,604
Mitsui & Co., Ltd.		45,300		747,644
PT AKR Corporindo Tbk		1,106,000		520,628
United Rentals, Inc.^(a)(b)		10,262		440,137

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			15


Portfolio of Investments (continued)


Issuer	Shares		Value

Common Stocks (continued)
INDUSTRIALS (cont.)
Trading Companies & Distributors (cont.)
WW Grainger, Inc.		700		$150,367

Total				4,744,135
Transportation Infrastructure 0.1%
China Merchants Holdings International Co., Ltd.		125,500		420,323
TOTAL INDUSTRIALS				77,163,422

INFORMATION TECHNOLOGY 11.8%
Communications Equipment 1.5%
AAC Technologies Holdings, Inc.		86,000		234,237
ADTRAN, Inc.^(a)		13,400		417,946
Bel Fuse, Inc., Class B		1,900		33,573
Cisco Systems, Inc.		391,000		8,269,650
Comtech Telecommunications Corp.^(a)		4,000		130,320
HTC Corp.		14,000		285,876
Plantronics, Inc.		14,971		602,732
QUALCOMM, Inc.		47,100		3,203,742
Telefonaktiebolaget LM Ericsson, Class B		80,748		836,675

Total				14,014,751
Computers & Peripherals 2.7%
Apple, Inc.^(b)		34,545		20,708,691
Catcher Technology Co., Ltd.		85,000		602,539
Rimage Corp.		4,100		41,041
Simplo Technology Co., Ltd.		51,000		386,475
STEC, Inc.^(a)(b)		33,500		316,240
Synaptics, Inc.^(b)		15,100		551,301
Western Digital Corp.^(b)		29,700		1,229,283
Xyratex Ltd.^(a)		31,300		497,983

Total				24,333,553
Electronic Equipment, Instruments & Components 0.8%
Anixter International, Inc.^(b)		1,700		123,301
AU Optronics Corp.		950,000		437,281
China High Precision Automation Group Ltd.^(a)(e)(f)		112,050		25,698
Dolby Laboratories, Inc., Class A^(b)		25,400		966,724
Electro Rent Corp.		2,400		44,184
Foxconn International Holdings Ltd.^(b)		253,000		180,186
FUJIFILM Holdings Corp.		25,400		601,243
Hitachi Ltd.		165,093		1,068,140
Hon Hai Precision Industry Co., Ltd.		237,000		922,680
Ingram Micro, Inc., Class A^(b)		6,500		120,640


Issuer	Shares		Value

Common Stocks (continued)
INFORMATION TECHNOLOGY (cont.)
Electronic Equipment, Instruments & Components (cont.)
Insight Enterprises, Inc.^(b)		4,700		$103,071
Kemet Corp.^(a)(b)		4,900		45,864
LG Display Co., Ltd.^(b)		11,530		270,388
Plexus Corp.^(b)		15,000		524,850
SFA Engineering Corp.		6,880		324,979
Tech Data Corp.^(a)(b)		18,400		998,384
Tong Hsing Electronic Industries Ltd.		78,000		275,876
Vishay Intertechnology, Inc.^(a)(b)		728		8,853
Zygo Corp.^(b)		7,000		136,990

Total				7,179,332
Internet Software & Services 0.3%
Ancestry.com, Inc.^(a)(b)		23,100		525,294
Baidu, Inc., ADR^(b)		1,058		154,225
Dena Co., Ltd.^(a)		22,269		616,819
Dice Holdings, Inc.^(a)(b)		44,500		415,185
Digital River, Inc.^(a)(b)		8,200		153,422
IntraLinks Holdings, Inc.^(b)		30,800		162,932
j2 Global, Inc.^(a)		1,200		34,416
SINA Corp.^(b)		8,999		584,935

Total				2,647,228
IT Services 1.2%
International Business Machines Corp.		1,204		251,215
Jack Henry & Associates, Inc.^(a)		1,700		58,004
Mastercard, Inc., Class A		15,408		6,479,680
MAXIMUS, Inc.		9,700		394,499
Total System Services, Inc.		16,000		369,120
Unisys Corp.^(b)		1,500		29,580
Visa, Inc., Class A		22,100		2,607,800
Western Union Co. (The)		59,900		1,054,240

Total				11,244,138
Office Electronics 0.1%
Canon, Inc.		20,400		975,856
Semiconductors & Semiconductor Equipment 1.9%
Altera Corp.		48,300		1,923,306
Applied Materials, Inc.		40,400		502,576
Asia Pacific Systems, Inc.^(b)		11,900		137,385
Broadcom Corp., Class A^(b)		135,100		5,309,430
Cohu, Inc.		7,500		85,275
Entegris, Inc.^(b)		19,600		183,064
Epistar Corp.		75,000		191,849
Hynix Semiconductor, Inc.^(b)		4,330		111,974
Iljin Display Co., Ltd.		20,400		218,625
Intersil Corp., Class A		13,800		154,560
IXYS Corp.^(a)(b)		13,000		171,600

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


16		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Issuer	Shares		Value

Common Stocks (continued)
INFORMATION TECHNOLOGY (cont.)
Semiconductors & Semiconductor Equipment (cont.)
Kulicke & Soffa Industries, Inc.^(b)		30,500		$379,115
Lam Research Corp.^(a)(b)		6,600		294,492
MediaTek, Inc.		55,000		528,294
Micrel, Inc.^(a)		34,000		348,840
NVIDIA Corp.^(b)		77,200		1,188,108
Samsung Electronics Co., Ltd.		2,882		3,251,054
Spreadtrum Communications, Inc., ADR^(a)		35,691		588,901
STR Holdings, Inc.^(a)(b)		30,900		149,556
Taiwan Semiconductor Manufacturing Co., Ltd.		335,530		964,641
Ultra Clean Holdings^(b)		4,000		30,160
United Microelectronics Corp.		682,000		332,194
Veeco Instruments, Inc.^(a)(b)		16,700		477,620

Total				17,522,619
Software 3.3%
ANSYS, Inc.^(b)		4,200		273,084
AutoNavi Holdings Ltd., ADR^(b)		13,837		173,654
BMC Software, Inc.^(b)		29,800		1,196,768
CA, Inc.^(a)		44,500		1,226,420
CommVault Systems, Inc.^(b)		12,400		615,536
Fair Isaac Corp.^(a)		15,600		684,840
Fortinet, Inc.^(b)		34,900		964,985
Intuit, Inc.		5,700		342,741
Manhattan Associates, Inc.^(b)		12,100		575,113
Microsoft Corp.		359,889		11,606,420
NCSoft Corp.		2,007		532,453
NetQin Mobile, Inc., ADR^(a)(b)		25,782		274,320
Nintendo Co., Ltd.		3,200		486,032
Oracle Corp.		191,700		5,589,972
Quest Software, Inc.^(b)		26,500		616,655
Red Hat, Inc.^(b)		14,800		886,372
SolarWinds, Inc.^(b)		17,500		676,375
TeleNav, Inc.^(b)		39,300		275,886
VMware, Inc., Class A^(b)		33,504		3,764,845

Total				30,762,471
TOTAL INFORMATION TECHNOLOGY				108,679,948

MATERIALS 4.2%
Chemicals 1.9%
Asian Paints Ltd.		6,898		438,907
BASF SE		22,191		1,941,210
Capro Corp.		27,160		592,015
CF Industries Holdings, Inc.		35,800		6,538,870
Cheil Industries, Inc.		3,525		298,812
Clariant AG, Registered Shares^(b)		29,004		400,343
Eastman Chemical Co.		52,902		2,734,504


Issuer	Shares		Value

Common Stocks (continued)
MATERIALS (cont.)
Chemicals (cont.)
Formosa Chemicals & Fibre Corp.		156,000		$457,027
Georgia Gulf Corp.^(b)		300		10,464
Hitachi Chemical Co., Ltd.^(a)		36,500		662,309
Huchems Fine Chemical Corp.		22,520		424,407
Innospec, Inc.^(b)		16,300		495,194
LG Chem Ltd.		2,850		933,058
NewMarket Corp.^(a)		3,017		565,386
PPG Industries, Inc.		8,700		833,460
Rockwood Holdings, Inc.^(b)		500		26,075
TPC Group, Inc.^(b)		800		35,368
Tredegar Corp.^(a)		11,000		215,490
TSRC Corp.		137,800		353,128

Total				17,956,027
Construction Materials 0.2%
China National Building Material Co., Ltd., Class H^(a)		268,000		338,270
PT Indocement Tunggal Prakarsa Tbk		203,750		411,382
Siam Cement PCL, NVDR		50,000		574,771

Total				1,324,423
Containers & Packaging —%
Myers Industries, Inc.^(a)		2,500		36,875
Metals & Mining 1.6%
Aurubis AG		15,887		838,746
BHP Billiton Ltd.		42,900		1,546,530
Centerra Gold, Inc.		33,212		516,435
Cliffs Natural Resources, Inc.		15,171		1,050,744
Coeur d’Alene Mines Corp.^(b)		5,600		132,944
First Quantum Minerals Ltd.		26,902		512,984
Freeport-McMoRan Copper & Gold, Inc.		166,437		6,331,264
Gold Fields Ltd., ADR		25,025		347,848
Grupo Mexico SAB de CV, Class B^(a)		146,333		462,087
Hecla Mining Co.		63,300		292,446
Iluka Resources Ltd.		29,742		551,532
Newmont Mining Corp.		6,823		349,815
Novolipetsk Steel OJSC, GDR^(c)		10,156		211,042
Vale SA		43,712		1,020,573
Yamana Gold, Inc.		27,220		425,176
Zijin Mining Group Co., Ltd., Class H^(a)		910,000		361,841

Total				14,952,007

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			17


Portfolio of Investments (continued)


Issuer	Shares		Value

Common Stocks (continued)
MATERIALS (cont.)
Paper & Forest Products 0.5%
Buckeye Technologies, Inc.		14,700		$499,359
Domtar Corp.		10,600		1,011,028
International Paper Co.^(d)		38,800		1,361,880
PH Glatfelter Co.		18,800		296,664
Schweitzer-Mauduit International, Inc.		7,700		531,762
Svenska Cellulosa AB, Class B^(a)		35,610		616,842

Total				4,317,535
TOTAL MATERIALS				38,586,867

TELECOMMUNICATION SERVICES 1.9%
Diversified Telecommunication Services 1.2%
AT&T, Inc.		11,088		346,278
China Unicom Hong Kong Ltd.		208,000		350,016
Fairpoint Communications, Inc.^(a)(b)		3,700		13,912
Neutral Tandem, Inc.^(b)		2,400		29,256
Telefonica Brasil SA, ADR		39,454		1,208,476
Telenor ASA		59,539		1,104,055
Verizon Communications, Inc.		200,985		7,683,657

Total				10,735,650
Wireless Telecommunication Services 0.7%
ENTEL Chile SA		20,972		423,827
Far EasTone Telecommunications Co., Ltd.		327,000		672,101
Freenet AG		78,705		1,273,272
MTN Group Ltd.		44,457		782,503
NTT DoCoMo, Inc.^(a)		401		666,903
SoftBank Corp.		35,700		1,062,831
Telephone & Data Systems, Inc.^(a)		16,451		380,840
U.S.A. Mobility, Inc.		28,012		390,207
United States Cellular Corp.^(a)(b)		5,100		208,743
Vodafone Group PLC		314,872		867,265

Total				6,728,492
TOTAL TELECOMMUNICATION SERVICES				17,464,142

UTILITIES 2.9%
Electric Utilities 1.3%
E.ON AG		45,429		1,088,172
El Paso Electric Co.		17,200		558,828
Enel SpA		133,394		482,485
Entergy Corp.		17,600		1,182,720
Exelon Corp.		131,265		5,146,901
Fortum OYJ		40,590		985,254
OGE Energy Corp.		17,700		946,950
PNM Resources, Inc.		26,100		477,630


Issuer	Shares		Value

Common Stocks (continued)

UTILITIES (cont.)
Electric Utilities (cont.)
Portland General Electric Co.		23,000		$574,540

Total				11,443,480
Gas Utilities 0.3%
Chesapeake Utilities Corp.^(a)		7,400		304,288
ENN Energy Holdings Ltd.		112,530		390,098
Laclede Group, Inc. (The)^(a)		4,800		187,296
ONEOK, Inc.		13,300		1,086,078
PT Perusahaan Gas Negara Persero Tbk		1,766,250		735,951
Southwest Gas Corp.		1,100		47,014
Towngas China Co., Ltd.		334,000		242,233

Total				2,992,958
Independent Power Producers & Energy Traders 0.6%
AES Corp. (The)^(b)		424,757		5,551,574
E.ON Russia JSC^(b)		2,496,000		224,640
NRG Energy, Inc.^(b)		5,400		84,618

Total				5,860,832
Multi-Utilities 0.7%
AGL Energy Ltd.^(a)		59,142		903,984
CenterPoint Energy, Inc.		56,500		1,114,180
Centrica PLC		166,274		841,483
DTE Energy Co.		13,800		759,414
Public Service Enterprise Group, Inc.		85,455		2,615,777

Total				6,234,838
TOTAL UTILITIES				26,532,108
Total Common Stocks (Cost: $570,082,059)				$654,005,788

Preferred Stocks 0.4%

CONSUMER STAPLES 0.1%
Household Products 0.1%
Henkel AG & Co. KGaA		19,479		$1,427,294
TOTAL CONSUMER STAPLES				1,427,294

ENERGY 0.2%
Oil, Gas & Consumable Fuels 0.2%
Petroleo Brasileiro SA		124,690		1,588,125
TOTAL ENERGY				1,588,125

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


18		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Issuer	Shares		Value

Preferred Stocks (continued)

MATERIALS 0.1%
Metals & Mining 0.1%
Gerdau SA		49,430		$472,786
TOTAL MATERIALS				472,786
Total Preferred Stocks (Cost: $3,320,992)				$3,488,205

Convertible Preferred Stocks 0.6%

CONSUMER DISCRETIONARY —%
Automobiles —%
General Motors Co., 4.750%		10,000		$418,125
TOTAL CONSUMER DISCRETIONARY				418,125
CONSUMER STAPLES —%
Food Products —%
2009 Dole Food Automatic Common Exchange Security Trust, 7.000%^(c)		15,000		146,953
Bunge Ltd., 4.875%		2,800		281,980

Total				428,933
TOTAL CONSUMER STAPLES				428,933

ENERGY 0.1%
Oil, Gas & Consumable Fuels 0.1%
Apache Corp., 6.000%		3,500		194,250
Chesapeake Energy Corp., 5.000%		4,400		360,800
Chesapeake Energy Corp., 5.750%^(c)		250		254,375
Energy XXI Bermuda Ltd., 5.625%		380		144,501
Whiting Petroleum Corp., 6.250%		530		134,477

Total				1,088,403
TOTAL ENERGY				1,088,403

FINANCIALS 0.3%
Capital Markets —%
UBS AG, 6.750%		3,560		90,224
Commercial Banks 0.1%
Fifth Third Bancorp, 8.500%		2,650		375,638
Diversified Financial Services 0.1%
AMG Capital Trust II, 5.150%		2,800		119,525
Bank of America Corp., 7.250%		520		508,950


Issuer	Shares		Value

Convertible Preferred Stocks (continued)

FINANCIALS (cont.)
Diversified Financial Services (cont.)
Citigroup, Inc., 7.500%		5,300		$547,172

Total				1,175,647
Insurance —%
MetLife, Inc., 5.000%		3,800		268,166
Real Estate Investment Trusts (REITs) 0.1%
Alexandria Real Estate Equities, Inc., 7.000%		11,000		292,380
Health Care REIT, Inc., 6.500%		7,600		397,575

Total				689,955
TOTAL FINANCIALS				2,599,630

INDUSTRIALS 0.1%
Professional Services 0.1%
Nielsen Holdings NV, 6.250%		4,400		255,706
Road & Rail —%
2010 Swift Mandatory Common Exchange Security Trust, 6.000%^(c)		20,000		216,560
TOTAL INDUSTRIALS				472,266

INFORMATION TECHNOLOGY —%
IT Services —%
Unisys Corp., 6.250%^(a)		2,300		140,875
TOTAL INFORMATION TECHNOLOGY				140,875

UTILITIES 0.1%
Electric Utilities 0.1%
PPL Corp., 8.750%		4,820		258,159
PPL Corp., 9.500%		5,000		269,950

Total				528,109
TOTAL UTILITIES				528,109
Total Convertible Preferred Stocks (Cost: $5,869,348)				$5,676,341


	Shares		Value

Exchange-Traded Funds 0.1%
iShares MSCI EAFE Index Fund		16,668		$915,073
Total Exchange-Traded Funds (Cost: $910,541)				$915,073

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			19


Portfolio of Investments (continued)


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) 9.9%
Aerospace & Defense 0.2%
ADS Tactical, Inc. Senior Secured^(a)(c)
04/01/18		11.000	%		$486,000		$505,440
BE Aerospace, Inc. Senior Unsecured
04/01/22		5.250	%		173,000		173,865
Huntington Ingalls Industries, Inc.
03/15/18		6.875	%		247,000		261,820
03/15/21		7.125	%		245,000		262,456
Kratos Defense & Security Solutions, Inc. Senior Secured
06/01/17		10.000	%		612,000		662,490
TransDigm, Inc.
12/15/18		7.750	%		56,000		60,620

Total							1,926,691
Automotive 0.2%
Allison Transmission, Inc.^(c)
05/15/19		7.125	%		182,000		189,280
Chrysler Group LLC/Co-Issuer, Inc. Secured
06/15/21		8.250	%		375,000		378,750
Dana Holding Corp.
Senior Unsecured
02/15/19		6.500	%		55,000		58,300
02/15/21		6.750	%		156,000		166,140
Delphi Corp.^(a)(c)
05/15/19		5.875	%		145,000		153,700
Delphi Corp.^(c)
05/15/21		6.125	%		50,000		53,125
Lear Corp.
03/15/20		8.125	%		320,000		355,200
Schaeffler Finance BV Senior Secured^(c)
02/15/19		8.500	%		88,000		93,940
Visteon Corp.
04/15/19		6.750	%		247,000		250,705

Total							1,699,140
Banking 0.2%
Banco Cruzeiro do Sul SA Senior Unsecured^(c)
01/20/16		8.250	%		200,000		173,882
Bank of America Corp. Senior Unsecured
05/13/21		5.000	%		400,000		400,617
Citigroup, Inc. Senior Unsecured
01/14/22		4.500	%		350,000		350,551


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Banking (cont.)
Goldman Sachs Group Inc. (The) Senior Unsecured
01/24/22		5.750	%		$350,000		$360,059
JPMorgan Chase & Co. Senior Unsecured
08/15/21		4.350	%		400,000		408,694
Lloyds Banking Group PLC^(c)(h)
11/29/49		6.267	%		206,000		138,020
Morgan Stanley Senior Unsecured
07/28/21		5.500	%		300,000		293,185

Total							2,125,008
Brokerage 0.1%
E*Trade Financial Corp. Senior Unsecured PIK
11/30/17		12.500	%		560,000		651,700
Neuberger Berman Group LLC/Finance Corp.^(c)Senior Notes
03/15/20		5.625	%		82,000		82,410
03/15/22		5.875	%		123,000		123,923

Total							858,033
Building Materials 0.1%
Building Materials Corp. of America Senior Notes^(c)
05/01/21		6.750	%		249,000		264,251
Interface, Inc.
12/01/18		7.625	%		56,000		60,620
Nortek, Inc.
12/01/18		10.000	%		29,000		30,740
04/15/21		8.500	%		167,000		165,330

Total							520,941
Chemicals 0.4%
CF Industries, Inc.
05/01/20		7.125	%		236,000		281,430
Celanese U.S. Holdings LLC
06/15/21		5.875	%		134,000		141,370
Hexion U.S. Finance Corp./Nova Scotia ULC Senior Secured
02/01/18		8.875	%		320,000		331,200
Hexion US Finance Corp. Senior Unsecured^(c)
04/15/20		6.625	%		342,000		347,985
Ineos Finance PLC^(c)Senior Secured
05/15/15		9.000	%		351,000		372,060
02/15/19		8.375	%		179,000		189,292

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


20		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Chemicals (cont.)
JM Huber Corp. Senior Unsecured^(c)
11/01/19		9.875	%		$110,000		$114,675
Koppers, Inc.
12/01/19		7.875	%		18,000		19,215
LyondellBasell Industries NV^(c)
11/15/21		6.000	%		1,007,000		1,057,350
MacDermid, Inc.^(c)
04/15/17		9.500	%		125,000		129,844
Momentive Performance Materials, Inc.
06/15/14		12.500	%		67,000		71,523
Nova Chemicals Corp. Senior Unsecured
11/01/19		8.625	%		6,000		6,840
Polypore International, Inc.
11/15/17		7.500	%		185,000		195,175

Total							3,257,959
Commercial Banks —%
Synovus Financial Corp. Senior Unsecured
02/15/19		7.875	%		135,000		139,050
Construction Machinery 0.3%
CNH Capital LLC^(c)
11/01/16		6.250	%		684,000		733,590
Case New Holland, Inc.
12/01/17		7.875	%		193,000		224,362
Columbus McKinnon Corp.
02/01/19		7.875	%		69,000		71,760
Manitowoc Co., Inc. (The)^(a)
02/15/18		9.500	%		235,000		262,025
Neff Rental LLC/Finance Corp. Secured^(c)
05/15/16		9.625	%		350,000		347,375
RSC Equipment Rental, Inc./Holdings III LLC Senior Unsecured
02/01/21		8.250	%		105,000		111,825
Terex Corp.
04/01/20		6.500	%		135,000		136,013
UR Financing Escrow Corp^(c)Secured
07/15/18		5.750	%		106,000		108,385
Senior Unsecured
05/15/20		7.375	%		87,000		88,523
04/15/22		7.625	%		219,000		225,022
United Rentals North America, Inc.
12/15/19		9.250	%		218,000		240,345


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Construction Machinery (cont.)
United Rentals North America, Inc.^(a)
09/15/20		8.375	%		$259,000		$268,065

Total							2,817,290
Consumer Cyclical Services —%
Goodman Networks, Inc. Senior Secured^(c)
07/01/18		12.125	%		216,000		221,400
West Corp.
10/01/18		8.625	%		54,000		59,265

Total							280,665
Consumer Products —%
Central Garden and Pet Co.
03/01/18		8.250	%		56,000		57,680
Spectrum Brands, Inc. Senior Notes^(c)
03/15/20		6.750	%		49,000		49,490

Total							107,170
Diversified Manufacturing 0.1%
Amsted Industries, Inc. Senior Notes^(c)
03/15/18		8.125	%		225,000		239,625
CPM Holdings, Inc. Senior Secured
09/01/14		10.625	%		224,000		238,560
Tomkins LLC/Inc. Secured
10/01/18		9.000	%		321,000		355,508
WireCo WorldGroup, Inc.
05/15/17		9.500	%		208,000		214,760

Total							1,048,453
Electric 0.5%
AES Corp. (The)
Senior Unsecured
06/01/20		8.000	%		55,000		63,113
AES Corp. (The)^(c)
Senior Unsecured
07/01/21		7.375	%		825,000		911,625
Calpine Corp. Senior Secured^(c)
02/15/21		7.500	%		378,000		400,680
DPL, Inc. Senior Unsecured^(c)
10/15/16		6.500	%		63,000		67,725
DTE Energy Co. Senior Unsecured
06/01/16		6.350	%		550,000		633,773

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			21


Portfolio of Investments (continued)


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Electric (cont.)
Dominion Resources, Inc. Senior Unsecured
08/01/33		5.250	%		$1,175,000		$1,307,005
GenOn Energy, Inc. Senior Unsecured^(a)
10/15/18		9.500	%		129,000		118,680
Midwest Generation LLC Pass-Through Certificates
01/02/16		8.560	%		19,843		18,900
Nevada Power Co.
05/15/18		6.500	%		710,000		869,074
Progress Energy, Inc. Senior Unsecured
04/01/22		3.150	%		250,000		244,360

Total							4,634,935
Entertainment 0.1%
AMC Entertainment, Inc.
06/01/19		8.750	%		203,000		212,642
12/01/20		9.750	%		77,000		72,573
Cinemark U.S.A., Inc^(a)
06/15/21		7.375	%		36,000		38,610
Speedway Motorsports, Inc.
02/01/19		6.750	%		207,000		215,280
Time Warner, Inc.
03/29/41		6.250	%		150,000		171,398
Vail Resorts, Inc.
05/01/19		6.500	%		44,000		46,200

Total							756,703
Food and Beverage 0.1%
ARAMARK Holdings Corp. Senior Unsecured PIK^(c)
05/01/16		8.625	%		66,000		67,650
Cott Beverages, Inc.
09/01/18		8.125	%		54,000		58,455
General Mills, Inc. Senior Unsecured
02/15/19		5.650	%		125,000		148,406
Heineken NV Senior Unsecured^(c)(i)
04/01/22		3.400	%		110,000		109,189
Kraft Foods, Inc. Senior Unsecured
02/09/40		6.500	%		125,000		152,874
MHP SA^(c)
04/29/15		10.250	%		200,000		197,368

Total							733,942


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Gaming 0.2%
Caesars Entertainment Operating Co., Inc. Secured
04/15/18		12.750	%		$218,000		$189,115
Senior Secured
06/01/17		11.250	%		366,000		398,940
Caesars Operating Escrow LLC/Corp. Senior Secured^(c)
02/15/20		8.500	%		160,000		162,800
Chester Downs & Marina LLC Senior Secured^(c)
02/01/20		9.250	%		124,000		130,975
MGM Resorts International
03/01/18		11.375	%		290,000		344,737
Senior Secured
03/15/20		9.000	%		105,000		116,813
Penn National Gaming, Inc. Senior Subordinated Notes
08/15/19		8.750	%		51,000		57,248
ROC Finance LLC/Corp. Secured^(c)
09/01/18		12.125	%		138,000		153,870
Seneca Gaming Corp.^(c)
12/01/18		8.250	%		179,000		183,027
Tunica-Biloxi Gaming Authority Senior Unsecured^(c)
11/15/15		9.000	%		81,000		78,975

Total							1,816,500
Gas Pipelines 1.1%
Colorado Interstate Gas Co. LLC Senior Unsecured
11/15/15		6.800	%		782,000		898,760
El Paso Corp.
Senior Unsecured
06/01/18		7.250	%		21,000		23,625
09/15/20		6.500	%		840,000		926,100
01/15/32		7.750	%		7,000		7,971
Kinder Morgan Energy Partners LP Senior Unsecured
09/01/22		3.950	%		200,000		198,012
MarkWest Energy Partners LP/Finance Corp.
06/15/22		6.250	%		341,000		358,050
Nisource Finance Corp.
09/15/20		5.450	%		885,000		978,336
Northwest Pipeline GP Senior Unsecured
04/15/17		5.950	%		1,375,000		1,592,376

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


22		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Gas Pipelines (cont.)
Regency Energy Partners LP/Finance Corp.
12/01/18		6.875	%		$332,000		$351,090
07/15/21		6.500	%		251,000		266,060
Southern Natural Gas Co. Senior Unsecured^(c)
04/01/17		5.900	%		2,335,000		2,644,203
Southern Star Central Corp. Senior Unsecured
03/01/16		6.750	%		50,000		50,750
Transcontinental Gas Pipe Line Co. LLC Senior Unsecured
04/15/16		6.400	%		1,750,000		2,045,108

Total							10,340,441
Health Care 0.6%
American Renal Associates Holdings, Inc. Senior Unsecured PIK
03/01/16		9.750	%		49,807		52,546
American Renal Holdings Co., Inc. Senior Secured
05/15/18		8.375	%		190,000		202,113
CHS/Community Health Systems, Inc.^(a)(c)
11/15/19		8.000	%		215,000		221,988
11/15/19		8.000	%		64,000		66,240
ConvaTec Healthcare E SA Senior Unsecured^(c)
12/15/18		10.500	%		249,000		255,848
Emdeon, Inc.^(c)
12/31/19		11.000	%		116,000		131,080
Fresenius Medical Care U.S. Finance II, Inc.^(c)
07/31/19		5.625	%		36,000		37,080
01/31/22		5.875	%		250,000		256,875
Fresenius Medical Care U.S. Finance, Inc.^(c)
09/15/18		6.500	%		30,000		32,700
HCA, Inc.
02/15/22		7.500	%		579,000		616,635
Senior Secured
02/15/20		6.500	%		106,000		111,300
02/15/20		7.875	%		87,000		95,591
09/15/20		7.250	%		363,000		395,216
Hanger Orthopedic Group, Inc.
11/15/18		7.125	%		225,000		235,125
Health Management Associates, Inc. Senior Unsecured^(a)(c)
01/15/20		7.375	%		144,000		146,880


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Health Care (cont.)
Healthsouth Corp.
02/15/20		8.125	%		$235,000		$257,619
09/15/22		7.750	%		13,000		14,040
IASIS Healthcare LLC/Capital Corp.
05/15/19		8.375	%		148,000		143,930
Kinetic Concepts/KCI U.S.A., Inc.^(c)
11/01/18		10.500	%		268,000		278,385
11/01/19		12.500	%		140,000		131,250
LifePoint Hospitals, Inc.
10/01/20		6.625	%		159,000		168,540
Multiplan, Inc.^(c)
09/01/18		9.875	%		339,000		366,967
Omnicare, Inc.
06/01/20		7.750	%		73,000		81,030
PSS World Medical, Inc.^(c)
03/01/22		6.375	%		30,000		30,825
Physio-Control International, Inc. Senior Secured^(c)
01/15/19		9.875	%		253,000		265,650
Radnet Management, Inc.
04/01/18		10.375	%		43,000		42,785
Rural/Metro Corp. Senior Unsecured^(c)
07/15/19		10.125	%		111,000		103,230
STHI Holding Corp. Secured^(c)
03/15/18		8.000	%		140,000		148,400
USPl Finance Corp. Senior Unsecured^(c)(i)
04/01/20		9.000	%		109,000		112,270
Vanguard Health Holding Co. II LLC/Inc.
02/01/18		8.000	%		553,000		564,060
02/01/19		7.750	%		144,000		143,280

Total							5,709,478
Healthcare Insurance —%
AMERIGROUP Corp. Senior Unsecured
11/15/19		7.500	%		59,000		64,605
Home Construction —%
KB Home^(a)
03/15/20		8.000	%		75,000		74,250
Meritage Homes Corp. Senior Notes^(c)(i)
04/01/22		7.000	%		74,000		74,185
Shea Homes LP/Funding Corp. Senior Secured^(c)
05/15/19		8.625	%		126,000		131,040

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			23


Portfolio of Investments (continued)


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Home Construction (cont.)
Taylor Morrison Communities, Inc./Monarch Senior Notes^(c)(i)
04/15/20		7.750	%		$96,000		$96,000

Total							375,475
Independent Energy 0.7%
Antero Resources Finance Corp.
12/01/17		9.375	%		231,000		250,058
Antero Resources Finance Corp.^(c)
08/01/19		7.250	%		36,000		37,080
Carrizo Oil & Gas, Inc.
10/15/18		8.625	%		323,000		339,957
Chaparral Energy, Inc.
10/01/20		9.875	%		228,000		254,220
09/01/21		8.250	%		208,000		221,520
Chesapeake Energy Corp.^(a)
08/15/20		6.625	%		732,000		742,980
Cimarex Energy Co.⁽ⁱ⁾
05/01/22		5.875	%		131,000		132,638
Concho Resources, Inc.
10/01/17		8.625	%		107,000		117,165
01/15/21		7.000	%		53,000		56,843
01/15/22		6.500	%		26,000		27,430
10/01/22		5.500	%		281,000		276,785
Continental Resources, Inc.
10/01/20		7.375	%		1,000		1,110
04/01/21		7.125	%		318,000		352,185
Continental Resources, Inc.^(c)
09/15/22		5.000	%		285,000		285,712
Goodrich Petroleum Corp.
03/15/19		8.875	%		101,000		97,970
Hilcorp Energy I LP/Finance Co. Senior Notes^(c)
04/15/21		7.625	%		272,000		293,760
Kodiak Oil & Gas Corp.^(c)
12/01/19		8.125	%		540,000		571,050
Laredo Petroleum, Inc.
02/15/19		9.500	%		287,000		319,287
MEG Energy Corp.^(c)
03/15/21		6.500	%		346,000		362,435
Nexen, Inc. Senior Unsecured
05/15/37		6.400	%		110,000		120,943
Oasis Petroleum, Inc.
02/01/19		7.250	%		200,000		210,500
11/01/21		6.500	%		356,000		357,780
Plains Exploration & Production Co.
02/01/22		6.750	%		130,000		135,850


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Independent Energy (cont.)
QEP Resources, Inc.
Senior Unsecured
03/01/21		6.875	%		$180,000		$198,900
10/01/22		5.375	%		138,000		137,310
Range Resources Corp.
05/01/18		7.250	%		2,000		2,110
05/15/19		8.000	%		321,000		352,297
08/15/22		5.000	%		36,000		35,550
SM Energy Co. Senior Unsecured
11/15/21		6.500	%		276,000		293,940
Whiting Petroleum Corp.
10/01/18		6.500	%		7,000		7,455
Woodside Finance Ltd.^(c)
05/10/21		4.600	%		100,000		104,009

Total							6,696,829
Integrated Energy 0.1%
Lukoil International Finance BV^(c)
11/09/20		6.125	%		450,000		475,901
Phillips 66^(c)
05/01/17		2.950	%		35,000		35,574

Total							511,475
Life Insurance 0.2%
Prudential Financial, Inc.
Senior Unsecured
05/12/16		3.000	%		830,000		857,505
12/01/17		6.000	%		859,000		1,000,805

Total							1,858,310
Media Cable 0.4%
CCO Holdings LLC/Capital Corp.
04/30/20		8.125	%		621,000		690,086
01/31/22		6.625	%		46,000		47,725
CSC Holdings LLC
Senior Unsecured
02/15/19		8.625	%		212,000		243,800
CSC Holdings LLC^(c)
Senior Unsecured
11/15/21		6.750	%		234,000		243,653
Cablevision Systems Corp. Senior Unsecured^(a)
04/15/20		8.000	%		36,000		38,070
Comcast Corp.
08/15/37		6.950	%		275,000		348,170
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.^(c)
03/15/17		2.400	%		400,000		396,450

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


24		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Media Cable (cont.)
DISH DBS Corp.
09/01/19		7.875	%		$184,000		$211,600
06/01/21		6.750	%		531,000		572,152
Insight Communications Co., Inc. Senior Unsecured^(c)
07/15/18		9.375	%		42,000		49,350
Nara Cable Funding Ltd. Senior Secured^(c)
12/01/18		8.875	%		170,000		164,050
Time Warner Cable, Inc.
07/01/18		6.750	%		400,000		488,039
UPCB Finance VI Ltd. Senior Secured^(c)
01/15/22		6.875	%		326,000		334,279
Videotron Ltee^(c)
07/15/22		5.000	%		143,000		141,570

Total							3,968,994
Media Non-Cable 0.6%
AMC Networks, Inc.^(c)
07/15/21		7.750	%		328,000		365,720
Clear Channel Communications, Inc. Senior Secured
03/01/21		9.000	%		67,000		60,300
Clear Channel Worldwide Holdings, Inc.
12/15/17		9.250	%		277,000		303,661
Clear Channel Worldwide Holdings, Inc.^(c)
03/15/20		7.625	%		491,000		481,180
03/15/20		7.625	%		63,000		60,795
Cumulus Media Holdings, Inc.^(a)(c)
05/01/19		7.750	%		161,000		151,944
Hughes Satellite Systems Corp.
06/15/21		7.625	%		443,000		475,117
Senior Secured
06/15/19		6.500	%		56,000		58,520
Intelsat Jackson Holdings SA
10/15/20		7.250	%		346,000		363,733
04/01/21		7.500	%		174,000		182,918
Intelsat Luxembourg SA PIK
02/04/17		11.500	%		193,000		200,720
Intelsat Luxembourg SA^(c) PIK
02/04/17		11.500	%		137,000		141,110
Lamar Media Corp.^(c)
02/01/22		5.875	%		143,000		145,503


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Media Non-Cable (cont.)
National CineMedia LLC Senior Unsecured
07/15/21		7.875	%		$133,000		$141,645
News America, Inc.
02/15/41		6.150	%		325,000		372,301
Nielsen Finance LLC/Co.
10/15/18		7.750	%		645,000		711,112
Salem Communications Corp. Secured
12/15/16		9.625	%		108,000		119,070
Sinclair Television Group, Inc. Secured^(c)
11/01/17		9.250	%		120,000		133,500
Univision Communications, Inc.^(a)(c)
05/15/21		8.500	%		193,000		191,070
Univision Communications, Inc.^(c)Senior Secured
05/15/19		6.875	%		175,000		177,406
11/01/20		7.875	%		200,000		210,000
XM Satellite Radio, Inc.^(c)
11/01/18		7.625	%		441,000		474,075

Total							5,521,400
Metals 0.3%
Alpha Natural Resources, Inc.^(a)
06/01/19		6.000	%		103,000		94,245
06/01/21		6.250	%		15,000		13,575
Arch Coal, Inc.^(a)(c)
06/15/19		7.000	%		275,000		255,063
Arch Coal, Inc.^(c)
06/15/21		7.250	%		387,000		353,137
Calcipar SA Senior Secured^(c)
05/01/18		6.875	%		102,000		103,530
Consol Energy, Inc.
04/01/20		8.250	%		458,000		478,610
FMG Resources August 2006 Proprietary Ltd.^(a)(c)
02/01/18		6.875	%		86,000		86,000
FMG Resources August 2006 Proprietary Ltd.^(c)
02/01/16		6.375	%		113,000		112,718
11/01/19		8.250	%		314,000		329,700
JMC Steel Group Senior Notes^(c)
03/15/18		8.250	%		268,000		278,720
Novelis, Inc.
12/15/17		8.375	%		45,000		48,825
12/15/20		8.750	%		29,000		31,755

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			25


Portfolio of Investments (continued)


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Metals (cont.)
Peabody Energy Corp.^(c)
11/15/18		6.000	%		$62,000		$60,760
11/15/21		6.250	%		258,000		252,840
Rain CII Carbon LLC/Corp. Senior Secured^(c)
12/01/18		8.000	%		240,000		254,400

Total							2,753,878
Non-Captive Consumer 0.1%
SLM Corp. Senior Notes
01/25/16		6.250	%		176,000		183,040
Senior Unsecured
03/25/20		8.000	%		240,000		259,200
01/25/22		7.250	%		245,000		255,982
Springleaf Finance Corp. Senior Unsecured
12/15/17		6.900	%		371,000		288,452

Total							986,674
Non-Captive Diversified 0.9%
Aircastle Ltd. Senior Notes^(c)(i)
04/15/17		6.750	%		196,000		196,000
Ally Financial, Inc.
03/15/20		8.000	%		1,173,000		1,304,963
09/15/20		7.500	%		14,000		15,120
CIT Group, Inc. Senior Unsecured
03/15/18		5.250	%		253,000		258,060
CIT Group, Inc.^(a)(c)Senior Secured
04/01/18		6.625	%		333,000		357,975
CIT Group, Inc.^(c)
05/02/17		7.000	%		334,000		334,835
Senior Unsecured
02/15/19		5.500	%		511,000		518,665
Ford Motor Credit Co. LLC Senior Unsecured
05/15/18		5.000	%		226,000		234,103
01/15/20		8.125	%		170,000		205,487
02/01/21		5.750	%		1,071,000		1,155,566
General Electric Capital Corp. Senior Unsecured
10/17/21		4.650	%		1,760,000		1,873,203


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Non-Captive Diversified (cont.)
International Lease Finance Corp. Senior Unsecured
09/01/17		8.875	%		$280,000		$312,200
12/15/20		8.250	%		845,000		929,677
International Lease Finance Corp.^(a)Senior Unsecured
05/15/19		6.250	%		138,000		136,217
TransUnion Holding Co., Inc. Senior Notes PIK^(c)
06/15/18		9.625	%		131,000		137,550

Total							7,969,621
Oil Field Services 0.2%
Atwood Oceanics, Inc. Senior Unsecured
02/01/20		6.500	%		459,000		481,950
Green Field Energy Services, Inc. Senior Secured^(c)
11/15/16		13.000	%		175,000		171,500
Novatek Finance Ltd. Senior Unsecured^(c)
02/03/21		6.604	%		200,000		224,667
Offshore Group Investments Ltd. Senior Secured
08/01/15		11.500	%		340,000		374,000
Oil States International, Inc.
06/01/19		6.500	%		95,000		99,750
Weatherford International Ltd.⁽ⁱ⁾
04/15/42		5.950	%		100,000		99,291

Total							1,451,158
Other Industry —%
Interline Brands, Inc.
11/15/18		7.000	%		94,000		99,170
Packaging 0.2%
Ardagh Packaging Finance PLC/MP Holdings U.S.A., Inc.^(c)
10/15/20		9.125	%		70,000		73,325
Ardagh Packaging Finance PLC^(a)(c)
10/15/20		9.125	%		145,000		155,513
Ardagh Packaging Finance PLC^(c)Senior Secured
10/15/17		7.375	%		121,000		129,773
Berry Plastics Corp. Secured^(a)
01/15/21		9.750	%		142,000		155,135
Greif, Inc. Senior Unsecured
02/01/17		6.750	%		53,000		56,975

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


26		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Packaging (cont.)
Reynolds Group Issuer, Inc./LLC^(c)
02/15/21		8.250	%		$212,000		$198,750
Senior Secured
04/15/19		7.125	%		351,000		365,917
08/15/19		7.875	%		129,000		138,675
02/15/21		6.875	%		570,000		587,100
Senior Unsecured
08/15/19		9.875	%		266,000		271,985
08/15/19		9.875	%		44,000		44,990

Total							2,178,138
Paper —%
Cascades, Inc.
12/15/17		7.750	%		71,000		71,000
Graphic Packaging International, Inc.
10/01/18		7.875	%		120,000		132,600
Verso Paper Holdings LLC/Inc. Secured^(a)
02/01/19		8.750	%		50,000		27,500

Total							231,100
Pharmaceuticals 0.1%
Endo Pharmaceuticals Holdings, Inc.
01/15/22		7.250	%		78,000		83,460
Grifols, Inc.
02/01/18		8.250	%		233,000		252,223
Mylan, Inc.^(c)
11/15/18		6.000	%		246,000		257,070
Pharmaceutical Product Development, Inc. Senior Unsecured^(a)(c)
12/01/19		9.500	%		41,000		44,485

Total							637,238
Railroads —%
Norfolk Southern Corp. Senior Unsecured
04/01/22		3.000	%		325,000		319,526
Restaurants —%
Yum! Brands, Inc. Senior Unsecured
09/15/19		5.300	%		100,000		112,630
Retailers 0.3%
99 Cents Only Stores^(c)
12/15/19		11.000	%		59,000		63,130
AutoNation, Inc.
02/01/20		5.500	%		74,000		75,110


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Retailers (cont.)
Best Buy Co., Inc. Senior Unsecured
03/15/21		5.500	%		$20,000		$19,561
Burlington Coat Factory Warehouse Corp.
02/15/19		10.000	%		166,000		172,640
J Crew Group, Inc.^(a)
03/01/19		8.125	%		76,000		77,330
Jo-Ann Stores, Inc. Senior Unsecured^(c)
03/15/19		8.125	%		208,000		209,040
Limited Brands, Inc.
04/01/21		6.625	%		405,000		438,919
02/15/22		5.625	%		92,000		92,805
QVC, Inc.^(c)Senior Secured
10/01/19		7.500	%		100,000		110,000
10/15/20		7.375	%		230,000		253,000
Rite Aid Corp. Senior Unsecured
02/15/27		7.700	%		119,000		110,670
Rite Aid Corp.^(a)
06/15/17		9.500	%		198,000		198,495
Senior Secured
08/15/20		8.000	%		253,000		291,266
Rite Aid Corp.^(a)(c)
03/15/20		9.250	%		230,000		232,300
Sally Holdings LLC/Capital, Inc.^(a)(c)
11/15/19		6.875	%		237,000		251,812
Wal-Mart Stores, Inc. Senior Unsecured
10/25/40		5.000	%		200,000		221,380

Total							2,817,458
Supranational 0.1%
European Investment Bank Senior Unsecured
06/20/17		1.400	% JPY		42,100,000		533,356
01/18/27		2.150	% JPY		2,500,000		31,853

Total							565,209
Technology 0.5%
Alliance Data Systems Corp. Senior Notes^(c)
04/01/20		6.375	%		85,000		86,063
Amkor Technology, Inc. Senior Unsecured
05/01/18		7.375	%		266,000		284,952
06/01/21		6.625	%		357,000		369,049

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			27


Portfolio of Investments (continued)


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Technology (cont.)
Brocade Communications Systems, Inc. Senior Secured
01/15/18		6.625	%		$3,000		$3,150
01/15/20		6.875	%		134,000		147,735
CDW LLC / Finance Corp.
04/01/19		8.500	%		442,000		470,730
Cardtronics, Inc.
09/01/18		8.250	%		220,000		242,000
CommScope, Inc.^(c)
01/15/19		8.250	%		205,000		218,325
Equinix, Inc. Senior Unsecured
07/15/21		7.000	%		74,000		81,215
First Data Corp.
01/15/21		12.625	%		170,000		170,425
PIK
09/24/15		10.550	%		212,000		215,180
First Data Corp.^(a)(c)Senior Secured
06/15/19		7.375	%		133,000		134,995
First Data Corp.^(c)Senior Secured
08/15/20		8.875	%		407,000		441,086
Freescale Semiconductor, Inc.^(a)
08/01/20		10.750	%		101,000		113,373
Freescale Semiconductor, Inc.^(a)(c)Senior Secured
04/15/18		9.250	%		256,000		280,320
Hewlett-Packard Co. Senior Unsecured
09/15/17		2.600	%		165,000		164,898
Interactive Data Corp.
08/01/18		10.250	%		384,000		433,920
NXP BV/Funding LLC Senior Secured^(c)
08/01/18		9.750	%		477,000		544,972

Total							4,402,388
Transportation Services 0.1%
Avis Budget Car Rental LLC/Finance, Inc.
03/15/20		9.750	%		402,000		439,185
ERAC USA Finance LLC^(c)
03/15/17		2.750	%		55,000		54,944
Hertz Corp. (The)
01/15/21		7.375	%		314,000		334,410

Total							828,539


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Wireless 0.4%
Cricket Communications, Inc. Senior Secured
05/15/16		7.750	%		$220,000		$232,100
Cricket Communications, Inc.^(a)
10/15/20		7.750	%		224,000		220,080
MetroPCS Wireless, Inc.
09/01/18		7.875	%		325,000		341,250
11/15/20		6.625	%		34,000		33,788
NII Capital Corp.
04/01/21		7.625	%		124,000		121,210
SBA Telecommunications, Inc.
08/15/16		8.000	%		275,000		295,625
08/15/19		8.250	%		75,000		82,687
Sprint Nextel Corp.^(a)Senior Unsecured
08/15/17		8.375	%		416,000		401,440
Sprint Nextel Corp.^(a)(c)Senior Unsecured
11/15/21		11.500	%		98,000		105,595
Sprint Nextel Corp.^(c)
11/15/18		9.000	%		833,000		914,217
03/01/20		7.000	%		93,000		94,395
United States Cellular Corp. Senior Unsecured
12/15/33		6.700	%		650,000		632,336
Wind Acquisition Finance SA Senior Secured^(c)
02/15/18		7.250	%		450,000		423,000

Total							3,897,723
Wirelines 0.5%
AT&T, Inc. Senior Unsecured
08/15/41		5.550	%		450,000		498,790
CenturyLink, Inc. Senior Unsecured
06/15/21		6.450	%		380,000		390,073
Embarq Corp. Senior Unsecured
06/01/36		7.995	%		500,000		505,382
Frontier Communications Corp. Senior Unsecured
04/15/20		8.500	%		219,000		230,498
04/15/22		8.750	%		70,000		73,850
Integra Telecom Holdings, Inc. Senior Secured^(c)
04/15/16		10.750	%		65,000		58,744

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


28		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Issuer	Coupon Rate			Principal Amount		Value

Corporate Bonds & Notes^(g) (continued)
Wirelines (cont.)
Level 3 Communications, Inc. Senior Unsecured^(a)
02/01/19		11.875	%		$208,000		$237,120
Level 3 Financing, Inc.
02/15/17		8.750	%		84,000		87,780
02/01/18		10.000	%		81,000		88,695
04/01/19		9.375	%		270,000		294,975
Level 3 Financing, Inc.^(c) Senior Unsecured
07/01/19		8.125	%		355,000		366,538
PAETEC Holding Corp.
12/01/18		9.875	%		483,000		545,790
Senior Secured
06/30/17		8.875	%		40,000		43,400
Tw telecom holdings, inc.
03/01/18		8.000	%		160,000		174,800
Verizon Communications, Inc. Senior Unsecured
04/15/18		6.100	%		500,000		601,979
Windstream Corp.
04/01/23		7.500	%		275,000		283,250

Total							4,481,664
Total Corporate Bonds & Notes
(Cost: $89,226,710)							$91,501,601

Convertible Bonds 2.3%
Aerospace & Defense —%
Alliant Techsystems, Inc.
08/15/24		3.000	%		$220,000		$224,400
Airlines 0.1%
Air Lease Corp. Senior Unsecured^(c)
12/01/18		3.875	%		250,000		272,665
Continental Airlines, Inc. Senior Unsecured
01/15/15		4.500	%		120,000		162,450
U.S. Airways Group, Inc. Senior Unsecured
05/15/14		7.250	%		30,000		54,262

Total							489,377
Automotive 0.1%
Ford Motor Co. Senior Unsecured
11/15/16		4.250	%		160,000		253,488


Issuer	Coupon Rate			Principal Amount		Value

Convertible Bonds (continued)
Automotive (cont.)
Navistar International Corp. Senior Subordinated Notes
10/15/14		3.000	%		$280,000		$308,700
TRW Automotive, Inc.
12/01/15		3.500	%		120,000		209,132

Total							771,320
Brokerage —%
Knight Capital Group, Inc. Senior Subordinated Notes
03/15/15		3.500	%		350,000		336,210
Building Materials —%
Cemex SAB de CV Subordinated Notes
03/15/16		3.250	%		130,000		122,525
03/15/18		3.750	%		100,000		94,250
MasTec, Inc.
06/15/14		4.000	%		100,000		135,375

Total							352,150
Chemicals —%
ShengdaTech, Inc. Senior Notes^(c)(e)(f)(j)
12/15/15		6.500	%		180,000		26,825
Consumer Cyclical Services 0.1%
Avis Budget Group, Inc. Senior Notes
10/01/14		3.500	%		260,000		304,850
Coinstar, Inc. Senior Unsecured^(a)
09/01/14		4.000	%		90,000		151,763

Total							456,613
Diversified Manufacturing —%
Sterlite Industries India Ltd. Senior Unsecured
10/30/14		4.000	%		300,000		281,625
Entertainment —%
Take-Two Interactive Software, Inc. Senior Unsecured^(c)
12/01/16		1.750	%		190,000		200,298
Environmental —%
Covanta Holding Corp. Senior Unsecured
06/01/14		3.250	%		210,000		241,238

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			29


Portfolio of Investments (continued)


Issuer	Coupon Rate			Principal Amount		Value

Convertible Bonds (continued)
Gaming 0.1%
MGM Resorts International^(a)
04/15/15		4.250	%		$520,000		$550,550
Health Care 0.3%
Alere, Inc. Senior Subordinated Notes^(a)
05/15/16		3.000	%		250,000		250,937
Gilead Sciences, Inc. Senior Unsecured
05/01/16		1.625	%		460,000		590,116
Heartware International, Inc. Senior Unsecured
12/15/17		3.500	%		120,000		123,750
Hologic, Inc. Senior Unsecured^(h)
03/01/42		2.000	%		150,000		150,923
Insulet Corp. Senior Unsecured
06/15/16		3.750	%		200,000		210,928
Integra LifeSciences Holdings Corp.^(c)
12/15/16		1.625	%		170,000		153,550
Molina Healthcare, Inc. Senior Unsecured
10/01/14		3.750	%		150,000		190,875
NuVasive, Inc. Senior Unsecured
07/01/17		2.750	%		370,000		317,682
Omnicare, Inc.
12/15/25		3.750	%		90,000		130,725
Omnicare, Inc.⁽ⁱ⁾
04/01/42		3.750	%		200,000		199,054
Volcano Corp. Senior Unsecured
09/01/15		2.875	%		130,000		154,232
WebMD Health Corp. Senior Unsecured
01/31/18		2.500	%		250,000		224,062

Total							2,696,834
Home Construction 0.1%
Lennar Corp.^(c)
11/15/21		3.250	%		350,000		479,937
Independent Energy 0.1%
Chesapeake Energy Corp.
11/15/35		2.750	%		70,000		69,038
Endeavour International Corp.^(c)
07/15/16		5.500	%		150,000		147,375


Issuer	Coupon Rate			Principal Amount		Value

Convertible Bonds (continued)
Independent Energy (cont.)
Newpark Resources, Inc. Senior Unsecured
10/01/17		4.000	%		$150,000		$166,087
Stone Energy Corp.^(c)
03/01/17		1.750	%		220,000		212,300

Total							594,800
Lodging —%
Home Inns & Hotels Management, Inc. Senior Unsecured^(c)
12/15/15		2.000	%		190,000		145,350
Media Cable —%
TiVo Inc. Senior Unsecured^(c)
03/15/16		4.000	%		190,000		247,950
Media Non-Cable —%
Liberty Interactive LLC Senior Unsecured
03/15/31		3.250	%		300,000		261,750
Metals 0.1%
Horsehead Holding Corp. Senior Notes^(c)
07/01/17		3.800	%		130,000		138,391
Jaguar Mining, Inc. Senior Unsecured
03/31/16		5.500	%		130,000		119,600
James River Coal Co. Senior Unsecured
12/01/15		4.500	%		300,000		167,423
Molycorp, Inc. Senior Unsecured^(c)
06/15/16		3.250	%		280,000		262,192
United States Steel Corp. Senior Unsecured
05/15/14		4.000	%		250,000		295,625

Total							983,231
Non-Captive Consumer —%
DFC Global Corp. Senior Unsecured
04/01/28		3.000	%		324,000		384,345
Oil Field Services —%
Hornbeck Offshore Services, Inc.^(h)
11/15/26		1.625	%		280,000		303,296

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


30		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Issuer	Coupon Rate			Principal Amount		Value

Convertible Bonds (continued)
Other Financial Institutions 0.1%
Affiliated Managers Group, Inc. Senior Unsecured
08/15/38		3.950	%		$170,000		$187,000
Ares Capital Corp. Senior Unsecured^(c)
03/15/17		4.875	%		300,000		297,075

Total							484,075
Other Industry 0.1%
Altra Holdings, Inc.^(c)
03/01/31		2.750	%		160,000		156,120
Central European Distribution Corp. Senior Unsecured^(a)
03/15/13		3.000	%		90,000		79,537
General Cable Corp.
11/15/13		0.875	%		250,000		243,750
General Cable Corp.^(h) Subordinated Notes
11/15/29		4.500	%		50,000		52,688
JetBlue Airways Corp. Senior Unsecured
10/15/38		5.500	%		80,000		99,300
WESCO International, Inc.
09/15/29		6.000	%		50,000		120,625

Total							752,020
Pharmaceuticals 0.2%
Akorn, Inc. Senior Notes^(c)
06/01/16		3.500	%		115,000		174,225
Corsicanto Ltd.^(c)
01/15/32		3.500	%		130,000		195,487
Dendreon Corp. Senior Unsecured
01/15/16		2.875	%		770,000		619,542
Human Genome Sciences, Inc. Senior Unsecured
11/15/18		3.000	%		180,000		178,290
InterMune, Inc. Senior Unsecured
09/15/18		2.500	%		180,000		154,575
Medivation, Inc. Senior Unsecured
04/01/17		2.625	%		200,000		211,250
Mylan, Inc.
09/15/15		3.750	%		80,000		149,800
Salix Pharmaceuticals Ltd. Senior Notes^(c)
03/15/19		1.500	%		300,000		315,561


Issuer	Coupon Rate			Principal Amount		Value

Convertible Bonds (continued)
Pharmaceuticals (cont.)
Vertex Pharmaceuticals, Inc. Senior Subordinated Notes
10/01/15		3.350	%		$200,000		$229,250

Total							2,227,980
Railroads —%
Greenbrier Companies, Inc. Senior Unsecured^(a)(c)
04/01/18		3.500	%		340,000		327,896
REITs 0.1%
Boston Properties LP Senior Unsecured
05/15/36		3.750	%		200,000		227,250
Digital Realty Trust LP^(c)
04/15/29		5.500	%		100,000		181,938
Forest City Enterprises, Inc. Senior Unsecured^(c)
08/15/18		4.250	%		300,000		302,550
SL Green Operating Partnership LP^(c)
10/15/17		3.000	%		250,000		280,312

Total							992,050
Retailers 0.1%
Charming Shoppes, Inc.
05/01/14		1.125	%		280,000		264,250
priceline.com, Inc. Senior Unsecured^(c)
03/15/18		1.000	%		400,000		424,212

Total							688,462
Technology 0.5%
CACI International, Inc. Senior Subordinated Notes
05/01/14		2.125	%		130,000		161,200
Concur Technologies, Inc. Senior Unsecured^(c)
04/15/15		2.500	%		100,000		127,375
DST Systems, Inc. Senior Unsecured^(h)
08/15/23		0.000	%		190,000		235,125
DealerTrack Holdings, Inc.^(c)
03/15/17		1.500	%		130,000		138,450
EMC Corp. Senior Unsecured
12/01/13		1.750	%		420,000		788,550
Equinix, Inc. Subordinated Notes
10/15/14		3.000	%		200,000		300,750

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			31


Portfolio of Investments (continued)


Issuer	Coupon Rate			Principal Amount		Value

Convertible Bonds (continued)
Technology (cont.)
Intel Corp.
08/01/39		3.250	%		$400,000		$562,500
Ixia Senior Notes
12/15/15		3.000	%		190,000		196,650
Mentor Graphics Corp.^(c)
04/01/31		4.000	%		400,000		430,980
Micron Technology, Inc. Senior Unsecured^(c)
08/01/31		1.500	%		200,000		212,706
Novellus Systems, Inc. Senior Unsecured^(c)
05/15/41		2.625	%		110,000		152,900
Nuance Communications, Inc. Senior Unsecured^(c)
11/01/31		2.750	%		260,000		294,710
ON Semiconductor Corp.
12/15/26		2.625	%		170,000		204,850
Rovi Corp. Senior Unsecured
02/15/40		2.625	%		230,000		241,643
Salesforce.com, Inc. Senior Unsecured
01/15/15		0.750	%		120,000		224,400

Total							4,272,789
Textile —%
Iconix Brand Group, Inc. Senior Subordinated Notes^(c)
06/01/16		2.500	%		230,000		223,923
Tobacco —%
Vector Group Ltd. Senior Unsecured^(h)
06/15/26		3.875	%		193,000		216,160
Transportation Services —%
DryShips, Inc. Senior Unsecured
12/01/14		5.000	%		370,000		314,500
Wireless 0.1%
InterDigital, Inc. Senior Unsecured^(c)
03/15/16		2.500	%		280,000		279,474
Leap Wireless International, Inc. Senior Unsecured^(a)
07/15/14		4.500	%		150,000		143,062

Total							422,536


Issuer	Coupon Rate			Principal Amount		Value

Convertible Bonds (continued)
Wirelines 0.1%
Ciena Corp. Senior Unsecured^(c)
10/15/18		3.750	%		$270,000		$304,563
Comtech Telecommunications Corp. Senior Unsecured
05/01/29		3.000	%		200,000		225,700

Total							530,263
Total Convertible Bonds
(Cost: $20,323,906)							$21,480,753

Residential Mortgage-Backed Securities — Agency^(k) 2.9%
Federal Home Loan Mortgage Corp.^(h)(l)(m) CMO IO Series 2957 Class SW
04/15/35		5.758	%		$566,285		$93,130
CMO IO Series 3122 Class IS
03/15/36		6.458	%		1,227,773		214,118
CMO IO Series 3280 Class SI
02/15/37		6.198	%		970,339		159,535
CMO IO Series 3708 Class SA
05/15/40		6.208	%		927,502		129,947
CMO IO Series 3761 Class KS
06/15/40		5.758	%		593,864		87,080
Federal Home Loan Mortgage Corp.^(i)(l)
04/01/27		3.000	%		2,000,000		2,067,812
04/01/42		4.000	%		2,000,000		2,090,938
04/01/42		6.000	%		1,000,000		1,102,187
Federal Home Loan Mortgage Corp.^(l)
09/01/20		4.500	%		245,484		262,092
12/01/30		5.500	%		384,737		420,564
Federal National Mortgage Association^(h)(l)(m) CMO IO Series 2005-7 Class SC
02/25/35		6.458	%		1,415,975		162,437
CMO IO Series 2007-102 Class ST
11/25/37		6.198	%		727,527		133,846
CMO IO Series 2008-7 Class SA
02/25/38		7.308	%		269,515		41,589
CMO IO Series 2010-135 Class MS
12/25/40		5.708	%		324,156		56,161
CMO IO Series 2010-3 Class DI
04/25/34		1.723	%		1,699,880		88,232
CMO IO Series 2011-51 Class CI
06/25/41		5.758	%		1,703,486		339,130
Federal National Mortgage Association^(i)(l)
05/01/27		3.000	%		2,000,000		2,065,000
04/01/42		3.500	%		1,000,000		1,026,875
04/01/42		4.500	%		2,000,000		2,127,188

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


32		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Issuer	Coupon Rate			Principal Amount		Value

Residential Mortgage-Backed Securities — Agency^(k) (continued)
Federal National Mortgage Association^(l)
10/01/27- 04/01/41		5.500	%		$4,679,058		$5,138,035
12/01/28- 10/01/34		6.000	%		990,473		1,108,894
08/01/32		6.500	%		955,175		1,088,315
08/01/32- 01/01/33		7.000	%		398,157		461,558
10/01/33		5.000	%		974,661		1,070,079
Federal National Mortgage Association^(l)(m) CMO IO Series 2009-7 Class LI
02/25/39		7.000	%		395,332		70,029
Federal National Mortgage Association^(l)(n)
02/01/41		5.000	%		1,317,208		1,446,160
Government National Mortgage Association^(h)(l)(m) CMO IO Series 2002-66 Class SA
12/16/25	��	7.408	%		731,049		135,089
CMO IO Series 2004-32 Class HS
05/16/34		6.358	%		578,025		111,640
CMO IO Series 2010-108 Class PI
02/20/38		5.858	%		734,338		107,270
Government National Mortgage Association^(i)(l)
04/01/42		4.000	%		1,000,000		1,073,125
04/01/42		4.500	%		1,000,000		1,087,969
Government National Mortgage Association^(l)
01/15/39		5.000	%		1,240,282		1,371,311
Government National Mortgage Association^(l)(m) CMO IO Series 2007-17 Class CI
04/16/37		7.500	%		213,550		78,743
Total Residential Mortgage-Backed Securities — Agency
(Cost: $26,503,209)							$27,016,078

Residential Mortgage-Backed Securities — Non-Agency 0.1%
BNPP Mortgage Securities LLC CMO Series 2009-1 Class A1^(c)(l)
08/27/37		6.000	%		$426,381		$448,733
Citigroup Mortgage Loan Trust, Inc. CMO Series 2010-7 Class 3A4^(c)(h)(l)
12/25/35		7.057	%		175,000		180,613
Countrywide Alternative Loan Trust CMO Series 2005-14 Class 2A2^(h)(l)
05/25/35		0.492	%		444,069		166,948
Wells Fargo Mortgage-Backed Securities Trust CMO Series 2003-8 Class A9^(l)
08/25/18		4.500	%		383,171		398,287
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $1,458,039)							$1,194,581


Issuer	Coupon Rate			Principal Amount		Value

Commercial Mortgage-Backed Securities — Agency —%
Federal National Mortgage Association^(l)
09/01/13		5.322	%		$329,687		$343,806
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $331,844)							$343,806

Commercial Mortgage-Backed Securities — Non-Agency 0.1%
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1 Class ASB^(h)(l)
07/15/44		5.225	%		$131,392		$137,327
Commercial Mortgage Pass-Through Certificates Series 2004-LB3A Class A4^(h)(l)
07/10/37		5.234	%		141,114		145,522
GS Mortgage Securities Corp. II Series 2007-GG10 Class F^(h)(l)
08/10/45		5.787	%		625,000		73,250
General Electric Capital Assurance Co. Series 2003-1 Class A4^(c)(h)(l)
05/12/35		5.254	%		172,793		184,804
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP5 Class ASB^(h)(l)
12/15/44		5.195	%		121,017		126,860
JPMorgan Chase Commercial Mortgage Securities Corp.^(l) Series 2003-LN1 Class A1
10/15/37		4.134	%		59,196		60,282
Series 2003-ML1A Class A1
03/12/39		3.972	%		32,717		32,771
LB-UBS Commercial Mortgage Trust Series 2004-C2 Class A3^(l)
03/15/29		3.973	%		97,146		98,846
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $1,356,204)							$859,662

Asset-Backed Securities — Non-Agency — %
HSBC Home Equity Loan Trust Series 2007-2 Class M1^(h)
07/20/36		0.552	%		$490,000		$338,036
Total Asset-Backed Securities — Non-Agency
(Cost: $355,648)							$338,036

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			33


Portfolio of Investments (continued)


Issuer	Coupon Rate			Principal Amount		Value

Inflation-Indexed Bonds^(g) 0.9%
UNITED STATES 0.7%
U.S. Treasury Inflation-Indexed Bond
04/15/14		1.250	%		$214,176		$227,161
04/15/16		0.125	%		112,941		119,294
01/15/17		2.375	%		674,286		789,810
01/15/19		2.125	%		881,409		1,054,799
01/15/21		1.125	%		207,204		233,169
07/15/21		0.625	%		145,803		157,752
01/15/29		2.500	%		763,184		1,007,284
02/15/40		2.125	%		209,710		275,752
02/15/41		2.125	%		46,571		61,411
02/15/42		0.750	%		98,292		93,692
U.S. Treasury Inflation-Indexed Bond^(a)
01/15/14		2.000	%		147,185		157,304
01/15/15		1.625	%		878,306		957,010
07/15/15		1.875	%		524,318		584,778
01/15/22		0.125	%		280,370		287,029
01/15/26		2.000	%		342,558		419,821
U.S. Treasury Inflation-Indexed Bond⁽ⁿ⁾
07/15/20		1.250	%		311,757		356,012

TOTAL UNITED STATES							6,782,078
URUGUAY 0.2%
Uruguay Government International Bond
04/05/27		4.250	%		UYU 10,109,262		555,016
Senior Unsecured
12/15/28		4.375	%		UYU 16,390,986		917,792

TOTAL URUGUAY							1,472,808
Total Inflation-Indexed Bonds
(Cost: $7,780,744)							$8,254,886

U.S. Treasury Obligations 0.7%
U.S. Treasury
01/31/14		0.250	%		$400,000		$399,422
02/15/22		2.000	%		400,000		392,313
11/15/40		4.250	%		60,000		70,659
08/15/41		3.750	%		1,470,000		1,589,208
U.S. Treasury^(a)
01/31/17		0.875	%		2,100,000		2,087,039
08/15/20		2.625	%		370,000		390,090
11/15/20		2.625	%		690,000		725,632
U.S. Treasury^(a)(n)
06/30/15		1.875	%		350,000		364,301
Total U.S. Treasury Obligations
(Cost: $5,941,284)							$6,018,664


Issuer	Coupon Rate			Principal Amount		Value

U.S. Government & Agency Obligations 0.7%
Federal Home Loan Mortgage Corp
01/13/22		2.375	%		$3,500,000		$3,435,880
Federal National Mortgage Association
10/15/15		4.375	%		2,000,000		2,252,442
03/15/16		2.250	%		650,000		680,139
Federal National Mortgage Association^(a)
11/15/16		1.375	%		150,000		151,458
Private Export Funding Corp. U.S. Government Guaranty
09/15/17		5.450	%		45,000		54,043
Total U.S. Government & Agency Obligations
(Cost: $6,559,763)							$6,573,962

Foreign Government Obligations^(g) 5.7%
ARGENTINA 0.1%
Argentina Boden Bonds Senior Unsecured
10/03/15		7.000	%		$345,000		$323,869
Argentina Bonar Bonds Senior Unsecured^(a)
04/17/17		7.000	%		825,000		728,887
Provincia de Buenos Aires Senior Unsecured^(c)
01/26/21		10.875	%		120,000		88,816

TOTAL ARGENTINA							1,141,572
AUSTRALIA 0.2%
New South Wales Treasury Corp. Local Government Guaranteed
05/01/12		6.000	%		AUD 200,000		207,465
Treasury Corp. of Victoria
11/15/18		5.500	%		AUD 1,000,000		1,091,537
Local Government Guaranteed
06/15/20		6.000	%		AUD 200,000		224,699
11/15/16		5.750	%		AUD 100,000		109,831

TOTAL AUSTRALIA							1,633,532
BRAZIL 0.3%
Banco Nacional de Desenvolvimento Economico e Social Senior Unsecured^(c)
06/10/19		6.500	%		400,000		468,753
Brazil Notas do Tesouro Nacional
01/01/17		10.000	%		BRL 177,000		97,144
01/01/13		10.000	%		BRL 1,700,000		961,040
Brazilian Government International Bond Senior Unsecured
01/15/19		5.875	%		250,000		299,000

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


34		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Issuer	Coupon Rate			Principal Amount		Value

Foreign Government Obligations^(g)(continued)
BRAZIL (cont.)
Petrobras International Finance Co.
01/20/20		5.750	%		$810,000		$897,318

TOTAL BRAZIL							2,723,255
CANADA 0.3%
Bank of Montreal^(c)
01/30/17		1.950	%		750,000		758,233
Canadian Government Bond
06/01/18		4.250	%		CAD 1,160,000		1,333,375
06/01/20		3.500	%		CAD 270,000		300,829

TOTAL CANADA							2,392,437
COLOMBIA 0.3%
Colombia Government International Bond Senior Unsecured
09/18/37		7.375	%		250,000		350,625
Ecopetrol SA Senior Unsecured
07/23/19		7.625	%		260,000		320,450
Empresa de Energia de Bogota SA Senior Unsecured^(c)
11/10/21		6.125	%		1,500,000		1,587,302
Empresas Publicas de Medellin ESP Senior Unsecured^(c)
02/01/21		8.375	%		COP 1,250,000,000		743,046

TOTAL COLOMBIA							3,001,423
DOMINICAN REPUBLIC 0.1%
Dominican Republic International Bond Senior Unsecured^(c)
05/06/21		7.500	%		600,000		615,736

TOTAL DOMINICAN REPUBLIC							615,736
EL SALVADOR —%
El Salvador Government International Bond Senior Unsecured^(c)
06/15/35		7.650	%		300,000		305,700

TOTAL EL SALVADOR							305,700
FRANCE 0.2%
France Government Bond OAT
04/25/17		3.750	%		EUR 410,000		598,163
10/25/15		3.000	%		EUR 320,000		452,306
04/25/29		5.500	%		EUR 150,000		250,189
France Government Bond OAT^(a)
10/25/21		3.250	%		EUR 400,000		552,719

TOTAL FRANCE							1,853,377


Issuer	Coupon Rate			Principal Amount		Value

Foreign Government Obligations^(g)(continued)
GERMANY 0.6%
Bundesrepublik Deutschland
01/04/18		4.000	%		EUR 2,000,000		$3,109,121
07/04/28		4.750	%		EUR 600,000		1,041,326
01/04/19		3.750	%		EUR 620,000		961,677

TOTAL GERMANY							5,112,124
INDONESIA 0.5%
Indonesia Government International Bond^(c)Senior Unsecured
10/12/35		8.500	%		500,000		742,500
01/17/38		7.750	%		1,000,000		1,385,000
05/05/21		4.875	%		500,000		538,397
Indonesia Treasury Bond Senior Unsecured
09/15/19		11.500	%		IDR 3,500,000,000		511,195
Majapahit Holding BV^(c)
08/07/19		8.000	%		200,000		242,000
01/20/20		7.750	%		200,000		241,071
PT Perusahaan Listrik Negara Senior Unsecured^(c)
11/22/21		5.500	%		500,000		523,727
Perusahaan Penerbit SBSN Senior Unsecured^(c)
04/23/14		8.800	%		150,000		169,313

TOTAL INDONESIA							4,353,203
JAPAN 0.2%
Japan Government 10-Year Bond Senior Unsecured
12/20/18		1.400	%		JPY 35,000,000		445,903
Japan Government 20-Year Bond Senior Unsecured
12/20/27		2.100	%		JPY 30,000,000		390,101
09/21/20		2.200	%		JPY 64,000,000		861,061
09/20/26		2.200	%		JPY 35,000,000		465,040

TOTAL JAPAN							2,162,105
KAZAKHSTAN 0.1%
KazMunayGas National Co.^(c)Senior Unsecured
01/23/15		11.750	%		400,000		487,000
05/05/20		7.000	%		100,000		114,841
04/09/21		6.375	%		400,000		438,000

TOTAL KAZAKHSTAN							1,039,841

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			35


Portfolio of Investments (continued)


Issuer	Coupon Rate			Principal Amount		Value

Foreign Government Obligations^(g)(continued)
LITHUANIA 0.1%
Lithuania Government International Bond Senior Unsecured^(a)(c)
02/01/22		6.625	%		$370,000		$410,483

TOTAL LITHUANIA							410,483
MEXICO 0.4%
Mexican Bonos
06/03/27		7.500	%		MXN 1,200,000		992,952
12/13/18		8.500	%		MXN 370,000		335,612
12/14/17		7.750	%		MXN 570,000		494,605
Pemex Project Funding Master Trust
06/15/35		6.625	%		675,000		769,500
03/01/18		5.750	%		250,000		281,250
01/21/21		5.500	%		325,000		358,312
Pemex Project Funding Master Trust^(c)
01/24/22		4.875	%		500,000		525,000

TOTAL MEXICO							3,757,231
NORWAY 0.2%
Norway Government Bond
05/15/13		6.500	%		NOK 1,870,000		345,927
05/19/17		4.250	%		NOK 6,200,000		1,207,785

TOTAL NORWAY							1,553,712
PERU 0.1%
Peruvian Government International Bond Senior Unsecured
07/21/25		7.350	%		450,000		614,700
03/14/37		6.550	%		325,000		414,050
Peruvian Government International Bond^(c) Senior Unsecured
08/12/31		6.950	%		PEN 540,000		218,349

TOTAL PERU							1,247,099
PHILIPPINES 0.2%
Philippine Government International Bond Senior Unsecured
06/17/19		8.375	%		230,000		305,325
01/20/20		6.500	%		300,000		362,250
Power Sector Assets & Liabilities Management Corp.^(c) Government Guaranteed
05/27/19		7.250	%		400,000		490,000
12/02/24		7.390	%		300,000		379,778

TOTAL PHILIPPINES							1,537,353
POLAND 0.2%
Poland Government Bond
10/25/19		5.500	%		PLN 2,500,000		814,502
10/25/17		5.250	%		PLN 2,200,000		715,841


Issuer	Coupon Rate			Principal Amount		Value

Foreign Government Obligations^(g)(continued)
POLAND (cont.)
Poland Government International Bond Senior Unsecured
03/23/22		5.000	%		$600,000		$632,412

TOTAL POLAND							2,162,755
QATAR 0.1%
Qatar Government International Bond Senior Unsecured^(c)
01/20/22		4.500	%		800,000		835,040

TOTAL QATAR							835,040
REPUBLIC OF NAMIBIA 0.1%
Namibia International Bonds Senior Unsecured^(c)
11/03/21		5.500	%		500,000		523,750

TOTAL REPUBLIC OF NAMIBIA							523,750
RUSSIAN FEDERATION 0.4%
AK Transneft OJSC Via TransCapitalInvest Ltd. Senior Unsecured^(c)
08/07/18		8.700	%		200,000		246,000
Gazprom OAO Via Gaz Capital SA^(c) Senior Unsecured
03/07/22		6.510	%		1,700,000		1,853,000
04/11/18		8.146	%		180,000		211,019
Russian Foreign Bond — Eurobond^(c)Senior Unsecured
04/29/20		5.000	%		300,000		318,000
Russian Foreign Bond — Eurobond^(c)(h)Senior Unsecured
03/31/30		7.500	%		1,088,840		1,302,525

TOTAL RUSSIAN FEDERATION							3,930,544
SOUTH AFRICA —%
South Africa Government International Bond Senior Unsecured
03/08/41		6.250	%		100,000		116,000
01/17/24		4.665	%		200,000		204,500

TOTAL SOUTH AFRICA							320,500
SOUTH KOREA —%
Export-Import Bank of Korea Senior Unsecured
04/11/22		5.000	%		300,000		316,499

TOTAL SOUTH KOREA							316,499

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


36		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Issuer	Coupon Rate			Principal Amount		Value

Foreign Government Obligations^(g)(continued)
SWEDEN 0.1%
Sweden Government Bond^(a)
05/05/14		6.750	%		SEK 2,600,000		$436,818
08/12/17		3.750	%		SEK 5,100,000		853,890

TOTAL SWEDEN							1,290,708
TURKEY 0.3%
Turkey Government International Bond Senior Unsecured
09/26/22		6.250	%		1,200,000		1,290,000
06/05/20		7.000	%		530,000		604,200
03/17/36		6.875	%		410,000		455,100
03/30/21		5.625	%		250,000		260,875

TOTAL TURKEY							2,610,175
UKRAINE —%
Ukraine Government International Bond Senior Unsecured^(c)
02/23/21		7.950	%		245,000		211,668

TOTAL UKRAINE							211,668
UNITED ARAB EMIRATES 0.1%
Dolphin Energy Ltd. Senior Secured^(c)
12/15/21		5.500	%		400,000		420,947

TOTAL UNITED ARAB EMIRATES							420,947
UNITED KINGDOM 0.2%
United Kingdom Gilt
09/07/21		3.750	%		GBP 70,000		127,674
03/07/18		5.000	%		GBP 300,000		582,250
03/07/19		4.500	%		GBP 550,000		1,053,067

TOTAL UNITED KINGDOM							1,762,991
URUGUAY —%
Uruguay Government International Bond
06/26/37		3.700	%		UYU 3,000,000		212,832
Senior Unsecured
03/21/36		7.625	%		100,000		138,750

TOTAL URUGUAY							351,582
VENEZUELA 0.3%
Petroleos de Venezuela SA
02/17/22		12.750	%		1,400,000		1,400,000
04/12/17		5.250	%		900,000		681,750

Issuer

Coupon
Rate

Principal
Amount

Value

Foreign Government Obligations^(g)(continued)

VENEZUELA (cont.)

Venezuela Government International Bond
Senior Unsecured

05/07/23

9.000

$1,005,000

$856,763

TOTAL VENEZUELA

2,938,513

Total Foreign Government Obligations

(Cost: $49,424,631)

$52,515,855

Borrower

Weighted
Average
Coupon

Principal
Amount

Value

Senior Loans 0.1%

Media Non-Cable 0.1%

Cumulus Media Holdings, Inc.
2nd Lien Term Loan^(h)(o)

03/18/19

7.500

$450,000

$455,530

Total

455,530

Total Senior Loans

(Cost: $455,506)

$455,530


Issuer	Shares		Value
Rights —%

FINANCIALS —%
Commercial Banks —%
Chinatrust Financial Holding Co., Ltd.^(b)(e)		23,384		$1,783
TOTAL FINANCIALS				1,783
Total Rights (Cost: $—)				$1,783

Warrants —%
ENERGY —%
Energy Equipment & Services —%
Green Field Energy Services, Inc.^(b)		175		$11,550
TOTAL ENERGY				11,550
Total Warrants (Cost: $7,081)				$11,550

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			37


Portfolio of Investments (continued)

Issuer

Contracts

Exercise
Price

Expiration
Date

Value

Options Purchased Puts —%

Put — OTC 2-Year Interest Rate Swap^(p)

8,000,000

Nov. 2014

$73,195

Total Options Purchased Puts

(Cost: $104,800)

$73,195


	Shares		Value

Money Market Funds 5.6%
Columbia Short-Term Cash Fund,
0.161%^(q)(r)		51,601,460		$51,601,460
Total Money Market Funds (Cost: $51,601,460)				$51,601,460


Issuer	Effective Yield			Par/ Principal/ Shares		Value

Investments of Cash Collateral Received for Securities on Loan 6.5%
Certificates of Deposit 0.4%
Banque et Caisse d’Epargne de l’Etat
06/15/12		0.430	%		$1,997,805		$1,997,805
Westpac Banking Corp.
04/02/12		0.250	%		2,000,000		2,000,000

Total							3,997,805
Other Short-Term Obligations 0.6%
Natixis Financial Products LLC
04/02/12		0.450	%		5,000,000		5,000,000
Repurchase Agreements 5.5%
Citigroup Global Markets, Inc. dated 03/30/12, matures 04/02/12, repurchase price $2,000,030^(s)
		0.180	%		2,000,000		2,000,000


Issuer	Effective Yield			Par/ Principal/ Shares		Value

Investments of Cash Collateral Received for Securities on Loan (continued)
Repurchase Agreements (cont.)
Mizuho Securities USA, Inc. dated 03/30/12, matures 04/02/12, repurchase price $10,000,225^(s)
		0.270	%		$10,000,000		$10,000,000
Natixis Financial Products, Inc. dated 03/30/12, matures 04/02/12, repurchase price $8,000,173^(s)
		0.260	%		8,000,000		8,000,000
Nomura Securities dated 03/30/12, matures 04/02/12, repurchase price $20,000,333^(s)
		0.200	%		20,000,000		20,000,000
Pershing LLC dated 03/30/12, matures 04/02/12, repurchase price $5,000,113^(s)
		0.270	%		5,000,000		5,000,000
UBS Securities LLC dated 03/30/12, matures 04/02/12, repurchase price $5,772,414^(s)
		0.180	%		5,772,327		5,772,327

Total							50,772,327
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $59,770,132)							$59,770,132
Total Investments
(Cost: $901,383,901)							$992,096,941
Other Assets & Liabilities, Net							(67,605,181	)
Net Assets							$924,491,760

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


38		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT

Investments in Derivatives


Futures Contracts Outstanding at March 31, 2012
Contract Description	Number of Contracts Long (Short)			Notional Market Value			Expiration Date	Unrealized Appreciation		Unrealized Depreciation
E-Mini S&P Mid Cap 400 Index		2			$198,460		June 2012		$1,195		$—
Russell 2000 Mini Index		2			165,540		June 2012		1,555		—
S&P 500 Index		15			5,262,000		June 2012		133,048		—
U.S. Treasury Long Bond, 20-year		(7	)		(964,469	)	June 2012		16,243		—
U.S. Treasury Note, 2-year		(4	)		(880,563	)	July 2012		1,614		—
U.S. Treasury Note, 5-year		(12	)		(1,470,469	)	July 2012		5,845		—
U.S. Treasury Note, 10-year		(41	)		(5,308,860	)	June 2012		59,516		—
U.S. Treasury Ultra Bond, 30-year		2			301,938		June 2012		—		(8,034	)
Total									$219,016		$(8,034	)

Credit Default Swap Contracts Outstanding at March 31, 2012

Sell Protection


Counterparty	Reference Entity	Expiration Date		Pay Fixed Rate			Notional Amount		Market Value			Unamortized Premium (Paid) Received			Periodic Payments Receivable (Payable)		Unrealized Appreciation		Unrealized Depreciation
Morgan Stanley	CDX Emerging Markets Index		12/20/16		5.00	%		$4,000,000		$457,305			$(423,853	)		$1,222		$34,674		$—
JPMorgan	CDX North America High Yield Index		06/20/17		5.00			25,600,000		(744,132	)		575,096			39,111		—		(129,925	)
Total																		$34,674		$(129,925	)


Forward Foreign Currency Exchange Contracts Open at March 31, 2012
Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation		Unrealized Depreciation
State Street Bank & Trust Co.		April 17, 2012		1,310,000 (EUR	)		1,733,890 (USD	)		$—		$(13,361	)
UBS Securities		April 18, 2012		3,751,000 (CHF	)		4,088,928 (USD	)		—		(67,075	)
Goldman, Sachs & Co.		April 18, 2012		7,781,000 (EUR	)		10,226,409 (USD	)		—		(151,773	)
State Street Bank & Trust Co.		April 18, 2012		3,900,000 (GBP	)		6,214,010 (USD	)		—		(23,435	)
HSBC Securities (USA), Inc.		April 18, 2012		4,110,546 (USD	)		342,577,000 (JPY	)		28,936		—
J.P. Morgan Securities Inc.		April 18, 2012		6,231,166 (USD	)		35,504,000 (NOK	)		—		(249	)
Morgan Stanley & Co.		April 18, 2012		10,292,486 (USD	)		69,438,000 (SEK	)		196,840		—
J.P. Morgan Securities Inc.		April 19, 2012		1,700,000 (PLN	)		539,135 (USD	)		—		(6,747	)
Citigroup Global Markets		May 7, 2012		1,000,000 (USD	)		8,982,000,000 (IDR	)		—		(21,043	)
Total										$225,776		$(283,683	)

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			39


Portfolio of Investments (continued)


Notes to Portfolio of Investments

^(a)	At March 31, 2012, security was partially or fully on loan.

^(b)	Non-income producing.

^(c)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2012, the value of these securities amounted to $59,329,261 or 6.42% of net assets.

^(d)	At March 31, 2012, investments in securities included securities valued at $2,674,786 that were partially pledged as collateral to cover initial margin deposits on open stock index futures contracts.

^(e)	Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at March 31, 2012 was $54,307, representing 0.01% of net assets. Information concerning such security holdings at March 31, 2012 was as follows:



Security Description	Acquisition Dates	Cost
BGP Holdings PLC	02/04/09 thru 05/14/09		$—
China High Precision Automation Group Ltd.	03/01/11 thru 04/11/11		87,999
Chinatrust Financial Holdings Co., Ltd.
Rights	02/10/2012		—
ShengdaTech, Inc.
Senior Notes
6.500% 12/15/15	12/10/10		180,000

^(f)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At March 31, 2012, the value of these securities amounted to $52,524, which represents 0.01% of net assets.

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

^(h)	Variable rate security. The interest rate shown reflects the rate as of March 31, 2012.

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

^(j)	Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At March 31, 2012, the value of these securities amounted to $26,825, which represents less than 0.01% of net assets.

^(k)	Represents comparable securities held to satisfy future delivery requirements of the following open forward sale commitments at March 31, 2012:



Security Description	Principal Amount		Settlement Date		Proceeds Receivable		Value
Federal National Mortgage Association
04/01/42 5.500%	$	2,000,000		04/12/12	$	2,171,250	$	2,179,062

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

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


40		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Notes to Portfolio of Investments (continued)

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

⁽ⁿ⁾	At March 31, 2012, investments in securities included securities valued at $617,377 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.

^(o)

Senior loans have rates of interest that float periodically based primarily on the London Interbank Offered Rate (“LIBOR”) and other short-term rates. The interest rate shown reflects the weighted average coupon as of March 31, 2012. The interest rate shown for senior loans purchased on a when-issued or delayed delivery basis, if any, reflects an estimated average coupon. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

^(p)	Purchased swaptions outstanding at March 31, 2012:

Description

Counterparty

Floating

Rate
Index

Fund
Pay/Receive
Floating Rate

Exercise
Rate

Expiration
Date

Notional
Amount

Premium
Paid

Market
Value

Put — OTC 2-Year Interest Rate Swap

Barclays

3-Month

USD

LIBOR

Receive

2.100

11/02/16

$8,000,000

$104,800

$73,195

^(q)	The rate shown is the seven-day current annualized yield at March 31, 2012.

^(r)	Investments in affiliates during the period ended March 31, 2012:

Issuer

Beginning
Cost

Purchase Cost

Sales Cost/
Proceeds
from Sales

Realized
Gain/Loss

Ending
Cost

Dividends
or
Interest
Income

Value

Columbia Short-

Term Cash Fund

$64,696,895

$286,814,024

$(299,909,459

)

$—

$51,601,460

$40,326

$51,601,460

^(s)


Citigroup Global Markets, Inc. (0.180%)

Security Description	Value
Fannie Mae REMICS		$576,665
Fannie Mae-Aces		63,622
Freddie Mac REMICS		553,887
Ginnie Mae II Pool		54,032
Government National Mortgage Association		791,794
Total Market Value of Collateral Securities		$2,040,000

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			41


Portfolio of Investments (continued)


Notes to Portfolio of Investments (continued)


Mizuho Securities USA, Inc. (0.270%)

Security Description	Value
Ginnie Mae II Pool		$98,573
Government National Mortgage Association		737,676
United States Treasury Note/Bond		9,363,751
Total Market Value of Collateral Securities		$10,200,000

Natixis Financial Products, Inc. (0.260%)

Security Description	Value
Fannie Mae Pool		$1,377,900
Fannie Mae REMICS		2,369,242
Freddie Mac Gold Pool		288,206
Freddie Mac REMICS		2,844,287
Government National Mortgage Association		332,159
United States Treasury Inflation Indexed Bonds		297,670
United States Treasury Note/Bond		650,713
Total Market Value of Collateral Securities		$8,160,177

Nomura Securities (0.200%)

Security Description	Value
Fannie Mae Pool		$11,427,185
Freddie Mac Gold Pool		8,972,815
Total Market Value of Collateral Securities		$20,400,000

Pershing LLC (0.270%)

Security Description	Value
Fannie Mae Interest Strip		$6,376
Fannie Mae Pool		1,394,007
Fannie Mae REMICS		238,011
Fannie Mae-Aces		6,753
Federal Farm Credit Bank		203,073
Federal Home Loan Banks		102,197
Federal Home Loan Mortgage Corp		153,519
Federal National Mortgage Association		177,266
Freddie Mac Coupon Strips		11,549
Freddie Mac Gold Pool		463,542
Freddie Mac Non Gold Pool		104,350
Freddie Mac Reference REMIC		15
Freddie Mac REMICS		386,122
Ginnie Mae I Pool		471,803
Ginnie Mae II Pool		707,404
Government National Mortgage Association		315,987
United States Treasury Bill		73,942

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


42		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Notes to Portfolio of Investments (continued)


Pershing LLC (continued)

Security Description	Value
United States Treasury Inflation Indexed Bonds		$13,990
United States Treasury Note/Bond		258,941
United States Treasury Strip Coupon		11,153
Total Market Value of Collateral Securities		$5,100,000

UBS Securities LLC (0.180%)

Security Description	Value
Ginnie Mae I Pool		$1,142,723
Ginnie Mae II Pool		4,745,051
Total Market Value of Collateral Securities		$5,887,774


Abbreviation Legend
ADR		American Depositary Receipt
CMO		Collateralized Mortgage Obligation
GDR		Global Depositary Receipt
NVDR		Non-voting Depository Receipt
PIK		Payment-in-Kind


Currency Legend
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
COP		Colombian Peso
EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah
JPY		Japanese Yen
MXN		Mexican Peso
NOK		Norwegian Krone
PEN		Peru Nuevos Soles
PLN		Polish Zloty
SEK		Swedish Krona
USD		US Dollar
UYU		Uruguay Pesos

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			43


Portfolio of Investments (continued)


Fair Value Measurements

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

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

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

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.


44		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Fair Value Measurements (continued)

prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund’s investments as of March 31, 2012:


	Fair Value at March 31, 2012
Description	Level 1 Quoted Prices in Active Markets for Identical Assets		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Securities
Common Stocks
Consumer Discretionary		$58,669,259		$15,743,200		$—		$74,412,459
Consumer Staples		47,302,851		11,132,502		—		58,435,353
Energy		51,965,141		17,343,620		—		69,308,761
Financials		87,927,783		27,748,511		1		115,676,295
Health Care		59,441,585		8,304,848		—		67,746,433
Industrials		60,984,111		16,179,311		—		77,163,422
Information Technology		93,880,500		14,773,750		25,698		108,679,948
Materials		26,634,695		11,952,172		—		38,586,867
Telecommunication Services		10,261,370		7,202,772		—		17,464,142
Utilities		20,637,808		5,894,300		—		26,532,108
Preferred Stocks
Consumer Staples		—		1,427,294		—		1,427,294
Energy		1,588,125		—		—		1,588,125
Materials		472,786		—		—		472,786
Convertible Preferred Stocks
Consumer Discretionary		—		418,125		—		418,125
Consumer Staples		—		428,933		—		428,933
Energy		134,477		953,926		—		1,088,403
Financials		292,380		2,307,250		—		2,599,630
Industrials		—		472,266		—		472,266
Information Technology		—		140,875		—		140,875
Utilities		—		528,109		—		528,109
Exchange-Traded Funds		915,073		—		—		915,073
Rights
Financials		—		1,783		—		1,783
Warrants
Energy		—		11,550		—		11,550
Total Equity Securities		521,107,944		142,965,097		25,699		664,098,740

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			45


Portfolio of Investments (continued)


Fair Value Measurements (continued)


	Fair Value at March 31, 2012
Description	Level 1 Quoted Prices in Active Markets for Identical Assets			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
Bonds
Corporate Bonds & Notes
Electric		$—			$4,616,035			$18,900		$4,634,935
All Other Industries		—			86,866,666			—		86,866,666
Convertible Bonds
Chemicals		—			—			26,825		26,825
All Other Industries		—			21,453,928			—		21,453,928
Residential Mortgage-Backed Securities - Agency		—			27,016,078			—		27,016,078
Residential Mortgage-Backed Securities - Non-Agency		—			1,194,581			—		1,194,581
Commercial Mortgage-Backed Securities - Agency		—			343,806			—		343,806
Commercial Mortgage-Backed Securities - Non-Agency		—			859,662			—		859,662
Asset-Backed Securities - Non-Agency		—			338,036			—		338,036
Inflation-Indexed Bonds		—			8,254,886			—		8,254,886
U.S. Treasury Obligations		6,018,664			—			—		6,018,664
U.S. Government & Agency Obligations		—			6,573,962			—		6,573,962
Foreign Government Obligations		—			52,515,855			—		52,515,855
Total Bonds		6,018,664			210,033,495			45,725		216,097,884
Other
Senior Loans		—			455,530			—		455,530
Options Purchased Puts		—			73,195			—		73,195
Money Market Funds		51,601,460			—			—		51,601,460
Investments of Cash Collateral Received for Securities on Loan		—			59,770,132			—		59,770,132
Total Other		51,601,460			60,298,857			—		111,900,317
Investments in Securities		578,728,068			413,297,449			71,424		992,096,941
Forward Sale Commitment Liability		—			(2,179,062	)		—		(2,179,062
Derivatives
Assets
Futures Contracts		219,016			—			—		219,016
Forward Foreign Currency Exchange Contracts		—			225,776			—		225,776
Swap Contracts		—			34,674			—		34,674
Liabilities
Futures Contracts		(8,034	)		—			—		(8,034	)
Forward Foreign Currency Exchange Contracts		—			(283,683	)		—		(283,683	)
Swap Contracts		—			(129,925	)		—		(129,925	)
Total		$578,939,050			$410,965,229			$71,424		$989,975,703

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


46		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Fair Value Measurements (continued)

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

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

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain Common Stock, Corporate and Convertible Bonds classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, utilization of single market quotations from broker dealers, the halt price of the security, and market multiples derived from a set of comparable companies.

There were no significant transfers between Levels 1 and 2 during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

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


	Common Stocks			Corporate Bonds & Notes			Convertible Bonds		Residential Mortgage- Backed Securities- Agency			Residential Mortgage- Backed Securities Non-Agency			Other Financial Instruments			Total
Balance as of September 30, 2011		$78,960			$—			$26,825		$114,901			$682,520			$31,487			$934,693
Accrued discounts/premiums		—			17			—		—			—			—			17
Realized gain (loss)		(56,180	)		—			—		—			468			(39,935	)		(95,647	)
Change in unrealized appreciation (depreciation)*		32,879			(414	)		—		—			12			8,448			40,925
Sales		(31,498	)		—			—		—			(683,000	)		—			(714,498	)
Purchases		—			19,297			—		—			—			—			19,297
Transfers into Level 3		80,497			—			—		—			—			—			80,497
Transfers out of Level 3		(78,959	)		—			—		(114,901	)		—			—			(193,860	)
Balance as of March 31, 2012		$25,699			$18,900			$26,825		$—			$—			$—			$71,424

*	Change in unrealized appreciation (depreciation) relating to securities held at March 31, 2012 was $32,465, which is comprised of Common Stocks of $32,879 and Corporate Bonds & Notes of $(414).

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			47


Portfolio of Investments (continued)


Fair Value Measurements

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

Financial assets were transferred from Level 2 to Level 3 due to unavailable market inputs. As a result, as of period end, management determined to fair value the security under consistently applied procedures established by and under the general supervision of the Board of Trustees.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

How to find information about the Fund’s quarterly portfolio holdings

(i)

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q;

(ii)

The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov;

(iii)

(iv)

The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can be obtained without charge, upon request, by calling 800.345.6611.

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


48		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Statement of Assets and Liabilities

March 31, 2012 (Unaudited)


Assets
Investments, at value*
Unaffiliated issuers (identified cost $790,012,309)	$	880,725,349
Affiliated issuers (identified cost $51,601,460)		51,601,460
Investment of cash collateral received for securities on loan
Short-term securities (identified cost $8,997,805)		8,997,805
Repurchase agreements (identified cost $50,772,327)		50,772,327
Total investments (identified cost $901,383,901)		992,096,941
Cash		179,874
Foreign currency (identified cost $80,936)		82,476
Margin deposits on futures contracts		250,400
Unrealized appreciation on forward foreign currency exchange contracts		225,776
Unrealized appreciation on swap contracts		34,674
Premiums paid on outstanding swap contracts		423,853
Receivable for:
Investments sold		6,596,498
Capital shares sold		358,269
Dividends		1,117,954
Interest		2,895,082
Reclaims		292,465
Variation margin on futures contracts		39,709
Expense reimbursement due from Investment Manager		375
Total assets		1,004,594,346
Liabilities
Forward sales commitments, at value (proceeds receivable $2,171,250)		2,179,062
Due upon return of securities on loan		59,770,132
Unrealized depreciation on forward foreign currency exchange contracts		283,683
Unrealized depreciation on swap contracts		129,925
Premiums received on outstanding swap contracts		575,095
Payable for:
Investments purchased		2,407,089
Investments purchased on a delayed delivery basis		13,675,603
Capital shares purchased		570,274
Foreign capital gains taxes deferred		213,797
Investment management fees		16,123
Distribution fees		8,018
Transfer agent fees		71,874
Administration fees		1,455
Plan administration fees		165
Compensation of board members		49,790
Other expenses		150,501
Total liabilities		80,102,586
Net assets applicable to outstanding capital stock	$	924,491,760

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			49


Statement of Assets and Liabilities (continued)

March 31, 2012 (Unaudited)


Represented by
Paid-in capital	$	1,177,189,649
Excess of distributions over net investment income		(494,110	)
Accumulated net realized loss		(342,764,184	)
Unrealized appreciation (depreciation) on:
Investments		90,705,228
Foreign currency translations		11,150
Forward foreign currency exchange contracts		(57,907	)
Futures contracts		210,982
Swap contracts		(95,251	)
Foreign capital gains tax		(213,797	)
Total — representing net assets applicable to outstanding capital stock	$	924,491,760
*Value of securities on loan	$	63,579,283
Net assets applicable to outstanding shares
Class A	$	839,638,799
Class B	$	51,167,864
Class C	$	32,750,504
Class I	$	4,415
Class R	$	4,415
Class R4	$	405,615
Class Z	$	520,148
Shares outstanding
Class A		82,442,927
Class B		5,071,729
Class C		3,265,672
Class I		434
Class R		434
Class R4		39,749
Class Z		51,137
Net asset value per share
Class A^(a)	$	10.18
Class B	$	10.09
Class C	$	10.03
Class I	$	10.17
Class R	$	10.17
Class R4	$	10.20
Class Z	$	10.17

^(a)	The maximum offering price per share for Class A is $10.80. The offering price is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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


50		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Statement of Operations

Six months ended March 31, 2012 (Unaudited)


Net investment income
Income:
Dividends	$	7,006,747
Interest		6,051,665
Dividends from affiliates		40,326
Income from securities lending — net		165,244
Foreign taxes withheld		(175,213	)
Total income		13,088,769
Expenses:
Investment management fees		2,861,975
Distribution fees
Class A		1,015,394
Class B		248,842
Class C		156,888
Class R		10
Transfer agent fees
Class A		760,636
Class B		49,738
Class C		29,382
Class R		4
Class R4		95
Class Z		304
Administration fees		258,378
Plan administration fees
Class R4		502
Compensation of board members		11,801
Custodian fees		83,488
Printing and postage fees		83,443
Registration fees		38,153
Professional fees		30,196
Other		11,827
Total expenses		5,641,056
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(154,668	)
Total net expenses		5,486,388
Net investment income		7,602,381

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			51


Statement of Operations (continued)


Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	$	23,065,766
Foreign currency translations		(226,348	)
Forward foreign currency exchange contracts		1,795,336
Futures contracts		724,034
Options contracts written		44,878
Swap contracts		(165,885	)
Net realized gain		25,237,781
Net change in unrealized appreciation (depreciation) on:
Investments		110,412,813
Foreign currency translations		45,236
Forward foreign currency exchange contracts		101,163
Futures contracts		269,952
Swap contracts		2,456,009
Foreign capital gains tax		(213,797	)
Net change in unrealized appreciation		113,071,376
Net realized and unrealized gain		138,309,157
Net increase in net assets resulting from operations	$	145,911,538

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


52		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Statement of Changes in Net Assets


	Six months ended March 31, 2012				Year ended September 30, 2011
	(Unaudited)
Operations
Net investment income		$	7,602,381			$	18,756,168
Net realized gain			25,237,781				54,368,774
Net change in unrealized appreciation (depreciation)			113,071,376				(62,052,073	)
Net increase in net assets resulting from operations			145,911,538				11,072,869
Distributions to shareholders from:
Net investment income
Class A			(9,139,917	)			(23,017,772	)
Class B			(378,850	)			(1,264,780	)
Class C			(244,394	)			(656,827	)
Class I			(56	)			(123	)
Class R			(42	)			(97	)
Class R4			(4,797	)			(11,421	)
Class Z			(4,530	)			(4,356	)
Tax return of capital
Class A			—				(1,866,498	)
Class B			—				(102,560	)
Class C			—				(53,262	)
Class I			—				(10	)
Class R			—				(8	)
Class R4			—				(926	)
Class Z			��				(353	)
Total distributions to shareholders			(9,772,586	)			(26,978,993	)
Decrease in net assets from share transactions			(64,237,076	)			(188,359,679	)
Total increase (decrease) in net assets			71,901,876				(204,265,803	)
Net assets at beginning of period			852,589,884				1,056,855,687
Net assets at end of period		$	924,491,760			$	852,589,884
Undistributed (excess of distributions over) net investment income		$	(494,110	)		$	1,676,095

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			53


Statement of Changes in Net Assets (continued)


	Six months ended March 31, 2012 (Unaudited)						Year ended September 30, 2011
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		1,726,055			16,536,739			3,896,735			37,200,331
Conversions from Class B		60			577			1,231,122			12,114,239
Distributions reinvested		936,380			8,855,612			2,530,917			23,855,312
Redemptions		(8,791,387	)		(84,104,923	)		(23,933,531	)		(228,443,382	)
Net decrease		(6,128,892	)		(58,711,995	)		(16,274,757	)		(155,273,500	)
Class B shares
Subscriptions		34,928			333,961			95,468			895,032
Distributions reinvested		39,399			365,590			139,601			1,309,280
Conversions to Class A		(61	)		(577	)		(1,242,486	)		(12,114,239	)
Redemptions		(493,445	)		(4,682,226	)		(1,809,666	)		(17,117,001	)
Net decrease		(419,179	)		(3,983,252	)		(2,817,083	)		(27,026,928	)
Class C shares
Subscriptions		188,572			1,768,101			395,144			3,713,224
Distributions reinvested		24,805			229,106			70,334			654,496
Redemptions		(385,911	)		(3,628,815	)		(1,148,332	)		(10,786,004	)
Net decrease		(172,534	)		(1,631,608	)		(682,854	)		(6,418,284	)
Class R4 shares
Subscriptions		—			—			328			3,190
Distributions reinvested		507			4,797			1,308			12,347
Redemptions		(4,609	)		(44,523	)		(3,790	)		(36,847	)
Net decrease		(4,102	)		(39,726	)		(2,154	)		(21,310	)
Class Z shares
Subscriptions		43,725			417,409			45,094			446,431
Distributions reinvested		422			4,006			438			4,060
Redemptions		(31,364	)		(291,910	)		(7,456	)		(70,148	)
Net increase		12,783			129,505			38,076			380,343
Total net decrease		(6,711,924	)		(64,237,076	)		(19,738,772	)		(188,359,679	)

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


54		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


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 returns assume reinvestment of all dividends and distributions. Total returns do not reflect payment of sales charges, if any, and are not annualized for periods of less than one year.


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007
	(Unaudited)
Class A
Per share data
Net asset value, beginning of period		$8.75			$9.02			$8.44			$9.10			$12.48			$10.78
Income from investment operations:
Net investment income		0.08			0.18			0.15			0.14			0.24			0.22
Net realized and unrealized gain (loss)		1.46			(0.19	)		0.63			(0.40	)		(2.71	)		1.71
Total from investment operations		1.54			(0.01	)		0.78			(0.26	)		(2.47	)		1.93
Less distributions to shareholders from:
Net investment income		(0.11	)		(0.24	)		(0.20	)		(0.12	)		(0.23	)		(0.23	)
Net realized gains		—			—			—			(0.28	)		(0.68	)		—
Tax return of capital		—			(0.02	)		—			—			—			—
Total distributions to shareholders		(0.11	)		(0.26	)		(0.20	)		(0.40	)		(0.91	)		(0.23	)
Net asset value, end of period		$10.18			$8.75			$9.02			$8.44			$9.10			$12.48
Total return		17.68%			(0.24%	)		9.29%			(2.33%	)		(20.90%	)		17.97%
Ratios to average net assets^(a)
Expenses prior to fees waived or expenses reimbursed		1.19%	^(b)		1.13%			1.05%			1.10%			1.02%			1.12%
Net expenses after fees waived or expenses reimbursed^(c)		1.16%	^(b)		1.13%	^(d)		1.05%			1.10%			1.02%			1.12%
Net investment income		1.77%	^(b)		1.93%	^(d)		1.73%			1.82%			2.20%			1.90%
Supplemental data
Net assets, end of period (in thousands)		$839,639			$774,665			$945,595			$1,122,673			$1,437,164			$1,871,507
Portfolio turnover^(e)		79%			142%			114%			136%			123%			123%

Notes to Financial Highlights

^(a)

^(b)	Annualized.

^(c)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

^(e)	Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 70% for the six months ended March 31, 2012 and 131%, 113%, 116%, and 89% for the years ended September 30, 2011, 2010, 2009 and 2008, respectively.

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			55


Financial Highlights (continued)


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007
	(Unaudited)
Class B
Per share data
Net asset value, beginning of period		$8.67			$8.93			$8.36			$9.01			$12.36			$10.69
Income from investment operations:
Net investment income		0.05			0.11			0.08			0.08			0.15			0.13
Net realized and unrealized gain (loss)		1.44			(0.18	)		0.62			(0.39	)		(2.67	)		1.68
Total from investment operations		1.49			(0.07	)		0.70			(0.31	)		(2.52	)		1.81
Less distributions to shareholders from:
Net investment income		(0.07	)		(0.18	)		(0.13	)		(0.06	)		(0.15	)		(0.14	)
Net realized gains		—			—			—			(0.28	)		(0.68	)		—
Tax return of capital		—			(0.01	)		—			—			—			—
Total distributions to shareholders		(0.07	)		(0.19	)		(0.13	)		(0.34	)		(0.83	)		(0.14	)
Net asset value, end of period		$10.09			$8.67			$8.93			$8.36			$9.01			$12.36
Total return		17.29%			(0.94%	)		8.38%			(3.00%	)		(21.50%	)		17.02%
Ratios to average net assets^(a)
Expenses prior to fees waived or expenses reimbursed		1.96%	^(b)		1.87%			1.81%			1.87%			1.78%			1.88%
Net expenses after fees waived or expenses reimbursed^(c)		1.92%	^(b)		1.87%	^(d)		1.81%			1.87%			1.78%			1.88%
Net investment income		1.01%	^(b)		1.18%	^(d)		0.98%			1.05%			1.43%			1.14%
Supplemental data
Net assets, end of period (in thousands)		$51,168			$47,580			$74,220			$115,318			$169,090			$243,036
Portfolio turnover^(e)		79%			142%			114%			136%			123%			123%

Notes to Financial Highlights

^(a)

^(b)	Annualized.

^(c)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

^(e)	Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 70% for the six months ended March 31, 2012 and 131%, 113%, 116%, and 89% for the years ended September 30, 2011, 2010, 2009 and 2008, respectively.

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


56		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007
	(Unaudited)
Class C
Per share data
Net asset value, beginning of period		$8.61			$8.88			$8.32			$8.97			$12.31			$10.66
Income from investment operations:
Net investment income		0.05			0.11			0.08			0.08			0.16			0.14
Net realized and unrealized gain (loss)		1.44			(0.19	)		0.61			(0.39	)		(2.67	)		1.66
Total from investment operations		1.49			(0.08	)		0.69			(0.31	)		(2.51	)		1.80
Less distributions to shareholders from:
Net investment income		(0.07	)		(0.18	)		(0.13	)		(0.06	)		(0.15	)		(0.15	)
Net realized gains		—			—			—			(0.28	)		(0.68	)		—
Tax return of capital		—			(0.01	)		—			—			—			—
Total distributions to shareholders		(0.07	)		(0.19	)		(0.13	)		(0.34	)		(0.83	)		(0.15	)
Net asset value, end of period		$10.03			$8.61			$8.88			$8.32			$8.97			$12.31
Total return		17.42%			(1.02%	)		8.34%			(2.98%	)		(21.47%	)		16.97%
Ratios to average net assets^(a)
Expenses prior to fees waived or expenses reimbursed		1.95%	^(b)		1.88%			1.81%			1.86%			1.77%			1.88%
Net expenses after fees waived or expenses reimbursed^(c)		1.91%	^(b)		1.88%	^(d)		1.81%			1.86%			1.77%			1.88%
Net investment income		1.02%	^(b)		1.17%	^(d)		0.98%			1.07%			1.47%			1.16%
Supplemental data
Net assets, end of period (in thousands)		$32,751			$29,619			$36,614			$46,515			$59,279			$66,995
Portfolio turnover^(e)		79%			142%			114%			136%			123%			123%

Notes to Financial Highlights

^(a)

^(b)	Annualized.

^(c)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

^(e)	Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 70% for the six months ended March 31, 2012 and 131%, 113%, 116%, and 89% for the years ended September 30, 2011, 2010, 2009 and 2008, respectively.

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			57


Financial Highlights (continued)


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007^(a)
	(Unaudited)
Class I
Per share data
Net asset value, beginning of period		$8.74			$9.01			$8.43			$9.09			$12.47			$11.52
Income from investment operations:
Net investment income		0.10			0.23			0.19			0.18			0.28			0.22
Net realized and unrealized gain (loss)		1.46			(0.19	)		0.63			(0.41	)		(2.71	)		1.00
Total from investment operations		1.56			0.04			0.82			(0.23	)		(2.43	)		1.22
Less distributions to shareholders from:
Net investment income		(0.13	)		(0.29	)		(0.24	)		(0.15	)		(0.27	)		(0.27	)
Net realized gains		—			—			—			(0.28	)		(0.68	)		—
Tax return of capital		—			(0.02	)		—			—			—			—
Total distributions to shareholders		(0.13	)		(0.31	)		(0.24	)		(0.43	)		(0.95	)		(0.27	)
Net asset value, end of period		$10.17			$8.74			$9.01			$8.43			$9.09			$12.47
Total return		17.95%			0.21%			9.79%			(1.88%	)		(20.60%	)		10.70%
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		0.78%	^(c)		0.67%			0.60%			0.65%			0.63%			0.73%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		0.76%	^(c)		0.67%			0.60%			0.65%			0.63%			0.73%	^(c)
Net investment income		2.17%	^(c)		2.37%			2.19%			2.34%			2.59%			2.33%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$4			$4			$4			$4			$4			$5
Portfolio turnover^(e)		79%			142%			114%			136%			123%			123%

Notes to Financial Highlights

^(a)	For the period from December 11, 2006 (commencement of operations) to September 30, 2007.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

^(e)	Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 70% for six months ended March 31, 2012 and 131%, 113%, 116% and 89% for the years ended September 30, 2011, 2010, 2009 and 2008, respectively.

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


58		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007^(a)
	(Unaudited)
Class R
Per share data
Net asset value, beginning of period		$8.74			$9.01			$8.43			$9.09			$12.47			$11.52
Income from investment operations:
Net investment income		0.07			0.16			0.12			0.12			0.22			0.14
Net realized and unrealized gain (loss)		1.46			(0.19	)		0.63			(0.40	)		(2.69	)		1.00
Total from investment operations		1.53			(0.03	)		0.75			(0.28	)		(2.47	)		1.14
Less distributions to shareholders from:
Net investment income		(0.10	)		(0.22	)		(0.17	)		(0.10	)		(0.23	)		(0.19	)
Net realized gains		—			—			—			(0.28	)		(0.68	)		—
Tax return of capital		—			(0.02	)		—			—			—			—
Total distributions to shareholders		(0.10	)		(0.24	)		(0.17	)		(0.38	)		(0.91	)		(0.19	)
Net asset value, end of period		$10.17			$8.74			$9.01			$8.43			$9.09			$12.47
Total return		17.57%			(0.49%	)		8.90%			(2.52%	)		(20.93%	)		10.01%
Ratios to average net assets^(b)
Expenses prior to fees waived or expenses reimbursed		1.46%	^(c)		1.36%			1.42%			1.42%			1.45%			1.54%	^(c)
Net expenses after fees waived or expenses reimbursed^(d)		1.42%	^(c)		1.36%			1.42%			1.33%			1.20%			1.54%	^(c)
Net investment income		1.51%	^(c)		1.68%			1.38%			1.60%			1.98%			1.51%	^(c)
Supplemental data
Net assets, end of period (in thousands)		$4			$4			$4			$4			$4			$5
Portfolio turnover^(e)		79%			142%			114%			136%			123%			123%

Notes to Financial Highlights

^(a)	For the period from December 11, 2006 (commencement of operations) to September 30, 2007.

^(b)

^(c)	Annualized.

^(d)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

^(e)	Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 70% for the six months ended March 31, 2012 and 131%, 113%, 116% and 89% for the years ended September 30, 2011, 2010, 2009 and 2008, respectively.

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			59


Financial Highlights (continued)


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010			2009			2008			2007
	(Unaudited)
Class R4
Per share data
Net asset value, beginning of period		$8.77			$9.04			$8.45			$9.10			$12.48			$10.78
Income from investment operations:
Net investment income		0.09			0.20			0.16			0.15			0.26			0.24
Net realized and unrealized gain (loss)		1.46			(0.19	)		0.64			(0.40	)		(2.71	)		1.70
Total from investment operations		1.55			0.01			0.80			(0.25	)		(2.45	)		1.94
Less distributions to shareholders from:
Net investment income		(0.12	)		(0.26	)		(0.21	)		(0.12	)		(0.25	)		(0.24	)
Net realized gains		—			—			—			(0.28	)		(0.68	)		—
Tax return of capital		—			(0.02	)		—			—			—			—
Total distributions to shareholders		(0.12	)		(0.28	)		(0.21	)		(0.40	)		(0.93	)		(0.24	)
Net asset value, end of period		$10.20			$8.77			$9.04			$8.45			$9.10			$12.48
Total return		17.73%			(0.12%	)		9.49%			(2.11%	)		(20.71%	)		18.08%
Ratios to average net assets^(a)
Expenses prior to fees waived or expenses reimbursed		1.05%	^(b)		0.98%			0.91%			0.94%			0.93%			1.03%
Net expenses after fees waived or expenses reimbursed^(c)		1.05%	^(b)		0.98%			0.91%			0.87%			0.78%			1.00%
Net investment income		1.88%	^(b)		2.07%			1.87%			1.97%			2.31%			2.01%
Supplemental data
Net assets, end of period (in thousands)		$406			$384			$416			$1,219			$6,813			$16,864
Portfolio turnover^(d)		79%			142%			114%			136%			123%			123%

Notes to Financial Highlights

^(a)

^(b)	Annualized.

^(c)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

^(d)	Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 70% for the six months ended March 31, 2012 and 131%, 113%, 116% and 89% for the years ended September 30, 2011, 2010, 2009 and 2008, respectively.

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


60		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


	Six months ended March 31, 2012			Year ended Sept. 30,
	Six months ended March 31, 2012			2011			2010^(a)
	(Unaudited)
Class Z
Per share data
Net asset value, beginning of period		$8.73			$9.01			$8.98
Income from investment operations:
Net investment income (loss)		0.10			0.21			(0.01	)
Net realized and unrealized gain (loss)		1.46			(0.19	)		0.04
Total from investment operations		1.56			0.02			0.03
Less distributions to shareholders from:
Net investment income		(0.12	)		(0.30	)		—
Tax return of capital		—			0.00	^(b)		—
Total distributions to shareholders		(0.12	)		(0.30	)		—
Net asset value, end of period		$10.17			$8.73			$9.01
Total return		17.96%			0.01%			0.33%
Ratios to average net assets^(c)
Expenses prior to fees waived or expenses reimbursed		0.90%	^(d)		0.89%			1.02%	^(d)
Net expenses after fees waived or expenses reimbursed^(e)		0.89%	^(d)		0.89%	^(f)		1.02%	^(d)
Net investment income (loss)		2.10%	^(d)		2.28%	^(f)		(13.66%	)^(d)
Supplemental data
Net assets, end of period (in thousands)		$520			$335			$3
Portfolio turnover^(g)		79%			142%			114%

Notes to Financial Highlights

^(a)	For the period from September 27, 2010 (commencement of operations) to September 30, 2010.

^(b)	Rounds to less than $0.01.

^(c)

^(d)	Annualized.

^(e)	The Investment Manager and certain of its affiliates agreed to waive/reimburse certain fees and expenses, if applicable.

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

^(g)	Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 70% for the six months ended March 31, 2012 and 131% and 113% for the years ended September 30, 2011 and 2010, respectively.

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			61


Notes to Financial Statements

March 31, 2012 (Unaudited)

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R, Class R4 and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

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

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

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

Class R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class R4 shares are not subject to sales charges; however, this share class is closed to new investors.

Class Z shares are not subject to sales charges, and are only available to certain investors, as described in the Fund's prospectus.


62		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT

Note 2. Summary

of Significant Accounting Policies

Use of Estimates

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

Security Valuation

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


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			63


Notes to Financial Statements (continued)

Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. However, 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 the policy adopted by the Board, including 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, 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 other open-end investment companies, including money market funds, are valued at net asset value.

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

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

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

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


64		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT

(such as foreign securities) is valued at fair value, such value is likely to be different from the last quoted market 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 value.

Foreign Currency Transactions and Translation

Derivative Instruments


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			65


Notes to Financial Statements (continued)

and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty (as the case may be) is required to post cash and/or securities as collateral. Fair values of derivatives presented in the financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Fund or any counterparty.

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, to recover an underweight country exposure in its portfolio and for investment strategy.

The values of forward foreign currency exchange contracts fluctuate with changes in foreign currency exchange rates. The Fund will record a realized gain or loss when the forward foreign currency exchange contract is closed.

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

Futures Contracts

Futures contracts represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, manage the duration and yield curve exposure of the Fund versus the benchmark, manage exposure to movements in interest rates and maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. Upon entering into futures contracts, the Fund bears risks which may include interest rates, exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.


66		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT

Options

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. The Fund purchased and wrote option contracts to produce incremental earnings and protect gains/decrease the Fund's exposure to equity risk and to increase return on investments, protect gains, and facilitate buying and selling of securities for investments. Completion of transactions for option contracts traded in the OTC market depends upon the performance of the other party. Cash collateral may be collected or posted by the Fund to secure certain OTC option contract trades. Cash collateral held or posted by the Fund for such option contract trades must be returned to the counterparty or the Fund upon closure, exercise or expiration of the contract.

Option contracts purchased are recorded as investments and options contracts written are recorded as liabilities of the Fund. The Fund will realize a gain or loss when the option contract expires or is exercised. When option contracts on debt securities or futures are exercised, the Fund will realize a gain or loss. When other option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

The risk in buying an option contract is that the Fund pays a premium whether or not the option contract is exercised. The Fund also has the additional risk of being unable to enter into a closing transaction if a liquid secondary market does not exist. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases and the option contract is exercised. The Fund’s maximum payout in the case of written put option contracts represents the maximum potential amount of future payments (undiscounted) that the Fund could be required to make under the contract. For OTC options contracts, the transaction is also subject to counterparty credit risk. The maximum payout amount may be offset by the subsequent sale, if any, of assets obtained upon the exercise of the put option contracts by holders of the option contracts or proceeds received upon entering into the contracts.


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			67


Notes to Financial Statements (continued)

Contracts and premiums associated with options contracts written for the six months ended March 31, 2012 are as follows:


	Calls				Puts
	Contracts		Premiums		Contracts		Premiums
Balance at September 30, 2011		—	$	—		—	$	—
Opened		54		24,342		78		20,536
Closed		54		24,342		78		20,536
Expired
Balance at March 31, 2012		—		—		—		—

Swaptions

The Fund entered into swaption contracts. Swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into a swap contract on a future date. The Fund purchased or wrote swaption contracts to manage exposure to fluctuations in interest rates and to hedge the fair value of other Fund investments. If a call swaption is exercised, the purchaser will enter into a swap contract to receive the fixed rate and pay a floating rate in exchange. Exercising a put swaption would entitle the purchaser to pay a fixed rate and receive a floating rate. Changes in the value of the swaption are reported as unrealized appreciation or depreciation on swaptions in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the swaption contract expires or is closed.

When the Fund writes a swaption, the premium received is recorded as an asset and equivalent liability in the Statement of Assets and Liabilities and is subsequently adjusted to the current fair value of the swaption written. Premiums received from writing swaptions that expire unexercised are recorded by the Fund on the expiration date as realized gains from investments in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on swaptions in the Statement of Operations.

Credit Default Swap Contracts

Credit default swap contracts are agreements in which one party pays fixed periodic payments to a counterparty in consideration for a guarantee from the counterparty to make a specific payment should a specified negative credit event(s) take place. The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and to manage fluctuations in high yield exposure caused by changes to the high yield allocation. They are not used for leverage or hedging purposes.


68		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT

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

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on the notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. Notional amounts of all credit default swap contracts outstanding for which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments. These potential amounts may be partially offset by any recovery values of the respective reference obligations or premiums received upon entering into the agreement.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. Market values for credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			69


Notes to Financial Statements (continued)

The notional amounts and market values of credit default swap contracts are not recorded in the financial statements. Any premium paid or received by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk. The Fund will enter into credit default swap transactions only with counterparties that meet certain standards of creditworthiness.

Effects of Derivative Transactions in the Financial Statements

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

Fair Values of Derivative Instruments at March 31, 2012

Risk Exposure
Category

Asset derivatives

Liability derivatives

Statement of Assets

and Liabilities

Location

Fair Value

Statement of Assets

and Liabilities

Location

Fair Value

Credit contracts

Premiums paid on outstanding credit default swap contracts

34,674

Premiums received on outstanding credit default swap contracts

129,925

Equity contracts

Net assets — unrealized appreciation on futures contracts

135,798

Net assets — unrealized depreciation on futures contracts

—

Foreign exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

225,776

Unrealized depreciation on forward foreign currency exchange contracts

283,683

Interest rate contracts

Net assets — unrealized appreciation on futures contracts

83,218

Net assets — unrealized depreciation on futures contracts

8,034

Total

479,466

421,642

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.


70		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT

Effect of Derivative Instruments in the Statement of Operations for the period ended March 31, 2012


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts		Futures Contracts			Options Contracts Written and Purchased		Swap Contracts			Total
Credit contracts	$	—	$	—		$	—	$	(165,885	)	$	(165,885	)
Equity contracts		—		956,352			—		—		$	956,352
Foreign exchange contracts		1,795,336		—			—		—		$	1,795,336
Interest rate contracts		—		(232,318	)		44,878		—		$	(187,440	)
Total	$	1,795,336	$	724,034		$	44,878	$	(165,885	)	$	2,398,363


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts		Futures Contracts		Swap Contracts		Total
Credit contracts	$	—	$	—	$	2,456,009	$	2,456,009
Equity contracts		—		151,355		—	$	151,355
Foreign exchange contracts		101,163		—		—	$	101,163
Interest rate contracts		—		118,597		—	$	118,597
Total	$	101,163	$	269,952	$	2,456,009	$	2,827,124

Volume of Derivative Instruments for the period ended March 31, 2012


	Contracts Opened
Forward Foreign Currency Exchange Contracts		242
Futures Contracts		1,057
Options Contracts		8,000,600

	Aggregate Notional Opened
Credit Default Swap Contracts — Sell Protection	$	29,600,000


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			71


Notes to Financial Statements (continued)

Repurchase Agreements

Delayed Delivery Securities and Forward Sale Commitments

The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” basis. This may increase the risk if the other party to the transaction fails to deliver and causes the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.

The Fund may enter into forward sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of forward sale commitments are not received until the contractual settlement date. While a forward sale commitment is outstanding, equivalent deliverable securities or an offsetting forward purchase commitment deliverable on or before the sale commitment date, are used to satisfy the commitment.

Unsettled forward sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under “Security Valuation” above. The forward sale commitment is “marked-to-market” daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the market price established at the date the commitment was entered into.

Mortgage Dollar Roll Transactions

The Fund may enter into mortgage “dollar rolls” in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date not exceeding 120 days. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund will benefit because it receives negotiated


72		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT

amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies within its Portfolio of Investments cash or liquid securities in an amount equal to the forward purchase price.

For financial reporting and tax purposes, the Fund treats “to be announced” mortgage dollar rolls as two separate transactions, one involving the purchase of a security and a separate transaction involving a sale. This treatment may exaggerate the Fund's portfolio turnover rate. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Mortgage dollar rolls involve certain risks. If the broker-dealer to whom the Fund sells the securities becomes insolvent, the Fund’s right to purchase or repurchase the mortgage-related securities may be restricted and the instruments which the Fund is required to repurchase may be worth less than instruments which the Fund originally held. Successful use of mortgage dollar rolls may depend upon the Investment Manager’s ability to predict interest rates and mortgage prepayments. For these reasons, there is no assurance that mortgage dollar rolls can be successfully employed.

Treasury Inflation Protected Securities

The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. Interest payments are based on the adjusted principal at the time the interest is paid. These adjustments are recorded as interest income in the Statement of Operations.

Interest Only Securities

The Fund may invest in Interest Only Securities (IOs). IOs are stripped mortgage backed securities entitled to receive all of the security’s interest, but none of its principal. Interest is accrued daily. The daily accrual factor is adjusted each month to reflect the paydown of principal.


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			73


Notes to Financial Statements (continued)

Security Transactions

Income Recognition

Inflation adjustments to the principal amount and cost basis of inflation-indexed securities are included in interest income.

The Fund receives distributions from holdings in real estate investment trusts (REITs) which report information on the character of their distributions annually. REIT distributions are allocated to dividend income, capital gain and return of capital based on estimates made by the Fund's management if actual information has not yet been reported. Return of capital is recorded as a reduction of the cost basis of securities held. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs which could result in a proportionate increase in return of capital to shareholders.

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

Expenses

Determination of Class Net Asset Value


74		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT

Federal Income Tax Status

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

Foreign Taxes

Distributions to Shareholders

Guarantees and Indemnifications

Recent Accounting Pronouncement

Fair Value Measurements and Disclosures


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			75


Notes to Financial Statements (continued)

objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures.

Note 3. Fees

and Compensation Paid to Affiliates

Investment Management Fees

Administration Fees

Other Expenses


76		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT

Compensation of Board Members

Transfer Agent Fees

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket expenses. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class R4 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to the share class.


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			77


Notes to Financial Statements (continued)

For the six months ended March 31, 2012, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:


Class A	0.19	%
Class B	0.20
Class C	0.19
Class R	0.18
Class R4	0.05
Class Z	0.15

Plan Administration Fees

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution pursuant to Rule 12b-1, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A shares, a fee at an annual rate of up to 0.50% of the Fund’s average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services) and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $4,683,000 and $374,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of December 31, 2011, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.


78		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $352,402 for Class A, $11,819 for Class B, $1,685 for Class C for the six months ended March 31, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective December 1, 2011, 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), through January 31, 2013, 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:


Class A	1.13	%
Class B	1.88
Class C	1.88
Class I	0.74
Class R	1.38
Class R4	1.04
Class Z	0.88

Note 4. Federal

Tax Information


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			79


Notes to Financial Statements (continued)

At March 31, 2012, the cost of investments for federal income tax purposes was approximately $901,384,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:


Unrealized appreciation	$	106,426,000
Unrealized depreciation		(15,713,000	)
Net unrealized appreciation	$	90,713,000


Year of expiration	Amount
2017	$	21,514,298
2018		320,258,879
2019		21,116,345
Total	$	362,889,522

Note 5. Portfolio

Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations but including mortgage dollar rolls, aggregated to $680,171,789 and $752,602,557, respectively, for the six months ended March 31, 2012, of which $258,033,499 and $343,849,665, respectively, were U.S. government securities.


80		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT

Note 6. Lending

of Portfolio Securities

At March 31, 2012, securities valued at $63,579,283 were on loan, secured by U.S. government securities valued at $5,927,429 and by cash collateral of $59,770,132 (which does not reflect calls for collateral made to borrowers by JPMorgan at period end) that is partially or fully invested in short-term securities or other cash equivalents.


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			81


Notes to Financial Statements (continued)

Note 7. Affiliated

Money Market Fund

Note 8. Shareholder

Concentration

At March 31, 2012, one unaffiliated shareholder account owned 14.4% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 9. Line

of Credit

The Fund had no borrowings during the six months ended March 31, 2012.


82		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT

Note 10. Subsequent

Events

Note 11. Information

Regarding Pending and Settled Legal Proceedings


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			83


Notes to Financial Statements (continued)

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.


84		COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT


Proxy Voting


COLUMBIA STRATEGIC ALLOCATION FUND — 2012 SEMIANNUAL REPORT			85

Columbia Strategic Allocation Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

S-6143 AF (5/12)

Item 2.

Code of Ethics. Not applicable for semi-annual reports.

Item 3.

Audit Committee Financial Expert. Not applicable for semi-annual reports.

Item 4.

Principal Accountant Fees and Services. Not applicable for semi-annual reports.

Item 5.

Audit Committee of Listed Registrants. Not applicable.

Item 6.

Investments.

(a)	The registrant’s “Schedule 1 – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)	Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies. Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedure by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11.

Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semi annual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	(registrant)		Columbia Funds Series Trust II

By (Signature and Title)	/s/	J. Kevin Connaughton
		J. Kevin Connaughton, President and Principal Executive Officer

Date	May 23, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By (Signature and Title)	/s/	J. Kevin Connaughton
		J. Kevin Connaughton, President and Principal Executive Officer

Date	May 23, 2012

By (Signature and Title)	/s/	Michael G. Clarke
		Michael G. Clarke, Treasurer and Chief Financial Officer

Date	May 23, 2012

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