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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21852

Columbia Funds Series Trust II

(Exact name of registrant as specified in charter)

225 Franklin Street, Boston, Massachusetts 02110

(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: 1-612-671-1947

Date of fiscal year end: May 31

Date of reporting period: November 30, 2012

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

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

Item 1. Reports to Stockholders.

Semiannual Report November 30, 2012

Columbia Absolute Return Emerging Markets Macro Fund

Columbia Absolute Return Emerging Markets Macro Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

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

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	9
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	22
Supplemental Information	31
Important Information About This Report	33

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Absolute Return Emerging Markets Macro Fund (the Fund) Class A shares returned 4.80% excluding sales charges for the six months ended November 30, 2012.

> The Fund outperformed its benchmarks, the Citigroup 3-Month U.S. Treasury Bill Index and the 1 Month USD LIBOR, which returned 0.04% and 0.12% for the same period, respectively.

Average Annual Total Returns (%) (for period ended November 30, 2012)
	Inception	6 Months cumulative		1 Year		Life
Class A	04/07/11
Excluding sales charges			4.80		5.42		3.63
Including sales charges			-1.23		-0.61		-0.03
Class B	04/07/11
Excluding sales charges			4.42		4.59		2.82
Including sales charges			-0.58		-0.41		0.42
Class C	04/07/11
Excluding sales charges			4.52		4.69		2.88
Including sales charges			3.52		3.69		2.88
Class I	04/07/11		5.09		5.83		4.00
Class R	04/07/11		4.71		5.13		3.33
Class R5*	11/08/12		4.90		5.52		3.69
Class W	04/07/11		4.91		5.46		3.59
Class Z	04/07/11		5.00		5.70		3.86
Citigroup 3-Month U.S. Treasury Bill Index			0.04		0.07		0.06
1 Month USD LIBOR			0.12		0.25		0.39

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

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

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

The Citigroup 3-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills.

The 1 Month USD LIBOR is the average interest rate at which a selection of banks in London lend U.S. dollar funds from one another with a maturity of one month. The LIBOR interest rates are used by banks as the base rate in setting the level of their savings, mortgage and loan interest rates.

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

2 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio Overview

(Unaudited)

Country Breakdown (%) (at November 30, 2012)
Chile	3.1
Colombia	6.7
Dominican Republic	2.8
Greece	0.0	(a)
Indonesia	1.0
Mexico	8.3
Qatar	2.4
Romania	1.1
Russian Federation	4.9
Trinidad and Tobago	1.2
Venezuela	2.3
Short-Term Investments Segregated in Connection with Open Derivatives Contracts(b)	66.2
Total	100.0

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

(a) Rounds to less than 0.1%.

(b) Includes investments in Money Market Funds (amounting to $72 million) which have been segregated to cover obligations related to the Fund’s investment in derivatives which provides exposure to multiple markets. For a description of the Fund’s investments in derivatives, see Investments in Derivatives following the Portfolio of Investments, and Note 2 to the financial statements.

Quality Breakdown (%) (at November 30, 2012)
A rating	20.6
B rating	15.1
BBB rating	54.4
CCC rating	0.0	(a)
Not rated	9.9
Total	100.0

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

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from AAA (highest) to D (lowest), and are subject to change. The ratings shown are determined by using the average of the ratings from Moody’s, S&P, and Fitch. When a rating from only two agencies is available, the average of the two is used. When a rating from only one agency is available, that rating is used. When a bond is not rated by any of these agencies, it is designated as Not rated. Credit ratings are subjective opinions and not statements of fact.

(a) Rounds to less than 0.1%.

Portfolio Management

Nicholas Pifer, CFA

James Carlen, CFA

Semiannual Report 2012 3

Columbia Absolute Return Emerging Markets Macro Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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.

June 1, 2012 – November 30, 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		1,048.00		1,017.65		7.60		7.49		1.48
Class B		1,000.00	1,000.00		1,044.20		1,013.89		11.43		11.26		2.23
Class C		1,000.00	1,000.00		1,045.20		1,013.89		11.43		11.26		2.23
Class I		1,000.00	1,000.00		1,050.90		1,019.70		5.50		5.42		1.07
Class R		1,000.00	1,000.00		1,047.10		1,016.39		8.88		8.74		1.73
Class R5		1,000.00	1,000.00		1,003.80	*	1,019.70		0.62	*	5.42		1.07	*
Class W		1,000.00	1,000.00		1,049.10		1,017.65		7.60		7.49		1.48
Class Z		1,000.00	1,000.00		1,050.00		1,018.90		6.32		6.23		1.23

* For the period November 8, 2012 through November 30, 2012. Class R5 shares commenced operations on November 8, 2012.

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

Expenses do not include fees and expenses incurred indirectly by the Fund from 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.

4 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes 3.8%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Supranational 3.8%
Corp. Andina de Fomento Senior Unsecured
01/15/16		3.750%		3,965,000		4,163,048
Total Corporate Bonds & Notes
(Cost: $4,014,227)						4,163,048
Inflation-Indexed Bonds 6.9%(a)
Mexico 6.9%
Mexican Udibonos
12/19/13		3.500%	MXN	1,953,000		7,557,620
Total Inflation-Indexed Bonds
(Cost: $7,607,708)						7,557,620
Foreign Government Obligations(a) 22.7%
Chile 3.1%
Chile Government International Bond Senior Unsecured
08/05/20		5.500%	CLP	1,500,000,000		3,428,422
Colombia 2.8%
Colombia Government International Bond Senior Unsecured
07/12/21		4.375%		1,700,000		1,966,900
Empresa de Energia de Bogota SA Senior Unsecured(b)
11/10/21		6.125%		1,000,000		1,124,679
Total						3,091,579
Dominican Republic 2.8%
Dominican Republic International Bond Senior Unsecured(b)
05/06/21		7.500%		2,600,000		3,037,315
Greece —%
Hellenic Republic Government Bond Senior Unsecured(c)
10/15/42		0.000%	EUR	1,417,500		11,799
Indonesia 0.9%
Indonesia Treasury Bond Senior Unsecured
10/15/14		11.000%	IDR	9,090,000,000		1,051,365
Mexico 1.4%
Mexican Bonos
06/20/13		9.000%	MXN	1,332,000		1,053,421
12/15/16		7.250%	MXN	567,100		473,373
Total						1,526,794

Foreign Government Obligations (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Qatar 2.3%
Qatar Government International Bond Senior Unsecured
04/09/19		6.550%		2,050,000		2,572,750
Romania 1.1%
Romanian Government International Bond Senior Unsecured(b)
02/07/22		6.750%		1,000,000		1,181,795
Russian Federation 4.8%
Russian Foreign Bond — Eurobond Senior Unsecured(b)
04/04/17		3.250%		2,000,000		2,121,000
Sberbank of Russia Via SB Capital SA Senior Unsecured(b)
02/07/17		4.950%		3,000,000		3,186,270
Total						5,307,270
Trinidad and Tobago 1.2%
Petroleum Co. of Trinidad & Tobago Ltd. Senior Unsecured(b)
08/14/19		9.750%		1,000,000		1,322,265
Venezuela 2.3%
Petroleos de Venezuela SA
11/02/17		8.500%		2,660,000		2,513,700
Total Foreign Government Obligations
(Cost: $23,082,302)						25,045,054
Money Market Funds 65.3%
			Shares		Value ($)
Columbia Short-Term Cash Fund, 0.154%(d)(e)				72,022,163		72,022,163
Total Money Market Funds
(Cost: $72,022,163)						72,022,163
Total Investments
(Cost: $106,726,400)						108,787,885
Other Assets & Liabilities, Net						1,456,225
Net Assets						110,244,110

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

Semiannual Report 2012 5

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Investments in Derivatives

Credit Default Swap Contracts Outstanding at November 30, 2012

Buy Protection

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate (%)		Notional Amount ($)		Market Value ($)			Unamortized Premium (Paid) Received ($)			Periodic Payments Receivable (Payable) ($)			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citigroup Global Markets Limited	Republic of Turkey	December 20, 2015		1.00		2,700,000		(13,077	)		(96,948	)		(5,400	)		—		(115,425	)
Total																	—		(115,425	)

Credit Default Swap Contracts Outstanding at November 30, 2012

Sell Protection

Counterparty	Reference Entity	Expiration Date	Receive Fixed Rate (%)		Implied Credit Spread (%)		Notional Amount ($)		Market Value ($)			Unamortized Premium (Paid) Received ($)		Periodic Payments Receivable (Payable) ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citibank	Republic of Peru	September 20, 2016		1.00		0.762		1,500,000		13,466			32,117		3,000		48,583		—
Citibank	Republic of Peru	September 20, 2016		1.00		0.762		3,000,000		26,931			27,118		6,000		60,049		—
Citibank	People’s Republic of China	December 20, 2016		1.00		0.385		1,500,000		37,275			24,225		3,000		64,500		—
Citibank New York	People’s Republic of China	December 20, 2016		1.00		0.385		9,700,000		241,045			214,458		19,400		474,903		—
Citibank	Republic of Colombia	December 20, 2017		1.00		0.985		2,200,000		1,588			3,211		4,400		9,199		—
Citibank	Federative Republic of Brazil	December 20, 2017		1.00		1.084		2,200,000		(9,174	)		12,806		4,400		8,032		—
Citibank	Republic of Panama	December 20, 2017		1.00		0.981		3,200,000		3,098			3,115		—		6,213		—
Total																	671,479		—

Forward Foreign Currency Exchange Contracts Open at November 30, 2012

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Standard Chartered Bank		December 5, 2012		439,664 (USD	)		5,760,000 (MXN	)		5,651		—
UBS Securities		December 11, 2012		3,048,000 (EUR	)		3,905,463 (USD	)		—		(58,928	)
Goldman, Sachs & Co.		December 11, 2012		2,298,805 (USD	)		7,436,000 (PLN	)		58,980		—
Goldman, Sachs & Co.		December 11, 2012		3,286,007 (USD	)		103,577,000 (RUB	)		67,148		—
Citigroup Global Markets Inc.		January 11, 2013		1,586,229,000 (CLP	)		3,299,557 (USD	)		18,441		—
Deutsche Bank		January 16, 2013		8,340,085 (USD	)		25,529,000 (MYR	)		31,764		—
Standard Chartered Bank		January 24, 2013		2,103,304 (USD	)		4,463,000 (BRL	)		—		(24,154	)
Goldman, Sachs & Co.		January 24, 2013		439,328 (USD	)		790,000 (TRY	)		1,097
HSBC Bank PLC		February 13, 2013		4,457,179 (USD	)		28,000,000 (CNY	)		8,356		—
Total										191,437		(83,082	)

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

6 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Notes to Portfolio of Investments

(a) Principal amounts are denominated in United States Dollars unless otherwise noted.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, the value of these securities amounted to $11,973,324 or 10.86% of net assets.

(c) Variable rate security. The interest rate shown reflects the rate as of November 30, 2012.

(d) The rate shown is the seven-day current annualized yield at November 30, 2012.

(e) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		73,317,978		5,951,384		(7,247,199	)		72,022,163		56,649		72,022,163

Currency Legend

BRL	Brazilian Real
CLP	Chilean Peso
CNY	China, Yuan Renminbi
EUR	Euro
IDR	Indonesian Rupiah
MXN	Mexican Peso
MYR	Malaysia Ringgits
PLN	Polish Zloty
RUB	Russian Rouble
TRY	Turkish Lira
USD	US Dollar

Fair Value Measurements

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

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

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

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

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

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

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

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models

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

Semiannual Report 2012 7

Columbia Absolute Return Emerging Markets Macro Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third- party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 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		—		4,163,048			—		4,163,048
Inflation-Indexed Bonds		—		7,557,620			—		7,557,620
Foreign Government Obligations		—		25,045,054			—		25,045,054
Total Bonds		—		36,765,722			—		36,765,722
Other
Money Market Funds		72,022,163		—			—		72,022,163
Total Other		72,022,163		—			—		72,022,163
Investments in Securities		72,022,163		36,765,722			—		108,787,885
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—		191,437			—		191,437
Swap Contracts		—		671,479			—		671,479
Liabilities
Forward Foreign Currency Exchange Contracts		—		(83,082	)		—		(83,082	)
Swap Contracts		—		(115,425	)		—		(115,425	)
Total		72,022,163		37,430,131			—		109,452,294

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

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

8 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $34,704,237)	$36,765,722
Affiliated issuers (identified cost $72,022,163)	72,022,163
Total investments (identified cost $106,726,400)	108,787,885
Foreign currency (identified cost $782,530)	783,082
Unrealized appreciation on forward foreign currency exchange contracts	191,437
Unrealized appreciation on swap contracts	671,479
Premiums paid on outstanding swap contracts	96,948
Receivable for:
Investments sold	227,631
Capital shares sold	134,688
Dividends	9,089
Interest	469,769
Reclaims	51,537
Expense reimbursement due from Investment Manager	1,366
Prepaid expenses	2,448
Total assets	111,427,359
Liabilities
Disbursements in excess of cash	70,550
Unrealized depreciation on forward foreign currency exchange contracts	83,082
Unrealized depreciation on swap contracts	115,425
Premiums received on outstanding swap contracts	317,051
Payable for:
Investments purchased	435,278
Capital shares purchased	70,735
Investment management fees	2,771
Distribution and/or service fees	238
Transfer agent fees	25,813
Administration fees	241
Compensation of board members	4,681
Other expenses	57,384
Total liabilities	1,183,249
Net assets applicable to outstanding capital stock	$110,244,110
Represented by
Paid-in capital	$105,690,548
Undistributed net investment income	1,044,043
Accumulated net realized gain	781,808
Unrealized appreciation (depreciation) on:
Investments	2,061,485
Foreign currency translations	1,817
Forward foreign currency exchange contracts	108,355
Swap contracts	556,054
Total — representing net assets applicable to outstanding capital stock	$110,244,110

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

Semiannual Report 2012 9

Columbia Absolute Return Emerging Markets Macro Fund

Statement of Assets and Liabilities (continued)

November 30, 2012 (Unaudited)

Class A
Net assets	$453,378
Shares outstanding	43,284
Net asset value per share	$10.47
Maximum offering price per share(a)	$11.11
Class B
Net assets	$2,601
Shares outstanding	250
Net asset value per share	$10.40
Class C
Net assets	$26,512
Shares outstanding	2,548
Net asset value per share	$10.41
Class I
Net assets	$75,448,752
Shares outstanding	7,169,793
Net asset value per share	$10.52
Class R
Net assets	$2,614
Shares outstanding	250
Net asset value per share(b)	$10.45
Class R5
Net assets	$2,510
Shares outstanding	239
Net asset value per share(b)	$10.51
Class W
Net assets	$34,302,711
Shares outstanding	3,279,129
Net asset value per share	$10.46
Class Z
Net assets	$5,032
Shares outstanding	479
Net asset value per share(b)	$10.50

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

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

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

10 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Statement of Operations

Six Months Ended November 30, 2012 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$56,649
Interest	1,001,729
Foreign taxes withheld	(1,460	)
Total income	1,056,918
Expenses:
Investment management fees	497,889
Distribution and/or service fees
Class A	397
Class B	13
Class C	52
Class R	6
Class W	40,954
Transfer agent fees
Class A	1,585
Class B	13
Class C	52
Class R	13
Class W	162,926
Class Z	116
Administration fees	43,295
Compensation of board members	5,759
Custodian fees	7,426
Printing and postage fees	37,757
Registration fees	44,525
Professional fees	18,454
Other	4,333
Total expenses	865,565
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(215,750	)
Total net expenses	649,815
Net investment income	407,103
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(211,332	)
Foreign currency translations	8,790
Forward foreign currency exchange contracts	181,476
Swap contracts	1,209,748
Net realized gain	1,188,682
Net change in unrealized appreciation (depreciation) on:
Investments	2,988,621
Foreign currency translations	29,617
Forward foreign currency exchange contracts	604,649
Swap contracts	55,703
Net change in unrealized appreciation (depreciation)	3,678,590
Net realized and unrealized gain	4,867,272
Net increase in net assets resulting from operations	$5,274,375

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

Semiannual Report 2012 11

Columbia Absolute Return Emerging Markets Macro Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012
Operations
Net investment income		$407,103			$1,791,917
Net realized gain		1,188,682			903,292
Net change in unrealized appreciation (depreciation)		3,678,590			(1,045,364	)
Net increase in net assets resulting from operations		5,274,375			1,649,845
Distributions to shareholders
Net investment income
Class A		—			(1,072	)
Class B		—			(17	)
Class C		—			(17	)
Class I		—			(1,228,266	)
Class R		—			(25	)
Class W		—			(580,605	)
Class Z		—			(610,474	)
Total distributions to shareholders		—			(2,420,476	)
Increase (decrease) in net assets from capital stock activity		(807,272	)		73,999,469
Total increase in net assets		4,467,103			73,228,838
Net assets at beginning of period		105,777,007			32,548,169
Net assets at end of period		$110,244,110			$105,777,007
Undistributed net investment income		$1,044,043			$636,940

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

12 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012(a) (Unaudited)						Year Ended May 31, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		20,019			207,622			30,405			308,695
Distributions reinvested		—			—			104			1,040
Redemptions		(618	)		(6,275	)		(6,876	)		(69,703	)
Net increase		19,401			201,347			23,633			240,032
Class C shares
Subscriptions		2,298			23,717			—			—
Net increase		2,298			23,717			—			—
Class I shares
Subscriptions		64,748			674,804			9,545,912			96,037,522
Distributions reinvested		—			—			123,193			1,228,231
Redemptions		(264,382	)		(2,725,128	)		(3,798,178	)		(38,295,223	)
Net increase (decrease)		(199,634	)		(2,050,324	)		5,870,927			58,970,530
Class R5 shares
Subscriptions		239			2,500			—			—
Net increase		239			2,500			—			—
Class W shares
Subscriptions		481,280			4,960,014			4,970,330			50,662,374
Distributions reinvested		—			—			58,349			580,572
Redemptions		(380,355	)		(3,903,784	)		(1,850,725	)		(18,610,681	)
Net increase		100,925			1,056,230			3,177,954			32,632,265
Class Z shares
Subscriptions		229			2,305			3,729,969			37,820,051
Distributions reinvested		—			—			393			3,917
Redemptions		(4,177	)		(43,047	)		(5,477,953	)		(55,667,326	)
Net decrease		(3,948	)		(40,742	)		(1,747,591	)		(17,843,358	)
Total net increase (decrease)		(80,719	)		(807,272	)		7,324,923			73,999,469

(a) Class R5 shares are for the period from November 8, 2012 (commencement of operations) to November 30, 2012.

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

Semiannual Report 2012 13

Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class A	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.99		$10.01		$10.00
Income from investment operations:
Net investment income (loss)	0.02		0.12		(0.00	)(b)
Net realized and unrealized gain (loss)	0.46		(0.01	)	0.01
Total from investment operations	0.48		0.11		0.01
Less distributions to shareholders:
Net investment income	—		(0.13	)	—
Total distributions to shareholders	—		(0.13	)	—
Net asset value, end of period	$10.47		$9.99		$10.01
Total return	4.80	%	1.09	%	0.10	%
Ratios to average net assets(c)
Total gross expenses	2.47	%(d)	1.79	%	7.31	%(d)
Total net expenses(e)	1.48	%(d)	1.48	%	1.45	%(d)
Net investment income (loss)	0.44	%(d)	1.16	%	(0.24	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$453		$238		$3
Portfolio turnover	1	%	285	%	5	%

Notes to Financial Highlights

(a) For the period from April 7, 2011 (commencement of operations) to May 31, 2011.

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

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

14 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class B	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.96		$10.00		$10.00
Income from investment operations:
Net investment income (loss)	(0.01	)	0.08		(0.01	)
Net realized and unrealized gain (loss)	0.45		(0.05	)	0.01
Total from investment operations	0.44		0.03		—
Less distributions to shareholders:
Net investment income	—		(0.07	)	—
Total distributions to shareholders	—		(0.07	)	—
Net asset value, end of period	$10.40		$9.96		$10.00
Total return	4.42	%	0.26	%	0.00	%
Ratios to average net assets(b)
Total gross expenses	3.21	%(c)	2.95	%	8.00	%(c)
Total net expenses(d)	2.23	%(c)	2.23	%	2.21	%(c)
Net investment income (loss)	(0.24	%)(c)	0.76	%	(0.93	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$3		$2		$2
Portfolio turnover	1	%	285	%	5	%

Notes to Financial Highlights

(a) For the period from April 7, 2011 (commencement of operations) to May 31, 2011.

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

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

Semiannual Report 2012 15

Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class C	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.96		$10.00		$10.00
Income from investment operations:
Net investment income (loss)	(0.02	)	0.08		(0.01	)
Net realized and unrealized gain (loss)	0.47		(0.05	)	0.01
Total from investment operations	0.45		0.03		—
Less distributions to shareholders:
Net investment income	—		(0.07	)	—
Total distributions to shareholders	—		(0.07	)	—
Net asset value, end of period	$10.41		$9.96		$10.00
Total return	4.52	%	0.26	%	0.00	%
Ratios to average net assets(b)
Total gross expenses	3.23	%(c)	2.95	%	8.00	%(c)
Total net expenses(d)	2.23	%(c)	2.23	%	2.21	%(c)
Net investment income (loss)	(0.34	%)(c)	0.76	%	(0.93	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$27		$2		$2
Portfolio turnover	1	%	285	%	5	%

Notes to Financial Highlights

(a) For the period from April 7, 2011 (commencement of operations) to May 31, 2011.

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

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

16 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class I	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$10.01		$10.01		$10.00
Income from investment operations:
Net investment income (loss)	0.05		0.15		0.00	(b)
Net realized and unrealized gain (loss)	0.46		(0.01	)	0.01
Total from investment operations	0.51		0.14		0.01
Less distributions to shareholders:
Net investment income	—		(0.14	)	—
Total distributions to shareholders	—		(0.14	)	—
Net asset value, end of period	$10.52		$10.01		$10.01
Total return	5.09	%	1.40	%	0.10	%
Ratios to average net assets(c)
Total gross expenses	1.21	%(d)	1.10	%	6.95	%(d)
Total net expenses(e)	1.07	%(d)	1.10	%	1.16	%(d)
Net investment income	0.87	%(d)	1.51	%	0.11	%(d)
Supplemental data
Net assets, end of period (in thousands)	$75,449		$73,788		$15,003
Portfolio turnover	1	%	285	%	5	%

Notes to Financial Highlights

(a) For the period from April 7, 2011 (commencement of operations) to May 31, 2011.

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

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

Semiannual Report 2012 17

Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class R	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.98		$10.00		$10.00
Income from investment operations:
Net investment income (loss)	0.01		0.13		(0.01	)
Net realized and unrealized gain (loss)	0.46		(0.05	)	0.01
Total from investment operations	0.47		0.08		—
Less distributions to shareholders:
Net investment income	—		(0.10	)	—
Total distributions to shareholders	—		(0.10	)	—
Net asset value, end of period	$10.45		$9.98		$10.00
Total return	4.71	%	0.81	%	0.00	%
Ratios to average net assets(b)
Total gross expenses	2.70	%(c)	2.64	%	7.54	%(c)
Total net expenses(d)	1.73	%(c)	1.73	%	1.73	%(c)
Net investment income (loss)	0.25	%(c)	1.26	%	(0.46	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$3		$2		$3
Portfolio turnover	1	%	285	%	5	%

Notes to Financial Highlights

(a) For the period from from April 7, 2011 (commencement of operations) to May 31, 2011.

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

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

18 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months  Ended November 30,  2012(a)
Class R5	(Unaudited)
Per share data
Net asset value, beginning of period	$10.47
Income from investment operations:
Net investment income	0.01
Net realized and unrealized gain	0.03
Total from investment operations	0.04
Net asset value, end of period	$10.51
Total return	0.38	%
Ratios to average net assets(b)
Total gross expenses	1.42	%(c)
Total net expenses(d)	1.07	%(c)
Net investment income	0.84	%(c)
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	1	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to November 30, 2012.

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

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

Semiannual Report 2012 19

Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class W	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.97		$10.01		$10.00
Income from investment operations:
Net investment income (loss)	0.02		0.12		0.00	(b)
Net realized and unrealized gain (loss)	0.47		(0.03	)	0.01
Total from investment operations	0.49		0.09		0.01
Less distributions to shareholders:
Net investment income	—		(0.13	)	—
Total distributions to shareholders	—		(0.13	)	—
Net asset value, end of period	$10.46		$9.97		$10.01
Total return	4.91	%	0.92	%	0.10	%
Ratios to average net assets(c)
Total gross expenses	2.46	%(d)	1.88	%	7.27	%(d)
Total net expenses(e)	1.48	%(d)	1.48	%	1.48	%(d)
Net investment income (loss)	0.47	%(d)	1.18	%	(0.20	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$34,303		$31,699		$3
Portfolio turnover	1	%	285	%	5	%

Notes to Financial Highlights

(a) For the period from April 7, 2011 (commencement of operations) to May 31, 2011.

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

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

20 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class Z	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$10.00		$10.01		$10.00
Income from investment operations:
Net investment income (loss)	0.04		0.17		(0.01	)
Net realized and unrealized gain (loss)	0.46		(0.04	)	0.02
Total from investment operations	0.50		0.13		0.01
Less distributions to shareholders:
Net investment income	—		(0.14	)	—
Total distributions to shareholders	—		(0.14	)	—
Net asset value, end of period	$10.50		$10.00		$10.01
Total return	5.00	%	1.27	%	0.10	%
Ratios to average net assets(b)
Total gross expenses	2.16	%(c)	1.75	%	12.46	%(c)
Total net expenses(d)	1.23	%(c)	1.23	%	1.21	%(c)
Net investment income (loss)	0.83	%(c)	1.71	%	(0.40	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$5		$44		$17,532
Portfolio turnover	1	%	285	%	5	%

Notes to Financial Highlights

(a) For the period from April 7, 2011 (commencement of operations) to May 31, 2011.

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

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

Semiannual Report 2012 21

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements

November 30, 2012 (Unaudited)

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R, 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 R5 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R5 shares commenced operations on November 8, 2012.

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.

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

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.

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 ask 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 New York Stock Exchange (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 or market, to determine a good faith

22 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under 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 fair value.

Foreign Currency Transactions and Translations

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.

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

fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to 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.

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 shift investment exposure from one currency to another.

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 expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio

Semiannual Report 2012 23

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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.

Interest Rate Swap Contracts

The Fund entered into interest rate swap transactions to synthetically add or subtract principal exposure to a market. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future (the effective date). The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.

Risks of entering into interest rate swaps include a lack of correlation between the swaps and the portfolio of bonds the swaps are designed to hedge or replicate. A lack of correlation may cause the interest rate swaps to experience adverse changes in value relative to expectations. In addition, interest rate swaps are subject to the risk of default of a counterparty, and the risk of adverse movements in market interest rates relative to the interest rate swap positions taken. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life to the extent that such amount is positive, plus the cost of entering into a similar transaction with another counterparty.

The Fund attempts to mitigate counterparty credit risk by entering into interest rate swap transactions only with counterparties that meet prescribed levels of creditworthiness, as determined by the Investment Manager. The Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to monitor (on a daily basis) the net market value of all derivative transactions entered into pursuant to the contract between the Fund and such counterparty. If the net market value of such derivatives

transactions between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty is required to post cash and/or securities as collateral. Market values of derivatives transactions presented in the financial statements are not netted with the market values of other derivatives transactions or with any collateral amounts posted by the Fund or any counterparty.

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 a single issuer of debt securities.

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

24 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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.

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.

The following table is a summary of the fair value of derivative instruments at November 30, 2012:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit contracts	Unrealized appreciation on swap contracts	671,479
Credit contracts	Premiums paid on outstanding credit default swap contracts	96,948
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	191,437
Total		959,864
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit contracts	Unrealized depreciation on swap contracts	115,425
Credit contracts	Premiums received on outstanding credit default swap contracts	317,051
Foreign exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	83,082
Total		515,558

The effect of derivative instruments in the Statement of Operations for the six months ended November 30, 2012:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Swap Contracts ($)			Total ($)
Credit contracts		—		1,209,748			1,209,748
Foreign exchange contracts		181,476		—			181,476
Interest rate contracts		—		—			—
Total		181,476		1,209,748			1,391,224
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Swap Contracts ($)			Total ($)
Credit contracts		—		338,990			338,990
Foreign exchange contracts		604,649		—			604,649
Interest rate contracts		—		(283,287	)		(283,287	)
Total		604,649		55,703			660,352

Semiannual Report 2012 25

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

The following table is a summary of the volume of derivative instruments for the six months ended November 30, 2012:

Derivative Instrument	Contracts Opened
Forward foreign currency exchange contracts		40
Derivative Instrument	Aggregate Notional Opened ($)
Credit default swap contracts — sell protection		12,000,000

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.

Security Transactions

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

Income Recognition

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

Inflation adjustments to the principal amount and cost basis of inflation-indexed securities are included in interest income.

Dividend income is recorded on the ex-dividend date.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

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. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

26 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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 investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.92% to 0.80% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.92% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.08% to 0.05% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2012 was 0.08% of the Fund’s average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $665.

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 fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R5 shares.

Semiannual Report 2012 27

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

For the six months ended November 30, 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	0.99	%
Class B	1.00
Class C	1.00
Class R	0.99
Class R5	0.04
Class W	0.99
Class Z	0.97

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 November 30, 2012, no minimum account balance fees were charged by the Fund.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution 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 $42,000 for Class C shares. This amount is based on the most recent information available as of September 30, 2012, 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 $288 for Class A for the six months ended November 30, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective August 1, 2012, 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 September 30, 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	1.48	%
Class B	2.23
Class C	2.23
Class I	1.03
Class R	1.73
Class R5	1.08
Class W	1.48
Class Z	1.23

Prior to August 1, 2012, the Investment Manager and certain of 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	1.48	%
Class B	2.23
Class C	2.23
Class I	1.16
Class R	1.73
Class W	1.48
Class Z	1.23

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction

28 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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.

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $106,726,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$2,128,000
Unrealized depreciation	(66,000	)
Net unrealized appreciation	$2,062,000

The following capital loss carryforward, determined as of May 31, 2012 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 ($)
Unlimited short-term		241,740

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat post-October capital losses of $165,134 at May 31, 2012 as arising on June 1, 2012.

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 $2,588,508 and $257,229, respectively, for the six months ended November 30, 2012.

Note 6. Affiliated Money Market Fund

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

Note 7. Shareholder Concentration

At November 30, 2012, one unaffiliated shareholder account owned 31.6% 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. Affiliated shareholder accounts owned 68.4% 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 8. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. 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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the six months ended November 30, 2012.

Note 9. Significant Risks

Non-Diversification Risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. The Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

Semiannual Report 2012 29

Columbia Absolute Return Emerging Markets Macro Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Note 10. Subsequent Events

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

Note 11. Information Regarding Pending and Settled Legal Proceedings

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

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 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.

30 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal year ended May 31, 2012 and period ended May 31, 2011 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal year ended May 31, 2012 and period ended May 31, 2011 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Semiannual Report 2012 31

Columbia Absolute Return Emerging Markets Macro Fund

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32 Semiannual Report 2012

Columbia Absolute Return Emerging Markets Macro Fund

Important Information About This Report

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

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 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 sec.gov.

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

Semiannual Report 2012 33

Columbia Absolute Return Emerging Markets Macro Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6429 C (1/13)

Semiannual Report November 30, 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Columbia Absolute Return Enhanced Multi-Strategy Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

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

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	22
Statement of Operations	24
Statement of Changes in Net Assets	25
Financial Highlights	27
Notes to Financial Statements	35
Supplemental Information	45
Important Information About This Report	49

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Absolute Return Enhanced Multi-Strategy Fund (the Fund) Class A shares returned 0.40% excluding sales charges for the six months ended November 30, 2012.

> The Fund outperformed its primary benchmark, the Citigroup 3-Month U.S. Treasury Bill Index, which returned 0.04% for the same period.

> The S&P 500 Index, a broad measure of the U.S. equity market, returned 9.32%, and the Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. fixed income market, returned 1.99% for the same time period.

> The Fund also underperformed the Blended Index, which returned 6.36% for the same six months.

Average Annual Total Returns (%) (for period ended November 30, 2012)
	Inception	6 Months cumulative			1 Year		Life
Class A	03/31/11
Excluding sales charges			0.40			2.02		0.36
Including sales charges			-5.37			-3.83		-3.14
Class B	03/31/11
Excluding sales charges			0.00	*		1.22		-0.42
Including sales charges			-5.00			-3.78		-2.83
Class C	03/31/11
Excluding sales charges			0.00	*		1.22		-0.36
Including sales charges			-1.00			0.22		-0.36
Class I	03/31/11		0.60			2.22		0.60
Class R	03/31/11		0.20			1.72		0.10
Class R5**	11/08/12		0.39			2.01		0.35
Class W	03/31/11		0.40			2.02		0.36
Class Z	03/31/11		0.50			2.22		0.60
Citigroup 3-Month U.S. Treasury Bill Index			0.04			0.07		0.06
S&P 500 Index			9.32			16.13		6.35
Barclays U.S. Aggregate Bond Index			1.99			5.51		7.07
Blended Index			6.36			11.93		6.93

* Rounds to less than 0.01%.

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

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

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

The Citigroup 3-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills.

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

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

The Blended Index is comprised 60% of the S&P 500 Index and 40% of the Barclays U.S. Aggregate Bond Index.

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

2 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) — Long Positions (at November 30, 2012)
Philip Morris International, Inc.	1.8
Apple, Inc.	1.7
Castle Peak Loan Trust	1.6
Exxon Mobil Corp.	1.4
Johnson & Johnson	1.3
JPMorgan Chase & Co.	1.3
QUALCOMM, Inc.	1.2
Pfizer, Inc.	1.2
International Business Machines Corp.	1.2
Google, Inc., Class A	1.1

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

Top Ten Holdings (%) — Short Positions (at November 30, 2012)
Computer Sciences Corp.	(1.7	)
Northern Trust Corp.	(1.6	)
Quanta Services, Inc.	(1.5	)
M&T Bank Corp.	(1.5	)
Omnicom Group, Inc.	(1.4	)
Laboratory Corp. of America Holdings	(1.4	)
Clorox Co. (The)	(1.4	)
Church & Dwight Co., Inc.	(1.4	)
Paychex, Inc.	(1.3	)
Parkway Properties, Inc.	(1.3	)

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

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

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

Portfolio Management

Todd White

Kent Peterson, PhD

Semiannual Report 2012 3

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio Overview (continued)

(Unaudited)

Portfolio Breakdown (%) (at November 30, 2012)
	Long		Short			Net
Common Stocks		40.8		(11.3	)		29.5
Consumer Discretionary		6.0		(1.9	)		4.1
Consumer Staples		3.9		(1.0	)		2.9
Energy		3.0		(0.2	)		2.8
Financials		6.1		(2.1	)		4.0
Health Care		7.0		(2.0	)		5.0
Industrials		3.9		(1.6	)		2.3
Information Technology		8.0		(1.9	)		6.1
Materials		1.1		(0.4	)		0.7
Telecommunication Services		0.9		0.0			0.9
Utilities		0.9		(0.2	)		0.7
Convertible Preferred Stocks		1.4		0.0			1.4
Consumer Staples		0.1		0.0			0.1
Energy		0.1		0.0			0.1
Financials		0.6		0.0			0.6
Industrials		0.2		0.0			0.2
Information Technology		0.1		0.0			0.1
Utilities		0.3		0.0			0.3
Bonds		5.1		0.0			5.1
Convertible Bonds		4.3		0.0			4.3
Residential Mortgage-Backed Securities — Non-Agency		0.8		0.0			0.8
Short-Term Investments Segregated in Connection with Open Derivatives Contracts (a)		64.0		0.0			64.0
Total		111.3		(11.3	)		100.0

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

(a) Includes investments in Money Market Funds (amounting to $51.8 million) which have been segregated to cover obligations related to the Fund’s investment in derivatives which provides exposure to multiple markets. For a description of the Fund’s investments in derivatives, see Investments in Derivatives following the Portfolio of Investments, and Note 2 to the financial statements.

4 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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.

June 1, 2012 – November 30, 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		1,004.00		1,016.14		8.94		9.00		1.78
Class B		1,000.00	1,000.00		1,000.00		1,012.43		12.63		12.71		2.52
Class C		1,000.00	1,000.00		1,000.00		1,012.43		12.63		12.71		2.52
Class I		1,000.00	1,000.00		1,006.00		1,018.15		6.94		6.98		1.38
Class R		1,000.00	1,000.00		1,002.00		1,014.84		10.24		10.30		2.04
Class R5		1,000.00	1,000.00		1,010.90	*	1,018.00		0.82	*	7.13		1.41	*
Class W		1,000.00	1,000.00		1,004.00		1,016.14		8.94		9.00		1.78
Class Z		1,000.00	1,000.00		1,005.00		1,017.35		7.74		7.79		1.54

* For the period November 8, 2012 through November 30, 2012. Class R5 shares commenced operations on November 8, 2012.

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

Expenses do not include fees and expenses incurred indirectly by the Fund from 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.

Semiannual Report 2012 5

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 34.7%
Issuer	Shares		Value ($)
Consumer Discretionary 5.2%
Auto Components 0.2%
Delphi Automotive PLC(a)		1,400		47,586
TRW Automotive Holdings Corp.(a)		2,108		106,749
Total				154,335
Automobiles 0.1%
General Motors Co.(a)		2,860		74,017
Diversified Consumer Services —%
Weight Watchers International, Inc.		303		15,744
Hotels, Restaurants & Leisure 0.9%
Bally Technologies, Inc.(a)		1,021		46,088
Las Vegas Sands Corp.		5,147		240,108
McDonald’s Corp.		2,349		204,457
Wynn Resorts Ltd.		1,118		125,663
Yum! Brands, Inc.		3,002		201,374
Total				817,690
Internet & Catalog Retail 0.6%
Amazon.com, Inc.(a)		849		213,990
Expedia, Inc.		1,019		63,035
Liberty Interactive Corp., Class A(a)		6,302		121,629
priceline.com, Inc.(a)		256		169,769
Total				568,423
Leisure Equipment & Products 0.1%
Mattel, Inc.		1,925		72,207
Media 1.3%
Comcast Corp., Class A		7,487		278,367
DIRECTV(a)		2,002		99,499
Discovery Communications, Inc., Class A(a)		1,716		103,664
DISH Network Corp., Class A(a)		3,828		141,789
Interpublic Group of Companies, Inc. (The)		5,000		54,100
McGraw-Hill Companies, Inc. (The)		1,260		66,919
Meredith Corp.		1,625		50,667
News Corp., Class A		4,188		103,192
Time Warner, Inc.		2,885		136,460
Viacom, Inc., Class B		4,178		215,627
Total				1,250,284
Multiline Retail 0.5%
Family Dollar Stores, Inc.		766		54,539
Macy’s, Inc.		3,079		119,157
Nordstrom, Inc.		1,060		57,336
Saks, Inc.(a)		7,000		73,500
Target Corp.		3,338		210,728
Total				515,260

Common Stocks (continued)
Issuer	Shares		Value ($)
Specialty Retail 0.9%
American Eagle Outfitters, Inc.		3,335		70,702
Gap, Inc. (The)		3,335		114,924
Home Depot, Inc. (The)		6,298		409,811
Lowe’s Companies, Inc.		2,446		88,276
Pier 1 Imports, Inc.		2,212		42,448
TJX Companies, Inc.		1,640		72,718
Urban Outfitters, Inc.(a)		1,315		49,575
Total				848,454
Textiles, Apparel & Luxury Goods 0.6%
lululemon athletica, Inc.(a)		2,138		153,466
Michael Kors Holdings Ltd.(a)		5,626		299,022
Nike, Inc., Class B		975		95,043
VF Corp.		305		48,955
Total				596,486
Total Consumer Discretionary				4,912,900
Consumer Staples 3.3%
Beverages 0.5%
Coca-Cola Co. (The)		2,455		93,093
Diageo PLC, ADR		1,989		237,825
PepsiCo, Inc.		2,671		187,531
Total				518,449
Food & Staples Retailing 0.4%
CVS Caremark Corp.		2,721		126,554
Kroger Co. (The)		3,314		86,959
Wal-Mart Stores, Inc.		2,320		167,087
Walgreen Co.		430		14,581
Total				395,181
Food Products 0.8%
Campbell Soup Co.		3,137		115,285
ConAgra Foods, Inc.		3,555		106,152
General Mills, Inc.		1,620		66,404
HJ Heinz Co.		2,205		128,904
Kellogg Co.		2,326		129,000
Mondelez International, Inc., Class A		4,271		110,576
Smithfield Foods, Inc.(a)		2,399		53,666
Total				709,987
Household Products 0.5%
Kimberly-Clark Corp.		1,195		102,435
Procter & Gamble Co. (The)		5,407		377,571
Total				480,006
Personal Products 0.2%
Estee Lauder Companies, Inc. (The), Class A		2,510		146,208

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

6 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Tobacco 0.9%
Altria Group, Inc.		6,670		225,512
Philip Morris International, Inc.		7,460		670,505
Total				896,017
Total Consumer Staples				3,145,848
Energy 2.6%
Energy Equipment & Services 0.4%
FMC Technologies, Inc.(a)		4,178		170,713
Halliburton Co.		4,224		140,870
National Oilwell Varco, Inc.		557		38,043
Oil States International, Inc.(a)		736		52,050
Total				401,676
Oil, Gas & Consumable Fuels 2.2%
Apache Corp.		1,855		143,002
Chevron Corp.		4,063		429,419
ConocoPhillips		3,597		204,813
Devon Energy Corp.		371		19,170
EOG Resources, Inc.		1,566		184,193
Exxon Mobil Corp.		5,962		525,491
Kinder Morgan, Inc.		2,945		99,570
Noble Energy, Inc.		795		77,711
Occidental Petroleum Corp.		1,220		91,756
Phillips 66		1,060		55,512
Royal Dutch Shell PLC, ADR		2,440		163,407
Whiting Petroleum Corp.(a)		984		41,269
Total				2,035,313
Total Energy				2,436,989
Financials 5.2%
Capital Markets 1.2%
BlackRock, Inc.		2,023		398,612
Franklin Resources, Inc.		1,906		251,630
Goldman Sachs Group, Inc. (The)		708		83,395
Invesco Ltd.		3,826		95,612
Morgan Stanley		3,997		67,430
Northern Trust Corp.		1,340		64,347
State Street Corp.		2,323		103,234
T Rowe Price Group, Inc.		790		51,089
Total				1,115,349
Commercial Banks 0.9%
Fifth Third Bancorp		5,440		79,642
Huntington Bancshares, Inc.		12,025		73,954
PNC Financial Services Group, Inc.		3,060		171,788

Common Stocks (continued)
Issuer	Shares		Value ($)
U.S. Bancorp		5,242		169,107
Wells Fargo & Co.		10,545		348,090
Total				842,581
Consumer Finance 0.1%
American Express Co.		1,925		107,608
Diversified Financial Services 0.8%
Citigroup, Inc.		5,098		176,238
CME Group, Inc.		1,180		65,219
JPMorgan Chase & Co.		12,215		501,792
NYSE Euronext		290		6,771
Total				750,020
Insurance 1.3%
ACE Ltd.		2,095		165,987
Aon PLC		3,502		198,913
Berkshire Hathaway, Inc., Class B(a)		4,529		398,914
Chubb Corp. (The)		980		75,450
Marsh & McLennan Companies, Inc.		2,850		100,377
MetLife, Inc.		1,225		40,658
Principal Financial Group, Inc.		2,775		75,341
Prudential Financial, Inc.		1,750		91,210
RenaissanceRe Holdings Ltd.		335		27,725
Unum Group		2,140		43,635
Total				1,218,210
Real Estate Investment Trusts (REITs) 0.8%
CBL & Associates Properties, Inc.		2,302		51,818
CubeSmart		5,812		80,206
Digital Realty Trust, Inc.		1,675		108,104
Duke Realty Corp.		2,195		29,633
Extra Space Storage, Inc.		2,100		73,815
Federal Realty Investment Trust		475		49,419
Highwoods Properties, Inc.		2,339		75,409
Lexington Realty Trust		5,836		55,967
Post Properties, Inc.		1,050		51,587
Public Storage		365		51,334
Simon Property Group, Inc.		602		91,582
SL Green Realty Corp.		1,184		89,250
Total				808,124
Real Estate Management & Development —%
Realogy Holdings Corp.(a)		954		35,975
Thrifts & Mortgage Finance 0.1%
People’s United Financial, Inc.		3,805		46,383
Total Financials				4,924,250

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

Semiannual Report 2012 7

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Health Care 5.9%
Biotechnology 1.4%
Alexion Pharmaceuticals, Inc.(a)		1,688		162,082
Amarin Corp. PLC, ADR(a)		4,262		52,891
Amgen, Inc.		1,650		146,520
Biogen Idec, Inc.(a)		1,355		202,017
Celgene Corp.(a)		3,447		270,900
Dynavax Technologies Corp.(a)		20,700		58,788
Gilead Sciences, Inc.(a)		3,423		256,725
Onyx Pharmaceuticals, Inc.(a)		660		49,810
Sarepta Therapeutics, Inc.(a)		1,140		33,436
Sunesis Pharmaceuticals, Inc.(a)		5,925		29,447
Vertex Pharmaceuticals, Inc.(a)		1,211		48,186
Total				1,310,802
Health Care Equipment & Supplies 0.8%
Baxter International, Inc.		2,063		136,715
Covidien PLC		3,716		215,937
Edwards Lifesciences Corp.(a)		1,877		162,867
Hologic, Inc.(a)		3,885		74,126
Insulet Corp.(a)		2,305		50,595
St. Jude Medical, Inc.		1,170		40,108
Zimmer Holdings, Inc.		1,184		78,108
Total				758,456
Health Care Providers & Services 0.6%
Aetna, Inc.		1,874		80,938
Cardinal Health, Inc.		2,463		99,628
CIGNA Corp.		3,753		196,169
Express Scripts Holding Co.(a)		2,390		128,702
McKesson Corp.		1,189		112,325
Total				617,762
Life Sciences Tools & Services 0.2%
Life Technologies Corp.(a)		1,656		81,723
Thermo Fisher Scientific, Inc.		1,809		114,962
Total				196,685
Pharmaceuticals 2.9%
Abbott Laboratories		6,264		407,160
Allergan, Inc.		1,835		170,196
Bristol-Myers Squibb Co.		7,035		229,552
Endo Health Solutions, Inc.(a)		3,035		86,983
GlaxoSmithKline PLC, ADR		4,060		174,621
Jazz Pharmaceuticals PLC(a)		965		51,994
Johnson & Johnson		7,246		505,264
Merck & Co., Inc.		7,323		324,409
Mylan, Inc.(a)		2,875		78,143

Common Stocks (continued)
Issuer	Shares		Value ($)
Novo Nordisk A/S, ADR		990		157,083
Pfizer, Inc.		18,259		456,840
Roche Holding AG, ADR		1,020		50,194
Watson Pharmaceuticals, Inc.(a)		900		79,209
Total				2,771,648
Total Health Care				5,655,353
Industrials 3.3%
Aerospace & Defense 1.2%
Boeing Co. (The)		2,650		196,842
General Dynamics Corp.		1,403		93,299
Honeywell International, Inc.		4,011		245,995
L-3 Communications Holdings, Inc.		1,095		84,151
Precision Castparts Corp.		877		160,833
Raytheon Co.		3,564		203,611
United Technologies Corp.		1,874		150,126
Total				1,134,857
Air Freight & Logistics 0.1%
FedEx Corp.		902		80,756
United Parcel Service, Inc., Class B		650		47,522
Total				128,278
Commercial Services & Supplies 0.3%
ADT Corp. (The)(a)		946		43,421
Tyco International Ltd.		5,077		144,034
Waste Connections, Inc.		1,591		52,376
Waste Management, Inc.		1,850		60,255
Total				300,086
Construction & Engineering 0.2%
Foster Wheeler AG(a)		2,555		57,385
KBR, Inc.		3,333		92,658
Total				150,043
Electrical Equipment 0.1%
Emerson Electric Co.		1,105		55,504
Rockwell Automation, Inc.		825		65,373
Total				120,877
Industrial Conglomerates 0.2%
General Electric Co.		8,940		188,902
Machinery 0.6%
Cummins, Inc.		470		46,135
Deere & Co.		590		49,589
Dover Corp.		2,203		140,089
Eaton Corp.		956		49,865
Illinois Tool Works, Inc.		799		49,194
Navistar International Corp.(a)		1,960		40,004

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

8 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Parker Hannifin Corp.		1,618		132,919
Stanley Black & Decker, Inc.		875		62,921
Total				570,716
Professional Services 0.2%
Dun & Bradstreet Corp. (The)		1,165		92,245
Nielsen Holdings NV(a)		3,673		104,019
Total				196,264
Road & Rail 0.3%
JB Hunt Transport Services, Inc.		1,095		65,098
Norfolk Southern Corp.		974		58,810
Union Pacific Corp.		1,387		170,296
Total				294,204
Trading Companies & Distributors 0.1%
AerCap Holdings NV(a)		3,850		48,164
MRC Global, Inc.(a)		1,278		35,822
Total				83,986
Total Industrials				3,168,213
Information Technology 6.8%
Communications Equipment 0.6%
Cisco Systems, Inc.		6,209		117,412
QUALCOMM, Inc.		7,380		469,516
Total				586,928
Computers & Peripherals 1.3%
Apple, Inc.		1,080		632,102
EMC Corp.(a)		16,532		410,324
Hewlett-Packard Co.		8,630		112,104
NCR Corp.(a)		3,906		93,471
Total				1,248,001
Internet Software & Services 1.4%
Baidu, Inc., ADR(a)		2,127		204,851
eBay, Inc.(a)		4,707		248,624
Facebook, Inc., Class A(a)		8,709		243,852
Google, Inc., Class A(a)		621		433,688
LinkedIn Corp., Class A(a)		1,991		215,307
Total				1,346,322
IT Services 1.5%
Accenture PLC, Class A		3,991		271,069
Automatic Data Processing, Inc.		1,500		85,140
Cognizant Technology Solutions Corp., Class A(a)		2,244		150,864
International Business Machines Corp.		2,380		452,366
Mastercard, Inc., Class A		578		282,457

Common Stocks (continued)
Issuer	Shares		Value ($)
Visa, Inc., Class A		1,453		217,529
Total				1,459,425
Office Electronics 0.1%
Canon, Inc., ADR		1,080		37,994
Xerox Corp.		4,437		30,216
Total				68,210
Semiconductors & Semiconductor Equipment 0.8%
Analog Devices, Inc.		2,000		81,200
Avago Technologies Ltd.		1,642		57,634
Fairchild Semiconductor International, Inc.(a)		5,715		76,238
Intel Corp.		9,835		192,471
KLA-Tencor Corp.		635		28,874
Maxim Integrated Products, Inc.		2,940		85,819
NVIDIA Corp.		5,485		65,710
Skyworks Solutions, Inc.(a)		5,199		117,757
Texas Instruments, Inc.		2,245		66,160
Total				771,863
Software 1.1%
Autodesk, Inc.(a)		2,680		88,788
Check Point Software Technologies Ltd.(a)		1,734		80,059
Citrix Systems, Inc.(a)		1,290		78,896
Electronic Arts, Inc.(a)		3,807		56,382
Microsoft Corp.		15,837		421,581
Oracle Corp.		2,876		92,320
Salesforce.com, Inc.(a)		1,452		228,937
Total				1,046,963
Total Information Technology				6,527,712
Materials 1.0%
Chemicals 0.7%
Celanese Corp., Class A		1,442		59,180
Dow Chemical Co. (The)		4,050		122,269
EI du Pont de Nemours & Co.		2,125		91,672
LyondellBasell Industries NV, Class A		1,090		54,206
Mosaic Co. (The)		1,380		74,603
RPM International, Inc.		1,915		55,554
Sherwin-Williams Co. (The)		1,490		227,255
Total				684,739
Containers & Packaging 0.1%
Sonoco Products Co.		1,595		47,962
Metals & Mining 0.1%
BHP Billiton Ltd., ADR		595		42,864
Freeport-McMoRan Copper & Gold, Inc.		2,357		91,946
Total				134,810

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

Semiannual Report 2012 9

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Paper & Forest Products 0.1%
International Paper Co.		1,990		73,909
Total Materials				941,420
Telecommunication Services 0.7%
Diversified Telecommunication Services 0.6%
AT&T, Inc.		7,520		256,658
Verizon Communications, Inc.		6,960		307,075
Total				563,733
Wireless Telecommunication Services 0.1%
Sprint Nextel Corp.(a)		12,270		70,307
Vodafone Group PLC, ADR		2,652		68,422
Total				138,729
Total Telecommunication Services				702,462
Utilities 0.7%
Electric Utilities 0.2%
American Electric Power Co., Inc.		1,645		70,159
NextEra Energy, Inc.		605		41,569
Northeast Utilities		1,644		63,689
Westar Energy, Inc.		1,620		46,494
Total				221,911
Gas Utilities 0.1%
National Fuel Gas Co.		970		50,518
Multi-Utilities 0.4%
CMS Energy Corp.		2,225		54,357
Dominion Resources, Inc.		890		45,488
DTE Energy Co.		1,832		110,983
Public Service Enterprise Group, Inc.		3,095		93,128
Sempra Energy		1,170		80,051
Wisconsin Energy Corp.		1,415		53,105
Total				437,112
Total Utilities				709,541
Total Common Stocks
(Cost: $28,409,883)				33,124,688
Convertible Preferred Stocks 1.1%
Consumer Staples 0.1%
Food Products 0.1%
Bunge Ltd., 4.875%		600		61,303
Total Consumer Staples				61,303

Convertible Preferred Stocks (continued)
Issuer	Shares		Value ($)
Energy 0.1%
Oil, Gas & Consumable Fuels 0.1%
Penn Virginia Corp., 6.000%		550		50,374
Total Energy				50,374
Financials 0.5%
Commercial Banks 0.1%
Fifth Third Bancorp, 8.500%		335		46,830
Wells Fargo & Co., 7.500%		50		61,800
Total				108,630
Diversified Financial Services 0.3%
AMG Capital Trust II, 5.150%		1,900		89,894
Bank of America Corp., 7.250%		140		155,820
Total				245,714
Real Estate Investment Trusts (REITs) 0.1%
Alexandria Real Estate Equities, Inc., 7.000%		2,900		77,212
Health Care REIT, Inc., 6.500%		1,000		56,200
Total				133,412
Total Financials				487,756
Industrials 0.1%
Aerospace & Defense —%
United Technologies Corp., 7.500%		1,000		54,720
Airlines 0.1%
Continental Airlines Finance Trust II, 6.000%		2,200		72,875
Professional Services —%
Nielsen Holdings NV, 6.250%		1,000		52,920
Total Industrials				180,515
Information Technology 0.1%
Communications Equipment 0.1%
Lucent Technologies Capital Trust I, 7.750%		85		56,950
IT Services —%
Unisys Corp., 6.250%		500		26,650
Total Information Technology				83,600
Utilities 0.2%
Electric Utilities 0.2%
NextEra Energy, Inc., 5.599%		2,150		108,123
PPL Corp., 8.750%		2,000		107,600
Total				215,723
Total Utilities				215,723
Total Convertible Preferred Stocks
(Cost: $1,036,081)				1,079,271

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

10 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Convertible Bonds 3.6%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Aerospace & Defense 0.1%
L-3 Communications Holdings, Inc.
08/01/35		3.000%		100,000		100,500
Airlines 0.1%
United Continental Holdings, Inc.
06/30/21		4.500%		55,000		52,520
Automotive 0.1%
Navistar International Corp. Senior Subordinated Notes
10/15/14		3.000%		60,000		54,900
Banking 0.1%
Walter Investment Management Corp. Senior Subordinated Notes(b)
11/01/19		4.500%		49,000		51,573
Brokerage 0.1%
Janus Capital Group, Inc. Senior Unsecured
07/15/14		3.250%		50,000		51,625
Building Materials 0.2%
Cemex SAB de CV Subordinated Notes
03/15/15		4.875%		150,000		153,750
Consumer Cyclical Services 0.1%
Live Nation Entertainment, Inc. Senior Unsecured
07/15/27		2.875%		100,000		99,625
Diversified Manufacturing 0.2%
GT Advanced Technologies, Inc. Senior Unsecured
10/01/17		3.000%		54,000		41,310
Sterlite Industries India Ltd. Senior Unsecured
10/30/14		4.000%		120,000		114,750
Total						156,060
Food and Beverage 0.1%
Chiquita Brands International, Inc. Senior Unsecured
08/15/16		4.250%		140,000		119,000
Gaming 0.1%
MGM Resorts International
04/15/15		4.250%		110,000		111,994

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Health Care 0.4%
Alere, Inc. Senior Subordinated Notes
05/15/16		3.000%		60,000		56,250
Illumina, Inc. Senior Unsecured(b)
03/15/16		0.250%		75,000		71,672
Integra LifeSciences Holdings Corp.
12/15/16		1.625%		65,000		64,815
NuVasive, Inc. Senior Unsecured
07/01/17		2.750%		65,000		55,646
Omnicare, Inc.
12/15/35		3.250%		130,000		129,594
WebMD Health Corp. Senior Unsecured
01/31/18		2.500%		50,000		41,656
Total						419,633
Home Construction 0.1%
K Hovnanian Enterprises, Inc.
12/01/17		6.000%		75,000		87,850
Independent Energy 0.3%
Chesapeake Energy Corp.
12/15/38		2.250%		150,000		120,656
Endeavour International Corp.
07/15/16		5.500%		25,000		21,625
Goodrich Petroleum Corp. Senior Unsecured
10/01/29		5.000%		150,000		137,063
Total						279,344
Lodging 0.1%
Home Inns & Hotels Management, Inc. Senior Unsecured
12/15/15		2.000%		50,000		44,469
Morgans Hotel Group Co. Senior Subordinated Notes
10/15/14		2.375%		100,000		92,000
Total						136,469
Media Non-Cable —%
Cenveo Corp.(b)
05/15/17		7.000%		50,000		41,763
Metals 0.2%
Jaguar Mining, Inc. Senior Unsecured(b)
11/01/14		4.500%		100,000		49,250

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

Semiannual Report 2012 11

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
James River Coal Co. Senior Unsecured
12/01/15		4.500%		110,000		49,944
Molycorp, Inc. Senior Unsecured
06/15/16		3.250%		80,000		46,032
Patriot Coal Corp. Senior Unsecured
05/31/13		3.250%		115,000		13,225
Total						158,451
Oil Field Services 0.1%
Transocean, Inc.
12/15/37		1.500%		150,000		150,187
Other Financial Institutions 0.1%
Ares Capital Corp. Senior Unsecured(b)
06/01/16		5.125%		100,000		105,737
Other Industry 0.1%
General Cable Corp.
11/15/13		0.875%		70,000		68,950
Pharmaceuticals 0.2%
Dendreon Corp. Senior Unsecured
01/15/16		2.875%		210,000		140,812
InterMune, Inc. Senior Unsecured
09/15/18		2.500%		70,000		55,081
Savient Pharmaceuticals, Inc. Senior Unsecured
02/01/18		4.750%		85,000		15,566
Total						211,459
Railroads 0.1%
Greenbrier Companies, Inc. Senior Unsecured
04/01/18		3.500%		130,000		123,500
Retailers 0.1%
RadioShack Corp. Senior Unsecured(b)
08/01/13		2.500%		55,000		50,394
Rite Aid Corp. Senior Unsecured
05/15/15		8.500%		55,000		55,859
Total						106,253

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Technology 0.3%
Alcatel-Lucent U.S.A., Inc.
06/15/25		2.875%		60,000		59,175
Ciena Corp. Senior Unsecured
06/15/17		0.875%		200,000		172,250
Digital River, Inc. Senior Unsecured
11/01/30		2.000%		100,000		95,250
Powerwave Technologies, Inc. Subordinated Notes
10/01/27		3.875%		45,000		4,275
Total						330,950
Tobacco 0.1%
Alliance One International, Inc.
07/15/14		5.500%		70,000		66,675
Vector Group Ltd. Senior Unsecured(c)
01/15/19		7.500%		50,000		54,564
Total						121,239
Transportation Services 0.1%
DryShips, Inc. Senior Unsecured
12/01/14		5.000%		100,000		77,687
Wireless 0.1%
Leap Wireless International, Inc. Senior Unsecured
07/15/14		4.500%		100,000		94,812
Total Convertible Bonds
(Cost: $3,682,590)						3,465,831
Residential Mortgage-Backed Securities — Non-Agency 0.7%
Castle Peak Loan Trust CMO Series 2011-1 Class 22A1(b)(d)
05/25/52		6.250%		621,533		620,445
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $619,350)						620,445

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

12 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Money Market Funds 54.3%
	Shares			Value ($)
Columbia Short-Term Cash Fund, 0.154%(e)(f)		51,810,390			51,810,390
Total Money Market Funds
(Cost: $51,810,390)					51,810,390
Total Investments
(Cost: $85,558,294)					90,100,625
Investments Sold Short (9.6)%
Issuer	Shares			Value ($)
Common Stocks (9.6)%
Consumer Discretionary (1.6)%
Auto Components (0.1)%
Autoliv, Inc.		(1,185	)		(71,527	)
Automobiles (0.1)%
General Motors Co.(a)		(2,105	)		(54,477	)
Toyota Motor Corp., ADR		(1,207	)		(103,899	)
Total					(158,376	)
Hotels, Restaurants & Leisure (0.2)%
Ryman Hospitality Properties		(2,456	)		(81,588	)
Wendy’s Co. (The)		(19,833	)		(92,422	)
Total					(174,010	)
Media (0.7)%
Discovery Communications, Inc.(a)		(1,916	)		(115,745	)
DreamWorks Animation SKG, Inc.(a)		(4,279	)		(73,299	)
Grupo Televisa SAB		(3,883	)		(91,911	)
Meredith Corp.		(3,272	)		(102,021	)
Omnicom Group, Inc.		(2,578	)		(128,230	)
Pearson PLC		(5,575	)		(106,148	)
Time Warner Cable, Inc.		(973	)		(92,328	)
Total					(709,682	)
Multiline Retail (0.2)%
Kohl’s Corp.		(1,915	)		(85,505	)
Nordstrom, Inc.		(1,760	)		(95,198	)
Total					(180,703	)
Specialty Retail (0.2)%
Guess?, Inc.		(3,885	)		(100,505	)
Limited Brands, Inc.		(1,955	)		(101,953	)
Total					(202,458	)
Textiles, Apparel & Luxury Goods (0.1)%
Under Armour, Inc., Class A(a)		(1,352	)		(70,074	)
Total Consumer Discretionary					(1,566,830	)

Investments Sold Short (continued)
Issuer	Shares			Value ($)
Consumer Staples (0.8)%
Beverages (0.1)%
Coca-Cola Co. (The)		(1,825	)		(69,204	)
Monster Beverage Corp.(a)		(1,085	)		(56,475	)
Total					(125,679	)
Food & Staples Retailing (0.1)%
Sysco Corp.		(3,328	)		(105,331	)
Food Products (0.2)%
General Mills, Inc.		(2,568	)		(105,262	)
McCormick & Co., Inc.		(1,512	)		(97,615	)
Total					(202,877	)
Household Products (0.3)%
Church & Dwight Co., Inc.		(2,327	)		(126,007	)
Clorox Co. (The)		(1,660	)		(126,741	)
Total					(252,748	)
Tobacco (0.1)%
Reynolds American, Inc.		(2,643	)		(115,552	)
Total Consumer Staples					(802,187	)
Energy (0.2)%
Energy Equipment & Services (0.2)%
Core Laboratories NV		(895	)		(92,346	)
Tidewater, Inc.		(1,846	)		(82,812	)
Total					(175,158	)
Total Energy					(175,158	)
Financials (1.8)%
Capital Markets (0.3)%
Morgan Stanley		(5,831	)		(98,369	)
Northern Trust Corp.		(3,095	)		(148,622	)
Total					(246,991	)
Commercial Banks (0.3)%
KeyCorp		(9,098	)		(73,512	)
M&T Bank Corp.		(1,445	)		(141,220	)
Westamerica Bancorporation		(2,105	)		(89,588	)
Total					(304,320	)
Insurance (0.4)%
Chubb Corp. (The)		(1,275	)		(98,162	)
Progressive Corp. (The)		(3,375	)		(71,719	)
WR Berkley Corp.		(2,525	)		(100,369	)
XL Group PLC		(3,950	)		(96,103	)
Total					(366,353	)
Real Estate Investment Trusts (REITs) (0.8)%
Ashford Hospitality Trust, Inc.		(5,700	)		(51,585	)

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

Semiannual Report 2012 13

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Investments Sold Short (continued)
Issuer	Shares			Value ($)
BRE Properties, Inc.		(1,491	)		(72,537	)
DCT Industrial Trust, Inc.		(11,975	)		(74,844	)
Health Care REIT, Inc.		(1,225	)		(72,140	)
Healthcare Realty Trust, Inc.		(4,740	)		(113,049	)
Parkway Properties, Inc.		(8,835	)		(118,743	)
Regency Centers Corp.		(1,912	)		(89,577	)
UDR, Inc.		(3,590	)		(82,606	)
Washington Real Estate Investment Trust		(3,513	)		(91,057	)
Total					(766,138	)
Total Financials					(1,683,802	)
Health Care (1.7)%
Biotechnology (0.4)%
Cubist Pharmaceuticals, Inc.(a)		(1,150	)		(46,701	)
Immunogen, Inc.		(6,959	)		(88,310	)
Incyte Corp., Ltd.		(3,556	)		(62,586	)
Isis Pharmaceuticals, Inc.		(4,610	)		(42,412	)
Pharmacyclics, Inc.(a)		(800	)		(42,440	)
Theravance, Inc.		(2,629	)		(59,100	)
Total					(341,549	)
Health Care Equipment & Supplies (0.3)%
Becton Dickinson and Co.		(1,119	)		(85,794	)
CR Bard, Inc.		(1,120	)		(110,891	)
Stryker Corp.		(1,953	)		(105,774	)
Total					(302,459	)
Health Care Providers & Services (0.3)%
Laboratory Corp. of America Holdings(a)		(1,515	)		(128,154	)
LifePoint Hospitals, Inc.(a)		(2,741	)		(98,621	)
UnitedHealth Group, Inc.		(1,320	)		(71,795	)
Total					(298,570	)
Life Sciences Tools & Services (0.2)%
Mettler-Toledo International, Inc.(a)		(305	)		(57,063	)
QIAGEN NV		(5,720	)		(105,820	)
Total					(162,883	)
Pharmaceuticals (0.5)%
Bristol-Myers Squibb Co.		(3,445	)		(112,410	)
Elan Corp. PLC(a)		(4,550	)		(45,409	)
Eli Lilly & Co.		(2,359	)		(115,685	)
GlaxoSmithKline PLC		(2,640	)		(113,547	)
Novartis AG		(1,846	)		(114,544	)
Total					(501,595	)
Total Health Care					(1,607,056	)

Investments Sold Short (continued)
Issuer	Shares			Value ($)
Industrials (1.4)%
Aerospace & Defense (0.1)%
Lockheed Martin Corp.		(835	)		(77,906	)
Textron, Inc.		(2,237	)		(52,547	)
Total					(130,453	)
Air Freight & Logistics (0.1)%
Expeditors International of Washington, Inc.		(2,240	)		(83,821	)
Building Products (0.2)%
Armstrong World Industries, Inc.		(2,075	)		(104,808	)
Masco Corp.		(6,516	)		(110,511	)
Total					(215,319	)
Commercial Services & Supplies (0.2)%
Cintas Corp.		(2,326	)		(96,389	)
Waste Management, Inc.		(2,315	)		(75,400	)
Total					(171,789	)
Construction & Engineering (0.3)%
Jacobs Engineering Group, Inc.(a)		(2,601	)		(106,485	)
Quanta Services, Inc.(a)		(5,469	)		(141,428	)
Total					(247,913	)
Machinery (0.3)%
AGCO Corp.(a)		(2,525	)		(116,529	)
Deere & Co.		(670	)		(56,313	)
PACCAR, Inc.		(2,607	)		(114,552	)
Total					(287,394	)
Road & Rail (0.1)%
Kansas City Southern		(1,272	)		(99,407	)
Trading Companies & Distributors (0.1)%
Fastenal Co.		(1,440	)		(60,206	)
Total Industrials					(1,296,302	)
Information Technology (1.6)%
Communications Equipment —%
Telefonaktiebolaget LM Ericsson		(4,959	)		(46,565	)
Computers & Peripherals (0.2)%
Hewlett-Packard Co.		(6,330	)		(82,227	)
Lexmark International, Inc.		(3,791	)		(92,235	)
Total					(174,462	)
Internet Software & Services (0.1)%
Akamai Technologies, Inc.(a)		(2,107	)		(77,158	)
IT Services (0.4)%
Computer Sciences Corp.		(4,086	)		(155,513	)
Paychex, Inc.		(3,663	)		(119,194	)

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

14 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Investments Sold Short (continued)
Issuer	Shares			Value ($)
Saic, Inc.		(5,924	)		(68,304	)
Total					(343,011	)
Semiconductors & Semiconductor Equipment (0.5)%
International Rectifier Corp.(a)		(5,520	)		(94,282	)
Microchip Technology, Inc.		(3,258	)		(99,108	)
Teradyne, Inc.(a)		(6,860	)		(107,290	)
Texas Instruments, Inc.		(3,156	)		(93,007	)
Triquint Semiconductor, Inc.(a)		(15,760	)		(79,746	)
Total					(473,433	)
Software (0.4)%
Adobe Systems, Inc.(a)		(3,412	)		(118,089	)
ANSYS, Inc.(a)		(1,728	)		(114,618	)
Concur Technologies, Inc.(a)		(932	)		(61,242	)
SAP AG, ADR		(1,515	)		(118,155	)
Total					(412,104	)
Total Information Technology					(1,526,733	)
Materials (0.3)%
Chemicals —%
Praxair, Inc.		(452	)		(48,459	)
Construction Materials (0.1)%
Martin Marietta Materials, Inc.		(923	)		(83,070	)

Investments Sold Short (continued)
Issuer	Shares			Value ($)
Metals & Mining (0.1)%
Alcoa, Inc.		(7,705	)		(64,799	)
Paper & Forest Products (0.1)%
MeadWestvaco Corp.		(3,575	)		(110,503	)
Total Materials					(306,831	)
Utilities (0.2)%
Electric Utilities (0.1)%
Southern Co. (The)		(1,631	)		(71,030	)
Multi-Utilities (0.1)%
Consolidated Edison, Inc.		(1,100	)		(61,369	)
Integrys Energy Group, Inc.		(1,203	)		(63,964	)
Total					(125,333	)
Total Utilities					(196,363	)
Total Common Stocks (Proceeds: $8,696,952)					(9,161,262	)
Total Investments Sold Short (Proceeds: $8,696,952)					(9,161,262	)
Total Investments, Net of Investments Sold Short					80,939,363
Other Assets & Liabilities, Net		14,471,226
Net Assets		95,410,589

Investments in Derivatives

Futures Contracts Outstanding at November 30, 2012

At November 30, 2012, $5,822,038 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)			Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
3-Month Euro Euribor		(54	)		(17,522,321	)		June 2013		1,219		—
3-Month Euro Swiss Franc		(96	)		(25,908,708	)		June 2013		—		(2,828	)
90-Day Eurodollar		(342	)		(85,213,575	)		June 2013		4,117		—
90-Day Sterling		(267	)		(53,166,991	)		June 2013		5,109		—
Australia Treasury Bond, 10-year		107			10,822,586			December 2012		—		(100,261	)
Canadian Treasury Bond, 10-year		(102	)		(14,037,771	)		March 2013		—		(58,041	)
CAC40-10 Euro		7			323,278			December 2012		7,358		—
CBOE VIX Index — December		13			202,150			December 2012		—		(670	)
CBOE VIX Index — January		(24	)		(274,400	)		January 2013		11,188		—
CBOE VIX Index — February		(38	)		(699,200	)		February 2013		10,451		—
DAX Index		16			3,859,515			December 2012		98,403		—
Euro-Bund		(27	)		(5,074,450	)		March 2013		3,818		—
Euro STOXX 50		164			5,500,758			December 2012		127,209		—
FTSE 100 Index		(71	)		(6,681,265	)		December 2012		—		(122,358	)
FTSE MIB Index		34			3,494,606			December 2012		79,086		—

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

Semiannual Report 2012 15

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Futures Contracts Outstanding at November 30, 2012 (continued)

Contract Description	Number of Contracts Long (Short)			Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
IBEX-35 Index		32			3,291,913			December 2012		98,387		—
Japanese Government Bond, 10-year		190			33,394,917			December 2012		119,108		—
OMXS 30 Index		174			2,840,133			December 2012		84,307		—
SPI 200 Index		72			8,483,212			December 2012		149,783		—
S&P 500 Emini Index		(355	)		(25,105,600	)		December 2012		162,430		—
S&P 500 Index		20			7,072,000			December 2012		21,471		—
S&P/TSE 60 Index		(47	)		(6,642,030	)		December 2012		66,831		—
TOPIX Index		9			852,672			December 2012		44,771		—
United Kingdom Long GILT, 10-year		74			14,150,035			March 2013		94,777		—
U.S. Long Bond, 30-year		(3	)		(450,188	)		March 2013		—		(1,037	)
Total										1,189,823		(285,195	)

Interest Rate Swap Contracts Outstanding at November 30, 2012

Counterparty

Floating Rate Index

Fund Pay/Receive Floating Rate

Fixed Rate (%)

Expiration Date

Notional Currency

Notional Amount ($)

Unrealized Appreciation ($)

Unrealized Depreciation ($)

Barclays

3-Month NZD BBR

Pay

4.4450

March 2, 2022

NZD

8,000,000

470,578

—

Citibank

3-Month SEK STIBOR-SIDE

Pay

2.0900

October 26, 2022

SEK

67,400,000

34,079

—

JPMorgan Chase Bank

6-Month CHF LIBOR-BBA

Receive

0.9400

October 26, 2022

CHF

24,600,000

—

(115,039

)

Total

504,657

(115,039

)

Forward Foreign Currency Exchange Contracts Open at November 30, 2012

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Standard Chartered Bank		December 10, 2012		8,512,000 (CHF	)		9,063,225 (USD	)		—		(122,948	)
Citigroup Global Markets, Inc.		December 10, 2012		11,781,000 (EUR	)		15,184,211 (USD	)		—		(138,615	)
Citigroup Global Markets, Inc.		December 10, 2012		501,944,000 (JPY	)		6,189,351 (USD	)		99,917		—
Standard Chartered Bank		December 10, 2012		6,106,731 (USD	)		5,923,000 (AUD	)		71,547		—
Standard Chartered Bank		December 10, 2012		2,999,393 (USD	)		2,874,000 (AUD	)		—		(1,525	)
Citigroup Global Markets, Inc.		December 10, 2012		15,134,184 (USD	)		86,840,000 (NOK	)		193,059		—
HSBC Securities (USA), Inc.		December 10, 2012		6,052,639 (USD	)		7,438,000 (NZD	)		51,102		—
Citigroup Global Markets, Inc.		January 11, 2013		11,563,086 (AUD	)		12,011,068 (USD	)		—		(20,091	)
HSBC Securities (USA), Inc.		January 11, 2013		2,900,000 (AUD	)		3,012,653 (USD	)		—		(4,571	)
Wells Fargo Bank		January 11, 2013		85,874 (AUD	)		89,174 (USD	)		—		(172	)
Citigroup Global Markets, Inc.		January 11, 2013		4,845,768 (CAD	)		4,862,178 (USD	)		—		(12,611	)
HSBC Securities (USA), Inc.		January 11, 2013		674,577 (CAD	)		671,622 (USD	)		—		(6,922	)
Citigroup Global Markets, Inc.		January 11, 2013		3,219,651 (CHF	)		3,405,885 (USD	)		—		(70,532	)
HSBC Securities (USA), Inc.		January 11, 2013		288,603 (CHF	)		304,565 (USD	)		—		(7,054	)
Wells Fargo Bank		January 11, 2013		725,369 (CHF	)		766,216 (USD	)		—		(17,001	)
HSBC Securities (USA), Inc.		January 11, 2013		41,900,000 (DKK	)		7,144,099 (USD	)		—		(166,778	)
Citigroup Global Markets, Inc.		January 11, 2013		8,900,000 (EUR	)		11,314,036 (USD	)		—		(265,681	)
HSBC Securities (USA), Inc.		January 11, 2013		8,811,083 (EUR	)		11,199,447 (USD	)		—		(264,581	)

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

16 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at November 30, 2012 (continued)

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citigroup Global Markets, Inc.		January 11, 2013		2,219,922 (GBP	)		3,523,432 (USD	)		—		(32,980	)
HSBC Securities (USA), Inc.		January 11, 2013		3,339,652 (GBP	)		5,299,710 (USD	)		—		(50,559	)
Citigroup Global Markets, Inc.		January 11, 2013		889,636 (GBP	)		1,414,237 (USD	)		—		(10,999	)
Wells Fargo Bank		January 11, 2013		1,366,167 (GBP	)		2,165,552 (USD	)		—		(23,107	)
Citigroup Global Markets, Inc.		January 11, 2013		706,242,227 (JPY	)		8,892,541 (USD	)		321,431		—
HSBC Securities (USA), Inc.		January 11, 2013		396,400,000 (JPY	)		4,996,124 (USD	)		185,326		—
Citibank		January 11, 2013		6,088,569 (NOK	)		1,070,480 (USD	)		—		(2,843	)
Citigroup Global Markets, Inc.		January 11, 2013		60,762,034 (NOK	)		10,520,792 (USD	)		—		(190,639	)
Citigroup Global Markets, Inc.		January 11, 2013		9,822,498 (NZD	)		8,023,468 (USD	)		—		(19,638	)
Citigroup Global Markets, Inc.		January 11, 2013		16,860,642 (SEK	)		2,480,241 (USD	)		—		(51,115	)
Wells Fargo Bank		January 11, 2013		10,307,600 (SEK	)		1,517,403 (USD	)		—		(30,118	)
Wells Fargo Bank		January 11, 2013		62,105,014 (SEK	)		782,869 (USD	)		29,149		—
Citigroup Global Markets, Inc.		January 11, 2013		7,270,311 (SGD	)		5,946,413 (USD	)		—		(9,880	)
HSBC Securities (USA), Inc.		January 11, 2013		20,307,188 (SGD	)		16,611,401 (USD	)		—		(33,182	)
Citigroup Global Markets, Inc.		January 11, 2013		360,061 (USD	)		345,847 (AUD	)		—		(234	)
HSBC Securities (USA), Inc.		January 11, 2013		7,991,234 (USD	)		7,694,059 (AUD	)		13,835		—
Citigroup Global Markets, Inc.		January 11, 2013		9,154,193 (USD	)		1,974,047 (CAD	)		73,801		—
Citigroup Global Markets, Inc.		January 11, 2013		1,432,751 (USD	)		1,424,126 (CAD	)		—		(251	)
HSBC Securities (USA), Inc.		January 11, 2013		2,878,243 (USD	)		2,882,747 (CAD	)		21,456		—
Wells Fargo Bank		January 11, 2013		504,229 (USD	)		505,827 (CAD	)		4,573		—
Citigroup Global Markets, Inc.		January 11, 2013		3,355,910 (USD	)		3,145,192 (CHF	)		40,087		—
HSBC Securities (USA), Inc.		January 11, 2013		2,985,491 (USD	)		2,804,052 (CHF	)		42,183		—
Wells Fargo Bank		January 11, 2013		1,281,226 (USD	)		1,213,500 (CHF	)		29,051		—
Citigroup Global Markets, Inc.		January 11, 2013		7,147,731 (USD	)		41,900,000 (DKK	)		163,146		—
Citigroup Global Markets, Inc.		January 11, 2013		7,812,439 (USD	)		6,093,735 (EUR	)		115,955		—
HSBC Securities (USA), Inc.		January 11, 2013		3,131,754 (USD	)		2,440,983 (EUR	)		44,189		—
Wells Fargo Bank		January 11, 2013		2,509,662 (USD	)		1,974,052 (EUR	)		58,761		—
Citigroup Global Markets, Inc.		January 11, 2013		14,933,075 (USD	)		9,386,766 (GBP	)		104,950		—
HSBC Securities (USA), Inc.		January 11, 2013		7,566,423 (USD	)		4,754,481 (GBP	)		50,464		—
Wells Fargo Bank		January 11, 2013		881,875 (USD	)		555,440 (GBP	)		7,964		—
Citigroup Global Markets, Inc.		January 11, 2013		2,754,776 (USD	)		225,069,038 (JPY	)		—		(23,288	)
HSBC Securities (USA), Inc.		January 11, 2013		789,993 (USD	)		63,244,113 (JPY	)		—		(22,448	)
Citibank		January 11, 2013		146,837 (USD	)		834,843 (NOK	)		379		—
Citigroup Global Markets, Inc.		January 11, 2013		6,720 (USD	)		38,507 (NOK	)		68		—
Citigroup Global Markets, Inc.		January 11, 2013		340,659 (USD	)		1,931,027 (NOK	)		—		(248	)
HSBC Securities (USA), Inc.		January 11, 2013		5,131,759 (USD	)		29,619,841 (NOK	)		89,770		—
Wells Fargo Bank		January 11, 2013		31,771 (USD	)		183,566 (NOK	)		589		—
Citigroup Global Markets, Inc.		January 11, 2013		109,146 (USD	)		133,528 (NZD	)		193		—
HSBC Securities (USA), Inc.		January 11, 2013		15,068,819 (USD	)		18,460,614 (NZD	)		48,116		—
Wells Fargo Bank		January 11, 2013		737,925 (USD	)		903,977 (NZD	)		2,292		—
Citigroup Global Markets, Inc.		January 11, 2013		7,177,149 (USD	)		48,567,308 (SEK	)		114,665		—
Citigroup Global Markets, Inc.		January 11, 2013		356,854 (USD	)		2,369,152 (SEK	)		—		(1,163	)
HSBC Securities (USA), Inc.		January 11, 2013		2,124,929 (USD	)		14,437,578 (SEK	)		42,644		—

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

Semiannual Report 2012 17

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at November 30, 2012 (continued)

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citigroup Global Markets, Inc.		January 11, 2013		6,325,991 (USD	)		7,733,798 (SGD	)		10,020		—
HSBC Securities (USA), Inc.		January 11, 2013		10,613,493 (USD	)		11,795,457 (SGD	)		17,897		—
HSBC Securities (USA), Inc.		January 11, 2013		3,687,636 (USD	)		4,500,000 (SGD	)		—		(955	)
Wells Fargo Bank		January 11, 2013		141,424 (USD	)		172,837 (SGD	)		175		—
Total										2,048,754		(1,602,729	)

Notes to Portfolio of Investments

(a) Non-income producing.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, the value of these securities amounted to $990,834 or 1.04% of net assets.

(c) Variable rate security. The interest rate shown reflects the rate as of November 30, 2012.

(d) 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.

(e) The rate shown is the seven-day current annualized yield at November 30, 2012.

(f) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		57,140,911		52,414,420		(57,744,941	)		—		51,810,390		42,500		51,810,390

Abbreviation Legend

ADR	American Depositary Receipt
CMO	Collateralized Mortgage Obligation

Currency Legend

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
USD	US Dollar

Fair Value Measurements

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

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

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

18 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

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

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

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

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

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

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.

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third- party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 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		4,912,900		—		—		4,912,900
Consumer Staples		3,145,848		—		—		3,145,848
Energy		2,436,989		—		—		2,436,989
Financials		4,924,250		—		—		4,924,250
Health Care		5,655,353		—		—		5,655,353
Industrials		3,168,213		—		—		3,168,213
Information Technology		6,527,712		—		—		6,527,712
Materials		941,420		—		—		941,420
Telecommunication Services		702,462		—		—		702,462
Utilities		709,541		—		—		709,541

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

Semiannual Report 2012 19

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Common Stocks — Investments Sold Short										—
Consumer Discretionary		(1,566,830	)		—			—		(1,566,830	)
Consumer Staples		(802,187	)		—			—		(802,187	)
Energy		(175,158	)		—			—		(175,158	)
Financials		(1,683,802	)		—			—		(1,683,802	)
Health Care		(1,607,056	)		—			—		(1,607,056	)
Industrials		(1,296,302	)		—			—		(1,296,302	)
Information Technology		(1,526,733	)		—			—		(1,526,733	)
Materials		(306,831	)		—			—		(306,831	)
Utilities		(196,363	)		—			—		(196,363	)
Convertible Preferred Stocks
Consumer Staples		—			61,303			—		61,303
Energy		—			50,374			—		50,374
Financials		320,650			167,106			—		487,756
Industrials		54,720			125,795			—		180,515
Information Technology		26,650			56,950			—		83,600
Utilities		107,600			108,123			—		215,723
Total Equity Securities		24,473,046			569,651			—		25,042,697
Bonds
Convertible Bonds		—			3,465,831			—		3,465,831
Residential Mortgage-Backed Securities — Non-Agency		��			—			620,445		620,445
Total Bonds		—			3,465,831			620,445		4,086,276
Other
Money Market Funds		51,810,390			—			—		51,810,390
Total Other		51,810,390			—			—		51,810,390
Investments in Securities		76,283,436			4,035,482			620,445		80,939,363
Derivatives
Assets
Futures Contracts		1,189,823			—			—		1,189,823
Forward Foreign Currency Exchange Contracts		—			2,048,754			—		2,048,754
Swap Contracts		—			504,657			—		504,657
Liabilities
Futures Contracts		(285,195	)		—			—		(285,195	)
Forward Foreign Currency Exchange Contracts		—			(1,602,729	)		—		(1,602,729	)
Swap Contracts		—			(115,039	)		—		(115,039	)
Total		77,188,064			4,871,125			620,445		82,679,634

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

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. 

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

20 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

Financial assets were transferred from Level 1 to Level 2 as the market for these assets was deemed not to be active and fair values were consequently obtained using the observable market inputs rather than quoted prices for identical assets as of period end, November 30, 2012.

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

Transfers In		Transfers Out
Level 1 ($)	Level 2 ($)	Level 1 ($)
—	153,684	153,684	—

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

Derivative instruments are valued at unrealized appreciation (depreciation).

Futures contracts, forward foreign currency contracts and swap contracts are valued at unrealized appreciation (depreciation).

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

	Residential Mortgage-Backed Securities — Non-Agency ($)
Balance as of May 31, 2012		1,377,077
Accrued discounts/premiums		—
Realized gain (loss)		2,660
Change in unrealized appreciation (depreciation)(a)		1,073
Sales		(760,365	)
Purchases		—
Issuances		—
Settlements		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of November 30, 2012		620,445

(a) Change in unrealized appreciation (depreciation) relating to securities held at November 30, 2012 was $1,079.

The Fund does not hold any significant investments with unobservable inputs which are categorized as Level 3.

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain Residential Mortgage Backed Securities classified as Level 3 are valued using the market approach and utilize single market quotations from broker dealers which may have included, but not limited to, the distressed nature of the security and observable transactions for similar assets in the market. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

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

Semiannual Report 2012 21

Columbia Absolute Return Enhanced Multi-Strategy Fund

Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $33,747,904)	$38,290,235
Affiliated issuers (identified cost $51,810,390)	51,810,390
Total investments (identified cost $85,558,294)	90,100,625
Foreign currency (identified cost $155)	147
Cash collateral held at broker	7,847,674
Margin deposits on futures contracts	5,822,038
Unrealized appreciation on forward foreign currency exchange contracts	2,048,756
Unrealized appreciation on swap contracts	504,657
Receivable for:
Investments sold	667,120
Capital shares sold	113,670
Dividends	84,368
Interest	38,688
Reclaims	100
Variation margin on futures contracts	93,567
Expense reimbursement due from Investment Manager	1,076
Prepaid expenses	2,432
Total assets	107,324,918
Liabilities
Securities sold short, at value (proceeds $8,696,952)	9,161,262
Disbursements in excess of cash	12,099
Unrealized depreciation on forward foreign currency exchange contracts	1,602,731
Unrealized depreciation on swap contracts	115,039
Payable for:
Investments purchased	560,012
Capital shares purchased	299,139
Dividends and interest on securities sold short	40,359
Investment management fees	2,402
Distribution and/or service fees	526
Transfer agent fees	14,376
Administration fees	209
Compensation of board members	4,968
Other expenses	101,207
Total liabilities	11,914,329
Net assets applicable to outstanding capital stock	$95,410,589
Represented by
Paid-in capital	$93,396,171
Undistributed net investment income	569,594
Accumulated net realized loss	(4,408,118	)
Unrealized appreciation (depreciation) on:
Investments	4,542,331
Foreign currency translations	34,650
Forward foreign currency exchange contracts	446,025
Futures contracts	904,628
Securities sold short	(464,310	)
Swap contracts	389,618
Total — representing net assets applicable to outstanding capital stock	$95,410,589

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

22 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Statement of Assets and Liabilities (continued)

November 30, 2012 (Unaudited)

Class A
Net assets	$48,148,938
Shares outstanding	4,790,663
Net asset value per share	$10.05
Maximum offering price per share(a)	$10.66
Class B
Net assets	$64,540
Shares outstanding	6,508
Net asset value per share	$9.92
Class C
Net assets	$4,759,594
Shares outstanding	479,312
Net asset value per share	$9.93
Class I
Net assets	$30,095,091
Shares outstanding	2,982,051
Net asset value per share	$10.09
Class R
Net assets	$6,861
Shares outstanding	686
Net asset value per share	$10.00
Class R5
Net assets	$2,528
Shares outstanding	249
Net asset value per share(b)	$10.16
Class W
Net assets	$9,268,137
Shares outstanding	922,537
Net asset value per share	$10.05
Class Z
Net assets	$3,064,900
Shares outstanding	303,663
Net asset value per share	$10.09

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

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

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

Semiannual Report 2012 23

Columbia Absolute Return Enhanced Multi-Strategy Fund

Statement of Operations

Six Months Ended November 30, 2012 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$423,441
Dividends — affiliated issuers	42,500
Interest	135,793
Foreign taxes withheld	(1,464	)
Total income	600,270
Expenses:
Investment management fees	456,549
Distribution and/or service fees
Class A	65,454
Class B	352
Class C	26,636
Class R	14
Class W	11,391
Transfer agent fees
Class A	82,964
Class B	112
Class C	8,436
Class R	9
Class W	14,454
Class Z	4,555
Administration fees	39,700
Compensation of board members	5,542
Custodian fees	63,261
Printing and postage fees	32,592
Registration fees	53,923
Professional fees	19,457
Dividends and interest on securities sold short	148,902
Other	5,482
Total expenses	1,039,785
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(197,062	)
Total net expenses	842,723
Net investment loss	(242,453	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	128,233
Foreign currency translations	(50,265	)
Forward foreign currency exchange contracts	381,359
Futures contracts	(1,059,348	)
Swap contracts	571,770
Net realized loss	(28,251	)
Net change in unrealized appreciation (depreciation) on:
Investments	2,701,291
Foreign currency translations	79,100
Forward foreign currency exchange contracts	481,075
Futures contracts	(1,605,437	)
Securities sold short	(413,960	)
Swap contracts	(575,582	)
Net change in unrealized appreciation (depreciation)	666,487
Net realized and unrealized gain	638,236
Net increase in net assets resulting from operations	$395,783

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

24 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012
Operations
Net investment loss		$(242,453	)		$(528,423	)
Net realized loss		(28,251	)		(3,016,928	)
Net change in unrealized appreciation (depreciation)		666,487			5,005,380
Net increase in net assets resulting from operations		395,783			1,460,029
Distributions to shareholders:
Net realized gains
Class A		—			(49,000	)
Class B		—			(72	)
Class C		—			(4,363	)
Class I		—			(25,571	)
Class R		—			(2	)
Class W		—			(13,458	)
Class Z		—			(2,175	)
Total distributions to shareholders		—			(94,641	)
Increase (decrease) in net assets from capital stock activity		(7,250,051	)		59,666,923
Total increase (decrease) in net assets		(6,854,268	)		61,032,311
Net assets at beginning of period		102,264,857			41,232,546
Net assets at end of period		$95,410,589			$102,264,857
Undistributed net investment income		$569,594			$812,047

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

Semiannual Report 2012 25

Columbia Absolute Return Enhanced Multi-Strategy Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012(a) (Unaudited)						Year Ended May 31, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		685,707			6,863,150			5,858,625			57,937,848
Distributions reinvested		—			—			4,168			41,140
Redemptions		(1,446,521	)		(14,470,502	)		(1,495,211	)		(14,892,006	)
Net increase (decrease)		(760,814	)		(7,607,352	)		4,367,582			43,086,982
Class B shares
Subscriptions		—			—			11,876			117,089
Distributions reinvested		—			—			5			49
Redemptions(b)		(2,763	)		(27,210	)		(5,483	)		(54,045	)
Net increase (decrease)		(2,763	)		(27,210	)		6,398			63,093
Class C shares
Subscriptions		26,132			258,676			523,812			5,166,251
Distributions reinvested		—			—			420			4,121
Redemptions		(114,546	)		(1,134,523	)		(54,361	)		(536,675	)
Net increase (decrease)		(88,414	)		(875,847	)		469,871			4,633,697
Class I shares
Subscriptions		95,612			960,351			6,226,729			61,640,351
Distributions reinvested		—			—			2,585			25,569
Redemptions		(62,444	)		(622,679	)		(6,078,729	)		(60,329,328	)
Net increase		33,168			337,672			150,585			1,336,592
Class R shares
Subscriptions		228			2,270			208			2,074
Net increase		228			2,270			208			2,074
Class R5 shares
Subscriptions		249			2,500			—			—
Net increase		249			2,500			—			—
Class W shares
Subscriptions		133,227			1,331,848			3,004,282			29,716,375
Distributions reinvested		—			—			1,365			13,456
Redemptions		(143,374	)		(1,434,771	)		(2,073,213	)		(20,461,976	)
Net increase (decrease)		(10,147	)		(102,923	)		932,434			9,267,855
Class Z shares
Subscriptions		150,716			1,512,629			286,122			2,830,079
Distributions reinvested		—			—			217			2,141
Redemptions		(49,012	)		(491,790	)		(156,586	)		(1,555,590	)
Net increase		101,704			1,020,839			129,753			1,276,630
Total net increase (decrease)		(726,789	)		(7,250,051	)		6,056,831			59,666,923

(a) Class R5 shares are for the period from November 8, 2012 (commencement of operations) to November 30, 2012.

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

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

26 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class  A	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$10.01		$9.92		$10.00
Income from investment operations:
Net investment loss	(0.03	)	(0.06	)	(0.01	)
Net realized and unrealized gain (loss)	0.07		0.12		(0.07	)
Increase from payments by affiliate	—		0.04		—
Total from investment operations	0.04		0.10		(0.08	)
Less distributions to shareholders:
Net realized gains	—		(0.01	)	—
Total distributions to shareholders	—		(0.01	)	—
Net asset value, end of period	$10.05		$10.01		$9.92
Total return	0.40	%	1.00	%(b)	(0.80	%)
Ratios to average net assets(c)(d)
Total gross expenses	2.22	%(e)(f)	2.15	%(f)	5.76	%(e)
Total net expenses(g)	1.78	%(e)(f)	1.68	%(f)	1.47	%(e)
Net investment loss	(0.57	%)(e)	(0.57	%)	(0.68	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$48,149		$55,582		$11,745
Portfolio turnover	29	%	154	%	11	%

Notes to Financial Highlights

(a) For the period from March 31, 2011 (commencement of operations) to May 31, 2011.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.38%.

(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) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Annualized.

(f) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.30% for the six months ended November 30, 2012 and 0.20% for the year ended May 31, 2012, respectively.

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

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

Semiannual Report 2012 27

Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class B	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.92		$9.90		$10.00
Income from investment operations:
Net investment loss	(0.07	)	(0.14	)	(0.02	)
Net realized and unrealized gain (loss)	0.07		0.13		(0.08	)
Increase from payments by affiliate	—		0.04		—
Total from investment operations	—		0.03		(0.10	)
Less distributions to shareholders:
Net realized gains	—		(0.01	)	—
Total distributions to shareholders	—		(0.01	)	—
Net asset value, end of period	$9.92		$9.92		$9.90
Total return	0.00	%(b)	0.30	%(c)	(1.00	%)
Ratios to average net assets(d)(e)
Total gross expenses	2.96	%(f)(g)	2.92	%(g)	6.86	%(f)
Total net expenses(h)	2.52	%(f)(g)	2.42	%(g)	2.22	%(f)
Net investment loss	(1.32	%)(f)	(1.38	%)	(1.36	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$65		$92		$28
Portfolio turnover	29	%	154	%	11	%

Notes to Financial Highlights

(a) For the period from March 31, 2011 (commencement of operations) to May 31, 2011.

(b) Rounds to less than 0.01%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.38%.

(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) Certain line items from prior years have been reclassified to conform to the current presentation.

(f) Annualized.

(g) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.30% for the six months ended November 30, 2012 and 0.19% for the year ended May 31, 2012, respectively.

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

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

28 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class C	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.93		$9.91		$10.00
Income from investment operations:
Net investment loss	(0.07	)	(0.13	)	(0.02	)
Net realized and unrealized gain (loss)	0.07		0.12		(0.07	)
Increase from payments by affiliate	—		0.04		—
Total from investment operations	—		0.03		(0.09	)
Less distributions to shareholders:
Net realized gains	—		(0.01	)	—
Total distributions to shareholders	—		(0.01	)	—
Net asset value, end of period	$9.93		$9.93		$9.91
Total return	0.00	%(b)	0.30	%(c)	(0.90	%)
Ratios to average net assets(d)(e)
Total gross expenses	2.97	%(f)(g)	2.92	%(g)	6.73	%(f)
Total net expenses(h)	2.52	%(f)(g)	2.44	%(g)	2.22	%(f)
Net investment loss	(1.32	%)(f)	(1.31	%)	(1.44	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$4,760		$5,637		$970
Portfolio turnover	29	%	154	%	11	%

Notes to Financial Highlights

(a) For the period from March 31, 2011 (commencement of operations) to May 31, 2011.

(b) Rounds to less than 0.01%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.38%.

(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) Certain line items from prior years have been reclassified to conform to the current presentation.

(f) Annualized.

(g) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.30% for the six months ended November 30, 2012 and 0.21% for the year ended May 31, 2012, respectively.

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

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

Semiannual Report 2012 29

Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class I	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$10.03		$9.92		$10.00
Income from investment operations:
Net investment loss	(0.01	)	(0.04	)	(0.01	)
Net realized and unrealized gain (loss)	0.07		0.12		(0.07	)
Increase from payments by affiliate	—		0.04		—
Total from investment operations	0.06		0.12		(0.08	)
Less distributions to shareholders:
Net realized gains	—		(0.01	)	—
Total distributions to shareholders	—		(0.01	)	—
Net asset value, end of period	$10.09		$10.03		$9.92
Total return	0.60	%	1.21	%(b)	(0.80	%)
Ratios to average net assets(c)(d)
Total gross expenses	1.66	%(e)(f)	1.53	%(f)	3.87	%(e)
Total net expenses(g)	1.38	%(e)(f)	1.32	%(f)	1.16	%(e)
Net investment loss	(0.17	%)(e)	(0.37	%)	(0.48	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$30,095		$29,587		$27,767
Portfolio turnover	29	%	154	%	11	%

Notes to Financial Highlights

(a) For the period from March 31, 2011 (commencement of operations) to May 31, 2011.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.38%.

(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) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Annualized.

(f) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.30% for the six months ended November 30, 2012 and 0.16% for the year ended May 31, 2012, respectively.

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

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

30 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class R	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.98		$9.91		$10.00
Income from investment operations:
Net investment loss	(0.04	)	(0.09	)	(0.02	)
Net realized and unrealized gain (loss)	0.06		0.13		(0.07	)
Increase from payments by affiliate	—		0.04		—
Total from investment operations	0.02		0.08		(0.09	)
Less distributions to shareholders:
Net realized gains	—		(0.01	)	—
Total distributions to shareholders	—		(0.01	)	—
Net asset value, end of period	$10.00		$9.98		$9.91
Total return	0.20	%	0.80	%(b)	(0.90	%)
Ratios to average net assets(c)(d)
Total gross expenses	2.48	%(e)(f)	2.49	%(f)	4.45	%(e)
Total net expenses(g)	2.04	%(e)(f)	1.90	%(f)	1.73	%(e)
Net investment loss	(0.84	%)(e)	(0.87	%)	(1.08	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$7		$5		$2
Portfolio turnover	29	%	154	%	11	%

Notes to Financial Highlights

(a) For the period from March 31, 2011 (commencement of operations) to May 31, 2011.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.38%.

(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) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Annualized.

(f) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.30% for the six months ended November 30, 2012 and 0.17% for the year ended May 31, 2012, respectively.

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

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

Semiannual Report 2012 31

Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights (continued)

	Period Ended November 30,  2012(a)
Class R5	(Unaudited)
Per share data
Net asset value, beginning of period	$10.05
Income from investment operations:
Net investment income	(0.00	)(b)
Net realized and unrealized gain	0.11
Total from investment operations	0.11
Net asset value, end of period	$10.16
Total return	1.09	%
Ratios to average net assets(c)
Total gross expenses	1.84	%(d)(e)
Total net expenses(f)	1.41	%(d)(e)
Net investment loss	(0.17	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	29	%

Notes to Financial Highlights

(a) For the period from November 08, 2012 (commencement of operations) to November 30, 2012.

(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) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.32% for the period ended November 30, 2012.

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

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

32 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class W	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$10.01		$9.92		$10.00
Income from investment operations:
Net investment loss	(0.03	)	(0.06	)	(0.01	)
Net realized and unrealized gain (loss)	0.07		0.12		(0.07	)
Increase from payments by affiliate	—		0.04		—
Total from investment operations	0.04		0.10		(0.08	)
Less distributions to shareholders:
Net realized gains	—		(0.01	)	—
Total distributions to shareholders	—		(0.01	)	—
Net asset value, end of period	$10.05		$10.01		$9.92
Total return	0.40	%	1.00	%(b)	(0.80	%)
Ratios to average net assets(c)(d)
Total gross expenses	2.23	%(e)(f)	2.06	%(f)	4.17	%(e)
Total net expenses(g)	1.78	%(e)(f)	1.66	%(f)	1.48	%(e)
Net investment loss	(0.57	%)(e)	(0.66	%)	(0.83	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$9,268		$9,334		$2
Portfolio turnover	29	%	154	%	11	%

Notes to Financial Highlights

(a) For the period from March 31, 2011 (commencement of operations) to May 31, 2011.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.38%.

(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) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Annualized.

(f) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.30% for the six months ended November 30, 2012 and 0.18% for the year ended May 31, 2012, respectively.

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

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

Semiannual Report 2012 33

Columbia Absolute Return Enhanced Multi-Strategy Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class Z	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$10.04		$9.92		$10.00
Income from investment operations:
Net investment loss	(0.02	)	(0.03	)	(0.01	)
Net realized and unrealized gain (loss)	0.07		0.12		(0.07	)
Increase from payments by affiliate	—		0.04		—
Total from investment operations	0.05		0.13		(0.08	)
Less distributions to shareholders:
Net realized gains	—		(0.01	)	—
Total distributions to shareholders	—		(0.01	)	—
Net asset value, end of period	$10.09		$10.04		$9.92
Total return	0.50	%	1.31	%(b)	(0.80	%)
Ratios to average net assets(c)(d)
Total gross expenses	1.99	%(e)(f)	1.87	%(f)	6.03	%(e)
Total net expenses(g)	1.54	%(e)(f)	1.42	%(f)	1.22	%(e)
Net investment loss	(0.31	%)(e)	(0.33	%)	(0.45	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$3,065		$2,028		$717
Portfolio turnover	29	%	154	%	11	%

Notes to Financial Highlights

(a) For the period from March 31, 2011 (commencement of operations) to May 31, 2011.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.38%.

(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) Certain line items from prior years have been reclassified to conform to the current presentation.

(e) Annualized.

(f) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.31% for the six months ended November 30, 2012 and 0.19% for the year ended May 31, 2012, respectively.

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

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

34 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements

November 30, 2012 (Unaudited)

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R, Class R5, Class W and Class Z shares. 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 R5 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R5 shares commenced operations on November 8, 2012.

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.

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 ask prices on such exchanges or markets.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques 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.

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.

Semiannual Report 2012 35

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 ask 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 or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in 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.

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.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under 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 fair value.

Foreign Currency Transactions and Translations

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.

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

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to 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

36 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 primarily for the purpose of gaining a mix of market exposure to major currencies.

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 expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts 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 exposure to movements in interest rates, manage exposure to the securities market and primarily for the purpose of gaining a mix of market exposures to interest rates, equity indices, foreign currencies and sovereign debt. 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. 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.

Interest Rate Swap Contracts

The Fund entered into interest rate swap transactions to produce incremental earnings, or to gain exposure to or protect itself from market rate changes, or to synthetically add or subtract principal exposure to a market or primarily for the purpose of gaining a mix of market exposures to interest rates. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future (the effective date). The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.

Risks of entering into interest rate swaps include a lack of correlation between the swaps and the portfolio of bonds the swaps are designed to hedge or replicate. A lack of correlation may cause the interest rate swaps to experience adverse changes in value relative to expectations. In addition, interest rate swaps are subject to the risk of default of a counterparty, and the risk of adverse movements in market interest rates relative to the interest rate swap positions taken. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life to the extent that such amount is positive, plus the cost of entering into a similar transaction with another counterparty.

The Fund attempts to mitigate counterparty credit risk by entering into interest rate swap transactions only with counterparties that meet prescribed levels of creditworthiness, as determined by the Investment Manager. The Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to monitor (on a daily basis) the net market value of all derivative transactions

Semiannual Report 2012 37

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

entered into pursuant to the contract between the Fund and such counterparty. If the net market value of such derivatives transactions between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty is required to post cash and/or securities as collateral. Market values of derivatives transactions presented in the financial statements are not netted with the market values of other derivatives transactions or with any collateral amounts posted by the Fund or any counterparty.

Effects of Derivative Transactions in the Financial Statements

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

The following table is a summary of the fair value of derivative instruments at November 30, 2012:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity contracts	Net assets — unrealized appreciation on futures contracts	882,589	*
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	2,048,754
Foreign exchange contracts	Net assets — unrealized appreciation on futures contracts	4,117	*
Interest rate contracts	Unrealized appreciation on swap contracts	504,657
Interest rate contracts	Net assets — unrealized appreciation on futures contracts	298,008	*
Commodity contracts	Net assets — unrealized appreciation on futures contracts	5,109	*
Total		3,743,234

	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity contracts	Net assets — unrealized depreciation on futures contracts	123,028	*
Foreign exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts	1,602,729
Foreign exchange contracts	Net assets — unrealized depreciation on futures contracts	2,828	*
Interest rate contracts	Unrealized depreciation on swap contracts	115,039
Interest rate contracts	Net assets — unrealized depreciation on futures contracts	159,339	*
Total		2,002,963

* 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.

The effect of derivative instruments in the Statement of Operations for the six months ended November 30, 2012:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Swap Contracts ($)			Total ($)
Equity contracts		—		(1,223,955	)		—			(1,223,955	)
Foreign exchange contracts		381,359		(116,447	)		—			264,912
Interest rate contracts		—		180,482			571,770			752,252
Commodity contracts		—		100,572			—			100,572
Total		381,359		(1,059,348	)		571,770			(106,219	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Swap Contracts ($)			Total ($)
Equity contracts		—		(473,670	)		—			(473,670	)
Foreign exchange contracts		481,075		(1,191,128	)		—			(710,053	)
Interest rate contracts		—		54,252			(575,582	)		(521,330	)
Commodity contracts		—		5,109			—			5,109
Total		481,075		(1,605,437	)		(575,582	)		(1,699,944	)

38 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

The following table is a summary of the volume of derivative instruments for the six months ended November 30, 2012:

Derivative Instrument	Contracts Opened
Forward foreign currency exchange contracts		883
Futures contracts		16,848
Swap contracts		4

Short Sales

The Fund may sell a security it does not own in anticipation of a decline in the fair value of the security. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. The Fund is required to maintain a margin account with the broker and to pledge assets to the broker as collateral for the borrowed security. The Fund can purchase the same security at the current market price and deliver it to the broker to close out the short sale. The Fund is obligated to pay the broker a fee for borrowing the security. The fee is recorded as interest expense in the Statement of Operations and a short position is reported as a liability at fair value in the Statement of Asset and Liabilities. The Fund must also pay the broker for any dividends accrued (recognized on ex-date) on the borrowed security. This amount is recorded as an expense in the Statement of Operations. The Fund will record a gain if the security declines in value, and will realize a loss if the security appreciates. Such gain, limited to the price at which the Fund sold the security short, or such loss, potentially unlimited in size because the short position loses value as the market price of the security sold short increases, will be recognized upon the termination of a short sale. The Fund’s potential losses could exceed those of other mutual funds which hold only long security positions if the value of the securities held long decreases and the value of the securities sold short increases. As the Fund intends to use the cash proceeds from the short sales to invest in additional long securities, the Fund’s use of short sales in effect "leverages" the Fund. Leveraging potentially exposes the Fund to greater risks due to unanticipated market movements, which may magnify losses and increase volatility of returns. There is no assurance that a leveraging strategy will be successful. There is also the risk that the broker may fail to honor its contract terms, causing a loss to the Fund.

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.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange traded funds (ETFs) and real estate investment trusts (REITs), which report information on the character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on 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 BDCs, ETFs and REITs, which could result in a proportionate change in return of capital to shareholders.

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

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if

Semiannual Report 2012 39

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting

arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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 investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.92% to 0.80% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.92% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.08% to 0.05% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2012 was 0.08% of the Fund's average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $658.

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

40 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R5 shares.

For the six months ended November 30, 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	0.32	%
Class B	0.32
Class C	0.32
Class R	0.32
Class R5	0.05
Class W	0.32
Class Z	0.32

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 November 30, 2012, no minimum account balance fees were charged by the Fund.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution 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 $6,000 and $18,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2012, 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 $21,716 for Class A and $488 for Class C shares for the six months ended November 30, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective August 1, 2012, 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 September 30, 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/or overdraft charges from

Semiannual Report 2012 41

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

the Fund's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	1.48	%
Class B	2.23
Class C	2.23
Class I	1.04
Class R	1.73
Class R5	1.09
Class W	1.48
Class Z	1.23

Prior to August 1, 2012, the Investment Manager and certain of 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	1.48	%
Class B	2.23
Class C	2.23
Class I	1.16
Class R	1.73
Class W	1.48
Class Z	1.23

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

Note 4. Federal Tax Information

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

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $85,558,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$5,315,000
Unrealized depreciation	(773,000	)
Net unrealized appreciation	$4,542,000

The following capital loss carryforward, determined as of May 31, 2012 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 ($)
Unlimited short-term		672,989

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat post-October capital losses of $313,878 at May 31, 2012 as arising on June 1, 2012.

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 $14,492,171 and $18,792,357, respectively, for the six months ended November 30, 2012.

Note 6. Payments by Affiliates

The Investment Manager voluntarily reimbursed the Fund $429,376 for a loss on a trading error for the year ended May 31, 2012.

Note 7. Affiliated Money Market Fund

The Fund significantly invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as “Dividends — affiliated issuers” in the Statement of

42 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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

Note 8. Shareholder Concentration

At November 30, 2012, one unaffiliated shareholder account owned 59.2% 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 31.4% 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. 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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the six months ended November 30, 2012.

Note 10. Significant Risks

Short Selling Risk

The Fund may make short sales, which involves selling a security the Fund does not own in anticipation that the security’s price will decline. The Fund’s potential losses could exceed those of other mutual funds which hold only long security positions if the value of the securities held long decreases and the value of the securities sold short increases. The Fund’s use of short sales in effect “leverages” the Fund, as the Fund intends to use the cash proceeds from the short sales to invest in additional long securities. Leveraging potentially exposes the Fund to greater risks due to unanticipated market movements, which may magnify losses and increase volatility of returns. There is no assurance that a leveraging strategy will be successful.

Note 11. Subsequent Events

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

Note 12. 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

Semiannual Report 2012 43

Columbia Absolute Return Enhanced Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

44 Semiannual Report 2012

Columbia Absolute Return Enhanced Multi-Strategy Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal year ended May 31, 2012 and period ended May 31, 2011 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal year ended May 31, 2012 and period ended May 31, 2011 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

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Columbia Absolute Return Enhanced Multi-Strategy Fund

Important Information About This Report

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

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 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 sec.gov.

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

Semiannual Report 2012 49

Columbia Absolute Return Enhanced Multi-Strategy Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6438 C (1/13)

Semiannual Report November 30, 2012

Columbia Absolute Return Multi-Strategy Fund

Columbia Absolute Return Multi-Strategy Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

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

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	21
Statement of Operations	23
Statement of Changes in Net Assets	24
Financial Highlights	26
Notes to Financial Statements	34
Supplemental Information	43
Important Information About This Report	45

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Absolute Return Multi-Strategy Fund (the Fund) Class A shares returned 0.00% excluding sales charges for the six months ended November 30, 2012.

> The Fund underperformed its primary benchmark, the Citigroup 3-Month U.S. Treasury Bill Index, which returned 0.04% for the same period.

> The Fund also underperformed the Barclays U.S. Aggregate Bond Index, a broad measure of the U.S. fixed income market, which returned 1.99% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2012)
	Inception	6 Months cumulative			1 Year		Life
Class A	03/31/11
Excluding sales charges			0.00	*		0.53		-0.22
Including sales charges			-3.02			-2.52		-2.03
Class B	03/31/11
Excluding sales charges			-0.40			-0.18		-0.95
Including sales charges			-5.38			-5.17		-3.34
Class C	03/31/11
Excluding sales charges			-0.30			-0.18		-0.89
Including sales charges			-1.30			-1.17		-0.89
Class I	03/31/11		0.20			0.93		0.14
Class R	03/31/11		0.00	*		0.43		-0.40
Class R5**	11/08/12		0.09			0.62		-0.17
Class W	03/31/11		0.00	*		0.63		-0.22
Class Z	03/31/11		0.10			0.83		0.02
Citigroup 3-Month U.S. Treasury Bill Index			0.04			0.07		0.06
Barclays U.S. Aggregate Bond Index			1.99			5.51		7.07

* Rounds to less than 0.01%.

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

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

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

The Citigroup 3-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills.

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

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

2 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) — Long Positions (at November 30, 2012)
Philip Morris International, Inc.	1.7
Apple, Inc.	1.6
Exxon Mobil Corp.	1.4
Johnson & Johnson	1.3
JPMorgan Chase & Co.	1.3
Castle Peak Loan Trust 6.250% 05/25/52	1.3
QUALCOMM, Inc.	1.2
Pfizer, Inc.	1.2
International Business Machines Corp.	1.2
Google, Inc., Class A	1.1

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

Top Ten Holdings (%) — Short Positions (at November 30, 2012)
Computer Sciences Corp.	(1.7	)
Northern Trust Corp.	(1.6	)
Quanta Services, Inc.	(1.5	)
M&T Bank Corp.	(1.5	)
Laboratory Corp. of America Holdings	(1.4	)
Omnicom Group, Inc.	(1.4	)
Clorox Co. (The)	(1.4	)
Church & Dwight Co., Inc.	(1.4	)
Paychex, Inc.	(1.3	)
Parkway Properties, Inc.	(1.3	)

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

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

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

Portfolio Management

Todd White

Kent Peterson, PhD

Semiannual Report 2012 3

Columbia Absolute Return Multi-Strategy Fund

Portfolio Overview (continued)

(Unaudited)

Portfolio Breakdown (%) (at November 30, 2012)
	Long	Short		Net
Common Stocks	38.2	(10.5	)	27.7
Consumer Discretionary	5.7	(1.8	)	3.9
Consumer Staples	3.6	(0.9	)	2.7
Energy	2.8	(0.2	)	2.6
Financials	5.7	(1.9	)	3.8
Health Care	6.5	(1.8	)	4.7
Industrials	3.7	(1.5	)	2.2
Information Technology	7.5	(1.8	)	5.7
Materials	1.1	(0.4	)	0.7
Telecommunication Services	0.8	—		0.8
Utilities	0.8	(0.2	)	0.6
Convertible Preferred Stocks	1.5	—		1.5
Consumer Staples	0.1	—		0.1
Energy	0.1	—		0.1
Financials	0.6	—		0.6
Industrials	0.3	—		0.3
Information Technology	0.1	—		0.1
Utilities	0.3	—		0.3
Bonds	4.8	—		4.8
Convertible Bonds	4.2	—		4.2
Residential Mortgage-Backed Securities — Non-Agency	0.6	—		0.6
Short-Term Investments Segregated in Connection with Open Derivatives Contracts(a)	66.0	—		66.0
Total	110.5	(10.5	)	100.0

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

(a) Includes investments in Money Market Funds (amounting to $103.4 million) which have been segregated to cover obligations related to the Fund’s investment in derivatives which provides exposure to multiple markets. For a description of the Fund’s investments in derivatives, see Investments in Derivatives following the Portfolio of Investments, and Note 2 to the financial statements.

4 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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.

June 1, 2012 – November 30, 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		1,000.00		1,016.55		8.52		8.59		1.70
Class B		1,000.00	1,000.00		996.00		1,012.78		12.26		12.36		2.45
Class C		1,000.00	1,000.00		997.00		1,012.78		12.27		12.36		2.45
Class I		1,000.00	1,000.00		1,002.00		1,018.55		6.52		6.58		1.30
Class R		1,000.00	1,000.00		1,000.00		1,015.39		9.68		9.75		1.93
Class R5		1,000.00	1,000.00		1,009.00	*	1,017.85		0.83	*	7.28		1.44	*
Class W		1,000.00	1,000.00		1,000.00		1,016.50		8.57		8.64		1.71
Class Z		1,000.00	1,000.00		1,001.00		1,017.75		7.32		7.38		1.46

* For the period November 8, 2012 through November 30, 2012. Class R5 shares commenced operations on November 8, 2012.

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

Expenses do not include fees and expenses incurred indirectly by the Fund from 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.

Semiannual Report 2012 5

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 33.2%
Issuer	Shares		Value ($)
Consumer Discretionary 4.9%
Auto Components 0.2%
Delphi Automotive PLC(a)		2,527		85,893
TRW Automotive Holdings Corp.(a)		3,785		191,672
Total				277,565
Automobiles 0.1%
General Motors Co.(a)		5,180		134,058
Diversified Consumer Services —%
Weight Watchers International, Inc.		543		28,214
Hotels, Restaurants & Leisure 0.8%
Bally Technologies, Inc.(a)		1,838		82,967
Las Vegas Sands Corp.		9,329		435,198
McDonald’s Corp.		4,152		361,390
Wynn Resorts Ltd.		2,012		226,149
Yum! Brands, Inc.		5,437		364,714
Total				1,470,418
Internet & Catalog Retail 0.6%
Amazon.com, Inc.(a)		1,535		386,897
Expedia, Inc.		1,830		113,204
Liberty Interactive Corp., Class A(a)		11,329		218,649
priceline.com, Inc.(a)		455		301,738
Total				1,020,488
Leisure Equipment & Products 0.1%
Mattel, Inc.		3,480		130,535
Media 1.2%
Comcast Corp., Class A		13,505		502,116
DIRECTV(a)		3,624		180,113
Discovery Communications, Inc., Class A(a)		3,105		187,573
DISH Network Corp., Class A		6,880		254,835
Interpublic Group of Companies, Inc. (The)		9,000		97,380
McGraw-Hill Companies, Inc. (The)		2,285		121,356
Meredith Corp.		2,930		91,358
News Corp., Class A		7,527		185,465
Time Warner, Inc.		5,200		245,960
Viacom, Inc., Class B		7,542		389,243
Total				2,255,399
Multiline Retail 0.5%
Family Dollar Stores, Inc.		1,383		98,470
Macy’s, Inc.		5,456		211,147
Nordstrom, Inc.		1,935		104,664
Saks, Inc.(a)		12,585		132,143
Target Corp.		6,033		380,863
Total				927,287

Common Stocks (continued)
Issuer	Shares		Value ($)
Specialty Retail 0.8%
American Eagle Outfitters, Inc.		5,995		127,094
Gap, Inc. (The)		5,995		206,588
Home Depot, Inc. (The)		11,334		737,503
Lowe’s Companies, Inc.		4,426		159,734
Pier 1 Imports, Inc.		3,984		76,453
TJX Companies, Inc.		2,920		129,473
Urban Outfitters, Inc.(a)		2,400		90,480
Total				1,527,325
Textiles, Apparel & Luxury Goods 0.6%
lululemon athletica, Inc.(a)		3,868		277,645
Michael Kors Holdings Ltd.(a)		10,146		539,260
Nike, Inc., Class B		1,764		171,955
VF Corp.		550		88,280
Total				1,077,140
Total Consumer Discretionary				8,848,429
Consumer Staples 3.2%
Beverages 0.5%
Coca-Cola Co. (The)		4,365		165,521
Diageo PLC, ADR		3,586		428,778
PepsiCo, Inc.		4,834		339,395
Total				933,694
Food & Staples Retailing 0.4%
CVS Caremark Corp.		4,921		228,876
Kroger Co. (The)		5,957		156,311
Wal-Mart Stores, Inc.		4,185		301,404
Walgreen Co.		780		26,450
Total				713,041
Food Products 0.7%
Campbell Soup Co.		5,641		207,307
ConAgra Foods, Inc.		6,390		190,805
General Mills, Inc.		2,930		120,101
HJ Heinz Co.		3,995		233,548
Kellogg Co.		4,212		233,597
Mondelez International, Inc., Class A		7,729		200,104
Smithfield Foods, Inc.(a)		4,403		98,495
Total				1,283,957
Household Products 0.5%
Kimberly-Clark Corp.		2,165		185,584
Procter & Gamble Co. (The)		9,788		683,496
Total				869,080
Personal Products 0.2%
Estee Lauder Companies, Inc. (The), Class A		4,541		264,513

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

6 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Tobacco 0.9%
Altria Group, Inc.		12,005		405,889
Philip Morris International, Inc.		13,487		1,212,212
Total				1,618,101
Total Consumer Staples				5,682,386
Energy 2.4%
Energy Equipment & Services 0.4%
FMC Technologies, Inc.(a)		7,565		309,106
Halliburton Co.		7,634		254,594
National Oilwell Varco, Inc.		1,015		69,324
Oil States International, Inc.(a)		1,347		95,260
Total				728,284
Oil, Gas & Consumable Fuels 2.0%
Apache Corp.		3,374		260,102
Chevron Corp.		7,342		775,976
ConocoPhillips		6,457		367,662
Devon Energy Corp.		669		34,567
EOG Resources, Inc.		2,828		332,629
Exxon Mobil Corp.		10,765		948,827
Kinder Morgan, Inc.		5,280		178,517
Noble Energy, Inc.		1,434		140,173
Occidental Petroleum Corp.		2,185		164,334
Phillips 66		1,910		100,027
Royal Dutch Shell PLC, ADR		4,395		294,333
Whiting Petroleum Corp.(a)		1,765		74,024
Total				3,671,171
Total Energy				4,399,455
Financials 4.9%
Capital Markets 1.1%
BlackRock, Inc.		3,654		719,984
Franklin Resources, Inc.		3,442		454,413
Goldman Sachs Group, Inc. (The)		1,281		150,889
Invesco Ltd.		6,925		173,056
Morgan Stanley		7,234		122,038
Northern Trust Corp.		2,425		116,449
State Street Corp.		4,203		186,781
T Rowe Price Group, Inc.		1,420		91,831
Total				2,015,441
Commercial Banks 0.8%
Fifth Third Bancorp		9,775		143,106
Huntington Bancshares, Inc.		21,620		132,963
PNC Financial Services Group, Inc.		5,535		310,735

Common Stocks (continued)
Issuer	Shares		Value ($)
U.S. Bancorp		9,427		304,115
Wells Fargo & Co.		19,112		630,887
Total				1,521,806
Consumer Finance 0.1%
American Express Co.		3,490		195,091
Diversified Financial Services 0.8%
Citigroup, Inc.		9,226		318,943
CME Group, Inc.		2,095		115,791
JPMorgan Chase & Co.		22,044		905,568
NYSE Euronext		530		12,375
Total				1,352,677
Insurance 1.2%
ACE Ltd.		3,755		297,509
Aon PLC		6,338		359,999
Berkshire Hathaway, Inc., Class B(a)		8,190		721,375
Chubb Corp. (The)		1,500		115,485
Marsh & McLennan Companies, Inc.		5,170		182,087
MetLife, Inc.		2,200		73,018
Principal Financial Group, Inc.		4,975		135,071
Prudential Financial, Inc.		3,125		162,875
RenaissanceRe Holdings Ltd.		605		50,070
Unum Group		3,865		78,807
Total				2,176,296
Real Estate Investment Trusts (REITs) 0.8%
CBL & Associates Properties, Inc.		4,140		93,191
CubeSmart		10,444		144,127
Digital Realty Trust, Inc.		3,027		195,363
Duke Realty Corp.		4,000		54,000
Extra Space Storage, Inc.		3,775		132,691
Federal Realty Investment Trust		860		89,474
Highwoods Properties, Inc.		4,238		136,633
Lexington Realty Trust		10,632		101,961
Post Properties, Inc.		1,875		92,119
Public Storage		630		88,603
Simon Property Group, Inc.		1,068		162,475
SL Green Realty Corp.		2,128		160,409
Total				1,451,046
Real Estate Management & Development —%
Realogy Holdings Corp.(a)		1,726		65,087
Thrifts & Mortgage Finance 0.1%
People’s United Financial, Inc.		6,835		83,319
Total Financials				8,860,763

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

Semiannual Report 2012 7

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Health Care 5.7%
Biotechnology 1.3%
Alexion Pharmaceuticals, Inc.(a)		3,050		292,861
Amarin Corp. PLC, ADR(a)		7,772		96,451
Amgen, Inc.		2,950		261,960
Biogen Idec, Inc.(a)		2,456		366,165
Celgene Corp.(a)		6,236		490,087
Dynavax Technologies Corp.(a)		37,200		105,648
Gilead Sciences, Inc.(a)		6,188		464,100
Onyx Pharmaceuticals, Inc.(a)		1,200		90,564
Sarepta Therapeutics, Inc.(a)		2,100		61,593
Sunesis Pharmaceuticals, Inc.(a)		10,675		53,055
Vertex Pharmaceuticals, Inc.(a)		2,176		86,583
Total				2,369,067
Health Care Equipment & Supplies 0.8%
Baxter International, Inc.		3,734		247,452
Covidien PLC		6,703		389,511
Edwards Lifesciences Corp.(a)		3,395		294,584
Hologic, Inc.(a)		6,995		133,465
Insulet Corp.(a)		4,140		90,873
St. Jude Medical, Inc.		2,101		72,022
Zimmer Holdings, Inc.		2,108		139,065
Total				1,366,972
Health Care Providers & Services 0.6%
Aetna, Inc.		3,370		145,550
Cardinal Health, Inc.		4,445		179,800
CIGNA Corp.		6,799		355,384
Express Scripts Holding Co.(a)		4,320		232,632
McKesson Corp.		2,138		201,977
Total				1,115,343
Life Sciences Tools & Services 0.2%
Life Technologies Corp.(a)		2,975		146,816
Thermo Fisher Scientific, Inc.		3,250		206,538
Total				353,354
Pharmaceuticals 2.8%
Abbott Laboratories		11,407		741,455
Allergan, Inc.		3,320		307,930
Bristol-Myers Squibb Co.		12,645		412,606
Endo Health Solutions, Inc.(a)		5,460		156,484
GlaxoSmithKline PLC, ADR		7,455		320,639
Jazz Pharmaceuticals PLC(a)		1,750		94,290
Johnson & Johnson		13,094		913,045
Merck & Co., Inc.		13,211		585,247
Mylan, Inc.(a)		5,170		140,521

Common Stocks (continued)
Issuer	Shares		Value ($)
Novo Nordisk A/S, ADR		1,800		285,606
Pfizer, Inc.		32,900		823,158
Roche Holding AG, ADR		1,835		90,300
Watson Pharmaceuticals, Inc.(a)		1,600		140,816
Total				5,012,097
Total Health Care				10,216,833
Industrials 3.2%
Aerospace & Defense 1.1%
Boeing Co. (The)		4,770		354,316
General Dynamics Corp.		2,523		167,779
Honeywell International, Inc.		7,247		444,459
L-3 Communications Holdings, Inc.		1,975		151,779
Precision Castparts Corp.		1,585		290,673
Raytheon Co.		6,390		365,061
United Technologies Corp.		3,386		271,252
Total				2,045,319
Air Freight & Logistics 0.1%
FedEx Corp.		1,632		146,113
United Parcel Service, Inc., Class B		1,165		85,173
Total				231,286
Commercial Services & Supplies 0.3%
ADT Corp. (The)(a)		1,733		79,544
Tyco International Ltd.		9,165		260,011
Waste Connections, Inc.		2,887		95,040
Waste Management, Inc.		3,340		108,784
Total				543,379
Construction & Engineering 0.2%
Foster Wheeler AG(a)		4,595		103,204
KBR, Inc.		5,988		166,466
Total				269,670
Electrical Equipment 0.1%
Emerson Electric Co.		2,015		101,214
Rockwell Automation, Inc.		1,480		117,275
Total				218,489
Industrial Conglomerates 0.2%
General Electric Co.		16,180		341,883
Machinery 0.6%
Cummins, Inc.		850		83,436
Deere & Co.		1,055		88,673
Dover Corp.		3,960		251,816
Eaton Corp.		1,729		90,185
Illinois Tool Works, Inc.		1,430		88,045
Navistar International Corp.(a)		3,520		71,843

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

8 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Parker Hannifin Corp.		2,907		238,810
Stanley Black & Decker, Inc.		1,583		113,834
Total				1,026,642
Professional Services 0.2%
Dun & Bradstreet Corp. (The)		2,091		165,565
Nielsen Holdings NV(a)		6,647		188,243
Total				353,808
Road & Rail 0.3%
JB Hunt Transport Services, Inc.		2,000		118,900
Norfolk Southern Corp.		1,754		105,907
Union Pacific Corp.		2,486		305,231
Total				530,038
Trading Companies & Distributors 0.1%
AerCap Holdings NV(a)		7,050		88,195
MRC Global, Inc.(a)		2,318		64,974
Total				153,169
Total Industrials				5,713,683
Information Technology 6.6%
Communications Equipment 0.6%
Cisco Systems, Inc.		11,155		210,941
QUALCOMM, Inc.		13,338		848,564
Total				1,059,505
Computers & Peripherals 1.2%
Apple, Inc.		1,947		1,139,540
EMC Corp.(a)		29,875		741,497
Hewlett-Packard Co.		15,620		202,904
NCR Corp.(a)		7,021		168,013
Total				2,251,954
Internet Software & Services 1.4%
Baidu, Inc., ADR(a)		3,861		371,853
eBay, Inc.(a)		8,493		448,600
Facebook, Inc., Class A(a)		15,748		440,944
Google, Inc., Class A(a)		1,124		784,968
LinkedIn Corp., Class A(a)		3,594		388,655
Total				2,435,020
IT Services 1.5%
Accenture PLC, Class A		7,131		484,337
Automatic Data Processing, Inc.		2,715		154,103
Cognizant Technology Solutions Corp., Class A(a)		4,063		273,155
International Business Machines Corp.		4,322		821,483
Mastercard, Inc., Class A		1,047		511,648
Visa, Inc., Class A		2,629		393,588
Total				2,638,314

Common Stocks (continued)
Issuer	Shares		Value ($)
Office Electronics 0.1%
Canon, Inc., ADR		1,940		68,249
Xerox Corp.		8,028		54,671
Total				122,920
Semiconductors & Semiconductor Equipment 0.8%
Analog Devices, Inc.		3,640		147,784
Avago Technologies Ltd.		3,006		105,511
Fairchild Semiconductor International, Inc.(a)		10,275		137,068
Intel Corp.		17,780		347,955
KLA-Tencor Corp.		1,145		52,063
Maxim Integrated Products, Inc.		5,285		154,269
NVIDIA Corp.		10,000		119,800
Skyworks Solutions, Inc.(a)		9,409		213,114
Texas Instruments, Inc.		4,060		119,648
Total				1,397,212
Software 1.0%
Autodesk, Inc.(a)		4,814		159,488
Check Point Software Technologies Ltd.(a)		3,118		143,958
Citrix Systems, Inc.(a)		2,315		141,585
Electronic Arts, Inc.(a)		6,889		102,026
Microsoft Corp.		28,547		759,921
Oracle Corp.		5,212		167,305
Salesforce.com, Inc.(a)		2,626		414,042
Total				1,888,325
Total Information Technology				11,793,250
Materials 0.9%
Chemicals 0.7%
Celanese Corp., Class A		2,620		107,525
Dow Chemical Co. (The)		7,283		219,874
EI du Pont de Nemours & Co.		3,830		165,226
LyondellBasell Industries NV, Class A		1,960		97,471
Mosaic Co. (The)		2,490		134,609
RPM International, Inc.		3,440		99,794
Sherwin-Williams Co. (The)		2,695		411,042
Total				1,235,541
Containers & Packaging —%
Sonoco Products Co.		2,865		86,150
Metals & Mining 0.1%
BHP Billiton Ltd., ADR		1,050		75,642
Freeport-McMoRan Copper & Gold, Inc.		4,258		166,105
Total				241,747

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

Semiannual Report 2012 9

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Paper & Forest Products 0.1%
International Paper Co.		3,580		132,961
Total Materials				1,696,399
Telecommunication Services 0.7%
Diversified Telecommunication Services 0.6%
AT&T, Inc.		13,685		467,069
Verizon Communications, Inc.		12,500		551,500
Total				1,018,569
Wireless Telecommunication Services 0.1%
Sprint Nextel Corp.(a)		22,206		127,241
Vodafone Group PLC, ADR		4,800		123,840
Total				251,081
Total Telecommunication Services				1,269,650
Utilities 0.7%
Electric Utilities 0.2%
American Electric Power Co., Inc.		2,945		125,604
NextEra Energy, Inc.		1,075		73,863
Northeast Utilities		2,976		115,290
Westar Energy, Inc.		2,885		82,800
Total				397,557
Gas Utilities 0.1%
National Fuel Gas Co.		1,745		90,880
Multi-Utilities 0.4%
CMS Energy Corp.		4,375		106,881
Dominion Resources, Inc.		1,620		82,798
DTE Energy Co.		3,292		199,429
Public Service Enterprise Group, Inc.		5,560		167,301
Sempra Energy		2,090		142,998
Wisconsin Energy Corp.		2,805		105,272
Total				804,679
Total Utilities				1,293,116
Total Common Stocks
(Cost: $50,729,694)				59,773,964
Convertible Preferred Stocks 1.3%
Consumer Staples 0.1%
Food Products 0.1%
Bunge Ltd., 4.875%		1,300		132,824
Total Consumer Staples				132,824

Convertible Preferred Stocks (continued)
Issuer	Shares		Value ($)
Energy 0.1%
Oil, Gas & Consumable Fuels 0.1%
Penn Virginia Corp., 6.000%		960		87,925
Total Energy				87,925
Financials 0.6%
Commercial Banks 0.1%
Fifth Third Bancorp, 8.500%		625		87,369
Wells Fargo & Co., 7.500%		130		160,680
Total				248,049
Diversified Financial Services 0.3%
AMG Capital Trust II, 5.150%		4,500		212,906
Bank of America Corp., 7.250%		200		222,600
Total				435,506
Real Estate Investment Trusts (REITs) 0.2%
Alexandria Real Estate Equities, Inc., 7.000%		10,000		266,250
Health Care REIT, Inc., 6.500%		2,300		129,260
Total				395,510
Total Financials				1,079,065
Industrials 0.2%
Aerospace & Defense 0.1%
United Technologies Corp., 7.500%		2,400		131,328
Airlines 0.1%
Continental Airlines Finance Trust II, 6.000%		5,500		182,187
Professional Services —%
Nielsen Holdings NV, 6.250%		2,300		121,716
Total Industrials				435,231
Information Technology 0.1%
Communications Equipment 0.1%
Lucent Technologies Capital Trust I, 7.750%		200		134,000
IT Services —%
Unisys Corp., 6.250%		1,300		69,290
Total Information Technology				203,290
Utilities 0.2%
Electric Utilities 0.2%
NextEra Energy, Inc., 5.599%		4,000		201,160
PPL Corp., 8.750%		4,000		215,200
Total				416,360
Total Utilities				416,360
Total Convertible Preferred Stocks
(Cost: $2,267,142)				2,354,695

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

10 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Convertible Bonds 3.6%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Convertible Bonds 3.6%
Airlines 0.1%
United Continental Holdings, Inc.
06/30/21		4.500%		135,000		128,911
Automotive 0.1%
Navistar International Corp. Senior Subordinated Notes
10/15/14		3.000%		140,000		128,100
Banking 0.1%
Walter Investment Management Corp. Senior Subordinated Notes
11/01/19		4.500%		86,000		90,515
Brokerage 0.1%
Janus Capital Group, Inc. Senior Unsecured
07/15/14		3.250%		150,000		154,875
Building Materials 0.1%
Cemex SAB de CV Subordinated Notes
03/15/15		4.875%		250,000		256,250
Consumer Cyclical Services 0.1%
Live Nation Entertainment, Inc. Senior Unsecured
07/15/27		2.875%		200,000		199,250
Diversified Manufacturing 0.2%
GT Advanced Technologies, Inc. Senior Unsecured
10/01/17		3.000%		96,000		73,440
Sterlite Industries India Ltd. Senior Unsecured
10/30/14		4.000%		230,000		219,937
Total						293,377
Food and Beverage 0.1%
Chiquita Brands International, Inc. Senior Unsecured
08/15/16		4.250%		240,000		204,000
Gaming 0.1%
MGM Resorts International
04/15/15		4.250%		250,000		254,531
Health Care 0.5%
Alere, Inc. Senior Subordinated Notes
05/15/16		3.000%		140,000		131,250
Illumina, Inc. Senior Unsecured(b)
03/15/16		0.250%		195,000		186,347
Integra LifeSciences Holdings Corp.
12/15/16		1.625%		165,000		164,530
NuVasive, Inc. Senior Unsecured
07/01/17		2.750%		115,000		98,451

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Omnicare, Inc.
12/15/35		3.250%		250,000		249,219
WebMD Health Corp. Senior Unsecured
01/31/18		2.500%		150,000		124,969
Total						954,766
Independent Energy 0.3%
Chesapeake Energy Corp.
12/15/38		2.250%		350,000		281,531
Endeavour International Corp.
07/15/16		5.500%		75,000		64,875
Goodrich Petroleum Corp. Senior Unsecured
10/01/29		5.000%		250,000		228,438
Total						574,844
Lodging 0.2%
Home Inns & Hotels Management, Inc. Senior Unsecured
12/15/15		2.000%		130,000		115,619
Morgans Hotel Group Co. Senior Subordinated Notes
10/15/14		2.375%		200,000		184,000
Total						299,619
Media Non-Cable 0.1%
Cenveo Corp.(b)
05/15/17		7.000%		150,000		125,287
Metals 0.2%
Jaguar Mining, Inc. Senior Unsecured(b)
11/01/14		4.500%		200,000		98,500
James River Coal Co. Senior Unsecured
12/01/15		4.500%		290,000		131,671
Molycorp, Inc. Senior Unsecured
06/15/16		3.250%		190,000		109,326
Total						339,497
Other Financial Institutions 0.1%
Ares Capital Corp. Senior Unsecured(b)
06/01/16		5.125%		200,000		211,474
Other Industry 0.1%
General Cable Corp.
11/15/13		0.875%		180,000		177,300
Pharmaceuticals 0.3%
Dendreon Corp. Senior Unsecured
01/15/16		2.875%		490,000		328,561

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

Semiannual Report 2012 11

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
InterMune, Inc. Senior Unsecured
09/15/18		2.500%		180,000		141,638
Savient Pharmaceuticals, Inc. Senior Unsecured
02/01/18		4.750%		215,000		39,372
Total						509,571
Railroads 0.1%
Greenbrier Companies, Inc. Senior Unsecured
04/01/18		3.500%		300,000		285,000
Retailers 0.1%
RadioShack Corp. Senior Unsecured(b)
08/01/13		2.500%		145,000		132,856
Rite Aid Corp. Senior Unsecured
05/15/15		8.500%		95,000		96,485
Total						229,341
Technology 0.3%
Alcatel-Lucent U.S.A., Inc.
06/15/25		2.875%		160,000		157,800
Ciena Corp. Senior Unsecured
06/15/17		0.875%		300,000		258,375
Digital River, Inc. Senior Unsecured
11/01/30		2.000%		150,000		142,875
Powerwave Technologies, Inc. Subordinated Notes
10/01/27		3.875%		155,000		14,725
Total						573,775
Tobacco 0.1%
Alliance One International, Inc.
07/15/14		5.500%		180,000		171,450
Vector Group Ltd. Senior Unsecured(c)
01/15/19		7.500%		90,000		98,216
Total						269,666
Transportation Services 0.1%
DryShips, Inc. Senior Unsecured
12/01/14		5.000%		250,000		194,219
Wireless 0.1%
Leap Wireless International, Inc. Senior Unsecured
07/15/14		4.500%		100,000		94,813
Total Convertible Bonds
(Cost: $6,875,151)						6,548,981

Residential Mortgage-Backed Securities — Non-Agency 0.5%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Castle Peak Loan Trust CMO Series 2011-1 Class 22A1(b)(d)
05/25/52		6.250%		902,982		901,401
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $899,810)						901,401

Money Market Funds 57.4%
	Shares			Value ($)
Columbia Short-Term Cash Fund, 0.154%(e)(f)		103,404,568			103,404,568
Total Money Market Funds
(Cost: $103,404,568)					103,404,568
Total Investments
(Cost: $164,176,365)					172,983,609
Investments Sold Short (9.1)%
Issuer	Shares			Value ($)
Common Stocks (9.1)%
Consumer Discretionary (1.5)%
Auto Components (0.1)%
Autoliv, Inc.		(2,150	)		(129,774	)
Automobiles (0.1)%
General Motors Co.(a)		(3,850	)		(99,638	)
Toyota Motor Corp., ADR		(2,160	)		(185,933	)
Total					(285,571	)
Hotels, Restaurants & Leisure (0.1)%
Ryman Hospitality Properties		(4,419	)		(146,799	)
Wendy’s Co. (The)		(35,646	)		(166,110	)
Total					(312,909	)
Media (0.7)%
Discovery Communications, Inc.(a)		(3,450	)		(208,415	)
DreamWorks Animation SKG, Inc.(a)		(7,695	)		(131,815	)
Grupo Televisa SAB		(6,984	)		(165,311	)
Meredith Corp.		(5,878	)		(183,276	)
Omnicom Group, Inc.		(4,629	)		(230,246	)
Pearson PLC		(10,018	)		(190,743	)
Time Warner Cable, Inc.		(1,750	)		(166,058	)
Total					(1,275,864	)
Multiline Retail (0.2)%
Kohl’s Corp.		(3,450	)		(154,043	)
Nordstrom, Inc.		(3,190	)		(172,547	)
Total					(326,590	)

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

12 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Investments Sold Short (continued)
Issuer	Shares			Value ($)
Specialty Retail (0.2)%
Guess?, Inc.		(6,985	)		(180,702	)
Limited Brands, Inc.		(3,510	)		(183,046	)
Total					(363,748	)
Textiles, Apparel & Luxury Goods (0.1)%
Under Armour, Inc., Class A(a)		(2,429	)		(125,895	)
Total Consumer Discretionary					(2,820,351	)
Consumer Staples (0.8)%
Beverages (0.1)%
Coca-Cola Co. (The)		(3,280	)		(124,378	)
Monster Beverage Corp.(a)		(1,950	)		(101,497	)
Total					(225,875	)
Food & Staples Retailing (0.1)%
Sysco Corp.		(5,983	)		(189,362	)
Food Products (0.2)%
General Mills, Inc.		(4,614	)		(189,128	)
McCormick & Co., Inc.		(2,720	)		(175,603	)
Total					(364,731	)
Household Products (0.3)%
Church & Dwight Co., Inc.		(4,180	)		(226,347	)
Clorox Co. (The)		(2,980	)		(227,523	)
Total					(453,870	)
Tobacco (0.1)%
Reynolds American, Inc.		(4,751	)		(207,714	)
Total Consumer Staples					(1,441,552	)
Energy (0.2)%
Energy Equipment & Services (0.2)%
Core Laboratories NV		(1,622	)		(167,358	)
Tidewater, Inc.		(3,313	)		(148,621	)
Total					(315,979	)
Total Energy					(315,979	)
Financials (1.7)%
Capital Markets (0.2)%
Morgan Stanley		(10,476	)		(176,730	)
Northern Trust Corp.		(5,562	)		(267,087	)
Total					(443,817	)
Commercial Banks (0.3)%
KeyCorp		(16,358	)		(132,173	)
M&T Bank Corp.		(2,596	)		(253,707	)
Westamerica Bancorporation		(3,785	)		(161,089	)
Total					(546,969	)
Insurance (0.4)%
Chubb Corp. (The)		(2,290	)		(176,307	)
Progressive Corp. (The)		(6,050	)		(128,563	)

Investments Sold Short (continued)
Issuer	Shares			Value ($)
WR Berkley Corp.		(4,535	)		(180,266	)
XL Group PLC		(7,100	)		(172,743	)
Total					(657,879	)
Real Estate Investment Trusts (REITs) (0.8)%
Ashford Hospitality Trust, Inc.		(10,250	)		(92,762	)
BRE Properties, Inc.		(2,681	)		(130,431	)
DCT Industrial Trust, Inc.		(21,525	)		(134,531	)
Health Care REIT, Inc.		(2,225	)		(131,030	)
Healthcare Realty Trust, Inc.		(8,522	)		(203,250	)
Parkway Properties, Inc.		(15,880	)		(213,427	)
Regency Centers Corp.		(3,442	)		(161,258	)
UDR, Inc.		(6,450	)		(148,415	)
Washington Real Estate Investment Trust		(6,312	)		(163,607	)
Total					(1,378,711	)
Total Financials					(3,027,376	)
Health Care (1.6)%
Biotechnology (0.3)%
Cubist Pharmaceuticals, Inc.(a)		(2,075	)		(84,266	)
Immunogen, Inc.		(12,508	)		(158,727	)
Incyte Corp., Ltd.		(6,389	)		(112,446	)
Isis Pharmaceuticals, Inc.		(8,400	)		(77,280	)
Pharmacyclics, Inc.(a)		(1,420	)		(75,331	)
Theravance, Inc.		(4,724	)		(106,195	)
Total					(614,245	)
Health Care Equipment & Supplies (0.3)%
Becton Dickinson and Co.		(2,012	)		(154,260	)
CR Bard, Inc.		(2,010	)		(199,010	)
Stryker Corp.		(3,528	)		(191,077	)
Total					(544,347	)
Health Care Providers & Services (0.3)%
Laboratory Corp. of America Holdings(a)		(2,723	)		(230,339	)
LifePoint Hospitals, Inc.(a)		(4,930	)		(177,381	)
UnitedHealth Group, Inc.		(2,360	)		(128,360	)
Total					(536,080	)
Life Sciences Tools & Services (0.2)%
Mettler-Toledo International, Inc.(a)		(551	)		(103,087	)
QIAGEN NV		(10,280	)		(190,180	)
Total					(293,267	)
Pharmaceuticals (0.5)%
Bristol-Myers Squibb Co.		(6,195	)		(202,143	)
Elan Corp. PLC(a)		(8,175	)		(81,586	)
Eli Lilly & Co.		(4,235	)		(207,684	)
GlaxoSmithKline PLC		(4,750	)		(204,298	)
Novartis AG		(3,313	)		(205,572	)
Total					(901,283	)
Total Health Care					(2,889,222	)

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

Semiannual Report 2012 13

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Investments Sold Short (continued)
Issuer	Shares			Value ($)
Industrials (1.3)%
Aerospace & Defense (0.1)%
Lockheed Martin Corp.		(1,500	)		(139,950	)
Textron, Inc.		(4,024	)		(94,524	)
Total					(234,474	)
Air Freight & Logistics (0.1)%
Expeditors International of Washington, Inc.		(4,025	)		(150,615	)
Building Products (0.2)%
Armstrong World Industries, Inc.		(3,730	)		(188,403	)
Masco Corp.		(11,718	)		(198,737	)
Total					(387,140	)
Commercial Services & Supplies (0.2)%
Cintas Corp.		(4,182	)		(173,302	)
Waste Management, Inc.		(4,160	)		(135,491	)
Total					(308,793	)
Construction & Engineering (0.2)%
Jacobs Engineering Group, Inc.(a)		(4,677	)		(191,476	)
Quanta Services, Inc.(a)		(9,831	)		(254,230	)
Total					(445,706	)
Machinery (0.3)%
AGCO Corp.(a)		(4,535	)		(209,290	)
Deere & Co.		(1,200	)		(100,860	)
PACCAR, Inc.		(4,688	)		(205,991	)
Total					(516,141	)
Road & Rail (0.1)%
Kansas City Southern		(2,286	)		(178,651	)
Trading Companies & Distributors (0.1)%
Fastenal Co.		(2,590	)		(108,288	)
Total Industrials					(2,329,808	)
Information Technology (1.5)%
Communications Equipment —%
Telefonaktiebolaget LM Ericsson		(9,052	)		(84,998	)
Computers & Peripherals (0.2)%
Hewlett-Packard Co.		(11,379	)		(147,813	)
Lexmark International, Inc.		(6,817	)		(165,858	)
Total					(313,671	)
Internet Software & Services (0.1)%
Akamai Technologies, Inc.(a)		(3,786	)		(138,643	)
IT Services (0.3)%
Computer Sciences Corp.		(7,344	)		(279,513	)
Paychex, Inc.		(6,579	)		(214,081	)
Saic, Inc.		(10,650	)		(122,794	)
Total					(616,388	)

Investments Sold Short (continued)
Issuer	Shares			Value ($)
Semiconductors & Semiconductor Equipment (0.5)%
International Rectifier Corp.(a)		(9,920	)		(169,434	)
Microchip Technology, Inc.		(5,852	)		(178,018	)
Teradyne, Inc.(a)		(12,330	)		(192,841	)
Texas Instruments, Inc.		(5,675	)		(167,242	)
Triquint Semiconductor, Inc.(a)		(28,325	)		(143,324	)
Total					(850,859	)
Software (0.4)%
Adobe Systems, Inc.(a)		(6,131	)		(212,194	)
ANSYS, Inc.(a)		(3,109	)		(206,220	)
Concur Technologies, Inc.(a)		(1,675	)		(110,064	)
SAP AG, ADR		(2,723	)		(212,367	)
Total					(740,845	)
Total Information Technology					(2,745,404	)
Materials (0.3)%
Chemicals —%
Praxair, Inc.		(823	)		(88,234	)
Construction Materials (0.1)%
Martin Marietta Materials, Inc.		(1,659	)		(149,310	)
Metals & Mining (0.1)%
Alcoa, Inc.		(13,846	)		(116,445	)
Paper & Forest Products (0.1)%
MeadWestvaco Corp.		(6,431	)		(198,782	)
Total Materials					(552,771	)
Utilities (0.2)%
Electric Utilities (0.1)%
Southern Co. (The)		(2,969	)		(129,300	)
Multi-Utilities (0.1)%
Consolidated Edison, Inc.		(2,003	)		(111,747	)
Integrys Energy Group, Inc.		(2,167	)		(115,220	)
Total					(226,967	)
Total Utilities					(356,267	)
Total Common Stocks
(Proceeds: $15,757,493)					(16,478,730	)
Total Investments Sold Short
(Proceeds: $15,757,493)					(16,478,730	)
Total Investments, Net of Investments Sold Short					156,504,879
Other Assets & Liabilities, Net					23,587,508
Net Assets					180,092,387

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

14 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Investments in Derivatives

Futures Contracts Outstanding at November 30, 2012

At November 30, 2012, $8,281,205 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)			Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
3-Month Euro Euribor		(73	)		(23,687,582	)		June 2013		1,648		—
3-Month Euro Swiss Franc		(130	)		(35,084,709	)		June 2013		—		(3,830	)
90-Day Eurodollar		(464	)		(115,611,400	)		June 2013		—		(17,075	)
90-Day Sterling		(362	)		(72,084,086	)		June 2013		6,952		—
Australian Treasury Bond, 10-year		145			14,666,121			December 2012		—		(137,153	)
CAC 40 10 Euro		9			415,643			December 2012		9,460		—
Canadian Government Bond, 10-year		(139	)		(19,129,904	)		March 2013		—		(79,604	)
CBOE VIX Index		13			202,150			December 2012		—		(670	)
CBOE VIX Index		(24	)		(411,600	)		January 2013		11,188		—
CBOE VIX Index		(38	)		(699,200	)		February 2013		10,451		—
DAX Index		22			5,306,832			December 2012		139,410		—
E-Mini S&P 500 Index		(647	)		(45,755,840	)		December 2012		296,035		—
Euro-Bund, 10-year		(36	)		(6,765,933	)		March 2013		5,090		—
EURO STOXX 50		222			7,446,147			December 2012		184,631		—
FTSE 100 Index		(96	)		(9,033,823	)		December 2012		—		(165,354	)
FTSE MIB Index		46			4,727,996			December 2012		108,953		—
IBEX-35 Index		44			4,526,380			December 2012		136,269		—
Japanese Government Bond, 10-year		26			45,688,846			December 2012		162,152		—
OMXS 30 Index		236			3,852,135			December 2012		115,252		—
SPI 200 Index		98			11,546,594			December 2012		252,368		—
S&P 500 Index		27			9,547,200			December 2012		31,692		—
S&P/TSE 60 Index		(64	)		(9,044,466	)		December 2012		86,659		—
TOPIX Index		12			1,136,896			December 2012		70,763		—
United Kingdom Long GILT, 10-year		100			19,121,669			March 2013		128,078		—
U.S. Long Bond, 20-year		(4	)		(600,250	)		March 2013		—		(1,382	)
Total										1,757,051		(405,068	)

Interest Rate Swap Contracts Outstanding at November 30, 2012

Counterparty	Floating Rate Index	Fund Pay/Receive Floating Rate	Fixed Rate (%)		Expiration Date		Notional Currency		Notional Amount ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays	3-Month NZD-BBR	Pay		4.4450		March 2, 2022		NZD		6,100,000		358,816		—
Citibank London	3-Month NZD BKBM	Pay		3.7700		August 31, 2022		NZD		10,000,000		160,310		—
JPMorgan Chase Bank	6-Month CHF LIBOR-BBA	Receive		0.9400		October 26, 2022		CHF		32,500,000		—		(151,983	)
Citibank	3-Month SEK STIBOR-SIDE	Pay		2.0900		October 26, 2022		SEK		89,200,000		45,102		—
Total												564,228		(151,983	)

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

Semiannual Report 2012 15

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at November 30, 2012

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citigroup Global Markets Inc.		December 10, 2012		12,767,000 (EUR	)		16,455,035 (USD	)		—		(150,222	)
Citigroup Global Markets Inc.		December 10, 2012		543,943,000 (JPY	)		6,707,231 (USD	)		108,277		—
Citigroup Global Markets Inc.		December 10, 2012		16,400,476 (USD	)		94,106,000 (NOK	)		209,213		—
HSBC Securities (USA), Inc.		December 10, 2012		6,558,784 (USD	)		8,060,000 (NZD	)		55,382		—
Standard Chartered Bank		December 10, 2012		9,224,000 (CHF	)		9,821,334 (USD	)		—		(133,232	)
Standard Chartered Bank		December 10, 2012		6,617,086 (USD	)		6,418,000 (AUD	)		77,526		—
Standard Chartered Bank		December 10, 2012		3,250,907 (USD	)		3,115,000 (AUD	)		—		(1,653	)
Citibank		January 11, 2013		986,502 (AUD	)		1,023,614 (USD	)		—		(3,433	)
Citibank		January 11, 2013		2,827,025 (CAD	)		2,842,888 (USD	)		—		(1,287	)
Citibank		January 11, 2013		6,088,569 (NOK	)		1,070,480 (USD	)		—		(2,843	)
Citigroup Global Markets Inc.		January 11, 2013		13,176,584 (AUD	)		13,688,594 (USD	)		—		(20,616	)
Citigroup Global Markets Inc.		January 11, 2013		2,018,743 (CAD	)		2,019,290 (USD	)		—		(11,324	)
Citigroup Global Markets Inc.		January 11, 2013		3,219,651 (CHF	)		3,405,885 (USD	)		—		(70,532	)
Citigroup Global Markets Inc.		January 11, 2013		14,400,000 (EUR	)		18,305,856 (USD	)		—		(429,866	)
Citigroup Global Markets Inc.		January 11, 2013		3,109,558 (GBP	)		4,937,669 (USD	)		—		(43,979	)
Citigroup Global Markets Inc.		January 11, 2013		943,342,227 (JPY	)		11,880,796 (USD	)		432,186		—
Citigroup Global Markets Inc.		January 11, 2013		81,462,034 (NOK	)		14,103,966 (USD	)		—		(256,562	)
Citigroup Global Markets Inc.		January 11, 2013		8,322,498 (NZD	)		6,798,178 (USD	)		—		(16,660	)
Citigroup Global Markets Inc.		January 11, 2013		16,860,642 (SEK	)		2,480,541 (USD	)		—		(51,115	)
Citigroup Global Markets Inc.		January 11, 2013		9,470,311 (SGD	)		7,746,741 (USD	)		—		(11,930	)
Citigroup Global Markets Inc.		January 11, 2013		360,061 (USD	)		345,847 (AUD	)		—		(234	)
Citigroup Global Markets Inc.		January 11, 2013		13,743,179 (USD	)		13,774,047 (CAD	)		111,865		—
Citigroup Global Markets Inc.		January 11, 2013		1,432,751 (USD	)		1,424,126 (CAD	)		—		(251	)
Citigroup Global Markets Inc.		January 11, 2013		3,355,910 (USD	)		3,145,192 (CHF	)		40,087		—
Citigroup Global Markets Inc.		January 11, 2013		11,480,723 (USD	)		67,300,000 (DKK	)		262,046		—
Citigroup Global Markets Inc.		January 11, 2013		7,812,437 (USD	)		6,093,735 (EUR	)		115,955		—
Citigroup Global Markets Inc.		January 11, 2013		20,170,670 (USD	)		12,686,766 (GBP	)		154,100		—
Citigroup Global Markets Inc.		January 11, 2013		2,754,776 (USD	)		225,069,038 (JPY	)		—		(23,288	)
Citigroup Global Markets Inc.		January 11, 2013		153,557 (USD	)		873,350 (NOK	)		447		—
Citigroup Global Markets Inc.		January 11, 2013		340,659 (USD	)		1,931,027 (NOK	)		—		(248	)
Citigroup Global Markets Inc.		January 11, 2013		109,146 (USD	)		133,528 (NZD	)		193		—
Citigroup Global Markets Inc.		January 11, 2013		9,254,038 (USD	)		62,667,308 (SEK	)		154,666		—
Citigroup Global Markets Inc.		January 11, 2013		356,854 (USD	)		2,369,152 (SEK	)		—		(1,163	)
Citigroup Global Markets Inc.		January 11, 2013		6,325,991 (USD	)		7,733,798 (SGD	)		10,020		—
HSBC Securities (USA), Inc.		January 11, 2013		4,600,000 (AUD	)		4,778,692 (USD	)		—		(7,250	)
HSBC Securities (USA), Inc.		January 11, 2013		674,577 (CAD	)		671,622 (USD	)		—		(6,922	)
HSBC Securities (USA), Inc.		January 11, 2013		288,603 (CHF	)		304,565 (USD	)		—		(7,054	)
HSBC Securities (USA), Inc.		January 11, 2013		8,011,083 (EUR	)		10,182,595 (USD	)		—		(240,560	)
HSBC Securities (USA), Inc.		January 11, 2013		67,300,000 (DKK	)		11,474,890 (USD	)		—		(267,880	)
HSBC Securities (USA), Inc.		January 11, 2013		5,439,652 (GBP	)		8,632,211 (USD	)		—		(82,351	)
HSBC Securities (USA), Inc.		January 11, 2013		661,100,000 (JPY	)		8,332,336 (USD	)		309,080		—
HSBC Securities (USA), Inc.		January 11, 2013		27,507,188 (SGD	)		22,501,044 (USD	)		—		(34,564	)
HSBC Securities (USA), Inc.		January 11, 2013		7,991,234 (USD	)		7,694,059 (AUD	)		13,835		—
HSBC Securities (USA), Inc.		January 11, 2013		1,681,868 (USD	)		1,682,747 (CAD	)		10,774		—
HSBC Securities (USA), Inc.		January 11, 2013		2,985,491 (USD	)		2,804,052 (CHF	)		42,183		—
HSBC Securities (USA), Inc.		January 11, 2013		5,424,421 (USD	)		4,240,983 (EUR	)		93,488		—
HSBC Securities (USA), Inc.		January 11, 2013		8,204,114 (USD	)		5,154,481 (GBP	)		53,591		—
HSBC Securities (USA), Inc.		January 11, 2013		789,993 (USD	)		63,244,113 (JPY	)		—		(22,484	)
HSBC Securities (USA), Inc.		January 11, 2013		7,471,445 (USD	)		43,119,841 (NOK	)		129,931		—
HSBC Securities (USA), Inc.		January 11, 2013		15,577,119 (USD	)		18,960,614 (NZD	)		49,238		—
HSBC Securities (USA), Inc.		January 11, 2013		1,815,868 (USD	)		12,337,578 (SEK	)		36,423		—
HSBC Securities (USA), Inc.		January 11, 2013		9,999,689 (USD	)		12,227,439 (SGD	)		17,793		—
HSBC Securities (USA), Inc.		January 11, 2013		4,998,795 (USD	)		6,100,000 (SGD	)		—		(1,294	)
Wells Fargo Bank		January 11, 2013		85,874 (AUD	)		89,174 (USD	)		—		(172	)
Wells Fargo Bank		January 11, 2013		725,369 (CHF	)		766,216 (USD	)		—		(17,001	)
Wells Fargo Bank		January 11, 2013		1,366,167 (GBP	)		2,165,552 (USD	)		—		(23,107	)
Wells Fargo Bank		January 11, 2013		62,105,014 (JPY	)		782,869 (USD	)		29,149		—
Wells Fargo Bank		January 11, 2013		10,307,600 (SEK	)		1,517,403 (USD	)		—		(30,118	)
Wells Fargo Bank		January 11, 2013		504,229 (USD	)		505,827 (CAD	)		4,573		—
Wells Fargo Bank		January 11, 2013		1,281,226 (USD	)		1,213,500 (CHF	)		29,051		—
Wells Fargo Bank		January 11, 2013		2,509,662 (USD	)		1,974,052 (EUR	)		58,761		—
Wells Fargo Bank		January 11, 2013		881,875 (USD	)		555,440 (GBP	)		7,964		—

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

16 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at November 30, 2012 (continued)

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Wells Fargo Bank		January 11, 2013		31,771 (USD	)		183,566 (NOK	)		589		—
Wells Fargo Bank		January 11, 2013		737,925 (USD	)		903,977 (NZD	)		2,292		—
Wells Fargo Bank		January 11, 2013		141,424 (USD	)		172,837 (SGD	)		175		—
Total										2,620,853		(1,971,195	)

Notes to Portfolio of Investments

(a) Non-income producing.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, the value of these securities amounted to $1,655,865 or 0.92% of net assets.

(c) Variable rate security. The interest rate shown reflects the rate as of November 30, 2012.

(d) 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.

(e) The rate shown is the seven-day current annualized yield at November 30, 2012.

(f) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		82,132,097		100,038,642		(78,766,171	)		103,404,568		72,842		103,404,568

Abbreviation Legend

ADR	American Depositary Receipt
CMO	Collateralized Mortgage Obligation

Currency Legend

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
USD	US Dollar

Fair Value Measurements

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

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

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

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

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

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

Semiannual Report 2012 17

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

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

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.

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third- party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 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		8,848,429		—		—		8,848,429
Consumer Staples		5,682,386		—		—		5,682,386
Energy		4,399,455		—		—		4,399,455
Financials		8,860,763		—		—		8,860,763
Health Care		10,216,833		—		—		10,216,833
Industrials		5,713,683		—		—		5,713,683
Information Technology		11,793,250		—		—		11,793,250
Materials		1,696,399		—		—		1,696,399
Telecommunication Services		1,269,650		—		—		1,269,650
Utilities		1,293,116		—		—		1,293,116

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

18 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Common Stocks — Investments Sold Short
Consumer Discretionary		(2,820,351	)		—			—		(2,820,351	)
Consumer Staples		(1,441,552	)		—			—		(1,441,552	)
Energy		(315,979	)		—			—		(315,979	)
Financials		(3,027,376	)		—			—		(3,027,376	)
Health Care		(2,889,222	)		—			—		(2,889,222	)
Industrials		(2,329,808	)		—			—		(2,329,808	)
Information Technology		(2,745,404	)		—			—		(2,745,404	)
Materials		(552,771	)		—			—		(552,771	)
Utilities		(356,267	)		—			—		(356,267	)
Convertible Preferred Stocks
Consumer Staples		—			132,824			—		132,824
Energy		—			87,925			—		87,925
Financials		599,909			479,156			—		1,079,065
Industrials		131,328			303,903			—		435,231
Information Technology		69,290			134,000			—		203,290
Utilities		215,200			201,160			—		416,360
Total Equity Securities		44,310,961			1,338,968			—		45,649,929
Bonds
Convertible Bonds		—			6,548,981			—		6,548,981
Residential Mortgage-Backed Securities — Non-Agency		—			—			901,401		901,401
Total Bonds		—			6,548,981			901,401		7,450,382
Other
Money Market Funds		103,404,568			—			—		103,404,568
Total Other		103,404,568			—			—		103,404,568
Investments in Securities		147,715,529			7,887,949			901,401		156,504,879
Derivatives
Assets
Futures Contracts		1,757,051			—			—		1,757,051
Swap Contracts		—			564,228			—		564,228
Forward Foreign Currency Exchange Contracts		—			2,620,853			—		2,620,853
Liabilities
Futures Contracts		(405,068	)		—			—		(405,068	)
Swap Contracts		—			(151,983	)		—		(151,983	)
Forward Foreign Currency Exchange Contracts		—			(1,971,195	)		—		(1,971,195	)
Total		149,067,512			8,949,852			901,401		158,918,765

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

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

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

Semiannual Report 2012 19

Columbia Absolute Return Multi-Strategy Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

Financial assets were transferred from Level 1 to Level 2 as the market for these assets was deemed not to be active and fair values were consequently obtained using the observable market inputs rather than quoted prices for identical assets as of period end, November 30, 2012.

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

Transfers In		Transfers Out
Level 1 ($)	Level 2 ($)	Level 1 ($)	Level 2 ($)
—	546,556	546,556	—

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

	Residential Mortgage-Backed Securities — Non-Agency ($)
Balance as of May 31, 2012		1,998,521
Accrued discounts/premiums		—
Realized gain (loss)		3,861
Change in unrealized appreciation (depreciation)(a)		1,561
Sales		(1,102,542	)
Purchases		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of November 30, 2012		901,401

(a) Change in unrealized appreciation (depreciation) relating to securities held at November 30, 2012 was $1,567.

The Fund does not hold any significant investments with unobservable inputs which are categorized as Level 3.

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain Residential Mortgage Backed Securities classified as Level 3 are valued using the market approach and utilize single market quotations from broker dealers which may have included, but not limited to, the distressed nature of the security and observable transactions for similar assets in the market. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

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

20 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $60,771,797)	$69,579,041
Affiliated issuers (identified cost $103,404,568)	103,404,568
Total investments (identified cost $164,176,365)	172,983,609
Foreign currency (identified cost $330)	314
Cash collateral held at broker	14,172,522
Margin deposits on futures contracts	8,281,205
Unrealized appreciation on forward foreign currency exchange contracts	2,620,853
Unrealized appreciation on swap contracts	564,228
Receivable for:
Investments sold	810,135
Capital shares sold	109,854
Dividends	155,639
Interest	23,544
Reclaims	108
Variation margin on futures contracts	117,351
Expense reimbursement due from Investment Manager	1,028
Prepaid expenses	2,763
Total assets	199,843,153
Liabilities
Securities sold short, at value (proceeds $15,757,493)	16,478,730
Disbursements in excess of cash	12,829
Unrealized depreciation on forward foreign currency exchange contracts	1,971,195
Unrealized depreciation on swap contracts	151,983
Payable for:
Investments purchased	736,822
Capital shares purchased	194,476
Dividends and interest on securities sold short	72,609
Investment management fees	4,035
Distribution and/or service fees	517
Transfer agent fees	19,384
Administration fees	394
Compensation of board members	6,142
Other expenses	101,650
Total liabilities	19,750,766
Net assets applicable to outstanding capital stock	$180,092,387
Represented by
Paid-in capital	$179,249,175
Undistributed net investment income	654,687
Accumulated net realized loss	(10,366,508	)
Unrealized appreciation (depreciation) on:
Investments	8,807,244
Foreign currency translations	55,140
Forward foreign currency exchange contracts	649,658
Futures contracts	1,351,983
Securities sold short	(721,237	)
Swap contracts	412,245
Total — representing net assets applicable to outstanding capital stock	$180,092,387

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

Semiannual Report 2012 21

Columbia Absolute Return Multi-Strategy Fund

Statement of Assets and Liabilities (continued)

November 30, 2012 (Unaudited)

Class A
Net assets	$36,159,073
Shares outstanding	3,629,009
Net asset value per share	$9.96
Maximum offering price per share(a)	$10.27
Class B
Net assets	$128,045
Shares outstanding	13,010
Net asset value per share	$9.84
Class C
Net assets	$4,281,041
Shares outstanding	434,642
Net asset value per share	$9.85
Class I
Net assets	$116,894,442
Shares outstanding	11,664,037
Net asset value per share	$10.02
Class R
Net assets	$2,481
Shares outstanding	250
Net asset value per share(b)	$9.93
Class R5
Net assets	$2,522
Shares outstanding	251
Net asset value per share	$10.05
Class W
Net assets	$21,815,443
Shares outstanding	2,190,412
Net asset value per share	$9.96
Class Z
Net assets	$809,340
Shares outstanding	80,908
Net asset value per share	$10.00

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

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

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

22 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Statement of Operations

Six Months Ended November 30, 2012 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$816,622
Dividends — affiliated issuers	72,842
Interest	289,890
Foreign taxes withheld	(2,172	)
Total income	1,177,182
Expenses:
Investment management fees	726,468
Distribution and/or service fees
Class A	51,709
Class B	682
Class C	24,542
Class R	6
Class W	24,784
Transfer agent fees
Class A	77,318
Class B	251
Class C	9,233
Class R	5
Class W	37,539
Class Z	1,783
Administration fees	70,875
Compensation of board members	6,134
Custodian fees	69,223
Printing and postage fees	33,500
Registration fees	54,057
Professional fees	20,552
Dividends and interest on securities sold short	291,723
Other	5,341
Total expenses	1,505,725
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(195,135	)
Total net expenses	1,310,590
Net investment loss	(133,408	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	1,150,040
Foreign currency translations	(147,526	)
Forward foreign currency exchange contracts	(45,877	)
Futures contracts	(2,309,994	)
Swap contracts	383,535
Net realized loss	(969,822	)
Net change in unrealized appreciation (depreciation) on:
Investments	3,742,046
Foreign currency translations	96,212
Forward foreign currency exchange contracts	674,895
Futures contracts	(2,223,213	)
Securities sold short	(596,975	)
Swap contracts	(311,741	)
Net change in unrealized appreciation (depreciation)	1,381,224
Net realized and unrealized gain	411,402
Net increase in net assets resulting from operations	$277,994

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

Semiannual Report 2012 23

Columbia Absolute Return Multi-Strategy Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012
Operations
Net investment loss		$(133,408	)		$(196,927	)
Net realized loss		(969,822	)		(8,394,926	)
Net change in unrealized appreciation (depreciation)		1,381,224			8,880,182
Net increase in net assets resulting from operations		277,994			288,329
Distributions to shareholders:
Net realized gains
Class A		—			(11,276	)
Class B		—			(41	)
Class C		—			(1,290	)
Class I		—			(30,161	)
Class R		—			(1	)
Class W		—			(7,883	)
Class Z		—			(356	)
Total distributions to shareholders		—			(51,008	)
Increase (decrease) in net assets from capital stock activity		418,720			106,963,529
Total increase in net assets		696,714			107,200,850
Net assets at beginning of period		179,395,673			72,194,823
Net assets at end of period		$180,092,387			$179,395,673
Undistributed net investment income		$654,687			$788,095

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

24 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012(a) (Unaudited)						Year Ended May 31, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		277,083			2,749,805			4,722,036			46,967,196
Distributions reinvested		—			—			946			9,372
Redemptions		(1,233,535	)		(12,249,078	)		(1,269,374	)		(12,665,672	)
Net increase (decrease)		(956,452	)		(9,499,273	)		3,453,608			34,310,896
Class B shares
Subscriptions		805			7,890			19,045			188,960
Distributions reinvested		—			—			4			35
Redemptions(b)		(5,118	)		(50,406	)		(7,921	)		(78,510	)
Net increase (decrease)		(4,313	)		(42,516	)		11,128			110,485
Class C shares
Subscriptions		14,921			146,757			449,782			4,464,921
Distributions reinvested		—			—			122			1,205
Redemptions		(105,978	)		(1,041,567	)		(59,473	)		(590,338	)
Net increase (decrease)		(91,057	)		(894,810	)		390,431			3,875,788
Class I shares
Subscriptions		1,018,126			10,152,803			13,426,215			133,751,642
Distributions reinvested		—			—			3,037			30,160
Redemptions		(225,781	)		(2,248,492	)		(8,474,511	)		(84,521,357	)
Net increase		792,345			7,904,311			4,954,741			49,260,445
Class R5 shares
Subscriptions		251			2,500			—			—
Net increase		251			2,500			—			—
Class W shares
Subscriptions		499,906			4,963,384			5,873,197			58,463,704
Distributions reinvested		—			—			795			7,883
Redemptions		(178,723	)		(1,774,346	)		(4,005,013	)		(39,747,861	)
Net increase		321,183			3,189,038			1,868,979			18,723,726
Class Z shares
Subscriptions		14,571			145,152			127,184			1,265,223
Distributions reinvested		—			—			33			332
Redemptions		(38,719	)		(385,682	)		(58,391	)		(583,366	)
Net increase (decrease)		(24,148	)		(240,530	)		68,826			682,189
Total net increase		37,809			418,720			10,747,713			106,963,529

(a) Class R5 shares are for the period from November 8, 2012 (commencement of operations) to November 30, 2012.

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

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

Semiannual Report 2012 25

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class  A	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.96		$9.98		$10.00
Income from investment operations:
Net investment loss	(0.02	)	(0.03	)	(0.01	)
Net realized and unrealized gain (loss)	0.02		0.00	(b)	(0.01	)(c)
Increase from payments by affiliate	—		0.01		—
Total from investment operations	—		(0.02	)	(0.02	)
Less distributions to shareholders:
Net realized gains	—		(0.00	)(b)	—
Total distributions to shareholders	—		(0.00	)(b)	—
Net asset value, end of period	$9.96		$9.96		$9.98
Total return	0.00	%(d)	(0.17	%)(e)	(0.20	%)
Ratios to average net assets(f)(g)
Total gross expenses	2.05	%(h)(i)	1.99	%(i)	3.83	%(h)(i)
Total net expenses(j)	1.70	%(h)(i)	1.65	%(i)	1.57	%(h)(i)
Net investment loss	(0.38	%)(h)	(0.26	%)	(0.67	%)(h)
Supplemental data
Net assets, end of period (in thousands)	$36,159		$45,673		$11,301
Portfolio turnover	32	%	132	%	16	%

Notes to Financial Highlights

(a) For the period from March 31, 2011 (commencement of operations) to May 31, 2011.

(b) Rounds to less than $0.01.

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

(d) Rounds to less than 0.01%.

(e) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.13%.

(f) 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.

(g) Certain line items from prior years have been reclassified to conform to the current presentation.

(h) Annualized.

(i) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.32% for the six months ended November 30, 2012 and 0.27% and 0.20% for the years ended May 31, 2012 and 2011, respectively.

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

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

26 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class B	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.88		$9.97		$10.00
Income from investment operations:
Net investment loss	(0.06	)	(0.10	)	(0.02	)
Net realized and unrealized gain (loss)	0.02		0.00	(b)	(0.01	)(c)
Increase from payments by affiliate	—		0.01		—
Total from investment operations	(0.04	)	(0.09	)	(0.03	)
Less distributions to shareholders:
Net realized gains	—		(0.00	)(b)	—
Total distributions to shareholders	—		(0.00	)(b)	—
Net asset value, end of period	$9.84		$9.88		$9.97
Total return	(0.40	%)	(0.88	%)(d)	(0.30	%)
Ratios to average net assets(e)(f)
Total gross expenses	2.80	%(g)(h)	2.75	%(h)	4.21	%(g)(h)
Total net expenses(i)	2.45	%(g)(h)	2.40	%(h)	2.32	%(g)(h)
Net investment loss	(1.12	%)(g)	(1.03	%)	(1.41	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$128		$171		$62
Portfolio turnover	32	%	132	%	16	%

Notes to Financial Highlights

(a) For the period from March 31, 2011 (commencement of operations) to May 31, 2011.

(b) Rounds to less than $0.01.

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

(d) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.13%.

(e) 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.

(f) Certain line items from prior years have been reclassified to conform to the current presentation.

(g) Annualized.

(h) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.32% for the six months ended November 30, 2012 and 0.27% and 0.19% for the years ended May 31, 2012 and 2011, respectively.

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

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

Semiannual Report 2012 27

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class C	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.88		$9.98		$10.00
Income from investment operations:
Net investment loss	(0.06	)	(0.10	)	(0.02	)
Net realized and unrealized gain (loss)	0.03		(0.01	)(b)	(0.00	)(b)(c)
Increase from payments by affiliate	—		0.01		—
Total from investment operations	(0.03	)	(0.10	)	(0.02	)
Less distributions to shareholders:
Net realized gains	—		(0.00	)(c)	—
Total distributions to shareholders	—		(0.00	)(c)	—
Net asset value, end of period	$9.85		$9.88		$9.98
Total return	(0.30	%)	(0.98	%)(d)	(0.20	%)
Ratios to average net assets(e)(f)
Total gross expenses	2.80	%(g)(h)	2.74	%(h)	4.81	%(g)(h)
Total net expenses(i)	2.45	%(g)(h)	2.40	%(h)	2.35	%(g)(h)
Net investment loss	(1.13	%)(g)	(1.01	%)	(1.41	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$4,281		$5,196		$1,350
Portfolio turnover	32	%	132	%	16	%

Notes to Financial Highlights

(a) For the period from March 31, 2011 (commencement of operations) to May 31, 2011.

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

(c) Rounds to less than $0.01.

(d) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.13%.

(e) 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.

(f) Certain line items from prior years have been reclassified to conform to the current presentation.

(g) Annualized.

(h) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.32% for the six months ended November 30, 2012 and 0.27% and 0.23% for the years ended May 31, 2012 and 2011, respectively.

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

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

28 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class I	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$10.00		$9.99		$10.00
Income from investment operations:
Net investment income (loss)	0.00	(b)	0.00	(b)	(0.01	)
Net realized and unrealized gain (loss)	0.02		0.00	(b)	(0.00	)(b)(c)
Increase from payments by affiliate	—		0.01		—
Total from investment operations	0.02		0.01		(0.01	)
Less distributions to shareholders:
Net realized gains	—		(0.00	)(b)	—
Total distributions to shareholders	—		(0.00	)(b)	—
Net asset value, end of period	$10.02		$10.00		$9.99
Total return	0.20	%	0.13	%(d)	(0.10	%)
Ratios to average net assets(e)(f)
Total gross expenses	1.44	%(g)(h)	1.38	%(h)	2.92	%(g)(h)
Total net expenses(i)	1.30	%(g)(h)	1.32	%(h)	1.22	%(g)(h)
Net investment income (loss)	0.02	%(g)	0.01	%	(0.37	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$116,894		$108,694		$59,115
Portfolio turnover	32	%	132	%	16	%

Notes to Financial Highlights

(a) For the period from March 31, 2011 (commencement of operations) to May 31, 2011.

(b) Rounds to less than $0.01.

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

(d) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.13%.

(e) 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.

(f) Certain line items from prior years have been reclassified to conform to the current presentation.

(g) Annualized.

(h) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.33% for the six months ended November 30, 2012 and 0.26% and 0.16% for the years ended May 31, 2012 and 2011, respectively.

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

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

Semiannual Report 2012 29

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class R	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.93		$9.98		$10.00
Income from investment operations:
Net investment loss	(0.03	)	(0.06	)	(0.02	)
Net realized and unrealized gain (loss)	0.03		0.00	(b)	(0.00	)(b)(c)
Increase from payments by affiliate	—		0.01		—
Total from investment operations	—		(0.05	)	(0.02	)
Less distributions to shareholders:
Net realized gains	—		(0.00	)(b)	—
Total distributions to shareholders	—		(0.00	)(b)	—
Net asset value, end of period	$9.93		$9.93		$9.98
Total return	0.00	%(d)	(0.47	%)(e)	(0.20	%)
Ratios to average net assets(f)(g)
Total gross expenses	2.30	%(h)(i)	2.28	%(i)	3.32	%(h)(i)
Total net expenses(j)	1.93	%(h)(i)	1.86	%(i)	1.75	%(h)(i)
Net investment loss	(0.61	%)(h)	(0.59	%)	(0.98	%)(h)
Supplemental data
Net assets, end of period (in thousands)	$2		$2		$2
Portfolio turnover	32	%	132	%	16	%

Notes to Financial Highlights

(a) For the period from March 31, 2011 (commencement of operations) to May 31, 2011.

(b) Rounds to less than $0.01.

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

(d) Rounds to less than 0.01%.

(e) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.13%.

(f) 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.

(g) Certain line items from prior years have been reclassified to conform to the current presentation.

(h) Annualized.

(i) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.31% for the six months ended November 30, 2012 and 0.23% and 0.13% for the years ended May 31, 2012 and 2011, respectively.

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

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

30 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights (continued)

	Six Months  Ended November 30,  2012(a)
Class R5	(Unaudited)
Per share data
Net asset value, beginning of period	$9.96
Income from investment operations:
Net investment income	(0.00	)(b)
Net realized and unrealized gain	0.09
Total from investment operations	0.09
Net asset value, end of period	$10.05
Total return	0.90	%
Ratios to average net assets(c)
Total gross expenses	1.62	%(d)(e)
Total net expenses(f)	1.44	%(d)(e)
Net investment loss	(0.10	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	32	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to November 30, 2012.

(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) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.46% for the six months ended November 30, 2012.

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

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

Semiannual Report 2012 31

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class W	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.96		$9.98		$10.00
Income from investment operations:
Net investment loss	(0.02	)	(0.03	)	(0.01	)
Net realized and unrealized gain (loss)	0.02		0.00	(b)	(0.01	)(c)
Increase from payments by affiliate	—		0.01		—
Total from investment operations	—		(0.02	)	(0.02	)
Less distributions to shareholders:
Net realized gains	—		(0.00	)(b)	—
Total distributions to shareholders	—		(0.00	)(b)	—
Net asset value, end of period	$9.96		$9.96		$9.98
Total return	0.00	%(d)	(0.17	%)(e)	(0.20	%)
Ratios to average net assets(f)(g)
Total gross expenses	2.07	%(h)(i)	1.98	%(i)	3.05	%(h)(i)
Total net expenses(j)	1.71	%(h)(i)	1.63	%(i)	1.50	%(h)(i)
Net investment loss	(0.39	%)(h)	(0.28	%)	(0.73	%)(h)
Supplemental data
Net assets, end of period (in thousands)	$21,815		$18,610		$2
Portfolio turnover	32	%	132	%	16	%

Notes to Financial Highlights

(a) For the period from March 31, 2011 (commencement of operations) to May 31, 2011.

(b) Rounds to less than $0.01.

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

(d) Rounds to less than 0.01%.

(e) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.13%.

(f) 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.

(g) Certain line items from prior years have been reclassified to conform to the current presentation.

(h) Annualized.

(i) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.33% for the six months ended November 30, 2012 and 0.25% and 0.13% for the years ended May 31, 2012 and 2011, respectively.

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

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

32 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class Z	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$9.99		$9.99		$10.00
Income from investment operations:
Net investment income (loss)	(0.01	)	(0.00	)(b)	(0.01	)
Net realized and unrealized gain (loss)	0.02		(0.01	)(c)	(0.00	)(b)(c)
Increase from payments by affiliate	—		0.01		—
Total from investment operations	0.01		—		(0.01	)
Less distributions to shareholders:
Net realized gains	—		(0.00	)(b)	—
Total distributions to shareholders	—		(0.00	)(b)	—
Net asset value, end of period	$10.00		$9.99		$9.99
Total return	0.10	%	0.03	%(d)	(0.10	%)
Ratios to average net assets(e)(f)
Total gross expenses	1.81	%(g)(h)	1.71	%(h)	3.36	%(g)(h)
Total net expenses(i)	1.46	%(g)(h)	1.40	%(h)	1.30	%(g)(h)
Net investment income (loss)	(0.13	%)(g)	(0.00	%)(j)	(0.45	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$809		$1,049		$362
Portfolio turnover	32	%	132	%	16	%

Notes to Financial Highlights

(a) For the period from March 31, 2011 (commencement of operations) to May 31, 2011.

(b) Rounds to less than $0.01.

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

(d) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.13%.

(e) 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.

(f) Certain line items from prior years have been reclassified to conform to the current presentation.

(g) Annualized.

(h) Ratios include dividends and interest on securities sold short. If dividends and interest on securities sold short had been excluded, expenses would have been lower by 0.33% for the six months ended November 30, 2012 and 0.27% and 0.17% for the years ended May 31, 2012 and 2011, respectively.

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

(j) Rounds to less than 0.01%.

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

Semiannual Report 2012 33

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements

November 30, 2012 (Unaudited)

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class R, Class R5, Class W and Class Z shares. 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 3.00% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

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

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

Class I shares are not subject to sales charges and are 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 R5 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R5 shares commenced operations on November 8, 2012.

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.

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 ask prices on such exchanges or markets.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques 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.

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.

34 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 ask 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 or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in 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.

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.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under 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 fair value.

Foreign Currency Transactions and Translations

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.

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

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to 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

Semiannual Report 2012 35

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 gain a mix of market exposure to major currencies.

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 expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts 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 exposure to movements in interest rates, manage exposure to the securities market, and to gain a mix of market exposure to interest rates, equity indices, foreign currencies and sovereign debt. 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. 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.

Interest Rate Swap Contracts

The Fund entered into interest rate swap transactions to produce incremental earnings, or to gain exposure to or protect itself from market rate changes, or to synthetically add or subtract principal exposure to a market and to gain a mix of market exposure to interest rates. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future (the effective date). The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.

Risks of entering into interest rate swaps include a lack of correlation between the swaps and the portfolio of bonds the swaps are designed to hedge or replicate. A lack of correlation may cause the interest rate swaps to experience adverse changes in value relative to expectations. In addition, interest rate swaps are subject to the risk of default of a counterparty, and the risk of adverse movements in market interest rates relative to the interest rate swap positions taken. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life to the extent that such amount is positive, plus the cost of entering into a similar transaction with another counterparty.

The Fund attempts to mitigate counterparty credit risk by entering into interest rate swap transactions only with counterparties that meet prescribed levels of creditworthiness, as determined by the Investment Manager. The Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to monitor (on a daily basis) the net market value of all derivative transactions

36 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

entered into pursuant to the contract between the Fund and such counterparty. If the net market value of such derivatives transactions between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty is required to post cash and/or securities as collateral. Market values of derivatives transactions presented in the financial statements are not netted with the market values of other derivatives transactions or with any collateral amounts posted by the Fund or any counterparty.

Effects of Derivative Transactions in the Financial Statements

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

The following table is a summary of the fair value of derivative instruments at November 30, 2012:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity contracts	Net assets — unrealized appreciation on futures contracts		1,344,178	*
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		2,620,853
Interest rate contracts	Unrealized appreciation on swap contracts		564,228
Interest rate contracts	Net assets — unrealized appreciation on futures contracts		405,921	*
Commodity contracts	Net assets — unrealized appreciation on futures contracts		6,952	*
Total			4,942,132

	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity contracts	Net assets — unrealized depreciation on futures contracts		166,024	*
Foreign exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts		1,971,195
Foreign exchange contracts	Net assets — unrealized depreciation on futures contracts		20,905	*
Interest rate contracts	Unrealized depreciation on swap contracts		151,983
Interest rate contracts	Net assets — unrealized depreciation on futures contracts		218,139	*
Total			2,528,246

* 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.

The effect of derivative instruments in the Statement of Operations for the six months ended November 30, 2012:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)			Total ($)
Equity contracts		—			(1,166,878	)		—			(1,166,878	)
Foreign exchange contracts		(45,877	)		(216,802	)		—			(262,679	)
Interest rate contracts		—			(1,013,402	)		383,535			(629,867	)
Commodity contracts		—			87,088			—			87,088
Total		(45,877	)		(2,309,994	)		383,535			(1,972,336	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)			Total ($)
Equity contracts		—			(1,477,544	)		—			(1,477,544	)
Foreign exchange contracts		674,895			(500,931	)		—			173,964
Interest rate contracts		—			(251,690	)		(311,741	)		(563,431	)
Commodity contracts		—			6,952			—			6,952
Total		674,895			(2,223,213	)		(311,741	)		(1,860,059	)

Semiannual Report 2012 37

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

The following table is a summary of the volume of derivative instruments for the six months ended November 30, 2012:

Derivative Instrument	Contracts Opened
Forward foreign currency exchange contracts		873
Futures contracts		22,942
Swap contracts		6

Short Sales

The Fund may sell a security it does not own in anticipation of a decline in the fair value of the security. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. The Fund is required to maintain a margin account with the broker and to pledge assets to the broker as collateral for the borrowed security. The Fund can purchase the same security at the current market price and deliver it to the broker to close out the short sale. The Fund is obligated to pay the broker a fee for borrowing the security. The fee is recorded as interest expense in the Statement of Operations and a short position is reported as a liability at fair value in the Statement of Asset and Liabilities. The Fund must also pay the broker for any dividends accrued (recognized on ex-date) on the borrowed security. This amount is recorded as an expense in the Statement of Operations. The Fund will record a gain if the security declines in value, and will realize a loss if the security appreciates. Such gain, limited to the price at which the Fund sold the security short, or such loss, potentially unlimited in size because the short position loses value as the market price of the security sold short increases, will be recognized upon the termination of a short sale. The Fund’s potential losses could exceed those of other mutual funds which hold only long security positions if the value of the securities held long decreases and the value of the securities sold short increases. As the Fund intends to use the cash proceeds from the short sales to invest in additional long securities, the Fund’s use of short sales in effect “leverages” the Fund. Leveraging potentially exposes the Fund to greater risks due to unanticipated market movements, which may magnify losses and increase volatility of returns. There is no assurance that a leveraging strategy will be successful. There is also the risk that the broker may fail to honor its contract terms, causing a loss to the Fund.

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.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange traded funds (ETFs) and real estate investment trusts (REITs), which report information on the character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on 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 BDCs, ETFs and REITs, which could result in a proportionate change in return of capital to shareholders.

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

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if

38 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires

disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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 investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.82% to 0.70% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.82% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.08% to 0.05% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2012 was 0.08% of the Fund’s average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $751.

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

Semiannual Report 2012 39

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R5 shares.

For the six months ended November 30, 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	0.37	%
Class B	0.37
Class C	0.38
Class R	0.37
Class R5	0.05
Class W	0.38
Class Z	0.38

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 November 30, 2012, no minimum account balance fees were charged by the Fund.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution 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 $13,000 and $17,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2012, 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 $7,087 for Class A and $50 for Class C shares for the six months ended November 30, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective August 1, 2012, 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 September 30, 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/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	1.38	%
Class B	2.13
Class C	2.13
Class I	0.93
Class R	1.63
Class R5	0.98
Class W	1.38
Class Z	1.13

40 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Prior to August 1, 2012, the Investment Manager and certain of 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	1.38	%
Class B	2.13
Class C	2.13
Class I	1.06
Class R	1.63
Class W	1.38
Class Z	1.13

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

Note 4. Federal Tax Information

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

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $164,176,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$10,156,000
Unrealized depreciation	(1,349,000	)
Net unrealized appreciation	$8,807,000

The following capital loss carryforward, determined as of May 31, 2012 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 ($)
Unlimited short-term		601,212

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat post-October capital losses of $3,667,681 at May 31, 2012 as arising on June 1, 2012.

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 $31,237,596 and $52,414,823, respectively, for the six months ended November 30, 2012.

Note 6. Payments by Affiliates

The Investment Manager voluntarily reimbursed the Fund $295,784 for a loss on a trading error for the year May 31, 2012.

Note 7. Affiliated Money Market Fund

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

Note 8. Shareholder Concentration

At November 30, 2012, one unaffiliated shareholder account owned 32.6% 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. Affiliated shareholder accounts owned 64.7% 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.

Semiannual Report 2012 41

Columbia Absolute Return Multi-Strategy Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the six months ended November 30, 2012.

Note 10. Significant Risks

Short Selling Risk

The Fund may make short sales, which involves selling a security the Fund does not own in anticipation that the security’s price will decline. The Fund’s potential losses could exceed those of other mutual funds which hold only long security positions if the value of the securities held long decreases and the value of the securities sold short increases. The Fund’s use of short sales in effect “leverages” the Fund, as the Fund intends to use the cash proceeds from the short sales to invest in additional long securities. Leveraging potentially exposes the Fund to greater risks due to unanticipated market movements, which may magnify losses and increase volatility of returns. There is no assurance that a leveraging strategy will be successful.

Note 11. Subsequent Events

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

Note 12. 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.

42 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal year ended May 31, 2012 and period ended May 31, 2011 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal year ended May 31, 2012 and period ended May 31, 2011 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Semiannual Report 2012 43

Columbia Absolute Return Multi-Strategy Fund

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44 Semiannual Report 2012

Columbia Absolute Return Multi-Strategy Fund

Important Information About This Report

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

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 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 sec.gov.

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

Semiannual Report 2012 45

Columbia Absolute Return Multi-Strategy Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6439 C (1/13)

Semiannual Report November 30, 2012

Columbia Commodity Strategy Fund

Columbia Commodity Strategy Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

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

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia Commodity Strategy Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	4
Consolidated Portfolio of Investments	5
Consolidated Statement of Assets and Liabilities	8
Consolidated Statement of Operations	10
Consolidated Statement of Changes in Net Assets	11
Consolidated Financial Highlights	13
Notes to Consolidated Financial Statements	19
Supplemental Information	26
Important Information About This Report	29

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2012

Columbia Commodity Strategy Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Commodity Strategy Fund (the Fund) Class W shares returned 11.57% for the six-month period that ended November 30, 2012.

> The Fund outperformed its benchmark, the Dow Jones-UBS Commodity Index, which returned 11.29% for the same period.

Average Annual Total Returns (%) (for period ended November 30, 2012)
	Inception	6 Months cumulative		1 Year		Life
Class A*	06/18/12
Excluding sales charges			11.57		3.39		-4.13
Including sales charges			5.12		-2.58		-8.26
Class C*	06/18/12
Excluding sales charges			11.06		2.53		-4.91
Including sales charges			10.06		1.53		-4.91
Class I	07/28/11		11.76		3.83		-3.75
Class R*	06/18/12		11.32		3.03		-4.44
Class W	07/28/11		11.57		3.39		-4.13
Class Z*	06/18/12		11.69		3.50		-4.05
Dow Jones-UBS Commodity Index			11.29		-2.22		-9.76

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

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

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

The Dow Jones-UBS Commodity Index, is a broadly diversified index composed of commodities traded on U.S. exchanges, with the exception of aluminum, nickel and zinc, which trade on the London Metal Exchange (LME).

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

2 Semiannual Report 2012

Columbia Commodity Strategy Fund

Portfolio Overview

(Unaudited)

Commodities Market Exposure (%) (at November 30, 2012)
Commodities Futures Contracts(a)
Agriculture	35.2
Energy	36.2
Industrial Metals	16.0
Precious Metals	12.6
Total Notional Market Value of Commodities Futures Contracts	100.0

(a) Reflects notional market value of commodities futures contracts. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. Notional amounts for each commodities futures contracts are shown in the Consolidated Portfolio of Investments. The notional amount of all outstanding commodities futures contracts is $66,513,995. See Futures Contracts Outstanding at November 30, 2012 on page 5.

Other Portfolio Holding (%) (at November 30, 2012)
Affiliated Money Market Fund(b)	94.5
Other Assets and Liabilities	5.5
Total Net Assets	100.0

(b) Percentage based upon net assets. Investments in affiliated money market fund and cash held by the Fund to cover obligations with respect to, or that may result from, the Fund’s investments in derivatives which provide exposure to the commodities market.

Portfolio Management

Threadneedle International Limited

David Donora

Nicholas Robin

Semiannual Report 2012 3

Columbia Commodity Strategy Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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.

June 1, 2012 – November 30, 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		1,111.80	*	1,019.30		5.46	*	5.82		1.15	*
Class C		1,000.00	1,000.00		1,107.10	*	1,015.54		8.99	*	9.60		1.90	*
Class I		1,000.00	1,000.00		1,117.60		1,021.56		3.72		3.55		0.70
Class R		1,000.00	1,000.00		1,109.40	*	1,018.05		6.63	*	7.08		1.40	*
Class W		1,000.00	1,000.00		1,115.70		1,019.30		6.10		5.82		1.15
Class Z		1,000.00	1,000.00		1,112.90	*	1,020.56		4.27	*	4.56		0.90	*

* For the period June 18, 2012 through November 30, 2012. Class A, Class C, Class R and Class Z shares commenced operations on June 18, 2012.

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

Expenses do not include fees and expenses incurred indirectly by the Fund from 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.

4 Semiannual Report 2012

Columbia Commodity Strategy Fund

Consolidated Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Money Market Funds 94.5%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.154%(a)(b)		62,284,453		62,284,453
Total Money Market Funds
(Cost: $62,284,453)				62,284,453
Total Investments
(Cost: $62,284,453)				62,284,453
Other Assets & Liabilities, Net				3,608,836
Net Assets				65,893,289

Futures Contracts Outstanding at November 30, 2012

At November 30, 2012, $3,795,922 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Notional Market Value ($)		Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Brent Crude		56		6,174,000		Feb. 2013		188,001		—
Cattle Feeder		50		3,640,625		Jan. 2013		—		(63,546	)
Coffee ‘C’		8		451,800		March 2013		—		(15,036	)
Copper		33		3,018,675		May 2013		150,275		—
Corn		40		1,505,500		March 2013		1,147		—
Corn		77		2,895,200		May 2013		74,522		—
Cotton No.2		17		628,235		March 2013		24,721		—
Gas Oil		47		4,479,100		Jan. 2013		115,850		—
Gasoline RBOB		58		6,651,011		Jan. 2013		248,267		—
Gold 100 Oz.		38		6,508,260		Feb. 2013		—		(51,830	)
Heating Oil		17		2,183,912		May 2013		57,867		—
LME Lead		52		2,938,000		May 2013		117,467		—
LME Nickel		29		3,080,322		May 2013		275,601		—
LMI Pri Aluminum		20		1,058,250		May 2013		77,346		—
Natural Gas		100		3,607,000		May 2013		—		(149,548	)
Red Wheat		14		655,725		March 2013		—		(8,096	)
Red Wheat		59		2,791,437		May 2013		—		(34,601	)
Silver		12		1,996,740		March 2013		53,708		—
Soybean		84		6,042,750		Jan. 2013		—		(326,876	)
Soybean Oil		70		2,127,300		May 2013		65,153		—
Sugar #11		91		1,971,133		March 2013		—		(73,817	)
Wheat (KCB)		24		1,106,700		May 2013		—		(10,539	)
WTI Crude		11		1,002,320		May 2013		30,520		—
Total								1,480,445		(733,889	)

Notes to Consolidated Portfolio of Investments

(a) The rate shown is the seven-day current annualized yield at November 30, 2012.

(b) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		23,156,891		61,141,027		(22,013,465	)		62,284,453		28,887		62,284,453

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

Semiannual Report 2012 5

Columbia Commodity Strategy Fund

Consolidated Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements

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

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

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

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

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

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

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

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

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third- party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

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

6 Semiannual Report 2012

Columbia Commodity Strategy Fund

Consolidated Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 2012:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Money Market Funds		62,284,453			—		—		62,284,453
Total Money Market Funds		62,284,453			—		—		62,284,453
Investments in Securities		62,284,453			—		—		62,284,453
Derivatives
Assets
Futures Contracts		1,480,445			—		—		1,480,445
Liabilities
Futures Contracts		(733,889	)		—		—		(733,889	)
Total		63,031,009			—		—		63,031,009

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Semiannual Report 2012 7

Columbia Commodity Strategy Fund

Consolidated Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value
Affiliated issuers (identified cost $62,284,453)	$62,284,453
Margin deposits on futures contracts	3,795,922
Receivable for:
Capital shares sold	1,401
Dividends	6,838
Expense reimbursement due from Investment Manager	629
Prepaid expenses	2,095
Total assets	66,091,338
Liabilities
Disbursements in excess of cash	838
Payable for:
Investments purchased	379
Capital shares purchased	2,241
Variation margin on futures contracts	162,949
Investment management fees	992
Distribution and/or service fees	4
Transfer agent fees	43
Administration fees	144
Compensation of board members	3,226
Other expenses	27,233
Total liabilities	198,049
Net assets applicable to outstanding capital stock	$65,893,289
Represented by
Paid-in capital	$64,831,390
Excess of distributions over net investment income	(161,441	)
Accumulated net realized gain	476,784
Unrealized appreciation (depreciation) on:
Futures contracts	746,556
Total — representing net assets applicable to outstanding capital stock	$65,893,289

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

8 Semiannual Report 2012

Columbia Commodity Strategy Fund

Consolidated Statement of Assets and Liabilities (continued)

November 30, 2012 (Unaudited)

Class A
Net assets	$534,848
Shares outstanding	56,613
Net asset value per share	$9.45
Maximum offering price per share(a)	$10.03
Class C
Net assets	$17,642
Shares outstanding	1,875
Net asset value per share	$9.41
Class I
Net assets	$65,332,881
Shares outstanding	6,877,293
Net asset value per share	$9.50
Class R
Net assets	$2,775
Shares outstanding	294
Net asset value per share(b)	$9.43
Class W
Net assets	$2,362
Shares outstanding	250
Net asset value per share	$9.45
Class Z
Net assets	$2,781
Shares outstanding	294
Net asset value per share	$9.46

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

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

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

Semiannual Report 2012 9

Columbia Commodity Strategy Fund

Consolidated Statement of Operations

Six Months Ended November 30, 2012 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$28,887
Total income	28,887
Expenses:
Investment management fees	109,259
Distribution and/or service fees
Class A(a)	244
Class C(a)	43
Class R(a)	6
Class W	3
Transfer agent fees
Class A(a)	220
Class C(a)	14
Class R(a)	4
Class W	4
Class Z(a)	4
Administration fees	15,892
Compensation of board members	4,308
Custodian fees	2,622
Printing and postage fees	11,547
Registration fees	61,285
Professional fees	22,973
Other	6,766
Total expenses	235,194
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(95,249	)
Total net expenses	139,945
Net investment loss	(111,058	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Futures contracts	476,784
Net realized gain	476,784
Net change in unrealized appreciation (depreciation) on:
Futures contracts	2,261,709
Net change in unrealized appreciation (depreciation)	2,261,709
Net realized and unrealized gain	2,738,493
Net increase in net assets resulting from operations	$2,627,435

(a) Class A, Class C, Class R and Class Z are for the period from June 18, 2012 (commencement of operations) to November 30, 2012.

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

10 Semiannual Report 2012

Columbia Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets

	Six Months Ended November 30, 2012(a) (Unaudited)			Year Ended May 31, 2012(b)
Operations
Net investment loss		$(111,058	)		$(75,550	)
Net realized gain (loss)		476,784			(1,911,987	)
Net change in unrealized appreciation (depreciation)		2,261,709			(1,515,153	)
Net increase (decrease) in net assets resulting from operations		2,627,435			(3,502,690	)
Increase (decrease) in net assets from capital stock activity		38,688,129			28,080,415
Total increase in net assets		41,315,564			24,577,725
Net assets at beginning of period		24,577,725			—
Net assets at end of period		$65,893,289			$24,577,725
Excess of distributions over net investment income		$(161,441	)		$(50,383	)

(a) Class A, Class C, Class R and Class Z are for the period from June 18, 2012 (commencement of operations) to November 30, 2012.

(b) For the period from July 28, 2011 (commencement of Fund operations) to May 31, 2012.

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

Semiannual Report 2012 11

Columbia Commodity Strategy Fund

Consolidated Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012(a) (Unaudited)						Year Ended May 31, 2012(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		58,722			563,809			—			—
Redemptions		(2,109	)		(19,491	)		—			—
Net increase		56,613			544,318			—			—
Class C shares
Subscriptions		1,875			17,335			—			—
Net increase		1,875			17,335			—			—
Class I shares
Subscriptions		4,148,877			39,662,964			2,901,244			28,178,089
Redemptions		(162,565	)		(1,541,488	)		(10,263	)		(100,174	)
Net increase		3,986,312			38,121,476			2,890,981			28,077,915
Class R shares
Subscriptions		294			2,500			—			—
Net increase		294			2,500			—			—
Class W shares
Subscriptions		—			—			250			2,500
Net increase		—			—			250			2,500
Class Z shares
Subscriptions		294			2,500			—			—
Net increase		294			2,500			—			—
Total net increase		4,045,388			38,688,129			2,891,231			28,080,415

(a) Class A, Class C, Class R and Class Z are for the period from June 18, 2012 (commencement of operations) to November 30, 2012.

(b) For the period from July 28, 2011 (commencement of Fund operations) to May 31, 2012.

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

12 Semiannual Report 2012

Columbia Commodity Strategy Fund

Consolidated Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

Class  A	Six Months  Ended November 30,  2012(a) (Unaudited)
Per share data
Net asset value, beginning of period	$8.50
Income from investment operations:
Net investment loss	(0.04	)
Net realized and unrealized gain	0.99
Total from investment operations	0.95
Net asset value, end of period	$9.45
Total return	11.18	%
Ratios to average net assets(b)
Total gross expenses	1.63	%(c)
Total net expenses(d)	1.15	%(c)
Net investment loss	(1.00	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$535
Portfolio turnover	0	%

Notes to Consolidated Financial Highlights

(a) For the period from June 18, 2012 (commencement of operations) to November 30, 2012.

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

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

Semiannual Report 2012 13

Columbia Commodity Strategy Fund

Consolidated Financial Highlights (continued)

Class C	Six Months  Ended November 30,  2012(a) (Unaudited)
Per share data
Net asset value, beginning of period	$8.50
Income from investment operations:
Net investment loss	(0.07	)
Net realized and unrealized gain	0.98
Total from investment operations	0.91
Net asset value, end of period	$9.41
Total return	10.71	%
Ratios to average net assets(b)
Total gross expenses	2.50	%(c)
Total net expenses(d)	1.90	%(c)
Net investment loss	(1.74	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$18
Portfolio turnover	0	%

Notes to Consolidated Financial Highlights

(a) For the period from June 18, 2012 (commencement of operations) to November 30, 2012.

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

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

14 Semiannual Report 2012

Columbia Commodity Strategy Fund

Consolidated Financial Highlights (continued)

Class I	Six Months  Ended November 30, 2012 (Unaudited)		Year Ended May  31, 2012(a)
Per share data
Net asset value, beginning of period	$8.50		$10.00
Income from investment operations:
Net investment loss	(0.03	)	(0.04	)
Net realized and unrealized gain (loss)	1.03		(1.46	)
Total from investment operations	1.00		(1.50	)
Net asset value, end of period	$9.50		$8.50
Total return	11.76	%	(15.00	%)
Ratios to average net assets(b)
Total gross expenses	1.18	%(c)	1.62	%(c)
Total net expenses(d)	0.70	%(c)	0.70	%(c)
Net investment loss	(0.56	%)(c)	(0.56	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$65,333		$24,576
Portfolio turnover	0	%	0	%

Notes to Consolidated Financial Highlights

(a) For the period from July 28, 2011 (commencement of operations) to May 31, 2012.

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

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

Semiannual Report 2012 15

Columbia Commodity Strategy Fund

Consolidated Financial Highlights (continued)

Class R	Six Months  Ended November 30,  2012(a) (Unaudited)
Per share data
Net asset value, beginning of period	$8.50
Income from investment operations:
Net investment loss	(0.05	)
Net realized and unrealized gain	0.98
Total from investment operations	0.93
Net asset value, end of period	$9.43
Total return	10.94	%
Ratios to average net assets(b)
Total gross expenses	2.05	%(c)
Total net expenses(d)	1.40	%(c)
Net investment loss	(1.25	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	0	%

Notes to Consolidated Financial Highlights

(a) For the period from June 18, 2012 (commencement of operations) to November 30, 2012.

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

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

16 Semiannual Report 2012

Columbia Commodity Strategy Fund

Consolidated Financial Highlights (continued)

Class W	Six Months  Ended November 30, 2012 (Unaudited)		Year Ended May  31, 2012(a)
Per share data
Net asset value, beginning of period	$8.47		$10.00
Income from investment operations:
Net investment loss	(0.05	)	(0.08	)
Net realized and unrealized gain (loss)	1.03		(1.45	)
Total from investment operations	0.98		(1.53	)
Net asset value, end of period	$9.45		$8.47
Total return	11.57	%	(15.30	%)
Ratios to average net assets(b)
Total gross expenses	1.77	%(c)	2.76	%(c)
Total net expenses(d)	1.15	%(c)	1.15	%(c)
Net investment loss	(0.97	%)(c)	(0.99	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$2		$2
Portfolio turnover	0	%	0	%

Notes to Consolidated Financial Highlights

(a) For the period from July 28, 2011 (commencement of operations) to May 31, 2012.

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

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

Semiannual Report 2012 17

Columbia Commodity Strategy Fund

Consolidated Financial Highlights (continued)

Class Z	Six Months  Ended November 30,  2012(a) (Unaudited)
Per share data
Net asset value, beginning of period	$8.50
Income from investment operations:
Net investment loss	(0.03	)
Net realized and unrealized gain	0.99
Total from investment operations	0.96
Net asset value, end of period	$9.46
Total return	11.29	%
Ratios to average net assets(b)
Total gross expenses	1.55	%(c)
Total net expenses(d)	0.90	%(c)
Net investment loss	(0.75	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	0	%

Notes to Consolidated Financial Highlights

(a) For the period from June 18, 2012 (commencement of operations) to November 30, 2012.

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

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

18 Semiannual Report 2012

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements

November 30, 2012 (Unaudited)

Note 1. Organization

Columbia Commodity Strategy 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 C, Class I, Class R, 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 A shares commenced operations on June 18, 2012.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase. Class C shares commenced operations on June 18, 2012.

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 R shares commenced operations on June 18, 2012.

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. Class Z shares commenced operations on June 18, 2012.

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

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.

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 of Trustees (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 fair value.

Derivative Instruments

The Fund invests in certain derivative instruments as detailed below to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to 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 Consolidated Statement of Assets and Liabilities.

Semiannual Report 2012 19

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements (continued)

November 30, 2012 (Unaudited)

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 manage exposure to commodity markets. 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. 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 Consolidated 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 Consolidated 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 Consolidated Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments at November 30, 2012:

	Asset Derivatives
Risk Exposure Category	Consolidated Statement of Assets and Liabilities Location	Fair Value ($)
Commodity contracts	Net assets — unrealized appreciation on futures contracts	1,480,445	*
	Liability Derivatives
Risk Exposure Category	Consolidated Statement of Assets and Liabilities Location	Fair Value ($)
Commodity contracts	Net assets — unrealized depreciation on futures contracts	733,889	*

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

The effect of derivative instruments in the Consolidated Statement of Operations for the six months ended November 30, 2012:

Amount of Realized Gain (Loss) on Derivatives
Risk Exposure Category	Futures Contracts ($)
Commodity contracts		476,784
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Commodity contracts		2,261,709

The following table is a summary of the volume of derivative instruments for the six months ended November 30, 2012:

Derivative Instrument	Contracts Opened
Futures contracts		2,460

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

Dividend income is recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of

20 Semiannual Report 2012

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements (continued)

November 30, 2012 (Unaudited)

the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Basis for Consolidation

CCSF Offshore Fund, Ltd. (the Subsidiary) is a Cayman Islands exempted company and wholly-owned subsidiary of the Fund. The Subsidiary operates as an investment vehicle to provide the Fund with exposure to the commodities markets

consistent with the Fund’s investment objective and policies as stated in its prospectus and statement of additional information. In accordance with the Memorandum and Articles of Association of the Subsidiary (the Articles), the Fund owns the sole issued share of the Subsidiary and retains all rights associated with such share, including the right to receive notice of, attend and vote at general meetings of the Subsidiary, rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), is responsible for the Subsidiary’s day-to-day business pursuant to a separate investment management services agreement between the Subsidiary and the Investment Manager. At November 30, 2012, the Fund’s investment in the Subsidiary represented $9,745,510 or 14.8% of the net assets of the Fund.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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, the Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund’s subadviser (see Subadvisory Agreement below) has the primary responsibility for the day-to-day portfolio management of the Fund. The investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines

Semiannual Report 2012 21

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements (continued)

November 30, 2012 (Unaudited)

from 0.55% to 0.44% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.55% of the Fund’s average daily net assets.

Subadvisory Agreement

The Investment Manager has entered into a Subadvisory Agreement with Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and wholly-owned subsidiary of Ameriprise Financial, the subadviser of the Fund. The Investment Manager compensates Threadneedle to manage the investments of the Fund’s assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.08% to 0.05% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2012 was 0.08% of the Fund’s average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $575.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Consolidated 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 fees. Class I shares do not pay transfer agent fees.

For the six months ended November 30, 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 C	0.32
Class R	0.33
Class W	0.33
Class Z	0.33

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 Consolidated Statement of Operations. For the six months ended November 30, 2012, no minimum account balance fees were charged by the Fund.

Distribution Fees

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

22 Semiannual Report 2012

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements (continued)

November 30, 2012 (Unaudited)

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 C shares. For 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 $0.00 for Class C shares. This amount is based on the most recent information available as of September 30, 2012, 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 $4,294 for Class A shares for the six months ended November 30, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective August 1, 2012, 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 September 30, 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	1.15	%
Class C	1.90
Class I	0.70
Class R	1.40
Class W	1.15
Class Z	0.90

Prior to August 1, 2012, the Investment Manager and certain of 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 I	0.70	%
Class W	1.15

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

Note 4. Federal Tax Information

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

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $62,284,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$—
Unrealized depreciation	—
Net unrealized appreciation	$—

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat late year ordinary losses of $49,470 at May 31, 2012 as arising on June 1, 2012.

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.

Semiannual Report 2012 23

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements (continued)

November 30, 2012 (Unaudited)

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $0 and $0, respectively, for the six months ended November 30, 2012.

Note 6. Affiliated Money Market Fund

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

Note 7. Shareholder Concentration

At November 30, 2012, five affiliated shareholder accounts owned 99.17% 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 8. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. 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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the six months ended November 30, 2012.

Note 9. Significant Risks

Commodity — Related Investment Risk

The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include demand for the commodity, weather, embargoes, tariffs, and economic health, political, international, regulatory and other developments. Economic and other events (whether real or

perceived) can reduce the demand for commodities, which may reduce market prices and cause the value of Fund shares to fall. The frequency and magnitude of such changes cannot be predicted. Exposure to commodities and commodities markets may subject the value of the Fund’s investments to greater volatility than other types of investments. No, or limited, active trading market may exist for certain commodities investments, which may impair the ability to sell or to realize the full value of such investments in the event of the need to liquidate such investments. In addition, adverse market conditions may impair the liquidity of actively traded commodities investments. Certain types of commodities instruments (such as commodity-linked swaps and commodity-linked structured notes) are subject to the risk that the counterparty to the instrument may not perform or may be unable to perform in accordance with the terms of the instrument. Subsidiaries making commodity-related investments will not generally be subject to U.S. laws (including securities laws) and their protections. Further, they will be subject to the laws of a foreign jurisdiction, which can be adversely affected by developments in that jurisdiction.

Note 10. Subsequent Events

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

Note 11. Information Regarding Pending and Settled Legal Proceedings

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

24 Semiannual Report 2012

Columbia Commodity Strategy Fund

Notes to Consolidated Financial Statements (continued)

November 30, 2012 (Unaudited)

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.

Semiannual Report 2012 25

Columbia Commodity Strategy Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal period ended May 31, 2012 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal period ended May 31, 2012 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal period and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

26 Semiannual Report 2012

Columbia Commodity Strategy Fund

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Semiannual Report 2012 27

Columbia Commodity Strategy Fund

[THIS PAGE INTENTIONALLY LEFT BLANK]

28 Semiannual Report 2012

Columbia Commodity Strategy Fund

Important Information About This Report

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

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 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 sec.gov.

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

Semiannual Report 2012 29

Columbia Commodity Strategy Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6499 C (1/13)

Semiannual Report November 30, 2012

Columbia Diversified Equity Income Fund

Columbia Diversified Equity Income Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

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

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia Diversified Equity Income Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	4
Portfolio of Investments	6
Statement of Assets and Liabilities	11
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	17
Notes to Financial Statements	28
Supplemental Information	35
Important Information About This Report	37

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2012

Columbia Diversified Equity Income Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Diversified Equity Income Fund (the Fund) Class A shares returned 8.81% excluding sales charges for the six months ended November 30, 2012.

> The Fund underperformed its benchmark, the Russell 1000 Value Index, which returned 11.20% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2012)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	10/15/90
Excluding sales charges			8.81		13.62		-1.33		8.34
Including sales charges			2.51		7.14		-2.49		7.70
Class B	03/20/95
Excluding sales charges			8.34		12.80		-2.08		7.52
Including sales charges			3.34		7.80		-2.41		7.52
Class C	06/26/00
Excluding sales charges			8.42		12.81		-2.06		7.53
Including sales charges			7.42		11.81		-2.06		7.53
Class I*	03/04/04		8.97		14.09		-0.89		8.74
Class K (formerly Class R4)	03/20/95		8.90		13.78		-1.15		8.53
Class R*	12/11/06		8.62		13.32		-1.62		8.02
Class R4* (formerly Class R3)	12/11/06		8.76		13.60		-1.42		8.24
Class R5*	12/11/06		9.04		14.07		-0.92		8.59
Class W*	12/01/06		8.79		13.63		-1.29		8.35
Class Y*	11/08/12		8.90		13.71		-1.32		8.35
Class Z*	09/27/10		8.86		13.83		-1.22		8.40
Russell 1000 Value Index			11.20		17.45		-0.01		6.69

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

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

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

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

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

2 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2012)
Pfizer, Inc.	2.8
JPMorgan Chase & Co.	2.7
Bank of America Corp.	2.5
ACE Ltd.	2.4
XL Group PLC	2.3
Merck & Co., Inc.	2.2
General Electric Co.	2.2
AT&T, Inc.	2.1
Target Corp.	2.1
Home Depot, Inc. (The)	1.9

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

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

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

Portfolio Breakdown (%) (at November 30, 2012)
Common Stocks	99.2
Consumer Discretionary	11.7
Consumer Staples	9.5
Energy	11.4
Financials	19.1
Health Care	13.5
Industrials	13.6
Information Technology	8.0
Materials	2.2
Telecommunication Services	6.0
Utilities	4.2
Convertible Bonds	0.2
Materials	0.2
Money Market Funds	0.6
Total	100.0

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.

Portfolio Management

Steve Schroll

Laton Spahr, CFA

Paul Stocking

Morningstar Style Box™

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

©2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Semiannual Report 2012 3

Columbia Diversified Equity Income Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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.

4 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Understanding Your Fund’s Expenses (continued)

(Unaudited)

June 1, 2012 – November 30, 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		1,088.10		1,019.65		5.65		5.47		1.08
Class B		1,000.00	1,000.00		1,083.40		1,015.89		9.56		9.25		1.83
Class C		1,000.00	1,000.00		1,084.20		1,015.89		9.56		9.25		1.83
Class I		1,000.00	1,000.00		1,089.70		1,021.81		3.41		3.29		0.65
Class K (formerly Class R4)		1,000.00	1,000.00		1,089.00		1,020.36		4.92		4.76		0.94
Class R		1,000.00	1,000.00		1,086.20		1,018.40		6.96		6.73		1.33
Class R4 (formerly Class R3)		1,000.00	1,000.00		1,087.60		1,019.45		5.86		5.67		1.12
Class R5		1,000.00	1,000.00		1,090.40		1,021.61		3.62		3.50		0.69
Class W		1,000.00	1,000.00		1,087.90		1,019.70		5.60		5.42		1.07
Class Y		1,000.00	1,000.00		1,025.20	*	1,021.71		0.39	*	3.40		0.67	*
Class Z		1,000.00	1,000.00		1,088.60		1,020.91		4.35		4.20		0.83

* For the period November 8, 2012 through November 30, 2012. Class Y shares commenced operations on November 8, 2012.

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

Expenses do not include fees and expenses incurred indirectly by the Fund from 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.

Columbia Management Investment Advisers, LLC and/or certain of its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until September 30, 2014, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds) will not exceed 0.83% for Class R4. Any amounts waived will not be reimbursed by the Fund. This change was effective October 31, 2012. If this change had been in place for the entire six month period ended November 30, 2012, the actual expenses paid would have been $4.34 for Class R4; the hypothetical expenses paid would have been $4.20 for Class R4.

Semiannual Report 2012 5

Columbia Diversified Equity Income Fund

Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 99.2%
Issuer	Shares		Value ($)
Consumer Discretionary 11.7%
Automobiles 1.5%
Ford Motor Co.		3,729,850		42,706,783
Hotels, Restaurants & Leisure 1.2%
McDonald's Corp.		401,528		34,948,997
Media 3.5%
Comcast Corp., Class A		524,237		19,491,132
News Corp., Class A		618,919		15,250,164
Regal Entertainment Group, Class A(a)		835,780		13,021,452
Time Warner, Inc.		385,172		18,218,636
Viacom, Inc., Class B		275,149		14,200,440
Walt Disney Co. (The)		428,322		21,270,470
Total				101,452,294
Multiline Retail 3.6%
Kohl's Corp.		262,466		11,719,107
Macy's, Inc.		775,499		30,011,811
Target Corp.		959,047		60,544,637
Total				102,275,555
Specialty Retail 1.9%
Home Depot, Inc. (The)		828,774		53,928,324
Total Consumer Discretionary				335,311,953
Consumer Staples 9.5%
Beverages 0.6%
PepsiCo, Inc.		243,669		17,108,001
Food & Staples Retailing 1.0%
Wal-Mart Stores, Inc.		393,736		28,356,867
Food Products 1.9%
Hershey Co. (The)		101,912		7,467,092
Kraft Foods Group, Inc.(b)		221,705		10,025,500
Mondelez International, Inc., Class A		665,387		17,226,869
Unilever NV - NY Shares		476,309		18,018,770
Total				52,738,231
Household Products 2.2%
Kimberly-Clark Corp.		301,899		25,878,782
Procter & Gamble Co. (The)		537,811		37,555,342
Total				63,434,124
Tobacco 3.8%
Altria Group, Inc.		739,919		25,016,662
Lorillard, Inc.		418,938		50,758,528
Philip Morris International, Inc.		367,797		33,057,594
Total				108,832,784
Total Consumer Staples				270,470,007

Common Stocks (continued)
Issuer	Shares		Value ($)
Energy 11.4%
Energy Equipment & Services 1.4%
C&J Energy Services, Inc.(b)		256,462		5,121,546
Cameron International Corp.(b)		166,882		9,003,284
National Oilwell Varco, Inc.		138,980		9,492,334
Schlumberger Ltd.		102,600		7,348,212
Seadrill Ltd.		258,713		9,968,212
Total				40,933,588
Oil, Gas & Consumable Fuels 10.0%
Anadarko Petroleum Corp.		210,458		15,403,421
BP PLC, ADR		411,400		17,180,064
Chevron Corp.		449,941		47,554,264
Enbridge, Inc.		805,461		32,452,024
EQT Corp.		260,400		15,639,624
Exxon Mobil Corp.		258,722		22,803,757
Occidental Petroleum Corp.		285,675		21,485,617
Phillips 66		203,800		10,673,006
Pioneer Natural Resources Co.		174,500		18,671,500
Royal Dutch Shell PLC, ADR		593,550		39,750,044
Suncor Energy, Inc.		389,700		12,708,117
Total SA, ADR		275,303		13,809,198
Valero Energy Corp.		324,800		10,478,048
Williams Companies, Inc. (The)		184,307		6,052,642
Total				284,661,326
Total Energy				325,594,914
Financials 19.1%
Capital Markets 2.5%
BlackRock, Inc.		45,497		8,964,729
Goldman Sachs Group, Inc. (The)		350,495		41,284,806
Morgan Stanley		1,187,705		20,036,583
Total				70,286,118
Commercial Banks 1.7%
Wells Fargo & Co.		1,484,239		48,994,729
Diversified Financial Services 6.7%
Bank of America Corp.		7,191,619		70,909,364
Citigroup, Inc.		1,172,381		40,529,211
JPMorgan Chase & Co.		1,844,014		75,752,095
NYSE Euronext		259,800		6,066,330
Total				193,257,000
Insurance 8.0%
ACE Ltd.		851,407		67,456,976
Aflac, Inc.		208,831		11,065,955
Allstate Corp. (The)		839,114		33,967,335

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

6 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Endurance Specialty Holdings Ltd.		161,594		6,496,079
MetLife, Inc.		500,263		16,603,729
PartnerRe Ltd.		32,593		2,701,308
Travelers Companies, Inc. (The)		339,110		24,015,770
XL Group PLC		2,716,906		66,102,323
Total				228,409,475
Real Estate Investment Trusts (REITs) 0.2%
ProLogis, Inc.		164,389		5,579,363
Total Financials				546,526,685
Health Care 13.5%
Health Care Equipment & Supplies 0.3%
Boston Scientific Corp.(b)		1,307,352		7,242,730
Health Care Providers & Services 1.8%
UnitedHealth Group, Inc.		932,730		50,731,185
Life Sciences Tools & Services 1.5%
Agilent Technologies, Inc.		527,478		20,197,133
Thermo Fisher Scientific, Inc.		362,090		23,010,819
Total				43,207,952
Pharmaceuticals 9.9%
AstraZeneca PLC, ADR		305,613		14,528,842
Bristol-Myers Squibb Co.		1,004,049		32,762,119
Johnson & Johnson		625,597		43,622,879
Merck & Co., Inc.		1,443,769		63,958,967
Novartis AG, ADR		548,558		34,038,024
Pfizer, Inc.		3,212,717		80,382,179
Roche Holding AG, ADR		315,367		15,519,210
Total				284,812,220
Total Health Care				385,994,087
Industrials 13.6%
Aerospace & Defense 3.2%
Boeing Co. (The)		475,528		35,322,220
Honeywell International, Inc.		262,840		16,119,977
Lockheed Martin Corp.		265,250		24,747,825
United Technologies Corp.		183,851		14,728,304
Total				90,918,326
Airlines 0.8%
Delta Air Lines, Inc.(b)		723,312		7,233,120
United Continental Holdings, Inc.(b)		801,563		16,207,604
Total				23,440,724
Commercial Services & Supplies 1.0%
ADT Corp. (The)(b)		269,430		12,366,837
Tyco International Ltd.		536,184		15,211,540
Total				27,578,377

Common Stocks (continued)
Issuer	Shares		Value ($)
Electrical Equipment 2.0%
ABB Ltd., ADR		576,677		11,199,067
Cooper Industries PLC		391,079		29,135,386
Hubbell, Inc., Class B		200,687		16,907,880
Total				57,242,333
Industrial Conglomerates 2.1%
General Electric Co.		2,929,279		61,895,665
Machinery 3.7%
Caterpillar, Inc.		328,258		27,980,712
Eaton Corp.		457,293		23,852,403
Illinois Tool Works, Inc.		393,712		24,240,848
Parker Hannifin Corp.		282,317		23,192,341
Pentair Ltd.		131,539		6,378,326
Total				105,644,630
Road & Rail 0.8%
Union Pacific Corp.		193,735		23,786,783
Total Industrials				390,506,838
Information Technology 8.0%
Communications Equipment 1.5%
Cisco Systems, Inc.		2,347,319		44,387,802
Electronic Equipment, Instruments & Components 0.5%
TE Connectivity Ltd.		426,141		14,995,902
Internet Software & Services 0.6%
eBay, Inc.(b)		318,380		16,816,832
IT Services 2.3%
Accenture PLC, Class A		211,093		14,337,436
Mastercard, Inc., Class A		104,532		51,082,698
Total				65,420,134
Semiconductors & Semiconductor Equipment 1.5%
Intel Corp.		1,249,779		24,458,175
Microchip Technology, Inc.		598,205		18,197,396
Total				42,655,571
Software 1.6%
Microsoft Corp.		1,037,121		27,608,161
Oracle Corp.		566,791		18,193,991
Total				45,802,152
Total Information Technology				230,078,393
Materials 2.2%
Chemicals 1.4%
Dow Chemical Co. (The)		45,435		1,371,683
EI du Pont de Nemours & Co.		329,681		14,222,438
Mosaic Co. (The)		453,087		24,493,883
Total				40,088,004

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

Semiannual Report 2012 7

Columbia Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Metals & Mining 0.4%
Freeport-McMoRan Copper & Gold, Inc.		326,408		12,733,176
Paper & Forest Products 0.4%
International Paper Co.		289,762		10,761,761
Total Materials				63,582,941
Telecommunication Services 6.0%
Diversified Telecommunication Services 5.4%
AT&T, Inc.		1,779,947		60,749,591
CenturyLink, Inc.		813,168		31,583,445
Deutsche Telekom AG, ADR		1,250,867		13,784,554
Verizon Communications, Inc.		943,661		41,634,323
Windstream Corp.		774,438		6,489,791
Total				154,241,704
Wireless Telecommunication Services 0.6%
Vodafone Group PLC, ADR		689,315		17,784,327
Total Telecommunication Services				172,026,031
Utilities 4.2%
Electric Utilities 2.3%
American Electric Power Co., Inc.		170,938		7,290,505
Duke Energy Corp.		168,745		10,769,306
Entergy Corp.		190,835		12,125,656
FirstEnergy Corp.		257,169		10,919,396
NextEra Energy, Inc.		215,931		14,836,619
PPL Corp.		326,388		9,579,488
Total				65,520,970
Multi-Utilities 1.9%
Dominion Resources, Inc.		342,667		17,513,711
PG&E Corp.		402,373		16,477,174
Sempra Energy		314,279		21,502,969
Total				55,493,854
Total Utilities				121,014,824
Total Common Stocks
(Cost: $2,435,275,280)				2,841,106,673

Convertible Bonds 0.2%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Building Materials 0.2%
Cemex SAB de CV Subordinated Notes
03/15/18		3.750%		6,519,000		6,800,132
Total Building Materials						6,800,132
Total Convertible Bonds
(Cost: $6,519,000)						6,800,132

Money Market Funds 0.5%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.154%(c)(d)		15,380,932		15,380,932
Total Money Market Funds
(Cost: $15,380,932)				15,380,932

Investments of Cash Collateral Received for Securities on Loan 0.1%
Issuer	Effective Yield		Par ($)/ Principal ($)/ Shares		Value ($)
Repurchase Agreements 0.1%
BNP Paribas Securities Corp. dated 11/30/12, matures 12/03/12, repurchase price $1,478,455(e)
		0.240%		1,478,425		1,478,425
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $1,478,425)						1,478,425
Total Investments
(Cost: $2,458,653,637)						2,864,766,162
Other Assets & Liabilities, Net						1,023,028
Net Assets						2,865,789,190

Notes to Portfolio of Investments

(a) At November 30, 2012, security was partially or fully on loan.

(b) Non-income producing.

(c) The rate shown is the seven-day current annualized yield at November 30, 2012.

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

8 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Notes to Portfolio of Investments (continued)

(d) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		40,776,449		410,733,218		(436,128,735	)		15,380,932		27,766		15,380,932

(e) The following table 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 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.

Security Description	Value ($)
BNP Paribas Securities Corp. (0.240%)
Ginnie Mae I Pool		1,158,689
Ginnie Mae II Pool		349,305
Total Market Value of Collateral Securities		1,507,994

Abbreviation Legend

ADR American Depositary Receipt

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.

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation

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

Semiannual Report 2012 9

Columbia Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

The following table is a summary of the inputs used to value the Fund's investments at November 30, 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		335,311,953		—		—		335,311,953
Consumer Staples		270,470,007		—		—		270,470,007
Energy		325,594,914		—		—		325,594,914
Financials		546,526,685		—		—		546,526,685
Health Care		385,994,087		—		—		385,994,087
Industrials		390,506,838		—		—		390,506,838
Information Technology		230,078,393		—		—		230,078,393
Materials		63,582,941		—		—		63,582,941
Telecommunication Services		172,026,031		—		—		172,026,031
Utilities		121,014,824		—		—		121,014,824
Total Equity Securities		2,841,106,673		—		—		2,841,106,673
Bonds
Convertible Bonds		—		6,800,132		—		6,800,132
Total Bonds		—		6,800,132		—		6,800,132
Other
Money Market Funds		15,380,932		—		—		15,380,932
Investments of Cash Collateral Received for Securities on Loan		—		1,478,425		—		1,478,425
Total Other		15,380,932		1,478,425		—		16,859,357
Total		2,856,487,605		8,278,557		—		2,864,766,162

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

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

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

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

10 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value*
Unaffiliated issuers (identified cost $2,441,794,280)	$2,847,906,805
Affiliated issuers (identified cost $15,380,932)	15,380,932
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $1,478,425)	1,478,425
Total investments (identified cost $2,458,653,637)	2,864,766,162
Receivable for:
Capital shares sold	994,294
Dividends	9,663,301
Interest	63,194
Reclaims	219,874
Expense reimbursement due from Investment Manager	3,403
Total assets	2,875,710,228
Liabilities
Due upon return of securities on loan	1,478,425
Payable for:
Capital shares purchased	7,751,595
Investment management fees	44,736
Distribution and/or service fees	20,318
Transfer agent fees	338,103
Administration fees	4,132
Plan administration fees	31,120
Compensation of board members	185,140
Other expenses	67,469
Total liabilities	9,921,038
Net assets applicable to outstanding capital stock	$2,865,789,190
Represented by
Paid-in capital	$3,112,897,463
Undistributed net investment income	11,630,521
Accumulated net realized loss	(664,853,008	)
Unrealized appreciation (depreciation) on:
Investments	406,112,525
Foreign currency translations	1,689
Total — representing net assets applicable to outstanding capital stock	$2,865,789,190
* Value of securities on loan	$1,417,468

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

Semiannual Report 2012 11

Columbia Diversified Equity Income Fund

Statement of Assets and Liabilities (continued)

November 30, 2012 (Unaudited)

Class A
Net assets	$2,317,458,673
Shares outstanding	220,457,281
Net asset value per share	$10.51
Maximum offering price per share(a)	$11.15
Class B
Net assets	$101,792,344
Shares outstanding	9,656,112
Net asset value per share	$10.54
Class C
Net assets	$55,581,689
Shares outstanding	5,298,951
Net asset value per share	$10.49
Class I
Net assets	$40,992,051
Shares outstanding	3,902,221
Net asset value per share	$10.50
Class K(b)
Net assets	$153,111,883
Shares outstanding	14,555,029
Net asset value per share	$10.52
Class R
Net assets	$10,229,764
Shares outstanding	977,783
Net asset value per share	$10.46
Class R4(c)
Net assets	$54,491,250
Shares outstanding	5,191,643
Net asset value per share	$10.50
Class R5
Net assets	$61,204,201
Shares outstanding	5,818,456
Net asset value per share	$10.52
Class W
Net assets	$3,799
Shares outstanding	361
Net asset value per share(d)	$10.53
Class Y
Net assets	$2,563
Shares outstanding	242
Net asset value per share	$10.59
Class Z
Net assets	$70,920,973
Shares outstanding	6,751,251
Net asset value per share	$10.50

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

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(c) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

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

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

12 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Statement of Operations

	Six Months Ended November 30, 2012 (Unaudited)
Net investment income
Income:
Dividends — unaffiliated issuers		$43,404,120
Dividends — affiliated issuers		27,766
Interest		122,231
Income from securities lending — net		665,617
Foreign taxes withheld		(167,245	)
Total income		44,052,489
Expenses:
Investment management fees		8,520,698
Distribution and/or service fees
Class A		2,993,965
Class B		568,120
Class C		283,551
Class R		26,988
Class R4(a)		55,425
Class W		5
Transfer agent fees
Class A		2,793,874
Class B		131,573
Class C		66,118
Class K(b)		40,640
Class R		12,574
Class R4(a)		20,554
Class R5		12,414
Class W		4
Class Z		84,660
Administration fees		786,655
Plan administration fees
Class K(c)		248,407
Class R4(b)		55,425
Compensation of board members		37,340
Custodian fees		15,026
Printing and postage fees		293,414
Registration fees		86,222
Professional fees		34,018
Line of credit interest expense		451
Other		58,171
Total expenses		17,226,292
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(736,465	)
Expense reductions		(40	)
Total net expenses		16,489,787
Net investment income		27,562,702
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		169,338,591
Foreign currency translations		(15,698	)
Net realized gain		169,322,893
Net change in unrealized appreciation (depreciation) on:
Investments		55,938,906
Foreign currency translations		5,693
Net change in unrealized appreciation (depreciation)		55,944,599
Net realized and unrealized gain		225,267,492
Net increase in net assets resulting from operations		$252,830,194

(a) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Semiannual Report 2012 13

Columbia Diversified Equity Income Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012(a)			Year Ended September 30, 2011
Operations
Net investment income		$27,562,702			$40,829,399			$54,882,123
Net realized gain		169,322,893			239,390,344			292,527,283
Net change in unrealized appreciation (depreciation)		55,944,599			316,744,929			(476,903,432	)
Net increase (decrease) in net assets resulting from operations		252,830,194			596,964,672			(129,494,026	)
Distributions to shareholders:
Net investment income
Class A		(24,737,591	)		(23,670,902	)		(46,513,138	)
Class B		(772,947	)		(582,767	)		(988,039	)
Class C		(372,934	)		(243,324	)		(324,080	)
Class I		(520,502	)		(473,638	)		(2,470,472	)
Class K(b)		(2,324,104	)		(1,777,960	)		(3,423,364	)
Class R		(101,712	)		(78,149	)		(118,643	)
Class R4(c)		(535,057	)		(403,776	)		(1,186,599	)
Class R5		(753,232	)		(634,753	)		(1,153,088	)
Class W		(38	)		(29	)		(45	)
Class Z		(855,920	)		(640,191	)		(573,511	)
Total distributions to shareholders		(30,974,037	)		(28,505,489	)		(56,750,979	)
Increase (decrease) in net assets from capital stock activity		(305,628,969	)		(1,461,455,728	)		(405,281,228	)
Total decrease in net assets		(83,772,812	)		(892,996,545	)		(591,526,233	)
Net assets at beginning of period		2,949,562,002			3,842,558,547			4,434,084,780
Net assets at end of period		$2,865,789,190			$2,949,562,002			$3,842,558,547
Undistributed net investment income		$11,630,521			$15,041,856			$2,597,713

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

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(c) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

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

14 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012(a) (Unaudited)						Year Ended May 31, 2012(b)						Year Ended September 30, 2011
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(c)		15,987,125			163,371,887			20,155,873			197,028,464			76,687,457			762,163,203
Distributions reinvested		2,391,239			24,219,410			2,333,565			22,710,843			4,465,103			43,546,430
Redemptions		(35,563,579	)		(366,955,126	)		(159,653,240	)		(1,574,046,111	)		(95,741,801	)		(953,730,518	)
Net decrease		(17,185,215	)		(179,363,829	)		(137,163,802	)		(1,354,306,804	)		(14,589,241	)		(148,020,885	)
Class B shares
Subscriptions		40,598			420,704			158,464			1,575,455			358,803			3,618,135
Distributions reinvested		76,174			768,207			58,611			567,408			94,871			949,507
Redemptions(c)		(4,617,306	)		(46,797,783	)		(2,695,081	)		(26,429,982	)		(11,040,790	)		(112,769,395	)
Net decrease		(4,500,534	)		(45,608,872	)		(2,478,006	)		(24,287,119	)		(10,587,116	)		(108,201,753	)
Class C shares
Subscriptions		219,322			2,250,394			399,411			3,914,282			705,964			7,099,884
Distributions reinvested		36,204			365,957			24,046			232,022			30,717			300,510
Redemptions		(681,315	)		(7,002,874	)		(1,061,608	)		(10,387,681	)		(1,747,688	)		(17,341,575	)
Net decrease		(425,789	)		(4,386,523	)		(638,151	)		(6,241,377	)		(1,011,007	)		(9,941,181	)
Class I shares
Subscriptions		4,748			48,697			14,155			134,835			839,727			8,661,328
Distributions reinvested		51,513			520,396			49,022			473,554			250,180			2,470,332
Redemptions		(236,996	)		(2,454,756	)		(5,252,819	)		(48,446,681	)		(15,430,797	)		(156,637,289	)
Net decrease		(180,735	)		(1,885,663	)		(5,189,642	)		(47,838,292	)		(14,340,890	)		(145,505,629	)
Class K shares(d)
Subscriptions		1,368,476			14,123,084			2,122,940			20,815,331			4,692,239			46,792,493
Distributions reinvested		210,624			2,130,258			168,095			1,640,293			326,681			3,193,901
Redemptions		(7,770,530	)		(80,765,995	)		(3,752,468	)		(37,171,131	)		(6,911,453	)		(69,213,089	)
Net decrease		(6,191,430	)		(64,512,653	)		(1,461,433	)		(14,715,507	)		(1,892,533	)		(19,226,695	)
Class R shares
Subscriptions		90,874			924,851			176,449			1,725,706			311,076			3,158,955
Distributions reinvested		10,111			101,683			8,087			78,130			12,207			118,624
Redemptions		(252,579	)		(2,571,439	)		(245,436	)		(2,406,940	)		(301,074	)		(3,031,143	)
Net increase (decrease)		(151,594	)		(1,544,905	)		(60,900	)		(603,104	)		22,209			246,436
Class R4 shares(e)
Subscriptions		953,144			9,857,920			1,430,147			13,917,736			4,164,126			41,861,715
Distributions reinvested		52,967			535,020			41,510			403,751			119,578			1,186,471
Redemptions		(1,328,478	)		(13,678,771	)		(2,256,433	)		(22,147,502	)		(9,472,542	)		(92,325,458	)
Net decrease		(322,367	)		(3,285,831	)		(784,776	)		(7,826,015	)		(5,188,838	)		(49,277,272	)
Class R5 shares
Subscriptions		282,904			2,901,553			588,023			5,799,446			1,208,659			12,088,148
Distributions reinvested		74,327			752,431			64,902			633,942			117,384			1,143,255
Redemptions		(453,573	)		(4,662,520	)		(1,525,687	)		(15,229,968	)		(1,197,107	)		(11,925,924	)
Net increase (decrease)		(96,342	)		(1,008,536	)		(872,762	)		(8,796,580	)		128,936			1,305,479
Class Y shares
Subscriptions		242			2,500			—			—			—			—
Net increase		242			2,500			—			—			—			—

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

Semiannual Report 2012 15

Columbia Diversified Equity Income Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012(a) (Unaudited)						Year Ended May 31, 2012(b)						Year Ended September 30, 2011
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Class Z shares
Subscriptions		1,014,929			10,540,675			1,857,957			18,104,877			7,459,113			79,450,030
Distributions reinvested		83,179			841,432			62,415			609,289			58,400			546,595
Redemptions		(1,488,304	)		(15,416,764	)		(1,609,325	)		(15,555,096	)		(687,390	)		(6,656,353	)
Net increase (decrease)		(390,196	)		(4,034,657	)		311,047			3,159,070			6,830,123			73,340,272
Total net decrease		(29,443,960	)		(305,628,969	)		(148,338,425	)		(1,461,455,728	)		(40,628,357	)		(405,281,228	)

(a) Class Y shares are for the period from November 8, 2012 (commencement of operations) to November 30, 2012.

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

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

(d) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(e) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

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

16 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Six Months  Ended November 30, 2012		Year Ended		Year Ended September 30,
Class  A	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$9.76		$8.53		$9.03		$8.31		$9.31		$14.34		$13.10
Income from investment operations:
Net investment income	0.10		0.11		0.12		0.12		0.16		0.17		0.18
Net realized and unrealized gain (loss)	0.76		1.20		(0.49	)	0.72		(1.02	)	(3.44	)	2.41
Total from investment operations	0.86		1.31		(0.37	)	0.84		(0.86	)	(3.27	)	2.59
Less distributions to shareholders:
Net investment income	(0.11	)	(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	(0.11	)	(0.08	)	(0.13	)	(0.12	)	(0.14	)	(1.76	)	(1.35	)
Net asset value, end of period	$10.51		$9.76		$8.53		$9.03		$8.31		$9.31		$14.34
Total return	8.81	%	15.31	%	(4.32	%)	10.18	%	(8.91	%)	(25.05	%)	20.98	%
Ratios to average net assets(b)
Total gross expenses	1.14	%(c)(d)	1.10	%(c)	1.13	%	1.12	%	0.99	%	1.08	%	1.00	%
Total net expenses(e)	1.08	%(c)(d)(f)	1.10	%(c)	1.13	%(f)	1.12	%	0.99	%	1.08	%	1.00	%
Net investment income	1.85	%(c)	1.66	%(c)	1.20	%	1.36	%	2.21	%	1.49	%	1.34	%
Supplemental data
Net assets, end of period (in thousands)	$2,317,459		$2,320,419		$3,197,508		$3,516,017		$3,516,948		$4,504,418		$6,501,874
Portfolio turnover	18	%	16	%	36	%	34	%	38	%	31	%	31	%

Notes to Financial Highlights

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

(b) In addition to the fees and expenses 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) Ratios include line of credit interest expense which rounds to less than 0.01%.

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

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

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

Semiannual Report 2012 17

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended September 30,
Class B	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$9.79		$8.56		$9.05		$8.33		$9.32		$14.35		$13.11
Income from investment operations:
Net investment income	0.06		0.06		0.04		0.05		0.10		0.08		0.08
Net realized and unrealized gain (loss)	0.75		1.21		(0.49	)	0.72		(1.00	)	(3.45	)	2.40
Total from investment operations	0.81		1.27		(0.45	)	0.77		(0.90	)	(3.37	)	2.48
Less distributions to shareholders:
Net investment income	(0.06	)	(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	(0.06	)	(0.04	)	(0.04	)	(0.05	)	(0.09	)	(1.66	)	(1.24	)
Net asset value, end of period	$10.54		$9.79		$8.56		$9.05		$8.33		$9.32		$14.35
Total return	8.34	%	14.82	%	(5.01	%)	9.26	%	(9.53	%)	(25.66	%)	20.04	%
Ratios to average net assets(b)
Total gross expenses	1.88	%(c)(d)	1.87	%(c)	1.88	%	1.89	%	1.76	%	1.84	%	1.76	%
Total net expenses(e)	1.83	%(c)(d)(f)	1.87	%(c)	1.88	%(f)	1.89	%	1.76	%	1.84	%	1.76	%
Net investment income	1.11	%(c)	0.93	%(c)	0.43	%	0.58	%	1.49	%	0.71	%	0.57	%
Supplemental data
Net assets, end of period (in thousands)	$101,792		$138,560		$142,429		$246,456		$377,652		$633,360		$1,113,206
Portfolio turnover	18	%	16	%	36	%	34	%	38	%	31	%	31	%

Notes to Financial Highlights

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

(b) In addition to the fees and expenses 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) Ratios include line of credit interest expense which rounds to less than 0.01%.

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

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

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

18 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended		Year Ended September 30,
Class C	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$9.74		$8.52		$9.02		$8.30		$9.30		$14.32		$13.09
Income from investment operations:
Net investment income	0.06		0.06		0.04		0.05		0.10		0.09		0.08
Net realized and unrealized gain (loss)	0.76		1.20		(0.49	)	0.73		(1.01	)	(3.44	)	2.40
Total from investment operations	0.82		1.26		(0.45	)	0.78		(0.91	)	(3.35	)	2.48
Less distributions to shareholders:
Net investment income	(0.07	)	(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	(0.07	)	(0.04	)	(0.05	)	(0.06	)	(0.09	)	(1.67	)	(1.25	)
Net asset value, end of period	$10.49		$9.74		$8.52		$9.02		$8.30		$9.30		$14.32
Total return	8.42	%	14.80	%	(5.07	%)	9.37	%	(9.61	%)	(25.60	%)	20.04	%
Ratios to average net assets(b)
Total gross expenses	1.88	%(c)(d)	1.85	%(c)	1.88	%	1.88	%	1.75	%	1.83	%	1.76	%
Total net expenses(e)	1.83	%(c)(d)(f)	1.85	%(c)	1.88	%(f)	1.88	%	1.75	%	1.83	%	1.76	%
Net investment income	1.10	%(c)	0.95	%(c)	0.44	%	0.60	%	1.46	%	0.75	%	0.58	%
Supplemental data
Net assets, end of period (in thousands)	$55,582		$55,775		$54,238		$66,505		$72,372		$93,321		$113,516
Portfolio turnover	18	%	16	%	36	%	34	%	38	%	31	%	31	%

Notes to Financial Highlights

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

(b) In addition to the fees and expenses 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) Ratios include line of credit interest expense which rounds to less than 0.01%.

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

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

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

Semiannual Report 2012 19

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended		Year Ended September 30,
Class I	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$9.76		$8.52		$9.02		$8.30		$9.30		$14.33		$13.09
Income from investment operations:
Net investment income	0.12		0.14		0.16		0.16		0.19		0.22		0.23
Net realized and unrealized gain (loss)	0.75		1.20		(0.49	)	0.72		(1.01	)	(3.45	)	2.41
Total from investment operations	0.87		1.34		(0.33	)	0.88		(0.82	)	(3.23	)	2.64
Less distributions to shareholders:
Net investment income	(0.13	)	(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	(0.13	)	(0.10	)	(0.17	)	(0.16	)	(0.18	)	(1.80	)	(1.40	)
Net asset value, end of period	$10.50		$9.76		$8.52		$9.02		$8.30		$9.30		$14.33
Total return	8.97	%	15.76	%	(3.88	%)	10.69	%	(8.47	%)	(24.75	%)	21.44	%
Ratios to average net assets(b)
Total gross expenses	0.65	%(c)(d)	0.63	%(c)	0.67	%	0.67	%	0.50	%	0.67	%	0.62	%
Total net expenses(e)	0.65	%(c)(d)	0.63	%(c)	0.67	%	0.67	%	0.50	%	0.67	%	0.62	%
Net investment income	2.28	%(c)	2.13	%(c)	1.63	%	1.82	%	2.69	%	1.98	%	1.72	%
Supplemental data
Net assets, end of period (in thousands)	$40,992		$39,849		$79,024		$213,083		$212,064		$189,997		$131,742
Portfolio turnover	18	%	16	%	36	%	34	%	38	%	31	%	31	%

Notes to Financial Highlights

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

(b) In addition to the fees and expenses 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) Ratios include line of credit interest expense which rounds to less than 0.01%.

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

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

20 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended		Year Ended September 30,
Class K(a)	(Unaudited)		May 31,  2012(b)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$9.77		$8.53		$9.04		$8.32		$9.31		$14.35		$13.11
Income from investment operations:
Net investment income	0.10		0.12		0.14		0.13		0.17		0.19		0.20
Net realized and unrealized gain (loss)	0.76		1.20		(0.50	)	0.73		(1.00	)	(3.46	)	2.41
Total from investment operations	0.86		1.32		(0.36	)	0.86		(0.83	)	(3.27	)	2.61
Less distributions to shareholders:
Net investment income	(0.11	)	(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	(0.11	)	(0.08	)	(0.15	)	(0.14	)	(0.16	)	(1.77	)	(1.37	)
Net asset value, end of period	$10.52		$9.77		$8.53		$9.04		$8.32		$9.31		$14.35
Total return	8.90	%	15.51	%	(4.23	%)	10.34	%	(8.57	%)	(24.98	%)	21.10	%
Ratios to average net assets(c)
Total gross expenses	0.94	%(d)(e)	0.93	%(d)	0.97	%	0.97	%	0.80	%	0.98	%	0.91	%
Total net expenses(f)	0.94	%(d)(e)	0.93	%(d)	0.97	%	0.97	%	0.75	%	0.94	%	0.89	%
Net investment income	1.94	%(d)	1.87	%(d)	1.36	%	1.52	%	2.42	%	1.66	%	1.46	%
Supplemental data
Net assets, end of period (in thousands)	$153,112		$202,741		$189,510		$217,779		$197,977		$182,738		$209,638
Portfolio turnover	18	%	16	%	36	%	34	%	38	%	31	%	31	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

(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) Ratios include line of credit interest expense which rounds to less than 0.01%.

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

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

Semiannual Report 2012 21

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended September 30,
Class R	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007(b)
Per share data
Net asset value, beginning of period	$9.72		$8.50		$8.99		$8.28		$9.28		$14.33		$14.03
Income from investment operations:
Net investment income	0.08		0.09		0.09		0.09		0.13		0.14		0.11
Net realized and unrealized gain (loss)	0.75		1.20		(0.48	)	0.72		(1.01	)	(3.45	)	1.52
Total from investment operations	0.83		1.29		(0.39	)	0.81		(0.88	)	(3.31	)	1.63
Less distributions to shareholders:
Net investment income	(0.09	)	(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	(0.09	)	(0.07	)	(0.10	)	(0.10	)	(0.12	)	(1.74	)	(1.33	)
Net asset value, end of period	$10.46		$9.72		$8.50		$8.99		$8.28		$9.28		$14.33
Total return	8.62	%	15.14	%	(4.46	%)	9.76	%	(9.20	%)	(25.36	%)	12.74	%
Ratios to average net assets(c)
Total gross expenses	1.38	%(d)(e)	1.35	%(d)	1.38	%	1.46	%	1.30	%	1.46	%	1.43	%(d)
Total net expenses(f)	1.33	%(d)(e)(g)	1.35	%(d)	1.38	%(g)	1.46	%	1.30	%	1.46	%	1.43	%(d)
Net investment income	1.60	%(d)	1.46	%(d)	0.95	%	1.03	%	1.86	%	1.33	%	1.03	%(d)
Supplemental data
Net assets, end of period (in thousands)	$10,230		$10,976		$10,114		$10,506		$8,271		$7,728		$30
Portfolio turnover	18	%	16	%	36	%	34	%	38	%	31	%	31	%

Notes to Financial Highlights

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

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

(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) Ratios include line of credit interest expense which rounds to less than 0.01%.

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

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

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

22 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended September 30,
Class R4(a)	(Unaudited)		May 31,  2012(b)		2011		2010		2009		2008		2007(c)
Per share data
Net asset value, beginning of period	$9.75		$8.51		$9.02		$8.30		$9.30		$14.33		$14.03
Income from investment operations:
Net investment income	0.09		0.11		0.11		0.11		0.15		0.16		0.13
Net realized and unrealized gain (loss)	0.76		1.20		(0.50	)	0.72		(1.01	)	(3.45	)	1.54
Total from investment operations	0.85		1.31		(0.39	)	0.83		(0.86	)	(3.29	)	1.67
Less distributions to shareholders:
Net investment income	(0.10	)	(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	(0.10	)	(0.07	)	(0.12	)	(0.11	)	(0.14	)	(1.74	)	(1.37	)
Net asset value, end of period	$10.50		$9.75		$8.51		$9.02		$8.30		$9.30		$14.33
Total return	8.76	%	15.37	%	(4.52	%)	10.09	%	(8.95	%)	(25.17	%)	13.02	%
Ratios to average net assets(d)
Total gross expenses	1.13	%(e)(f)	1.18	%(e)	1.21	%	1.22	%	1.05	%	1.23	%	1.32	%(e)
Total net expenses(g)	1.12	%(e)(f)	1.18	%(e)	1.21	%	1.22	%	1.05	%	1.23	%	1.32	%(e)
Net investment income	1.82	%(e)	1.63	%(e)	1.06	%	1.26	%	2.13	%	1.37	%	1.35	%(e)
Supplemental data
Net assets, end of period (in thousands)	$54,491		$53,739		$53,617		$103,577		$110,248		$108,543		$118,360
Portfolio turnover	18	%	16	%	36	%	34	%	38	%	31	%	31	%

Notes to Financial Highlights

(a) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

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

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

(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) Ratios include line of credit interest expense which rounds to less than 0.01%.

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

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

Semiannual Report 2012 23

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended September 30,
Class R5	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007(b)
Per share data
Net asset value, beginning of period	$9.77		$8.53		$9.03		$8.31		$9.31		$14.35		$14.03
Income from investment operations:
Net investment income	0.12		0.14		0.16		0.15		0.18		0.23		0.18
Net realized and unrealized gain (loss)	0.76		1.20		(0.49	)	0.73		(1.00	)	(3.47	)	1.54
Total from investment operations	0.88		1.34		(0.33	)	0.88		(0.82	)	(3.24	)	1.72
Less distributions to shareholders:
Net investment income	(0.13	)	(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	(0.13	)	(0.10	)	(0.17	)	(0.16	)	(0.18	)	(1.80	)	(1.40	)
Net asset value, end of period	$10.52		$9.77		$8.53		$9.03		$8.31		$9.31		$14.35
Total return	9.04	%	15.65	%	(3.87	%)	10.62	%	(8.51	%)	(24.83	%)	13.41	%
Ratios to average net assets(c)
Total gross expenses	0.69	%(d)(e)	0.68	%(d)	0.72	%	0.72	%	0.55	%	0.70	%	0.73	%(d)
Total net expenses(f)	0.69	%(d)(e)	0.68	%(d)	0.72	%	0.72	%	0.55	%	0.70	%	0.73	%(d)
Net investment income	2.24	%(d)	2.11	%(d)	1.62	%	1.77	%	2.62	%	2.07	%	1.63	%(d)
							��
Supplemental data
Net assets, end of period (in thousands)	$61,204		$57,805		$57,903		$60,156		$53,334		$45,589		$9,909
Portfolio turnover	18	%	16	%	36	%	34	%	38	%	31	%	31	%

Notes to Financial Highlights

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

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

(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) Ratios include line of credit interest expense which rounds to less than 0.01%.

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

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

24 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended September 30,
Class W	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007(b)
Per share data
Net asset value, beginning of period	$9.78		$8.55		$9.04		$8.32		$9.32		$14.35		$13.86
Income from investment operations:
Net investment income	0.10		0.11		0.12		0.12		0.16		0.17		0.14
Net realized and unrealized gain (loss)	0.76		1.20		(0.48	)	0.72		(1.01	)	(3.45	)	1.70
Total from investment operations	0.86		1.31		(0.36	)	0.84		(0.85	)	(3.28	)	1.84
Less distributions to shareholders:
Net investment income	(0.11	)	(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	(0.11	)	(0.08	)	(0.13	)	(0.12	)	(0.15	)	(1.75	)	(1.35	)
Net asset value, end of period	$10.53		$9.78		$8.55		$9.04		$8.32		$9.32		$14.35
Total return	8.79	%	15.32	%	(4.20	%)	10.18	%	(8.85	%)	(25.07	%)	14.40	%
Ratios to average net assets(c)
Total gross expenses	1.07	%(d)	1.08	%(d)	1.10	%	1.09	%	0.91	%	1.12	%	1.05	%(d)
Total net expenses(e)	1.07	%(d)	1.08	%(d)	1.10	%	1.09	%	0.91	%	1.12	%	1.05	%(d)
Net investment income	1.86	%(d)	1.73	%(d)	1.23	%	1.40	%	2.28	%	1.45	%	1.29	%(d)
Supplemental data
Net assets, end of period (in thousands)	$4		$4		$3		$3		$3		$3		$5
Portfolio turnover	18	%	16	%	36	%	34	%	38	%	31	%	31	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2012 25

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

Class Y	Six Months  Ended November 30,  2012(a) (Unaudited)
Per share data
Net asset value, beginning of period	$10.33
Income from investment operations
Net investment income	0.02
Net realized and unrealized gain	0.24
Total from investment operations	0.26
Net asset value, end of period	$10.59
Total return	2.52	%
Ratios to average net assets(b)
Total gross expenses	0.68	%(c)
Total net expenses(d)	0.67	%(c)
Net investment income	3.25	%(c)
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	18	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to November 30, 2012.

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

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

26 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended		Year Ended September 30,
Class Z	(Unaudited)		May 31,  2012(a)		2011		2010(b)
Per share data
Net asset value, beginning of period	$9.76		$8.52		$9.03		$9.02
Income from investment operations:
Net investment income	0.11		0.13		0.17		0.01
Net realized and unrealized gain (loss)	0.75		1.20		(0.52	)	—
Total from investment operations	0.86		1.33		(0.35	)	0.01
Less distributions to shareholders:
Net investment income	(0.12	)	(0.09	)	(0.16	)	—
Total distributions to shareholders	(0.12	)	(0.09	)	(0.16	)	—
Net asset value, end of period	$10.50		$9.76		$8.52		$9.03
Total return	8.86	%	15.62	%	(4.06	%)	0.11	%
Ratios to average net assets(c)
Total gross expenses	0.89	%(d)(e)	0.82	%(d)	0.87	%	1.02	%(d)
Total net expenses(f)	0.83	%(d)(e)(g)	0.82	%(d)	0.87	%(g)	1.02	%(d)
Net investment income	2.10	%(d)	2.00	%(d)	1.77	%	9.89	%(d)
Supplemental data
Net assets, end of period (in thousands)	$70,921		$69,694		$58,213		$3
Portfolio turnover	18	%	16	%	36	%	34	%

Notes to Financial Highlights

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

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

(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) Ratios include line of credit interest expense which rounds to less than 0.01%.

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

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

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

Semiannual Report 2012 27

Columbia Diversified Equity Income Fund

Notes to Financial Statements

November 30, 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 K, Class R, Class R4, Class R5, Class W, Class Y 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 K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Class R4 shares (formerly Class R3 shares) are not subject to sales charges. Effective October 31, 2012, Class R3 shares were renamed Class R4 shares. Effective November 8, 2012, Class R4 shares are only available to qualifying institutional investors. Prior to November 8, 2012, Class R4 shares were closed to new investors.

Class R5 shares are not subject to sales charges. Effective November 8, 2012, Class R5 shares are only available to investors purchasing through authorized investment professionals. Prior to November 8, 2012, Class R5 shares were 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 Y shares are not subject to sales charges and are only available to certain categories of investors which are subject to minimum initial investment requirements. Class Y shares commenced operations on November 8, 2012.

Class Z shares are not subject to sales charges, and are only available to certain investors.

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 ask prices on such exchanges or markets.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques 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

28 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 ask 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 or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in 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 fair value.

Foreign Currency Transactions and Translations

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.

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 the Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

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.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange traded funds (ETFs) and real estate investment trusts (REITs), which report information on the character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on estimates made by the Fund's management if actual information has not yet been

Semiannual Report 2012 29

Columbia Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 BDCs, ETFs and REITs, which could result in a proportionate change in return of capital to shareholders.

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

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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.

30 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.66% to 0.49% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.57% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.06% to 0.03% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2012 was 0.05% of the Fund's average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $4,197.

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 fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class. Effective November 8, 2012, Class Y shares will not pay transfer agent fees for at least twelve months. Prior to October 27, 2012, total transfer agent fees for Class R4 shares were subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to that share class.

For the six months ended November 30, 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	0.23
Class C	0.23
Class K	0.04
Class R	0.23
Class R4	0.08
Class R5	0.04
Class W	0.20
Class Z	0.23

Semiannual Report 2012 31

Columbia Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 November 30, 2012, these minimum account balance fees reduced total expenses by $40.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund's average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services. Prior to October 27, 2012, the Fund also paid a plan administration fee at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class R4 shares.

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. Prior to October 27, 2012, the Fund also paid a distribution fee at an annual rate of up to 0.25% of the Fund's average daily net assets attributable to Class R4 shares.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $9,841,000 and $725,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2012, 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 $566,144 for Class A, $16,454 for Class B and $1,302 for Class C shares for the six months ended November 30, 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 (excluding certain fees and expenses described below), through September 30, 2014, 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	1.08	%
Class B	1.83
Class C	1.83
Class I	0.68
Class K	0.98
Class R	1.33
Class R4*	0.83
Class R5	0.73
Class W	1.08
Class Y	0.68
Class Z	0.83

* For the period April 20, 2012 through October 26, 2012, the annual rate for the former Class R3 shares was 1.23%

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

Note 4. Federal Tax Information

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

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $2,458,654,000 and

32 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$463,550,000
Unrealized depreciation	(57,438,000	)
Net unrealized appreciation	$406,112,000

The following capital loss carryforward, determined as of May 31, 2012 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		790,622,632

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat post-October capital losses of $18,559,457 at May 31, 2012 as arising on June 1, 2012.

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 $526,802,037 and $806,746,114, respectively, for the six months ended November 30, 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 securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value 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.

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 November 30, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At November 30, 2012, securities valued at $1,417,468 were on loan, secured by cash collateral of $1,478,425 (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.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 7. Affiliated Money Market Fund

The Fund invests 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 — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 8. Shareholder Concentration

At November 30, 2012, one unaffiliated shareholder account owned 24.2% of the outstanding shares of the Fund. The Fund

Semiannual Report 2012 33

Columbia Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

For the six months ended November 30, 2012, the average daily loan balance outstanding on days when borrowing existed was $6,700,000 at a weighted average interest rate of 1.21%.

Note 10. Subsequent Events

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

Note 11. Information Regarding Pending and Settled Legal Proceedings

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

various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 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.

34 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal period ended May 31, 2012 and year ended September 30, 2011 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal period ended May 31, 2012 and year ended September 30, 2011 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Semiannual Report 2012 35

Columbia Diversified Equity Income Fund

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36 Semiannual Report 2012

Columbia Diversified Equity Income Fund

Important Information About This Report

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

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 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 sec.gov.

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

Semiannual Report 2012 37

Columbia Diversified Equity Income Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6476 AC (1/13)

Semiannual Report November 30, 2012

Columbia Flexible Capital Income Fund

Columbia Flexible Capital Income Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

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

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia Flexible Capital Income Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	26
Important Information About This Report	33

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2012

Columbia Flexible Capital Income Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Flexible Capital Income Fund (the Fund) Class A shares returned 8.37% excluding sales charges for the six-month period that ended November 30, 2012.

> The Fund outperformed the Barclays U.S. Aggregate Bond Index, which returned 1.99% for the same period.

> The Fund underperformed the Blended Index, which returned 8.59% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2012)
	Inception	6 Months cumulative		1 Year		Life
Class A	07/28/11
Excluding sales charges			8.37		15.54		10.07
Including sales charges			2.13		8.88		5.32
Class C	07/28/11
Excluding sales charges			8.05		14.76		9.29
Including sales charges			7.05		13.76		9.29
Class I	07/28/11		8.65		16.01		10.43
Class R	07/28/11		8.33		15.34		9.79
Class R4*	11/08/12		8.46		15.63		10.14
Class R5*	11/08/12		8.46		15.63		10.14
Class W	07/28/11		8.39		15.66		10.05
Class Z	07/28/11		8.50		15.79		10.27
Barclays U.S. Aggregate Bond Index			1.99		5.51		6.26
Blended Index			8.59		14.79		7.54

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

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

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

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

The Blended Index, established by the Investment Manager, is comprised of one-third each of the Russell 1000 Value Index, the Barclays U.S. Corporate Investment Grade & High Yield Index and the Barclays U.S. Convertible Composite Index. 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 Barclays U.S. Corporate Investment Grade & High Yield Index is a broad-based benchmark that measures the investment grade and non-investment grade, fixed-rate and taxable corporate bonds. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements. The Barclays U.S. Convertibles Composite Index which includes all four major classes of USD equity-linked securities including: convertible cash coupon bonds, zero-coupon bonds, preferred convertibles with fixed par amounts and mandatory equity-linked securities.

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

2 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2012)
Johnson & Johnson	1.6
Chevron Corp.	1.6
BlackRock, Inc.	1.6
Sprint Nextel Corp. 9.000% 2018	1.6
MGM Resorts International 4.250% 2015	1.5
Goodrich Petroleum Corp. 8.875% 2019	1.5
Verizon Communications, Inc.	1.5
Dendreon Corp. Senior Unsecured 2.875% 2016	1.5
Royal Dutch Shell PLC, ADR	1.5
Visteon Corp. 6.750% 2019	1.4

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

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

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

Portfolio Management

David King, CFA

Yan Jin

Semiannual Report 2012 3

Columbia Flexible Capital Income Fund

Portfolio Overview (continued)

(Unaudited)

Portfolio Breakdown (%) (at November 30, 2012)
Common Stocks	38.0
Consumer Discretionary	1.0
Consumer Staples	3.1
Energy	4.0
Financials	7.5
Health Care	4.7
Industrials	5.2
Information Technology	5.8
Materials	3.1
Telecommunication Services	1.5
Utilities	2.1
Convertible Bonds	24.0
Consumer Discretionary	3.6
Consumer Staples	0.5
Energy	0.5
Financials	2.8
Health Care	6.3
Industrials	3.3
Materials	1.9
Telecommunication	5.1
Convertible Preferred Stocks	10.8
Consumer Discretionary	0.7
Consumer Staples	1.0
Energy	1.0
Financials	5.1
Industrials	1.0
Utilities	2.0
Corporate Bonds & Notes	24.6
Consumer Discretionary	5.7
Consumer Staples	1.0
Energy	2.4
Financials	2.0
Health Care	2.5
Industrials	4.0
Materials	1.4
Telecommunication	4.6
Utilities	1.0
Money Market Funds	2.6
Total	100.0

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

4 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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 redemption or exchange fees, or expenses that apply to the subaccount or the contract. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

June 1, 2012 – November 30, 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		1,083.70		1,019.55		5.75		5.57		1.10
Class C		1,000.00	1,000.00		1,080.50		1,015.79		9.65		9.35		1.85
Class I		1,000.00	1,000.00		1,086.50		1,021.21		4.03		3.90		0.77
Class R		1,000.00	1,000.00		1,083.30		1,018.30		7.05		6.83		1.35
Class R4		1,000.00	1,000.00		1,013.70	*	1,020.81		0.49	*	4.31		0.85	*
Class R5		1,000.00	1,000.00		1,013.70	*	1,020.86		0.49	*	4.26		0.84	*
Class W		1,000.00	1,000.00		1,083.90		1,019.55		5.75		5.57		1.10
Class Z		1,000.00	1,000.00		1,085.00		1,020.81		4.44		4.31		0.85

* For the period November 8, 2012 through November 30, 2012. Class R4 & R5 shares commenced operations on November 8, 2012.

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

Expenses do not include fees and expenses incurred indirectly by the Fund from 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.

Semiannual Report 2012 5

Columbia Flexible Capital Income Fund

Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 37.3%
Issuer	Shares		Value ($)
Consumer Discretionary 1.0%
Hotels, Restaurants & Leisure 1.0%
Darden Restaurants, Inc.		18,000		951,840
Total Consumer Discretionary				951,840
Consumer Staples 3.1%
Food Products 1.0%
Kellogg Co.		18,000		998,280
Household Products 1.1%
Procter & Gamble Co. (The)		15,000		1,047,450
Tobacco 1.0%
Philip Morris International, Inc.		10,750		966,210
Total Consumer Staples				3,011,940
Energy 3.9%
Oil, Gas & Consumable Fuels 3.9%
Chevron Corp.		14,000		1,479,660
ConocoPhillips		17,500		996,450
Royal Dutch Shell PLC, ADR		21,000		1,406,370
Total				3,882,480
Total Energy				3,882,480
Financials 7.4%
Capital Markets 2.5%
Ares Capital Corp.		56,500		1,002,310
BlackRock, Inc.		7,500		1,477,800
Total				2,480,110
Commercial Banks 1.7%
Cullen/Frost Bankers, Inc.		17,500		955,675
Huntington Bancshares, Inc.		120,000		738,000
Total				1,693,675
Diversified Financial Services 1.1%
JPMorgan Chase & Co.		24,500		1,006,460
Insurance 2.1%
ACE Ltd.		12,800		1,014,144
Travelers Companies, Inc. (The)		15,000		1,062,300
Total				2,076,444
Total Financials				7,256,689
Health Care 4.6%
Biotechnology 1.0%
Amgen, Inc.		11,300		1,003,440
Pharmaceuticals 3.6%
Johnson & Johnson		21,800		1,520,114
Merck & Co., Inc.		23,000		1,018,900

Common Stocks (continued)
Issuer	Shares		Value ($)
Pfizer, Inc.		40,700		1,018,314
Total				3,557,328
Total Health Care				4,560,768
Industrials 5.1%
Aerospace & Defense 1.0%
Raytheon Co.		18,000		1,028,340
Commercial Services & Supplies 1.1%
Republic Services, Inc.		36,500		1,039,155
Industrial Conglomerates 1.0%
General Electric Co.		44,500		940,285
Machinery 1.0%
Stanley Black & Decker, Inc.		14,300		1,028,313
Road & Rail 1.0%
CSX Corp.		50,000		988,000
Total Industrials				5,024,093
Information Technology 5.8%
Computers & Peripherals 1.9%
Apple, Inc.		1,600		936,448
Diebold, Inc.		32,500		972,075
Total				1,908,523
IT Services 1.0%
Automatic Data Processing, Inc.		17,000		964,920
Semiconductors & Semiconductor Equipment 1.9%
Analog Devices, Inc.		24,500		994,700
Intel Corp.		45,000		880,650
Total				1,875,350
Software 1.0%
Microsoft Corp.		35,000		931,700
Total Information Technology				5,680,493
Materials 3.0%
Chemicals 2.0%
Dow Chemical Co. (The)		33,500		1,011,365
EI du Pont de Nemours & Co.		22,000		949,080
Total				1,960,445
Paper & Forest Products 1.0%
International Paper Co.		27,000		1,002,780
Total Materials				2,963,225
Telecommunication Services 1.4%
Diversified Telecommunication Services 1.4%
Verizon Communications, Inc.		32,000		1,411,840
Total Telecommunication Services				1,411,840

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

6 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Utilities 2.0%
Electric Utilities 0.9%
Duke Energy Corp.		15,000		957,300
Multi-Utilities 1.1%
CMS Energy Corp.		43,500		1,062,705
Total Utilities				2,020,005
Total Common Stocks
(Cost: $35,098,514)				36,763,373
Convertible Preferred Stocks 10.7%
Consumer Discretionary 0.7%
Auto Components 0.7%
Goodyear Tire & Rubber Co., (The), 5.875%		16,200		728,028
Total Consumer Discretionary				728,028
Consumer Staples 1.0%
Food Products 1.0%
Bunge Ltd., 4.875%		9,500		970,634
Total Consumer Staples				970,634
Energy 1.0%
Oil, Gas & Consumable Fuels 1.0%
Chesapeake Energy Corp., 5.000%		1,000		74,625
Chesapeake Energy Corp., 5.750%(a)		1,050		931,875
Total				1,006,500
Total Energy				1,006,500
Financials 5.0%
Commercial Banks 1.0%
Wells Fargo & Co., 7.500%		790		976,440
Diversified Financial Services 2.1%
Bank of America Corp., 7.250%		900		1,001,700
Citigroup, Inc., 7.500%		10,300		1,033,605
Total				2,035,305
Real Estate Investment Trusts (REITs) 1.9%
Alexandria Real Estate Equities, Inc., 7.000%		36,700		977,138
Health Care REIT, Inc., 6.500%		16,500		927,300
Total				1,904,438
Total Financials				4,916,183
Industrials 1.0%
Aerospace & Defense 1.0%
United Technologies Corp., 7.500%		18,000		984,960
Total Industrials				984,960

Convertible Preferred Stocks (continued)
Issuer	Shares		Value ($)
Utilities 2.0%
Electric Utilities 2.0%
NextEra Energy, Inc., 5.599%		19,000		955,510
PPL Corp., 8.750%		18,500		995,300
Total				1,950,810
Total Utilities				1,950,810
Total Convertible Preferred Stocks
(Cost: $9,906,455)				10,557,115

Corporate Bonds & Notes 24.4%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Aerospace & Defense 1.0%
ADS Tactical, Inc. Senior Secured(a)
04/01/18		11.000%		500,000		493,750
Kratos Defense & Security Solutions, Inc. Senior Secured
06/01/17		10.000%		471,000		513,390
Total						1,007,140
Automotive 2.3%
Allison Transmission, Inc.(a)
05/15/19		7.125%		900,000		958,500
Visteon Corp.
04/15/19		6.750%		1,260,000		1,329,300
Total						2,287,800
Banking 1.1%
Synovus Financial Corp. Senior Unsecured
02/15/19		7.875%		931,000		1,021,772
Construction Machinery 2.0%
Manitowoc Co., Inc. (The)
02/15/18		9.500%		900,000		1,004,625
United Rentals North America, Inc.
09/15/20		8.375%		900,000		993,375
Total						1,998,000
Diversified Manufacturing 0.4%
Tomkins LLC/Inc. Secured
10/01/18		9.000%		324,000		362,880
Electric 1.0%
AES Corp. Senior Unsecured
07/01/21		7.375%		900,000		996,750

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

Semiannual Report 2012 7

Columbia Flexible Capital Income Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Food and Beverage 1.0%
Cott Beverages, Inc.
11/15/17		8.375%		900,000		978,750
Health Care 1.4%
HCA, Inc. Senior Secured
03/15/22		5.875%		850,000		924,375
Rural/Metro Corp. Senior Unsecured(a)
07/15/19		10.125%		500,000		475,000
Total						1,399,375
Independent Energy 2.4%
Goodrich Petroleum Corp.
03/15/19		8.875%		1,500,000		1,413,750
Laredo Petroleum, Inc.
02/15/19		9.500%		800,000		896,000
Total						2,309,750
Media Non-Cable 1.1%
AMC Networks, Inc.
07/15/21		7.750%		900,000		1,026,000
Metals 1.4%
Alpha Natural Resources, Inc.
04/15/18		9.750%		1,000,000		1,040,000
Molycorp, Inc. Senior Secured(a)
06/01/20		10.000%		400,000		360,000
Total						1,400,000
Non-Captive Diversified 1.0%
International Lease Finance Corp. Senior Unsecured
08/15/22		5.875%		900,000		919,936
Pharmaceuticals 1.0%
Jaguar Holding Co. II/Merger Sub, Inc. Senior Unsecured(a)
12/01/19		9.500%		882,000		992,250
Restaurants 0.4%
Shearers Escrow Corp.(a)
11/01/19		9.000%		375,000		385,313
Retailers 2.9%
99 Cent Only Stores
12/15/19		11.000%		450,000		513,000
J. Crew Group, Inc.
03/01/19		8.125%		400,000		420,000

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Michaels Stores, Inc.
11/01/18		7.750%		900,000		975,375
Rite Aid Corp.
03/15/20		9.250%		700,000		714,000
Senior Unsecured
02/15/27		7.700%		340,000		266,900
Total						2,889,275
Transportation Services 0.5%
Hertz Corp. (The)(a)
10/15/20		5.875%		500,000		516,250
Wireless 2.0%
Sprint Nextel Corp.(a)
11/15/18		9.000%		1,200,000		1,476,000
Wind Acquisition Finance SA Secured(a)
07/15/17		11.750%		500,000		511,250
Total						1,987,250
Wirelines 1.5%
Level 3 Financing, Inc.(a)
06/01/20		7.000%		500,000		508,750
Qwest Corp. Senior Unsecured
12/01/21		6.750%		838,000		983,175
Total						1,491,925
Total Corporate Bonds & Notes
(Cost: $23,062,746)						23,970,416
Convertible Bonds 23.7%
Airlines 0.5%
United Continental Holdings, Inc.
06/30/21		4.500%		520,000		496,548
Automotive 1.0%
Navistar International Corp. Senior Subordinated Notes
10/15/14		3.000%		1,120,000		1,024,800
Banking 0.5%
Walter Investment Management Corp. Senior Subordinated Notes
11/01/19		4.500%		500,000		526,250
Building Materials 1.0%
Cemex SAB de CV Subordinated Notes
03/15/15		4.875%		950,000		973,750
Gaming 1.4%
MGM Resorts International
04/15/15		4.250%		1,390,000		1,415,194

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

8 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Health Care 3.1%
HeartWare International, Inc. Senior Unsecured
12/15/17		3.500%		470,000		541,381
Insulet Corp. Senior Unsecured
06/15/16		3.750%		470,000		522,640
NuVasive, Inc. Senior Unsecured
07/01/17		2.750%		1,150,000		984,515
Omnicare, Inc.
04/01/42		3.750%		1,000,000		996,670
Total						3,045,206
Home Construction 1.1%
Lennar Corp.(a)
11/15/21		3.250%		580,000		1,030,588
Independent Energy 0.5%
Endeavour International Corp.
07/15/16		5.500%		590,000		510,350
Media Non-Cable 1.0%
Liberty Interactive LLC Senior Unsecured
03/15/31		3.250%		1,030,000		957,900
Metals 0.9%
Jaguar Mining, Inc. Senior Unsecured(a)
11/01/14		4.500%		500,000		246,250
James River Coal Co. Senior Unsecured
12/01/15		4.500%		900,000		408,634
Molycorp, Inc. Senior Unsecured
06/15/16		3.250%		400,000		230,160
Total						885,044
Non-Captive Consumer 0.7%
DFC Global Corp. Senior Unsecured(a)
04/15/17		3.250%		679,000		723,298
Other Financial Institutions 1.0%
Forest City Enterprises, Inc. Senior Unsecured
08/15/18		4.250%		900,000		929,925
Other Industry 0.5%
WESCO International, Inc.
09/15/29		6.000%		200,000		476,750

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Pharmaceuticals 3.1%
Dendreon Corp. Senior Unsecured
01/15/16		2.875%		2,100,000		1,408,119
InterMune, Inc. Senior Unsecured
09/15/18		2.500%		600,000		472,125
Medivation, Inc. Senior Unsecured
04/01/17		2.625%		400,000		515,500
Vertex Pharmaceuticals, Inc. Senior Subordinated Notes
10/01/15		3.350%		580,000		649,238
Total						3,044,982
Railroads 1.0%
Greenbrier Companies, Inc. Senior Unsecured
04/01/18		3.500%		1,050,000		997,500
Technology 4.1%
Ciena Corp. Senior Unsecured(a)
10/15/18		3.750%		850,000		935,782
Ixia Senior Notes
12/15/15		3.000%		480,000		537,900
Mentor Graphics Corp.
04/01/31		4.000%		920,000		1,029,825
Nuance Communications, Inc. Senior Unsecured
11/01/31		2.750%		860,000		942,775
TiVo, Inc. Senior Unsecured(a)
03/15/16		4.000%		450,000		584,156
Total						4,030,438
Tobacco 0.5%
Vector Group Ltd.(b)
01/15/19		7.500%		460,000		501,993
Transportation Services 1.2%
DryShips, Inc. Senior Unsecured
12/01/14		5.000%		900,000		699,188
Wabash National Corp. Senior Unsecured
05/01/18		3.375%		490,000		513,412
Total						1,212,600

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

Semiannual Report 2012 9

Columbia Flexible Capital Income Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Convertible Bonds (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Non-Captive Diversified 0.6%
Air Lease Corp. Senior Unsecured(a)
12/01/18		3.875%		500,000		539,530
Total Non-Captive Diversified						539,530
Total Convertible Bonds
(Cost: $22,228,969)						23,322,646

Money Market Funds 2.5%
	Shares		Value ($)
JPMorgan Prime Money Market Fund, 0.010%(c)		2,476,588		2,476,588
Total Money Market Funds
(Cost: $2,476,588)				2,476,588
Total Investments
(Cost: $92,773,272)				97,090,138
Other Assets & Liabilities, Net				1,421,741
Net Assets				98,511,879

Notes to Portfolio of Investments

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, the value of these securities amounted to $11,668,542 or 11.84% of net assets.

(b) Variable rate security. The interest rate shown reflects the rate as of November 30, 2012.

(c) The rate shown is the seven-day current annualized yield at November 30, 2012.

Abbreviation Legend

ADR American Depositary Receipt

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.

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

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

10 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third- party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 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		951,840		—		—		951,840
Consumer Staples		3,011,940		—		—		3,011,940
Energy		3,882,480		—		—		3,882,480
Financials		7,256,689		—		—		7,256,689
Health Care		4,560,768		—		—		4,560,768
Industrials		5,024,093		—		—		5,024,093
Information Technology		5,680,493		—		—		5,680,493
Materials		2,963,225		—		—		2,963,225
Telecommunication Services		1,411,840		—		—		1,411,840
Utilities		2,020,005		—		—		2,020,005
Convertible Preferred Stocks
Consumer Discretionary		728,028		—		—		728,028
Consumer Staples		—		970,634		—		970,634
Energy		—		1,006,500		—		1,006,500
Financials		3,939,045		977,138		—		4,916,183
Industrials		984,960		—		—		984,960
Utilities		995,300		955,510		—		1,950,810
Total Equity Securities		43,410,706		3,909,782		—		47,320,488
Bonds
Corporate Bonds & Notes		—		23,970,416		—		23,970,416
Convertible Bonds		—		23,322,646		—		23,322,646
Total Bonds		—		47,293,062		—		47,293,062
Other
Money Market Funds		2,476,588		—		—		2,476,588
Total Other		2,476,588		—		—		2,476,588
Total		45,887,294		51,202,844		—		97,090,138

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

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

Semiannual Report 2012 11

Columbia Flexible Capital Income Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

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

Financial assets were transferred from Level 2 to Level 1 as the market for these assets was deemed to be active during the period and fair values were consequently obtained using quoted prices for identical assets rather than being based upon other observable market inputs as of period end, November 30, 2012.

Financial assets were transferred from Level 1 to Level 2 as the market for these assets was deemed not to be active and fair values were consequently obtained using the observable market inputs rather than quoted prices for identical assets as of period end, November 30, 2012.

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

Transfers In		Transfers Out
Level 1 ($)	Level 2 ($)	Level 1 ($)	Level 2 ($)
4,609,048	952,320	952,320	4,609,048

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

12 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value
(identified cost $92,773,272)	$97,090,138
Receivable for:
Investments sold	460,623
Capital shares sold	124,374
Dividends	189,052
Interest	702,424
Expense reimbursement due from Investment Manager	755
Prepaid expenses	2,409
Total assets	98,569,775
Liabilities
Payable for:
Capital shares purchased	24,917
Investment management fees	1,585
Distribution and/or service fees	125
Transfer agent fees	11,918
Administration fees	161
Compensation of board members	4,093
Other expenses	15,097
Total liabilities	57,896
Net assets applicable to outstanding capital stock	$98,511,879
Represented by
Paid-in capital	$91,841,454
Undistributed net investment income	1,122,051
Accumulated net realized gain	1,231,508
Unrealized appreciation (depreciation) on:
Investments	4,316,866
Total — representing net assets applicable to outstanding capital stock	$98,511,879

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

Semiannual Report 2012 13

Columbia Flexible Capital Income Fund

Statement of Assets and Liabilities (continued)

November 30, 2012 (Unaudited)

Class A
Net assets	$7,414,776
Shares outstanding	673,263
Net asset value per share	$11.01
Maximum offering price per share(a)	$11.68
Class C
Net assets	$408,079
Shares outstanding	37,206
Net asset value per share	$10.97
Class I
Net assets	$79,074,938
Shares outstanding	7,177,075
Net asset value per share	$11.02
Class R
Net assets	$2,752
Shares outstanding	250
Net asset value per share	$11.01
Class R4
Net assets	$2,533
Shares outstanding	229
Net asset value per share(b)	$11.08
Class R5
Net assets	$2,533
Shares outstanding	229
Net asset value per share(b)	$11.08
Class W
Net assets	$9,359,378
Shares outstanding	850,031
Net asset value per share	$11.01
Class Z
Net assets	$2,246,890
Shares outstanding	204,005
Net asset value per share	$11.01

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

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

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

14 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Statement of Operations

Six Months Ended November 30, 2012 (Unaudited)

Net investment income
Income:
Dividends	$1,140,961
Interest	1,377,892
Foreign taxes withheld	(5,483	)
Total income	2,513,370
Expenses:
Investment management fees	292,722
Distribution and/or service fees
Class A	7,397
Class C	1,381
Class R	7
Class W	10,932
Transfer agent fees
Class A	24,113
Class C	1,117
Class R	11
Class R4(a)	1
Class W	35,734
Class Z	6,923
Administration fees	29,768
Compensation of board members	5,048
Custodian fees	1,072
Printing and postage fees	33,508
Registration fees	61,347
Professional fees	19,026
Other	6,607
Total expenses	536,714
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(125,871	)
Total net expenses	410,843
Net investment income	2,102,527
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	1,645,603
Net realized gain	1,645,603
Net change in unrealized appreciation (depreciation) on:
Investments	4,472,823
Net change in unrealized appreciation (depreciation)	4,472,823
Net realized and unrealized gain	6,118,426
Net increase in net assets resulting from operations	$8,220,953

(a) Class R4 is for the period from November 8, 2012 (commencement of operations) to November 30, 2012.

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

Semiannual Report 2012 15

Columbia Flexible Capital Income Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31,  2012(a)
Operations
Net investment income		$2,102,527			$1,534,796
Net realized gain (loss)		1,645,603			(417,610	)
Net change in unrealized appreciation (depreciation)		4,472,823			(155,957	)
Net increase in net assets resulting from operations		8,220,953			961,229
Distributions to shareholders:
Net investment income
Class A		(88,562	)		(64,415	)
Class C		(3,009	)		(1,448	)
Class I		(1,462,443	)		(705,885	)
Class R		(38	)		(37	)
Class W		(136,796	)		(41	)
Class Z		(27,995	)		(17,924	)
Net realized gains
Class A		—			(380	)
Class C		—			(7	)
Class I		—			(3,631	)
Class Z		—			(94	)
Total distributions to shareholders		(1,718,843	)		(793,862	)
Increase (decrease) in net assets from capital stock activity		(4,180,447	)		96,022,849
Total increase in net assets		2,321,663			96,190,216
Net assets at beginning of period		96,190,216			—
Net assets at end of period		$98,511,879			$96,190,216
Undistributed net investment income		$1,122,051			$738,367

(a) For the period from July 28, 2011 (commencement of operations) to May 31, 2012.

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

16 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012 (Unaudited)(a)						Year Ended May 31, 2012(b)
	Shares			Dollars($)			Shares			Dollars($)
Capital stock activity
Class A shares
Subscriptions		191,086			2,081,269			501,540			4,982,434
Distributions reinvested		8,233			88,520			6,378			64,272
Redemptions		(13,480	)		(145,014	)		(20,494	)		(218,028	)
Net increase		185,839			2,024,775			487,424			4,828,678
Class C shares
Subscriptions		19,415			211,711			19,452			199,629
Distributions reinvested		277			2,976			138			1,420
Redemptions		(1,242	)		(13,623	)		(834	)		(8,636	)
Net increase		18,450			201,064			18,756			192,413
Class I shares
Subscriptions		81,290			880,408			8,034,313			82,845,731
Distributions reinvested		127,660			1,369,076			59,849			616,224
Redemptions		(962,424	)		(10,518,396	)		(163,613	)		(1,718,743	)
Net increase (decrease)		(753,474	)		(8,268,912	)		7,930,549			81,743,212
Class R shares
Subscriptions		—			—			250			2,500
Net increase		—			—			250			2,500
Class R4 shares
Subscriptions		229			2,500			—			—
Net increase		229			2,500			—			—
Class R5 shares
Subscriptions		229			2,500			—			—
Net increase		229			2,500			—			—
Class W shares
Subscriptions		134,064			1,451,822			790,664			8,364,999
Distributions reinvested		12,740			136,753			—			—
Redemptions		(70,147	)		(760,983	)		(17,290	)		(182,678	)
Net increase		76,657			827,592			773,374			8,182,321
Class Z shares
Subscriptions		97,311			1,056,800			107,348			1,055,753
Distributions reinvested		2,584			27,950			1,796			17,972
Redemptions		(5,034	)		(54,716	)		—			—
Net increase		94,861			1,030,034			109,144			1,073,725
Total net increase (decrease)		(377,209	)		(4,180,447	)		9,319,497			96,022,849

(a) Class R4 and Class R5 are for the period from November 8, 2012 (commencement of operations) to November 30, 2012.

(b) For the period from July 28, 2011 (commencement of operations) to May 31, 2012.

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

Semiannual Report 2012 17

Columbia Flexible Capital Income Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total 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.

Class  A	Six Months  Ended November 30, 2012 (Unaudited)		Year Ended May  31, 2012(a)
Per share data
Net asset value, beginning of period	$10.32		$10.00
Income from investment operations:
Net investment income	0.21		0.33
Net realized and unrealized gain	0.65		0.16	(b)
Total from investment operations	0.86		0.49
Less distributions to shareholders:
Net investment income	(0.17	)	(0.17	)
Net realized gains	—		(0.00	)(c)
Total distributions to shareholders	(0.17	)	(0.17	)
Net asset value, end of period	$11.01		$10.32
Total return	8.37	%	4.97	%
Ratios to average net assets(d)
Total gross expenses	1.98	%(e)	2.02	%(e)
Total net expenses(f)	1.10	%(e)	1.10	%(e)
Net investment income	3.97	%(e)	3.91	%(e)
Supplemental data
Net assets, end of period (in thousands)	$7,415		$5,029
Portfolio turnover	33	%	36	%

Notes to Financial Highlights

(a) For the period from July 28, 2011 (commencement of operations) to May 31, 2012.

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

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

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

18 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Financial Highlights (continued)

Class C	Six Months  Ended November 30, 2012 (Unaudited)		Year Ended May  31, 2012(a)
Per share data
Net asset value, beginning of period	$10.28		$10.00
Income from investment operations:
Net investment income	0.17		0.27
Net realized and unrealized gain	0.65		0.15	(b)
Total from investment operations	0.82		0.42
Less distributions to shareholders:
Net investment income	(0.13	)	(0.14	)
Net realized gains	—		(0.00	)(c)
Total distributions to shareholders	(0.13	)	(0.14	)
Net asset value, end of period	$10.97		$10.28
Total return	8.05	%	4.27	%
Ratios to average net assets(d)
Total gross expenses	2.74	%(e)	2.73	%(e)
Total net expenses(f)	1.85	%(e)	1.85	%(e)
Net investment income	3.20	%(e)	3.18	%(e)
Supplemental data
Net assets, end of period (in thousands)	$408		$193
Portfolio turnover	33	%	36	%

Notes to Financial Highlights

(a) For the period from July 28, 2011 (commencement of operations) to May 31, 2012.

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

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

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

Semiannual Report 2012 19

Columbia Flexible Capital Income Fund

Financial Highlights (continued)

Class I	Six Months  Ended November 30, 2012 (Unaudited)		Year Ended May  31, 2012(a)
Per share data
Net asset value, beginning of period	$10.32		$10.00
Income from investment operations:
Net investment income	0.23		0.37
Net realized and unrealized gain	0.66		0.14	(b)
Total from investment operations	0.89		0.51
Less distributions to shareholders:
Net investment income	(0.19	)	(0.19	)
Net realized gains	—		(0.00	)(c)
Total distributions to shareholders	(0.19	)	(0.19	)
Net asset value, end of period	$11.02		$10.32
Total return	8.65	%	5.14	%
Ratios to average net assets(d)
Total gross expenses	0.90	%(e)	1.12	%(e)
Total net expenses(f)	0.77	%(e)	0.74	%(e)
Net investment income	4.28	%(e)	4.19	%(e)
Supplemental data
Net assets, end of period (in thousands)	$79,075		$81,861
Portfolio turnover	33	%	36	%

Notes to Financial Highlights

(a) For the period from July 28, 2011 (commencement of operations) to May 31, 2012.

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

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

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

20 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Financial Highlights (continued)

Class R	Six Months  Ended November 30, 2012 (Unaudited)		Year Ended May  31, 2012(a)
Per share data
Net asset value, beginning of period	$10.31		$10.00
Income from investment operations:
Net investment income	0.20		0.30
Net realized and unrealized gain	0.65		0.16	(b)
Total from investment operations	0.85		0.46
Less distributions to shareholders:
Net investment income	(0.15	)	(0.15	)
Net realized gains	—		(0.00	)(c)
Total distributions to shareholders	(0.15	)	(0.15	)
Net asset value, end of period	$11.01		$10.31
Total return	8.33	%	4.64	%
Ratios to average net assets(d)
Total gross expenses	2.22	%(e)	2.42	%(e)
Total net expenses(f)	1.35	%(e)	1.35	%(e)
Net investment income	3.74	%(e)	3.48	%(e)
Supplemental data
Net assets, end of period (in thousands)	$3		$3
Portfolio turnover	33	%	36	%

Notes to Financial Highlights

(a) For the period from July 28, 2011 (commencement of operations) to May 31, 2012.

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

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

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

Semiannual Report 2012 21

Columbia Flexible Capital Income Fund

Financial Highlights (continued)

Class R4	Six Months Ended November 30,  2012(a) (Unaudited)
Per share data
Net asset value, beginning of period	$10.93
Income from investment operations:
Net investment income	0.03
Net realized and unrealized gain	0.12
Total from investment operations	0.15
Net asset value, end of period	$11.08
Total return	1.37	%
Ratios to average net assets(b)
Total gross expenses	1.94	%(c)
Total net expenses(d)	0.85	%(c)
Net investment income	5.06	%(c)
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	33	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to November 30, 2012.

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

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

22 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Financial Highlights (continued)

Class R5	Six Months Ended November 30,  2012(a) (Unaudited)
Per share data
Net asset value, beginning of period	$10.93
Income from investment operations:
Net investment income	0.03
Net realized and unrealized gain	0.12
Total from investment operations	0.15
Net asset value, end of period	$11.08
Total return	1.37	%
Ratios to average net assets(b)
Total gross expenses	1.25	%(c)
Total net expenses(d)	0.84	%(c)
Net investment income	5.08	%(c)
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	33	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to November 30, 2012.

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

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

Semiannual Report 2012 23

Columbia Flexible Capital Income Fund

Financial Highlights (continued)

Class W	Six Months  Ended November 30, 2012 (Unaudited)		Year Ended May  31, 2012(a)
Per share data
Net asset value, beginning of period	$10.32		$10.00
Income from investment operations:
Net investment income	0.21		0.28
Net realized and unrealized gain	0.65		0.21	(b)
Total from investment operations	0.86		0.49
Less distributions to shareholders:
Net investment income	(0.17	)	(0.17	)
Net realized gains	—		(0.00	)(c)
Total distributions to shareholders	(0.17	)	(0.17	)
Net asset value, end of period	$11.01		$10.32
Total return	8.39	%	4.92	%
Ratios to average net assets(d)
Total gross expenses	1.97	%(e)	1.76	%(e)
Total net expenses(f)	1.10	%(e)	1.10	%(e)
Net investment income	3.96	%(e)	3.23	%(e)
Supplemental data
Net assets, end of period (in thousands)	$9,359		$7,979
Portfolio turnover	33	%	36	%

Notes to Financial Highlights

(a) For the period from July 28, 2011 (commencement of operations) to May 31, 2012.

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

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

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

24 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Financial Highlights (continued)

Class Z	Six Months  Ended November 30, 2012 (Unaudited)		Year Ended May  31, 2012(a)
Per share data
Net asset value, beginning of period	$10.32		$10.00
Income from investment operations:
Net investment income	0.23		0.36
Net realized and unrealized gain	0.64		0.14	(b)
Total from investment operations	0.87		0.50
Less distributions to shareholders:
Net investment income	(0.18	)	(0.18	)
Net realized gains	—		(0.00	)(c)
Total distributions to shareholders	(0.18	)	(0.18	)
Net asset value, end of period	$11.01		$10.32
Total return	8.50	%	5.09	%
Ratios to average net assets(d)
Total gross expenses	1.73	%(e)	1.82	%(e)
Total net expenses(f)	0.85	%(e)	0.85	%(e)
Net investment income	4.25	%(e)	4.16	%(e)
Supplemental data
Net assets, end of period (in thousands)	$2,247		$1,126
Portfolio turnover	33	%	36	%

Notes to Financial Highlights

(a) For the period from July 28, 2011 (commencement of operations) to May 31, 2012.

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

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

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

Semiannual Report 2012 25

Columbia Flexible Capital Income Fund

Notes to Financial Statements

November 30, 2012 (Unaudited)

Note 1. Organization

Columbia Flexible Capital 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 C, Class I, Class R, 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 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 and are only available to investors purchasing through authorized investment professionals. Class R4 shares commenced operations on November 8, 2012.

Class R5 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R5 shares commenced operations on November 8, 2012.

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.

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 ask prices on such exchanges or markets.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques 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.

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 ask 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

26 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in 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 fair value.

Foreign Currency Transactions and Translations

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.

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.

Security Transactions

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

Income Recognition

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

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.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Semiannual Report 2012 27

Columbia Flexible Capital Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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 investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.59% to 0.50% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.59% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.06% to 0.04% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2012 was 0.06% of the Fund’s average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $655.

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.

28 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R5 share.

For the six months ended November 30, 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	0.81	%
Class C	0.81
Class R	0.80
Class R4	0.73
Class R5	0.05
Class W	0.81
Class Z	0.81

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 November 30, 2012, no minimum account balance fees were charged by the Fund.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution 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 C shares. For Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $1,000 Class C shares. These amounts are based on the most recent information available as of September 30, 2012, 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 $2,769 for Class A and $71 for Class C shares for the six months ended November 30, 2012.

Semiannual Report 2012 29

Columbia Flexible Capital Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective August 1, 2012, 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 September 30, 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/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	1.10	%
Class C	1.85
Class I	0.79
Class R	1.35
Class R4	0.85
Class R5	0.84
Class W	1.10
Class Z	0.85

Prior to August 1, 2012, the Investment Manager and certain of 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	1.10	%
Class C	1.85
Class I	0.74
Class R	1.35
Class W	1.10
Class Z	0.85

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion

of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

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

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $92,773,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$5,286,000
Unrealized depreciation	(969,000	)
Net unrealized appreciation	$4,317,000

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat post-October capital losses of $357,864 at May 31, 2012 as arising on June 1, 2012.

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 $31,671,077 and $36,070,927, respectively, for the six months ended November 30, 2012.

Note 6. Shareholder Concentration

At November 30, 2012, one unaffiliated shareholder account owned 15.4% 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. Affiliated shareholder accounts owned 80.4% 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.

30 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Note 7. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, 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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the six months ended November 30, 2012.

Note 8. Subsequent Events

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

Note 9. Information Regarding Pending and Settled Legal Proceedings

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

Semiannual Report 2012 31

Columbia Flexible Capital Income Fund

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32 Semiannual Report 2012

Columbia Flexible Capital Income Fund

Important Information About This Report

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

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

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

Semiannual Report 2012 33

Columbia Flexible Capital Income Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6610 C (1/13)

Semiannual Report November 30, 2012

Columbia High Yield Bond Fund

Columbia High Yield Bond Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

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

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia High Yield Bond Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	18
Statement of Operations	20
Statement of Changes in Net Assets	21
Financial Highlights	24
Notes to Financial Statements	35
Supplemental Information	43
Important Information About This Report	45

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2012

Columbia High Yield Bond Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia High Yield Bond Fund (the Fund) Class A shares returned 8.88% excluding sales charges for the six months ended November 30, 2012.

> The Fund outperformed both its new primary benchmark, the BofA Merrill Lynch U.S. High Yield Cash Pay Constrained Index, which returned 8.35% and its former primary benchmark, the JPMorgan Global High Yield Index, which returned 8.62% during the same period.

Average Annual Total Returns (%) (for period ended November 30, 2012)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	12/08/83
Excluding sales charges			8.88		17.00		9.01		9.78
Including sales charges			3.66		11.56		7.95		9.25
Class B	03/20/95
Excluding sales charges			8.47		16.56		8.19		8.95
Including sales charges			3.47		11.56		7.89		8.95
Class C	06/26/00
Excluding sales charges			8.52		16.21		8.20		8.94
Including sales charges			7.52		15.21		8.20		8.94
Class I*	03/04/04		8.72		17.48		9.36		10.12
Class K (formerly Class R4)	03/20/95		8.54		17.10		9.15		9.94
Class R*	12/11/06		8.73		17.10		8.66		9.46
Class R4* (formerly Class R3)	12/11/06		8.80		17.21		8.95		9.70
Class R5*	12/11/06		9.07		17.83		9.38		9.99
Class W*	12/01/06		8.92		17.52		8.97		9.70
Class Y*	11/08/12		8.89		17.01		9.01		9.78
Class Z*	09/27/10		9.02		17.28		9.12		9.84
BofA Merrill Lynch U.S. High Yield Cash Pay Constrained Index			8.35		16.45		9.74		10.20
JPMorgan Global High Yield Index			8.62		17.26		10.16		10.65

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

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

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

The BofA Merrill Lynch U.S. High Yield Cash Pay Constrained Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt, currently in a coupon paying period that is publicly issued in the U.S. domestic market.

The JPMorgan Global High Yield Index is designed to mirror the investable universe of the U.S. dollar global high yield corporate debt market, including domestic and international issues.

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

2 Semiannual Report 2012

Columbia High Yield Bond Fund

Portfolio Overview

(Unaudited)

Portfolio Breakdown (%) (at November 30, 2012)
Corporate Bonds & Notes	92.3
Consumer Discretionary	14.6
Consumer Staples	1.5
Energy	12.6
Financials	6.4
Health Care	10.5
Industrials	8.4
Materials	10.7
Telecommunication	22.6
Utilities	5.0
Senior Loans	5.1
Consumer Discretionary	1.0
Consumer Staples	0.3
Financials	1.4
Health Care	0.5
Industrials	0.5
Materials	0.9
Telecommunication	0.5
Common Stocks	0.0	(a)
Consumer Discretionary	0.0	(a)
Warrants	0.0	(a)
Limited Partnerships	0.0	(a)
Money Market Funds	2.6
Total	100.0

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.

(a) Rounds to less than 0.1%.

Quality Breakdown (%) (at November 30, 2012)
BBB rating	0.8
BB rating	32.6
B rating	51.5
CCC rating	14.4
CC rating	0.1
Not rated	0.6
Total	100.0

Percentages indicated are based upon total fixed income securities (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from AAA (highest) to D (lowest), and are subject to change. The ratings shown are determined by using the average of the ratings from Moody’s, S&P, and Fitch. When a rating from only two agencies is available, the average of the two is used. When a rating from only one agency is available, that rating is used. When a bond is not rated by any of these agencies, it is designated as Not rated. Credit ratings are subjective opinions and not statements of fact.

Portfolio Management

Brian Lavin, CFA

Jennifer Ponce de Leon

Semiannual Report 2012 3

Columbia High Yield Bond Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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.

June 1, 2012 – November 30, 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		1,088.80		1,019.75		5.55		5.37		1.06
Class B		1,000.00	1,000.00		1,084.70		1,015.99		9.46		9.15		1.81
Class C		1,000.00	1,000.00		1,085.20		1,015.99		9.46		9.15		1.81
Class I		1,000.00	1,000.00		1,087.20		1,021.76		3.45		3.35		0.66
Class K (formerly Class R4)		1,000.00	1,000.00		1,085.40		1,020.26		5.02		4.86		0.96
Class R		1,000.00	1,000.00		1,087.30		1,018.50		6.85		6.63		1.31
Class R4 (formerly Class R3)		1,000.00	1,000.00		1,088.00		1,019.40		5.91		5.72		1.13
Class R5		1,000.00	1,000.00		1,090.70		1,021.51		3.72		3.60		0.71
Class W		1,000.00	1,000.00		1,089.20		1,019.75		5.55		5.37		1.06
Class Y		1,000.00	1,000.00		1,006.90	*	1,022.16		0.33	*	2.94		0.58	*
Class Z		1,000.00	1,000.00		1,090.20		1,021.01		4.24		4.10		0.81

* For the period November 8, 2012 through November 30, 2012. Class Y shares commenced operations on November 8, 2012.

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

Expenses do not include fees and expenses incurred indirectly by the Fund from 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.

Columbia Management Investment Advisers, LLC and/or certain of its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until September 30, 2013, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds) will not exceed 0.83% for Class R4. Any amounts waived will not be reimbursed by the Fund. This change was effective October 27, 2012. If this change had been in place for the entire six month period ended November 30, 2012, the actual expenses paid would have been $4.34 for Class R4; the hypothetical expenses paid would have been $4.20 for Class R4.

4 Semiannual Report 2012

Columbia High Yield Bond Fund

Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes 91.4%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Aerospace & Defense 3.2%
ADS Tactical, Inc. Senior Secured(a)
04/01/18		11.000%		11,620,000		11,474,750
B/E Aerospace, Inc. Senior Unsecured
04/01/22		5.250%		5,475,000		5,748,750
Huntington Ingalls Industries, Inc.
03/15/18		6.875%		4,887,000		5,241,307
03/15/21		7.125%		7,108,000		7,685,525
Kratos Defense & Security Solutions, Inc. Senior Secured
06/01/17		10.000%		14,825,000		16,159,250
Oshkosh Corp.
03/01/20		8.500%		4,658,000		5,182,025
TransDigm, Inc.(a)
10/15/20		5.500%		3,178,000		3,249,505
Total						54,741,112
Automotive 2.0%
Allison Transmission, Inc.(a)
05/15/19		7.125%		3,958,000		4,215,270
Chrysler Group LLC/Co-Issuer, Inc. Secured
06/15/19		8.000%		564,000		615,465
06/15/21		8.250%		7,493,000		8,251,666
Dana Holding Corp. Senior Unsecured
02/15/19		6.500%		1,390,000		1,459,500
02/15/21		6.750%		2,179,000		2,298,845
Delphi Corp.
05/15/19		5.875%		2,373,000		2,562,840
Lear Corp.
03/15/18		7.875%		4,781,000		5,175,433
Visteon Corp.
04/15/19		6.750%		10,063,000		10,616,465
Total						35,195,484
Banking 0.3%
Synovus Financial Corp. Senior Unsecured
02/15/19		7.875%		4,285,000		4,702,788
Brokerage 0.3%
E*TRADE Financial Corp. Senior Unsecured
11/15/19		6.375%		1,775,000		1,790,531
Nuveen Investments, Inc. Senior Unsecured(a)
10/15/20		9.500%		3,827,000		3,865,270
Total						5,655,801

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Building Materials 0.7%
Interface, Inc.
12/01/18		7.625%		1,441,000		1,550,876
Norcraft Companies LP/Finance Corp. Secured
12/15/15		10.500%		4,486,000		4,463,570
Nortek, Inc.
12/01/18		10.000%		899,000		1,000,138
04/15/21		8.500%		3,905,000		4,246,687
Total						11,261,271
Chemicals 4.4%
Celanese U.S. Holdings LLC
06/15/21		5.875%		2,524,000		2,820,570
Celanese US Holdings LLC
11/15/22		4.625%		3,056,000		3,155,320
Huntsman International LLC
03/15/21		8.625%		490,000		554,925
Huntsman International LLC(a)
11/15/20		4.875%		1,984,000		1,964,160
JM Huber Corp. Senior Notes(a)
11/01/19		9.875%		4,155,000		4,643,212
LyondellBasell Industries NV Senior Unsecured
11/15/21		6.000%		19,730,000		23,552,687
04/15/24		5.750%		8,004,000		9,604,800
MacDermid, Inc.(a)
04/15/17		9.500%		2,051,500		2,138,689
Momentive Performance Materials, Inc. Senior Secured(a)
10/15/20		8.875%		4,400,000		4,367,000
Nova Chemicals Corp. Senior Unsecured
11/01/19		8.625%		1,497,000		1,706,580
Nufarm Australia Ltd.(a)
10/15/19		6.375%		1,267,000		1,311,345
PQ Corp. Secured(a)
05/01/18		8.750%		13,783,000		14,196,490
Polypore International, Inc.
11/15/17		7.500%		4,965,000		5,380,819
Total						75,396,597
Construction Machinery 2.9%
CNH Capital LLC(a)
11/01/16		6.250%		6,147,000		6,715,597
Case New Holland, Inc.
12/01/17		7.875%		10,993,000		12,944,257
Columbus McKinnon Corp.
02/01/19		7.875%		1,817,000		1,944,190

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

Semiannual Report 2012 5

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Neff Rental LLC/Finance Corp. Secured(a)
05/15/16		9.625%		6,845,000		6,981,900
Terex Corp.
04/01/20		6.500%		2,307,000		2,422,350
United Rentals North America, Inc.
12/15/19		9.250%		4,245,000		4,818,075
09/15/20		8.375%		3,082,000		3,401,758
06/15/23		6.125%		703,000		722,333
Senior Unsecured
02/01/21		8.250%		2,760,000		3,091,200
United Rentals North America, Inc.(a)
05/15/20		7.375%		2,566,000		2,771,280
04/15/22		7.625%		3,270,000		3,621,525
Total						49,434,465
Consumer Cyclical Services 1.3%
Goodman Networks, Inc. Senior Secured(a)
07/01/18		12.375%		4,334,000		4,734,895
Monitronics International, Inc.
04/01/20		9.125%		2,550,000		2,613,750
Vivint, Inc.(a) Senior Secured
12/01/19		6.375%		11,049,000		10,883,265
Senior Unsecured
12/01/20		8.750%		4,438,000		4,360,335
Total						22,592,245
Consumer Products 1.3%
Alphabet Holding Co., Inc. Senior Unsecured PIK(a)
11/01/17		7.750%		2,157,000		2,200,140
Libbey Glass, Inc. Senior Secured(a)
05/15/20		6.875%		1,848,000		1,963,500
Serta Simmons Holdings LLC Senior Unsecured(a)
10/01/20		8.125%		5,554,000		5,581,770
Spectrum Brands Escrow Corp.(a) Senior Unsecured
11/15/20		6.375%		3,959,000		4,107,463
11/15/22		6.625%		2,032,000		2,128,520
Spectrum Brands, Inc. Senior Secured
06/15/18		9.500%		2,023,000		2,303,691
Spectrum Brands, Inc.(a)
03/15/20		6.750%		4,279,000		4,460,857
Total						22,745,941
Diversified Manufacturing 0.5%
Amsted Industries, Inc. Senior Notes(a)
03/15/18		8.125%		6,202,000		6,620,635

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Tomkins LLC/Inc. Secured
10/01/18		9.000%		1,780,000		1,993,600
Total						8,614,235
Electric 1.1%
AES Corp. Senior Unsecured
10/15/17		8.000%		838,000		961,605
06/01/20		8.000%		2,665,000		3,078,075
07/01/21		7.375%		1,779,000		1,970,243
Calpine Corp. Senior Secured(a)
02/15/21		7.500%		7,942,000		8,736,200
GenOn Energy, Inc. Senior Unsecured
10/15/18		9.500%		4,207,000		4,869,602
Total						19,615,725
Entertainment 0.7%
AMC Entertainment, Inc.
06/01/19		8.750%		5,849,999		6,435,000
12/01/20		9.750%		1,407,000		1,582,875
Speedway Motorsports, Inc.
02/01/19		6.750%		197,000		206,850
United Artists Theatre Circuit, Inc.(b)(c) 1995-A Pass-Through Certificates
07/01/15		9.300%		3,142,715		3,142,715
07/01/15		9.300%		1,012,561		1,012,561
Total						12,380,001
Environmental 0.4%
Clean Harbors, Inc.
08/01/20		5.250%		4,272,000		4,389,480
Clean Harbors, Inc.(a)(d) Senior Unsecured
06/01/21		5.125%		3,283,000		3,356,868
Total						7,746,348
Food and Beverage 0.2%
Cott Beverages, Inc.
09/01/18		8.125%		2,617,000		2,891,785
Gaming 3.0%
Caesars Entertainment Operating Co., Inc. Senior Secured(a)
02/15/20		8.500%		2,595,000		2,543,100
MGM Resorts International
03/01/18		11.375%		5,945,000		7,059,687
Senior Secured
03/15/20		9.000%		3,004,000		3,341,950

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

6 Semiannual Report 2012

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
MGM Resorts International(a)
10/01/20		6.750%		1,681,000		1,693,608
ROC Finance LLC/Corp. Secured(a)
09/01/18		12.125%		4,957,000		5,650,980
Seminole Indian Tribe of Florida(a)
10/01/17		7.750%		2,726,000		2,971,340
10/01/20		7.804%		1,515,000		1,548,769
Senior Secured
10/01/20		6.535%		5,120,000		5,516,186
Seneca Gaming Corp.(a)
12/01/18		8.250%		4,727,000		4,927,897
Studio City Finance Ltd.(a)
12/01/20		8.500%		8,998,000		9,447,900
Tunica-Biloxi Gaming Authority Senior Unsecured(a)
11/15/15		9.000%		8,030,000		7,126,625
Total						51,828,042
Gas Pipelines 3.8%
El Paso LLC
06/15/14		6.875%		98,000		105,230
06/01/18		7.250%		1,098,000		1,268,190
09/15/20		6.500%		18,584,000		20,820,584
01/15/32		7.750%		2,228,000		2,614,135
Hiland Partners LP/Finance Corp.(a)
10/01/20		7.250%		10,700,000		11,194,875
MarkWest Energy Partners LP/Finance Corp.
06/15/22		6.250%		6,068,000		6,614,120
02/15/23		5.500%		5,404,000		5,687,710
Regency Energy Partners LP/Corp.
04/15/23		5.500%		2,316,000		2,431,800
Regency Energy Partners LP/Finance Corp.
12/01/18		6.875%		5,867,000		6,365,695
07/15/21		6.500%		7,768,000		8,467,120
Total						65,569,459
Health Care 9.1%
American Renal Associates Holdings, Inc. Senior Unsecured PIK
03/01/16		9.750%		1,403,757		1,484,473
American Renal Holdings, Inc. Senior Secured
05/15/18		8.375%		6,797,000		7,187,827
Amsurg Corp.(a)
11/30/20		5.625%		1,992,000		2,011,920
Biomet, Inc.(a)
08/01/20		6.500%		5,925,000		6,191,625
10/01/20		6.500%		2,693,000		2,666,070
CHS/Community Health Systems, Inc.
11/15/19		8.000%		6,814,000		7,418,742
Senior Secured
08/15/18		5.125%		5,993,000		6,307,632

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
ConvaTec Healthcare E SA Senior Unsecured(a)
12/15/18		10.500%		8,703,000		9,486,270
DaVita HealthCare Partners, Inc.
08/15/22		5.750%		4,461,000		4,661,745
Emdeon, Inc.
12/31/19		11.000%		4,375,000		5,020,312
Fresenius Medical Care U.S. Finance II, Inc.(a)
07/31/19		5.625%		1,456,000		1,554,280
01/31/22		5.875%		2,447,000		2,624,408
Fresenius Medical Care U.S. Finance, Inc.(a)
09/15/18		6.500%		1,104,000		1,239,240
HCA, Inc.
02/15/22		7.500%		6,054,000		6,886,425
05/01/23		5.875%		8,110,000		8,393,850
Senior Secured
02/15/20		6.500%		8,248,000		9,258,380
05/01/23		4.750%		2,134,000		2,155,340
Hanger, Inc.
11/15/18		7.125%		1,454,000		1,530,335
Health Management Associates, Inc.
01/15/20		7.375%		3,187,000		3,441,960
HealthSouth Corp.
02/15/20		8.125%		2,387,000		2,622,716
IASIS Healthcare LLC/Capital Corp.
05/15/19		8.375%		9,966,000		9,417,870
IMS Health, Inc. Senior Unsecured(a)
11/01/20		6.000%		2,804,000		2,895,130
Kinetic Concepts, Inc./KCI U.S.A., Inc. Secured(a)
11/01/18		10.500%		2,390,000		2,485,600
Multiplan, Inc.(a)
09/01/18		9.875%		8,488,000		9,358,020
Omnicare, Inc.
06/01/20		7.750%		857,000		949,128
Physio-Control International, Inc. Senior Secured(a)
01/15/19		9.875%		3,847,000		4,202,848
Physiotherapy Associates Holdings, Inc. Senior Unsecured(a)
05/01/19		11.875%		2,807,000		2,785,948
Radnet Management, Inc.
04/01/18		10.375%		1,800,000		1,822,500
Rural/Metro Corp. Senior Unsecured(a)
07/15/19		10.125%		3,255,000		3,092,250
STHI Holding Corp. Secured(a)
03/15/18		8.000%		1,873,000		2,036,888
Tenet Healthcare Corp.(a)
02/01/20		6.750%		3,261,000		3,305,839
Truven Health Analytics, Inc. Senior Unsecured(a)
06/01/20		10.625%		2,312,000		2,479,620

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

Semiannual Report 2012 7

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
United Surgical Partners International, Inc.
04/01/20		9.000%		2,758,000		3,040,695
Universal Hospital Services, Inc. Secured(a)
08/15/20		7.625%		1,561,000		1,623,440
VWR Funding, Inc.(a)
09/15/17		7.250%		1,404,000		1,442,610
Vanguard Health Holding Co. II LLC/Inc.
02/01/18		8.000%		4,900,000		5,089,875
02/01/19		7.750%		6,406,000		6,598,180
Vanguard Health Holding Co. II LLC/Inc.(a)
02/01/19		7.750%		1,222,000		1,258,660
Total						156,028,651
Healthcare Insurance 0.3%
AMERIGROUP Corp. Senior Unsecured
11/15/19		7.500%		3,984,000		4,661,280
Home Construction 1.0%
Beazer Homes USA, Inc.
05/15/19		9.125%		1,715,000		1,775,025
KB Home
03/15/20		8.000%		1,897,000		2,124,640
09/15/22		7.500%		1,566,000		1,699,110
Meritage Homes Corp.
04/01/22		7.000%		1,873,000		2,032,205
Shea Homes LP/Funding Corp. Senior Secured
05/15/19		8.625%		3,122,000		3,434,200
Taylor Morrison Communities, Inc./Monarch, Inc.(a)
04/15/20		7.750%		4,021,000		4,222,050
04/15/20		7.750%		1,263,000		1,326,150
Total						16,613,380
Independent Energy 10.9%
Antero Resources Finance Corp.
12/01/17		9.375%		272,000		299,200
08/01/19		7.250%		1,035,000		1,117,800
Carrizo Oil & Gas, Inc.
10/15/18		8.625%		6,402,000		6,802,125
Chaparral Energy, Inc.
11/15/22		7.625%		1,096,000		1,123,400
Chesapeake Energy Corp.
08/15/20		6.625%		10,702,000		11,210,345
02/15/21		6.125%		7,240,000		7,330,500
Comstock Resources, Inc.
06/15/20		9.500%		7,105,000		7,549,062
Concho Resources, Inc.
01/15/21		7.000%		4,063,000		4,479,457
01/15/22		6.500%		809,000		881,810
10/01/22		5.500%		3,987,000		4,116,578
04/01/23		5.500%		4,574,000		4,734,090

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Continental Resources, Inc.
10/01/20		7.375%		2,347,000		2,640,375
04/01/21		7.125%		4,269,000		4,818,634
09/15/22		5.000%		14,693,000		15,574,580
EP Energy LLC/Everest Acquisition Finance, Inc.
09/01/22		7.750%		807,000		837,263
EP Energy LLC/Finance, Inc. Senior Unsecured
05/01/20		9.375%		8,480,000		9,391,600
Halcon Resources Corp.(a)
05/15/21		8.875%		3,206,000		3,318,210
Kodiak Oil & Gas Corp.
12/01/19		8.125%		14,888,000		16,227,920
Laredo Petroleum, Inc.
02/15/19		9.500%		10,797,000		12,092,640
05/01/22		7.375%		3,994,000		4,323,505
MEG Energy Corp.(a)
03/15/21		6.500%		5,806,000		6,060,012
01/30/23		6.375%		2,226,000		2,309,475
Oasis Petroleum, Inc.
02/01/19		7.250%		6,286,000		6,694,590
11/01/21		6.500%		5,761,000		6,063,452
01/15/23		6.875%		4,224,000		4,466,880
Plains Exploration & Production Co.
11/15/20		6.500%		11,080,000		11,301,600
02/15/23		6.875%		8,354,000		8,604,620
QEP Resources, Inc. Senior Unsecured
03/01/21		6.875%		3,110,000		3,568,725
05/01/23		5.250%		10,000,000		10,500,000
Range Resources Corp.
05/15/19		8.000%		2,097,000		2,306,700
SM Energy Co. Senior Unsecured
11/15/21		6.500%		2,397,000		2,528,835
01/01/23		6.500%		1,887,000		1,990,785
Sandridge Energy, Inc.
02/15/23		7.500%		1,880,000		1,959,900
Whiting Petroleum Corp.
10/01/18		6.500%		287,000		309,243
Total						187,533,911
Lodging 0.1%
Choice Hotels International, Inc.
07/01/22		5.750%		1,878,000		2,056,410
Media Cable 3.8%
CCO Holdings LLC/Capital Corp.
01/15/19		7.000%		672,000		727,440
04/30/20		8.125%		3,902,000		4,399,505
01/31/22		6.625%		3,194,000		3,473,475
09/30/22		5.250%		6,031,000		6,076,233

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

8 Semiannual Report 2012

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CSC Holdings LLC Senior Unsecured
02/15/19		8.625%		4,838,000		5,708,840
CSC Holdings LLC(a) Senior Unsecured
11/15/21		6.750%		4,263,000		4,689,300
Cablevision Systems Corp. Senior Unsecured
04/15/20		8.000%		200,000		221,000
09/15/22		5.875%		3,797,000		3,721,060
Cequel Communications Escrow 1 LLC/Capital Corp. Senior Unsecured(a)
09/15/20		6.375%		2,610,000		2,681,775
DISH DBS Corp.
09/01/19		7.875%		1,784,000		2,109,580
06/01/21		6.750%		11,735,000		13,260,550
07/15/22		5.875%		2,641,000		2,829,171
Quebecor Media, Inc. Senior Unsecured(a)
01/15/23		5.750%		6,020,000		6,245,750
Unitymedia Hessen GmbH & Co. KG NRW Senior Secured(a)(d)
01/15/23		5.500%		4,657,000		4,657,000
Videotron Ltd.
07/15/22		5.000%		3,578,000		3,685,340
Virgin Media Finance PLC
02/15/22		5.250%		402,000		423,105
WaveDivision Escrow LLC/Corp. Senior Unsecured(a)
09/01/20		8.125%		131,000		134,275
Total						65,043,399
Media Non-Cable 7.8%
AMC Networks, Inc.
07/15/21		7.750%		11,163,000		12,725,820
Clear Channel Communications, Inc.
08/01/16		10.750%		3,448,000		2,508,420
Clear Channel Worldwide Holdings Inc, Class A
03/15/20		7.625%		1,323,000		1,276,695
Clear Channel Worldwide Holdings, Inc.
03/15/20		7.625%		12,414,000		12,165,720
Clear Channel Worldwide Holdings, Inc.(a)
11/15/22		6.500%		3,433,000		3,415,835
11/15/22		6.500%		9,282,000		9,328,410
Getty Images, Inc. Senior Notes(a)
10/15/20		7.000%		6,121,000		6,212,815
Hughes Satellite Systems Corp.
06/15/21		7.625%		8,600,000		9,589,000
Senior Secured
06/15/19		6.500%		2,157,000		2,318,775
Intelsat Jackson Holdings SA
Senior Unsecured 04/01/21		7.500%		3,330,000		3,563,100

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Intelsat Jackson Holdings SA(a) Senior Unsecured
10/15/20		7.250%		8,529,000		9,083,385
Intelsat Luxembourg SA Senior Unsecured PIK
02/04/17		11.500%		8,799,000		9,337,939
National CineMedia LLC Senior Secured
04/15/22		6.000%		4,164,000		4,403,430
Senior Unsecured
07/15/21		7.875%		4,233,000		4,677,465
Nielsen Finance LLC/Co.
10/15/18		7.750%		7,946,000		8,859,790
Nielsen Finance LLC/Co.(a)
10/01/20		4.500%		6,779,000		6,762,052
Salem Communications Corp. Secured
12/15/16		9.625%		4,643,000		5,142,123
Starz LLC/Finance Corp. Senior Unsecured(a)
09/15/19		5.000%		2,560,000		2,620,800
Univision Communications, Inc.(a)
05/15/21		8.500%		6,193,000		6,363,307
Senior Secured
05/15/19		6.875%		4,275,000		4,403,250
11/01/20		7.875%		6,140,000		6,554,450
09/15/22		6.750%		3,165,000		3,196,650
Total						134,509,231
Metals 3.7%
Alpha Natural Resources, Inc.
04/15/18		9.750%		6,540,000		6,801,600
06/01/19		6.000%		2,947,000		2,600,728
06/01/21		6.250%		2,600,000		2,301,000
ArcelorMittal Senior Unsecured
03/01/21		6.000%		2,300,000		2,295,906
02/25/22		6.750%		3,893,000		4,050,229
Arch Coal, Inc.
06/15/21		7.250%		2,786,000		2,493,470
Arch Coal, Inc.(a)
06/15/19		9.875%		4,861,000		4,897,457
Calcipar SA Senior Secured(a)
05/01/18		6.875%		1,021,000		1,021,000
FMG Resources August 2006 Proprietary Ltd.(a)
11/01/19		8.250%		11,151,000		11,346,142
Inmet Mining Corp.(a)
06/01/20		8.750%		9,521,000		10,282,680
JMC Steel Group, Inc. Senior Notes(a)
03/15/18		8.250%		4,018,000		4,138,540
Peabody Energy Corp.
11/15/18		6.000%		4,817,000		5,033,765

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

Semiannual Report 2012 9

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Rain CII Carbon LLC/Corp. Senior Secured(a)
12/01/18		8.000%		6,565,000		6,630,650
Total						63,893,167
Non-Captive Consumer 0.6%
SLM Corp. Senior Unsecured
03/25/20		8.000%		3,729,000		4,260,382
Springleaf Finance Corp. Senior Unsecured
12/15/17		6.900%		7,729,000		6,840,165
Total						11,100,547
Non-Captive Diversified 4.6%
Ally Financial, Inc.
03/15/20		8.000%		24,733,000		30,421,590
09/15/20		7.500%		3,647,000		4,394,635
CIT Group, Inc. Senior Unsecured
03/15/18		5.250%		2,547,000		2,703,004
05/15/20		5.375%		3,684,000		3,932,670
CIT Group, Inc.(a) Senior Secured
04/01/18		6.625%		6,475,000		7,187,250
Senior Unsecured 02/15/19		5.500%		9,924,000		10,544,250
International Lease Finance Corp. Senior Unsecured
09/01/17		8.875%		7,095,000		8,230,200
04/01/19		5.875%		3,168,000		3,265,096
05/15/19		6.250%		3,999,000		4,228,943
12/15/20		8.250%		4,250,000		4,947,433
Total						79,855,071
Oil Field Services 1.6%
Atwood Oceanics, Inc. Senior Unsecured
02/01/20		6.500%		11,946,000		12,752,355
Green Field Energy Services, Inc.(a) Senior Secured
11/15/16		13.250%		7,126,000		7,126,000
Green Field Energy Services, Inc.(a) Senior Secured
11/15/16		13.250%		169,000		169,000
Offshore Group Investments Ltd. Senior Secured
08/01/15		11.500%		7,157,000		7,872,700
Total						27,920,055
Other Financial Institutions 0.2%
FTI Consulting, Inc.(a)
11/15/22		6.000%		2,597,000		2,655,433

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Other Industry 0.4%
Interline Brands, Inc.
11/15/18		7.500%		3,829,000		4,144,893
SPL Logistics Escrow LLC/Finance Corp. Senior Secured(a)
08/01/20		8.875%		3,043,000		3,236,991
Total						7,381,884
Packaging 1.8%
BOE Merger Corp. Senior Unsecured PIK(a)
11/01/17		9.500%		1,325,000		1,298,500
Berry Plastics Corp. Secured
01/15/21		9.750%		4,430,000		5,039,125
Reynolds Group Issuer, Inc./LLC
04/15/19		9.000%		1,310,000		1,349,300
08/15/19		9.875%		4,018,000		4,259,080
02/15/21		8.250%		5,607,000		5,564,947
Senior Secured
04/15/19		7.125%		3,320,000		3,577,300
08/15/19		7.875%		4,598,000		5,057,800
Reynolds Group Issuer, Inc./LLC(a) Senior Secured
10/15/20		5.750%		3,500,000		3,578,750
Sealed Air Corp.(a)
09/15/21		8.375%		1,781,000		2,003,625
Total						31,728,427
Pharmaceuticals 1.1%
Catalent Pharma Solutions, Inc.(a)
10/15/18		7.875%		5,497,000		5,551,970
Jaguar Holding Co. I Senior Unsecured PIK(a)
10/15/17		9.375%		2,158,000		2,211,950
Jaguar Holding Co. II/Merger Sub, Inc. Senior Unsecured(a)
12/01/19		9.500%		1,677,000		1,886,625
VPI Escrow Corp.(a)
10/15/20		6.375%		6,647,000		7,045,820
Valeant Pharmaceuticals International Senior Notes(a)
10/15/20		6.375%		1,329,000		1,412,062
Total						18,108,427
Property & Casualty 0.3%
Hub International Ltd.(a)
10/15/18		8.125%		5,341,000		5,541,288
Restaurants 0.2%
Shearer’s Foods, Inc. LLC Senior Secured(a)
11/01/19		9.000%		3,133,000		3,219,158

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

10 Semiannual Report 2012

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Retailers 2.4%
99 Cent Only Stores
12/15/19		11.000%		2,331,000		2,657,340
AutoNation, Inc.
02/01/20		5.500%		337,000		359,748
Burlington Coat Factory Warehouse Corp.
02/15/19		10.000%		4,499,000		4,926,405
Jo-Ann Stores Holdings, Inc. Senior Unsecured PIK(a)
10/15/19		9.750%		4,158,000		4,064,445
Jo-Ann Stores, Inc. Senior Unsecured(a)
03/15/19		8.125%		3,257,000		3,273,285
Limited Brands, Inc.
04/01/21		6.625%		3,492,000		4,002,705
Penske Automotive Group, Inc.(a)
10/01/22		5.750%		3,165,000		3,220,387
Rite Aid Corp.
03/15/20		9.250%		4,802,000		4,898,040
Senior Secured
08/15/20		8.000%		5,057,000		5,676,482
Senior Unsecured
02/15/27		7.700%		3,804,000		2,986,140
Sally Holdings LLC/Capital, Inc.
11/15/19		6.875%		2,834,000		3,152,825
Sonic Automotive, Inc.(a)
07/15/22		7.000%		1,297,000		1,404,003
Total						40,621,805
Technology 5.2%
Alliance Data Systems Corp.(a)
12/01/17		5.250%		4,174,000		4,215,740
04/01/20		6.375%		2,309,000		2,435,995
Amkor Technology, Inc. Senior Unsecured
05/01/18		7.375%		1,663,000		1,704,575
06/01/21		6.625%		7,217,000		7,090,702
Amkor Technology, Inc.(a) Senior Unsecured
10/01/22		6.375%		3,270,000		3,131,025
Brocade Communications Systems, Inc. Senior Secured
01/15/20		6.875%		3,315,000		3,596,775
CDW LLC/Finance Corp.
04/01/19		8.500%		8,290,000		8,891,025
First Data Corp.
01/15/21		12.625%		10,069,000		10,597,622
First Data Corp.(a) Secured
01/15/21		8.250%		1,713,000		1,708,718
Senior Secured
06/15/19		7.375%		6,532,000		6,744,290
08/15/20		8.875%		4,595,000		5,031,525
11/01/20		6.750%		5,422,000		5,476,220

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Freescale Semiconductor, Inc. Senior Secured(a)
04/15/18		9.250%		3,963,000		4,265,179
Interactive Data Corp.
08/01/18		10.250%		7,900,000		8,848,000
NXP BV/Funding LLC Senior Secured(a)(e)
08/01/18		9.750%		5,656,000		6,532,680
Nuance Communications, Inc.(a)
08/15/20		5.375%		8,172,000		8,498,880
Total						88,768,951
Transportation Services 0.8%
Avis Budget Car Rental LLC/Finance, Inc.
03/15/20		9.750%		5,928,000		6,817,200
Hertz Corp. (The)
10/15/18		7.500%		2,308,000		2,527,260
01/15/21		7.375%		2,696,000		2,931,900
Hertz Corp. (The)(a)
10/15/22		6.250%		2,259,000		2,340,889
Total						14,617,249
Wireless 4.7%
Cricket Communications, Inc.
10/15/20		7.750%		5,300,000		5,472,250
Crown Castle International Corp. Senior Unsecured(a)
01/15/23		5.250%		6,889,000		7,199,005
SBA Telecommunications, Inc.(a)
07/15/20		5.750%		9,863,000		10,306,835
Sprint Capital Corp.
11/15/28		6.875%		45,000		46,350
Sprint Nextel Corp. Senior Unsecured
08/15/17		8.375%		1,816,000		2,106,560
08/15/20		7.000%		2,419,000		2,606,473
11/15/21		11.500%		4,050,000		5,437,125
11/15/22		6.000%		18,000,000		18,135,000
Sprint Nextel Corp.(a)
11/15/18		9.000%		16,087,000		19,787,010
Wind Acquisition Finance SA(a) Secured
07/15/17		11.750%		4,077,000		4,168,732
Senior Secured
02/15/18		7.250%		5,752,000		5,737,620
Total						81,002,960
Wirelines 4.7%
CenturyLink, Inc. Senior Unsecured
06/15/21		6.450%		11,400,000		12,531,074
CyrusOne LLP./Finance Corp.(a)
11/15/22		6.375%		3,991,000		4,130,685

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

Semiannual Report 2012 11

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Frontier Communications Corp. Senior Unsecured
03/15/19		7.125%		6,916,000		7,451,990
04/15/20		8.500%		630,000		719,775
04/15/22		8.750%		2,820,000		3,221,850
Integra Telecom Holdings, Inc. Senior Secured(a)
04/15/16		10.750%		1,468,000		1,508,370
Level 3 Communications, Inc. Senior Unsecured
02/01/19		11.875%		5,219,000		5,949,660
Level 3 Communications, Inc.(a) Senior Unsecured
06/01/19		8.875%		1,396,000		1,465,800
Level 3 Financing, Inc.
02/01/18		10.000%		5,318,000		5,909,627
04/01/19		9.375%		1,055,000		1,178,963
07/01/19		8.125%		4,418,000		4,727,260
07/15/20		8.625%		1,800,000		1,957,500
PAETEC Holding Corp.
12/01/18		9.875%		8,065,000		9,093,287
Senior Secured
06/30/17		8.875%		2,892,000		3,116,130
Windstream Corp.
09/01/18		8.125%		935,000		1,014,475
10/15/20		7.750%		2,052,000		2,164,860
10/01/21		7.750%		2,470,000		2,605,850
Zayo Group LLC/Capital, Inc.
07/01/20		10.125%		3,706,000		4,150,720
Senior Secured
01/01/20		8.125%		5,804,000		6,340,870
tw telecom holdings, Inc.(a)
10/01/22		5.375%		2,002,000		2,072,070
Total						81,310,816
Total Corporate Bonds & Notes
(Cost: $1,487,306,074)						1,574,542,799
Senior Loans 5.0%
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
Automotive 0.1%
Schaeffler AG Tranche C2 Term Loan(f)(g)
01/27/17		6.000%		1,934,000		1,957,575
Brokerage 0.2%
Nuveen Investments, Inc. 2nd Lien Term Loan(f)(g)
02/28/19		8.250%		3,812,000		3,869,180

Senior Loans (continued)
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
Chemicals 0.4%
PQ Corp. Tranche B Term Loan(f)(g)
04/15/17		5.250%		6,460,000		6,488,295
Construction Machinery 0.5%
CPM Holdings, Inc.(f)(g) 1st Lien Term Loan
08/29/17		6.250%		5,405,000		5,438,781
2nd Lien Term Loan
03/01/18		10.250%		3,467,000		3,493,003
Total						8,931,784
Consumer Cyclical Services 0.5%
New Breed, Inc. Term Loan(f)(g)
10/01/19		6.000%		6,214,000		6,151,860
West Corp. Tranche B6 Term Loan(f)(g)
06/30/18		5.750%		2,505,677		2,543,263
Total						8,695,123
Consumer Products 0.3%
Serta Simmons Holdings LLC Term Loan(f)(g)
10/01/19		5.000%		3,530,000		3,525,587
Spectrum Brands, Inc. Term Loan(d)(f)(g)
10/09/19		4.500%		738,000		742,613
Total						4,268,200
Gaming 0.1%
ROC Finance LLC Tranche B Term Loan(f)(g)
08/19/17		8.500%		1,981,000		2,030,525
Health Care 0.5%
ConvaTec, Inc. Term Loan(f)(g)
12/22/16		5.000%		772,000		776,246
U.S. Renal Care, Inc.(f)(g) 1st Lien Term Loan
07/03/19		6.250%		4,194,487		4,236,432
2nd Lien Term Loan
01/03/20		10.250%		4,205,000		4,289,100
Total						9,301,778
Media Cable 0.2%
WideOpenWest Finance LLC Term Loan(f)(g)
07/17/18		6.250%		3,787,508		3,827,996

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

12 Semiannual Report 2012

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Senior Loans (continued)
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
Media Non-Cable 0.3%
Cumulus Media Holdings, Inc. 2nd Lien Term Loan(f)(g)
09/16/19		7.500%		4,254,000		4,349,715
Metals 0.5%
FMG Resources August 2006 Proprietary Ltd. Term Loan(d)(f)(g)
10/18/17		5.750%		8,470,647		8,491,824
Property & Casualty 1.2%
Asurion LLC 1st Lien Term Loan(f)(g)
05/24/18		5.500%		10,798,000		10,884,060
Lonestar Intermediate Super Holdings LLC Term Loan(f)(g)
09/02/19		11.000%		8,420,000		8,904,150
Total						19,788,210
Technology 0.2%
Blue Coat Systems Term Loan(f)(g)
02/15/18		5.750%		3,705,713		3,717,311
Total Senior Loans
(Cost: $83,615,289)						85,717,516
Common Stocks —%
Issuer			Shares		Value ($)
Consumer Discretionary —%
Textiles, Apparel & Luxury Goods —%
Arena Brands, Inc.(b)(c)(h)				111,111		491,110
Total Consumer Discretionary						491,110
Total Common Stocks
(Cost: $5,888,888)						491,110
Warrants —%
Energy —%
Energy Equipment & Services —%
Green Field Energy Services, Inc.(h)				9,166		284,146
Total Energy						284,146
Total Warrants
(Cost: $430,884)						284,146

Limited Partnerships —%
Issuer			Shares		Value ($)
Financials —%
Diversified Financial Services —%
Varde Fund V LP(b)(c)(i)				25,000,000		179,900
Total Financials						179,900
Total Limited Partnerships
(Cost: $—)						179,900
Money Market Funds 2.6%
			Shares		Value ($)
Columbia Short-Term Cash Fund, 0.154%(j)(k)				44,366,947		44,366,947
Total Money Market Funds
(Cost: $44,366,947)						44,366,947
Investments of Cash Collateral Received for Securities on Loan —%
Issuer	Effective Yield		Par ($)/ Principal ($)/ Shares		Value ($)
Repurchase Agreements —%
BNP Paribas Securities Corp. dated 11/30/12, matures 12/03/12, repurchase price $546,931(l)
12/03/12		0.240%		546,920		546,920
Total Investments of Cash Collateral Received for Securities on Loan
(Cost: $546,920)						$546,920
Total Investments
(Cost: $1,622,155,002)						1,706,129,338
Other Assets & Liabilities, Net						17,671,564
Net Assets						1,723,800,902

Notes to Portfolio of Investments

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, the value of these securities amounted to $561,301,867 or 32.56% of net assets.

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

Semiannual Report 2012 13

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Notes to Portfolio of Investments (continued)

(b) Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at November 30, 2012 was $4,826,286, representing 0.28% of net assets. Information concerning such security holdings at November 30, 2012 was as follows:

Security Description	Acquisition Dates		Cost ($)
Arena Brands, Inc.		09/03/92		5,888,888
United Artists Theatre Circuit, Inc.
1995-A Pass-Through Certificates 9.300% 07/01/15		08/12/96 - 04/03/02		3,072,860
United Artists Theatre Circuit, Inc.
1995-A Pass-Through Certificates 9.300% 07/01/15		12/06/01		923,478
Varde Fund V LP		04/27/00 - 06/19/00		—	*

* The original cost for this position was $25,000,000. From September 29, 2004 through May 7, 2005, $25,000,000 was returned to the Fund in the form of return of capital.

(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2012, the value of these securities amounted to $4,826,286, which represents 0.28% of net assets.

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

(e) At November 30, 2012, security was partially or fully on loan.

(f) Variable rate security. The interest rate shown reflects the rate as of November 30, 2012.

(g) 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 November 30, 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.

(h) Non-income producing.

(i) At November 30, 2012, there was no capital committed to the LLC or LP for future investment.

(j) The rate shown is the seven-day current annualized yield at November 30, 2012.

(k) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		35,733,551		471,590,638		(462,957,242	)		44,366,947		53,090		44,366,947

(l) The following table 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 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.

Security Description	Value ($)
BNP Paribas Securities Corp. (0.240%)
Ginnie Mae I Pool		428,639
Ginnie Mae II Pool		129,219
Total market value of collateral securities		557,858

Abbreviation Legend

PIK Payment-in-Kind

Fair Value Measurements

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

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable

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

14 Semiannual Report 2012

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

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.

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 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
Entertainment		—		8,224,725		4,155,276		12,380,001
All other industries		—		1,562,162,798		—		1,562,162,798
Total Bonds		—		1,570,387,523		4,155,276		1,574,542,799

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

Semiannual Report 2012 15

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

Description	Level 1 Quoted Prices in Active Markets for Identical Assets  ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Equity Securities
Common Stocks
Consumer Discretionary		—		—		491,110		491,110
Warrants
Energy		—		284,146		—		284,146
Total Equity Securities		—		284,146		491,110		775,256
Other
Senior Loans
Brokerage		—		—		3,869,180		3,869,180
All other industries		—		81,848,336		—		81,848,336
Limited Partnerships		—		—		179,900		179,900
Money Market Funds		44,366,947		—		—		44,366,947
Investments of Cash Collateral Received for Securities on Loan		—		546,920		—		546,920
Total Other		44,366,947		82,395,256		4,049,080		130,811,283
Total		44,366,947		1,653,066,925		8,695,466		1,706,129,338

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

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

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

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

	Corporate Bonds & Notes ($)			Common Stocks ($)			Senior Loans ($)		Limited Partnerships ($)			Total ($)
Balance as of May 31, 2012		4,744,192			725,555			—		301,908			5,771,655
Accrued discounts/premiums		26,142			—			—		—			26,142
Realized gain (loss)		24,406			—			—		85,043			109,449
Change in unrealized appreciation (depreciation)(a)		(50,548	)		(234,445	)		34,537		(122,008	)		(372,464	)
Sales		(588,916	)		—			—		(85,043	)		(673,959	)
Purchases		—			—			—		—			—
Transfers into Level 3		—			—			3,834,643		—			3,834,643
Transfers out of Level 3		—			—			—		—			—
Balance as of November 30, 2012		4,155,276			491,110			3,869,180		179,900			8,695,466

(a) Change in unrealized appreciation (depreciation) relating to securities held at November 30, 2012 was $(372,464), which is comprised of Corporate Bonds & Notes of $(50,548), Common Stocks of $(234,445), Senior Loans of $34,537 and Limited Partnerships of $(122,008).

The Fund does not hold any significant investments with unobservable inputs which are categorized as Level 3.

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances.

Equity securities classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, trades of similar securities, estimated earnings of the respective company, market multiples derived from a set of comparable companies, and the position of the security within the respective company’s capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in estimated earnings of the respective company may result in a change to the comparable companies and market multiples utilized.

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

16 Semiannual Report 2012

Columbia High Yield Bond Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

Corporate bonds classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, estimated cash flows of the securities, discount rates observed in the market for similar assets as well as observed yields on securities management deemed comparable. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in observable yields on comparable securities would result in a directionally similar change to discount rates.

Certain Senior Loans classified as Level 3 are valued using the market approach and utilize single market quotations from broker dealers which may have included, but not limited to, the distressed nature of the security and observable transactions for similar assets in the market. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

Limited partnership securities classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the Fund’s pro-rata interest in the limited partnership’s capital balance, estimated earnings of the respective company, and the position of the security within the respective company’s capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in the fund’s pro-rata interest would result in a change to the limited partnership’s capital balance.

Financial Assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, as of period end, management determined to value the security(s) under consistently applied procedures established by and under the general supervision of the Board of Trustees.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

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

Semiannual Report 2012 17

Columbia High Yield Bond Fund

Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value*
Unaffiliated issuers (identified cost $1,577,241,135)	$1,661,215,471
Affiliated issuers (identified cost $44,366,947)	44,366,947
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $546,920)	546,920
Total investments (identified cost $1,622,155,002)	1,706,129,338
Receivable for:
Investments sold	23,383,676
Capital shares sold	8,500,088
Dividends	6,228
Interest	27,497,122
Reclaims	531
Prepaid expenses	8,990
Total assets	1,765,525,973
Liabilities
Disbursements in excess of cash	12,696
Due upon return of securities on loan	546,920
Payable for:
Investments purchased	13,197,134
Investments purchased on a delayed delivery basis	17,090,890
Capital shares purchased	2,564,104
Dividend distributions to shareholders	7,870,295
Investment management fees	26,402
Distribution and/or service fees	12,260
Transfer agent fees	164,711
Administration fees	3,014
Plan administration fees	14,095
Compensation of board members	76,327
Expense reimbursement due to Investment Manager	3,964
Other expenses	142,259
Total liabilities	41,725,071
Net assets applicable to outstanding capital stock	$1,723,800,902
Represented by
Paid-in capital	$1,826,159,102
Excess of distributions over net investment income	(16,729,346	)
Accumulated net realized loss	(169,603,190	)
Unrealized appreciation (depreciation) on:
Investments	83,974,336
Total — representing net assets applicable to outstanding capital stock	$1,723,800,902
* Value of securities on loan	$537,758

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

18 Semiannual Report 2012

Columbia High Yield Bond Fund

Statement of Assets and Liabilities (continued)

November 30, 2012 (Unaudited)

Class A
Net assets	$1,289,580,156
Shares outstanding	438,525,716
Net asset value per share	$2.94
Maximum offering price per share(a)	$3.09
Class B
Net assets	$26,270,000
Shares outstanding	8,939,123
Net asset value per share	$2.94
Class C
Net assets	$86,457,897
Shares outstanding	29,593,954
Net asset value per share	$2.92
Class I
Net assets	$126,741,446
Shares outstanding	43,187,018
Net asset value per share	$2.93
Class K(b)
Net assets	$70,471,557
Shares outstanding	23,939,017
Net asset value per share	$2.94
Class R
Net assets	$10,357,563
Shares outstanding	3,511,503
Net asset value per share	$2.95
Class R4(c)
Net assets	$9,028,374
Shares outstanding	3,053,584
Net asset value per share	$2.96
Class R5
Net assets	$13,007,388
Shares outstanding	4,423,190
Net asset value per share	$2.94
Class W
Net assets	$43,580,486
Shares outstanding	14,936,044
Net asset value per share	$2.92
Class Y
Net assets	$2,520
Shares outstanding	859
Net asset value per share	$2.93
Class Z
Net assets	$48,303,515
Shares outstanding	16,437,189
Net asset value per share	$2.94

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 4.75%.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(c) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

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

Semiannual Report 2012 19

Columbia High Yield Bond Fund

Statement of Operations

Six Months Ended November 30, 2012 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$53,090
Interest	60,172,502
Income from securities lending — net	591,880
Total income	60,817,472
Expenses:
Investment management fees	4,879,157
Distribution and/or service fees
Class A	1,608,649
Class B	141,846
Class C	412,387
Class R	21,805
Class R4(a)	8,669
Class W	53,870
Transfer agent fees
Class A	1,078,085
Class B	23,679
Class C	69,097
Class K(b)	16,832
Class R	7,306
Class R4(a)	3,119
Class R5	2,659
Class W	36,090
Class Z	50,179
Administration fees	556,817
Plan administration fees
Class K(b)	84,037
Class R4(a)	8,669
Compensation of board members	18,515
Custodian fees	19,940
Printing and postage fees	93,945
Registration fees	104,498
Professional fees	30,438
Other	26,229
Total expenses	9,356,517
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(115,435	)
Expense reductions	(2,802	)
Total net expenses	9,238,280
Net investment income	51,579,192
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	30,429,994
Net realized gain	30,429,994
Net change in unrealized appreciation (depreciation) on:
Investments	61,742,100
Net change in unrealized appreciation (depreciation)	61,742,100
Net realized and unrealized gain	92,172,094
Net increase in net assets resulting from operations	$143,751,286

(a) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

20 Semiannual Report 2012

Columbia High Yield Bond Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2012(a) (Unaudited)			Year Ended May 31, 2012
Operations
Net investment income		$51,579,192			$105,272,586
Net realized gain		30,429,994			21,199,500
Net change in unrealized appreciation (depreciation)		61,742,100			(65,543,669	)
Net increase in net assets resulting from operations		143,751,286			60,928,417
Distributions to shareholders:
Net investment income
Class A		(37,689,279	)		(78,394,473	)
Class B		(727,157	)		(2,280,700	)
Class C		(2,105,102	)		(4,218,314	)
Class I		(4,231,953	)		(9,857,220	)
Class K(b)		(2,002,088	)		(3,980,659	)
Class R		(244,155	)		(450,338	)
Class R4(c)		(250,419	)		(478,704	)
Class R5		(331,303	)		(718,314	)
Class W		(1,265,707	)		(3,308,902	)
Class Y		(9	)		—
Class Z		(1,817,069	)		(2,577,130	)
Net realized gains
Class A		—			(1,876,271	)
Class B		—			(57,189	)
Class C		—			(113,990	)
Class I		—			(235,917	)
Class K(b)		—			(93,095	)
Class R		—			(11,180	)
Class R4(c)		—			(11,794	)
Class R5		—			(21,743	)
Class W		—			(52,939	)
Class Z		—			(24,520	)
Total distributions to shareholders		(50,664,241	)		(108,763,392	)
Increase (decrease) in net assets from capital stock activity		41,163,872			(164,695,402	)
Proceeds from regulatory settlements (Note 6)		—			1,441,017
Total increase (decrease) in net assets		134,250,917			(211,089,360	)
Net assets at beginning of period		1,589,549,985			1,800,639,345
Net assets at end of period		$1,723,800,902			$1,589,549,985
Excess of distributions over net investment income		$(16,729,346	)		$(17,644,297	)

(a) Class Y shares are for the period from November 8, 2012 (commencement of operations) to November 30, 2012.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(c) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

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

Semiannual Report 2012 21

Columbia High Yield Bond Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012(a) (Unaudited)						Year Ended May 31, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		67,832,807			194,241,013			112,864,450			309,192,420
Distributions reinvested		10,619,832			30,753,097			20,895,760			57,738,939
Redemptions		(60,414,857	)		(174,540,301	)		(181,351,231	)		(501,305,563	)
Net increase (decrease)		18,037,782			50,453,809			(47,591,021	)		(134,374,204	)
Class B shares
Subscriptions		536,722			1,548,312			1,150,608			3,155,548
Distributions reinvested		228,023			658,684			692,213			1,911,969
Redemptions(b)		(4,182,993	)		(11,954,048	)		(11,449,721	)		(32,143,678	)
Net decrease		(3,418,248	)		(9,747,052	)		(9,606,900	)		(27,076,161	)
Class C shares
Subscriptions		4,057,263			11,592,471			6,311,968			17,335,256
Distributions reinvested		595,944			1,716,793			1,145,821			3,141,975
Redemptions		(2,403,863	)		(6,884,477	)		(6,929,584	)		(19,044,090	)
Net increase		2,249,344			6,424,787			528,205			1,433,141
Class I shares
Subscriptions		801,866			2,331,939			12,007,412			31,760,734
Distributions reinvested		1,462,492			4,226,383			3,659,254			10,092,443
Redemptions		(9,985,882	)		(28,914,253	)		(11,214,728	)		(31,317,493	)
Net increase (decrease)		(7,721,524	)		(22,355,931	)		4,451,938			10,535,684
Class K shares(c)
Subscriptions		2,504,934			7,239,242			4,524,463			12,455,038
Distributions reinvested		690,178			2,001,698			1,473,659			4,072,693
Redemptions		(1,972,220	)		(5,714,809	)		(4,676,597	)		(12,898,658	)
Net increase		1,222,892			3,526,131			1,321,525			3,629,073
Class R shares
Subscriptions		1,397,499			4,065,056			1,836,879			5,119,042
Distributions reinvested		40,653			118,248			70,169			194,556
Redemptions		(642,981	)		(1,863,130	)		(1,684,103	)		(4,693,518	)
Net increase		795,171			2,320,174			222,945			620,080
Class R4 shares(d)
Subscriptions		381,185			1,106,547			685,949			1,895,716
Distributions reinvested		85,882			250,276			176,476			490,188
Redemptions		(335,764	)		(972,137	)		(518,734	)		(1,437,918	)
Net increase		131,303			384,686			343,691			947,986
Class R5 shares
Subscriptions		1,259,309			3,653,569			3,556,635			9,305,033
Distributions reinvested		114,205			331,151			267,143			739,725
Redemptions		(68,492	)		(199,780	)		(4,690,187	)		(13,185,134	)
Net increase (decrease)		1,305,022			3,784,940			(866,409	)		(3,140,376	)

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

22 Semiannual Report 2012

Columbia High Yield Bond Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012(a) (Unaudited)						Year Ended May 31, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Class W shares
Subscriptions		2,075,223			5,943,764			7,806,168			21,624,444
Distributions reinvested		440,603			1,265,560			1,224,122			3,361,525
Redemptions		(3,818,723	)		(10,839,448	)		(24,305,157	)		(65,428,497	)
Net decrease		(1,302,897	)		(3,630,124	)		(15,274,867	)		(40,442,528	)
Class Y shares
Subscriptions		856			2,500			—			—
Distributions reinvested		3			9			—			—
Net increase		859			2,509			—			—
Class Z shares
Subscriptions		12,116,159			34,474,402			53,995,479			148,647,049
Distributions reinvested		545,004			1,578,898			808,536			2,262,083
Redemptions		(8,982,447	)		(26,053,357	)		(46,434,840	)		(127,737,229	)
Net increase		3,678,716			9,999,943			8,369,175			23,171,903
Total net increase (decrease)		14,978,420			41,163,872			(58,101,718	)		(164,695,402	)

(a) Class Y shares are for the period from November 8, 2012 (commencement of operations) to November 30, 2012.

(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.

(c) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(d) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

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

Semiannual Report 2012 23

Columbia High Yield Bond Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. For periods ended 2008 and after, per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class  A	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$2.78		$2.86		$2.61		$2.30		$2.74		$3.02
Income from investment operations:
Net investment income	0.09		0.18		0.20		0.20		0.22		0.22
Net realized and unrealized gain (loss)	0.15		(0.07	)	0.25		0.31		(0.44	)	(0.29	)
Total from investment operations	0.24		0.11		0.45		0.51		(0.22	)	(0.07	)
Less distributions to shareholders:
Net investment income	(0.08	)	(0.19	)	(0.20	)	(0.20	)	(0.22	)	(0.21	)
Net realized gains	—		(0.00	)(a)	—		—		—		—
Tax return of capital	—		—		—		—		—		(0.00	)(a)
Total distributions to shareholders	(0.08	)	(0.19	)	(0.20	)	(0.20	)	(0.22	)	(0.21	)
Proceeds from regulatory settlements	—		0.00	(a)	—		0.00	(a)	—		—
Net asset value, end of period	$2.94		$2.78		$2.86		$2.61		$2.30		$2.74
Total return	8.88	%	3.99	%(b)	17.61	%	22.80	%(c)	(7.04	%)	(2.40	%)
Ratios to average net assets(d)
Total gross expenses	1.08	%(e)	1.08	%	1.08	%	1.09	%	1.14	%	1.13	%
Total net expenses(f)	1.06	%(e)(g)	1.04	%(g)	1.06	%	1.03	%	1.02	%	1.10	%
Net investment income	5.95	%(e)	6.54	%	7.16	%	7.95	%	9.85	%	7.71	%
Supplemental data
Net assets, end of period (in thousands)	$1,289,580		$1,170,173		$1,339,628		$1,192,636		$1,003,576		$1,133,625
Portfolio turnover	42	%	76	%	96	%	94	%	83	%	64	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

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

24 Semiannual Report 2012

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class  B	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$2.78		$2.86		$2.61		$2.30		$2.74		$3.02
Income from investment operations:
Net investment income	0.08		0.16		0.18		0.18		0.20		0.19
Net realized and unrealized gain (loss)	0.15		(0.07	)	0.25		0.31		(0.44	)	(0.29	)
Total from investment operations	0.23		0.09		0.43		0.49		(0.24	)	(0.10	)
Less distributions to shareholders:
Net investment income	(0.07	)	(0.17	)	(0.18	)	(0.18	)	(0.20	)	(0.18	)
Net realized gains	—		(0.00	)(a)	—		—		—		—
Tax return of capital	—		—		—		—		—		(0.00	)(a)
Total distributions to shareholders	(0.07	)	(0.17	)	(0.18	)	(0.18	)	(0.20	)	(0.18	)
Proceeds from regulatory settlements	—		0.00	(a)	—		0.00	(a)	—		—
Net asset value, end of period	$2.94		$2.78		$2.86		$2.61		$2.30		$2.74
Total return	8.47	%	3.20	%(b)	16.71	%	21.88	%(c)	(7.77	%)	(3.17	%)
Ratios to average net assets(d)
Total gross expenses	1.82	%(e)	1.84	%	1.84	%	1.85	%	1.90	%	1.89	%
Total net expenses(f)	1.81	%(e)(g)	1.79	%(g)	1.82	%	1.79	%	1.78	%	1.86	%
Net investment income	5.20	%(e)	5.77	%	6.45	%	7.19	%	8.98	%	6.92	%
Supplemental data
Net assets, end of period (in thousands)	$26,270		$34,361		$62,820		$91,104		$109,559		$173,555
Portfolio turnover	42	%	76	%	96	%	94	%	83	%	64	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

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

Semiannual Report 2012 25

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class  C	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$2.76		$2.84		$2.59		$2.28		$2.72		$3.00
Income from investment operations:
Net investment income	0.07		0.16		0.18		0.18		0.20		0.19
Net realized and unrealized gain (loss)	0.16		(0.08	)	0.25		0.31		(0.44	)	(0.29	)
Total from investment operations	0.23		0.08		0.43		0.49		(0.24	)	(0.10	)
Less distributions to shareholders:
Net investment income	(0.07	)	(0.16	)	(0.18	)	(0.18	)	(0.20	)	(0.18	)
Net realized gains	—		(0.00	)(a)	—		—		—		—
Tax return of capital	—		—		—		—		—		(0.00	)(a)
Total distributions to shareholders	(0.07	)	(0.16	)	(0.18	)	(0.18	)	(0.20	)	(0.18	)
Proceeds from regulatory settlements	—		0.00	(a)	—		0.00	(a)	—		—
Net asset value, end of period	$2.92		$2.76		$2.84		$2.59		$2.28		$2.72
Total return	8.52	%	3.20	%(b)	16.80	%	22.01	%(c)	(7.86	%)	(3.21	%)
Ratios to average net assets(d)
Total gross expenses	1.82	%(e)	1.83	%	1.84	%	1.85	%	1.89	%	1.88	%
Total net expenses(f)	1.81	%(e)(g)	1.79	%(g)	1.82	%	1.79	%	1.77	%	1.86	%
Net investment income	5.20	%(e)	5.79	%	6.42	%	7.14	%	9.11	%	6.95	%
Supplemental data
Net assets, end of period (in thousands)	$86,458		$75,596		$76,237		$70,489		$21,579		$18,644
Portfolio turnover	42	%	76	%	96	%	94	%	83	%	64	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

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

26 Semiannual Report 2012

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class  I	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$2.78		$2.86		$2.60		$2.29		$2.73		$3.02
Income from investment operations:
Net investment income	0.09		0.19		0.21		0.21		0.23		0.23
Net realized and unrealized gain (loss)	0.15		(0.07	)	0.26		0.31		(0.44	)	(0.30	)
Total from investment operations	0.24		0.12		0.47		0.52		(0.21	)	(0.07	)
Less distributions to shareholders:
Net investment income	(0.09	)	(0.20	)	(0.21	)	(0.21	)	(0.23	)	(0.22	)
Net realized gains	—		(0.00	)(a)	—		—		—		—
Tax return of capital	—		—		—		—		—		(0.00	)(a)
Total distributions to shareholders	(0.09	)	(0.20	)	(0.21	)	(0.21	)	(0.23	)	(0.22	)
Proceeds from regulatory settlements	—		0.00	(a)	—		0.00	(a)	—		—
Net asset value, end of period	$2.93		$2.78		$2.86		$2.60		$2.29		$2.73
Total return	8.72	%	4.38	%(b)	18.52	%	23.35	%(c)	(6.75	%)	(2.36	%)
Ratios to average net assets(d)
Total gross expenses	0.66	%(e)	0.66	%	0.68	%	0.68	%	0.70	%	0.72	%
Total net expenses(f)	0.66	%(e)	0.66	%	0.68	%	0.63	%	0.65	%	0.69	%
Net investment income	6.35	%(e)	6.91	%	7.53	%	8.36	%	10.34	%	8.13	%
Supplemental data
Net assets, end of period (in thousands)	$126,741		$141,388		$132,684		$144,203		$74,333		$72,462
Portfolio turnover	42	%	76	%	96	%	94	%	83	%	64	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

Semiannual Report 2012 27

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class K(a)	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$2.79		$2.86		$2.61		$2.30		$2.74		$3.01
Income from investment operations:
Net investment income	0.09		0.18		0.20		0.21		0.22		0.23
Net realized and unrealized gain (loss)	0.15		(0.06	)	0.25		0.30		(0.43	)	(0.29	)
Total from investment operations	0.24		0.12		0.45		0.51		(0.21	)	(0.06	)
Less distributions to shareholders:
Net investment income	(0.09	)	(0.19	)	(0.20	)	(0.20	)	(0.23	)	(0.21	)
Net realized gains	—		(0.00	)(b)	—		—		—		—
Tax return of capital	—		—		—		—		—		(0.00	)(b)
Total distributions to shareholders	(0.09	)	(0.19	)	(0.20	)	(0.20	)	(0.23	)	(0.21	)
Proceeds from regulatory settlements	—		0.00	(b)	—		0.00	(b)	—		—
Net asset value, end of period	$2.94		$2.79		$2.86		$2.61		$2.30		$2.74
Total return	8.54	%	4.44	%(c)	17.74	%	22.92	%(d)	(6.86	%)	(1.87	%)
Ratios to average net assets(e)
Total gross expenses	0.96	%(f)	0.96	%	0.96	%	0.99	%	1.00	%	1.02	%
Total net expenses(g)	0.96	%(f)	0.96	%	0.96	%	0.93	%	0.87	%	0.76	%(h)
Net investment income	6.05	%(f)	6.62	%	7.27	%	8.05	%	10.46	%	8.07	%
Supplemental data
Net assets, end of period (in thousands)	$70,472		$63,276		$61,282		$43,406		$2,391		$919
Portfolio turnover	42	%	76	%	96	%	94	%	83	%	64	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(e) 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.

(f) Annualized.

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

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

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

28 Semiannual Report 2012

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class R	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$2.79		$2.87		$2.62		$2.30		$2.74		$3.02
Income from investment operations:
Net investment income	0.08		0.17		0.19		0.20		0.21		0.21
Net realized and unrealized gain (loss)	0.16		(0.07	)	0.25		0.31		(0.44	)	(0.29	)
Total from investment operations	0.24		0.10		0.44		0.51		(0.23	)	(0.08	)
Less distributions to shareholders:
Net investment income	(0.08	)	(0.18	)	(0.19	)	(0.19	)	(0.21	)	(0.20	)
Net realized gains	—		(0.00	)(a)	—		—		—		—
Total distributions to shareholders	(0.08	)	(0.18	)	(0.19	)	(0.19	)	(0.21	)	(0.20	)
Proceeds from regulatory settlements	—		0.00	(a)	—		0.00	(a)	—		—
Net asset value, end of period	$2.95		$2.79		$2.87		$2.62		$2.30		$2.74
Total return	8.73	%	3.75	%(b)	17.23	%	22.79	%(c)	(7.38	%)	(2.75	%)
Ratios to average net assets(d)
Total gross expenses	1.33	%(e)	1.33	%	1.36	%	1.48	%	1.52	%	1.51	%
Total net expenses(f)	1.31	%(e)(g)	1.29	%(g)	1.35	%	1.43	%	1.39	%	1.25	%
Net investment income	5.70	%(e)	6.29	%	6.86	%	7.46	%	9.46	%	7.63	%
Supplemental data
Net assets, end of period (in thousands)	$10,358		$7,582		$7,156		$5,690		$14		$9
Portfolio turnover	42	%	76	%	96	%	94	%	83	%	64	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

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

Semiannual Report 2012 29

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class R4(a)	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$2.80		$2.88		$2.62		$2.31		$2.74		$3.02
Income from investment operations:
Net investment income	0.09		0.18		0.20		0.20		0.22		0.22
Net realized and unrealized gain (loss)	0.15		(0.08	)	0.26		0.31		(0.43	)	(0.29	)
Total from investment operations	0.24		0.10		0.46		0.51		(0.21	)	(0.07	)
Less distributions to shareholders:
Net investment income	(0.08	)	(0.18	)	(0.20	)	(0.20	)	(0.22	)	(0.21	)
Net realized gains	—		(0.00	)(b)	—		—		—		—
Total distributions to shareholders	(0.08	)	(0.18	)	(0.20	)	(0.20	)	(0.22	)	(0.21	)
Proceeds from regulatory settlements	—		0.00	(b)	—		0.00	(b)	—		—
Net asset value, end of period	$2.96		$2.80		$2.88		$2.62		$2.31		$2.74
Total return	8.80	%	3.83	%(c)	17.81	%	22.56	%(d)	(6.70	%)	(2.47	%)
Ratios to average net assets(e)
Total gross expenses	1.13	%(f)	1.21	%	1.21	%	1.23	%	1.25	%	1.26	%
Total net expenses(g)	1.13	%(f)	1.21	%	1.21	%	1.18	%	1.20	%	0.99	%
Net investment income	5.88	%(f)	6.37	%	6.99	%	7.81	%	11.09	%	7.82	%
Supplemental data
Net assets, end of period (in thousands)	$9,028		$8,176		$7,418		$4,003		$1,243		$5
Portfolio turnover	42	%	76	%	96	%	94	%	83	%	64	%

Notes to Financial Highlights

(a) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(e) 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.

(f) Annualized.

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

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

30 Semiannual Report 2012

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class R5	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$2.78		$2.86		$2.61		$2.30		$2.74		$3.02
Income from investment operations:
Net investment income	0.09		0.19		0.21		0.21		0.23		0.22
Net realized and unrealized gain (loss)	0.16		(0.07	)	0.25		0.31		(0.44	)	(0.28	)
Total from investment operations	0.25		0.12		0.46		0.52		(0.21	)	(0.06	)
Less distributions to shareholders:
Net investment income	(0.09	)	(0.20	)	(0.21	)	(0.21	)	(0.23	)	(0.22	)
Net realized gains	—		(0.00	)(a)	—		—		—		—
Total distributions to shareholders	(0.09	)	(0.20	)	(0.21	)	(0.21	)	(0.23	)	(0.22	)
Proceeds from regulatory settlements	—		0.00	(a)	—		0.00	(a)	—		—
Net asset value, end of period	$2.94		$2.78		$2.86		$2.61		$2.30		$2.74
Total return	9.07	%	4.32	%(b)	18.02	%	23.22	%(c)	(6.73	%)	(2.06	%)
Ratios to average net assets(d)
Total gross expenses	0.71	%(e)	0.71	%	0.73	%	0.73	%	0.75	%	0.78	%
Total net expenses(f)	0.71	%(e)	0.71	%	0.72	%	0.68	%	0.70	%	0.75	%
Net investment income	6.30	%(e)	6.76	%	7.48	%	8.18	%	10.19	%	8.06	%
Supplemental data
Net assets, end of period (in thousands)	$13,007		$8,675		$11,384		$7,958		$4		$5
Portfolio turnover	42	%	76	%	96	%	94	%	83	%	64	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

Semiannual Report 2012 31

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class W	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$2.76		$2.84		$2.59		$2.28		$2.71		$3.00
Income from investment operations:
Net investment income	0.09		0.18		0.20		0.20		0.22		0.21
Net realized and unrealized gain (loss)	0.15		(0.07	)	0.25		0.31		(0.43	)	(0.30	)
Total from investment operations	0.24		0.11		0.45		0.51		(0.21	)	(0.09	)
Less distributions to shareholders:
Net investment income	(0.08	)	(0.19	)	(0.20	)	(0.20	)	(0.22	)	(0.20	)
Net realized gains	—		(0.00	)(a)	—		—		—		—
Tax return of capital	—		—		—		—		—		(0.00	)(a)
Total distributions to shareholders	(0.08	)	(0.19	)	(0.20	)	(0.20	)	(0.22	)	(0.20	)
Proceeds from regulatory settlements	—		0.00	(a)	—		0.00	(a)	—		—
Net asset value, end of period	$2.92		$2.76		$2.84		$2.59		$2.28		$2.71
Total return	8.92	%	3.97	%(b)	17.65	%	22.82	%(c)	(6.91	%)	(2.87	%)
Ratios to average net assets(d)
Total gross expenses	1.08	%(e)	1.11	%	1.10	%	1.12	%	1.16	%	1.17	%
Total net expenses(f)	1.06	%(e)(g)	1.05	%(g)	1.09	%	1.08	%	1.10	%	1.14	%(h)
Net investment income	5.96	%(e)	6.59	%	7.16	%	7.68	%	9.51	%	7.59	%
Supplemental data
Net assets, end of period (in thousands)	$43,580		$44,832		$89,506		$100,227		$6,435		$22,510
Portfolio turnover	42	%	76	%	96	%	94	%	83	%	64	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

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

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

32 Semiannual Report 2012

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months  Ended November 30,  2012(a)
Class Y	(Unaudited)
Per share data
Net asset value, beginning of period	$2.92
Income from investment operations
Net investment income	0.01
Net realized and unrealized gain	0.01
Total from investment operations	0.02
Less distributions to shareholders:
Net investment income	(0.01	)
Total distributions to shareholders	(0.01	)
Net asset value, end of period	$2.93
Total return	0.69	%
Ratios to average net assets(b)
Total gross expenses	0.58	%(c)
Total net expenses(d)	0.58	%(c)
Net investment income	6.41	%(c)
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	42	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to November 30, 2012.

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

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

Semiannual Report 2012 33

Columbia High Yield Bond Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class Z	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$2.78		$2.85		$2.72
Income from investment operations:
Net investment income	0.09		0.18		0.14
Net realized and unrealized gain (loss)	0.16		(0.06	)	0.12
Total from investment operations	0.25		0.12		0.26
Less distributions to shareholders:
Net investment income	(0.09	)	(0.19	)	(0.13	)
Net realized gains	—		(0.00	)(b)	—
Total distributions to shareholders	(0.09	)	(0.19	)	(0.13	)
Proceeds from regulatory settlements	—		0.00	(b)	—
Net asset value, end of period	$2.94		$2.78		$2.85
Total return	9.02	%	4.59	%(c)	9.87	%
Ratios to average net assets(d)
Total gross expenses	0.83	%(e)	0.80	%	0.73	%(e)
Total net expenses(f)	0.81	%(e)(g)	0.78	%(g)	0.73	%(e)
Net investment income	6.16	%(e)	6.58	%	7.37	%(e)
Supplemental data
Net assets, end of period (in thousands)	$48,304		$35,492		$12,526
Portfolio turnover	42	%	76	%	96	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to May 31, 2011.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.08%.

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

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

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

34 Semiannual Report 2012

Columbia High Yield Bond Fund

Notes to Financial Statements

November 30, 2012 (Unaudited)

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class W, Class Y 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 4.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

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

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

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

Class K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Class R4 shares (formerly Class R3 shares) are not subject to sales charges. Effective October 31, 2012, Class R3 shares were renamed Class R4 shares. Effective November 8, 2012, Class R4 shares are only available to qualifying institutional investors. Prior to November 8, 2012, Class R4 shares were closed to new investors.

Class R5 shares are not subject to sales charges. Effective November 8, 2012, Class R5 shares are only available to investors purchasing through authorized investment professionals. Prior to November 8, 2012, Class R5 shares were 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 Y shares are not subject to sales charges and are only available to certain categories of investors which are subject to minimum initial investment requirements. Class Y shares commenced operations on November 8, 2012.

Class Z shares are not subject to sales charges, and are only available to certain investors.

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

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.

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed

Semiannual Report 2012 35

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

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 ask 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 or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in 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 fair value.

Foreign Currency Transactions and Translations

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.

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 the Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Investments in Loans

The senior loans acquired by the Fund typically take the form of a direct lending relationship with the borrower acquired through an assignment of another lender’s interest in a loan. The lead lender in a typical corporate loan syndicate administers the loan and monitors collateral. In the event that the lead lender becomes insolvent, enters Federal Deposit Insurance Company (FDIC) receivership, or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest. Loans are typically secured but may be unsecured. The primary risk arising from investing in subordinated loans or in unsecured loans is the potential loss in the event of default by the issuer of the loans.

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

36 Semiannual Report 2012

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

“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.

Security Transactions

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

Trade date for senior loans purchased in the primary market is the date on which the loan is allocated. Trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

Income Recognition

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

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.

The value of additional securities received as an income payment is recorded as income and increases the cost basis of such securities.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

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

Semiannual Report 2012 37

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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 investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.59% to 0.36% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.56% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.07% to 0.04% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2012 was 0.06% of the Fund’s average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $2,602.

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

38 Semiannual Report 2012

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class. Effective November 8, 2012, Class Y shares will not pay transfer agent fees for at least twelve months. Prior to October 27, 2012, total transfer agent fees for Class R4 shares were subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to that share class.

For the six months ended November 30, 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	0.17	%
Class B	0.17
Class C	0.17
Class K	0.05
Class R	0.17
Class R4	0.07
Class R5	0.05
Class W	0.17
Class Z	0.17

The Fund and certain other associated investment companies, have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At November 30, 2012, the Fund’s total potential future obligation over the life of the Guaranty is $171,460. The liability remaining at November 30, 2012 for non-recurring charges associated with the lease amounted to $83,437 and is recorded as a part of payable for other expenses in the Statement of Assets and Liabilities.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the 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 November 30, 2012, these minimum account balance fees reduced total expenses by $2,802.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services. Prior to October 27, 2012, the Fund also paid a plan administration fee at an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class R4 shares.

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. Prior to October 27, 2012, the Fund also paid a distribution fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class R4 shares.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $2,529,000 and $8,738,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2012, 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 $604,147 for Class A, $5,643 for Class B and $608 for Class C shares for the six months ended November 30, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective August 1, 2012, 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 September 30, 2013, unless sooner

Semiannual Report 2012 39

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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	1.08	%
Class B	1.83
Class C	1.83
Class I	0.70
Class K	1.00
Class R	1.33
Class R4*	0.83
Class R5	0.75
Class W	1.08
Class Y	0.70
Class Z	0.83

* For the period August 1, 2012 through October 26, 2012, the annual rate for the former Class R3 shares was 1.25%.

Prior to August 1, 2012, the Investment Manager and certain of 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	1.03	%
Class B	1.78
Class C	1.78
Class I	0.69
Class K	0.99
Class R	1.28
Class R4	1.24
Class R5	0.74
Class W	1.03
Class Z	0.78

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending

program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

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

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $1,622,155,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$93,686,000
Unrealized depreciation	(9,712,000	)
Net unrealized appreciation	$83,974,000

The following capital loss carryforward, determined as of May 31, 2012 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 ($)
2016		4,272,668
2017		156,156,882
2018		55,132,247
Total		215,561,797

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 $744,889,843 and $700,543,996, respectively, for the six months ended November 30, 2012.

40 Semiannual Report 2012

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Note 6. Regulatory Settlements

During the year ended May 31, 2012, the Fund received $1,441,017 as a result of a regulatory settlement proceeding brought by the Securities and Exchange Commission against an unaffiliated third party relating to market timing and/or late trading of mutual funds. This amount represented the Fund’s portion of the proceeds from the settlement (the Fund was not a party to the proceeding). The payments have been included in “Proceeds from regulatory settlements” in the Statement of Changes in Net Assets.

Note 7. 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 securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value 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.

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 November 30, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At November 30, 2012, securities valued at $537,758 were on loan, secured by cash collateral of $546,920 (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.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 8. Affiliated Money Market Fund

The Fund invests 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 — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 9. Shareholder Concentration

At November 30, 2012, one unaffiliated shareholder account owned 21.2% 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 10. 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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the six months ended November 30, 2012.

Semiannual Report 2012 41

Columbia High Yield Bond Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Note 11. Subsequent Events

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

Note 12. 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.

42 Semiannual Report 2012

Columbia High Yield Bond Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal years ended May 31, 2012 and 2011 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal years ended May 31, 2012 and 2011 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Semiannual Report 2012 43

Columbia High Yield Bond Fund

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44 Semiannual Report 2012

Columbia High Yield Bond Fund

Important Information About This Report

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

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 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 sec.gov.

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

Semiannual Report 2012 45

Columbia High Yield Bond Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6470 AE (1/13)

Semiannual Report November 30, 2012

Columbia Mid Cap Value Opportunity Fund

Columbia Mid Cap Value Opportunity Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

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

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	10
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	15
Notes to Financial Statements	25
Supplemental Information	32
Important Information About This Report	33

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Mid Cap Value Opportunity Fund (the Fund) Class A shares returned 8.71% excluding sales charges for the six months ended November 30, 2012.

> The Fund underperformed its benchmark, the Russell Midcap Value Index, which returned 11.04% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2012)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	02/14/02
Excluding sales charges			8.71		13.72		0.02		10.18
Including sales charges			2.50		7.22		-1.16		9.53
Class B	02/14/02
Excluding sales charges			8.43		13.11		-0.73		9.36
Including sales charges			3.43		8.11		-1.07		9.36
Class C	02/14/02
Excluding sales charges			8.29		12.97		-0.71		9.37
Including sales charges			7.29		11.97		-0.71		9.37
Class I*	03/04/04		8.92		14.37		0.51		10.64
Class K (formerly Class R4)	02/14/02		8.70		14.00		0.20		10.39
Class R*	12/11/06		8.51		13.49		-0.27		9.88
Class R4* (formerly Class R3)	12/11/06		8.60		13.71		-0.06		10.09
Class R5*	12/11/06		8.97		14.28		0.45		10.46
Class W*	12/01/06		8.65		13.86		0.07		10.21
Class Z*	09/27/10		8.85		14.17		0.17		10.26
Russell Midcap Value Index			11.04		16.90		3.02		10.08

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

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

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

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.

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

2 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2012)
Eastman Chemical Co.	3.1
PPG Industries, Inc.	2.7
XL Group PLC	2.5
Cooper Industries PLC	2.4
Mylan, Inc.	2.0
Fifth Third Bancorp	2.0
Watson Pharmaceuticals, Inc.	2.0
Kansas City Southern	1.9
Invesco Ltd.	1.8
CIGNA Corp.	1.8

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

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

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

Portfolio Breakdown (%) (at November 30, 2012)
Common Stocks	98.8
Consumer Discretionary	11.8
Consumer Staples	3.0
Energy	8.6
Financials	24.5
Health Care	11.0
Industrials	15.3
Information Technology	8.0
Materials	8.5
Telecommunication Services	1.1
Utilities	7.0
Convertible Bonds	0.0	(a)
Materials	0.0	(a)
Limited Partnerships	0.5
Money Market Funds	0.6
Warrants	0.1
Total	100.0

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

(a) Rounds to less than 0.1%.

Portfolio Management

Steve Schroll

Laton Spahr, CFA

Paul Stocking

Morningstar Style Box™

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

©2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Semiannual Report 2012 3

Columbia Mid Cap Value Opportunity Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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.

June 1, 2012 – November 30, 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		1,087.10	1,019.15		6.17	5.97		1.18
Class B		1,000.00	1,000.00		1,084.30	1,015.39		10.08	9.75		1.93
Class C		1,000.00	1,000.00		1,082.90	1,015.39		10.08	9.75		1.93
Class I		1,000.00	1,000.00		1,089.20	1,021.26		3.98	3.85		0.76
Class K (formerly Class R4)		1,000.00	1,000.00		1,087.00	1,019.75		5.55	5.37		1.06
Class R		1,000.00	1,000.00		1,085.10	1,017.90		7.47	7.23		1.43
Class R4 (formerly Class R3)		1,000.00	1,000.00		1,086.00	1,018.85		6.48	6.28		1.24
Class R5		1,000.00	1,000.00		1,089.70	1,021.01		4.24	4.10		0.81
Class W		1,000.00	1,000.00		1,086.50	1,019.15		6.17	5.97		1.18
Class Z		1,000.00	1,000.00		1,088.50	1,020.41		4.87	4.71		0.93

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

Expenses do not include fees and expenses incurred indirectly by the Fund from 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.

Columbia Management Investment Advisers, LLC and/or certain of its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until September 30, 2013, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds) will not exceed 1.27% for Class A, 2.02% for Class B, 2.02% for Class C, 0.82% for Class I, 1.12% for Class K, 1.52% for Class R, 1.02% for Class R4, 0.87% for Class R5, 1.27% for Class W and 1.02% for Class Z. Any amounts waived will not be reimbursed by the Fund. This change was effective December 1, 2012. If this change had been in place for the entire six month period ended November 30, 2012, the actual expenses paid would have been $6.64 for Class A, $10.55 for Class B, $10.55 for Class C, $4.29 for Class I, $5.86 for Class K, $7.95 for Class R, $5.33 for Class R4, $4.56 for Class R5, $6.64 for Class W and $5.34 for Class Z; the hypothetical expenses paid would have been $6.43 for Class A, $10.20 for Class B, $10.20 for Class C, $4.15 for Class I, $5.67 for Class K, $7.69 for Class R, $5.16 for Class R4, $4.41 for Class R5, $6.43 for Class W and $5.16 for Class Z.

4 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 98.4%
Issuer	Shares		Value ($)
Consumer Discretionary 11.7%
Auto Components 2.1%
TRW Automotive Holdings Corp.(a)		370,261		18,750,017
Visteon Corp.(a)		284,398		14,248,340
Total				32,998,357
Automobiles 0.5%
Ford Motor Co.		699,418		8,008,336
Hotels, Restaurants & Leisure 2.0%
Darden Restaurants, Inc.		157,758		8,342,243
Penn National Gaming, Inc.(a)		209,640		10,653,905
Royal Caribbean Cruises Ltd.		311,478		10,979,599
Total				29,975,747
Household Durables 1.0%
Newell Rubbermaid, Inc.		680,834		14,848,990
Internet & Catalog Retail 1.4%
Liberty Interactive Corp., Class A(a)		957,514		18,480,020
Liberty Ventures, Inc., Class A(a)		59,622		3,490,868
Total				21,970,888
Media 2.4%
Interpublic Group of Companies, Inc. (The)		894,862		9,682,407
Liberty Media Corp.(a)		101,019		11,111,080
National CineMedia, Inc.		237,804		3,400,597
Regal Entertainment Group, Class A		94,529		1,472,762
Virgin Media, Inc.		334,239		11,755,186
Total				37,422,032
Multiline Retail 1.5%
Kohl’s Corp.		166,700		7,443,155
Macy’s, Inc.		390,022		15,093,851
Total				22,537,006
Specialty Retail 0.8%
GameStop Corp., Class A		455,100		11,946,375
Total Consumer Discretionary				179,707,731
Consumer Staples 2.9%
Food Products 1.8%
Hillshire Brands Co.		168,896		4,703,754
JM Smucker Co. (The)		46,181		4,085,171
Post Holdings, Inc.(a)		183,529		6,320,739
Smithfield Foods, Inc.(a)		276,337		6,181,659
Tyson Foods, Inc., Class A		317,250		6,081,682
Total				27,373,005

Common Stocks (continued)
Issuer	Shares		Value ($)
Household Products 0.8%
Clorox Co. (The)		164,186		12,535,601
Tobacco 0.3%
Lorillard, Inc.		43,258		5,241,139
Total Consumer Staples				45,149,745
Energy 8.5%
Energy Equipment & Services 3.2%
C&J Energy Services, Inc.(a)		313,148		6,253,566
Ensco PLC, Class A		284,841		16,586,292
McDermott International, Inc.(a)		374,314		3,941,526
Noble Corp.		631,072		21,765,673
Total				48,547,057
Oil, Gas & Consumable Fuels 5.3%
EQT Corp.		149,794		8,996,628
Kinder Morgan, Inc.		212,604		7,188,141
Pioneer Natural Resources Co.		115,526		12,361,282
QEP Resources, Inc.		370,017		10,404,878
Southwestern Energy Co.(a)		147,700		5,126,667
Spectra Energy Corp.		535,395		14,964,290
Valero Energy Corp.		200,500		6,468,130
Whiting Petroleum Corp.(a)		397,568		16,674,002
Total				82,184,018
Total Energy				130,731,075
Financials 24.5%
Capital Markets 1.8%
Invesco Ltd.		1,107,307		27,671,602
Commercial Banks 9.0%
CIT Group, Inc.(a)		742,803		27,520,851
Comerica, Inc.		875,379		25,902,465
Fifth Third Bancorp		2,084,320		30,514,445
Huntington Bancshares, Inc.		3,196,123		19,656,157
M&T Bank Corp.		171,406		16,751,508
SunTrust Banks, Inc.		202,555		5,499,368
TCF Financial Corp.		1,056,584		12,552,218
Total				138,397,012
Diversified Financial Services 0.2%
NYSE Euronext		138,900		3,243,315
Insurance 11.4%
Axis Capital Holdings Ltd.		734,632		26,424,713
Everest Re Group Ltd.		113,873		12,351,804
Hartford Financial Services Group, Inc.		889,808		18,846,134

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

Semiannual Report 2012 5

Columbia Mid Cap Value Opportunity Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Lincoln National Corp.		911,602		22,516,569
PartnerRe Ltd.		126,319		10,469,319
Principal Financial Group, Inc.		279,949		7,600,615
Reinsurance Group of America, Inc.		389,621		19,948,595
Validus Holdings Ltd.		391,858		13,895,285
WR Berkley Corp.		101,100		4,018,725
XL Group PLC		1,573,773		38,289,897
Total				174,361,656
Real Estate Investment Trusts (REITs) 2.1%
Equity Lifestyle Properties, Inc.		70,966		4,658,208
General Growth Properties, Inc.		241,515		4,678,145
Hospitality Properties Trust		189,981		4,312,569
ProLogis, Inc.		1		29
Rayonier, Inc.		363,462		18,114,946
Total				31,763,897
Total Financials				375,437,482
Health Care 11.0%
Health Care Equipment & Supplies 3.3%
Boston Scientific Corp.(a)		2,267,050		12,559,457
Teleflex, Inc.		290,371		20,093,673
Zimmer Holdings, Inc.		272,852		18,000,047
Total				50,653,177
Health Care Providers & Services 2.6%
CIGNA Corp.		529,306		27,666,825
Humana, Inc.		191,349		12,516,138
Total				40,182,963
Life Sciences Tools & Services 1.1%
Agilent Technologies, Inc.		417,398		15,982,169
Pharmaceuticals 4.0%
Mylan, Inc.(a)		1,138,948		30,956,607
Watson Pharmaceuticals, Inc.(a)		344,035		30,278,520
Total				61,235,127
Total Health Care				168,053,436
Industrials 15.3%
Aerospace & Defense 1.5%
Embraer SA, ADR		327,030		8,152,858
L-3 Communications Holdings, Inc.		119,762		9,203,710
Raytheon Co.		95,516		5,456,829
Total				22,813,397
Airlines 0.7%
United Continental Holdings, Inc.(a)		494,468		9,998,143

Common Stocks (continued)
Issuer	Shares		Value ($)
Building Products 1.6%
AO Smith Corp.		401,858		25,296,961
Commercial Services & Supplies 0.5%
RR Donnelley & Sons Co.		798,800		7,508,720
Construction & Engineering 1.7%
Chicago Bridge & Iron Co. NV		256,908		10,438,172
Jacobs Engineering Group, Inc.(a)		194,589		7,966,474
KBR, Inc.		287,679		7,997,476
Total				26,402,122
Electrical Equipment 3.2%
Cooper Industries PLC		481,659		35,883,595
Rockwell Automation, Inc.		165,836		13,140,845
Total				49,024,440
Machinery 2.1%
AGCO Corp.(a)		226,174		10,437,930
Harsco Corp.		200,100		4,032,015
Parker Hannifin Corp.		212,707		17,473,880
Total				31,943,825
Road & Rail 4.0%
Con-way, Inc.		200,475		5,631,343
JB Hunt Transport Services, Inc.		298,292		17,733,459
Kansas City Southern		372,715		29,127,677
Werner Enterprises, Inc.		386,275		8,378,305
Total				60,870,784
Total Industrials				233,858,392
Information Technology 7.9%
Computers & Peripherals 1.0%
NCR Corp.(a)		648,164		15,510,564
Electronic Equipment, Instruments & Components 2.4%
Amphenol Corp., Class A		310,250		19,210,680
Avnet, Inc.(a)		610,130		17,870,708
Total				37,081,388
IT Services 0.9%
Amdocs Ltd.		415,822		13,913,404
Semiconductors & Semiconductor Equipment 3.6%
Analog Devices, Inc.		166,200		6,747,720
Fairchild Semiconductor International, Inc.(a)		319,200		4,258,128
LSI Corp.(a)		2,549,127		17,181,116
Microchip Technology, Inc.		492,547		14,983,280
ON Semiconductor Corp.(a)		1,793,776		11,892,735
Total				55,062,979
Total Information Technology				121,568,335

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

6 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Materials 8.5%
Chemicals 6.2%
Agrium, Inc.		79,634		8,124,260
Eastman Chemical Co.		764,566		46,523,841
PPG Industries, Inc.		324,999		40,387,626
Total				95,035,727
Containers & Packaging 0.5%
Rock-Tenn Co., Class A		121,849		7,925,059
Metals & Mining 0.2%
Freeport-McMoRan Copper & Gold, Inc.		95,360		3,719,994
Paper & Forest Products 1.6%
Domtar Corp.		149,708		11,993,108
International Paper Co.		318,341		11,823,185
Total				23,816,293
Total Materials				130,497,073
Telecommunication Services 1.1%
Diversified Telecommunication Services 1.1%
CenturyLink, Inc.		431,591		16,762,994
Total Telecommunication Services				16,762,994
Utilities 7.0%
Electric Utilities 3.3%
Entergy Corp.		184,626		11,731,136
FirstEnergy Corp.		1		42
NV Energy, Inc.		1,214,234		22,256,909
Pepco Holdings, Inc.		555,165		10,958,957
Xcel Energy, Inc.		218,491		5,910,182
Total				50,857,226
Gas Utilities 0.9%
Questar Corp.		710,959		13,949,016
Multi-Utilities 2.8%
Ameren Corp.		208,864		6,259,654
Sempra Energy		295,659		20,228,989
Wisconsin Energy Corp.		419,989		15,762,187
Total				42,250,830
Total Utilities				107,057,072
Total Common Stocks
(Cost: $1,325,228,268)				1,508,823,335

Warrants 0.1%
Issuer			Shares		Value ($)
Energy 0.1%
Oil, Gas & Consumable Fuels 0.1%
Kinder Morgan, Inc.(a)				319,521		1,207,790
Total Energy						1,207,790
Total Warrants
(Cost: $489,396)						1,207,790
Convertible Bonds 0.2%
	Coupon Rate		Principal Amount ($)		Value ($)
Building Materials 0.2%
Cemex SAB de CV Subordinated Notes
03/15/18		3.750%		3,746,000		3,907,546
Total Convertible Bonds
(Cost: $3,746,000)						3,907,546
Limited Partnerships 0.5%
			Shares		Value ($)
Financials 0.5%
Capital Markets 0.5%
Lazard Ltd., Class A				255,518		7,525,005
Total Financials						7,525,005
Total Limited Partnerships
(Cost: $8,693,856)						7,525,005
Money Market Funds 0.6%
			Shares		Value ($)
Columbia Short-Term Cash Fund, 0.154%(b)(c)				8,474,723		8,474,723
Total Money Market Funds
(Cost: $8,474,723)						8,474,723
Total Investments
(Cost: $1,346,632,243)						1,529,938,399
Other Assets & Liabilities, Net						3,536,934
Net Assets						1,533,475,333

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at November 30, 2012.

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

Semiannual Report 2012 7

Columbia Mid Cap Value Opportunity Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Notes to Portfolio of Investments (continued)

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		33,014,628		177,756,174		(202,296,079	)		8,474,723		19,909		8,474,723

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.

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board

at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described

earlier.

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

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

8 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 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		179,707,731		—		—		179,707,731
Consumer Staples		45,149,745		—		—		45,149,745
Energy		130,731,075		—		—		130,731,075
Financials		375,437,482		—		—		375,437,482
Health Care		168,053,436		—		—		168,053,436
Industrials		233,858,392		—		—		233,858,392
Information Technology		121,568,335		—		—		121,568,335
Materials		130,497,073		—		—		130,497,073
Telecommunication Services		16,762,994		—		—		16,762,994
Utilities		107,057,072		—		—		107,057,072
Warrants
Energy		1,207,790		—		—		1,207,790
Total Equity Securities		1,510,031,125		—		—		1,510,031,125
Bonds
Convertible Bonds		—		3,907,546		—		3,907,546
Total Bonds		—		3,907,546		—		3,907,546
Other
Limited Partnerships		7,525,005		—		—		7,525,005
Money Market Funds		8,474,723		—		—		8,474,723
Total Other		15,999,728		—		—		15,999,728
Total		1,526,030,853		3,907,546		—		1,529,938,399

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

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

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

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

Semiannual Report 2012 9

Columbia Mid Cap Value Opportunity Fund

Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,338,157,520)	$1,521,463,676
Affiliated issuers (identified cost $8,474,723)	8,474,723
Total investments (identified cost $1,346,632,243)	1,529,938,399
Receivable for:
Investments sold	3,824,921
Capital shares sold	550,841
Dividends	3,443,053
Interest	34,673
Reclaims	1,590
Expense reimbursement due from Investment Manager	7,698
Total assets	1,537,801,175
Liabilities
Payable for:
Capital shares purchased	3,824,636
Investment management fees	29,922
Distribution and/or service fees	7,503
Transfer agent fees	209,208
Administration fees	2,304
Plan administration fees	43,171
Compensation of board members	94,060
Other expenses	115,038
Total liabilities	4,325,842
Net assets applicable to outstanding capital stock	$1,533,475,333
Represented by
Paid-in capital	$1,647,453,058
Undistributed net investment income	10,388,325
Accumulated net realized loss	(307,672,206	)
Unrealized appreciation (depreciation) on:
Investments	183,306,156
Total — representing net assets applicable to outstanding capital stock	$1,533,475,333

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

10 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Statement of Assets and Liabilities (continued)

November 30, 2012 (Unaudited)

Class A
Net assets	$819,472,918
Shares outstanding	99,278,007
Net asset value per share	$8.25
Maximum offering price per share(a)	$8.75
Class B
Net assets	$35,022,651
Shares outstanding	4,464,128
Net asset value per share	$7.85
Class C
Net assets	$28,119,399
Shares outstanding	3,587,441
Net asset value per share	$7.84
Class I
Net assets	$88,029,903
Shares outstanding	10,491,602
Net asset value per share	$8.39
Class K(b)
Net assets	$212,697,392
Shares outstanding	25,623,502
Net asset value per share	$8.30
Class R
Net assets	$11,627,935
Shares outstanding	1,424,169
Net asset value per share	$8.16
Class R4(c)
Net assets	$38,915,654
Shares outstanding	4,737,501
Net asset value per share	$8.21
Class R5
Net assets	$130,352,160
Shares outstanding	15,673,204
Net asset value per share	$8.32
Class W
Net assets	$4,207
Shares outstanding	506
Net asset value per share	$8.31
Class Z
Net assets	$169,233,114
Shares outstanding	20,197,281
Net asset value per share	$8.38

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

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(c) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

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

Semiannual Report 2012 11

Columbia Mid Cap Value Opportunity Fund

Statement of Operations

Six Months Ended November 30, 2012 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$17,145,237
Dividends — affiliated issuers	19,909
Interest	70,238
Income from securities lending — net	627,665
Foreign taxes withheld	(55,032	)
Total income	17,808,017
Expenses:
Investment management fees	5,606,578
Distribution and/or service fees
Class A	1,055,405
Class B	195,045
Class C	147,639
Class R	33,126
Class R4(a)	45,641
Class W	5
Transfer agent fees
Class A	1,128,697
Class B	52,387
Class C	39,637
Class K(b)	54,691
Class R	17,703
Class R4(a)	18,514
Class R5	34,428
Class W	5
Class Z	221,876
Administration fees	432,192
Plan administration fees
Class K(b)	272,679
Class R4(a)	45,641
Compensation of board members	17,143
Custodian fees	15,974
Printing and postage fees	129,370
Registration fees	85,413
Professional fees	24,411
Other	2,014
Total expenses	9,676,214
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(825,880	)
Expense reductions	(80	)
Total net expenses	8,850,254
Net investment income	8,957,763
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	96,696,249
Foreign currency translations	(28,425	)
Net realized gain	96,667,824
Net change in unrealized appreciation (depreciation) on:
Investments	26,396,431
Foreign currency translations	8,155
Net change in unrealized appreciation (depreciation)	26,404,586
Net realized and unrealized gain	123,072,410
Net increase in net assets resulting from operations	$132,030,173

(a) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

12 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012(a)			Year Ended September 30, 2011
Operations
Net investment income		$8,957,763			$7,124,685			$6,131,092
Net realized gain		96,667,824			64,659,724			202,875,598
Net change in unrealized appreciation (depreciation)		26,404,586			221,351,403			(274,429,830	)
Net increase (decrease) in net assets resulting from operations		132,030,173			293,135,812			(65,423,140	)
Distributions to shareholders:
Net investment income
Class A		(88,145	)		(586,260	)		(7,355,924	)
Class I		(192,043	)		(582,198	)		(1,338,622	)
Class K(b)		(129,400	)		(552,107	)		(3,285,086	)
Class R		—			—			(61,366	)
Class R4(c)		—			—			(425,673	)
Class R5		(265,883	)		(636,976	)		(1,525,902	)
Class W		(1	)		(5	)		(25	)
Class Z		(241,573	)		(551,466	)		(8,179	)
Total distributions to shareholders		(917,045	)		(2,909,012	)		(14,000,777	)
Increase (decrease) in net assets from capital stock activity		(198,975,290	)		(320,203,607	)		(482,979,896	)
Total decrease in net assets		(67,862,162	)		(29,976,807	)		(562,403,813	)
Net assets at beginning of period		1,601,337,495			1,631,314,302			2,193,718,115
Net assets at end of period		$1,533,475,333			$1,601,337,495			$1,631,314,302
Undistributed (excess of distributions over) net investment income		$10,388,325			$2,347,607			$(2,181,701	)

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

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(c) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

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

Semiannual Report 2012 13

Columbia Mid Cap Value Opportunity Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012 (Unaudited)						Year Ended May 31, 2012(a)						Year Ended September 30, 2011
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		4,194,424			32,867,572			3,951,827			29,961,602			12,116,668			96,205,520
Distributions reinvested		10,726			86,985			75,259			534,338			863,049			6,705,889
Redemptions		(16,973,680	)		(134,853,297	)		(29,024,512	)		(218,901,669	)		(66,764,741	)		(521,234,776	)
Net decrease		(12,768,530	)		(101,898,740	)		(24,997,426	)		(188,405,729	)		(53,785,024	)		(418,323,367	)
Class B shares
Subscriptions		17,005			129,554			38,232			276,062			180,999			1,366,079
Redemptions(b)		(2,320,832	)		(17,103,204	)		(1,328,795	)		(9,603,771	)		(5,980,500	)		(46,097,097	)
Net decrease		(2,303,827	)		(16,973,650	)		(1,290,563	)		(9,327,709	)		(5,799,501	)		(44,731,018	)
Class C shares
Subscriptions		85,651			646,047			331,802			2,380,971			465,281			3,533,090
Redemptions		(783,149	)		(5,892,983	)		(1,678,179	)		(12,221,994	)		(1,638,958	)		(12,238,889	)
Net decrease		(697,498	)		(5,246,936	)		(1,346,377	)		(9,841,023	)		(1,173,677	)		(8,705,799	)
Class I shares
Subscriptions		19,280			153,668			1,500,218			10,940,776			1,813,952			14,260,062
Distributions reinvested		23,304			192,021			80,854			582,152			169,863			1,338,524
Redemptions		(558,223	)		(4,592,175	)		(5,917,099	)		(46,132,656	)		(3,285,678	)		(26,244,805	)
Net decrease		(515,639	)		(4,246,486	)		(4,336,027	)		(34,609,728	)		(1,301,863	)		(10,646,219	)
Class K shares(c)
Subscriptions		2,162,223			17,219,425			4,148,991			31,751,772			10,209,670			80,500,957
Distributions reinvested		15,877			129,393			77,429			552,069			420,606			3,284,933
Redemptions		(8,151,985	)		(63,940,503	)		(11,383,218	)		(87,260,754	)		(27,587,751	)		(226,389,245	)
Net decrease		(5,973,885	)		(46,591,685	)		(7,156,798	)		(54,956,913	)		(16,957,475	)		(142,603,355	)
Class R shares
Subscriptions		89,648			703,958			260,472			1,958,752			570,595			4,468,243
Distributions reinvested		—			—			—			—			7,843			60,547
Redemptions		(473,288	)		(3,783,733	)		(769,763	)		(5,897,692	)		(662,527	)		(5,125,325	)
Net decrease		(383,640	)		(3,079,775	)		(509,291	)		(3,938,940	)		(84,089	)		(596,535	)
Class R4 shares(d)
Subscriptions		629,268			4,985,016			1,010,435			7,621,565			2,990,698			23,375,349
Distributions reinvested		—			—			—			—			54,997			425,673
Redemptions		(2,062,422	)		(16,438,165	)		(2,686,542	)		(20,241,993	)		(5,015,001	)		(39,393,332	)
Net decrease		(1,433,154	)		(11,453,149	)		(1,676,107	)		(12,620,428	)		(1,969,306	)		(15,592,310	)
Class R5 shares
Subscriptions		2,415,763			19,446,919			3,867,690			29,871,435			5,740,741			45,659,093
Distributions reinvested		29,387			240,089			80,397			574,035			175,246			1,370,424
Redemptions		(5,440,455	)		(43,176,874	)		(3,626,148	)		(27,998,638	)		(7,516,400	)		(58,577,262	)
Net increase (decrease)		(2,995,305	)		(23,489,866	)		321,939			2,446,832			(1,600,413	)		(11,547,745	)
Class Z shares
Subscriptions		4,586,373			35,887,026			2,805,822			21,429,475			21,991,103			189,023,832
Distributions reinvested		28,838			237,339			74,787			538,464			936			7,375
Redemptions		(2,736,012	)		(22,119,368	)		(4,045,975	)		(30,917,908	)		(2,508,948	)		(19,264,755	)
Net increase (decrease)		1,879,199			14,004,997			(1,165,366	)		(8,949,969	)		19,483,091			169,766,452
Total net decrease		(25,192,279	)		(198,975,290	)		(42,156,016	)		(320,203,607	)		(63,188,257	)		(482,979,896	)

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

(b) 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.

(c) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(d) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

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

14 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended September 30,
Class  A	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$7.59		$6.44		$6.94		$6.15		$7.14		$10.15		$9.12
Income from investment operations:
Net investment income	0.04		0.03		0.02		0.04		0.07		0.07		0.06
Net realized and unrealized gain (loss)	0.62		1.12		(0.48	)	0.83		(0.59	)	(2.56	)	1.89
Total from investment operations	0.66		1.15		(0.46	)	0.87		(0.52	)	(2.49	)	1.95
Less distributions to shareholders:
Net investment income	(0.00	)(b)	(0.00	)(b)	(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	)(b)	(0.00	)(b)	(0.04	)	(0.08	)	(0.47	)	(0.52	)	(0.92	)
Net asset value, end of period	$8.25		$7.59		$6.44		$6.94		$6.15		$7.14		$10.15
Total return	8.71	%	17.93	%	(6.69	%)	14.28	%	(4.97	%)	(25.62	%)	22.74	%
Ratios to average net assets(c)
Total gross expenses	1.31	%(d)	1.29	%(d)	1.30	%	1.20	%	1.19	%	1.28	%	1.23	%
Total net expenses(e)	1.18	%(d)(f)	1.20	%(d)	1.29	%(f)	1.20	%	1.19	%	1.28	%	1.23	%
Net investment income	1.07	%(d)	0.55	%(d)	0.22	%	0.62	%	1.39	%	0.74	%	0.58	%
Supplemental data
Net assets, end of period (in thousands)	$819,473		$850,820		$882,934		$1,324,861		$1,351,336		$1,745,361		$2,025,926
Portfolio turnover	25	%	28	%	46	%	50	%	42	%	34	%	24	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2012 15

Columbia Mid Cap Value Opportunity Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended		Year Ended September 30,
Class B	(Unaudited)		May 31,  2012(a)		2011		2010			2009		2008		2007
Per share data
Net asset value, beginning of period	$7.24		$6.17		$6.67		$5.90			$6.90		$9.84		$8.89
Income from investment operations:
Net investment income (loss)	0.01		(0.01	)	(0.04	)	(0.01	)		0.03		(0.01	)	(0.02	)
Net realized and unrealized gain (loss)	0.60		1.08		(0.46	)	0.81			(0.58	)	(2.46	)	1.84
Total from investment operations	0.61		1.07		(0.50	)	0.80			(0.55	)	(2.47	)	1.82
Less distributions to shareholders:
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	$7.85		$7.24		$6.17		$6.67			$5.90		$6.90		$9.84
Total return	8.43	%	17.34	%	(7.50	%)	13.65	%		(5.88	%)	(26.13	%)	21.73	%
Ratios to average net assets(b)
Total gross expenses	2.06	%(c)	2.04	%(c)	2.04	%	1.97	%		1.96	%	2.04	%	1.99	%
Total net expenses(d)	1.93	%(c)(e)	1.95	%(c)	2.03	%(e)	1.97	%		1.96	%	2.04	%	1.99	%
Net investment income (loss)	0.39	%(c)	(0.19	%)(c)	(0.54	%)	(0.18	%)		0.62	%	(0.07	%)	(0.17	%)
Supplemental data
Net assets, end of period (in thousands)	$35,023		$49,020		$49,737		$92,370			$104,322		$164,380		$306,040
Portfolio turnover	25	%	28	%	46	%	50	%		42	%	34	%	24	%

Notes to Financial Highlights

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

(b) In addition to the fees and expenses 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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

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

16 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended September 30,
Class C	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$7.24		$6.17		$6.66		$5.91		$6.90		$9.84		$8.89
Income from investment operations:
Net investment income (loss)	0.01		(0.01	)	(0.04	)	(0.01	)	0.03		0.00	(b)	(0.02	)
Net realized and unrealized gain (loss)	0.59		1.08		(0.45	)	0.80		(0.57	)	(2.46	)	1.84
Total from investment operations	0.60		1.07		(0.49	)	0.79		(0.54	)	(2.46	)	1.82
Less distributions to shareholders:
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	$7.84		$7.24		$6.17		$6.66		$5.91		$6.90		$9.84
Total return	8.29	%	17.34	%	(7.36	%)	13.49	%	(5.74	%)	(26.11	%)	21.72	%
Ratios to average net assets(c)
Total gross expenses	2.06	%(d)	2.04	%(d)	2.05	%	1.96	%	1.95	%	2.03	%	1.98	%
Total net expenses(e)	1.93	%(d)(f)	1.95	%(d)	2.04	%(f)	1.96	%	1.95	%	2.03	%	1.98	%
Net investment income (loss)	0.33	%(d)	(0.20	%)(d)	(0.52	%)	(0.13	%)	0.62	%	0.03	%	(0.18	%)
Supplemental data
Net assets, end of period (in thousands)	$28,119		$31,012		$34,731		$45,317		$41,952		$54,137		$41,928
Portfolio turnover	25	%	28	%	46	%	50	%	42	%	34	%	24	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2012 17

Columbia Mid Cap Value Opportunity Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended September 30,
Class I	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$7.72		$6.56		$7.07		$6.25		$7.26		$10.30		$9.24
Income from investment operations:
Net investment income	0.06		0.05		0.06		0.07		0.09		0.10		0.09
Net realized and unrealized gain (loss)	0.63		1.15		(0.49	)	0.86		(0.60	)	(2.58	)	1.92
Total from investment operations	0.69		1.20		(0.43	)	0.93		(0.51	)	(2.48	)	2.01
Less distributions to shareholders:
Net investment income	(0.02	)	(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	(0.02	)	(0.04	)	(0.08	)	(0.11	)	(0.50	)	(0.56	)	(0.95	)
Net asset value, end of period	$8.39		$7.72		$6.56		$7.07		$6.25		$7.26		$10.30
Total return	8.92	%	18.30	%	(6.28	%)	15.06	%	(4.60	%)	(25.25	%)	23.18	%
Ratios to average net assets(b)
Total gross expenses	0.80	%(c)	0.79	%(c)	0.82	%	0.73	%	0.67	%	0.85	%	0.80	%
Total net expenses(d)	0.76	%(c)	0.77	%(c)	0.82	%	0.73	%	0.67	%	0.85	%	0.80	%
Net investment income	1.49	%(c)	0.98	%(c)	0.72	%	1.05	%	1.83	%	1.13	%	0.91	%
Supplemental data
Net assets, end of period (in thousands)	$88,030		$84,959		$100,645		$117,621		$44,214		$15,526		$29,272
Portfolio turnover	25	%	28	%	46	%	50	%	42	%	34	%	24	%

Notes to Financial Highlights

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

(b) In addition to the fees and expenses 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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

18 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended May 31,  2012(b)		Year Ended September 30,
Class K(a)	(Unaudited)				2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$7.64		$6.48		$6.99		$6.19		$7.20		$10.22		$9.19
Income from investment operations:
Net investment income	0.05		0.04		0.03		0.05		0.08		0.08		0.07
Net realized and unrealized gain (loss)	0.61		1.13		(0.48	)	0.85		(0.60	)	(2.56	)	1.90
Total from investment operations	0.66		1.17		(0.45	)	0.90		(0.52	)	(2.48	)	1.97
Less distributions to shareholders:
Net investment income	(0.00	)(c)	(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	(0.00	)(c)	(0.01	)	(0.06	)	(0.10	)	(0.49	)	(0.54	)	(0.94	)
Net asset value, end of period	$8.30		$7.64		$6.48		$6.99		$6.19		$7.20		$10.22
Total return	8.70	%	18.15	%	(6.59	%)	14.61	%	(4.91	%)	(25.41	%)	22.81	%
Ratios to average net assets(d)
Total gross expenses	1.10	%(e)	1.09	%(e)	1.12	%	1.03	%	0.97	%	1.13	%	1.10	%
Total net expenses(f)	1.06	%(e)	1.07	%(e)	1.12	%	1.03	%	0.97	%	1.13	%	1.10	%
Net investment income	1.19	%(e)	0.69	%(e)	0.38	%	0.80	%	1.55	%	0.96	%	0.68	%
Supplemental data
Net assets, end of period (in thousands)	$212,697		$241,253		$251,200		$389,349		$337,593		$270,774		$157,136
Portfolio turnover	25	%	28	%	46	%	50	%	42	%	34	%	24	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

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

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

Semiannual Report 2012 19

Columbia Mid Cap Value Opportunity Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended		Year Ended September 30,
Class R	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007(b)
Per share data
Net asset value, beginning of period	$7.52		$6.39		$6.88		$6.11		$7.12		$10.18		$9.96
Income from investment operations:
Net investment income	0.03		0.02		(0.00	)(c)	0.02		0.05		0.05		0.01
Net realized and unrealized gain (loss)	0.61		1.11		(0.46	)	0.82		(0.58	)	(2.56	)	1.16
Total from investment operations	0.64		1.13		(0.46	)	0.84		(0.53	)	(2.51	)	1.17
Less distributions to shareholders:
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	$8.16		$7.52		$6.39		$6.88		$6.11		$7.12		$10.18
Total return	8.51	%	17.68	%	(6.81	%)	13.85	%	(5.25	%)	(25.87	%)	13.00	%
Ratios to average net assets(d)
Total gross expenses	1.56	%(e)	1.54	%(e)	1.55	%	1.53	%	1.47	%	1.61	%	1.67	%(e)
Total net expenses(f)	1.43	%(e)(g)	1.45	%(e)	1.54	%(g)	1.53	%	1.47	%	1.61	%	1.67	%(e)
Net investment income (loss)	0.82	%(e)	0.31	%(e)	(0.01	%)	0.31	%	1.07	%	0.60	%	0.11	%(e)
Supplemental data
Net assets, end of period (in thousands)	$11,628		$13,594		$14,799		$16,531		$15,827		$10,457		$287
Portfolio turnover	25	%	28	%	46	%	50	%	42	%	34	%	24	%

Notes to Financial Highlights

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

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

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

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

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

20 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended		Year Ended September 30,
Class R4(a)	(Unaudited)		May 31,  2012(b)		2011		2010		2009		2008		2007(c)
Per share data
Net asset value, beginning of period	$7.56		$6.41		$6.92		$6.14		$7.15		$10.19		$9.96
Income from investment operations:
Net investment income	0.04		0.02		0.01		0.04		0.06		0.07		0.04
Net realized and unrealized gain (loss)	0.61		1.13		(0.48	)	0.83		(0.59	)	(2.56	)	1.14
Total from investment operations	0.65		1.15		(0.47	)	0.87		(0.53	)	(2.49	)	1.18
Less distributions to shareholders:
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	$8.21		$7.56		$6.41		$6.92		$6.14		$7.15		$10.19
Total return	8.60	%	17.94	%	(6.84	%)	14.22	%	(5.07	%)	(25.60	%)	13.12	%
Ratios to average net assets(d)
Total gross expenses	1.29	%(e)	1.34	%(e)	1.37	%	1.29	%	1.22	%	1.36	%	1.49	%(e)
Total net expenses(f)	1.24	%(e)	1.32	%(e)	1.37	%	1.29	%	1.22	%	1.36	%	1.49	%(e)
Net investment income	1.00	%(e)	0.44	%(e)	0.16	%	0.55	%	1.30	%	0.85	%	0.57	%(e)
Supplemental data
Net assets, end of period (in thousands)	$38,916		$46,639		$50,329		$67,911		$46,599		$30,952		$1,378
Portfolio turnover	25	%	28	%	46	%	50	%	42	%	34	%	24	%

Notes to Financial Highlights

(a) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

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

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

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

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

Semiannual Report 2012 21

Columbia Mid Cap Value Opportunity Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended September 30,
Class R5	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007(b)
Per share data
Net asset value, beginning of period	$7.65		$6.50		$7.01		$6.20		$7.21		$10.23		$9.96
Income from investment operations:
Net investment income	0.06		0.05		0.05		0.07		0.09		0.12		0.08
Net realized and unrealized gain (loss)	0.63		1.13		(0.48	)	0.85		(0.60	)	(2.58	)	1.14
Total from investment operations	0.69		1.18		(0.43	)	0.92		(0.51	)	(2.46	)	1.22
Less distributions to shareholders:
Net investment income	(0.02	)	(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	(0.02	)	(0.03	)	(0.08	)	(0.11	)	(0.50	)	(0.56	)	(0.95	)
Net asset value, end of period	$8.32		$7.65		$6.50		$7.01		$6.20		$7.21		$10.23
Total return	8.97	%	18.26	%	(6.38	%)	14.97	%	(4.65	%)	(25.23	%)	13.57	%
Ratios to average net assets(c)
Total gross expenses	0.85	%(d)	0.84	%(d)	0.87	%	0.79	%	0.72	%	0.84	%	0.84	%(d)
Total net expenses(e)	0.81	%(d)	0.82	%(d)	0.87	%	0.79	%	0.72	%	0.84	%	0.84	%(d)
Net investment income	1.44	%(d)	0.94	%(d)	0.67	%	1.05	%	1.82	%	1.46	%	1.03	%(d)
Supplemental data
Net assets, end of period (in thousands)	$130,352		$142,835		$119,293		$139,751		$133,143		$65,029		$12
Portfolio turnover	25	%	28	%	46	%	50	%	42	%	34	%	24	%

Notes to Financial Highlights

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

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

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

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

22 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended May 31,  2012(a)		Year Ended September 30,
Class W	(Unaudited)				2011		2010		2009		2008		2007(b)
Per share data
Net asset value, beginning of period	$7.65		$6.49		$7.00		$6.20		$7.19		$10.20		$9.88
Income from investment operations:
Net investment income	0.04		0.03		0.02		0.04		0.07		0.07		0.05
Net realized and unrealized gain (loss)	0.62		1.14		(0.48	)	0.85		(0.59	)	(2.56	)	1.22
Total from investment operations	0.66		1.17		(0.46	)	0.89		(0.52	)	(2.49	)	1.27
Less distributions to shareholders:
Net investment income	(0.00	)(c)	(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	(0.00	)(c)	(0.01	)	(0.05	)	(0.09	)	(0.47	)	(0.52	)	(0.95	)
Net asset value, end of period	$8.31		$7.65		$6.49		$7.00		$6.20		$7.19		$10.20
Total return	8.65	%	18.03	%	(6.69	%)	14.43	%	(4.96	%)	(25.53	%)	14.14	%
Ratios to average net assets(d)
Total gross expenses	1.30	%(e)	1.26	%(e)	1.28	%	1.17	%	1.07	%	1.27	%	1.23	%(e)
Total net expenses(f)	1.18	%(e)	1.18	%(e)	1.28	%	1.17	%	1.07	%	1.27	%	1.23	%(e)
Net investment income	1.06	%(e)	0.57	%(e)	0.26	%	0.67	%	1.48	%	0.73	%	0.66	%(e)
Supplemental data
Net assets, end of period (in thousands)	$4		$4		$3		$4		$3		$4		$5
Portfolio turnover	25	%	28	%	46	%	50	%	42	%	34	%	24	%

Notes to Financial Highlights

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

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

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

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

Semiannual Report 2012 23

Columbia Mid Cap Value Opportunity Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended September 30,
Class Z	(Unaudited)		May��31,  2012(a)		2011		2010(b)
Per share data
Net asset value, beginning of period	$7.71		$6.55		$7.07		$7.00
Income from investment operations:
Net investment income	0.05		0.04		0.06		0.00	(c)
Net realized and unrealized gain (loss)	0.63		1.15		(0.50	)	0.07
Total from investment operations	0.68		1.19		(0.44	)	0.07
Less distributions to shareholders:
Net investment income	(0.01	)	(0.03	)	(0.08	)	—
Total distributions to shareholders	(0.01	)	(0.03	)	(0.08	)	—
Net asset value, end of period	$8.38		$7.71		$6.55		$7.07
Total return	8.85	%	18.18	%	(6.42	%)	1.00	%
Ratios to average net assets(d)
Total gross expenses	1.07	%(e)	1.04	%(e)	1.07	%	1.01	%(e)
Total net expenses(f)	0.93	%(e)(g)	0.95	%(e)	1.06	%(g)	1.01	%(e)
Net investment income	1.32	%(e)	0.81	%(e)	0.80	%	4.49	%(e)
Supplemental data
Net assets, end of period (in thousands)	$169,233		$141,202		$127,642		$3
Portfolio turnover	25	%	28	%	46	%	50	%

Notes to Financial Highlights

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

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

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

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

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

24 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Notes to Financial Statements

November 30, 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

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class W and Class Z shares. 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 K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Class R4 shares (formerly Class R3 shares) are not subject to sales charges. Effective October 31, 2012, Class R3 shares were renamed Class R4 shares. Effective November 8, 2012, Class R4 shares are only available to qualifying institutional

investors. Prior to November 8, 2012, Class R4 shares were closed to new investors.

Class R5 shares are not subject to sales charges. Effective November 8, 2012, Class R5 shares are only available to investors purchasing through authorized investment professionals. Prior to November 8, 2012, Class R5 shares were 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.

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 ask prices on such exchanges or markets.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques 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.

Semiannual Report 2012 25

Columbia Mid Cap Value Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 ask 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 or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in 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 fair value.

Foreign Currency Transactions and Translations

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.

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.

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.

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

The Fund may receive distributions from holdings in business development companies (BDCs), exchange traded funds (ETFs) and real estate investment trusts (REITs), which report information on the character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on 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 BDCs, ETFs and REITs, which could result in a proportionate change in return of capital to shareholders.

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

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other

26 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

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

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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 investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.76% to 0.62% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.71% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration

Semiannual Report 2012 27

Columbia Mid Cap Value Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 November 30, 2012 was 0.05% of the Fund’s average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $2,475.

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 fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class. Prior to October 27, 2012, total transfer agent fees for Class R4 shares were subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to that share class.

For the six months ended November 30, 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	0.27	%
Class B	0.27
Class C	0.27
Class K	0.05
Class R	0.27
Class R4	0.08
Class R5	0.05
Class W	0.27
Class Z	0.27

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 November 30, 2012, these minimum account balance fees reduced total expenses by $80.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services. Prior to October 27, 2012, the Fund also paid a plan administration fee at an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class R4 shares.

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

28 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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. Prior to October 27, 2012, the Fund also paid a distribution fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class R4 shares.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $2,344,006 and $379,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2012, 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 $141,781 for Class A, $7,207 for Class B and $778 for Class C shares for the six months ended November 30, 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 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 K	1.06
Class R	1.43
Class R4*	0.93
Class R5	0.81
Class W	1.18
Class Z	0.93

* Prior to October 27, 2012 the annual rate for the former Class R3 shares was 1.31%.

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

Effective December 1, 2012, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses in the same manner as above, through September 30, 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, will 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 K	1.12
Class R	1.52
Class R4	1.02
Class R5	0.87
Class W	1.27
Class Z	1.02

Note 4. Federal Tax Information

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

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $1,346,632,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$232,539,000
Unrealized depreciation	(49,233,000	)
Net unrealized appreciation	$183,306,000

Semiannual Report 2012 29

Columbia Mid Cap Value Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

The following capital loss carryforward, determined as of May 31, 2012 may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
2017		36,421,936
2018		311,278,301
Total		347,700,237

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat post-October capital losses of $24,168,814 at May 31, 2012 as arising on June 1, 2012.

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 $395,053,394 and $562,627,876, respectively, for the six months ended November 30, 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 securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value 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.

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 November 30, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At November 30, 2012, the Fund did not have any securities on loan.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 7. Affiliated Money Market Fund

The Fund invests 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 — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 8. Shareholder Concentration

At November 30, 2012, one unaffiliated shareholder account owned 19.4% 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.

30 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the six months ended November 30, 2012.

Note 10. Significant Risks

Financials Sector Risk

The Fund’s portfolio managers may invest significantly in issuers operating in the financials sector. The Fund may be more susceptible to the particular risks of this sector than if the Fund were invested in a wider variety of issuers operating in unrelated industries.

Note 11. Subsequent Events

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

Note 12. 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.

Semiannual Report 2012 31

Columbia Mid Cap Value Opportunity Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal period ended May 31, 2012 and year ended September 30, 2011 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal period ended May 31, 2012 and year ended September 30, 2011 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

32 Semiannual Report 2012

Columbia Mid Cap Value Opportunity Fund

Important Information About This Report

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

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

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

Semiannual Report 2012 33

Columbia Mid Cap Value Opportunity Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6252 N (1/13)

Semiannual Report November 30, 2012

Columbia Multi-Advisor Small Cap Value Fund

Columbia Multi-Advisor Small Cap Value Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

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

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	17
Notes to Financial Statements	26
Supplemental Information	34
Important Information About This Report	37

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Multi-Advisor Small Cap Value Fund (the Fund) Class A shares returned 10.15% excluding sales charges for the six months ended November 30, 2012.

> The Fund outperformed its benchmark, the Russell 2000 Value Index, which returned 9.71% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2012)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	06/18/01
Excluding sales charges			10.15		13.93		4.45		8.94
Including sales charges			3.83		7.37		3.20		8.30
Class B	06/18/01
Excluding sales charges			9.94		13.15		3.68		8.27
Including sales charges			4.94		8.15		3.34		8.27
Class C	06/18/01
Excluding sales charges			9.70		13.12		3.68		8.25
Including sales charges			8.70		12.12		3.68		8.25
Class I*	03/04/04		10.58		14.42		4.92		9.34
Class K (formerly Class R4)	06/18/01		10.27		13.97		4.66		9.13
Class R*	12/11/06		10.04		13.63		4.14		8.61
Class R4* (formerly Class R3)	12/11/06		10.22		13.96		4.43		8.91
Class R5*	12/11/06		10.54		14.42		4.86		9.19
Class Z*	09/27/10		10.44		14.29		4.53		8.98
Russell 2000 Value Index			9.71		15.05		2.52		8.58

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

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

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

The Russell 2000 Value Index, an unmanaged index, tracks the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

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

2 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2012)
Platinum Underwriters Holdings Ltd.	2.5
Granite Real Estate, Inc.	2.4
JetBlue Airways Corp.	2.2
Celestica, Inc.	1.5
Dana Holding Corp.	1.5
HealthSouth Corp.	1.2
Resolute Forest Products	1.2
Terex Corp.	1.1
PolyOne Corp.	1.1
Oshkosh Corp.	1.1

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

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

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

Portfolio Breakdown (%) (at November 30, 2012)
Common Stocks	92.7
Consumer Discretionary	14.3
Consumer Staples	1.8
Energy	4.0
Financials	23.6
Health Care	5.1
Industrials	20.6
Information Technology	16.2
Materials	4.8
Telecommunication Services	0.2
Utilities	2.1
Money Market Funds	7.3
Total	100.0

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

Portfolio Management

Barrow, Hanley, Mewhinney & Strauss, LLC

James McClure, CFA

John Harloe, CFA

Donald Smith & Co., Inc.

Donald Smith

Richard Greenberg, CFA

Metropolitan West Capital Management, LLC

Samir Sikka

Turner Investments, L.P.

David Kovacs, CFA

Morningstar Style Box™

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

©2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Semiannual Report 2012 3

Columbia Multi-Advisor Small Cap Value Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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.

June 1, 2012 – November 30, 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		1,101.50	1,017.90		7.53	7.23		1.43
Class B		1,000.00	1,000.00		1,099.40	1,014.09		11.53	11.06		2.19
Class C		1,000.00	1,000.00		1,097.00	1,014.14		11.46	11.01		2.18
Class I		1,000.00	1,000.00		1,105.80	1,020.05		5.28	5.06		1.00
Class K (formerly Class R4)		1,000.00	1,000.00		1,102.70	1,018.60		6.80	6.53		1.29
Class R		1,000.00	1,000.00		1,100.40	1,016.65		8.85	8.49		1.68
Class R4 (formerly Class R3)		1,000.00	1,000.00		1,102.20	1,017.65		7.80	7.49		1.48
Class R5		1,000.00	1,000.00		1,105.40	1,019.85		5.49	5.27		1.04
Class Z		1,000.00	1,000.00		1,104.40	1,019.15		6.22	5.97		1.18

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

Expenses do not include fees and expenses incurred indirectly by the Fund from 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.

Columbia Management Investment Advisers, LLC and/or certain of its affiliates have contractually agreed to waive certain fees and to absorb certain expenses until September 30, 2013, unless sooner terminated at the sole discretion of the Fund’s Board, such that net expenses (excluding fees and expenses of acquired funds) will not exceed 0.95% for Class I and 1.15% for Class R4. Any amounts waived will not be reimbursed by the Fund. This change was effective August 1, 2012 for Class I and October 27, 2012 for Class R4. If this change had been in place for the entire six month period ended November 30, 2012, the actual expenses paid would have been $5.01 for Class I and $6.06 for Class R4; the hypothetical expenses paid would have been $4.81 for Class I and $5.82 for Class R4.

4 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 92.4%
Issuer	Shares		Value ($)
Consumer Discretionary 14.2%
Auto Components 2.8%
American Axle & Manufacturing Holdings, Inc.(a)		258,510		2,704,015
Cooper Tire & Rubber Co.		21,000		524,580
Dana Holding Corp.		305,619		4,333,677
Gentex Corp.		66,300		1,176,825
Total				8,739,097
Automobiles 0.1%
Winnebago Industries, Inc.(a)		18,040		256,529
Distributors 0.1%
Core-Mark Holding Co., Inc.		9,220		421,815
Diversified Consumer Services 0.3%
School Specialty, Inc.(a)		107,000		140,170
Sotheby’s		19,070		550,360
Stewart Enterprises, Inc., Class A		40,620		310,337
Total				1,000,867
Hotels, Restaurants & Leisure 0.6%
Boyd Gaming Corp.(a)		20,630		113,465
Choice Hotels International, Inc.		11,810		383,825
Multimedia Games Holdings Co., Inc.(a)		23,960		354,129
Pinnacle Entertainment, Inc.(a)		9,330		120,544
Six Flags Entertainment Corp.		16,730		1,028,560
Total				2,000,523
Household Durables 2.1%
Ethan Allen Interiors, Inc.		37,370		1,084,104
Hovnanian Enterprises-a(a)		55,780		291,172
La-Z-Boy, Inc.(a)		31,720		473,262
Meritage Homes Corp.(a)		10,320		361,406
NACCO Industries, Inc., Class A		2,890		154,095
Ryland Group, Inc. (The)		13,550		453,247
Standard Pacific Corp.(a)		83,480		559,316
Tempur-Pedic International, Inc.(a)		11,630		309,940
Whirlpool Corp.		29,800		3,034,832
Total				6,721,374
Leisure Equipment & Products 0.8%
Arctic Cat, Inc.(a)		3,300		124,179
Brunswick Corp.		90,200		2,324,454
Total				2,448,633
Media 1.0%
AMC Networks, Inc., Class A(a)		39,100		2,062,916
John Wiley & Sons, Inc., Class A		21,100		900,970
Total				2,963,886

Common Stocks (continued)
Issuer	Shares		Value ($)
Multiline Retail 0.1%
Fred’s, Inc., Class A		30,660		407,778
Specialty Retail 5.1%
Abercrombie & Fitch Co., Class A		37,000		1,697,930
Aeropostale, Inc.(a)		87,700		1,211,137
ANN, Inc.(a)		10,550		353,952
Ascena Retail Group, Inc.(a)		39,000		783,900
Cabela’s, Inc.(a)		37,000		1,767,490
Cato Corp. (The), Class A		6,430		186,856
DSW, Inc., Class A		19,000		1,292,570
Finish Line, Inc., Class A (The)		16,050		331,112
Francesca’s Holdings Corp.(a)		10,560		274,877
Genesco, Inc.(a)		2,340		129,472
Group 1 Automotive, Inc.		21,450		1,303,302
JOS A Bank Clothiers, Inc.(a)		28,000		1,206,800
Men’s Wearhouse, Inc. (The)		73,100		2,371,364
OfficeMax, Inc.		191,580		1,915,800
RadioShack Corp.		403,050		818,191
Rent-A-Center, Inc.		9,820		341,343
Total				15,986,096
Textiles, Apparel & Luxury Goods 1.2%
Carter’s, Inc.(a)		22,000		1,166,880
Fifth & Pacific Companies, Inc.(a)		24,270		292,454
Jones Group, Inc. (The)		205,970		2,422,207
Total				3,881,541
Total Consumer Discretionary				44,828,139
Consumer Staples 1.8%
Food & Staples Retailing 0.1%
Harris Teeter Supermarkets, Inc.		6,980		265,170
Food Products 1.4%
Annie’s, Inc.(a)		11,220		402,461
Flowers Foods, Inc.		70,500		1,659,570
J&J Snack Foods Corp.		12,500		786,250
TreeHouse Foods, Inc.(a)		29,000		1,520,760
Total				4,369,041
Personal Products 0.1%
Elizabeth Arden, Inc.(a)		9,660		448,321
Tobacco 0.2%
Alliance One International, Inc.(a)		151,443		498,248
Total Consumer Staples				5,580,780
Energy 4.0%
Energy Equipment & Services 1.6%
Basic Energy Services, Inc.(a)		24,410		268,998

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

Semiannual Report 2012 5

Columbia Multi-Advisor Small Cap Value Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Dril-Quip, Inc.(a)		9,750		686,108
Exterran Holdings, Inc.(a)		9,090		189,708
Hercules Offshore, Inc.(a)		101,450		523,482
Hornbeck Offshore Services, Inc.(a)		9,420		338,838
Newpark Resources, Inc.(a)		62,070		484,146
Oceaneering International, Inc.		14,500		763,860
Parker Drilling Co.(a)		273,500		1,145,965
Tetra Technologies, Inc.(a)		98,000		686,000
Total				5,087,105
Oil, Gas & Consumable Fuels 2.4%
Advantage Oil & Gas Ltd.(a)		304,421		1,016,766
Berry Petroleum Co., Class A		49,400		1,536,834
Carrizo Oil & Gas, Inc.(a)		18,320		380,140
Comstock Resources, Inc.(a)		27,820		456,248
Gulfport Energy Corp.(a)		12,410		472,076
Oasis Petroleum, Inc.(a)		41,000		1,239,020
Overseas Shipholding Group, Inc.		118,740		145,456
Rex Energy Corp.(a)		41,380		544,147
SemGroup Corp., Class A(a)		3,870		145,822
Triangle Petroleum Corp.(a)		38,260		239,125
W&T Offshore, Inc.		25,970		430,323
WPX Energy, Inc.(a)		52,268		825,312
Total				7,431,269
Total Energy				12,518,374
Financials 23.6%
Capital Markets 2.2%
Duff & Phelps Corp., Class A		102,600		1,245,564
E*Trade Financial Corp.(a)		122,000		1,027,240
Eaton Vance Corp.		41,000		1,307,080
Janus Capital Group, Inc.		202,400		1,659,680
Prospect Capital Corp.		25,648		270,074
Stifel Financial Corp.(a)		34,500		1,049,490
Walter Investment Management(a)		7,030		297,228
Total				6,856,356
Commercial Banks 8.5%
Associated Banc-Corp.		117,000		1,503,450
Banco Latinoamericano de Comercio Exterior SA, Class E		19,920		430,272
Banner Corp.		15,950		479,298
BBCN Bancorp, Inc.		154,517		1,758,404
Boston Private Financial Holdings, Inc.		47,650		439,810
CapitalSource, Inc.		61,370		494,029
Cathay General Bancorp		107,759		1,928,886

Common Stocks (continued)
Issuer	Shares		Value ($)
Citizens Republic Bancorp, Inc.(a)		26,860		504,162
Community Bank System, Inc.		13,173		354,090
Community Trust Bancorp, Inc.		10,360		339,186
First Commonwealth Financial Corp.		63,240		405,368
First Financial Bancorp		22,500		326,925
First Merchants Corp.		25,390		344,796
First Midwest Bancorp, Inc.		29,130		364,125
FNB Corp.		38,110		411,588
Glacier Bancorp, Inc.		116,010		1,685,625
Hancock Holding Co.		66,370		2,085,345
Hanmi Financial Corp.(a)		29,140		363,959
Hometrust Bancshares, Inc.(a)		22,360		287,102
National Penn Bancshares, Inc.		39,600		375,012
PacWest Bancorp		18,670		465,070
Popular, Inc.(a)		23,540		465,386
PrivateBancorp, Inc.		27,480		450,397
Prosperity Bancshares, Inc.		72,360		2,976,167
Susquehanna Bancshares, Inc.		41,450		426,106
Synovus Financial Corp.		1,184,620		2,807,549
Taylor Capital Group, Inc.(a)		11,740		206,624
TCF Financial Corp.		31,960		379,685
United Bankshares, Inc.		13,580		335,426
Webster Financial Corp.		22,390		466,160
Western Alliance Bancorp(a)		37,080		376,733
Wintrust Financial Corp.		15,160		557,736
Zions Bancorporation		99,000		1,986,930
Total				26,781,401
Consumer Finance 0.3%
Nelnet, Inc., Class A		17,110		489,175
Netspend Holdings, Inc.(a)		37,730		439,554
Total				928,729
Insurance 6.5%
American National Insurance Co.		27,300		1,883,427
Endurance Specialty Holdings Ltd.		3,250		130,650
Horace Mann Educators Corp.		143,700		2,747,544
Montpelier Re Holdings Ltd.		103,928		2,274,984
Navigators Group, Inc. (The)(a)		5,660		296,641
Platinum Underwriters Holdings Ltd.		161,005		7,167,942
ProAssurance Corp.		17,900		1,623,172
Selective Insurance Group, Inc.		25,540		477,087
StanCorp Financial Group, Inc.		44,500		1,513,445
Stewart Information Services Corp.		22,130		604,149
Validus Holdings Ltd.		47,901		1,698,567
Total				20,417,608

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

6 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Real Estate Investment Trusts (REITs) 5.0%
American Assets Trust, Inc.		16,180		440,581
ARMOUR Residential REIT, Inc.		39,980		279,860
Colonial Properties Trust		18,670		380,868
Colony Financial, Inc.		15,660		313,513
Coresite Realty Corp.		13,750		352,000
CubeSmart		19,380		267,444
CYS Investments, Inc.		19,430		248,510
DiamondRock Hospitality Co.		116,190		1,015,501
DuPont Fabros Technology, Inc.		18,010		415,851
Epr Properties		8,200		371,870
FelCor Lodging Trust, Inc.(a)		83,910		352,422
Granite Real Estate, Inc.		190,205		7,054,704
Healthcare Realty Trust, Inc.		21,220		506,097
Highwoods Properties, Inc.		8,700		280,488
Invesco Mortgage Capital, Inc.		21,460		454,308
LaSalle Hotel Properties		14,370		346,461
Redwood Trust, Inc.		14,410		240,935
Resource Capital Corp.		66,110		391,371
Sabra Health Care REIT, Inc.		16,850		365,645
Starwood Property Trust, Inc.		21,000		480,060
Sunstone Hotel Investors, Inc.(a)		40,610		419,095
Two Harbors Investment Corp.		38,730		438,424
Universal Health Realty Income Trust		3,860		188,136
Total				15,604,144
Real Estate Management & Development 0.6%
Jones Lang LaSalle, Inc.		21,000		1,722,210
Tejon Ranch Co.(a)		9,550		266,445
Total				1,988,655
Thrifts & Mortgage Finance 0.5%
Dime Community Bancshares, Inc.		25,820		360,189
Homestreet, Inc.(a)		12,880		316,977
MGIC Investment Corp.(a)		37,440		65,520
Ocwen Financial Corp.(a)		8,320		298,355
Provident Financial Services, Inc.		30,680		444,553
TrustCo Bank Corp.		31,760		167,375
Total				1,652,969
Total Financials				74,229,862
Health Care 5.1%
Biotechnology 0.2%
Celldex Therapeutics, Inc.(a)		76,370		453,638
Health Care Equipment & Supplies 1.2%
Alere, Inc.(a)		6,990		129,315

Common Stocks (continued)
Issuer	Shares		Value ($)
CONMED Corp.		13,650		377,149
Cynosure Inc., Class A(a)		14,590		328,567
Integra LifeSciences Holdings Corp.(a)		11,780		456,593
STERIS Corp.		53,500		1,828,095
Thoratec Corp.(a)		8,400		312,480
West Pharmaceutical Services, Inc.		8,900		480,867
Total				3,913,066
Health Care Providers & Services 2.1%
AMN Healthcare Services, Inc.(a)		138,500		1,513,805
Gentiva Health Services, Inc.(a)		39,620		408,086
HealthSouth Corp.(a)		157,870		3,471,561
Kindred Healthcare, Inc.(a)		42,030		456,025
Magellan Health Services, Inc.(a)		3,620		187,806
PharMerica Corp.(a)		38,740		559,406
Total				6,596,689
Health Care Technology 0.1%
MedAssets, Inc.(a)		20,560		331,016
Life Sciences Tools & Services 1.5%
Bio-Rad Laboratories, Inc., Class A(a)		11,000		1,149,390
Charles River Laboratories International, Inc.(a)		25,100		963,087
Covance, Inc.(a)		45,900		2,616,759
Total				4,729,236
Total Health Care				16,023,645
Industrials 20.5%
Aerospace & Defense 0.1%
Moog, Inc., Class A(a)		10,275		377,709
Air Freight & Logistics 1.0%
Atlas Air Worldwide Holdings, Inc.(a)		9,100		393,848
Forward Air Corp.		86,800		2,886,100
Total				3,279,948
Airlines 3.5%
Air France-KLM, ADR(a)		286,770		2,641,152
JetBlue Airways Corp.(a)		1,217,629		6,258,613
Southwest Airlines Co.		191,357		1,823,636
U.S. Airways Group, Inc.(a)		33,200		427,948
Total				11,151,349
Building Products 2.3%
AAON, Inc.		16,870		355,113
Apogee Enterprises, Inc.		19,420		445,106
Gibraltar Industries, Inc.(a)		104,326		1,447,002
Lennox International, Inc.		9,520		500,657
Simpson Manufacturing Co., Inc.		66,200		2,165,402

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

Semiannual Report 2012 7

Columbia Multi-Advisor Small Cap Value Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Trex Co., Inc.(a)		54,400		2,209,184
Total				7,122,464
Commercial Services & Supplies 3.5%
ACCO Brands Corp.(a)		84,500		569,530
Geo Group, Inc. (The)		20,050		565,410
Herman Miller, Inc.		94,650		1,999,008
Interface, Inc.		32,150		472,284
KAR Auction Services, Inc.(a)		132,000		2,345,640
Mine Safety Appliances Co.		2,340		90,511
Mobile Mini, Inc.(a)		152,700		3,047,892
Schawk, Inc.		58,000		696,580
United Stationers, Inc.		39,500		1,212,255
Total				10,999,110
Construction & Engineering 2.0%
Aegion Corp.(a)		101,400		2,090,868
Comfort Systems U.S.A., Inc.		112,410		1,215,152
EMCOR Group, Inc.		50,690		1,665,167
Pike Electric Corp.(a)		134,500		1,331,550
Total				6,302,737
Electrical Equipment 0.9%
Brady Corp., Class A		15,529		495,996
Regal-Beloit Corp.		32,900		2,294,775
Total				2,790,771
Machinery 4.6%
Actuant Corp., Class A		15,200		437,304
Briggs & Stratton Corp.		23,380		474,380
ESCO Technologies, Inc.		11,740		430,858
Hyster-yale Materials Hand-b		2,890		119,877
IDEX Corp.		39,500		1,775,525
Manitowoc Co., Inc. (The)		28,500		427,500
Oshkosh Corp.(a)		112,700		3,307,745
Tecumseh Products Co., Class B(a)		10,948		43,902
Terex Corp.(a)		138,200		3,343,058
Trinity Industries, Inc.		37,600		1,194,552
Wabtec Corp.		17,000		1,438,540
Watts Water Technologies, Inc., Class A		33,960		1,388,624
Total				14,381,865
Marine 0.4%
Kirby Corp.(a)		20,500		1,186,540
Professional Services 1.2%
Korn/Ferry International(a)		171,000		2,465,820
Resources Connection, Inc.		108,500		1,259,685
Total				3,725,505

Common Stocks (continued)
Issuer	Shares		Value ($)
Road & Rail 0.6%
Avis Budget Group, Inc.(a)		27,420		519,335
Landstar System, Inc.		21,000		1,061,970
Saia, Inc.(a)		17,160		371,685
Total				1,952,990
Trading Companies & Distributors 0.4%
Aircastle Ltd.		54,800		623,076
Beacon Roofing Supply, Inc.(a)		10,620		327,521
TAL International Group, Inc.		12,360		420,858
Total				1,371,455
Total Industrials				64,642,443
Information Technology 16.2%
Communications Equipment 0.7%
Ixia(a)		31,230		469,075
Loral Space & Communications, Inc.		6,330		538,493
Plantronics, Inc.		34,500		1,160,235
Total				2,167,803
Computers & Peripherals 0.9%
Avid Technology, Inc.(a)		157,500		1,028,475
Electronics for Imaging, Inc.(a)		100,500		1,845,180
Total				2,873,655
Electronic Equipment, Instruments & Components 8.3%
Celestica, Inc.(a)		599,229		4,422,310
Cognex Corp.		58,000		2,077,560
FARO Technologies, Inc.(a)		29,500		1,040,760
Ingram Micro, Inc., Class A(a)		200,400		3,246,480
Insight Enterprises, Inc.(a)		11,480		194,471
Jabil Circuit, Inc.		105,000		1,995,000
Littelfuse, Inc.		43,290		2,498,266
Mercury Systems, Inc.(a)		112,600		989,754
Park Electrochemical Corp.		57,500		1,401,275
Plexus Corp.(a)		75,800		1,754,770
Rofin-Sinar Technologies, Inc.(a)		19,850		419,828
Sanmina Corp.(a)		347,608		3,274,467
Vishay Intertechnology, Inc.(a)		286,200		2,776,140
Total				26,091,081
Internet Software & Services 0.8%
Blucora, Inc.(a)		18,680		275,530
IntraLinks Holdings, Inc.(a)		50,530		332,993
OpenTable, Inc.(a)		5,100		228,939
ValueClick, Inc.(a)		26,900		507,603
WebMD Health Corp.(a)		71,900		1,010,195
Total				2,355,260

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

8 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
IT Services 0.9%
Acxiom Corp.(a)		24,770		438,181
Cardtronics, Inc.(a)		4,990		114,471
Convergys Corp.		32,210		502,798
DST Systems, Inc.		20,500		1,181,620
Euronet Worldwide, Inc.(a)		19,470		433,402
Unisys Corp.(a)		17,740		306,547
Total				2,977,019
Semiconductors & Semiconductor Equipment 2.8%
Advanced Energy Industries, Inc.(a)		4,520		57,811
ATMI, Inc.(a)		37,500		747,000
Axcelis Technologies, Inc.(a)		200,000		198,000
Brooks Automation, Inc.		214,800		1,653,960
Cavium, Inc.(a)		8,920		314,252
Cymer, Inc.(a)		4,700		412,190
Diodes, Inc.(a)		5,720		86,601
Entegris, Inc.(a)		49,630		444,685
Inphi Corp.(a)		18,780		146,484
International Rectifier Corp.(a)		64,120		1,095,169
MEMC Electronic Materials, Inc.(a)		75,640		221,625
Micron Technology, Inc.(a)		250,000		1,495,000
OmniVision Technologies, Inc.(a)		13,050		197,055
Photronics, Inc.(a)		146,700		755,505
Power Integrations, Inc.		10,130		315,144
RF Micro Devices, Inc.(a)		26,970		116,510
Spreadtrum Communications, Inc., ADR		21,110		392,224
Total				8,649,215
Software 1.8%
ACI Worldwide, Inc.(a)		7,481		322,506
Aspen Technology, Inc.(a)		7,490		194,665
Ellie Mae, Inc.(a)		18,770		465,872
Informatica Corp.(a)		43,000		1,155,410
Manhattan Associates, Inc.(a)		2,410		137,948
Mentor Graphics Corp.(a)		202,940		3,029,894
Netscout Systems, Inc.(a)		17,740		445,629
Total				5,751,924
Total Information Technology				50,865,957
Materials 4.7%
Chemicals 1.6%
Flotek Industries, Inc.(a)		23,760		274,428
H.B. Fuller Co.		9,180		301,563
Kraton Performance Polymers, Inc.(a)		5,050		118,624

Common Stocks (continued)
Issuer	Shares		Value ($)
Minerals Technologies, Inc.		6,760		500,240
Olin Corp.		20,130		417,295
PolyOne Corp.		165,600		3,335,184
Total				4,947,334
Construction Materials 0.6%
Headwaters, Inc.(a)		12,230		92,948
Texas Industries, Inc.(a)		38,940		1,807,595
Total				1,900,543
Containers & Packaging 0.4%
Myers Industries, Inc.		89,300		1,327,891
Metals & Mining 0.5%
AMCOL International Corp.		16,370		494,210
AuRico Gold, Inc.(a)		70,000		551,600
Coeur d’Alene Mines Corp.(a)		15,720		365,647
Worthington Industries, Inc.		13,090		308,401
Total				1,719,858
Paper & Forest Products 1.6%
Buckeye Technologies, Inc.		4,610		127,789
Clearwater Paper Corp.(a)		11,740		466,665
Deltic Timber Corp.		5,680		392,204
Louisiana-Pacific Corp.(a)		38,280		666,838
Resolute Forest Products(a)		287,998		3,372,456
Total				5,025,952
Total Materials				14,921,578
Telecommunication Services 0.2%
Diversified Telecommunication Services 0.2%
Cincinnati Bell, Inc.(a)		34,460		183,672
General Communication, Inc., Class A(a)		71,500		602,745
Total				786,417
Total Telecommunication Services				786,417
Utilities 2.1%
Electric Utilities 1.0%
Cleco Corp.		6,400		257,856
Empire District Electric Co. (The)		8,900		178,000
MGE Energy, Inc.		8,030		405,916
PNM Resources, Inc.		23,190		490,005
Portland General Electric Co.		16,960		458,429
UNS Energy Corp.		5,090		216,732
Westar Energy, Inc.		43,000		1,234,100
Total				3,241,038
Gas Utilities 0.2%
Laclede Group, Inc. (The)		8,810		358,655

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

Semiannual Report 2012 9

Columbia Multi-Advisor Small Cap Value Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
WGL Holdings, Inc.		10,370		405,052
Total				763,707
Independent Power Producers & Energy Traders 0.7%
GenOn Energy, Inc.(a)		827,000		2,108,850
Multi-Utilities 0.2%
Black Hills Corp.		15,310		546,414
Total Utilities				6,660,009
Total Common Stocks
(Cost: $263,804,507)				291,057,204

Money Market Funds 7.3%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.154%(b)(c)		22,880,385		22,880,385
Total Money Market Funds
(Cost: $22,880,385)				22,880,385
Total Investments
(Cost: $286,684,892)				313,937,589
Other Assets & Liabilities, Net				837,200
Net Assets				314,774,789

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at November 30, 2012.

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		24,107,875		49,787,898		(51,015,388	)		22,880,385		18,463		22,880,385

Abbreviation Legend

ADR American Depositary Receipt

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.

10 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 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		44,828,139		—		—		44,828,139
Consumer Staples		5,580,780		—		—		5,580,780
Energy		12,518,374		—		—		12,518,374
Financials		74,229,862		—		—		74,229,862
Health Care		16,023,645		—		—		16,023,645
Industrials		64,642,443		—		—		64,642,443
Information Technology		50,865,957		—		—		50,865,957
Materials		14,921,578		—		—		14,921,578
Telecommunication Services		786,417		—		—		786,417
Utilities		6,660,009		—		—		6,660,009
Total Equity Securities		291,057,204		—		—		291,057,204
Other
Money Market Funds		22,880,385		—		—		22,880,385
Total Other		22,880,385		—		—		22,880,385
Total		313,937,589		—		—		313,937,589

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

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

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

Semiannual Report 2012 11

Columbia Multi-Advisor Small Cap Value Fund

Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $263,804,507)	$291,057,204
Affiliated issuers (identified cost $22,880,385)	22,880,385
Total investments (identified cost $286,684,892)	313,937,589
Cash	495,100
Receivable for:
Investments sold	4,174,376
Capital shares sold	132,651
Dividends	364,921
Interest	1,608
Reclaims	9,539
Expense reimbursement due from Investment Manager	2,703
Prepaid expenses	3,256
Total assets	319,121,743
Liabilities
Payable for:
Investments purchased	3,722,115
Capital shares purchased	484,987
Investment management fees	8,329
Distribution and/or service fees	2,308
Transfer agent fees	59,013
Administration fees	691
Plan administration fees	416
Compensation of board members	19,544
Other expenses	49,551
Total liabilities	4,346,954
Net assets applicable to outstanding capital stock	$314,774,789
Represented by
Paid-in capital	$290,569,488
Excess of distributions over net investment income	(605,553	)
Accumulated net realized loss	(2,441,843	)
Unrealized appreciation (depreciation) on:
Investments	27,252,697
Total — representing net assets applicable to outstanding capital stock	$314,774,789

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

12 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Statement of Assets and Liabilities (continued)

November 30, 2012 (Unaudited)

Class A
Net assets	$245,808,161
Shares outstanding	41,143,597
Net asset value per share	$5.97
Maximum offering price per share(a)	$6.33
Class B
Net assets	$11,554,442
Shares outstanding	2,133,061
Net asset value per share	$5.42
Class C
Net assets	$8,842,831
Shares outstanding	1,627,371
Net asset value per share	$5.43
Class I
Net assets	$19,945,854
Shares outstanding	3,180,371
Net asset value per share	$6.27
Class K(b)
Net assets	$2,006,583
Shares outstanding	327,619
Net asset value per share	$6.12
Class R
Net assets	$4,656,096
Shares outstanding	786,316
Net asset value per share	$5.92
Class R4(c)
Net assets	$2,348,191
Shares outstanding	388,748
Net asset value per share	$6.04
Class R5
Net assets	$15,142,986
Shares outstanding	2,445,744
Net asset value per share	$6.19
Class Z
Net assets	$4,469,645
Shares outstanding	716,349
Net asset value per share	$6.24

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

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(c) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

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

Semiannual Report 2012 13

Columbia Multi-Advisor Small Cap Value Fund

Statement of Operations

Six Months Ended November 30, 2012 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$1,973,245
Dividends — affiliated issuers	18,463
Interest	3
Income from securities lending — net	126,803
Foreign taxes withheld	(28,868	)
Total income	2,089,646
Expenses:
Investment management fees	1,531,402
Distribution and/or service fees
Class A	310,065
Class B	65,151
Class C	44,126
Class R	10,659
Class R4(a)	2,490
Transfer agent fees
Class A	426,988
Class B	22,127
Class C	15,197
Class K(b)	474
Class R	7,365
Class R4(a)	1,249
Class R5	3,714
Class Z	7,305
Administration fees	126,997
Plan administration fees
Class K(b)	2,390
Class R4(a)	2,490
Compensation of board members	7,802
Custodian fees	7,085
Printing and postage fees	40,388
Registration fees	62,237
Professional fees	15,664
Other	7,199
Total expenses	2,720,564
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(430,943	)
Expense reductions	(60	)
Total net expenses	2,289,561
Net investment loss	(199,915	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	13,137,222
Net realized gain	13,137,222
Net change in unrealized appreciation (depreciation) on:
Investments	17,906,430
Net change in unrealized appreciation (depreciation)	17,906,430
Net realized and unrealized gain	31,043,652
Net increase in net assets resulting from operations	$30,843,737

(a) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

14 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012
Operations
Net investment loss		$(199,915	)		$(1,019,828	)
Net realized gain		13,137,222			19,922,076
Net change in unrealized appreciation (depreciation)		17,906,430			(72,917,885	)
Net increase (decrease) in net assets resulting from operations		30,843,737			(54,015,637	)
Increase (decrease) in net assets from capital stock activity		(31,859,246	)		(78,936,469	)
Proceeds from regulatory settlements (Note 6)		119,444			—
Total decrease in net assets		(896,065	)		(132,952,106	)
Net assets at beginning of period		315,670,854			448,622,960
Net assets at end of period		$314,774,789			$315,670,854
Excess of distributions over net investment income		$(605,553	)		$(405,638	)

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

Semiannual Report 2012 15

Columbia Multi-Advisor Small Cap Value Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012 (Unaudited)						Year Ended May 31, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		2,210,268			12,499,136			6,594,226			37,313,361
Redemptions		(6,274,225	)		(35,752,757	)		(13,699,271	)		(75,076,091	)
Net decrease		(4,063,957	)		(23,253,621	)		(7,105,045	)		(37,762,730	)
Class B shares
Subscriptions		5,423			27,774			44,057			229,567
Redemptions(a)		(1,332,947	)		(6,797,725	)		(3,244,313	)		(17,337,503	)
Net decrease		(1,327,524	)		(6,769,951	)		(3,200,256	)		(17,107,936	)
Class C shares
Subscriptions		115,847			598,047			416,727			2,087,238
Redemptions		(219,940	)		(1,149,898	)		(452,712	)		(2,281,049	)
Net decrease		(104,093	)		(551,851	)		(35,985	)		(193,811	)
Class I shares
Subscriptions		6,592			39,514			856,980			4,813,754
Redemptions		(194,517	)		(1,201,173	)		(4,987,821	)		(29,237,975	)
Net decrease		(187,925	)		(1,161,659	)		(4,130,841	)		(24,424,221	)
Class K shares(b)
Subscriptions		84,528			485,206			110,246			632,244
Redemptions		(36,612	)		(216,839	)		(186,121	)		(1,056,442	)
Net increase (decrease)		47,916			268,367			(75,875	)		(424,198	)
Class R shares
Subscriptions		280,561			1,573,767			566,656			3,036,780
Redemptions		(153,505	)		(858,540	)		(224,432	)		(1,242,803	)
Net increase		127,056			715,227			342,224			1,793,977
Class R4 shares(c)
Subscriptions		35,572			204,535			96,694			534,949
Redemptions		(118,626	)		(681,782	)		(95,326	)		(523,557	)
Net increase (decrease)		(83,054	)		(477,247	)		1,368			11,392
Class R5 shares
Subscriptions		223,084			1,319,397			641,295			3,540,306
Redemptions		(342,486	)		(2,037,742	)		(797,888	)		(4,569,923	)
Net decrease		(119,402	)		(718,345	)		(156,593	)		(1,029,617	)
Class Z shares
Subscriptions		77,133			459,617			537,262			3,091,671
Redemptions		(61,624	)		(369,783	)		(510,592	)		(2,890,996	)
Net increase		15,509			89,834			26,670			200,675
Total net decrease		(5,695,474	)		(31,859,246	)		(14,334,333	)		(78,936,469	)

(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.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(c) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

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

16 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class  A	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.42		$6.18		$4.91		$3.35		$4.73		$6.56
Income from investment operations:
Net investment income (loss)	(0.00	)(a)	(0.01	)	(0.03	)	(0.02	)	0.00	(a)	0.03
Net realized and unrealized gain (loss)	0.55		(0.75	)	1.30		1.58		(1.38	)	(1.02	)
Total from investment operations	0.55		(0.76	)	1.27		1.56		(1.38	)	(0.99	)
Less distributions to shareholders:
Net realized gains	—		—		—		—		—		(0.83	)
Tax return of capital	—		—		—		—		—		(0.01	)
Total distributions to shareholders	—		—		—		—		—		(0.84	)
Proceeds from regulatory settlements	0.00	(a)	—		—		—		—		—
Net asset value, end of period	$5.97		$5.42		$6.18		$4.91		$3.35		$4.73
Total return	10.15	%(b)	(12.30	%)	25.87	%	46.57	%	(29.18	%)	(15.03	%)
Ratios to average net assets(c)
Total gross expenses	1.72	%(d)	1.70	%	1.70	%	1.79	%	1.79	%	1.56	%
Total net expenses(e)	1.43	%(d)(f)	1.50	%(f)	1.53	%	1.52	%	1.35	%	1.37	%
Net investment income (loss)	(0.12	%)(d)	(0.27	%)	(0.56	%)	(0.54	%)	0.04	%	0.51	%
Supplemental data
Net assets, end of period (in thousands)	$245,808		$244,913		$323,548		$277,384		$194,256		$365,496
Portfolio turnover	28	%	66	%	54	%	80	%	120	%	45	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.04%.

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

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

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

Semiannual Report 2012 17

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class B	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$4.93		$5.68		$4.54		$3.12		$4.44		$6.26
Income from investment operations:
Net investment loss	(0.02	)	(0.05	)	(0.07	)	(0.05	)	(0.02	)	(0.01	)
Net realized and unrealized gain (loss)	0.51		(0.70	)	1.21		1.47		(1.30	)	(0.97	)
Total from investment operations	0.49		(0.75	)	1.14		1.42		(1.32	)	(0.98	)
Less distributions to shareholders:
Net realized gains	—		—		—		—		—		(0.83	)
Tax return of capital	—		—		—		—		—		(0.01	)
Total distributions to shareholders	—		—		—		—		—		(0.84	)
Proceeds from regulatory settlements	0.00	(a)	—		—		—		—		—
Net asset value, end of period	$5.42		$4.93		$5.68		$4.54		$3.12		$4.44
Total return	9.94	%(b)	(13.20	%)	25.11	%	45.51	%	(29.73	%)	(15.64	%)
Ratios to average net assets(c)
Total gross expenses	2.46	%(d)	2.44	%	2.47	%	2.56	%	2.56	%	2.33	%
Total net expenses(e)	2.19	%(d)(f)	2.26	%(f)	2.30	%	2.30	%	2.12	%	2.13	%
Net investment loss	(0.87	%)(d)	(1.05	%)	(1.34	%)	(1.31	%)	(0.73	%)	(0.26	%)
Supplemental data
Net assets, end of period (in thousands)	$11,554		$17,066		$37,804		$62,404		$61,304		$128,473
Portfolio turnover	28	%	66	%	54	%	80	%	120	%	45	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.04%.

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

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

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

18 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class C	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$4.95		$5.69		$4.55		$3.12		$4.45		$6.27
Income from investment operations:
Net investment loss	(0.02	)	(0.05	)	(0.07	)	(0.05	)	(0.02	)	(0.01	)
Net realized and unrealized gain (loss)	0.50		(0.69	)	1.21		1.48		(1.31	)	(0.97	)
Total from investment operations	0.48		(0.74	)	1.14		1.43		(1.33	)	(0.98	)
Less distributions to shareholders:
Net realized gains	—		—		—		—		—		(0.83	)
Tax return of capital	—		—		—		—		—		(0.01	)
Total distributions to shareholders	—		—		—		—		—		(0.84	)
Proceeds from regulatory settlements	0.00	(a)	—		—		—		—		—
Net asset value, end of period	$5.43		$4.95		$5.69		$4.55		$3.12		$4.45
Total return	9.70	%(b)	(13.01	%)	25.05	%	45.83	%	(29.89	%)	(15.61	%)
Ratios to average net assets(c)
Total gross expenses	2.47	%(d)	2.44	%	2.44	%	2.55	%	2.55	%	2.33	%
Total net expenses(e)	2.18	%(d)(f)	2.26	%(f)	2.29	%	2.28	%	2.11	%	2.13	%
Net investment loss	(0.87	%)(d)	(1.02	%)	(1.33	%)	(1.29	%)	(0.72	%)	(0.24	%)
Supplemental data
Net assets, end of period (in thousands)	$8,843		$8,563		$10,055		$7,765		$5,807		$10,463
Portfolio turnover	28	%	66	%	54	%	80	%	120	%	45	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.04%.

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

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

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

Semiannual Report 2012 19

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class I	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.67		$6.45		$5.10		$3.46		$4.87		$6.69
Income from investment operations:
Net investment income (loss)	0.01		0.01		(0.01	)	(0.00	)(a)	0.02		0.05
Net realized and unrealized gain (loss)	0.59		(0.79	)	1.36		1.64		(1.43	)	(1.03	)
Total from investment operations	0.60		(0.78	)	1.35		1.64		(1.41	)	(0.98	)
Less distributions to shareholders:
Net realized gains	—		—		—		—		—		(0.83	)
Tax return of capital	—		—		—		—		—		(0.01	)
Total distributions to shareholders	—		—		—		—		—		(0.84	)
Proceeds from regulatory settlements	0.00	(a)	—		—		—		—		—
Net asset value, end of period	$6.27		$5.67		$6.45		$5.10		$3.46		$4.87
Total return	10.58	%(b)	(12.09	%)	26.47	%	47.40	%	(28.95	%)	(14.54	%)
Ratios to average net assets(c)
Total gross expenses	1.13	%(d)	1.12	%	1.16	%	1.20	%	1.18	%	1.05	%
Total net expenses(e)	1.00	%(d)	1.09	%	1.08	%	1.07	%	0.93	%	0.96	%
Net investment income (loss)	0.32	%(d)	0.09	%	(0.12	%)	(0.08	%)	0.50	%	0.92	%
Supplemental data
Net assets, end of period (in thousands)	$19,946		$19,114		$48,387		$43,815		$40,476		$15,385
Portfolio turnover	28	%	66	%	54	%	80	%	120	%	45	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.04%.

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

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

20 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class K(a)	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.55		$6.33		$5.02		$3.41		$4.81		$6.62
Income from investment operations:
Net investment income (loss)	0.00	(b)	(0.01	)	(0.02	)	(0.02	)	0.01		0.05
Net realized and unrealized gain (loss)	0.57		(0.77	)	1.33		1.63		(1.41	)	(1.02	)
Total from investment operations	0.57		(0.78	)	1.31		1.61		(1.40	)	(0.97	)
Less distributions to shareholders:
Net realized gains	—		—		—		—		—		(0.83	)
Tax return of capital	—		—		—		—		—		(0.01	)
Total distributions to shareholders	—		—		—		—		—		(0.84	)
Proceeds from regulatory settlements	0.00	(b)	—		—		—		—		—
Net asset value, end of period	$6.12		$5.55		$6.33		$5.02		$3.41		$4.81
Total return	10.27	%(c)	(12.32	%)	26.10	%	47.21	%	(29.11	%)	(14.56	%)
Ratios to average net assets(d)
Total gross expenses	1.43	%(e)	1.41	%	1.41	%	1.50	%	1.42	%	1.35	%
Total net expenses(f)	1.29	%(e)	1.38	%	1.33	%	1.37	%	1.01	%	0.99	%
Net investment income (loss)	0.03	%(e)	(0.15	%)	(0.42	%)	(0.37	%)	0.39	%	0.94	%
Supplemental data
Net assets, end of period (in thousands)	$2,007		$1,552		$2,250		$370		$154		$249
Portfolio turnover	28	%	66	%	54	%	80	%	120	%	45	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.04%.

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

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

Semiannual Report 2012 21

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class R	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.38		$6.15		$4.90		$3.35		$4.76		$6.61
Income from investment operations:
Net investment income (loss)	(0.01	)	(0.03	)	(0.05	)	(0.04	)	(0.01	)	0.02
Net realized and unrealized gain (loss)	0.55		(0.74	)	1.30		1.59		(1.40	)	(1.03	)
Total from investment operations	0.54		(0.77	)	1.25		1.55		(1.41	)	(1.01	)
Less distributions to shareholders:
Net realized gains	—		—		—		—		—		(0.83	)
Tax return of capital	—		—		—		—		—		(0.01	)
Total distributions to shareholders	—		—		—		—		—		(0.84	)
Proceeds from regulatory settlements	0.00	(a)	—		—		—		—		—
Net asset value, end of period	$5.92		$5.38		$6.15		$4.90		$3.35		$4.76
Total return	10.04	%(b)	(12.52	%)	25.51	%	46.27	%	(29.62	%)	(15.22	%)
Ratios to average net assets(c)
Total gross expenses	1.98	%(d)	1.96	%	1.89	%	2.00	%	1.92	%	1.84	%
Total net expenses(e)	1.68	%(d)(f)	1.76	%(f)	1.80	%	1.87	%	1.71	%	1.74	%
Net investment income (loss)	(0.37	%)(d)	(0.50	%)	(0.86	%)	(0.89	%)	(0.30	%)	0.36	%
Supplemental data
Net assets, end of period (in thousands)	$4,656		$3,545		$1,951		$679		$342		$234
Portfolio turnover	28	%	66	%	54	%	80	%	120	%	45	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.04%.

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

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

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

22 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class R4(a)	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.48		$6.26		$4.98		$3.39		$4.80		$6.62
Income from investment operations:
Net investment income (loss)	(0.00	)(b)	(0.02	)	(0.04	)	(0.03	)	0.00	(b)	0.04
Net realized and unrealized gain (loss)	0.56		(0.76	)	1.32		1.62		(1.41	)	(1.02	)
Total from investment operations	0.56		(0.78	)	1.28		1.59		(1.41	)	(0.98	)
Less distributions to shareholders:
Net realized gains	—		—		—		—		—		(0.83	)
Tax return of capital	—		—		—		—		—		(0.01	)
Total distributions to shareholders	—		—		—		—		—		(0.84	)
Proceeds from regulatory settlements	0.00	(b)	—		—		—		—		—
Net asset value, end of period	$6.04		$5.48		$6.26		$4.98		$3.39		$4.80
Total return	10.22	%(c)	(12.46	%)	25.70	%	46.90	%	(29.38	%)	(14.72	%)
Ratios to average net assets(d)
Total gross expenses	1.64	%(e)	1.65	%	1.67	%	1.76	%	1.76	%	1.63	%
Total net expenses(f)	1.48	%(e)	1.63	%	1.58	%	1.62	%	1.45	%	1.26	%
Net investment income (loss)	(0.16	%)(e)	(0.39	%)	(0.62	%)	(0.65	%)	0.08	%	0.69	%
Supplemental data
Net assets, end of period (in thousands)	$2,348		$2,585		$2,946		$440		$27		$6
Portfolio turnover	28	%	66	%	54	%	80	%	120	%	45	%

Notes to Financial Highlights

(a) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.04%.

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

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

Semiannual Report 2012 23

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class R5	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.60		$6.37		$5.04		$3.42		$4.82		$6.63
Income from investment operations:
Net investment income (loss)	0.01		0.01		(0.01	)	(0.01	)	0.02		0.06
Net realized and unrealized gain (loss)	0.58		(0.78	)	1.34		1.63		(1.42	)	(1.03	)
Total from investment operations	0.59		(0.77	)	1.33		1.62		(1.40	)	(0.97	)
Less distributions to shareholders:
Net realized gains	—		—		—		—		—		(0.83	)
Tax return of capital	—		—		—		—		—		(0.01	)
Total distributions to shareholders	—		—		—		—		—		(0.84	)
Proceeds from regulatory settlements	0.00	(a)	—		—		—		—		—
Net asset value, end of period	$6.19		$5.60		$6.37		$5.04		$3.42		$4.82
Total return	10.54	%(b)	(12.09	%)	26.39	%	47.37	%	(29.05	%)	(14.54	%)
Ratios to average net assets(c)
Total gross expenses	1.18	%(d)	1.15	%	1.20	%	1.25	%	1.18	%	1.08	%
Total net expenses(e)	1.04	%(d)	1.12	%	1.11	%	1.12	%	0.96	%	0.99	%
Net investment income (loss)	0.27	%(d)	0.13	%	(0.16	%)	(0.14	%)	0.45	%	1.16	%
Supplemental data
Net assets, end of period (in thousands)	$15,143		$14,373		$17,344		$11,079		$7,087		$9,192
Portfolio turnover	28	%	66	%	54	%	80	%	120	%	45	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.04%.

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

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

24 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class Z	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$5.65		$6.43		$5.09
Income from investment operations:
Net investment income (loss)	0.00	(b)	(0.00	)(b)	(0.01	)
Net realized and unrealized gain (loss)	0.59		(0.78	)	1.35
Total from investment operations	0.59		(0.78	)	1.34
Proceeds from regulatory settlements	0.00	(b)	—		—
Net asset value, end of period	$6.24		$5.65		$6.43
Total return	10.44	%(c)	(12.13	%)	26.33	%
Ratios to average net assets(d)
Total gross expenses	1.48	%(e)	1.44	%	1.32	%(e)
Total net expenses(f)	1.18	%(e)(g)	1.25	%(g)	1.20	%(e)
Net investment income (loss)	0.14	%(e)	(0.00	%)(h)	(0.22	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$4,470		$3,960		$4,338
Portfolio turnover	28	%	66	%	54	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to May 31, 2011.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.04%.

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

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

(h) Rounds to less than 0.01%.

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

Semiannual Report 2012 25

Columbia Multi-Advisor Small Cap Value Fund

Notes to Financial Statements

November 30, 2012 (Unaudited)

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5 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 K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Class R4 shares (formerly Class R3 shares) are not subject to sales charges. Effective October 31, 2012, Class R3 shares were renamed Class R4 shares. Effective November 8, 2012, Class R4 shares are only available to qualifying institutional investors. Prior to November 8, 2012, Class R4 shares were closed to new investors.

Class R5 shares are not subject to sales charges. Effective November 8, 2012, Class R5 shares are only available to investors purchasing through authorized investment professionals. Prior to November 8, 2012, Class R5 shares were closed to new investors.

Class Z shares are not subject to sales charges, and are only available to certain investors.

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 ask prices on such exchanges or markets.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques 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.

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 ask prices on such exchanges or

26 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in 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 fair value.

Foreign Currency Transactions and Translations

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.

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 the Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

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.

The Fund may receive distributions from holdings in business development companies (BDCs), exchange traded funds (ETFs) and real estate investment trusts (REITs), which report information on the character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on 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 BDCs, ETFs and REITs, which could result in a proportionate change in return of capital to shareholders.

Semiannual Report 2012 27

Columbia Multi-Advisor Small Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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.

Interest income is recorded on an accrual basis.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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), is responsible for the ultimate oversight of investments made by

28 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

the Fund. The Fund’s subadvisers (see Subadvisory Agreement below) have the primary responsibility for the day-to-day portfolio management of the Fund. The investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.97% to 0.87% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.96% of the Fund’s average daily net assets.

Subadvisory Agreement

The Investment Manager has entered into Subadvisory Agreements with Barrow, Hanley, Mewhinney & Strauss, LLC, Donald Smith & Co., Inc., Metropolitan West Capital Management, LLC and Turner Investments, L.P., each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager’s determination, subject to the oversight of the Fund’s Board, of the allocation that is in the best interests of the shareholders. Each subadviser’s proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund’s assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.08% to 0.05% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2012 was 0.08% of the Fund’s average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $923.

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 fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class. Prior to October 27, 2012, total transfer agent fees for Class R4 shares were subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to that share class.

For the six months ended November 30, 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	0.34	%
Class B	0.34
Class C	0.34
Class K	0.05
Class R	0.34
Class R4	0.10
Class R5	0.05
Class Z	0.34

Semiannual Report 2012 29

Columbia Multi-Advisor Small Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 November 30, 2012, these minimum account balance fees reduced total expenses by $60.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services. Prior to October 27, 2012, the Fund also paid a plan administration fee at an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class R4 shares.

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. Prior to October 27, 2012, the Fund also paid a distribution fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class R4 shares.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $1,193,000 and $125,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2012 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 $52,165 for Class A, $2,588 for Class B and $114 for Class C shares for the six months ended November 30, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective August 1, 2012, 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 September 30, 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	1.40	%
Class B	2.15
Class C	2.15
Class I	0.95
Class K	1.25
Class R	1.65
Class R4*	1.15
Class R5	1.00
Class Z	1.15

* For the period August 1, 2012 through October 26, 2012, the annual rate for the former Class R3 shares was 1.50%.

Prior to August 1, 2012, the Investment Manager and certain of 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	1.50	%
Class B	2.25
Class C	2.25
Class I	1.10
Class K	1.40
Class R	1.75
Class R4	1.65
Class R5	1.15
Class Z	1.25

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual

30 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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.

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $286,685,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$52,719,000
Unrealized depreciation	(25,466,000	)
Net unrealized appreciation	$27,253,000

The following capital loss carryforward, determined as of May 31, 2012 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		9,922,994

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat late year ordinary losses of $388,902 at May 31, 2012 as arising on June 1, 2012.

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 $82,774,563 and $110,952,610, respectively, for the six months ended November 30, 2012.

Note 6. Regulatory Settlements

During the six months ended November 30, 2012, the Fund received $119,444 as a result of a regulatory settlement proceeding brought by the Securities and Exchange Commission against an unaffiliated third party relating to market timing and/or late trading of mutual funds. This amount represented the Fund’s portion of the proceeds from the settlement (the Fund was not a party to the proceeding). The payments have been included in “Proceeds from regulatory settlements” in the Statement of Changes in Net Assets.

Note 7. 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 securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value 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.

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

Semiannual Report 2012 31

Columbia Multi-Advisor Small Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 November 30, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At November 30, 2012, the Fund did not have any securities on loan.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 8. Affiliated Money Market Fund

The Fund invests 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 — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 9. Shareholder Concentration

At November 30, 2012, one unaffiliated shareholder account owned 23.7% 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 10. 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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the six months ended November 30, 2012.

Note 11. Significant Risks

Financial Sector Risk

The Fund’s portfolio managers may invest significantly in issuers operating in the financial sector. The Fund may be more susceptible to the particular risks of this sector than if the Fund were invested in a wider variety of issuers operating in unrelated industries.

Industrial Sector Risk

The Fund’s portfolio managers may invest significantly in issuers operating in the industrials sector. The Fund may be more susceptible to the particular risks of this sector than if the Fund were invested in a wider variety of issuers operating in unrelated sectors.

Note 12. Subsequent Events

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

Note 13. 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

32 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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.

Semiannual Report 2012 33

Columbia Multi-Advisor Small Cap Value Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal years ended May 31, 2012 and 2011 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal years ended May 31, 2012 and 2011 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

34 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

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Semiannual Report 2012 35

Columbia Multi-Advisor Small Cap Value Fund

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36 Semiannual Report 2012

Columbia Multi-Advisor Small Cap Value Fund

Important Information About This Report

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

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 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 sec.gov.

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

Semiannual Report 2012 37

Columbia Multi-Advisor Small Cap Value Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6250 N (1/13)

Semiannual Report November 30, 2012

Columbia Select Large-Cap Value Fund

Columbia Select Large-Cap Value Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

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

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	8
Statement of Operations	10
Statement of Changes in Net Assets	11
Financial Highlights	14
Notes to Financial Statements	24
Supplemental Information	31
Important Information About This Report	33

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Select Large-Cap Value Fund (the Fund) Class A shares returned 12.86% excluding sales charges for the six months ended November 30, 2012.

> The Fund outperformed its primary benchmark, the Russell 1000 Value Index, which returned 11.20% for the same time period.

> The Fund also outperformed the broad U.S. equity market, represented by the S&P 500 Index, which returned 9.32% for the same six-month period.

Average Annual Total Returns (%) (for period ended November 30, 2012)
	Inception	6 Months cumulative			1 Year		5 Years		10 Years
Class A	04/25/97
Excluding sales charges			12.86			15.66		1.55		7.88
Including sales charges			6.39			9.00		0.35		7.25
Class B	04/25/97
Excluding sales charges			12.42			14.81		0.78		7.07
Including sales charges			7.42			9.81		0.39		7.07
Class C	05/27/99
Excluding sales charges			12.49			14.79		0.81		7.09
Including sales charges			11.49			13.79		0.81		7.09
Class I*	08/03/09		13.14			16.18		1.84		8.03
Class K* (formerly Class R4)	08/03/09		12.96			15.80		1.64		7.93
Class R*	04/30/03		12.72			15.38		1.28		7.61
Class R4*	11/08/12		12.84			15.65		1.55		7.88
Class R5	11/30/01		13.05			16.05		2.01		8.45
Class W*	09/27/10		12.85	��		15.66		1.01		7.10
Class Z*	09/27/10		13.01			15.94		1.67		7.94
Russell 1000 Value Index			11.20			17.45		-0.01		6.69
S&P 500 Index			9.32			16.13		1.34		6.36

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

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

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

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

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

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

2 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2012)
Bank of America Corp.	5.0
JPMorgan Chase & Co.	4.7
Wells Fargo & Co.	4.4
Valero Energy Corp.	4.3
Unum Group	4.2
Tyson Foods, Inc., Class A	4.0
AES Corp.	3.8
Lowe's Companies, Inc.	3.5
Citigroup, Inc.	3.3
Juniper Networks, Inc.	3.0

Percentages indicated are based upon total investments.

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

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

Portfolio Breakdown (%) (at November 30, 2012)
Common Stocks	100.0
Consumer Discretionary	7.7
Consumer Staples	11.5
Energy	19.0
Financials	31.2
Health Care	7.3
Industrials	11.3
Information Technology	3.0
Materials	5.2
Utilities	3.8
Total	100.0

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

Portfolio Management

Neil Eigen

Richard Rosen

Morningstar Style Box™

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

©2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Semiannual Report 2012 3

Columbia Select Large-Cap Value Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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.

June 1, 2012 – November 30, 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		1,128.60		1,018.80		6.67		6.33		1.25
Class B		1,000.00	1,000.00		1,124.20		1,015.04		10.65		10.10		2.00
Class C		1,000.00	1,000.00		1,124.90		1,015.04		10.65		10.10		2.00
Class I		1,000.00	1,000.00		1,131.40		1,020.81		4.54		4.31		0.85
Class K (formerly Class R4)		1,000.00	1,000.00		1,129.60		1,019.30		6.14		5.82		1.15
Class R		1,000.00	1,000.00		1,127.20		1,017.55		8.00		7.59		1.50
Class R4		1,000.00	1,000.00		1,035.80	*	1,020.05		0.59	*	5.06		1.00	*
Class R5		1,000.00	1,000.00		1,130.50		1,020.61		4.75		4.51		0.89
Class W		1,000.00	1,000.00		1,128.50		1,018.80		6.67		6.33		1.25
Class Z		1,000.00	1,000.00		1,130.10		1,020.05		5.34		5.06		1.00

* For the period November 8, 2012 through November 30, 2012. Class R4 shares commenced operations on November 8, 2012.

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

Expenses do not include fees and expenses incurred indirectly by the Fund from 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.

4 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 99.8%
Issuer	Shares		Value ($)
Consumer Discretionary 7.6%
Multiline Retail 2.1%
Nordstrom, Inc.		182,500		9,871,425
Specialty Retail 5.5%
Gap, Inc. (The)		265,000		9,131,900
Lowe's Companies, Inc.		440,000		15,879,600
Total				25,011,500
Total Consumer Discretionary				34,882,925
Consumer Staples 11.5%
Food & Staples Retailing 2.6%
Costco Wholesale Corp.		112,500		11,698,875
Food Products 3.9%
Tyson Foods, Inc., Class A		940,000		18,019,800
Tobacco 5.0%
Altria Group, Inc.		350,000		11,833,500
Philip Morris International, Inc.		121,500		10,920,420
Total				22,753,920
Total Consumer Staples				52,472,595
Energy 19.0%
Oil, Gas & Consumable Fuels 19.0%
Anadarko Petroleum Corp.		187,500		13,723,125
Chevron Corp.		99,000		10,463,310
ConocoPhillips		99,000		5,637,060
Marathon Oil Corp.		430,000		13,265,500
Marathon Petroleum Corp.		220,500		13,128,570
Valero Energy Corp.		600,000		19,356,000
Williams Companies, Inc. (The)		330,000		10,837,200
Total				86,410,765
Total Energy				86,410,765
Financials 31.2%
Capital Markets 2.8%
Morgan Stanley		755,000		12,736,850
Commercial Banks 7.0%
U.S. Bancorp		380,000		12,258,800
Wells Fargo & Co.		600,000		19,806,000
Total				32,064,800
Diversified Financial Services 13.0%
Bank of America Corp.		2,315,000		22,825,900
Citigroup, Inc.		430,000		14,865,100
JPMorgan Chase & Co.		522,000		21,443,760
Total				59,134,760

Common Stocks (continued)
Issuer	Shares		Value ($)
Insurance 8.4%
MetLife, Inc.		285,000		9,459,150
Prudential Financial, Inc.		180,000		9,381,600
Unum Group		945,000		19,268,550
Total				38,109,300
Total Financials				142,045,710
Health Care 7.3%
Health Care Equipment & Supplies 2.4%
Baxter International, Inc.		165,000		10,934,550
Health Care Providers & Services 2.5%
Humana, Inc.		175,000		11,446,750
Pharmaceuticals 2.4%
Bristol-Myers Squibb Co.		330,000		10,767,900
Total Health Care				33,149,200
Industrials 11.3%
Aerospace & Defense 6.4%
General Dynamics Corp.		117,500		7,813,750
Honeywell International, Inc.		200,000		12,266,000
United Technologies Corp.		112,500		9,012,375
Total				29,092,125
Road & Rail 4.9%
CSX Corp.		577,500		11,411,400
Union Pacific Corp.		89,000		10,927,420
Total				22,338,820
Total Industrials				51,430,945
Information Technology 3.0%
Communications Equipment 3.0%
Juniper Networks, Inc.(a)		770,000		13,844,600
Total Information Technology				13,844,600
Materials 5.2%
Chemicals 2.9%
EI du Pont de Nemours & Co.		197,500		8,520,150
Praxair, Inc.		42,000		4,502,820
Total				13,022,970
Metals & Mining 2.3%
Freeport-McMoRan Copper & Gold, Inc.		272,500		10,630,225
Total Materials				23,653,195

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

Semiannual Report 2012 5

Columbia Select Large-Cap Value Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Utilities 3.7%
Independent Power Producers & Energy Traders 3.7%
AES Corp.		1,600,000		17,072,000
Total Utilities				17,072,000
Total Common Stocks
(Cost: $356,378,011)				454,961,935
Total Investments
(Cost: $356,378,011)(b)				454,961,935
Other Assets & Liabilities, Net				708,858
Net Assets				455,670,793

Notes to Portfolio of Investments

(a) Non-income producing.

(b) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		356,744		50,923,507		(51,280,251	)		—		1,434		—

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.

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

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

6 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

The following table is a summary of the inputs used to value the Fund's investments at November 30, 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		34,882,925		—		—		34,882,925
Consumer Staples		52,472,595		—		—		52,472,595
Energy		86,410,765		—		—		86,410,765
Financials		142,045,710		—		—		142,045,710
Health Care		33,149,200		—		—		33,149,200
Industrials		51,430,945		—		—		51,430,945
Information Technology		13,844,600		—		—		13,844,600
Materials		23,653,195		—		—		23,653,195
Utilities		17,072,000		—		—		17,072,000
Total		454,961,935		—		—		454,961,935

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

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

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

Semiannual Report 2012 7

Columbia Select Large-Cap Value Fund

Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value
(identified cost $356,378,011)	$454,961,935
Receivable for:
Investments sold	344,640
Capital shares sold	393,665
Dividends	1,602,912
Expense reimbursement due from Investment Manager	1,181
Prepaid expenses	4,039
Total assets	457,308,372
Liabilities
Disbursements in excess of cash	460,516
Payable for:
Capital shares purchased	804,911
Investment management fees	8,845
Distribution and/or service fees	3,314
Transfer agent fees	187,099
Administration fees	747
Plan administration fees	5
Compensation of board members	19,550
Other expenses	152,592
Total liabilities	1,637,579
Net assets applicable to outstanding capital stock	$455,670,793
Represented by
Paid-in capital	$337,422,787
Undistributed net investment income	7,738,789
Accumulated net realized gain	11,925,293
Unrealized appreciation (depreciation) on:
Investments	98,583,924
Total — representing net assets applicable to outstanding capital stock	$455,670,793

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

8 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Statement of Assets and Liabilities (continued)

November 30, 2012 (Unaudited)

Class A
Net assets	$242,793,728
Shares outstanding	15,036,116
Net asset value per share	$16.15
Maximum offering price per share(a)	$17.14
Class B
Net assets	$2,385,912
Shares outstanding	158,871
Net asset value per share	$15.02
Class C
Net assets	$45,098,520
Shares outstanding	2,998,954
Net asset value per share	$15.04
Class I
Net assets	$98,583,830
Shares outstanding	5,932,041
Net asset value per share	$16.62
Class K(b)
Net assets	$25,351
Shares outstanding	1,531
Net asset value per share	$16.56
Class R
Net assets	$13,541,379
Shares outstanding	849,107
Net asset value per share	$15.95
Class R4
Net assets	$2,590
Shares outstanding	154
Net asset value per share(c)	$16.80
Class R5
Net assets	$636,937
Shares outstanding	38,302
Net asset value per share	$16.63
Class W
Net assets	$25,068,101
Shares outstanding	1,559,536
Net asset value per share	$16.07
Class Z
Net assets	$27,534,445
Shares outstanding	1,659,624
Net asset value per share	$16.59

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

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

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

Semiannual Report 2012 9

Columbia Select Large-Cap Value Fund

Statement of Operations

Six Months Ended November 30, 2012 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$5,708,413
Dividends — affiliated issuers	1,434
Income from securities lending — net	8,723
Total income	5,718,570
Expenses:
Investment management fees	1,688,281
Distribution and/or service fees
Class A	300,951
Class B	12,632
Class C	225,293
Class R	30,289
Class W	37,493
Transfer agent fees
Class A	306,391
Class B	3,215
Class C	57,345
Class K(a)	6
Class R	15,425
Class R5	236
Class W	38,199
Class Z	59,816
Administration fees	142,671
Plan administration fees
Class K(a)	30
Compensation of board members	8,460
Custodian fees	4,035
Printing and postage fees	84,222
Registration fees	69,096
Professional fees	17,004
Other	14,332
Total expenses	3,115,422
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(192,386	)
Expense reductions	(2,677	)
Total net expenses	2,920,359
Net investment income	2,798,211
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	8,744,036
Net realized gain	8,744,036
Net change in unrealized appreciation (depreciation) on:
Investments	46,732,279
Net change in unrealized appreciation (depreciation)	46,732,279
Net realized and unrealized gain	55,476,315
Net increase in net assets resulting from operations	$58,274,526

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

10 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012(a)			Year Ended December 31, 2011
Operations
Net investment income		$2,798,211			$2,032,614			$4,174,164
Net realized gain		8,744,036			7,789,330			6,728,583
Net change in unrealized appreciation (depreciation)		46,732,279			(1,394,312	)		(21,647,132	)
Net increase (decrease) in net assets resulting from operations		58,274,526			8,427,632			(10,744,385	)
Distributions to shareholders
Net investment income
Class A		—			—			(1,484,586	)
Class I		—			—			(1,120,133	)
Class K(b)		—			—			(165	)
Class R		—			—			(33,156	)
Class R5		—			—			(17,714	)
Class W		—			—			(241,096	)
Class Z		—			—			(603,333	)
Net realized gains
Class A		—			—			(5,627,883	)
Class B		—			—			(75,994	)
Class C		—			—			(1,101,899	)
Class I		—			—			(2,408,761	)
Class K(b)		—			—			(500	)
Class R		—			—			(230,387	)
Class R5		—			—			(39,212	)
Class W		—			—			(691,397	)
Class Z		—			—			(1,420,889	)
Total distributions to shareholders		—			—			(15,097,105	)
Increase (decrease) in net assets from capital stock activity		(71,500,042	)		(42,957,932	)		106,000,114
Total increase (decrease) in net assets		(13,225,516	)		(34,530,300	)		80,158,624
Net assets at beginning of period		468,896,309			503,426,609			423,267,985
Net assets at end of period		$455,670,793			$468,896,309			$503,426,609
Undistributed net investment income		$7,738,789			$4,940,578			$2,907,964

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

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Semiannual Report 2012 11

Columbia Select Large-Cap Value Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012(a) (Unaudited)						Year Ended May 31, 2012(b)						Year Ended December 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(c)		935,803			14,345,886			1,184,064			18,344,238			6,615,643			100,975,629
Distributions reinvested		—			—			—			—			463,947			6,402,470
Redemptions		(2,176,235	)		(33,465,470	)		(2,149,683	)		(32,619,176	)		(8,326,889	)		(125,973,007	)
Net decrease		(1,240,432	)		(19,119,584	)		(965,619	)		(14,274,938	)		(1,247,299	)		(18,594,908	)
Class B shares
Subscriptions		57			814			5,838			84,043			18,604			272,038
Distributions reinvested		—			—			—			—			4,346			56,199
Redemptions(c)		(38,493	)		(551,158	)		(41,638	)		(594,609	)		(161,818	)		(2,267,430	)
Net decrease		(38,436	)		(550,344	)		(35,800	)		(510,566	)		(138,868	)		(1,939,193	)
Class C shares
Subscriptions		141,714			2,014,195			486,050			6,947,395			843,581			11,951,193
Distributions reinvested		—			—			—			—			52,842			684,302
Redemptions		(420,801	)		(6,018,528	)		(566,790	)		(7,959,747	)		(1,023,817	)		(14,159,907	)
Net decrease		(279,087	)		(4,004,333	)		(80,740	)		(1,012,352	)		(127,394	)		(1,524,412	)
Class I shares
Subscriptions		20,422			312,253			859,493			13,567,872			4,386,422			64,354,560
Distributions reinvested		—			—			—			—			249,377			3,528,683
Redemptions		(317,926	)		(5,212,395	)		(2,065,562	)		(32,437,262	)		(2,041,414	)		(29,811,438	)
Net increase (decrease)		(297,504	)		(4,900,142	)		(1,206,069	)		(18,869,390	)		2,594,385			38,071,805
Class K shares(d)
Distributions reinvested		—			—			—			—			33			475
Redemptions		—			—			—			—			(16	)		(247	)
Net increase		—			—			—			—			17			228
Class R shares
Subscriptions		250,988			3,824,736			312,820			4,649,561			303,877			4,511,872
Distributions reinvested		—			—			—			—			4,942			67,559
Redemptions		(163,398	)		(2,488,251	)		(246,580	)		(3,672,498	)		(410,107	)		(6,168,512	)
Net increase (decrease)		87,590			1,336,485			66,240			977,063			(101,288	)		(1,589,081	)
Class R4 shares
Subscriptions		154			2,500			—			—			—			—
Net increase		154			2,500			—			—			—			—
Class R5 shares
Subscriptions		491			7,772			354			5,612			23,558			374,462
Distributions reinvested		—			—			—			—			3,694			52,341
Redemptions		(34,632	)		(564,167	)		(47,307	)		(699,655	)		(14,319	)		(225,888	)
Net increase (decrease)		(34,141	)		(556,395	)		(46,953	)		(694,043	)		12,933			200,915
Class W shares
Subscriptions		266,798			4,039,786			250,015			3,839,184			1,771,411			26,879,622
Distributions reinvested		—			—			—			—			67,861			932,407
Redemptions		(831,422	)		(12,889,172	)		(253,625	)		(3,886,405	)		(518,496	)		(7,481,595	)
Net increase (decrease)		(564,624	)		(8,849,386	)		(3,610	)		(47,221	)		1,320,776			20,330,434

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

12 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012(a) (Unaudited)						Year Ended May 31, 2012(b)						Year Ended December 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Class Z shares
Subscriptions		451,994			7,087,806			857,627			13,236,271			5,820,327			92,253,058
Distributions reinvested		—			—			—			—			125,493			1,775,732
Redemptions		(2,600,420	)		(41,946,649	)		(1,419,960	)		(21,762,756	)		(1,575,953	)		(22,984,464	)
Net increase (decrease)		(2,148,426	)		(34,858,843	)		(562,333	)		(8,526,485	)		4,369,867			71,044,326
Total net increase (decrease)		(4,514,906	)		(71,500,042	)		(2,834,884	)		(42,957,932	)		6,683,129			106,000,114

(a) Class R4 shares are for the period from November 8, 2012 (commencement of operations) to November 30, 2012.

(b) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund's fiscal year end was changed from December 31 to May 31.

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

(d) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Semiannual Report 2012 13

Columbia Select Large-Cap Value Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended December 31,
Class  A	(Unaudited)		May 31,  2012(a)		2011			2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$14.31		$14.12		$14.70			$12.31		$9.77		$15.73		$14.43
							��
Income from investment operations:
Net investment income	0.09		0.06		0.12			0.09		0.10		0.10		0.04
Net realized and unrealized gain (loss)	1.75		0.13		(0.28	)		2.39		2.45		(5.96	)	1.26
Total from investment operations	1.84		0.19		(0.16	)		2.48		2.55		(5.86	)	1.30
Less distributions to shareholders:
Net investment income	—		—		(0.09	)		(0.04	)	(0.01	)	(0.08	)	(0.00	)(b)
Net realized gains	—		—		(0.33	)		(0.05	)	(0.00	)(b)	(0.02	)	—
Total distributions to shareholders	—		—		(0.42	)		(0.09	)	(0.01	)	(0.10	)	(0.00	)(b)
Net asset value, end of period	$16.15		$14.31		$14.12			$14.70		$12.31		$9.77		$15.73
Total return	12.86	%	1.35	%	(1.01	%)		20.21	%	26.07	%	(37.20	%)	9.03	%
Ratios to average net assets(c)
Total gross expenses	1.35	%(d)	1.35	%(d)	1.28	%		1.37	%	1.61	%	1.61	%	1.51	%
Total net expenses(e)	1.25	%(d) (f)	1.25	%(d)	1.26	%(f)		1.37	%	1.61	%	1.61	%	1.51	%
Net investment income	1.16	%(d)	0.89	%(d)	0.81	%		0.66	%	0.87	%	0.72	%	0.29	%
Supplemental data
Net assets, end of period (in thousands)	$242,794		$232,859		$243,514			$271,885		$202,826		$83,148		$148,242
Portfolio turnover	6	%	5	%	14	%		12	%	24	%	28	%	18	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

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

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

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

14 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended		Year Ended December 31,
Class B	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$13.36		$13.23		$13.81		$11.62		$9.29		$14.96		$13.82
Income from investment operations:
Net investment income (loss)	0.03		0.01		0.00	(b)	(0.01	)	(0.01	)	(0.01	)	(0.07	)
Net realized and unrealized gain (loss)	1.63		0.12		(0.25	)	2.25		2.34		(5.63	)	1.21
Total from investment operations	1.66		0.13		(0.25	)	2.24		2.33		(5.64	)	1.14
Less distributions to shareholders:
Net investment income	—		—		—		—		—		(0.01	)	—
Net realized gains	—		—		(0.33	)	(0.05	)	(0.00	)(b)	(0.02	)	—
Total distributions to shareholders	—		—		(0.33	)	(0.05	)	(0.00	)(b)	(0.03	)	—
Net asset value, end of period	$15.02		$13.36		$13.23		$13.81		$11.62		$9.29		$14.96
Total return	12.42	%	0.98	%	(1.72	%)	19.30	%	25.10	%	(37.68	%)	8.25	%
Ratios to average net assets(c)
Total gross expenses	2.10	%(d)	2.10	%(d)	2.03	%	2.14	%	2.54	%	2.37	%	2.26	%
Total net expenses(e)	2.00	%(d)(f)	2.00	%(d)	2.01	%(f)	2.14	%	2.54	%	2.37	%	2.26	%
Net investment income (loss)	0.39	%(d)	0.13	%(d)	0.02	%	(0.10	%)	(0.08	%)	(0.04	%)	(0.47	%)
Supplemental data
Net assets, end of period (in thousands)	$2,386		$2,635		$3,083		$5,138		$5,890		$8,756		$26,191
Portfolio turnover	6	%	5	%	14	%	12	%	24	%	28	%	18	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

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

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

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

Semiannual Report 2012 15

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended December 31,
Class C	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$13.37		$13.24		$13.83		$11.63		$9.30		$14.95		$13.82
Income from investment operations:
Net investment income (loss)	0.03		0.01		0.01		(0.01	)	(0.01	)	(0.01	)	(0.07	)
Net realized and unrealized gain (loss)	1.64		0.12		(0.27	)	2.26		2.34		(5.61	)	1.20
Total from investment operations	1.67		0.13		(0.26	)	2.25		2.33		(5.62	)	1.13
Less distributions to shareholders:
Net investment income	—		—		—		—		—		(0.01	)	—
Net realized gains	—		—		(0.33	)	(0.05	)	(0.00	)(b)	(0.02	)	—
Total distributions to shareholders	—		—		(0.33	)	(0.05	)	(0.00	)(b)	(0.03	)	—
Net asset value, end of period	$15.04		$13.37		$13.24		$13.83		$11.63		$9.30		$14.95
Total return	12.49	%	0.98	%	(1.80	%)	19.37	%	25.07	%	(37.58	%)	8.18	%
Ratios to average net assets(c)
Total gross expenses	2.10	%(d)	2.10	%(d)	2.03	%	2.13	%	2.51	%	2.37	%	2.26	%
Total net expenses(e)	2.00	%(d)(f)	2.00	%(d)	2.01	%(f)	2.13	%	2.51	%	2.37	%	2.26	%
Net investment income (loss)	0.41	%(d)	0.15	%(d)	0.06	%	(0.09	%)	(0.05	%)	(0.04	%)	(0.47	%)
Supplemental data
Net assets, end of period (in thousands)	$45,099		$43,840		$44,484		$48,210		$40,630		$38,423		$34,424
Portfolio turnover	6	%	5	%	14	%	12	%	24	%	28	%	18	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

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

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

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

16 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended December 31,
Class I	(Unaudited)		May 31,  2012(a)		2011		2010		2009(b)
Per share data
Net asset value, beginning of period	$14.69		$14.48		$15.07		$12.60		$11.64
Income from investment operations:
Net investment income	0.12		0.09		0.19		0.15		0.08
Net realized and unrealized gain (loss)	1.81		0.12		(0.29	)	2.47		0.90
Total from investment operations	1.93		0.21		(0.10	)	2.62		0.98
Less distributions to shareholders:
Net investment income	—		—		(0.16	)	(0.10	)	(0.02	)
Net realized gains	—		—		(0.33	)	(0.05	)	(0.00	)(c)
Total distributions to shareholders	—		—		(0.49	)	(0.15	)	(0.02	)
Net asset value, end of period	$16.62		$14.69		$14.48		$15.07		$12.60
Total return	13.14	%	1.45	%	(0.59	%)	20.80	%	8.41	%
Ratios to average net assets(d)
Total gross expenses	0.85	%(e)	0.86	%(e)	0.84	%	0.92	%	0.89	%(e)
Total net expenses(f)	0.85	%(e)	0.85	%(e)	0.84	%	0.92	%	0.89	%(e)
Net investment income	1.57	%(e)	1.29	%(e)	1.29	%	1.13	%	1.66	%(e)
Supplemental data
Net assets, end of period (in thousands)	$98,584		$91,542		$107,682		$72,971		$23,870
Portfolio turnover	6	%	5	%	14	%	12	%	24	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) For the period from August 3, 2009 (commencement of operations) to December 31, 2009.

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

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

Semiannual Report 2012 17

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended		Year Ended December 31,
Class K(a)	(Unaudited)		May 31,  2012(b)		2011		2010		2009(c)
Per share data
Net asset value, beginning of period	$14.66		$14.47		$15.06		$12.59		$11.64
Income from investment operations:
Net investment income	0.10		0.07		0.14		0.11		0.07
Net realized and unrealized gain (loss)	1.80		0.12		(0.29	)	2.47		0.89
Total from investment operations	1.90		0.19		(0.15	)	2.58		0.96
Less distributions to shareholders:
Net investment income	—		—		(0.11	)	(0.06	)	(0.01	)
Net realized gains	—		—		(0.33	)	(0.05	)	(0.00	)(d)
Total distributions to shareholders	—		—		(0.44	)	(0.11	)	(0.01	)
Net asset value, end of period	$16.56		$14.66		$14.47		$15.06		$12.59
Total return	12.96	%	1.31	%	(0.90	%)	20.50	%	8.29	%
Ratios to average net assets(e)
Total gross expenses	1.15	%(f)	1.14	%(f)	1.14	%	1.21	%	1.21	%(f)
Total net expenses(g)	1.15	%(f)	1.13	%(f)	1.14	%	1.21	%	1.21	%(f)
Net investment income	1.27	%(f)	1.02	%(f)	0.94	%	0.83	%	1.34	%(f)
Supplemental data
Net assets, end of period (in thousands)	$25		$22		$22		$23		$5
Portfolio turnover	6	%	5	%	14	%	12	%	24	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(c) For the period from August 3, 2009 (commencement of operations) to December 31, 2009.

(d) Rounds to less than $0.01.

(e) 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.

(f) Annualized.

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

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

18 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended May 31,  2012(a)		Year Ended December 31,
Class R	(Unaudited)				2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$14.15		$13.98		$14.55		$12.19		$9.70		$15.63		$14.38
Income from investment operations:
Net investment income	0.07		0.04		0.08		0.05		0.04		0.06		0.00	(b)
Net realized and unrealized gain (loss)	1.73		0.13		(0.27	)	2.37		2.45		(5.91	)	1.25
Total from investment operations	1.80		0.17		(0.19	)	2.42		2.49		(5.85	)	1.25
Less distributions to shareholders:
Net investment income	—		—		(0.05	)	(0.01	)	—		(0.06	)	—
Net realized gains	—		—		(0.33	)	(0.05	)	(0.00	)(b)	(0.02	)	—
Total distributions to shareholders	—		—		(0.38	)	(0.06	)	(0.00	)(b)	(0.08	)	—
Net asset value, end of period	$15.95		$14.15		$13.98		$14.55		$12.19		$9.70		$15.63
Total return	12.72	%	1.22	%	(1.23	%)	19.91	%	25.69	%	(37.41	%)	8.69	%
Ratios to average net assets(c)
Total gross expenses	1.61	%(d)	1.60	%(d)	1.53	%	1.66	%	2.04	%	1.87	%	1.76	%
Total net expenses(e)	1.50	%(d)(f)	1.50	%(d)	1.51	%(f)	1.66	%	2.04	%	1.87	%	1.76	%
Net investment income	0.95	%(d)	0.67	%(d)	0.55	%	0.38	%	0.41	%	0.46	%	0.03	%
Supplemental data
Net assets, end of period (in thousands)	$13,541		$10,773		$9,720		$11,594		$8,288		$6,476		$7,601
Portfolio turnover	6	%	5	%	14	%	12	%	24	%	28	%	18	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

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

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

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

Semiannual Report 2012 19

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

Class R4	Six Months  Ended November 30,  2012(a) (Unaudited)
Per share data
Net asset value, beginning of period	$16.22
Income from investment operations:
Net investment income	0.04
Net realized and unrealized gain	0.54
Total from investment operations	0.58
Net asset value, end of period	$16.80
Total return	3.58	%
Ratios to average net assets(b)
Total gross expenses	1.30	%(c)
Total net expenses(d)	1.00	%(c)
Net investment income	3.79	%(c)
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	6	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to November 30, 2012.

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

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

20 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended May 31,  2012(a)		Year Ended December 31,
Class R5	(Unaudited)				2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$14.71		$14.50		$15.09		$12.62		$9.96		$16.04		$14.64
Income from investment operations:
Net investment income	0.12		0.09		0.18		0.15		0.11		0.18		0.13
Net realized and unrealized gain (loss)	1.80		0.12		(0.28	)	2.46		2.55		(6.10	)	1.28
Total from investment operations	1.92		0.21		(0.10	)	2.61		2.66		(5.92	)	1.41
Less distributions to shareholders:
Net investment income	—		—		(0.16	)	(0.09	)	—		(0.14	)	(0.01	)
Net realized gains	—		—		(0.33	)	(0.05	)	(0.00	)(b)	(0.02	)	—
Total distributions to shareholders	—		—		(0.49	)	(0.14	)	(0.00	)(b)	(0.16	)	(0.01	)
Net asset value, end of period	$16.63		$14.71		$14.50		$15.09		$12.62		$9.96		$16.04
Total return	13.05	%	1.45	%	(0.62	%)	20.73	%	26.72	%	(36.84	%)	9.62	%
Ratios to average net assets(c)
Total gross expenses	0.89	%(d)	0.89	%(d)	0.87	%	0.98	%	1.48	%	0.98	%	0.95	%
Total net expenses(e)	0.89	%(d)	0.88	%(d)	0.87	%	0.98	%	1.48	%	0.98	%	0.95	%
Net investment income	1.48	%(d)	1.31	%(d)	1.21	%	1.09	%	1.10	%	1.35	%	0.85	%
Supplemental data
Net assets, end of period (in thousands)	$637		$1,065		$1,731		$1,606		$718		$10,454		$15,470
Portfolio turnover	6	%	5	%	14	%	12	%	24	%	28	%	18	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

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

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

Semiannual Report 2012 21

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended May 31,  2012(a)		Year Ended December 31,
Class W	(Unaudited)				2011		2010(b)
Per share data
Net asset value, beginning of period	$14.24		$14.06		$14.66		$13.12
Income from investment operations:
Net investment income (loss)	0.08		0.06		0.14		(0.00	)(c)
Net realized and unrealized gain (loss)	1.75		0.12		(0.29	)	1.68
Total from investment operations	1.83		0.18		(0.15	)	1.68
Less distributions to shareholders:
Net investment income	—		—		(0.12	)	(0.09	)
Net realized gains	—		—		(0.33	)	(0.05	)
Total distributions to shareholders	—		—		(0.45	)	(0.14	)
Net asset value, end of period	$16.07		$14.24		$14.06		$14.66
Total return	12.85	%	1.28	%	(0.95	%)	12.80	%
Ratios to average net assets(d)
Total gross expenses	1.35	%(e)	1.35	%(e)	1.27	%	2.30	%(e)
Total net expenses(f)	1.25	%(e)(g)	1.25	%(e)	1.25	%(g)	2.30	%(e)
Net investment income (loss)	1.10	%(e)	0.89	%(e)	0.97	%	(0.11	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$25,068		$30,250		$29,913		$11,833
Portfolio turnover	6	%	5	%	14	%	12	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) For the period from September 27, 2010 (commencement of operations) to December 31, 2010.

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

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

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

22 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended May 31,  2012(a)		Year Ended December 31,
Class Z	(Unaudited)				2011		2010(b)
Per share data
Net asset value, beginning of period	$14.68		$14.48		$15.07		$13.48
Income from investment operations:
Net investment income	0.10		0.07		0.19		0.03
Net realized and unrealized gain (loss)	1.81		0.13		(0.30	)	1.70
Total from investment operations	1.91		0.20		(0.11	)	1.73
Less distributions to shareholders:
Net investment income	—		—		(0.15	)	(0.09	)
Net realized gains	—		—		(0.33	)	(0.05	)
Total distributions to shareholders	—		—		(0.48	)	(0.14	)
Net asset value, end of period	$16.59		$14.68		$14.48		$15.07
Total return	13.01	%	1.38	%	(0.68	%)	12.88	%
Ratios to average net assets(c)
Total gross expenses	1.09	%(d)	1.10	%(d)	1.02	%	1.11	%(d)
Total net expenses(e)	1.00	%(d)(f)	1.00	%(d)	1.01	%(f)	1.11	%(d)
Net investment income	1.28	%(d)	1.12	%(d)	1.32	%	0.87	%(d)
Supplemental data
Net assets, end of period (in thousands)	$27,534		$55,909		$63,277		$8
Portfolio turnover	6	%	5	%	14	%	12	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) For the period from September 27, 2010 (commencement of operations) to December 31, 2012.

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

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

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

Semiannual Report 2012 23

Columbia Select Large-Cap Value Fund

Notes to Financial Statements

November 30, 2012 (Unaudited)

Note 1. Organization

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class W and Class Z shares. 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 K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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 and are only available to investors purchasing through authorized investment professionals. Class R4 shares commenced operations on November 8, 2012.

Class R5 shares are not subject to sales charges. Effective November 8, 2012, Class R5 shares are only available to investors purchasing through authorized investment professionals. Prior to November 8, 2012, Class R5 shares were 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.

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 ask prices on such exchanges or markets.

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 ask 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

24 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board of Trustees (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 or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in 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 fair value.

Foreign Currency Transactions and Translations

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.

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.

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.

Interest income is recorded on an accrual basis.

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

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

Semiannual Report 2012 25

Columbia Select Large-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date

of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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 investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.71% to 0.54% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.71% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.06% to 0.03% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2012 was 0.06% of the Fund’s average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $1,121.

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

26 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class.

For the six months ended November 30, 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	0.25
Class C	0.25
Class K	0.05
Class R	0.25
Class R4	0.29
Class R5	0.05
Class W	0.25
Class Z	0.25

The Fund and certain other associated investment companies, have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease

entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At November 30, 2012, the Fund’s total potential future obligation over the life of the Guaranty is $151,574. The liability remaining at November 30, 2012 for non-recurring charges associated with the lease amounted to $77,902 and is recorded as a part of payable for other expenses in the Statement of Assets and Liabilities.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the 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 November 30, 2012, these minimum account balance fees reduced total expenses by $2,677.

Plan Administration Fees

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

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution 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 $43,000 and $2,837,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2012, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Semiannual Report 2012 27

Columbia Select Large-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $19,307 for Class A, $778 for Class B, and $802 for Class C shares for the six months ended November 30, 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 April 30, 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	1.25	%
Class B	2.00
Class C	2.00
Class I	0.86
Class K	1.16
Class R	1.50
Class R4	1.00
Class R5	0.91
Class W	1.25
Class Z	1.00

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

Note 4. Federal Tax Information

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

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $356,378,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$112,477,000
Unrealized depreciation	(13,893,000	)
Net unrealized appreciation	$98,584,000

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 $26,020,539 and $94,452,979, respectively, for the six months ended November 30, 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 securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value 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.

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

28 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 November 30, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At November 30, 2012, the Fund did not have any securities on loan.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 7. Affiliated Money Market Fund

The Fund invests 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 — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 8. Shareholder Concentration

At November 30, 2012, two unaffiliated shareholder accounts owned an aggregate of 40.3% 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 21.0% 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 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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the six months ended November 30, 2012.

Note 10. Significant Risks

Financial Sector Risk

The Fund’s portfolio managers may invest significantly in issuers operating in the financial sector. The Fund may be more susceptible to the particular risks of this sector than if the Fund were invested in a wider variety of issuers operating in unrelated industries.

Note 11. Subsequent Events

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

Note 12. 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.

Semiannual Report 2012 29

Columbia Select Large-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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.

30 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal period ended May 31, 2012 and year ended December 31, 2011 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal period ended May 31, 2012 and year ended December 31, 2011 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Semiannual Report 2012 31

Columbia Select Large-Cap Value Fund

[THIS PAGE INTENTIONALLY LEFT BLANK]

32 Semiannual Report 2012

Columbia Select Large-Cap Value Fund

Important Information About This Report

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

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 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 sec.gov.

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

Semiannual Report 2012 33

Columbia Select Large-Cap Value Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

SL-9947 E (1/13)

Semiannual Report November 30, 2012

Columbia Select Smaller-Cap Value Fund

Columbia Select Smaller-Cap Value Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

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

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

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	8
Statement of Operations	10
Statement of Changes in Net Assets	11
Financial Highlights	13
Notes to Financial Statements	22
Supplemental Information	29
Important Information About This Report	33

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Select Smaller-Cap Value Fund (the Fund) Class A shares returned 6.92% excluding sales charges for the six months ended November 30, 2012.

> The Fund underperformed its benchmark, the Russell 2000 Value Index, which returned 9.71% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2012)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	04/25/97
Excluding sales charges			6.92		12.66		0.46		7.95
Including sales charges			0.79		6.16		-0.73		7.32
Class B	04/25/97
Excluding sales charges			6.56		11.82		-0.30		7.14
Including sales charges			1.56		6.82		-0.67		7.14
Class C	05/27/99
Excluding sales charges			6.47		11.81		-0.28		7.15
Including sales charges			5.47		10.81		-0.28		7.15
Class I*	08/03/09		7.20		13.22		0.79		8.13
Class K* (formerly Class R4)	08/03/09		7.00		12.84		0.59		8.02
Class R*	04/30/03		6.82		12.40		0.18		7.68
Class R4*	11/08/12		6.93		12.68		0.46		7.95
Class R5	11/30/01		7.01		13.03		0.97		8.55
Class Z*	09/27/10		7.04		12.92		0.57		8.01
Russell 2000 Value Index			9.71		15.05		2.52		8.58

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

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

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

The Russell 2000 Value Index, an unmanaged index, tracks the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

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

2 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2012)
Lennar Corp., Class A	3.9
WellCare Health Plans, Inc.	3.7
Penn National Gaming, Inc.	3.6
Belden, Inc.	3.6
EnerSys, Inc.	3.5
Mueller Industries, Inc.	3.5
Hanesbrands, Inc.	3.4
Cubic Corp.	3.3
Aspen Insurance Holdings Ltd.	3.3
ON Semiconductor Corp.	3.1

Percentages indicated are based upon total investments.

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

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

Portfolio Breakdown (%) (at November 30, 2012)
Common Stocks	100.0
Consumer Discretionary	18.3
Consumer Staples	8.4
Energy	9.3
Financials	13.7
Health Care	11.8
Industrials	26.0
Information Technology	7.9
Materials	4.6
Total	100.0

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

Portfolio Management

Neil Eigen

Richard Rosen

Morningstar Style Box™

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

©2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Semiannual Report 2012 3

Columbia Select Smaller-Cap Value Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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.

June 1, 2012 – November 30, 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		1,069.20		1,018.10		7.21		7.03		1.39
Class B		1,000.00	1,000.00		1,065.60		1,014.34		11.08		10.81		2.14
Class C		1,000.00	1,000.00		1,064.70		1,014.34		11.08		10.81		2.14
Class I		1,000.00	1,000.00		1,072.00		1,020.36		4.88		4.76		0.94
Class K (formerly Class R4)		1,000.00	1,000.00		1,070.00		1,018.85		6.43		6.28		1.24
Class R		1,000.00	1,000.00		1,068.20		1,016.85		8.50		8.29		1.64
Class R4		1,000.00	1,000.00		1,038.10	*	1,019.35		0.67	*	5.77		1.14	*
Class R5		1,000.00	1,000.00		1,070.10		1,020.16		5.09		4.96		0.98
Class Z		1,000.00	1,000.00		1,070.40		1,019.35		5.92		5.77		1.14

* For the period November 8, 2012 through November 30, 2012. Class R4 shares commenced operations on November 8, 2012.

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

Expenses do not include fees and expenses incurred indirectly by the Fund from 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.

4 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 100.3%
Issuer	Shares		Value ($)
Consumer Discretionary 18.4%
Auto Components 2.0%
American Axle & Manufacturing Holdings, Inc.(a)		700,000		7,322,000
Diversified Consumer Services 2.6%
Sotheby’s		320,000		9,235,200
Hotels, Restaurants & Leisure 6.5%
Penn National Gaming, Inc.(a)		255,000		12,959,100
Texas Roadhouse, Inc.		615,000		10,215,150
Total				23,174,250
Household Durables 3.9%
Lennar Corp., Class A		365,000		13,884,600
Textiles, Apparel & Luxury Goods 3.4%
Hanesbrands, Inc.(a)		337,500		12,183,750
Total Consumer Discretionary				65,799,800
Consumer Staples 8.4%
Food Products 5.9%
Dean Foods Co.(a)		615,000		10,541,100
Smithfield Foods, Inc.(a)		460,000		10,290,200
WhiteWave Foods Co., Class A(a)		30,139		457,209
Total				21,288,509
Personal Products 2.5%
Herbalife Ltd.		195,000		8,964,150
Total Consumer Staples				30,252,659
Energy 9.4%
Energy Equipment & Services 6.7%
Exterran Holdings, Inc.(a)		375,000		7,826,250
Superior Energy Services, Inc.(a)		460,000		9,342,600
Tetra Technologies, Inc.(a)		950,000		6,650,000
Total				23,818,850
Oil, Gas & Consumable Fuels 2.7%
Oasis Petroleum, Inc.(a)		320,000		9,670,400
Total Energy				33,489,250
Financials 13.7%
Insurance 13.7%
Aspen Insurance Holdings Ltd.		375,000		11,737,500
Endurance Specialty Holdings Ltd.		260,000		10,452,000
Hanover Insurance Group, Inc. (The)		240,000		8,772,000
Infinity Property & Casualty Corp.		160,000		8,755,200
Lincoln National Corp.		380,000		9,386,000
Total				49,102,700
Total Financials				49,102,700

Common Stocks (continued)
Issuer	Shares		Value ($)
Health Care 11.9%
Health Care Equipment & Supplies 2.8%
Analogic Corp.		105,000		7,735,350
Sirona Dental Systems, Inc.(a)		35,000		2,191,350
Total				9,926,700
Health Care Providers & Services 3.7%
WellCare Health Plans, Inc.(a)		278,034		13,420,701
Pharmaceuticals 5.4%
Impax Laboratories, Inc.(a)		481,000		9,783,540
Salix Pharmaceuticals Ltd.(a)		220,000		9,427,000
Total				19,210,540
Total Health Care				42,557,941
Industrials 26.0%
Aerospace & Defense 3.3%
Cubic Corp.		245,000		11,992,750
Airlines 2.7%
United Continental Holdings, Inc.(a)		470,000		9,503,400
Commercial Services & Supplies 4.4%
Brink’s Co. (The)		170,000		4,668,200
Waste Connections, Inc.		340,000		11,192,800
Total				15,861,000
Construction & Engineering 2.9%
Shaw Group, Inc. (The)(a)		230,000		10,333,900
Electrical Equipment 7.1%
Belden, Inc.		340,000		12,811,200
EnerSys, Inc.(a)		365,000		12,716,600
Total				25,527,800
Machinery 4.0%
Mueller Industries, Inc.		260,000		12,417,600
Wabash National Corp.(a)		230,000		1,860,700
Total				14,278,300
Road & Rail 1.6%
Swift Transportation Co.(a)		690,000		5,837,400
Total Industrials				93,334,550
Information Technology 7.9%
IT Services 2.4%
CACI International, Inc., Class A(a)		168,000		8,593,200
Semiconductors & Semiconductor Equipment 5.5%
Cypress Semiconductor Corp.		849,989		8,627,388
ON Semiconductor Corp.(a)		1,690,000		11,204,700
Total				19,832,088

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

Semiannual Report 2012 5

Columbia Select Smaller-Cap Value Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Software —%
Comverse Technology, Inc.(a)		20		71
Comverse, Inc.(a)		2		58
Total				129
Total Information Technology				28,425,417
Materials 4.6%
Chemicals 2.8%
Minerals Technologies, Inc.		138,000		10,212,000

Common Stocks (continued)
Issuer	Shares		Value ($)
Containers & Packaging 1.8%
Owens-Illinois, Inc.(a)		315,000		6,309,450
Total Materials				16,521,450
Total Common Stocks
(Cost: $254,624,039)				359,483,767
Total Investments
(Cost: $254,624,039)				359,483,767	(b)
Other Assets & Liabilities, Net				(900,967	)
Net Assets				358,582,800

Notes to Portfolio of Investments

(a) Non-income producing.

(b) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		—		21,668,672		(21,668,672	)		—		—		361		—

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.

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

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

6 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 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		65,799,800		—		—		65,799,800
Consumer Staples		30,252,659		—		—		30,252,659
Energy		33,489,250		—		—		33,489,250
Financials		49,102,700		—		—		49,102,700
Health Care		42,557,941		—		—		42,557,941
Industrials		93,334,550		—		—		93,334,550
Information Technology		28,425,417		—		—		28,425,417
Materials		16,521,450		—		—		16,521,450
Total Equity Securities		359,483,767		—		—		359,483,767
Total		359,483,767		—		—		359,483,767

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

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

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

Semiannual Report 2012 7

Columbia Select Smaller-Cap Value Fund

Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value
(identified cost $254,624,039)	$359,483,767
Receivable for:
Capital shares sold	70,846
Dividends	75,102
Interest	1,191
Expense reimbursement due from Investment Manager	1,479
Prepaid expenses	3,575
Total assets	359,635,960
Liabilities
Disbursements in excess of cash	52,238
Payable for:
Capital shares purchased	776,454
Investment management fees	7,763
Distribution and/or service fees	3,167
Transfer agent fees	60,071
Administration fees	786
Plan administration fees	784
Compensation of board members	22,252
Other expenses	129,645
Total liabilities	1,053,160
Net assets applicable to outstanding capital stock	$358,582,800
Represented by
Paid-in capital	$369,281,877
Excess of distributions over net investment income	(1,282,391	)
Accumulated net realized loss	(114,276,414	)
Unrealized appreciation (depreciation) on:
Investments	104,859,728
Total — representing net assets applicable to outstanding capital stock	$358,582,800

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

8 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Statement of Assets and Liabilities (continued)

November 30, 2012 (Unaudited)

Class A
Net assets	$279,858,158
Shares outstanding	18,292,274
Net asset value per share	$15.30
Maximum offering price per share(a)	$16.23
Class B
Net assets	$8,060,290
Shares outstanding	613,174
Net asset value per share	$13.15
Class C
Net assets	$33,214,531
Shares outstanding	2,523,511
Net asset value per share	$13.16
Class I
Net assets	$22,107,729
Shares outstanding	1,338,619
Net asset value per share	$16.52
Class K(b)
Net assets	$3,946,144
Shares outstanding	241,381
Net asset value per share	$16.35
Class R
Net assets	$8,676,973
Shares outstanding	583,672
Net asset value per share	$14.87
Class R4
Net assets	$2,595
Shares outstanding	156
Net asset value per share(c)	$16.60
Class R5
Net assets	$265,795
Shares outstanding	16,132
Net asset value per share	$16.48
Class Z
Net assets	$2,450,585
Shares outstanding	149,141
Net asset value per share	$16.43

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

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

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

Semiannual Report 2012 9

Columbia Select Smaller-Cap Value Fund

Statement of Operations

Six Months Ended November 30, 2012 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$1,348,298
Dividends — affiliated issuers	361
Income from securities lending — net	60,677
Total income	1,409,336
Expenses:
Investment management fees	1,448,658
Distribution and/or service fees
Class A	357,212
Class B	47,278
Class C	166,830
Class R	22,372
Transfer agent fees
Class A	456,948
Class B	15,251
Class C	53,338
Class K(a)	981
Class R	14,289
Class R5	341
Class Z	3,949
Administration fees	146,700
Plan administration fees
Class K(a)	4,880
Compensation of board members	7,608
Custodian fees	4,300
Printing and postage fees	85,200
Registration fees	57,452
Professional fees	15,870
Other	12,780
Total expenses	2,922,237
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(248,538	)
Expense reductions	(2,868	)
Total net expenses	2,670,831
Net investment loss	(1,261,495	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	20,833,960
Net realized gain	20,833,960
Net change in unrealized appreciation (depreciation) on:
Investments	4,878,206
Net change in unrealized appreciation (depreciation)	4,878,206
Net realized and unrealized gain	25,712,166
Net increase in net assets resulting from operations	$24,450,671

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

10 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012(a)			Year Ended December 31, 2011
Operations
Net investment loss		$(1,261,495	)		$(1,594,492	)		$(3,865,385	)
Net realized gain		20,833,960			8,984,718			49,293,493
Net change in unrealized appreciation (depreciation)		4,878,206			11,005,956			(89,480,521	)
Net increase (decrease) in net assets resulting from operations		24,450,671			18,396,182			(44,052,413	)
Distributions to shareholders:
Net investment income
Net realized gains
Class A		—			—			(15,826,476	)
Class B		—			—			(821,815	)
Class C		—			—			(2,285,649	)
Class I		—			—			(711,817	)
Class K(b)		—			—			(184,769	)
Class R		—			—			(606,632	)
Class R5		—			—			(100,928	)
Class Z		—			—			(61,965	)
Total distributions to shareholders		—			—			(20,600,051	)
Increase (decrease) in net assets from capital stock activity		(33,885,908	)		(30,517,926	)		(46,840,958	)
Total decrease in net assets		(9,435,237	)		(12,121,744	)		(111,493,422	)
Net assets at beginning of period		368,018,037			380,139,781			491,633,203
Net assets at end of period		$358,582,800			$368,018,037			$380,139,781
Excess of distributions over net investment income		$(1,282,391	)		$(20,896	)		$(15,001	)

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Semiannual Report 2012 11

Columbia Select Smaller-Cap Value Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012(a) (Unaudited)						Year Ended May 31, 2012(b)						Year Ended December 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(c)		659,402			9,797,026			396,550			6,024,403			1,750,058			27,816,746
Distributions reinvested		—			—			—			—			1,113,167			14,994,366
Redemptions		(2,197,046	)		(32,725,574	)		(2,187,011	)		(33,059,695	)		(5,084,181	)		(78,485,280	)
Net decrease		(1,537,644	)		(22,928,548	)		(1,790,461	)		(27,035,292	)		(2,220,956	)		(35,674,168	)
Class B shares
Subscriptions		1,717			22,302			10,502			138,586			20,042			277,514
Distributions reinvested		—			—			—			—			67,731			789,744
Redemptions(c)		(406,758	)		(5,145,635	)		(132,249	)		(1,730,441	)		(883,120	)		(12,526,522	)
Net decrease		(405,041	)		(5,123,333	)		(121,747	)		(1,591,855	)		(795,347	)		(11,459,264	)
Class C shares
Subscriptions		89,624			1,147,759			112,596			1,466,429			390,344			5,238,363
Distributions reinvested		—			—			—			—			136,722			1,595,542
Redemptions		(263,309	)		(3,373,323	)		(578,581	)		(7,513,415	)		(1,042,524	)		(14,051,468	)
Net decrease		(173,685	)		(2,225,564	)		(465,985	)		(6,046,986	)		(515,458	)		(7,217,563	)
Class I shares
Subscriptions		7,763			123,937			697,624			11,703,658			1,149,572			20,263,585
Distributions reinvested		—			—			—			—			49,093			710,871
Redemptions		(16,503	)		(273,627	)		(330,275	)		(5,499,857	)		(814,882	)		(13,605,727	)
Net increase (decrease)		(8,740	)		(149,690	)		367,349			6,203,801			383,783			7,368,729
Class K shares(d)
Subscriptions		17,478			270,942			24,724			392,918			86,988			1,474,704
Distributions reinvested		—			—			—			—			12,805			184,006
Redemptions		(25,591	)		(401,146	)		(24,637	)		(394,113	)		(62,920	)		(1,025,889	)
Net increase (decrease)		(8,113	)		(130,204	)		87			(1,195	)		36,873			632,821
Class R shares
Subscriptions		66,541			955,032			108,599			1,583,143			384,571			5,905,073
Distributions reinvested		—			—			—			—			16,513			216,646
Redemptions		(147,201	)		(2,122,027	)		(281,009	)		(4,076,027	)		(571,570	)		(8,764,076	)
Net decrease		(80,660	)		(1,166,995	)		(172,410	)		(2,492,884	)		(170,486	)		(2,642,357	)
Class R4 shares
Subscriptions		156			2,500			—			—			—			—
Net increase		156			2,500			—			—			—			—
Class R5 shares
Subscriptions		130			2,425			257			4,208			857			13,786
Distributions reinvested		—			—			—			—			6,778			98,074
Redemptions		(123,330	)		(2,032,350	)		(68	)		(1,129	)		(3,074	)		(46,358	)
Net increase (decrease)		(123,200	)		(2,029,925	)		189			3,079			4,561			65,502
Class Z shares
Subscriptions		14,022			224,474			45,878			728,765			162,818			2,758,413
Distributions reinvested		—			—			—			—			1,958			28,258
Redemptions		(22,345	)		(358,623	)		(17,377	)		(285,359	)		(43,636	)		(701,329	)
Net increase (decrease)		(8,323	)		(134,149	)		28,501			443,406			121,140			2,085,342
Total net decrease		(2,345,250	)		(33,885,908	)		(2,154,477	)		(30,517,926	)		(3,155,890	)		(46,840,958	)

(a) Class R4 shares are for the period from November 8, 2012 (commencement of operations) to November 30, 2012.

(b) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

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

(d) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

12 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Six Months  Ended November 30, 2012		Year Ended		Year Ended December 31,
Class  A	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$14.31		$13.69		$15.97		$12.59		$9.23		$15.92		$17.67
Income from investment operations:
Net investment loss	(0.05	)	(0.06	)	(0.12	)	(0.11	)	(0.12	)	(0.17	)	(0.21	)
Net realized and unrealized gain (loss)	1.04		0.68		(1.40	)	3.49		3.48		(6.33	)	1.43
Total from investment operations	0.99		0.62		(1.52	)	3.38		3.36		(6.50	)	1.22
Less distributions to shareholders:
Net realized gains	—		—		(0.76	)	—		—		(0.19	)	(2.97	)
Total distributions to shareholders	—		—		(0.76	)	—		—		(0.19	)	(2.97	)
Proceeds from regulatory settlements	—		—		—		0.00	(b)	0.00	(b)	—		—
Net asset value, end of period	$15.30		$14.31		$13.69		$15.97		$12.59		$9.23		$15.92
Total return	6.92	%	4.53	%	(9.42	%)	26.85	%(c)	36.40	%(d)	(41.19	%)	6.26	%
Ratios to average net assets(e)
Total gross expenses	1.54	%(f)	1.48	%(f)	1.48	%	1.66	%	2.00	%	1.89	%	1.71	%
Total net expenses(g)	1.39	%(f)(h)	1.41	%(f)	1.42	%(h)	1.33	%	1.69	%	1.89	%	1.71	%
Net investment loss	(0.62	%)(f)	(0.87	%)(f)	(0.77	%)	(0.84	%)	(1.12	%)	(1.30	%)	(1.17	%)
Supplemental data
Net assets, end of period (in thousands)	$279,858		$283,740		$295,973		$380,848		$221,181		$66,415		$155,045
Portfolio turnover	3	%	3	%	18	%	5	%	7	%	16	%	27	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) 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.

(f) Annualized.

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

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

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

Semiannual Report 2012 13

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended December 31,
Class B	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$12.34		$11.84		$14.04		$11.15		$8.23		$14.34		$16.30
Income from investment operations:
Net investment loss	(0.09	)	(0.09	)	(0.21	)	(0.19	)	(0.18	)	(0.24	)	(0.32	)
Net realized and unrealized gain (loss)	0.90		0.59		(1.23	)	3.08		3.10		(5.68	)	1.33
Total from investment operations	0.81		0.50		(1.44	)	2.89		2.92		(5.92	)	1.01
Less distributions to shareholders:
Net realized gains	—		—		(0.76	)	—		—		(0.19	)	(2.97	)
Total distributions to shareholders	—		—		(0.76	)	—		—		(0.19	)	(2.97	)
Proceeds from regulatory settlements	—		—		—		0.00	(b)	0.00	(b)	—		—
Net asset value, end of period	$13.15		$12.34		$11.84		$14.04		$11.15		$8.23		$14.34
Total return	6.56	%	4.22	%	(10.15	%)	25.92	%(c)	35.48	%(d)	(41.68	%)	5.47	%
Ratios to average net assets(e)
Total gross expenses	2.28	%(f)	2.23	%(f)	2.23	%	2.43	%	2.77	%	2.64	%	2.46	%
Total net expenses(g)	2.14	%(f)(h)	2.16	%(f)	2.16	%(h)	2.10	%	2.46	%	2.64	%	2.46	%
Net investment loss	(1.35	%)(f)	(1.62	%)(f)	(1.52	%)	(1.62	%)	(1.88	%)	(2.05	%)	(1.92	%)
Supplemental data
Net assets, end of period (in thousands)	$8,060		$12,565		$13,501		$27,172		$26,500		$8,483		$26,802
Portfolio turnover	3	%	3	%	18	%	5	%	7	%	16	%	27	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) 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.

(f) Annualized.

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

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

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

14 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended December 31,
Class C	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$12.36		$11.86		$14.06		$11.17		$8.24		$14.34		$16.30
Income from investment operations:
Net investment loss	(0.09	)	(0.09	)	(0.21	)	(0.19	)	(0.19	)	(0.23	)	(0.32	)
Net realized and unrealized gain (loss)	0.89		0.59		(1.23	)	3.08		3.12		(5.68	)	1.33
Total from investment operations	0.80		0.50		(1.44	)	2.89		2.93		(5.91	)	1.01
Less distributions to shareholders:
Net realized gains	—		—		(0.76	)	—		—		(0.19	)	(2.97	)
Total distributions to shareholders	—		—		(0.76	)	—		—		(0.19	)	(2.97	)
Proceeds from regulatory settlements	—		—		—		0.00	(b)	0.00	(b)	—		—
Net asset value, end of period	$13.16		$12.36		$11.86		$14.06		$11.17		$8.24		$14.34
Total return	6.47	%	4.22	%	(10.13	%)	25.87	%(c)	35.56	%(d)	(41.61	%)	5.47	%
Ratios to average net assets(e)
Total gross expenses	2.28	%(f)	2.23	%(f)	2.23	%	2.42	%	2.90	%	2.63	%	2.46	%
Total net expenses(g)	2.14	%(f)(h)	2.16	%(f)	2.17	%(h)	2.09	%	2.67	%	2.63	%	2.46	%
Net investment loss	(1.37	%)(f)	(1.63	%)(f)	(1.52	%)	(1.60	%)	(2.10	%)	(2.05	%)	(1.92	%)
Supplemental data
Net assets, end of period (in thousands)	$33,215		$33,327		$37,511		$51,712		$46,626		$37,217		$32,206
Portfolio turnover	3	%	3	%	18	%	5	%	7	%	16	%	27	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) 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.

(f) Annualized.

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

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

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

Semiannual Report 2012 15

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended		Year Ended December 31,
Class I	(Unaudited)		May 31,  2012(a)		2011		2010		2009(b)
Per share data
Net asset value, beginning of period	$15.41		$14.71		$17.02		$13.35		$11.86
Income from investment operations:
Net investment loss	(0.01	)	(0.03	)	(0.04	)	(0.05	)	(0.01	)
Net realized and unrealized gain (loss)	1.12		0.73		(1.51	)	3.72		1.50
Total from investment operations	1.11		0.70		(1.55	)	3.67		1.49
Less distributions to shareholders:
Net realized gains	—		—		(0.76	)	—		—
Total distributions to shareholders	—		—		(0.76	)	—		—
Proceeds from regulatory settlements	—		—		—		0.00	(c)	—
Net asset value, end of period	$16.52		$15.41		$14.71		$17.02		$13.35
Total return	7.20	%	4.76	%	(9.01	%)	27.49	%(d)	12.56	%
Ratios to average net assets(e)
Total gross expenses	0.97	%(f)	0.98	%(f)	0.94	%	1.09	%	1.14	%(f)
Total net expenses(g)	0.94	%(f)	0.94	%(f)	0.91	%	0.88	%	0.88	%(f)
Net investment loss	(0.18	%)(f)	(0.38	%)(f)	(0.24	%)	(0.38	%)	(0.23	%)(f)
Supplemental data
Net assets, end of period (in thousands)	$22,108		$20,764		$14,419		$10,145		$6,300
Portfolio turnover	3	%	3	%	18	%	5	%	7	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) For the period from August 3, 2009 (commencement of operations) to December 31, 2009.

(c) Rounds to less than $0.01.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(e) 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.

(f) Annualized.

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

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

16 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended December 31,
Class K(a)	(Unaudited)		May 31,  2012(b)		2011		2010		2009(c)
Per share data
Net asset value, beginning of period	$15.28		$14.60		$16.94		$13.34		$11.86
Income from investment operations:
Net investment loss	(0.04	)	(0.04	)	(0.09	)	(0.10	)	(0.03	)
Net realized and unrealized gain (loss)	1.11		0.72		(1.49	)	3.70		1.51
Total from investment operations	1.07		0.68		(1.58	)	3.60		1.48
Less distributions to shareholders:
Net realized gains	—		—		(0.76	)	—		—
Total distributions to shareholders	—		—		(0.76	)	—		—
Proceeds from regulatory settlements	—		—		—		0.00	(d)	—
Net asset value, end of period	$16.35		$15.28		$14.60		$16.94		$13.34
Total return	7.00	%	4.66	%	(9.23	%)	26.99	%(e)	12.48	%
Ratios to average net assets(f)
Total gross expenses	1.27	%(g)	1.23	%(g)	1.22	%	1.39	%	1.43	%(g)
Total net expenses(h)	1.24	%(g)	1.20	%(g)	1.18	%	1.18	%	1.18	%(g)
Net investment loss	(0.47	%)(g)	(0.65	%)(g)	(0.53	%)	(0.69	%)	(0.58	%)(g)
Supplemental data
Net assets, end of period (in thousands)	$3,946		$3,812		$3,642		$3,601		$42
Portfolio turnover	3	%	3	%	18	%	5	%	7	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(c) For the period from August 3, 2009 (commencement of operations) to December 31, 2009.

(d) Rounds to less than $0.01.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(f) 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.

(g) Annualized.

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

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

Semiannual Report 2012 17

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended December 31,
Class R	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$13.92		$13.33		$15.62		$12.35		$9.08		$15.70		$17.53
Income from investment operations:
Net investment loss	(0.06	)	(0.07	)	(0.16	)	(0.16	)	(0.16	)	(0.19	)	(0.25	)
Net realized and unrealized gain (loss)	1.01		0.66		(1.37	)	3.43		3.43		(6.24	)	1.39
Total from investment operations	0.95		0.59		(1.53	)	3.27		3.27		(6.43	)	1.14
Less distributions to shareholders:
Net realized gains	—		—		(0.76	)	—		—		(0.19	)	(2.97	)
Total distributions to shareholders	—		—		(0.76	)	—		—		(0.19	)	(2.97	)
Proceeds from regulatory settlements	—		—		—		0.00	(b)	0.00	(b)	—		—
Net asset value, end of period	$14.87		$13.92		$13.33		$15.62		$12.35		$9.08		$15.70
Total return	6.82	%	4.43	%	(9.69	%)	26.48	%(c)	36.01	%(d)	(41.32	%)	5.83	%
Ratios to average net assets(e)
Total gross expenses	1.78	%(f)	1.73	%(f)	1.73	%	1.87	%	2.31	%	2.14	%	1.96	%
Total net expenses(g)	1.64	%(f)(h)	1.67	%(f)	1.67	%(h)	1.66	%	2.19	%	2.14	%	1.96	%
Net investment loss	(0.87	%)(f)	(1.14	%)(f)	(1.02	%)	(1.16	%)	(1.62	%)	(1.55	%)	(1.42	%)
Supplemental data
Net assets, end of period (in thousands)	$8,677		$9,248		$11,156		$15,733		$10,778		$8,537		$11,311
Portfolio turnover	3	%	3	%	18	%	5	%	7	%	16	%	27	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) 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.

(f) Annualized.

(g) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30,  2012(a)
Class R4	(Unaudited)
Per share data
Net asset value, beginning of period	$15.99
Income from investment operations:
Net investment loss	(0.00	)(b)
Net realized and unrealized gain	0.61
Total from investment operations	0.61
Net asset value, end of period	$16.60
Total return	3.81	%
Ratios to average net assets(c)
Total gross expenses	1.58	%(d)
Total net expenses(e)	1.14	%(d)
Net investment loss	(0.48	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	3	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to November 30, 2012.

(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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 19

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended December 31,
Class R5	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$15.40		$14.70		$17.01		$13.35		$9.72		$16.65		$18.26
Income from investment operations:
Net investment loss	(0.02	)	(0.03	)	(0.05	)	(0.06	)	(0.09	)	(0.08	)	(0.12	)
Net realized and unrealized gain (loss)	1.10		0.73		(1.50	)	3.72		3.72		(6.66	)	1.48
Total from investment operations	1.08		0.70		(1.55	)	3.66		3.63		(6.74	)	1.36
Less distributions to shareholders:
Net realized gains	—		—		(0.76	)	—		—		(0.19	)	(2.97	)
Total distributions to shareholders	—		—		(0.76	)	—		—		(0.19	)	(2.97	)
Proceeds from regulatory settlements	—		—		—		0.00	(b)	0.00	(b)	—		—
Net asset value, end of period	$16.48		$15.40		$14.70		$17.01		$13.35		$9.72		$16.65
Total return	7.01	%	4.76	%	(9.02	%)	27.42	%(c)	37.35	%(d)	(40.82	%)	6.85	%
Ratios to average net assets(e)
Total gross expenses	0.98	%(f)	0.98	%(f)	0.97	%	1.14	%	1.51	%	1.19	%	1.15	%
Total net expenses(g)	0.98	%(f)	0.95	%(f)	0.93	%	0.93	%	1.46	%	1.19	%	1.15	%
Net investment loss	(0.24	%)(f)	(0.41	%)(f)	(0.28	%)	(0.44	%)	(0.88	%)	(0.61	%)	(0.61	%)
Supplemental data
Net assets, end of period (in thousands)	$266		$2,145		$2,046		$2,289		$1,808		$7,405		$11,322
Portfolio turnover	3	%	3	%	18	%	5	%	7	%	16	%	27	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) 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.

(f) Annualized.

(g) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended December 31,
Class Z	(Unaudited)		May 31,  2012(a)		2011		2010(b)
Per share data
Net asset value, beginning of period	$15.35		$14.67		$17.01		$14.61
Income from investment operations:
Net investment loss	(0.03	)	(0.04	)	(0.08	)	(0.01	)
Net realized and unrealized gain (loss)	1.11		0.72		(1.50	)	2.41
Total from investment operations	1.08		0.68		(1.58	)	2.40
Less distributions to shareholders:
Net realized gains	—		—		(0.76	)	—
Total distributions to shareholders	—		—		(0.76	)	—
Net asset value, end of period	$16.43		$15.35		$14.67		$17.01
Total return	7.04	%	4.63	%	(9.19	%)	16.43	%
Ratios to average net assets(c)
Total gross expenses	1.29	%(d)	1.23	%(d)	1.20	%	1.55	%(d)
Total net expenses(e)	1.14	%(d)(f)	1.16	%(d)	1.19	%(f)	1.02	%(d)
Net investment loss	(0.38	%)(d)	(0.62	%)(d)	(0.50	%)	(0.34	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$2,451		$2,417		$1,892		$133
Portfolio turnover	3	%	3	%	18	%	5	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) For the period from September 27, 2010 (commencement of operations) to December 31, 2010.

(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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 21

Columbia Select Smaller-Cap Value Fund

Notes to Financial Statements

November 30, 2012 (Unaudited)

Note 1. Organization

Columbia Select Smaller-Cap Value Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5 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 K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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 and are only available to investors purchasing through authorized investment professionals. Class R4 shares commenced operations on November 8, 2012.

Class R5 shares are not subject to sales charges. Effective November 8, 2012, Class R5 shares are only available to investors purchasing through authorized investment professionals. Prior to November 8, 2012, Class R5 shares were closed to new investors.

Class Z shares are not subject to sales charges, and are only available to certain investors.

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 ask prices on such exchanges or markets.

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 ask 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 of Trustees (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

22 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

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 fair value.

Foreign Currency Transactions and Translations

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.

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.

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.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund

Semiannual Report 2012 23

Columbia Select Smaller-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed along with the income distribution. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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 investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.79% to 0.70% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.79% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.08% to 0.05% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2012 was 0.08% of the Fund’s average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $984.

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.

24 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class.

For the six months ended November 30, 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	0.32	%
Class B	0.32
Class C	0.32
Class K	0.05
Class R	0.32
Class R4	0.31
Class R5	0.05
Class Z	0.32

The Fund and certain other associated investment companies, have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At November 30, 2012, the Fund’s total potential future obligation over the life of the Guaranty is $132,752. The

liability remaining at November 30, 2012 for non-recurring charges associated with the lease amounted to $68,216 and is recorded as a part of payable for other expenses in the Statement of Assets and Liabilities.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the 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 November 30, 2012, these minimum account balance fees reduced total expenses by $2,868.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution 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 $777,000 and $2,688,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2012, 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 $37,899 for Class A, $1,625 for Class B and $337 for Class C shares for the six months ended November 30, 2012.

Semiannual Report 2012 25

Columbia Select Smaller-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 April 30, 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	1.39	%
Class B	2.14
Class C	2.14
Class I	0.94
Class K	1.24
Class R	1.64
Class R4	1.14
Class R5	0.99
Class Z	1.14

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $254,624,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$123,278,000
Unrealized depreciation	(18,418,000	)
Net unrealized appreciation	104,860,000

The following capital loss carryforward, determined as of May 31, 2012 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 ($)
2016		106,385,668
2017		35,904,623
Total		142,290,291

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 $12,277,844 and $46,538,903, respectively, for the six months ended November 30, 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 securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value 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.

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

26 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 November 30, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At November 30, 2012, the Fund did not have any securities on loan.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 7. Affiliated Money Market Fund

The Fund invests 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 — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 8. 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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the six months ended November 30, 2012.

Note 9. Significant Risks

Industrial Sector Risk

The Fund’s portfolio managers may invest significantly in issuers operating in the industrials sector. The Fund may be more susceptible to the particular risks of this sector than if the Fund were invested in a wider variety of issuers operating in unrelated sectors.

Note 10. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 11. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds’ Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of

Semiannual Report 2012 27

Columbia Select Smaller-Cap Value Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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.

28 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal period ended May 31, 2012 and year ended December 31, 2011 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal period ended May 31, 2012 and year ended December 31, 2011 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Semiannual Report 2012 29

Columbia Select Smaller-Cap Value Fund

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30 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

[THIS PAGE INTENTIONALLY LEFT BLANK]

Semiannual Report 2012 31

Columbia Select Smaller-Cap Value Fund

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32 Semiannual Report 2012

Columbia Select Smaller-Cap Value Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 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 sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Semiannual Report 2012 33

Columbia Select Smaller-Cap Value Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund, go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

SL-9930 A (1/13)

Semiannual Report November 30, 2012

Columbia Seligman Communications and
Information Fund

Columbia Seligman Communications and Information Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of

policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	9
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	15
Notes to Financial Statements	24
Supplemental Information	31
Important Information About This Report	33

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Seligman Communications and Information Fund (the Fund) Class A shares returned 0.56% excluding sales charges for the six months ended November 30, 2012.

> The Fund underperformed its benchmark, the S&P North American Technology Sector Index, which returned 5.31% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2012)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	06/23/83
Excluding sales charges			0.56		3.65		3.57		9.69
Including sales charges			-5.23		-2.31		2.35		9.04
Class B	04/22/96
Excluding sales charges			0.17		2.86		2.79		8.86
Including sales charges			-4.83		-2.03		2.43		8.86
Class C	05/27/99
Excluding sales charges			0.20		2.88		2.79		8.87
Including sales charges			-0.80		1.91		2.79		8.87
Class I*	08/03/09		0.78		4.10		3.85		9.84
Class K* (formerly Class R4)	08/03/09		0.62		3.79		3.64		9.73
Class R*	04/30/03		0.43		3.38		3.27		9.39
Class R4* (formerly Class R3)	08/03/09		0.53		3.58		3.43		9.54
Class R5	11/30/01		0.73		4.04		3.98		10.18
Class Z*	09/27/10		0.67		3.87		3.70		9.76
S&P North American Technology Sector Index			5.31		11.35		3.47		7.52

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The S&P North American Technology Sector Index is an unmanaged modified capitalization-weighted index based on a universe of technology-related stocks.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2012)
Synopsys, Inc.	9.3
Apple, Inc.	8.1
Symantec Corp.	6.7
Lam Research Corp.	4.7
Nuance Communications, Inc.	4.7
QUALCOMM, Inc.	4.5
Check Point Software Technologies Ltd.	4.4
KLA-Tencor Corp.	4.1
Teradyne, Inc.	3.4
Parametric Technology Corp.	3.4

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Portfolio Breakdown (%) (at November 30, 2012)
Common Stocks	99.3
Consumer Discretionary	0.2
Health Care	0.8
Industrials	0.2
Information Technology	98.1
Convertible Preferred Stocks	0.1
Information Technology	0.1
Money Market Funds	0.6

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

Portfolio Management

Paul Wick

Richard Parower, CFA

Morningstar Style Box™

The Morningstar Style Box™ is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

©2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Semiannual Report 2012 3

Columbia Seligman Communications and Information Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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.

June 1, 2012 – November 30, 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		1,005.60	1,018.25		6.84	6.88		1.36
Class B		1,000.00	1,000.00		1,001.70	1,014.49		10.59	10.66		2.11
Class C		1,000.00	1,000.00		1,002.00	1,014.49		10.59	10.66		2.11
Class I		1,000.00	1,000.00		1,007.80	1,020.46		4.63	4.66		0.92
Class K (formerly Class R4)		1,000.00	1,000.00		1,006.20	1,018.90		6.19	6.23		1.23
Class R		1,000.00	1,000.00		1,004.30	1,017.00		8.09	8.14		1.61
Class R4 (formerly Class R3)		1,000.00	1,000.00		1,005.30	1,018.00		7.09	7.13		1.41
Class R5		1,000.00	1,000.00		1,007.30	1,020.16		4.93	4.96		0.98
Class Z		1,000.00	1,000.00		1,006.70	1,019.50		5.58	5.62		1.11

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from 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).

4 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 98.6%
Issuer	Shares		Value ($)
Consumer Discretionary 0.2%
Diversified Consumer Services 0.2%
Lifelock, Inc.(a)		738,528		6,196,250
Total Consumer Discretionary				6,196,250
Health Care 0.8%
Health Care Equipment & Supplies 0.8%
Stryker Corp.		478,228		25,900,828
Total Health Care				25,900,828
Industrials 0.2%
Commercial Services & Supplies 0.2%
Performant Financial Corp.(a)		621,169		6,000,493
Total Industrials				6,000,493
Information Technology 97.4%
Communications Equipment 7.5%
Cisco Systems, Inc.		4,820,400		91,153,764
Flashpoint Technology, Inc.(b)(c)(d)		246,914		—
Nortel Networks Corp.(a)		819		7
QUALCOMM, Inc.		2,311,084		147,031,164
Radware, Ltd.(a)		451,696		14,436,204
Total				252,621,139
Computers & Peripherals 19.4%
Apple, Inc.		458,900		268,584,992
Dell, Inc.		1,395,700		13,454,548
Electronics for Imaging, Inc.(a)(e)		4,675,900		85,849,524
EMC Corp.(a)		4,275,500		106,117,910
NCR Corp.(a)		1,734,600		41,508,978
NetApp, Inc.(a)		3,542,900		112,345,359
SanDisk Corp.(a)		516,700		20,202,970
Total				648,064,281
Electronic Equipment, Instruments & Components 4.3%
Arrow Electronics, Inc.(a)		1,460,100		54,403,326
Avnet, Inc.(a)		1,538,500		45,062,665
Flextronics International Ltd.(a)		4,495,700		26,030,103
Murata Manufacturing Co., Ltd.		173,500		9,870,035
Vishay Intertechnology, Inc.(a)		917,900		8,903,630
Total				144,269,759
Internet Software & Services 0.6%
Akamai Technologies, Inc.(a)		112,823		4,131,578
Dena Co., Ltd.		90,600		3,319,336
Yahoo!, Inc.(a)		602,400		11,307,048
Total				18,757,962

Common Stocks (continued)
Issuer	Shares		Value ($)
IT Services 3.3%
Global Payments, Inc.		485,400		21,313,914
VeriFone Systems, Inc.(a)		1,514,200		46,016,538
Visa, Inc., Class A		281,900		42,203,249
Total				109,533,701
Semiconductors & Semiconductor Equipment 23.6%
Advanced Micro Devices, Inc.(a)		10,056,494		22,124,287
Avago Technologies Ltd.		1,129,800		39,655,980
Broadcom Corp., Class A		2,719,800		88,067,124
KLA-Tencor Corp.		2,997,804		136,310,148
Lam Research Corp.(a)		4,455,025		156,460,478
LSI Corp.(a)		1,997,100		13,460,454
Marvell Technology Group Ltd.		3,442,349		29,191,119
Microsemi Corp.(a)		3,080,600		58,962,684
NXP Semiconductor NV(a)		2,472,500		60,526,800
Samsung Electronics Co., Ltd.		17,100		22,227,818
Semtech Corp.(a)		766,057		20,951,659
Spansion, Inc., Class A(a)		2,314,123		27,121,522
Teradyne, Inc.(a)		7,268,700		113,682,468
Total				788,742,541
Software 38.7%
Cadence Design Systems, Inc.(a)		2,231,000		28,400,630
Check Point Software Technologies Ltd.(a)		3,114,643		143,803,067
Citrix Systems, Inc.(a)		979,300		59,893,988
Fortinet, Inc.(a)		339,100		6,775,218
Microsoft Corp.		3,656,100		97,325,382
Nuance Communications, Inc.(a)		6,951,600		154,603,584
Oracle Corp.		2,869,400		92,107,740
Parametric Technology Corp.(a)		5,598,470		113,313,033
Symantec Corp.(a)		11,777,000		220,936,520
Synopsys, Inc.(a)(e)		9,426,103		309,176,179
TIBCO Software, Inc.(a)		378,000		9,468,900
VMware, Inc., Class A(a)		646,500		58,799,175
Total				1,294,603,416
Total Information Technology				3,256,592,799
Total Common Stocks
(Cost: $2,913,739,833)				3,294,690,370

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 5

Columbia Seligman Communications and Information Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Convertible Preferred Stocks 0.1%
Issuer	Shares		Value ($)
Information Technology 0.1%
Computers & Peripherals 0.1%
Silver Peak Systems, Inc.(a)(c)(d)		2,620,545		2,227,463
Total Information Technology				2,227,463
Total Convertible Preferred Stocks
(Cost: $10,041,773)				2,227,463

Money Market Funds 0.6%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.154%(e)(f)		21,525,726		21,525,726
Total Money Market Funds
(Cost: $21,525,726)				21,525,726
Total Investments
(Cost: $2,945,307,332)				3,318,443,559
Other Assets & Liabilities, Net				23,553,837
Net Assets				3,341,997,396

Notes to Portfolio of Investments

(a) Non-income producing.

(b) Negligible market value.

(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2012, the value of these securities amounted to $2,227,463, which represents 0.07% of net assets.

(d) Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at November 30, 2012 was $2,227,463, representing 0.07% of net assets. Information concerning such security holdings at November 30, 2012 is as follows:

Security Description	Acquisition Dates		Cost ($)
Flashpoint Technology, Inc.		09/10/99		1,000,844
Silver Peaks Systems, Inc.		01/14/08		10,041,773

(e) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		209,192,452		552,663,882		(740,330,608	)		—		21,525,726		112,290		21,525,726
Electronics for Imaging, Inc.		111,963,946		—		—			—		111,963,946		—		85,849,524
Synopsys, Inc.		237,362,032		—		(10,255,327	)		1,801,581		228,908,286		—		309,176,179
Total		558,518,430		552,663,882		(750,585,935	)		1,801,581		362,397,958		112,290		416,551,429

(f) The rate shown is the seven-day current annualized yield at November 30, 2012.

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).

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third- party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 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		6,196,250		—		—		6,196,250
Health Care		25,900,828		—		—		25,900,828
Industrials		6,000,493		—		—		6,000,493
Information Technology		3,221,175,610		35,417,189		—		3,256,592,799
Convertible Preferred Stocks
Information Technology		—		—		2,227,463		2,227,463
Total Equity Securities		3,259,273,181		35,417,189		2,227,463		3,296,917,833
Other
Money Market Funds		21,525,726		—		—		21,525,726
Total Other		21,525,726		—		—		21,525,726
Total		3,280,798,907		35,417,189		2,227,463		3,318,443,559

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 7

Columbia Seligman Communications and Information Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

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.

There were no transfers of financial assets between Levels 1 and 2 during the period.

The following table is a reconciliation of Level 3 assets for which significant observable and/or unobservable inputs were used to determine fair value.

	Common Stocks ($)			Convertible Preferred Stocks ($)		Total ($)
Balance as of May 31, 2012		1			2,070,231		2,070,232
Accrued discounts/premiums		—			—		—
Realized gain (loss)		(10,032,082	)		—		(10,032,082	)
Change in unrealized appreciation (depreciation)(a)		10,032,162			157,232		10,189,394
Sales		(81	)		—		(81	)
Purchases		—			—		—
Transfers into Level 3		—			—		—
Transfers out of Level 3		—			—		—
Balance as of November 30, 2012		—			2,227,463		2,227,463

(a) Change in unrealized appreciation (depreciation) relating to securities held at November 30, 2012 was $157,232.

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain convertible preferred stock classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the Fund’s pro-rata interest in the company’s capital balance, estimated earnings of the respective company, and the position of the security within the respective company’s capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in the fund’s pro-rata interest would result in a change to the company’s capital balance.

Certain common stock classified as Level 3 are valued using an income approach. To determine fair value for these securities, management considered estimates of future distributions from the liquidation of company assets or potential actions related to the respective company’s bankruptcy filing. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in the bankruptcy filings would result in a directionally similar change to estimates of future distributions.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $2,582,909,374)	$2,901,892,130
Affiliated issuers (identified cost $362,397,958)	416,551,429
Total investments (identified cost $2,945,307,332)	3,318,443,559
Cash	87
Foreign currency (identified cost $492)	494
Receivable for:
Investments sold	55,402,939
Capital shares sold	1,616,140
Dividends	3,410,616
Interest	7,447
Prepaid expenses	17,668
Total assets	3,378,898,950
Liabilities
Payable for:
Investments purchased	27,785,551
Capital shares purchased	6,363,956
Investment management fees	78,024
Distribution and/or service fees	35,531
Transfer agent fees	943,659
Administration fees	4,688
Plan administration fees	194
Compensation of board members	163,868
Other expenses	1,526,083
Total liabilities	36,901,554
Net assets applicable to outstanding capital stock	$3,341,997,396
Represented by
Paid-in capital	$2,964,116,783
Excess of distributions over net investment income	(12,600,046	)
Accumulated net realized gain	17,350,368
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	318,982,756
Investments — affiliated issuers	54,153,471
Foreign currency translations	(5,936	)
Total — representing net assets applicable to outstanding capital stock	$3,341,997,396

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 9

Columbia Seligman Communications and Information Fund

Statement of Assets and Liabilities (continued)

November 30, 2012 (Unaudited)

Class A
Net assets	$2,423,155,978
Shares outstanding	56,188,915
Net asset value per share	$43.13
Maximum offering price per share(a)	$45.76
Class B
Net assets	$41,052,433
Shares outstanding	1,174,659
Net asset value per share	$34.95
Class C
Net assets	$629,785,698
Shares outstanding	18,005,604
Net asset value per share	$34.98
Class I
Net assets	$6,596
Shares outstanding	145
Net asset value per share(b)	$45.43
Class K(c)
Net assets	$974,766
Shares outstanding	21,677
Net asset value per share	$44.97
Class R
Net assets	$39,836,486
Shares outstanding	949,312
Net asset value per share	$41.96
Class R4(d)
Net assets	$25,344
Shares outstanding	600
Net asset value per share(b)	$42.22
Class R5
Net assets	$14,620,999
Shares outstanding	322,316
Net asset value per share	$45.36
Class Z
Net assets	$192,539,096
Shares outstanding	4,249,031
Net asset value per share	$45.31

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

(b) Net asset value per share rounds to this amount due to fractional shares outstanding.

(c) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(d) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Statement of Operations

Six Months Ended November 30, 2012 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$13,596,130
Dividends — affiliated issuers	112,290
Interest	492
Income from securities lending — net	367,256
Foreign taxes withheld	(24,398	)
Total income	14,051,770
Expenses:
Investment management fees	15,049,188
Distribution and/or service fees
Class A	3,182,958
Class B	227,660
Class C	3,299,369
Class R	106,388
Class R4(a)	26
Transfer agent fees
Class A	2,273,289
Class B	40,620
Class C	589,101
Class K(b)	235
Class R	37,995
Class R4(a)	9
Class R5	3,726
Class Z	202,635
Administration fees	895,339
Plan administration fees
Class K(b)	1,319
Class R4(a)	26
Compensation of board members	33,113
Custodian fees	19,057
Printing and postage fees	302,740
Registration fees	77,289
Professional fees	31,650
Other	148,539
Total expenses	26,522,271
Expense reductions	(32,574	)
Total net expenses	26,489,697
Net investment loss	(12,437,927	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(161,787,373	)
Investments — affiliated issuers	1,801,581
Foreign currency translations	(17,597	)
Net realized loss	(160,003,389	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	144,488,115
Investments — affiliated issuers	47,070,554
Foreign currency translations	(25,108	)
Net change in unrealized appreciation (depreciation)	191,533,561
Net realized and unrealized gain	31,530,172
Net increase in net assets resulting from operations	$19,092,245

(a) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 11

Columbia Seligman Communications and Information Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012(a)			Year Ended December 31, 2011
Operations
Net investment loss		$(12,437,927	)		$(14,041,425	)		$(30,973,301	)
Net realized gain (loss)		(160,003,389	)		95,096,514			187,204,205
Net change in unrealized appreciation (depreciation)		191,533,561			92,820,776			(352,642,399	)
Net increase (decrease) in net assets resulting from operations		19,092,245			173,875,865			(196,411,495	)
Distributions to shareholders:
Net realized gains
Class A		—			—			(105,097,645	)
Class B		—			—			(2,736,222	)
Class C		—			—			(33,725,376	)
Class I		—			—			(254	)
Class K(b)		—			—			(42,703	)
Class R		—			—			(1,858,800	)
Class R4(c)		—			—			(987	)
Class R5		—			—			(668,299	)
Class Z		—			—			(5,870,301	)
Total distributions to shareholders		—			—			(150,000,587	)
Increase (decrease) in net assets from capital stock activity		(265,880,538	)		(61,517,262	)		(224,444,190	)
Proceeds from regulatory settlements (Note 6)		—			4,675,209			—
Total increase (decrease) in net assets		(246,788,293	)		117,033,812			(570,856,272	)
Net assets at beginning of period		3,588,785,689			3,471,751,877			4,042,608,149
Net assets at end of period		$3,341,997,396			$3,588,785,689			$3,471,751,877
Excess of distributions over net investment income		$(12,600,046	)		$(162,119	)		$(137,093	)

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(c) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012 (Unaudited)						Year Ended May 31, 2012(a)						Year Ended December 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		2,031,117			88,445,325			3,095,789			144,357,473			8,341,796			378,834,855
Distributions reinvested		—			—			—			—			2,214,111			90,955,662
Redemptions		(5,859,565	)		(254,298,215	)		(5,237,856	)		(242,814,902	)		(16,979,946	)		(758,929,521	)
Net decrease		(3,828,448	)		(165,852,890	)		(2,142,067	)		(98,457,429	)		(6,424,039	)		(289,139,004	)
Class B shares
Subscriptions		6,837			238,653			7,490			282,172			42,934			1,577,472
Distributions reinvested		—			—			—			—			61,945			2,077,003
Redemptions(b)		(247,437	)		(8,719,249	)		(222,593	)		(8,464,597	)		(790,147	)		(29,035,791	)
Net decrease		(240,600	)		(8,480,596	)		(215,103	)		(8,182,425	)		(685,268	)		(25,381,316	)
Class C shares
Subscriptions		453,144			16,016,812			713,958			27,450,019			2,060,413			76,947,943
Distributions reinvested		—			—			—			—			779,158			26,148,537
Redemptions		(1,596,682	)		(56,155,637	)		(1,697,010	)		(64,413,720	)		(3,391,920	)		(123,631,420	)
Net decrease		(1,143,538	)		(40,138,825	)		(983,052	)		(36,963,701	)		(552,349	)		(20,534,940	)
Class I shares
Subscriptions		—			—			—			—			5,103			246,913
Redemptions		—			—			—			—			(1,197,236	)		(59,746,846	)
Net increase (decrease)		—			—			—			—			(1,192,133	)		(59,499,933	)
Class K shares(c)
Subscriptions		1,279			57,739			2,719			134,209			27,943			1,358,189
Distributions reinvested		—			—			—			—			992			42,449
Redemptions		(5,833	)		(271,360	)		(1,450	)		(71,045	)		(14,889	)		(697,571	)
Net increase (decrease)		(4,554	)		(213,621	)		1,269			63,164			14,046			703,067
Class R shares
Subscriptions		171,310			7,189,913			206,557			9,411,445			502,956			22,092,453
Distributions reinvested		—			—			—			—			33,521			1,343,176
Redemptions		(223,082	)		(9,424,526	)		(306,495	)		(13,627,354	)		(522,310	)		(22,773,502	)
Net increase (decrease)		(51,772	)		(2,234,613	)		(99,938	)		(4,215,909	)		14,167			662,127
Class R4 shares(d)
Subscriptions		18			770			36			1,556			142			6,059
Distributions reinvested		—			—			—			—			18			720
Redemptions		(38	)		(1,621	)		—			—			(1,771	)		(79,636	)
Net increase (decrease)		(20	)		(851	)		36			1,556			(1,611	)		(72,857	)
Class R5 shares
Subscriptions		22,994			1,056,764			42,034			2,075,469			173,461			8,344,340
Distributions reinvested		—			—			—			—			7,853			338,146
Redemptions		(102,331	)		(4,853,301	)		(36,028	)		(1,739,861	)		(180,863	)		(8,137,987	)
Net increase (decrease)		(79,337	)		(3,796,537	)		6,006			335,608			451			544,499

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 13

Columbia Seligman Communications and Information Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012 (Unaudited)						Year Ended May 31, 2012(a)						Year Ended December 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Class Z shares
Subscriptions		640,674			29,197,584			2,297,824			112,005,368			4,336,605			207,542,815
Distributions reinvested		—			—			—			—			56,341			2,426,625
Redemptions		(1,629,680	)		(74,360,189	)		(533,107	)		(26,103,494	)		(934,202	)		(41,695,273	)
Net increase (decrease)		(989,006	)		(45,162,605	)		1,764,717			85,901,874			3,458,744			168,274,167
Total net decrease		(6,337,275	)		(265,880,538	)		(1,668,132	)		(61,517,262	)		(5,367,992	)		(224,444,190	)

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Includes conversions of Class B shares to Class A shares, if any.

(c) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(d) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Six Months  Ended November 30, 2012		Year Ended		Year Ended December 31,
Class  A	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$42.89		$40.80		$44.71		$38.78		$24.25		$38.20		$33.24
Income from investment operations:
Net investment loss	(0.12	)	(0.14	)	(0.29	)	(0.29	)	(0.37	)	(0.36	)	(0.32	)
Net realized and unrealized gain (loss)	0.36		2.17		(1.88	)	6.20		14.81		(13.59	)	5.28
Increase from payments by affiliate	—		—		0.01		0.01		—		—		—
Total from investment operations	0.24		2.03		(2.16	)	5.92		14.44		(13.95	)	4.96
Less distributions to shareholders:
Net realized gains	—		—		(1.75	)	—		—		—		—
Total distributions to shareholders	—		—		(1.75	)	—		—		—		—
Proceeds from regulatory settlements	—		0.06		—		0.01		0.09		—		—
Net asset value, end of period	$43.13		$42.89		$40.80		$44.71		$38.78		$24.25		$38.20
Total return	0.56	%	5.12	%(b)	(4.86	%)(c)	15.29	%(d)(e)	59.92	%(f)	(36.52	%)	14.92	%
Ratios to average net assets(g)(h)
Total gross expenses	1.36	%(i)	1.34	%(i)	1.35	%(j)	1.36	%	1.61	%	1.52	%	1.46	%
Total net expenses(k)	1.36	%(i)(l)	1.34	%(i)	1.35	%(j)(l)	1.36	%	1.61	%	1.52	%	1.46	%
Net investment loss	(0.57	%)(i)	(0.72	%)(i)	(0.65	%)	(0.72	%)	(1.18	%)	(1.12	%)	(0.89	%)
Supplemental data
Net assets, end of period (in thousands)	$2,423,156		$2,573,957		$2,536,229		$3,066,071		$2,788,834		$1,642,388		$2,907,051
Portfolio turnover	33	%	38	%	66	%	105	%	150	%	133	%	206	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(c) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(f) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.36%.

(g) 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.

(h) Certain line items from prior years have been reclassified to conform to the current presentation.

(i) Annualized.

(j) Ratios include line of credit interest expense which rounds to less than 0.01%.

(k) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(l) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 15

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended		Year Ended December 31,
Class  B	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$34.89		$33.29		$37.09		$32.42		$20.43		$32.42		$28.42
Income from investment operations:
Net investment loss	(0.23	)	(0.23	)	(0.52	)	(0.49	)	(0.51	)	(0.52	)	(0.50	)
Net realized and unrealized gain (loss)	0.29		1.78		(1.53	)	5.14		12.42		(11.47	)	4.50
Increase from payments by affiliate	—		—		0.00	(b)	0.01		—		—		—
Total from investment operations	0.06		1.55		(2.05	)	4.66		11.91		(11.99	)	4.00
Less distributions to shareholders:
Net realized gains	—		—		(1.75	)	—		—		—		—
Total distributions to shareholders	—		—		(1.75	)	—		—		—		—
Proceeds from regulatory settlements	—		0.05		—		0.01		0.08		—		—
Net asset value, end of period	$34.95		$34.89		$33.29		$37.09		$32.42		$20.43		$32.42
Total return	0.17	%	4.81	%(c)	(5.57	%)(d)	14.40	%(e)(f)	58.69	%(g)	(36.98	%)	14.07	%
Ratios to average net assets(h)(i)
Total gross expenses	2.11	%(j)	2.10	%(j)	2.10	%(k)	2.11	%	2.39	%	2.27	%	2.21	%
Total net expenses(l)	2.11	%(j)(m)	2.10	%(j)	2.10	%(k)(m)	2.11	%	2.39	%	2.27	%	2.21	%
Net investment loss	(1.32	%)(j)	(1.47	%)(j)	(1.40	%)	(1.48	%)	(1.97	%)	(1.87	%)	(1.64	%)
Supplemental data
Net assets, end of period (in thousands)	$41,052		$49,373		$54,282		$85,897		$106,646		$94,086		$269,316
Portfolio turnover	33	%	38	%	66	%	105	%	150	%	133	%	206	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(d) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(f) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(g) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.36%.

(h) 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.

(i) Certain line items from prior years have been reclassified to conform to the current presentation.

(j) Annualized.

(k) Ratios include line of credit interest expense which rounds to less than 0.01%.

(l) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(m) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended		Year Ended December 31,
Class C	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$34.91		$33.32		$37.12		$32.44		$20.44		$32.43		$28.44
Income from investment operations:
Net investment loss	(0.23	)	(0.23	)	(0.51	)	(0.49	)	(0.51	)	(0.50	)	(0.50	)
Net realized and unrealized gain (loss)	0.30		1.77		(1.54	)	5.15		12.43		(11.49	)	4.49
Increase from payments by affiliate	—		—		0.00	(b)	0.01		—		—		—
Total from investment operations	0.07		1.54		(2.05	)	4.67		11.92		(11.99	)	3.99
Less distributions to shareholders:
Net realized gains	—		—		(1.75	)	—		—		—		—
Total distributions to shareholders	—		—		(1.75	)	—		—		—		—
Proceeds from regulatory settlements	—		0.05		—		0.01		0.08		—		—
Net asset value, end of period	$34.98		$34.91		$33.32		$37.12		$32.44		$20.44		$32.43
Total return	0.20	%	4.77	%(c)	(5.56	%)(d)	14.43	%(e)(f)	58.71	%(g)	(36.97	%)	14.03	%
Ratios to average net assets(h)(i)
Total gross expenses	2.11	%(j)	2.09	%(j)	2.10	%(k)	2.11	%	2.36	%	2.27	%	2.21	%
Total net expenses(l)	2.11	%(j)(m)	2.09	%(j)	2.10	%(k)(m)	2.11	%	2.36	%	2.27	%	2.21	%
Net investment loss	(1.31	%)(j)	(1.47	%)(j)	(1.40	%)	(1.48	%)	(1.94	%)	(1.87	%)	(1.64	%)
Supplemental data
Net assets, end of period (in thousands)	$629,786		$668,588		$670,843		$767,800		$694,889		$447,159		$268,391
Portfolio turnover	33	%	38	%	66	%	105	%	150	%	133	%	206	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) Rounds to less than $0.01.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(d) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(f) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(g) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.36%.

(h) 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.

(i) Certain line items from prior years have been reclassified to conform to the current presentation.

(j) Annualized.

(k) Ratios include line of credit interest expense which rounds to less than 0.01%.

(l) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(m) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 17

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended December 31,
Class I	(Unaudited)		May 31,  2012(a)		2011		2010		2009(b)
Per share data
Net asset value, beginning of period	$45.08		$42.82		$46.62		$40.29		$34.44
Income from investment operations:
Net investment loss	(0.03	)	(0.06	)	(0.20	)	(0.13	)	(0.08	)
Net realized and unrealized gain (loss)	0.38		2.26		(1.86	)	6.44		5.93
Increase from payments by affiliate	—		—		0.01		0.01		—
Total from investment operations	0.35		2.20		(2.05	)	6.32		5.85
Less distributions to shareholders:
Net realized gains	—		—		(1.75	)	—		—
Total distributions to shareholders	—		—		(1.75	)	—		—
Proceeds from regulatory settlements	—		0.06		—		0.01		—
Net asset value, end of period	$45.43		$45.08		$42.82		$46.62		$40.29
Total return	0.78	%	5.28	%(c)	(4.43	%)(d)	15.71	%(e)(f)	16.99	%
Ratios to average net assets(g)(h)
Total gross expenses	0.92	%(i)	0.92	%(i)	0.90	%(j)	0.96	%	1.00	%(i)
Total net expenses(k)	0.92	%(i)	0.92	%(i)	0.90	%(j)	0.96	%	1.00	%(i)
Net investment loss	(0.12	%)(i)	(0.30	%)(i)	(0.41	%)	(0.31	%)	(0.50	%)(i)
Supplemental data
Net assets, end of period (in thousands)	$7		$7		$6		$55,590		$39,507
Portfolio turnover	33	%	38	%	66	%	105	%	150	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) For the period from August 3, 2009 (commencement of operations) to December 31, 2009.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(d) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(e) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(f) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(g) 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.

(h) Certain line items from prior years have been reclassified to conform to the current presentation.

(i) Annualized.

(j) Ratios include line of credit interest expense which rounds to less than 0.01%.

(k) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended December 31,
Class K(a)	(Unaudited)		May 31,  2012(b)		2011		2010		2009(c)
Per share data
Net asset value, beginning of period	$44.69		$42.50		$46.42		$40.24		$34.44
Income from investment operations:
Net investment loss	(0.10	)	(0.12	)	(0.25	)	(0.24	)	(0.12	)
Net realized and unrealized gain (loss)	0.38		2.25		(1.93	)	6.40		5.92
Increase from payments by affiliate	—		—		0.01		0.01		—
Total from investment operations	0.28		2.13		(2.17	)	6.17		5.80
Less distributions to shareholders:
Net realized gains	—		—		(1.75	)	—		—
Total distributions to shareholders	—		—		(1.75	)	—		—
Proceeds from regulatory settlements	—		0.06		—		0.01		—
Net asset value, end of period	$44.97		$44.69		$42.50		$46.42		$40.24
Total return	0.62	%	5.15	%(d)	(4.71	%)(e)	15.36	%(f)(g)	16.84	%
Ratios to average net assets(h)(i)
Total gross expenses	1.23	%(j)	1.23	%(j)	1.23	%(k)	1.26	%	1.28	%(j)
Total net expenses(l)	1.23	%(j)	1.23	%(j)	1.23	%(k)	1.26	%	1.28	%(j)
Net investment loss	(0.44	%)(j)	(0.60	%)(j)	(0.54	%)	(0.58	%)	(0.76	%)(j)
Supplemental data
Net assets, end of period (in thousands)	$975		$1,172		$1,061		$507		$8
Portfolio turnover	33	%	38	%	66	%	105	%	150	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(c) For the period from August 3, 2009 (commencement of operations) to December 31, 2009.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(e) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(f) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(g) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(h) 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.

(i) Certain line items from prior years have been reclassified to conform to the current presentation.

(j) Annualized.

(k) Ratios include line of credit interest expense which rounds to less than 0.01%.

(l) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 19

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended December 31,
Class R	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$41.78		$39.79		$43.75		$38.09		$23.89		$37.73		$32.92
Income from investment operations:
Net investment loss	(0.17	)	(0.18	)	(0.39	)	(0.41	)	(0.46	)	(0.43	)	(0.41	)
Net realized and unrealized gain (loss)	0.35		2.12		(1.83	)	6.05		14.57		(13.41	)	5.22
Increase from payments by affiliate	—		—		0.01		0.01		—		—		—
Total from investment operations	0.18		1.94		(2.21	)	5.65		14.11		(13.84	)	4.81
Less distributions to shareholders:
Net realized gains	—		—		(1.75	)	—		—		—		—
Total distributions to shareholders	—		—		(1.75	)	—		—		—		—
Proceeds from regulatory settlements	—		0.05		—		0.01		0.09		—		—
Net asset value, end of period	$41.96		$41.78		$39.79		$43.75		$38.09		$23.89		$37.73
Total return	0.43	%	5.00	%(b)	(5.08	%)(c)	14.86	%(d)(e)	59.44	%(f)	(36.68	%)	14.61	%
Ratios to average net assets(g)(h)
Total gross expenses	1.61	%(i)	1.59	%(i)	1.60	%(j)	1.70	%	1.93	%	1.77	%	1.71	%
Total net expenses(k)	1.61	%(i)(l)	1.59	%(i)	1.60	%(j)(l)	1.70	%	1.93	%	1.77	%	1.71	%
Net investment loss	(0.82	%)(i)	(0.98	%)(i)	(0.90	%)	(1.06	%)	(1.50	%)	(1.37	%)	(1.14	%)
Supplemental data
Net assets, end of period (in thousands)	$39,836		$41,829		$43,815		$47,554		$37,012		$19,695		$25,142
Portfolio turnover	33	%	38	%	66	%	105	%	150	%	133	%	206	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(c) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(f) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.36%.

(g) 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.

(h) Certain line items from prior years have been reclassified to conform to the current presentation.

(i) Annualized.

(j) Ratios include line of credit interest expense which rounds to less than 0.01%.

(k) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(l) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year  Ended		Year Ended December 31,
Class R4(a)	(Unaudited)		May 31,  2012(b)		2011		2010		2009(c)
Per share data
Net asset value, beginning of period	$42.00		$39.98		$43.89		$38.13		$32.67
Income from investment operations:
Net investment loss	(0.13	)	(0.16	)	(0.38	)	(0.35	)	(0.16	)
Net realized and unrealized gain (loss)	0.35		2.13		(1.79	)	6.09		5.62
Increase from payments by affiliate	—		—		0.01		0.01		—
Total from investment operations	0.22		1.97		(2.16	)	5.75		5.46
Less distributions to shareholders:
Net realized gains	—		—		(1.75	)	—		—
Total distributions to shareholders	—		—		(1.75	)	—		—
Proceeds from regulatory settlements	—		0.05		—		0.01		—
Net asset value, end of period	$42.22		$42.00		$39.98		$43.89		$38.13
Total return	0.53	%	5.05	%(d)	(4.95	%)(e)	15.11	%(f)(g)	16.71	%
Ratios to average net assets(h)(i)
Total gross expenses	1.41	%(j)	1.48	%(j)	1.47	%(k)	1.51	%	1.54	%(j)
Total net expenses(l)	1.41	%(j)	1.48	%(j)	1.47	%(k)	1.51	%	1.54	%(j)
Net investment loss	(0.62	%)(j)	(0.85	%)(j)	(0.85	%)	(0.90	%)	(1.08	%)(j)
Supplemental data
Net assets, end of period (in thousands)	$25		$26		$23		$96		$16
Portfolio turnover	33	%	38	%	66	%	105	%	150	%

Notes to Financial Highlights

(a) Effective October 31, 2012, Class R3 shares were renamed Class R4 shares.

(b) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(c) For the period from August 3, 2009 (commencement of operations) to December 31, 2009.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(e) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(f) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(g) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(h) 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.

(i) Certain line items from prior years have been reclassified to conform to the current presentation.

(j) Annualized.

(k) Ratios include line of credit interest expense which rounds to less than 0.01%.

(l) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 21

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended		Year Ended December 31,
Class R5	(Unaudited)		May 31,  2012(a)		2011		2010		2009		2008		2007
Per share data
Net asset value, beginning of period	$45.03		$42.77		$46.60		$40.28		$25.08		$39.32		$34.07
Income from investment operations:
Net investment loss	(0.04	)	(0.07	)	(0.12	)	(0.15	)	(0.27	)	(0.21	)	(0.17	)
Net realized and unrealized gain (loss)	0.37		2.27		(1.97	)	6.45		15.38		(14.03	)	5.42
Increase from payments by affiliate	—		—		0.01		0.01		—		—		—
Total from investment operations	0.33		2.20		(2.08	)	6.31		15.11		(14.24	)	5.25
Less distributions to shareholders:
Net realized gains	—		—		(1.75	)	—		—		—		—
Total distributions to shareholders	—		—		(1.75	)	—		—		—		—
Proceeds from regulatory settlements	—		0.06		—		0.01		0.09		—		—
Net asset value, end of period	$45.36		$45.03		$42.77		$46.60		$40.28		$25.08		$39.32
Total return	0.73	%	5.28	%(b)	(4.49	%)(c)	15.69	%(d)(e)	60.60	%(f)	(36.22	%)	15.41	%
Ratios to average net assets(g)(h)
Total gross expenses	0.98	%(i)	0.98	%(i)	0.97	%(j)	1.00	%	1.27	%	1.04	%	1.01	%
Total net expenses(k)	0.98	%(i)	0.98	%(i)	0.97	%(j)	1.00	%	1.27	%	1.04	%	1.01	%
Net investment loss	(0.19	%)(i)	(0.35	%)(i)	(0.27	%)	(0.37	%)	(0.87	%)	(0.64	%)	(0.44	%)
Supplemental data
Net assets, end of period (in thousands)	$14,621		$18,085		$16,922		$18,414		$14,853		$20,164		$33,473
Portfolio turnover	33	%	38	%	66	%	105	%	150	%	133	%	206	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(c) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(d) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.

(e) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(f) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.36%.

(g) 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.

(h) Certain line items from prior years have been reclassified to conform to the current presentation.

(i) Annualized.

(j) Ratios include line of credit interest expense which rounds to less than 0.01%.

(k) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended		Year Ended December 31,
Class Z	(Unaudited)		May 31,  2012(a)		2011		2010(b)
Per share data
Net asset value, beginning of period	$45.01		$42.77		$46.62		$41.62
Income from investment operations:
Net investment loss	(0.07	)	(0.09	)	(0.15	)	(0.06	)
Net realized and unrealized gain (loss)	0.37		2.27		(1.96	)	5.05
Increase from payments by affiliate	—		—		0.01		0.01
Total from investment operations	0.30		2.18		(2.10	)	5.00
Less distributions to shareholders:
Net realized gains	—		—		(1.75	)	—
Total distributions to shareholders	—		—		(1.75	)	—
Proceeds from regulatory settlements	—		0.06		—		—
Net asset value, end of period	$45.31		$45.01		$42.77		$46.62
Total return	0.67	%	5.24	%(c)	(4.53	%)(d)	12.01	%(e)
Ratios to average net assets(f)(g)
Total gross expenses	1.11	%(h)	1.09	%(h)	1.09	%(i)	1.13	%(h)
Total net expenses(j)	1.11	%(h)(k)	1.09	%(h)	1.09	%(i)(k)	1.13	%(h)
Net investment loss	(0.32	%)(h)	(0.45	%)(h)	(0.33	%)	(0.50	%)(h)
Supplemental data
Net assets, end of period (in thousands)	$192,539		$235,749		$148,571		$679
Portfolio turnover	33	%	38	%	66	%	105	%

Notes to Financial Highlights

(a) For the period from January 1, 2012 to May 31, 2012. During the period, the Fund’s fiscal year end was changed from December 31 to May 31.

(b) For the period from September 27, 2010 (commencement of operations) to December 31, 2010.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(d) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.

(e) The Fund received a payment by an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.03%.

(f) 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.

(g) Certain line items from prior years have been reclassified to conform to the current presentation.

(h) Annualized.

(i) Ratios include line of credit interest expense which rounds to less than 0.01%.

(j) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(k) The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 23

Columbia Seligman Communications and Information Fund

Notes to Financial Statements

November 30, 2012 (Unaudited)

Note 1. Organization

Columbia Seligman Communications and Information Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5 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 K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

Class R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class R4 shares (formerly Class R3 shares) are not subject to sales charges. Effective October 31, 2012, Class R3 shares were renamed Class R4 shares. Effective November 8, 2012, Class R4 shares are only available to qualifying institutional

investors. Prior to November 8, 2012, Class R4 shares were closed to new investors.

Class R5 shares are not subject to sales charges. Effective November 8, 2012, Class R5 shares are only available to investors purchasing through authorized investment professionals. Prior to November 8, 2012, Class R5 shares were closed to new investors.

Class Z shares are not subject to sales charges, and are only available to certain investors.

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 ask prices on such exchanges or markets.

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 ask 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 of Trustees

24 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

(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 or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in 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 fair value.

Foreign Currency Transactions and Translations

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.

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.

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.

Interest income is recorded on an accrual basis.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Semiannual Report 2012 25

Columbia Seligman Communications and Information Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed along with the income distribution. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date

of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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 investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.855% to 0.725% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.85% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.06% to 0.03% as the Fund’s net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2012 was 0.05% of the Fund’s average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $4,937.

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

26 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class. Prior to October 27, 2012, total transfer agent fees for Class R4 shares were subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to that share class.

For the six months ended November 30, 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	0.18	%
Class B	0.18
Class C	0.18
Class K	0.04
Class R	0.18
Class R4	0.07
Class R5	0.04
Class Z	0.18

The Fund and certain other associated investment companies, have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At November 30, 2012, the Fund’s total potential future obligation over the life of the Guaranty is $2,866,736. The liability remaining at November 30, 2012 for non-recurring charges associated with the lease amounted to $1,473,263 and is recorded as a part of payable for other expenses in the Statement of Assets and Liabilities.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the 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 November 30, 2012, these minimum account balance fees reduced total expenses by $32,574.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services. Prior to October 27, 2012, the Fund also paid a plan administration fee at an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class R4 shares.

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. Prior to October 27, 2012, the Fund also paid a distribution fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class R4 shares.

Semiannual Report 2012 27

Columbia Seligman Communications and Information Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $4,551,000 for Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2012, 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.

Effective January 1, 2013, the Distributor has voluntarily agreed to waive the 0.75% distribution fee for Class B shares. This arrangement may be modified or terminated by the Distributor at any time.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $643,107 for Class A, $28,393 for Class B and $17,919 for Class C shares for the six months ended November 30, 2012.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $2,945,307,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$520,509,000
Unrealized depreciation	147,372,000
Net unrealized appreciation	$373,137,000

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 $1,131,827,506 and $1,209,151,892, respectively, for the six months ended November 30, 2012.

Note 6. Regulatory Settlements

During the period ended May 31, 2012, the Fund received $4,675,209 as a result of a regulatory settlement proceeding brought by the Securities and Exchange Commission against an unaffiliated third party relating to market timing and/or late trading of mutual funds. This amount represented the Fund’s portion of the proceeds from the settlement (the Fund was not a party to the proceeding). The payments have been included in “Proceeds from regulatory settlements” in the Statement of Changes in Net Assets.

Note 7. 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 securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value 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.

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.

28 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Net income earned from securities lending for the period ended November 30, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At November 30, 2012, the Fund did not have any securities on loan.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Note 8. Affiliated Money Market Fund

The Fund invests 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 — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 9. Shareholder Concentration

At November 30, 2012, one unaffiliated shareholder account owned 13.7% 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 10. 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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the six months ended November 30, 2012.

Note 11. Significant Risks

Technology and Technology-related Investment Risk

The market prices of technology and technology-related stocks tend to exhibit a greater degree of market risk and price volatility than other types of investments.

Note 12. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 13. 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

Semiannual Report 2012 29

Columbia Seligman Communications and Information Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

30 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal year ended December 31, 2011, the fiscal period ended May 31, 2012 or through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal period ended May 31, 2012 and year ended December 31, 2011 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Semiannual Report 2012 31

Columbia Seligman Communications and Information Fund

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32 Semiannual Report 2012

Columbia Seligman Communications and Information Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 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 sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Semiannual Report 2012 33

Columbia Seligman Communications and Information Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund, go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

SL-9943 E (1/13)

Semiannual Report November 30, 2012

Columbia U.S. Government Mortgage Fund

Columbia U.S. Government Mortgage Fund

President’s Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor’s 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today’s opportunities and anticipate tomorrow’s. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, featuring timely posts by our investment teams

> Detailed up-to-date fund performance and portfolio information

> Economic analysis and market commentary

> Quarterly fund commentaries

> Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton

President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	14
Statement of Operations	16
Statement of Changes in Net Assets	17
Financial Highlights	19
Notes to Financial Statements	28
Supplemental Information	37
Important Information About This Report	41

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia U.S. Government Mortgage Fund (the Fund) Class A shares returned 3.43% excluding sales charges for the six months ended November 30, 2012.

> The Fund outperformed its benchmark, the Barclays U.S. Mortgage-Backed Securities Index, which returned 0.90%.

Average Annual Total Returns (%) (for period ended November 30, 2012)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	02/14/02
Excluding sales charges			3.43		7.16		6.93		5.41
Including sales charges			-1.47		2.15		5.90		4.90
Class B	02/14/02
Excluding sales charges			3.04		6.36		6.16		4.64
Including sales charges			-1.96		1.36		5.84		4.64
Class C	02/14/02
Excluding sales charges			3.04		6.35		6.12		4.64
Including sales charges			2.04		5.35		6.12		4.64
Class I*	03/04/04		3.62		7.53		7.35		5.75
Class K (formerly Class R4)	02/14/02		3.46		7.02		7.40		5.74
Class R4*	11/08/12		3.43		7.16		6.93		5.41
Class R5*	11/08/12		3.44		7.17		6.93		5.42
Class W*	06/18/12		3.78		7.49		6.94		5.39
Class Z*	09/27/10		3.56		7.43		7.09		5.49
Barclays U.S. Mortgage-Backed Securities Index			0.90		3.17		5.70		5.17

Returns for Class A are shown with and without the maximum initial sales charge of 4.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The Barclays U.S. Mortgage-Backed Securities Index, an unmanaged index, includes 15- and 30-year fixed-rate securities backed by mortgage pools of the Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC), and Federal National Mortgage Association (FNMA).

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

2 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Portfolio Overview

(Unaudited)

Portfolio Breakdown (%) (at November 30, 2012)
Asset-Backed Securities — Non-Agency	3.3
Commercial Mortgage-Backed Securities — Agency	0.6
Commercial Mortgage-Backed Securities — Non-Agency	1.7
Options Purchased Puts	0.3
Residential Mortgage-Backed Securities — Agency	80.6
Residential Mortgage-Backed Securities — Non-Agency	9.6
Other	3.9
Total	100.0

Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

Quality Breakdown (%) (at November 30, 2012)
A rating	2.7
AA rating	1.2
AAA rating	87.8
BBB rating	2.9
Non-investment grade	0.4
Not rated	5.0
Total	100.0

Percentages indicated are based upon total fixed income securities (excluding Money Market Funds).

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from AAA (highest) to D (lowest), and are subject to change. The ratings shown are determined by using the middle rating of Moody’s, S&P, and Fitch after dropping highest and lowest available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used. When a bond is not rated by any of these agencies, it is designated as Not rated. Credit ratings are subjective opinions and not statements of fact.

Portfolio Management

Jason Callan

Tom Heuer, CPA, CFA

Semiannual Report 2012 3

Columbia U.S. Government Mortgage Fund

Understanding Your Fund’s Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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.

June 1, 2012 – November 30, 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		1,034.30		1,020.76		4.39		4.36		0.86
Class B		1,000.00	1,000.00		1,030.40		1,017.00		8.19		8.14		1.61
Class C		1,000.00	1,000.00		1,030.40		1,017.00		8.19		8.14		1.61
Class I		1,000.00	1,000.00		1,036.20		1,022.56		2.55		2.54		0.50
Class K (formerly Class R4)		1,000.00	1,000.00		1,034.60		1,021.01		4.13		4.10		0.81
Class R4		1,000.00	1,000.00		1,000.30	*	1,022.06		0.35	*	3.04		0.60	*
Class R5		1,000.00	1,000.00		1,000.40	*	1,022.46		0.30	*	2.64		0.52	*
Class W		1,000.00	1,000.00		1,032.90	**	1,020.76		3.93	**	4.36		0.86	**
Class Z		1,000.00	1,000.00		1,035.60		1,022.01		3.11		3.09		0.61

* For the period November 8, 2012 through November 30, 2012. Class R4 and R5 shares commenced operations on November 8, 2012.

** For the period June 18, 2012 through November 30, 2012. Class W shares commenced operations on June 18, 2012.

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from 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.

4 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Residential Mortgage-Backed Securities — Agency(a) 110.9%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Federal Home Loan Mortgage Corp.(b)
01/01/42 - 07/01/42		3.500%		87,927,113		95,344,005
03/01/41 - 11/01/41		4.000%		41,311,344		44,359,840
07/01/39 - 08/01/41		4.500%		72,801,496		79,662,804
11/01/17 - 09/01/41		5.000%		100,900,990		109,771,231
01/01/30 - 08/01/38		5.500%		43,737,862		47,355,152
04/01/33 - 03/01/38		6.000%		44,674,603		48,752,681
12/01/16 - 08/01/34		6.500%		1,578,752		1,773,437
04/01/17 - 08/01/29		7.000%		163,656		178,681
06/01/15		7.500%		117,684		123,610
10/01/17 - 06/01/31		8.000%		262,020		316,768
01/01/20		10.500%		17,020		17,107
Federal Home Loan Mortgage Corp.(b)(c)
CMO Series 3314 Class FE
05/15/37		0.478%		16,392,115		16,414,179
CMO Series 3773 Class DS
12/15/40		8.467%		44,320,006		46,712,391
CMO Series 3777 Class WS
12/15/40		8.467%		34,941,040		36,671,565
Federal Home Loan Mortgage Corp.(b)(c)(d)
CMO IO Series 3913 Class SW
09/15/40		6.392%		12,705,549		2,124,645
CMO IO STRIPS Series 277 Class S6
09/15/42		5.842%		39,696,260		11,109,534
CMO IO Series 2008-36 Class YI
07/25/36		6.993%		13,323,723		2,225,444
CMO IO Series 2471 Class SI
03/15/32		7.742%		110,134		26,638
CMO IO Series 276 Class S5
09/15/42		5.792%		19,152,897		5,039,322
CMO IO Series 2950 Class SM
03/15/35		6.492%		2,550,754		268,047
CMO IO Series 2957 Class SW
04/15/35		5.792%		6,480,308		1,168,392
CMO IO Series 3122 Class IS
03/15/36		6.492%		13,668,523		2,074,394
CMO IO Series 3280 Class SI
02/15/37		6.232%		7,274,819		1,171,556
CMO IO Series 3453 Class W
12/15/32		7.180%		15,787,664		3,423,151
CMO IO Series 3550 Class EI
07/15/39		6.192%		22,972,254		4,301,833
CMO IO Series 3600 Class DI
01/15/13		1.718%		3,511,689		105
CMO IO Series 3630 Class AI
03/15/17		1.931%		1,106,810		41,634
CMO IO Series 3708 Class SA
05/15/40		6.242%		6,327,863		859,335
CMO IO Series 3761 Class KS
06/15/40		5.792%		4,667,618		686,780
CMO IO Series 3922 Class SH
09/15/41		5.692%		34,865,502		7,203,279

Residential Mortgage-Backed Securities — Agency(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CMO IO Series 3960 Class SL
11/15/41		6.292%		9,393,419		2,652,862
CMO IO Series 3984 Class QS
12/15/39		6.392%		20,975,220		3,863,579
CMO IO Series 4066 Class SC
12/15/38		6.442%		26,673,204		5,129,820
CMO IO Series 4068 Class GI
09/15/36		2.333%		39,356,441		2,728,244
CMO IO Series 4073 Class AS
08/15/38		5.842%		20,620,837		4,341,726
CMO IO Series 4093 Class SD
01/15/38		6.492%		23,732,459		7,102,729
CMO IO Series 4094 Class SY
08/15/42		5.872%		25,908,847		6,856,142
CMO IO Series 4102 Class TS
09/15/42		6.392%		30,893,426		9,467,445
CMO IO Series 4107 Class KS
06/15/38		1.879%		27,452,252		2,281,968
Federal Home Loan Mortgage Corp.(b)(c)(d)(e)
CMO IO STRIPS Series 281 Class S1
10/15/42		5.792%		32,871,625		8,859,930
Federal Home Loan Mortgage Corp.(b)(d)
CMO IO Series 2639 Class UI
03/15/22		5.000%		177,678		4,276
CMO IO Series 3759 Class LI
11/15/34		4.000%		12,286,988		560,856
CMO IO Series 3786 Class PI
12/15/37		4.500%		11,517,460		1,368,105
CMO IO Series 3800 Class HI
01/15/40		4.500%		10,298,530		1,574,748
CMO IO Series 3807 Class NI
11/15/35		4.500%		34,315,262		3,908,961
CMO IO Series 3907 Class AI
05/15/40		5.000%		29,407,260		4,920,320
Federal Home Loan Mortgage Corp.(b)(f)
07/01/42 - 12/01/42		3.500%		61,643,286		66,559,656
12/01/42		4.000%		10,000,000		10,660,938
Federal National Mortgage Association(b)
05/01/27		2.500%		27,262,122		28,631,692
02/01/27 - 06/01/27		3.000%		124,825,605		133,205,595
10/01/14		3.380%		2,390,785		2,481,832
03/01/42 - 09/01/42		3.500%		99,378,200		107,429,619
11/01/40 - 06/01/42		4.000%		187,541,763		204,190,102
06/01/25 - 09/01/41		4.500%		273,914,738		300,900,672
02/01/18 - 09/01/41		5.000%		197,983,464		217,496,587
03/01/23 - 04/01/41		5.500%		96,837,716		107,700,012
03/01/17 - 09/01/38		6.000%		15,006,649		16,649,777
08/01/16 - 10/01/37		6.500%		21,871,655		25,019,570
03/01/17 - 01/01/33		7.000%		4,254,045		4,997,700
01/01/17 - 09/01/28		7.500%		411,989		489,515
03/01/13 - 04/01/25		8.000%		252,648		289,404
11/01/37		8.500%		54,723		63,190
10/01/31		9.500%		93,713		101,993

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 5

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Residential Mortgage-Backed Securities — Agency(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Federal National Mortgage Association(b)(c)
CMO Series 2006-99 Class AF
10/25/36		0.628%		12,715,639		12,806,581
CMO Series 2012-113 Class FJ
10/25/42		0.558%		49,697,966		49,864,603
Federal National Mortgage Association(b)(c)(d)
CMO IO Series 2003-117 Class KS
08/25/33		6.893%		14,202,857		1,769,508
CMO IO Series 2005-57 Class NI
07/25/35		6.493%		8,119,052		1,707,503
CMO IO Series 2005-7 Class SC
02/25/35		6.493%		10,313,948		1,018,167
CMO IO Series 2005-99 Class AI
12/25/35		6.443%		27,924,672		4,500,921
CMO IO Series 2006-5 Class N1
08/25/34		2.239%		27,590,556		1,421,123
CMO IO Series 2006-5 Class N2
02/25/35		2.206%		107,543,234		7,167,681
CMO IO Series 2006-60 Class UI
07/25/36		6.943%		5,707,625		1,312,314
CMO IO Series 2006-8 Class PS
03/25/36		6.393%		15,115,599		3,179,557
CMO IO Series 2007-5 Class SC
02/25/37		5.903%		3,099,284		448,550
CMO IO Series 2007-54 Class DI
06/25/37		5.893%		38,316,389		6,396,875
CMO IO Series 2008-7 Class SA
02/25/38		7.343%		3,669,118		861,253
CMO IO Series 2011-51 Class CI
06/25/41		5.793%		25,981,750		5,552,412
CMO IO Series 2012-108 Class S
10/25/42		5.793%		36,358,246		9,632,328
CMO IO Series 2012-51 Class SA
05/25/42		6.293%		25,265,651		7,565,423
CMO IO Series 2012-74 Class AS
03/25/39		5.843%		13,258,516		2,689,454
CMO IO Series 2012-80 Class AS
02/25/39		5.843%		34,074,455		8,562,413
CMO IO Series 2012-80 Class DS
06/25/39		6.443%		13,364,639		3,661,640
CMO IO Series 2012-87 Class NS
02/25/39		5.843%		20,881,553		4,651,161
CMO IO Series 2012-87 SQ
08/25/42		6.093%		8,633,877		2,428,441
CMO IO Series 2012-89 Class SD
04/25/39		5.843%		20,939,400		5,015,581
Federal National Mortgage Association(b)(d)
CMO IO Series 2003-119 Class GI
12/25/33		4.500%		277,636		49,948

Residential Mortgage-Backed Securities — Agency(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CMO IO Series 2009-7 Class LI
02/25/39		7.000%		9,159,952		1,663,355
CMO IO Series 2011-142 Class CI
07/25/41		5.500%		34,862,866		4,647,314
Federal National Mortgage Association(b)(f)
12/01/27		2.000%		15,500,000		15,904,454
12/01/27		2.500%		312,750,000		327,116,953
12/01/27 - 12/01/42		3.000%		395,003,666		416,029,828
12/01/27 - 11/01/42		4.000%		28,168,913		30,460,836
Federal National Mortgage Association(b)(g)
01/01/33 - 05/01/33		5.500%		2,116,210		2,359,772
06/01/29 - 09/01/36		6.000%		7,456,522		8,464,812
05/01/32		6.500%		51,149		60,766
Government National Mortgage Association(b)
09/15/33 - 05/15/40		5.000%		15,475,858		16,940,312
12/15/32		6.000%		170,627		194,403
12/15/31 - 02/15/32		6.500%		589,378		695,666
02/15/30 - 03/15/30		7.000%		154,336		184,892
11/15/14		8.000%		1,450		1,471
Government National Mortgage Association(b)(c)(d)
CMO IO Series 2004-32 Class HS
05/16/34		6.393%		4,734,692		1,075,822
CMO IO Series 2012-41 Class SA
03/20/42		6.393%		15,918,793		4,538,429
CMO IO Series 2012-48 Class SA
04/16/42		6.443%		24,812,926		5,248,986
CMO IO Series 2012-94 Class SB
07/20/42		6.393%		37,683,816		11,974,323
Government National Mortgage Association(b)(d)
CMO IO Series 2010-116 Class IL
06/20/38		4.500%		9,122,928		912,491
CMO IO Series 2010-133 Class QI
09/16/34		4.000%		24,748,433		1,615,261
CMO IO Series 2010-152 Class KI
07/20/36		4.000%		19,067,215		1,457,343
CMO IO Series 2010-165 Class IL
08/20/36		4.000%		9,274,172		700,855
CMO IO Series 2010-167 Class GI
02/20/38		4.000%		7,876,366		870,112
CMO IO Series 2012-129 Class AI
08/20/37		3.000%		21,567,916		3,450,867
CMO IO Series 2012-41 Class IP
08/20/41		4.000%		28,685,394		6,056,169
CMO IO Series 2012-94 Class BI
05/20/37		4.000%		22,532,273		3,786,708
Government National Mortgage Association(b)(f)
12/01/42		3.000%		40,000,000		42,681,248
12/01/42		4.000%		8,000,000		8,753,750
Vendee Mortgage Trust(b)(c)(d)
CMO IO Series 1998-1 Class 2IO
03/15/28		0.408%		3,273,145		23,745

The accompanying Notes to Financial Statements are an integral part of this statement.

6 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Residential Mortgage-Backed Securities — Agency(a)(continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CMO IO Series 1998-3 Class IO
03/15/29		0.261%		4,011,984		16,314
Total Residential Mortgage-Backed Securities — Agency
(Cost: $2,875,062,783)						2,921,817,799
Residential Mortgage-Backed Securities — Non-Agency 13.3%
American General Mortgage Loan Trust(b)(c)(h)
CMO Series 2010-1A Class A1
03/25/58		5.150%		22,348,633		22,834,012
CMO Series 2010-1A Class A3
03/25/58		5.650%		12,000,000		12,720,804
CMO Series 2010-1A Class A4
03/25/58		5.650%		8,000,000		8,525,936
BCAP LLC Trust(b)(c)(h)
CMO Series 2009-RR5 Class 6A1
02/26/37		3.001%		15,634,565		15,897,726
CMO Series 2010-RR6 Class 6A1
07/26/37		4.000%		280,144		280,618
BCAP LLC Trust(b)(h)
Series 2012-RR10 Class 2A1
11/15/42		1.000%		13,680,266		13,779,448
BNPP Mortgage Securities LLC
CMO Series 2009-1 Class A1(b)(h)
08/27/37		6.000%		3,301,172		3,467,776
Banc of America Funding Corp.
CMO Series 2012-R5 Class A(b)(c)(h)
10/03/39		0.472%		8,730,908		8,441,948
Baron Capital Enterprises, Inc.(b)(h)
02/15/30		2.613%		8,716,578		8,759,324
Bayview Opportunity Master Fund Trust IIB LP
Series 2012-4NPL Class A(b)(c)(h)
07/28/32		3.475%		2,779,356		2,804,707
Castle Peak Loan Trust(b)(c)(h)
CMO Series 2011-1 Class 22A2
05/25/52		8.667%		4,182,000		4,169,454
CMO Series 2012-1A Class A2
05/25/52		9.770%		17,200,000		17,200,000
Castle Peak Loan Trust(b)(h)
CMO Series 2010-NPL1 Class B
12/25/50		8.000%		9,414,894		9,405,479
CMO Series 2012-1A Class A1
05/25/52		5.000%		19,440,095		19,440,095
Cendant Mortgage Corp.
CMO Series 2003-9 Class 2A1(b)(c)
11/25/18		4.822%		784,997		794,398
Chase Mortgage Finance Corp.
CMO Series 2003-S13 Class A9(b)
11/25/33		6.000%		2,811,515		2,867,970

Residential Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Citicorp Mortgage Securities, Inc.
CMO Series 2005-8 Class 1A3(b)
11/25/35		5.500%		3,661,173		3,699,169
Citigroup Mortgage Loan Trust, Inc.(b)(c)(h)
CMO Series 2009-10 Class 1A2
09/25/33		2.444%		1,191,958		670,626
CMO Series 2009-11 Class 1A2
02/25/37		2.986%		710,201		404,957
CMO Series 2009-3 Class 4A3
10/25/33		2.513%		1,445,000		907,423
CMO Series 2009-9 Class 1A3
04/25/34		4.953%		2,489,441		2,176,173
CMO Series 2010-7 Class 3A4
12/25/35		6.863%		3,000,000		3,195,824
Citigroup Mortgage Loan Trust, Inc.(b)(h)
CMO Series 2009-12 Class 1A2
11/25/35		5.750%		1,642,355		1,583,192
CMO Series 2009-2 Class 4A2
03/25/36		5.500%		5,276,022		5,094,130
CMO Series 2009-4 Class 10A2
02/25/36		5.500%		2,019,061		1,926,210
CMO Series 2010-8 Class 5A6
11/25/36		4.000%		14,690,666		15,156,144
Countrywide Asset-Backed Certificates
CMO Series 2005-IM1 Class A2(b)(c)
11/25/35		0.488%		5,492,507		5,488,174
Countrywide Home Loan Mortgage Pass-Through Trust
CMO Series 2002-31 Class A1(b)
01/25/33		5.750%		1,828,189		1,923,514
Credit Suisse Mortgage Capital Certificates(b)(c)
CMO Series 2012-6R Class 1A1
11/26/37		5.995%		4,553,723		4,532,203
Credit Suisse Mortgage Capital Certificates(b)(c)(h)
CMO Series 2009-12R Class 30A1
12/27/36		6.109%		8,988		8,989
CMO Series 2009-2R Class 1A16
09/26/34		2.626%		20,000,000		18,578,278
Credit Suisse Mortgage Capital Certificates(b)(h)
CMO Series 2009-12R Class 11A1
08/27/37		6.000%		5,553,137		5,858,105
CMO Series 2009-12R Class 14A1
11/27/35		5.500%		310,321		313,973
Credit Suisse Mortgage Capital(b)(f)(h)
11/28/32		2.000%		52,750,000		52,618,125
Deutsche Mortgage Securities, Inc.
CMO Series 2003-1 Class 1A7(b)
04/25/33		5.500%		1,025,927		1,061,624
JPMorgan Resecuritization Trust
CMO Series 2009-3 Class 1A2(b)(c)(h)
02/26/35		2.611%		1,449,242		780,641

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 7

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Residential Mortgage-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Jefferies & Co., Inc.(b)(c)(h)
CMO Series 2009-R6 Class 4A2
04/26/35		4.841%		5,125,699		4,401,079
Jefferies & Co., Inc.(b)(h)
CMO Series 2010-R4 Class 2A2
10/26/35		5.500%		3,101,820		3,217,283
Morgan Stanley Reremic Trust
CMO Series 2010-R6 Class 1A(b)(c)(h)
02/26/37		2.608%		15,910,974		15,864,474
PennyMac Loan Trust(b)(c)(h)
Series 2011-NPL1 Class A
09/25/51		5.250%		3,798,318		3,796,194
Series 2012-NPL1 Class A
05/28/52		3.422%		8,491,402		8,491,402
Prime Mortgage Trust
CMO Series 2004-CL1 Class 3A1(b)(c)
02/25/34		6.791%		5,458,523		5,978,223
RBSSP Resecuritization Trust(b)(c)(h)
CMO Series 2009-12 Class 9A1
03/25/36		5.106%		4,067,439		3,987,265
CMO Series 2010-9 Class 5A1
10/26/35		2.470%		7,173,815		7,331,244
CMO Series 2012-5 Class 2A1
10/26/36		5.750%		8,493,176		8,559,529
RBSSP Resecuritization Trust(b)(h)
CMO Series 2009-1 Class 4A1
10/26/35		5.500%		240,135		242,708
Wells Fargo Mortgage-Backed Securities Trust(b)
CMO Series 2005-12 Class 1A3
11/25/35		5.500%		5,421,427		5,448,372
CMO Series 2005-14 Class 2A1
12/25/35		5.500%		270,440		277,074
CMO Series 2005-18 Class 2A6
01/25/36		5.500%		2,348,856		2,365,212
Wells Fargo Mortgage-Backed Securities Trust(b)(c)
CMO Series 2004-Q Class 1A2
09/25/34		2.615%		2,294,513		2,349,391
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $325,691,109)						349,676,619
Commercial Mortgage-Backed Securities — Agency 0.8%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates CMO Series K001 Class A2(b)(c)
04/25/16		5.651%		1,025,082		1,145,659
Federal National Mortgage Association(b)
10/01/19		4.430%		4,806,803		5,594,372
10/01/19		4.420%		4,237,055		4,928,490
01/01/20		4.570%		1,082,841		1,270,402
01/01/20		4.600%		1,781,190		2,092,149
05/01/24		5.030%		3,478,582		4,146,281

Commercial Mortgage-Backed Securities — Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CMO Series 2010-M4 Class A1
06/25/20		2.520%		2,042,086		2,145,416
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $18,443,245)						21,322,769
Commercial Mortgage-Backed Securities — Non-Agency 2.3%
Greenwich Capital Commercial Funding Corp. Series 2005-GG5 Class AM(b)(c)
04/10/37		5.277%		10,000,000		10,749,300
Merrill Lynch Mortgage Investors, Inc. CMO IO Series 1998-C3 Class IO(b)(c)(d)
12/15/30		1.004%		948,379		14,672
Morgan Stanley Capital I, Inc. Series 2003-IQ6 Class A4(b)
12/15/41		4.970%		2,483,184		2,567,942
Morgan Stanley Reremic Trust Series 2009-GG10 Class A4B(b)(c)(h)
08/12/45		5.983%		14,250,000		15,714,800
Motel 6 Trust Series 2012-MTL6 Class A1(b)(h)
10/05/25		1.500%		6,783,333		6,791,780
ORES NPL LLC Series 2012-LV1 Class A(b)(h)
09/25/44		4.000%		13,394,007		13,463,658
S2 Hospitality LLC Series 2012-LV1 Class A(b)(h)
04/15/25		4.500%		10,688,097		10,731,042
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $59,417,321)						60,033,194
Asset-Backed Securities — Non-Agency 4.6%
Aames Mortgage Investment Trust Series 2005-3 Class A2(c)(h)
08/25/35		0.468%		8,409,527		8,170,419
American Credit Acceptance Receivable Trust Series 2012-3 Class A(f)(h)
05/15/15		1.100%		11,600,000		11,599,573
American Credit Acceptance Receivables Trust Series 2012-2 Class A(h)
07/15/16		1.890%		10,253,144		10,257,388
Carrington Mortgage Loan Trust Series 2006-RFC1 Class A2(c)
05/25/36		0.308%		93,071		92,768
Castle Peak Loan Trust CMO Series 2011-1 Class 1A(h)
06/25/49		7.125%		7,183,569		7,192,549

The accompanying Notes to Financial Statements are an integral part of this statement.

8 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Credit Suisse Commercial Mortgage Trust CMO Series 2009-13R Class 5A1(c)(h)
01/26/35		0.991%		24,786,300		23,572,227
Deutsche Mortgage Securities, Inc. CMO Series 2009-RS2 Class 4A1(c)(h)
04/26/37		0.338%		628,886		620,757
Exeter Automobile Receivables Trust Series 2012-2A Class B(h)
12/15/17		2.220%		3,050,000		3,054,030
HSBC Home Equity Loan Trust(c) Series 2006-2 Class M2
03/20/36		0.498%		10,805,064		9,787,141
Series 2007-2 Class M1
07/20/36		0.518%		11,220,000		8,761,552
Series 2007-3 Class M1
11/20/36		2.458%		22,200,000		18,932,049
Home Equity Asset Trust Series 2005-5 Class 1A2(c)
11/25/35		0.488%		15,637		15,605
MASTR Asset-Backed Securities Trust Series 2005-FRE1 Class A4(c)
10/25/35		0.458%		171,242		169,238
Structured Asset Investment Loan Trust Series 2004-7 Class A7(c)
08/25/34		1.048%		20,065,102		19,323,476
Total Asset-Backed Securities — Non-Agency (Cost: $117,794,173)						121,548,772

Options Purchased Puts 0.5%
Issuer	Contracts		Exercise Price		Expiration Date		Value ($)
Put - OTC 2-Year Interest Rate Swap 1(i)
		1		2.10		11/28/14		124,504
Put - OTC 2-Year Interest Rate Swap 2(i)
		1		2.50		01/26/15		122,560
Put - OTC 3-Year Interest Rate Swap 3(i)
		1		2.25		03/06/15		533,670
Put - OTC 3-Year Interest Rate Swap 4(i)
		1		2.25		11/02/15		3,529,750
Put - OTC 5-Year Interest Rate Swap 5(i)
		1		3.00		05/17/17		2,416,820
Put - OTC 5-Year Interest Rate Swap 6(i)
		1		2.75		05/31/17		4,256,160
Put - OTC 5-Year Interest Rate Swap 7(i)
		1		4.00		08/17/17		769,340
Total Options Purchased Puts (Cost: $18,436,200)								11,752,804

Money Market Funds 5.4%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.154%(j)(k)		142,832,288		142,832,288
Total Money Market Funds (Cost: $142,832,288)				142,832,288
Total Investments (Cost: $3,557,677,119)				3,628,984,245
Other Assets & Liabilities, Net				(994,752,688	)
Net Assets				2,634,231,557

Investments in Derivatives

Futures Contracts Outstanding at November 30, 2012

Contract Description	Number of Contracts Long (Short)			Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
U.S. Treasury Long Bond, 20-year		(88	)		(13,205,500	)		March 2013		—		(45,507	)
U.S. Treasury Note, 2-year		(116	)		(25,572,563	)		April 2013		—		(7,425	)
U.S. Treasury Note, 5-year		(1,025	)		(127,836,719	)		April 2013		—		(241,767	)
U.S. Treasury Note, 10-year		(1,140	)		(152,350,318	)		March 2013		—		(482,653	)
Total										—		(777,352	)

Notes to Portfolio of Investments

(a) Represents comparable securities held to satisfy future delivery requirements of the following open forward sale commitments at November 30, 2012:

Security Description	Principal Amount ($)		Settlement Date		Proceeds Receivable ($)		Value ($)
Federal Home Loan Mortgage Corp.
12/01/42 5.000%		50,000,000		12/12/12		54,164,062		53,648,440
Federal National Mortgage Association
12/01/42 3.500%		36,000,000		12/12/12		38,317,500		38,435,623

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 9

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Notes to Portfolio of Investments (continued)

Security Description	Principal Amount ($)		Settlement Date		Proceeds Receivable ($)		Value ($)
12/01/42 4.000%		73,000,000		12/12/12		78,146,718		78,212,653
12/01/42 4.500%		50,000,000		12/12/12		53,890,625		53,882,810
12/01/42 5.000%		72,500,000		12/12/12		79,013,672		78,583,199
12/01/42 5.500%		55,000,000		12/12/12		60,298,047		59,778,125
12/01/27 4.500%		15,000,000		12/18/12		16,117,969		16,134,375
Total						379,948,593		378,675,225

(b) The maturity dates shown represent the original maturity of the underlying obligation. Actual maturity may vary based upon prepayment activity on these obligations. Unless otherwise noted, the coupon rates presented are fixed rates.

(c) Variable rate security. The interest rate shown reflects the rate as of November 30, 2012.

(d) Interest Only (IO) security. The actual effective yield of this security is different than the stated coupon rate.

(e) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2012, the value of these securities amounted to $8,859,930, which represents 0.34% of net assets.

(f) Represents a security purchased on a when-issued or delayed delivery basis.

(g) At November 30, 2012, investments in securities included securities valued at $3,158,824 that were partially pledged as collateral to cover initial margin deposits on open interest rate futures contracts.

(h) 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 November 30, 2012, the value of these securities amounted to $424,059,518 or 16.10% of net assets.

(i) Purchased swaptions outstanding at November 30, 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		2.10		Nov. 2, 2016		92,000,000		1,205,200		124,504
Put - OTC 2-Year Interest Rate Swap	JPMorgan		3-Month USD LIBOR		Receive		2.50		Jan. 28, 2017		100,000,000		657,500		122,560
Put - OTC 3-Year Interest Rate Swap	JPMorgan		3-Month USD LIBOR		Receive		2.25		March 6, 2015		150,000,000		2,321,250		533,670
Put - OTC 3-Year Interest Rate Swap	JPMorgan		3-Month USD LIBOR		Receive		2.25		Nov. 4, 2018		500,000,000		4,745,000		3,529,750
Put - OTC 5-Year Interest Rate Swap	Morgan Stanley		3-Month USD LIBOR		Receive		3.00		May 17, 2017		100,000,000		3,516,000		2,416,820
Put - OTC 5-Year Interest Rate Swap	JPMorgan		3-Month USD LIBOR		Receive		2.75		May 31, 2017		150,000,000		4,890,000		4,256,160
Put - OTC 5-Year Interest Rate Swap	JPMorgan		3-Month USD LIBOR		Receive		4.00		March 20, 2043		50,000,000		1,101,250		769,340
Total													18,436,200		11,752,804

(j) The rate shown is the seven-day current annualized yield at November 30, 2012.

(k) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		116,505,539		977,013,948		(950,687,199	)		142,832,288		96,413		142,832,288

Abbreviation Legend

CMO	Collateralized Mortgage Obligation
STRIPS	Separate Trading of Registered Interest and Principal Securities

The accompanying Notes to Financial Statements are an integral part of this statement.

10 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements

Generally accepted accounting principles (GAAP) require disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category.

The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

Fair value inputs are summarized in the three broad levels listed below:

> Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

> Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

> Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third- party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 11

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at November 30, 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
Residential Mortgage-Backed Securities — Agency		—			2,909,507,002			12,310,797		2,921,817,799
Residential Mortgage-Backed Securities — Non-Agency		—			213,208,381			136,468,238		349,676,619
Commercial Mortgage-Backed Securities — Agency		—			21,322,769			—		21,322,769
Commercial Mortgage-Backed Securities — Non-Agency		—			60,033,194			—		60,033,194
Asset-Backed Securities — Non-Agency		—			114,356,223			7,192,549		121,548,772
Total Bonds		—			3,318,427,569			155,971,584		3,474,399,153
Other
Options Purchased Puts		—			11,752,804			—		11,752,804
Money Market Funds		142,832,288			—			—		142,832,288
Total Other		142,832,288			11,752,804			—		154,585,092
Investments in Securities		142,832,288			3,330,180,373			155,971,584		3,628,984,245
Forward Sale Commitments Liability		—			(378,675,225	)		—		(378,675,225	)
Derivatives
Liabilities
Futures Contracts		(777,352	)		—			—		(777,352	)
Total		142,054,936			2,951,505,148			155,971,584		3,249,531,668

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.

There were no transfers of financial assets between Levels 1 and 2 during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant observable and/or unobservable inputs were used to determine fair value.

	Residential Mortgage-Backed Securities — Agency ($)			Residential Mortgage-Backed Securities — Non-Agency ($)			Asset-Backed Securities — Non-Agency ($)			Total ($)
Balance as of May 31, 2012		—			117,569,397			9,646,484			127,215,881
Accrued discounts/premiums		(161,026	)		11,375			(4,611	)		(154,262	)
Realized gain (loss)		—			2,369,564			—			2,369,564
Change in unrealized appreciation (depreciation)(a)		186,716			(1,920,916	)		(4,463	)		(1,738,663	)
Sales		—			(69,122,760	)		(2,444,861	)		(71,567,621	)
Purchases		12,285,107			87,561,578			—			99,846,685
Transfers into Level 3		—			—			—			—
Transfers out of Level 3		—			—			—			—
Balance as of November 30, 2012		12,310,797			136,468,238			7,192,549			155,971,584

(a) Change in unrealized appreciation (depreciation) relating to securities held at November 30, 2012 was $285,647, which comprised of Residential Mortgage-Backed Agency Securities of $186,716, Residential Mortgage-Backed Non-Agency Securities of $103,394 and Asset-Backed Non-Agency Securities of $(4,463).

The accompanying Notes to Financial Statements are an integral part of this statement.

12 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain Residential Mortgage and Asset Backed Securities classified as Level 3 are valued using the market approach and utilize single market quotations from broker dealers which may have included, but not limited to, the distressed nature of the security and observable transactions for similar assets in the market. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 13

Columbia U.S. Government Mortgage Fund

Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $3,414,844,831)	$3,486,151,957
Affiliated issuers (identified cost $142,832,288)	142,832,288
Total investments (identified cost $3,557,677,119)	3,628,984,245
Receivable for:
Investments sold	380,457,761
Investments sold on a delayed delivery basis	91,360,453
Capital shares sold	52,978,322
Dividends	11,459
Interest	10,697,975
Expense reimbursement due from Investment Manager	3,341
Prepaid expenses	91,772
Trustees’ deferred compensation plan	105,225
Total assets	4,164,690,553
Liabilities
Forward sales commitments, at value (proceeds receivable $379,948,593)	378,675,225
Disbursements in excess of cash	389
Payable for:
Investments purchased	14,329,942
Investments purchased on a delayed delivery basis	1,073,564,896
Capital shares purchased	5,183,144
Dividend distributions to shareholders	58,020,947
Variation margin on futures contracts	230,157
Investment management fees	30,186
Distribution and/or service fees	7,011
Transfer agent fees	193,318
Administration fees	4,528
Plan administration fees	17
Compensation of board members	55,664
Other expenses	58,347
Trustees’ deferred compensation plan	105,225
Total liabilities	1,530,458,996
Net assets applicable to outstanding capital stock	$2,634,231,557
Represented by
Paid-in capital	$2,582,516,446
Excess of distributions over net investment income	(6,426,742	)
Accumulated net realized loss	(13,661,289	)
Unrealized appreciation (depreciation) on:
Investments	71,307,126
Forward sales commitments	1,273,368
Futures contracts	(777,352	)
Total — representing net assets applicable to outstanding capital stock	$2,634,231,557

The accompanying Notes to Financial Statements are an integral part of this statement.

14 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Statement of Assets and Liabilities (continued)

November 30, 2012 (Unaudited)

Class A
Net assets	$731,166,065
Shares outstanding	129,556,092
Net asset value per share	$5.64
Maximum offering price per share(a)	$5.92
Class B
Net assets	$7,117,156
Shares outstanding	1,260,275
Net asset value per share	$5.65
Class C
Net assets	$64,519,707
Shares outstanding	11,414,978
Net asset value per share	$5.65
Class I
Net assets	$820,879,837
Shares outstanding	145,548,026
Net asset value per share	$5.64
Class K(b)
Net assets	$83,041
Shares outstanding	14,738
Net asset value per share	$5.63
Class R4
Net assets	$2,448
Shares outstanding	434
Net asset value per share	$5.64
Class R5
Net assets	$2,448
Shares outstanding	434
Net asset value per share	$5.64
Class W
Net assets	$11,860,676
Shares outstanding	2,097,012
Net asset value per share	$5.66
Class Z
Net assets	$998,600,179
Shares outstanding	177,057,505
Net asset value per share	$5.64

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 4.75%.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 15

Columbia U.S. Government Mortgage Fund

Statement of Operations

Six Months Ended November 30, 2012 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$96,413
Interest	31,270,480
Total income	31,366,893
Expenses:
Investment management fees	4,648,830
Distribution and/or service fees
Class A	824,879
Class B	36,871
Class C	221,807
Class W(a)	8,938
Transfer agent fees
Class A	535,044
Class B	5,936
Class C	36,324
Class K(b)	22
Class W(a)	5,958
Class Z	568,222
Administration fees	697,753
Plan administration fees
Class K(b)	102
Compensation of board members	22,635
Custodian fees	29,773
Printing and postage fees	58,231
Registration fees	105,958
Professional fees	27,287
Other	16,606
Total expenses	7,851,176
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(436,025	)
Expense reductions	(11,056	)
Total net expenses	7,404,095
Net investment income	23,962,798
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	39,374,216
Futures contracts	(2,653,135	)
Net realized gain	36,721,081
Net change in unrealized appreciation (depreciation) on:
Investments	9,892,062
Forward sales commitments	1,273,368
Futures contracts	443,725
Net change in unrealized appreciation (depreciation)	11,609,155
Net realized and unrealized gain	48,330,236
Net increase in net assets resulting from operations	$72,293,034

(a) Class W shares are for the period from June 18, 2012 (commencement of operations) to November 30, 2012.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

16 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2012(a)(b) (Unaudited)			Year Ended May 31, 2012
Operations
Net investment income		$23,962,798			$37,424,219
Net realized gain		36,721,081			23,126,278
Net change in unrealized appreciation (depreciation)		11,609,155			22,329,136
Net increase in net assets resulting from operations		72,293,034			82,879,633
Distributions to shareholders:
Net investment income
Class A		(8,366,255	)		(16,294,951	)
Class B		(64,396	)		(223,355	)
Class C		(407,089	)		(435,390	)
Class I		(11,340,603	)		(16,827,422	)
Class K(a)		(1,064	)		(2,069	)
Class R4		(5	)		—
Class R5		(5	)		—
Class W		(94,295	)		—
Class Z		(10,005,528	)		(4,679,196	)
Net realized gains
Class A		(14,085,364	)		(1,964,435	)
Class B		(136,998	)		(33,269	)
Class C		(1,234,803	)		(67,446	)
Class I		(15,753,033	)		(2,083,667	)
Class K(c)		(1,597	)		(228	)
Class R4		(48	)		—
Class R5		(48	)		—
Class W		(227,303	)		—
Class Z		(19,362,680	)		(331,605	)
Total distributions to shareholders		(81,081,114	)		(42,943,033	)
Increase (decrease) in net assets from capital stock activity		822,209,450			957,550,011
Proceeds from regulatory settlements (Note 6)		—			3,313
Total increase in net assets		813,421,370			997,489,924
Net assets at beginning of period		1,820,810,187			823,320,263
Net assets at end of period		$2,634,231,557			$1,820,810,187
Excess of distributions over net investment income		$(6,426,742	)		$(110,300	)

(a) Class R4 and Class R5 shares are for the period from November 8, 2012 (commencement of operations) to November 30, 2012.

(b) Class W shares are for the period from June 18, 2012 (commencement of operations) to November 30, 2012.

(c) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 17

Columbia U.S. Government Mortgage Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012 (Unaudited)(a)(b)						Year Ended May 31, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(c)		29,988,599			172,083,102			30,269,740			168,080,491
Distributions reinvested		3,383,737			19,165,048			2,538,680			14,060,609
Redemptions		(13,207,625	)		(75,535,484	)		(18,490,339	)		(102,497,316	)
Net increase		20,164,711			115,712,666			14,318,081			79,643,784
Class B shares
Subscriptions		153,016			879,392			199,356			1,103,519
Distributions reinvested		27,064			153,418			33,422			184,976
Redemptions(c)		(427,252	)		(2,435,589	)		(1,656,556	)		(9,125,597	)
Net decrease		(247,172	)		(1,402,779	)		(1,423,778	)		(7,837,102	)
Class C shares
Subscriptions		6,036,435			34,731,907			4,150,487			23,087,053
Distributions reinvested		232,838			1,319,017			62,795			348,680
Redemptions		(650,336	)		(3,730,134	)		(1,096,568	)		(6,091,092	)
Net increase		5,618,937			32,320,790			3,116,714			17,344,641
Class I shares
Subscriptions		14,389,381			82,399,583			105,638,513			584,045,253
Distributions reinvested		4,780,753			27,093,262			3,410,662			18,910,701
Redemptions		(4,954,175	)		(28,346,753	)		(18,225,449	)		(100,965,895	)
Net increase		14,215,959			81,146,092			90,823,726			501,990,059
Class K shares(d)
Subscriptions		63			356			4,774			26,433
Distributions reinvested		453			2,562			355			1,965
Redemptions		(2	)		(8	)		(4,021	)		(22,199	)
Net increase		514			2,910			1,108			6,199
Class R4 shares
Subscriptions		434			2,500			—			—
Net increase		434			2,500			—			—
Class R5 shares
Subscriptions		434			2,500			—			—
Net increase		434			2,500			—			—
Class W shares
Subscriptions		2,150,473			12,326,894			—			—
Distributions reinvested		56,588			321,521			—			—
Redemptions		(110,049	)		(633,773	)		—			—
Net increase		2,097,012			12,014,642			—			—
Class Z shares
Subscriptions		115,445,447			661,304,490			72,229,162			401,777,835
Distributions reinvested		1,766,865			9,994,868			156,771			872,881
Redemptions		(15,531,401	)		(88,889,229	)		(6,517,985	)		(36,248,286	)
Net increase		101,680,911			582,410,129			65,867,948			366,402,430
Total net increase		143,531,740			822,209,450			172,703,799			957,550,011

(a) Class R4 and R5 shares are for the period from November 8, 2012 (commencement of operations) to November 30, 2012.

(b) Class W shares are for the period from June 18, 2012 (commencement of operations) to November 30, 2012.

(c) Includes conversions of Class B shares to Class A shares, if any.

(d) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

18 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Financial Highlights

The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class  A	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.63		$5.46		$5.16		$4.77		$4.99		$5.00
Income from investment operations:
Net investment income	0.06		0.16		0.17		0.25		0.21		0.23
Net realized and unrealized gain (loss)	0.13		0.19		0.34		0.37		(0.18	)	(0.02	)
Total from investment operations	0.19		0.35		0.51		0.62		0.03		0.21
Less distributions to shareholders:
Net investment income	(0.07	)	(0.16	)	(0.21	)	(0.23	)	(0.21	)	(0.22	)
Net realized gains	(0.11	)	(0.02	)	—		—		(0.04	)	—
Total distributions to shareholders	(0.18	)	(0.18	)	(0.21	)	(0.23	)	(0.25	)	(0.22	)
Proceeds from regulatory settlements	—		0.00	(a)	—		—		—		—
Net asset value, end of period	$5.64		$5.63		$5.46		$5.16		$4.77		$4.99
Total return	3.43	%	6.55	%	10.10	%	13.32	%	0.79	%	4.31	%
Ratios to average net assets(b)
Total gross expenses	0.92	%(c)	0.92	%	0.98	%	1.09	%	1.08	%	1.09	%
Total net expenses(d)	0.86	%(c)(e)	0.85	%(e)	0.87	%	0.89	%	0.89	%	0.89	%
Net investment income	2.00	%(c)	2.83	%	3.16	%	4.98	%	4.51	%	4.56	%
Supplemental data
Net assets, end of period (in thousands)	$731,166		$616,112		$519,454		$80,371		$78,940		$95,365
Portfolio turnover	307	%(f)	545	%(f)	465	%(f)	519	%(f)	431	%(f)	354	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

(f) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 174% for the six months ended November 30, 2012 and 285%, 253%, 246% and 162% for the years ended May 31, 2012, 2011, 2010 and 2009, respectively.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 19

Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class B	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.64		$5.47		$5.16		$4.77		$4.99		$5.00
Income from investment operations:
Net investment income	0.04		0.12		0.13		0.21		0.18		0.19
Net realized and unrealized gain (loss)	0.13		0.19		0.35		0.37		(0.18	)	(0.01	)
Total from investment operations	0.17		0.31		0.48		0.58		—		0.18
Less distributions to shareholders:
Net investment income	(0.05	)	(0.12	)	(0.17	)	(0.19	)	(0.18	)	(0.19	)
Net realized gains	(0.11	)	(0.02	)	—		—		(0.04	)	—
Total distributions to shareholders	(0.16	)	(0.14	)	(0.17	)	(0.19	)	(0.22	)	(0.19	)
Proceeds from regulatory settlements	—		0.00	(a)	—		—		—		—
Net asset value, end of period	$5.65		$5.64		$5.47		$5.16		$4.77		$4.99
Total return	3.04	%	5.73	%	9.45	%	12.46	%	0.03	%	3.53	%
Ratios to average net assets(b)
Total gross expenses	1.66	%(c)	1.68	%	1.81	%	1.85	%	1.84	%	1.86	%
Total net expenses(d)	1.61	%(c)(e)	1.60	%(e)	1.65	%	1.65	%	1.65	%	1.65	%
Net investment income	1.25	%(c)	2.09	%	2.43	%	4.18	%	3.75	%	3.79	%
Supplemental data
Net assets, end of period (in thousands)	$7,117		$8,495		$16,024		$17,619		$24,177		$33,666
Portfolio turnover	307	%(f)	545	%(f)	465	%(f)	519	%(f)	431	%(f)	354	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

(f) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 174% for the six months ended November 30, 2012 and 285%, 253%, 246% and 162% for the years ended May 31, 2012, 2011, 2010 and 2009, respectively.

The accompanying Notes to Financial Statements are an integral part of this statement.

20 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class C	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.64		$5.47		$5.16		$4.77		$4.99		$5.00
Income from investment operations:
Net investment income	0.03		0.11		0.14		0.21		0.18		0.19
Net realized and unrealized gain (loss)	0.14		0.20		0.34		0.37		(0.18	)	(0.01	)
Total from investment operations	0.17		0.31		0.48		0.58		—		0.18
Less distributions to shareholders:
Net investment income	(0.05	)	(0.12	)	(0.17	)	(0.19	)	(0.18	)	(0.19	)
Net realized gains	(0.11	)	(0.02	)	—		—		(0.04	)	—
Total distributions to shareholders	(0.16	)	(0.14	)	(0.17	)	(0.19	)	(0.22	)	(0.19	)
Proceeds from regulatory settlements	—		0.00	(a)	—		—		—		—
Net asset value, end of period	$5.65		$5.64		$5.47		$5.16		$4.77		$4.99
Total return	3.04	%	5.73	%	9.46	%	12.47	%	0.03	%	3.53	%
Ratios to average net assets(b)
Total gross expenses	1.67	%(c)	1.67	%	1.79	%	1.85	%	1.83	%	1.85	%
Total net expenses(d)	1.61	%(c)(e)	1.60	%(e)	1.64	%	1.65	%	1.65	%	1.65	%
Net investment income	1.19	%(c)	2.03	%	2.55	%	4.27	%	3.76	%	3.80	%
Supplemental data
Net assets, end of period (in thousands)	$64,520		$32,691		$14,661		$5,217		$4,090		$4,186
Portfolio turnover	307	%(f)	545	%(f)	465	%(f)	519	%(f)	431	%(f)	354	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

(f) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 174% for the six months ended November 30, 2012 and 285%, 253%, 246% and 162% for the years ended May 31, 2012, 2011, 2010 and 2009, respectively.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 21

Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class I	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.63		$5.46		$5.15		$4.77		$4.99		$5.00
Income from investment operations:
Net investment income	0.07		0.17		0.20		0.26		0.23		0.25
Net realized and unrealized gain (loss)	0.13		0.20		0.35		0.37		(0.18	)	(0.02	)
Total from investment operations	0.20		0.37		0.55		0.63		0.05		0.23
Less distributions to shareholders:
Net investment income	(0.08	)	(0.18	)	(0.24	)	(0.25	)	(0.23	)	(0.24	)
Net realized gains	(0.11	)	(0.02	)	—		—		(0.04	)	—
Total distributions to shareholders	(0.19	)	(0.20	)	(0.24	)	(0.25	)	(0.27	)	(0.24	)
Proceeds from regulatory settlements	—		0.00	(a)	—		—		—		—
Net asset value, end of period	$5.64		$5.63		$5.46		$5.15		$4.77		$4.99
Total return	3.62	%	6.90	%	10.76	%	13.58	%	1.21	%	4.74	%
Ratios to average net assets(b)
Total gross expenses	0.51	%(c)	0.52	%	0.62	%	0.62	%	0.61	%	0.63	%
Total net expenses(d)	0.50	%(c)	0.52	%	0.48	%	0.47	%	0.48	%	0.48	%
Net investment income	2.36	%(c)	3.12	%	3.76	%	5.33	%	4.93	%	4.97	%
Supplemental data
Net assets, end of period (in thousands)	$820,880		$739,181		$221,198		$132,495		$221,584		$221,548
Portfolio turnover	307	%(e)	545	%(e)	465	%(e)	519	%(e)	431	%(e)	354	%

Notes to Financial Highlights

(a) Rounds to less than $0.01.

(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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 174% for the six months ended November 30, 2012 and 285%, 253%, 246% and 162% for the years ended May 31, 2012, 2011, 2010 and 2009, respectively.

The accompanying Notes to Financial Statements are an integral part of this statement.

22 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class K(a)	(Unaudited)		2012		2011		2010		2009		2008
Per share data
Net asset value, beginning of period	$5.62		$5.46		$5.15		$4.77		$4.99		$5.00
Income from investment operations:
Net investment income	0.06		0.16		0.19		0.25		0.23		0.23
Net realized and unrealized gain (loss)	0.13		0.18		0.34		0.37		(0.10	)	(0.01	)
Total from investment operations	0.19		0.34		0.53		0.62		0.13		0.22
Less distributions to shareholders:
Net investment income	(0.07	)	(0.16	)	(0.22	)	(0.24	)	(0.31	)	(0.23	)
Net realized gains	(0.11	)	(0.02	)	—		—		(0.04	)	—
Total distributions to shareholders	(0.18	)	(0.18	)	(0.22	)	(0.24	)	(0.35	)	(0.23	)
Proceeds from regulatory settlements	—		0.00	(b)	—		—		—		—
Net asset value, end of period	$5.63		$5.62		$5.46		$5.15		$4.77		$4.99
Total return	3.46	%	6.41	%	10.44	%	13.25	%	2.82	%	4.46	%
Ratios to average net assets(c)
Total gross expenses	0.81	%(d)	0.82	%	0.93	%	0.93	%	0.89	%	0.93	%
Total net expenses(e)	0.81	%(d)	0.80	%	0.78	%	0.77	%	0.70	%	0.75	%
Net investment income	2.06	%(d)	2.87	%	3.50	%	5.09	%	4.38	%	4.69	%
Supplemental data
Net assets, end of period (in thousands)	$83		$80		$72		$85		$64		$42,429
Portfolio turnover	307	%(f)	545	%(f)	465	%(f)	519	%(f)	431	%(f)	354	%

Notes to Financial Highlights

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 174% for the six months ended November 30, 2012 and 285%, 253%, 246% and 162% for the years ended May 31, 2012, 2011, 2010 and 2009, respectively.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 23

Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

Class R4	Six Months  Ended November 30,  2012(a) (Unaudited)
Per share data
Net asset value, beginning of period	$5.76
Income from investment operations:
Net investment income	0.00	(b)
Total from investment operations	0.00	(b)
Less distributions to shareholders:
Net investment income	(0.01	)
Net realized gains	(0.11	)
Total distributions to shareholders	(0.12	)
Net asset value, end of period	$5.64
Total return	0.03	%
Ratios to average net assets(c)
Total gross expenses	0.60	%(d)
Total net expenses(e)	0.60	%(d)
Net investment income	1.25	%(d)
Supplemental data
Net assets, end of period (in thousands)	$2
Portfolio turnover	307	%(f)

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to November 30, 2012.

(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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 174% for the six months ended November 30, 2012.

The accompanying Notes to Financial Statements are an integral part of this statement.

24 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

Class R5	Six Months  Ended November 30,  2012(a) (Unaudited)
Per share data
Net asset value, beginning of period	$5.76
Income from investment operations:
Net investment income	0.00	(b)
Total from investment operations	0.00	(b)
Less distributions to shareholders:
Net investment income	(0.01	)
Net realized gains	(0.11	)
Total distributions to shareholders	(0.12	)
Net asset value, end of period	$5.64
Total return	0.04	%
Ratios to average net assets(c)
Total gross expenses	0.52	%(d)
Total net expenses(e)	0.52	%(d)
Net investment income	1.33	%(d)
Supplemental data
Net assets, end of period (in thousands)	$2
Portfolio turnover	307	%(f)

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to November 30, 2012.

(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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 174% for the six months ended November 30, 2012.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 25

Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

Class W	Six Months  Ended November 30,  2012(a) (Unaudited)
Per share data
Net asset value, beginning of period	$5.65
Income from investment operations:
Net investment income	0.05
Net realized and unrealized gain	0.14
Total from investment operations	0.19
Less distributions to shareholders:
Net investment income	(0.07	)
Net realized gains	(0.11	)
Total distributions to shareholders	(0.18	)
Net asset value, end of period	$5.66
Total return	3.30	%
Ratios to average net assets(b)
Total gross expenses	0.92	%(c)
Total net expenses(d)	0.86	%(c)
Net investment income	1.95	%(c)
Supplemental data
Net assets, end of period (in thousands)	$11,861
Portfolio turnover	307	%(e)

Notes to Financial Highlights

(a) For the period from June 18, 2012 (commencement of operations) to November 30, 2012.

(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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 174% for the six months ended November 30, 2012.

The accompanying Notes to Financial Statements are an integral part of this statement.

26 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Financial Highlights (continued)

	Six Months  Ended November 30, 2012		Year Ended May 31,
Class Z	(Unaudited)		2012		2011(a)
Per share data
Net asset value, beginning of period	$5.63		$5.46		$5.27
Income from investment operations:
Net investment income	0.06		0.16		0.11
Net realized and unrealized gain	0.14		0.21		0.23
Total from investment operations	0.20		0.37		0.34
Less distributions to shareholders:
Net investment income	(0.08	)	(0.18	)	(0.15	)
Net realized gains	(0.11	)	(0.02	)	—
Total distributions to shareholders	(0.19	)	(0.20	)	(0.15	)
Proceeds from regulatory settlements	—		0.00	(b)	—
Net asset value, end of period	$5.64		$5.63		$5.46
Total return	3.56	%	6.82	%	6.59	%
Ratios to average net assets(c)
Total gross expenses	0.67	%(d)	0.68	%	0.62	%(d)
Total net expenses(e)	0.61	%(d)(f)	0.61	%(f)	0.58	%(d)
Net investment income	2.21	%(d)	2.96	%	3.12	%(d)
Supplemental data
Net assets, end of period (in thousands)	$998,600		$424,251		$51,912
Portfolio turnover	307	%(g)	545	%(g)	465	%(g)

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to May 31, 2011.

(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) Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

(g) Includes mortgage dollar rolls. If mortgage dollar roll transactions were excluded, the portfolio turnover would have been 174% for the six months ended November 30, 2012 and 285% and 253% for the years ended May 31, 2012 and 2011, respectively.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012 27

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements

November 30, 2012 (Unaudited)

Note 1. Organization

Columbia U.S. Government Mortgage Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R4, Class R5, Class W 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 4.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Fund no longer accepts investments by new or existing investors in the Fund’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class I shares are not subject to sales charges and are only available to the Columbia Family of Funds.

Class K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

Class R4 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R4 shares commenced operations on November 8, 2012.

Class R5 shares are not subject to sales charges and are only available to investors purchasing through authorized

investment professionals. Class R5 shares commenced operations on November 8, 2012.

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 W shares commenced operations on June 18, 2012.

Class Z shares are not subject to sales charges, and are only available to certain investors.

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

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.

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.

28 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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.

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 New York Stock Exchange.

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 fair value.

Derivative Instruments

The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to 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 manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. 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. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Options Contracts

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. The Fund purchased and wrote option contracts to hedge volatility exposure. Completion of transactions for option contracts traded in the OTC market depends upon the performance of the other party. Cash

Semiannual Report 2012 29

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

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.

Swaption Contracts

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 or hedge volatility exposure. 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 a purchased swaption are reported as unrealized appreciation or depreciation on investments in the Statement of Assets and Liabilities. Gain or loss is recognized in the Statement of Operations when the 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 options written in the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Statement of Operations.

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; 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.

The following table is a summary of the fair value of derivative instruments at November 30, 2012:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate contracts	Investments at value-unaffiliated issuers (for purchased options)	11,752,804
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate contracts	Net assets — unrealized depreciation on futures contracts	777,352	*

* 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.

The effect of derivative instruments in the Statement of Operations for the six months ended November 30, 2012:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)			Options Contracts Written and Purchased ($)		Total ($)
Interest rate contracts		(2,653,135	)		321,875		(2,331,260	)

30 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)		Options Contracts Written and Purchased ($)			Total ($)
Interest rate contracts		443,725		(3,935,679	)		(3,491,954	)

The following table is a summary of the volume of derivative instruments for the six months ended November 30, 2012:

Derivative Instrument	Contracts Opened
Futures contracts		8,837
Options contracts		4

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 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. These transactions may increase the Fund’s portfolio turnover rate. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Mortgage dollar rolls involve 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.

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.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Semiannual Report 2012 31

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Income Recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

Dividend income is recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general

indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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 investment management fee is an annual fee that is equal to a percentage of the Fund’s average daily net assets that declines from 0.43% to 0.30% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.42% of the Fund’s average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund’s average daily net assets that declines from 0.07% to 0.04% as the Fund’s net assets increase. The annualized effective

32 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

administration fee rate for the six months ended November 30, 2012 was 0.06% of the Fund’s average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $2,971.

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 fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class.

For the six months ended November 30, 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	0.16	%
Class B	0.16
Class C	0.16
Class K	0.05
Class R4	0.15
Class R5	0.05
Class W	0.17
Class Z	0.16

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 November 30, 2012, these minimum account balance fees reduced total expenses by $11,056.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund’s average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution 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.

Semiannual Report 2012 33

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $945,000 and $305,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2012, 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 $528,034 for Class A, $2,811 for Class B and $6,273 for Class C shares for the six months ended November 30, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective August 1, 2012, 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 September 30, 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	0.86	%
Class B	1.61
Class C	1.61
Class I	0.50
Class K	0.80
Class R4	0.61
Class R5	0.55
Class W	0.86
Class Z	0.61

Prior to August 1, 2012, the Investment Manager and certain of 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	0.86	%
Class B	1.61
Class C	1.61

Class I	0.56	%
Class K	0.86
Class W	0.86
Class Z	0.61

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $3,557,677,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$92,543,000
Unrealized depreciation	(21,236,000	)
Net unrealized appreciation	$71,307,000

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 but including mortgage dollar rolls, aggregated to $8,251,278,870 and $7,228,611,145,

34 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

respectively, for the six months ended November 30, 2012, of which $7,453,448,111 and $6,901,922,058, respectively, were U.S. government securities.

Note 6. Regulatory Settlements

During the year ended May 31, 2012, the Fund received $3,313 as a result of a regulatory settlement proceeding brought by the Securities and Exchange Commission against an unaffiliated third party relating to market timing and/or late trading of mutual funds. This amount represented the Fund’s portion of the proceeds from the settlement (the Fund was not a party to the proceeding). The payments have been included in “Proceeds from regulatory settlements” in the Statement of Changes in Net Assets.

Note 7. Affiliated Money Market Fund

The Fund invests 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 — affiliated issuers” in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 8. Shareholder Concentration

At November 30, 2012, one unaffiliated shareholder account owned 26.3% 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 34.6% 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. 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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the six months ended November 30, 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.

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

Semiannual Report 2012 35

Columbia U.S. Government Mortgage Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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.

36 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC’s engagement was effective at the completion of Ernst & Young’s audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal years ended May 31, 2012 and 2011 and through the June meeting.

Ernst & Young’s reports on the financial statements of the Fund as of and for the fiscal years ended May 31, 2012 and 2011 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young’s satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Semiannual Report 2012 37

Columbia U.S. Government Mortgage Fund

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38 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

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Semiannual Report 2012 39

Columbia U.S. Government Mortgage Fund

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40 Semiannual Report 2012

Columbia U.S. Government Mortgage Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 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 sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Semiannual Report 2012 41

Columbia U.S. Government Mortgage Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund, go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6256 M (1/13)

Semiannual Report

November 30, 2012

Columbia Active Portfolios® — Diversified Equity Income Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Active Portfolios® — Diversified Equity Income Fund

President's Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor's 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation's largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today's opportunities and anticipate tomorrow's. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

>  The Columbia Management Perspectives blog, featuring timely posts by our investment teams

>  Detailed up-to-date fund performance and portfolio information

>  Economic analysis and market commentary

>  Quarterly fund commentaries

>Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia Active Portfolios® — Diversified Equity Income Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund's Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	13
Notes to Financial Statements	14
Supplemental Information	19
Important Information About This Report	21

Fund Investment Manager

Columbia Management Investment
Advisers, LLC
225 Franklin Street
Boston, MA 02110

Fund Distributor

Columbia Management Investment
Distributors, Inc.
225 Franklin Street
Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Semiannual Report 2012

Columbia Active Portfolios® — Diversified Equity Income Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia Active Portfolios^® — Diversified Equity Income Fund (the Fund) Class A shares returned 8.89% for the six months ended November 30, 2012.

>  The Fund underperformed its benchmark, the Russell 1000 Value Index, which returned 11.20% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2012)

	Inception	6 Months cumulative		Life
Columbia Active Portfolios® — Diversified Equity Income Fund Class A	04/20/12		8.89		3.34
Russell 1000 Value Index			11.20		6.09

All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

The Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Semiannual Report 2012
2

Columbia Active Portfolios® — Diversified Equity Income Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2012)
JPMorgan Chase & Co.	3.0
Pfizer, Inc.	2.9
Bank of America Corp.	2.5
XL Group PLC	2.3
Merck & Co., Inc.	2.3
AT&T, Inc.	2.2
Verizon Communications, Inc.	2.0
Target Corp.	2.0
Mastercard, Inc., Class A	1.8
Goldman Sachs Group, Inc. (The)	1.8

Percentages indicated are based upon total investments (excluding Money Market Funds).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Portfolio Breakdown (%) (at November 30, 2012)
Common Stocks	99.0
Consumer Discretionary	11.9
Consumer Staples	9.8
Energy	10.8
Financials	18.9
Health Care	13.6
Industrials	13.5
Information Technology	8.2
Materials	1.8
Telecommunication Services	6.6
Utilities	3.9
Convertible Bonds	0.2
Materials	0.2
Money Market Funds	0.8
Total	100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Portfolio Management

Steve Schroll

Laton Spahr, CFA

Paul Stocking

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.

© 2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Semiannual Report 2012
3

Columbia Active Portfolios® — Diversified Equity Income Fund

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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.

June 1, 2012 – November 30, 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

1,088.90

1,019.65

5.66

5.47

1.08

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from 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.

Semiannual Report 2012
4

Columbia Active Portfolios® — Diversified Equity Income Fund

Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 98.6%

Issuer	Shares		Value ($)
Consumer Discretionary 11.8%
Automobiles 1.6%
Ford Motor Co.		887,124		10,157,570
Hotels, Restaurants & Leisure 1.2%
McDonald's Corp.		89,652		7,803,310
Media 3.8%
Comcast Corp., Class A		114,975		4,274,770
News Corp., Class A		136,059		3,352,494
Regal Entertainment Group, Class A		179,851		2,802,079
Time Warner, Inc.		84,650		4,003,945
Viacom, Inc., Class B		61,297		3,163,538
Walt Disney Co. (The)		125,503		6,232,479
Total				23,829,305
Multiline Retail 3.4%
Kohl's Corp.		59,418		2,653,014
Macy's, Inc.		173,581		6,717,585
Target Corp.		197,365		12,459,652
Total				21,830,251
Specialty Retail 1.8%
Home Depot, Inc. (The)		171,822		11,180,457
Total Consumer Discretionary				74,800,893
Consumer Staples 9.7%
Beverages 0.7%
PepsiCo, Inc.		60,724		4,263,432
Food & Staples Retailing 1.0%
Wal-Mart Stores, Inc.		88,738		6,390,911
Food Products 2.0%
Hershey Co. (The)		28,346		2,076,911
Kraft Foods Group, Inc.(a)		48,812		2,207,279
Mondelez International, Inc., Class A		149,116		3,860,613
Unilever NV — NY Shares		114,292		4,323,666
Total				12,468,469
Household Products 2.3%
Kimberly-Clark Corp.		66,372		5,689,408
Procter & Gamble Co. (The)		130,489		9,112,047
Total				14,801,455
Tobacco 3.7%
Altria Group, Inc.		162,736		5,502,104

Common Stocks (continued)

Issuer	Shares		Value ($)
Lorillard, Inc.		89,940		10,897,131
Philip Morris International, Inc.		80,722		7,255,293
Total				23,654,528
Total Consumer Staples				61,578,795
Energy 10.7%
Energy Equipment & Services 1.4%
C&J Energy Services, Inc.(a)		55,828		1,114,885
Cameron International Corp.(a)		40,115		2,164,204
National Oilwell Varco, Inc.		30,624		2,091,619
Schlumberger Ltd.		22,914		1,641,101
Seadrill Ltd.		58,164		2,241,059
Total				9,252,868
Oil, Gas & Consumable Fuels 9.3%
Anadarko Petroleum Corp.		47,640		3,486,772
BP PLC, ADR		91,656		3,827,555
Chevron Corp.		89,382		9,446,784
Enbridge, Inc.		176,305		7,103,328
EQT Corp.		57,037		3,425,642
Exxon Mobil Corp.		56,927		5,017,546
Occidental Petroleum Corp.		65,672		4,939,191
Phillips 66		45,530		2,384,406
Royal Dutch Shell PLC, ADR		132,877		8,898,773
Suncor Energy, Inc.		85,704		2,794,807
Total SA, ADR		61,612		3,090,458
Valero Energy Corp.		90,353		2,914,788
Williams Companies, Inc. (The)		41,556		1,364,699
Total				58,694,749
Total Energy				67,947,617
Financials 18.8%
Capital Markets 2.9%
BlackRock, Inc.		11,903		2,345,367
Goldman Sachs Group, Inc. (The)		95,688		11,271,090
Morgan Stanley		266,829		4,501,405
Total				18,117,862
Commercial Banks 1.7%
Wells Fargo & Co.		331,447		10,941,065

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
5

Columbia Active Portfolios® — Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Diversified Financial Services 7.1%
Bank of America Corp.		1,615,138		15,925,261
Citigroup, Inc.		271,893		9,399,341
JPMorgan Chase & Co.		452,868		18,603,817
NYSE Euronext		58,227		1,359,601
Total				45,288,020
Insurance 6.9%
ACE Ltd.		91,295		7,233,303
Aflac, Inc.		47,018		2,491,484
Allstate Corp. (The)		186,274		7,540,371
Endurance Specialty Holdings Ltd.		36,217		1,455,923
MetLife, Inc.		119,517		3,966,769
PartnerRe Ltd.		7,020		581,818
Travelers Companies, Inc. (The)		79,410		5,623,816
XL Group PLC		598,015		14,549,705
Total				43,443,189
Real Estate Investment Trusts (REITs) 0.2%
ProLogis, Inc.		36,471		1,237,826
Total Financials				119,027,962
Health Care 13.6%
Health Care Equipment & Supplies 0.3%
Boston Scientific Corp.(a)		289,401		1,603,282
Health Care Providers & Services 1.7%
UnitedHealth Group, Inc.		202,879		11,034,589
Life Sciences Tools & Services 1.5%
Agilent Technologies, Inc.		108,502		4,154,541
Thermo Fisher Scientific, Inc.		81,587		5,184,854
Total				9,339,395
Pharmaceuticals 10.1%
AstraZeneca PLC, ADR		67,631		3,215,178
Bristol-Myers Squibb Co.		224,478		7,324,717
Johnson & Johnson		140,363		9,787,512
Merck & Co., Inc.		321,720		14,252,196
Novartis AG, ADR		122,600		7,607,330
Pfizer, Inc.		730,237		18,270,530
Roche Holding AG, ADR		70,302		3,459,561
Total				63,917,024
Total Health Care				85,894,290

Common Stocks (continued)

Issuer	Shares		Value ($)
Industrials 13.5%
Aerospace & Defense 3.2%
Boeing Co. (The)		106,533		7,913,271
Honeywell International, Inc.		58,760		3,603,751
Lockheed Martin Corp.		59,205		5,523,826
United Technologies Corp.		40,808		3,269,129
Total				20,309,977
Airlines 0.8%
Delta Air Lines, Inc.(a)		160,461		1,604,610
United Continental Holdings, Inc.(a)		180,444		3,648,578
Total				5,253,188
Commercial Services & Supplies 1.0%
ADT Corp. (The)(a)		58,810		2,699,379
Tyco International Ltd.		119,772		3,397,932
Total				6,097,311
Electrical Equipment 2.0%
ABB Ltd., ADR		129,489		2,514,676
Cooper Industries PLC		88,493		6,592,729
Hubbell, Inc., Class B		45,091		3,798,917
Total				12,906,322
Industrial Conglomerates 1.7%
General Electric Co.		522,079		11,031,529
Machinery 3.9%
Caterpillar, Inc.		71,404		6,086,477
Eaton Corp.		94,027		4,904,448
Illinois Tool Works, Inc.		87,395		5,380,910
PACCAR, Inc.		35,725		1,569,756
Parker Hannifin Corp.		62,984		5,174,136
Pentair Ltd.		28,222		1,368,485
Total				24,484,212
Road & Rail 0.9%
Union Pacific Corp.		43,492		5,339,948
Total Industrials				85,422,487
Information Technology 8.2%
Communications Equipment 1.6%
Cisco Systems, Inc.		528,070		9,985,804
Electronic Equipment, Instruments & Components 0.6%
TE Connectivity Ltd.		95,604		3,364,305

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
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Columbia Active Portfolios® — Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Internet Software & Services 0.6%
eBay, Inc.(a)		72,191		3,813,129
IT Services 2.3%
Accenture PLC, Class A		47,734		3,242,093
Mastercard, Inc., Class A		23,124		11,300,236
Total				14,542,329
Semiconductors & Semiconductor Equipment 1.5%
Intel Corp.		281,142		5,501,949
Microchip Technology, Inc.		134,215		4,082,820
Total				9,584,769
Software 1.6%
Microsoft Corp.		233,267		6,209,567
Oracle Corp.		127,449		4,091,113
Total				10,300,680
Total Information Technology				51,591,016
Materials 1.8%
Chemicals 0.9%
Dow Chemical Co. (The)		9,745		294,202
Mosaic Co. (The)		102,452		5,538,555
Total				5,832,757
Metals & Mining 0.5%
Freeport-McMoRan Copper & Gold, Inc.		74,611		2,910,575
Paper & Forest Products 0.4%
International Paper Co.		65,171		2,420,451
Total Materials				11,163,783
Telecommunication Services 6.6%
Diversified Telecommunication Services 6.0%
AT&T, Inc.		400,170		13,657,802
CenturyLink, Inc.		183,047		7,109,545
Deutsche Telekom AG, ADR		257,731		2,840,196
Verizon Communications, Inc.		285,409		12,592,245
Windstream Corp.		170,208		1,426,343
Total				37,626,131
Wireless Telecommunication Services 0.6%
Vodafone Group PLC, ADR		154,362		3,982,540
Total Telecommunication Services				41,608,671

Common Stocks (continued)

Issuer	Shares		Value ($)
Utilities 3.9%
Electric Utilities 1.9%
American Electric Power Co., Inc.		37,587		1,603,085
Duke Energy Corp.		38,557		2,460,708
Entergy Corp.		42,931		2,727,836
NextEra Energy, Inc.		48,462		3,329,824
PPL Corp.		72,596		2,130,693
Total				12,252,146
Multi-Utilities 2.0%
Dominion Resources, Inc.		76,201		3,894,633
PG&E Corp.		89,233		3,654,091
Sempra Energy		70,129		4,798,226
Total				12,346,950
Total Utilities				24,599,096
Total Common Stocks (Cost: $602,972,178)				623,634,610

Convertible Bonds 0.2%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Building Materials 0.2%
Cemex SAB de CV Subordinated Notes 03/15/18		3.750	%		1,200,000		1,251,750

Total Convertible Bonds
(Cost: $1,042,242) 1,251,750

Money Market Funds 0.8%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.154%(b)(c)		5,277,131		5,277,131
Total Money Market Funds (Cost: $5,277,131)				5,277,131
Total Investments (Cost: $609,291,551)				630,163,491
Other Assets & Liabilities, Net				2,625,727
Net Assets				632,789,218

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
7

Columbia Active Portfolios® — Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  The rate shown is the seven-day current annualized yield at November 30, 2012.

(c)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds from Sales ($)		Realized Gain/Loss ($)		Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		27,738,063		98,747,583		(121,208,515)		—		5,277,131		13,124		5,277,131

Abbreviation Legend

ADR American Depositary Receipt

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.

Under the direction of the Fund's Board of Trustees (the Board), the Investment Manager's Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
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Columbia Active Portfolios® — Diversified Equity Income Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund's investments at November 30, 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		74,800,893		—		—		74,800,893
Consumer Staples		61,578,795		—		—		61,578,795
Energy		67,947,617		—		—		67,947,617
Financials		119,027,962		—		—		119,027,962
Health Care		85,894,290		—		—		85,894,290
Industrials		85,422,487		—		—		85,422,487
Information Technology		51,591,016		—		—		51,591,016
Materials		11,163,783		—		—		11,163,783
Telecommunication Services		41,608,671		—		—		41,608,671
Utilities		24,599,096		—		—		24,599,096
Total Equity Securities		623,634,610		—		—		623,634,610
Bonds
Convertible Bonds		—		1,251,750		—		1,251,750
Total Bonds		—		1,251,750		—		1,251,750
Other
Money Market Funds		5,277,131		—		—		5,277,131
Total Other		5,277,131		—		—		5,277,131
Total		628,911,741		1,251,750		—		630,163,491

See the Portfolio of Investments for all investment classifications not indicated in the table.

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

There were no transfers of financial assets between Levels 1 and 2 during the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
9

Columbia Active Portfolios® — Diversified Equity Income Fund

Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $604,014,420)	$	624,886,360
Affiliated issuers (identified cost $5,277,131)		5,277,131
Total investments (identified cost $609,291,551)		630,163,491
Receivable for:
Capital shares sold		2,239,480
Dividends		2,187,868
Interest		9,500
Reclaims		6,176
Expense reimbursement due from Investment Manager		2,213
Prepaid expenses		4,546
Other assets		19,547
Total assets		634,632,821
Liabilities
Payable for:
Capital shares purchased		1,630,421
Investment management fees		11,243
Distribution and/or service fees		4,321
Transfer agent fees		112,352
Administration fees		1,019
Compensation of board members		2,476
Other expenses		81,771
Total liabilities		1,843,603
Net assets applicable to outstanding capital stock	$	632,789,218
Represented by
Paid-in capital	$	616,691,959
Undistributed net investment income		2,193,806
Accumulated net realized loss		(6,968,853	)
Unrealized appreciation (depreciation) on:
Investments		20,871,940
Foreign currency translations		366
Total — representing net assets applicable to outstanding capital stock	$	632,789,218
Class A
Net assets	$	632,789,218
Shares outstanding		61,725,768
Net asset value per share	$	10.25

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
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Columbia Active Portfolios® — Diversified Equity Income Fund

Statement of Operations

Six Months Ended November 30, 2012 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	9,009,439
Dividends — affiliated issuers		13,124
Interest		34,739
Foreign taxes withheld		(53,856	)
Total income		9,003,446
Expenses:
Investment management fees		2,042,385
Distribution and/or service fees
Class A		784,506
Transfer agent fees
Class A		740,153
Administration fees		185,091
Compensation of board members		8,820
Custodian fees		9,375
Printing and postage fees		62,518
Registration fees		31,769
Professional fees		15,083
Other		37,425
Total expenses		3,917,125
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(518,773	)
Total net expenses		3,398,352
Net investment income		5,605,094
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		(5,039,004	)
Foreign currency translations		(1,060	)
Net realized loss		(5,040,064	)
Net change in unrealized appreciation (depreciation) on:
Investments		51,142,079
Foreign currency translations		1,118
Net change in unrealized appreciation (depreciation)		51,143,197
Net realized and unrealized gain		46,103,133
Net increase in net assets resulting from operations	$	51,708,227

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
11

Columbia Active Portfolios® — Diversified Equity Income Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012(a)
Operations
Net investment income	$	5,605,094		$	1,492,423
Net realized loss		(5,040,064	)		(1,928,789	)
Net change in unrealized appreciation (depreciation)		51,143,197			(30,270,891	)
Net increase (decrease) in net assets resulting from operations		51,708,227			(30,707,257	)
Distributions to shareholders:
Net investment income
Class A		(5,037,250	)		—
Total distributions to shareholders		(5,037,250	)		—
Increase (decrease) in net assets from capital stock activity		9,349,054			607,456,441
Total increase in net assets		56,020,031			576,749,184
Net assets at beginning of period		576,769,187			20,003
Net assets at end of period	$	632,789,218		$	576,769,187
Undistributed net investment income	$	2,193,806		$	1,625,962

	Six Months Ended November 30, 2012 (Unaudited)						Year Ended May 31, 2012(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		10,282,873			103,097,091			61,930,547			618,688,188
Distributions reinvested		507,637			5,037,088			—			—
Redemptions		(9,844,508	)		(98,785,125	)		(1,152,781	)		(11,231,747	)
Total net increase		946,002			9,349,054			60,777,766			607,456,441

(a) For the period from April 20, 2012 (commencement of operations) to May 31, 2012.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
12

Columbia Active Portfolios® — Diversified Equity Income Fund

Financial Highlights

The following table is intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

Class A	Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012(a)
Per share data
Net asset value, beginning of period	$	9.49		$	10.00
Income from investment operations:
Net investment income		0.09			0.02
Net realized and unrealized gain (loss)		0.75			(0.53	)
Total from investment operations		0.84			(0.51	)
Less distributions to shareholders:
Net investment income		(0.08	)		—
Total distributions to shareholders		(0.08	)		—
Net asset value, end of period	$	10.25		$	9.49
Total return		8.89	%		(5.10	%)
Ratios to average net assets(b)
Total gross expenses		1.24	%(c)		1.38	%(c)
Total net expenses(d)		1.08	%(c)		1.08	%(c)
Net investment income		1.78	%(c)		2.46	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	632,789		$	576,769
Portfolio turnover		22	%		3	%

Notes to Financial Highlights

(a)  For the period from April 20, 2012 (commencement of operations) to May 31, 2012.

(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)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
13

Columbia Active Portfolios® — Diversified Equity Income Fund

Notes to Financial Statements

November 30, 2012 (Unaudited)

Note 1. Organization

Columbia Active Portfolios^® — 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 only offers Class A shares that are available only to certain eligible investors through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. (Ameriprise Financial) or its affiliates.

Class A shares are not subject to any front-end sales charge or contingent deferred sales charge.

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 ask prices on such exchanges or markets.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques 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.

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 ask 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 or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in 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 fair value.

Semiannual Report 2012
14

Columbia Active Portfolios® — Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Foreign Currency Transactions and Translations

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.

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.

Equity-Linked Notes

The Fund may invest in equity-linked notes (ELNs). An ELN is a debt instrument whose value is based on the value of a single equity security, basket of equity securities or an index of equity securities (each, an Underlying Equity). An ELN typically provides interest income, thereby offering a yield advantage over investing directly in an Underlying Equity. However, the holder of an ELN may have limited or no benefit from any appreciation in the Underlying Equity, but is exposed to various risks, including, without limitation, volatility, issuer and market risk. The Fund may purchase ELNs that trade on a securities exchange or those that trade on the over-the-counter markets, including securities offered and sold under Rule 144A of the Securities Act of 1933, as amended. The Fund may also purchase an ELN in a privately negotiated transaction with the issuer of the ELN (or its broker-dealer affiliate).

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.

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. 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.

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. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified

Semiannual Report 2012
15

Columbia Active Portfolios® — Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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, determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.66% to 0.49% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.65% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's

average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2012 was 0.06% of the Fund's average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $1,275.

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).

Semiannual Report 2012
16

Columbia Active Portfolios® — Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees.

For the six months ended November 30, 2012, the Fund's annualized effective transfer agent fee rates as a percentage of average daily net assets for Class A shares was 0.24%.

Distribution and Service Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Pursuant to Rule 12b-1 under the 1940 Act, the Board has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.

The Fund may pay distribution and service fees up to a maximum annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares (comprised of up to 0.25% for distribution services and up to 0.25% for shareholder liaison services).

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 September 30, 2014, 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 1.08% of Class A share's average daily net assets.

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is

specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $609,291,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	35,150,000
Unrealized depreciation		(14,278,000	)
Net unrealized appreciation	$	20,872,000

The following capital loss carryforward, determined as of May 31, 2012 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 ($)
Unlimited short-term		1,772,649
Unlimited long-term		—
Total		1,772,649

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 $150,658,512 and $134,241,510, respectively, for the six months ended November 30, 2012.

Note 6. Affiliated Money Market Fund

The Fund invests 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 — affiliated issuers" in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Semiannual Report 2012
17

Columbia Active Portfolios® — Diversified Equity Income Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Note 7. Shareholder Concentration

At November 30, 2012, one unaffiliated shareholder account owned nearly 100% 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 8. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. 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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the six months ended November 30, 2012.

Note 9. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings

detailed at 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.

Semiannual Report 2012
18

Columbia Active Portfolios® — Diversified Equity Income Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC's engagement was effective at the completion of Ernst & Young's audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal period ended May 31, 2012 and through the June meeting.

Ernst & Young's reports on the financial statements of the Fund as of and for the fiscal period ended May 31, 2012 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal period and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young's satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Semiannual Report 2012
19

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Semiannual Report 2012
20

Columbia Active Portfolios® — Diversified Equity Income Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 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 sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Semiannual Report 2012
21

Columbia Active Portfolios® — Diversified Equity Income Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

C-1845 A (1/13)

Semiannual Report

November 30, 2012

Columbia Dividend Opportunity Fund

Not FDIC insured • No bank guarantee • May lose value

Columbia Dividend Opportunity Fund

President's Message

Dear Shareholders,

Stocks rebound around the world

After a weak second quarter, U.S. stock market averages rebounded in the third quarter, erasing earlier losses and boosting year-to-date returns well into double digits. Welcome news from Europe and additional quantitative easing in the United States by the Federal Reserve Board helped bolster the rally. The Standard & Poor's 500 Index (S&P 500 Index) rose 6.35% (total return) for the quarter. The Dow Jones Industrial Average advanced 4.32% for the same period. From the beginning of the calendar year through September 30, 2012, the S&P 500 Index was up 16.44% (total return). And, as of the end of September, the S&P 500 Index stood at 1,440 — approximately 8% below its all-time high of 1,565 that was set on October 9, 2007.

Outside the United States, stock markets of both developed and emerging market economies rebounded, as measured in U.S. dollars. Investors responded favorably to the announcement of policy measures aimed to resolve the eurozone crisis, which could potentially have a favorable impact on growth in emerging market economies. A weaker dollar also benefited returns to U.S. investors.

Solid gains for fixed income

Within fixed income, investors appeared to be increasingly willing to take on risk as they abandoned higher quality sectors that dominated the performance rankings in the second quarter and favored riskier sectors, where yield spreads tightened by a significant margin. Fixed-income returns were strong, but unlike equities, they have been less volatile, accumulating steadily over the course of the year. Gains were the highest for high-yield and emerging market bonds. By contrast, government issued debt securities eked out smaller gains.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation's largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today's opportunities and anticipate tomorrow's. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

>  The Columbia Management Perspectives blog, featuring timely posts by our investment teams

>  Detailed up-to-date fund performance and portfolio information

>  Economic analysis and market commentary

>  Quarterly fund commentaries

>Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. The Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2012

Columbia Dividend Opportunity Fund

Table of Contents

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund's Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	29
Supplemental Information	36
Important Information About This Report	37

Fund Investment Manager

Columbia Management Investment
Advisers, LLC
225 Franklin Street
Boston, MA 02110

Fund Distributor

Columbia Management Investment
Distributors, Inc.
225 Franklin Street
Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

Semiannual Report 2012

Columbia Dividend Opportunity Fund

Performance Overview

(Unaudited)

Performance Summary

>  Columbia Dividend Opportunity Fund (the Fund) Class A shares returned 8.81% excluding sales charges for the six months ended November 30, 2012.

>  The Fund underperformed its benchmark, the Russell 1000 Value Index, which returned 11.20% for the same time period.

Average Annual Total Returns (%) (for period ended November 30, 2012)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	08/01/88
Excluding sales charges			8.81		13.43		2.36		7.89
Including sales charges			2.51		6.97		1.16		7.25
Class B	03/20/95
Excluding sales charges			8.44		12.69		1.59		7.09
Including sales charges			3.44		7.69		1.24		7.09
Class C	06/26/00
Excluding sales charges			8.58		12.77		1.60		7.08
Including sales charges			7.58		11.77		1.60		7.08
Class I*	03/04/04		9.13		14.12		2.79		8.30
Class K (formerly Class R4)	03/20/95		8.85		13.66		2.55		8.11
Class R*	08/01/08		8.73		13.20		2.08		7.61
Class R4*	11/08/12		8.78		13.40		2.35		7.89
Class R5*	08/01/08		9.11		13.96		2.71		8.08
Class W*	12/01/06		8.92		13.48		2.33		7.87
Class Y*	11/08/12		8.90		13.53		2.38		7.90
Class Z*	09/27/10		9.05		13.79		2.48		7.96
Russell 1000 Value Index			11.20		17.45		-0.01		6.69

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Semiannual Report 2012
2

Columbia Dividend Opportunity Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at November 30, 2012)
General Electric Co.	3.0
Enbridge, Inc.	2.9
Pfizer, Inc.	2.9
Royal Dutch Shell PLC, ADR	2.6
JPMorgan Chase & Co.	2.2
Verizon Communications, Inc.	1.9
Merck & Co., Inc.	1.9
Johnson & Johnson	1.9
Wells Fargo & Co.	1.8
Lorillard, Inc.	1.7

Percentages indicated are based upon total investments (excluding Money Market Funds and Investments of Cash Collateral Received for Securities on Loan).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Portfolio Breakdown (%) (at November 30, 2012)
Common Stocks	98.0
Consumer Discretionary	10.0
Consumer Staples	10.6
Energy	13.0
Financials	14.6
Health Care	13.0
Industrials	10.6
Information Technology	6.9
Materials	4.9
Telecommunication Services	8.4
Utilities	6.0
Convertible Bonds	0.1
Materials	0.1
Convertible Preferred Stocks	0.5
Consumer Discretionary	0.1
Financials	0.4
Equity-Linked Notes	0.5
Money Market Funds	0.9
Total	100.0

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.

Portfolio Management

Steve Schroll

Laton Spahr, CFA

Paul Stocking

Morningstar Style Box^TM

The Morningstar Style Box^TM is based on a fund's portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

© 2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Semiannual Report 2012
3

Columbia Dividend Opportunity Fund

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and 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.

June 1, 2012 – November 30, 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		1,088.10			1,019.80		5.50			5.32		1.05
Class B		1,000.00		1,000.00		1,084.40			1,016.09		9.35			9.05		1.79
Class C		1,000.00		1,000.00		1,085.80			1,016.09		9.36			9.05		1.79
Class I		1,000.00		1,000.00		1,091.30			1,021.96		3.25			3.14		0.62
Class K (formerly Class R4)		1,000.00		1,000.00		1,088.50			1,020.51		4.76			4.61		0.91
Class R		1,000.00		1,000.00		1,087.30			1,018.55		6.80			6.58		1.30
Class R4		1,000.00		1,000.00		1,022.00	*		1,021.11		0.46	*		4.00		0.79	*
Class R5		1,000.00		1,000.00		1,091.10			1,021.76		3.46			3.35		0.66
Class W		1,000.00		1,000.00		1,089.20			1,019.80		5.50			5.32		1.05
Class Y		1,000.00		1,000.00		1,023.20	*		1,022.01		0.36	*		3.09		0.61	*
Class Z		1,000.00		1,000.00		1,090.50			1,021.06		4.19			4.05		0.80

*For the period November 8, 2012 through November 30, 2012. Class R4 and Class Y shares commenced operations on November 8, 2012.

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Expenses do not include fees and expenses incurred indirectly by the Fund from 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).

Semiannual Report 2012
4

Columbia Dividend Opportunity Fund

Portfolio of Investments

November 30, 2012 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 97.5%

Issuer	Shares		Value ($)
Consumer Discretionary 10.0%
Automobiles 0.7%
Ford Motor Co.		2,682,425		30,713,766
Distributors 0.6%
Genuine Parts Co.		439,559		28,610,895
Hotels, Restaurants & Leisure 2.3%
Carnival Corp.		620,797		24,000,012
Intercontinental Hotels Group PLC		498,889		13,332,247
Las Vegas Sands Corp.		248,500		11,592,525
McDonald's Corp.		686,803		59,779,333
Total				108,704,117
Household Durables 1.2%
Leggett & Platt, Inc.		1,487,588		41,429,326
Whirlpool Corp.		170,122		17,325,224
Total				58,754,550
Media 3.5%
Cinemark Holdings, Inc.		1,007,573		27,405,986
Gannett Co., Inc.		1,417,379		25,371,084
National CineMedia, Inc.		2,014,776		28,811,297
Pearson PLC, ADR		845,692		16,101,976
Regal Entertainment Group, Class A		2,415,075		37,626,868
Time Warner, Inc.		574,633		27,180,141
Total				162,497,352
Specialty Retail 1.7%
Buckle, Inc. (The)		183,900		9,406,485
GameStop Corp., Class A		857,700		22,514,625
Limited Brands, Inc.		882,965		46,046,625
Total				77,967,735
Total Consumer Discretionary				467,248,415
Consumer Staples 10.5%
Beverages 1.3%
Coca-Cola Co. (The)		753,062		28,556,111
Diageo PLC, ADR		123,570		14,775,265
PepsiCo, Inc.		264,188		18,548,639
Total				61,880,015
Food & Staples Retailing 0.4%
Costco Wholesale Corp.		189,600		19,716,504
Food Products 2.7%
B&G Foods, Inc.		1,519,817		44,348,260

Common Stocks (continued)

Issuer	Shares		Value ($)
ConAgra Foods, Inc.		487,725		14,563,468
Hershey Co. (The)		162,637		11,916,413
Kraft Foods Group, Inc.(a)		207,785		9,396,038
Mondelez International, Inc., Class A		615,367		15,931,852
Unilever NV - NY Shares		796,206		30,120,473
Total				126,276,504
Household Products 2.2%
Kimberly-Clark Corp.		423,886		36,335,508
Procter & Gamble Co. (The)		641,744		44,812,984
Reckitt Benckiser Group PLC		372,419		23,419,351
Total				104,567,843
Personal Products 0.2%
Avon Products, Inc.		741,520		10,344,204
Tobacco 3.7%
Altria Group, Inc.		1,141,223		38,584,749
Lorillard, Inc.		646,482		78,327,759
Philip Morris International, Inc.		592,194		53,226,397
Total				170,138,905
Total Consumer Staples				492,923,975
Energy 12.9%
Energy Equipment & Services 1.2%
Seadrill Ltd.		1,412,949		54,440,925
Oil, Gas & Consumable Fuels 11.7%
BP PLC, ADR		1,382,102		57,716,580
Chevron Corp.		716,657		75,743,478
Enbridge Energy Management LLC(a)(b)		57,216		34
Enbridge, Inc.		3,365,497		135,595,874
Kinder Morgan Management LLC(b)		2,471		2
Kinder Morgan, Inc.		1,136,845		38,436,729
Newfield Exploration Co.(a)		1		24
Occidental Petroleum Corp.		534,295		40,184,327
Royal Dutch Shell PLC, ADR		1,793,212		120,091,408
Ship Finance International Ltd.		656,180		10,623,554
Spectra Energy Corp.		796,821		22,271,147
TransCanada Corp.		607,348		27,931,935
Williams Companies, Inc. (The)		639,837		21,012,247
Total				549,607,339
Total Energy				604,048,264

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
5

Columbia Dividend Opportunity Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Financials 14.5%
Capital Markets 1.2%
BlackRock, Inc.		181,149		35,693,599
New Mountain Finance Corp.(c)		1,164,677		17,679,797
Total				53,373,396
Commercial Banks 6.8%
Bank of Montreal		774,491		46,492,695
Fifth Third Bancorp		1,450,458		21,234,705
M&T Bank Corp.		523,953		51,205,927
National Australia Bank Ltd.		527,245		13,384,487
Toronto-Dominion Bank (The)		379,880		31,560,430
U.S. Bancorp		2,166,499		69,891,258
Wells Fargo & Co.		2,566,848		84,731,652
Total				318,501,154
Diversified Financial Services 3.3%
Bank of America Corp.		3,205,140		31,602,680
Citigroup, Inc.		253,274		8,755,682
JPMorgan Chase & Co.		2,513,606		103,258,935
NYSE Euronext		501,131		11,701,409
Total				155,318,706
Insurance 3.2%
Aflac, Inc.		358,124		18,976,991
Allstate Corp. (The)		706,411		28,595,517
Kemper Corp.		417,068		12,349,383
Marsh & McLennan Companies, Inc.		343,927		12,113,109
MetLife, Inc.		287,124		9,529,646
PartnerRe Ltd.		185,460		15,370,925
XL Group PLC		2,131,170		51,851,366
Total				148,786,937
Total Financials				675,980,193
Health Care 12.9%
Pharmaceuticals 12.9%
Abbott Laboratories		538,544		35,005,360
AstraZeneca PLC, ADR		805,569		38,296,750
Bristol-Myers Squibb Co.		1,194,757		38,984,921
Eli Lilly & Co.		973,740		47,752,210
GlaxoSmithKline PLC, ADR		987,203		42,459,601
Johnson & Johnson		1,234,348		86,071,086
Merck & Co., Inc.		2,021,143		89,536,635

Common Stocks (continued)

Issuer	Shares		Value ($)
Novartis AG, ADR		499,278		30,980,200
Pfizer, Inc.		5,297,821		132,551,481
Roche Holding AG, ADR		766,512		37,720,055
Warner Chilcott PLC, Class A		2,124,562		24,772,393
Total				604,130,692
Total Health Care				604,130,692
Industrials 10.6%
Aerospace & Defense 1.9%
Honeywell International, Inc.		644,733		39,541,475
Lockheed Martin Corp.		502,738		46,905,455
Total				86,446,930
Commercial Services & Supplies 1.9%
Deluxe Corp.		917,966		26,437,421
Pitney Bowes, Inc.		2,166,472		24,242,822
RR Donnelley & Sons Co.		1,772,758		16,663,925
Waste Management, Inc.		712,906		23,219,348
Total				90,563,516
Electrical Equipment 0.4%
Hubbell, Inc., Class B		201,820		17,003,335
Industrial Conglomerates 3.4%
General Electric Co.		6,634,100		140,178,533
Siemens AG, ADR		187,737		19,430,779
Total				159,609,312
Machinery 2.7%
Eaton Corp.		1,302,973		67,963,072
Harsco Corp.		881,449		17,761,197
Illinois Tool Works, Inc.		638,377		39,304,872
Total				125,029,141
Trading Companies & Distributors 0.3%
Fly Leasing Ltd., ADR		1,285,163		15,820,357
Total Industrials				494,472,591
Information Technology 6.9%
Communications Equipment 1.1%
Cisco Systems, Inc.		2,613,501		49,421,304
Internet Software & Services 0.5%
AOL, Inc.		642,898		24,121,533
IT Services 0.3%
Paychex, Inc.		496,560		16,158,062

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
6

Columbia Dividend Opportunity Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Semiconductors & Semiconductor Equipment 4.0%
Analog Devices, Inc.		787,068		31,954,961
Intel Corp.		2,013,164		39,397,619
Maxim Integrated Products, Inc.		1,495,694		43,659,308
Microchip Technology, Inc.		1,683,071		51,199,020
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,234,839		21,325,670
Total				187,536,578
Software 1.0%
Microsoft Corp.		1,670,732		44,474,886
Total Information Technology				321,712,363
Materials 4.9%
Chemicals 1.4%
Dow Chemical Co. (The)		64,259		1,939,979
Mosaic Co. (The)		570,612		30,847,285
Olin Corp.		1,469,022		30,452,826
Total				63,240,090
Containers & Packaging 1.0%
Packaging Corp. of America		1,306,995		47,626,898
Metals & Mining 0.8%
Cliffs Natural Resources, Inc.		378,737		10,888,689
Southern Copper Corp.		738,162		26,795,280
Total				37,683,969
Paper & Forest Products 1.7%
International Paper Co.		1,467,211		54,492,216
MeadWestvaco Corp.		799,993		24,727,784
Total				79,220,000
Total Materials				227,770,957
Telecommunication Services 8.3%
Diversified Telecommunication Services 7.8%
AT&T, Inc.		1,676,634		57,223,518
BCE, Inc.		912,031		38,578,911
BT Group PLC		7,002,953		26,198,201
CenturyLink, Inc.		1,876,679		72,890,212
Deutsche Telekom AG, ADR		1,259,147		13,875,800
Telefonica SA, ADR		934,322		12,174,216
Telstra Corp., Ltd.		5,707,554		25,676,494
Verizon Communications, Inc.		2,035,657		89,813,187
Vivendi SA		1,296,347		27,852,144
Total				364,282,683

Common Stocks (continued)

Issuer	Shares		Value ($)
Wireless Telecommunication Services 0.5%
Vodafone Group PLC, ADR		987,811		25,485,524
Total Telecommunication Services				389,768,207
Utilities 6.0%
Electric Utilities 2.3%
American Electric Power Co., Inc.		548,639		23,399,453
Duke Energy Corp.		514,881		32,859,705
Pepco Holdings, Inc.		980,213		19,349,405
PPL Corp.		895,213		26,274,502
UIL Holdings Corp.		130,664		4,686,918
Total				106,569,983
Multi-Utilities 3.7%
Ameren Corp.		729,312		21,857,481
Consolidated Edison, Inc.		317,070		17,689,335
Dominion Resources, Inc.		495,742		25,337,374
National Grid PLC		1,255,536		14,181,483
PG&E Corp.		606,789		24,848,010
Public Service Enterprise Group, Inc.		433,832		13,054,005
SCANA Corp.		248,251		11,503,951
Sempra Energy		348,506		23,844,780
TECO Energy, Inc.		1,197,301		20,126,630
Total				172,443,049
Total Utilities				279,013,032
Total Common Stocks (Cost: $4,340,775,039)				4,557,068,689

Convertible Preferred Stocks 0.5%

Consumer Discretionary 0.1%
Automobiles 0.1%
General Motors Co., 4.750%	138,286	5,596,435
Total Consumer Discretionary		5,596,435
Financials 0.4%
Diversified Financial Services 0.2%
Citigroup, Inc., 7.500%	114,800	11,520,180
Insurance 0.2%
MetLife, Inc., 5.000%	209,992	9,363,543
Total Financials		20,883,723
Total Convertible Preferred Stocks (Cost: $29,263,162)		26,480,158

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
7

Columbia Dividend Opportunity Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Convertible Bonds 0.1%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Building Materials 0.1%
Cemex SAB de CV Subordinated Notes 03/15/18		3.750	%		3,024,000		3,154,410
Total Convertible Bonds (Cost: $3,024,000)							3,154,410

Equity-Linked Notes 0.5%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
Deutsche Bank AG Mandatory Exchangeable Notes (linked to common stock of Citigroup, Inc.)(d) 02/12/13		11.670	%		652,300		22,845,503
Total Equity-Linked Notes (Cost: $23,769,812)							22,845,503

Money Market Funds 0.9%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.154%(c)(e)		42,107,497		42,107,497
Total Money Market Funds (Cost: $42,107,497)				42,107,497

Investments of Cash Collateral Received for Securities on Loan —%

Issuer	Effective Yield			Par ($)/ Principal ($)/ Shares		Value ($)
Repurchase Agreements —%
BNP Paribas Securities Corp. dated 11/30/12, matures 12/03/12, repurchase price $676,407(f)		0.240	%		676,393		676,393
Total Investments of Cash Collateral Received for Securities on Loan (Cost: $676,393)							676,393
Total Investments (Cost: $4,439,615,903)							4,652,332,650
Other Assets & Liabilities, Net							21,431,171
Net Assets							4,673,763,821

Notes to Portfolio of Investments

(a)  Non-income producing.

(b)  Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at November 30, 2012 was $36, representing less than 0.01% of net assets. Information concerning such security holdings at November 30, 2012 was as follows:

Security Description	Acquisition Dates	Cost ($)
Enbridge Energy Management LLC	04/22/09		11
Kinder Morgan Management LLC	11/18/05		—

(c)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended November 30, 2012, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		135,287,671		842,586,022		(935,766,196	)		42,107,497		82,232		42,107,497
New Mountain Finance Corp.		14,285,242		1,422,863		—			15,708,105		736,419		17,679,797
Total		149,572,913		844,008,885		(935,766,196	)		57,815,602		818,651		59,787,294

(d)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, the value of these securities amounted to $22,845,503 or 0.49% of net assets.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
8

Columbia Dividend Opportunity Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Notes to Portfolio of Investments (continued)

(e)  The rate shown is the seven-day current annualized yield at November 30, 2012.

(f)  The following table 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 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.

Security Description	Value ($)
BNP Paribas Securities Corp. (0.240%)
Ginnie Mae I Pool		530,111
Ginnie Mae II Pool		159,810
Total market value of collateral securities		689,921

Abbreviation Legend

ADR American Depositary Receipt

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.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models 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.

Semiannual Report 2012
9

Columbia Dividend Opportunity Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

Under the direction of the Fund's Board of Trustees (the Board), the Investment Manager's Valuation Committee (the Committee) is responsible for carrying out the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
10

Columbia Dividend Opportunity Fund

Portfolio of Investments (continued)

November 30, 2012 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at November 30, 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		453,916,168		13,332,247		—		467,248,415
Consumer Staples		469,504,624		23,419,351		—		492,923,975
Energy		604,048,228		36		—		604,048,264
Financials		662,595,706		13,384,487		—		675,980,193
Health Care		604,130,692		—		—		604,130,692
Industrials		494,472,591		—		—		494,472,591
Information Technology		321,712,363		—		—		321,712,363
Materials		227,770,957		—		—		227,770,957
Telecommunication Services		310,041,368		79,726,839		—		389,768,207
Utilities		264,831,549		14,181,483		—		279,013,032
Convertible Preferred Stocks
Consumer Discretionary		5,596,435		—		—		5,596,435
Financials		20,883,723		—		—		20,883,723
Total Equity Securities		4,439,504,404		144,044,443		—		4,583,548,847
Bonds
Convertible Bonds		—		3,154,410		—		3,154,410
Total Bonds		—		3,154,410		—		3,154,410
Other
Equity-Linked Notes		—		22,845,503		—		22,845,503
Money Market Funds		42,107,497		—		—		42,107,497
Investments of Cash Collateral Received for Securities on Loan		—		676,393		—		676,393
Total Other		42,107,497		23,521,896		—		65,629,393
Total		4,481,611,901		170,720,749		—		4,652,332,650

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.

Financial assets were transferred from Level 1 to Level 2 as the market for these assets was deemed not to be active and fair values were consequently obtained using the observable market inputs rather than quoted prices for identical assets as of period end, November 30, 2012.

Financial assets were transferred from Level 2 to Level 1 as the market for these assets was deemed to be active during the period and fair values were consequently obtained using quoted prices for identical assets rather than being based upon other observable market inputs as of period end, November 30, 2012.

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In ($)				Transfers Out ($)
Level 1		Level 2		Level 1		Level 2
	17,206,312		36		36		17,206,312

Transfers between Level 1 and Level 2 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
11

Columbia Dividend Opportunity Fund

Statement of Assets and Liabilities

November 30, 2012 (Unaudited)

Assets
Investments, at value*
Unaffiliated issuers (identified cost $4,381,123,908)	$	4,591,868,963
Affiliated issuers (identified cost $57,815,602)		59,787,294
Investment of cash collateral received for securities on loan
Repurchase agreements (identified cost $676,393)		676,393
Total investments (identified cost $4,439,615,903)		4,652,332,650
Foreign currency (identified cost $10,959,124)		10,958,594
Receivable for:
Investments sold		9,980,777
Capital shares sold		8,362,637
Dividends		22,164,114
Interest		68,685
Reclaims		155,724
Prepaid expenses		164,760
Total assets		4,704,187,941
Liabilities
Disbursements in excess of cash		55,253
Due upon return of securities on loan		676,393
Payable for:
Investments purchased		23,399,724
Capital shares purchased		5,324,975
Investment management fees		69,696
Distribution and/or service fees		28,122
Transfer agent fees		488,050
Administration fees		6,121
Plan administration fees		796
Compensation of board members		66,943
Other expenses		98,557
Other liabilities		209,490
Total liabilities		30,424,120
Net assets applicable to outstanding capital stock	$	4,673,763,821
Represented by
Paid-in capital	$	4,654,667,708
Undistributed net investment income		30,279,131
Accumulated net realized loss		(223,907,355	)
Unrealized appreciation (depreciation) on:
Investments		212,716,747
Foreign currency translations		7,590
Total — representing net assets applicable to outstanding capital stock	$	4,673,763,821
*Value of securities on loan	$	615,820

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
12

Columbia Dividend Opportunity Fund

Statement of Assets and Liabilities (continued)

November 30, 2012 (Unaudited)

Class A
Net assets	$	3,060,865,513
Shares outstanding		351,252,511
Net asset value per share	$	8.71
Maximum offering price per share(a)	$	9.24
Class B
Net assets	$	48,219,214
Shares outstanding		5,573,821
Net asset value per share	$	8.65
Class C
Net assets	$	206,753,317
Shares outstanding		24,075,472
Net asset value per share	$	8.59
Class I
Net assets	$	306,815,224
Shares outstanding		35,079,368
Net asset value per share	$	8.75
Class K(b)
Net assets	$	3,925,131
Shares outstanding		448,870
Net asset value per share	$	8.74
Class R
Net assets	$	13,121,719
Shares outstanding		1,506,415
Net asset value per share	$	8.71
Class R4(c)
Net assets	$	2,557
Shares outstanding		290
Net asset value per share(d)	$	8.81
Class R5
Net assets	$	30,025,293
Shares outstanding		3,430,904
Net asset value per share	$	8.75
Class W
Net assets	$	21,216,852
Shares outstanding		2,430,293
Net asset value per share	$	8.73
Class Y
Net assets	$	2,557
Shares outstanding		290
Net asset value per share(c)	$	8.83
Class Z
Net assets	$	982,816,444
Shares outstanding		112,463,835
Net asset value per share	$	8.74

(a)  The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

(b)  Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(c)  Commenced operations on November 8, 2012.

(d)  Net asset value per share rounds to this amount due to fractional shares outstanding.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
13

Columbia Dividend Opportunity Fund

Statement of Operations

Six Months Ended November 30, 2012 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$	101,586,461
Dividends — affiliated issuers		818,651
Interest		56,703
Income from securities lending — net		2,516,082
Foreign taxes withheld		(1,901,328	)
Total income		103,076,569
Expenses:
Investment management fees		12,122,183
Distribution and/or service fees
Class A		3,702,976
Class B		256,236
Class C		896,097
Class R		22,030
Class W		25,313
Transfer agent fees
Class A		2,634,931
Class B		45,379
Class C		159,638
Class K(a)		887
Class R		7,873
Class R5		7,184
Class W		18,009
Class Z		750,809
Administration fees		1,070,612
Plan administration fees
Class K(a)		4,938
Compensation of board members		41,338
Custodian fees		22,061
Printing and postage fees		182,784
Registration fees		101,702
Professional fees		34,347
Other		128,435
Total expenses		22,235,762
Expense reductions		(40	)
Total net expenses		22,235,722
Net investment income		80,840,847
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		79,450,228
Foreign currency translations		34,098
Net realized gain		79,484,326
Net change in unrealized appreciation (depreciation) on:
Investments		196,961,519
Foreign currency translations		43,432
Net change in unrealized appreciation (depreciation)		197,004,951
Net realized and unrealized gain		276,489,277
Net increase in net assets resulting from operations	$	357,330,124

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
14

Columbia Dividend Opportunity Fund

Statement of Changes in Net Assets

	Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012(a)			Year Ended June 30, 2011(b)
Operations
Net investment income	$	80,840,847		$	98,819,887		$	67,589,381
Net realized gain (loss)		79,484,326			(99,640,664	)		372,010,407
Net change in unrealized appreciation (depreciation)		197,004,951			71,485,429			28,229,272
Net increase in net assets resulting from operations		357,330,124			70,664,652			467,829,060
Distributions to shareholders
Net investment income
Class A		(48,311,306	)		(56,061,902	)		(50,517,078	)
Class B		(690,243	)		(1,035,015	)		(1,810,923	)
Class C		(2,328,939	)		(1,812,467	)		(1,117,265	)
Class I		(5,924,751	)		(8,504,857	)		(8,262,546	)
Class K(c)		(67,492	)		(100,221	)		(112,578	)
Class R		(130,423	)		(45,314	)		(11,894	)
Class R5		(593,047	)		(783,518	)		(603,205	)
Class W		(331,098	)		(469,006	)		(518,097	)
Class Z		(14,308,070	)		(10,138,155	)		(1,894,714	)
Total distributions to shareholders		(72,685,369	)		(78,950,455	)		(64,848,300	)
Increase (decrease) in net assets from capital stock activity		493,672,733			1,737,143,730			622,570,675
Total increase in net assets		778,317,488			1,728,857,927			1,025,551,435
Net assets at beginning of period		3,895,446,333			2,166,588,406			1,141,036,971
Net assets at end of period	$	4,673,763,821		$	3,895,446,333		$	2,166,588,406
Undistributed net investment income	$	30,279,131		$	22,123,653		$	2,872,478

(a) For the period from July 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from June 30 to May 31.

(b) Class Z shares are for the period from September 27, 2010 (commencement of operations) to June 30, 2011.

(c) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
15

Columbia Dividend Opportunity Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012(a) (Unaudited)						Year Ended May 31, 2012(b)						Year Ended June 30, 2011(c)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(d)		58,162,002			498,945,876			184,684,283			1,478,795,600			84,515,439			648,386,874
Distributions reinvested		5,570,176			47,157,384			6,490,838			50,891,437			5,675,131			44,201,713
Redemptions		(39,357,766	)		(338,398,872	)		(60,369,284	)		(493,399,676	)		(34,084,499	)		(262,937,407	)
Net increase		24,374,412			207,704,388			130,805,837			1,036,287,361			56,106,071			429,651,180
Class B shares
Subscriptions		441,521			3,756,082			1,916,158			15,209,196			1,342,518			10,218,792
Distributions reinvested		81,327			679,972			128,223			990,469			223,852			1,720,622
Redemptions(d)		(1,978,011	)		(16,682,427	)		(2,977,020	)		(24,060,398	)		(4,476,210	)		(31,560,694	)
Net decrease		(1,455,163	)		(12,246,373	)		(932,639	)		(7,860,733	)		(2,909,840	)		(19,621,280	)
Class C shares
Subscriptions		7,234,105			61,298,351			12,643,174			101,660,828			3,547,175			27,862,312
Distributions reinvested		241,218			2,020,094			187,328			1,462,102			113,277			874,555
Redemptions		(1,238,152	)		(10,470,017	)		(1,352,044	)		(10,810,412	)		(718,843	)		(5,422,083	)
Net increase		6,237,171			52,848,428			11,478,458			92,312,518			2,941,609			23,314,784
Class I shares
Subscriptions		586,205			4,919,974			19,223,922			151,020,209			4,518,823			36,927,199
Distributions reinvested		699,137			5,924,509			1,090,679			8,504,508			1,064,246			8,262,059
Redemptions		(3,711,339	)		(32,321,819	)		(10,692,351	)		(86,064,546	)		(3,897,995	)		(29,839,463	)
Net increase (decrease)		(2,425,997	)		(21,477,336	)		9,622,250			73,460,171			1,685,074			15,349,795
Class K shares(e)
Subscriptions		52,023			450,132			117,081			942,580			385,395			2,940,981
Distributions reinvested		7,951			67,492			12,932			100,221			14,334			112,557
Redemptions		(58,761	)		(511,409	)		(137,380	)		(1,132,156	)		(174,755	)		(1,352,926	)
Net increase (decrease)		1,213			6,215			(7,367	)		(89,355	)		224,974			1,700,612
Class R shares
Subscriptions		952,583			8,218,248			673,579			5,607,470			27,606			217,580
Distributions reinvested		11,335			96,788			3,469			28,706			250			1,936
Redemptions		(116,747	)		(1,010,140	)		(73,538	)		(619,554	)		(3,191	)		(25,165	)
Net increase		847,171			7,304,896			603,510			5,016,622			24,665			194,351
Class R3 shares(f)
Redemptions		—			—			—			—			(653	)		(4,419	)
Net decrease		—			—			—			—			(653	)		(4,419	)
Class R4 shares
Subscriptions		290			2,500			—			—			—			—
Net increase		290			2,500			—			—			—			—

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
16

Columbia Dividend Opportunity Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended November 30, 2012(a) (Unaudited)						Year Ended May 31, 2012(b)						Year Ended June 30, 2011(c)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		226,326			1,965,975			1,447,427			11,678,913			2,705,328			20,486,150
Distributions reinvested		37,743			308,853			3,730			28,976			6,057			46,746
Redemptions		(604,153	)		(5,225,992	)		(267,655	)		(2,189,678	)		(276,853	)		(2,198,716	)
Net increase (decrease)		(340,084	)		(2,951,164	)		1,183,502			9,518,211			2,434,532			18,334,180
Class W shares
Subscriptions		387,821			3,326,906			678,152			5,435,233			3,115,346			23,638,094
Distributions reinvested		39,047			331,018			60,726			468,892			64,569			517,928
Redemptions		(244,997	)		(2,118,050	)		(1,043,789	)		(8,224,884	)		(627,150	)		(5,106,361	)
Net increase (decrease)		181,871			1,539,874			(304,911	)		(2,320,759	)		2,552,765			19,049,661
Class Y shares
Subscriptions		290			2,500			—			—			—			—
Net increase		290			2,500			—			—			—			—
Class Z shares
Subscriptions		39,287,612			339,376,815			74,130,372			601,091,480			16,950,031			137,206,053
Distributions reinvested		1,470,991			12,504,867			1,074,863			8,529,798			142,462			1,156,671
Redemptions		(10,522,346	)		(90,942,877	)		(9,612,501	)		(78,801,584	)		(457,649	)		(3,760,913	)
Net increase		30,236,257			260,938,805			65,592,734			530,819,694			16,634,844			134,601,811
Total net increase		57,657,431			493,672,733			218,041,374			1,737,143,730			79,694,041			622,570,675

(a) Class R4 and Class Y shares are for the period from November 8, 2012 (commencement of operations) to November 30, 2012.

(b) For the period from July 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from June 30 to May 31.

(c) Class Z shares are for the period from September 27, 2010 (commencement of operations) to June 30, 2011.

(d) Includes conversions of Class B shares to Class A shares, if any.

(e) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(f) Effective August 27, 2010, all Class R3 shares were liquidated.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
17

Columbia Dividend Opportunity Fund

Financial Highlights

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Six Months Ended November 30, 2012			Year Ended May 31,			Year Ended June 30,
Class A	(Unaudited)			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	8.14		$	8.31		$	6.31		$	5.58		$	7.72		$	9.65
Income from investment operations:
Net investment income		0.16			0.26			0.31			0.23			0.25			0.30
Net realized and unrealized gain (loss)		0.55			(0.22	)		1.98			0.76			(2.10	)		(1.96	)
Total from investment operations		0.71			0.04			2.29			0.99			(1.85	)		(1.66	)
Less distributions to shareholders:
Net investment income		(0.14	)		(0.21	)		(0.29	)		(0.26	)		(0.29	)		(0.27	)
Total distributions to shareholders		(0.14	)		(0.21	)		(0.29	)		(0.26	)		(0.29	)		(0.27	)
Net asset value, end of period	$	8.71		$	8.14		$	8.31		$	6.31		$	5.58		$	7.72
Total return		8.81	%		0.58	%		36.74	%		17.60	%		(23.98	%)		(17.46	%)
Ratios to average net assets(b)
Total gross expenses		1.05	%(c)		1.08	%(c)		1.16	%		1.20	%		1.13	%		1.11	%
Total net expenses(d)		1.05	%(c)(e)		1.08	%(c)(e)		1.16	%		1.16	%		1.03	%		1.11	%
Net investment income		3.61	%(c)		3.49	%(c)		4.01	%		3.51	%		4.23	%		3.31	%
Supplemental data
Net assets, end of period (in thousands)	$	3,060,866		$	2,660,013		$	1,630,280		$	883,208		$	793,421		$	1,166,836
Portfolio turnover		29	%		28	%		105	%		23	%		21	%		20	%

Notes to Financial Highlights

(a)  For the period from July 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from June 30 to May 31.

(b)  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)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e)  The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
18

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2012			Year Ended May 31,			Year Ended June 30,
Class B	(Unaudited)			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	8.08		$	8.26		$	6.27		$	5.54		$	7.67		$	9.59
Income from investment operations:
Net investment income		0.12			0.20			0.27			0.18			0.21			0.22
Net realized and unrealized gain (loss)		0.56			(0.22	)		1.95			0.76			(2.10	)		(1.94	)
Total from investment operations		0.68			(0.02	)		2.22			0.94			(1.89	)		(1.72	)
Less distributions to shareholders:
Net investment income		(0.11	)		(0.16	)		(0.23	)		(0.21	)		(0.24	)		(0.20	)
Total distributions to shareholders		(0.11	)		(0.16	)		(0.23	)		(0.21	)		(0.24	)		(0.20	)
Net asset value, end of period	$	8.65		$	8.08		$	8.26		$	6.27		$	5.54		$	7.67
Total return		8.44	%		(0.14	%)		35.72	%		16.79	%		(24.60	%)		(18.15	%)
Ratios to average net assets(b)
Total gross expenses		1.79	%(c)		1.83	%(c)		1.92	%		1.96	%		1.89	%		1.87	%
Total net expenses(d)		1.79	%(c)(e)		1.83	%(c)(e)		1.91	%		1.92	%		1.79	%		1.87	%
Net investment income		2.85	%(c)		2.68	%(c)		3.50	%		2.73	%		3.45	%		2.48	%
Supplemental data
Net assets, end of period (in thousands)	$	48,219		$	56,776		$	65,777		$	68,145		$	91,922		$	171,163
Portfolio turnover		29	%		28	%		105	%		23	%		21	%		20	%

Notes to Financial Highlights

(a)  For the period from July 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from June 30 to May 31.

(b)  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)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e)  The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
19

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2012			Year Ended May 31,			Year Ended June 30,
Class C	(Unaudited)			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	8.02		$	8.22		$	6.25		$	5.53		$	7.65		$	9.57
Income from investment operations:
Net investment income		0.12			0.20			0.25			0.18			0.20			0.23
Net realized and unrealized gain (loss)		0.56			(0.23	)		1.96			0.76			(2.07	)		(1.95	)
Total from investment operations		0.68			(0.03	)		2.21			0.94			(1.87	)		(1.72	)
Less distributions to shareholders:
Net investment income		(0.11	)		(0.17	)		(0.24	)		(0.22	)		(0.25	)		(0.20	)
Total distributions to shareholders		(0.11	)		(0.17	)		(0.24	)		(0.22	)		(0.25	)		(0.20	)
Net asset value, end of period	$	8.59		$	8.02		$	8.22		$	6.25		$	5.53		$	7.65
Total return		8.58	%		(0.25	%)		35.71	%		16.77	%		(24.51	%)		(18.15	%)
Ratios to average net assets(b)
Total gross expenses		1.79	%(c)		1.84	%(c)		1.91	%		1.95	%		1.88	%		1.87	%
Total net expenses(d)		1.79	%(c)(e)		1.84	%(c)(e)		1.90	%		1.91	%		1.78	%		1.87	%
Net investment income		2.87	%(c)		2.76	%(c)		3.26	%		2.77	%		3.46	%		2.56	%
Supplemental data
Net assets, end of period (in thousands)	$	206,753		$	143,150		$	52,281		$	21,354		$	14,770		$	21,336
Portfolio turnover		29	%		28	%		105	%		23	%		21	%		20	%

Notes to Financial Highlights

(a)  For the period from July 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from June 30 to May 31.

(b)  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)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e)  The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
20

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2012			Year Ended May 31,			Year Ended June 30,
Class I	(Unaudited)			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	8.17		$	8.34		$	6.32		$	5.59		$	7.73		$	9.67
Income from investment operations:
Net investment income		0.17			0.29			0.35			0.26			0.27			0.33
Net realized and unrealized gain (loss)		0.57			(0.23	)		1.99			0.76			(2.10	)		(1.97	)
Total from investment operations		0.74			0.06			2.34			1.02			(1.83	)		(1.64	)
Less distributions to shareholders:
Net investment income		(0.16	)		(0.23	)		(0.32	)		(0.29	)		(0.31	)		(0.30	)
Total distributions to shareholders		(0.16	)		(0.23	)		(0.32	)		(0.29	)		(0.31	)		(0.30	)
Net asset value, end of period	$	8.75		$	8.17		$	8.34		$	6.32		$	5.59		$	7.73
Total return		9.13	%		0.90	%		37.51	%		18.06	%		(23.66	%)		(17.19	%)
Ratios to average net assets(b)
Total gross expenses		0.62	%(c)		0.66	%(c)		0.75	%		0.75	%		0.66	%		0.72	%
Total net expenses(d)		0.62	%(c)		0.66	%(c)		0.75	%		0.72	%		0.66	%		0.72	%
Net investment income		4.03	%(c)		3.90	%(c)		4.58	%		3.94	%		4.60	%		3.70	%
Supplemental data
Net assets, end of period (in thousands)	$	306,815		$	306,301		$	232,481		$	165,701		$	158,905		$	196,678
Portfolio turnover		29	%		28	%		105	%		23	%		21	%		20	%

Notes to Financial Highlights

(a)  For the period from July 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from June 30 to May 31.

(b)  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)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
21

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2012			Year Ended May 31,			Year Ended June 30,
Class K(a)	(Unaudited)			2012(b)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	8.17		$	8.34		$	6.33		$	5.59		$	7.74		$	9.67
Income from investment operations:
Net investment income		0.16			0.27			0.32			0.24			0.27			0.33
Net realized and unrealized gain (loss)		0.56			(0.23	)		1.99			0.77			(2.11	)		(1.95	)
Total from investment operations		0.72			0.04			2.31			1.01			(1.84	)		(1.62	)
Less distributions to shareholders:
Net investment income		(0.15	)		(0.21	)		(0.30	)		(0.27	)		(0.31	)		(0.31	)
Total distributions to shareholders		(0.15	)		(0.21	)		(0.30	)		(0.27	)		(0.31	)		(0.31	)
Net asset value, end of period	$	8.74		$	8.17		$	8.34		$	6.33		$	5.59		$	7.74
Total return		8.85	%		0.68	%		36.95	%		17.90	%		(23.86	%)		(17.00	%)
Ratios to average net assets(c)
Total gross expenses		0.91	%(d)		0.94	%(d)		1.01	%		1.06	%		0.96	%		1.02	%
Total net expenses(e)		0.91	%(d)		0.94	%(d)		1.01	%		1.02	%		0.75	%		0.76	%
Net investment income		3.74	%(d)		3.60	%(d)		4.05	%		3.65	%		4.50	%		3.62	%
Supplemental data
Net assets, end of period (in thousands)	$	3,925		$	3,656		$	3,795		$	1,456		$	490		$	884
Portfolio turnover		29	%		28	%		105	%		23	%		21	%		20	%

Notes to Financial Highlights

(a)  Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b)  For the period from July 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from June 30 to May 31.

(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)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
22

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2012			Year Ended May 31			Year Ended June 30,
Class R	(Unaudited)			2012(a)			2011			2010			2009(b)
Per share data
Net asset value, beginning of period	$	8.14		$	8.33		$	6.32		$	5.59		$	7.67
Income from investment operations:
Net investment income		0.15			0.25			0.29			0.25			0.23
Net realized and unrealized gain (loss)		0.56			(0.24	)		1.99			0.72			(2.03	)
Total from investment operations		0.71			0.01			2.28			0.97			(1.80	)
Less distributions to shareholders:
Net investment income		(0.14	)		(0.20	)		(0.27	)		(0.24	)		(0.28	)
Total distributions to shareholders		(0.14	)		(0.20	)		(0.27	)		(0.24	)		(0.28	)
Net asset value, end of period	$	8.71		$	8.14		$	8.33		$	6.32		$	5.59
Total return		8.73	%		0.31	%		36.53	%		17.19	%		(23.53	%)
Ratios to average net assets(c)
Total gross expenses		1.30	%(d)		1.32	%(d)		1.42	%		1.58	%		1.46	%(d)
Total net expenses(e)		1.30	%(d)(f)		1.32	%(d)(f)		1.42	%		1.51	%		1.33	%(d)
Net investment income		3.39	%(d)		3.36	%(d)		3.79	%		3.76	%		4.23	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	13,122		$	5,365		$	464		$	196		$	4
Portfolio turnover		29	%		28	%		105	%		23	%		21	%

Notes to Financial Highlights

(a)  For the period from July 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from June 30 to May 31.

(b)  For the period from August 1, 2008 (commencement of operations) to June 30, 2009.

(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)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f)  The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
23

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

Class R4	Six Months Ended November 30, 2012(a) (Unaudited)
Per share data
Net asset value, beginning of period	$	8.62
Income from investment operations:
Net investment income		0.05
Net realized and unrealized gain		0.14
Total from investment operations		0.19
Net asset value, end of period	$	8.81
Total return		2.20	%
Ratios to average net assets(b)
Total gross expenses		0.79	%(c)
Total net expenses(d)		0.79	%(c)
Net investment income		11.04	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		29	%

Notes to Financial Highlights

(a)  For the period from November 8, 2012 (commencement of operations) to November 30, 2012.

(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)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
24

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2012			Year Ended May 31,			Year Ended June 30,
Class R5	(Unaudited)			2012(a)			2011			2010			2009(b)
Per share data
Net asset value, beginning of period	$	8.17		$	8.34		$	6.33		$	5.59		$	7.67
Income from investment operations:
Net investment income		0.17			0.29			0.32			0.28			0.26
Net realized and unrealized gain (loss)		0.57			(0.23	)		2.01			0.75			(2.03	)
Total from investment operations		0.74			0.06			2.33			1.03			(1.77	)
Less distributions to shareholders:
Net investment income		(0.16	)		(0.23	)		(0.32	)		(0.29	)		(0.31	)
Total distributions to shareholders		(0.16	)		(0.23	)		(0.32	)		(0.29	)		(0.31	)
Net asset value, end of period	$	8.75		$	8.17		$	8.34		$	6.33		$	5.59
Total return		9.11	%		0.89	%		37.27	%		18.20	%		(23.10	%)
Ratios to average net assets(c)
Total gross expenses		0.66	%(d)		0.67	%(d)		0.75	%		0.82	%		0.72	%(d)
Total net expenses(e)		0.66	%(d)		0.67	%(d)		0.75	%		0.78	%		0.72	%(d)
Net investment income		3.96	%(d)		3.88	%(d)		3.95	%		4.05	%		4.85	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	30,025		$	30,819		$	21,589		$	968		$	4
Portfolio turnover		29	%		28	%		105	%		23	%		21	%

Notes to Financial Highlights

(a)  For the period from July 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from June 30 to May 31.

(b)  For the period from August 1, 2008 (commencement of operations) to June 30, 2009.

(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)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
25

Columbia Dividend Opportunity Fund

Financial Highlights (continued)

	Six Months Ended November 30, 2012			Year Ended May 31,			Year Ended June 30,
Class W	(Unaudited)			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	8.15		$	8.33		$	6.32		$	5.59		$	7.73		$	9.67
Income from investment operations:
Net investment income		0.16			0.25			0.27			0.23			0.25			0.29
Net realized and unrealized gain (loss)		0.56			(0.23	)		2.04			0.76			(2.10	)		(1.97	)
Total from investment operations		0.72			0.02			2.31			0.99			(1.85	)		(1.68	)
Less distributions to shareholders:
Net investment income		(0.14	)		(0.20	)		(0.30	)		(0.26	)		(0.29	)		(0.26	)
Total distributions to shareholders		(0.14	)		(0.20	)		(0.30	)		(0.26	)		(0.29	)		(0.26	)
Net asset value, end of period	$	8.73		$	8.15		$	8.33		$	6.32		$	5.59		$	7.73
Total return		8.92	%		0.38	%		36.95	%		17.55	%		(24.01	%)		(17.58	%)
Ratios to average net assets(b)
Total gross expenses		1.05	%(c)		1.11	%(c)		1.14	%		1.18	%		1.09	%		1.16	%
Total net expenses(d)		1.05	%(c)(e)		1.11	%(c)(e)		1.14	%		1.18	%		1.09	%		1.16	%
Net investment income		3.61	%(c)		3.42	%(c)		3.36	%		3.49	%		4.18	%		3.27	%
Supplemental data
Net assets, end of period (in thousands)	$	21,217		$	18,330		$	21,260		$	4		$	3		$	4
Portfolio turnover		29	%		28	%		105	%		23	%		21	%		20	%

Notes to Financial Highlights

(a)  For the period from July 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from June 30 to May 31.

(b)  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)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e)  The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
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Columbia Dividend Opportunity Fund

Financial Highlights (continued)

Class Y	Six Months Ended November 30, 2012(a) (Unaudited)
Per share data
Net asset value, beginning of period	$	8.63
Income from investment operations:
Net investment income		0.03
Net realized and unrealized gain		0.17
Total from investment operations		0.20
Net asset value, end of period	$	8.83
Total return		2.32	%
Ratios to average net assets(b)
Total gross expenses		0.61	%(c)
Total net expenses(d)		0.61	%(c)
Net investment income		6.05	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		29	%

Notes to Financial Highlights

(a)  For the period from November 8, 2012 (commencement of operations) to November 30, 2012.

(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)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of this statement.

Semiannual Report 2012
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Columbia Dividend Opportunity Fund

Financial Highlights (continued)

Class Z	Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012(a)			Year Ended June 30, 2011(b)
Per share data
Net asset value, beginning of period	$	8.16		$	8.34		$	7.20
Income from investment operations:
Net investment income		0.17			0.28			0.24
Net realized and unrealized gain (loss)		0.56			(0.24	)		1.14
Total from investment operations		0.73			0.04			1.38
Less distributions to shareholders:
Net investment income		(0.15	)		(0.22	)		(0.24	)
Total distributions to shareholders		(0.15	)		(0.22	)		(0.24	)
Net asset value, end of period	$	8.74		$	8.16		$	8.34
Total return		9.05	%		0.65	%		19.28	%
Ratios to average net assets(c)
Total gross expenses		0.80	%(d)		0.84	%(d)		0.87	%(d)
Total net expenses(e)		0.80	%(d)(f)		0.84	%(d)		0.87	%(d)
Net investment income		3.87	%(d)		3.79	%(d)		3.98	%(d)
Supplemental data
Net assets, end of period (in thousands)	$	982,816		$	671,036		$	138,659
Portfolio turnover		29	%		28	%		105	%

Notes to Financial Highlights

(a)  For the period from July 1, 2011 to May 31, 2012. During the period, the Fund's fiscal year end was changed from June 30 to May 31.

(b)  For the period from September 27, 2010 (commencement of operations) to June 30, 2011.

(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)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f)  The benefits derived from expense reductions had an impact of less than 0.01%.

The accompanying Notes to Financial Statements are an integral part of this statement.

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Columbia Dividend Opportunity Fund

Notes to Financial Statements

November 30, 2012 (Unaudited)

Note 1. Organization

Columbia Dividend Opportunity Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class I, Class K, Class R, Class R4, Class R5, Class W, Class Y and Class Z shares. 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 K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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 and are only available to investors purchasing through authorized investment professionals. Class R4 shares commenced operations on November 8, 2012.

Class R5 shares are not subject to sales charges. Effective November 8, 2012, Class R5 shares are only available to investors purchasing through authorized investment professionals. Prior to November 8, 2012, Class R5 shares were 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 Y shares are not subject to sales charges and are only available to certain categories of investors which are subject to minimum initial investment requirements. Class Y shares commenced operations on November 8, 2012.

Class Z shares are not subject to sales charges, and are only available to certain investors.

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 ask prices on such exchanges or markets.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques 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

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Columbia Dividend Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

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 ask 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 or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in 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 fair value.

Foreign Currency Transactions and Translations

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.

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 the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Equity-Linked Notes

The Fund may invest in equity-linked notes (ELNs). An ELN is a debt instrument whose value is based on the value of a single equity security, basket of equity securities or an index of equity securities (each, an Underlying Equity). An ELN typically provides interest income, thereby offering a yield advantage over investing directly in an Underlying Equity. However, the holder of an ELN may have limited or no benefit from any appreciation in the Underlying Equity, but is exposed to various risks, including, without limitation, volatility, issuer and market risk. The Fund may purchase ELNs that trade on a securities exchange or those that trade on the over-the-counter markets, including securities offered and sold under Rule 144A of the Securities Act of 1933, as amended. The Fund may also purchase an ELN in a privately negotiated transaction with the issuer of the ELN (or its broker-dealer affiliate).

Semiannual Report 2012
30

Columbia Dividend Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

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.

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Expenses

General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

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. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund's contracts with its service providers contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. 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.

Semiannual Report 2012
31

Columbia Dividend Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is equal to a percentage of the Fund's average daily net assets that declines from 0.66% to 0.49% as the Fund's net assets increase. The annualized effective investment management fee rate for the six months ended November 30, 2012 was 0.55% of the Fund's average daily net assets.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. The Fund pays the Fund Administrator an annual fee for administration and accounting services equal to a percentage of the Fund's average daily net assets that declines from 0.06% to 0.03% as the Fund's net assets increase. The annualized effective administration fee rate for the six months ended November 30, 2012 was 0.05% of the Fund's average daily net assets.

Other Expenses

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 November 30, 2012, other expenses paid to this company were $5,664.

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 fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class. Effective November 8, 2012, Class Y shares will not pay transfer agent fees for at least 12 months.

For the six months ended November 30, 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	0.18	%
Class B	0.18
Class C	0.18
Class K	0.04
Class R	0.18
Class R4	0.17
Class R5	0.05
Class W	0.18
Class Z	0.18

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the 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 November 30, 2012, these minimum account balance fees reduced total expenses by $40.

Semiannual Report 2012
32

Columbia Dividend Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund's average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution 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 $3,525,000 and $1,240,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of September 30, 2012, 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 $1,862,747 for Class A, $7,391 for Class B and $12,687 for Class C shares for the six months ended November 30, 2012.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective September 1, 2012, 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 September 30, 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	1.19	%
Class B	1.94
Class C	1.94
Class I	0.79
Class K	1.09
Class R	1.44
Class R4	0.94
Class R5	0.84
Class W	1.19
Class Y	0.79
Class Z	0.94

Prior to September 1, 2012, the Investment Manager and certain of 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	1.18	%
Class B	1.93
Class C	1.93
Class I	0.83
Class K	1.13
Class R	1.43
Class R5	0.88
Class W	1.18
Class Z	0.93

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax

Semiannual Report 2012
33

Columbia Dividend Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At November 30, 2012, the cost of investments for federal income tax purposes was approximately $4,439,616,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	350,476,000
Unrealized depreciation		(137,759,000	)
Net unrealized appreciation	$	212,717,000

The following capital loss carryforward, determined as of May 31, 2012 may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
2017		36,972,874
2018		165,774,622
Unlimited short-term		29,857,336
Unlimited long-term		11,786,298
Total		244,391,130

Unlimited capital loss carryforwards are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.

Under current tax rules, regulated investment companies can elect to treat post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat post-October capital losses of $54,057,864 at May 31, 2012 as arising on June 1, 2012.

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 $1,772,400,574 and $1,232,608,815, respectively, for the six months ended November 30, 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 securities that either are issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities with value 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.

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 November 30, 2012 is disclosed in the Statement of Operations. The Fund continues to earn and accrue interest and dividends on the securities loaned.

At November 30, 2012, securities valued at $676,393 were on loan, secured by cash collateral of $615,820 (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.

In September 2012, the Board voted to cease securities lending by or on December 31, 2012.

Semiannual Report 2012
34

Columbia Dividend Opportunity Fund

Notes to Financial Statements (continued)

November 30, 2012 (Unaudited)

Note 7. Affiliated Money Market Fund

The Fund invests 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 — affiliated issuers" in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 8. Shareholder Concentration

At November 30, 2012, two unaffiliated shareholder accounts owned an aggregate of 40.0% 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. 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. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Fund had no borrowings during the six months ended November 30, 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.

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.

Semiannual Report 2012
35

Columbia Dividend Opportunity Fund

Supplemental Information

(Unaudited)

Change in Independent Registered Public Accounting Firm

At a meeting held on June 14, 2012, the Board, upon recommendation of the Audit Committee, approved the replacement of Ernst & Young LLP (Ernst & Young) as the independent registered public accounting firm for the Fund and certain other funds in the Columbia Family of Funds (collectively, the Funds) and appointed PricewaterhouseCoopers LLP (PwC). PwC's engagement was effective at the completion of Ernst & Young's audits of the financial statements of the Funds with fiscal years ended July 31, 2012. The Fund did not consult with PwC during the fiscal period ended May 31, 2012 and year ended June 30, 2011 and through the June meeting.

Ernst & Young's reports on the financial statements of the Fund as of and for the fiscal period ended May 31, 2012 and year ended June 30, 2011 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During such fiscal periods and through the June meeting, there were no: (1) disagreements between the Fund and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to Ernst & Young's satisfaction, would have caused them to make reference to the subject matter of the disagreement in connection with their reports, or (2) reportable events.

Semiannual Report 2012
36

Columbia Dividend Opportunity Fund

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

The policy of the Board is to vote the proxies of the companies in which each fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiamanagement.com; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 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 sec.gov.

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Semiannual Report 2012
37

Columbia Dividend Opportunity Fund

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

S-6342 AD (1/13)

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a) The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) During November 2012, the registrant enhanced internal controls over financial reporting relating to the recording of certain last day trades. These controls include (i) additional analysis of last day security purchase prices, (ii) comparisons of cost and market value for last day trades and (iii) analytical review of per share changes resulting from financial statement adjustments.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) Columbia Funds Series Trust II

By (Signature and Title)	/s/ J. Kevin Connaughton
	J. Kevin Connaughton, President and Principal Executive Officer

Date January 18, 2013

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 January 18, 2013

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Treasurer and Chief Financial Officer

Date January 18, 2013