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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21852

Columbia Funds Series Trust II

(Exact name of registrant as specified in charter)

50606 Ameriprise Financial Center

Minneapolis, MN 55474

(Address of principal executive offices) (Zip code)

Christopher O. Petersen, Esq.

c/o Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA02110

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2014

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 April 30, 2014

Columbia Absolute Return Currency and Income Fund

President’s Message

Dear Shareholders,

Continued Economic Recovery

The U.S. economy continued to recover at a slow but steady pace during the first quarter of 2014, supported by solid manufacturing activity, reasonable job growth and continued gains for the housing market. Industrial production was robust, buoyed by strong demand for autos and related parts. After a disappointing January, job growth picked up, which helped boost consumer confidence. Housing data was somewhat mixed, as harsh weather and higher mortgage rates put a damper on sales, while lower inventories helped prices trend higher. The Federal Reserve (the Fed) announced further reductions to its monthly asset purchases and reassured the markets that it would not make any significant changes to monetary policy until it was satisfied that the labor market was on solid ground. Despite mostly good news on the economic front, the broad financial markets recorded only modest gains, as bitter winter weather at home and mounting tensions between Russia and Western allies prompted investor caution.

Investors braced for higher interest rates, but long-term yields declined and the fixed-income markets were surprisingly resilient in the face of stable-to-improving economic data. Risk-on trading continued during the quarter as the higher yielding sectors of the fixed-income markets generally fared well. Emerging-market bonds, long-term U.S. Treasuries and sovereign debt were among the strongest performers, as were Treasury Inflation Protected Securities. Municipal bonds delivered solid gains, especially high-yield municipals, which benefited from continued improvement in state finances.

Against this backdrop, the broad bond market, as measured by the Barclays U.S. Aggregate Bond Index, edged out the broad stock market, as measured by the Standard & Poor’s 500 Index, with gains of 1.84% vs. 1.81%, respectively. As indicated late last year, the Fed began tapering its monthly asset purchase program and announced further reductions. New Fed chair Janet Yellen reassured investors the Fed was committed to keeping short-term borrowing rates low into 2015.

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. At Columbia Management, reaching our performance goals matters, and how we reach them matters just as much.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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

> 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

Investing involves risk including the risk of loss of principal.

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 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.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and, if available, a summary 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.

© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2014

Columbia Absolute Return Currency and 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	8
Statement of Operations	10
Statement of Changes in Net Assets	11
Financial Highlights	13
Notes to Financial Statements	21
Approval of Investment Management Services Agreement	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 7 p.m. Eastern time.

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

Semiannual Report 2014

Columbia Absolute Return Currency and Income Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Absolute Return Currency and Income Fund (the Fund) Class A shares returned -2.97% excluding sales charges for the six-month period that ended April 30, 2014.

> The Fund underperformed its benchmark, the Citigroup 3-Month U.S. Treasury Bill Index, which returned 0.02% for the same time period.

Average Annual Total Returns (%) (for period ended April 30, 2014)
	Inception	6 Months cumulative		1 Year		5 Years		Life
Class A	06/15/06
Excluding sales charges			-2.97		-5.87		-0.23		1.13
Including sales charges			-5.87		-8.69		-0.83		0.74
Class B	06/15/06
Excluding sales charges			-3.31		-6.60		-0.97		0.41
Including sales charges			-8.14		-11.27		-1.36		0.41
Class C	06/15/06
Excluding sales charges			-3.31		-6.60		-0.97		0.41
Including sales charges			-4.28		-7.54		-0.97		0.41
Class I	06/15/06		-2.80		-5.54		0.25		1.59
Class R4*	03/19/13		-2.91		-5.65		-0.16		1.18
Class W*	12/01/06		-2.99		-5.89		-0.29		1.07
Class Y*	02/28/13		-2.71		-5.45		-0.12		1.20
Class Z*	09/27/10		-2.91		-5.65		0.03		1.27
Citigroup 3-Month U.S. Treasury Bill Index			0.02		0.04		0.09		1.21	**

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.

** Since June 30, 2006.

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

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

2 Semiannual Report 2014

Columbia Absolute Return Currency and Income Fund

Portfolio Overview

(Unaudited)

Portfolio Breakdown (%) (at April 30, 2014)
Asset-Backed Securities — Non Agency	1.9
Short-Term Investments Segregated in Connection with Open Derivatives Contracts(a)	98.1
Total	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 $48.8 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.

Quality Breakdown (%)

(at April 30, 2014)

AAA rating	100.0
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 the 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 one of these agencies, it is designated as Not rated. Credit ratings are subjective opinions and not statements of fact.

CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
NOK	Norwegian Krone
SEK	Swedish Krona

Portfolio Management

Nicholas Pifer, CFA

Semiannual Report 2014 3

Columbia Absolute Return Currency and Income Fund

Understanding Your Fund’s Expenses

(Unaudited)

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

Analyzing Your Fund’s Expenses

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

Compare With Other Funds

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

November 1, 2013 – April 30, 2014

	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		970.30	1,016.56		8.11	8.30		1.66
Class B		1,000.00	1,000.00		966.90	1,012.84		11.75	12.03		2.41
Class C		1,000.00	1,000.00		966.90	1,012.84		11.75	12.03		2.41
Class I		1,000.00	1,000.00		972.00	1,018.60		6.11	6.26		1.25
Class R4		1,000.00	1,000.00		970.90	1,017.75		6.94	7.10		1.42
Class W		1,000.00	1,000.00		970.10	1,016.56		8.11	8.30		1.66
Class Y		1,000.00	1,000.00		972.90	1,018.55		6.16	6.31		1.26
Class Z		1,000.00	1,000.00		970.90	1,017.80		6.89	7.05		1.41

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 2014

Columbia Absolute Return Currency and Income Fund

Portfolio of Investments

April 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Asset-Backed Securities — Non-Agency 1.9%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Northstar Education Finance, Inc. Series 2007-1 Class A2(a)
01/29/46		0.985%		750,000		746,522
SLM Student Loan Trust Series 2007-2 Class A2(a)
07/25/17		0.229%		210,769		210,371
Total Asset-Backed Securities — Non-Agency
(Cost: $957,260)						956,893

Money Market Funds 97.9%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.092%(b)(c)		48,842,961		48,842,961
Total Money Market Funds
(Cost: $48,842,961)				48,842,961
Total Investments
(Cost: $49,800,221)				49,799,854
Other Assets & Liabilities, Net				101,634
Net Assets				49,901,488

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at April 30, 2014

Counterparty	Exchange Date		Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citigroup Global Markets Inc.		5/21/2014		13,021,000 CHF		14,815,953 USD		18,700		—
Citigroup Global Markets Inc.		5/21/2014		6,565,000 CHF		7,456,101 USD		—		(4,460	)
UBS Securities LLC		5/21/2014		10,720,000 EUR		14,839,910 USD		—		(31,795	)
Citigroup Global Markets Inc.		5/21/2014		22,070,000 GBP		36,920,973 USD		—		(336,260	)
Barclays Bank PLC		5/21/2014		22,283,749 USD		24,580,000 CAD		131,618		—
HSBC Securities (USA), Inc.		5/21/2014		37,111,328 USD		222,904,000 NOK		358,241		—
HSBC Securities (USA), Inc.		5/21/2014		14,780,069 USD		97,033,000 SEK		137,703		—
Total								646,262		(372,515	)

Notes to Portfolio of Investments

(a) Variable rate security.

(b) The rate shown is the seven-day current annualized yield at April 30, 2014.

(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 April 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		89,933,495		57,622,162		(98,712,696	)		48,842,961		26,778		48,842,961

Currency Legend

CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
NOK	Norwegian Krone
SEK	Swedish Krona
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.

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

Semiannual Report 2014 5

Columbia Absolute Return Currency and Income Fund

Portfolio of Investments (continued)

April 30, 2014 (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 may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

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

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

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

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

6 Semiannual Report 2014

Columbia Absolute Return Currency and Income Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2014:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Bonds
Asset-Backed Securities — Non-Agency		—		956,893			—		956,893
Total Bonds		—		956,893			—		956,893
Mutual Funds
Money Market Funds		48,842,961		—			—		48,842,961
Total Mutual Funds		48,842,961		—			—		48,842,961
Investments in Securities		48,842,961		956,893			—		49,799,854
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—		646,262			—		646,262
Liabilities
Forward Foreign Currency Exchange Contracts		—		(372,515	)		—		(372,515	)
Total		48,842,961		1,230,640			—		50,073,601

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 during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Semiannual Report 2014 7

Columbia Absolute Return Currency and Income Fund

Statement of Assets and Liabilities

April 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $957,260)	$956,893
Affiliated issuers (identified cost $48,842,961)	48,842,961
Total investments (identified cost $49,800,221)	49,799,854
Unrealized appreciation on forward foreign currency exchange contracts	646,262
Receivable for:
Investments sold	335,905
Dividends	3,641
Interest	69
Expense reimbursement due from Investment Manager	62
Prepaid expenses	795
Other assets	28,430
Total assets	50,815,018
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	372,515
Payable for:
Investments purchased	478,026
Capital shares purchased	15,244
Investment management fees	1,210
Distribution and/or service fees	143
Transfer agent fees	2,591
Administration fees	109
Compensation of board members	18,083
Other expenses	25,609
Total liabilities	913,530
Net assets applicable to outstanding capital stock	$49,901,488
Represented by
Paid-in capital	$54,381,190
Excess of distributions over net investment income	(1,213,204	)
Accumulated net realized loss	(3,539,878	)
Unrealized appreciation (depreciation) on:
Investments	(367	)
Forward foreign currency exchange contracts	273,747
Total — representing net assets applicable to outstanding capital stock	$49,901,488

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

8 Semiannual Report 2014

Columbia Absolute Return Currency and Income Fund

Statement of Assets and Liabilities (continued)

April 30, 2014 (Unaudited)

Class A
Net assets	$14,335,656
Shares outstanding	1,515,341
Net asset value per share	$9.46
Maximum offering price per share(a)	$9.75
Class B
Net assets	$97,397
Shares outstanding	10,750
Net asset value per share	$9.06
Class C
Net assets	$1,523,744
Shares outstanding	168,335
Net asset value per share	$9.05
Class I
Net assets	$29,254,715
Shares outstanding	3,010,247
Net asset value per share	$9.72
Class R4
Net assets	$9,984
Shares outstanding	1,031
Net asset value per share	$9.68
Class W
Net assets	$96,513
Shares outstanding	10,241
Net asset value per share	$9.42
Class Y
Net assets	$9,993
Shares outstanding	1,030
Net asset value per share(b)	$9.71
Class Z
Net assets	$4,573,486
Shares outstanding	472,338
Net asset value per share	$9.68

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

Semiannual Report 2014 9

Columbia Absolute Return Currency and Income Fund

Statement of Operations

Six Months Ended April 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	26,778
Interest	33,068
Total income	59,846
Expenses:
Investment management fees	261,179
Distribution and/or service fees
Class A	20,419
Class B	726
Class C	10,038
Class W	132
Transfer agent fees
Class A	14,724
Class B	130
Class C	1,808
Class R4	3
Class W	95
Class Z	3,608
Administration fees	23,477
Compensation of board members	6,921
Custodian fees	3,477
Printing and postage fees	9,481
Registration fees	52,666
Professional fees	16,596
Other	5,247
Total expenses	430,727
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(13,882	)
Total net expenses	416,845
Net investment loss	(356,999	)
Net realized gain (loss) on:
Forward foreign currency exchange contracts	(2,227,480	)
Net realized loss	(2,227,480	)
Net change in unrealized appreciation (depreciation) on:
Investments	(27,864	)
Forward foreign currency exchange contracts	(83,655	)
Net change in unrealized appreciation (depreciation)	(111,519	)
Net realized and unrealized loss	(2,338,999	)
Net decrease in net assets from operations	$(2,695,998	)

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

10 Semiannual Report 2014

Columbia Absolute Return Currency and Income Fund

Statement of Changes in Net Assets

	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013
Operations
Net investment loss		$(356,999	)		$(999,372	)
Net realized loss		(2,227,480	)		(1,268,842	)
Net change in unrealized appreciation (depreciation)		(111,519	)		401,482
Net decrease in net assets resulting from operations		(2,695,998	)		(1,866,732	)
Distributions to shareholders
Net investment income
Net realized gains
Class A		—			(669,389	)
Class B		—			(9,970	)
Class C		—			(70,481	)
Class I		—			(1,113,563	)
Class W		—			(259,616	)
Class Z		—			(208,068	)
Total distributions to shareholders		—			(2,331,087	)
Increase (decrease) in net assets from capital stock activity		(40,056,831	)		(4,902,447	)
Total decrease in net assets		(42,752,829	)		(9,100,266	)
Net assets at beginning of period		92,654,317			101,754,583
Net assets at end of period		$49,901,488			$92,654,317
Excess of distributions over net investment income		$(1,213,204	)		$(856,205	)

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

Semiannual Report 2014 11

Columbia Absolute Return Currency and Income Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended April 30, 2014 (Unaudited)						Year Ended October 31, 2013(a)(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(c)		66,176			623,996			337,739			3,386,370
Distributions reinvested		—			—			65,824			664,824
Redemptions		(607,046	)		(5,699,958	)		(1,359,683	)		(13,561,041	)
Net decrease		(540,870	)		(5,075,962	)		(956,120	)		(9,509,847	)
Class B shares
Subscriptions		—			—			3,699			35,161
Distributions reinvested		—			—			1,020			9,970
Redemptions(c)		(9,387	)		(83,751	)		(30,683	)		(294,242	)
Net decrease		(9,387	)		(83,751	)		(25,964	)		(249,111	)
Class C shares
Subscriptions		11,329			101,594			118,062			1,138,261
Distributions reinvested		—			—			5,857			57,161
Redemptions		(96,493	)		(857,749	)		(162,383	)		(1,553,092	)
Net decrease		(85,164	)		(756,155	)		(38,464	)		(357,670	)
Class I shares
Subscriptions		213,943			2,087,295			2,316,135			23,475,791
Distributions reinvested		—			—			107,985			1,113,328
Redemptions		(3,729,438	)		(36,223,752	)		(464,681	)		(4,730,222	)
Net increase (decrease)		(3,515,495	)		(34,136,457	)		1,959,439			19,858,897
Class R4 shares
Subscriptions		788			7,700			243			2,500
Net increase		788			7,700			243			2,500
Class W shares
Subscriptions		568			5,400			119,587			1,213,917
Distributions reinvested		—			—			25,744			259,500
Redemptions		(2,986	)		(27,725	)		(1,204,372	)		(11,996,570	)
Net decrease		(2,418	)		(22,325	)		(1,059,041	)		(10,523,153	)
Class Y shares
Subscriptions		786			7,696			244			2,500
Net increase		786			7,696			244			2,500
Class Z shares
Subscriptions		150,065			1,427,525			242,724			2,475,435
Distributions reinvested		—			—			8,582			88,392
Redemptions		(146,931	)		(1,425,102	)		(660,942	)		(6,690,390	)
Net increase (decrease)		3,134			2,423			(409,636	)		(4,126,563	)
Total net decrease		(4,148,626	)		(40,056,831	)		(529,299	)		(4,902,447	)

(a) Class R4 shares are for the period from March 19, 2013 (commencement of operations) to October 31, 2013.

(b) Class Y shares are for the period from February 28, 2013 (commencement of operations) to October 31, 2013.

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

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

12 Semiannual Report 2014

Columbia Absolute Return Currency and Income Fund

Financial Highlights

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

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class  A	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$9.75		$10.21		$9.95		$10.00		$9.93		$9.97
Income from investment operations:
Net investment loss	(0.07	)	(0.13	)	(0.12	)	(0.15	)	(0.12	)	(0.08	)
Net realized and unrealized gain (loss)	(0.22	)	(0.09	)	0.38		0.10		0.19		0.09
Total from investment operations	(0.29	)	(0.22	)	0.26		(0.05	)	0.07		0.01
Less distributions to shareholders:
Net investment income	—		—		—		—		—		(0.00	)(a)
Net realized gains	—		(0.24	)	—		—		—		(0.05	)
Total distributions to shareholders	—		(0.24	)	—		—		—		(0.05	)
Net asset value, end of period	$9.46		$9.75		$10.21		$9.95		$10.00		$9.93
Total return	(2.97	%)	(2.28	%)	2.61	%	(0.50	%)	0.71	%	0.15	%
Ratios to average net assets(b)
Total gross expenses	1.75	%(c)	1.68	%	1.65	%	1.73	%	1.47	%	1.38	%
Total net expenses(d)	1.66	%(c)	1.48	%	1.42	%	1.73	%	1.47	%	1.38	%
Net investment loss	(1.46	%)(c)	(1.29	%)	(1.18	%)	(1.48	%)	(1.19	%)	(0.83	%)
Supplemental data
Net assets, end of period (in thousands)	$14,336		$20,050		$30,758		$40,755		$62,209		$114,238
Portfolio turnover	0	%	0	%	0	%	0	%	0	%	16	%

Notes to Financial Highlights

(a) Rounds to zero.

(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 2014 13

Columbia Absolute Return Currency and Income Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class B	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$9.37		$9.90		$9.72		$9.85		$9.85		$9.96
Income from investment operations:
Net investment loss	(0.10	)	(0.20	)	(0.19	)	(0.22	)	(0.19	)	(0.16	)
Net realized and unrealized gain (loss)	(0.21	)	(0.09	)	0.37		0.09		0.19		0.10
Total from investment operations	(0.31	)	(0.29	)	0.18		(0.13	)	—		(0.06	)
Less distributions to shareholders:
Net realized gains	—		(0.24	)	—		—		—		(0.05	)
Total distributions to shareholders	—		(0.24	)	—		—		—		(0.05	)
Net asset value, end of period	$9.06		$9.37		$9.90		$9.72		$9.85		$9.85
Total return	(3.31	%)	(3.08	%)	1.85	%	(1.32	%)	0.00	%(a)	(0.56	%)
Ratios to average net assets(b)
Total gross expenses	2.49	%(c)	2.46	%	2.39	%	2.47	%	2.23	%	2.14	%
Total net expenses(d)	2.41	%(c)	2.23	%	2.17	%	2.47	%	2.23	%	2.14	%
Net investment loss	(2.21	%)(c)	(2.04	%)	(1.93	%)	(2.21	%)	(1.95	%)	(1.59	%)
Supplemental data
Net assets, end of period (in thousands)	$97		$189		$456		$698		$1,006		$2,026
Portfolio turnover	0	%	0	%	0	%	0	%	0	%	16	%

Notes to Financial Highlights

(a) Rounds to zero.

(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.

14 Semiannual Report 2014

Columbia Absolute Return Currency and Income Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class C	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$9.36		$9.89		$9.71		$9.83		$9.84		$9.95
Income from investment operations:
Net investment loss	(0.10	)	(0.20	)	(0.19	)	(0.22	)	(0.19	)	(0.16	)
Net realized and unrealized gain (loss)	(0.21	)	(0.09	)	0.37		0.10		0.18		0.10
Total from investment operations	(0.31	)	(0.29	)	0.18		(0.12	)	(0.01	)	(0.06	)
Less distributions to shareholders:
Net realized gains	—		(0.24	)	—		—		—		(0.05	)
Total distributions to shareholders	—		(0.24	)	—		—		—		(0.05	)
Net asset value, end of period	$9.05		$9.36		$9.89		$9.71		$9.83		$9.84
Total return	(3.31	%)	(3.08	%)	1.85	%	(1.22	%)	(0.10	%)	(0.56	%)
Ratios to average net assets(a)
Total gross expenses	2.49	%(b)	2.42	%	2.39	%	2.48	%	2.22	%	2.14	%
Total net expenses(c)	2.41	%(b)	2.23	%	2.16	%	2.48	%	2.22	%	2.14	%
Net investment loss	(2.21	%)(b)	(2.05	%)	(1.92	%)	(2.23	%)	(1.94	%)	(1.60	%)
Supplemental data
Net assets, end of period (in thousands)	$1,524		$2,374		$2,887		$3,333		$4,703		$7,609
Portfolio turnover	0	%	0	%	0	%	0	%	0	%	16	%

Notes to Financial Highlights

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

(b) Annualized.

(c) 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 2014 15

Columbia Absolute Return Currency and Income Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class I	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$10.00		$10.42		$10.11		$10.09		$9.98		$9.98
Income from investment operations:
Net investment loss	(0.05	)	(0.09	)	(0.07	)	(0.08	)	(0.08	)	(0.04	)
Net realized and unrealized gain (loss)	(0.23	)	(0.09	)	0.38		0.10		0.19		0.10
Total from investment operations	(0.28	)	(0.18	)	0.31		0.02		0.11		0.06
Less distributions to shareholders:
Net investment income	—		—		—		—		—		(0.01	)
Net realized gains	—		(0.24	)	—		—		—		(0.05	)
Total distributions to shareholders	—		(0.24	)	—		—		—		(0.06	)
Net asset value, end of period	$9.72		$10.00		$10.42		$10.11		$10.09		$9.98
Total return	(2.80	%)	(1.84	%)	3.07	%	0.20	%	1.10	%	0.56	%
Ratios to average net assets(a)
Total gross expenses	1.28	%(b)	1.16	%	1.14	%	1.05	%	1.07	%	1.01	%
Total net expenses(c)	1.25	%(b)	1.08	%	0.91	%	1.05	%	1.07	%	1.01	%
Net investment loss	(1.05	%)(b)	(0.90	%)	(0.68	%)	(0.84	%)	(0.79	%)	(0.40	%)
Supplemental data
Net assets, end of period (in thousands)	$29,255		$65,238		$47,585		$67,660		$38,718		$28,926
Portfolio turnover	0	%	0	%	0	%	0	%	0	%	16	%

Notes to Financial Highlights

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

(b) Annualized.

(c) 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 2014

Columbia Absolute Return Currency and Income Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year  Ended October 31,
Class R4	(Unaudited)		2013(a)
Per share data
Net asset value, beginning of period	$9.97		$10.28
Income from investment operations:
Net investment loss	(0.06	)	(0.06	)
Net realized and unrealized loss	(0.23	)	(0.25	)
Total from investment operations	(0.29	)	(0.31	)
Net asset value, end of period	$9.68		$9.97
Total return	(2.91	%)	(3.02	%)
Ratios to average net assets(b)
Total gross expenses	1.49	%(c)	1.19	%(c)
Total net expenses(d)	1.42	%(c)	1.19	%(c)
Net investment loss	(1.19	%)(c)	(1.03	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$10		$2
Portfolio turnover	0	%	0	%

Notes to Financial Highlights

(a) For the period from March 19, 2013 (commencement of operations) to October 31, 2013.

(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 2014 17

Columbia Absolute Return Currency and Income Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class W	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$9.71		$10.19		$9.94		$9.99		$9.92		$9.97
Income from investment operations:
Net investment loss	(0.07	)	(0.12	)	(0.14	)	(0.15	)	(0.12	)	(0.08	)
Net realized and unrealized gain (loss)	(0.22	)	(0.12	)	0.39		0.10		0.19		0.08
Total from investment operations	(0.29	)	(0.24	)	0.25		(0.05	)	0.07		—
Less distributions to shareholders:
Net realized gains	—		(0.24	)	—		—		—		(0.05	)
Total distributions to shareholders	—		(0.24	)	—		—		—		(0.05	)
Net asset value, end of period	$9.42		$9.71		$10.19		$9.94		$9.99		$9.92
Total return	(2.99	%)	(2.49	%)	2.52	%	(0.50	%)	0.71	%	0.04	%
Ratios to average net assets(a)
Total gross expenses	1.75	%(b)	1.83	%	1.83	%	1.71	%	1.51	%	1.46	%
Total net expenses(c)	1.66	%(b)	1.33	%	1.62	%	1.71	%	1.51	%	1.46	%
Net investment loss	(1.46	%)(b)	(1.13	%)	(1.38	%)	(1.46	%)	(1.23	%)	(0.86	%)
Supplemental data
Net assets, end of period (in thousands)	$97		$123		$10,922		$24,171		$63,369		$87,000
Portfolio turnover	0	%	0	%	0	%	0	%	0	%	16	%

Notes to Financial Highlights

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

(b) Annualized.

(c) 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 2014

Columbia Absolute Return Currency and Income Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year  Ended October 31,
Class Y	(Unaudited)		2013(a)
Per share data
Net asset value, beginning of period	$9.98		$10.25
Income from investment operations
Net investment loss	(0.05	)	(0.07	)
Net realized and unrealized loss	(0.22	)	(0.20	)
Total from investment operations	(0.27	)	(0.27	)
Net asset value, end of period	$9.71		$9.98
Total return	(2.71	%)	(2.63	%)
Ratios to average net assets(b)
Total gross expenses	1.30	%(c)	1.20	%(c)
Total net expenses(d)	1.26	%(c)	1.20	%(c)
Net investment income	(1.04	%)(c)	(1.04	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$10		$2
Portfolio turnover	0	%	0	%

Notes to Financial Highlights

(a) For the period from February 28, 2013 (commencement of operations) to October 31, 2013.

(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 2014 19

Columbia Absolute Return Currency and Income Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class Z	(Unaudited)		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$9.97		$10.41		$10.11		$10.09		$10.18
Income from investment operations:
Net investment loss	(0.06	)	(0.11	)	(0.09	)	(0.10	)	(0.01	)
Net realized and unrealized gain (loss)	(0.23	)	(0.09	)	0.39		0.12		(0.08	)
Total from investment operations	(0.29	)	(0.20	)	0.30		0.02		(0.09	)
Less distributions to shareholders:
Net realized gains	—		(0.24	)	—		—		—
Total distributions to shareholders	—		(0.24	)	—		—		—
Net asset value, end of period	$9.68		$9.97		$10.41		$10.11		$10.09
Total return	(2.91	%)	(2.04	%)	2.97	%	0.20	%	(0.88	%)
Ratios to average net assets(b)
Total gross expenses	1.50	%(c)	1.45	%	1.34	%	1.15	%	1.54	%(c)
Total net expenses(d)	1.41	%(c)	1.24	%	1.09	%	1.15	%	1.54	%(c)
Net investment loss	(1.21	%)(c)	(1.05	%)	(0.85	%)	(0.95	%)	(1.20	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$4,573		$4,677		$9,146		$6,079		$14
Portfolio turnover	0	%	0	%	0	%	0	%	0	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

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

(c) Annualized.

(d) 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 2014

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements

April 30, 2014 (Unaudited)

Note 1. Organization

Columbia Absolute Return Currency and 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 R4, Class W, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges, 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 available only to the Columbia Family of Funds.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain other eligible investors.

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

Class Y shares are not subject to sales charges and are generally available only to certain retirement plans.

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

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.

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

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

Semiannual Report 2014 21

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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

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

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

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

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the exchange or clearinghouse for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the

22 Semiannual Report 2014

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage over a specified time period or the Fund fails to meet the terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet the terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivative contracts based on whether termination would result in a net liability owed from the counterparty.

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

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are typically 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 to shift investment exposure from one currency to another and to generate total return through long and short currency positions versus the U.S. dollar. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate with changes in foreign currency exchange rates. The Fund will record a realized gain or loss when the forward foreign currency exchange contract expires or is closed.

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

Offsetting of Derivative Assets and Derivative Liabilities

The following tables present the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of April 30, 2014:

	Gross Amounts of Recognized Assets ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Assets Presented in the Statement of Assets and Liabilities ($)		Gross Amounts Not Offset in the Statement of Assets and Liabilities						Net Amount  ($)(b)
							Financial Instruments  ($)(a)		Cash Collateral Received ($)		Securities Collateral Received ($)
Asset Derivatives:
Forward Foreign Currency Exchange Contracts		646,262		646,262		—		18,700		—		—		(18,700	)

	Gross Amounts of Recognized Liabilities ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities ($)		Gross Amounts Not Offset in the Statement of Assets and Liabilities						Net Amount  ($)(d)
							Financial Instruments  ($)(c)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)
Liability Derivatives:
Forward Foreign Currency Exchange Contracts		372,515		372,515		—		18,700		—		—		(18,700	)

(a) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

(b) Represents the net amount due from counterparties in the event of default.

(c) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

(d) Represents the net amount due to counterparties in the event of default.

Semiannual Report 2014 23

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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 over the period in the Statement of Operations 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 April 30, 2014:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	646,262
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	372,515

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended April 30, 2014:

Amount of Realized Gain (Loss) on Derivatives
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)
Foreign exchange risk		(2,227,480	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)
Foreign exchange risk		(83,655	)

The following table is a summary of the average outstanding volume by derivative instrument for the period ended April 30, 2014.

Derivative Instrument	Average unrealized appreciation($)*		Average unrealized depreciation($)*
Forward foreign currency exchange contracts		832,028		(1,165,525	)

* Based on ending quarterly outstanding amounts for the period ending April 30, 2014

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.

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 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

24 Semiannual Report 2014

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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.

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 0.89% to 0.70% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended April 30, 2014 was 0.89% 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 April 30, 2014 was 0.08% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board, including payments to a company providing limited administrative services to the Fund and the Board. That company’s expenses include boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. For the six months ended April 30, 2014, other expenses paid to this company were $700.

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 also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., 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 and Class Y shares are not subject to transfer agent fees.

For the six months ended April 30, 2014, 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 R4	0.19
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 applicable share class’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 April 30, 2014, 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

Semiannual Report 2014 25

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to Class A and Class W shares and a fee at an annual rate of up to 1.00% of the Fund’s average daily net assets attributable to Class B and Class C shares. For Class B and Class C shares, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses.

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $42,000 and $21,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of March 31, 2014, 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 $1,855 for Class A and $479 for Class C shares for the six months ended April 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the periods disclosed below, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

	March 1, 2014 through February 28, 2015 (%)		Prior to March 1, 2014 (%)
Class A		1.66		1.69
Class B		2.41		2.44
Class C		2.41		2.44
Class I		1.28		1.24
Class R4		1.41		1.44
Class W		1.66		1.69
Class Y		1.28		1.24
Class Z		1.41		1.44

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 April 30, 2014, the cost of investments for federal income tax purposes was approximately $49,800,221 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	64
Unrealized depreciation		(431	)
Net unrealized depreciation	$	(367	)

The following capital loss carryforward, determined as of October 31, 2013, 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		375,914
Unlimited long-term		579,082
Total		954,996

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 $841,308 as arising on November 1, 2013.

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,

26 Semiannual Report 2014

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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 $0 and $1,686,866, respectively, for the six months ended April 30, 2014.

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 April 30, 2014, affiliated shareholders of record owned 73.2% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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. Effective December 10, 2013, the Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. Prior to December 10, 2013, the commitment fee was charged at the annual rate of 0.08% per annum. The commitment fee is included in other expenses in the Statement of Operations.

The Fund had no borrowings during the six months ended April 30, 2014.

Note 9. Significant Risks

Counterparty Risk

Counterparty risk is the risk that a counterparty to a financial instrument entered into by the Fund or held by a special purpose

or structured vehicle becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund will typically enter into financial instrument transactions with counterparties whose credit rating is investment grade, or, if unrated, determined to be of comparable quality by the Investment Manager.

Derivatives Risk

Losses involving derivative instruments may be substantial, because a relatively small price movement in the underlying security(ies) instrument, commodity, currency or index may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk and liquidity risk.

Foreign Currency Risk

The Fund’s exposure to foreign currencies subjects the Fund to constantly changing exchange rates and the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of short positions, that the U.S. dollar will decline in value relative to the currency being sold forward. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and economic or political developments in U.S. or abroad. As a result, the Fund’s exposure to foreign currencies may reduce the returns of the Fund. Trading of foreign currencies also includes the risk of clearing and settling trades which, if prices are volatile, may be difficult.

Geographic Concentration Risk

The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. Currency devaluation could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. As a result, the Fund may be more volatile than a more geographically diversified fund.

Money Market Fund Investment Risk

An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Although money market funds seek to preserve the value of investments at $1.00 per share, it is

Semiannual Report 2014 27

Columbia Absolute Return Currency and Income Fund

Notes to Financial Statements (continued)

April 30, 2014

possible for the Fund to lose money by investing in money market funds. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests, including affiliated money market funds. The Fund will also be exposed to the investment risks of the money market fund. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from its investments in derivatives.

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.

28 Semiannual Report 2014

Columbia Absolute Return Currency and Income Fund

Approval of Investment Management Services Agreement

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

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the IMS Agreement. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2014, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March and April were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials (including proposed expense caps for certain Funds) were revised to reflect discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel, and reviews information prepared by Columbia Management addressing the services Columbia Management provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the IMS Agreement.

The Board, at its April 9-11, 2014 in-person Board meeting (the April Meeting), considered the renewal of the IMS Agreement for an additional one-year term. At the April Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement.

Nature, Extent and Quality of Services Provided by Columbia Management

The Independent Trustees analyzed various reports and presentations they had received detailing the services performed by Columbia Management, as well as its expertise, resources and capabilities. The Independent Trustees specifically considered many developments during the past year concerning the services provided by Columbia Management, including, in particular, the successful implementation of a globalization initiative, which, among other things, increased worldwide analyst support for global products, the reorganization of the Informational Technology research team, the hiring of additional personnel to assist the Asset Allocation team and the global restructuring of the Senior Operational team. The Independent Trustees noted the information they received concerning Columbia Management’s ability to retain its key portfolio management personnel. The Independent Trustees also recalled Columbia Management’s representation that additional staff has been added to support the vigorous application of the “5P” review process, to which all internally-managed Funds are subject.

In connection with the Board’s evaluation of the overall package of services provided by Columbia Management, the Board also considered the quality of administrative services provided to the Fund by Columbia Management, recalling the information it received highlighting significant achievements in 2013 in the performance of administrative services. In evaluating the quality of services provided under the IMS Agreement and the Fund’s Administrative Services Agreement, the Independent Trustees also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. In addition, the Board also reviewed the financial condition of Columbia Management (and its affiliates) and each entity’s ability to carry out its responsibilities under the IMS Agreement and the Fund’s other services agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. The Board also discussed the acceptability of the terms of the IMS Agreement (including the relatively broad scope of services required to be performed by Columbia Management). The Board concluded that the services being performed under the IMS Agreement were of a reasonably high quality.

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

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under the IMS Agreement, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of

Semiannual Report 2014 29

Columbia Absolute Return Currency and Income Fund

Approval of Investment Management Services Agreement (continued)

analyses performed by an independent organization showing, for various periods, the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group and the net assets of the Fund. The Board observed the Fund’s underperformance for certain periods, noting that appropriate steps (such as a recent modification to the Fund’s principal investment strategies) had been taken or are contemplated to help improve the Fund’s performance.

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

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

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the “pricing philosophy” currently in effect (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). The Board took into account that the Fund’s total expense ratio (after considering proposed voluntary expense caps/waivers) approximated the peer universe’s median expense ratio. It was observed that various proposals concerning the Funds’ transfer agency and sub-transfer agency fee structures, and other changes impacting the Funds’ pricing structure and fees, are expected to be considered at a later Board meeting which, if adopted, would alter the current pricing philosophy. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

The Board also considered the expected profitability of Columbia Management and its affiliates in connection with Columbia Management providing investment management services to the Fund. In this regard, the Board referred to a detailed profitability report, discussing the profitability to Columbia Management and Ameriprise Financial from managing, operating and distributing the Funds. In this regard, the Board observed that: (i) a 2013 report provided to the Board by an independent consulting firm, Bobroff Consulting, concluded that 2012 profitability was reasonable; (ii) 2013 profitability only moderately exceeded 2012 levels; and (iii) 2013 profitability is in line with profitability levels of industry competitors. It also took into account the indirect economic benefits flowing to Columbia Management or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Economies of Scale to be Realized

The Board also considered the economies of scale that might be realized by Columbia Management as the Fund grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Independent Trustees took into account that IMS fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that the investment management service fees were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On April 11, 2014, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement.

30 Semiannual Report 2014

Columbia Absolute Return Currency and Income Fund

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Semiannual Report 2014 31

Columbia Absolute Return Currency and Income Fund

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32 Semiannual Report 2014

Columbia Absolute Return Currency and 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 2014 33

Columbia Absolute Return Currency and 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 and, if available, a summary 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.

© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR104_10_D01_(06/14)

Semiannual Report April 30, 2014

Columbia Asia Pacific ex-Japan Fund

President’s Message

Dear Shareholders,

Continued Economic Recovery

The U.S. economy continued to recover at a slow but steady pace during the first quarter of 2014, supported by solid manufacturing activity, reasonable job growth and continued gains for the housing market. Industrial production was robust, buoyed by strong demand for autos and related parts. After a disappointing January, job growth picked up, which helped boost consumer confidence. Housing data was somewhat mixed, as harsh weather and higher mortgage rates put a damper on sales, while lower inventories helped prices trend higher. The Federal Reserve (the Fed) announced further reductions to its monthly asset purchases and reassured the markets that it would not make any significant changes to monetary policy until it was satisfied that the labor market was on solid ground. Despite mostly good news on the economic front, the broad financial markets recorded only modest gains, as bitter winter weather at home and mounting tensions between Russia and Western allies prompted investor caution.

Investors braced for higher interest rates, but long-term yields declined and the fixed-income markets were surprisingly resilient in the face of stable-to-improving economic data. Risk-on trading continued during the quarter as the higher yielding sectors of the fixed-income markets generally fared well. Emerging-market bonds, long-term U.S. Treasuries and sovereign debt were among the strongest performers, as were Treasury Inflation Protected Securities. Municipal bonds delivered solid gains, especially high-yield municipals, which benefited from continued improvement in state finances.

Against this backdrop, the broad bond market, as measured by the Barclays U.S. Aggregate Bond Index, edged out the broad stock market, as measured by the Standard & Poor’s 500 Index, with gains of 1.84% vs. 1.81%, respectively. As indicated late last year, the Fed began tapering its monthly asset purchase program and announced further reductions. New Fed chair Janet Yellen reassured investors the Fed was committed to keeping short-term borrowing rates low into 2015.

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. At Columbia Management, reaching our performance goals matters, and how we reach them matters just as much.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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

> 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

Investing involves risk including the risk of loss of principal.

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 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.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and, if available, a summary 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.

© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2014

Columbia Asia Pacific ex-Japan 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	10
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	15
Notes to Financial Statements	21
Approval of Investment Management Services and Subadvisory Agreements	27
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 7 p.m. Eastern time.

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

Semiannual Report 2014

Columbia Asia Pacific ex-Japan Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Asia Pacific ex-Japan Fund (the Fund) Class A shares returned 1.16% excluding sales charges for the six-month period that ended April 30, 2014.

> The Fund outperformed its benchmark, the MSCI All Country (AC) Asia Pacific ex-Japan Index (Net), which returned -0.30% for the same six months.

Average Annual Total Returns (%) (for period ended April 30, 2014)
	Inception	6 Months cumulative		1 Year		Life
Class A*	09/27/10
Excluding sales charges			1.16		2.12		9.01
Including sales charges			-4.68		-3.75		7.68
Class C*	09/27/10
Excluding sales charges			0.84		1.37		8.15
Including sales charges			-0.16		0.37		8.15
Class I*	09/27/10		1.37		2.56		9.43
Class R*	09/27/10		1.05		1.87		8.68
Class R5	07/15/09		1.39		2.51		9.41
Class Z*	09/27/10		1.32		2.36		9.23
MSCI AC Asia Pacific ex-Japan Index (Net)			-0.30		0.90		11.20

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. 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 MSCI AC Asia Pacific ex-Japan Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan.

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

2 Semiannual Report 2014

Columbia Asia Pacific ex-Japan Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at April 30, 2014)
Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	3.6
Samsung Electronics Co., Ltd. (South Korea)	2.7
AIA Group Ltd. (Hong Kong)	2.6
National Australia Bank Ltd. (Australia)	2.6
Westpac Banking Corp. (Australia)	2.3
BHP Billiton Ltd. (Australia)	2.3
Australia and New Zealand Banking Group Ltd. (Australia)	2.1
Tencent Holdings Ltd. (China)	2.0
Hutchison Whampoa Ltd. (Hong Kong)	1.9
Cheung Kong Holdings Ltd. (Hong Kong)	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.

Country Breakdown (%) (at April 30, 2014)
Australia	21.7
China	19.4
Hong Kong	10.7
India	7.2
Indonesia	1.8
Ireland	0.5
Italy	0.3
Malaysia	1.8
Philippines	4.2
Singapore	2.8
South Korea	11.2
Taiwan	11.6
Thailand	3.7
United States(a)	3.1
Total	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.

Portfolio Management

Threadneedle International Limited

Vanessa Donegan

George Gosden

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.

©2014 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 2014 3

Columbia Asia Pacific ex-Japan Fund

Portfolio Overview (continued)

(Unaudited)

Summary of Investments in Securities by Industry (%) (at April 30, 2014)
Industry	Percentage of Net Assets (%	)
Auto Components	1.1
Automobiles	3.6
Banks	22.1
Biotechnology	1.1
Capital Markets	0.9
Chemicals	1.4
Construction & Engineering	1.0
Construction Materials	2.2
Containers & Packaging	1.1
Diversified Financial Services	1.7
Diversified Telecommunication Services	2.2
Electric Utilities	1.8
Electrical Equipment	0.7
Electronic Equipment, Instruments & Components	1.8
Energy Equipment & Services	0.7
Food & Staples Retailing	2.8
Food Products	1.5
Gas Utilities	1.8
Health Care Equipment & Supplies	0.4
Health Care Providers & Services	0.2
Hotels, Restaurants & Leisure	1.2
Independent Power and Renewable Electricity Producers	0.6
Industrial Conglomerates	3.5
Insurance	4.0
Internet & Catalog Retail	0.9
Internet Software & Services	3.4
IT Services	1.7
Machinery	0.6
Media	0.4
Metals & Mining	3.6
Oil, Gas & Consumable Fuels	1.0
Pharmaceuticals	1.2
Real Estate Investment Trusts (REITs)	1.1
Real Estate Management & Development	5.3
Semiconductors & Semiconductor Equipment	10.5
Technology Hardware, Storage & Peripherals	0.9
Textiles, Apparel & Luxury Goods	2.1
Tobacco	1.0
Water Utilities	0.8
Wireless Telecommunication Services	2.6
Money Market Funds	3.1
Total	99.6

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

4 Semiannual Report 2014

Columbia Asia Pacific ex-Japan Fund

Understanding Your Fund’s Expenses

(Unaudited)

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

Analyzing Your Fund’s Expenses

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

Compare With Other Funds

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

November 1, 2013 – April 30, 2014

	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		1,011.60	1,018.15		6.68	6.71		1.34
Class C		1,000.00	1,000.00		1,008.40	1,014.38		10.46	10.49		2.10
Class I		1,000.00	1,000.00		1,013.70	1,020.48		4.34	4.36		0.87
Class R		1,000.00	1,000.00		1,010.50	1,016.91		7.93	7.95		1.59
Class R5		1,000.00	1,000.00		1,013.90	1,019.98		4.84	4.86		0.97
Class Z		1,000.00	1,000.00		1,013.20	1,019.34		5.49	5.51		1.10

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 2014 5

Columbia Asia Pacific ex-Japan Fund

Portfolio of Investments

April 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 96.5%
Issuer	Shares		Value ($)
Australia 21.6%
Amcor Ltd.		726,328		6,970,546
Ansell Ltd.		155,176		2,613,332
Australia and New Zealand Banking Group Ltd.		399,658		12,852,111
BHP Billiton Ltd.		388,663		13,687,398
Commonwealth Bank of Australia		128,629		9,462,071
CSL Ltd.		110,882		7,068,766
Lend Lease Group		771,621		9,325,804
Macquarie Group Ltd.		103,459		5,573,947
Mirvac Group		2,431,621		3,968,046
National Australia Bank Ltd.		476,635		15,694,346
QBE Insurance Group Ltd.		317,683		3,428,637
Rio Tinto Ltd.		147,986		8,534,240
Telstra Corp., Ltd.		2,115,596		10,286,253
Virtus Health Ltd.		141,160		975,712
Wesfarmers Ltd.		113,578		4,520,301
Westpac Banking Corp.		426,214		13,960,437
Woolworths Ltd.		146,768		5,100,480
Total				134,022,427
China 19.3%
Anhui Conch Cement Co., Ltd., Class H		1,987,000		7,418,965
Baidu, Inc., ADR(a)		36,043		5,545,215
Bank of China Ltd., Class H		8,861,000		3,904,143
China Construction Bank Corp., Class H		12,244,380		8,477,686
China Mengniu Dairy Co., Ltd.		931,000		4,791,049
China Oilfield Services Ltd.		1,704,000		4,085,222
China Overseas Land & Investment Ltd.		2,150,000		5,292,618
China Petroleum & Chemical Corp., Class H		6,742,000		5,985,252
China Unicom Hong Kong Ltd.		2,400,000		3,679,286
CIMC Enric Holdings Ltd.		2,738,000		3,972,018
CSPC Pharmaceutical Group Ltd.		2,420,000		2,016,302
Dongfeng Motor Group Co., Ltd., Class H		1,444,000		1,930,455
ENN Energy Holdings Ltd.		1,086,000		7,595,826
Great Wall Motor Co., Ltd., Class H		1,237,000		5,627,460
Guangdong Investment Ltd.		4,472,000		4,861,993
Huaneng Power International, Inc., Class H		3,856,000		3,774,589
Industrial & Commercial Bank of China Ltd., Class H		11,942,000		7,135,563
Lenovo Group Ltd.		4,750,000		5,412,883
Ping An Insurance Group Co. of China Ltd., Class H		781,000		5,796,682

Common Stocks (continued)
Issuer	Shares		Value ($)
Sihuan Pharmaceutical Holdings Group Ltd.		962,000		1,063,309
Tencent Holdings Ltd.		187,800		11,823,878
Vipshop Holdings Ltd., ADS(a)		40,011		5,609,142
Zhuzhou CSR Times Electric Co., Ltd., Class H		1,381,500		4,062,546
Total				119,862,082
Hong Kong 10.6%
AIA Group Ltd.		3,230,600		15,712,329
Cheung Kong Holdings Ltd.		641,000		10,946,591
Hong Kong Exchanges and Clearing Ltd.		180,400		3,244,195
Hutchison Whampoa Ltd.		833,000		11,428,345
Li & Fung Ltd.		2,332,000		3,394,407
Samsonite International SA		1,716,000		5,452,422
Sands China Ltd.		1,020,000		7,488,599
Towngas China Co., Ltd.		3,365,000		3,842,161
Wharf Holdings Ltd.		636,900		4,471,110
Total				65,980,159
India 7.2%
HCL Technologies Ltd.		312,846		7,280,051
HDFC Bank Ltd.		535,690		6,411,722
ICICI Bank Ltd.		229,916		4,740,404
ICICI Bank Ltd., ADR		95,407		4,071,017
Infosys Ltd., ADR		62,503		3,357,036
ITC Ltd.		1,084,022		6,128,826
Mahindra & Mahindra Ltd.		305,748		5,460,606
Motherson Sumi Systems Ltd.		572,956		2,417,038
Sun Pharmaceutical Industries Ltd.		431,692		4,535,026
Total				44,401,726
Indonesia 1.8%
PT Bank Mandiri Persero Tbk		6,275,116		5,361,560
PT Bank Rakyat Indonesia Persero Tbk		3,499,600		3,005,301
PT Surya Citra Media Tbk		10,313,762		2,813,200
Total				11,180,061
Ireland 0.5%
James Hardie Industries PLC		234,254		3,007,400
Italy 0.3%
Prada SpA		231,400		1,855,835
Malaysia 1.8%
IJM Corp., BHD		1,581,700		3,094,892

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

6 Semiannual Report 2014

Columbia Asia Pacific ex-Japan Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Malayan Banking Bhd		1,106,700		3,359,391
Tenaga Nasional Bhd		1,266,800		4,617,817
Total				11,072,100
Philippines 4.2%
Alliance Global Group, Inc.		7,072,600		4,953,381
Asia United Bank(a)		372,450		598,068
Ayala Corp.		246,512		3,458,079
GT Capital Holdings, Inc.		188,580		3,675,768
Metropolitan Bank & Trust Co.		2,455,372		4,676,263
Robinsons Retail Holdings, Inc.(a)		2,768,120		4,166,051
Universal Robina Corp.		1,325,240		4,351,776
Total				25,879,386
Singapore 2.8%
CapitaCommercial Trust		2,377,000		3,041,959
DBS Group Holdings Ltd.		664,000		8,995,320
Keppel Corp., Ltd.		612,000		5,149,389
Total				17,186,668
South Korea 11.2%
Halla Climate Control Corp.		99,830		4,177,150
Hana Financial Group, Inc.		153,190		5,405,476
Hyundai Development Co.		106,280		3,047,107
Hyundai Motor Co.		42,623		9,503,503
Korea Electric Power Corp.		178,800		6,836,381
LG Chem Ltd.		12,217		3,118,495
NAVER Corp.		5,499		3,959,922
Samsung Electronics Co., Ltd.		12,385		16,149,558
SK Hynix, Inc.(a)		250,870		9,782,295
SK Telecom Co., Ltd.		34,984		7,243,611
Total				69,223,498
Taiwan 11.5%
Advanced Semiconductor Engineering, Inc.		3,780,000		4,401,667
CTBC Financial Holding Co., Ltd.		7,731,858		4,600,224
Delta Electronics, Inc.		833,000		5,114,352
E.Sun Financial Holding Co., Ltd.		8,196,600		4,957,800
Hon Hai Precision Industry Co., Ltd.		2,153,000		6,183,334
Huaku Development Co., Ltd.		1,050,000		2,573,037
Makalot Industrial Co., Ltd.		468,000		2,461,004
MediaTek, Inc.		697,000		10,921,989
President Chain Store Corp.		454,000		3,378,269
Taiwan Cement Corp.		2,150,000		3,416,217

Common Stocks (continued)
Issuer	Shares		Value ($)
Taiwan Semiconductor Manufacturing Co., Ltd.		537,000		2,110,065
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,069,563		21,498,216
Total				71,616,174
Thailand 3.7%
Advanced Information Service PCL, Foreign Registered Shares		610,900		4,580,410
Kasikornbank PCL, Foreign Registered Shares		14,352		87,402
Kasikornbank PCL, Foreign Registered Shares, NVDR		795,448		4,718,741
PTT Global Chemical PCL, Foreign Registered Shares		2,541,000		5,484,868
Siam Commercial Bank PCL (The), Foreign Registered Shares		825,500		4,232,425
Total Access Communication PCL, Foreign Registered Shares		787,700		3,038,957
Total Access Communication PCL, NVDR		255,900		987,266
Total				23,130,069
Total Common Stocks
(Cost: $500,178,310)				598,417,585
Rights —%
Taiwan —%
E.Sun Financial Holding Co., Ltd.(a)		746,647		80,357
Total Rights
(Cost: $—)				80,357
Money Market Funds 3.1%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.092%(b)(c)		18,910,282		18,910,282
Total Money Market Funds
(Cost: $18,910,282)				18,910,282
Total Investments
(Cost: $519,088,592)				617,408,224
Other Assets & Liabilities, Net				2,596,866
Net Assets				620,005,090

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

Semiannual Report 2014 7

Columbia Asia Pacific ex-Japan Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at April 30, 2014.

(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 April 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		15,880,606		108,389,362		(105,359,686	)		18,910,282		6,047		18,910,282

Abbreviation Legend

ADR	American Depositary Receipt
ADS	American Depositary Share
NVDR	Non-voting Depository 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 may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets

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

8 Semiannual Report 2014

Columbia Asia Pacific ex-Japan Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Fair Value Measurements (continued)

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 April 30, 2014:

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		5,609,142		52,581,679		—		58,190,821
Consumer Staples		—		32,436,752		—		32,436,752
Energy		—		10,070,474		—		10,070,474
Financials		4,071,017		213,145,254		—		217,216,271
Health Care		—		18,272,447		—		18,272,447
Industrials		—		35,707,677		—		35,707,677
Information Technology		30,400,468		83,139,994		—		113,540,462
Materials		—		51,638,130		—		51,638,130
Telecommunication Services		—		29,815,783		—		29,815,783
Utilities		—		31,528,768		—		31,528,768
Rights
Financials		—		80,357		—		80,357
Total Equity Securities		40,080,627		558,417,315		—		598,497,942
Mutual Funds
Money Market Funds		18,910,282		—		—		18,910,282
Total Mutual Funds		18,910,282		—		—		18,910,282
Total		58,990,909		558,417,315		—		617,408,224

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 during the period.

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

Semiannual Report 2014 9

Columbia Asia Pacific ex-Japan Fund

Statement of Assets and Liabilities

April 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $500,178,310)	$598,497,942
Affiliated issuers (identified cost $18,910,282)	18,910,282
Total investments (identified cost $519,088,592)	617,408,224
Foreign currency (identified cost $3,106,947)	3,117,108
Receivable for:
Investments sold	3,513,345
Capital shares sold	2,650,851
Dividends	511,456
Prepaid expenses	1,142
Other assets	16,334
Total assets	627,218,460
Liabilities
Payable for:
Investments purchased	6,872,645
Capital shares purchased	253,246
Investment management fees	13,245
Distribution and/or service fees	14
Transfer agent fees	257
Administration fees	1,342
Compensation of board members	21,408
Other expenses	51,213
Total liabilities	7,213,370
Net assets applicable to outstanding capital stock	$620,005,090
Represented by
Paid-in capital	$562,559,118
Undistributed net investment income	618,835
Accumulated net realized loss	(41,499,528	)
Unrealized appreciation (depreciation) on:
Investments	98,319,632
Foreign currency translations	7,033
Total — representing net assets applicable to outstanding capital stock	$620,005,090

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

10 Semiannual Report 2014

Columbia Asia Pacific ex-Japan Fund

Statement of Assets and Liabilities (continued)

April 30, 2014 (Unaudited)

Class A
Net assets	$485,970
Shares outstanding	35,321
Net asset value per share	$13.76
Maximum offering price per share(a)	$14.60
Class C
Net assets	$241,700
Shares outstanding	17,761
Net asset value per share	$13.61
Class I
Net assets	$2,591
Shares outstanding	188
Net asset value per share(b)	$13.80
Class R
Net assets	$281,581
Shares outstanding	20,603
Net asset value per share	$13.67
Class R5
Net assets	$618,691,332
Shares outstanding	44,796,094
Net asset value per share	$13.81
Class Z
Net assets	$301,916
Shares outstanding	21,908
Net asset value per share	$13.78

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

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

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

Semiannual Report 2014 11

Columbia Asia Pacific ex-Japan Fund

Statement of Operations

Six Months Ended April 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$5,551,470
Dividends — affiliated issuers	6,047
Interest	19
Foreign taxes withheld	(280,504	)
Total income	5,277,032
Expenses:
Investment management fees	2,434,669
Distribution and/or service fees
Class A	685
Class C	1,074
Class R	743
Transfer agent fees
Class A	493
Class C	194
Class R	265
Class R5	155,777
Class Z	252
Administration fees	246,566
Compensation of board members	10,665
Custodian fees	87,073
Printing and postage fees	8,437
Registration fees	36,259
Professional fees	25,185
Line of credit interest expense	2,475
Other	7,441
Total expenses	3,018,253
Net investment income	2,258,779
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	1,477,996
Foreign currency translations	7,647
Net realized gain	1,485,643
Net change in unrealized appreciation (depreciation) on:
Investments	1,491,766
Foreign currency translations	(26,843	)
Net change in unrealized appreciation (depreciation)	1,464,923
Net realized and unrealized gain	2,950,566
Net increase in net assets resulting from operations	$5,209,345

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

12 Semiannual Report 2014

Columbia Asia Pacific ex-Japan Fund

Statement of Changes in Net Assets

	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013
Operations
Net investment income		$2,258,779			$7,360,775
Net realized gain		1,485,643			3,515,033
Net change in unrealized appreciation (depreciation)		1,464,923			51,734,423
Net increase in net assets resulting from operations		5,209,345			62,610,231
Distributions to shareholders
Net investment income
Class A		(5,071	)		(31,212	)
Class C		(384	)		(1,255	)
Class I		(34	)		(49	)
Class R		(2,373	)		(3,383	)
Class R5		(8,510,619	)		(7,659,211	)
Class Z		(3,205	)		(4,942	)
Total distributions to shareholders		(8,521,686	)		(7,700,052	)
Increase (decrease) in net assets from capital stock activity		(14,195,230	)		191,681,601
Total increase (decrease) in net assets		(17,507,571	)		246,591,780
Net assets at beginning of period		637,512,661			390,920,881
Net assets at end of period		$620,005,090			$637,512,661
Undistributed net investment income		$618,835			$6,881,742

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

Semiannual Report 2014 13

Columbia Asia Pacific ex-Japan Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended April 30, 2014 (Unaudited)							Year Ended October 31, 2013
	Shares				Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		2,684				36,036			107,438			1,372,619
Distributions reinvested		382				5,047			2,405			31,166
Redemptions		(12,745	)			(171,211	)		(101,446	)		(1,342,259	)
Net increase (decrease)		(9,679	)			(130,128	)		8,397			61,526
Class C shares
Subscriptions		2,127				29,000			14,828			187,027
Distributions reinvested		29				380			95			1,222
Redemptions		(696	)			(9,276	)		(4,359	)		(56,344	)
Net increase		1,460				20,104			10,564			131,905
Class R shares
Subscriptions		2,659				35,779			15,253			196,857
Distributions reinvested		179				2,356			259			3,342
Redemptions		(7,264	)			(96,412	)		(4,782	)		(61,159	)
Net increase (decrease)		(4,426	)			(58,277	)		10,730			139,040
Class R5 shares
Subscriptions		12,118,915				162,777,806			22,234,560			290,088,371
Distributions reinvested		29,761				394,333			38,431			499,219
Redemptions		(13,432,407	)			(177,216,432	)		(7,681,899	)		(99,250,209	)
Net increase (decrease)		(1,283,731	)	��		(14,044,293	)		14,591,092			191,337,381
Class Z shares
Subscriptions		1,830				24,704			1,390			17,686
Distributions reinvested		240				3,176			377			4,896
Redemptions		(776	)			(10,516	)		(821	)		(10,833	)
Net increase		1,294				17,364			946			11,749
Total net increase (decrease)		(1,295,082	)			(14,195,230	)		14,621,729			191,681,601

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

14 Semiannual Report 2014

Columbia Asia Pacific ex-Japan Fund

Financial Highlights

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

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class  A	(Unaudited)		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$13.73		$12.35		$12.49		$13.79		$13.32
Income from investment operations:
Net investment income (loss)	0.03		0.08		0.15		0.15		(0.01	)
Net realized and unrealized gain (loss)	0.12		1.54		0.41		(1.36	)	0.48
Total from investment operations	0.15		1.62		0.56		(1.21	)	0.47
Less distributions to shareholders:
Net investment income	(0.12	)	(0.24	)	(0.14	)	(0.07	)	—
Net realized gains	—		—		(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.12	)	(0.24	)	(0.70	)	(0.09	)	—
Net asset value, end of period	$13.76		$13.73		$12.35		$12.49		$13.79
Total return	1.16	%	13.26	%	5.23	%	(8.82	%)	3.53	%
Ratios to average net assets(b)
Total gross expenses	1.34	%(c)(d)	1.37	%(c)	1.42	%(c)	1.45	%(c)	1.50	%(d)
Total net expenses(e)	1.34	%(c)(d)	1.37	%(c)	1.42	%(c)	1.45	%(c)(f)	1.50	%(d)
Net investment income (loss)	0.39	%(d)	0.60	%	1.25	%	1.12	%	(0.95	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$486		$618		$452		$642		$78
Portfolio turnover	22	%	34	%	50	%	63	%	21	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

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

(c) Ratios include line of credit interest expense which rounds to less than 0.01%.

(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 2014 15

Columbia Asia Pacific ex-Japan Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class C	(Unaudited)		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$13.52		$12.20		$12.38		$13.78		$13.32
Income from investment operations:
Net investment income (loss)	(0.02	)	0.04		0.03		0.06		(0.02	)
Net realized and unrealized gain (loss)	0.13		1.46		0.42		(1.38	)	0.48
Total from investment operations	0.11		1.50		0.45		(1.32	)	0.46
Less distributions to shareholders:
Net investment income	(0.02	)	(0.18	)	(0.07	)	(0.06	)	—
Net realized gains	—		—		(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.02	)	(0.18	)	(0.63	)	(0.08	)	—
Net asset value, end of period	$13.61		$13.52		$12.20		$12.38		$13.78
Total return	0.84	%	12.33	%	4.33	%	(9.62	%)	3.45	%
Ratios to average net assets(b)
Total gross expenses	2.10	%(c)(d)	2.13	%(c)	2.16	%(c)	2.19	%(c)	2.22	%(d)
Total net expenses(e)	2.10	%(c)(d)	2.13	%(c)	2.16	%(c)	2.19	%(c)(f)	2.22	%(d)
Net investment income (loss)	(0.37	%)(d)	0.31	%	0.25	%	0.44	%	(1.93	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$242		$220		$70		$45		$3
Portfolio turnover	22	%	34	%	50	%	63	%	21	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

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

(c) Ratios include line of credit interest expense which rounds to less than 0.01%.

(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 2014

Columbia Asia Pacific ex-Japan Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class I	(Unaudited)		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$13.80		$12.38		$12.54		$13.79		$13.32
	��
Income from investment operations:
Net investment income (loss)	0.06		0.19		0.20		0.18		(0.01	)
Net realized and unrealized gain (loss)	0.12		1.49		0.38		(1.33	)	0.48
Total from investment operations	0.18		1.68		0.58		(1.15	)	0.47
Less distributions to shareholders:
Net investment income	(0.18	)	(0.26	)	(0.18	)	(0.08	)	—
Net realized gains	—		—		(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.18	)	(0.26	)	(0.74	)	(0.10	)	—
Net asset value, end of period	$13.80		$13.80		$12.38		$12.54		$13.79
Total return	1.37	%	13.73	%	5.48	%	(8.40	%)	3.53	%
Ratios to average net assets(b)
Total gross expenses	0.87	%(c)(d)	0.94	%(c)	0.97	%(c)	0.99	%(c)	1.08	%(d)
Total net expenses(e)	0.87	%(c)(d)	0.94	%(c)	0.97	%(c)	0.99	%(c)	1.08	%(d)
Net investment income (loss)	0.84	%(d)	1.49	%	1.70	%	1.31	%	(0.78	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$3		$3		$2		$2		$3
Portfolio turnover	22	%	34	%	50	%	63	%	21	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

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

(c) Ratios include line of credit interest expense which rounds to less than 0.01%.

(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 2014 17

Columbia Asia Pacific ex-Japan Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class R	(Unaudited)		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$13.62		$12.27		$12.46		$13.79		$13.32
Income from investment operations:
Net investment income (loss)	0.01		0.13		0.13		0.16		(0.02	)
Net realized and unrealized gain (loss)	0.13		1.44		0.37		(1.41	)	0.49
Total from investment operations	0.14		1.57		0.50		(1.25	)	0.47
Less distributions to shareholders:
Net investment income	(0.09	)	(0.22	)	(0.13	)	(0.06	)	—
Net realized gains	—		—		(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.09	)	(0.22	)	(0.69	)	(0.08	)	—
Net asset value, end of period	$13.67		$13.62		$12.27		$12.46		$13.79
Total return	1.05	%	12.92	%	4.78	%	(9.15	%)	3.53	%
Ratios to average net assets(b)
Total gross expenses	1.59	%(c)(d)	1.63	%(c)	1.63	%(c)	1.70	%(c)	1.73	%(d)
Total net expenses(e)	1.59	%(c)(d)	1.63	%(c)	1.63	%(c)	1.68	%(c)(f)	1.73	%(d)
Net investment income (loss)	0.08	%(d)	1.01	%	1.08	%	1.26	%	(1.43	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$282		$341		$175		$32		$3
Portfolio turnover	22	%	34	%	50	%	63	%	21	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

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

(c) Ratios include line of credit interest expense which rounds to less than 0.01%.

(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 2014

Columbia Asia Pacific ex-Japan Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class R5	(Unaudited)		2013		2012		2011		2010		2009(a)
Per share data
Net asset value, beginning of period	$13.80		$12.38		$12.54		$13.79		$11.42		$10.00
Income from investment operations:
Net investment income	0.05		0.20		0.21		0.18		0.13		0.02
Net realized and unrealized gain (loss)	0.13		1.48		0.37		(1.33	)	2.27		1.40
Total from investment operations	0.18		1.68		0.58		(1.15	)	2.40		1.42
Less distributions to shareholders:
Net investment income	(0.17	)	(0.26	)	(0.18	)	(0.08	)	(0.02	)	—
Net realized gains	—		—		(0.56	)	(0.02	)	(0.01	)	—
Total distributions to shareholders	(0.17	)	(0.26	)	(0.74	)	(0.10	)	(0.03	)	—
Net asset value, end of period	$13.81		$13.80		$12.38		$12.54		$13.79		$11.42
Total return	1.39	%	13.66	%	5.44	%	(8.42	%)	21.06	%	14.20	%
Ratios to average net assets(b)
Total gross expenses	0.97	%(c)(d)	0.98	%(c)	1.01	%(c)	0.98	%(c)	1.09	%	1.67	%(d)
Total net expenses(e)	0.97	%(c)(d)	0.98	%(c)	1.01	%(c)	0.98	%(c)	1.09	%	1.15	%(d)
Net investment income	0.72	%(d)	1.51	%	1.76	%	1.31	%	1.09	%	0.47	%(d)
Supplemental data
Net assets, end of period (in thousands)	$618,691		$636,047		$389,978		$504,370		$512,721		$53,643
Portfolio turnover	22	%	34	%	50	%	63	%	21	%	4	%

Notes to Financial Highlights

(a) For the period from July 15, 2009 (commencement of operations) to October 31, 2009.

(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) Ratios include line of credit interest expense which rounds to less than 0.01%.

(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 2014 19

Columbia Asia Pacific ex-Japan Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class Z	(Unaudited)		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$13.76		$12.36		$12.51		$13.79		$13.32
Income from investment operations:
Net investment income (loss)	0.04		0.17		0.17		0.19		(0.01	)
Net realized and unrealized gain (loss)	0.14		1.48		0.40		(1.37	)	0.48
Total from investment operations	0.18		1.65		0.57		(1.18	)	0.47
Less distributions to shareholders:
Net investment income	(0.16	)	(0.25	)	(0.16	)	(0.08	)	—
Net realized gains	—		—		(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.16	)	(0.25	)	(0.72	)	(0.10	)	—
Net asset value, end of period	$13.78		$13.76		$12.36		$12.51		$13.79
Total return	1.32	%	13.45	%	5.33	%	(8.63	%)	3.53	%
Ratios to average net assets(b)
Total gross expenses	1.10	%(c)(d)	1.13	%(c)	1.15	%(c)	1.24	%(c)	1.23	%(d)
Total net expenses(e)	1.10	%(c)(d)	1.13	%(c)	1.15	%(c)	1.24	%(c)(f)	1.23	%(d)
Net investment income (loss)	0.63	%(d)	1.32	%	1.41	%	1.35	%	(0.93	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$302		$284		$243		$97		$3
Portfolio turnover	22	%	34	%	50	%	63	%	21	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

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

(c) Ratios include line of credit interest expense which rounds to less than 0.01%.

(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.

20 Semiannual Report 2014

Columbia Asia Pacific ex-Japan Fund

Notes to Financial Statements

April 30, 2014 (Unaudited)

Note 1. Organization

Columbia Asia Pacific ex-Japan 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 R5 and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges, 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 available only to the Columbia Family of Funds.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other eligible investors.

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

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

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 equity 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 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.

Semiannual Report 2014 21

Columbia Asia Pacific ex-Japan Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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

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

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 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.

22 Semiannual Report 2014

Columbia Asia Pacific ex-Japan Fund

Notes to Financial Statements (continued)

April 30, 2014 (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.

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 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 from 0.80% to 0.57% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended April 30, 2014 was 0.78% 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 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 April 30, 2014 was 0.08% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board, including payments to a company providing limited administrative services to the Fund and the Board. That company’s expenses include boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. For the six months ended April 30, 2014, other expenses paid to this company were $1,183.

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 also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., 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 2014 23

Columbia Asia Pacific ex-Japan Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

For the six months ended April 30, 2014, 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 C	0.18
Class R	0.18
Class R5	0.05
Class Z	0.18

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended April 30, 2014, 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, 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 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 $2,000 for Class C shares. These amounts are based on the most recent information available as of March 31, 2014, 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 $203 for Class A shares for the six months ended April 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the periods disclosed below, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

	March 1, 2014 through February 28, 2015 (%)		Prior to March 1, 2014 (%)
Class A		1.73		1.72
Class C		2.48		2.47
Class I		1.36		1.35
Class R		1.98		1.97
Class R5		1.41		1.40
Class Z		1.48		1.47

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 April 30, 2014, the cost of investments for federal income tax purposes was approximately $519,089,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$107,417,000
Unrealized depreciation	(9,098,000	)
Net unrealized appreciation	$98,319,000

24 Semiannual Report 2014

Columbia Asia Pacific ex-Japan Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

The following capital loss carryforward, determined as of October 31, 2013, 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		24,686,819
Unlimited long-term		17,017,139
Total		41,703,958

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 $134,754,383 and $154,960,801, respectively, for the six months ended April 30, 2014.

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.

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.

Effective December 10, 2013, the Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. Prior to December 10, 2013, the commitment fee was charged at the annual rate of 0.08% per annum. The commitment fee is included in other expenses in the Statement of Operations.

For the six months ended April 30, 2014, the average daily loan balance outstanding on days when borrowing existed was $5,140,000 at a weighted average interest rate of 1.16%. Interest expense incurred by the Fund is recorded as line of credit interest expense in the Statement of Operations.

Note 8. Significant Risks

Asian Pacific Region Risk

Because the Fund concentrates its investments in the Asian Pacific Region, the Fund may be particularly susceptible to economic, political or regulatory events affecting companies and countries within the Asian Pacific Region. Many of the countries in the Asian Pacific Region are developing both politically and economically, and may have relatively unstable governments and economies based on a limited number of commodities or industries. Securities markets in the Asian Pacific Region are smaller and have a lower trading volume than those in the United States, which may result in the securities of some companies in the Asian Pacific Region being less liquid than similar U.S. or other foreign securities. Some currencies in the Asian Pacific Region are more volatile than the U.S. dollar and some countries in the Asian Pacific Region have restricted the flow of money in and out of the country. If securities of companies in the Asian Pacific Region fall out of favor, it may cause the Fund to underperform funds that do not concentrate in a single region of the world.

Financial Sector Risk

Sector risk occurs when a fund invests a significant portion of its assets in securities of companies conducting business in a related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, making a fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The Fund may be more susceptible to the particular risks that may affect companies in the financial sector than if it were invested in a wider variety of companies in unrelated sectors.

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing

Semiannual Report 2014 25

Columbia Asia Pacific ex-Japan Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

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.

26 Semiannual Report 2014

Columbia Asia Pacific ex-Japan Fund

Approval of Investment Management Services and Subadvisory Agreements

Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Asia Pacific ex-Japan Fund (the Fund). Under an investment management services agreement (the IMS Agreement), Columbia Management provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between Columbia Management and Threadneedle International Limited (the Subadviser), an affiliate of Columbia Management, the Subadviser has provided portfolio management and related services for the Fund.

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the IMS Agreement and the Subadvisory Agreement (together, the Advisory Agreements). Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2014, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March and April were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials (including proposed expense caps for certain Funds) were revised to reflect discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by Columbia Management addressing the services Columbia Management provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its April 9-11, 2014 in-person Board meeting (the April Meeting), considered the renewal of the Advisory Agreements for an additional one-year term. At the April Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory and subadvisory agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.

Nature, Extent and Quality of Services Provided by Columbia Management and the Subadviser

The Board analyzed various reports and presentations it had received detailing the services performed by Columbia Management and the Subadviser, as well as their history, reputation, expertise, resources and relative capabilities, and the qualifications of their personnel.

With respect to Columbia Management, the Board specifically considered many developments during the past year concerning the services provided by Columbia Management, including, in particular, the successful implementation of a globalization initiative, which, among other things, increased worldwide analyst support for global products, the reorganization of the Informational Technology research team, the hiring of additional personnel to assist the Asset Allocation team and the global restructuring of the Senior Operational team. The Board took into account the information it received and reviewed concerning Columbia Management’s ongoing oversight and monitoring of the subadvisers, observing the broad scope of services provided by Columbia Management to each subadvised Fund, including, among other noted services, investment, risk and compliance oversight. The Board also took into account the Subadviser oversight structure and the Columbia Management team dedicated thereto, which the Board recalled had added staff and technology resources during 2013. The Board also noted the information it received concerning Columbia Management’s ability to retain its key portfolio management personnel.

In connection with the Board’s evaluation of the overall package of services provided by Columbia Management, the Board also considered the quality of administrative services provided to the Fund by Columbia Management, recalling the information it received highlighting significant achievements in 2013 in the performance of administrative services. In evaluating the quality of services provided under the IMS Agreement and the Fund’s Administrative Services Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of Columbia Management and its affiliates and their ability to carry out their responsibilities under the IMS Agreement and the Fund’s other service agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. In addition, the Board discussed the acceptability of the terms of the IMS

Semiannual Report 2014 27

Columbia Asia Pacific ex-Japan Fund

Approval of Investment Management Services and Subadvisory Agreements (continued)

Agreement (including the relatively broad scope of services required to be performed by Columbia Management). The Board concluded that the services being performed under the IMS Agreement were of a reasonably high quality.

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

With respect to the Subadviser, the Board observed that it had previously approved the Subadviser’s code of ethics and compliance program, that the Chief Compliance Officer of the Fund continues to monitor the code and the program, and that no material concerns have been reported. The Board also considered the Subadviser’s organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered the Subadviser’s capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadviser agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no material changes were recommended to the Subadvisory Agreement. Based on the foregoing, and based on other information received (both oral and written) and other considerations, including, in particular, the performance of the Fund (discussed below), as well as the Investment Manager’s recommendation that the Board approve renewal of the Subadvisory Agreement with the Subadviser, the Board concluded that the services being performed under the Subadvisory Agreement were of a reasonably high quality.

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

Investment Performance

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

Additionally, the Board reviewed the performance of the Subadviser and Columbia Management’s process for monitoring the Subadviser. The Board considered, in particular, management’s rationale for recommending the continued retention of the Subadviser.

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

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

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the “pricing philosophy” currently in effect (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). The Board took into account that the Fund’s total expense ratio (after considering proposed voluntary expense caps/waivers) was below the peer universe’s median expense ratio shown in the reports. It was observed that various proposals concerning the Funds’ transfer agency and sub-transfer agency fee structures, and other changes impacting the Funds’ pricing structure and fees, are expected to be considered at a later Board meeting which, if adopted, would alter the current pricing philosophy.

Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board observed that the subadvisory fee level for the

28 Semiannual Report 2014

Columbia Asia Pacific ex-Japan Fund

Approval of Investment Management Services and Subadvisory Agreements (continued)

Subadviser was generally comparable to those charged by other subadvisers to similar funds managed by the Investment Manager. The Board also reviewed fee rates charged by the Subadviser to other client accounts. Based on its review, the Board concluded that the Fund’s investment management and subadvisory fees were fair and reasonable in light of the extent and quality of services that the Fund receives.

The Board also considered the expected profitability of Columbia Management and its affiliates in connection with Columbia Management providing investment management services to the Fund. In this regard, the Board referred to a detailed profitability report, discussing the profitability to Columbia Management and Ameriprise Financial from managing, operating and distributing the Funds. In this regard, the Board observed that: (i) a 2013 report provided to the Board by an independent consulting firm, Bobroff Consulting, concluded that 2012 profitability was reasonable; (ii) 2013 profitability only moderately exceeded 2012 levels; and (iii) 2013 profitability is in line with profitability levels of industry competitors. It also took into account the indirect economic benefits flowing to Columbia Management or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Economies of Scale to be Realized

The Board also considered the economies of scale that might be realized by Columbia Management as the Fund grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that IMS fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that fees payable under the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On April 11, 2014, the Board, including all of the Independent Trustees, approved the renewal of the Advisory Agreements.

Semiannual Report 2014 29

Columbia Asia Pacific ex-Japan Fund

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30 Semiannual Report 2014

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Semiannual Report 2014 31

Columbia Asia Pacific ex-Japan Fund

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32 Semiannual Report 2014

Columbia Asia Pacific ex-Japan 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 2014 33

Columbia Asia Pacific ex-Japan 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 and, if available, a summary 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.

© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR119_10_D01_(06/14)

Semiannual Report April 30, 2014

Columbia Emerging Markets Bond Fund

President’s Message

Dear Shareholders,

Continued Economic Recovery

The U.S. economy continued to recover at a slow but steady pace during the first quarter of 2014, supported by solid manufacturing activity, reasonable job growth and continued gains for the housing market. Industrial production was robust, buoyed by strong demand for autos and related parts. After a disappointing January, job growth picked up, which helped boost consumer confidence. Housing data was somewhat mixed, as harsh weather and higher mortgage rates put a damper on sales, while lower inventories helped prices trend higher. The Federal Reserve (the Fed) announced further reductions to its monthly asset purchases and reassured the markets that it would not make any significant changes to monetary policy until it was satisfied that the labor market was on solid ground. Despite mostly good news on the economic front, the broad financial markets recorded only modest gains, as bitter winter weather at home and mounting tensions between Russia and Western allies prompted investor caution.

Investors braced for higher interest rates, but long-term yields declined and the fixed-income markets were surprisingly resilient in the face of stable-to-improving economic data. Risk-on trading continued during the quarter as the higher yielding sectors of the fixed-income markets generally fared well. Emerging-market bonds, long-term U.S. Treasuries and sovereign debt were among the strongest performers, as were Treasury Inflation Protected Securities. Municipal bonds delivered solid gains, especially high-yield municipals, which benefited from continued improvement in state finances.

Against this backdrop, the broad bond market, as measured by the Barclays U.S. Aggregate Bond Index, edged out the broad stock market, as measured by the Standard & Poor’s 500 Index, with gains of 1.84% vs. 1.81%, respectively. As indicated late last year, the Fed began tapering its monthly asset purchase program and announced further reductions. New Fed chair Janet Yellen reassured investors the Fed was committed to keeping short-term borrowing rates low into 2015.

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. At Columbia Management, reaching our performance goals matters, and how we reach them matters just as much.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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

> 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

Investing involves risk including the risk of loss of principal.

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 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.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and, if available, a summary 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.

© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2014

Columbia Emerging Markets Bond 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	14
Statement of Operations	16
Statement of Changes in Net Assets	17
Financial Highlights	20
Notes to Financial Statements	31
Approval of Investment Management Services Agreement	40
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 7 p.m. Eastern time.

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

Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Emerging Markets Bond Fund (the Fund) Class A shares returned 1.69% excluding sales charges for the six-month period ended April 30, 2014.

> The Fund underperformed its benchmark, the JPMorgan Emerging Markets Bond Index-Global, which returned 3.30% for the same time period.

Average Annual Total Returns (%) (for period ended April 30, 2014)
	Inception	6 Months cumulative		1 Year		5 Years		Life
Class A	02/16/06
Excluding sales charges			1.69		-5.11		12.44		7.86
Including sales charges			-3.16		-9.59		11.34		7.22
Class B	02/16/06
Excluding sales charges			1.22		-5.83		11.57		7.04
Including sales charges			-3.65		-10.27		11.31		7.04
Class C	02/16/06
Excluding sales charges			1.23		-5.85		11.59		7.05
Including sales charges			0.25		-6.74		11.59		7.05
Class I	02/16/06		1.94		-4.65		12.94		8.32
Class K	02/16/06		1.79		-4.86		12.59		8.07
Class R*	11/16/11		1.56		-5.27		12.23		7.68
Class R4*	03/19/13		1.81		-4.81		12.50		7.90
Class R5*	11/08/12		1.92		-4.62		12.58		7.95
Class W*	12/01/06		1.69		-5.12		12.40		7.83
Class Y*	11/08/12		1.94		-4.65		12.59		7.96
Class Z*	09/27/10		1.81		-4.87		12.68		8.00
JPMorgan Emerging Markets Bond Index-Global			3.30		-2.28		10.72		7.74

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 JPMorgan Emerging Markets Bond Index (EMBI) — Global is based on U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, such as Brady bonds, Eurobonds and loans, and reflects reinvestment of all distributions and changes in market prices.

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 2014

Columbia Emerging Markets Bond Fund

Portfolio Overview

(Unaudited)

Country Breakdown (%) (at April 30, 2014)
Argentina	2.1
Bolivia	0.2
Brazil	7.3
Colombia	4.7
Croatia	1.1
Dominican Republic	3.9
El Salvador	0.4
Georgia	1.0
Guatemala	2.3
Hungary	4.1
Indonesia	10.0
Ireland	0.3
Kazakhstan	2.5
Mexico	9.2
Morocco	0.5
Netherlands	0.5
Panama	0.6
Peru	2.6
Philippines	1.0
Poland	0.2
Qatar	0.1
Republic of Namibia	1.1
Republic of the Congo	0.2
Romania	1.9
Russian Federation	9.3
Serbia	0.8
Slovenia	0.3
South Africa	0.4
South Korea	0.7
Supra-National	0.1
Trinidad and Tobago	1.9
Turkey	8.1
Ukraine	1.2
United Arab Emirates	0.9
United Kingdom	1.3
United States(a)	5.5
Uruguay	3.5
Venezuela	7.4
Zambia	0.8
Total	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.

Portfolio Management

James Carlen, CFA

Henry Stipp, PhD

Semiannual Report 2014 3

Columbia Emerging Markets Bond Fund

Portfolio Overview (continued)

(Unaudited)

Quality Breakdown (%) (at April 30, 2014)
AA rating	0.9
A rating	5.8
BBB rating	58.1
BB rating	15.2
B rating	15.9
CCC rating	2.9
Not rated	1.2
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 the 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 one of these agencies, it is designated as Not rated. Credit ratings are subjective opinions and not statements of fact.

4 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Understanding Your Fund’s Expenses

(Unaudited)

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

Analyzing Your Fund’s Expenses

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

Compare With Other Funds

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

November 1, 2013 – April 30, 2014

	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			1,016.90	1,019.04		5.80	5.81		1.16
Class B		1,000.00	1,000.00			1,012.20	1,015.32		9.53	9.54		1.91
Class C		1,000.00	1,000.00			1,012.30	1,015.32		9.53	9.54		1.91
Class I		1,000.00	1,000.00			1,019.40	1,021.52		3.30	3.31		0.66
Class K		1,000.00	1,000.00			1,017.90	1,020.03		4.80	4.81		0.96
Class R		1,000.00	1,000.00			1,015.60	1,017.75		7.10	7.10		1.42
Class R4		1,000.00	1,000.00			1,018.10	1,020.23		4.60	4.61		0.92
Class R5		1,000.00	1,000.00			1,019.20	1,021.27		3.55	3.56		0.71
Class W		1,000.00	1,000.00			1,016.90	1,018.99		5.85	5.86		1.17
Class Y		1,000.00	1,000.00			1,019.40	1,021.57		3.25	3.26		0.65
Class Z		1,000.00	1,000.00	��		1,018.10	1,020.28		4.55	4.56		0.91

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 2014 5

Columbia Emerging Markets Bond Fund

Portfolio of Investments

April 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes(a) 11.6%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Brazil 2.2%
Companhia de Eletricidade do Estad
04/27/16		11.750%	BRL	6,000,000		2,583,249
Cosan Luxembourg SA(b)
03/14/18		9.500%	BRL	6,000,000		2,354,111
03/14/23		5.000%		1,309,000		1,241,699
Samarco Mineracao SA(b) Senior Unsecured
11/01/22		4.125%		6,694,000		6,211,961
10/24/23		5.750%		2,200,000		2,233,000
Vale SA Senior Unsecured
09/11/42		5.625%		1,918,000		1,855,704
Total						16,479,724
Colombia 0.5%
Grupo Aval Ltd.(b)
09/26/22		4.750%		4,000,000		3,910,000
Guatemala 1.4%
Agromercantil Senior Trust(b)
04/10/19		6.250%		1,943,000		1,979,431
Comcel Trust(b)
02/06/24		6.875%		5,300,000		5,545,125
Industrial Senior Trust(b)
11/01/22		5.500%		2,877,000		2,772,709
Total						10,297,265
Kazakhstan 0.8%
Zhaikmunai LLP
11/13/19		7.125%		2,546,000		2,603,285
Zhaikmunai LLP(b)
11/13/19		7.125%		3,285,000		3,358,913
Total						5,962,198
Mexico 1.4%
America Movil SAB de CV Senior Unsecured
12/05/22		6.450%	MXN	30,000,000		2,175,464
Concesionaria Mexiquense SA de CV (linked to Mexican Unidad de Inversion Index)(b)
12/15/35		5.950%	MXN	41,200,344		3,038,989
Grupo Televisa SAB Senior Unsecured
05/14/43		7.250%	MXN	59,800,000		3,696,088
Mexichem SAB de CV(b)
09/19/42		6.750%		1,000,000		1,013,750
Senior Unsecured
09/19/22		4.875%		1,000,000		1,008,750
Total						10,933,041

Corporate Bonds & Notes(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Peru 0.8%
Banco de Credito del Peru Subordinated Notes(b)(c)
10/15/22		7.170%	PEN	6,000,000		2,155,298
Corp. Azucarera del Peru SA(b)
08/02/22		6.375%		4,507,000		4,129,467
Total						6,284,765
Russian Federation 2.0%
EDC Finance Ltd.(b)
04/17/20		4.875%		2,400,000		2,125,818
Metalloinvest Finance Ltd.(b)
07/21/16		6.500%		2,000,000		2,029,915
Novatek Finance Ltd. Senior Unsecured(b)
02/21/17		7.750%	RUB	83,300,000		2,186,423
Sibur Securities Ltd.(b)
01/31/18		3.914%		4,250,000		3,761,250
VimpelCom Holdings BV(b)
02/13/18		9.000%	RUB	95,300,000		2,499,514
03/01/22		7.504%		2,500,000		2,450,000
Total						15,052,920
Turkey 0.2%
Turkiye Sise ve Cam Fabrikalari AS Senior Unsecured(b)
05/09/20		4.250%		1,507,000		1,418,134
Ukraine 1.0%
MHP SA(b)
04/02/20		8.250%		7,604,000		6,274,821
Metinvest BV(b)
02/14/18		8.750%		1,500,000		1,294,005
Total						7,568,826
United Kingdom 1.3%
Afren PLC Senior Secured(b)
12/09/20		6.625%		4,739,000		4,812,278
Tullow Oil PLC Senior Unsecured(b)
04/15/22		6.250%		5,100,000		5,151,000
Total						9,963,278
Total Corporate Bonds & Notes
(Cost: $95,054,938)						87,870,151
Inflation-Indexed Bonds(a) 2.9%
Uruguay 2.9%
Uruguay Government International Bond
04/05/27		4.250%	UYU	197,145,516		9,014,989

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

6 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Inflation-Indexed Bonds(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Senior Unsecured
12/15/28		4.375%	UYU	286,240,930		13,264,405
Total						22,279,394
Total Inflation-Indexed Bonds
(Cost: $25,930,139)						22,279,394
Foreign Government Obligations(a)(d) 78.8%
Argentina 2.1%
Argentina Bonar Bonds
04/17/17		7.000%		5,159,185		4,733,552
City of Buenos Aires Senior Unsecured(b)
03/01/17		9.950%		5,122,000		5,089,987
Provincia de Buenos Aires Senior Unsecured(b)
01/26/21		10.875%		4,666,000		4,211,065
Provincia de Cordoba Senior Unsecured(b)
08/17/17		12.375%		2,050,000		1,924,438
Total						15,959,042
Bolivia 0.2%
Bolivian Government International Bond Senior Unsecured(b)
08/22/23		5.950%		1,466,000		1,545,649
Brazil 5.0%
Banco Nacional de Desenvolvimento Economico e Social Senior Unsecured(b)
09/26/23		5.750%		3,500,000		3,639,355
Brazil Notas do Tesouro Nacional Senior Notes
01/01/17		10.000%	BRL	2,676,800		11,810,254
Brazilian Government International Bond Senior Unsecured
01/07/25		4.250%		2,600,000		2,580,500
Centrais Eletricas Brasileiras SA Senior Unsecured(b)
10/27/21		5.750%		4,520,000		4,531,300
Cia de Saneamento Basico do Estado de Sao Paulo Senior Unsecured(b)
12/16/20		6.250%		500,000		520,602
Petrobras Global Finance BV
05/20/23		4.375%		2,315,000		2,163,050
Petrobras International Finance Co.
03/15/19		7.875%		4,699,000		5,448,448
01/20/20		5.750%		959,000		1,012,725
01/27/21		5.375%		3,283,000		3,360,132
01/20/40		6.875%		2,493,000		2,579,904
Total						37,646,270

Foreign Government Obligations(a)(d) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Colombia 4.1%
Bogota Distrito Capital Senior Unsecured(b)
07/26/28		9.750%	COP	1,377,000,000		885,256
Colombia Government International Bond
Senior Unsecured
06/28/27		9.850%	COP	3,237,000,000		2,181,819
01/18/41		6.125%		6,328,000		7,272,529
Emgesa SA ESP Senior Unsecured
01/25/21		8.750%	COP	5,204,000,000		2,916,335
Empresa de Energia de Bogota SA ESP Senior Unsecured(b)
11/10/21		6.125%		1,954,000		2,091,580
Empresas Publicas de Medellin ESP Senior Unsecured(b)
02/01/21		8.375%	COP	16,960,000,000		9,313,845
Oleoducto Central SA Senior Unsecured(b)(e)
05/07/21		4.000%		3,200,000		3,179,744
Transportadora de Gas Internacional SA ESP Senior Unsecured(b)
03/20/22		5.700%		2,766,000		2,949,208
Total						30,790,316
Croatia 1.1%
Croatia Government International Bond Senior Unsecured(b)
01/26/24		6.000%		7,917,000		8,243,576
Dominican Republic 3.9%
Banco de Reservas de La Republica Dominicana Senior Subordinated Notes(b)
02/01/23		7.000%		4,488,000		4,314,090
Dominican Republic International Bond
02/22/19		12.000%	DOP	69,000,000		1,539,182
Dominican Republic International Bond(b)
07/05/19		15.000%	DOP	189,000,000		4,576,456
01/08/21		14.000%	DOP	114,239,000		2,601,142
Senior Unsecured
05/06/21		7.500%		2,013,000		2,237,089
04/20/27		8.625%		7,020,000		8,023,860
04/30/44		7.450%		6,000,000		6,044,135
Total						29,335,954
El Salvador 0.4%
El Salvador Government International Bond(b) Senior Unsecured
04/10/32		8.250%		959,000		1,064,490
06/15/35		7.650%		1,736,000		1,803,270
Total						2,867,760

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

Semiannual Report 2014 7

Columbia Emerging Markets Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Foreign Government Obligations(a)(d) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Georgia 1.0%
Georgian Railway JSC Senior Unsecured(b)
07/11/22		7.750%		7,033,000		7,561,145
Guatemala 0.9%
Guatemala Government Bond(b) Senior Unsecured
06/06/22		5.750%		5,232,000		5,644,020
02/13/28		4.875%		1,398,000		1,357,807
Total						7,001,827
Hungary 4.0%
Hungary Government International Bond Senior Unsecured
03/29/21		6.375%		2,302,000		2,558,903
11/22/23		5.750%		1,238,000		1,318,470
03/25/24		5.375%		7,556,000		7,792,125
03/29/41		7.625%		7,440,000		8,909,400
MFB Magyar Fejlesztesi Bank Zrt.(b)
10/21/20		6.250%		4,191,000		4,523,985
Magyar Export-Import Bank Zrt.(b)
02/12/18		5.500%		4,886,000		5,190,185
Total						30,293,068
Indonesia 9.9%
Indonesia Government International Bond(b) Senior Unsecured
05/05/21		4.875%		8,794,000		9,079,805
04/25/22		3.750%		3,967,000		3,748,815
01/15/24		5.875%		3,200,000		3,464,000
01/17/38		7.750%		3,548,000		4,297,515
01/17/42		5.250%		1,000,000		915,000
Indonesia Treasury Bond Senior Unsecured
10/15/14		11.000%	IDR	6,000,000,000		528,046
06/15/15		9.500%	IDR	49,000,000,000		4,344,160
07/15/17		10.000%	IDR	30,762,000,000		2,853,630
09/15/19		11.500%	IDR	50,400,000,000		5,056,783
11/15/20		11.000%	IDR	9,000,000,000		902,219
06/15/21		12.800%	IDR	6,800,000,000		743,786
07/15/22		10.250%	IDR	13,210,000,000		1,285,408
05/15/27		7.000%	IDR	21,520,000,000		1,656,602
Majapahit Holding BV(b)
08/07/19		8.000%		3,452,000		4,004,320
01/20/20		7.750%		2,657,000		3,064,408
PT Pertamina Persero(b)
05/23/21		5.250%		2,000,000		2,013,841
Senior Unsecured
05/03/22		4.875%		1,000,000		961,250
05/20/23		4.300%		2,000,000		1,817,500
05/27/41		6.500%		1,000,000		953,735
05/03/42		6.000%		3,000,000		2,677,500

Foreign Government Obligations(a)(d) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
PT Perusahaan Listrik Negara(b) Senior Unsecured
11/22/21		5.500%		18,103,000		18,444,025
10/24/42		5.250%		2,750,000		2,244,688
Total						75,057,036
Ireland 0.3%
Vnesheconombank Via VEB Finance PLC Senior Unsecured(b)
11/21/23		5.942%		2,300,000		2,047,000
Kazakhstan 1.7%
KazMunayGas National Co. JSC(b) Senior Unsecured
07/02/18		9.125%		3,927,000		4,717,309
04/30/43		5.750%		8,600,000		7,784,375
Total						12,501,684
Mexico 7.6%
Comision Federal de Electricidad Senior Unsecured(b)
02/14/42		5.750%		3,200,000		3,180,000
Mexican Bonos
12/17/15		8.000%	MXN	37,776,000		3,069,917
12/15/16		7.250%	MXN	44,113,500		3,617,703
12/14/17		7.750%	MXN	37,488,300		3,147,453
06/11/20		8.000%	MXN	67,630,000		5,822,737
06/10/21		6.500%	MXN	37,100,000		2,958,146
06/09/22		6.500%	MXN	55,219,200		4,355,658
06/03/27		7.500%	MXN	34,949,100		2,896,767
Pemex Project Funding Master Trust
06/15/38		6.625%		1,918,000		2,128,980
Petroleos Mexicanos
11/24/21		7.650%	MXN	111,697,800		8,909,485
06/15/35		6.625%		4,127,000		4,622,240
06/02/41		6.500%		5,453,000		6,052,830
Petroleos Mexicanos(b)
01/23/45		6.375%		6,300,000		6,898,500
Total						57,660,416
Morocco 0.4%
Morocco Government International Bond Senior Unsecured(b)
12/11/22		4.250%		3,522,000		3,396,014
Netherlands 0.5%
Petrobras Global Finance BV
03/17/24		6.250%		2,830,000		2,972,643
Republic of Angola Via Northern Lights III BV Senior Unsecured
08/16/19		7.000%		959,000		1,040,515
Total						4,013,158

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

8 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Foreign Government Obligations(a)(d) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Panama 0.6%
Ena Norte Trust Pass-Through Certificates(b)
04/25/23		4.950%		4,223,041		4,293,225
Peru 1.7%
Corporacion Financiera de Desarrollo SA Senior Unsecured(b)
02/08/22		4.750%		3,667,000		3,746,501
Peru Enhanced Pass-Through Finance Ltd. Pass-Through Certificates(b)(f)
05/31/18		0.000%		4,204,196		3,929,904
Peruvian Government International Bond Senior Unsecured
08/12/26		8.200%	PEN	12,792,000		5,262,923
Total						12,939,328
Philippines 1.0%
Philippine Government International Bond
Senior Unsecured
01/15/21		4.950%	PHP	107,000,000		2,489,602
03/30/26		5.500%		1,500,000		1,702,500
Power Sector Assets & Liabilities Management Corp. Government Guaranteed(b)
12/02/24		7.390%		2,877,000		3,646,597
Total						7,838,699
Poland 0.2%
Poland Government International Bond Senior Unsecured
04/21/21		5.125%		1,112,000		1,231,540
Qatar 0.1%
Qatar Government International Bond Senior Unsecured(b)
01/20/22		4.500%		500,000		543,100
Republic of Namibia 1.1%
Namibia International Bonds Senior Unsecured(b)
11/03/21		5.500%		7,700,000		8,075,375
Republic of the Congo 0.2%
Republic of Congo Senior Unsecured(c)
06/30/29		3.500%		2,061,277		1,860,302
Romania 1.8%
Romanian Government International Bond(b)
Senior Unsecured
02/07/22		6.750%		7,992,000		9,476,369
08/22/23		4.375%		2,866,000		2,898,789
01/22/24		4.875%		1,428,000		1,488,202
Total						13,863,360

Foreign Government Obligations(a)(d) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Russian Federation 7.2%
Eurasian Development Bank Senior Unsecured
10/05/17		8.000%	RUB	228,000,000		6,016,000
Gazprom Neft OAO Via GPN Capital SA Senior Unsecured(b)
09/19/22		4.375%		6,712,000		5,610,246
Gazprom OAO Via Gaz Capital SA(b)
Senior Unsecured
01/23/21		5.999%		1,000,000		980,000
03/07/22		6.510%		5,155,000		5,103,450
08/16/37		7.288%		2,829,000		2,769,591
Rosneft International Finance Ltd. Senior Unsecured(b)
03/06/22		4.199%		2,117,000		1,765,049
Russian Agricultural Bank OJSC Via RSHB Capital SA(b)
Senior Unsecured
12/27/17		5.298%		6,185,000		5,930,722
07/25/18		5.100%		2,600,000		2,405,000
Russian Foreign Bond — Eurobond(b)
Senior Unsecured
04/29/20		5.000%		1,800,000		1,816,200
04/04/42		5.625%		5,400,000		4,970,700
Russian Foreign Bond — Eurobond(b)(c)
Senior Unsecured
03/31/30		7.500%		4,655,052		5,190,384
Russian Railways via RZD Capital PLC Senior Unsecured
04/02/19		8.300%	RUB	17,900,000		457,235
Sberbank of Russia Via SB Capital SA(b)
Senior Unsecured
02/07/22		6.125%		5,020,000		4,877,761
Subordinated Notes
10/29/22		5.125%		3,000,000		2,580,000
Vnesheconombank Via VEB Finance PLC Senior Unsecured(b)
11/22/25		6.800%		4,315,000		3,969,800
Total						54,442,138
Serbia 0.8%
Republic of Serbia(b)
12/03/18		5.875%		5,494,000		5,786,768
Slovenia 0.3%
Slovenia Government International Bond(b)
02/18/19		4.125%		2,200,000		2,267,242
South Africa 0.4%
South Africa Government International Bond Senior Unsecured
01/17/24		4.665%		1,200,000		1,216,800

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

Semiannual Report 2014 9

Columbia Emerging Markets Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Foreign Government Obligations(a)(d) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Transnet SOC Ltd. Senior Unsecured(b)
07/26/22		4.000%		2,200,000		2,043,820
Total						3,260,620
South Korea 0.7%
Export-Import Bank of Korea Senior Unsecured
09/15/21		4.375%		1,113,000		1,193,016
Export-Import Bank of Korea(b)
02/15/15		5.000%	IDR	50,670,000,000		4,285,222
Total						5,478,238
Supra-National 0.1%
African Export-Import Bank Senior Unsecured
07/27/16		5.750%		1,000,000		1,064,430
Trinidad and Tobago 1.9%
Petroleum Co. of Trinidad & Tobago Ltd. Senior Unsecured(b)
08/14/19		9.750%		11,364,000		14,375,460
Turkey 7.8%
Export Credit Bank of Turkey Senior Unsecured(b)
04/24/19		5.875%		8,417,000		8,833,642
Turkey Government International Bond
03/25/22		5.125%		2,250,000		2,337,750
03/22/24		5.750%		3,100,000		3,312,350
01/14/41		6.000%		2,100,000		2,172,450
Senior Unsecured
06/05/20		7.000%		1,247,000		1,435,609
03/30/21		5.625%		2,363,000		2,540,225
09/26/22		6.250%		11,053,000		12,285,409
03/23/23		3.250%		2,000,000		1,802,500
02/05/25		7.375%		9,068,000		10,759,182
03/17/36		6.875%		5,544,000		6,342,336
05/30/40		6.750%		2,973,000		3,360,114
02/17/45		6.625%		3,750,000		4,181,250
Total						59,362,817
Ukraine 0.2%
Ukraine Government International Bond Senior Unsecured(b)
02/23/21		7.950%		1,655,000		1,419,163
United Arab Emirates 0.9%
Abu Dhabi National Energy Co.(b) Senior Unsecured
01/12/23		3.625%		2,000,000		1,970,000
Abu Dhabi National Energy Co.(b)(e) Senior Unsecured
05/06/24		3.875%		2,936,000		2,917,474

Foreign Government Obligations(a)(d) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Dolphin Energy Ltd. Senior Secured(b)
12/15/21		5.500%		1,516,000		1,711,839
Total						6,599,313
Uruguay 0.6%
Uruguay Government International Bond
Senior Unsecured
03/21/36		7.625%		1,710,404		2,242,767
11/20/45		4.125%		2,396,949		1,989,468
Total						4,232,235
Venezuela 7.3%
Petroleos de Venezuela SA
04/12/17		5.250%		18,547,000		14,930,335
11/02/17		8.500%		3,916,600		3,524,940
11/17/21		9.000%		6,782,647		5,536,336
Senior Unsecured
10/28/15		5.000%		15,103,334		13,574,121
Venezuela Government International Bond
Senior Unsecured
05/07/23		9.000%		17,455,400		14,287,245
10/13/24		8.250%		4,793,900		3,691,303
Total						55,544,280
Zambia 0.8%
Zambia Government International Bond(b)
09/20/22		5.375%		1,400,000		1,243,079
Senior Unsecured
04/14/24		8.500%		4,655,000		4,852,838
Total						6,095,917
Total Foreign Government Obligations
(Cost: $599,010,651)						596,493,465
Money Market Funds 5.4%
			Shares		Value ($)
Columbia Short-Term Cash Fund, 0.092%(g)(h)				41,009,037		41,009,037
Total Money Market Funds
(Cost: $41,009,037)						41,009,037
Total Investments
(Cost: $761,004,765)						747,652,047
Other Assets & Liabilities, Net						9,749,464
Net Assets						757,401,511

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

10 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at April 30, 2014

Counterparty	Exchange Date		Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays Bank PLC		5/28/2014		77,124,000 RUB		2,138,324 USD		—		(7,274	)
Citigroup Global Markets Inc.		5/28/2014		411,380,000 RUB		11,419,768 USD		—		(24,868	)
Standard Chartered Bank		5/28/2014		2,318,536 USD		84,244,000 RUB		25,141		—
J.P. Morgan Securities, Inc.		5/29/2014		3,265,000 SGD		2,598,333 USD		—		(5,940	)
Standard Chartered Bank		5/30/2014		12,271,127,000 COP		6,319,623 USD		618		—
Total								25,759		(38,082	)

Futures Contracts Outstanding at April 30, 2014

At April 30, 2014, cash totaling $421,400 was pledged as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)			Trading Currency		Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
US 5YR NOTE		(262	)		USD		(31,296,720	)		06/2014		111,331		—
US ULTRA T-BOND		(58	)		USD		(8,542,313	)		06/2014		—		(168,650	)
Total												111,331		(168,650	)

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 April 30, 2014, the value of these securities amounted to $401,506,752 or 53.01% of net assets.

(c) Variable rate security.

(d) Principal and interest may not be guaranteed by the government.

(e) Represents a security purchased on a when-issued or delayed delivery basis.

(f) Zero coupon bond.

(g) The rate shown is the seven-day current annualized yield at April 30, 2014.

(h) 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 April 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		42,634,843		110,574,507		(112,200,313	)		41,009,037		15,325		41,009,037

Currency Legend

BRL	Brazilian Real
COP	Colombian Peso
DOP	Dominican Republic Peso
IDR	Indonesian Rupiah
MXN	Mexican Peso
PEN	Peru Nuevos Soles
PHP	Philippine Peso
RUB	Russian Rouble
SGD	Singapore Dollar
USD	US Dollar
UYU	Uruguay Pesos

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

Semiannual Report 2014 11

Columbia Emerging Markets Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (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 may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

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

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

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

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

12 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2014:

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
Banking		—			8,662,140			2,155,298		10,817,438
Transportion Services		—			—			3,038,989		3,038,989
All Other Industries		—			74,013,724			—		74,013,724
Inflation-Indexed Bonds		—			22,279,394			—		22,279,394
Foreign Government Obligations		—			587,776,685			8,716,780		596,493,465
Total Bonds		—			692,731,943			13,911,067		706,643,010
Mutual Funds
Money Market Funds		41,009,037			—			—		41,009,037
Total Mutual Funds		41,009,037			—			—		41,009,037
Investments in Securities		41,009,037			692,731,943			13,911,067		747,652,047
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			25,759			—		25,759
Futures Contracts		111,331			—			—		111,331
Liabilities
Forward Foreign Currency Exchange Contracts		—			(38,082	)		—		(38,082	)
Futures Contracts		(168,650	)		—			—		(168,650	)
Total		40,951,718			692,719,620			13,911,067		747,582,405

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 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.

	Corporate Bonds & Notes ($)			Foreign Government Obligations ($)			Total ($)
Balance as of October 31, 2013		2,191,850			3,010,576			5,202,426
Accrued discounts/premiums		369			(20,689	)		(20,320	)
Realized gain (loss)		—			—			—
Change in unrealized appreciation (depreciation)(a)		(68,212	)		(350,958	)		(419,170	)
Sales		—			—			—
Purchases		3,070,280			6,077,851			9,148,131
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Balance as of April 30, 2014		5,194,287			8,716,780			13,911,067

(a) Change in unrealized appreciation (depreciation) relating to securities held at April 30, 2014 was $(419,170), which is comprised of Corporate Bonds & Notes of $(68,212) and Foreign Government Obligations of $(350,958).

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain corporate bonds and foreign government obligations 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.

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

Semiannual Report 2014 13

Columbia Emerging Markets Bond Fund

Statement of Assets and Liabilities

April 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $719,995,728)	$706,643,010
Affiliated issuers (identified cost $41,009,037)	41,009,037
Total investments (identified cost $761,004,765)	747,652,047
Foreign currency (identified cost $2,296,578)	2,338,839
Margin deposits	421,400
Unrealized appreciation on forward foreign currency exchange contracts	25,759
Receivable for:
Investments sold	6,380,448
Investments sold on a delayed delivery basis	2,848,931
Capital shares sold	833,337
Dividends	2,538
Interest	10,892,238
Reclaims	176,729
Prepaid expenses	1,340
Other assets	41,798
Total assets	771,615,404
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	38,082
Payable for:
Investments purchased	4,019,716
Investments purchased on a delayed delivery basis	8,943,146
Capital shares purchased	857,610
Variation margin	130,579
Investment management fees	10,958
Distribution and/or service fees	3,364
Transfer agent fees	100,571
Administration fees	1,417
Compensation of board members	29,207
Other expenses	79,243
Total liabilities	14,213,893
Net assets applicable to outstanding capital stock	$757,401,511
Represented by
Paid-in capital	$772,874,426
Undistributed net investment income	1,123,374
Accumulated net realized loss	(3,231,534	)
Unrealized appreciation (depreciation) on:
Investments	(13,352,718	)
Foreign currency translations	57,605
Forward foreign currency exchange contracts	(12,323	)
Futures contracts	(57,319	)
Total — representing net assets applicable to outstanding capital stock	$757,401,511

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

14 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Statement of Assets and Liabilities (continued)

April 30, 2014 (Unaudited)

Class A
Net assets	$189,610,169
Shares outstanding	16,784,942
Net asset value per share	$11.30
Maximum offering price per share(a)	$11.86
Class B
Net assets	$1,466,764
Shares outstanding	129,868
Net asset value per share	$11.29
Class C
Net assets	$54,190,328
Shares outstanding	4,819,274
Net asset value per share	$11.24
Class I
Net assets	$308,846,775
Shares outstanding	27,327,355
Net asset value per share	$11.30
Class K
Net assets	$35,996
Shares outstanding	3,189
Net asset value per share	$11.29
Class R
Net assets	$7,124,208
Shares outstanding	630,734
Net asset value per share	$11.30
Class R4
Net assets	$2,081,150
Shares outstanding	184,062
Net asset value per share	$11.31
Class R5
Net assets	$21,261,728
Shares outstanding	1,882,138
Net asset value per share	$11.30
Class W
Net assets	$65,145,799
Shares outstanding	5,774,133
Net asset value per share	$11.28
Class Y
Net assets	$1,156,253
Shares outstanding	102,309
Net asset value per share	$11.30
Class Z
Net assets	$106,482,341
Shares outstanding	9,424,453
Net asset value per share	$11.30

(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 4.75%.

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

Semiannual Report 2014 15

Columbia Emerging Markets Bond Fund

Statement of Operations

Six Months Ended April 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$15,325
Interest	24,700,269
Foreign taxes withheld	(137,747	)
Total income	24,577,847
Expenses:
Investment management fees	1,965,410
Distribution and/or service fees
Class A	249,265
Class B	8,426
Class C	270,369
Class R	13,535
Class W	76,626
Transfer agent fees
Class A	258,365
Class B	2,183
Class C	70,144
Class K	9
Class R	7,058
Class R4	2,050
Class R5	3,057
Class W	79,578
Class Z	139,617
Administration fees	254,199
Plan administration fees
Class K	44
Compensation of board members	12,646
Custodian fees	23,268
Printing and postage fees	57,272
Registration fees	80,987
Professional fees	23,250
Other	21,732
Total expenses	3,619,090
Net investment income	20,958,757
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(2,339,977	)
Foreign currency translations	(208,981	)
Forward foreign currency exchange contracts	140,883
Futures contracts	(192,689	)
Net realized loss	(2,600,764	)
Net change in unrealized appreciation (depreciation) on:
Investments	(6,510,792	)
Foreign currency translations	138,173
Forward foreign currency exchange contracts	7,465
Futures contracts	(57,319	)
Net change in unrealized appreciation (depreciation)	(6,422,473	)
Net realized and unrealized loss	(9,023,237	)
Net increase in net assets resulting from operations	$11,935,520

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

16 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Statement of Changes in Net Assets

	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013(a)(b)
Operations
Net investment income		$20,958,757			$41,524,071
Net realized gain (loss)		(2,600,764	)		11,853,084
Net change in unrealized appreciation (depreciation)		(6,422,473	)		(76,063,957	)
Net increase (decrease) in net assets resulting from operations		11,935,520			(22,686,802	)
Distributions to shareholders
Net investment income
Class A		(5,820,743	)		(14,526,829	)
Class B		(42,699	)		(112,178	)
Class C		(1,373,950	)		(2,421,183	)
Class I		(9,260,603	)		(10,772,123	)
Class K		(1,064	)		(3,142	)
Class R		(147,801	)		(134,094	)
Class R4		(47,886	)		(23,189	)
Class R5		(360,951	)		(394,717	)
Class W		(1,784,562	)		(3,017,851	)
Class Y		(251,186	)		(437,218	)
Class Z		(3,279,814	)		(8,304,740	)
Net realized gains
Class A		(2,757,704	)		(2,009,048	)
Class B		(24,022	)		(19,613	)
Class C		(718,679	)		(329,244	)
Class I		(3,825,672	)		(1,059,821	)
Class K		(464	)		(478	)
Class R		(58,040	)		(18,848	)
Class R4		(14,613	)		—
Class R5		(106,460	)		(16	)
Class W		(816,706	)		(432,474	)
Class Y		(119,010	)		(16	)
Class Z		(1,464,362	)		(1,141,006	)
Total distributions to shareholders		(32,276,991	)		(45,157,828	)
Increase (decrease) in net assets from capital stock activity		(15,310,285	)		152,341,072
Total increase (decrease) in net assets		(35,651,756	)		84,496,442
Net assets at beginning of period		793,053,267			708,556,825
Net assets at end of period		$757,401,511			$793,053,267
Undistributed net investment income		$1,123,374			$2,535,876

(a) Class R4 shares are for the period from March 19, 2013 (commencement of operations) to October 31, 2013.

(b) Class R5 shares and Class Y shares are for the period from November 8, 2012 (commencement of operations) to October 31, 2013.

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

Semiannual Report 2014 17

Columbia Emerging Markets Bond Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended April 30, 2014 (Unaudited)						Year Ended October 31, 2013(a)(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(c)		2,700,452			30,022,280			15,650,222			193,990,559
Distributions reinvested		726,374			8,039,181			1,270,341			15,497,332
Redemptions		(6,979,392	)		(77,440,066	)		(19,353,131	)		(231,851,144	)
Net decrease		(3,552,566	)		(39,378,605	)		(2,432,568	)		(22,363,253	)
Class B shares
Subscriptions		2,022			22,527			50,949			632,450
Distributions reinvested		5,712			63,208			10,423			127,432
Redemptions(c)		(55,979	)		(621,364	)		(115,790	)		(1,370,739	)
Net decrease		(48,245	)		(535,629	)		(54,418	)		(610,857	)
Class C shares
Subscriptions		712,736			7,878,014			2,946,279			36,314,967
Distributions reinvested		165,546			1,823,589			188,246			2,272,051
Redemptions		(1,105,572	)		(12,211,247	)		(1,779,012	)		(21,012,555	)
Net increase (decrease)		(227,290	)		(2,509,644	)		1,355,513			17,574,463
Class I shares
Subscriptions		2,464,498			27,536,852			11,129,945			132,538,220
Distributions reinvested		1,182,333			13,085,784			983,465			11,831,217
Redemptions		(644,857	)		(7,208,447	)		(858,019	)		(10,562,640	)
Net increase		3,001,974			33,414,189			11,255,391			133,806,797
Class K shares
Subscriptions		34			381			81			988
Distributions reinvested		95			1,053			240			2,930
Redemptions		(92	)		(1,030	)		(2,961	)		(33,842	)
Net increase (decrease)		37			404			(2,640	)		(29,924	)
Class R shares
Subscriptions		379,660			4,212,978			187,855			2,238,359
Distributions reinvested		10,081			111,519			3,458			41,720
Redemptions		(79,323	)		(875,474	)		(101,108	)		(1,244,864	)
Net increase		310,418			3,449,023			90,205			1,035,215
Class R4 shares
Subscriptions		123,682			1,373,841			102,334			1,260,075
Distributions reinvested		5,635			62,371			1,991			23,110
Redemptions		(36,235	)		(401,727	)		(13,345	)		(155,043	)
Net increase		93,082			1,034,485			90,980			1,128,142
Class R5 shares
Subscriptions		1,411,124			15,676,032			3,291,857			40,310,709
Distributions reinvested		42,183			467,322			33,060			394,159
Redemptions		(590,654	)		(6,678,531	)		(2,305,432	)		(27,938,570	)
Net increase		862,653			9,464,823			1,019,485			12,766,298

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

18 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended April 30, 2014 (Unaudited)						Year Ended October 31, 2013(a)(b)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class W shares
Subscriptions		711,984			7,945,794			2,045,946			24,529,680
Distributions reinvested		235,380			2,601,021			283,910			3,449,998
Redemptions		(788,697	)		(8,752,296	)		(1,813,666	)		(22,059,935	)
Net increase		158,667			1,794,519			516,190			5,919,743
Class Y shares
Subscriptions		14,568			162,662			1,100,762			13,764,776
Distributions reinvested		33,490			370,107			36,495			430,978
Redemptions		(746,775	)		(8,283,843	)		(336,231	)		(3,879,144	)
Net increase (decrease)		(698,717	)		(7,751,074	)		801,026			10,316,610
Class Z shares
Subscriptions		2,352,735			26,172,059			11,425,189			141,205,578
Distributions reinvested		368,829			4,081,975			559,166			6,820,639
Redemptions		(4,015,219	)		(44,546,810	)		(12,831,785	)		(155,228,379	)
Net decrease		(1,293,655	)		(14,292,776	)		(847,430	)		(7,202,162	)
Total net increase (decrease)		(1,393,642	)		(15,310,285	)		11,791,734			152,341,072

(a) Class R4 shares are for the period from March 19, 2013 (commencement of operations) to October 31, 2013.

(b) Class R5 shares and Class Y shares are for the period from November 8, 2012 (commencement of operations) to October 31, 2013.

(c) 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 2014 19

Columbia Emerging Markets Bond Fund

Financial Highlights

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

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class  A	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$11.59		$12.51		$11.33		$11.69		$10.35		$7.05
Income from investment operations:
Net investment income	0.30		0.61		0.65		0.68		0.76		0.53
Net realized and unrealized gain (loss)	(0.12	)	(0.86	)	1.16		(0.29	)	1.32		3.22
Total from investment operations	0.18		(0.25	)	1.81		0.39		2.08		3.75
Less distributions to shareholders:
Net investment income	(0.32	)	(0.59	)	(0.63	)	(0.75	)	(0.74	)	(0.45	)
Net realized gains	(0.15	)	(0.08	)	—		—		—		—
Total distributions to shareholders	(0.47	)	(0.67	)	(0.63	)	(0.75	)	(0.74	)	(0.45	)
Net asset value, end of period	$11.30		$11.59		$12.51		$11.33		$11.69		$10.35
Total return	1.69	%	(2.12	%)	16.51	%	3.58	%	20.75	%	54.87	%
Ratios to average net assets(a)
Total gross expenses	1.16	%(b)	1.13	%	1.16	%	1.35	%	1.37	%	1.37	%
Total net expenses(c)	1.16	%(b)	1.13	%(d)	1.16	%	1.28	%(d)	1.31	%	1.27	%
Net investment income	5.43	%(b)	5.00	%	5.54	%	5.91	%	6.93	%	5.85	%
Supplemental data
Net assets, end of period (in thousands)	$189,610		$235,667		$284,818		$162,047		$76,725		$32,726
Portfolio turnover	22	%	26	%	21	%	24	%	38	%	62	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

20 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class B	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$11.59		$12.51		$11.32		$11.67		$10.34		$7.05
Income from investment operations:
Net investment income	0.26		0.52		0.57		0.60		0.67		0.46
Net realized and unrealized gain (loss)	(0.13	)	(0.86	)	1.16		(0.30	)	1.31		3.22
Total from investment operations	0.13		(0.34	)	1.73		0.30		1.98		3.68
Less distributions to shareholders:
Net investment income	(0.28	)	(0.50	)	(0.54	)	(0.65	)	(0.65	)	(0.39	)
Net realized gains	(0.15	)	(0.08	)	—		—		—		—
Total distributions to shareholders	(0.43	)	(0.58	)	(0.54	)	(0.65	)	(0.65	)	(0.39	)
Net asset value, end of period	$11.29		$11.59		$12.51		$11.32		$11.67		$10.34
Total return	1.22	%	(2.85	%)	15.73	%	2.77	%	19.76	%	53.60	%
Ratios to average net assets(a)
Total gross expenses	1.91	%(b)	1.88	%	1.90	%	2.22	%	2.13	%	2.15	%
Total net expenses(c)	1.91	%(b)	1.88	%(d)	1.90	%	2.04	%(d)	2.08	%	2.04	%
Net investment income	4.68	%(b)	4.25	%	4.87	%	5.27	%	6.20	%	5.28	%
Supplemental data
Net assets, end of period (in thousands)	$1,467		$2,064		$2,908		$2,846		$3,569		$2,420
Portfolio turnover	22	%	26	%	21	%	24	%	38	%	62	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

Semiannual Report 2014 21

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class C	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$11.54		$12.46		$11.30		$11.65		$10.32		$7.04
Income from investment operations:
Net investment income	0.26		0.52		0.56		0.58		0.67		0.45
Net realized and unrealized gain (loss)	(0.13	)	(0.86	)	1.15		(0.26	)	1.32		3.22
Total from investment operations	0.13		(0.34	)	1.71		0.32		1.99		3.67
Less distributions to shareholders:
Net investment income	(0.28	)	(0.50	)	(0.55	)	(0.67	)	(0.66	)	(0.39	)
Net realized gains	(0.15	)	(0.08	)	—		—		—		—
Total distributions to shareholders	(0.43	)	(0.58	)	(0.55	)	(0.67	)	(0.66	)	(0.39	)
Net asset value, end of period	$11.24		$11.54		$12.46		$11.30		$11.65		$10.32
Total return	1.23	%	(2.85	%)	15.55	%	2.96	%	19.87	%	53.57	%
Ratios to average net assets(a)
Total gross expenses	1.91	%(b)	1.88	%	1.91	%	2.03	%	2.14	%	2.13	%
Total net expenses(c)	1.91	%(b)	1.88	%(d)	1.91	%	2.02	%(d)	2.06	%	2.03	%
Net investment income	4.69	%(b)	4.28	%	4.78	%	5.11	%	6.14	%	5.06	%
Supplemental data
Net assets, end of period (in thousands)	$54,190		$58,219		$45,979		$19,877		$3,622		$722
Portfolio turnover	22	%	26	%	21	%	24	%	38	%	62	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

22 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class I	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$11.59		$12.51		$11.34		$11.69		$10.35		$7.05
Income from investment operations:
Net investment income	0.33		0.67		0.72		0.73		0.77		0.57
Net realized and unrealized gain (loss)	(0.12	)	(0.86	)	1.14		(0.27	)	1.35		3.22
Total from investment operations	0.21		(0.19	)	1.86		0.46		2.12		3.79
Less distributions to shareholders:
Net investment income	(0.35	)	(0.65	)	(0.69	)	(0.81	)	(0.78	)	(0.49	)
Net realized gains	(0.15	)	(0.08	)	—		—		—		—
Total distributions to shareholders	(0.50	)	(0.73	)	(0.69	)	(0.81	)	(0.78	)	(0.49	)
Net asset value, end of period	$11.30		$11.59		$12.51		$11.34		$11.69		$10.35
Total return	1.94	%	(1.67	%)	16.96	%	4.18	%	21.19	%	55.52	%
Ratios to average net assets(a)
Total gross expenses	0.66	%(b)	0.65	%	0.68	%	0.83	%	0.92	%	0.88	%
Total net expenses(c)	0.66	%(b)	0.65	%	0.68	%	0.83	%	0.92	%	0.85	%
Net investment income	5.96	%(b)	5.56	%	6.11	%	6.43	%	7.13	%	6.59	%
Supplemental data
Net assets, end of period (in thousands)	$308,847		$281,985		$163,508		$146,569		$78,154		$106,359
Portfolio turnover	22	%	26	%	21	%	24	%	38	%	62	%

Notes to Financial Highlights

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

(b) Annualized.

(c) 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 2014 23

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class K	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$11.58		$12.50		$11.31		$11.68		$10.35		$7.05
Income from investment operations:
Net investment income	0.31		0.63		0.68		0.71		0.72		0.54
Net realized and unrealized gain (loss)	(0.12	)	(0.86	)	1.16		(0.31	)	1.35		3.23
Total from investment operations	0.19		(0.23	)	1.84		0.40		2.07		3.77
Less distributions to shareholders:
Net investment income	(0.33	)	(0.61	)	(0.65	)	(0.77	)	(0.74	)	(0.47	)
Net realized gains	(0.15	)	(0.08	)	—		—		—		—
Total distributions to shareholders	(0.48	)	(0.69	)	(0.65	)	(0.77	)	(0.74	)	(0.47	)
Net asset value, end of period	$11.29		$11.58		$12.50		$11.31		$11.68		$10.35
Total return	1.79	%	(1.97	%)	16.87	%	3.65	%	20.75	%	55.14	%
Ratios to average net assets(a)
Total gross expenses	0.96	%(b)	0.95	%	0.98	%	1.17	%	1.27	%	1.18	%
Total net expenses(c)	0.96	%(b)	0.95	%	0.98	%	1.13	%	1.22	%	1.11	%
Net investment income	5.65	%(b)	5.16	%	5.78	%	6.18	%	6.52	%	6.31	%
Supplemental data
Net assets, end of period (in thousands)	$36		$36		$72		$62		$124		$23
Portfolio turnover	22	%	26	%	21	%	24	%	38	%	62	%

Notes to Financial Highlights

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

(b) Annualized.

(c) 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 2014

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class R	(Unaudited)		2013		2012(a)
Per share data
Net asset value, beginning of period	$11.59		$12.50		$11.30
Income from investment operations:
Net investment income	0.29		0.58		0.58
Net realized and unrealized gain (loss)	(0.13	)	(0.85	)	1.23
Total from investment operations	0.16		(0.27	)	1.81
Less distributions to shareholders:
Net investment income	(0.30	)	(0.56	)	(0.61	)
Net realized gains	(0.15	)	(0.08	)	—
Total distributions to shareholders	(0.45	)	(0.64	)	(0.61	)
Net asset value, end of period	$11.30		$11.59		$12.50
Total return	1.56	%	(2.29	%)	16.57	%
Ratios to average net assets(b)
Total gross expenses	1.42	%(c)	1.39	%	1.42	%(c)
Total net expenses(d)	1.42	%(c)	1.39	%(e)	1.42	%(c)
Net investment income	5.23	%(c)	4.79	%	5.15	%(c)
Supplemental data
Net assets, end of period (in thousands)	$7,124		$3,711		$2,877
Portfolio turnover	22	%	26	%	21	%

Notes to Financial Highlights

(a) For the period from November 16, 2011 (commencement of operations) to October 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.

(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 2014 25

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

Class R4	Six Months  Ended April 30, 2014 (Unaudited)		Year  Ended October 31, 2013(a)
Per share data
Net asset value, beginning of period	$11.60		$12.57
Income from investment operations:
Net investment income	0.31		0.41
Net realized and unrealized loss	(0.12	)	(0.98	)
Total from investment operations	0.19		(0.57	)
Less distributions to shareholders:
Net investment income	(0.33	)	(0.40	)
Net realized gains	(0.15	)	—
Total distributions to shareholders	(0.48	)	(0.40	)
Net asset value, end of period	$11.31		$11.60
Total return	1.81	%	(4.57	%)
Ratios to average net assets(b)
Total gross expenses	0.92	%(c)	0.92	%(c)
Total net expenses(d)	0.92	%(c)	0.92	%(c)(e)
Net investment income	5.69	%(c)	5.70	%(c)
Supplemental data
Net assets, end of period (in thousands)	$2,081		$1,055
Portfolio turnover	22	%	26	%

Notes to Financial Highlights

(a) For the period from March 19, 2013 (commencement of operations) to October 31, 2013.

(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.

26 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

Class R5	Six Months  Ended April 30, 2014 (Unaudited)		Year  Ended October 31, 2013(a)
Per share data
Net asset value, beginning of period	$11.59		$12.57
Income from investment operations:
Net investment income	0.33		0.64
Net realized and unrealized loss	(0.13	)	(0.90	)
Total from investment operations	0.20		(0.26	)
Less distributions to shareholders:
Net investment income	(0.34	)	(0.64	)
Net realized gains	(0.15	)	(0.08	)
Total distributions to shareholders	(0.49	)	(0.72	)
Net asset value, end of period	$11.30		$11.59
Total return	1.92	%	(2.19	%)
Ratios to average net assets(b)
Total gross expenses	0.71	%(c)	0.71	%(c)
Total net expenses(d)	0.71	%(c)	0.71	%(c)
Net investment income	5.92	%(c)	5.54	%(c)
Supplemental data
Net assets, end of period (in thousands)	$21,262		$11,814
Portfolio turnover	22	%	26	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to October 31, 2013.

(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 2014 27

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class W	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$11.57		$12.49		$11.31		$11.68		$10.34		$7.05
Income from investment operations:
Net investment income	0.30		0.61		0.66		0.68		0.75		0.53
Net realized and unrealized gain (loss)	(0.12	)	(0.86	)	1.15		(0.30	)	1.32		3.21
Total from investment operations	0.18		(0.25	)	1.81		0.38		2.07		3.74
Less distributions to shareholders:
Net investment income	(0.32	)	(0.59	)	(0.63	)	(0.75	)	(0.73	)	(0.45	)
Net realized gains	(0.15	)	(0.08	)	—		—		—		—
Total distributions to shareholders	(0.47	)	(0.67	)	(0.63	)	(0.75	)	(0.73	)	(0.45	)
Net asset value, end of period	$11.28		$11.57		$12.49		$11.31		$11.68		$10.34
Total return	1.69	%	(2.13	%)	16.53	%	3.47	%	20.68	%	54.69	%
Ratios to average net assets(a)
Total gross expenses	1.17	%(b)	1.13	%	1.15	%	1.45	%	1.37	%	1.33	%
Total net expenses(c)	1.17	%(b)	1.13	%(d)	1.15	%	1.30	%(d)	1.37	%	1.30	%
Net investment income	5.45	%(b)	5.02	%	5.63	%	5.96	%	6.93	%	6.18	%
Supplemental data
Net assets, end of period (in thousands)	$65,146		$64,994		$63,707		$67,886		$74,067		$117,037
Portfolio turnover	22	%	26	%	21	%	24	%	38	%	62	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

28 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

Class Y	Six Months  Ended April 30, 2014 (Unaudited)		Year Ended October 31, 2013(a)
Per share data
Net asset value, beginning of period	$11.59		$12.57
Income from investment operations
Net investment income	0.33		0.65
Net realized and unrealized loss	(0.12	)	(0.90	)
Total from investment operations	0.21		(0.25	)
Less distributions to shareholders:
Net investment income	(0.35	)	(0.65	)
Net realized gains	(0.15	)	(0.08	)
Total distributions to shareholders	(0.50	)	(0.73	)
Net asset value, end of period	$11.30		$11.59
Total return	1.94	%	(2.14	%)
Ratios to average net assets(b)
Total gross expenses	0.65	%(c)	0.65	%(c)
Total net expenses(d)	0.65	%(c)	0.65	%(c)
Net investment income	5.92	%(c)	5.66	%(c)
Supplemental data
Net assets, end of period (in thousands)	$1,156		$9,286
Portfolio turnover	22	%	26	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to October 31, 2013.

(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 2014 29

Columbia Emerging Markets Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class Z	(Unaudited)		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$11.59		$12.51		$11.35		$11.69		$11.47
Income from investment operations:
Net investment income	0.31		0.64		0.68		0.68		0.07
Net realized and unrealized gain (loss)	(0.12	)	(0.86	)	1.14		(0.22	)	0.24
Total from investment operations	0.19		(0.22	)	1.82		0.46		0.31
Less distributions to shareholders:
Net investment income	(0.33	)	(0.62	)	(0.66	)	(0.80	)	(0.09	)
Net realized gains	(0.15	)	(0.08	)	—		—		—
Total distributions to shareholders	(0.48	)	(0.70	)	(0.66	)	(0.80	)	(0.09	)
Net asset value, end of period	$11.30		$11.59		$12.51		$11.35		$11.69
Total return	1.81	%	(1.87	%)	16.64	%	4.16	%	2.68	%
Ratios to average net assets(b)
Total gross expenses	0.91	%(c)	0.88	%	0.91	%	0.84	%	1.32	%(c)
Total net expenses(d)	0.91	%(c)	0.88	%(e)	0.91	%	0.84	%(e)	0.97	%(c)
Net investment income	5.68	%(c)	5.23	%	5.72	%	6.03	%	7.36	%(c)
Supplemental data
Net assets, end of period (in thousands)	$106,482		$124,223		$144,687		$35,902		$123
Portfolio turnover	22	%	26	%	21	%	24	%	38	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

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

(c) Annualized.

(d) 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.

30 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Notes to Financial Statements

April 30, 2014 (Unaudited)

Note 1. Organization

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

Fund Shares

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

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

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other eligible investors.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain other eligible investors.

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

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

Class Y shares are not subject to sales charges and are generally available only to certain retirement plans.

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

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.

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

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

Semiannual Report 2014 31

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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

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

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

32 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the exchange or clearinghouse for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage over a specified time period or the Fund fails to meet the terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet the terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivative contracts based on whether termination would result in a net liability owed from the counterparty.

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

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are typically intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities and to shift investment exposure from one currency to another. These instruments may be used for other purposes in future periods.

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 or is closed.

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

Futures Contracts

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

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

Semiannual Report 2014 33

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

Offsetting of Derivative Assets and Derivative Liabilities

The following tables present the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of April 30, 2014:

	Gross Amounts of Recognized Assets ($)		Gross Amounts Offset in the Statement  of Assets and Liabilities ($)		Net Amounts of Assets Presented in the Statement of Assets and Liabilities ($)		Gross Amounts Not Offset in the Statement of Assets and Liabilities						Net Amount(b) ($)
							Financial Instruments(a) ($)		Cash Collateral Received ($)		Securities Collateral Received ($)
Asset Derivatives:
Forward Foreign Currency Exchange Contracts		25,759		—		25,759		—		—		—		25,759
	Gross Amounts of Recognized Liabilities ($)		Gross Amounts Offset in the Statement of Assets  and Liabilities ($)		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities ($)		Gross Amounts Not Offset in the Statement of Assets and Liabilities						Net Amount(d) ($)
							Financial Instruments(c) ($)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)
Liability Derivatives:
Forward Foreign Currency Exchange Contracts		38,082		—		38,082		—		—		—		38,082

(a) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

(b) Represents the net amount due from counterparties in the event of default.

(c) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

(d) Represents the net amount due to counterparties in the event of default.

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 over the period in the Statement of Operations 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 April 30, 2014:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	25,759
Interest rate risk	Net assets — unrealized appreciation on futures contracts	111,331	*
Total		137,090

	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	38,082
Interest rate risk	Net assets — unrealized depreciation on futures contracts	168,650	*
Total		206,732

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

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended April 30, 2014:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Total ($)
Foreign exchange risk		140,883		—			140,883
Interest rate risk		—		(192,689	)		(192,689	)
Total		140,883		(192,689	)		(51,806	)

34 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Total ($)
Foreign exchange risk		7,465		—			7,465
Interest rate risk		—		(57,319	)		(57,319	)
Total		7,465		(57,319	)		(49,854	)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended April 30, 2014.

Derivative Instrument	Average Notional Amounts* ($)
Futures contracts — Short		52,548,579

Derivative Instrument	Average Unrealized Appreciation* ($)		Average Unrealized Depreciation* ($)
Forward foreign currency exchange contracts		359,808		(19,041	)

* Based on ending quarterly outstanding amounts for the six months ended April 30, 2014.

Delayed Delivery Securities

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

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.

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 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 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 2014 35

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (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.

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 0.530% to 0.353% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended April 30, 2014 was 0.53% of the Fund’s average daily net assets.

The Investment Manager has entered into a personnel-sharing arrangement with its affiliate, Threadneedle Investments (Threadneedle). Threadneedle, like the Investment Manager, is a wholly-owned subsidiary of Ameriprise Financial and is an SEC-registered investment adviser. Pursuant to this arrangement, certain employees of Threadneedle serve as “associated persons” of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information (SAI), may provide research and related services, and discretionary investment management services (including acting as portfolio managers) to the Fund on behalf of the Investment Manager.

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 April 30, 2014 was 0.07% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board, including payments to a company providing limited administrative services to the Fund and the Board. That company’s expenses include boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. For the six months ended April 30, 2014, other expenses paid to this company were $1,285.

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 also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., 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. 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. Class I and Class Y shares are not subject to transfer agent fees.

36 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

For the six months ended April 30, 2014, 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	0.26	%
Class B	0.26
Class C	0.26
Class K	0.05
Class R	0.26
Class R4	0.26
Class R5	0.05
Class W	0.26
Class Z	0.26

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended April 30, 2014, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

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

Distribution Fees

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

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $135,000 and $335,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of March 31, 2014, 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 $123,353 for Class A, $68 for Class B and $11,470 for Class C shares for the six months ended April 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the periods disclosed below, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

	March 1, 2014 through February 28, 2015 (%)		Prior to March 1, 2014 (%)
Class A		1.24		1.25
Class B		1.99		2.00
Class C		1.99		2.00
Class I		0.80		0.83
Class K		1.10		1.13
Class R		1.49		1.50
Class R4		0.99		1.00
Class R5		0.85		0.88
Class W		1.24		1.25
Class Y		0.80		0.83
Class Z		0.99		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.

Semiannual Report 2014 37

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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 April 30, 2014, the cost of investments for federal income tax purposes was approximately $761,005,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$ 20,118,000
Unrealized depreciation	(33,471,000	)
Net unrealized depreciation	$(13,353,000	)

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 $157,595,122 and $183,315,588, respectively, for the six months ended April 30, 2014.

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.

Note 7. Shareholder Concentration

At April 30, 2014, affiliated shareholders of record owned 59.8% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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. Effective December 10, 2013, the Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. Prior to December 10, 2013, the commitment fee was charged at the annual rate of 0.08% per annum. The commitment fee is included in other expenses in the Statement of Operations.

The Fund had no borrowings during the six months ended April 30, 2014.

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.

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

38 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (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.

Semiannual Report 2014 39

Columbia Emerging Markets Bond Fund

Approval of Investment Management Services Agreement

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

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the IMS Agreement. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2014, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March and April were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials (including proposed expense caps for certain Funds) were revised to reflect discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel, and reviews information prepared by Columbia Management addressing the services Columbia Management provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the IMS Agreement.

The Board, at its April 9-11, 2014 in-person Board meeting (the April Meeting), considered the renewal of the IMS Agreement for an additional one-year term. At the April Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement.

Nature, Extent and Quality of Services Provided by Columbia Management

The Independent Trustees analyzed various reports and presentations they had received detailing the services performed by Columbia Management, as well as its expertise, resources and capabilities. The Independent Trustees specifically considered many developments during the past year concerning the services provided by Columbia Management, including, in particular, the successful implementation of a globalization initiative, which, among other things, increased worldwide analyst support for global products, the reorganization of the Informational Technology research team, the hiring of additional personnel to assist the Asset Allocation team and the global restructuring of the Senior Operational team. The Independent Trustees noted the information they received concerning Columbia Management’s ability to retain its key portfolio management personnel. The Independent Trustees also recalled Columbia Management’s representation that additional staff has been added to support the vigorous application of the “5P” review process, to which all internally-managed Funds are subject.

In connection with the Board’s evaluation of the overall package of services provided by Columbia Management, the Board also considered the quality of administrative services provided to the Fund by Columbia Management, recalling the information it received highlighting significant achievements in 2013 in the performance of administrative services. In evaluating the quality of services provided under the IMS Agreement and the Fund’s Administrative Services Agreement, the Independent Trustees also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. In addition, the Board also reviewed the financial condition of Columbia Management (and its affiliates) and each entity’s ability to carry out its responsibilities under the IMS Agreement and the Fund’s other services agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. The Board also discussed the acceptability of the terms of the IMS Agreement (including the relatively broad scope of services required to be performed by Columbia Management). The Board concluded that the services being performed under the IMS Agreement were of a reasonably high quality.

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

40 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

Approval of Investment Management Services Agreement (continued)

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under the IMS Agreement, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods, the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group and the net assets of the Fund. The Board observed that the Fund’s investment performance was appropriate in light of the particular management style involved and the particular market environment. The Board observed that appropriate steps (such as changes to the management team) had been taken to help improve the Fund’s performance.

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

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

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the “pricing philosophy” currently in effect (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). In this connection, the Board also considered the 2013 report provided by an independent consulting firm, Bobroff Consulting (the Independent Consultant), that concluded that the Funds’ standardized investment management fee rates were within a reasonable range. The Board took into account that the Fund’s total expense ratio (after considering proposed voluntary expense caps/waivers) was below the peer universe’s median expense ratio shown in the reports. It was observed that various proposals concerning the Funds’ transfer agency and sub-transfer agency fee structures, and other changes impacting the Funds’ pricing structure and fees, are expected to be considered at a later Board meeting which, if adopted, would alter the current pricing philosophy. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

The Board also considered the expected profitability of Columbia Management and its affiliates in connection with Columbia Management providing investment management services to the Fund. In this regard, the Board referred to a detailed profitability report, discussing the profitability to Columbia Management and Ameriprise Financial from managing, operating and distributing the Funds. In this regard, the Board observed that: (i) the Independent Consultant concluded that 2012 profitability was reasonable; (ii) 2013 profitability only moderately exceeded 2012 levels; and (iii) 2013 profitability is in line with profitability levels of industry competitors. It also took into account the indirect economic benefits flowing to Columbia Management or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Economies of Scale to be Realized

The Board also considered the economies of scale that might be realized by Columbia Management as the Fund grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Independent Trustees took into account that IMS fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that the investment management service fees were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On April 11, 2014, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement.

Semiannual Report 2014 41

Columbia Emerging Markets Bond Fund

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42 Semiannual Report 2014

Columbia Emerging Markets Bond Fund

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Semiannual Report 2014 43

Columbia Emerging Markets Bond Fund

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44 Semiannual Report 2014

Columbia Emerging Markets 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 2014 45

Columbia Emerging Markets 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 and, if available, a summary 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.

© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR141_10_D01_(06/14)

Semiannual Report April 30, 2014

Columbia European Equity Fund

President’s Message

Dear Shareholders,

Continued Economic Recovery

The U.S. economy continued to recover at a slow but steady pace during the first quarter of 2014, supported by solid manufacturing activity, reasonable job growth and continued gains for the housing market. Industrial production was robust, buoyed by strong demand for autos and related parts. After a disappointing January, job growth picked up, which helped boost consumer confidence. Housing data was somewhat mixed, as harsh weather and higher mortgage rates put a damper on sales, while lower inventories helped prices trend higher. The Federal Reserve (the Fed) announced further reductions to its monthly asset purchases and reassured the markets that it would not make any significant changes to monetary policy until it was satisfied that the labor market was on solid ground. Despite mostly good news on the economic front, the broad financial markets recorded only modest gains, as bitter winter weather at home and mounting tensions between Russia and Western allies prompted investor caution.

Investors braced for higher interest rates, but long-term yields declined and the fixed-income markets were surprisingly resilient in the face of stable-to-improving economic data. Risk-on trading continued during the quarter as the higher yielding sectors of the fixed-income markets generally fared well. Emerging-market bonds, long-term U.S. Treasuries and sovereign debt were among the strongest performers, as were Treasury Inflation Protected Securities. Municipal bonds delivered solid gains, especially high-yield municipals, which benefited from continued improvement in state finances.

Against this backdrop, the broad bond market, as measured by the Barclays U.S. Aggregate Bond Index, edged out the broad stock market, as measured by the Standard & Poor’s 500 Index, with gains of 1.84% vs. 1.81%, respectively. As indicated late last year, the Fed began tapering its monthly asset purchase program and announced further reductions. New Fed chair Janet Yellen reassured investors the Fed was committed to keeping short-term borrowing rates low into 2015.

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. At Columbia Management, reaching our performance goals matters, and how we reach them matters just as much.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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

> 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

Investing involves risk including the risk of loss of principal.

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 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.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and, if available, a summary 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.

© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2014

Columbia European Equity 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	9
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	23
Approval of Investment Management Services and Subadvisory Agreements	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 7 p.m. Eastern time.

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

Semiannual Report 2014

Columbia European Equity Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia European Equity Fund (the Fund) Class A shares returned 6.68% excluding sales charges for the six-month period that ended April 30, 2014.

> The Fund underperformed its benchmark, the MSCI Europe Index (Net), which returned 8.26% for the same six months.

Average Annual Total Returns (%) (for period ended April 30, 2014)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	06/26/00
Excluding sales charges			6.68		21.48		17.49		9.89
Including sales charges			0.55		14.57		16.10		9.24
Class B	06/26/00
Excluding sales charges			6.40		20.77		16.60		9.05
Including sales charges			1.40		15.77		16.38		9.05
Class C	06/26/00
Excluding sales charges			6.24		20.65		16.61		9.05
Including sales charges			5.24		19.65		16.61		9.05
Class I*	07/15/04		7.04		22.19		18.18		10.49
Class K	06/26/00		6.70		21.71		17.73		10.17
Class R4*	01/08/14		6.82		21.64		17.52		9.90
Class R5*	01/08/14		6.81		21.63		17.52		9.90
Class W*	06/18/12		6.67		21.54		17.46		9.87
Class Z*	09/27/10		6.89		21.96		17.80		10.03
MSCI Europe Index (Net)			8.26		22.30		15.01		7.77

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 MSCI Europe Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe.

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

2 Semiannual Report 2014

Columbia European Equity Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at April 30, 2014)
Roche Holding AG, Genusschein Shares (Switzerland)	3.0
Bayer AG, Registered Shares (Germany)	2.7
Bayerische Motoren Werke AG (Germany)	2.5
Iliad SA (France)	2.3
Renault SA (France)	2.2
BASF SE (Germany)	2.2
Vodafone Group PLC (United Kingdom)	2.2
Legrand SA (France)	2.2
ING Groep NV-CVA (Netherlands)	2.1
GlaxoSmithKline PLC (United Kingdom)	2.1

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

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

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

Country Breakdown (%) (at April 30, 2014)
Belgium	3.2
Denmark	2.9
Finland	0.8
France	20.0
Germany	15.8
Ireland	1.1
Italy	2.5
Netherlands	7.7
Norway	1.2
Spain	3.3
Sweden	2.3
Switzerland	9.5
United Kingdom	28.7
United States(a)	1.0
Total	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.

Portfolio Management

Threadneedle International Limited

Daniel Ison

Nick Davis

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.

© 2014 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 2014 3

Columbia European Equity Fund

Portfolio Overview (continued)

(Unaudited)

Summary of Investments in Securities by Industry (%) (at April 30, 2014)
Aerospace & Defense	2.9
Air Freight & Logistics	1.7
Airlines	3.1
Auto Components	2.2
Automobiles	4.6
Banks	12.7
Beverages	2.5
Capital Markets	2.7
Chemicals	4.6
Construction Materials	1.0
Diversified Financial Services	2.1
Diversified Telecommunication Services	5.5
Electrical Equipment	2.1
Health Care Equipment & Supplies	1.9
Hotels, Restaurants & Leisure	1.0
Household Durables	1.6
Insurance	6.9
IT Services	1.9
Machinery	3.1
Media	4.6
Metals & Mining	0.9
Oil, Gas & Consumable Fuels	1.7
Personal Products	1.2
Pharmaceuticals	9.7
Professional Services	2.0
Semiconductors & Semiconductor Equipment	1.5
Software	1.6
Specialty Retail	1.0
Textiles, Apparel & Luxury Goods	1.9
Trading Companies & Distributors	5.0
Transportation Infrastructure	1.1
Wireless Telecommunication Services	2.2
Money Market Funds	1.0
Total	99.5

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

4 Semiannual Report 2014

Columbia European Equity Fund

Understanding Your Fund’s Expenses

(Unaudited)

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

Analyzing Your Fund’s Expenses

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

Compare With Other Funds

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

November 1, 2013 – April 30, 2014

	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		1,066.80		1,018.05		6.97		6.80		1.36
Class B		1,000.00	1,000.00		1,064.00		1,014.33		10.80		10.54		2.11
Class C		1,000.00	1,000.00		1,062.40		1,014.33		10.79		10.54		2.11
Class I		1,000.00	1,000.00		1,070.40		1,020.28		4.67		4.56		0.91
Class K		1,000.00	1,000.00		1,067.00		1,018.79		6.20		6.06		1.21
Class R4		1,000.00	1,000.00		1,011.90	*	1,019.24		3.43	*	5.61		1.12	*
Class R5		1,000.00	1,000.00		1,011.80	*	1,020.18		2.84	*	4.66		0.93	*
Class W		1,000.00	1,000.00		1,066.70		1,018.05		6.97		6.80		1.36
Class Z		1,000.00	1,000.00		1,068.90		1,019.29		5.69		5.56		1.11

* For the period January 8, 2014 through April 30, 2014. Class R4 and R5 shares commenced operations on January 8, 2014.

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 2014 5

Columbia European Equity Fund

Portfolio of Investments

April 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 98.5%
Issuer	Shares		Value ($)
Belgium 3.2%
Anheuser-Busch InBev NV		104,056		11,323,757
KBC Groep NV		142,271		8,666,937
Total				19,990,694
Denmark 2.9%
Novo Nordisk A/S, Class B		284,002		12,811,763
Pandora A/S		83,820		5,638,375
Total				18,450,138
Finland 0.8%
KONE OYJ, Class B		120,877		5,168,472
France 19.9%
Airbus Group NV		185,856		12,760,858
AtoS		89,892		7,760,803
BNP Paribas SA		123,177		9,246,832
Essilor International SA		45,346		4,849,789
Groupe Eurotunnel SA		537,823		7,214,509
Iliad SA		52,522		14,172,507
L’Oreal SA		43,941		7,559,228
Legrand SA		208,119		13,426,120
Publicis Groupe SA		107,888		9,190,250
Renault SA		143,177		13,934,351
Societe Generale SA		142,419		8,851,804
Thales SA		86,699		5,514,920
Vivendi SA		424,792		11,397,737
Total				125,879,708
Germany 15.8%
Allianz SE, Registered Shares		54,918		9,512,378
BASF SE		119,303		13,808,911
Bayer AG, Registered Shares		119,343		16,557,043
Bayerische Motoren Werke AG		123,526		15,454,481
Brenntag AG		61,024		11,035,640
Continental AG		41,596		9,744,027
Deutsche Post AG		278,940		10,500,898
ProSiebenSat.1 Media AG, Registered Shares		226,212		9,890,512
SAP AG		38,799		3,124,163
Total				99,628,053
Ireland 1.0%
Bank of Ireland(a)		17,015,738		6,680,717

Common Stocks (continued)
Issuer	Shares		Value ($)
Italy 2.5%
Intesa Sanpaolo SpA		3,369,927		11,501,154
Mediobanca SpA(a)		395,093		4,374,094
Total				15,875,248
Netherlands 7.6%
Aegon NV		996,413		9,033,807
ASML Holding NV		114,492		9,439,885
Gemalto NV		61,308		6,863,988
ING Groep NV-CVA(a)		924,292		13,124,503
Reed Elsevier NV		482,958		9,852,812
Total				48,314,995
Norway 1.2%
DNB ASA		421,619		7,454,563
Spain 3.3%
Amadeus IT Holding SA, Class A		106,454		4,424,020
Banco Popular Espanol SA		556,572		4,092,447
Bankinter SA		743,619		5,687,538
Inditex SA		43,469		6,522,168
Total				20,726,173
Sweden 2.3%
Nordea Bank AB		627,070		9,086,624
SKF AB B Shares		204,561		5,312,062
Total				14,398,686
Switzerland 9.5%
Adecco SA, Registered Shares		151,070		12,624,927
Cie Financiere Richemont SA, Class A, Registered Shares		64,890		6,584,112
Holcim Ltd., Registered Shares		69,111		6,329,220
Roche Holding AG, Genusschein Shares		64,083		18,785,836
Sika AG		1,614		6,526,788
UBS AG, Registered Shares		438,953		9,177,065
Total				60,027,948
United Kingdom 28.5%
Ashtead Group PLC		500,564		7,390,853
BG Group PLC		524,056		10,600,092
BT Group PLC		1,492,738		9,287,444
Diageo PLC		154,418		4,738,572
easyJet PLC		445,927		12,325,019
GKN PLC		671,552		4,353,976

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

6 Semiannual Report 2014

Columbia European Equity Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
GlaxoSmithKline PLC		471,588		12,994,454
IMI PLC		361,254		9,149,114
Intercontinental Hotels Group PLC		183,074		6,237,678
International Consolidated Airlines Group SA(a)		1,062,671		7,250,414
Johnson Matthey PLC		155,644		8,601,091
Legal & General Group PLC		2,632,431		9,413,651
Lloyds Banking Group PLC(a)		6,844,431		8,708,701
Persimmon PLC(a)		447,419		9,911,135
Prudential PLC		401,997		9,220,566
Rio Tinto PLC		105,192		5,726,908
Schroders PLC		78,597		3,391,891
Smith & Nephew PLC		468,578		7,274,594
St. James’s Place PLC		518,107		6,735,740
Travis Perkins PLC		202,638		5,833,382

Common Stocks (continued)
Issuer	Shares		Value ($)
Vodafone Group PLC		3,627,887		13,717,657
Wolseley PLC		123,705		7,145,218
Total				180,008,150
Total Common Stocks
(Cost: $520,746,883)				622,603,545
Money Market Funds 1.0%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.092%(b)(c)		6,081,468		6,081,468
Total Money Market Funds
(Cost: $6,081,468)				6,081,468
Total Investments
(Cost: $526,828,351)				628,685,013
Other Assets & Liabilities, Net				3,081,881
Net Assets				631,766,894

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at April 30, 2014.

(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 April 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		18,413,364		139,301,049		(151,632,945	)		6,081,468		4,683		6,081,468

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.

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

Semiannual Report 2014 7

Columbia European Equity Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Fair Value Measurements (continued)

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2014:

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		—		107,313,878		—		107,313,878
Consumer Staples		—		23,621,557		—		23,621,557
Energy		—		10,600,092		—		10,600,092
Financials		—		153,961,011		—		153,961,011
Health Care		—		73,273,479		—		73,273,479
Industrials		—		132,652,405		—		132,652,405
Information Technology		—		31,612,860		—		31,612,860
Materials		—		40,992,918		—		40,992,918
Telecommunication Services		—		48,575,345		—		48,575,345
Total Equity Securities		—		622,603,545		—		622,603,545
Mutual Funds
Money Market Funds		6,081,468		—		—		6,081,468
Total Mutual Funds		6,081,468		—		—		6,081,468
Total		6,081,468		622,603,545		—		628,685,013

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 during the period.

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

8 Semiannual Report 2014

Columbia European Equity Fund

Statement of Assets and Liabilities

April 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $520,746,883)	$622,603,545
Affiliated issuers (identified cost $6,081,468)	6,081,468
Total investments (identified cost $526,828,351)	628,685,013
Foreign currency (identified cost $706,563)	707,438
Receivable for:
Investments sold	500,695
Capital shares sold	1,051,779
Dividends	1,738,094
Reclaims	979,622
Prepaid expenses	1,029
Other assets	39,783
Total assets	633,703,453
Liabilities
Payable for:
Investments purchased	106,826
Capital shares purchased	1,701,895
Investment management fees	13,442
Distribution and/or service fees	2,159
Transfer agent fees	50,285
Administration fees	1,361
Compensation of board members	17,858
Other expenses	42,733
Total liabilities	1,936,559
Net assets applicable to outstanding capital stock	$631,766,894
Represented by
Paid-in capital	$520,843,793
Undistributed net investment income	5,575,806
Accumulated net realized gain	3,433,817
Unrealized appreciation (depreciation) on:
Investments	101,856,662
Foreign currency translations	56,816
Total — representing net assets applicable to outstanding capital stock	$631,766,894

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

Semiannual Report 2014 9

Columbia European Equity Fund

Statement of Assets and Liabilities (continued)

April 30, 2014 (Unaudited)

Class A
Net assets	$189,708,599
Shares outstanding	24,625,129
Net asset value per share	$7.70
Maximum offering price per share(a)	$8.17
Class B
Net assets	$1,971,516
Shares outstanding	257,776
Net asset value per share	$7.65
Class C
Net assets	$30,090,778
Shares outstanding	3,999,753
Net asset value per share	$7.52
Class I
Net assets	$278,124,672
Shares outstanding	36,002,833
Net asset value per share	$7.73
Class K
Net assets	$13,043
Shares outstanding	1,698
Net asset value per share(b)	$7.68
Class R4
Net assets	$38,746
Shares outstanding	5,047
Net asset value per share	$7.68
Class R5
Net assets	$2,530
Shares outstanding	328
Net asset value per share(b)	$7.72
Class W
Net assets	$2,498
Shares outstanding	326
Net asset value per share(b)	$7.67
Class Z
Net assets	$131,814,512
Shares outstanding	17,161,216
Net asset value per share	$7.68

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

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

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

10 Semiannual Report 2014

Columbia European Equity Fund

Statement of Operations

Six Months Ended April 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$10,111,499
Dividends — affiliated issuers	4,683
Foreign taxes withheld	(723,482	)
Total income	9,392,700
Expenses:
Investment management fees	2,168,585
Distribution and/or service fees
Class A	183,071
Class B	8,991
Class C	108,579
Class W	4
Transfer agent fees
Class A	144,067
Class B	1,773
Class C	21,338
Class K	4
Class R4(a)	8
Class W	4
Class Z	117,920
Administration fees	219,942
Plan administration fees
Class K	18
Compensation of board members	9,424
Custodian fees	31,554
Printing and postage fees	17,389
Registration fees	52,294
Professional fees	19,189
Other	7,382
Total expenses	3,111,536
Net investment income	6,281,164
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	21,355,930
Foreign currency translations	64,579
Net realized gain	21,420,509
Net change in unrealized appreciation (depreciation) on:
Investments	7,984,464
Foreign currency translations	(4,266	)
Net change in unrealized appreciation (depreciation)	7,980,198
Net realized and unrealized gain	29,400,707
Net increase in net assets resulting from operations	$35,681,871

(a) Class R4 shares are for the period from January 8, 2014 (commencement of operations) to April 30, 2014.

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

Semiannual Report 2014 11

Columbia European Equity Fund

Statement of Changes in Net Assets

	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013
Operations
Net investment income		$6,281,164			$5,717,978
Net realized gain		21,420,509			32,124,103
Net change in unrealized appreciation (depreciation)		7,980,198			65,142,645
Net increase in net assets resulting from operations		35,681,871			102,984,726
Distributions to shareholders
Net investment income
Class A		(914,335	)		(841,341	)
Class B		(2,962	)		(7,782	)
Class C		(35,650	)		(24,712	)
Class I		(2,848,859	)		(4,821,907	)
Class K		(123	)		(321	)
Class W		(26	)		(54	)
Class Z		(1,004,051	)		(1,254,063	)
Net realized gains
Class A		(4,599,974	)		(225,554	)
Class B		(62,148	)		(6,395	)
Class C		(664,654	)		(9,195	)
Class I		(9,618,553	)		(972,651	)
Class K		(522	)		(75	)
Class W		(136	)		(12	)
Class Z		(4,041,339	)		(258,474	)
Total distributions to shareholders		(23,793,332	)		(8,422,536	)
Increase (decrease) in net assets from capital stock activity		133,213,261			38,518,721
Total increase in net assets		145,101,800			133,080,911
Net assets at beginning of period		486,665,094			353,584,183
Net assets at end of period		$631,766,894			$486,665,094
Undistributed net investment income		$5,575,806			$4,100,648

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

12 Semiannual Report 2014

Columbia European Equity Fund

Statement of Changes in Net Assets (continued)

		Six Months Ended April 30, 2014(a) (Unaudited)							Year Ended October 31, 2013
		Shares			Dollars ($)				Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)			11,804,319			89,763,951				6,223,524			44,226,144
Distributions reinvested	��		728,683			5,377,680				167,217			1,045,109
Redemptions			(1,275,711	)		(9,691,697	)			(1,920,451	)		(12,604,988	)
Net increase			11,257,291			85,449,934				4,470,290			32,666,265
Class B shares
Subscriptions			95,549			720,963				52,050			350,893
Distributions reinvested			8,594			63,168				2,231			13,902
Redemptions(b)			(54,992	)		(415,507	)			(99,765	)		(663,026	)
Net increase (decrease)			49,151			368,624				(45,484	)		(298,231	)
Class C shares
Subscriptions			2,214,533			16,475,674				1,597,096			11,281,247
Distributions reinvested			81,627			590,161				3,290			20,202
Redemptions			(104,622	)		(778,298	)			(154,250	)		(1,022,834	)
Net increase			2,191,538			16,287,537				1,446,136			10,278,615
Class I shares
Subscriptions			5,147,497			39,433,679				1,121,849			7,646,174
Distributions reinvested			1,686,999			12,466,922				927,097			5,794,354
Redemptions			(5,616,314	)		(43,067,525	)			(6,959,300	)		(46,442,789	)
Net increase (decrease)			1,218,182			8,833,076				(4,910,354	)		(33,002,261	)
Class K shares
Subscriptions			65			499				48			343
Distributions reinvested			59			434				51			313
Redemptions			(269	)		(2,100	)			(1,169	)		(7,390	)
Net decrease			(145	)		(1,167	)			(1,070	)		(6,734	)
Class R4 shares
Subscriptions			5,047			38,943				—			—
Net increase			5,047			38,943				—			—
Class R5 shares
Subscriptions			328			2,500		��		—			—
Net increase			328			2,500				—			—
Class W shares
Redemptions			(154	)		(1,200	)			—			—
Net increase (decrease)			(154	)		(1,200	)			—			—
Class Z shares
Subscriptions			4,689,608			35,448,187				5,725,579			40,541,647
Distributions reinvested			638,196			4,690,740				242,971			1,511,281
Redemptions			(2,379,111	)		(17,903,913	)			(1,921,605	)		(13,171,861	)
Net increase			2,948,693			22,235,014				4,046,945			28,881,067
Total net increase			17,669,931			133,213,261				5,006,463			38,518,721

(a) Class R4 and R5 shares are for the period from January 8, 2014 (commencement of operations) to April 30, 2014.

(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 2014 13

Columbia European Equity Fund

Financial Highlights

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

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class  A	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$7.55		$5.94		$5.47		$5.80		$4.86		$3.88
Income from investment operations:
Net investment income	0.08		0.07		0.08		0.05		0.03		0.07
Net realized and unrealized gain (loss)	0.41		1.66		0.40		(0.35	)	0.98		0.96
Total from investment operations	0.49		1.73		0.48		(0.30	)	1.01		1.03
Less distributions to shareholders:
Net investment income	(0.06	)	(0.09	)	(0.01	)	(0.03	)	(0.07	)	(0.06	)
Net realized gains	(0.28	)	(0.03	)	—		—		—		—
Total distributions to shareholders	(0.34	)	(0.12	)	(0.01	)	(0.03	)	(0.07	)	(0.06	)
Proceeds from regulatory settlements	—		—		—		—		—		0.01
Net asset value, end of period	$7.70		$7.55		$5.94		$5.47		$5.80		$4.86
Total return	6.68	%	29.57	%	8.88	%	(5.25	%)	21.14	%	27.11	%(a)
Ratios to average net assets(b)
Total gross expenses	1.36	%(c)	1.42	%	1.54	%(d)	1.55	%	1.67	%	1.93	%
Total net expenses(e)	1.36	%(c)	1.42	%(f)	1.52	%(d)(f)	1.51	%(f)	1.41	%	1.61	%
Net investment income	2.26	%(c)	1.03	%	1.42	%	0.84	%	0.63	%	1.79	%
Supplemental data
Net assets, end of period (in thousands)	$189,709		$100,943		$52,850		$60,295		$69,831		$64,717
Portfolio turnover	26	%	73	%	126	%	121	%	115	%	154	%

Notes to Financial Highlights

(a) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(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.

14 Semiannual Report 2014

Columbia European Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class B	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$7.48		$5.87		$5.44		$5.78		$4.83		$3.82
Income from investment operations:
Net investment income (loss)	0.05		0.03		0.04		0.01		(0.00	)(a)	0.05
Net realized and unrealized gain (loss)	0.42		1.64		0.39		(0.35	)	0.97		0.95
Total from investment operations	0.47		1.67		0.43		(0.34	)	0.97		1.00
Less distributions to shareholders:
Net investment income	(0.02	)	(0.03	)	—		—		(0.02	)	—
Net realized gains	(0.28	)	(0.03	)	—		—		—		—
Total distributions to shareholders	(0.30	)	(0.06	)	—		—		(0.02	)	—
Proceeds from regulatory settlements	—		—		—		—		—		0.01
Net asset value, end of period	$7.65		$7.48		$5.87		$5.44		$5.78		$4.83
Total return	6.40	%	28.59	%	7.90	%	(5.88	%)	20.10	%	26.44	%(b)
Ratios to average net assets(c)
Total gross expenses	2.11	%(d)	2.18	%	2.28	%(e)	2.30	%	2.41	%	2.74	%
Total net expenses(f)	2.11	%(d)	2.18	%(g)	2.27	%(e)(g)	2.26	%(g)	2.16	%	2.40	%
Net investment income (loss)	1.30	%(d)	0.42	%	0.78	%	0.15	%	(0.06	%)	1.22	%
Supplemental data
Net assets, end of period (in thousands)	$1,972		$1,561		$1,492		$2,382		$4,051		$6,124
Portfolio turnover	26	%	73	%	126	%	121	%	115	%	154	%

Notes to Financial Highlights

(a) Rounds to zero.

(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) 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 2014 15

Columbia European Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class C	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$7.37		$5.82		$5.39		$5.72		$4.81		$3.81
Income from investment operations:
Net investment income (loss)	0.06		(0.00	)(a)	0.04		0.01		(0.01	)	0.04
Net realized and unrealized gain (loss)	0.39		1.64		0.39		(0.34	)	0.96		0.95
Total from investment operations	0.45		1.64		0.43		(0.33	)	0.95		0.99
Less distributions to shareholders:
Net investment income	(0.02	)	(0.06	)	—		—		(0.04	)	(0.00	)(a)
Net realized gains	(0.28	)	(0.03	)	—		—		—		—
Total distributions to shareholders	(0.30	)	(0.09	)	—		—		(0.04	)	(0.00	)(a)
Proceeds from regulatory settlements	—		—		—		—		—		0.01
Net asset value, end of period	$7.52		$7.37		$5.82		$5.39		$5.72		$4.81
Total return	6.24	%	28.58	%	7.98	%	(5.77	%)	19.96	%	26.39	%(b)
Ratios to average net assets(c)
Total gross expenses	2.11	%(d)	2.15	%	2.31	%(e)	2.29	%	2.43	%	2.69	%
Total net expenses(f)	2.11	%(d)	2.15	%(g)	2.27	%(e)(g)	2.26	%(g)	2.17	%	2.37	%
Net investment income (loss)	1.60	%(d)	(0.05	%)	0.72	%	0.11	%	(0.10	%)	1.07	%
Supplemental data
Net assets, end of period (in thousands)	$30,091		$13,322		$2,106		$1,274		$1,406		$1,157
Portfolio turnover	26	%	73	%	126	%	121	%	115	%	154	%

Notes to Financial Highlights

(a) Rounds to zero.

(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) 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.

16 Semiannual Report 2014

Columbia European Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class I	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$7.58		$5.96		$5.50		$5.80		$4.86		$3.89
Income from investment operations:
Net investment income	0.09		0.11		0.10		0.11		0.05		0.09
Net realized and unrealized gain (loss)	0.43		1.66		0.41		(0.36	)	0.98		0.95
Total from investment operations	0.52		1.77		0.51		(0.25	)	1.03		1.04
Less distributions to shareholders:
Net investment income	(0.09	)	(0.12	)	(0.05	)	(0.05	)	(0.09	)	(0.08	)
Net realized gains	(0.28	)	(0.03	)	—		—		—		—
Total distributions to shareholders	(0.37	)	(0.15	)	(0.05	)	(0.05	)	(0.09	)	(0.08	)
Proceeds from regulatory settlements	—		—		—		—		—		0.01
Net asset value, end of period	$7.73		$7.58		$5.96		$5.50		$5.80		$4.86
Total return	7.04	%	30.29	%	9.36	%	(4.36	%)	21.61	%	27.78	%(a)
Ratios to average net assets(b)
Total gross expenses	0.91	%(c)	0.93	%	0.97	%(d)	1.00	%	1.14	%	1.31	%
Total net expenses(e)	0.91	%(c)	0.93	%	0.97	%(d)	1.00	%	0.96	%	1.16	%
Net investment income	2.33	%(c)	1.65	%	1.86	%	1.83	%	1.07	%	2.27	%
Supplemental data
Net assets, end of period (in thousands)	$278,125		$263,736		$236,735		$319,236		$8		$6
Portfolio turnover	26	%	73	%	126	%	121	%	115	%	154	%

Notes to Financial Highlights

(a) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(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.

Semiannual Report 2014 17

Columbia European Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class K	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$7.54		$5.93		$5.47		$5.79		$4.86		$3.90
Income from investment operations:
Net investment income	0.08		0.08		0.08		0.06		0.04		0.07
Net realized and unrealized gain (loss)	0.41		1.67		0.41		(0.34	)	0.97		0.97
Total from investment operations	0.49		1.75		0.49		(0.28	)	1.01		1.04
Less distributions to shareholders:
Net investment income	(0.07	)	(0.11	)	(0.03	)	(0.04	)	(0.08	)	(0.09	)
Net realized gains	(0.28	)	(0.03	)	—		—		—		—
Total distributions to shareholders	(0.35	)	(0.14	)	(0.03	)	(0.04	)	(0.08	)	(0.09	)
Proceeds from regulatory settlements	—		—		—		—		—		0.01
Net asset value, end of period	$7.68		$7.54		$5.93		$5.47		$5.79		$4.86
Total return	6.70	%	29.93	%	9.08	%	(4.93	%)	21.08	%	27.57	%(a)
Ratios to average net assets(b)
Total gross expenses	1.21	%(c)	1.23	%	1.27	%(d)	1.32	%	1.49	%	1.58	%
Total net expenses(e)	1.21	%(c)	1.23	%	1.27	%(d)	1.26	%	1.27	%	1.39	%
Net investment income	2.03	%(c)	1.21	%	1.43	%	1.08	%	0.79	%	1.79	%
Supplemental data
Net assets, end of period (in thousands)	$13		$14		$17		$27		$25		$18
Portfolio turnover	26	%	73	%	126	%	121	%	115	%	154	%

Notes to Financial Highlights

(a) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.12%.

(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.

18 Semiannual Report 2014

Columbia European Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014(a)
Class R4	(Unaudited)
Per share data
Net asset value, beginning of period	$7.59
Income from investment operations:
Net investment income	0.07
Net realized and unrealized gain	0.02
Total from investment operations	0.09
Less distributions to shareholders:
Net asset value, end of period	$7.68
Total return	1.19	%
Ratios to average net assets(b)
Total gross expenses	1.12	%(c)
Total net expenses(d)	1.12	%(c)
Net investment income	3.31	%(c)
Supplemental data
Net assets, end of period (in thousands)	$39
Portfolio turnover	26	%

Notes to Financial Highlights

(a) For the period from January 8, 2014 (commencement of operations) to April 30, 2014.

(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 2014 19

Columbia European Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014(a)
Class R5	(Unaudited)
Per share data
Net asset value, beginning of period	$7.63
Income from investment operations:
Net investment income	0.09
Net realized and unrealized gain	0.00	(b)
Total from investment operations	0.09
Less distributions to shareholders:
Net asset value, end of period	$7.72
Total return	1.18	%
Ratios to average net assets(c)
Total gross expenses	0.93	%(d)
Total net expenses(e)	0.93	%(d)
Net investment income	3.76	%(d)
Supplemental data
Net assets, end of period (in thousands)	$3
Portfolio turnover	26	%

Notes to Financial Highlights

(a) For the period from January 8, 2014 (commencement of operations) to April 30, 2014.

(b) Rounds to zero.

(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 2014

Columbia European Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class W	(Unaudited)		2013		2012(a)
Per share data
Net asset value, beginning of period	$7.52		$5.94		$5.21
Income from investment operations:
Net investment income	0.07		0.07		0.00	(b)
Net realized and unrealized gain	0.42		1.65		0.73
Total from investment operations	0.49		1.72		0.73
Less distributions to shareholders:
Net investment income	(0.06	)	(0.11	)	—
Net realized gains	(0.28	)	(0.03	)	—
Total distributions to shareholders	(0.34	)	(0.14	)	—
Net asset value, end of period	$7.67		$7.52		$5.94
Total return	6.67	%	29.42	%	14.01	%
Ratios to average net assets(c)
Total gross expenses	1.36	%(d)	1.46	%	1.64	%(d)
Total net expenses(e)	1.36	%(d)	1.46	%(f)	1.52	%(d)
Net investment income	1.80	%(d)	1.09	%	0.11	%(d)
Supplemental data
Net assets, end of period (in thousands)	$2		$4		$3
Portfolio turnover	26	%	73	%	126	%

Notes to Financial Highlights

(a) For the period from June 18, 2012 (commencement of operations) to October 31, 2012.

(b) Rounds to zero.

(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 2014 21

Columbia European Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class Z	(Unaudited)		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$7.53		$5.94		$5.49		$5.80		$5.52
Income from investment operations:
Net investment income	0.09		0.09		0.02		0.10		0.00	(b)
Net realized and unrealized gain (loss)	0.41		1.65		0.47		(0.36	)	0.28
Total from investment operations	0.50		1.74		0.49		(0.26	)	0.28
Less distributions to shareholders:
Net investment income	(0.07	)	(0.12	)	(0.04	)	(0.05	)	—
Net realized gains	(0.28	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.35	)	(0.15	)	(0.04	)	(0.05	)	—
Net asset value, end of period	$7.68		$7.53		$5.94		$5.49		$5.80
Total return	6.89	%	29.83	%	9.09	%	(4.57	%)	5.07	%
Ratios to average net assets(c)
Total gross expenses	1.11	%(d)	1.17	%	1.49	%(e)	1.24	%	1.96	%(d)
Total net expenses(f)	1.11	%(d)	1.17	%(g)	1.27	%(e)(g)	1.24	%(g)	1.27	%(d)
Net investment income	2.29	%(d)	1.34	%	0.34	%	1.72	%	0.12	%(d)
Supplemental data
Net assets, end of period (in thousands)	$131,815		$107,086		$60,380		$70		$3
Portfolio turnover	26	%	73	%	126	%	121	%	115	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) Rounds to zero.

(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 2014

Columbia European Equity Fund

Notes to Financial Statements

April 30, 2014 (Unaudited)

Note 1. Organization

Columbia European Equity 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. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges, 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 available only to the Columbia Family of Funds.

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

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain other eligible investors. Class R4 shares commenced operations on January 8, 2014.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans. Class R5 shares commenced operations on January 8, 2014.

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

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

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 equity 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

Semiannual Report 2014 23

Columbia European Equity Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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 to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

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

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

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

24 Semiannual Report 2014

Columbia European Equity Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid 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.

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 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 from 0.80% to 0.57% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended April 30, 2014 was 0.78% 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 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 April 30, 2014 was 0.08% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board, including payments to a company providing limited administrative services to the Fund and the Board. That company’s expenses include boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. For the six months ended April 30, 2014, other expenses paid to this company were $1,095.

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 also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for

Semiannual Report 2014 25

Columbia European Equity Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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 April 30, 2014, 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	0.20	%
Class B	0.20
Class C	0.20
Class K	0.05
Class R4	0.19
Class R5	0.05
Class W	0.21
Class Z	0.20

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended April 30, 2014, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

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

Distribution Fees

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

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $194,000 and $215,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of March 31, 2014, 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 $388,974 for Class A, $264 for Class B and $1,690 for Class C shares for the six months ended April 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the periods disclosed below, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

	March 1, 2014 through February 28, 2015 (%)		Prior to March 1, 2014 (%)
Class A		1.49		1.51
Class B		2.24		2.26
Class C		2.24		2.26
Class I		1.09		1.09
Class K		1.39		1.39
Class R4		1.24		1.26
Class R5		1.14		1.14
Class W		1.49		1.51
Class Z		1.24		1.26

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

26 Semiannual Report 2014

Columbia European Equity Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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 April 30, 2014, the cost of investments for federal income tax purposes was approximately $526,828,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$104,447,000
Unrealized depreciation	(2,590,000	)
Net unrealized appreciation	$101,857,000

The following capital loss carryforward, determined as of October 31, 2013, 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		15,645,478

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 $262,844,123 and $145,784,544, respectively, for the six months ended April 30, 2014.

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.

Note 7. Shareholder Concentration

At April 30, 2014, affiliated shareholders of record owned 71.4% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 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. Effective December 10, 2013, the Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. Prior to December 10, 2013, the commitment fee was charged at the annual rate of 0.08% per annum. The commitment fee is included in other expenses in the Statement of Operations.

The Fund had no borrowings during the six months ended April 30, 2014.

Note 9. Significant Risks

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Semiannual Report 2014 27

Columbia European Equity Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

Geographic Concentration Risk

Because the Fund concentrates its investments in Europe, the Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in Europe. Currency devaluations could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. In addition, the private and public sectors’ debt problems of a single EU country can pose significant economic risks to the EU as a whole. As a result, the Fund may be more volatile than a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not concentrate in this region of the world.

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.

28 Semiannual Report 2014

Columbia European Equity Fund

Approval of Investment Management Services and Subadvisory Agreements

Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia European Equity Fund (the Fund). Under an investment management services agreement (the IMS Agreement), Columbia Management provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between Columbia Management and Threadneedle International Limited, an affiliate of Columbia Management, the Subadviser has provided portfolio management and related services for the Fund.

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the IMS Agreement and the Subadvisory Agreement (together, the Advisory Agreements). Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2014, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March and April were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials (including proposed expense caps for certain Funds) were revised to reflect discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by Columbia Management addressing the services Columbia Management provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its April 9-11, 2014 in-person Board meeting (the April Meeting), considered the renewal of the Advisory Agreements for an additional one-year term. At the April Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory and subadvisory agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.

Nature, Extent and Quality of Services Provided by Columbia Management and the Subadviser

The Board analyzed various reports and presentations it had received detailing the services performed by Columbia Management and the Subadviser, as well as their history, reputation, expertise, resources and relative capabilities, and the qualifications of their personnel.

With respect to Columbia Management, the Board specifically considered many developments during the past year concerning the services provided by Columbia Management, including, in particular, the successful implementation of a globalization initiative, which, among other things, increased worldwide analyst support for global products, the reorganization of the Informational Technology research team, the hiring of additional personnel to assist the Asset Allocation team and the global restructuring of the Senior Operational team. The Board took into account the information it received and reviewed concerning Columbia Management’s ongoing oversight and monitoring of the subadvisers, observing the broad scope of services provided by Columbia Management to each subadvised Fund, including, among other noted services, investment, risk and compliance oversight. The Board also took into account the Subadviser oversight structure and the Columbia Management team dedicated thereto, which the Board recalled had added staff and technology resources during 2013. The Board also noted the information it received concerning Columbia Management’s ability to retain its key portfolio management personnel.

In connection with the Board’s evaluation of the overall package of services provided by Columbia Management, the Board also considered the quality of administrative services provided to the Fund by Columbia Management, recalling the information it received highlighting significant achievements in 2013 in the performance of administrative services. In evaluating the quality of services provided under the IMS Agreement and the Fund’s Administrative Services Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of Columbia Management and its affiliates and their ability to carry out their responsibilities under the IMS Agreement and the Fund’s other service agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. In addition, the Board discussed the acceptability of the terms of the IMS Agreement (including the relatively broad scope of services required to be performed by Columbia Management). The Board concluded that the services being performed under the IMS Agreement were of a reasonably high quality.

Semiannual Report 2014 29

Columbia European Equity Fund

Approval of Investment Management Services and Subadvisory Agreements (continued)

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

With respect to the Subadviser, the Board observed that it had previously approved the Subadviser’s code of ethics and compliance program, that the Chief Compliance Officer of the Fund continues to monitor the code and the program, and that no material concerns have been reported. The Board also considered the Subadviser’s organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered the Subadviser’s capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadviser agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no material changes were recommended to the Subadvisory Agreement. Based on the foregoing, and based on other information received (both oral and written) and other considerations, including, in particular, the performance of the Fund (discussed below), as well as the Investment Manager’s recommendation that the Board approve renewal of the Subadvisory Agreement with the Subadviser, the Board concluded that the services being performed under the Subadvisory Agreement were of a reasonably high quality.

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

Investment Performance

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

Additionally, the Board reviewed the performance of the Subadviser and Columbia Management’s process for monitoring the Subadviser. The Board considered, in particular, management’s rationale for recommending the continued retention of the Subadviser.

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

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

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the “pricing philosophy” currently in effect (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). The Board took into account that the Fund’s total expense ratio (after considering proposed voluntary expense caps/waivers) was below the peer universe’s median expense ratio shown in the reports. It was observed that various proposals concerning the Funds’ transfer agency and sub-transfer agency fee structures, and other changes impacting the Funds’ pricing structure and fees, are expected to be considered at a later Board meeting which, if adopted, would alter the current pricing philosophy.

Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board observed that the subadvisory fee level for the Subadviser was generally comparable to those charged by other subadvisers to similar funds managed by the Investment Manager. The Board also reviewed fee rates charged by the Subadviser to other client accounts. Based on its review, the Board concluded that the Fund’s investment management and subadvisory fees were fair and reasonable in light of the extent and quality of services that the Fund receives.

30 Semiannual Report 2014

Columbia European Equity Fund

Approval of Investment Management Services and Subadvisory Agreements (continued)

The Board also considered the expected profitability of Columbia Management and its affiliates in connection with Columbia Management providing investment management services to the Fund. In this regard, the Board referred to a detailed profitability report, discussing the profitability to Columbia Management and Ameriprise Financial from managing, operating and distributing the Funds. In this regard, the Board observed that: (i) a 2013 report provided to the Board by an independent consulting firm, Bobroff Consulting, concluded that 2012 profitability was reasonable; (ii) 2013 profitability only moderately exceeded 2012 levels; and (iii) 2013 profitability is in line with profitability levels of industry competitors. It also took into account the indirect economic benefits flowing to Columbia Management or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Economies of Scale to be Realized

The Board also considered the economies of scale that might be realized by Columbia Management as the Fund grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that IMS fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that fees payable under the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On April 11, 2014, the Board, including all of the Independent Trustees, approved the renewal of the Advisory Agreements.

Semiannual Report 2014 31

Columbia European Equity Fund

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32 Semiannual Report 2014

Columbia European Equity 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 2014 33

Columbia European Equity 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 and, if available, a summary 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.

© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR147_10_D01_(06/14)

Semiannual Report April 30, 2014

Columbia Global Bond Fund

President’s Message

Dear Shareholders,

Continued Economic Recovery

The U.S. economy continued to recover at a slow but steady pace during the first quarter of 2014, supported by solid manufacturing activity, reasonable job growth and continued gains for the housing market. Industrial production was robust, buoyed by strong demand for autos and related parts. After a disappointing January, job growth picked up, which helped boost consumer confidence. Housing data was somewhat mixed, as harsh weather and higher mortgage rates put a damper on sales, while lower inventories helped prices trend higher. The Federal Reserve (the Fed) announced further reductions to its monthly asset purchases and reassured the markets that it would not make any significant changes to monetary policy until it was satisfied that the labor market was on solid ground. Despite mostly good news on the economic front, the broad financial markets recorded only modest gains, as bitter winter weather at home and mounting tensions between Russia and Western allies prompted investor caution.

Investors braced for higher interest rates, but long-term yields declined and the fixed-income markets were surprisingly resilient in the face of stable-to-improving economic data. Risk-on trading continued during the quarter as the higher yielding sectors of the fixed-income markets generally fared well. Emerging-market bonds, long-term U.S. Treasuries and sovereign debt were among the strongest performers, as were Treasury Inflation Protected Securities. Municipal bonds delivered solid gains, especially high-yield municipals, which benefited from continued improvement in state finances.

Against this backdrop, the broad bond market, as measured by the Barclays U.S. Aggregate Bond Index, edged out the broad stock market, as measured by the Standard & Poor’s 500 Index, with gains of 1.84% vs. 1.81%, respectively. As indicated late last year, the Fed began tapering its monthly asset purchase program and announced further reductions. New Fed chair Janet Yellen reassured investors the Fed was committed to keeping short-term borrowing rates low into 2015.

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. At Columbia Management, reaching our performance goals matters, and how we reach them matters just as much.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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

> 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

Investing involves risk including the risk of loss of principal.

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 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.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and, if available, a summary 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.

© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2014

Columbia Global 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	20
Statement of Operations	22
Statement of Changes in Net Assets	23
Financial Highlights	25
Notes to Financial Statements	34
Approval of Investment Management Services Agreement	44
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 7 p.m. Eastern time.

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

Semiannual Report 2014

Columbia Global Bond Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Global Bond Fund (the Fund) Class A shares returned 1.30% excluding sales charges for the six-month period that ended April 30, 2014.

> The Fund underperformed its benchmark, the Barclays Global Aggregate Bond Index, which returned 2.10% for the six months.

Average Annual Total Returns (%) (for period ended April 30, 2014)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	03/20/89
Excluding sales charges			1.30		-3.48		4.91		4.34
Including sales charges			-3.51		-8.11		3.90		3.84
Class B	03/20/95
Excluding sales charges			0.94		-4.10		4.14		3.56
Including sales charges			-4.02		-8.82		3.80		3.56
Class C	06/26/00
Excluding sales charges			0.96		-4.15		4.14		3.58
Including sales charges			-0.04		-5.09		4.14		3.58
Class I	03/04/04		1.59		-2.86		5.39		4.81
Class K	03/20/95		1.34		-3.22		5.07		4.56
Class R*	03/15/10		1.08		-3.68		4.61		4.02
Class W*	12/01/06		1.30		-3.35		4.86		4.32
Class Y*	11/08/12		1.59		-2.87		5.06		4.42
Class Z*	09/27/10		1.37		-3.14		5.14		4.46
Barclays Global Aggregate Bond Index			2.10		1.62		5.15		5.01

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.

Barclays Global Aggregate Bond Index is a broad-based benchmark that measures the global investment grade fixed-rate debt markets.

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

2 Semiannual Report 2014

Columbia Global Bond Fund

Portfolio Overview

(Unaudited)

Country Breakdown (%) (at April 30, 2014)
Argentina		0.1
Australia		1.3
Belgium		0.0	(a)
Bermuda		0.6
Brazil		3.4
Canada		2.9
Colombia		0.5
Denmark		0.8
Finland		2.9
France		0.4
Germany		4.9
Greece		0.0	(a)
Indonesia		2.2
Ireland		0.0	(a)
Italy		1.6
Japan		7.1
Kazakhstan		0.2
Lithuania		0.7
Luxembourg		0.2
Macau		0.0	(a)
Malaysia		2.2
Mexico	��	1.9
Netherlands		0.9
New Zealand		1.3
Norway		2.5
Peru		0.1
Philippines		0.2
Poland		3.4
Russian Federation		0.7
Singapore		0.0	(a)
South Korea		0.7
Spain		1.1
Sweden		1.0
Thailand		0.6
Turkey		0.9
United Kingdom		6.4
United States(b)		45.1
Uruguay		0.3
Venezuela		0.9
Total		100.0

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

(a) Rounds to zero.

(b) Includes investments in Money Market Funds.

Portfolio Management

Jim Cielinski

Matthew Cobon

Zach Pandl*

Gene Tannuzzo, CFA*

* Effective May 31, 2014, Messrs. Pandl and Tannuzzo were named as Portfolio Managers of the Fund. Nicholas Pifer and C. Michael Ng no longer serve as Portfolio Managers of the Fund.

Quality Breakdown (%) (at April 30, 2014)
AAA rating	29.6
AA rating	18.1
A rating	14.4
BBB rating	31.6
Non-investment grade	6.1
Not rated	0.2
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 the 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 one of these agencies, it is designated as Not rated. Credit ratings are subjective opinions and not statements of fact.

Semiannual Report 2014 3

Columbia Global Bond Fund

Understanding Your Fund’s Expenses

(Unaudited)

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

Analyzing Your Fund’s Expenses

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

Compare With Other Funds

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

November 1, 2013 – April 30, 2014

	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		1,013.00	1,019.44		5.39	5.41		1.08
Class B		1,000.00	1,000.00		1,009.40	1,015.72		9.12	9.15		1.83
Class C		1,000.00	1,000.00		1,009.60	1,015.72		9.12	9.15		1.83
Class I		1,000.00	1,000.00		1,015.90	1,021.67		3.15	3.16		0.63
Class K		1,000.00	1,000.00		1,013.40	1,020.18		4.64	4.66		0.93
Class R		1,000.00	1,000.00		1,010.80	1,018.20		6.63	6.66		1.33
Class W		1,000.00	1,000.00		1,013.00	1,019.44		5.39	5.41		1.08
Class Y		1,000.00	1,000.00		1,015.90	1,021.67		3.15	3.16		0.63
Class Z		1,000.00	1,000.00		1,013.70	1,020.68		4.14	4.16		0.83

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 2014

Columbia Global Bond Fund

Portfolio of Investments

April 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes(a) 25.4%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Australia 0.4%
Woodside Finance Ltd.(b)
05/10/21		4.600%		605,000		652,795
Belgium —%
Calcipar SA Senior Secured(b)
05/01/18		6.875%		37,000		39,127
Canada 1.0%
Bombardier, Inc.(b) Senior Notes
01/15/23		6.125%		20,000		20,400
Senior Unsecured
04/15/19		4.750%		9,000		9,157
03/15/20		7.750%		8,000		9,120
10/15/22		6.000%		10,000		10,175
Brookfield Residential Properties, Inc./U.S. Corp.(b)
07/01/22		6.125%		11,000		11,247
Catamaran Corp.
03/15/21		4.750%		5,000		5,038
Cogeco Cable, Inc.(b)
05/01/20		4.875%		22,000		22,110
Kodiak Oil & Gas Corp.
01/15/21		5.500%		5,000		5,150
02/01/22		5.500%		65,000		66,625
MDC Partners, Inc.(b)
04/01/20		6.750%		37,000		39,127
Thomson Reuters Corp. Senior Unsecured
05/23/43		4.500%		65,000		60,228
TransAlta Corp. Senior Unsecured
01/15/15		4.750%		900,000		924,724
TransCanada PipeLines Ltd. Senior Unsecured
10/16/23		3.750%		110,000		112,215
Valeant Pharmaceuticals International, Inc.(b)
10/01/17		6.750%		40,000		42,000
08/15/18		6.750%		14,000		15,155
07/15/21		7.500%		20,000		22,300
12/01/21		5.625%		7,000		7,280
Videotron Ltd.
07/15/22		5.000%		16,000		16,120
Videotron Ltd.(b)
06/15/24		5.375%		20,000		20,150
Total						1,418,321
France —%
Numericable Group SA Senior Secured(b)(c)
05/15/22		6.000%		55,000		56,306

Corporate Bonds & Notes(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Germany 0.3%
E.ON International Finance BV
10/02/17		5.500%	EUR	275,000		439,015
Ireland —%
Grifols Worldwide Operations Ltd. Senior Unsecured(b)
04/01/22		5.250%		22,000		22,330
Italy —%
Telecom Italia Capital SA
06/18/19		7.175%		14,000		16,240
Wind Acquisition Finance SA(b) Senior Secured
02/15/18		7.250%		5,000		5,275
04/30/20		6.500%		37,000		39,682
Total						61,197
Luxembourg 0.2%
Altice SA(b)(c)
05/15/22		7.750%		12,000		12,510
ArcelorMittal Senior Unsecured
03/01/21		6.000%		39,000		41,730
02/25/22		6.750%		9,000		9,984
INEOS Group Holdings SA(b)
02/15/19		5.875%		19,000		19,380
Intelsat Jackson Holdings SA
10/15/20		7.250%		131,000		141,480
Total						225,084
Macau —%
Wynn Macau Ltd. Senior Unsecured(b)
10/15/21		5.250%		37,000		37,555
Netherlands 0.9%
Constellium NV Senior Unsecured(b)(c)
05/15/24		5.750%		5,000		5,113
Heineken NV Senior Unsecured(b)
04/01/22		3.400%		325,000		328,419
ING Groep NV Senior Unsecured
05/31/17		4.750%	EUR	505,000		777,815
LBC Tank Terminals Holding Netherlands BV(b)
05/15/23		6.875%		8,000		8,480
LYB International Finance BV
07/15/23		4.000%		100,000		103,597
NXP BV/Funding LLC(b)
02/15/21		5.750%		30,000		31,725

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

Semiannual Report 2014 5

Columbia Global Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Corporate Bonds & Notes(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Schaeffler Finance BV(b) Senior Secured
02/15/19		8.500%		25,000		28,125
05/15/21		4.750%		9,000		9,236
Total						1,292,510
United Kingdom 0.5%
British Sky Broadcasting Group PLC(b)
11/26/22		3.125%		670,000		648,280
Jaguar Land Rover Automotive PLC(b)
02/01/23		5.625%		23,000		24,006
Total						672,286
United States 22.1%
21st Century Fox America, Inc.
10/01/43		5.400%		440,000		484,253
ADS Tactical, Inc. Senior Secured(b)
04/01/18		11.000%		34,000		33,490
ADT Corp. (The) Senior Unsecured
07/15/22		3.500%		16,000		14,120
AES Corp. (The) Senior Unsecured
07/01/21		7.375%		56,000		64,120
AMC Entertainment, Inc.(b)
02/15/22		5.875%		16,000		16,400
AMC Networks, Inc.
07/15/21		7.750%		38,000		42,512
12/15/22		4.750%		27,000		26,933
APX Group, Inc. Senior Secured
12/01/19		6.375%		46,000		46,805
ARAMARK Corp.
03/15/20		5.750%		24,000		25,170
AT&T, Inc. Senior Unsecured
06/15/45		4.350%		770,000		693,564
Access Midstream Partners LP/Finance Corp.
05/15/23		4.875%		23,000		23,288
03/15/24		4.875%		23,000		22,885
Activision Blizzard, Inc.(b)
09/15/21		5.625%		42,000		44,782
Actuant Corp.
06/15/22		5.625%		36,000		37,980
Air Lease Corp. Senior Unsecured
03/01/20		4.750%		11,000		11,715
Aircastle Ltd. Senior Unsecured
03/15/21		5.125%		10,000		10,050
Allegion US Holding Co., Inc.(b)
10/01/21		5.750%		27,000		28,620

Corporate Bonds & Notes(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Alliance Data Systems Corp.(b)
12/01/17		5.250%		25,000		26,375
04/01/20		6.375%		34,000		36,210
Ally Financial, Inc.
09/15/20		7.500%		111,000		131,535
American Axle & Manufacturing, Inc.
02/15/19		5.125%		12,000		12,570
03/15/21		6.250%		13,000		13,748
American Builders & Contractors Supply Co., Inc. Senior Unsecured(b)
04/15/21		5.625%		29,000		30,015
Amsted Industries, Inc.(b)
03/15/22		5.000%		15,000		14,963
Amsurg Corp.
11/30/20		5.625%		15,000		15,488
Antero Resources Corp.(b)(c)
12/01/22		5.125%		13,000		13,114
Antero Resources Finance Corp.(b)
11/01/21		5.375%		13,000		13,293
Appalachian Power Co. Senior Unsecured
03/30/21		4.600%		370,000		406,225
Ashtead Capital, Inc. Secured(b)
07/15/22		6.500%		16,000		17,400
Athlon Holdings LP/Finance Corp.(b)
04/15/21		7.375%		32,000		34,560
Atwood Oceanics, Inc. Senior Unsecured
02/01/20		6.500%		43,000		45,795
Audatex North America, Inc.(b)
06/15/21		6.000%		10,000		10,725
11/01/23		6.125%		10,000		10,688
AutoNation, Inc.
02/01/20		5.500%		19,000		20,663
B&G Foods, Inc.
06/01/21		4.625%		33,000		32,835
B/E Aerospace, Inc. Senior Unsecured
04/01/22		5.250%		28,000		28,945
Bank of America Corp. Senior Unsecured
07/24/23		4.100%		320,000		326,949
Berkshire Hathaway Finance Corp.
05/15/42		4.400%		500,000		495,167
Biomet, Inc.
08/01/20		6.500%		4,000		4,375
Burlington Northern Santa Fe LLC Senior Unsecured
03/15/43		4.450%		260,000		255,394
04/01/44		4.900%		75,000		79,729
CBS Outdoor Americas Capital LLC/Corp.(b)
02/15/22		5.250%		4,000		4,100
02/15/24		5.625%		4,000		4,110

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

6 Semiannual Report 2014

Columbia Global Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Corporate Bonds & Notes(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CCO Holdings LLC/Capital Corp.
04/30/21		6.500%		9,000		9,608
01/31/22		6.625%		27,000		29,092
09/30/22		5.250%		7,000		7,000
CHS/Community Health Systems, Inc. Senior Secured
08/15/18		5.125%		43,000		45,204
CHS/Community Health Systems, Inc.(b)
02/01/22		6.875%		30,000		31,087
Senior Secured
08/01/21		5.125%		6,000		6,120
CIT Group, Inc. Senior Unsecured
05/15/20		5.375%		23,000		24,553
CIT Group, Inc.(b) Senior Secured
04/01/18		6.625%		70,000		77,875
CMS Energy Corp. Senior Unsecured
03/31/43		4.700%		335,000		338,665
CONSOL Energy, Inc.
03/01/21		6.375%		25,000		26,344
CONSOL Energy, Inc.(b)
04/15/22		5.875%		10,000		10,300
CSC Holdings, Inc. Senior Unsecured
11/15/21		6.750%		55,000		61,187
CSX Corp. Senior Unsecured
03/15/44		4.100%		30,000		28,082
Calpine Corp. Senior Secured(b)
01/15/22		6.000%		40,000		42,400
Cardinal Health, Inc. Senior Unsecured
03/15/23		3.200%		420,000		412,102
Cardtronics, Inc.
09/01/18		8.250%		34,000		36,125
Carrizo Oil & Gas, Inc.
10/15/18		8.625%		24,000		25,680
Case New Holland Industrial, Inc.
12/01/17		7.875%		77,000		90,475
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.
03/15/21		5.250%		15,000		15,225
Celanese U.S. Holdings LLC
06/15/21		5.875%		18,000		19,710
Centene Corp. Senior Unsecured
05/15/22		4.750%		8,000		8,040
Centene Corp.(c) Senior Unsecured
05/15/22		4.750%		2,000		2,010
CenterPoint Energy Houston Electric LLC
04/01/44		4.500%		150,000		157,595

Corporate Bonds & Notes(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CenturyLink, Inc. Senior Unsecured
12/01/23		6.750%		23,000		24,668
Cequel Communications Holdings I LLC/Capital Corp. Senior Unsecured(b)
09/15/20		6.375%		49,000		51,327
Chesapeake Energy Corp.
08/15/20		6.625%		132,000		148,137
Choice Hotels International, Inc.
07/01/22		5.750%		14,000		14,788
Chrysler Group LLC/Co-Issuer, Inc. Secured
06/15/21		8.250%		16,000		17,980
Citigroup, Inc. Senior Unsecured
08/02/19		5.000%	EUR	195,000		316,867
Clean Harbors, Inc.
08/01/20		5.250%		25,000		25,625
Clear Channel Worldwide Holdings, Inc.
11/15/22		6.500%		22,000		23,430
11/15/22		6.500%		60,000		64,200
Colorado Interstate Gas Co. LLC Senior Unsecured
11/15/15		6.800%		1,000,000		1,089,026
Comstock Resources, Inc.
06/15/20		9.500%		31,000		35,417
ConAgra Foods, Inc. Senior Unsecured
09/15/22		3.250%		630,000		614,285
Concho Resources, Inc.
01/15/21		7.000%		73,000		81,030
Constellation Brands, Inc.
Senior Unsecured
05/01/21		3.750%		9,000		8,798
05/01/23		4.250%		10,000		9,825
Continental Resources, Inc.
09/15/22		5.000%		139,000		146,992
Crown Castle International Corp.
Senior Unsecured
04/15/22		4.875%		25,000		25,375
01/15/23		5.250%		39,000		40,072
CyrusOne LP/Finance Corp.
11/15/22		6.375%		25,000		26,563
D.R. Horton, Inc.
03/01/19		3.750%		19,000		18,953
DISH DBS Corp.
06/01/21		6.750%		52,000		58,760
07/15/22		5.875%		27,000		29,126
DaVita HealthCare Partners, Inc.
08/15/22		5.750%		56,000		59,290
Darling International, Inc.(b)
01/15/22		5.375%		20,000		20,550
DigitalGlobe, Inc.
02/01/21		5.250%		14,000		13,650

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

Semiannual Report 2014 7

Columbia Global Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Corporate Bonds & Notes(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Dominion Resources, Inc. Senior Unsecured
09/15/42		4.050%		170,000		155,749
Dow Chemical Co. (The) Senior Unsecured
11/15/22		3.000%		98,000		94,289
DuPont Fabros Technology LP
09/15/21		5.875%		10,000		10,425
Duke Energy Corp. Senior Unsecured
08/15/22		3.050%		155,000		152,786
E*TRADE Financial Corp. Senior Unsecured
11/15/19		6.375%		28,000		30,415
EP Energy LLC/Everest Acquisition Finance, Inc.
09/01/22		7.750%		6,000		6,683
Senior Secured
05/01/19		6.875%		22,000		23,595
EP Energy LLC/Finance, Inc. Senior Unsecured
05/01/20		9.375%		14,000		16,170
ERAC U.S.A. Finance LLC(b)
03/15/42		5.625%		480,000		536,433
El Paso LLC Senior Secured
09/15/20		6.500%		168,000		185,390
Entegris, Inc.(b)
04/01/22		6.000%		10,000		10,125
Enterprise Products Operating LLC
03/15/23		3.350%		335,000		329,991
02/15/45		5.100%		250,000		263,926
Equinix, Inc. Senior Unsecured
07/15/21		7.000%		49,000		54,696
FTI Consulting, Inc.
11/15/22		6.000%		11,000		11,220
First Data Corp. Senior Secured(b)
06/15/19		7.375%		68,000		73,270
Florida East Coast Holdings Corp. Senior Secured(b)
05/01/19		6.750%		20,000		20,550
Fresenius Medical Care U.S. Finance II, Inc.(b)
01/31/22		5.875%		11,000		11,715
Fresenius Medical Care U.S. Finance, Inc.(b)
09/15/18		6.500%		9,000		10,103
Frontier Communications Corp. Senior Unsecured
07/01/21		9.250%		10,000		11,825
04/15/22		8.750%		27,000		30,780
01/15/23		7.125%		18,000		18,585
GLP Capital LP/Financing II Inc.(b)
11/01/23		5.375%		18,000		18,540

Corporate Bonds & Notes(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
General Electric Capital Corp. Senior Unsecured
01/09/23		3.100%		385,000		381,006
General Motors Co. Senior Unsecured(b)
10/02/23		4.875%		35,000		36,181
Gibraltar Industries, Inc.
02/01/21		6.250%		9,000		9,540
Goldman Sachs Group, Inc. (The) Senior Unsecured
05/02/18		6.375%	EUR	350,000		578,358
Graphic Packaging International, Inc.
04/15/21		4.750%		20,000		19,900
H&E Equipment Services, Inc.
09/01/22		7.000%		24,000		26,400
HCA Holdings, Inc. Senior Unsecured
02/15/21		6.250%		33,000		34,856
HCA, Inc. Senior Secured
03/15/19		3.750%		12,000		12,090
Hertz Corp. (The)
10/15/18		7.500%		45,000		47,700
Hiland Partners LP/Finance Corp.(b)
10/01/20		7.250%		72,000		78,480
Hilton Worldwide Finance/Corp.(b)
10/15/21		5.625%		39,000		40,755
Huntington Ingalls Industries, Inc.
03/15/18		6.875%		17,000		18,190
Huntsman International LLC
11/15/20		4.875%		24,000		24,300
Icahn Enterprises LP/Finance Corp.(b)
08/01/20		6.000%		11,000		11,605
02/01/22		5.875%		13,000		13,195
Indiana Michigan Power Co. Senior Unsecured
03/15/23		3.200%		870,000		850,386
Interface, Inc.
12/01/18		7.625%		38,000		40,327
International Lease Finance Corp. Senior Unsecured
04/15/18		3.875%		6,000		6,090
12/15/20		8.250%		72,000		86,850
Ipalco Enterprises, Inc. Senior Secured
05/01/18		5.000%		60,000		63,900
Iron Mountain, Inc.
08/15/23		6.000%		11,000		11,688
JM Huber Corp. Senior Notes(b)
11/01/19		9.875%		80,000		91,800
KB Home
05/15/19		4.750%		10,000		9,975

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

8 Semiannual Report 2014

Columbia Global Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Corporate Bonds & Notes(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Kinder Morgan Energy Partners LP Senior Unsecured
09/01/22		3.950%		1,050,000		1,055,932
L Brands, Inc.
04/01/21		6.625%		49,000		54,819
L-3 Communications Corp.
02/15/21		4.950%		435,000		473,902
Lamar Media Corp.
02/01/22		5.875%		18,000		19,215
Lamar Media Corp.(b)
01/15/24		5.375%		8,000		8,290
Laredo Petroleum, Inc.
02/15/19		9.500%		30,000		33,000
05/01/22		7.375%		42,000		46,305
Laredo Petroleum, Inc.(b)
01/15/22		5.625%		18,000		18,315
Level 3 Financing, Inc.
04/01/19		9.375%		52,000		57,460
Level 3 Financing, Inc.(b)
01/15/21		6.125%		13,000		13,650
Libbey Glass, Inc. Senior Secured
05/15/20		6.875%		3,000		3,092
Liberty Mutual Group, Inc.(b)
05/01/22		4.950%		355,000		382,959
06/15/23		4.250%		500,000		513,382
LifePoint Hospitals, Inc.(b)
12/01/21		5.500%		17,000		17,680
Loews Corp. Senior Unsecured
05/15/23		2.625%		280,000		262,049
MGM Resorts International
10/01/20		6.750%		5,000		5,526
12/15/21		6.625%		29,000		31,909
MarkWest Energy Partners LP/Finance Corp.
06/15/22		6.250%		73,000		78,657
02/15/23		5.500%		39,000		40,462
07/15/23		4.500%		9,000		8,775
Mediacom Broadband LLC/Corp. Senior Unsecured(b)
04/15/21		5.500%		3,000		2,993
Meritage Homes Corp.
03/01/18		4.500%		12,000		12,270
04/15/20		7.150%		3,000		3,330
04/01/22		7.000%		22,000		24,118
Morgan Stanley Senior Unsecured
10/02/17		5.500%	EUR	395,000		624,172
NBCUniversal Media LLC
04/01/21		4.375%		275,000		300,254
01/15/43		4.450%		305,000		302,020
NCR Corp.(b) Senior Unsecured
12/15/21		5.875%		6,000		6,345
12/15/23		6.375%		30,000		32,025

Corporate Bonds & Notes(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
NRG Energy, Inc.(b)
07/15/22		6.250%		35,000		36,137
NiSource Finance Corp.
09/15/17		5.250%		2,000,000		2,227,931
Nielsen Finance Co. SARL (The)(b)
10/01/21		5.500%		27,000		28,114
Nielsen Finance LLC/Co.
10/01/20		4.500%		59,000		59,442
Northrop Grumman Corp. Senior Unsecured
06/01/43		4.750%		490,000		504,040
Northwest Pipeline LLC Senior Unsecured
04/15/17		5.950%		460,000		514,874
Nuance Communications, Inc.(b)
08/15/20		5.375%		54,000		54,270
Oasis Petroleum, Inc.
01/15/23		6.875%		51,000		55,207
Oasis Petroleum, Inc.(b)
03/15/22		6.875%		49,000		53,165
Oil States International, Inc.
01/15/23		5.125%		18,000		20,160
PNK Finance Corp.(b)
08/01/21		6.375%		40,000		42,000
PPL Capital Funding, Inc.
06/01/23		3.400%		885,000		870,194
Pacific Drilling SA Senior Secured(b)
06/01/20		5.375%		17,000		16,533
Peabody Energy Corp.
11/15/18		6.000%		37,000		39,312
Penn National Gaming, Inc. Senior Unsecured(b)
11/01/21		5.875%		12,000		11,580
Penske Automotive Group, Inc.
10/01/22		5.750%		11,000		11,509
Physio-Control International, Inc. Senior Secured(b)
01/15/19		9.875%		30,000		33,375
Pinnacle Foods Finance LLC/Corp.
05/01/21		4.875%		57,000		55,432
Polypore International, Inc.
11/15/17		7.500%		20,000		21,138
Progress Energy, Inc. Senior Unsecured
04/01/22		3.150%		1,325,000		1,317,840
Provident Funding Associates LP/PFG Finance Corp.(b)
06/15/21		6.750%		36,000		36,810
Prudential Financial, Inc. Senior Unsecured
05/12/41		5.625%		115,000		132,915

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

Semiannual Report 2014 9

Columbia Global Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Corporate Bonds & Notes(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
QEP Resources, Inc. Senior Unsecured
10/01/22		5.375%		44,000		44,110
05/01/23		5.250%		20,000		19,800
RKI Exploration & Production LLC/Finance Corp.(b)
08/01/21		8.500%		4,000		4,340
Regency Energy Partners LP/Finance Corp.
07/15/21		6.500%		24,000		25,800
03/01/22		5.875%		32,000		33,520
04/15/23		5.500%		17,000		17,213
11/01/23		4.500%		15,000		14,138
Reynolds Group Issuer, Inc./LLC Senior Secured
08/15/19		7.875%		83,000		91,092
SABMiller Holdings, Inc.(b)
01/15/22		3.750%		505,000		521,434
SBA Communications Corp. Senior Unsecured
10/01/19		5.625%		7,000		7,341
SBA Telecommunications, Inc.
08/15/19		8.250%		20,000		21,120
07/15/20		5.750%		25,000		26,250
SM Energy Co. Senior Unsecured
11/15/21		6.500%		68,000		73,100
SM Energy Co.(b) Senior Unsecured
01/15/24		5.000%		2,000		1,960
STHI Holding Corp. Secured(b)
03/15/18		8.000%		51,000		54,060
Sabine Pass Liquefaction LLC Senior Secured
02/01/21		5.625%		23,000		23,748
Sabine Pass Liquefaction LLC(b) Senior Secured
03/15/22		6.250%		8,000		8,390
Sally Holdings LLC/Capital, Inc.
11/15/19		6.875%		26,000		28,437
SandRidge Energy, Inc.
10/15/22		8.125%		10,000		10,825
02/15/23		7.500%		3,000		3,173
Sealed Air Corp.(b)
09/15/21		8.375%		3,000		3,458
Service Corp. International Senior Unsecured
01/15/22		5.375%		11,000		11,220
Southern Natural Gas Co. LLC Senior Unsecured(b)
04/01/17		5.900%		2,131,000		2,396,348
Spectrum Brands, Inc.
11/15/20		6.375%		45,000		48,712
Springs Window Fashions LLC Senior Secured(b)
06/01/21		6.250%		39,000		40,560

Corporate Bonds & Notes(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Sprint Communications, Inc.(b)
11/15/18		9.000%		37,000		45,232
03/01/20		7.000%		35,000		40,381
Sprint Corp.(b)
09/15/21		7.250%		5,000		5,450
09/15/23		7.875%		16,000		17,640
Standard Pacific Corp.
12/15/21		6.250%		14,000		14,980
Synovus Financial Corp. Senior Unsecured
02/15/19		7.875%		54,000		61,695
T-Mobile USA, Inc.
04/28/20		6.542%		9,000		9,675
04/28/21		6.633%		26,000		28,080
01/15/22		6.125%		11,000		11,564
04/28/22		6.731%		25,000		26,969
04/01/23		6.625%		4,000		4,280
04/28/23		6.836%		9,000		9,686
01/15/24		6.500%		11,000		11,536
TRW Automotive, Inc.(b)
03/01/21		4.500%		19,000		19,760
Taylor Morrison Communities, Inc./Monarch Communities, Inc.(b)
03/01/24		5.625%		2,000		1,965
Taylor Morrison Communities, Inc./Monarch, Inc.(b)
04/15/20		7.750%		30,000		32,925
Tempur Sealy International, Inc.
12/15/20		6.875%		8,000		8,720
Tenet Healthcare Corp. Senior Secured
06/01/20		4.750%		31,000		31,155
Tenet Healthcare Corp.(b) Senior Secured
10/01/20		6.000%		14,000		14,735
Time Warner Cable, Inc.
09/15/42		4.500%		385,000		372,359
Time Warner, Inc.
03/29/41		6.250%		250,000		299,256
Titan International, Inc. Senior Secured(b)
10/01/20		6.875%		13,000		13,780
TransDigm, Inc.
10/15/20		5.500%		3,000		3,030
Transcontinental Gas Pipe Line Co. LLC Senior Unsecured
04/15/16		6.400%		2,255,000		2,483,438
TreeHouse Foods, Inc.
03/15/22		4.875%		6,000		6,075
USG Corp.(b)
11/01/21		5.875%		6,000		6,375
United Rentals North America, Inc.
05/15/20		7.375%		41,000		45,407
04/15/22		7.625%		21,000		23,625
06/15/23		6.125%		4,000		4,300
Secured
07/15/18		5.750%		49,000		52,430

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

10 Semiannual Report 2014

Columbia Global Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Corporate Bonds & Notes(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Univision Communications, Inc.(b) Senior Secured
09/15/22		6.750%		34,000		37,400
05/15/23		5.125%		38,000		38,760
Vail Resorts, Inc.
05/01/19		6.500%		76,000		79,990
Valeant Pharmaceuticals International(b)
10/15/20		6.375%		35,000		37,625
VeriSign, Inc.
05/01/23		4.625%		14,000		13,405
Verizon Communications, Inc. Senior Unsecured
11/01/42		3.850%		720,000		622,183
09/15/43		6.550%		80,000		98,680
Virgin Media Secured Finance PLC Senior Secured(b)
04/15/21		5.375%		10,000		10,250
Visteon Corp.
04/15/19		6.750%		30,000		31,539
Waste Management, Inc.
06/30/20		4.750%		535,000		592,593
Whiting Petroleum Corp.
03/15/21		5.750%		26,000		27,885
Yum! Brands, Inc. Senior Unsecured
11/01/23		3.875%		270,000		272,460
Zayo Group LLC/Capital, Inc. Senior Secured
01/01/20		8.125%		44,000		48,290
Total						32,474,300
Total Corporate Bonds & Notes
(Cost: $35,643,363)						37,390,826
Residential Mortgage-Backed Securities — Agency 6.6%
United States 6.6%
Federal Home Loan Mortgage Corp.(d)
05/01/42		3.500%		2,392,702		2,431,794
10/01/18		5.000%		99,626		105,664
09/01/17 - 08/01/33		6.500%		135,542		149,191
Federal National Mortgage Association(d)
06/01/27		2.500%		2,076,924		2,096,685
08/01/18		4.500%		223,135		236,785
12/01/18 - 06/01/33		5.000%		1,006,268		1,095,872
11/01/18 - 06/01/33		5.500%		721,175		801,413
03/01/17 - 04/01/33		6.000%		241,527		267,241
04/01/17 - 11/01/33		6.500%		473,700		529,467
05/01/32 - 06/01/32		7.000%		401,394		452,382
05/01/32 - 11/01/32		7.500%		277,102		317,521
Federal National Mortgage Association(d)(e)
09/01/40		4.500%		280,963		304,289
01/01/37		5.500%		473,899		529,739

Residential Mortgage-Backed Securities — Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Government National Mortgage Association(d)
10/15/33		5.500%		383,512		433,382
Total						9,751,425
Total Residential Mortgage-Backed Securities — Agency
(Cost: $9,454,039)						9,751,425
Commercial Mortgage-Backed Securities — Agency 2.8%
United States 2.8%
Government National Mortgage Association(d) Series 2013-13 Class AC
04/16/46		1.700%		2,049,462		1,934,651
Series 2013-33 Class AC
05/16/46		1.744%		2,246,915		2,157,140
Total						4,091,791
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $4,263,283)						4,091,791
Commercial Mortgage-Backed Securities — Non-Agency 2.9%
United States 2.9%
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4 Class A4(d)
12/11/49		5.322%		250,000		273,059
Extended Stay America Trust Series 2013-ESH5 Class A25(b)(d)
12/05/31		1.830%		1,000,000		978,388
General Electric Capital Assurance Co. Series 2003-1 Class A4(b)(d)(f)
05/12/35		5.254%		75,170		77,644
Greenwich Capital Commercial Funding Corp. Series 2007-GG9 Class A4(d)
03/10/39		5.444%		800,000		875,289
JPMorgan Chase Commercial Mortgage Securities Trust Series 2005-LDP3 Class ASB(d)(f)
08/15/42		4.893%		268,524		274,064
ORES NPL LLC Series 2013-LV2 Class A(b)(d)
09/25/25		3.081%		1,092,634		1,092,772
Rialto Real Estate Fund Series 2013-LT2 Class A(b)(d)
05/22/28		2.833%		684,967		684,531
Total						4,255,747
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $4,144,373)						4,255,747

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

Semiannual Report 2014 11

Columbia Global Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Asset-Backed Securities — Non-Agency 2.5%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Bermuda 0.6%
Cronos Containers Program Ltd. Series 2013-1A Class A(b)
04/18/28		3.080%		900,000		888,142
United States 1.9%
CLI Funding V LLC Series 2013-1A(b)
03/18/28		2.830%		535,000		526,509
Centre Point Funding LLC Series 2012-2A Class 1(b)
08/20/21		2.610%		516,714		520,379
GTP Towers Issuer LLC(b)
02/15/15		4.436%		450,000		459,242
SBA Tower Trust(b)
04/16/18		2.240%		900,000		885,203
TAL Advantage V LLC Series 2013-1A Class A(b)
02/22/38		2.830%		463,750		456,550
Total						2,847,883
Total Asset-Backed Securities — Non-Agency
(Cost: $3,773,030)						3,736,025
Inflation-Indexed Bonds(a) 2.6%
Japan 1.3%
Japanese Government CPI-Linked Bond Senior Unsecured
03/10/18		1.400%		JPY 169,150,000		1,919,989
United States 1.3%
U.S. Treasury Inflation-Indexed Bond
02/15/43		0.625%		2,246,596		1,950,151
Total Inflation-Indexed Bonds
(Cost: $3,569,724)						3,870,140
U.S. Treasury Obligations 2.2%
United States 2.2%
U.S. Treasury
11/15/23		2.750%		135,000		136,455
02/15/24		2.750%		470,300		474,415
02/15/42		3.125%		275,000		259,961
05/15/42		3.000%		680,000		626,344
11/15/42		2.750%		965,000		840,002
02/15/43		3.125%		225,000		211,465
05/15/43		2.875%		720,000		641,588
Total						3,190,230
Total U.S. Treasury Obligations
(Cost: $3,323,392)						3,190,230

Foreign Government Obligations(a)(g) 48.4%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Argentina 0.1%
Argentina Bonar Bonds
04/17/17		7.000%		194,000		177,995
Australia 0.8%
Australia Government Bond Senior Unsecured
10/21/14		4.500%	AUD	1,290,000		1,209,436
Brazil 3.3%
Banco Nacional de Desenvolvimento Economico e Social Senior Unsecured(b)
06/10/19		6.500%		210,000		235,257
Brazil Notas do Tesouro Nacional Senior Notes
01/01/17		10.000%	BRL	8,858,000		3,908,220
Brazilian Government International Bond Senior Unsecured
01/07/41		5.625%		270,000		282,320
Petrobras International Finance Co.
01/27/21		5.375%		420,000		429,868
Total						4,855,665
Canada 1.8%
Canadian Government Bond
06/01/18		4.250%	CAD	180,000		182,314
06/01/19		3.750%	CAD	1,052,000		1,056,021
Province of Quebec
12/01/17		4.500%	CAD	1,458,000		1,458,426
Total						2,696,761
Colombia 0.5%
Colombia Government International Bond Senior Unsecured
01/18/41		6.125%		235,000		270,076
Corporación Andina de Fomento
06/15/22		4.375%		432,000		456,985
Total						727,061
Denmark 0.8%
Realkredit Danmark A/S
01/01/19		4.000%	DKK	5,330,000		1,125,867
Finland 2.8%
Finland Government Bond Senior Unsecured(b)
04/15/21		3.500%	EUR	2,531,000		4,043,145
France 0.4%
Electricite de France SA Senior Unsecured
02/05/18		5.000%	EUR	350,000		558,015

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

12 Semiannual Report 2014

Columbia Global Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Foreign Government Obligations(a)(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Germany 4.4%
Bundesrepublik Deutschland
07/04/27		6.500%	EUR	732,001		1,571,833
07/04/28		4.750%	EUR	875,000		1,634,315
07/04/34		4.750%	EUR	1,706,000		3,322,704
Total						6,528,852
Greece —%
Hellenic Republic Government Bond Senior Unsecured(f)
10/15/42		0.000%	EUR	488,200		9,360
Indonesia 2.2%
Indonesia Government International Bond(b) Senior Unsecured
01/17/18		6.875%		500,000		569,375
10/12/35		8.500%		190,000		245,338
01/17/38		7.750%		140,000		169,575
Indonesia Treasury Bond Senior Unsecured
05/15/16		10.750%	IDR	3,620,000,000		333,147
11/15/20		11.000%	IDR	10,840,000,000		1,086,672
07/15/22		10.250%	IDR	8,394,000,000		816,784
Total						3,220,891
Italy 1.6%
Italy Buoni Poliennali Del Tesoro
09/01/22		5.500%	EUR	1,370,000		2,281,373
11/01/26		7.250%	EUR	283		546
Total						2,281,919
Japan 5.6%
Japan Government 20-Year Bond Senior Unsecured
12/20/26		2.100%	JPY	198,500,000		2,233,962
09/20/29		2.100%	JPY	126,000,000		1,409,023
12/20/32		1.700%	JPY	253,000,000		2,603,328
Japan Government 30-Year Bond Senior Unsecured
12/20/34		2.400%	JPY	124,000,000		1,399,196
03/20/39		2.300%	JPY	55,500,000		615,299
Total						8,260,808
Kazakhstan 0.2%
KazMunayGas National Co. JSC Senior Unsecured(b)
07/02/18		9.125%		250,000		300,312
Lithuania 0.7%
Lithuania Government International Bond Senior Unsecured
02/07/18		4.850%	EUR	470,000		729,975

Foreign Government Obligations(a)(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Lithuania Government International Bond(b) Senior Unsecured
09/14/17		5.125%		210,000		229,443
Total						959,418
Malaysia 2.2%
Malaysia Government Bond Senior Unsecured
03/31/20		3.492%	MYR	6,920,000		2,079,238
Petronas Capital Ltd.(b)
08/12/19		5.250%		970,000		1,083,830
Total						3,163,068
Mexico 1.8%
Mexican Bonos
12/17/15		8.000%	MXN	22,382,600		1,818,952
Mexico Government International Bond Senior Unsecured
09/27/34		6.750%		270,000		336,150
Petroleos Mexicanos
01/24/22		4.875%		500,000		524,875
Total						2,679,977
New Zealand 1.3%
New Zealand Government Bond Senior Unsecured
03/15/19		5.000%	NZD	2,150,000		1,924,414
Norway 2.4%
Norway Government Bond
05/22/19		4.500%	NOK	19,000,000		3,558,747
Peru 0.1%
Peruvian Government International Bond Senior Unsecured
07/21/25		7.350%		150,000		196,500
Philippines 0.2%
Power Sector Assets & Liabilities Management Corp. Government Guaranteed(b)
05/27/19		7.250%		290,000		348,725
Poland 3.3%
Poland Government Bond
10/25/17		5.250%	PLN	6,205,000		2,186,142
10/25/21		5.750%	PLN	7,310,000		2,701,729
Total						4,887,871
Russian Federation 0.7%
AK Transneft OJSC Via TransCapitalInvest Ltd. Senior Unsecured(b)
08/07/18		8.700%		100,000		115,420

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

Semiannual Report 2014 13

Columbia Global Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Foreign Government Obligations(a)(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Gazprom OAO Via Gaz Capital SA(b) Senior Unsecured
11/22/16		6.212%		100,000		103,875
08/16/37		7.288%		230,000		225,170
Russian Foreign Bond — Eurobond Senior Unsecured(b)(f)
03/31/30		7.500%		544,575		607,201
Total						1,051,666
South Korea 0.7%
Export-Import Bank of Korea Senior Unsecured
01/14/15		5.875%		450,000		466,232
04/11/22		5.000%		500,000		557,868
Total						1,024,100
Spain 1.1%
Spain Government Bond
01/31/22		5.850%	EUR	920,000		1,570,282
Sweden 1.0%
Sweden Government Bond
08/12/17		3.750%	SEK	4,530,000		760,289
06/01/22		3.500%	SEK	4,000,000		693,064
Total						1,453,353
Thailand 0.6%
Thailand Government Bond Senior Unsecured
03/13/18		5.125%	THB	26,490,000		887,673
Turkey 0.9%
Turkey Government International Bond Senior Unsecured
02/16/17		5.500%	EUR	480,000		727,326
03/17/36		6.875%		540,000		617,760
Total						1,345,086
United Kingdom 5.8%
United Kingdom Gilt
03/07/19		4.500%	GBP	680,000		1,291,752
09/07/21		3.750%	GBP	190,000		351,688
03/07/25		5.000%	GBP	430,000		875,810
12/07/27		4.250%	GBP	810,000		1,553,433
03/07/36		4.250%	GBP	572,000		1,097,313
12/07/38		4.750%	GBP	684,000		1,418,327
12/07/40		4.250%	GBP	540,000		1,042,942
12/07/49		4.250%	GBP	475,000		941,720
Total						8,572,985
Uruguay 0.2%
Uruguay Government International Bond Senior Unsecured
03/21/36		7.625%		275,000		360,594

Foreign Government Obligations(a)(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Venezuela 0.9%
Petroleos de Venezuela SA
04/12/17		5.250%		590,000		474,950
Venezuela Government International Bond Senior Unsecured
02/26/16		5.750%		20,000		18,150
05/07/23		9.000%		931,000		762,023
Total						1,255,123
Total Foreign Government Obligations
(Cost: $67,927,216)						71,235,669
Senior Loans 0.1%
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
Canada —%
Four Seasons Holdings, Inc. 2nd Lien Term Loan(f)(h)
12/28/20		6.250%		6,000		6,075
Netherlands —%
Playa Resorts Holding Term Loan(f)(h)
08/09/19		4.000%		7,960		7,945
Singapore —%
Avago Technologies Ltd. Tranche B Term Loan(c)(f)(h)
12/16/20		3.750%		21,000		21,056
United States 0.1%
Applied Systems, Inc. 1st Lien Term Loan(f)(h)
01/25/21		4.250%		1,995		1,991
Arch Coal, Inc. Term Loan(f)(h)
05/16/18		6.250%		27,859		27,058
Axalta Coating Systems Dutch Holding B BV/U.S. Holdings, Inc. Tranche B Term Loan(f)(h)
02/01/20		4.000%		8,933		8,900
CHS/Community Health Systems, Inc. Tranche D Term Loan(f)(h)
01/27/21		4.250%		6,983		7,006
Gardner Denver, Inc. Term Loan(f)(h)
07/30/20		4.250%		11,937		11,913
Neiman Marcus Group, Inc. (The) Term Loan(f)(h)
10/25/20		4.250%		22,942		22,865
PQ Corp. Term Loan(f)(h)
08/07/17		4.000%		44,437		44,373

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

14 Semiannual Report 2014

Columbia Global Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Senior Loans (continued)
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
Rite Aid Corp. 2nd Lien Tranche 1 Term Loan(f)(h)
08/21/20		5.750%		20,000		20,350
US Renal Care, Inc. 1st Lien Tranche B-2 Term Loan(f)(h)
07/03/19		4.250%		7,960		7,947
Total						152,403
Total Senior Loans						187,479
(Cost: $187,715)

Money Market Funds 4.1%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.092%(i)(j)		6,084,765		6,084,765
Total Money Market Funds
(Cost: $6,084,765)				6,084,765
Total Investments
(Cost: $138,370,900)				143,794,097
Other Assets & Liabilities, Net				3,476,240
Net Assets				147,270,337

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at April 30, 2014

Counterparty	Exchange Date		Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Morgan Stanley		5/6/14		34,696,000 CZK		1,742,861 USD		—		(10,426	)
Goldman, Sachs & Co.		5/6/14		15,000,000 SEK		2,320,013 USD		13,275		—
HSBC Securities (USA), Inc.		5/6/14		3,137,683 USD		3,400,000 AUD		20,024		—
J.P. Morgan Securities, Inc.		5/9/14		14,714,241 USD		10,664,000 EUR		80,205		—
J.P. Morgan Securities, Inc.		5/9/14		913,569 USD		41,339,000 PHP		14,168		—
J.P. Morgan Securities, Inc.		5/14/14		1,601,386 USD		1,730,458,000 KRW		72,948		—
State Street Bank & Trust Company		5/15/14		6,164,000 BRL		2,726,348 USD		—		(26,463	)
Standard Chartered Bank		5/21/14		90,000 CAD		81,579 USD		—		(495	)
Citigroup Global Markets Inc.		5/21/14		5,884,000 CHF		6,695,113 USD		8,450		—
Citigroup Global Markets Inc.		5/21/14		2,874,000 CHF		3,264,103 USD		—		(1,952	)
Standard Chartered Bank		5/21/14		361,000 CHF		410,055 USD		—		(191	)
Standard Chartered Bank		5/21/14		355,000 EUR		491,434 USD		—		(1,053	)
UBS Securities		5/21/14		4,794,000 EUR		6,636,430 USD		—		(14,219	)
Citigroup Global Markets Inc.		5/21/14		9,869,000 GBP		16,509,455 USD		—		(150,791	)
Standard Chartered Bank		5/21/14		146,000 GBP		245,357 USD		—		(1,111	)
Standard Chartered Bank		5/21/14		41,983,000 JPY		409,281 USD		—		(1,420	)
Barclays Bank PLC		5/21/14		9,965,133 USD		10,992,000 CAD		58,858		—
Standard Chartered Bank		5/21/14		611,394 USD		7,990,000 MXN		—		(1,636	)
HSBC Securities (USA), Inc.		5/21/14		16,595,242 USD		99,677,000 NOK		160,197		—
HSBC Securities (USA), Inc.		5/21/14		6,609,318 USD		43,391,000 SEK		61,577		—
HSBC Securities (USA), Inc.		5/22/14		1,233,666 USD		1,353,000 CAD		151		—
Credit Suisse Securities (USA) L.L.C.		5/23/14		2,067,000 ILS		592,120 USD		—		(5,048	)
Deutsche Bank Securities Inc.		5/23/14		3,936,000 MXN		301,148 USD		823		—
J.P. Morgan Securities, Inc.		5/23/14		577,195 USD		1,307,000 BRL		4,988		—
Deutsche Bank Securities Inc.		5/23/14		292,674 USD		10,507,000 RUB		137		—
HSBC Securities (USA), Inc.		5/23/14		585,739 USD		1,263,000 TRY		9,009		—
Standard Chartered Bank		5/27/14		332,349,000 CLP		589,794 USD		2,557		—
Citigroup Global Markets Inc.		5/29/14		28,700,000 THB		886,158 USD		338		—
Standard Chartered Bank		5/29/14		820,185 USD		489,000 GBP		5,262		—
J.P. Morgan Securities, Inc.		5/29/14		1,242,266 USD		1,561,000 SGD		2,840		—

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

Semiannual Report 2014 15

Columbia Global Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at April 30, 2014 (continued)

Counterparty	Exchange Date		Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
J.P. Morgan Securities, Inc.		5/30/14		1,161,000 MYR		354,731 USD		—		(601	)
J.P. Morgan Securities, Inc.		5/30/14		17,673,000 PLN		5,807,183 USD		—		(19,242	)
J.P. Morgan Securities, Inc.		5/30/14		6,432,172 USD		659,973,000 JPY		24,413		—
Goldman, Sachs & Co.		5/30/14		334,544 USD		3,548,000 ZAR		1,169		—
Credit Suisse Securities (USA) L.L.C.		6/2/14		4,248,000 CHF		4,841,081 USD		13,109		—
UBS Securities		6/5/14		3,818,000 NZD		3,255,380 USD		—		(27,081	)
State Street Bank & Trust Company		6/5/14		1,482,912 USD		8,910,000 NOK		13,899		—
Total								568,397		(261,729	)

Futures Contracts Outstanding at April 30, 2014

At April 30, 2014, securities and cash totaling $500,004 and $324,105, respectively, were pledged as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)			Trading Currency		Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
CAN 10YR BOND		93			CAD		11,111,975			06/2014		96,893		—
EURO-BOBL		30			EUR		5,234,608			06/2014		20,727		—
EURO-BUND		(55	)		EUR		(11,029,011	)		06/2014		—		(61,368	)
US 2YR NOTE		10			USD		2,198,750			06/2014		—		(15	)
US 5YR NOTE		(89	)		USD		(10,631,329	)		06/2014		37,819		—
US 5YR NOTE		12			USD		1,433,438			06/2014		—		(3,205	)
US 10YR NOTE		(126	)		USD		(15,677,157	)		06/2014		—		(27,673	)
US ULTRA T-BOND		(33	)		USD		(4,860,281	)		06/2014		—		(172,526	)
Total												155,439		(264,787	)

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 April 30, 2014, the value of these securities amounted to $23,234,298 or 15.78% of net assets.

(c) Represents a security purchased on a when-issued or delayed delivery basis.

(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) This security, or a portion of this security, has been pledged as collateral in connection with open futures contracts. These values are denoted within the Investments in Derivatives section of the Portfolio of Investments.

(f) Variable rate security.

(g) Principal and interest may not be guaranteed by the government.

(h) 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 April 30, 2014. 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.

(i) The rate shown is the seven-day current annualized yield at April 30, 2014.

(j) 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 April 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		4,499,301		26,210,792		(24,625,328	)		6,084,765		3,058		6,084,765

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

16 Semiannual Report 2014

Columbia Global Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Currency Legend

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
ILS	Israeli Shekel
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
MYR	Malaysia Ringgits
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Rouble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TRY	Turkish Lira
USD	US Dollar
ZAR	South African Rand

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

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

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

Semiannual Report 2014 17

Columbia Global Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (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 or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2014:

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		—			37,390,826			—		37,390,826
Residential Mortgage-Backed Securities — Agency		—			9,751,425			—		9,751,425
Commercial Mortgage-Backed Securities — Agency		—			4,091,791			—		4,091,791
Commercial Mortgage-Backed Securities — Non-Agency		—			4,255,747			—		4,255,747
Asset-Backed Securities — Non-Agency		—			3,736,025			—		3,736,025
Inflation-Indexed Bonds		—			3,870,140			—		3,870,140
U.S. Treasury Obligations		3,190,230			—			—		3,190,230
Foreign Government Obligations		—			71,235,669			—		71,235,669
Total Bonds		3,190,230			134,331,623			—		137,521,853
Other
Senior Loans
Lodging		—			7,945			6,075		14,020
All Other Industries		—			173,459			—		173,459
Total Other		—			181,404			6,075		187,479
Mutual Funds
Money Market Funds		6,084,765			—			—		6,084,765
Total Mutual Funds		6,084,765			—			—		6,084,765
Investments in Securities		9,274,995			134,513,027			6,075		143,794,097
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			568,397			—		568,397
Futures Contracts		155,439			—			—		155,439
Liabilities
Forward Foreign Currency Exchange Contracts		—			(261,729	)		—		(261,729	)
Futures Contracts		(264,787	)		—			—		(264,787	)
Total		9,165,647			134,819,695			6,075		143,991,417

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

18 Semiannual Report 2014

Columbia Global Bond Fund

Portfolio of Investments (continued)

April 30, 2014 (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.

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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 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.

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		Transfers Out
Level 2 ($)	Level 3 ($)	Level 2 ($)	Level 3 ($)
—	6,075	6,075	—

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 2014 19

Columbia Global Bond Fund

Statement of Assets and Liabilities

April 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $132,286,135)	$137,709,332
Affiliated issuers (identified cost $6,084,765)	6,084,765
Total investments (identified cost $138,370,900)	143,794,097
Foreign currency (identified cost $1,832,219)	1,828,230
Margin deposits	324,105
Unrealized appreciation on forward foreign currency exchange contracts	568,397
Receivable for:
Investments sold	264,477
Capital shares sold	10,758
Dividends	563
Interest	1,585,656
Reclaims	74,017
Variation margin	48,219
Expense reimbursement due from Investment Manager	1,019
Prepaid expenses	932
Other assets	18,423
Total assets	148,518,893
Liabilities
Disbursements in excess of cash	972
Unrealized depreciation on forward foreign currency exchange contracts	261,729
Payable for:
Investments purchased	285,207
Investments purchased on a delayed delivery basis	109,539
Capital shares purchased	342,158
Variation margin	131,278
Investment management fees	2,297
Distribution and/or service fees	1,134
Transfer agent fees	26,136
Administration fees	322
Plan administration fees	1
Compensation of board members	29,733
Other expenses	58,050
Total liabilities	1,248,556
Net assets applicable to outstanding capital stock	$147,270,337
Represented by
Paid-in capital	$151,380,319
Excess of distributions over net investment income	(7,510,324	)
Accumulated net realized loss	(2,238,294	)
Unrealized appreciation (depreciation) on:
Investments	5,423,197
Foreign currency translations	18,119
Forward foreign currency exchange contracts	306,668
Futures contracts	(109,348	)
Total — representing net assets applicable to outstanding capital stock	$147,270,337

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

20 Semiannual Report 2014

Columbia Global Bond Fund

Statement of Assets and Liabilities (continued)

April 30, 2014 (Unaudited)

Class A
Net assets	$136,815,242
Shares outstanding	21,432,234
Net asset value per share	$6.38
Maximum offering price per share(a)	$6.70
Class B
Net assets	$2,062,137
Shares outstanding	321,205
Net asset value per share	$6.42
Class C
Net assets	$5,123,746
Shares outstanding	808,321
Net asset value per share	$6.34
Class I
Net assets	$10,412
Shares outstanding	1,638
Net asset value per share	$6.36
Class K
Net assets	$103,701
Shares outstanding	16,229
Net asset value per share	$6.39
Class R
Net assets	$29,782
Shares outstanding	4,679
Net asset value per share(b)	$6.36
Class W
Net assets	$103,854
Shares outstanding	16,272
Net asset value per share	$6.38
Class Y
Net assets	$10,203
Shares outstanding	1,607
Net asset value per share	$6.35
Class Z
Net assets	$3,011,260
Shares outstanding	471,258
Net asset value per share	$6.39

(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 4.75%.

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

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

Semiannual Report 2014 21

Columbia Global Bond Fund

Statement of Operations

Six Months Ended April 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers		$3,058
Interest		2,901,544
Total income		2,904,602
Expenses:
Investment management fees		440,390
Distribution and/or service fees
Class A		178,987
Class B		11,847
Class C	��	28,096
Class R		16
Class W		133
Transfer agent fees
Class A		211,939
Class B		3,508
Class C		8,318
Class K		31
Class R		10
Class W		158
Class Z		4,583
Administration fees		61,809
Plan administration fees
Class K		154
Compensation of board members		8,493
Custodian fees		18,475
Printing and postage fees		28,592
Registration fees		52,253
Professional fees		17,448
Other		6,434
Total expenses		1,081,674
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(223,986	)
Total net expenses		857,688
Net investment income		2,046,914
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments		630,169
Foreign currency translations		42,531
Forward foreign currency exchange contracts		(2,209,201	)
Futures contracts		(39,400	)
Net realized loss		(1,575,901	)
Net change in unrealized appreciation (depreciation) on:
Investments		666,291
Foreign currency translations		(3,038	)
Forward foreign currency exchange contracts		141,998
Futures contracts		225,328
Net change in unrealized appreciation (depreciation)		1,030,579
Net realized and unrealized loss		(545,322	)
Net increase in net assets resulting from operations		$1,501,592

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

22 Semiannual Report 2014

Columbia Global Bond Fund

Statement of Changes in Net Assets

	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013(a)
Operations
Net investment income		$2,046,914			$4,931,894
Net realized loss		(1,575,901	)		(99,327	)
Net change in unrealized appreciation (depreciation)		1,030,579			(15,928,927	)
Net increase (decrease) in net assets resulting from operations		1,501,592			(11,096,360	)
Distributions to shareholders
Net investment income
Class A		(290,032	)		(13,198,488	)
Class B		(111	)		(324,525	)
Class C		(277	)		(508,118	)
Class I		(28	)		(711	)
Class K		(350	)		(26,193	)
Class R		(6	)		(319	)
Class W		(225	)		(1,885,645	)
Class Y		(7	)		(171	)
Class Z		(8,294	)		(161,376	)
Net realized gains
Class A		(2,308,265	)		(610,803	)
Class B		(38,525	)		(16,571	)
Class C		(96,384	)		(25,863	)
Class I		(141	)		(31	)
Class K		(2,325	)		(1,219	)
Class R		(70	)		(15	)
Class W		(1,788	)		(93,323	)
Class Y		(34	)		(7	)
Class Z		(49,692	)		(6,056	)
Total distributions to shareholders		(2,796,554	)		(16,859,434	)
Increase (decrease) in net assets from capital stock activity		(22,674,354	)		(58,712,976	)
Total decrease in net assets		(23,969,316	)		(86,668,770	)
Net assets at beginning of period		171,239,653			257,908,423
Net assets at end of period		$147,270,337			$171,239,653
Excess of distributions over net investment income		$(7,510,324	)		$(9,257,908	)

(a) Class Y shares are for the period from November 8, 2012 (commencement of operations) to October 31, 2013.

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

Semiannual Report 2014 23

Columbia Global Bond Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended April 30, 2014 (Unaudited)						Year Ended October 31, 2013(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		778,858			4,860,816			2,905,945			19,434,475
Distributions reinvested		406,784			2,509,855			1,937,853			13,184,166
Redemptions		(4,458,599	)		(27,861,646	)		(9,198,144	)		(60,532,731	)
Net decrease		(3,272,957	)		(20,490,975	)		(4,354,346	)		(27,914,090	)
Class B shares
Subscriptions		1,290			8,055			34,900			239,016
Distributions reinvested		6,012			37,397			47,674			328,477
Redemptions(b)		(131,870	)		(831,895	)		(436,549	)		(2,868,062	)
Net decrease		(124,568	)		(786,443	)		(353,975	)		(2,300,569	)
Class C shares
Subscriptions		82,761			515,205			385,407			2,584,361
Distributions reinvested		15,015			92,190			77,063			524,032
Redemptions		(281,455	)		(1,738,771	)		(649,517	)		(4,221,836	)
Net decrease		(183,679	)		(1,131,376	)		(187,047	)		(1,113,443	)
Class I shares
Subscriptions		191			1,200			—			—
Net increase		191			1,200			—			—
Class K shares
Subscriptions		322			2,012			2,541			17,709
Distributions reinvested		434			2,674			4,025			27,411
Redemptions		(8,298	)		(51,091	)		(39,557	)		(260,455	)
Net decrease		(7,542	)		(46,405	)		(32,991	)		(215,335	)
Class R shares
Subscriptions		3,963			25,045			—			—
Net increase		3,963			25,045			—			—
Class W shares
Subscriptions		872			5,500			373,858			2,618,161
Distributions reinvested		313			1,932			290,126			1,978,621
Redemptions		(4,282	)		(26,591	)		(4,965,531	)		(33,273,416	)
Net decrease		(3,097	)		(19,159	)		(4,301,547	)		(28,676,634	)
Class Y shares
Subscriptions		1,260			7,900			347			2,500
Net increase		1,260			7,900			347			2,500
Class Z shares
Subscriptions		42,317			263,178			431,935			2,946,705
Distributions reinvested		9,179			56,637			24,437			165,479
Redemptions		(88,982	)		(553,956	)		(241,460	)		(1,607,589	)
Net increase (decrease)		(37,486	)		(234,141	)		214,912			1,504,595
Total net decrease		(3,623,915	)		(22,674,354	)		(9,014,647	)		(58,712,976	)

(a) Class Y shares are for the period from November 8, 2012 (commencement of operations) to October 31, 2013.

(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.

24 Semiannual Report 2014

Columbia Global Bond Fund

Financial Highlights

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

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class  A	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$6.41		$7.22		$7.35		$7.47		$7.10		$6.16
Income from investment operations:
Net investment income	0.08		0.16		0.18		0.22		0.23		0.17
Net realized and unrealized gain (loss)	(0.00	)(a)	(0.49	)	0.17		(0.05	)	0.31		1.15
Total from investment operations	0.08		(0.33	)	0.35		0.17		0.54		1.32
Less distributions to shareholders:
Net investment income	(0.01	)	(0.46	)	(0.45	)	(0.29	)	(0.17	)	(0.38	)
Net realized gains	(0.10	)	(0.02	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.11	)	(0.48	)	(0.48	)	(0.29	)	(0.17	)	(0.38	)
Net asset value, end of period	$6.38		$6.41		$7.22		$7.35		$7.47		$7.10
Total return	1.30	%	(4.89	%)	5.20	%	2.46	%	7.70	%	22.12	%
Ratios to average net assets(b)
Total gross expenses	1.37	%(c)	1.33	%	1.33	%	1.35	%	1.34	%	1.36	%
Total net expenses(d)	1.08	%(c)	1.10	%(e)	1.15	%(e)	1.21	%(e)	1.25	%	1.25	%
Net investment income	2.68	%(c)	2.37	%	2.51	%	2.95	%	3.31	%	2.72	%
Supplemental data
Net assets, end of period (in thousands)	$136,815		$158,471		$209,873		$223,462		$246,929		$252,773
Portfolio turnover	6	%	47	%	34	%	57	%	62	%	69	%

Notes to Financial Highlights

(a) Rounds to zero.

(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 2014 25

Columbia Global Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class B	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$6.46		$7.28		$7.41		$7.52		$7.14		$6.23
Income from investment operations:
Net investment income	0.06		0.11		0.13		0.16		0.18		0.13
Net realized and unrealized gain (loss)	(0.00	)(a)	(0.49	)	0.18		(0.04	)	0.31		1.15
Total from investment operations	0.06		(0.38	)	0.31		0.12		0.49		1.28
Less distributions to shareholders:
Net investment income	(0.00	)(a)	(0.42	)	(0.41	)	(0.23	)	(0.11	)	(0.37	)
Net realized gains	(0.10	)	(0.02	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.10	)	(0.44	)	(0.44	)	(0.23	)	(0.11	)	(0.37	)
Net asset value, end of period	$6.42		$6.46		$7.28		$7.41		$7.52		$7.14
Total return	0.94	%	(5.62	%)	4.50	%	1.72	%	6.89	%	21.14	%
Ratios to average net assets(b)
Total gross expenses	2.12	%(c)	2.09	%	2.10	%	2.12	%	2.10	%	2.13	%
Total net expenses(d)	1.83	%(c)	1.85	%(e)	1.90	%(e)	1.96	%(e)	2.02	%	2.01	%
Net investment income	1.93	%(c)	1.60	%	1.79	%	2.22	%	2.58	%	2.00	%
Supplemental data
Net assets, end of period (in thousands)	$2,062		$2,881		$5,819		$9,836		$18,513		$29,977
Portfolio turnover	6	%	47	%	34	%	57	%	62	%	69	%

Notes to Financial Highlights

(a) Rounds to zero.

(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.

26 Semiannual Report 2014

Columbia Global Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class C	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$6.38		$7.19		$7.33		$7.45		$7.08		$6.18
Income from investment operations:
Net investment income	0.06		0.11		0.12		0.16		0.18		0.13
Net realized and unrealized gain (loss)	(0.00	)(a)	(0.48	)	0.18		(0.04	)	0.31		1.14
Total from investment operations	0.06		(0.37	)	0.30		0.12		0.49		1.27
Less distributions to shareholders:
Net investment income	(0.00	)(a)	(0.42	)	(0.41	)	(0.24	)	(0.12	)	(0.37	)
Net realized gains	(0.10	)	(0.02	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.10	)	(0.44	)	(0.44	)	(0.24	)	(0.12	)	(0.37	)
Net asset value, end of period	$6.34		$6.38		$7.19		$7.33		$7.45		$7.08
Total return	0.96	%	(5.53	%)	4.42	%	1.70	%	6.95	%	21.15	%
Ratios to average net assets(b)
Total gross expenses	2.12	%(c)	2.08	%	2.09	%	2.10	%	2.10	%	2.12	%
Total net expenses(d)	1.83	%(c)	1.85	%(e)	1.90	%(e)	1.95	%(e)	2.01	%	2.01	%
Net investment income	1.93	%(c)	1.62	%	1.73	%	2.21	%	2.58	%	1.94	%
Supplemental data
Net assets, end of period (in thousands)	$5,124		$6,331		$8,481		$5,926		$6,162		$5,557
Portfolio turnover	6	%	47	%	34	%	57	%	62	%	69	%

Notes to Financial Highlights

(a) Rounds to zero.

(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 2014 27

Columbia Global Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class I	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$6.38		$7.19		$7.36		$7.48		$7.11		$6.14
Income from investment operations:
Net investment income	0.10		0.19		0.21		0.25		0.26		0.20
Net realized and unrealized gain (loss)	(0.00	)(a)	(0.49	)	0.17		(0.05	)	0.31		1.15
Total from investment operations	0.10		(0.30	)	0.38		0.20		0.57		1.35
Less distributions to shareholders:
Net investment income	(0.02	)	(0.49	)	(0.52	)	(0.32	)	(0.20	)	(0.38	)
Net realized gains	(0.10	)	(0.02	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.12	)	(0.51	)	(0.55	)	(0.32	)	(0.20	)	(0.38	)
Net asset value, end of period	$6.36		$6.38		$7.19		$7.36		$7.48		$7.11
Total return	1.59	%	(4.47	%)	5.63	%	2.94	%	8.16	%	22.83	%
Ratios to average net assets(b)
Total gross expenses	0.82	%(c)	0.77	%	0.77	%	0.82	%	0.86	%	0.86	%
Total net expenses(d)	0.63	%(c)	0.64	%	0.71	%	0.76	%	0.82	%	0.82	%
Net investment income	3.12	%(c)	2.82	%	3.02	%	3.40	%	3.70	%	3.16	%
Supplemental data
Net assets, end of period (in thousands)	$10		$9		$10		$3,369		$195,613		$169,717
Portfolio turnover	6	%	47	%	34	%	57	%	62	%	69	%

Notes to Financial Highlights

(a) Rounds to zero.

(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.

28 Semiannual Report 2014

Columbia Global Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class K	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$6.42		$7.23		$7.36		$7.48		$7.11		$6.16
Income from investment operations:
Net investment income	0.09		0.17		0.19		0.23		0.24		0.18
Net realized and unrealized gain (loss)	(0.01	)	(0.49	)	0.18		(0.05	)	0.31		1.15
Total from investment operations	0.08		(0.32	)	0.37		0.18		0.55		1.33
Less distributions to shareholders:
Net investment income	(0.01	)	(0.47	)	(0.47	)	(0.30	)	(0.18	)	(0.38	)
Net realized gains	(0.10	)	(0.02	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.11	)	(0.49	)	(0.50	)	(0.30	)	(0.18	)	(0.38	)
Net asset value, end of period	$6.39		$6.42		$7.23		$7.36		$7.48		$7.11
Total return	1.34	%	(4.73	%)	5.39	%	2.60	%	7.85	%	22.42	%
Ratios to average net assets(a)
Total gross expenses	1.12	%(b)	1.08	%	1.08	%	1.12	%	1.18	%	1.16	%
Total net expenses(c)	0.93	%(b)	0.95	%	1.00	%	1.06	%	1.12	%	1.06	%
Net investment income	2.87	%(b)	2.48	%	2.65	%	3.10	%	3.35	%	2.86	%
Supplemental data
Net assets, end of period (in thousands)	$104		$153		$410		$291		$407		$169
Portfolio turnover	6	%	47	%	34	%	57	%	62	%	69	%

Notes to Financial Highlights

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

(b) Annualized.

(c) 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 2014 29

Columbia Global Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class  R	(Unaudited)		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$6.40		$7.20		$7.34		$7.46		$6.98
Income from investment operations:
Net investment income	0.07		0.14		0.16		0.20		0.16
Net realized and unrealized gain (loss)	(0.00	)(b)	(0.47	)	0.17		(0.05	)	0.40
Total from investment operations	0.07		(0.33	)	0.33		0.15		0.56
Less distributions to shareholders:
Net investment income	(0.01	)	(0.45	)	(0.44	)	(0.27	)	(0.08	)
Net realized gains	(0.10	)	(0.02	)	(0.03	)	—		—
Total distributions to shareholders	(0.11	)	(0.47	)	(0.47	)	(0.27	)	(0.08	)
Net asset value, end of period	$6.36		$6.40		$7.20		$7.34		$7.46
Total return	1.08	%	(4.98	%)	4.83	%	2.21	%	8.15	%
Ratios to average net assets(c)
Total gross expenses	1.63	%(d)	1.58	%	1.60	%	1.59	%	1.66	%(d)
Total net expenses(e)	1.33	%(d)	1.34	%(f)	1.40	%(f)	1.46	%(f)	1.59	%(d)
Net investment income	2.45	%(d)	2.16	%	2.26	%	2.69	%	3.58	%(d)
Supplemental data
Net assets, end of period (in thousands)	$30		$5		$5		$5		$5
Portfolio turnover	6	%	47	%	34	%	57	%	62	%

Notes to Financial Highlights

(a) For the period from March 15, 2010 (commencement of operations) to October 31, 2010.

(b) Rounds to zero.

(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.

30 Semiannual Report 2014

Columbia Global Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class  W	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$6.41		$7.22		$7.35		$7.46		$7.09		$6.15
Income from investment operations:
Net investment income	0.08		0.17		0.18		0.22		0.22		0.17
Net realized and unrealized gain (loss)	(0.00	)(a)	(0.51	)	0.17		(0.04	)	0.31		1.14
Total from investment operations	0.08		(0.34	)	0.35		0.18		0.53		1.31
Less distributions to shareholders:
Net investment income	(0.01	)	(0.45	)	(0.45	)	(0.29	)	(0.16	)	(0.37	)
Net realized gains	(0.10	)	(0.02	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.11	)	(0.47	)	(0.48	)	(0.29	)	(0.16	)	(0.37	)
Net asset value, end of period	$6.38		$6.41		$7.22		$7.35		$7.46		$7.09
Total return	1.30	%	(5.04	%)	5.18	%	2.59	%	7.66	%	22.04	%
Ratios to average net assets(b)
Total gross expenses	1.37	%(c)	1.36	%	1.34	%	1.36	%	1.31	%	1.30	%
Total net expenses(d)	1.08	%(c)	1.13	%(e)	1.16	%(e)	1.21	%(e)	1.27	%	1.27	%
Net investment income	2.68	%(c)	2.38	%	2.56	%	2.95	%	3.15	%	2.70	%
Supplemental data
Net assets, end of period (in thousands)	$104		$124		$31,187		$52,531		$69,842		$60,278
Portfolio turnover	6	%	47	%	34	%	57	%	62	%	69	%

Notes to Financial Highlights

(a) Rounds to zero.

(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 2014 31

Columbia Global Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class Y	(Unaudited)		2013(a)
Per share data
Net asset value, beginning of period	$6.37		$7.20
Income from investment operations
Net investment income	0.10		0.18
Net realized and unrealized gain (loss)	(0.00	)(b)	(0.50	)
Total from investment operations	0.10		(0.32	)
Less distributions to shareholders:
Net investment income	(0.02	)	(0.49	)
Net realized gains	(0.10	)	(0.02	)
Total distributions to shareholders	(0.12	)	(0.51	)
Net asset value, end of period	$6.35		$6.37
Total return	1.59	%	(4.75	%)
Ratios to average net assets(c)
Total gross expenses	0.84	%(d)	0.79	%(d)
Total net expenses(e)	0.63	%(d)	0.64	%(d)
Net investment income	3.11	%(d)	2.86	%(d)
Supplemental data
Net assets, end of period (in thousands)	$10		$2
Portfolio turnover	6	%	47	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to October 31, 2013.

(b) Rounds to zero.

(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.

32 Semiannual Report 2014

Columbia Global Bond Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class Z	(Unaudited)		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$6.42		$7.22		$7.36		$7.48		$7.33
Income from investment operations:
Net investment income	0.09		0.17		0.19		0.23		0.01
Net realized and unrealized gain (loss)	(0.01	)	(0.47	)	0.17		(0.03	)	0.14
Total from investment operations	0.08		(0.30	)	0.36		0.20		0.15
Less distributions to shareholders:
Net investment income	(0.01	)	(0.48	)	(0.47	)	(0.32	)	—
Net realized gains	(0.10	)	(0.02	)	(0.03	)	—		—
Total distributions to shareholders	(0.11	)	(0.50	)	(0.50	)	(0.32	)	—
Net asset value, end of period	$6.39		$6.42		$7.22		$7.36		$7.48
Total return	1.37	%	(4.50	%)	5.34	%	2.83	%	2.05	%
Ratios to average net assets(b)
Total gross expenses	1.12	%(c)	1.08	%	1.08	%	0.96	%	1.13	%(c)
Total net expenses(d)	0.83	%(c)	0.84	%(e)	0.89	%(e)	0.94	%(e)	0.95	%(c)
Net investment income	2.93	%(c)	2.65	%	2.70	%	3.19	%	2.31	%(c)
Supplemental data
Net assets, end of period (in thousands)	$3,011		$3,264		$2,123		$768		$8
Portfolio turnover	6	%	47	%	34	%	57	%	62	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

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

(c) Annualized.

(d) 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 2014 33

Columbia Global Bond Fund

Notes to Financial Statements

April 30, 2014 (Unaudited)

Note 1. Organization

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

Fund Shares

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

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

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other eligible investors.

Class W shares are not subject to sales charges and are available only to investors purchasing through authorized

investment programs managed by investment professionals, including discretionary managed account programs.

Class Y shares are not subject to sales charges and are generally available only to certain retirement plans.

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

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.

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

34 Semiannual Report 2014

Columbia Global Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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.

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

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

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

Semiannual Report 2014 35

Columbia Global Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the exchange or clearinghouse for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage over a specified time period or the Fund fails to meet the terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet the terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivative contracts based on whether termination would result in a net liability owed from the counterparty.

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

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are typically intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Fund

utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, and/or to recover an underweight country exposure in its portfolio and to take long and short positions in order to generate added return. These instruments may be used for other purposes in future periods.

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 or is closed.

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

Futures Contracts

Futures contracts are exchange traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, manage the duration and yield curve exposure of the Fund versus the benchmark, manage exposure to movements in interest rates and take long and short exposures in order to generate added return. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the

36 Semiannual Report 2014

Columbia Global Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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.

Offsetting of Derivative Assets and Derivative Liabilities

The following tables present the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of April 30, 2014:

	Gross Amounts of Recognized Assets ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Assets Presented in the Statement of Assets and Liabilities ($)		Gross Amounts Not Offset in the Statement of Assets and Liabilities
							Financial Instruments ($)(a)		Cash Collateral Received ($)		Securities Collateral Received ($)		Net Amount  ($)(b)
Asset Derivatives:
Forward Foreign Currency Exchange Contracts		568,397		—		568,397		53,484		—		—		514,913
	Gross Amounts of Recognized Liabilities ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities ($)		Gross Amounts Not Offset in the Statement of Assets and Liabilities
							Financial Instruments ($)(c)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)		Net Amount  ($)(d)
Liability Derivatives:
Forward Foreign Currency Exchange Contracts		261,729		—		261,729		53,484		—		—		208,245

(a) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

(b) Represents the net amount due from counterparties in the event of default.

(c) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

(d) Represents the net amount due to counterparties in the event of default.

Semiannual Report 2014 37

Columbia Global Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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 over the period in the Statement of Operations 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 April 30, 2014:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	568,397
Interest rate risk	Net assets — unrealized appreciation on futures contracts	155,439	*
Total		723,836
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	261,729
Interest rate risk	Net assets — unrealized depreciation on futures contracts	264,787	*
Total		526,516

* 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 following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended April 30, 2014:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Total ($)
Foreign exchange risk		(2,209,201	)		—			(2,209,201	)
Interest rate risk		—			(39,400	)		(39,400	)
Total		(2,209,201	)		(39,400	)		(2,248,601	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)		Total ($)
Foreign exchange risk		141,998		—		141,998
Interest rate risk		—		225,328		225,328
Total		141,998		225,328		367,326

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended April 30, 2014.

Derivative Instrument	Average notional amounts ($)*
Futures contracts — Long		19,480,617
Futures contracts — Short		39,403,898

Derivative Instrument	Average unrealized appreciation ($)*		Average unrealized depreciation ($)*
Forward foreign currency exchange contracts		675,510		(742,782	)

* Based on ending quarterly outstanding amounts for the six months ended April 30, 2014.

Investments in Loans

The Fund may invest in loan participations and assignments of all or a portion of a loan. When the Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participations (Selling Participant), but not the borrower, and assumes the credit risk of the borrower, Selling Participant and any other persons interpositioned between the Fund and the borrower. In addition, the Fund may not directly benefit from the collateral supporting the loan that it has purchased from the Selling Participant. In contrast, when the Fund purchases an assignment of a loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce their rights only through an administrative agent. Although certain loan participations or assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have their interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent, enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, loan participations and assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for loan participations and assignments

38 Semiannual Report 2014

Columbia Global Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

and certain loan participations and assignments which were liquid, when purchased, may become illiquid.

Delayed Delivery Securities

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

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. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to 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 realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Semiannual Report 2014 39

Columbia Global Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (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 0.57% to 0.47% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended April 30, 2014 was 0.57% of the Fund’s average daily net assets.

The Investment Manager has entered into a personnel-sharing arrangement with its affiliate, Threadneedle Investments (Threadneedle). Threadneedle, like the Investment Manager, is a wholly-owned subsidiary of Ameriprise Financial and is an SEC-registered investment adviser. Pursuant to this arrangement, certain employees of Threadneedle serve as “associated persons” of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information (SAI), may provide research and related services, and discretionary investment management services (including acting as portfolio managers) to the Fund on behalf of the Investment Manager.

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 April 30, 2014 was 0.08% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board, including payments to a company providing limited administrative services to the Fund and the Board. That company’s expenses include boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. For the six months ended April 30, 2014, other expenses paid to this company were $780.

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 also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., 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. Total transfer agent fees for Class K shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class K shares. Class I and Class Y shares are not subject to transfer agent fees.

For the six months ended April 30, 2014, 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	0.30	%
Class B	0.30
Class C	0.30
Class K	0.05
Class R	0.30
Class W	0.30
Class Z	0.30

40 Semiannual Report 2014

Columbia Global Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended April 30, 2014, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

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

Distribution Fees

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

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $605,000 and $62,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of March 31, 2014, 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 $32,700 for Class A, $793 for Class B and $180 for Class C shares for the six months ended April 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses

(excluding certain fees and expenses described below) for the periods disclosed below, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

	March 1, 2014 through February 28, 2015			Prior to March 1, 2014
Class A		1.09	%		1.07	%
Class B		1.84			1.82
Class C		1.84			1.82
Class I		0.64			0.62
Class K		0.94			0.92
Class R		1.34			1.32
Class W		1.09			1.07
Class Y		0.64			0.62
Class Z		0.84			0.82

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 April 30, 2014, the cost of investments for federal income tax purposes was approximately $138,371,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$7,859,000
Unrealized depreciation	(2,436,000	)
Net unrealized appreciation	$5,423,000

Semiannual Report 2014 41

Columbia Global Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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 $8,830,985 and $34,712,747, respectively, for the six months ended April 30, 2014, of which $606,140 and $1,666,325, respectively, were U.S. government securities.

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.

Note 7. Shareholder Concentration

At April 30, 2014, affiliated shareholders of record owned 25.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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. Effective December 10, 2013, the Fund also pays a

commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. Prior to December 10, 2013, the commitment fee was charged at the annual rate of 0.08% per annum. The commitment fee is included in other expenses in the Statement of Operations.

The Fund had no borrowings during the six months ended April 30, 2014.

Note 9. Significant Risks

Derivatives Risk

Losses involving derivative instruments may be substantial, because a relatively small price movement in the underlying security(ies) instrument, commodity, currency or index may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk and liquidity risk.

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

Geographic Concentration Risk

The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. Currency devaluation could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. As a result, the Fund may be more volatile than a more geographically diversified fund.

42 Semiannual Report 2014

Columbia Global Bond Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

Non-Diversification Risk

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

Note 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 2014 43

Columbia Global Bond Fund

Approval of Investment Management Services Agreement

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

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the IMS Agreement. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2014, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March and April were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials (including proposed expense caps for certain Funds) were revised to reflect discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel, and reviews information prepared by Columbia Management addressing the services Columbia Management provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the IMS Agreement.

The Board, at its April 9-11, 2014 in-person Board meeting (the April Meeting), considered the renewal of the IMS Agreement for an additional one-year term. At the April Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement.

Nature, Extent and Quality of Services Provided by Columbia Management

The Independent Trustees analyzed various reports and presentations they had received detailing the services performed by Columbia Management, as well as its expertise, resources and capabilities. The Independent Trustees specifically considered many developments during the past year concerning the services provided by Columbia Management, including, in particular, the successful implementation of a globalization initiative, which, among other things, increased worldwide analyst support for global products, the reorganization of the Informational Technology research team, the hiring of additional personnel to assist the Asset Allocation team and the global restructuring of the Senior Operational team. The Independent Trustees noted the information they received concerning Columbia Management’s ability to retain its key portfolio management personnel. The Independent Trustees also recalled Columbia Management’s representation that additional staff has been added to support the vigorous application of the “5P” review process, to which all internally-managed Funds are subject.

In connection with the Board’s evaluation of the overall package of services provided by Columbia Management, the Board also considered the quality of administrative services provided to the Fund by Columbia Management, recalling the information it received highlighting significant achievements in 2013 in the performance of administrative services. In evaluating the quality of services provided under the IMS Agreement and the Fund’s Administrative Services Agreement, the Independent Trustees also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. In addition, the Board also reviewed the financial condition of Columbia Management (and its affiliates) and each entity’s ability to carry out its responsibilities under the IMS Agreement and the Fund’s other services agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. The Board also discussed the acceptability of the terms of the IMS Agreement (including the relatively broad scope of services required to be performed by Columbia Management). The Board concluded that the services being performed under the IMS Agreement were of a reasonably high quality.

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

44 Semiannual Report 2014

Columbia Global Bond Fund

Approval of Investment Management Services Agreement (continued)

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under the IMS Agreement, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods, the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group and the net assets of the Fund. The Board observed the Fund’s underperformance for certain periods, noting that appropriate steps (such as changes to strategy and the management team) had been taken to help improve the Fund’s performance.

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

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

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the “pricing philosophy” currently in effect (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). In this connection, the Board also considered the 2013 report provided by an independent consulting firm, Bobroff Consulting (the Independent Consultant), that concluded that the Funds’ standardized investment management fee rates were within a reasonable range. The Board took into account that the Fund’s total expense ratio (after considering proposed voluntary expense caps/waivers) approximated the peer universe’s median expense ratio. It was observed that various proposals concerning the Funds’ transfer agency and sub-transfer agency fee structures, and other changes impacting the Funds’ pricing structure and fees, are expected to be considered at a later Board meeting which, if adopted, would alter the current pricing philosophy. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

The Board also considered the expected profitability of Columbia Management and its affiliates in connection with Columbia Management providing investment management services to the Fund. In this regard, the Board referred to a detailed profitability report, discussing the profitability to Columbia Management and Ameriprise Financial from managing, operating and distributing the Funds. In this regard, the Board observed that: (i) the Independent Consultant concluded that 2012 profitability was reasonable; (ii) 2013 profitability only moderately exceeded 2012 levels; and (iii) 2013 profitability is in line with profitability levels of industry competitors. It also took into account the indirect economic benefits flowing to Columbia Management or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Economies of Scale to be Realized

The Board also considered the economies of scale that might be realized by Columbia Management as the Fund grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Independent Trustees took into account that IMS fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that the investment management service fees were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On April 11, 2014, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement.

Semiannual Report 2014 45

Columbia Global Bond Fund

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46 Semiannual Report 2014

Columbia Global Bond Fund

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Semiannual Report 2014 47

Columbia Global Bond Fund

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48 Semiannual Report 2014

Columbia Global 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 2014 49

Columbia Global 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 and, if available, a summary 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.

© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR153_10_D01_(06/14)

Semiannual Report April 30, 2014

Columbia Global Equity Fund

President’s Message

Dear Shareholders,

Continued Economic Recovery

The U.S. economy continued to recover at a slow but steady pace during the first quarter of 2014, supported by solid manufacturing activity, reasonable job growth and continued gains for the housing market. Industrial production was robust, buoyed by strong demand for autos and related parts. After a disappointing January, job growth picked up, which helped boost consumer confidence. Housing data was somewhat mixed, as harsh weather and higher mortgage rates put a damper on sales, while lower inventories helped prices trend higher. The Federal Reserve (the Fed) announced further reductions to its monthly asset purchases and reassured the markets that it would not make any significant changes to monetary policy until it was satisfied that the labor market was on solid ground. Despite mostly good news on the economic front, the broad financial markets recorded only modest gains, as bitter winter weather at home and mounting tensions between Russia and Western allies prompted investor caution.

Investors braced for higher interest rates, but long-term yields declined and the fixed-income markets were surprisingly resilient in the face of stable-to-improving economic data. Risk-on trading continued during the quarter as the higher yielding sectors of the fixed-income markets generally fared well. Emerging-market bonds, long-term U.S. Treasuries and sovereign debt were among the strongest performers, as were Treasury Inflation Protected Securities. Municipal bonds delivered solid gains, especially high-yield municipals, which benefited from continued improvement in state finances.

Against this backdrop, the broad bond market, as measured by the Barclays U.S. Aggregate Bond Index, edged out the broad stock market, as measured by the Standard & Poor’s 500 Index, with gains of 1.84% vs. 1.81%, respectively. As indicated late last year, the Fed began tapering its monthly asset purchase program and announced further reductions. New Fed chair Janet Yellen reassured investors the Fed was committed to keeping short-term borrowing rates low into 2015.

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. At Columbia Management, reaching our performance goals matters, and how we reach them matters just as much.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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

> 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

Investing involves risk including the risk of loss of principal.

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 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.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and, if available, a summary 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.

© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2014

Columbia Global Equity 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	10
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	15
Notes to Financial Statements	24
Approval of Investment Management Services and Subadvisory Agreements	30
Important Information About This Report	33

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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 7 p.m. Eastern time.

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

Semiannual Report 2014

Columbia Global Equity Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Global Equity Fund (the Fund) Class A shares returned 4.62% excluding sales charges for the six-month period that ended April 30, 2014.

> The Fund underperformed its benchmark, the MSCI ACWI (Net), which returned 5.28% for the same six months.

Average Annual Total Returns (%) (for period ended April 30, 2014)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	05/29/90
Excluding sales charges			4.62		15.04		14.52		7.66
Including sales charges			-1.40		8.41		13.15		7.01
Class B	03/20/95
Excluding sales charges			4.24		14.03		13.61		6.82
Including sales charges			-0.76		9.03		13.37		6.82
Class C	06/26/00
Excluding sales charges			4.17		14.08		13.59		6.81
Including sales charges			3.17		13.08		13.59		6.81
Class I*	08/01/08		4.83		15.56		15.03		7.96
Class K	03/20/95		4.67		15.24		14.69		7.84
Class R*	12/11/06		4.48		14.57		14.31		7.47
Class R5*	12/11/06		4.89		15.51		15.01		8.01
Class W*	12/01/06		4.60		14.95		14.49		7.66
Class Z*	09/27/10		4.72		15.20		14.70		7.74
MSCI ACWI (Net)			5.28		14.40		15.42		7.33

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 MSCI ACWI (All Country World Index) (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 45 country indices comprising 24 developed and 21 emerging market country indices.

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

2 Semiannual Report 2014

Columbia Global Equity Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at April 30, 2014)
Pfizer, Inc. (United States)	2.4
Apple, Inc. (United States)	2.4
Unilever PLC (United Kingdom)	2.4
United Rentals, Inc. (United States)	2.3
Gilead Sciences, Inc. (United States)	2.3
UBS AG, Registered Shares (Switzerland)	2.2
JPMorgan Chase & Co. (United States)	2.1
Nestlé SA, Registered Shares (Switzerland)	2.1
Anheuser-Busch InBev NV (Belgium)	2.1
Suncor Energy, Inc. (Canada)	2.0

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

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

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

Country Breakdown (%) (at April 30, 2014)
Belgium	2.1
Canada	3.0
China	1.2
Colombia	0.6
France	1.6
Germany	2.8
Indonesia	0.6
Ireland	2.2
Japan	9.5
Mexico	2.0
Netherlands	1.5
Panama	1.0
Singapore	0.5
South Korea	1.9
Sweden	0.8
Switzerland	5.6
United Kingdom	10.5
United States(a)	52.6
Total	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.

Portfolio Management

Threadneedle International Limited

Neil Robson

Pauline Grange

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.

© 2014 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 2014 3

Columbia Global Equity Fund

Portfolio Overview (continued)

(Unaudited)

Summary of Investments in Securities by Industry (%) (at April 30, 2014)
Airlines	1.0
Auto Components	1.4
Automobiles	1.8
Banks	8.4
Beverages	3.1
Biotechnology	3.2
Capital Markets	5.1
Chemicals	3.9
Communications Equipment	0.8
Consumer Finance	2.3
Diversified Financial Services	1.1
Electronic Equipment, Instruments & Components	3.1
Food & Staples Retailing	0.7
Food Products	5.5
Health Care Equipment & Supplies	2.3
Hotels, Restaurants & Leisure	2.2
Household Durables	1.4
Insurance	4.8
Internet & Catalog Retail	1.7
Internet Software & Services	5.8
IT Services	2.2
Media	5.8
Multiline Retail	1.0
Oil, Gas & Consumable Fuels	7.9
Personal Products	0.5
Pharmaceuticals	3.9
Real Estate Management & Development	1.1
Road & Rail	1.2
Semiconductors & Semiconductor Equipment	3.0
Specialty Retail	1.0
Technology Hardware, Storage & Peripherals	3.4
Textiles, Apparel & Luxury Goods	1.0
Trading Companies & Distributors	6.2
Wireless Telecommunication Services	0.8
Money Market Funds	1.2
Total	99.8

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

4 Semiannual Report 2014

Columbia Global Equity Fund

Understanding Your Fund’s Expenses

(Unaudited)

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

Analyzing Your Fund’s Expenses

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

Compare With Other Funds

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

November 1, 2013 – April 30, 2014

	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		1,046.20	1,017.55		7.41	7.30		1.46
Class B		1,000.00	1,000.00		1,042.40	1,013.84		11.19	11.03		2.21
Class C		1,000.00	1,000.00		1,041.70	1,013.84		11.19	11.03		2.21
Class I		1,000.00	1,000.00		1,048.30	1,019.98		4.93	4.86		0.97
Class K		1,000.00	1,000.00		1,046.70	1,018.60		6.34	6.26		1.25
Class R		1,000.00	1,000.00		1,044.80	1,016.31		8.67	8.55		1.71
Class R5		1,000.00	1,000.00		1,048.90	1,019.93		4.98	4.91		0.98
Class W		1,000.00	1,000.00		1,046.00	1,017.60		7.36	7.25		1.45
Class Z		1,000.00	1,000.00		1,047.20	1,018.79		6.14	6.06		1.21

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 2014 5

Columbia Global Equity Fund

Portfolio of Investments

April 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 96.2%
Issuer	Shares		Value ($)
Belgium 2.1%
Anheuser-Busch InBev NV		76,000		8,270,600
Canada 3.0%
Methanex Corp.		62,900		3,896,064
Suncor Energy, Inc.		208,300		8,035,148
Total				11,931,212
China 1.2%
China Overseas Land & Investment Ltd.		958,000		2,358,292
Ping An Insurance Group Co. of China Ltd., Class H		336,000		2,493,835
Total				4,852,127
Colombia 0.6%
BanColombia SA, ADR		43,000		2,447,990
France 1.6%
Total SA		90,000		6,427,867
Germany 2.7%
Brenntag AG		29,209		5,282,184
Continental AG		24,000		5,622,095
Total				10,904,279
Indonesia 0.6%
PT Bank Rakyat Indonesia Persero Tbk		2,518,400		2,162,690
Ireland 2.2%
Bank of Ireland(a)		8,092,012		3,177,085
Covidien PLC		75,846		5,404,027
Total				8,581,112
Japan 9.5%
Aeon Co., Ltd.		242,400		2,799,631
Fuji Media Holdings, Inc.		167,600		2,823,645
Japan Exchange Group, Inc.		221,600		4,384,556
Mazda Motor Corp.		1,568,000		7,010,908
Nomura Holdings, Inc.		850,000		4,922,243
Ryohin Keikaku Co., Ltd.		34,700		3,899,705
Sekisui Chemical Co., Ltd.		542,000		5,492,739
Shimadzu Corp.		291,000		2,485,867
Sumitomo Mitsui Trust Holdings, Inc.		982,000		4,046,526
Total				37,865,820

Common Stocks (continued)
Issuer	Shares		Value ($)
Mexico 2.0%
Fomento Economico Mexicano SAB de CV, ADR		43,600		3,957,572
Grupo Financiero Banorte SAB de CV, Class O		614,500		4,081,245
Total				8,038,817
Netherlands 1.5%
Aegon NV		652,347		5,914,392
Panama 1.0%
Copa Holdings SA, Class A		30,169		4,081,262
Singapore 0.5%
Global Logistic Properties Ltd.		871,000		1,985,087
South Korea 2.0%
Samsung Electronics Co., Ltd.		5,942		7,748,137
Sweden 0.8%
Nordea Bank AB		228,836		3,315,972
Switzerland 5.6%
Nestlé SA, Registered Shares		107,849		8,326,712
TE Connectivity Ltd.		93,556		5,517,933
UBS AG, Registered Shares		409,000		8,550,847
Total				22,395,492
United Kingdom 10.4%
Aon PLC		60,521		5,137,023
BG Group PLC		323,362		6,540,650
HSBC Holdings PLC		585,351		5,970,358
Liberty Global PLC, Class A(a)		56,187		2,237,366
Liberty Global PLC, Class C(a)		56,187		2,159,266
Tullow Oil PLC		201,500		2,993,870
Unilever PLC		209,733		9,362,748
Vodafone Group PLC		827,051		3,127,220
Wolseley PLC		69,274		4,001,276
Total				41,529,777
United States 48.9%
Airgas, Inc.		39,956		4,245,725
American Express Co.		68,424		5,982,310
American International Group, Inc.		105,271		5,593,048
Amgen, Inc.		34,161		3,817,492
Amphenol Corp., Class A		44,100		4,204,935
Apple, Inc.		15,905		9,385,381

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

6 Semiannual Report 2014

Columbia Global Equity Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Bristol-Myers Squibb Co.		122,601		6,141,084
Charter Communications Inc., Class A(a)		37,000		5,014,610
Comcast Corp., Class A		102,480		5,304,365
Discover Financial Services		59,133		3,305,535
eBay, Inc.(a)		144,565		7,492,804
Estee Lauder Companies, Inc. (The), Class A		27,000		1,959,390
Facebook, Inc., Class A(a)		112,624		6,732,663
Gilead Sciences, Inc.(a)		114,818		9,012,065
Google, Inc., Class A(a)		8,364		4,473,736
Google, Inc., Class C(a)		8,364		4,404,984
Hewlett-Packard Co.		122,000		4,033,320
JPMorgan Chase & Co.		148,789		8,329,208
Lam Research Corp.(a)		74,703		4,303,640
Las Vegas Sands Corp.		78,648		6,223,416
LyondellBasell Industries NV, Class A		37,759		3,492,707
MasterCard, Inc., Class A		53,280		3,918,744
McDonald’s Corp.		24,683		2,502,362
Mead Johnson Nutrition Co.		48,476		4,278,492
Nike, Inc., Class B		54,000		3,939,300
Occidental Petroleum Corp.		51,217		4,904,028
Pfizer, Inc.		304,193		9,515,157
Praxair, Inc.		31,356		4,093,526
Priceline Group, Inc. (The)(a)		5,848		6,770,522
QUALCOMM, Inc.		39,455		3,105,503
Sirona Dental Systems, Inc.(a)		51,583		3,880,073
TJX Companies, Inc. (The)		69,000		4,014,420

Common Stocks (continued)
Issuer	Shares		Value ($)
Union Pacific Corp.		24,909		4,743,421
United Rentals, Inc.(a)		97,908		9,186,708
Visa, Inc., Class A		23,048		4,669,755
Walt Disney Co. (The)		69,952		5,549,992
WESCO International, Inc.(a)		71,741		6,297,425
Total				194,821,846
Total Common Stocks
(Cost: $320,640,977)				383,274,479
Limited Partnerships 2.4%
United States 2.4%
Apollo Global Management LLC, Class A		115,000		3,119,950
Blackstone Group LP		131,386		3,879,829
Enterprise Products Partners LP		32,678		2,389,742
Total				9,389,521
Total Limited Partnerships
(Cost: $8,061,252)				9,389,521
Money Market Funds 1.2%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.092%(b)(c)		4,732,977		4,732,977
Total Money Market Funds
(Cost: $4,732,977)				4,732,977
Total Investments
(Cost: $333,435,206)				397,396,977
Other Assets & Liabilities, Net				843,886
Net Assets				398,240,863

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at April 30, 2014.

(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 April 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		1,064,443		80,306,601		(76,638,067	)		4,732,977		2,259		4,732,977

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

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

Semiannual Report 2014 7

Columbia Global Equity Fund

Portfolio of Investments (continued)

April 30, 2014 (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.

Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange (NYSE) are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of significant market movements following the close of local trading, as described in Note 2 to the financial statements — Security Valuation.

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

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

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

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

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

8 Semiannual Report 2014

Columbia Global Equity Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2014:

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		43,715,619		24,849,091		—		68,564,710
Consumer Staples		10,195,454		28,759,691		—		38,955,145
Energy		12,939,176		15,962,387		—		28,901,563
Financials		34,876,359		49,281,883		—		84,158,242
Health Care		37,769,898		—		—		37,769,898
Industrials		24,308,816		9,283,460		—		33,592,276
Information Technology		62,243,399		10,234,004		—		72,477,403
Materials		15,728,022		—		—		15,728,022
Telecommunication Services		—		3,127,220		—		3,127,220
Total Equity Securities		241,776,743		141,497,736		—		383,274,479
Other
Limited Partnerships		9,389,521		—		—		9,389,521
Total Other		9,389,521		—		—		9,389,521
Mutual Funds
Money Market Funds		4,732,977		—		—		4,732,977
Total Mutual Funds		4,732,977		—		—		4,732,977
Total		255,899,241		141,497,736		—		397,396,977

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 during the period.

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

Semiannual Report 2014 9

Columbia Global Equity Fund

Statement of Assets and Liabilities

April 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $328,702,229)	$392,664,000
Affiliated issuers (identified cost $4,732,977)	4,732,977
Total investments (identified cost $333,435,206)	397,396,977
Cash	56,540
Foreign currency (identified cost $351,320)	349,352
Receivable for:
Capital shares sold	48,487
Dividends	619,369
Reclaims	343,555
Prepaid expenses	1,040
Trustees’ deferred compensation plan	24,898
Other assets	21,584
Total assets	398,861,802
Liabilities
Payable for:
Investments purchased	40
Capital shares purchased	373,744
Investment management fees	8,623
Distribution and/or service fees	3,179
Transfer agent fees	44,588
Administration fees	872
Plan administration fees	49
Compensation of board members	92,593
Other expenses	72,353
Trustees’ deferred compensation plan	24,898
Total liabilities	620,939
Net assets applicable to outstanding capital stock	$398,240,863
Represented by
Paid-in capital	$424,136,709
Undistributed net investment income	1,074,524
Accumulated net realized loss	(90,942,863	)
Unrealized appreciation (depreciation) on:
Investments	63,961,771
Foreign currency translations	10,722
Total — representing net assets applicable to outstanding capital stock	$398,240,863

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

10 Semiannual Report 2014

Columbia Global Equity Fund

Statement of Assets and Liabilities (continued)

April 30, 2014 (Unaudited)

Class A
Net assets	$363,222,646
Shares outstanding	38,011,535
Net asset value per share	$9.56
Maximum offering price per share(a)	$10.14
Class B
Net assets	$7,360,706
Shares outstanding	830,346
Net asset value per share	$8.86
Class C
Net assets	$17,874,708
Shares outstanding	2,042,032
Net asset value per share	$8.75
Class I
Net assets	$2,458
Shares outstanding	255
Net asset value per share(b)	$9.63
Class K
Net assets	$7,106,633
Shares outstanding	737,073
Net asset value per share	$9.64
Class R
Net assets	$127,596
Shares outstanding	13,290
Net asset value per share	$9.60
Class R5
Net assets	$2,458
Shares outstanding	255
Net asset value per share(b)	$9.63
Class W
Net assets	$2,472
Shares outstanding	257
Net asset value per share(b)	$9.61
Class Z
Net assets	$2,541,186
Shares outstanding	264,334
Net asset value per share	$9.61

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

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

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

Semiannual Report 2014 11

Columbia Global Equity Fund

Statement of Operations

Six Months Ended April 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$4,463,815
Dividends — affiliated issuers	2,259
Interest	2
Foreign taxes withheld	(212,054	)
Total income	4,254,022
Expenses:
Investment management fees	1,577,002
Distribution and/or service fees
Class A	454,044
Class B	42,667
Class C	87,683
Class R	340
Class W	4
Transfer agent fees
Class A	476,261
Class B	11,196
Class C	22,992
Class K	1,727
Class R	178
Class W	4
Class Z	3,424
Administration fees	159,588
Plan administration fees
Class K	8,636
Compensation of board members	14,110
Custodian fees	14,391
Printing and postage fees	45,436
Registration fees	52,141
Professional fees	21,657
Other	9,835
Total expenses	3,003,316
Net investment income	1,250,706
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	32,712,557
Foreign currency translations	(144,286	)
Net realized gain	32,568,271
Net change in unrealized appreciation (depreciation) on:
Investments	(15,756,242	)
Foreign currency translations	(2,353	)
Net change in unrealized appreciation (depreciation)	(15,758,595	)
Net realized and unrealized gain	16,809,676
Net increase in net assets resulting from operations	$18,060,382

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

12 Semiannual Report 2014

Columbia Global Equity Fund

Statement of Changes in Net Assets

	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013
Operations
Net investment income		$1,250,706			$1,626,891
Net realized gain		32,568,271			39,211,682
Net change in unrealized appreciation (depreciation)		(15,758,595	)		44,960,049
Net increase in net assets resulting from operations		18,060,382			85,798,622
Distributions to shareholders
Net investment income
Class A		(1,302,262	)		(4,113,962	)
Class B		—			(38,557	)
Class C		—			(86,094	)
Class I		(28	)		(48	)
Class K		(36,838	)		(72,812	)
Class R		(195	)		(1,245	)
Class R5		(26	)		(47	)
Class W		(13	)		(38	)
Class Z		(15,775	)		(37,305	)
Total distributions to shareholders		(1,355,137	)		(4,350,108	)
Increase (decrease) in net assets from capital stock activity		(14,552,695	)		(54,539,937	)
Total increase in net assets		2,152,550			26,908,577
Net assets at beginning of period		396,088,313			369,179,736
Net assets at end of period		$398,240,863			$396,088,313
Undistributed net investment income		$1,074,524			$1,178,955

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

Semiannual Report 2014 13

Columbia Global Equity Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended April 30, 2014 (Unaudited)						Year Ended October 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		1,142,446			10,811,141			1,783,707			14,751,552
Distributions reinvested		134,135			1,263,552			520,304			3,990,734
Redemptions		(2,546,280	)		(24,093,713	)		(8,092,316	)		(65,581,975	)
Net decrease		(1,269,699	)		(12,019,020	)		(5,788,305	)		(46,839,689	)
Class B shares
Subscriptions		14,525			126,835			25,653			191,461
Distributions reinvested		—			—			5,339			38,228
Redemptions(a)		(275,654	)		(2,423,843	)		(541,908	)		(4,198,612	)
Net decrease		(261,129	)		(2,297,008	)		(510,916	)		(3,968,923	)
Class C shares
Subscriptions		154,813			1,348,315			126,262			954,896
Distributions reinvested		—			—			10,028			70,901
Redemptions		(166,949	)		(1,449,772	)		(667,233	)		(4,970,569	)
Net decrease		(12,136	)		(101,457	)		(530,943	)		(3,944,772	)
Class I shares
Redemptions		(113	)		(1,100	)		—			—
Net increase (decrease)		(113	)		(1,100	)		—			—
Class K shares
Subscriptions		62,431			590,767			145,120			1,204,300
Distributions reinvested		3,876			36,819			9,414			72,772
Redemptions		(42,499	)		(406,474	)		(115,550	)		(955,689	)
Net increase		23,808			221,112			38,984			321,383
Class R shares
Subscriptions		2,031			19,375			9,507			75,095
Distributions reinvested		13			127			102			787
Redemptions		(4,227	)		(40,849	)		(2,622	)		(21,815	)
Net increase (decrease)		(2,183	)		(21,347	)		6,987			54,067
Class R5 shares
Subscriptions		359			3,461			—			—
Redemptions		(472	)		(4,476	)		—			—
Net increase (decrease)		(113	)		(1,015	)		—			—
Class W shares
Redemptions		(113	)		(1,100	)		—			—
Net increase (decrease)		(113	)		(1,100	)		—			—
Class Z shares
Subscriptions		25,924			245,037			87,347			712,668
Distributions reinvested		1,239			11,732			3,260			25,099
Redemptions		(61,868	)		(588,529	)		(112,093	)		(899,770	)
Net decrease		(34,705	)		(331,760	)		(21,486	)		(162,003	)
Total net decrease		(1,556,383	)		(14,552,695	)		(6,805,679	)		(54,539,937	)

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

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

14 Semiannual Report 2014

Columbia Global Equity Fund

Financial Highlights

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

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class  A	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$9.17		$7.39		$6.95		$7.07		$6.13		$5.21
Income from investment operations:
Net investment income	0.03		0.04		0.05		0.01		0.00	(a)	0.05
Net realized and unrealized gain (loss)	0.39		1.83		0.40		(0.11	)	0.96		0.95
Total from investment operations	0.42		1.87		0.45		(0.10	)	0.96		1.00
Less distributions to shareholders:
Net investment income	(0.03	)	(0.09	)	(0.02	)	(0.02	)	(0.03	)	(0.08	)
Total distributions to shareholders	(0.03	)	(0.09	)	(0.02	)	(0.02	)	(0.03	)	(0.08	)
Proceeds from regulatory settlements	—		—		0.01		—		0.01		0.00	(a)
Net asset value, end of period	$9.56		$9.17		$7.39		$6.95		$7.07		$6.13
Total return	4.62	%	25.62	%	6.62	%(b)	(1.40	%)	15.78	%(c)	19.39	%(d)
Ratios to average net assets(e)
Total gross expenses	1.46	%(f)	1.51	%	1.51	%	1.46	%	1.45	%	1.44	%
Total net expenses(g)	1.46	%(f)	1.45	%(h)	1.36	%(h)	1.36	%(h)	1.45	%	1.44	%
Net investment income	0.67	%(f)	0.48	%	0.75	%	0.18	%	0.03	%	0.92	%
Supplemental data
Net assets, end of period (in thousands)	$363,223		$360,041		$333,196		$387,709		$375,169		$394,511
Portfolio turnover	34	%	46	%	50	%	44	%	54	%	81	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(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 2014 15

Columbia Global Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class B	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$8.50		$6.85		$6.47		$6.63		$5.77		$4.87
Income from investment operations:
Net investment income (loss)	(0.01	)	(0.02	)	0.00	(a)	(0.04	)	(0.04	)	0.01
Net realized and unrealized gain (loss)	0.37		1.70		0.37		(0.11	)	0.90		0.89
Total from investment operations	0.36		1.68		0.37		(0.15	)	0.86		0.90
Less distributions to shareholders:
Net investment income	—		(0.03	)	—		(0.01	)	(0.01	)	—
Total distributions to shareholders	—		(0.03	)	—		(0.01	)	(0.01	)	—
Proceeds from regulatory settlements	—		—		0.01		—		0.01		0.00	(a)
Net asset value, end of period	$8.86		$8.50		$6.85		$6.47		$6.63		$5.77
Total return	4.24	%	24.52	%	5.87	%(b)	(2.26	%)	15.03	%(c)	18.48	%(d)
Ratios to average net assets(e)
Total gross expenses	2.21	%(f)	2.27	%	2.26	%	2.22	%	2.21	%	2.21	%
Total net expenses(g)	2.21	%(f)	2.20	%(h)	2.11	%(h)	2.12	%(h)	2.21	%	2.21	%
Net investment income (loss)	(0.11	%)(f)	(0.24	%)	0.02	%	(0.56	%)	(0.69	%)	0.22	%
Supplemental data
Net assets, end of period (in thousands)	$7,361		$9,282		$10,979		$17,347		$23,894		$33,009
Portfolio turnover	34	%	46	%	50	%	44	%	54	%	81	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(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.

16 Semiannual Report 2014

Columbia Global Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class C	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$8.40		$6.78		$6.40		$6.55		$5.71		$4.83
Income from investment operations:
Net investment income (loss)	(0.00	)(a)	(0.02	)	(0.00	)(a)	(0.04	)	(0.04	)	(0.00	)(a)
Net realized and unrealized gain (loss)	0.35		1.68		0.37		(0.10	)	0.88		0.89
Total from investment operations	0.35		1.66		0.37		(0.14	)	0.84		0.89
Less distributions to shareholders:
Net investment income	—		(0.04	)	—		(0.01	)	(0.01	)	(0.01	)
Total distributions to shareholders	—		(0.04	)	—		(0.01	)	(0.01	)	(0.01	)
Proceeds from regulatory settlements	—		—		0.01		—		0.01		0.00	(a)
Net asset value, end of period	$8.75		$8.40		$6.78		$6.40		$6.55		$5.71
Total return	4.17	%	24.52	%	5.94	%(b)	(2.14	%)	14.86	%(c)	18.39	%(d)
Ratios to average net assets(e)
Total gross expenses	2.21	%(f)	2.26	%	2.25	%	2.22	%	2.21	%	2.20	%
Total net expenses(g)	2.21	%(f)	2.20	%(h)	2.11	%(h)	2.11	%(h)	2.21	%	2.20	%
Net investment income (loss)	(0.08	%)(f)	(0.26	%)	(0.00	%)(a)	(0.62	%)	(0.72	%)	(0.08	%)
Supplemental data
Net assets, end of period (in thousands)	$17,875		$17,250		$17,516		$21,560		$10,147		$10,570
Portfolio turnover	34	%	46	%	50	%	44	%	54	%	81	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(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 2014 17

Columbia Global Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class I	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$9.26		$7.46		$7.01		$7.11		$6.16		$5.25
Income from investment operations:
Net investment income	0.06		0.08		0.09		0.01		0.04		0.09
Net realized and unrealized gain (loss)	0.39		1.85		0.40		(0.08	)	0.95		0.95
Total from investment operations	0.45		1.93		0.49		(0.07	)	0.99		1.04
Less distributions to shareholders:
Net investment income	(0.08	)	(0.13	)	(0.05	)	(0.03	)	(0.05	)	(0.13	)
Total distributions to shareholders	(0.08	)	(0.13	)	(0.05	)	(0.03	)	(0.05	)	(0.13	)
Proceeds from regulatory settlements	—		—		0.01		—		0.01		0.00	(a)
Net asset value, end of period	$9.63		$9.26		$7.46		$7.01		$7.11		$6.16
Total return	4.83	%	26.25	%	7.15	%(b)	(0.98	%)	16.32	%(c)	20.21	%(d)
Ratios to average net assets(e)
Total gross expenses	0.97	%(f)	0.98	%	1.02	%	0.93	%	0.91	%	0.84	%
Total net expenses(g)	0.97	%(f)	0.95	%	0.91	%	0.92	%	0.91	%	0.84	%
Net investment income	1.17	%(f)	0.97	%	1.20	%	0.15	%	0.55	%	1.56	%
Supplemental data
Net assets, end of period (in thousands)	$2		$3		$3		$3		$31,015		$32,596
Portfolio turnover	34	%	46	%	50	%	44	%	54	%	81	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(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.

18 Semiannual Report 2014

Columbia Global Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class K	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$9.26		$7.46		$7.01		$7.13		$6.18		$5.26
Income from investment operations:
Net investment income	0.04		0.06		0.07		0.02		0.02		0.06
Net realized and unrealized gain (loss)	0.39		1.85		0.40		(0.11	)	0.96		0.96
Total from investment operations	0.43		1.91		0.47		(0.09	)	0.98		1.02
Less distributions to shareholders:
Net investment income	(0.05	)	(0.11	)	(0.03	)	(0.03	)	(0.04	)	(0.10	)
Total distributions to shareholders	(0.05	)	(0.11	)	(0.03	)	(0.03	)	(0.04	)	(0.10	)
Proceeds from regulatory settlements	—		—		0.01		—		0.01		0.00	(a)
Net asset value, end of period	$9.64		$9.26		$7.46		$7.01		$7.13		$6.18
Total return	4.67	%	25.87	%	6.87	%(b)	(1.33	%)	16.03	%(c)	19.72	%(d)
Ratios to average net assets(e)
Total gross expenses	1.25	%(f)	1.26	%	1.28	%	1.24	%	1.21	%	1.15	%
Total net expenses(g)	1.25	%(f)	1.24	%	1.21	%	1.17	%	1.21	%	1.15	%
Net investment income	0.91	%(f)	0.67	%	0.90	%	0.32	%	0.27	%	1.22	%
Supplemental data
Net assets, end of period (in thousands)	$7,107		$6,601		$5,032		$4,627		$7,016		$6,059
Portfolio turnover	34	%	46	%	50	%	44	%	54	%	81	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(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.

Semiannual Report 2014 19

Columbia Global Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class R	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$9.20		$7.44		$7.00		$7.14		$6.14		$5.23
Income from investment operations:
Net investment income (loss)	0.02		0.02		0.03		(0.00	)(a)	(0.02	)	(0.01	)
Net realized and unrealized gain (loss)	0.39		1.84		0.41		(0.12	)	1.01		1.00
Total from investment operations	0.41		1.86		0.44		(0.12	)	0.99		0.99
Less distributions to shareholders:
Net investment income	(0.01	)	(0.10	)	(0.01	)	(0.02	)	—		(0.08	)
Total distributions to shareholders	(0.01	)	(0.10	)	(0.01	)	(0.02	)	—		(0.08	)
Proceeds from regulatory settlements	—		—		0.01		—		0.01		0.00	(a)
Net asset value, end of period	$9.60		$9.20		$7.44		$7.00		$7.14		$6.14
Total return	4.48	%	25.19	%	6.37	%(b)	(1.70	%)	16.29	%(c)	19.13	%(d)
Ratios to average net assets(e)
Total gross expenses	1.71	%(f)	1.77	%	1.76	%	1.72	%	1.71	%	1.69	%
Total net expenses(g)	1.71	%(f)	1.70	%(h)	1.61	%(h)	1.61	%(h)	1.71	%	1.69	%
Net investment income (loss)	0.38	%(f)	0.20	%	0.48	%	(0.01	%)	(0.24	%)	(0.16	%)
Supplemental data
Net assets, end of period (in thousands)	$128		$142		$63		$70		$41		$46
Portfolio turnover	34	%	46	%	50	%	44	%	54	%	81	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(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.

20 Semiannual Report 2014

Columbia Global Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class R5	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$9.25		$7.46		$7.01		$7.12		$6.16		$5.25
Income from investment operations:
Net investment income	0.06		0.08		0.08		0.02		0.03		0.08
Net realized and unrealized gain (loss)	0.39		1.84		0.41		(0.10	)	0.97		0.96
Total from investment operations	0.45		1.92		0.49		(0.08	)	1.00		1.04
Less distributions to shareholders:
Net investment income	(0.07	)	(0.13	)	(0.05	)	(0.03	)	(0.05	)	(0.13	)
Total distributions to shareholders	(0.07	)	(0.13	)	(0.05	)	(0.03	)	(0.05	)	(0.13	)
Proceeds from regulatory settlements	—		—		0.01		—		0.01		0.00	(a)
Net asset value, end of period	$9.63		$9.25		$7.46		$7.01		$7.12		$6.16
Total return	4.89	%	26.06	%	7.15	%(b)	(1.13	%)	16.44	%(c)	20.20	%(d)
Ratios to average net assets(e)
Total gross expenses	0.98	%(f)	1.03	%	1.07	%	0.94	%	0.96	%	0.90	%
Total net expenses(g)	0.98	%(f)	1.00	%	0.96	%	0.92	%	0.96	%	0.90	%
Net investment income	1.23	%(f)	0.92	%	1.15	%	0.32	%	0.50	%	1.39	%
Supplemental data
Net assets, end of period (in thousands)	$2		$3		$3		$3		$19		$18
Portfolio turnover	34	%	46	%	50	%	44	%	54	%	81	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(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.

Semiannual Report 2014 21

Columbia Global Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class W	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$9.22		$7.44		$6.97		$7.10		$6.16		$5.23
Income from investment operations:
Net investment income	0.03		0.04		0.05		0.02		0.01		0.06
Net realized and unrealized gain (loss)	0.39		1.84		0.41		(0.13	)	0.95		0.96
Total from investment operations	0.42		1.88		0.46		(0.11	)	0.96		1.02
Less distributions to shareholders:
Net investment income	(0.03	)	(0.10	)	(0.00	)(a)	(0.02	)	(0.03	)	(0.09	)
Total distributions to shareholders	(0.03	)	(0.10	)	(0.00	)(a)	(0.02	)	(0.03	)	(0.09	)
Proceeds from regulatory settlements	—		—		0.01		—		0.01		0.00	(a)
Net asset value, end of period	$9.61		$9.22		$7.44		$6.97		$7.10		$6.16
Total return	4.60	%	25.51	%	6.76	%(b)	(1.52	%)	15.80	%(c)	19.70	%(d)
Ratios to average net assets(e)
Total gross expenses	1.46	%(f)	1.54	%	1.59	%	1.48	%	1.38	%	1.30	%
Total net expenses(g)	1.45	%(f)	1.45	%(h)	1.36	%(h)	1.37	%(h)	1.38	%	1.30	%
Net investment income	0.69	%(f)	0.47	%	0.75	%	0.21	%	0.08	%	1.05	%
Supplemental data
Net assets, end of period (in thousands)	$2		$3		$3		$3		$5		$4
Portfolio turnover	34	%	46	%	50	%	44	%	54	%	81	%

Notes to Financial Highlights

(a) Rounds to zero.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.09%.

(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.

22 Semiannual Report 2014

Columbia Global Equity Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class Z	(Unaudited)		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$9.23		$7.45		$7.00		$7.12		$6.85
Income from investment operations:
Net investment income (loss)	0.04		0.06		0.07		0.02		(0.01	)
Net realized and unrealized gain (loss)	0.39		1.84		0.41		(0.11	)	0.28
Total from investment operations	0.43		1.90		0.48		(0.09	)	0.27
Less distributions to shareholders:
Net investment income	(0.05	)	(0.12	)	(0.04	)	(0.03	)	—
Total distributions to shareholders	(0.05	)	(0.12	)	(0.04	)	(0.03	)	—
Proceeds from regulatory settlements	—		—		0.01		—		—
Net asset value, end of period	$9.61		$9.23		$7.45		$7.00		$7.12
Total return	4.72	%	25.74	%	7.03	%(b)	(1.29	%)	3.94	%
Ratios to average net assets(c)
Total gross expenses	1.21	%(d)	1.26	%	1.25	%	1.23	%	1.37	%(d)
Total net expenses(e)	1.21	%(d)	1.20	%(f)	1.11	%(f)	1.11	%(g)	1.37	%(d)
Net investment income (loss)	0.90	%(d)	0.72	%	1.00	%	0.24	%	(1.52	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$2,541		$2,760		$2,387		$3,004		$3
Portfolio turnover	34	%	46	%	50	%	44	%	54	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

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

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

Semiannual Report 2014 23

Columbia Global Equity Fund

Notes to Financial Statements

April 30, 2014 (Unaudited)

Note 1. Organization

Columbia Global Equity 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 R5, Class W and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges, 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 available only to the Columbia Family of Funds.

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

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other eligible investors.

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

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

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

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 equity 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

24 Semiannual Report 2014

Columbia Global Equity Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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

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

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 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.

Semiannual Report 2014 25

Columbia Global Equity Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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.

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 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 from 0.80% to 0.57% as the Fund’s net assets increase. The annualized effective investment management fee rate for the six months ended April 30, 2014 was 0.79% 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 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 April 30, 2014 was 0.08% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board, including payments to a company providing limited administrative services to the Fund and the Board. That company’s expenses include boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. For the six months ended April 30, 2014, other expenses paid to this company were $986.

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 also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., 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

26 Semiannual Report 2014

Columbia Global Equity Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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 April 30, 2014, 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	0.26	%
Class B	0.26
Class C	0.26
Class K	0.05
Class R	0.26
Class R5	0.01
Class W	0.23
Class Z	0.26

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

The lease and the Guaranty expire in January 2019. At April 30, 2014, the Fund’s total potential future obligation over the life of the Guaranty is $14,148. The liability remaining at April 30, 2014 for non-recurring charges associated with the lease amounted to $8,441 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended April 30, 2014, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

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

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of

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

The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $787,000 and $1,368,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of March 31, 2014, 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 $102,420 for Class A, $1,051 for Class B and $88 for Class C shares for the six months ended April 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the periods disclosed below, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

	March 1, 2014 through February 28, 2015			Prior to March 1, 2014
Class A		1.50	%		1.49	%
Class B		2.25			2.24
Class C		2.25			2.24
Class I		1.05			1.04
Class K		1.35			1.34
Class R		1.75			1.74
Class R5		1.10			1.09
Class W		1.50			1.49
Class Z		1.25			1.24

Semiannual Report 2014 27

Columbia Global Equity Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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 April 30, 2014, the cost of investments for federal income tax purposes was approximately $333,435,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$72,859,000
Unrealized depreciation	(8,897,000	)
Net unrealized appreciation	$63,962,000

The following capital loss carryforward, determined as of October 31, 2013 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		13,297,547
2017		99,980,426
2019		10,126,139
Total		123,404,112

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 $133,553,510 and $150,322,709, respectively, for the six months ended April 30, 2014,

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.

Note 7. Shareholder Concentration

At April 30, 2014, affiliated shareholders of record owned 13.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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. Effective December 10, 2013, the Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. Prior to December 10, 2013, the commitment fee was charged at the annual rate of 0.08% per annum. The commitment fee is included in other expenses in the Statement of Operations.

The Fund had no borrowings during the six months ended April 30, 2014.

28 Semiannual Report 2014

Columbia Global Equity Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

Note 9. Significant Risks

Financial Sector Risk

Sector risk occurs when a fund invests a significant portion of its assets in securities of companies conducting business in a related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, making a fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The Fund may be more susceptible to the particular risks that may affect companies in the financial sector than if it were invested in a wider variety of companies in unrelated sectors.

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

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 2014 29

Columbia Global Equity Fund

Approval of Investment Management Services and Subadvisory Agreements

Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Global Equity Fund (the Fund). Under an investment management services agreement (the IMS Agreement), Columbia Management provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under a Subadvisory Agreement (the Subadvisory Agreement) between Columbia Management and Threadneedle International Limited (the Subadviser), an affiliate of Columbia Management, the Subadviser has provided portfolio management and related services for the Fund.

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the IMS Agreement and the Subadvisory Agreement (together, the Advisory Agreements). Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2014, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March and April were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials (including proposed expense caps for certain Funds) were revised to reflect discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by Columbia Management addressing the services Columbia Management provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its April 9-11, 2014 in-person Board meeting (the April Meeting), considered the renewal of the Advisory Agreements for an additional one-year term. At the April Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory and subadvisory agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.

Nature, Extent and Quality of Services Provided by Columbia Management and the Subadviser

The Board analyzed various reports and presentations it had received detailing the services performed by Columbia Management and the Subadviser, as well as their history, reputation, expertise, resources and relative capabilities, and the qualifications of their personnel.

With respect to Columbia Management, the Board specifically considered many developments during the past year concerning the services provided by Columbia Management, including, in particular, the successful implementation of a globalization initiative, which, among other things, increased worldwide analyst support for global products, the reorganization of the Informational Technology research team, the hiring of additional personnel to assist the Asset Allocation team and the global restructuring of the Senior Operational team. The Board took into account the information it received and reviewed concerning Columbia Management’s ongoing oversight and monitoring of the subadvisers, observing the broad scope of services provided by Columbia Management to each subadvised Fund, including, among other noted services, investment, risk and compliance oversight. The Board also took into account the Subadviser oversight structure and the Columbia Management team dedicated thereto, which the Board recalled had added staff and technology resources during 2013. The Board also noted the information it received concerning Columbia Management’s ability to retain its key portfolio management personnel.

In connection with the Board’s evaluation of the overall package of services provided by Columbia Management, the Board also considered the quality of administrative services provided to the Fund by Columbia Management, recalling the information it received highlighting significant achievements in 2013 in the performance of administrative services. In evaluating the quality of services provided under the IMS Agreement and the Fund’s Administrative Services Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of Columbia Management and its affiliates and their ability to carry out their responsibilities under the IMS Agreement and the Fund’s other service agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. In addition, the Board discussed the acceptability of the terms of the IMS

30 Semiannual Report 2014

Columbia Global Equity Fund

Approval of Investment Management Services and Subadvisory Agreements (continued)

Agreement (including the relatively broad scope of services required to be performed by Columbia Management). The Board concluded that the services being performed under the IMS Agreement were of a reasonably high quality.

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

With respect to the Subadviser, the Board observed that it had previously approved the Subadviser’s code of ethics and compliance program, that the Chief Compliance Officer of the Fund continues to monitor the code and the program, and that no material concerns have been reported. The Board also considered the Subadviser’s organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered the Subadviser’s capability and wherewithal to carry out its responsibilities under the Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreement are generally consistent with the terms of other subadviser agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no material changes were recommended to the Subadvisory Agreement. Based on the foregoing, and based on other information received (both oral and written) and other considerations, including, in particular, the performance of the Fund (discussed below), as well as the Investment Manager’s recommendation that the Board approve renewal of the Subadvisory Agreement with the Subadviser the Board concluded that the services being performed under the Subadvisory Agreement were of a reasonably high quality.

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

Investment Performance

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

Additionally, the Board reviewed the performance of the Subadviser and Columbia Management’s process for monitoring the Subadviser. The Board considered, in particular, management’s rationale for recommending the continued retention of the Subadviser.

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

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

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the “pricing philosophy” currently in effect (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). The Board took into account that the Fund’s total expense ratio (after considering proposed voluntary expense caps/waivers) was below the peer universe’s median expense ratio shown in the reports. It was observed that various proposals concerning the Funds’ transfer agency and sub-transfer agency fee structures, and other changes impacting the Funds’ pricing structure and fees, are expected to be considered at a later Board meeting which, if adopted, would alter the current pricing philosophy.

Additionally, the Board reviewed the level of subadvisory fees paid to the Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board observed that the subadvisory fee level for the

Semiannual Report 2014 31

Columbia Global Equity Fund

Approval of Investment Management Services and Subadvisory Agreements (continued)

Subadviser was generally comparable to those charged by other subadvisers to similar funds managed by the Investment Manager. The Board also reviewed fee rates charged by the Subadviser to other client accounts. Based on its review, the Board concluded that the Fund’s investment management and subadvisory fees were fair and reasonable in light of the extent and quality of services that the Fund receives.

The Board also considered the expected profitability of Columbia Management and its affiliates in connection with Columbia Management providing investment management services to the Fund. In this regard, the Board referred to a detailed profitability report, discussing the profitability to Columbia Management and Ameriprise Financial from managing, operating and distributing the Funds. In this regard, the Board observed that: (i) a report provided to the Board by an independent consulting firm, Bobroff Consulting concluded that 2012 profitability was reasonable; (ii) 2013 profitability only moderately exceeded 2012 levels; and (iii) 2013 profitability is in line with profitability levels of industry competitors. It also took into account the indirect economic benefits flowing to Columbia Management or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Economies of Scale to be Realized

The Board also considered the economies of scale that might be realized by Columbia Management as the Fund grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that IMS fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that fees payable under the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On April 11, 2014, the Board, including all of the Independent Trustees, approved the renewal of the Advisory Agreements.

32 Semiannual Report 2014

Columbia Global Equity 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 2014 33

Columbia Global Equity 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 and, if available, a summary 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.

© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR155_10_D01_(06/14)

Semiannual Report April 30, 2014

Columbia Seligman Global Technology Fund

President’s Message

Dear Shareholders,

Continued Economic Recovery

The U.S. economy continued to recover at a slow but steady pace during the first quarter of 2014, supported by solid manufacturing activity, reasonable job growth and continued gains for the housing market. Industrial production was robust, buoyed by strong demand for autos and related parts. After a disappointing January, job growth picked up, which helped boost consumer confidence. Housing data was somewhat mixed, as harsh weather and higher mortgage rates put a damper on sales, while lower inventories helped prices trend higher. The Federal Reserve (the Fed) announced further reductions to its monthly asset purchases and reassured the markets that it would not make any significant changes to monetary policy until it was satisfied that the labor market was on solid ground. Despite mostly good news on the economic front, the broad financial markets recorded only modest gains, as bitter winter weather at home and mounting tensions between Russia and Western allies prompted investor caution.

Investors braced for higher interest rates, but long-term yields declined and the fixed-income markets were surprisingly resilient in the face of stable-to-improving economic data. Risk-on trading continued during the quarter as the higher yielding sectors of the fixed-income markets generally fared well. Emerging-market bonds, long-term U.S. Treasuries and sovereign debt were among the strongest performers, as were Treasury Inflation Protected Securities. Municipal bonds delivered solid gains, especially high-yield municipals, which benefited from continued improvement in state finances.

Against this backdrop, the broad bond market, as measured by the Barclays U.S. Aggregate Bond Index, edged out the broad stock market, as measured by the Standard & Poor’s 500 Index, with gains of 1.84% vs. 1.81%, respectively. As indicated late last year, the Fed began tapering its monthly asset purchase program and announced further reductions. New Fed chair Janet Yellen reassured investors the Fed was committed to keeping short-term borrowing rates low into 2015.

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. At Columbia Management, reaching our performance goals matters, and how we reach them matters just as much.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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

> 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

Investing involves risk including the risk of loss of principal.

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 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.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and, if available, a summary 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.

© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2014

Columbia Seligman Global Technology 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
Approval of Investment Management Services Agreement	28
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 7 p.m. Eastern time.

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

Semiannual Report 2014

Columbia Seligman Global Technology Fund

Performance Overview

(Unaudited)

Performance Summary

> Columbia Seligman Global Technology Fund (the Fund) Class A shares returned 10.98% excluding sales charges for the six-month period that ended April 30, 2014.

> The Fund outperformed its benchmark, the MSCI World IT Index (Net), which returned 9.22% for the same six months.

Average Annual Total Returns (%) (for period ended April 30, 2014)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	05/23/94
Excluding sales charges			10.98		23.60		15.30		8.90
Including sales charges			4.61		16.48		13.94		8.25
Class B	04/22/96
Excluding sales charges			10.56		22.61		14.42		8.08
Including sales charges			5.56		17.61		14.18		8.08
Class C	05/27/99
Excluding sales charges			10.61		22.68		14.44		8.09
Including sales charges			9.61		21.68		14.44		8.09
Class I*	08/03/09		11.26		24.17		15.82		9.14
Class K*	08/03/09		11.11		23.87		15.52		9.00
Class R	04/30/03		10.83		23.25		14.98		8.62
Class R4*	11/08/12		11.16		23.89		15.39		8.94
Class R5*	08/03/09		11.21		24.11		15.73		9.10
Class Z*	09/27/10		11.16		23.87		15.52		9.00
MSCI World IT Index (Net)			9.22		22.41		16.33		6.84

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 MSCI World IT Index (Net) is a free float-adjusted market capitalization index designed to measure information technology stock performance in the global developed equity market.

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

2 Semiannual Report 2014

Columbia Seligman Global Technology Fund

Portfolio Overview

(Unaudited)

Top Ten Holdings (%) (at April 30, 2014)
Lam Research Corp.	7.2
Synopsys, Inc.	7.0
Check Point Software Technologies Ltd.	6.2
Apple, Inc.	5.6
Synaptics, Inc.	4.2
Teradyne, Inc.	3.9
Skyworks Solutions, Inc.	3.2
Broadcom Corp., Class A	3.0
EMC Corp.	2.8
QUALCOMM, Inc.	2.8

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

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

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

Portfolio Breakdown (%) (at April 30, 2014)
Common Stocks	99.7
Consumer Discretionary	1.0
Health Care	0.2
Industrials	1.1
Information Technology	97.4
Money Market Funds	0.3
Total	100.0

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

Portfolio Management

Paul Wick

Ajay Diwan

Rahul Narang*

Sanjay Devgan*

Shekhar Pravanick*

* Effective March 14, 2014, Messrs. Devgan and Pravanick were named as Portfolio Managers of the Fund. Effective June 30, 2014, Mr. Narang was named a Portfolio Manager of the Fund. Richard Parower, previously the Fund’s Lead Manager, no longer serves as a Portfolio Manager of the Fund.

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.

© 2014 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 2014 3

Columbia Seligman Global Technology Fund

Understanding Your Fund’s Expenses

(Unaudited)

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

Analyzing Your Fund’s Expenses

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

Compare With Other Funds

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

November 1, 2013 – April 30, 2014

	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		1,109.80	1,017.46		7.74	7.40		1.48
Class B		1,000.00	1,000.00		1,105.60	1,013.74		11.64	11.13		2.23
Class C		1,000.00	1,000.00		1,106.10	1,013.74		11.65	11.13		2.23
Class I		1,000.00	1,000.00		1,112.60	1,019.89		5.19	4.96		0.99
Class K		1,000.00	1,000.00		1,111.10	1,018.35		6.80	6.51		1.30
Class R		1,000.00	1,000.00		1,108.30	1,016.22		9.04	8.65		1.73
Class R4		1,000.00	1,000.00		1,111.60	1,018.65		6.49	6.21		1.24
Class R5		1,000.00	1,000.00		1,112.10	1,019.59		5.50	5.26		1.05
Class Z		1,000.00	1,000.00		1,111.60	1,018.70		6.44	6.16		1.23

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 2014

Columbia Seligman Global Technology Fund

Portfolio of Investments

April 30, 2014 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 99.7%
Issuer	Shares		Value ($)
Consumer Discretionary 1.0%
Media 0.6%
CBS Corp., Class B Non Voting		18,800		1,085,888
Twenty-First Century Fox, Inc., Class A		53,700		1,719,474
Total				2,805,362
Specialty Retail 0.4%
GameStop Corp., Class A		42,400		1,682,432
Total Consumer Discretionary				4,487,794
Health Care 0.2%
Health Care Technology 0.2%
Veeva Systems Inc., Class A(a)		44,200		849,082
Total Health Care				849,082
Industrials 1.1%
Commercial Services & Supplies 0.5%
MiX Telematics Ltd., ADR(a)		199,174		2,091,327
Electrical Equipment 0.6%
Nidec Corp.		49,200		2,781,546
Total Industrials				4,872,873
Information Technology 97.4%
Communications Equipment 4.9%
Aruba Networks, Inc.(a)		60,700		1,200,039
Cisco Systems, Inc.		309,700		7,157,167
Finisar Corp.(a)		58,900		1,540,235
QUALCOMM, Inc.		160,863		12,661,527
Total				22,558,968
Electronic Equipment, Instruments & Components 3.0%
Arrow Electronics, Inc.(a)		54,600		3,098,550
Audience, Inc.(a)		279,600		3,215,400
Avnet, Inc.		70,500		3,040,665
Japan Display, Inc.(a)		546,200		3,365,834
Murata Manufacturing Co., Ltd.		13,500		1,125,412
Total				13,845,861
Internet Software & Services 6.6%
Amber Road, Inc.(a)		173,198		2,306,997
Baidu, Inc., ADR(a)		14,900		2,292,365
Google, Inc., Class A(a)		21,000		11,232,480
Google, Inc., Class C(a)		21,000		11,059,860
SINA Corp.(a)		41,600		1,988,480
Trulia, Inc.(a)		32,600		1,108,400
Total				29,988,582

Common Stocks (continued)
Issuer	Shares		Value ($)
IT Services 3.8%
Computer Sciences Corp.		37,200		2,201,496
Sabre Corp.(a)		296,951		4,890,783
Tech Mahindra Ltd.		107,000		3,253,503
Visa, Inc., Class A		19,800		4,011,678
WNS Holdings Ltd., ADR(a)		158,720		2,955,367
Total				17,312,827
Semiconductors & Semiconductor Equipment 40.2%
Advanced Energy Industries, Inc.(a)		95,100		2,080,788
Advanced Micro Devices, Inc.(a)		803,563		3,286,573
ASM International NV		132,000		5,767,683
Avago Technologies Ltd.		154,509		9,811,321
Broadcom Corp., Class A		438,200		13,500,942
KLA-Tencor Corp.		87,300		5,586,327
Lam Research Corp.(a)		568,637		32,759,178
Lattice Semiconductor Corp.(a)		301,187		2,535,994
Marvell Technology Group Ltd.		641,978		10,181,771
Mattson Technology, Inc.(a)		236,997		471,624
Maxim Integrated Products, Inc.		196,900		6,387,436
Microsemi Corp.(a)		361,100		8,493,072
Montage Technology Group Ltd.(a)		221,562		4,606,274
NXP Semiconductor NV(a)		20,100		1,198,362
Samsung Electronics Co., Ltd.		3,300		4,303,072
Skyworks Solutions, Inc.(a)		352,194		14,457,564
Spansion, Inc., Class A(a)		243,700		4,345,171
Synaptics, Inc.(a)		308,100		19,148,415
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		222,000		4,462,200
Teradyne, Inc.(a)		1,009,500		17,837,865
Tower Semiconductor Ltd.(a)		298,600		2,352,968
TriQuint Semiconductor, Inc.(a)		665,000		9,429,700
Total				183,004,300
Software 26.2%
Application Software 14.8%
BroadSoft, Inc.(a)		80,300		2,038,014
Citrix Systems, Inc.(a)		172,600		10,236,906
Informatica Corp.(a)		39,900		1,414,455
King Digital Entertainment PLC(a)		164,812		2,826,526
Nuance Communications, Inc.(a)		525,899		8,461,715
PTC, Inc.(a)		28,673		1,014,164
Salesforce.com, Inc.(a)		91,533		4,727,679
SolarWinds, Inc.(a)		96,400		3,886,848
Synopsys, Inc.(a)		846,502		31,845,405

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

Semiannual Report 2014 5

Columbia Seligman Global Technology Fund

Portfolio of Investments (continued)

April 30, 2014 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
TIBCO Software, Inc.(a)		31,300		614,419
Total				67,066,131
Home Entertainment Software 1.3%
Activision Blizzard, Inc.		298,800		5,978,988
Systems Software 10.1%
AVG Technologies NV(a)		249,200		4,667,516
Check Point Software Technologies Ltd.(a)		440,705		28,231,562
CommVault Systems, Inc.(a)		32,514		1,573,678
Microsoft Corp.		47,300		1,910,920
Oracle Corp.		61,200		2,501,856
Rovi Corp.(a)		43,200		962,928
VMware, Inc., Class A(a)		67,700		6,262,927
Total				46,111,387
Total Software				119,156,506
Technology Hardware, Storage & Peripherals 12.7%
Apple, Inc.		43,355		25,583,352
Electronics for Imaging, Inc.(a)		188,555		7,125,494

Common Stocks (continued)
Issuer	Shares		Value ($)
EMC Corp.		495,000		12,771,000
NetApp, Inc.		252,981		9,008,653
Seagate Technology PLC		63,700		3,349,346
Total				57,837,845
Total Information Technology				443,704,889
Total Common Stocks
(Cost: $364,926,381)				453,914,638
Money Market Funds 0.3%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.092%(b)(c)		1,364,852		1,364,852
Total Money Market Funds
(Cost: $1,364,852)				1,364,852
Total Investments
(Cost: $366,291,233)				455,279,490
Other Assets & Liabilities, Net				57,074
Net Assets				455,336,564

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at April 30, 2014.

(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 April 30, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		23,611,314		100,489,424		(122,735,886	)		1,364,852		8,341		1,364,852

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).

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

6 Semiannual Report 2014

Columbia Seligman Global Technology Fund

Portfolio of Investments (continued)

April 30, 2014 (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 may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2014:

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		4,487,794		—		—		4,487,794
Health Care		849,082		—		—		849,082
Industrials		2,091,327		2,781,546		—		4,872,873
Information Technology		425,889,385		17,815,504		—		443,704,889
Total Equity Securities		433,317,588		20,597,050		—		453,914,638
Mutual Funds
Money Market Funds		1,364,852		—		—		1,364,852
Total Mutual Funds		1,364,852		—		—		1,364,852
Total		434,682,440		20,597,050		—		455,279,490

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

The Fund’s assets assigned to the Level 2 input category are 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 during the period.

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

Semiannual Report 2014 7

Columbia Seligman Global Technology Fund

Statement of Assets and Liabilities

April 30, 2014 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $364,926,381)	$453,914,638
Affiliated issuers (identified cost $1,364,852)	1,364,852
Total investments (identified cost $366,291,233)	455,279,490
Receivable for:
Investments sold	1,864,550
Capital shares sold	180,833
Dividends	110,200
Reclaims	6,813
Prepaid expenses	1,088
Other assets	26,437
Total assets	457,469,411
Liabilities
Payable for:
Investments purchased	1,353,286
Capital shares purchased	487,920
Investment management fees	10,581
Distribution and/or service fees	4,601
Transfer agent fees	78,074
Administration fees	743
Plan administration fees	1
Compensation of board members	22,702
Other expenses	174,939
Total liabilities	2,132,847
Net assets applicable to outstanding capital stock	$455,336,564
Represented by
Paid-in capital	$336,950,255
Excess of distributions over net investment income	(4,466,893	)
Accumulated net realized gain	33,863,253
Unrealized appreciation (depreciation) on:
Investments	88,988,257
Foreign currency translations	1,692
Total — representing net assets applicable to outstanding capital stock	$455,336,564

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

8 Semiannual Report 2014

Columbia Seligman Global Technology Fund

Statement of Assets and Liabilities (continued)

April 30, 2014 (Unaudited)

Class A
Net assets	$352,744,902
Shares outstanding	13,227,746
Net asset value per share	$26.67
Maximum offering price per share(a)	$28.30
Class B
Net assets	$5,155,480
Shares outstanding	231,033
Net asset value per share	$22.31
Class C
Net assets	$72,287,256
Shares outstanding	3,240,492
Net asset value per share	$22.31
Class I
Net assets	$3,360
Shares outstanding	124
Net asset value per share(b)	$27.18
Class K
Net assets	$183,200
Shares outstanding	6,814
Net asset value per share	$26.89
Class R
Net assets	$7,385,048
Shares outstanding	284,116
Net asset value per share	$25.99
Class R4
Net assets	$92,328
Shares outstanding	3,384
Net asset value per share(b)	$27.29
Class R5
Net assets	$50,634
Shares outstanding	1,870
Net asset value per share	$27.08
Class Z
Net assets	$17,434,356
Shares outstanding	645,986
Net asset value per share	$26.99

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

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

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

Semiannual Report 2014 9

Columbia Seligman Global Technology Fund

Statement of Operations

Six Months Ended April 30, 2014 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$1,650,627
Dividends — affiliated issuers	8,341
Foreign taxes withheld	(14,331	)
Total income	1,644,637
Expenses:
Investment management fees	1,926,645
Distribution and/or service fees
Class A	436,189
Class B	28,613
Class C	357,909
Class R	18,026
Transfer agent fees
Class A	410,489
Class B	6,735
Class C	84,202
Class K	45
Class R	8,482
Class R4	88
Class R5	18
Class Z	19,849
Administration fees	135,203
Plan administration fees
Class K	223
Compensation of board members	9,693
Custodian fees	7,413
Printing and postage fees	44,423
Registration fees	51,811
Professional fees	25,227
Other	42,487
Total expenses	3,613,770
Net investment loss	(1,969,133	)
Net realized gain (loss) on:
Investments	39,093,926
Foreign currency translations	(6,889	)
Net realized gain	39,087,037
Net change in unrealized appreciation (depreciation) on:
Investments	9,337,341
Foreign currency translations	547
Net change in unrealized appreciation (depreciation)	9,337,888
Net realized and unrealized gain	48,424,925
Net increase in net assets resulting from operations	$46,455,792

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

10 Semiannual Report 2014

Columbia Seligman Global Technology Fund

Statement of Changes in Net Assets

	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013
Operations
Net investment loss		$(1,969,133	)		$(3,428,488	)
Net realized gain		39,087,037			25,411,636
Net change in unrealized appreciation (depreciation)		9,337,888			61,651,526
Net increase in net assets resulting from operations		46,455,792			83,634,674
Distributions to shareholders
Net realized gains
Class A		(7,886,387	)		—
Class B		(162,300	)		—
Class C		(1,937,072	)		—
Class I		(322	)		—
Class K		(3,999	)		—
Class R		(176,715	)		—
Class R4		(1,491	)		—
Class R5		(1,944	)		—
Class Z		(375,160	)		—
Total distributions to shareholders		(10,545,390	)		—
Increase (decrease) in net assets from capital stock activity		(21,837,360	)		(56,758,309	)
Total increase in net assets		14,073,042			26,876,365
Net assets at beginning of period		441,263,522			414,387,157
Net assets at end of period		$455,336,564			$441,263,522
Excess of distributions over net investment income		$(4,466,893	)		$(2,497,760	)

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

Semiannual Report 2014 11

Columbia Seligman Global Technology Fund

Statement of Changes in Net Assets (continued)

	Six Months Ended April 30, 2014 (Unaudited)						Year Ended October 31, 2013(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		409,486			10,722,178			1,548,551			36,342,396
Distributions reinvested		291,228			7,254,492			—			—
Redemptions		(1,393,585	)		(35,884,355	)		(3,146,164	)		(69,241,743	)
Net decrease		(692,871	)		(17,907,685	)		(1,597,613	)		(32,899,347	)
Class B shares
Subscriptions		2,529			54,951			14,831			278,454
Distributions reinvested		7,477			156,267			—			—
Redemptions(b)		(70,308	)		(1,545,677	)		(184,051	)		(3,510,463	)
Net decrease		(60,302	)		(1,334,459	)		(169,220	)		(3,232,009	)
Class C shares
Subscriptions		77,582			1,689,404			143,734			2,719,998
Distributions reinvested		75,467			1,576,497			—			—
Redemptions		(246,287	)		(5,383,881	)		(583,486	)		(10,939,231	)
Net decrease		(93,238	)		(2,117,980	)		(439,752	)		(8,219,233	)
Class I shares
Redemptions		(420	)		(11,802	)		—			—
Net increase (decrease)		(420	)		(11,802	)		—			—
Class K shares
Subscriptions		38			986			108			2,553
Distributions reinvested		155			3,888			—			—
Redemptions		(133	)		(3,650	)		(4,802	)		(108,347	)
Net increase (decrease)		60			1,224			(4,694	)		(105,794	)
Class R shares
Subscriptions		46,160			1,174,911			95,752			2,087,006
Distributions reinvested		6,067			147,429			—			—
Redemptions		(71,677	)		(1,802,107	)		(205,630	)		(4,467,560	)
Net decrease		(19,450	)		(479,767	)		(109,878	)		(2,380,554	)
Class R4 shares
Subscriptions		2,930			75,744			900			20,600
Distributions reinvested		56			1,418			—			—
Redemptions		(282	)		(7,332	)		(220	)		(5,101	)
Net increase		2,704			69,830			680			15,499
Class R5 shares
Subscriptions		1,087			27,667			643			13,736
Distributions reinvested		69			1,754			—			—
Redemptions		(1,619	)		(44,066	)		(6,466	)		(135,305	)
Net decrease		(463	)		(14,645	)		(5,823	)		(121,569	)
Class Z shares
Subscriptions		71,216			1,871,641			313,100			6,841,328
Distributions reinvested		5,437			136,894			—			—
Redemptions		(78,314	)		(2,050,611	)		(758,448	)		(16,656,630	)
Net decrease		(1,661	)		(42,076	)		(445,348	)		(9,815,302	)
Total net decrease		(865,641	)		(21,837,360	)		(2,771,648	)		(56,758,309	)

(a) Class R4 shares are for the period from November 8, 2012 (commencement of operations) to October 31, 2013.

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

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

12 Semiannual Report 2014

Columbia Seligman Global Technology Fund

Financial Highlights

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

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class  A	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$24.60		$20.07		$20.16		$20.24		$16.50		$11.77
Income from investment operations:
Net investment loss	(0.10	)	(0.16	)	(0.15	)	(0.15	)	(0.16	)	(0.20	)
Net realized and unrealized gain	2.76		4.69		0.04		0.21		3.87		4.74
Total from investment operations	2.66		4.53		(0.11	)	0.06		3.71		4.54
Less distributions to shareholders:
Net investment income	—		—		—		(0.14	)	—		—
Net realized gains	(0.59	)	—		—		—		—		—
Total distributions to shareholders	(0.59	)	—		—		(0.14	)	—		—
Proceeds from regulatory settlements	—		—		0.02		—		0.03		0.19
Net asset value, end of period	$26.67		$24.60		$20.07		$20.16		$20.24		$16.50
Total return	10.98	%	22.57	%	(0.45	%)(a)	0.26	%	22.67	%(b)	40.19	%(c)
Ratios to average net assets(d)
Total gross expenses	1.48	%(e)	1.55	%	1.50	%	1.49	%	1.67	%	1.92	%
Total net expenses(f)	1.48	%(e)	1.50	%(g)	1.40	%(g)	1.49	%(g)	1.57	%	1.91	%
Net investment loss	(0.75	%)(e)	(0.70	%)	(0.70	%)	(0.70	%)	(0.89	%)	(1.46	%)
Supplemental data
Net assets, end of period (in thousands)	$352,745		$342,423		$311,523		$364,366		$418,600		$325,790
Portfolio turnover	51	%	81	%	88	%	95	%	111	%	150	%

Notes to Financial Highlights

(a) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.16%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 1.61%.

(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 2014 13

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class B	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$20.75		$17.06		$17.27		$17.35		$14.25		$10.24
Income from investment operations:
Net investment loss	(0.16	)	(0.27	)	(0.27	)	(0.26	)	(0.26	)	(0.26	)
Net realized and unrealized gain	2.31		3.96		0.04		0.18		3.33		4.11
Total from investment operations	2.15		3.69		(0.23	)	(0.08	)	3.07		3.85
Less distributions to shareholders:
Net realized gains	(0.59	)	—		—		—		—		—
Total distributions to shareholders	(0.59	)	—		—		—		—		—
Proceeds from regulatory settlements	—		—		0.02		—		0.03		0.16
Net asset value, end of period	$22.31		$20.75		$17.06		$17.27		$17.35		$14.25
Total return	10.56	%	21.63	%	(1.22	%)(a)	(0.46	%)	21.75	%(b)	39.16	%(c)
Ratios to average net assets(d)
Total gross expenses	2.23	%(e)	2.30	%	2.26	%	2.25	%	2.44	%	2.64	%
Total net expenses(f)	2.23	%(e)	2.25	%(g)	2.17	%(g)	2.25	%(g)	2.34	%	2.63	%
Net investment loss	(1.49	%)(e)	(1.43	%)	(1.47	%)	(1.47	%)	(1.66	%)	(2.21	%)
Supplemental data
Net assets, end of period (in thousands)	$5,155		$6,045		$7,858		$12,499		$19,558		$21,966
Portfolio turnover	51	%	81	%	88	%	95	%	111	%	150	%

Notes to Financial Highlights

(a) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.18%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 1.61%.

(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.

14 Semiannual Report 2014

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class C	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$20.74		$17.06		$17.26		$17.37		$14.25		$10.25
Income from investment operations:
Net investment loss	(0.16	)	(0.28	)	(0.26	)	(0.26	)	(0.26	)	(0.26	)
Net realized and unrealized gain	2.32		3.96		0.04		0.17		3.35		4.10
Total from investment operations	2.16		3.68		(0.22	)	(0.09	)	3.09		3.84
Less distributions to shareholders:
Net investment income	—		—		—		(0.02	)	—		—
Net realized gains	(0.59	)	—		—		—		—		—
Total distributions to shareholders	(0.59	)	—		—		(0.02	)	—		—
Proceeds from regulatory settlements	—		—		0.02		—		0.03		0.16
Net asset value, end of period	$22.31		$20.74		$17.06		$17.26		$17.37		$14.25
Total return	10.61	%	21.57	%	(1.16	%)(a)	(0.51	%)	21.89	%(b)	39.02	%(c)
Ratios to average net assets(d)
Total gross expenses	2.23	%(e)	2.30	%	2.25	%	2.25	%	2.43	%	2.70	%
Total net expenses(f)	2.23	%(e)	2.25	%(g)	2.15	%(g)	2.25	%(g)	2.33	%	2.69	%
Net investment loss	(1.50	%)(e)	(1.45	%)	(1.45	%)	(1.45	%)	(1.65	%)	(2.24	%)
Supplemental data
Net assets, end of period (in thousands)	$72,287		$69,151		$64,360		$72,162		$80,128		$69,849
Portfolio turnover	51	%	81	%	88	%	95	%	111	%	150	%

Notes to Financial Highlights

(a) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.18%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 1.61%.

(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 2014 15

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class I	(Unaudited)		2013		2012		2011		2010		2009(a)
Per share data
Net asset value, beginning of period	$25.00		$20.30		$20.31		$20.37		$16.52		$15.56
Income from investment operations:
Net investment loss	(0.03	)	(0.05	)	(0.06	)	(0.06	)	(0.08	)	(0.03	)
Net realized and unrealized gain	2.80		4.75		0.03		0.22		3.90		0.99
Total from investment operations	2.77		4.70		(0.03	)	0.16		3.82		0.96
Less distributions to shareholders:
Net investment income	—		—		—		(0.22	)	—		—
Net realized gains	(0.59	)	—		—		—		—		—
Total distributions to shareholders	(0.59	)	—		—		(0.22	)	—		—
Proceeds from regulatory settlements	—		—		0.02		—		0.03		—
Net asset value, end of period	$27.18		$25.00		$20.30		$20.31		$20.37		$16.52
Total return	11.26	%	23.15	%	(0.05	%)(b)	0.77	%	23.31	%(c)	6.17	%
Ratios to average net assets(d)
Total gross expenses	0.99	%(e)	1.04	%	1.00	%	1.09	%	1.17	%	1.07	%(e)
Total net expenses(f)	0.99	%(e)	1.03	%	0.97	%	1.09	%	1.12	%	1.07	%(e)
Net investment loss	(0.21	%)(e)	(0.23	%)	(0.26	%)	(0.28	%)	(0.45	%)	(0.76	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$3		$14		$11		$11		$28,563		$23,827
Portfolio turnover	51	%	81	%	88	%	95	%	111	%	150	%

Notes to Financial Highlights

(a) For the period from August 3, 2009 (commencement of operations) to October 31, 2009.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.16%.

(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.

16 Semiannual Report 2014

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class K	(Unaudited)		2013		2012		2011		2010		2009(a)
Per share data
Net asset value, beginning of period	$24.77		$20.18		$20.22		$20.29		$16.51		$15.56
Income from investment operations:
Net investment loss	(0.07	)	(0.12	)	(0.10	)	(0.10	)	(0.14	)	(0.04	)
Net realized and unrealized gain	2.78		4.71		0.04		0.20		3.89		0.99
Total from investment operations	2.71		4.59		(0.06	)	0.10		3.75		0.95
Less distributions to shareholders:
Net investment income	—		—		—		(0.17	)	—		—
Net realized gains	(0.59	)	—		—		—		—		—
Total distributions to shareholders	(0.59	)	—		—		(0.17	)	—		—
Proceeds from regulatory settlements	—		—		0.02		—		0.03		—
Net asset value, end of period	$26.89		$24.77		$20.18		$20.22		$20.29		$16.51
Total return	11.11	%	22.75	%	(0.20	%)(b)	0.48	%	22.89	%(c)	6.10	%
Ratios to average net assets(d)
Total gross expenses	1.30	%(e)	1.34	%	1.30	%	1.29	%	1.48	%	1.38	%(e)
Total net expenses(f)	1.30	%(e)	1.32	%	1.16	%	1.29	%	1.42	%	1.38	%(e)
Net investment loss	(0.57	%)(e)	(0.52	%)	(0.45	%)	(0.50	%)	(0.75	%)	(1.07	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$183		$167		$231		$432		$534		$289
Portfolio turnover	51	%	81	%	88	%	95	%	111	%	150	%

Notes to Financial Highlights

(a) For the period from August 3, 2009 (commencement of operations) to October 31, 2009.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.16%.

(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 2014 17

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class R	(Unaudited)		2013		2012		2011		2010		2009
Per share data
Net asset value, beginning of period	$24.02		$19.65		$19.78		$19.88		$16.25		$11.62
Income from investment operations:
Net investment loss	(0.13	)	(0.21	)	(0.19	)	(0.19	)	(0.22	)	(0.23	)
Net realized and unrealized gain	2.69		4.58		0.04		0.19		3.82		4.68
Total from investment operations	2.56		4.37		(0.15	)	—		3.60		4.45
Less distributions to shareholders:
Net investment income	—		—		—		(0.10	)	—		—
Net realized gains	(0.59	)	—		—		—		—		—
Total distributions to shareholders	(0.59	)	—		—		(0.10	)	—		—
Proceeds from regulatory settlements	—		—		0.02		—		0.03		0.18
Net asset value, end of period	$25.99		$24.02		$19.65		$19.78		$19.88		$16.25
Total return	10.83	%	22.24	%	(0.66	%)(a)	(0.04	%)	22.34	%(b)	39.85	%(c)
Ratios to average net assets(d)
Total gross expenses	1.73	%(e)	1.80	%	1.75	%	1.74	%	1.95	%	2.17	%
Total net expenses(f)	1.73	%(e)	1.75	%(g)	1.65	%(g)	1.74	%(g)	1.90	%	2.17	%
Net investment loss	(1.00	%)(e)	(0.94	%)	(0.94	%)	(0.95	%)	(1.22	%)	(1.70	%)
Supplemental data
Net assets, end of period (in thousands)	$7,385		$7,291		$8,124		$9,787		$9,158		$5,131
Portfolio turnover	51	%	81	%	88	%	95	%	111	%	150	%

Notes to Financial Highlights

(a) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.16%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 1.61%.

(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.

18 Semiannual Report 2014

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class R4	(Unaudited)		2013(a)
Per share data
Net asset value, beginning of period	$25.12		$20.20
Income from investment operations:
Net investment loss	(0.07	)	(0.12	)
Net realized and unrealized gain	2.83		5.04
Total from investment operations	2.76		4.92
Less distributions to shareholders:
Net realized gains	(0.59	)	—
Total distributions to shareholders	(0.59	)	—
Net asset value, end of period	$27.29		$25.12
Total return	11.16	%	24.36	%
Ratios to average net assets(b)
Total gross expenses	1.24	%(c)	1.33	%(c)
Total net expenses(d)	1.24	%(c)	1.29	%(c)(e)
Net investment loss	(0.55	%)(c)	(0.53	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$92		$17
Portfolio turnover	51	%	81	%

Notes to Financial Highlights

(a) For the period from November 8, 2012 (commencement of operations) to October 31, 2013.

(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 2014 19

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class R5	(Unaudited)		2013		2012		2011		2010		2009(a)
Per share data
Net asset value, beginning of period	$24.92		$20.25		$20.27		$20.35		$16.52		$15.56
Income from investment operations:
Net investment loss	(0.04	)	(0.04	)	(0.05	)	(0.05	)	(0.42	)	(0.02	)
Net realized and unrealized gain	2.79		4.71		0.01		0.19		4.22		0.98
Total from investment operations	2.75		4.67		(0.04	)	0.14		3.80		0.96
Less distributions to shareholders:
Net investment income	—		—		—		(0.22	)	—		—
Net realized gains	(0.59	)	—		—		—		—		—
Total distributions to shareholders	(0.59	)	—		—		(0.22	)	—		—
Proceeds from regulatory settlements	—		—		0.02		—		0.03		—
Net asset value, end of period	$27.08		$24.92		$20.25		$20.27		$20.35		$16.52
Total return	11.21	%	23.06	%	(0.10	%)(b)	0.66	%	23.18	%(c)	6.17	%
Ratios to average net assets(d)
Total gross expenses	1.05	%(e)	1.08	%	1.06	%	1.03	%	1.28	%	1.18	%(e)
Total net expenses(f)	1.05	%(e)	1.06	%	0.99	%	1.03	%	1.13	%	1.18	%(e)
Net investment loss	(0.31	%)(e)	(0.16	%)	(0.23	%)	(0.21	%)	(2.23	%)	(0.56	%)(e)
Supplemental data
Net assets, end of period (in thousands)	$51		$58		$165		$33		$25,932		$5
Portfolio turnover	51	%	81	%	88	%	95	%	111	%	150	%

Notes to Financial Highlights

(a) For the period from August 3, 2009 (commencement of operations) to October 31, 2009.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(c) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.16%.

(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 2014

Columbia Seligman Global Technology Fund

Financial Highlights (continued)

	Six Months  Ended April 30, 2014		Year Ended October 31,
Class Z	(Unaudited)		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$24.85		$20.23		$20.26		$20.36		$19.28
Income from investment operations:
Net investment loss	(0.07	)	(0.10	)	(0.09	)	(0.06	)	(0.03	)
Net realized and unrealized gain	2.80		4.72		0.04		0.18		1.11
Total from investment operations	2.73		4.62		(0.05	)	0.12		1.08
Less distributions to shareholders:
Net investment income	—		—		—		(0.22	)	—
Net realized gains	(0.59	)	—		—		—		—
Total distributions to shareholders	(0.59	)	—		—		(0.22	)	—
Proceeds from regulatory settlements	—		—		0.02		—		—
Net asset value, end of period	$26.99		$24.85		$20.23		$20.26		$20.36
Total return	11.16	%	22.84	%	(0.15	%)(b)	0.55	%	5.60	%
Ratios to average net assets(c)
Total gross expenses	1.23	%(d)	1.30	%	1.23	%	1.14	%	1.31	%(d)
Total net expenses(e)	1.23	%(d)	1.24	%(f)	1.13	%(f)	1.14	%(f)	1.28	%(d)
Net investment loss	(0.50	%)(d)	(0.42	%)	(0.42	%)	(0.30	%)	(1.57	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$17,434		$16,097		$22,115		$20,020		$3
Portfolio turnover	51	%	81	%	88	%	95	%	111	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to October 31, 2010.

(b) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.11%.

(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 2014 21

Columbia Seligman Global Technology Fund

Notes to Financial Statements

April 30, 2014 (Unaudited)

Note 1. Organization

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

Fund Shares

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

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

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other eligible investors.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain other eligible investors.

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

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

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 equity 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,

22 Semiannual Report 2014

Columbia Seligman Global Technology Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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

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

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 realized and unrealized gains

Semiannual Report 2014 23

Columbia Seligman Global Technology Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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.

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 April 30, 2014 was 0.855% 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 April 30, 2014 was 0.06% of the Fund’s average daily net assets.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board, including payments to a company providing limited administrative services to the Fund and the Board. That company’s expenses include boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. For the six months ended April 30, 2014, other expenses paid to this company were $1,027.

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 also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., 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.

24 Semiannual Report 2014

Columbia Seligman Global Technology Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

For the six months ended April 30, 2014, 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	0.24	%
Class B	0.24
Class C	0.24
Class K	0.05
Class R	0.24
Class R4	0.24
Class R5	0.05
Class Z	0.24

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

The lease and the Guaranty expire in January 2019. At April 30, 2014, the Fund’s total potential future obligation over the life of the Guaranty is $202,528. The liability remaining at April 30, 2014 for non-recurring charges associated with the lease amounted to $120,572 and is recorded as a part of the payable for other expenses in the Statement of Assets and Liabilities.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended April 30, 2014, no minimum account balance fees were charged by the Fund.

Plan Administration Fees

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

Distribution Fees

The Fund has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.25% of the Fund’s

average daily net assets attributable to Class A shares, 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 $161,000 and $4,342,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of March 31, 2014, 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 $101,230 for Class A, $1,157 for Class B and $280 for Class C shares for the six months ended April 30, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the periods disclosed below, unless sooner terminated at the sole discretion of the Board, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rates as a percentage of the class’ average daily net assets:

	March 1, 2014 through February 28, 2015 (%)		Prior to March 1, 2014 (%)
Class A		1.53		1.56
Class B		2.28		2.31
Class C		2.28		2.31
Class I		1.10		1.12
Class K		1.40		1.42
Class R		1.78		1.81
Class R4		1.28		1.31
Class R5		1.15		1.17
Class Z		1.28		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

Semiannual Report 2014 25

Columbia Seligman Global Technology Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend 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 April 30, 2014, the cost of investments for federal income tax purposes was approximately $366,291,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$99,217,000
Unrealized depreciation	(10,229,000	)
Net unrealized appreciation	$88,988,000

The following capital loss carryforward, determined as of October 31, 2013, 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		3,028,902

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund has elected to treat late-year ordinary losses of $2,479,186 at October 31, 2013 as arising on November 1, 2013.

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 $222,394,178 and $229,097,390, respectively, for the six months ended April 30, 2014.

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.

Note 7. Shareholder Concentration

At April 30, 2014, one unaffiliated shareholder of record owned 10.8% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. 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. Effective December 10, 2013, the Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. Prior to December 10, 2013, the commitment fee was charged at the annual rate of 0.08% per annum. The commitment fee is included in other expenses in the Statement of Operations.

The Fund had no borrowings during the six months ended April 30, 2014.

26 Semiannual Report 2014

Columbia Seligman Global Technology Fund

Notes to Financial Statements (continued)

April 30, 2014 (Unaudited)

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.

Technology and Technology-related Investment Risk

Sector risk occurs when a fund invests a significant portion of its assets in securities of companies conducting business in a related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, making a fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The Fund may be more susceptible to the particular risks that may affect companies in the technology-related sectors than if it were invested in a wider variety of companies 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 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 2014 27

Columbia Seligman Global Technology Fund

Approval of Investment Management Services Agreement

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

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the IMS Agreement. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2014, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March and April were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials (including proposed expense caps for certain Funds) were revised to reflect discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel, and reviews information prepared by Columbia Management addressing the services Columbia Management provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the IMS Agreement.

The Board, at its April 9-11, 2014 in-person Board meeting (the April Meeting), considered the renewal of the IMS Agreement for an additional one-year term. At the April Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement.

Nature, Extent and Quality of Services Provided by Columbia Management

The Independent Trustees analyzed various reports and presentations they had received detailing the services performed by Columbia Management, as well as its expertise, resources and capabilities. The Independent Trustees specifically considered many developments during the past year concerning the services provided by Columbia Management, including, in particular, the successful implementation of a globalization initiative, which, among other things, increased worldwide analyst support for global products, the reorganization of the Informational Technology research team, the hiring of additional personnel to assist the Asset Allocation team and the global restructuring of the Senior Operational team. The Independent Trustees noted the information they received concerning Columbia Management’s ability to retain its key portfolio management personnel. The Independent Trustees also recalled Columbia Management’s representation that additional staff has been added to support the vigorous application of the “5P” review process, to which all internally-managed Funds are subject.

In connection with the Board’s evaluation of the overall package of services provided by Columbia Management, the Board also considered the quality of administrative services provided to the Fund by Columbia Management, recalling the information it received highlighting significant achievements in 2013 in the performance of administrative services. In evaluating the quality of services provided under the IMS Agreement and the Fund’s Administrative Services Agreement, the Independent Trustees also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. In addition, the Board also reviewed the financial condition of Columbia Management (and its affiliates) and each entity’s ability to carry out its responsibilities under the IMS Agreement and the Fund’s other services agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. The Board also discussed the acceptability of the terms of the IMS Agreement (including the relatively broad scope of services required to be performed by Columbia Management). The Board concluded that the services being performed under the IMS Agreement were of a reasonably high quality.

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

28 Semiannual Report 2014

Columbia Seligman Global Technology Fund

Approval of Investment Management Services Agreement (continued)

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under the IMS Agreement, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods, the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group and the net assets of the Fund. The Board observed the Fund’s underperformance for certain periods, noting that appropriate steps (such as changes to the management team) had been taken or are contemplated to help improve the Fund’s performance.

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

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

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the “pricing philosophy” currently in effect (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). The Board took into account that the Fund’s total expense ratio (after considering proposed voluntary expense caps/waivers) approximated the peer universe’s median expense ratio. It was observed that various proposals concerning the Funds’ transfer agency and sub-transfer agency fee structures, and other changes impacting the Funds’ pricing structure and fees, are expected to be considered at a later Board meeting which, if adopted, would alter the current pricing philosophy. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

The Board also considered the expected profitability of Columbia Management and its affiliates in connection with Columbia Management providing investment management services to the Fund. In this regard, the Board referred to a detailed profitability report, discussing the profitability to Columbia Management and Ameriprise Financial from managing, operating and distributing the Funds. In this regard, the Board observed that: (i) a 2013 report provided to the Board by an independent consulting firm, Bobroff Consulting, concluded that 2012 profitability was reasonable; (ii) 2013 profitability only moderately exceeded 2012 levels; and (iii) 2013 profitability is in line with profitability levels of industry competitors. It also took into account the indirect economic benefits flowing to Columbia Management or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Economies of Scale to be Realized

The Board also considered the economies of scale that might be realized by Columbia Management as the Fund grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Independent Trustees took into account that IMS fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that the investment management service fees were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On April 11, 2014, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement.

Semiannual Report 2014 29

Columbia Seligman Global Technology Fund

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30 Semiannual Report 2014

Columbia Seligman Global Technology Fund

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Columbia Seligman Global Technology Fund

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32 Semiannual Report 2014

Columbia Seligman Global Technology 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 2014 33

Columbia Seligman Global Technology 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 and, if available, a summary 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.

© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR220_10_D01_(06/14)

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a) The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a

date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)                                                                         Columbia Funds Series Trust II                                                    

By (Signature and Title)                                               /s/ J. Kevin Connaughton                                                                   

                                                                                       J. Kevin Connaughton, President and Principal Executive Officer

Date                                                                                June 20, 2014                                                                                      

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                                                                               June 20, 2014                                                                                        

By (Signature and Title)                                               /s/ Michael G. Clarke                                                                         

                                                                                       Michael G. Clarke, Treasurer and Chief Financial Officer

Date                                                                                June 20, 2014