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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21852

Columbia Funds Series Trust II

(Exact name of registrant as specified in charter)

50606 Ameriprise Financial Center

Minneapolis, MN 55474

(Address of principal executive offices) (Zip code)

Ryan Larrenaga

c/o Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2015

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, 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 12th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.***

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

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

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

* In U.S. dollars as of March 31, 2015. Source: Ameriprise Q1 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies.

Contact us for more current data.

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

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

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* Columbia Threadneedle Investor Newsletter was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications in 2011, 2012 and 2013. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

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Register your information online at columbiathreadneedle.com/us/subscribe and select the publications you would like to receive. Update your subscriptions at any time by accessing the email subscription center.

PRESIDENT’S MESSAGE

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the “About Us” tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

n Fund and strategy names

n Established investment teams, philosophies and processes

n Account services, features, servicing phone numbers and mailing addresses

n Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children’s education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

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

* Source: Ameriprise as of December 1, 2014

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

TABLE OF CONTENTS

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	9
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	23
Approval of Investment Management Services Agreement	33
Important Information About This Report	35

Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Absolute Return Currency and Income Fund (the Fund) Class A shares returned 19.92% excluding sales charges for the six-month period that ended April 30, 2015.

n The Fund outperformed its benchmark, the Citi Three-Month U.S. Treasury Bill Index, which returned 0.01% for the same time period.

Average Annual Total Returns (%) (for period ended April 30, 2015)
	Inception	6 Months Cumulative		1 Year		5 Years		Life
Class A	06/15/06
Excluding sales charges			19.92		22.20		3.35		3.31
Including sales charges			16.30		18.56		2.73		2.96
Class B	06/15/06
Excluding sales charges			19.59		21.30		2.58		2.57
Including sales charges			14.59		16.30		2.21		2.57
Class C	06/15/06
Excluding sales charges			19.48		21.33		2.58		2.57
Including sales charges			18.48		20.33		2.58		2.57
Class I	06/15/06		20.26		22.74		3.85		3.78
Class R4*	03/19/13		20.26		22.62		3.50		3.39
Class R5*	06/25/14		20.16		22.53		3.41		3.34
Class W*	12/01/06		20.00		22.29		3.30		3.27
Class Y*	02/28/13		20.18		22.66		3.54		3.42
Class Z*	09/27/10		20.14		22.62		3.70		3.48
Citi Three-Month U.S. Treasury Bill Index**			0.01		0.03		0.07		1.07

** Since June 30, 2006

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

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

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

The Citi Three-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.

Semiannual Report 2015 3

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

PORTFOLIO OVERVIEW

(Unaudited)

Portfolio Management

Nicholas Pifer, CFA

Portfolio Breakdown (%) (at April 30, 2015)
Asset-Backed Securities — Non-Agency	1.5
Short-Term Investments Segregated in Connection with Open Derivatives Contracts(a)	98.5
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 $52.9 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, 2015)
AAA rating	100.0
Total	100.0

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

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

CAD	Canadian Dollar
CHF	Swiss Franc
GBP	British Pound
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona

4 Semiannual Report 2015

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, 2014 – April 30, 2015

	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		1,199.20	1,016.51		9.11	8.35		1.67
Class B		1,000.00	1,000.00		1,195.90	1,012.79		13.18	12.08		2.42
Class C		1,000.00	1,000.00		1,194.80	1,012.79		13.17	12.08		2.42
Class I		1,000.00	1,000.00		1,202.60	1,018.40		7.05	6.46		1.29
Class R4		1,000.00	1,000.00		1,202.60	1,017.70		7.81	7.15		1.43
Class R5		1,000.00	1,000.00		1,201.60	1,018.15		7.31	6.71		1.34
Class W		1,000.00	1,000.00		1,200.00	1,016.51		9.11	8.35		1.67
Class Y		1,000.00	1,000.00		1,201.80	1,018.40		7.04	6.46		1.29
Class Z		1,000.00	1,000.00		1,201.40	1,017.75		7.75	7.10		1.42

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

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

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 2015 5

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

PORTFOLIO OF INVESTMENTS

April 30, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Asset-Backed Securities — Non-Agency 1.5%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Northstar Education Finance, Inc. Series 2007-1 Class A2(a)
01/29/46		1.029%		750,000		743,936
SLM Student Loan Trust Series 2007-2 Class A2(a)
07/25/17		0.277%		58,959		58,907
Total Asset-Backed Securities — Non-Agency (Cost: $805,783)						802,843

Money Market Funds 95.7%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.111%(b)(c)		52,903,260		52,903,260
Total Money Market Funds (Cost: $52,903,260)				52,903,260
Total Investments (Cost: $53,709,043)				53,706,103
Other Assets & Liabilities, Net				1,571,303
Net Assets				55,277,406

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at April 30, 2015

Counterparty	Exchange Date		Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays Bank PLC		05/20/2015		3,316,663	USD		26,064,000	NOK		143,188		—
Barclays Bank PLC		05/20/2015		19,236,368	USD		151,169,000	NOK		830,477		—
Deutsche Bank		05/20/2015		5,347,000	CHF		5,603,177	USD		—		(131,385	)
Deutsche Bank		05/20/2015		28,109,000	CHF		29,455,715	USD		—		(690,687	)
Deutsche Bank		05/20/2015		2,904,000	CHF		3,036,577	USD		—		(77,911	)
HSBC Securities (USA), Inc.		05/20/2015		2,201,341	USD		1,477,000	GBP		65,586		—
HSBC Securities (USA), Inc.		05/20/2015		11,756,386	USD		7,888,000	GBP		350,264		—
HSBC Securities (USA), Inc.		05/20/2015		1,024,294	USD		677,000	GBP		14,778		—
HSBC Securities (USA), Inc.		05/20/2015		3,423,841	USD		29,633,000	SEK		133,251		—
HSBC Securities (USA), Inc.		05/20/2015		2,158,265	USD		18,622,000	SEK		77,085		—
HSBC Securities (USA), Inc.		05/20/2015		17,651,850	USD		152,775,000	SEK		686,983		—
HSBC Securities (USA), Inc.		05/20/2015		14,731,072	USD		127,103,000	SEK		526,141		—
State Street Bank & Trust Company		05/20/2015		4,075,000	CAD		3,326,837	USD		—		(49,940	)
State Street Bank & Trust Company		05/20/2015		21,585,000	CAD		17,622,034	USD		—		(264,527	)
State Street Bank & Trust Company		05/20/2015		2,048,000	CAD		1,684,296	USD		—		(12,793	)
UBS Securities		05/20/2015		2,939,000	NZD		2,230,495	USD		—		(9,091	)
UBS Securities		05/20/2015		17,046,000	NZD		12,936,721	USD		—		(52,727	)
Total										2,827,753		(1,289,061	)

Notes to Portfolio of Investments

(a) Variable rate security.

(b) The rate shown is the seven-day current annualized yield at April 30, 2015.

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended April 30, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		50,067,724		34,876,768		(32,041,232	)		52,903,260		27,332		52,903,260

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

6 Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Currency Legend

CAD	Canadian Dollar
CHF	Swiss Franc
GBP	British Pound
NOK	Norwegian Krone
NZD	New Zealand Dollar
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.

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

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

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

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

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

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

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

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

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

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

Semiannual Report 2015 7

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2015:

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		—		802,843			—		802,843
Total Bonds		—		802,843			—		802,843
Mutual Funds
Money Market Funds		52,903,260		—			—		52,903,260
Total Mutual Funds		52,903,260		—			—		52,903,260
Investments in Securities		52,903,260		802,843			—		53,706,103
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—		2,827,753			—		2,827,753
Liabilities
Forward Foreign Currency Exchange Contracts		—		(1,289,061	)		—		(1,289,061	)
Total		52,903,260		2,341,535			—		55,244,795

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.

8 Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $805,783)	$802,843
Affiliated issuers (identified cost $52,903,260)	52,903,260
Total investments (identified cost $53,709,043)	53,706,103
Unrealized appreciation on forward foreign currency exchange contracts	2,827,753
Receivable for:
Investments sold	114,929
Capital shares sold	73,489
Dividends	4,976
Interest	1,941
Expense reimbursement due from Investment Manager	14
Prepaid expenses	609
Other assets	35,283
Total assets	56,765,097
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	1,289,061
Payable for:
Investments purchased	90,359
Capital shares purchased	54,948
Investment management fees	1,357
Distribution and/or service fees	158
Transfer agent fees	2,744
Administration fees	122
Compensation of board members	22,638
Other expenses	26,304
Total liabilities	1,487,691
Net assets applicable to outstanding capital stock	$55,277,406
Represented by
Paid-in capital	$48,480,025
Excess of distributions over net investment income	(852,494	)
Accumulated net realized gain	6,114,123
Unrealized appreciation (depreciation) on:
Investments	(2,940	)
Forward foreign currency exchange contracts	1,538,692
Total — representing net assets applicable to outstanding capital stock	$55,277,406

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

Semiannual Report 2015 9

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

April 30, 2015 (Unaudited)

Class A
Net assets	$14,949,314
Shares outstanding	1,292,652
Net asset value per share	$11.56
Maximum offering price per share(a)	$11.92
Class B
Net assets	$46,660
Shares outstanding	4,245
Net asset value per share	$10.99
Class C
Net assets	$1,947,782
Shares outstanding	177,354
Net asset value per share	$10.98
Class I
Net assets	$29,627,057
Shares outstanding	2,484,410
Net asset value per share	$11.93
Class R4
Net assets	$144,523
Shares outstanding	12,178
Net asset value per share	$11.87
Class R5
Net assets	$12,193
Shares outstanding	1,022
Net asset value per share(b)	$11.92
Class W
Net assets	$88,368
Shares outstanding	7,671
Net asset value per share	$11.52
Class Y
Net assets	$12,262
Shares outstanding	1,030
Net asset value per share(b)	$11.91
Class Z
Net assets	$8,449,247
Shares outstanding	712,028
Net asset value per share	$11.87

(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.

10 Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2015 (Unaudited)

Income:
Dividends — affiliated issuers	$27,332
Interest	19,861
Total income	47,193
Expenses:
Investment management fees	223,110
Distribution and/or service fees
Class A	15,916
Class B	231
Class C	8,509
Class W	108
Transfer agent fees
Class A	10,354
Class B	38
Class C	1,380
Class R4	49
Class R5	3
Class W	70
Class Z	4,978
Administration fees	20,055
Compensation of board members	5,937
Custodian fees	2,741
Printing and postage fees	11,207
Registration fees	49,325
Professional fees	17,426
Other	5,105
Total expenses	376,542
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(15,606	)
Total net expenses	360,936
Net investment loss	(313,743	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	164
Foreign currency translations	(762	)
Forward foreign currency exchange contracts	7,598,608
Net realized gain	7,598,010
Net change in unrealized appreciation (depreciation) on:
Investments	(2,553	)
Forward foreign currency exchange contracts	2,033,098
Net change in unrealized appreciation	2,030,545
Net realized and unrealized gain	9,628,555
Net increase in net assets resulting from operations	$9,314,812

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

Semiannual Report 2015 11

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations
Net investment loss		$(313,743	)		$(682,300	)
Net realized gain (loss)		7,598,010			(171,489	)
Net change in unrealized appreciation (depreciation)		2,030,545			(879,692	)
Net increase (decrease) in net assets resulting from operations		9,314,812			(1,733,481	)
Decrease in net assets from capital stock activity		(4,432,896	)		(40,525,346	)
Total increase (decrease) in net assets		4,881,916			(42,258,827	)
Net assets at beginning of period		50,395,490			92,654,317
Net assets at end of period		$55,277,406			$50,395,490
Excess of distributions over net investment income		$(852,494	)		$(538,751	)

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

12 Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		239,029			2,633,013			133,905			1,270,682
Redemptions		(198,575	)		(2,053,336	)		(937,918	)		(8,850,560	)
Net increase (decrease)		40,454			579,677			(804,013	)		(7,579,878	)
Class B shares
Subscriptions		360			3,900			—			—
Redemptions(b)		(1,737	)		(18,005	)		(14,515	)		(130,393	)
Net decrease		(1,377	)		(14,105	)		(14,515	)		(130,393	)
Class C shares
Subscriptions		107,439			1,030,775			26,784			243,613
Redemptions		(66,834	)		(693,213	)		(143,534	)		(1,285,590	)
Net increase (decrease)		40,605			337,562			(116,750	)		(1,041,977	)
Class I shares
Subscriptions		6,971			73,864			240,969			2,353,549
Redemptions		(494,851	)		(5,588,619	)		(3,794,421	)		(36,870,728	)
Net decrease		(487,880	)		(5,514,755	)		(3,553,452	)		(34,517,179	)
Class R4 shares
Subscriptions		11,758			133,500			788			7,700
Redemptions		(611	)		(6,951	)		—			—
Net increase		11,147			126,549			788			7,700
Class R5 shares
Subscriptions		—			—			1,022			10,000
Net increase		—			—			1,022			10,000
Class W shares
Subscriptions		—			—			568			5,400
Redemptions		(1,254	)		(13,317	)		(4,302	)		(40,366	)
Net decrease		(1,254	)		(13,317	)		(3,734	)		(34,966	)
Class Y shares
Subscriptions		—			—			786			7,696
Net increase		—			—			786			7,696
Class Z shares
Subscriptions		504,352			5,802,475			563,707			5,511,319
Redemptions		(543,637	)		(5,736,982	)		(281,598	)		(2,757,668	)
Net increase (decrease)		(39,285	)		65,493			282,109			2,753,651
Total net decrease		(437,590	)		(4,432,896	)		(4,207,759	)		(40,525,346	)

(a) Class R5 shares are based on operations from June 25, 2014 (commencement of operations) through the stated period end.

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

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

Semiannual Report 2015 13

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. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class  A	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.64		$9.75		$10.21		$9.95		$10.00		$9.93
Income from investment operations:
Net investment loss	(0.08	)	(0.14	)	(0.13	)	(0.12	)	(0.15	)	(0.12	)
Net realized and unrealized gain (loss)	2.00		0.03	(a)	(0.09	)	0.38		0.10		0.19
Total from investment operations	1.92		(0.11	)	(0.22	)	0.26		(0.05	)	0.07
Less distributions to shareholders:
Net realized gains	—		—		(0.24	)	—		—		—
Total distributions to shareholders	—		—		(0.24	)	—		—		—
Net asset value, end of period	$11.56		$9.64		$9.75		$10.21		$9.95		$10.00
Total return	19.92	%	(1.13	%)	(2.28	%)	2.61	%	(0.50	%)	0.71	%
Ratios to average net assets(b)
Total gross expenses	1.75	%(c)	1.77	%	1.68	%	1.65	%	1.73	%	1.47	%
Total net expenses(d)	1.67	%(c)	1.66	%	1.48	%	1.42	%	1.73	%	1.47	%
Net investment loss	(1.47	%)(c)	(1.50	%)	(1.29	%)	(1.18	%)	(1.48	%)	(1.19	%)
Supplemental data
Net assets, end of period (in thousands)	$14,949		$12,068		$20,050		$30,758		$40,755		$62,209
Portfolio turnover	0	%	0	%	0	%	0	%	0	%	0	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

14 Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class B	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.19		$9.37		$9.90		$9.72		$9.85		$9.85
Income from investment operations:
Net investment loss	(0.11	)	(0.20	)	(0.20	)	(0.19	)	(0.22	)	(0.19	)
Net realized and unrealized gain (loss)	1.91		0.02	(a)	(0.09	)	0.37		0.09		0.19
Total from investment operations	1.80		(0.18	)	(0.29	)	0.18		(0.13	)	—
Less distributions to shareholders:
Net realized gains	—		—		(0.24	)	—		—		—
Total distributions to shareholders	—		—		(0.24	)	—		—		—
Net asset value, end of period	$10.99		$9.19		$9.37		$9.90		$9.72		$9.85
Total return	19.59	%	(1.92	%)	(3.08	%)	1.85	%	(1.32	%)	0.00	%(b)
Ratios to average net assets(c)
Total gross expenses	2.50	%(d)	2.51	%	2.46	%	2.39	%	2.47	%	2.23	%
Total net expenses(e)	2.42	%(d)	2.41	%	2.23	%	2.17	%	2.47	%	2.23	%
Net investment loss	(2.23	%)(d)	(2.25	%)	(2.04	%)	(1.93	%)	(2.21	%)	(1.95	%)
Supplemental data
Net assets, end of period (in thousands)	$47		$52		$189		$456		$698		$1,006
Portfolio turnover	0	%	0	%	0	%	0	%	0	%	0	%

Notes to Financial Highlights

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

(b) Rounds to zero.

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

(d) Annualized.

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

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

Semiannual Report 2015 15

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class C	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.19		$9.36		$9.89		$9.71		$9.83		$9.84
Income from investment operations:
Net investment loss	(0.11	)	(0.20	)	(0.20	)	(0.19	)	(0.22	)	(0.19	)
Net realized and unrealized gain (loss)	1.90		0.03	(a)	(0.09	)	0.37		0.10		0.18
Total from investment operations	1.79		(0.17	)	(0.29	)	0.18		(0.12	)	(0.01	)
Less distributions to shareholders:
Net realized gains	—		—		(0.24	)	—		—		—
Total distributions to shareholders	—		—		(0.24	)	—		—		—
Net asset value, end of period	$10.98		$9.19		$9.36		$9.89		$9.71		$9.83
Total return	19.48	%	(1.82	%)	(3.08	%)	1.85	%	(1.22	%)	(0.10	%)
Ratios to average net assets(b)
Total gross expenses	2.50	%(c)	2.52	%	2.42	%	2.39	%	2.48	%	2.22	%
Total net expenses(d)	2.42	%(c)	2.41	%	2.23	%	2.16	%	2.48	%	2.22	%
Net investment loss	(2.22	%)(c)	(2.25	%)	(2.05	%)	(1.92	%)	(2.23	%)	(1.94	%)
Supplemental data
Net assets, end of period (in thousands)	$1,948		$1,256		$2,374		$2,887		$3,333		$4,703
Portfolio turnover	0	%	0	%	0	%	0	%	0	%	0	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

16 Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class  I	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.92		$10.00		$10.42		$10.11		$10.09		$9.98
Income from investment operations:
Net investment loss	(0.06	)	(0.11	)	(0.09	)	(0.07	)	(0.08	)	(0.08	)
Net realized and unrealized gain (loss)	2.07		0.03	(a)	(0.09	)	0.38		0.10		0.19
Total from investment operations	2.01		(0.08	)	(0.18	)	0.31		0.02		0.11
Less distributions to shareholders:
Net realized gains	—		—		(0.24	)	—		—		—
Total distributions to shareholders	—		—		(0.24	)	—		—		—
Net asset value, end of period	$11.93		$9.92		$10.00		$10.42		$10.11		$10.09
Total return	20.26	%	(0.80	%)	(1.84	%)	3.07	%	0.20	%	1.10	%
Ratios to average net assets(b)
Total gross expenses	1.34	%(c)	1.32	%	1.16	%	1.14	%	1.05	%	1.07	%
Total net expenses(d)	1.29	%(c)	1.26	%	1.08	%	0.91	%	1.05	%	1.07	%
Net investment loss	(1.10	%)(c)	(1.10	%)	(0.90	%)	(0.68	%)	(0.84	%)	(0.79	%)
Supplemental data
Net assets, end of period (in thousands)	$29,627		$29,482		$65,238		$47,585		$67,660		$38,718
Portfolio turnover	0	%	0	%	0	%	0	%	0	%	0	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

Semiannual Report 2015 17

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class R4	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$9.87		$9.97		$10.28
Income from investment operations:
Net investment loss	(0.07	)	(0.12	)	(0.06	)
Net realized and unrealized gain (loss)	2.07		0.02	(b)	(0.25	)
Total from investment operations	2.00		(0.10	)	(0.31	)
Net asset value, end of period	$11.87		$9.87		$9.97
Total return	20.26	%	(1.00	%)	(3.02	%)
Ratios to average net assets(c)
Total gross expenses	1.51	%(d)	1.54	%	1.19	%(d)
Total net expenses(e)	1.43	%(d)	1.41	%	1.19	%(d)
Net investment loss	(1.20	%)(d)	(1.25	%)	(1.03	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$145		$10		$2
Portfolio turnover	0	%	0	%	0	%

Notes to Financial Highlights

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

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

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

(d) Annualized.

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

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

18 Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year  Ended October 31,
Class R5	(Unaudited)		2014(a)
Per share data
Net asset value, beginning of period	$9.92		$9.78
Income from investment operations:
Net investment loss	(0.06	)	(0.04	)
Net realized and unrealized gain	2.06		0.18	(b)
Total from investment operations	2.00		0.14
Net asset value, end of period	$11.92		$9.92
Total return	20.16	%	1.43	%
Ratios to average net assets(c)
Total gross expenses	1.39	%(d)	1.46	%(d)
Total net expenses(e)	1.34	%(d)	1.33	%(d)
Net investment loss	(1.15	%)(d)	(1.08	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$12		$10
Portfolio turnover	0	%	0	%

Notes to Financial Highlights

(a) Based on operations from June 25, 2014 (commencement of operations) through the stated period end.

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

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

(d) Annualized.

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

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

Semiannual Report 2015 19

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class W	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.60		$9.71		$10.19		$9.94		$9.99		$9.92
Income from investment operations:
Net investment loss	(0.08	)	(0.14	)	(0.12	)	(0.14	)	(0.15	)	(0.12	)
Net realized and unrealized gain (loss)	2.00		0.03	(a)	(0.12	)	0.39		0.10		0.19
Total from investment operations	1.92		(0.11	)	(0.24	)	0.25		(0.05	)	0.07
Less distributions to shareholders:
Net realized gains	—		—		(0.24	)	—		—		—
Total distributions to shareholders	—		—		(0.24	)	—		—		—
Net asset value, end of period	$11.52		$9.60		$9.71		$10.19		$9.94		$9.99
Total return	20.00	%	(1.13	%)	(2.49	%)	2.52	%	(0.50	%)	0.71	%
Ratios to average net assets(b)
Total gross expenses	1.75	%(c)	1.77	%	1.83	%	1.83	%	1.71	%	1.51	%
Total net expenses(d)	1.67	%(c)	1.66	%	1.33	%	1.62	%	1.71	%	1.51	%
Net investment loss	(1.47	%)(c)	(1.50	%)	(1.13	%)	(1.38	%)	(1.46	%)	(1.23	%)
Supplemental data
Net assets, end of period (in thousands)	$88		$86		$123		$10,922		$24,171		$63,369
Portfolio turnover	0	%	0	%	0	%	0	%	0	%	0	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

20 Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class Y	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$9.91		$9.98		$10.25
Income from investment operations:
Net investment loss	(0.06	)	(0.11	)	(0.07	)
Net realized and unrealized gain (loss)	2.06		0.04	(b)	(0.20	)
Total from investment operations	2.00		(0.07	)	(0.27	)
Net asset value, end of period	$11.91		$9.91		$9.98
Total return	20.18	%	(0.70	%)	(2.63	%)
Ratios to average net assets(c)
Total gross expenses	1.34	%(d)	1.36	%	1.20	%(d)
Total net expenses(e)	1.29	%(d)	1.28	%	1.20	%(d)
Net investment loss	(1.10	%)(d)	(1.11	%)	(1.04	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$12		$10		$2
Portfolio turnover	0	%	0	%	0	%

Notes to Financial Highlights

(a) Based on operations from February 28, 2013 (commencement of operations) through the stated period end.

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

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

(d) Annualized.

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

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

Semiannual Report 2015 21

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class Z	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$9.88		$9.97		$10.41		$10.11		$10.09		$10.18
Income from investment operations:
Net investment loss	(0.07	)	(0.12	)	(0.11	)	(0.09	)	(0.10	)	(0.01	)
Net realized and unrealized gain (loss)	2.06		0.03	(b)	(0.09	)	0.39		0.12		(0.08	)
Total from investment operations	1.99		(0.09	)	(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	$11.87		$9.88		$9.97		$10.41		$10.11		$10.09
Total return	20.14	%	(0.90	%)	(2.04	%)	2.97	%	0.20	%	(0.88	%)
Ratios to average net assets(c)
Total gross expenses	1.49	%(d)	1.54	%	1.45	%	1.34	%	1.15	%	1.54	%(d)
Total net expenses(e)	1.42	%(d)	1.41	%	1.24	%	1.09	%	1.15	%	1.54	%(d)
Net investment loss	(1.25	%)(d)	(1.25	%)	(1.05	%)	(0.85	%)	(0.95	%)	(1.20	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$8,449		$7,422		$4,677		$9,146		$6,079		$14
Portfolio turnover	0	%	0	%	0	%	0	%	0	%	0	%

Notes to Financial Highlights

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

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

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

(d) Annualized.

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

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

22 Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

NOTES TO FINANCIAL STATEMENTS

April 30, 2015 (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 R5, Class W, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

Class A shares are subject to a maximum front-end sales charge of 3.00% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

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

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year after 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 investors as described in the Fund’s prospectus.

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Semiannual Report 2015 23

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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 their net asset value.

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

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 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 quoted or published price for the security.

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

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 increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may

involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

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

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its 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

24 Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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

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

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives 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 if 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. The Fund utilized forward foreign currency exchange contracts 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 daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires.

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

Semiannual Report 2015 25

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (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, 2015:

	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 ($)
Asset Derivatives:
Forward Foreign Currency Exchange Contracts		2,827,753		—		2,827,753		—		—		—		2,827,753
	Gross Amounts of Recognized Liabilities ($)		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		1,289,061		—		1,289,061		—		—		—		1,289,061

(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; and 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 (not considered to be hedging instruments for accounting disclosure purposes) at April 30, 2015:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	2,827,753

	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	1,289,061

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended April 30, 2015:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)
Foreign exchange risk		7,598,608
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)
Foreign exchange risk		2,033,098

26 Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended April 30, 2015:

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		2,277,525		(982,386	)

* Based on the ending quarterly outstanding amounts for the six months ended April 30, 2015.

Security Transactions

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

Income Recognition

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

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

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

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 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, 2015 was 0.89% of the Fund’s average daily net assets.

Semiannual Report 2015 27

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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, 2015 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, 2015, other expenses paid by the Fund to this company were $663.

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 a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of

the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., for which the Transfer Agent receives a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer 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. Class I and Class Y shares do not pay transfer agency fees.

For the six months ended April 30, 2015, the Fund’s annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.16	%
Class B	0.16
Class C	0.16
Class R4	0.16
Class R5	0.05
Class W	0.16
Class Z	0.16

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended April 30, 2015, 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 and Class W shares and a fee at an annual rate of up to 1.00% of the Fund’s average daily

28 Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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 $28,000 and $16,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of March 31, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $9,280 for Class A shares for the six months ended April 30, 2015.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund’s expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective March 1,  2015			Contractual Expense Cap Prior to March 1, 2015
Class A		1.68	%		1.66	%
Class B		2.43			2.41
Class C		2.43			2.41
Class I		1.30			1.28
Class R4		1.43			1.41
Class R5		1.35			1.33
Class W		1.68			1.66
Class Y		1.30			1.28
Class Z		1.43			1.41

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled

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

Note 4. Federal Tax Information

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

At April 30, 2015, the cost of investments for federal income tax purposes was approximately $53,709,043 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$76
Unrealized depreciation	(3,016	)
Net unrealized depreciation	$(2,940	)

The following capital loss carryforwards, determined as of October 31, 2014, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
No expiration — short-term		785,233
No expiration — long-term		1,193,060
Total		1,978,293

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 $518,457 as arising on November 1, 2014.

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant

Semiannual Report 2015 29

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $0 and $74,884, respectively, for the six months ended April 30, 2015. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund 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, 2015, affiliated shareholders of record owned 78.0% 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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $550 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to

$500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended April 30, 2015.

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.

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.

Credit Risk

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

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net

30 Semiannual Report 2015

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates.

Liquidity Risk

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

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 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.

Semiannual Report 2015 31

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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

32 Semiannual Report 2015

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).

The Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considered the renewal of the IMS Agreement for a two-month period (Short-Term Period) in order to align the IMS Agreement with the review cycle of other funds in the Columbia family of funds. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2015, 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. 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 13-15, 2015 in-person Board meeting (the April Meeting), considered the renewal of the IMS Agreement for the Short-Term Period. 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 for the Short-Term Period.

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. The Independent Trustees noted the information they received concerning Columbia Management’s ability to retain its key portfolio management personnel. 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 for the Short-Term Period.

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 services being performed by Columbia Management and its affiliates were acceptable for the Short-Term Period.

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 for purposes of approving the IMS Agreement for the Short-Term Period, the Fund’s performance was acceptable.

Semiannual Report 2015 33

COLUMBIA ABSOLUTE RETURN CURRENCY AND INCOME FUND

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AGREEMENT (continued)

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 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. For purposes of approving the IMS Agreement for the Short-Term Period, the Board concluded that the investment management service fees were fair and reasonable, observing that the profitability levels also seemed 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.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that, for purposes of its consideration of the renewal of the IMS Agreement for the Short-Term Period, 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. The Board noted its understanding that it would undertake the full consideration of renewal of the IMS Agreement for the full annual period at its June 2015 meetings. On April 15, 2015, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement for the Short-Term Period.

34 Semiannual Report 2015

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 columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

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

Semiannual Report 2015 35

Columbia Absolute Return Currency and Income Fund

P.O. Box 8081

Boston, MA 02266-8081

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2015 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR104_10_E01_(06/15)

SEMIANNUAL REPORT

April 30, 2015

COLUMBIA EMERGING MARKETS BOND FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 12th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.***

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

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

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

* In U.S. dollars as of March 31, 2015. Source: Ameriprise Q1 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies.

Contact us for more current data.

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

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

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Find economic and market commentary, investment videos, white papers,

mutual fund commentary and more at columbiathreadneedle.com/us.

Columbia Threadneedle Investor Newsletter (e-newsletter)   Read our award-winning* shareholder
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* Columbia Threadneedle Investor Newsletter was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications in 2011, 2012 and 2013. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

Not part of the shareholder report

PRESIDENT’S MESSAGE

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the “About Us” tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

n Fund and strategy names

n Established investment teams, philosophies and processes

n Account services, features, servicing phone numbers and mailing addresses

n Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children’s education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

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

* Source: Ameriprise as of December 1, 2014

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2015

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	41
Important Information About This Report	43

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Emerging Markets Bond Fund (the Fund) Class A shares returned -0.90% excluding sales charges for the six-month period that ended April 30, 2015.

n The Fund underperformed its benchmark, the JPMorgan Emerging Markets Bond Index-Global, which returned 0.70% for the same period.

Average Annual Total Returns (%) (for period ended April 30, 2015)
	Inception	6 Months Cumulative		1 Year		5 Years		Life
Class A	02/16/06
Excluding sales charges			-0.90		1.19		6.19		7.12
Including sales charges			-5.63		-3.58		5.16		6.55
Class B	02/16/06
Excluding sales charges			-1.27		0.53		5.38		6.31
Including sales charges			-6.12		-4.35		5.06		6.31
Class C	02/16/06
Excluding sales charges			-1.28		0.53		5.40		6.32
Including sales charges			-2.25		-0.45		5.40		6.32
Class I	02/16/06		-0.65		1.80		6.71		7.59
Class K	02/16/06		-0.71		1.50		6.38		7.34
Class R*	11/16/11		-1.03		0.94		5.98		6.93
Class R4*	03/19/13		-0.69		1.53		6.32		7.19
Class R5*	11/08/12		-0.67		1.66		6.42		7.24
Class W*	12/01/06		-0.90		1.29		6.18		7.10
Class Y*	11/08/12		-0.65		1.81		6.47		7.27
Class Z*	09/27/10		-0.69		1.54		6.49		7.28
J.P. Morgan Emerging Markets Bond Index-Global			0.70		4.50		7.08		7.38

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

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

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

The 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 2015

COLUMBIA EMERGING MARKETS BOND FUND

PORTFOLIO OVERVIEW

(Unaudited)

Country Breakdown (%) (at April 30, 2015)
Argentina	1.7
Brazil	5.2
Chile	1.4
Colombia	4.3
Costa Rica	1.1
Croatia	0.6
Dominican Republic	6.0
Ecuador	0.6
El Salvador	1.1
Gabon	0.7
Georgia	1.3
Ghana	1.0
Guatemala	1.3
Hungary	4.0
Indonesia	12.5
Ireland	0.3
Ivory Coast	1.4
Kazakhstan	3.6
Mexico	10.9
Morocco	0.2
Netherlands	0.1
Pakistan	0.7
Panama	0.7
Paraguay	0.6
Peru	1.6
Philippines	1.4
Republic of Namibia	1.0
Republic of the Congo	0.3
Romania	0.5
Russian Federation	7.3
Senegal	0.5
Serbia	0.4
South Africa	0.6
Spain	0.5
Trinidad and Tobago	2.0
Tunisia	0.7
Turkey	8.0
Ukraine	0.8
United Kingdom	0.3
United States(a)	4.9
Uruguay	1.9
Venezuela	5.0
Zambia	1.0
Total	100.0

Country Breakdown is based primarily on issuer’s place of organization/incorporation. 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, Ph.D.

Semiannual Report 2015 3

COLUMBIA EMERGING MARKETS BOND FUND

PORTFOLIO OVERVIEW (continued)

(Unaudited)

Quality Breakdown (%) (at April 30, 2015)
A rating	4.6
BBB rating	44.7
BB rating	26.0
B rating	16.5
CCC rating	8.2
CC rating	0.0	(a)
Total	100.0

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

(a) Rounds to zero.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated��. Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other country-specific factors as the direction and stance of fiscal policy, balance of payment trends and commodity prices, the level and structure of public debt as well as political stability and commitment to strong macroeconomic policies.

4 Semiannual Report 2015

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, 2014 – April 30, 2015

	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		991.90	1,018.99		5.78	5.86		1.17
Class B		1,000.00	1,000.00		987.30	1,015.27		9.46	9.59		1.92
Class C		1,000.00	1,000.00		987.20	1,015.27		9.46	9.59		1.92
Class I		1,000.00	1,000.00		993.50	1,021.47		3.31	3.36		0.67
Class K		1,000.00	1,000.00		992.90	1,019.98		4.79	4.86		0.97
Class R		1,000.00	1,000.00		989.70	1,017.75		7.01	7.10		1.42
Class R4		1,000.00	1,000.00		993.10	1,020.28		4.50	4.56		0.91
Class R5		1,000.00	1,000.00		993.30	1,021.22		3.56	3.61		0.72
Class W		1,000.00	1,000.00		991.00	1,018.99		5.78	5.86		1.17
Class Y		1,000.00	1,000.00		993.50	1,021.47		3.31	3.36		0.67
Class Z		1,000.00	1,000.00		993.10	1,020.23		4.55	4.61		0.92

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

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

Semiannual Report 2015 5

COLUMBIA EMERGING MARKETS BOND FUND

PORTFOLIO OF INVESTMENTS

April 30, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes(a) 14.1%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
BRAZIL 0.8%
Companhia de Eletricidade do Estad
04/27/16		11.750%		BRL6,000,000		1,901,791
Cosan Luxembourg SA(b)
03/14/18		9.500%	BRL	6,000,000		1,683,015
03/14/23		5.000%		1,309,000		1,194,462
Total						4,779,268
CHILE 1.4%
Cencosud SA(b)
02/12/45		6.625%		4,950,000		4,913,900
Inversiones CMPC SA(b)
09/15/24		4.750%		3,000,000		3,142,086
Total						8,055,986
GUATEMALA 1.3%
Agromercantil Senior Trust(b)
04/10/19		6.250%		1,323,000		1,356,075
Comcel Trust(b)
02/06/24		6.875%		3,300,000		3,539,250
Industrial Senior Trust(b)
11/01/22		5.500%		2,877,000		2,835,284
Total						7,730,609
KAZAKHSTAN 0.8%
Zhaikmunai LLP
11/13/19		7.125%		2,546,000		2,399,605
Zhaikmunai LLP(b)
11/13/19		7.125%		2,285,000		2,153,613
Total						4,553,218
MEXICO 4.1%
America Movil SAB de CV
12/05/22		6.450%	MXN	30,000,000		1,896,754
BBVA Bancomer SA(b)(c)
11/12/29		5.350%		4,000,000		3,919,980
Cemex SAB de CV
01/15/21		7.250%		6,532,000		7,070,890
Concesionaria Mexiquense SA de CV (linked to Mexican Unidad de Inversion Index)(b)
12/15/35		5.950%	MXN	42,522,872		2,728,925
Elementia SAB de CV(b)
01/15/25		5.500%		2,500,000		2,487,500
Grupo Televisa SAB
05/14/43		7.250%	MXN	59,800,000		3,383,689
Mexichem SAB de CV(b)
09/19/42		6.750%		1,000,000		1,092,500
09/17/44		5.875%		1,900,000		1,871,500
Total						24,451,738

Corporate Bonds & Notes(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
PANAMA 0.6%
Panama Canal Railway Co.
11/01/26		7.000%		3,553,230		3,517,698
PERU 1.2%
Banco de Credito del Peru(b)(c)
10/15/22		7.170%	PEN	6,000,000		1,913,446
Corp. Azucarera del Peru SA(b)
08/02/22		6.375%		3,218,000		2,912,290
Union Andina de Cementos SAA(b)
10/30/21		5.875%		2,100,000		2,136,750
Total						6,962,486
RUSSIAN FEDERATION 1.3%
Metalloinvest Finance Ltd.(b)
07/21/16		6.500%		2,000,000		1,990,000
Sibur Securities Ltd.(b)
01/31/18		3.914%		6,450,000		5,840,926
Total						7,830,926
SPAIN 0.5%
ACI Airport SudAmerica SA(b)(d)
11/29/32		6.875%		3,000,000		2,915,040
TURKEY 0.4%
Akbank TAS(b)
03/31/25		5.125%		2,150,000		2,097,903
UKRAINE 0.8%
MHP SA(b)
04/02/20		8.250%		5,721,000		4,662,615
UNITED KINGDOM 0.3%
Tullow Oil PLC(b)
04/15/22		6.250%		1,693,000		1,549,095
UNITED STATES 0.6%
Kosmos Energy Ltd.(b)
08/01/21		7.875%		2,160,000		2,065,716
08/01/21		7.875%		1,776,000		1,722,720
Total						3,788,436
Total Corporate Bonds & Notes
(Cost: $90,153,618)						82,895,018
Inflation-Indexed Bonds(a) 2.5%
BRAZIL 1.2%
Brazil Notas do Tesouro Nacional
08/15/22		6.000%	BRL	1,375,932		4,532,079
05/15/35		6.000%	BRL	834,049		2,780,996
Total						7,313,075

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

6 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Inflation-Indexed Bonds(a) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
URUGUAY 1.3%
Uruguay Government International Bond
04/05/27		4.250%	UYU	120,084,069		4,517,897
12/15/28		4.375%	UYU	78,803,215		2,993,896
Total						7,511,793
Total Inflation-Indexed Bonds
(Cost: $19,962,543)						14,824,868
Foreign Government Obligations(a)(e) 78.5%
ARGENTINA 1.7%
Argentina Boden Bonds
10/03/15		7.000%		1,900,000		1,865,800
Argentina Bonar Bonds
04/17/17		7.000%		4,490,495		4,301,894
Provincia de Cordoba(b)
08/17/17		12.375%		1,874,000		1,948,960
YPF SA(b)
07/28/25		8.500%		1,800,000		1,827,000
Total						9,943,654
BRAZIL 3.1%
Brazil Notas do Tesouro Nacional
01/01/17		10.000%	BRL	6,651,000		2,171,628
Brazilian Government International Bond
01/07/25		4.250%		5,600,000		5,522,188
01/07/41		5.625%		3,100,000		3,187,203
Centrais Eletricas Brasileiras SA(b)
10/27/21		5.750%		4,520,000		4,203,600
Petrobras Global Finance BV
03/15/19		7.875%		1,699,000		1,844,281
01/27/21		5.375%		1,582,000		1,516,743
Total						18,445,643
COLOMBIA 4.3%
Bogota Distrito Capital(b)
07/26/28		9.750%	COP	1,377,000,000		695,385
Colombia Government International Bond
01/18/41		6.125%		6,328,000		7,430,521
Ecopetrol SA
01/16/25		4.125%		1,900,000		1,828,180
05/28/45		5.875%		2,800,000		2,684,500
Emgesa SA ESP
01/25/21		8.750%	COP	5,204,000,000		2,337,780
Empresas Publicas de Medellin ESP(b)
02/01/21		8.375%	COP	18,990,000,000		8,441,860
09/10/24		7.625%	COP	3,939,000,000		1,645,219
Total						25,063,445

Foreign Government Obligations(a)(e) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
COSTA RICA 1.1%
Costa Rica Government International Bond(b)
03/12/45		7.158%		6,250,000		6,484,375
CROATIA 0.6%
Croatia Government International Bond(b)
01/26/24		6.000%		3,417,000		3,738,881
DOMINICAN REPUBLIC 5.9%
Banco de Reservas de La Republica Dominicana(b)
02/01/23		7.000%		6,488,000		6,482,842
Dominican Republic International Bond
02/10/23		14.500%	DOP	39,000,000		1,033,994
Dominican Republic International Bond(b)
07/05/19		15.000%	DOP	139,000,000		3,579,347
01/08/21		14.000%	DOP	226,239,000		5,758,756
04/20/27		8.625%		7,020,000		8,406,450
04/30/44		7.450%		6,000,000		6,750,000
01/27/45		6.850%		2,800,000		2,926,000
Total						34,937,389
ECUADOR 0.6%
Ecuador Government International Bond(b)
03/24/20		10.500%		3,000,000		3,251,550
EL SALVADOR 1.1%
El Salvador Government International Bond
01/18/27		6.375%		500,000		508,750
El Salvador Government International Bond(b)
01/18/27		6.375%		2,800,000		2,849,000
04/10/32		8.250%		959,000		1,102,850
06/15/35		7.650%		1,736,000		1,827,140
Total						6,287,740
GABON 0.7%
Gabonese Republic
12/12/24		6.375%		4,279,527		4,320,183
GEORGIA 1.2%
Georgian Railway JSC(b)
07/11/22		7.750%		6,633,000		7,321,174
GHANA 1.0%
Republic of Ghana(b)
08/07/23		7.875%		3,150,000		3,040,317
01/18/26		8.125%		2,850,000		2,757,603
Total						5,797,920
HUNGARY 4.0%
Hungary Government International Bond
03/29/21		6.375%		1,302,000		1,517,885
11/22/23		5.750%		1,238,000		1,422,771

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

Semiannual Report 2015 7

COLUMBIA EMERGING MARKETS BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Foreign Government Obligations(a)(e) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
03/25/24		5.375%		4,406,000		4,956,750
03/29/41		7.625%		7,440,000		10,695,000
MFB Magyar Fejlesztesi Bank Zrt.(b)
10/21/20		6.250%		649,000		734,343
Magyar Export-Import Bank Zrt.(b)
02/12/18		5.500%		3,686,000		3,937,533
Total						23,264,282
INDONESIA 12.4%
Indonesia Government International Bond(b)
05/05/21		4.875%		794,000		864,595
04/25/22		3.750%		3,967,000		4,041,381
01/15/24		5.875%		4,200,000		4,824,750
01/17/38		7.750%		3,548,000		4,838,585
01/17/42		5.250%		1,000,000		1,037,500
01/15/45		5.125%		1,900,000		1,952,250
Indonesia Treasury Bond
04/15/19		7.875%	IDR	32,000,000,000		2,490,878
09/15/19		11.500%	IDR	50,400,000,000		4,436,366
11/15/20		11.000%	IDR	9,000,000,000		797,416
06/15/21		12.800%	IDR	6,800,000,000		654,164
07/15/22		10.250%	IDR	13,210,000,000		1,157,160
05/15/27		7.000%	IDR	85,060,000,000		6,125,632
03/15/29		9.000%	IDR	53,989,000,000		4,550,278
Majapahit Holding BV(b)
08/07/19		8.000%		3,452,000		4,043,328
01/20/20		7.750%		1,657,000		1,938,161
PT Pertamina Persero
05/20/23		4.300%		500,000		496,250
PT Pertamina Persero(b)
05/23/21		5.250%		2,000,000		2,131,460
05/03/22		4.875%		1,000,000		1,035,150
05/20/23		4.300%		3,000,000		2,977,500
05/27/41		6.500%		1,000,000		1,073,750
05/03/42		6.000%		3,000,000		3,011,250
PT Perusahaan Listrik Negara(b)
11/22/21		5.500%		16,103,000		17,574,653
Pertamina Persero PT(b)
05/30/44		6.450%		755,000		805,963
Total						72,858,420
IRELAND 0.3%
Vnesheconombank Via VEB Finance PLC(b)
11/21/23		5.942%		2,300,000		2,035,500
IVORY COAST 1.4%
Ivory Coast Government International Bond
07/23/24		5.375%		1,354,000		1,295,548
Ivory Coast Government International Bond(b)
07/23/24		5.375%		500,000		472,500
03/03/28		6.375%		4,377,000		4,387,942
Ivory Coast Government International Bond(c)
12/31/32		5.750%		2,100,000		2,007,600
Total						8,163,590

Foreign Government Obligations(a)(e) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
KAZAKHSTAN 2.8%
KazMunayGas National Co. JSC(b)
07/02/18		9.125%		3,293,000		3,716,974
04/30/43		5.750%		9,900,000		8,823,375
11/07/44		6.000%		4,450,000		4,049,500
Total						16,589,849
MEXICO 6.7%
Mexican Bonos
06/11/20		8.000%	MXN	37,530,000		2,734,489
06/10/21		6.500%	MXN	37,100,000		2,525,380
06/09/22		6.500%	MXN	68,799,200		4,690,725
06/03/27		7.500%	MXN	34,949,100		2,533,199
Mexico Government International Bond
01/23/46		4.600%		3,100,000		3,088,375
Petroleos Mexicanos
11/24/21		7.650%	MXN	79,300,000		5,310,040
09/12/24		7.190%	MXN	3,440,000		217,494
11/12/26		7.470%	MXN	50,100,000		3,238,442
06/02/41		6.500%		5,453,000		6,018,749
01/23/45		6.375%		6,300,000		6,980,369
Petroleos Mexicanos(b)
01/23/26		4.500%		2,150,000		2,187,584
Total						39,524,846
MOROCCO 0.2%
Morocco Government International Bond(b)
12/11/22		4.250%		1,214,000		1,244,350
NETHERLANDS 0.1%
Petrobras Global Finance BV
03/17/24		6.250%		481,000		477,922
PAKISTAN 0.7%
Pakistan Government International Bond
04/15/24		8.250%		800,000		872,000
Pakistan Government International Bond(b)
12/03/19		6.750%		3,200,000		3,312,000
Total						4,184,000
PANAMA 0.1%
Ena Norte Trust(b)
04/25/23		4.950%		731,515		758,033
PARAGUAY 0.6%
Republic of Paraguay(b)
08/11/44		6.100%		3,245,000		3,528,937
PERU 0.4%
Peruvian Government International Bond
08/12/26		8.200%	PEN	6,792,000		2,534,516

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

8 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Foreign Government Obligations(a)(e) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
PHILIPPINES 1.4%
Philippine Government International Bond
01/15/21		4.950%	PHP	107,000,000		2,555,721
03/30/26		5.500%		1,500,000		1,841,250
Power Sector Assets & Liabilities Management Corp.(b)
12/02/24		7.390%		2,877,000		3,869,565
Total						8,266,536
REPUBLIC OF NAMIBIA 1.0%
Namibia International Bonds(b)
11/03/21		5.500%		5,200,000		5,725,824
REPUBLIC OF THE CONGO 0.3%
Republic of Congo(c)
06/30/29		3.500%		1,974,366		1,787,117
ROMANIA 0.5%
Romanian Government International Bond(b)
02/07/22		6.750%		2,392,000		2,867,410
RUSSIAN FEDERATION 5.9%
Gazprom Neft OAO Via GPN Capital SA(b)
09/19/22		4.375%		8,379,000		7,038,360
Gazprom OAO Via Gaz Capital SA(b)
01/23/21		5.999%		1,000,000		992,500
03/07/22		6.510%		8,505,000		8,530,243
08/16/37		7.288%		2,829,000		2,875,678
Russian Agricultural Bank OJSC Via RSHB Capital SA(b)
12/27/17		5.298%		2,336,000		2,230,880
Russian Foreign Bond — Eurobond(b)
04/29/20		5.000%		1,800,000		1,840,500
04/04/22		4.500%		6,600,000		6,417,312
04/04/42		5.625%		3,400,000		3,255,500
Sberbank of Russia Via SB Capital SA(b)
10/29/22		5.125%		2,201,000		1,826,830
Total						35,007,803
SENEGAL 0.5%
Senegal Government International Bond(b)
07/30/24		6.250%		3,196,000		3,144,065
SERBIA 0.4%
Republic of Serbia(b)
12/03/18		5.875%		2,125,000		2,244,531
SOUTH AFRICA 0.6%
South Africa Government International Bond
01/17/24		4.665%		1,200,000		1,258,248
Transnet SOC Ltd.(b)
07/26/22		4.000%		2,200,000		2,117,500
Total						3,375,748

Foreign Government Obligations(a)(e) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
TRINIDAD AND TOBAGO 2.0%
Petroleum Co. of Trinidad & Tobago Ltd.(b)
08/14/19		9.750%		9,864,000		11,817,072
TUNISIA 0.7%
Banque Centrale de Tunisie SA(b)
01/30/25		5.750%		3,700,000		3,829,500
TURKEY 7.6%
Export Credit Bank of Turkey(b)
04/24/19		5.875%		7,017,000		7,443,002
09/23/21		5.000%		4,250,000		4,250,000
Turkey Government Bond
07/24/24		9.000%	TRY	11,798,000		4,392,356
Turkey Government International Bond
03/30/21		5.625%		663,000		723,267
09/26/22		6.250%		1,560,000		1,762,800
03/23/23		3.250%		2,000,000		1,885,000
02/05/25		7.375%		4,868,000		5,981,555
04/14/26		4.250%		3,400,000		3,304,936
03/17/36		6.875%		5,544,000		6,748,711
05/30/40		6.750%		2,973,000		3,596,438
02/17/45		6.625%		3,750,000		4,537,500
Total						44,625,565
UKRAINE —%
Ukraine Government International Bond(b)
02/23/21		7.950%		355,000		162,413
URUGUAY 0.6%
Uruguay Government International Bond
03/21/36		7.625%		1,710,404		2,386,013
11/20/45		4.125%		1,396,949		1,281,701
Total						3,667,714
VENEZUELA 5.0%
Petroleos de Venezuela SA
04/12/17		5.250%		23,922,000		13,991,978
11/17/21		9.000%		6,782,647		3,305,862
05/16/24		6.000%		12,785,871		5,402,030
Venezuela Government International Bond
10/13/19		7.750%		3,083,000		1,425,888
05/07/23		9.000%		11,400,500		5,187,227
Total						29,312,985
ZAMBIA 1.0%
Zambia Government International Bond(b)
04/14/24		8.500%		5,446,000		5,898,672
Total Foreign Government Obligations
(Cost: $475,546,291)						462,489,154

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

Semiannual Report 2015 9

COLUMBIA EMERGING MARKETS BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Money Market Funds 4.2%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.111%(f)(g)		24,802,677		24,802,677
Total Money Market Funds
(Cost: $24,802,677)				24,802,677
Total Investments
(Cost: $610,465,129)				585,011,717
Other Assets & Liabilities, Net				4,287,543
Net Assets				589,299,260

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at April 30, 2015

Counterparty	Exchange Date		Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citicorp Investment Bank		05/13/2015		15,000,000,000 COP		5,966,587 USD		—		(324,833	)
Citicorp Investment Bank		05/13/2015		17,000,000,000 COP		6,732,007 USD		—		(398,269	)
J.P. Morgan Securities, Inc.		05/15/2015		8,846,000 SGD		6,504,785 USD		—		(178,950	)
J.P. Morgan Securities, Inc.		05/15/2015		11,265,000 SGD		8,305,685 USD		—		(205,764	)
Standard Chartered Bank		05/22/2015		14,397,000 PEN		4,576,287 USD		—		(9,119	)
UBS Securities		06/05/2015		28,000,000 EUR		30,446,500 USD		—		(1,006,762	)
Total								—		(2,123,697	)

Futures Contracts Outstanding at April 30, 2015

At April 30, 2015, cash totaling $393,300 was pledged as collateral to cover initial margin requirements on open futures contracts.

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency		Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
US 10YR NOTE (CBT)		(114	)		USD		(14,634,750	)		06/2015		—		(132,000	)
US ULTRA BOND (CBT)		(63	)		USD		(10,363,500	)		06/2015		119,609		—
Total							(24,998,250	)				119,609		(132,000	)

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, 2015, the value of these securities amounted to $327,479,104 or 55.57% of net assets.

(c) Variable rate security.

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

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

(f) The rate shown is the seven-day current annualized yield at April 30, 2015.

(g) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended April 30, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		26,239,617		129,367,335		(130,804,275	)		24,802,677		10,774		24,802,677

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

10 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Notes to Portfolio of Investments (continued)

Currency Legend

BRL	Brazilian Real
COP	Colombian Peso
DOP	Dominican Republic Peso
EUR	Euro
IDR	Indonesian Rupiah
MXN	Mexican Peso
PEN	Peru Nuevos Soles
PHP	Philippine Peso
SGD	Singapore Dollar
TRY	Turkish Lira
USD	US Dollar
UYU	Uruguay Pesos

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:

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

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

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

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

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

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

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

earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include:(i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs,

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

Semiannual Report 2015 11

COLUMBIA EMERGING MARKETS BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Fair Value Measurements (continued)

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, 2015:

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		—			10,209,242			1,913,446		12,122,688
All Other Industries		—			70,772,330			—		70,772,330
Inflation-Indexed Bonds		—			14,824,868			—		14,824,868
Foreign Government Obligations		—			453,151,051			9,338,103		462,489,154
Total Bonds		—			548,957,491			11,251,549		560,209,040
Mutual Funds
Money Market Funds		24,802,677			—			—		24,802,677
Total Mutual Funds		24,802,677			—			—		24,802,677
Investments in Securities		24,802,677			548,957,491			11,251,549		585,011,717
Derivatives
Assets
Futures Contracts		119,609			—			—		119,609
Liabilities
Forward Foreign Currency Exchange Contracts		—			(2,123,697	)		—		(2,123,697	)
Futures Contracts		(132,000	)		—			—		(132,000	)
Total		24,790,286			546,833,794			11,251,549		582,875,629

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

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

	Corporate Bonds & Notes ($)			Foreign Government Obligations ($)			Total ($)
Balance as of October 31, 2014		5,206,294			14,618,661			19,824,955
Increase (decrease) in accrued discounts/premiums		366			(38,517	)		(38,151	)
Realized gain (loss)		—			103,761			103,761
Change in unrealized appreciation (depreciation)(a)		(180,659	)		(64,290	)		(244,949	)
Sales		—			(2,895,333	)		(2,895,333	)
Purchases		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3		(3,112,555	)		(2,386,179	)		(5,498,734	)
Balance as of April 30, 2015		1,913,446			9,338,103			11,251,549

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

12 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Fair Value Measurements (continued)

(a) Change in unrealized appreciation (depreciation) relating to securities held at April 30, 2015 was $(165,353), which is comprised of Corporate Bonds & Notes of $(180,659) and Foreign Government Obligations of $15,306.

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 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but were not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) valuation measurement.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

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 2015 13

COLUMBIA EMERGING MARKETS BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $585,662,452)	$560,209,040
Affiliated issuers (identified cost $24,802,677)	24,802,677
Total investments (identified cost $610,465,129)	585,011,717
Foreign currency (identified cost $466,882)	439,361
Margin deposits	393,300
Receivable for:
Investments sold	4,003,977
Capital shares sold	193,381
Dividends	1,977
Interest	8,815,555
Reclaims	132,738
Variation margin	31,782
Prepaid expenses	1,142
Other assets	33,116
Total assets	599,058,046
Liabilities
Disbursements in excess of cash	25,428
Unrealized depreciation on forward foreign currency exchange contracts	2,123,697
Payable for:
Investments purchased	3,796,261
Investments purchased on a delayed delivery basis	2,915,040
Capital shares purchased	678,800
Investment management fees	8,581
Distribution and/or service fees	2,505
Transfer agent fees	99,204
Administration fees	1,122
Compensation of board members	37,405
Other expenses	70,743
Total liabilities	9,758,786
Net assets applicable to outstanding capital stock	$589,299,260
Represented by
Paid-in capital	$621,790,749
Undistributed net investment income	5,224,292
Accumulated net realized loss	(10,069,980	)
Unrealized appreciation (depreciation) on:
Investments	(25,453,412	)
Foreign currency translations	(56,301	)
Forward foreign currency exchange contracts	(2,123,697	)
Futures contracts	(12,391	)
Total — representing net assets applicable to outstanding capital stock	$589,299,260

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

14 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

April 30, 2015 (Unaudited)

Class A
Net assets	$172,388,369
Shares outstanding	15,621,974
Net asset value per share	$11.03
Maximum offering price per share(a)	$11.58
Class B
Net assets	$879,199
Shares outstanding	79,707
Net asset value per share	$11.03
Class C
Net assets	$40,989,112
Shares outstanding	3,732,295
Net asset value per share	$10.98
Class I
Net assets	$247,575,474
Shares outstanding	22,430,656
Net asset value per share	$11.04
Class K
Net assets	$21,533
Shares outstanding	1,953
Net asset value per share	$11.03
Class R
Net assets	$11,993,730
Shares outstanding	1,087,000
Net asset value per share	$11.03
Class R4
Net assets	$4,797,184
Shares outstanding	434,305
Net asset value per share	$11.05
Class R5
Net assets	$7,458,869
Shares outstanding	676,082
Net asset value per share	$11.03
Class W
Net assets	$378,048
Shares outstanding	34,307
Net asset value per share	$11.02
Class Y
Net assets	$2,028,615
Shares outstanding	183,764
Net asset value per share	$11.04
Class Z
Net assets	$100,789,127
Shares outstanding	9,131,851
Net asset value per share	$11.04

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

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

Semiannual Report 2015 15

COLUMBIA EMERGING MARKETS BOND FUND

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2015 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$10,774
Interest	21,215,718
Foreign taxes withheld	(346,339	)
Total income	20,880,153
Expenses:
Investment management fees	1,620,999
Distribution and/or service fees
Class A	214,115
Class B	4,755
Class C	225,943
Class R	27,065
Class W	14,218
Transfer agent fees
Class A	210,905
Class B	1,173
Class C	55,804
Class K	6
Class R	13,191
Class R4	3,134
Class R5	2,275
Class W	15,337
Class Z	123,530
Administration fees	211,557
Plan administration fees
Class K	30
Compensation of board members	10,571
Custodian fees	30,765
Printing and postage fees	51,102
Registration fees	74,633
Professional fees	21,399
Other	34,092
Total expenses	2,966,599
Net investment income	17,913,554
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	(14,183,828	)
Foreign currency translations	(461,764	)
Forward foreign currency exchange contracts	7,282,670
Futures contracts	(3,027,864	)
Net realized loss	(10,390,786	)
Net change in unrealized appreciation (depreciation) on:
Investments	(15,042,157	)
Foreign currency translations	40,052
Forward foreign currency exchange contracts	(1,977,567	)
Futures contracts	873,534
Net change in unrealized depreciation	(16,106,138	)
Net realized and unrealized loss	(26,496,924	)
Net decrease in net assets from operations	$(8,583,370	)

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

16 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations
Net investment income		$17,913,554			$41,771,998
Net realized loss		(10,390,786	)		(7,675,552	)
Net change in unrealized depreciation		(16,106,138	)		(4,597,381	)
Net increase (decrease) in net assets resulting from operations		(8,583,370	)		29,499,065
Distributions to shareholders
Net investment income
Class A		(3,511,972	)		(8,885,435	)
Class B		(15,821	)		(56,998	)
Class C		(763,051	)		(1,983,673	)
Class I		(5,928,426	)		(14,549,570	)
Class K		(521	)		(1,654	)
Class R		(207,348	)		(265,843	)
Class R4		(59,621	)		(80,689	)
Class R5		(212,473	)		(718,491	)
Class W		(295,432	)		(2,662,924	)
Class Y		(41,790	)		(273,974	)
Class Z		(2,187,054	)		(5,117,320	)
Net realized gains
Class A		(152,243	)		(2,757,704	)
Class B		(841	)		(24,022	)
Class C		(41,414	)		(718,679	)
Class I		(220,145	)		(3,825,672	)
Class K		(20	)		(464	)
Class R		(9,181	)		(58,040	)
Class R4		(1,727	)		(14,613	)
Class R5		(7,406	)		(106,460	)
Class W		(25,818	)		(816,706	)
Class Y		(1,641	)		(119,010	)
Class Z		(89,492	)		(1,464,362	)
Total distributions to shareholders		(13,773,437	)		(44,502,303	)
Decrease in net assets from capital stock activity		(84,975,607	)		(81,418,355	)
Total decrease in net assets		(107,332,414	)		(96,421,593	)
Net assets at beginning of period		696,631,674			793,053,267
Net assets at end of period		$589,299,260			$696,631,674
Undistributed net investment income		$5,224,292			$534,247

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

Semiannual Report 2015 17

COLUMBIA EMERGING MARKETS BOND FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		2,474,212			26,984,485			7,953,919			90,510,930
Distributions reinvested		322,381			3,470,169			976,547			10,928,869
Redemptions		(3,789,165	)		(41,056,471	)		(12,653,428	)		(142,857,258	)
Net decrease		(992,572	)		(10,601,817	)		(3,722,962	)		(41,417,459	)
Class B shares
Subscriptions		1,955			21,441			3,703			41,966
Distributions reinvested		1,459			15,684			6,881			76,718
Redemptions(a)		(18,929	)		(204,503	)		(93,475	)		(1,053,133	)
Net decrease		(15,515	)		(167,378	)		(82,891	)		(934,449	)
Class C shares
Subscriptions		254,326			2,734,479			1,303,858			14,675,434
Distributions reinvested		65,814			704,182			212,194			2,359,677
Redemptions		(1,278,084	)		(13,759,272	)		(1,872,377	)		(21,015,050	)
Net decrease		(957,944	)		(10,320,611	)		(356,325	)		(3,979,939	)
Class I shares
Subscriptions		429,815			4,698,406			2,658,847			29,770,254
Distributions reinvested		570,137			6,148,335			1,640,448			18,374,569
Redemptions		(4,235,134	)		(46,663,589	)		(2,958,838	)		(34,134,866	)
Net increase (decrease)		(3,235,182	)		(35,816,848	)		1,340,457			14,009,957
Class K shares
Subscriptions		—			—			79			900
Distributions reinvested		30			321			132			1,476
Redemptions		(1,345	)		(14,773	)		(95	)		(1,067	)
Net increase (decrease)		(1,315	)		(14,452	)		116			1,309
Class R shares
Subscriptions		311,459			3,375,792			710,740			8,025,976
Distributions reinvested		15,488			166,707			16,901			190,126
Redemptions		(138,035	)		(1,488,566	)		(149,869	)		(1,687,429	)
Net increase		188,912			2,053,933			577,772			6,528,673
Class R4 shares
Subscriptions		290,190			3,150,694			174,853			1,966,508
Distributions reinvested		5,653			61,131			8,460			95,008
Redemptions		(35,920	)		(385,861	)		(99,911	)		(1,140,132	)
Net increase		259,923			2,825,964			83,402			921,384
Class R5 shares
Subscriptions		583,050			6,263,311			2,962,781			33,740,533
Distributions reinvested		20,246			218,018			73,032			824,635
Redemptions		(712,300	)		(7,669,190	)		(3,270,212	)		(37,510,652	)
Net decrease		(109,004	)		(1,187,861	)		(234,399	)		(2,945,484	)

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

18 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class W shares
Subscriptions		45,156			493,316			998,645			11,252,255
Distributions reinvested		30,082			321,043			311,383			3,479,229
Redemptions		(2,814,038	)		(29,802,645	)		(4,152,387	)		(47,066,278	)
Net decrease		(2,738,800	)		(28,988,286	)		(2,842,359	)		(32,334,794	)
Class Y shares
Subscriptions		72,130			786,444			35,680			409,400
Distributions reinvested		4,038			43,431			35,465			392,895
Redemptions		(14,069	)		(152,464	)		(750,506	)		(8,327,428	)
Net increase (decrease)		62,099			677,411			(679,361	)		(7,525,133	)
Class Z shares
Subscriptions		1,783,545			19,376,524			5,513,407			62,770,029
Distributions reinvested		186,466			2,008,367			510,023			5,712,404
Redemptions		(2,291,320	)		(24,820,553	)		(7,288,378	)		(82,224,853	)
Net decrease		(321,309	)		(3,435,662	)		(1,264,948	)		(13,742,420	)
Total net decrease		(7,860,707	)		(84,975,607	)		(7,181,498	)		(81,418,355	)

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

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

Semiannual Report 2015 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. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class  A	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$11.37		$11.59		$12.51		$11.33		$11.69		$10.35
Income from investment operations:
Net investment income	0.30		0.60		0.61		0.65		0.68		0.76
Net realized and unrealized gain (loss)	(0.41	)	(0.18	)	(0.86	)	1.16		(0.29	)	1.32
Total from investment operations	(0.11	)	0.42		(0.25	)	1.81		0.39		2.08
Less distributions to shareholders:
Net investment income	(0.22	)	(0.49	)	(0.59	)	(0.63	)	(0.75	)	(0.74	)
Net realized gains	(0.01	)	(0.15	)	(0.08	)	—		—		—
Total distributions to shareholders	(0.23	)	(0.64	)	(0.67	)	(0.63	)	(0.75	)	(0.74	)
Net asset value, end of period	$11.03		$11.37		$11.59		$12.51		$11.33		$11.69
Total return	(0.90	%)	3.84	%	(2.12	%)	16.51	%	3.58	%	20.75	%
Ratios to average net assets(a)
Total gross expenses	1.17	%(b)	1.16	%	1.13	%	1.16	%	1.35	%	1.37	%
Total net expenses(c)	1.17	%(b)	1.16	%(d)	1.13	%(d)	1.16	%	1.28	%(d)	1.31	%
Net investment income	5.65	%(b)	5.29	%	5.00	%	5.54	%	5.91	%	6.93	%
Supplemental data
Net assets, end of period (in thousands)	$172,388		$188,935		$235,667		$284,818		$162,047		$76,725
Portfolio turnover	20	%	42	%	26	%	21	%	24	%	38	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

20 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class B	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$11.37		$11.59		$12.51		$11.32		$11.67		$10.34
Income from investment operations:
Net investment income	0.26		0.51		0.52		0.57		0.60		0.67
Net realized and unrealized gain (loss)	(0.41	)	(0.18	)	(0.86	)	1.16		(0.30	)	1.31
Total from investment operations	(0.15	)	0.33		(0.34	)	1.73		0.30		1.98
Less distributions to shareholders:
Net investment income	(0.18	)	(0.40	)	(0.50	)	(0.54	)	(0.65	)	(0.65	)
Net realized gains	(0.01	)	(0.15	)	(0.08	)	—		—		—
Total distributions to shareholders	(0.19	)	(0.55	)	(0.58	)	(0.54	)	(0.65	)	(0.65	)
Net asset value, end of period	$11.03		$11.37		$11.59		$12.51		$11.32		$11.67
Total return	(1.27	%)	3.07	%	(2.85	%)	15.73	%	2.77	%	19.76	%
Ratios to average net assets(a)
Total gross expenses	1.92	%(b)	1.91	%	1.88	%	1.90	%	2.22	%	2.13	%
Total net expenses(c)	1.92	%(b)	1.91	%(d)	1.88	%(d)	1.90	%	2.04	%(d)	2.08	%
Net investment income	4.90	%(b)	4.55	%	4.25	%	4.87	%	5.27	%	6.20	%
Supplemental data
Net assets, end of period (in thousands)	$879		$1,083		$2,064		$2,908		$2,846		$3,569
Portfolio turnover	20	%	42	%	26	%	21	%	24	%	38	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

Semiannual Report 2015 21

COLUMBIA EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class C	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$11.32		$11.54		$12.46		$11.30		$11.65		$10.32
Income from investment operations:
Net investment income	0.26		0.51		0.52		0.56		0.58		0.67
Net realized and unrealized gain (loss)	(0.41	)	(0.18	)	(0.86	)	1.15		(0.26	)	1.32
Total from investment operations	(0.15	)	0.33		(0.34	)	1.71		0.32		1.99
Less distributions to shareholders:
Net investment income	(0.18	)	(0.40	)	(0.50	)	(0.55	)	(0.67	)	(0.66	)
Net realized gains	(0.01	)	(0.15	)	(0.08	)	—		—		—
Total distributions to shareholders	(0.19	)	(0.55	)	(0.58	)	(0.55	)	(0.67	)	(0.66	)
Net asset value, end of period	$10.98		$11.32		$11.54		$12.46		$11.30		$11.65
Total return	(1.28	%)	3.08	%	(2.85	%)	15.55	%	2.96	%	19.87	%
Ratios to average net assets(a)
Total gross expenses	1.92	%(b)	1.91	%	1.88	%	1.91	%	2.03	%	2.14	%
Total net expenses(c)	1.92	%(b)	1.91	%(d)	1.88	%(d)	1.91	%	2.02	%(d)	2.06	%
Net investment income	4.89	%(b)	4.55	%	4.28	%	4.78	%	5.11	%	6.14	%
Supplemental data
Net assets, end of period (in thousands)	$40,989		$53,086		$58,219		$45,979		$19,877		$3,622
Portfolio turnover	20	%	42	%	26	%	21	%	24	%	38	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

22 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class I	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$11.38		$11.59		$12.51		$11.34		$11.69		$10.35
Income from investment operations:
Net investment income	0.33		0.66		0.67		0.72		0.73		0.77
Net realized and unrealized gain (loss)	(0.41	)	(0.17	)	(0.86	)	1.14		(0.27	)	1.35
Total from investment operations	(0.08	)	0.49		(0.19	)	1.86		0.46		2.12
Less distributions to shareholders:
Net investment income	(0.25	)	(0.55	)	(0.65	)	(0.69	)	(0.81	)	(0.78	)
Net realized gains	(0.01	)	(0.15	)	(0.08	)	—		—		—
Total distributions to shareholders	(0.26	)	(0.70	)	(0.73	)	(0.69	)	(0.81	)	(0.78	)
Net asset value, end of period	$11.04		$11.38		$11.59		$12.51		$11.34		$11.69
Total return	(0.65	%)	4.45	%	(1.67	%)	16.96	%	4.18	%	21.19	%
Ratios to average net assets(a)
Total gross expenses	0.67	%(b)	0.66	%	0.65	%	0.68	%	0.83	%	0.92	%
Total net expenses(c)	0.67	%(b)	0.66	%	0.65	%	0.68	%	0.83	%	0.92	%
Net investment income	6.15	%(b)	5.81	%	5.56	%	6.11	%	6.43	%	7.13	%
Supplemental data
Net assets, end of period (in thousands)	$247,575		$291,971		$281,985		$163,508		$146,569		$78,154
Portfolio turnover	20	%	42	%	26	%	21	%	24	%	38	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

Semiannual Report 2015 23

COLUMBIA EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class K	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$11.36		$11.58		$12.50		$11.31		$11.68		$10.35
Income from investment operations:
Net investment income	0.32		0.62		0.63		0.68		0.71		0.72
Net realized and unrealized gain (loss)	(0.41	)	(0.18	)	(0.86	)	1.16		(0.31	)	1.35
Total from investment operations	(0.09	)	0.44		(0.23	)	1.84		0.40		2.07
Less distributions to shareholders:
Net investment income	(0.23	)	(0.51	)	(0.61	)	(0.65	)	(0.77	)	(0.74	)
Net realized gains	(0.01	)	(0.15	)	(0.08	)	—		—		—
Total distributions to shareholders	(0.24	)	(0.66	)	(0.69	)	(0.65	)	(0.77	)	(0.74	)
Net asset value, end of period	$11.03		$11.36		$11.58		$12.50		$11.31		$11.68
Total return	(0.71	%)	4.05	%	(1.97	%)	16.87	%	3.65	%	20.75	%
Ratios to average net assets(a)
Total gross expenses	0.97	%(b)	0.96	%	0.95	%	0.98	%	1.17	%	1.27	%
Total net expenses(c)	0.97	%(b)	0.96	%	0.95	%	0.98	%	1.13	%	1.22	%
Net investment income	5.83	%(b)	5.50	%	5.16	%	5.78	%	6.18	%	6.52	%
Supplemental data
Net assets, end of period (in thousands)	$22		$37		$36		$72		$62		$124
Portfolio turnover	20	%	42	%	26	%	21	%	24	%	38	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

24 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class R	(Unaudited)		2014		2013		2012(a)
Per share data
Net asset value, beginning of period	$11.37		$11.59		$12.50		$11.30
Income from investment operations:
Net investment income	0.29		0.57		0.58		0.58
Net realized and unrealized gain (loss)	(0.41	)	(0.18	)	(0.85	)	1.23
Total from investment operations	(0.12	)	0.39		(0.27	)	1.81
Less distributions to shareholders:
Net investment income	(0.21	)	(0.46	)	(0.56	)	(0.61	)
Net realized gains	(0.01	)	(0.15	)	(0.08	)	—
Total distributions to shareholders	(0.22	)	(0.61	)	(0.64	)	(0.61	)
Net asset value, end of period	$11.03		$11.37		$11.59		$12.50
Total return	(1.03	%)	3.57	%	(2.29	%)	16.57	%
Ratios to average net assets(b)
Total gross expenses	1.42	%(c)	1.41	%	1.39	%	1.42	%(c)
Total net expenses(d)	1.42	%(c)	1.41	%(e)	1.39	%(e)	1.42	%(c)
Net investment income	5.42	%(c)	5.07	%	4.79	%	5.15	%(c)
Supplemental data
Net assets, end of period (in thousands)	$11,994		$10,212		$3,711		$2,877
Portfolio turnover	20	%	42	%	26	%	21	%

Notes to Financial Highlights

(a) Based on operations from November 16, 2011 (commencement of operations) through the stated period end.

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

(c) Annualized.

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

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

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

Semiannual Report 2015 25

COLUMBIA EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class R4	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$11.38		$11.60		$12.57
Income from investment operations:
Net investment income	0.32		0.63		0.41
Net realized and unrealized loss	(0.41	)	(0.18	)	(0.98	)
Total from investment operations	(0.09	)	0.45		(0.57	)
Less distributions to shareholders:
Net investment income	(0.23	)	(0.52	)	(0.40	)
Net realized gains	(0.01	)	(0.15	)	—
Total distributions to shareholders	(0.24	)	(0.67	)	(0.40	)
Net asset value, end of period	$11.05		$11.38		$11.60
Total return	(0.69	%)	4.09	%	(4.57	%)
Ratios to average net assets(b)
Total gross expenses	0.91	%(c)	0.91	%	0.92	%(c)
Total net expenses(d)	0.91	%(c)	0.91	%(e)	0.92	%(c)(e)
Net investment income	5.98	%(c)	5.54	%	5.70	%(c)
Supplemental data
Net assets, end of period (in thousands)	$4,797		$1,985		$1,055
Portfolio turnover	20	%	42	%	26	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

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

26 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class R5	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$11.37		$11.59		$12.57
Income from investment operations:
Net investment income	0.33		0.65		0.64
Net realized and unrealized loss	(0.42	)	(0.18	)	(0.90	)
Total from investment operations	(0.09	)	0.47		(0.26	)
Less distributions to shareholders:
Net investment income	(0.24	)	(0.54	)	(0.64	)
Net realized gains	(0.01	)	(0.15	)	(0.08	)
Total distributions to shareholders	(0.25	)	(0.69	)	(0.72	)
Net asset value, end of period	$11.03		$11.37		$11.59
Total return	(0.67	%)	4.31	%	(2.19	%)
Ratios to average net assets(b)
Total gross expenses	0.72	%(c)	0.70	%	0.71	%(c)
Total net expenses(d)	0.72	%(c)	0.70	%	0.71	%(c)
Net investment income	6.09	%(c)	5.67	%	5.54	%(c)
Supplemental data
Net assets, end of period (in thousands)	$7,459		$8,928		$11,814
Portfolio turnover	20	%	42	%	26	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

Semiannual Report 2015 27

COLUMBIA EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class W	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$11.36		$11.57		$12.49		$11.31		$11.68		$10.34
Income from investment operations:
Net investment income	0.31		0.60		0.61		0.66		0.68		0.75
Net realized and unrealized gain (loss)	(0.42	)	(0.17	)	(0.86	)	1.15		(0.30	)	1.32
Total from investment operations	(0.11	)	0.43		(0.25	)	1.81		0.38		2.07
Less distributions to shareholders:
Net investment income	(0.22	)	(0.49	)	(0.59	)	(0.63	)	(0.75	)	(0.73	)
Net realized gains	(0.01	)	(0.15	)	(0.08	)	—		—		—
Total distributions to shareholders	(0.23	)	(0.64	)	(0.67	)	(0.63	)	(0.75	)	(0.73	)
Net asset value, end of period	$11.02		$11.36		$11.57		$12.49		$11.31		$11.68
Total return	(0.90	%)	3.93	%	(2.13	%)	16.53	%	3.47	%	20.68	%
Ratios to average net assets(a)
Total gross expenses	1.17	%(b)	1.16	%	1.13	%	1.15	%	1.45	%	1.37	%
Total net expenses(c)	1.17	%(b)	1.16	%(d)	1.13	%(d)	1.15	%	1.30	%(d)	1.37	%
Net investment income	5.63	%(b)	5.26	%	5.02	%	5.63	%	5.96	%	6.93	%
Supplemental data
Net assets, end of period (in thousands)	$378		$31,493		$64,994		$63,707		$67,886		$74,067
Portfolio turnover	20	%	42	%	26	%	21	%	24	%	38	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

28 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class Y	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$11.38		$11.59		$12.57
Income from investment operations:
Net investment income	0.33		0.65		0.65
Net realized and unrealized loss	(0.41	)	(0.16	)	(0.90	)
Total from investment operations	(0.08	)	0.49		(0.25	)
Less distributions to shareholders:
Net investment income	(0.25	)	(0.55	)	(0.65	)
Net realized gains	(0.01	)	(0.15	)	(0.08	)
Total distributions to shareholders	(0.26	)	(0.70	)	(0.73	)
Net asset value, end of period	$11.04		$11.38		$11.59
Total return	(0.65	%)	4.46	%	(2.14	%)
Ratios to average net assets(b)
Total gross expenses	0.67	%(c)	0.65	%	0.65	%(c)
Total net expenses(d)	0.67	%(c)	0.65	%	0.65	%(c)
Net investment income	6.16	%(c)	5.83	%	5.66	%(c)
Supplemental data
Net assets, end of period (in thousands)	$2,029		$1,384		$9,286
Portfolio turnover	20	%	42	%	26	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

Semiannual Report 2015 29

COLUMBIA EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class Z	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$11.37		$11.59		$12.51		$11.35		$11.69		$11.47
Income from investment operations:
Net investment income	0.32		0.63		0.64		0.68		0.68		0.07
Net realized and unrealized gain (loss)	(0.41	)	(0.18	)	(0.86	)	1.14		(0.22	)	0.24
Total from investment operations	(0.09	)	0.45		(0.22	)	1.82		0.46		0.31
Less distributions to shareholders:
Net investment income	(0.23	)	(0.52	)	(0.62	)	(0.66	)	(0.80	)	(0.09	)
Net realized gains	(0.01	)	(0.15	)	(0.08	)	—		—		—
Total distributions to shareholders	(0.24	)	(0.67	)	(0.70	)	(0.66	)	(0.80	)	(0.09	)
Net asset value, end of period	$11.04		$11.37		$11.59		$12.51		$11.35		$11.69
Total return	(0.69	%)	4.10	%	(1.87	%)	16.64	%	4.16	%	2.68	%
Ratios to average net assets(b)
Total gross expenses	0.92	%(c)	0.91	%	0.88	%	0.91	%	0.84	%	1.32	%(c)
Total net expenses(d)	0.92	%(c)	0.91	%(e)	0.88	%(e)	0.91	%	0.84	%(e)	0.97	%(c)
Net investment income	5.91	%(c)	5.55	%	5.23	%	5.72	%	6.03	%	7.36	%(c)
Supplemental data
Net assets, end of period (in thousands)	$100,789		$107,518		$124,223		$144,687		$35,902		$123
Portfolio turnover	20	%	42	%	26	%	21	%	24	%	38	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

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

30 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS

April 30, 2015 (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 the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

Class A shares are subject to a maximum front-end sales charge of 4.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

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

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

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

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

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

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

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based

Semiannual Report 2015 31

COLUMBIA EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are 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 their net asset value.

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

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

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 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 quoted or published price for the security.

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

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the New York Stock Exchange (NYSE). 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 increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

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

32 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its 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 marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the

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

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives 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 if 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. 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 daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires.

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

Futures Contracts

Futures contracts are exchange traded and represent commitments for the future purchase or sale of an asset

Semiannual Report 2015 33

COLUMBIA EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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.

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, 2015:

	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 ($)		Gross Amounts Not Offset in the Statement of Assets and Liabilities						Net Amount ($)(b)
							Financial Instruments ($)(a)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)
Liability Derivatives:
Forward Foreign Currency Exchange Contracts		2,123,697		—		2,123,697		—		—		—		2,123,697

(a) 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.

(b) 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; and 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 (not considered to be hedging instruments for accounting disclosure purposes) at April 30, 2015:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized appreciation on futures contracts	119,609	*
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	2,123,697
Interest rate risk	Net assets — unrealized depreciation on futures contracts	132,000	*
Total		2,255,697

* 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.

34 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended April 30, 2015:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Total ($)
Foreign exchange risk		7,282,670			—			7,282,670
Interest rate risk		—			(3,027,864	)		(3,027,864	)
Total		7,282,670			(3,027,864	)		4,254,806
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Total ($)
Foreign exchange risk		(1,977,567	)		—			(1,977,567	)
Interest rate risk		—			873,534			873,534
Total		(1,977,567	)		873,534			(1,104,033	)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended April 30, 2015:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		19,475,672
Futures contracts — Short		65,692,125

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		1,059,999		(1,062,938	)

* Based on the ending quarterly outstanding amounts for the six months ended April 30, 2015.

Delayed Delivery Securities

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

Treasury Inflation Protected Securities

The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published

index. These adjustments are recorded as interest income in the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

Security Transactions

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

Income Recognition

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

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

Expenses

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

Determination of Class Net Asset Value

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

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income (including net

Semiannual Report 2015 35

COLUMBIA EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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.

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, 2015 was 0.529% 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, 2015 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, 2015, other expenses paid by the Fund to this company were $1,136.

36 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer 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 do not pay transfer agency fees.

For the six months ended April 30, 2015, the Fund’s annualized effective transfer agent fee rates as a

percentage of average daily net assets of each class were as follows:

Class A	0.25	%
Class B	0.25
Class C	0.25
Class K	0.05
Class R	0.24
Class R4	0.23
Class R5	0.05
Class W	0.27
Class Z	0.25

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 remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended April 30, 2015, 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 $124,000 and $287,000

Semiannual Report 2015 37

COLUMBIA EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of March 31, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $84,856 for Class A, $42 for Class B, and $6,857 for Class C shares for the six months ended April 30, 2015.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund’s expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective March 1, 2015			Contractual Expense Cap Prior to March 1, 2015
Class A		1.21	%		1.24	%
Class B		1.96			1.99
Class C		1.96			1.99
Class I		0.76			0.80
Class K		1.06			1.10
Class R		1.46			1.49
Class R4		0.96			0.99
Class R5		0.81			0.85
Class W		1.21			1.24
Class Y		0.76			0.80
Class Z		0.96			0.99

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending

program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At April 30, 2015, the cost of investments for federal income tax purposes was approximately $610,465,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$21,244,000
Unrealized depreciation	(46,697,000	)
Net unrealized depreciation	$(25,453,000	)

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $118,452,990 and $192,781,203, respectively, for the six months ended April 30, 2015. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

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

38 Semiannual Report 2015

COLUMBIA EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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

Note 7. Shareholder Concentration

At April 30, 2015, affiliated shareholders of record owned 61.1% 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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $550 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended April 30, 2015.

Note 9. Significant Risks

Credit Risk

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

Interest Rate Risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest

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

Liquidity Risk

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

Foreign Securities and Emerging Market Countries Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the various conditions, events or other factors impacting those countries and may, therefore, have a greater risk than that of a fund which is more geographically diversified.

Semiannual Report 2015 39

COLUMBIA EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (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.

High-Yield Securities Risk

Securities rated below investment grade (commonly called “high-yield” or “junk” bonds) and unrated securities of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade securities. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated securities. High-yield securities are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.

Note 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 quarterly (10-Q), annual (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.

40 Semiannual Report 2015

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).

The Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considered the renewal of the IMS Agreement for a two-month period (Short-Term Period) in order to align the IMS Agreement with the review cycle of other funds in the Columbia family of funds. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2015, 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. 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 13-15, 2015 in-person Board meeting (the April Meeting), considered the renewal of the IMS Agreement for the Short-Term Period. 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 for the Short-Term Period.

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. The Independent Trustees noted the information they received concerning Columbia Management’s ability to retain its key portfolio management personnel. 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 for the Short-Term Period.

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 services being performed by Columbia Management and its affiliates were acceptable for the Short-Term Period.

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 for purposes of approving the IMS Agreement for the Short-Term Period, the Fund’s performance was acceptable.

Semiannual Report 2015 41

COLUMBIA EMERGING MARKETS BOND FUND

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AGREEMENT (continued)

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 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. For purposes of approving the IMS Agreement for the Short-Term Period, the Board concluded that the investment management service fees were fair and reasonable, observing that the profitability levels also seemed 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.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that, for purposes of its consideration of the renewal of the IMS Agreement for the Short-Term Period, 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. The Board noted its understanding that it would undertake the full consideration of renewal of the IMS Agreement for the full annual period at its June 2015 meetings. On April 15, 2015, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement for the Short-Term Period.

42 Semiannual Report 2015

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 columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

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

Semiannual Report 2015 43

Columbia Emerging Markets Bond Fund

P.O. Box 8081

Boston, MA 02266-8081

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2015 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR141_10_E01_(06/15)

SEMIANNUAL REPORT

April 30, 2015

COLUMBIA EUROPEAN EQUITY FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 12th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.***

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

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

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

* In U.S. dollars as of March 31, 2015. Source: Ameriprise Q1 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies.

Contact us for more current data.

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

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

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* Columbia Threadneedle Investor Newsletter was awarded top honors in the Mutual Fund Education Alliance STAR Awards competition for excellence in mutual fund marketing and communications in 2011, 2012 and 2013. Materials in the competition were evaluated on educational value, message comprehension, effective design and objectives.

Not part of the shareholder report

PRESIDENT’S MESSAGE

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the “About Us” tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

n Fund and strategy names

n Established investment teams, philosophies and processes

n Account services, features, servicing phone numbers and mailing addresses

n Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children’s education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

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

* Source: Ameriprise as of December 1, 2014

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2015

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	10
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	16
Notes to Financial Statements	25
Approval of Investment Management Services and Subadvisory Agreements	32
Important Information About This Report	35

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2015

COLUMBIA EUROPEAN EQUITY FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia European Equity Fund (the Fund) Class A shares returned 7.63% excluding sales charges for the six-month period that ended April 30, 2015.

n The Fund outperformed its benchmark, the MSCI Europe Index (Net), which returned 6.04% for the same six months.

Average Annual Total Returns (%) (for period ended April 30, 2015)
	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	06/26/00
Excluding sales charges			7.63		-1.46		10.44		8.33
Including sales charges			1.44		-7.13		9.15		7.69
Class B	06/26/00
Excluding sales charges			7.28		-2.25		9.62		7.51
Including sales charges			2.28		-6.94		9.34		7.51
Class C	06/26/00
Excluding sales charges			7.24		-2.17		9.64		7.52
Including sales charges			6.24		-3.11		9.64		7.52
Class I	07/15/04		7.97		-1.11		11.11		8.90
Class K	06/26/00		7.82		-1.30		10.66		8.61
Class R4*	01/08/14		7.94		-1.19		10.53		8.37
Class R5*	01/08/14		7.90		-1.04		10.56		8.39
Class W*	06/18/12		7.83		-1.30		10.45		8.33
Class Z*	09/27/10		7.79		-1.19		10.79		8.50
MSCI Europe Index (Net)			6.04		-3.23		7.88		5.62

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

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

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

The 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 2015

COLUMBIA EUROPEAN EQUITY FUND

PORTFOLIO OVERVIEW

(Unaudited)

Top Ten Holdings (%) (at April 30, 2015)
Bayer AG, Registered Shares (Germany)	3.7
Novo Nordisk A/S, Class B (Denmark)	3.4
Roche Holding AG, Genusschein Shares (Switzerland)	3.3
ING Groep NV-CVA (Netherlands)	3.1
UBS AG (Switzerland)	3.0
Novartis AG, Registered Shares (Switzerland)	2.9
ASML Holding NV (Netherlands)	2.5
Prudential PLC (United Kingdom)	2.5
BT Group PLC (United Kingdom)	2.3
Unilever PLC (United Kingdom)	2.2

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

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

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

Portfolio Breakdown (%) (at April 30, 2015)
Common Stocks	98.9
Consumer Discretionary	18.8
Consumer Staples	8.8
Energy	3.0
Financials	21.4
Health Care	17.2
Industrials	14.7
Information Technology	5.0
Materials	7.0
Telecommunication Services	3.0
Money Market Funds	0.1
Preferred Stocks	1.0
Consumer Discretionary	1.0
Total	100.0

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

Portfolio Management

Threadneedle International Limited

Daniel Ison

Ann Steele

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.

© 2015 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 2015 3

COLUMBIA EUROPEAN EQUITY FUND

PORTFOLIO OVERVIEW (continued)

(Unaudited)

Country Breakdown (%) (at April 30, 2015)
Belgium	3.7
Denmark	5.4
Finland	2.2
France	13.6
Germany	11.9
Ireland	2.8
Italy	1.4
Netherlands	8.4
Norway	1.2
Spain	4.6
Sweden	2.9
Switzerland	13.9
United Kingdom	27.9
United States(a)	0.1
Total	100.0

Country Breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

4 Semiannual Report 2015

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, 2014 – April 30, 2015

	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		1,076.30	1,017.95		7.10	6.90		1.38
Class B		1,000.00	1,000.00		1,072.80	1,014.23		10.95	10.64		2.13
Class C		1,000.00	1,000.00		1,072.40	1,014.23		10.94	10.64		2.13
Class I		1,000.00	1,000.00		1,079.70	1,020.18		4.80	4.66		0.93
Class K		1,000.00	1,000.00		1,078.20	1,018.79		6.23	6.06		1.21
Class R4		1,000.00	1,000.00		1,079.40	1,019.14		5.88	5.71		1.14
Class R5		1,000.00	1,000.00		1,079.00	1,019.84		5.15	5.01		1.00
Class W		1,000.00	1,000.00		1,078.30	1,017.95		7.11	6.90		1.38
Class Z		1,000.00	1,000.00		1,077.90	1,019.24		5.77	5.61		1.12

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

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

Semiannual Report 2015 5

COLUMBIA EUROPEAN EQUITY FUND

PORTFOLIO OF INVESTMENTS

April 30, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 98.3%
Issuer	Shares		Value ($)
BELGIUM 3.7%
Anheuser-Busch InBev NV		76,486		9,312,043
KBC Groep NV(a)		84,678		5,571,244
UCB SA		63,465		4,571,565
Total				19,454,852
DENMARK 5.4%
Novo Nordisk A/S, Class B		315,921		17,992,628
Pandora A/S		102,388		10,617,057
Total				28,609,685
FINLAND 2.2%
KONE OYJ, Class B		173,420		7,460,811
Nokia OYJ		654,441		4,415,797
Total				11,876,608
FRANCE 13.5%
Airbus Group NV		99,949		6,926,679
Bureau Veritas SA		234,063		5,511,618
Essilor International SA		42,068		5,125,148
Groupe Eurotunnel SE		569,934		9,137,499
Iliad SA		15,935		3,763,711
L’Oreal SA		54,992		10,494,721
Legrand SA		164,381		9,504,964
Publicis Groupe SA		80,194		6,725,916
Schneider Electric SE		90,029		6,729,526
Vivendi SA		329,018		8,248,055
Total				72,167,837
GERMANY 10.8%
Bayer AG, Registered Shares		137,064		19,727,977
Bayerische Motoren Werke AG		43,566		5,139,247
Brenntag AG		153,539		9,212,443
Continental AG		39,781		9,322,868
Fresenius Medical Care AG & Co. KGaA		56,959		4,786,930
ProSiebenSat.1 Media AG, Registered Shares		103,424		5,287,779
TUI AG		234,661		4,374,293
Total				57,851,537
IRELAND 2.8%
Bank of Ireland(a)		11,402,723		4,407,992
CRH PLC		370,431		10,351,124
Total				14,759,116

Common Stocks (continued)
Issuer	Shares		Value ($)
ITALY 1.4%
Intesa Sanpaolo SpA		2,221,449		7,462,964
NETHERLANDS 8.4%
Akzo Nobel NV		84,723		6,482,475
ASML Holding NV		125,525		13,508,117
ING Groep NV-CVA(a)		1,069,765		16,411,856
Reed Elsevier NV		337,054		8,128,873
Total				44,531,321
NORWAY 1.2%
DNB ASA		363,930		6,476,569
SPAIN 4.5%
Amadeus IT Holding SA, Class A		182,690		8,327,366
Ferrovial SA		370,463		8,401,334
Inditex SA		232,274		7,453,458
Total				24,182,158
SWEDEN 2.8%
Nordea Bank AB		582,116		7,395,871
Svenska Handelsbanken AB, Class A		166,932		7,705,409
Total				15,101,280
SWITZERLAND 13.8%
Cie Financiere Richemont SA, Class A, Registered Shares		85,391		7,611,152
Nestlé SA, Registered Shares		130,138		10,096,655
Novartis AG, Registered Shares		149,988		15,309,604
Roche Holding AG, Genusschein Shares		60,395		17,282,337
Sika AG		2,148		7,372,681
UBS AG		804,379		16,069,348
Total				73,741,777
UNITED KINGDOM 27.8%
Ashtead Group PLC		509,826		8,742,283
British American Tobacco PLC		91,992		5,054,374
BT Group PLC		1,731,371		12,075,599
Burberry Group PLC		195,778		5,219,246
IMI PLC		10,436		199,981
InterContinental Hotels Group PLC		174,384		7,457,620
John Wood Group PLC		493,880		5,203,740
Johnson Matthey PLC		115,123		5,886,103

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

6 Semiannual Report 2015

COLUMBIA EUROPEAN EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
Legal & General Group PLC		2,328,542		9,256,135
London Stock Exchange Group PLC		233,908		9,104,964
Pearson PLC		287,693		5,813,954
Persimmon PLC		326,310		8,472,422
Prudential PLC		523,809		13,041,554
Rio Tinto PLC		157,701		7,057,292
Royal Dutch Shell PLC, Class A		334,646		10,551,475
Schroders PLC		84,817		4,206,782
Smith & Nephew PLC		382,117		6,503,406
St. James’s Place PLC		476,604		6,501,215
Unilever PLC		264,894		11,611,493
Wolseley PLC		104,863		6,202,058
Total				148,161,696
Total Common Stocks
(Cost: $460,057,010)				524,377,400

Preferred Stocks 1.0%
Issuer	Shares		Value ($)
Germany 1.0%
Volkswagen AG		20,938		5,390,399
Total Preferred Stocks
(Cost: $5,273,082)				5,390,399
Money Market Funds 0.1%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.111%(b)(c)		707,526		707,526
Total Money Market Funds
(Cost: $707,526)				707,526
Total Investments
(Cost: $466,037,618)				530,475,325
Other Assets & Liabilities, Net				3,134,522
Net Assets				533,609,847

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at April 30, 2015.

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended April 30, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		26,229,310		81,751,642		(107,273,426	)		707,526		1,554		707,526

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:

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

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

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

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

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

Semiannual Report 2015 7

COLUMBIA EUROPEAN EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (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, 2015:

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		—		99,871,939		—		99,871,939
Consumer Staples		—		46,569,286		—		46,569,286
Energy		—		15,755,215		—		15,755,215
Financials		—		113,611,903		—		113,611,903
Health Care		—		91,299,594		—		91,299,594
Industrials		—		78,029,196		—		78,029,196
Information Technology		—		26,251,281		—		26,251,281
Materials		—		37,149,675		—		37,149,675
Telecommunication Services		—		15,839,311		—		15,839,311
Preferred Stocks
Consumer Discretionary		—		5,390,399		—		5,390,399
Total Equity Securities		—		529,767,799		—		529,767,799
Mutual Funds
Money Market Funds		707,526		—		—		707,526
Total Mutual Funds		707,526		—		—		707,526
Total		707,526		529,767,799		—		530,475,325

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

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

8 Semiannual Report 2015

COLUMBIA EUROPEAN EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Fair Value Measurements (continued)

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and 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 2015 9

COLUMBIA EUROPEAN EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $465,330,092)	$529,767,799
Affiliated issuers (identified cost $707,526)	707,526
Total investments (identified cost $466,037,618)	530,475,325
Foreign currency (identified cost $49,002)	49,002
Receivable for:
Investments sold	366,576
Capital shares sold	1,003,032
Dividends	2,061,471
Reclaims	1,216,830
Prepaid expenses	1,066
Other assets	16,781
Total assets	535,190,083
Liabilities
Payable for:
Capital shares purchased	1,440,908
Investment management fees	11,475
Distribution and/or service fees	1,956
Transfer agent fees	56,943
Administration fees	1,165
Compensation of board members	26,137
Other expenses	41,652
Total liabilities	1,580,236
Net assets applicable to outstanding capital stock	$533,609,847
Represented by
Paid-in capital	$463,199,968
Undistributed net investment income	3,442,043
Accumulated net realized gain	2,557,513
Unrealized appreciation (depreciation) on:
Investments	64,437,707
Foreign currency translations	(27,384	)
Total — representing net assets applicable to outstanding capital stock	$533,609,847

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

10 Semiannual Report 2015

COLUMBIA EUROPEAN EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

April 30, 2015 (Unaudited)

Class A
Net assets	$174,604,986
Shares outstanding	24,139,061
Net asset value per share	$7.23
Maximum offering price per share(a)	$7.67
Class B
Net assets	$1,395,190
Shares outstanding	194,274
Net asset value per share	$7.18
Class C
Net assets	$26,850,235
Shares outstanding	3,802,666
Net asset value per share	$7.06
Class I
Net assets	$253,559,812
Shares outstanding	34,964,074
Net asset value per share	$7.25
Class K
Net assets	$3,762
Shares outstanding	522
Net asset value per share	$7.21
Class R4
Net assets	$5,269,378
Shares outstanding	731,207
Net asset value per share	$7.21
Class R5
Net assets	$156,907
Shares outstanding	21,635
Net asset value per share	$7.25
Class W
Net assets	$2,346
Shares outstanding	326
Net asset value per share(b)	$7.21
Class Z
Net assets	$71,767,231
Shares outstanding	9,959,066
Net asset value per share	$7.21

(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 2015 11

COLUMBIA EUROPEAN EQUITY FUND

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2015 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$7,718,440
Dividends — affiliated issuers	1,554
Foreign taxes withheld	(942,045	)
Total income	6,777,949
Expenses:
Investment management fees	2,154,764
Distribution and/or service fees
Class A	194,241
Class B	6,987
Class C	124,006
Class W	3
Transfer agent fees
Class A	153,554
Class B	1,380
Class C	24,496
Class K	3
Class R4	2,624
Class R5	17
Class W	2
Class Z	103,470
Administration fees	218,576
Plan administration fees
Class K	13
Compensation of board members	9,396
Custodian fees	38,889
Printing and postage fees	23,851
Registration fees	67,077
Professional fees	31,131
Line of credit interest expense	1,247
Other	8,124
Total expenses	3,163,851
Net investment income	3,614,098
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	9,167,057
Foreign currency translations	(193,060	)
Net realized gain	8,973,997
Net change in unrealized appreciation (depreciation) on:
Investments	28,809,186
Foreign currency translations	22,110
Net change in unrealized appreciation	28,831,296
Net realized and unrealized gain	37,805,293
Net increase in net assets resulting from operations	$41,419,391

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

12 Semiannual Report 2015

COLUMBIA EUROPEAN EQUITY FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations
Net investment income		$3,614,098			$11,002,786
Net realized gain		8,973,997			28,974,368
Net change in unrealized appreciation (depreciation)		28,831,296			(58,354,253	)
Net increase (decrease) in net assets resulting from operations		41,419,391			(18,377,099	)
Distributions to shareholders
Net investment income
Class A		(2,600,430	)		(914,336	)
Class B		(13,264	)		(2,962	)
Class C		(244,671	)		(35,650	)
Class I		(5,805,350	)		(2,848,859	)
Class K		(212	)		(123	)
Class R4		(58,744	)		—
Class R5		(1,176	)		—
Class W		(40	)		(26	)
Class Z		(2,295,832	)		(1,004,051	)
Net realized gains
Class A		(4,532,653	)		(4,599,973	)
Class B		(42,360	)		(62,148	)
Class C		(790,300	)		(664,654	)
Class I		(7,928,441	)		(9,618,553	)
Class K		(339	)		(522	)
Class R4		(88,770	)		—
Class R5		(1,654	)		—
Class W		(69	)		(136	)
Class Z		(3,469,337	)		(4,041,339	)
Total distributions to shareholders		(27,873,642	)		(23,793,332	)
Increase (decrease) in net assets from capital stock activity		(57,086,440	)		132,655,875
Total increase (decrease) in net assets		(43,540,691	)		90,485,444
Net assets at beginning of period		577,150,538			486,665,094
Net assets at end of period		$533,609,847			$577,150,538
Undistributed net investment income		$3,442,043			$10,847,664

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

Semiannual Report 2015 13

COLUMBIA EUROPEAN EQUITY FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		4,664,459			32,848,252			15,607,418			118,365,491
Distributions reinvested		1,036,066			7,014,164			728,683			5,377,680
Redemptions		(4,787,130	)		(33,403,009	)		(6,478,273	)		(47,333,225	)
Net increase		913,395			6,459,407			9,857,828			76,409,946
Class B shares
Subscriptions		33,569			234,033			126,778			957,549
Distributions reinvested		8,253			55,623			8,594			63,168
Redemptions(b)		(67,684	)		(467,864	)		(123,861	)		(915,084	)
Net increase (decrease)		(25,862	)		(178,208	)		11,511			105,633
Class C shares
Subscriptions		700,065			4,828,584			2,982,555			22,128,570
Distributions reinvested		139,556			925,254			81,627			590,161
Redemptions		(867,172	)		(5,819,012	)		(1,042,180	)		(7,291,284	)
Net increase (decrease)		(27,551	)		(65,174	)		2,022,002			15,427,447
Class I shares
Subscriptions		89,899			607,615			8,127,361			60,387,068
Distributions reinvested		2,025,614			13,733,661			1,686,999			12,466,922
Redemptions		(5,234,880	)		(37,287,996	)		(6,515,570	)		(49,769,113	)
Net increase (decrease)		(3,119,367	)		(22,946,720	)		3,298,790			23,084,877
Class K shares
Subscriptions		340			2,351			113			849
Distributions reinvested		65			436			59			434
Redemptions		(1,628	)		(11,553	)		(270	)		(2,100	)
Net decrease		(1,223	)		(8,766	)		(98	)		(817	)
Class R4 shares
Subscriptions		733,142			5,248,785			7,495			57,593
Distributions reinvested		21,869			147,398			—			—
Redemptions		(31,299	)		(213,952	)		—			—
Net increase		723,712			5,182,231			7,495			57,593
Class R5 shares
Subscriptions		15,207			107,445			7,086			54,580
Distributions reinvested		400			2,711			—			—
Redemptions		(1,058	)		(7,447	)		—			(1	)
Net increase		14,549			102,709			7,086			54,579
Class W shares
Redemptions		—			—			(154	)		(1,200	)
Net (decrease)		—			—			(154	)		(1,200	)

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

14 Semiannual Report 2015

COLUMBIA EUROPEAN EQUITY FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		1,544,796			10,547,022			8,916,412			66,694,072
Distributions reinvested		809,337			5,454,932			638,196			4,690,740
Redemptions		(8,847,199	)		(61,633,873	)		(7,314,999	)		(53,866,995	)
Net increase (decrease)		(6,493,066	)		(45,631,919	)		2,239,609			17,517,817
Total net increase (decrease)		(8,015,413	)		(57,086,440	)		17,444,069			132,655,875

(a) Class R4 and Class R5 shares are based on operations from January 8, 2014 (commencement of operations) through the stated period end.

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

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

Semiannual Report 2015 15

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. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class  A	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$7.05		$7.55		$5.94		$5.47		$5.80		$4.86
Income from investment operations:
Net investment income	0.04		0.13		0.07		0.08		0.05		0.03
Net realized and unrealized gain (loss)	0.47		(0.29	)	1.66		0.40		(0.35	)	0.98
Total from investment operations	0.51		(0.16	)	1.73		0.48		(0.30	)	1.01
Less distributions to shareholders:
Net investment income	(0.12	)	(0.06	)	(0.09	)	(0.01	)	(0.03	)	(0.07	)
Net realized gains	(0.21	)	(0.28	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.33	)	(0.34	)	(0.12	)	(0.01	)	(0.03	)	(0.07	)
Net asset value, end of period	$7.23		$7.05		$7.55		$5.94		$5.47		$5.80
Total return	7.63	%	(2.33	%)	29.57	%	8.88	%	(5.25	%)	21.14	%
Ratios to average net assets(a)
Total gross expenses	1.38	%(b)(c)	1.37	%	1.42	%	1.54	%(c)	1.55	%	1.67	%
Total net expenses(d)	1.38	%(b)(c)	1.37	%	1.42	%(e)	1.52	%(c)(e)	1.51	%(e)	1.41	%
Net investment income	1.23	%(b)	1.74	%	1.03	%	1.42	%	0.84	%	0.63	%
Supplemental data
Net assets, end of period (in thousands)	$174,605		$163,706		$100,943		$52,850		$60,295		$69,831
Portfolio turnover	25	%	64	%	73	%	126	%	121	%	115	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

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

16 Semiannual Report 2015

COLUMBIA EUROPEAN EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class B	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$6.97		$7.48		$5.87		$5.44		$5.78		$4.83
Income from investment operations:
Net investment income (loss)	0.01		0.07		0.03		0.04		0.01		(0.00	)(a)
Net realized and unrealized gain (loss)	0.48		(0.28	)	1.64		0.39		(0.35	)	0.97
Total from investment operations	0.49		(0.21	)	1.67		0.43		(0.34	)	0.97
Less distributions to shareholders:
Net investment income	(0.07	)	(0.02	)	(0.03	)	—		—		(0.02	)
Net realized gains	(0.21	)	(0.28	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.28	)	(0.30	)	(0.06	)	—		—		(0.02	)
Net asset value, end of period	$7.18		$6.97		$7.48		$5.87		$5.44		$5.78
Total return	7.28	%	(3.06	%)	28.59	%	7.90	%	(5.88	%)	20.10	%
Ratios to average net assets(b)
Total gross expenses	2.13	%(c)(d)	2.11	%	2.18	%	2.28	%(d)	2.30	%	2.41	%
Total net expenses(e)	2.13	%(c)(d)	2.11	%	2.18	%(f)	2.27	%(d)(f)	2.26	%(f)	2.16	%
Net investment income (loss)	0.38	%(c)	0.97	%	0.42	%	0.78	%	0.15	%	(0.06	%)
Supplemental data
Net assets, end of period (in thousands)	$1,395		$1,535		$1,561		$1,492		$2,382		$4,051
Portfolio turnover	25	%	64	%	73	%	126	%	121	%	115	%

Notes to Financial Highlights

(a) Rounds to zero.

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

(c) Annualized.

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

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

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

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

Semiannual Report 2015 17

COLUMBIA EUROPEAN EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class C	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$6.86		$7.37		$5.82		$5.39		$5.72		$4.81
Income from investment operations:
Net investment income (loss)	0.01		0.07		(0.00	)(a)	0.04		0.01		(0.01	)
Net realized and unrealized gain (loss)	0.47		(0.28	)	1.64		0.39		(0.34	)	0.96
Total from investment operations	0.48		(0.21	)	1.64		0.43		(0.33	)	0.95
Less distributions to shareholders:
Net investment income	(0.07	)	(0.02	)	(0.06	)	—		—		(0.04	)
Net realized gains	(0.21	)	(0.28	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.28	)	(0.30	)	(0.09	)	—		—		(0.04	)
Net asset value, end of period	$7.06		$6.86		$7.37		$5.82		$5.39		$5.72
Total return	7.24	%	(3.08	%)	28.58	%	7.98	%	(5.77	%)	19.96	%
Ratios to average net assets(b)
Total gross expenses	2.13	%(c)(d)	2.12	%	2.15	%	2.31	%(d)	2.29	%	2.43	%
Total net expenses(e)	2.13	%(c)(d)	2.12	%	2.15	%(f)	2.27	%(d)(f)	2.26	%(f)	2.17	%
Net investment income (loss)	0.41	%(c)	1.00	%	(0.05	%)	0.72	%	0.11	%	(0.10	%)
Supplemental data
Net assets, end of period (in thousands)	$26,850		$26,264		$13,322		$2,106		$1,274		$1,406
Portfolio turnover	25	%	64	%	73	%	126	%	121	%	115	%

Notes to Financial Highlights

(a) Rounds to zero.

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

(c) Annualized.

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

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

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

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

18 Semiannual Report 2015

COLUMBIA EUROPEAN EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class I	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$7.08		$7.58		$5.96		$5.50		$5.80		$4.86
Income from investment operations:
Net investment income	0.05		0.15		0.11		0.10		0.11		0.05
Net realized and unrealized gain (loss)	0.49		(0.28	)	1.66		0.41		(0.36	)	0.98
Total from investment operations	0.54		(0.13	)	1.77		0.51		(0.25	)	1.03
Less distributions to shareholders:
Net investment income	(0.16	)	(0.09	)	(0.12	)	(0.05	)	(0.05	)	(0.09	)
Net realized gains	(0.21	)	(0.28	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.37	)	(0.37	)	(0.15	)	(0.05	)	(0.05	)	(0.09	)
Net asset value, end of period	$7.25		$7.08		$7.58		$5.96		$5.50		$5.80
Total return	7.97	%	(1.96	%)	30.29	%	9.36	%	(4.36	%)	21.61	%
Ratios to average net assets(a)
Total gross expenses	0.93	%(b)(c)	0.92	%	0.93	%	0.97	%(c)	1.00	%	1.14	%
Total net expenses(d)	0.93	%(b)(c)	0.92	%	0.93	%	0.97	%(c)	1.00	%	0.96	%
Net investment income	1.57	%(b)	2.04	%	1.65	%	1.86	%	1.83	%	1.07	%
Supplemental data
Net assets, end of period (in thousands)	$253,560		$269,774		$263,736		$236,735		$319,236		$8
Portfolio turnover	25	%	64	%	73	%	126	%	121	%	115	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

Semiannual Report 2015 19

COLUMBIA EUROPEAN EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class K	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$7.03		$7.54		$5.93		$5.47		$5.79		$4.86
Income from investment operations:
Net investment income	0.04		0.13		0.08		0.08		0.06		0.04
Net realized and unrealized gain (loss)	0.49		(0.29	)	1.67		0.41		(0.34	)	0.97
Total from investment operations	0.53		(0.16	)	1.75		0.49		(0.28	)	1.01
Less distributions to shareholders:
Net investment income	(0.14	)	(0.07	)	(0.11	)	(0.03	)	(0.04	)	(0.08	)
Net realized gains	(0.21	)	(0.28	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.35	)	(0.35	)	(0.14	)	(0.03	)	(0.04	)	(0.08	)
Net asset value, end of period	$7.21		$7.03		$7.54		$5.93		$5.47		$5.79
Total return	7.82	%	(2.33	%)	29.93	%	9.08	%	(4.93	%)	21.08	%
Ratios to average net assets(a)
Total gross expenses	1.21	%(b)(c)	1.22	%	1.23	%	1.27	%(c)	1.32	%	1.49	%
Total net expenses(d)	1.21	%(b)(c)	1.22	%	1.23	%	1.27	%(c)	1.26	%	1.27	%
Net investment income	1.17	%(b)	1.74	%	1.21	%	1.43	%	1.08	%	0.79	%
Supplemental data
Net assets, end of period (in thousands)	$4		$12		$14		$17		$27		$25
Portfolio turnover	25	%	64	%	73	%	126	%	121	%	115	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

20 Semiannual Report 2015

COLUMBIA EUROPEAN EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

Class R4	Six Months  Ended April 30, 2015 (Unaudited)		Year  Ended October 31, 2014(a)
Per share data
Net asset value, beginning of period	$7.03		$7.59
Income from investment operations:
Net investment income	0.07		0.10
Net realized and unrealized gain (loss)	0.46		(0.66	)
Total from investment operations	0.53		(0.56	)
Less distributions to shareholders:
Net investment income	(0.14	)	—
Net realized gains	(0.21	)	—
Total distributions to shareholders	(0.35	)	—
Net asset value, end of period	$7.21		$7.03
Total return	7.94	%	(7.38	%)
Ratios to average net assets(b)
Total gross expenses	1.14	%(c)(d)	1.12	%(c)
Total net expenses(e)	1.14	%(c)(d)	1.12	%(c)
Net investment income	2.04	%(c)	1.69	%(c)
Supplemental data
Net assets, end of period (in thousands)	$5,269		$53
Portfolio turnover	25	%	64	%

Notes to Financial Highlights

(a) Based on operations from January 8, 2014 (commencement of operations) through the stated period end.

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

(c) Annualized.

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

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

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

Semiannual Report 2015 21

COLUMBIA EUROPEAN EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

Class  R5	Six Months  Ended April 30, 2015 (Unaudited)		Year Ended October 31, 2014(a)
Per share data
Net asset value, beginning of period	$7.08		$7.63
Income from investment operations:
Net investment income	0.08		0.09
Net realized and unrealized gain (loss)	0.45		(0.64	)
Total from investment operations	0.53		(0.55	)
Less distributions to shareholders:
Net investment income	(0.15	)	—
Net realized gains	(0.21	)	—
Total distributions to shareholders	(0.36	)	—
Net asset value, end of period	$7.25		$7.08
Total return	7.90	%	(7.21	%)
Ratios to average net assets(b)
Total gross expenses	1.00	%(c)(d)	0.98	%(c)
Total net expenses(e)	1.00	%(c)(d)	0.98	%(c)
Net investment income	2.21	%(c)	1.51	%(c)
Supplemental data
Net assets, end of period (in thousands)	$157		$50
Portfolio turnover	25	%	64	%

Notes to Financial Highlights

(a) Based on operations from January 8, 2014 (commencement of operations) through the stated period end.

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

(c) Annualized.

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

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

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

22 Semiannual Report 2015

COLUMBIA EUROPEAN EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class W	(Unaudited)		2014		2013		2012(a)
Per share data
Net asset value, beginning of period	$7.02		$7.52		$5.94		$5.21
Income from investment operations:
Net investment income	0.04		0.12		0.07		0.00	(b)
Net realized and unrealized gain (loss)	0.49		(0.28	)	1.65		0.73
Total from investment operations	0.53		(0.16	)	1.72		0.73
Less distributions to shareholders:
Net investment income	(0.13	)	(0.06	)	(0.11	)	—
Net realized gains	(0.21	)	(0.28	)	(0.03	)	—
Total distributions to shareholders	(0.34	)	(0.34	)	(0.14	)	—
Net asset value, end of period	$7.21		$7.02		$7.52		$5.94
Total return	7.83	%	(2.37	%)	29.42	%	14.01	%
Ratios to average net assets(c)
Total gross expenses	1.38	%(d)(e)	1.35	%	1.46	%	1.64	%(d)
Total net expenses(f)	1.38	%(d)(e)	1.35	%	1.46	%(g)	1.52	%(d)
Net investment income	1.18	%(d)	1.62	%	1.09	%	0.11	%(d)
Supplemental data
Net assets, end of period (in thousands)	$2		$2		$4		$3
Portfolio turnover	25	%	64	%	73	%	126	%

Notes to Financial Highlights

(a) Based on operations from June 18, 2012 (commencement of operations) through the stated period end.

(b) Rounds to zero.

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

(d) Annualized.

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

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

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

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

Semiannual Report 2015 23

COLUMBIA EUROPEAN EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class Z	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$7.04		$7.53		$5.94		$5.49		$5.80		$5.52
Income from investment operations:
Net investment income	0.04		0.14		0.09		0.02		0.10		0.00	(b)
Net realized and unrealized gain (loss)	0.48		(0.28	)	1.65		0.47		(0.36	)	0.28
Total from investment operations	0.52		(0.14	)	1.74		0.49		(0.26	)	0.28
Less distributions to shareholders:
Net investment income	(0.14	)	(0.07	)	(0.12	)	(0.04	)	(0.05	)	—
Net realized gains	(0.21	)	(0.28	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.35	)	(0.35	)	(0.15	)	(0.04	)	(0.05	)	—
Net asset value, end of period	$7.21		$7.04		$7.53		$5.94		$5.49		$5.80
Total return	7.79	%	(2.01	%)	29.83	%	9.09	%	(4.57	%)	5.07	%
Ratios to average net assets(c)
Total gross expenses	1.12	%(d)(e)	1.12	%	1.17	%	1.49	%(e)	1.24	%	1.96	%(d)
Total net expenses(f)	1.12	%(d)(e)	1.12	%	1.17	%(g)	1.27	%(e)(g)	1.24	%(g)	1.27	%(d)
Net investment income	1.02	%(d)	1.92	%	1.34	%	0.34	%	1.72	%	0.12	%(d)
Supplemental data
Net assets, end of period (in thousands)	$71,767		$115,755		$107,086		$60,380		$70		$3
Portfolio turnover	25	%	64	%	73	%	126	%	121	%	115	%

Notes to Financial Highlights

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

(b) Rounds to zero.

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

(d) Annualized.

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

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

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

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

24 Semiannual Report 2015

COLUMBIA EUROPEAN EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

April 30, 2015 (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 the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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

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

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

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

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

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

All equity securities 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.

Semiannual Report 2015 25

COLUMBIA EUROPEAN EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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

Investments in open-end investment companies, including money market funds, are valued at their 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 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 quoted or published price for the security.

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

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the NYSE. 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.

26 Semiannual Report 2015

COLUMBIA EUROPEAN EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared 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, 2015 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, to serve as the subadviser to 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, 2015 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, 2015, other expenses paid by the Fund to this company were $1,073.

Semiannual Report 2015 27

COLUMBIA EUROPEAN EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agency fees. Total transfer 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, 2015, 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	0.20
Class R5	0.05
Class W	0.20
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 remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended April 30, 2015, 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 $226,000 and $147,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of March 31, 2015, and may be recovered from future payments under the distribution plan or

28 Semiannual Report 2015

COLUMBIA EUROPEAN EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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, 2015.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund’s expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective March 1, 2015			Contractual Expense Cap Prior to March 1, 2015
Class A		1.50	%		1.49	%
Class B		2.25			2.24
Class C		2.25			2.24
Class I		1.11			1.09
Class K		1.41			1.39
Class R4		1.25			1.24
Class R5		1.16			1.14
Class W		1.50			1.49
Class Z		1.25			1.24

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not

recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At April 30, 2015, the cost of investments for federal income tax purposes was approximately $466,038,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$72,314,000
Unrealized depreciation	(7,876,000	)
Net unrealized appreciation	$64,438,000

The following capital loss carryforwards, determined as of October 31, 2014, 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		4,368,227

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $136,871,189 and $215,522,782, respectively, for the six months ended April 30, 2015. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is

Semiannual Report 2015 29

COLUMBIA EUROPEAN EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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, 2015, affiliated shareholders of record owned 76.6% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $550 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

For the six months ended April 30, 2015, the average daily loan balance outstanding on days when borrowing existed was $9,550,000 at a weighted average interest rate of 1.18%. Interest expense incurred by the Fund is recorded as line of credit interest expense in the Statement of Operations.

Note 9. Significant Risks

Foreign Securities and Emerging Market Countries Risk

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

social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the various conditions, events or other factors impacting those countries and may, therefore, have a greater risk than that of a fund which is more geographically diversified.

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.

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.

30 Semiannual Report 2015

COLUMBIA EUROPEAN EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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 quarterly (10-Q), annual (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 2015 31

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 (the Subadviser), an affiliate of Columbia Management, the Subadviser has provided portfolio management and related services for the Fund.

The Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considered the renewal of the IMS Agreement and the Subadvisory Agreement (together, the Advisory Agreements) for a two-month period (Short-Term Period) in order to align the Advisory Agreements with the review cycle of other funds in the Columbia family of funds. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2015, 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. 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 13-15, 2015 in-person Board meeting (the April Meeting), considered the renewal of the Advisory Agreements for the Short-Term Period. 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 for the Short-Term Period.

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. 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 as well as the contemplated enhancements to the team and its resources. 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. 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 for the Short-Term Period.

32 Semiannual Report 2015

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 the services being performed by Columbia Management and its affiliates were acceptable for the Short-Term Period.

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 for the Short-Term Period. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement for the Short-Term Period. 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. 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 acceptable for purposes of renewal for the Short-Term Period.

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. 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. The Board observed that for purposes of approving the Advisory Agreements for the Short-Term Period, the Fund’s performance was acceptable.

Comparative Fees, Costs of Services Provided and the Profits Realized By Columbia Management, its Affiliates and the Subadvisers 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).

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.

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. 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. For purposes of approving the Advisory Agreements for the Short-Term Period, the Board concluded that the investment management service and subadvisory fees were fair and reasonable, observing that the profitability levels also seemed reasonable.

Semiannual Report 2015 33

COLUMBIA EUROPEAN EQUITY FUND

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AND

SUBADVISORY AGREEMENTS (continued)

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.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that, for purposes of its consideration of the renewal of the Advisory Agreements for the Short-Term Period, 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. The Board noted its understanding that it would undertake the full consideration of renewal of the Advisory Agreements for the full annual period at its June 2015 meetings. On April 15, 2015, the Board, including all of the Independent Trustees, approved the renewal of the Advisory Agreements for the Short-Term Period.

34 Semiannual Report 2015

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 columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

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

Semiannual Report 2015 35

Columbia European Equity Fund

P.O. Box 8081

Boston, MA 02266-8081

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2015 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR147_10_E01_(06/15)

SEMIANNUAL REPORT

April 30, 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

(formerly Columbia Global Equity Fund)

PRESIDENT’S MESSAGE

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the “About Us” tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

n Fund and strategy names

n Established investment teams, philosophies and processes

n Account services, features, servicing phone numbers and mailing addresses

n Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children’s education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

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

* Source: Ameriprise as of December 1, 2014

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2015

COLUMBIA SELECT 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	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	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 columbiathreadneedle.com/us or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

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

Semiannual Report 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Select Global Equity Fund (the Fund) Class A shares returned 1.79% excluding sales charges for the six-month period that ended April 30, 2015.

n The Fund underperformed its benchmark, the MSCI ACWI (Net), which returned 4.97% for the same six months.

n Effective January 15, 2015, the Fund’s principal investment strategy was revised to employ a more focused investing style, which will result in a more concentrated portfolio of 30-50 stocks. The Fund was renamed to reflect its new investment strategy.

Average Annual Total Returns (%) (for period ended April 30, 2015)
	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	05/29/90
Excluding sales charges			1.79		4.34		8.73		6.74
Including sales charges			-4.08		-1.63		7.45		6.12
Class B	03/20/95
Excluding sales charges			1.43		3.72		7.92		5.93
Including sales charges			-3.57		-1.28		7.62		5.93
Class C	06/26/00
Excluding sales charges			1.45		3.66		7.94		5.93
Including sales charges			0.45		2.66		7.94		5.93
Class I*	08/01/08		2.04		4.90		9.26		7.10
Class K	03/20/95		1.87		4.61		8.95		6.92
Class R*	12/11/06		1.63		4.18		8.48		6.56
Class R5*	12/11/06		2.02		4.88		9.23		7.14
Class W*	12/01/06		1.76		4.41		8.75		6.75
Class Z*	09/27/10		1.91		4.67		8.97		6.86
MSCI ACWI (Net)			4.97		7.46		9.58		6.98

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. The Fund’s other classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

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

The MSCI ACWI (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 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

PORTFOLIO OVERVIEW

(Unaudited)

Top Ten Holdings (%) (at April 30, 2015)
MasterCard, Inc., Class A (United States)	5.2
AIA Group Ltd. (Hong Kong)	5.0
Walt Disney Co. (The) (United States)	4.2
Thermo Fisher Scientific, Inc. (United States)	4.0
CSL Ltd. (Australia)	3.8
Sirona Dental Systems, Inc. (United States)	3.2
American Express Co. (United States)	3.1
Union Pacific Corp. (United States)	2.8
Novo Nordisk A/S, Class B (Denmark)	2.7
Nike, Inc., Class B (United States)	2.6

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, 2015)
Common Stocks	98.9
Consumer Discretionary	17.1
Consumer Staples	15.8
Financials	17.6
Health Care	24.5
Industrials	6.8
Information Technology	12.0
Materials	5.1
Money Market Funds	1.1
Total	100.0

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

Portfolio Management

Threadneedle International Limited

Daniel Dudding, CFA*

Pauline Grange

* Effective, January 15, 2015, Mr. Dudding was named a Portfolio Manager of the Fund. Neil Robson 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.

© 2015 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 2015 3

COLUMBIA SELECT GLOBAL EQUITY FUND

PORTFOLIO OVERVIEW (continued)

(Unaudited)

Country Breakdown (%) (at April 30, 2015)
Australia	3.8
Belgium	2.0
China	1.0
Denmark	2.6
France	2.0
Germany	5.8
Hong Kong	4.9
India	2.0
Indonesia	1.8
Ireland	1.9
Japan	2.0
Singapore	1.9
South Africa	2.0
Sweden	1.9
United Kingdom	7.0
United States(a)	57.4
Total	100.0

Country Breakdown is based primarily on issuer’s place of organization/incorporation. The Fund may use this and/or other criteria, for purposes of its investment policies, in determining whether an issuer is domestic (U.S.) or foreign. Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

4 Semiannual Report 2015

COLUMBIA SELECT 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, 2014 – April 30, 2015

	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		1,017.90	1,017.70		7.15	7.15		1.43
Class B		1,000.00	1,000.00		1,014.30	1,013.98		10.89	10.89		2.18
Class C		1,000.00	1,000.00		1,014.50	1,013.98		10.89	10.89		2.18
Class I		1,000.00	1,000.00		1,020.40	1,019.79		5.06	5.06		1.01
Class K		1,000.00	1,000.00		1,018.70	1,018.55		6.31	6.31		1.26
Class R		1,000.00	1,000.00		1,016.30	1,016.46		8.40	8.40		1.68
Class R5		1,000.00	1,000.00		1,020.20	1,019.74		5.11	5.11		1.02
Class W		1,000.00	1,000.00		1,017.60	1,017.70		7.15	7.15		1.43
Class Z		1,000.00	1,000.00		1,019.10	1,018.94		5.91	5.91		1.18

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

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

Semiannual Report 2015 5

COLUMBIA SELECT GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS

April 30, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 98.8%
Issuer	Shares		Value ($)
AUSTRALIA 3.8%
CSL Ltd.		196,386		14,077,601
BELGIUM 2.0%
Anheuser-Busch InBev NV		59,844		7,285,908
CHINA 1.0%
Baidu, Inc., ADR(a)		17,643		3,533,540
DENMARK 2.6%
Novo Nordisk A/S, Class B		171,763		9,782,407
FRANCE 2.0%
L’Oreal SA		39,290		7,498,138
GERMANY 5.8%
Bayer AG, Registered Shares		48,964		7,047,516
Brenntag AG		120,907		7,254,501
Continental AG		30,903		7,242,266
Total				21,544,283
HONG KONG 4.9%
AIA Group Ltd.		2,736,400		18,198,374
INDIA 2.0%
HDFC Bank Ltd., ADR		129,984		7,388,291
INDONESIA 1.8%
PT Bank Rakyat Indonesia Persero Tbk		7,350,300		6,562,348
IRELAND 1.9%
Medtronic PLC		96,222		7,163,728
JAPAN 2.0%
Keyence Corp.		13,700		7,313,733
SINGAPORE 1.9%
DBS Group Holdings Ltd.		453,000		7,198,342
SOUTH AFRICA 2.0%
Naspers Ltd., Class N		46,364		7,292,082
SWEDEN 1.9%
Svenska Handelsbanken AB, Class A		150,885		6,964,696
UNITED KINGDOM 7.0%
Diageo PLC		264,736		7,349,698
Reckitt Benckiser Group PLC		83,923		7,469,518
Rolls-Royce Holdings PLC		249,871		3,983,669

Common Stocks (continued)
Issuer	Shares		Value ($)
Rolls-Royce Holdings PLC(a)(b)		35,231,811		54,081
Unilever PLC		166,391		7,293,664
Total				26,150,630
UNITED STATES 56.2%
American Express Co.		146,742		11,365,168
Apple, Inc.		58,854		7,365,578
Celgene Corp.(a)		41,710		4,507,183
Colgate-Palmolive Co.		107,771		7,250,833
Comcast Corp., Class A		156,628		9,046,833
Estee Lauder Companies, Inc. (The), Class A		89,871		7,305,614
Express Scripts Holding Co.(a)		87,888		7,593,523
Gilead Sciences, Inc.(a)		36,788		3,697,562
Google, Inc., Class A(a)		13,261		7,277,239
Graco, Inc.		50,606		3,624,402
MasterCard, Inc., Class A		212,753		19,192,448
Mead Johnson Nutrition Co.		74,965		7,190,643
Mettler-Toledo International, Inc.(a)		22,674		7,187,885
Monsanto Co.		23,101		2,632,590
Nike, Inc., Class B		96,161		9,504,553
PPG Industries, Inc.		38,231		8,470,460
Praxair, Inc.		62,394		7,607,700
Priceline Group, Inc. (The)(a)		6,156		7,619,958
Sirona Dental Systems, Inc.(a)		125,553		11,645,041
Thermo Fisher Scientific, Inc.		116,142		14,596,727
TJX Companies, Inc. (The)		111,341		7,185,948
Union Pacific Corp.		97,452		10,352,326
Vertex Pharmaceuticals, Inc.(a)		29,046		3,580,791
Walt Disney Co. (The)		143,117		15,559,680
Wells Fargo & Co.		138,265		7,618,401
Total				208,979,086
Total Common Stocks (Cost: $341,285,300)				366,933,187
Money Market Funds 1.1%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.111%(c)(d)		4,205,711		4,205,711
Total Money Market Funds
(Cost: $4,205,711)				4,205,711
Total Investments
(Cost: $345,491,011)				371,138,898
Other Assets & Liabilities, Net				431,680
Net Assets				371,570,578

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

6 Semiannual Report 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Notes to Portfolio of Investments

(a) Non-income producing.

(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At April 30, 2015, the value of these securities amounted to $54,081, which represents 0.01% of net assets.

(c) The rate shown is the seven-day current annualized yield at April 30, 2015.

(d) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended April 30, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		15,322,940		89,898,946		(101,016,175	)		4,205,711		3,555		4,205,711

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:

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

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

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

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

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

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

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

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

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

Semiannual Report 2015 7

COLUMBIA SELECT GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Fair Value Measurements (continued)

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, 2015:

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		48,916,973		14,534,349		—		63,451,322
Consumer Staples		21,747,089		36,896,926		—		58,644,015
Financials		26,371,860		38,923,760		—		65,295,620
Health Care		59,972,439		30,907,524		—		90,879,963
Industrials		13,976,728		11,238,170		54,081		25,268,979
Information Technology		37,368,805		7,313,733		—		44,682,538
Materials		18,710,750		—		—		18,710,750
Total Equity Securities		227,064,644		139,814,462		54,081		366,933,187
Mutual Funds
Money Market Funds		4,205,711		—		—		4,205,711
Total Mutual Funds		4,205,711		—		—		4,205,711
Total		231,270,355		139,814,462		54,081		371,138,898

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

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

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

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain common stocks classified as Level 3 are valued using an income approach. To determine fair value for these securities, management considered estimates of future distributions from the company. 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.

8 Semiannual Report 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $341,285,300)	$366,933,187
Affiliated issuers (identified cost $4,205,711)	4,205,711
Total investments (identified cost $345,491,011)	371,138,898
Foreign currency (identified cost $141,471)	138,382
Receivable for:
Capital shares sold	67,157
Dividends	405,932
Reclaims	267,105
Prepaid expenses	868
Trustees’ deferred compensation plan	24,040
Other assets	27,994
Total assets	372,070,376
Liabilities
Payable for:
Capital shares purchased	277,570
Investment management fees	8,127
Distribution and/or service fees	2,929
Transfer agent fees	37,450
Administration fees	821
Plan administration fees	45
Compensation of board members	103,186
Other expenses	45,630
Trustees’ deferred compensation plan	24,040
Total liabilities	499,798
Net assets applicable to outstanding capital stock	$371,570,578
Represented by
Paid-in capital	$381,826,351
Excess of distributions over net investment income	(491,095	)
Accumulated net realized loss	(35,398,526	)
Unrealized appreciation (depreciation) on:
Investments	25,647,887
Foreign currency translations	(14,039	)
Total — representing net assets applicable to outstanding capital stock	$371,570,578

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

Semiannual Report 2015 9

COLUMBIA SELECT GLOBAL EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

April 30, 2015 (Unaudited)

Class A
Net assets	$341,584,442
Shares outstanding	34,323,167
Net asset value per share	$9.95
Maximum offering price per share(a)	$10.56
Class B
Net assets	$4,485,579
Shares outstanding	488,332
Net asset value per share	$9.19
Class C
Net assets	$16,050,861
Shares outstanding	1,769,330
Net asset value per share	$9.07
Class I
Net assets	$2,560
Shares outstanding	255
Net asset value per share(b)	$10.03
Class K
Net assets	$6,528,767
Shares outstanding	650,203
Net asset value per share	$10.04
Class R
Net assets	$141,407
Shares outstanding	14,142
Net asset value per share	$10.00
Class R5
Net assets	$148,039
Shares outstanding	14,763
Net asset value per share	$10.03
Class W
Net assets	$2,573
Shares outstanding	257
Net asset value per share	$10.01
Class Z
Net assets	$2,626,350
Shares outstanding	262,257
Net asset value per share	$10.01

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

(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 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2015 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$2,591,153
Dividends — affiliated issuers	3,555
Interest	547
Foreign taxes withheld	(165,932	)
Total income	2,429,323
Expenses:
Investment management fees	1,483,355
Distribution and/or service fees
Class A	429,746
Class B	25,695
Class C	80,768
Class R	326
Class W	3
Transfer agent fees
Class A	379,861
Class B	5,677
Class C	17,847
Class K	1,647
Class R	144
Class R5	25
Class W	3
Class Z	3,193
Administration fees	149,921
Plan administration fees
Class K	8,234
Compensation of board members	12,263
Custodian fees	15,976
Printing and postage fees	50,682
Registration fees	52,587
Professional fees	19,421
Other	7,550
Total expenses	2,744,924
Net investment loss	(315,601	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	27,332,947
Foreign currency translations	(510,011	)
Net realized gain	26,822,936
Net change in unrealized appreciation (depreciation) on:
Investments	(19,989,786	)
Foreign currency translations	16,121
Net change in unrealized depreciation	(19,973,665	)
Net realized and unrealized gain	6,849,271
Net increase in net assets resulting from operations	$6,533,670

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

Semiannual Report 2015 11

COLUMBIA SELECT GLOBAL EQUITY FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations
Net investment income (loss)		$(315,601	)		$1,378,552
Net realized gain		26,822,936			60,843,113
Net change in unrealized depreciation		(19,973,665	)		(34,123,575	)
Net increase in net assets resulting from operations		6,533,670			28,098,090
Distributions to shareholders
Net investment income
Class A		(885,283	)		(1,302,262	)
Class I		(18	)		(28	)
Class K		(30,153	)		(36,839	)
Class R		(10	)		(195	)
Class R5		(17	)		(26	)
Class W		(6	)		(12	)
Class Z		(15,980	)		(15,775	)
Total distributions to shareholders		(931,467	)		(1,355,137	)
Decrease in net assets from capital stock activity		(21,999,850	)		(34,863,041	)
Total decrease in net assets		(16,397,647	)		(8,120,088	)
Net assets at beginning of period		387,968,225			396,088,313
Net assets at end of period		$371,570,578			$387,968,225
Undistributed (excess of distributions over) net investment income		$(491,095	)		$755,973

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

12 Semiannual Report 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		682,354			6,698,328			1,840,813			17,640,728
Distributions reinvested		87,904			859,700			134,135			1,263,552
Redemptions		(2,683,907	)		(26,348,731	)		(5,019,366	)		(48,206,545	)
Net decrease		(1,913,649	)		(18,790,703	)		(3,044,418	)		(29,302,265	)
Class B shares
Subscriptions		3,957			35,793			21,481			191,106
Redemptions(a)		(168,700	)		(1,523,209	)		(459,881	)		(4,075,625	)
Net decrease		(164,743	)		(1,487,416	)		(438,400	)		(3,884,519	)
Class C shares
Subscriptions		92,718			828,836			261,781			2,308,381
Redemptions		(188,336	)		(1,686,890	)		(451,001	)		(4,009,013	)
Net decrease		(95,618	)		(858,054	)		(189,220	)		(1,700,632	)
Class I shares
Redemptions		—			—			(113	)		(1,099	)
Net increase (decrease)		—			—			(113	)		(1,099	)
Class K shares
Subscriptions		58,459			573,262			100,249			962,016
Distributions reinvested		3,057			30,141			3,876			36,819
Redemptions		(89,309	)		(878,870	)		(139,394	)		(1,367,736	)
Net decrease		(27,793	)		(275,467	)		(35,269	)		(368,901	)
Class R shares
Subscriptions		1,684			16,489			3,330			32,157
Distributions reinvested		1			5			13			127
Redemptions		(93	)		(914	)		(6,266	)		(60,739	)
Net increase (decrease)		1,592			15,580			(2,923	)		(28,455	)
Class R5 shares
Subscriptions		15,764			154,845			359			3,462
Redemptions		(1,256	)		(12,596	)		(472	)		(4,476	)
Net increase (decrease)		14,508			142,249			(113	)		(1,014	)
Class W shares
Redemptions		—			—			(113	)		(1,100	)
Net increase (decrease)		—			—			(113	)		(1,100	)
Class Z shares
Subscriptions		31,802			317,659			153,030			1,507,480
Distributions reinvested		1,390			13,666			1,239			11,732
Redemptions		(111,233	)		(1,077,364	)		(113,010	)		(1,094,268	)
Net increase (decrease)		(78,041	)		(746,039	)		41,259			424,944
Total net decrease		(2,263,744	)		(21,999,850	)		(3,669,310	)		(34,863,041	)

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

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

Semiannual Report 2015 13

COLUMBIA SELECT 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. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class  A	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.80		$9.17		$7.39		$6.95		$7.07		$6.13
Income from investment operations:
Net investment income (loss)	(0.01	)	0.04		0.04		0.05		0.01		0.00	(a)
Net realized and unrealized gain (loss)	0.18		0.62		1.83		0.40		(0.11	)	0.96
Total from investment operations	0.17		0.66		1.87		0.45		(0.10	)	0.96
Less distributions to shareholders:
Net investment income	(0.02	)	(0.03	)	(0.09	)	(0.02	)	(0.02	)	(0.03	)
Total distributions to shareholders	(0.02	)	(0.03	)	(0.09	)	(0.02	)	(0.02	)	(0.03	)
Proceeds from regulatory settlements	—		—		—		0.01		—		0.01
Net asset value, end of period	$9.95		$9.80		$9.17		$7.39		$6.95		$7.07
Total return	1.79	%	7.25	%	25.62	%	6.62	%(b)	(1.40	%)	15.78	%(c)
Ratios to average net assets(d)
Total gross expenses	1.43	%(e)	1.45	%	1.51	%	1.51	%	1.46	%	1.45	%
Total net expenses(f)	1.43	%(e)	1.45	%(g)	1.45	%(g)	1.36	%(g)	1.36	%(g)	1.45	%
Net investment income (loss)	(0.13	%)(e)	0.39	%	0.48	%	0.75	%	0.18	%	0.03	%
Supplemental data
Net assets, end of period (in thousands)	$341,584		$355,168		$360,041		$333,196		$387,709		$375,169
Portfolio turnover	89	%	63	%	46	%	50	%	44	%	54	%

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

(e) Annualized.

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

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

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

14 Semiannual Report 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class B	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.06		$8.50		$6.85		$6.47		$6.63		$5.77
Income from investment operations:
Net investment income (loss)	(0.04	)	(0.03	)	(0.02	)	0.00	(a)	(0.04	)	(0.04	)
Net realized and unrealized gain (loss)	0.17		0.59		1.70		0.37		(0.11	)	0.90
Total from investment operations	0.13		0.56		1.68		0.37		(0.15	)	0.86
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
Net asset value, end of period	$9.19		$9.06		$8.50		$6.85		$6.47		$6.63
Total return	1.43	%	6.59	%	24.52	%	5.87	%(b)	(2.26	%)	15.03	%(c)
Ratios to average net assets(d)
Total gross expenses	2.18	%(e)	2.20	%	2.27	%	2.26	%	2.22	%	2.21	%
Total net expenses(f)	2.18	%(e)	2.20	%(g)	2.20	%(g)	2.11	%(g)	2.12	%(g)	2.21	%
Net investment income (loss)	(0.90	%)(e)	(0.35	%)	(0.24	%)	0.02	%	(0.56	%)	(0.69	%)
Supplemental data
Net assets, end of period (in thousands)	$4,486		$5,915		$9,282		$10,979		$17,347		$23,894
Portfolio turnover	89	%	63	%	46	%	50	%	44	%	54	%

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

(e) Annualized.

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

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

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

Semiannual Report 2015 15

COLUMBIA SELECT GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class C	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$8.94		$8.40		$6.78		$6.40		$6.55		$5.71
Income from investment operations:
Net investment income (loss)	(0.04	)	(0.03	)	(0.02	)	(0.00	)(a)	(0.04	)	(0.04	)
Net realized and unrealized gain (loss)	0.17		0.57		1.68		0.37		(0.10	)	0.88
Total from investment operations	0.13		0.54		1.66		0.37		(0.14	)	0.84
Less distributions to shareholders:
Net investment income	—		—		(0.04	)	—		(0.01	)	(0.01	)
Total distributions to shareholders	—		—		(0.04	)	—		(0.01	)	(0.01	)
Proceeds from regulatory settlements	—		—		—		0.01		—		0.01
Net asset value, end of period	$9.07		$8.94		$8.40		$6.78		$6.40		$6.55
Total return	1.45	%	6.43	%	24.52	%	5.94	%(b)	(2.14	%)	14.86	%(c)
Ratios to average net assets(d)
Total gross expenses	2.18	%(e)	2.20	%	2.26	%	2.25	%	2.22	%	2.21	%
Total net expenses(f)	2.18	%(e)	2.20	%(g)	2.20	%(g)	2.11	%(g)	2.11	%(g)	2.21	%
Net investment income (loss)	(0.88	%)(e)	(0.36	%)	(0.26	%)	(0.00	)(a)	(0.62	%)	(0.72	%)
Supplemental data
Net assets, end of period (in thousands)	$16,051		$16,682		$17,250		$17,516		$21,560		$10,147
Portfolio turnover	89	%	63	%	46	%	50	%	44	%	54	%

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

(e) Annualized.

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

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

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

16 Semiannual Report 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class I	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.90		$9.26		$7.46		$7.01		$7.11		$6.16
Income from investment operations:
Net investment income	0.01		0.09		0.08		0.09		0.01		0.04
Net realized and unrealized gain (loss)	0.19		0.63		1.85		0.40		(0.08	)	0.95
Total from investment operations	0.20		0.72		1.93		0.49		(0.07	)	0.99
Less distributions to shareholders:
Net investment income	(0.07	)	(0.08	)	(0.13	)	(0.05	)	(0.03	)	(0.05	)
Total distributions to shareholders	(0.07	)	(0.08	)	(0.13	)	(0.05	)	(0.03	)	(0.05	)
Proceeds from regulatory settlements	—		—		—		0.01		—		0.01
Net asset value, end of period	$10.03		$9.90		$9.26		$7.46		$7.01		$7.11
Total return	2.04	%	7.77	%	26.25	%	7.15	%(a)	(0.98	%)	16.32	%(b)
Ratios to average net assets(c)
Total gross expenses	1.01	%(d)	0.98	%	0.98	%	1.02	%	0.93	%	0.91	%
Total net expenses(e)	1.01	%(d)	0.98	%	0.95	%	0.91	%	0.92	%	0.91	%
Net investment income	0.29	%(d)	0.90	%	0.97	%	1.20	%	0.15	%	0.55	%
Supplemental data
Net assets, end of period (in thousands)	$3		$3		$3		$3		$3		$31,015
Portfolio turnover	89	%	63	%	46	%	50	%	44	%	54	%

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 0.09%.

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

(d) Annualized.

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

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

Semiannual Report 2015 17

COLUMBIA SELECT GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class K	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.90		$9.26		$7.46		$7.01		$7.13		$6.18
Income from investment operations:
Net investment income	0.00	(a)	0.06		0.06		0.07		0.02		0.02
Net realized and unrealized gain (loss)	0.18		0.63		1.85		0.40		(0.11	)	0.96
Total from investment operations	0.18		0.69		1.91		0.47		(0.09	)	0.98
Less distributions to shareholders:
Net investment income	(0.04	)	(0.05	)	(0.11	)	(0.03	)	(0.03	)	(0.04	)
Total distributions to shareholders	(0.04	)	(0.05	)	(0.11	)	(0.03	)	(0.03	)	(0.04	)
Proceeds from regulatory settlements	—		—		—		0.01		—		0.01
Net asset value, end of period	$10.04		$9.90		$9.26		$7.46		$7.01		$7.13
Total return	1.87	%	7.49	%	25.87	%	6.87	%(b)	(1.33	%)	16.03	%(c)
Ratios to average net assets(d)
Total gross expenses	1.26	%(e)	1.25	%	1.26	%	1.28	%	1.24	%	1.21	%
Total net expenses(f)	1.26	%(e)	1.25	%	1.24	%	1.21	%	1.17	%	1.21	%
Net investment income	0.04	%(e)	0.60	%	0.67	%	0.90	%	0.32	%	0.27	%
Supplemental data
Net assets, end of period (in thousands)	$6,529		$6,712		$6,601		$5,032		$4,627		$7,016
Portfolio turnover	89	%	63	%	46	%	50	%	44	%	54	%

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

(e) Annualized.

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

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

18 Semiannual Report 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class R	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.84		$9.20		$7.44		$7.00		$7.14		$6.14
Income from investment operations:
Net investment income (loss)	(0.18	)	0.01		0.02		0.03		(0.00	)(a)	(0.02	)
Net realized and unrealized gain (loss)	0.34		0.64		1.84		0.41		(0.12	)	1.01
Total from investment operations	0.16		0.65		1.86		0.44		(0.12	)	0.99
Less distributions to shareholders:
Net investment income	(0.00	)(a)	(0.01	)	(0.10	)	(0.01	)	(0.02	)	—
Total distributions to shareholders	(0.00	)(a)	(0.01	)	(0.10	)	(0.01	)	(0.02	)	—
Proceeds from regulatory settlements	—		—		—		0.01		—		0.01
Net asset value, end of period	$10.00		$9.84		$9.20		$7.44		$7.00		$7.14
Total return	1.63	%	7.10	%	25.19	%	6.37	%(b)	(1.70	%)	16.29	%(c)
Ratios to average net assets(d)
Total gross expenses	1.68	%(e)	1.70	%	1.77	%	1.76	%	1.72	%	1.71	%
Total net expenses(f)	1.68	%(e)	1.70	%(g)	1.70	%(g)	1.61	%(g)	1.61	%(g)	1.71	%
Net investment income (loss)	(0.36	%)(e)	0.12	%	0.20	%	0.48	%	(0.01	%)	(0.24	%)
Supplemental data
Net assets, end of period (in thousands)	$141		$123		$142		$63		$70		$41
Portfolio turnover	89	%	63	%	46	%	50	%	44	%	54	%

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

(e) Annualized.

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

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

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

Semiannual Report 2015 19

COLUMBIA SELECT GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class R5	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.90		$9.25		$7.46		$7.01		$7.12		$6.16
Income from investment operations:
Net investment income	0.02		0.09		0.08		0.08		0.02		0.03
Net realized and unrealized gain (loss)	0.18		0.63		1.84		0.41		(0.10	)	0.97
				��
Total from investment operations	0.20		0.72		1.92		0.49		(0.08	)	1.00
Less distributions to shareholders:
Net investment income	(0.07	)	(0.07	)	(0.13	)	(0.05	)	(0.03	)	(0.05	)
Total distributions to shareholders	(0.07	)	(0.07	)	(0.13	)	(0.05	)	(0.03	)	(0.05	)
Proceeds from regulatory settlements	—		—		—		0.01		—		0.01
Net asset value, end of period	$10.03		$9.90		$9.25		$7.46		$7.01		$7.12
Total return	2.02	%	7.83	%	26.06	%	7.15	%(a)	(1.13	%)	16.44	%(b)
Ratios to average net assets(c)
Total gross expenses	1.02	%(d)	1.00	%	1.03	%	1.07	%	0.94	%	0.96	%
Total net expenses(e)	1.02	%(d)	1.00	%	1.00	%	0.96	%	0.92	%	0.96	%
Net investment income	0.36	%(d)	0.96	%	0.92	%	1.15	%	0.32	%	0.50	%
Supplemental data
Net assets, end of period (in thousands)	$148		$3		$3		$3		$3		$19
Portfolio turnover	89	%	63	%	46	%	50	%	44	%	54	%

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 0.09%.

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

(d) Annualized.

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

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

20 Semiannual Report 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class W	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$9.86		$9.22		$7.44		$6.97		$7.10		$6.16
Income from investment operations:
Net investment income (loss)	(0.01	)	0.04		0.04		0.05		0.02		0.01
Net realized and unrealized gain (loss)	0.18		0.63		1.84		0.41		(0.13	)	0.95
Total from investment operations	0.17		0.67		1.88		0.46		(0.11	)	0.96
Less distributions to shareholders:
Net investment income	(0.02	)	(0.03	)	(0.10	)	(0.00	)(a)	(0.02	)	(0.03	)
Total distributions to shareholders	(0.02	)	(0.03	)	(0.10	)	(0.00	)(a)	(0.02	)	(0.03	)
Proceeds from regulatory settlements	—		—		—		0.01		—		0.01
Net asset value, end of period	$10.01		$9.86		$9.22		$7.44		$6.97		$7.10
Total return	1.76	%	7.32	%	25.51	%	6.76	%(b)	(1.52	%)	15.80	%(c)
Ratios to average net assets(d)
Total gross expenses	1.43	%(e)	1.49	%	1.54	%	1.59	%	1.48	%	1.38	%
Total net expenses(f)	1.43	%(e)	1.47	%(g)	1.45	%(g)	1.36	%(g)	1.37	%(g)	1.38	%
Net investment income (loss)	(0.13	%)(e)	0.41	%	0.47	%	0.75	%	0.21	%	0.08	%
Supplemental data
Net assets, end of period (in thousands)	$3		$3		$3		$3		$3		$5
Portfolio turnover	89	%	63	%	46	%	50	%	44	%	54	%

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

(e) Annualized.

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

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

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

Semiannual Report 2015 21

COLUMBIA SELECT GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class Z	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$9.87		$9.23		$7.45		$7.00		$7.12		$6.85
Income from investment operations:
Net investment income (loss)	0.01		0.06		0.06		0.07		0.02		(0.01	)
Net realized and unrealized gain (loss)	0.18		0.63		1.84		0.41		(0.11	)	0.28
Total from investment operations	0.19		0.69		1.90		0.48		(0.09	)	0.27
Less distributions to shareholders:
Net investment income	(0.05	)	(0.05	)	(0.12	)	(0.04	)	(0.03	)	—
Total distributions to shareholders	(0.05	)	(0.05	)	(0.12	)	(0.04	)	(0.03	)	—
Proceeds from regulatory settlements	—		—		—		0.01		—		—
Net asset value, end of period	$10.01		$9.87		$9.23		$7.45		$7.00		$7.12
Total return	1.91	%	7.55	%	25.74	%	7.03	%(b)	(1.29	%)	3.94	%
Ratios to average net assets(c)
Total gross expenses	1.18	%(d)	1.21	%	1.26	%	1.25	%	1.23	%	1.37	%(d)
Total net expenses(e)	1.18	%(d)	1.21	%(f)	1.20	%(f)	1.11	%(f)	1.11	%(g)	1.37	%(d)
Net investment income (loss)	0.10	%(d)	0.62	%	0.72	%	1.00	%	0.24	%	(1.52	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$2,626		$3,360		$2,760		$2,387		$3,004		$3
Portfolio turnover	89	%	63	%	46	%	50	%	44	%	54	%

Notes to Financial Highlights

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

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

(d) Annualized.

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

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

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

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

22 Semiannual Report 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

April 30, 2015 (Unaudited)

Note 1. Organization

Columbia Select Global Equity Fund (formerly known as 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. Effective January 15, 2015, Columbia Global Equity Fund was renamed Columbia Select Global Equity Fund.

Fund Shares

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

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

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

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

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

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

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

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

Semiannual Report 2015 23

COLUMBIA SELECT GLOBAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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

Investments in open-end investment companies, including money market funds, are valued at their 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 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 quoted or published price for the security.

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

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the

NYSE. 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.

24 Semiannual Report 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

Federal Income Tax Status

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

Foreign Taxes

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

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.

Distributions to Shareholders

Distributions from net investment income, if any, are declared 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, 2015 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, to serve as the subadviser to 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, 2015 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, 2015, other expenses paid by the Fund to this company were $926.

Semiannual Report 2015 25

COLUMBIA SELECT GLOBAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agency fees. Total transfer 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, 2015, 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	0.22	%
Class B	0.22
Class C	0.22
Class K	0.05
Class R	0.22
Class R5	0.05
Class W	0.22
Class Z	0.22

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, 2015, the Fund’s total potential future obligation over the life of the Guaranty is $11,221. The liability remaining at April 30, 2015 for non-recurring charges associated with the lease amounted to 6,599 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 remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended April 30, 2015, 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

26 Semiannual Report 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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 $732,000 and $1,326,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of March 31, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $72,725 for Class A, $550 for Class B and $478 for Class C shares for the six months ended April 30, 2015.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund’s expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective March 1, 2015			Contractual Expense Cap Prior to March 1, 2015
Class A		1.49	%		1.50	%
Class B		2.24			2.25
Class C		2.24			2.25
Class I		1.08			1.05
Class K		1.38			1.35
Class R		1.74			1.75
Class R5		1.13			1.10
Class W		1.49			1.50
Class Z		1.24			1.25

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At April 30, 2015, the cost of investments for federal income tax purposes was approximately $345,491,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$30,139,000
Unrealized depreciation	(4,491,000	)
Net unrealized appreciation	$25,648,000

The following capital loss carryforwards, determined as of October 31, 2014, 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		1,476,532
2017		53,446,454
2019		7,043,255
Total		61,966,241

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations,

Semiannual Report 2015 27

COLUMBIA SELECT GLOBAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $329,577,948 and $345,742,418, respectively, for the six months ended April 30, 2015. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

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

Note 7. Shareholder Concentration

At April 30, 2015, affiliated shareholders of record owned 76.9% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $550 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to the

December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended April 30, 2015.

Note 9. Significant Risks

Health Care 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 health care sector than if it were invested in a wider variety of companies in unrelated sectors.

Foreign Securities and Emerging Market Countries Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the various conditions, events or other factors impacting those countries and may, therefore, have a greater risk than that of a fund which is more geographically diversified.

Note 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.

28 Semiannual Report 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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 quarterly (10-Q), annual (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 2015 29

COLUMBIA SELECT 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 Select 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), affiliate of Columbia Management, the Subadviser has provided portfolio management and related services for the Fund.

The Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considered the renewal of the IMS Agreement and the Subadvisory Agreement (together, the Advisory Agreements) for a two-month period (Short-Term Period) in order to align the Advisory Agreements with the review cycle of other funds in the Columbia family of funds. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2015, 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. 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 13-15, 2015 in-person Board meeting (the April Meeting), considered the renewal of the Advisory Agreements for the Short-Term Period. 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 for the Short-Term Period.

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. 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 as well as the contemplated enhancements to the team and its resources. 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. 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 for the Short-Term Period.

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 services being performed by Columbia Management and its affiliates were acceptable for the Short-Term Period.

30 Semiannual Report 2015

COLUMBIA SELECT GLOBAL EQUITY FUND

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AND SUBADVISORY AGREEMENTS (continued)

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 for the Short-Term Period. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement for the Short-Term Period. 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. 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 acceptable for purposes of renewal for the Short-Term Period.

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. 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. The Board observed that for purposes of approving the Advisory Agreements for the Short-Term Period, the Fund’s performance was acceptable.

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).

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.

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. 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. For purposes of approving the Advisory Agreements for the Short-Term Period, the Board concluded that the investment management service and subadvisory fees were fair and reasonable, observing that the profitability levels also seemed reasonable.

Semiannual Report 2015 31

COLUMBIA SELECT GLOBAL EQUITY FUND

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AND SUBADVISORY AGREEMENTS (continued)

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.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that, for purposes of its consideration of the renewal of the Advisory Agreements for the Short-Term Period, 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. The Board noted its understanding that it would undertake the full consideration of renewal of the Advisory Agreements for the full annual period at its June 2015 meetings. On April 15, 2015, the Board, including all of the Independent Trustees, approved the renewal of the Advisory Agreements for the Short-Term Period.

32 Semiannual Report 2015

COLUMBIA SELECT 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 columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

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

Semiannual Report 2015 33

Columbia Select Global Equity Fund

P.O. Box 8081

Boston, MA 02266-8081

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2015 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR155_10_E01_(06/15)

SEMIANNUAL REPORT

April 30, 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 12th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.***

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

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

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

* In U.S. dollars as of March 31, 2015. Source: Ameriprise Q1 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies.

Contact us for more current data.

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

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

PRESIDENT’S MESSAGE

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the “About Us” tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

n Fund and strategy names

n Established investment teams, philosophies and processes

n Account services, features, servicing phone numbers and mailing addresses

n Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children’s education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

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

* Source: Ameriprise as of December 1, 2014

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

TABLE OF CONTENTS

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund’s Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	17
Notes to Financial Statements	23
Approval of Investment Management Services and Subadvisory Agreements	30
Important Information About This Report	33

Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Asia Pacific ex-Japan Fund (the Fund) Class A shares returned 6.94% excluding sales charges for the six-month period that ended April 30, 2015.

n The Fund outperformed its benchmark, the MSCI All Country (AC) Asia Pacific ex-Japan Index (Net), which returned 6.79% for the same six months.

Average Annual Total Returns (%) (for period ended April 30, 2015)
	Inception	6 Months Cumulative		1 Year		5 Years		Life
Class A*	09/27/10
Excluding sales charges			6.94		13.32		6.68		9.75
Including sales charges			0.79		6.80		5.42		8.63
Class C*	09/27/10
Excluding sales charges			6.55		12.50		5.84		8.89
Including sales charges			5.55		11.50		5.84		8.89
Class I*	09/27/10		7.30		13.99		7.13		10.20
Class R*	09/27/10		6.85		13.02		6.35		9.42
Class R5	07/15/09		7.19		13.78		7.07		10.15
Class Z*	09/27/10		7.11		13.64		6.90		9.98
MSCI AC Asia Pacific ex-Japan Index (Net)			6.79		11.39		6.75		11.23

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 columbiathreadneedle.com/us or calling 800.345.6611.

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

The 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.

Semiannual Report 2015 3

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

PORTFOLIO OVERVIEW

(Unaudited)

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.

© 2015 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Top Ten Holdings (%) (at April 30, 2015)
Tencent Holdings Ltd. (China)	3.4
Samsung Electronics Co., Ltd. (South Korea)	3.3
AIA Group Ltd. (Hong Kong)	3.1
China Mobile Ltd. (China)	2.9
Westpac Banking Corp. (Australia)	2.5
Ping An Insurance Group Co. of China Ltd., Class H (China)	2.2
Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	2.1
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)	2.0
China Construction Bank Corp., Class H (China)	1.8
CK Hutchison Holdings Ltd. (Hong Kong)	1.7

Percentages indicated are based upon total investments (excluding Money Market Funds and short term cash equivalents).

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, 2015)
Common Stocks	98.4
Consumer Discretionary	8.0
Consumer Staples	3.5
Energy	3.1
Financials	37.4
Health Care	4.5
Industrials	6.4
Information Technology	21.4
Materials	5.6
Telecommunication Services	6.3
Utilities	2.2
Money Market Funds	1.6
Total	100.0

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

4 Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

PORTFOLIO OVERVIEW (continued)

(Unaudited)

Country Breakdown (%) (at April 30, 2015)
Australia	18.9
China	26.4
Hong Kong	10.7
India	7.1
Indonesia	3.2
Luxembourg	0.3
Malaysia	1.3
Philippines	2.6
Singapore	2.6
South Korea	11.1
Taiwan	12.2
Thailand	2.0
United States(a)	1.6
Total	100.0

Country Breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

Semiannual Report 2015 5

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, 2014 – April 30, 2015

	Account Value at the Beginning of the Period ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,069.40	1,018.15		6.88	6.71		1.34
Class C		1,000.00	1,000.00		1,065.50	1,014.33		10.81	10.54		2.11
Class I		1,000.00	1,000.00		1,073.00	1,020.78		4.16	4.06		0.81
Class R		1,000.00	1,000.00		1,068.50	1,016.81		8.26	8.05		1.61
Class R5		1,000.00	1,000.00		1,071.90	1,020.23		4.73	4.61		0.92
Class Z		1,000.00	1,000.00		1,071.10	1,019.34		5.65	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 its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.

6 Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

PORTFOLIO OF INVESTMENTS

April 30, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 97.6%
Issuer	Shares		Value ($)
AUSTRALIA 18.8%
Amcor Ltd.		1,647,609		17,540,604
Ansell Ltd.		392,343		8,074,489
Australia and New Zealand Banking Group Ltd.		905,653		24,233,344
BHP Billiton Ltd.		834,043		21,298,440
Commonwealth Bank of Australia		371,224		25,984,557
CSL Ltd.		285,914		20,495,266
Healthscope Ltd.		5,735,243		12,853,053
James Hardie Industries PLC		932,474		10,710,034
Lend Lease Group		1,211,178		15,303,571
Macquarie Group Ltd.		17,006		1,042,000
Macquarie Group Ltd.		313,655		19,218,428
National Australia Bank Ltd.		178,339		5,163,874
QBE Insurance Group Ltd.		1,455,889		15,702,855
Rio Tinto Ltd.		348,335		15,702,005
Spotless Group Holdings Ltd.		7,250,999		13,029,544
Suncorp Group Ltd.		914,106		9,453,111
Telstra Corp., Ltd.		2,584,432		12,704,306
Westpac Banking Corp.		1,339,764		38,492,324
Woodside Petroleum Ltd.		272,089		7,503,458
Woolworths Ltd.		176,837		4,105,738
Total				298,611,001
CHINA 26.1%
Alibaba Group Holding Ltd., ADR(a)		53,858		4,378,117
Baidu, Inc., ADR(a)		66,138		13,246,119
Bank of China Ltd., Class H		31,667,000		21,698,339
Bitauto Holdings Ltd., ADR(a)		40,130		2,386,932
China Construction Bank Corp., Class H		28,317,380		27,488,664
China Gas Holdings Ltd.		3,948,000		6,975,509
China Mengniu Dairy Co., Ltd.		1,388,000		7,029,050
China Mobile Ltd.		3,102,000		44,306,753
China Overseas Land & Investment Ltd.		5,482,000		22,834,627
China Petroleum & Chemical Corp., Class H		15,014,000		14,169,709
China Unicom Hong Kong Ltd.		4,156,000		7,805,507
Chongqing Changan Automobile Co., Ltd., Class B		1,279,430		4,197,997
CNOOC Ltd.		6,317,000		10,771,826
CSPC Pharmaceutical Group Ltd.		1,626,000		1,690,920
Great Wall Motor Co., Ltd., Class H		1,526,500		11,582,442
Guangdong Investment Ltd.		6,360,000		9,483,805
Haier Electronics Group Co., Ltd.		2,690,000		7,738,131

Common Stocks (continued)
Issuer	Shares		Value ($)
Haitong Securities Co., Ltd., Class H		4,556,400		14,881,638
Industrial & Commercial Bank of China Ltd., Class H		26,608,000		23,081,399
Lenovo Group Ltd.		7,098,000		12,205,508
Luye Pharma Group Ltd.(a)		1,985,000		2,544,975
PetroChina Co., Ltd., Class H		6,674,000		8,607,886
Ping An Insurance Group Co. of China Ltd., Class H		2,409,000		34,451,694
Sihuan Pharmaceutical Holdings Group Ltd.(b)(c)		3,563,000		1,926,182
Sinotrans Ltd., Class H		14,460,000		11,066,449
Sunny Optical Technology Group Co., Ltd.		2,657,000		5,912,645
Tencent Holdings Ltd.		2,568,300		53,006,837
Vipshop Holdings Ltd., ADS(a)		419,003		11,853,595
Zhuzhou CSR Times Electric Co., Ltd., Class H		2,130,500		18,115,843
Total				415,439,098
HONG KONG 10.6%
AIA Group Ltd.		7,307,600		48,599,050
BOC Hong Kong Holdings Ltd.		3,312,000		12,846,316
CK Hutchison Holdings Ltd.		1,231,000		26,703,078
Hong Kong Exchanges and Clearing Ltd.		695,400		26,508,832
Hutchison Whampoa Ltd.		1,733,000		25,534,781
Li & Fung Ltd.		6,572,000		6,693,377
Orient Overseas International Ltd.		618,000		3,792,965
Samsonite International SA		3,448,200		12,576,166
Sands China Ltd.		1,263,600		5,150,927
Total				168,405,492
INDIA 7.1%
Dabur India Ltd.		1,903,307		7,536,163
HDFC Bank Ltd.		1,059,033		16,496,075
ICICI Bank Ltd.		2,382,527		12,447,144
ICICI Bank Ltd., ADR		362,160		3,958,409
Infosys Ltd., ADR		363,176		11,251,192
ITC Ltd.		1,051,702		5,337,576
Larsen & Toubro Ltd.		391,182		10,019,405
Maruti Suzuki India Ltd.		162,245		9,508,178
Motherson Sumi Systems Ltd.		1,241,675		9,828,314
Oil & Natural Gas Corp., Ltd.		1,589,842		7,593,990
Sun Pharmaceutical Industries Ltd.		965,987		14,257,657
Tata Consultancy Services Ltd.		105,377		4,087,496
Total				112,321,599

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

Semiannual Report 2015 7

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Common Stocks (continued)
Issuer	Shares		Value ($)
INDONESIA 3.1%
PT Bank Mandiri Persero Tbk		13,110,816		10,784,187
PT Bank Rakyat Indonesia Persero Tbk		17,876,600		15,960,229
PT Matahari Department Store Tbk		7,400,500		9,953,003
PT Mitra Keluarga Karyasehat Tbk(a)		1,450,700		2,730,729
PT Surya Citra Media Tbk		20,953,962		4,671,876
PT Telekomunikasi Tbk		29,191,200		5,870,972
Total				49,970,996
LUXEMBOURG 0.3%
L’Occitane International SA		1,712,000		5,047,281
MALAYSIA 1.3%
IHH Healthcare Bhd		3,805,000		6,324,751
IJM Corp., BHD		4,346,000		8,949,234
Telekom Malaysia Bhd		2,418,800		5,022,557
Total				20,296,542
PHILIPPINES 2.6%
Ayala Corp.		465,202		8,134,663
GT Capital Holdings, Inc.		324,835		9,152,535
Metropolitan Bank & Trust Co.		5,656,294		11,791,119
Universal Robina Corp.		2,518,140		12,279,950
Total				41,358,267
SINGAPORE 2.6%
DBS Group Holdings Ltd.		1,634,200		25,968,058
Oversea-Chinese Banking Corp., Ltd.		1,901,715		15,314,273
Total				41,282,331
SOUTH KOREA 11.0%
Halla Climate Control Corp.		60,106		2,255,030
Hana Financial Group, Inc.		224,303		6,602,556
Hyundai Development Co.		191,505		10,193,818
Hyundai Motor Co.		89,351		14,022,844
Korea Electric Power Corp.		403,804		17,558,988
LG Chem Ltd.		25,620		6,471,826
LG Display Co., Ltd.		223,087		6,177,972
NAVER Corp.		6,726		4,067,066
POSCO		30,474		7,178,565
Samsung Electronics Co., Ltd.		39,035		51,208,216
Samsung Life Insurance Co., Ltd.		66,474		6,501,977
SK Hynix, Inc.		574,739		24,590,259
SK Telecom Co., Ltd.		42,276		11,328,825
Wonik IPS Co., Ltd.(a)		646,763		7,238,149
Total				175,396,091

Common Stocks (continued)
Issuer	Shares		Value ($)
TAIWAN 12.1%
Advanced Semiconductor Engineering, Inc.		11,511,000		16,324,034
Catcher Technology Co., Ltd.		786,000		9,197,651
CTBC Financial Holding Co., Ltd.		9,120,908		7,099,473
E.Sun Financial Holding Co., Ltd.		19,584,714		13,410,289
Far EasTone Telecommunications Co., Ltd.		4,880,000		11,635,157
Hon Hai Precision Industry Co., Ltd.		3,303,320		9,898,226
Largan Precision Co., Ltd.		120,000		12,024,728
Makalot Industrial Co., Ltd.		1,410,181		11,027,336
MediaTek, Inc.		1,251,000		16,080,591
Pegatron Corp.		4,124,000		12,217,154
President Chain Store Corp.		1,445,000		10,693,249
Taiwan Semiconductor Manufacturing Co., Ltd.		6,336,000		30,503,231
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,307,035		31,943,935
Total				192,055,054
THAILAND 2.0%
Kasikornbank PCL, Foreign Registered Shares		142,900		907,219
Kasikornbank PCL, Foreign Registered Shares, NVDR		1,360,048		8,629,891
Siam Cement PCL, NVDR		573,200		9,326,312
Supalai Public Co., Ltd.		8,118,200		4,904,297
Thai Union Frozen Products PCL, Foreign Registered Shares		12,884,500		7,972,790
Total				31,740,509
Total Common Stocks
(Cost: $1,331,155,360)				1,551,924,261
Money Market Funds 1.6%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.111%(d)(e)		25,373,652		25,373,652
Total Money Market Funds
(Cost: $25,373,652)				25,373,652
Total Investments
(Cost: $1,356,529,012)				1,577,297,913
Other Assets & Liabilities, Net				12,548,785
Net Assets				1,589,846,698

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

8 Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Notes to Portfolio of Investments

(a) Non-income producing.

(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At April 30, 2015, the value of these securities amounted to $1,926,182, which represents 0.12% of net assets.

(c) Identifies securities considered by the Investment Manager to be illiquid as to their marketability. The aggregate value of such securities at April 30, 2015 was $1,926,182, which represents 0.12% of net assets. Information concerning such security holdings at April 30, 2015 is as follows:

Security Description	Acquisition Dates		Cost ($)
Sihuan Pharmaceutical Holdings Group Ltd.		03/17/2014 - 03/06/2015		97,386

(d) The rate shown is the seven-day current annualized yield at April 30, 2015.

(e) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended April 30, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		23,713,013		380,654,231		(378,993,592	)		25,373,652		18,205		25,373,652

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:

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

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

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

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

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

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

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

Semiannual Report 2015 9

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Fair Value Measurements (continued)

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for 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, 2015:

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		11,853,595		114,252,902		—		126,106,497
Consumer Staples		—		54,954,516		—		54,954,516
Energy		—		48,646,869		—		48,646,869
Financials		3,958,409		587,791,685		—		591,750,094
Health Care		—		68,971,840		1,926,182		70,898,022
Industrials		—		100,702,039		—		100,702,039
Information Technology		63,206,296		274,739,763		—		337,946,059
Materials		—		88,227,786		—		88,227,786
Telecommunication Services		—		98,674,077		—		98,674,077
Utilities		—		34,018,302		—		34,018,302
Total Equity Securities		79,018,300		1,470,979,779		1,926,182		1,551,924,261
Mutual Funds
Money Market Funds		25,373,652		—		—		25,373,652
Total Mutual Funds		25,373,652		—		—		25,373,652
Total		104,391,952		1,470,979,779		1,926,182		1,577,297,913

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

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

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

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain common stock classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the halt price of the security, discount rates observed in the market for similar assets as well as the movement in certain foreign or domestic market indices. Significant increases (decreases) to any of

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

10 Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Fair Value Measurements (continued)

these inputs would result in a significantly lower (higher) fair value measurement. Generally, a change in observable yields on comparable securities would result in a directionally similar change to discount rates.

Financial assets were transferred from Level 2 to Level 3 due to unavailable market quotes. As a result, as of period end, management determined to fair value the securities under procedures established by and under the general supervision of the Board of Trustees.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

Transfers In		Transfers Out
Level 2 ($)	Level 3 ($)	Level 2 ($)	Level 3 ($)
5,250,117	2,719,693	2,719,693	5,250,117

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 2015 11

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $1,331,155,360)	$1,551,924,261
Affiliated issuers (identified cost $25,373,652)	25,373,652
Total investments (identified cost $1,356,529,012)	1,577,297,913
Foreign currency (identified cost $6,702,830)	6,728,897
Receivable for:
Investments sold	8,953,014
Capital shares sold	3,459,494
Dividends	1,047,034
Reclaims	27,673
Prepaid expenses	1,069
Other assets	24,461
Total assets	1,597,539,555
Liabilities
Payable for:
Investments purchased	6,000,020
Capital shares purchased	1,052,595
Foreign capital gains taxes deferred	69,163
Investment management fees	32,409
Distribution and/or service fees	23
Transfer agent fees	447,328
Administration fees	3,290
Compensation of board members	29,310
Other expenses	58,719
Total liabilities	7,692,857
Net assets applicable to outstanding capital stock	$1,589,846,698
Represented by
Paid-in capital	$1,393,129,186
Undistributed net investment income	2,086,187
Accumulated net realized loss	(26,096,708	)
Unrealized appreciation (depreciation) on:
Investments	220,768,901
Foreign currency translations	28,295
Foreign capital gains tax	(69,163	)
Total — representing net assets applicable to outstanding capital stock	$1,589,846,698

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

12 Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

April 30, 2015 (Unaudited)

Class A
Net assets	$946,101
Shares outstanding	61,261
Net asset value per share	$15.44
Maximum offering price per share(a)	$16.38
Class C
Net assets	$352,585
Shares outstanding	23,074
Net asset value per share	$15.28
Class I
Net assets	$2,908
Shares outstanding	188
Net asset value per share(b)	$15.50
Class R
Net assets	$345,791
Shares outstanding	22,543
Net asset value per share	$15.34
Class R5
Net assets	$1,587,403,167
Shares outstanding	102,389,687
Net asset value per share	$15.50
Class Z
Net assets	$796,146
Shares outstanding	51,469
Net asset value per share	$15.47

(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 2015 13

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2015 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$10,153,521
Dividends — affiliated issuers	18,205
Interest	2
Foreign taxes withheld	(605,115	)
Total income	9,566,613
Expenses:
Investment management fees	4,262,196
Distribution and/or service fees
Class A	1,317
Class C	1,577
Class R	805
Transfer agent fees
Class A	1,197
Class C	376
Class R	386
Class R5	282,434
Class Z	597
Administration fees	432,096
Compensation of board members	10,640
Custodian fees	125,177
Printing and postage fees	8,753
Registration fees	35,476
Professional fees	19,967
Other	15,684
Total expenses	5,198,678
Net investment income	4,367,935
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	8,354,344
Foreign currency translations	(587,793	)
Net realized gain	7,766,551
Net change in unrealized appreciation (depreciation) on:
Investments	91,612,647
Foreign currency translations	31,227
Foreign capital gains tax	424,718
Net change in unrealized appreciation	92,068,592
Net realized and unrealized gain	99,835,143
Net increase in net assets resulting from operations	$104,203,078

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

14 Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations
Net investment income		$4,367,935			$11,533,859
Net realized gain		7,766,551			8,821,526
Net change in unrealized appreciation		92,068,592			31,797,699
Net increase in net assets resulting from operations		104,203,078			52,153,084
Distributions to shareholders
Net investment income
Class A		(5,410	)		(5,071	)
Class C		(599	)		(384	)
Class I		(39	)		(34	)
Class R		(2,093	)		(2,373	)
Class R5		(11,863,536	)		(8,510,619	)
Class Z		(3,600	)		(3,205	)
Total distributions to shareholders		(11,875,277	)		(8,521,686	)
Increase in net assets from capital stock activity		596,869,452			219,505,386
Total increase in net assets		689,197,253			263,136,784
Net assets at beginning of period		900,649,445			637,512,661
Net assets at end of period		$1,589,846,698			$900,649,445
Undistributed net investment income		$2,086,187			$9,593,529

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

Semiannual Report 2015 15

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions		71,581			1,017,041			137,687			1,984,196
Distributions reinvested		392			5,410			382			5,047
Redemptions		(47,604	)		(714,181	)		(146,177	)		(2,142,438	)
Net increase (decrease)		24,369			308,270			(8,108	)		(153,195	)
Class C shares
Subscriptions		1,500			21,994			6,114			86,663
Distributions reinvested		44			599			29			380
Redemptions		(141	)		(2,010	)		(773	)		(10,386	)
Net increase		1,403			20,583			5,370			76,657
Class R shares
Subscriptions		1,407			20,372			7,395			104,375
Distributions reinvested		151			2,075			179			2,356
Redemptions		(3,333	)		(46,476	)		(8,285	)		(111,459	)
Net decrease		(1,775	)		(24,029	)		(711	)		(4,728	)
Class R5 shares
Subscriptions		46,191,838			671,190,994			31,732,684			441,114,659
Distributions reinvested		31,751			438,795			29,761			394,333
Redemptions		(5,159,610	)		(75,473,313	)		(16,516,562	)		(221,956,792	)
Net increase		41,063,979			596,156,476			15,245,883			219,552,200
Class Z shares
Subscriptions		37,367			537,783			12,684			186,675
Distributions reinvested		259			3,568			240			3,176
Redemptions		(9,168	)		(133,199	)		(10,527	)		(155,399	)
Net increase		28,458			408,152			2,397			34,452
Total net increase		41,116,434			596,869,452			15,244,831			219,505,386

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

16 Semiannual Report 2015

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. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class  A	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$14.58		$13.73		$12.35		$12.49		$13.79		$13.32
Income from investment operations:
Net investment income (loss)	0.02		0.27		0.08		0.15		0.15		(0.01	)
Net realized and unrealized gain (loss)	0.98		0.70		1.54		0.41		(1.36	)	0.48
Total from investment operations	1.00		0.97		1.62		0.56		(1.21	)	0.47
Less distributions to shareholders:
Net investment income	(0.14	)	(0.12	)	(0.24	)	(0.14	)	(0.07	)	—
Net realized gains	—		—		—		(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.14	)	(0.12	)	(0.24	)	(0.70	)	(0.09	)	—
Net asset value, end of period	$15.44		$14.58		$13.73		$12.35		$12.49		$13.79
Total return	6.94	%	7.18	%	13.26	%	5.23	%	(8.82	%)	3.53	%
Ratios to average net assets(b)
Total gross expenses	1.34	%(c)	1.34	%(d)	1.37	%(d)	1.42	%(d)	1.45	%(d)	1.50	%(c)
Total net expenses(e)	1.34	%(c)	1.34	%(d)	1.37	%(d)	1.42	%(d)	1.45	%(d)(f)	1.50	%(c)
Net investment income (loss)	0.28	%(c)	1.88	%	0.60	%	1.25	%	1.12	%	(0.95	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$946		$538		$618		$452		$642		$78
Portfolio turnover	10	%	39	%	34	%	50	%	63	%	21	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

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

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

Semiannual Report 2015 17

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class C	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$14.37		$13.52		$12.20		$12.38		$13.78		$13.32
Income from investment operations:
Net investment income (loss)	(0.04	)	0.09		0.04		0.03		0.06		(0.02	)
Net realized and unrealized gain (loss)	0.98		0.78		1.46		0.42		(1.38	)	0.48
Total from investment operations	0.94		0.87		1.50		0.45		(1.32	)	0.46
Less distributions to shareholders:
Net investment income	(0.03	)	(0.02	)	(0.18	)	(0.07	)	(0.06	)	—
Net realized gains	—		—		—		(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.03	)	(0.02	)	(0.18	)	(0.63	)	(0.08	)	—
Net asset value, end of period	$15.28		$14.37		$13.52		$12.20		$12.38		$13.78
Total return	6.55	%	6.48	%	12.33	%	4.33	%	(9.62	%)	3.45	%
Ratios to average net assets(b)
Total gross expenses	2.11	%(c)	2.11	%(d)	2.13	%(d)	2.16	%(d)	2.19	%(d)	2.22	%(c)
Total net expenses(e)	2.11	%(c)	2.11	%(d)	2.13	%(d)	2.16	%(d)	2.19	%(d)(f)	2.22	%(c)
Net investment income (loss)	(0.50	%)(c)	0.67	%	0.31	%	0.25	%	0.44	%	(1.93	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$353		$311		$220		$70		$45		$3
Portfolio turnover	10	%	39	%	34	%	50	%	63	%	21	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

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

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

18 Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class I	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$14.66		$13.80		$12.38		$12.54		$13.79		$13.32
Income from investment operations:
Net investment income (loss)	0.06		0.26		0.19		0.20		0.18		(0.01	)
Net realized and unrealized gain (loss)	0.99		0.78		1.49		0.38		(1.33	)	0.48
Total from investment operations	1.05		1.04		1.68		0.58		(1.15	)	0.47
Less distributions to shareholders:
Net investment income	(0.21	)	(0.18	)	(0.26	)	(0.18	)	(0.08	)	—
Net realized gains	—		—		—		(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.21	)	(0.18	)	(0.26	)	(0.74	)	(0.10	)	—
Net asset value, end of period	$15.50		$14.66		$13.80		$12.38		$12.54		$13.79
Total return	7.30	%	7.69	%	13.73	%	5.48	%	(8.40	%)	3.53	%
Ratios to average net assets(b)
Total gross expenses	0.81	%(c)	0.87	%(d)	0.94	%(d)	0.97	%(d)	0.99	%(d)	1.08	%(c)
Total net expenses(e)	0.81	%(c)	0.87	%(d)	0.94	%(d)	0.97	%(d)	0.99	%(d)	1.08	%(c)
Net investment income (loss)	0.78	%(c)	1.89	%	1.49	%	1.70	%	1.31	%	(0.78	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$3		$3		$3		$2		$2		$3
Portfolio turnover	10	%	39	%	34	%	50	%	63	%	21	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

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

Semiannual Report 2015 19

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class R	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$14.46		$13.62		$12.27		$12.46		$13.79		$13.32
Income from investment operations:
Net investment income (loss)	(0.00	)(b)	0.15		0.13		0.13		0.16		(0.02	)
Net realized and unrealized gain (loss)	0.98		0.78		1.44		0.37		(1.41	)	0.49
Total from investment operations	0.98		0.93		1.57		0.50		(1.25	)	0.47
Less distributions to shareholders:
Net investment income	(0.10	)	(0.09	)	(0.22	)	(0.13	)	(0.06	)	—
Net realized gains	—		—		—		(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.10	)	(0.09	)	(0.22	)	(0.69	)	(0.08	)	—
Net asset value, end of period	$15.34		$14.46		$13.62		$12.27		$12.46		$13.79
Total return	6.85	%	6.89	%	12.92	%	4.78	%	(9.15	%)	3.53	%
Ratios to average net assets(c)
Total gross expenses	1.61	%(d)	1.61	%(e)	1.63	%(e)	1.63	%(e)	1.70	%(e)	1.73	%(d)
Total net expenses(f)	1.61	%(d)	1.61	%(e)	1.63	%(e)	1.63	%(e)	1.68	%(e)(g)	1.73	%(d)
Net investment income (loss)	(0.01	%)(d)	1.05	%	1.01	%	1.08	%	1.26	%	(1.43	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$346		$352		$341		$175		$32		$3
Portfolio turnover	10	%	39	%	34	%	50	%	63	%	21	%

Notes to Financial Highlights

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

(b) Rounds to zero.

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

(d) Annualized.

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

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

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

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

20 Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class R5	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$14.66		$13.80		$12.38		$12.54		$13.79		$11.42
Income from investment operations:
Net investment income	0.06		0.24		0.20		0.21		0.18		0.13
Net realized and unrealized gain (loss)	0.97		0.79		1.48		0.37		(1.33	)	2.27
Total from investment operations	1.03		1.03		1.68		0.58		(1.15	)	2.40
Less distributions to shareholders:
Net investment income	(0.19	)	(0.17	)	(0.26	)	(0.18	)	(0.08	)	(0.02	)
Net realized gains	—		—		—		(0.56	)	(0.02	)	(0.01	)
Total distributions to shareholders	(0.19	)	(0.17	)	(0.26	)	(0.74	)	(0.10	)	(0.03	)
Net asset value, end of period	$15.50		$14.66		$13.80		$12.38		$12.54		$13.79
Total return	7.19	%	7.63	%	13.66	%	5.44	%	(8.42	%)	21.06	%
Ratios to average net assets(a)
Total gross expenses	0.92	%(b)	0.97	%(c)	0.98	%(c)	1.01	%(c)	0.98	%(c)	1.09	%
Total net expenses(d)	0.92	%(b)	0.97	%(c)	0.98	%(c)	1.01	%(c)	0.98	%(c)	1.09	%
Net investment income	0.77	%(b)	1.73	%	1.51	%	1.76	%	1.31	%	1.09	%
Supplemental data
Net assets, end of period (in thousands)	$1,587,403		$899,110		$636,047		$389,978		$504,370		$512,721
Portfolio turnover	10	%	39	%	34	%	50	%	63	%	21	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

Semiannual Report 2015 21

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class Z	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$14.62		$13.76		$12.36		$12.51		$13.79		$13.32
Income from investment operations:
Net investment income (loss)	0.06		0.24		0.17		0.17		0.19		(0.01	)
Net realized and unrealized gain (loss)	0.96		0.78		1.48		0.40		(1.37	)	0.48
Total from investment operations	1.02		1.02		1.65		0.57		(1.18	)	0.47
Less distributions to shareholders:
Net investment income	(0.17	)	(0.16	)	(0.25	)	(0.16	)	(0.08	)	—
Net realized gains	—		—		—		(0.56	)	(0.02	)	—
Total distributions to shareholders	(0.17	)	(0.16	)	(0.25	)	(0.72	)	(0.10	)	—
Net asset value, end of period	$15.47		$14.62		$13.76		$12.36		$12.51		$13.79
Total return	7.11	%	7.50	%	13.45	%	5.33	%	(8.63	%)	3.53	%
Ratios to average net assets(b)
Total gross expenses	1.10	%(c)	1.11	%(d)	1.13	%(d)	1.15	%(d)	1.24	%(d)	1.23	%(c)
Total net expenses(e)	1.10	%(c)	1.11	%(d)	1.13	%(d)	1.15	%(d)	1.24	%(d)(f)	1.23	%(c)
Net investment income (loss)	0.77	%(c)	1.71	%	1.32	%	1.41	%	1.35	%	(0.93	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$796		$336		$284		$243		$97		$3
Portfolio turnover	10	%	39	%	34	%	50	%	63	%	21	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

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

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

22 Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

NOTES TO FINANCIAL STATEMENTS

April 30, 2015 (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 the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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

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

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

All equity securities 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 traded. If any foreign security 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. Many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees (the Board), including, if available, utilizing a third party pricing service to determine these fair values. The third party pricing

Semiannual Report 2015 23

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Investments in open-end investment companies, including money market funds, are valued at their 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 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 quoted or published price for the security.

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

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the NYSE. 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.

24 Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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.

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, 2015 was 0.75% 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, to serve as the subadviser to 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, 2015 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, 2015, other expenses paid by the Fund to this company were $1,415.

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.

Semiannual Report 2015 25

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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

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

For the six months ended April 30, 2015, the Fund’s annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.23	%
Class C	0.24
Class R	0.24
Class R5	0.05
Class Z	0.24

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 remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended April 30, 2015, 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, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $4,525 for Class A shares for the six months ended April 30, 2015.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund’s expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective March 1, 2015			Contractual Expense Cap Prior to March 1, 2015
Class A		1.69	%		1.73	%
Class C		2.44			2.48
Class I		1.27			1.36
Class R		1.94			1.98
Class R5		1.32			1.41
Class Z		1.44			1.48

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign

26 Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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 and extraordinary expenses. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At April 30, 2015, the cost of investments for federal income tax purposes was approximately $1,356,529,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$250,557,000
Unrealized depreciation	(29,788,000	)
Net unrealized appreciation	$220,769,000

The following capital loss carryforwards, determined as of October 31, 2014, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
No expiration — short-term		25,807,474
No expiration — long-term		6,650,003
Total		32,457,477

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $687,875,105 and $109,518,003, respectively, for the six months ended April 30, 2015. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

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

Note 7. Shareholder Concentration

At April 30, 2015, two unaffiliated shareholders of record owned 99.0% 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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $550 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

Semiannual Report 2015 27

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

The Fund had no borrowings during the six months ended April 30, 2015.

Note 9. Significant Risks

Asia Pacific Region Risk

Because the Fund concentrates its investments in the Asia Pacific region, the Fund may be particularly susceptible to economic, political or regulatory events affecting companies and countries within the Asia Pacific region. Many of the countries in the Asia 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 Asia 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 Asia Pacific region being less liquid than similar U.S. or other foreign securities. Some currencies in the Asia Pacific region are more volatile than the U.S. dollar and some countries in the Asia Pacific region have restricted the flow of money in and out of the country. If securities of companies in the Asia Pacific region fall out of favor, it may cause the Fund to underperform those funds that do not concentrate in this particular region of the world.

Information Technology 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 information technology sector than if it were invested in a wider variety of companies in unrelated sectors.

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 and Emerging Market Countries Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the various conditions, events or other factors impacting those countries and may, therefore, have a greater risk than that of a fund which is more geographically diversified.

Note 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

28 Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the Funds’ Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the 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 2015 29

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.

The Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considered the renewal of the IMS Agreement and the Subadvisory Agreement (together, the Advisory Agreements) for a two-month period (Short-Term Period) in order to align the Advisory Agreements with the review cycle of other funds in the Columbia family of funds. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2015, 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. 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 13-15, 2015 in-person Board meeting (the April Meeting), considered the renewal of the Advisory Agreements for the Short-Term Period. 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 for the Short-Term Period.

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. 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 as well as the contemplated enhancements to the team and its resources. 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. 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 for the Short-Term Period.

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 services being performed by Columbia Management and its affiliates were acceptable for the Short-Term Period.

30 Semiannual Report 2015

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AND SUBADVISORY AGREEMENTS (continued)

With respect to the Subadviser[s], 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 for the Short-Term Period. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreement for the Short-Term Period. 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. 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 acceptable for purposes of renewal for the Short-Term Period.

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. 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. The Board observed that for purposes of approving the Advisory Agreements for the Short-Term Period, the Fund’s performance was acceptable.

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).

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.

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. 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. For purposes of approving the Advisory Agreements for the Short-Term Period, the Board concluded that the investment management service and subadvisory fees were fair and reasonable, observing that the profitability levels also seemed reasonable.

Semiannual Report 2015 31

COLUMBIA ASIA PACIFIC EX-JAPAN FUND

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AND SUBADVISORY AGREEMENTS (continued)

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.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that, for purposes of its consideration of the renewal of the Advisory Agreements for the Short-Term Period, 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. The Board noted its understanding that it would undertake the full consideration of renewal of the Advisory Agreements for the full annual period at its June 2015 meetings. On April 15, 2015, the Board, including all of the Independent Trustees, approved the renewal of the Advisory Agreements for the Short-Term Period.

32 Semiannual Report 2015

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 columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

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

Semiannual Report 2015 33

Columbia Asia Pacific ex-Japan Fund

P.O. Box 8081

Boston, MA 02266-8081

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2015 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR119_10_E01_(06/15)

SEMIANNUAL REPORT

April 30, 2015

COLUMBIA GLOBAL BOND FUND

PRESIDENT’S MESSAGE

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the “About Us” tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

n Fund and strategy names

n Established investment teams, philosophies and processes

n Account services, features, servicing phone numbers and mailing addresses

n Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children’s education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

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

* Source: Ameriprise as of December 1, 2014

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2015

COLUMBIA GLOBAL 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	23
Statement of Operations	25
Statement of Changes in Net Assets	26
Financial Highlights	28
Notes to Financial Statements	37
Approval of Investment Management Services Agreement	51
Important Information About This Report	53

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Global Bond Fund (the Fund) Class A shares returned -0.68% excluding sales charges for the six-month period that ended April 30, 2015.

n The Fund outperformed its benchmark, the Barclays Global Aggregate Index, which returned -1.92% for the six months.

Average Annual Total Returns (%) (for period ended April 30, 2015)
	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	03/20/89
Excluding sales charges			-0.68		-1.77		2.08		3.12
Including sales charges			-5.33		-6.46		1.09		2.61
Class B	03/20/95
Excluding sales charges			-0.88		-2.42		1.35		2.35
Including sales charges			-5.71		-7.18		1.01		2.35
Class C	06/26/00
Excluding sales charges			-0.89		-2.46		1.35		2.35
Including sales charges			-1.86		-3.41		1.35		2.35
Class I	03/04/04		-0.53		-1.47		2.51		3.54
Class K	03/20/95		-0.52		-1.61		2.24		3.32
Class R*	03/15/10		-0.63		-1.88		1.84		2.82
Class W*	12/01/06		-0.68		-1.77		2.04		3.10
Class Y*	11/08/12		-0.38		-1.32		2.32		3.24
Class Z*	09/27/10		-0.42		-1.51		2.36		3.26
Barclays Global Aggregate Index			-1.92		-3.73		2.52		3.59

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

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

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

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

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

2 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OVERVIEW

(Unaudited)

Country Breakdown (%) (at April 30, 2015)
Argentina	0.2
Australia	4.7
Belgium	0.0	(a)
Bermuda	0.7
Brazil	5.6
Canada	0.5
Caymen Islands	0.9
Chile	0.3
Colombia	2.0
Dominican Republic	0.8
El Salvador	0.2
France	0.1
Georgia	0.3
Ghana	0.3
Guatemala	0.4
Hungary	0.7
Indonesia	4.1
Ireland	0.1
Italy	2.7
Kazakhstan	0.2
Lithuania	0.5
Luxembourg	0.2
Malaysia	2.7
Mexico	5.7
Netherlands	0.4
New Zealand	3.2
Panama	0.1
Paraguay	0.1
Peru	0.9
Philippines	0.3
Romania	2.9
Russian Federation	1.4
Serbia	0.2
Spain	2.8
Thailand	0.8
Trinidad and Tobago	0.5
Turkey	2.0
Ukraine	0.2
United Kingdom	3.8
United States(b)	45.4
Venezuela	0.7
Virgin Islands	0.0	(a)
Zambia	0.4
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

Gene Tannuzzo, CFA

Effective May 1, 2015, Zach Pandl no longer serves as a Portfolio Manager of the Fund.

Semiannual Report 2015 3

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OVERVIEW (continued)

(Unaudited)

Quality Breakdown (%) (at April 30, 2015)
AAA rating	12.4
AA rating	8.0
A rating	13.3
BBB rating	43.9
BB rating	9.1
B rating	6.5
CCC rating	1.7
Not rated	5.1
Total	100.0

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

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other country-specific factors as the direction and stance of fiscal policy, balance of payment trends and commodity prices, the level and structure of public debt as well as political stability and commitment to strong macroeconomic policies.

4 Semiannual Report 2015

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, 2014 – April 30, 2015

	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		993.20	1,019.39		5.39	5.46		1.09
Class B		1,000.00	1,000.00		991.20	1,015.67		9.08	9.20		1.84
Class C		1,000.00	1,000.00		991.10	1,015.67		9.08	9.20		1.84
Class I		1,000.00	1,000.00		994.70	1,021.57		3.21	3.26		0.65
Class K		1,000.00	1,000.00		994.80	1,020.08		4.70	4.76		0.95
Class R		1,000.00	1,000.00		993.70	1,018.15		6.62	6.71		1.34
Class W		1,000.00	1,000.00		993.20	1,019.39		5.39	5.46		1.09
Class Y		1,000.00	1,000.00		996.20	1,021.57		3.22	3.26		0.65
Class Z		1,000.00	1,000.00		995.80	1,020.63		4.16	4.21		0.84

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

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

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 2015 5

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS

April 30, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Corporate Bonds & Notes 28.3%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
AUSTRALIA 0.6%
FMG Resources August 2006 Proprietary Ltd.(a)
03/01/22		9.750%		17,000		17,521
Woodside Finance Ltd.(a)
05/10/21		4.600%		605,000		654,003
Total						671,524
BELGIUM —%
Calcipar SA
05/01/18		6.875%		37,000		38,272
CANADA 0.5%
BC ULC/New Red Finance Inc.(a)
04/01/22		6.000%		39,000		40,267
Bombardier, Inc.(a)
03/15/20		7.750%		8,000		8,459
03/15/25		7.500%		20,000		19,825
Catamaran Corp.
03/15/21		4.750%		10,000		10,950
Cogeco Cable, Inc.(a)
05/01/20		4.875%		22,000		22,577
Concordia Healthcare Corp.(a)
04/15/23		7.000%		15,000		15,225
MDC Partners, Inc.(a)
04/01/20		6.750%		54,000		54,810
NOVA Chemicals Corp.(a)
05/01/25		5.000%		19,000		20,021
Thomson Reuters Corp.
05/23/43		4.500%		65,000		63,472
TransCanada PipeLines Ltd.
10/16/23		3.750%		110,000		115,014
Valeant Pharmaceuticals International, Inc.(a)
08/15/18		6.750%		14,000		14,823
07/15/21		7.500%		20,000		21,700
12/01/21		5.625%		7,000		7,193
07/15/22		7.250%		19,000		20,259
03/01/23		5.500%		14,000		14,175
05/15/23		5.875%		71,000		72,864
04/15/25		6.125%		52,000		53,657
Videotron Ltd.(a)
06/15/24		5.375%		39,000		40,414
Total						615,705
CHILE 0.3%
ENTEL Chile SA(a)
08/01/26		4.750%		300,000		314,487
FRANCE 0.1%
Numericable-SFR(a)
05/15/22		6.000%		50,000		51,219

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
IRELAND 0.1%
AerCap Ireland Capital Ltd./Global Aviation Trust(a)
05/15/21		4.500%		89,000		93,673
Ardagh Packaging Finance PLC/Holdings USA, Inc.(a)
01/31/21		6.750%		16,000		16,600
Grifols Worldwide Operations Ltd.(a)
04/01/22		5.250%		22,000		22,495
Total						132,768
ITALY 0.1%
Telecom Italia Capital SA
06/18/19		7.175%		14,000		16,100
Telecom Italia SpA(a)
05/30/24		5.303%		22,000		23,181
Wind Acquisition Finance SA(a)
04/30/20		6.500%		25,000		26,563
07/15/20		4.750%		23,000		23,000
Total						88,844
LUXEMBOURG 0.2%
Altice SA(a)
05/15/22		7.750%		12,000		12,120
02/15/25		7.625%		46,000		46,690
ArcelorMittal
02/25/22		7.000%		4,000		4,358
INEOS Group Holdings SA(a)
08/15/18		6.125%		3,000		3,053
02/15/19		5.875%		34,000		34,425
Intelsat Jackson Holdings SA
10/15/20		7.250%		83,000		85,583
Total						186,229
MEXICO 0.5%
Cemex SAB de CV
01/15/21		7.250%		300,000		324,750
Grupo Bimbo SAB de CV(a)
06/27/44		4.875%		285,000		278,422
Total						603,172
NETHERLANDS 0.4%
Heineken NV(a)
04/01/22		3.400%		325,000		336,213
LYB International Finance BV
03/15/44		4.875%		40,000		42,270
NXP BV/Funding LLC(a)
02/15/21		5.750%		39,000		41,437
Schaeffler Finance BV(a)
05/15/21		4.750%		9,000		9,203
Schaeffler Holding Finance BV PIK(a)
08/15/18		6.875%		24,000		25,020

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

6 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Sensata Technologies BV(a)
10/01/25		5.000%		36,000		37,170
Total						491,313
RUSSIAN FEDERATION 0.2%
Sibur Securities Ltd.(a)
01/31/18		3.914%		300,000		271,671
UKRAINE 0.2%
MHP SA(a)
04/02/20		8.250%		250,000		203,750
UNITED KINGDOM 0.7%
Jaguar Land Rover Automotive PLC(a)
02/01/23		5.625%		43,000		45,580
Royal Bank of Scotland Group PLC
05/28/24		5.125%		44,000		45,445
Sky PLC(a)
11/26/22		3.125%		670,000		663,272
Virgin Media Finance PLC(a)
01/15/25		5.750%		47,000		47,764
Total						802,061
UNITED STATES 24.4%
ADT Corp. (The)
03/15/20		5.250%		6,000		6,330
07/15/22		3.500%		28,000		26,390
AES Corp. (The)
07/01/21		7.375%		56,000		62,317
AMC Entertainment, Inc.
02/15/22		5.875%		16,000		16,600
AMC Networks, Inc.
07/15/21		7.750%		18,000		19,620
12/15/22		4.750%		47,000		47,881
APX Group, Inc.
12/01/19		6.375%		61,000		60,847
AT&T, Inc.
06/15/45		4.350%		770,000		711,547
Acadia Healthcare Co., Inc.
07/01/22		5.125%		15,000		14,963
Acadia Healthcare Co., Inc.(a)
02/15/23		5.625%		4,000		4,090
Activision Blizzard, Inc.(a)
09/15/21		5.625%		70,000		74,812
Actuant Corp.
06/15/22		5.625%		36,000		37,260
Air Medical Merger Sub Corp.(a)
05/15/23		6.375%		17,000		16,511
Aircastle Ltd.
03/15/21		5.125%		24,000		25,169
02/15/22		5.500%		5,000		5,338

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Alcoa, Inc.
10/01/24		5.125%		25,000		26,948
Allegion US Holding Co., Inc.
10/01/21		5.750%		27,000		28,417
Alliance Data Systems Corp.(a)
12/01/17		5.250%		25,000		26,000
04/01/20		6.375%		34,000		35,402
08/01/22		5.375%		31,000		31,310
Ally Financial, Inc.
03/15/20		8.000%		38,000		45,030
09/15/20		7.500%		89,000		104,255
02/13/22		4.125%		43,000		42,140
09/30/24		5.125%		12,000		12,450
03/30/25		4.625%		17,000		16,947
American Axle & Manufacturing, Inc.
02/15/19		5.125%		12,000		12,360
11/15/19		7.750%		8,000		9,080
03/15/21		6.250%		23,000		24,208
American Builders & Contractors Supply Co., Inc.(a)
04/15/21		5.625%		44,000		45,320
Amsted Industries, Inc.(a)
03/15/22		5.000%		15,000		15,469
09/15/24		5.375%		31,000		31,620
Amsurg Corp.
11/30/20		5.625%		15,000		15,356
07/15/22		5.625%		10,000		10,152
Ancestry.com, Inc.
12/15/20		11.000%		25,000		28,437
Angus Chemical Co.(a)
02/15/23		8.750%		20,000		19,925
Antero Resources Corp.
12/01/22		5.125%		33,000		32,835
Antero Resources Corp.(a)
06/01/23		5.625%		47,000		47,999
Aramark Services, Inc.
03/15/20		5.750%		49,000		51,082
ArcelorMittal
03/01/21		6.250%		39,000		40,784
Asbury Automotive Group, Inc.
12/15/24		6.000%		14,000		14,595
Ashtead Capital, Inc.(a)
07/15/22		6.500%		16,000		17,200
Audatex North America, Inc.(a)
06/15/21		6.000%		20,000		20,656
11/01/23		6.125%		10,000		10,425
Aviation Capital Group Corp.(a)
04/06/21		6.750%		2,000		2,323
Avis Budget Car Rental LLC/Finance, Inc.
04/01/23		5.500%		28,000		28,551
Avis Budget Car Rental LLC/Finance, Inc.(a)
03/15/25		5.250%		28,000		27,720
Axalta Coating Systems Dutch Holding B BV/U.S. Holdings, Inc.(a)
05/01/21		7.375%		19,000		20,663

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

Semiannual Report 2015 7

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
B&G Foods, Inc.
06/01/21		4.625%		33,000		33,082
Bank of America Corp.
07/24/23		4.100%		320,000		336,616
Berkshire Hathaway Finance Corp.
05/15/42		4.400%		500,000		537,105
Berry Plastics Corp.
05/15/22		5.500%		10,000		10,363
Blue Racer Midstream LLC/Finance Corp.(a)
11/15/22		6.125%		32,000		33,280
CB Richard Ellis Services, Inc.
03/15/25		5.250%		47,000		50,877
CCO Holdings LLC/Capital Corp.
03/15/21		5.250%		20,000		20,200
01/31/22		6.625%		36,000		38,340
09/30/22		5.250%		1,000		999
CCO Holdings LLC/Capital Corp.(a)
05/01/23		5.125%		2,000		1,980
05/01/25		5.375%		10,000		9,825
05/01/27		5.875%		46,000		45,310
CHS/Community Health Systems, Inc.
08/01/21		5.125%		6,000		6,210
02/01/22		6.875%		71,000		75,349
CIT Group, Inc.
05/15/20		5.375%		75,000		79,406
CIT Group, Inc.(a)
04/01/18		6.625%		70,000		75,425
CMS Energy Corp.
03/31/43		4.700%		335,000		367,849
CSC Holdings LLC
11/15/21		6.750%		69,000		78,315
Calpine Corp.(a)
01/15/22		6.000%		74,000		78,810
Capsugel SA PIK(a)
05/15/19		7.000%		5,000		5,100
Carrizo Oil & Gas, Inc.
04/15/23		6.250%		38,000		38,570
Case New Holland Industrial, Inc.
12/01/17		7.875%		53,000		58,432
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.
03/15/21		5.250%		15,000		15,563
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.(a)
06/01/24		5.375%		7,000		7,228
Celanese U.S. Holdings LLC
06/15/21		5.875%		27,000		29,632
Centene Corp.
05/15/22		4.750%		27,000		28,417
CenterPoint Energy Houston Electric LLC
04/01/44		4.500%		150,000		167,842

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
CenturyLink, Inc.
03/15/22		5.800%		12,000		12,450
12/01/23		6.750%		51,000		55,170
CenturyLink, Inc.(a)
04/01/25		5.625%		20,000		19,975
Cequel Communications Holdings I LLC/Capital Corp.(a)
09/15/20		6.375%		49,000		51,634
Chesapeake Energy Corp.
08/15/20		6.625%		126,000		129,780
03/15/23		5.750%		7,000		6,843
Cimarex Energy Co.
06/01/24		4.375%		6,000		6,075
Cinemark USA, Inc.
12/15/22		5.125%		12,000		12,404
Clean Harbors, Inc.
08/01/20		5.250%		44,000		45,320
Clear Channel Worldwide Holdings, Inc.
11/15/22		6.500%		82,000		86,715
Colorado Interstate Gas Co. LLC
11/15/15		6.800%		1,000,000		1,030,493
Compass Minerals International, Inc.(a)
07/15/24		4.875%		30,000		30,300
Comstock Resources, Inc.(a)
03/15/20		10.000%		24,000		23,520
ConAgra Foods, Inc.
09/15/22		3.250%		630,000		622,424
Concho Resources, Inc.
04/01/23		5.500%		73,000		74,004
Constellation Brands, Inc.
11/15/19		3.875%		7,000		7,245
05/01/21		3.750%		9,000		9,180
05/01/23		4.250%		10,000		10,288
11/15/24		4.750%		7,000		7,420
Continental Resources, Inc.
09/15/22		5.000%		139,000		141,085
Crestwood Midstream Partners LP/Finance Corp.
12/15/20		6.000%		3,000		3,075
Crestwood Midstream Partners LP/Finance Corp.(a)
04/01/23		6.250%		27,000		28,215
Crown Castle International Corp.
01/15/23		5.250%		54,000		57,002
CrownRock LP/Finance, Inc.(a)
02/15/23		7.750%		22,000		23,320
CyrusOne LP/Finance Corp.
11/15/22		6.375%		37,000		38,989
D.R. Horton, Inc.
03/01/19		3.750%		19,000		19,238
DISH DBS Corp.
06/01/21		6.750%		52,000		55,059
07/15/22		5.875%		27,000		27,202
03/15/23		5.000%		21,000		19,898

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

8 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
DR Horton, Inc.
02/15/20		4.000%		5,000		5,075
DaVita HealthCare Partners, Inc.
08/15/22		5.750%		51,000		54,187
05/01/25		5.000%		26,000		25,951
Darling Ingredients, Inc.
01/15/22		5.375%		20,000		20,350
Diamond Foods, Inc.(a)
03/15/19		7.000%		21,000		21,735
Diamondback Energy, Inc.
10/01/21		7.625%		7,000		7,578
DigitalGlobe, Inc.(a)
02/01/21		5.250%		14,000		14,105
Dominion Resources, Inc.
09/15/42		4.050%		170,000		166,392
Dow Chemical Co. (The)
10/01/44		4.625%		50,000		50,916
Duke Energy Corp.
08/15/22		3.050%		155,000		158,193
E*TRADE Financial Corp.
11/15/22		5.375%		25,000		26,562
09/15/23		4.625%		20,000		20,425
EP Energy LLC/Everest Acquisition Finance, Inc.
05/01/20		9.375%		37,000		39,590
09/01/22		7.750%		6,000		6,300
ERAC U.S.A. Finance LLC(a)
03/15/42		5.625%		309,000		356,977
02/15/45		4.500%		175,000		172,707
Eco Services Operations LLC/Finance Corp.(a)
11/01/22		8.500%		10,000		10,200
Endo Finance LLC/Finco, Inc.(a)
02/01/25		6.000%		32,000		32,820
Entegris, Inc.(a)
04/01/22		6.000%		21,000		21,945
Enterprise Products Operating LLC
03/15/23		3.350%		335,000		337,111
02/15/45		5.100%		250,000		267,014
Equinix, Inc.
01/01/22		5.375%		32,000		33,200
ExamWorks Group, Inc.
04/15/23		5.625%		11,000		11,358
FCA US LLC/CG Co-Issuer, Inc.
06/15/21		8.250%		45,000		49,669
FTI Consulting, Inc.
11/15/22		6.000%		11,000		11,715
Family Tree Escrow LLC(a)
03/01/20		5.250%		6,000		6,285
03/01/23		5.750%		28,000		29,400
First Data Corp.
01/15/21		12.625%		33,000		38,956
First Data Corp.(a)
06/15/19		7.375%		68,000		70,805

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Five Corners Funding Trust(a)
11/15/23		4.419%		195,000		208,646
Florida East Coast Holdings Corp.(a)
05/01/19		6.750%		16,000		15,920
Fresenius Medical Care U.S. Finance II, Inc.(a)
07/31/19		5.625%		14,000		15,295
01/31/22		5.875%		11,000		12,045
10/15/24		4.750%		14,000		14,630
Fresenius Medical Care U.S. Finance, Inc.(a)
09/15/18		6.500%		9,000		10,080
Frontier Communications Corp.
07/01/21		9.250%		10,000		11,363
09/15/21		6.250%		3,000		2,978
04/15/22		8.750%		15,000		16,425
01/15/23		7.125%		18,000		18,090
01/15/25		6.875%		48,000		46,488
GLP Capital LP/Financing II, Inc.
11/01/20		4.875%		17,000		17,298
11/01/23		5.375%		23,000		23,920
Gannett Co., Inc.
10/15/23		6.375%		4,000		4,330
Gannett Co., Inc.(a)
09/15/21		4.875%		10,000		10,275
09/15/24		5.500%		11,000		11,440
Gates Global LLC/Co.(a)
07/15/22		6.000%		37,000		34,502
General Motors Co.
10/02/23		4.875%		71,000		76,894
General Motors Financial Co., Inc.
09/25/21		4.375%		7,000		7,437
01/15/25		4.000%		9,000		9,056
Gibraltar Industries, Inc.
02/01/21		6.250%		9,000		9,135
Graphic Packaging International, Inc.
04/15/21		4.750%		29,000		30,160
Group 1 Automotive, Inc.(a)
06/01/22		5.000%		8,000		8,040
H&E Equipment Services, Inc.
09/01/22		7.000%		24,000		25,140
HCA Holdings, Inc.
02/15/21		6.250%		33,000		36,036
HCA, Inc.
05/01/23		5.875%		102,000		110,287
02/01/25		5.375%		13,000		13,650
04/15/25		5.250%		33,000		35,764
HD Supply, Inc.
07/15/20		7.500%		24,000		25,740
HD Supply, Inc.(a)
12/15/21		5.250%		18,000		18,675
HUB International Ltd.(a)
10/01/21		7.875%		53,000		54,590
Halcon Resources Corp.
05/15/21		8.875%		21,000		16,401

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

Semiannual Report 2015 9

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Halcon Resources Corp.(a)(b)
02/01/20		8.625%		21,000		21,853
Hilcorp Energy I LP/Finance Co.(a)
12/01/24		5.000%		14,000		13,580
Hilton Worldwide Finance LLC/Corp.
10/15/21		5.625%		51,000		53,805
Huntington Ingalls Industries, Inc.(a)
12/15/21		5.000%		11,000		11,371
Huntsman International LLC
11/15/20		4.875%		44,000		44,440
IHS, Inc.(a)
11/01/22		5.000%		15,000		15,000
IMS Health, Inc.(a)
11/01/20		6.000%		33,000		34,320
Icahn Enterprises LP/Finance Corp.
08/01/20		6.000%		11,000		11,566
02/01/22		5.875%		29,000		29,976
Indiana Michigan Power Co.
03/15/23		3.200%		1,070,000		1,092,822
International Game Technology PLC(a)
02/15/22		6.250%		56,000		55,300
International Lease Finance Corp.
04/15/18		3.875%		6,000		6,135
12/15/20		8.250%		72,000		88,200
Interval Acquisition Corp.(a)
04/15/23		5.625%		20,000		20,250
Ipalco Enterprises, Inc.
05/01/18		5.000%		60,000		63,900
JM Huber Corp.(a)
11/01/19		9.875%		80,000		86,300
Jaguar Holding Co. II/Merger Sub, Inc.(a)
12/01/19		9.500%		16,000		17,200
Kinder Morgan Energy Partners LP
09/01/22		3.950%		1,050,000		1,065,161
02/15/23		3.450%		90,000		87,326
L Brands, Inc.
04/01/21		6.625%		49,000		56,105
L-3 Communications Corp.
02/15/21		4.950%		435,000		474,145
Lamar Media Corp.
02/01/22		5.875%		18,000		19,035
01/15/24		5.375%		15,000		15,659
Laredo Petroleum, Inc.
01/15/22		5.625%		23,000		23,144
05/01/22		7.375%		67,000		71,690
03/15/23		6.250%		14,000		14,490
Level 3 Communications, Inc.
12/01/22		5.750%		21,000		21,538
Level 3 Financing, Inc.
01/15/21		6.125%		13,000		13,764
08/15/22		5.375%		75,000		76,594

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Level 3 Financing, Inc.(a)
02/01/23		5.625%		19,000		19,475
05/01/25		5.375%		28,000		28,000
Liberty Mutual Group, Inc.(a)
05/01/22		4.950%		355,000		390,691
06/15/23		4.250%		500,000		529,315
LifePoint Hospitals, Inc.
12/01/21		5.500%		34,000		35,737
Loews Corp.
05/15/23		2.625%		280,000		274,011
MGM Resorts International
10/01/20		6.750%		12,000		12,915
12/15/21		6.625%		50,000		53,500
03/15/23		6.000%		7,000		7,249
MSCI, Inc.(a)
11/15/24		5.250%		29,000		30,160
Mallinckrodt International Finance SA/CB LLC(a)
04/15/25		5.500%		9,000		9,180
MarkWest Energy Partners LP/Finance Corp.
06/15/22		6.250%		73,000		77,380
02/15/23		5.500%		39,000		40,657
07/15/23		4.500%		9,000		9,023
12/01/24		4.875%		80,000		82,752
Masco Corp.
04/01/25		4.450%		26,000		26,845
Matador Resources Co.(a)
04/15/23		6.875%		7,000		7,193
Meritage Homes Corp.
03/01/18		4.500%		12,000		12,225
04/15/20		7.150%		3,000		3,255
04/01/22		7.000%		36,000		38,520
NBCUniversal Media LLC
01/15/43		4.450%		410,000		428,681
NCR Corp.
12/15/21		5.875%		6,000		6,150
12/15/23		6.375%		7,000		7,368
NRG Energy, Inc.
07/15/22		6.250%		35,000		36,312
NRG Yield Operating LLC(a)
08/15/24		5.375%		25,000		25,937
Navient Corp.
01/15/19		5.500%		7,000		7,116
10/26/20		5.000%		3,000		2,925
01/25/22		7.250%		24,000		25,440
03/25/24		6.125%		24,000		23,310
10/25/24		5.875%		41,000		38,745
Netflix, Inc.(a)
02/15/22		5.500%		18,000		18,945
02/15/25		5.875%		25,000		26,625
Newfield Exploration Co.
01/01/26		5.375%		15,000		15,600
Nielsen Finance Co. SARL (The)(a)
10/01/21		5.500%		24,000		24,720

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

10 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Nielsen Finance LLC/Co.
10/01/20		4.500%		59,000		60,032
Nielsen Finance LLC/Co.(a)
04/15/22		5.000%		13,000		13,072
Nortek, Inc.
04/15/21		8.500%		32,000		34,560
Northwest Pipeline LLC
04/15/17		5.950%		460,000		497,087
Nuance Communications, Inc.(a)
08/15/20		5.375%		14,000		14,175
Oasis Petroleum, Inc.
03/15/22		6.875%		49,000		49,857
01/15/23		6.875%		56,000		56,840
Omnicare, Inc.
12/01/22		4.750%		16,000		17,480
12/01/24		5.000%		6,000		6,540
OneMain Financial Holdings, Inc.(a)
12/15/19		6.750%		28,000		29,400
12/15/21		7.250%		2,000		2,117
Outfront Media Capital LLC/Corp.
02/15/22		5.250%		4,000		4,160
02/15/24		5.625%		15,000		15,769
03/15/25		5.875%		37,000		39,312
PPL Capital Funding, Inc.
06/01/23		3.400%		885,000		907,919
PQ Corp.(a)
11/01/18		8.750%		64,000		66,483
Parsley Energy LLC/Finance Corp.(a)
02/15/22		7.500%		50,000		52,250
Peabody Energy Corp.
11/15/18		6.000%		14,000		11,034
Penn National Gaming, Inc.
11/01/21		5.875%		11,000		10,973
Penske Automotive Group, Inc.
10/01/22		5.750%		22,000		23,100
12/01/24		5.375%		21,000		21,840
PetSmart, Inc.(a)
03/15/23		7.125%		24,000		25,200
Physio-Control International, Inc.(a)
01/15/19		9.875%		30,000		32,025
Pinnacle Entertainment, Inc.
08/01/21		6.375%		19,000		20,188
Pinnacle Foods Finance LLC/Corp.
05/01/21		4.875%		39,000		39,390
Post Holdings, Inc.
02/15/22		7.375%		4,000		4,150
Post Holdings, Inc.(a)
12/15/22		6.000%		20,000		19,500
Progress Energy, Inc.
04/01/22		3.150%		1,325,000		1,357,404
Provident Funding Associates LP/Finance Corp.(a)
06/15/21		6.750%		49,000		46,672

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Qualitytech LP/Finance Corp.
08/01/22		5.875%		15,000		15,375
RHP Hotel Properties LP/Finance Corp.(a)
04/15/23		5.000%		6,000		6,120
RSI Home Products, Inc.(a)
03/15/23		6.500%		15,000		15,600
RSP Permian, Inc.(a)
10/01/22		6.625%		10,000		10,380
Radio One, Inc.(a)
04/15/22		7.375%		20,000		20,200
Range Resources Corp.
03/15/23		5.000%		38,000		38,570
Regency Energy Partners LP/Finance Corp.
07/15/21		6.500%		24,000		25,440
03/01/22		5.875%		38,000		42,465
10/01/22		5.000%		7,000		7,508
04/15/23		5.500%		17,000		17,978
Reynolds Group Issuer, Inc./LLC
08/15/19		7.875%		83,000		87,357
Rite Aid Corp.(a)
04/01/23		6.125%		57,000		59,066
Riverbed Technology, Inc.(a)
03/01/23		8.875%		11,000		11,124
SBA Communications Corp.(a)
07/15/22		4.875%		31,000		30,651
SBA Telecommunications, Inc.
07/15/20		5.750%		25,000		26,187
SM Energy Co.
01/15/24		5.000%		2,000		1,965
SM Energy Co.(a)
11/15/22		6.125%		19,000		19,950
STHI Holding Corp.(a)
03/15/18		8.000%		51,000		53,154
Sally Holdings LLC/Capital, Inc.
11/15/19		6.875%		26,000		27,495
Scientific Games International, Inc.(a)
01/01/22		7.000%		46,000		47,955
12/01/22		10.000%		51,000		47,302
Sealed Air Corp.(a)
09/15/21		8.375%		21,000		23,678
Sempra Energy
12/01/23		4.050%		180,000		192,109
Serta Simmons Holdings LLC(a)
10/01/20		8.125%		19,000		20,140
Service Corp. International
01/15/22		5.375%		19,000		20,140
Sirius XM Radio, Inc.(a)
04/15/25		5.375%		25,000		25,125
Southern Natural Gas Co. LLC(a)
04/01/17		5.900%		2,131,000		2,286,081
Spectrum Brands, Inc.
11/15/20		6.375%		45,000		47,610
11/15/22		6.625%		32,000		34,240

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

Semiannual Report 2015 11

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Springleaf Finance Corp.
12/15/17		6.900%		60,000		63,900
06/01/20		6.000%		4,000		4,090
Springs Industries, Inc.
06/01/21		6.250%		44,000		43,670
Sprint Communications, Inc.(a)
11/15/18		9.000%		37,000		42,226
03/01/20		7.000%		37,000		40,931
Sprint Corp.
09/15/21		7.250%		5,000		5,019
06/15/24		7.125%		34,000		32,682
02/15/25		7.625%		32,000		31,469
Standard Pacific Corp.
12/15/21		6.250%		14,000		14,910
11/15/24		5.875%		8,000		8,300
Surgical Care Affiliates, Inc.(a)
04/01/23		6.000%		12,000		12,270
Synovus Financial Corp.
02/15/19		7.875%		54,000		60,817
T-Mobile USA, Inc.
04/28/20		6.542%		9,000		9,495
04/28/21		6.633%		26,000		27,430
01/15/22		6.125%		11,000		11,344
04/28/22		6.731%		10,000		10,538
03/01/23		6.000%		38,000		38,724
04/01/23		6.625%		4,000		4,153
04/28/23		6.836%		9,000		9,518
01/15/24		6.500%		11,000		11,481
03/01/25		6.375%		19,000		19,513
TRI Pointe Holdings, Inc.(a)
06/15/19		4.375%		7,000		6,895
Targa Resources Partners LP/Finance Corp.
05/01/23		5.250%		2,000		2,040
11/15/23		4.250%		25,000		24,375
Targa Resources Partners LP/Finance Corp.(a)
01/15/18		5.000%		36,000		37,350
11/15/19		4.125%		13,000		13,033
Taylor Morrison Communities, Inc./Monarch, Inc.
04/15/20		7.750%		44,000		46,558
Taylor Morrison Communities, Inc./Monarch, Inc.(a)
04/15/23		5.875%		22,000		22,440
Teleflex, Inc.
06/15/24		5.250%		2,000		2,020
Tempur Sealy International, Inc.
12/15/20		6.875%		26,000		27,690
Tenet Healthcare Corp.
06/01/20		4.750%		31,000		31,542
10/01/20		6.000%		37,000		39,497
Tenet Healthcare Corp.(a)
03/01/19		5.500%		55,000		55,344
TerraForm Power Operating LLC(a)
02/01/23		5.875%		20,000		20,850
Tesoro Logistics LP/Finance Corp.(a)
10/15/19		5.500%		7,000		7,403
10/15/22		6.250%		22,000		23,348

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Time Warner Cable, Inc.
09/15/42		4.500%		385,000		327,434
TransDigm, Inc.
10/15/20		5.500%		31,000		30,457
Transcontinental Gas Pipe Line Co. LLC
04/15/16		6.400%		2,255,000		2,364,293
USG Corp.(a)
11/01/21		5.875%		9,000		9,653
03/01/25		5.500%		4,000		4,200
United Rentals North America, Inc.
05/15/20		7.375%		41,000		44,210
04/15/22		7.625%		21,000		23,153
06/15/23		6.125%		4,000		4,193
Universal Health Services, Inc.(a)
08/01/22		4.750%		39,000		40,950
Univision Communications, Inc.(a)
09/15/22		6.750%		26,000		27,919
05/15/23		5.125%		38,000		38,427
02/15/25		5.125%		87,000		87,652
Vail Resorts, Inc.
05/01/19		6.500%		42,000		43,365
Valeant Pharmaceuticals International, Inc.(a)
10/15/20		6.375%		35,000		36,881
VeriSign, Inc.
05/01/23		4.625%		14,000		13,993
VeriSign, Inc.(a)
04/01/25		5.250%		24,000		24,809
Verizon Communications, Inc.
11/01/42		3.850%		825,000		735,271
Virgin Media Secured Finance PLC(a)
04/15/21		5.375%		14,400		15,030
WR Grace & Co.(a)
10/01/21		5.125%		14,000		14,595
WhiteWave Foods Co. (The)
10/01/22		5.375%		26,000		27,950
Whiting Petroleum Corp.
03/15/21		5.750%		41,000		41,590
Whiting Petroleum Corp.(a)
04/01/23		6.250%		31,000		32,046
Windstream Corp.
10/15/20		7.750%		8,000		8,220
Yum! Brands, Inc.
11/01/23		3.875%		270,000		278,845
ZF North America Capital, Inc.(a)
04/29/25		4.750%		55,000		55,137
Zayo Group LLC/Capital, Inc.(a)
04/01/23		6.000%		74,000		74,370
Zebra Technologies Corp.(a)
10/15/22		7.250%		33,000		35,640
iHeartCommunications, Inc.
09/15/22		9.000%		51,000		48,705

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

12 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
iHeartCommunications, Inc.(a)
03/15/23		10.625%		25,000		25,375
iStar Financial, Inc.
07/01/19		5.000%		21,000		20,921
Total						28,046,302
VIRGIN ISLANDS —%
Platform Specialty Products Corp.(a)
02/01/22		6.500%		47,000		49,115
Total Corporate Bonds & Notes
(Cost: $31,614,789)						32,566,432
Residential Mortgage-Backed Securities — Agency 0.5%
UNITED STATES 0.5%
Federal Home Loan Mortgage Corp.(c)
09/01/2017 - 08/01/2033		6.500%		113,678		128,134
Federal National Mortgage Association(c)
04/01/17		6.500%		28,758		29,688
05/01/32 - 11/01/32		7.500%		202,457		238,022
Federal National Mortgage Association(c)(d)
04/01/33		6.000%		140,137		161,483
Total						557,327
Total Residential Mortgage-Backed Securities — Agency
(Cost: $501,610)						557,327
Residential Mortgage-Backed Securities — Non-Agency 0.5%
UNITED STATES 0.5%
Citigroup Mortgage Loan Trust, Inc. CMO Series 2013-2 Class 1A3(a)(c)(e)
11/25/37		2.612%		619,221		608,352
Total Residential Mortgage-Backed Securities — Non-Agency
(Cost: $629,464)						608,352
Commercial Mortgage-Backed Securities — Agency 3.5%
UNITED STATES 3.5%
Government National Mortgage Association(c) Series 2013-13 Class AC
04/16/46		1.700%		2,007,706		1,935,742
Series 2013-33 Class AC
05/16/46		1.744%		2,160,470		2,105,760
Total						4,041,502
Total Commercial Mortgage-Backed Securities — Agency
(Cost: $4,136,026)						4,041,502

Commercial Mortgage-Backed Securities — Non-Agency 4.7%
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
UNITED STATES 4.7%
American Homes 4 Rent Series 2015-SFR1 Class A(a)(c)
04/17/52		3.467%		1,000,000		1,017,942
Banc of America Merrill Lynch Re-Remic Trust Series 2014-FRR7 Class A(a)(c)(e)
10/26/44		2.431%		700,000		689,474
Extended Stay America Trust Series 2013-ESH5 Class A25(a)(c)
12/05/31		1.830%		1,000,000		996,666
General Electric Capital Assurance Co. Series 2003-1 Class A4(a)(c)(e)
05/12/35		5.254%		11,704		11,762
JPMorgan Chase Commercial Mortgage Securities Trust(c) Series 2006-LDP9 Class AM
05/15/47		5.372%		550,000		570,182
JPMorgan Chase Commercial Mortgage Securities Trust(c)(e) Series 2005-LDP3 Class ASB
08/15/42		4.893%		37,290		37,353
ORES NPL LLC(a)(c) Series 2013-LV2 Class A
09/25/25		3.081%		1,154,929		1,155,287
Series 2014-LV3 Class A
03/27/24		3.000%		486,178		486,178
VFC LLC Series 2015-3 Class A(a)(c)
12/20/31		2.750%		469,231		468,000
Total						5,432,844
Total Commercial Mortgage-Backed Securities — Non-Agency
(Cost: $5,417,712)						5,432,844
Asset-Backed Securities — Non-Agency 5.5%
BERMUDA 0.7%
Cronos Containers Program I Ltd. Series 2013-1A Class A(a)
04/18/28		3.080%		800,000		801,066
CAYMAN ISLANDS 0.8%
Octagon Investment Partners XXI Ltd. Series 2014-1A Class A1B(a)(e)
11/14/26		1.572%		975,000		973,878
UNITED STATES 4.0%
CLI Funding V LLC Series 2013-1A(a)
03/18/28		2.830%		475,000		473,958
Centre Point Funding LLC Series 2012-2A Class 1(a)
08/20/21		2.610%		430,229		430,692

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

Semiannual Report 2015 13

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
Exeter Automobile Receivables Trust Series 2015-1A Class A(a)
06/17/19		1.600%		570,138		569,496
New York Mortgage Trust Residential LLC(a)(e) Series 2013-RP1A Class A
07/25/18		4.250%		378,842		385,558
Series 2013-RP2A Class A
09/25/18		4.600%		337,978		343,156
Oak Hill Advisors Residential Loan Trust Series 2015-NPL1 Class A1(a)(e)
01/25/55		3.475%		247,287		247,436
SBA Tower Trust(a)
04/16/18		2.240%		900,000		895,296
SpringCastle America Funding LLC Series 2014-AA Class A(a)
05/25/23		2.700%		359,547		361,365
TAL Advantage V LLC Series 2013-1A Class A(a)
02/22/38		2.830%		411,250		410,813
Westgate Resorts LLC Series 2013-1A Class B(a)
08/20/25		3.750%		457,531		460,282
Total						4,578,052
Total Asset-Backed Securities — Non-Agency
(Cost: $6,357,003)						6,352,996
Inflation-Indexed Bonds(f) 2.2%
ITALY 2.2%
Italy Buoni Poliennali Del Tesoro
09/15/19		2.350%	EUR	1,585,923		2,000,386
09/15/41		2.550%	EUR	354,248		537,443
Total						2,537,829
Total Inflation-Indexed Bonds
(Cost: $2,494,123)						2,537,829
U.S. Treasury Obligations 0.8%
UNITED STATES 0.8%
U.S. Treasury
04/30/17		0.500%		100,100		99,943
U.S. Treasury(d)
02/15/25		2.000%		815,900		812,586
Total						912,529
Total U.S. Treasury Obligations
(Cost: $924,434)						912,529
Foreign Government Obligations(f)(g) 46.2%
ARGENTINA 0.2%
Argentina Bonar Bonds
04/17/17		7.000%		194,000		185,852

Foreign Government Obligations(f)(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
AUSTRALIA 4.0%
Australia Government Bond
10/21/19		2.750%	AUD	3,800,000		3,096,593
04/21/37		3.750%	AUD	1,780,000		1,541,012
Total						4,637,605
BRAZIL 5.5%
Brazil Notas do Tesouro Nacional Series F
01/01/25		10.000%	BRL	12,000,000		3,529,572
Brazil Notas do Tesouro Nacional
01/01/17		10.000%	BRL	6,558,000		2,141,263
Brazilian Government International Bond
01/07/41		5.625%		270,000		277,595
Petrobras Global Finance BV
01/27/21		5.375%		420,000		402,675
Total						6,351,105
COLOMBIA 1.9%
Colombia Government International Bond
01/18/41		6.125%		235,000		275,944
Corporación Andina de Fomento
06/15/22		4.375%		232,000		254,646
Empresas Publicas de Medellin ESP(a)
09/10/24		7.625%	COP	3,995,000,000		1,668,609
Total						2,199,199
DOMINICAN REPUBLIC 0.7%
Dominican Republic International Bond(a)
04/20/27		8.625%		700,000		838,250
EL SALVADOR 0.2%
El Salvador Government International Bond(a)
01/18/27		6.375%		250,000		254,375
GEORGIA 0.3%
Georgian Railway JSC(a)
07/11/22		7.750%		300,000		331,125
GHANA 0.3%
Republic of Ghana(a)
01/18/26		8.125%		400,000		387,032
GUATEMALA 0.4%
Guatemala Government Bond(a)
06/06/22		5.750%		400,000		440,000
HUNGARY 0.7%
Hungary Government International Bond
03/25/24		5.375%		100,000		112,500
03/29/41		7.625%		450,000		646,875
Total						759,375

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

14 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Foreign Government Obligations(f)(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
INDONESIA 4.0%
Indonesia Government International Bond(a)
01/17/18		6.875%		500,000		564,055
10/12/35		8.500%		190,000		274,550
01/17/38		7.750%		140,000		190,925
Indonesia Treasury Bond
05/15/16		10.750%	IDR	3,620,000,000		288,483
11/15/20		11.000%	IDR	10,840,000,000		960,443
07/15/22		10.250%	IDR	8,394,000,000		735,291
03/15/29		9.000%	IDR	10,920,000,000		920,355
PT Pertamina Persero
05/20/23		4.300%		700,000		694,750
Total						4,628,852
ITALY 0.4%
Italy Buoni Poliennali Del Tesoro
11/01/26		7.250%	EUR	283		503
Italy Buoni Poliennali Del Tesoro(a)
09/01/44		4.750%	EUR	280,000		464,127
Total						464,630
KAZAKHSTAN 0.3%
KazMunayGas National Co. JSC(a)
07/02/18		9.125%		250,000		282,187
LITHUANIA 0.5%
Lithuania Government International Bond
02/07/18		4.850%	EUR	470,000		596,129
MALAYSIA 2.6%
Malaysia Government Bond
03/31/20		3.492%	MYR	6,920,000		1,928,959
Petronas Capital Ltd.(a)
08/12/19		5.250%		970,000		1,085,188
Total						3,014,147
MEXICO 5.1%
Mexican Bonos
12/07/23		8.000%	MXN	7,000,000		520,411
05/31/29		8.500%	MXN	5,200,000		409,608
11/23/34		7.750%	MXN	53,700,000		4,040,073
Mexico Government International Bond
09/27/34		6.750%		270,000		357,750
Petroleos Mexicanos
01/24/22		4.875%		500,000		528,750
Total						5,856,592
NEW ZEALAND 3.2%
New Zealand Government Bond
04/15/23		5.500%	NZD	4,122,000		3,622,312

Foreign Government Obligations(f)(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
PANAMA 0.1%
Ena Norte Trust(a)
04/25/23		4.950%		133,326		138,159
PARAGUAY 0.1%
Republic of Paraguay(a)
08/11/44		6.100%		150,000		163,125
PERU 0.9%
Corporacion Financiera de Desarrollo SA(a)(e)
07/15/29		5.250%		300,000		314,250
Peruvian Government International Bond
08/12/26		8.200%	PEN	2,030,000		757,519
Total						1,071,769
PHILIPPINES 0.3%
Power Sector Assets & Liabilities Management Corp.(a)
05/27/19		7.250%		290,000		345,825
ROMANIA 2.8%
Romania Government Bond
02/24/25		4.750%	RON	11,200,000		3,164,583
Romanian Government International Bond(a)
01/22/24		4.875%		100,000		109,500
Total						3,274,083
RUSSIAN FEDERATION 1.2%
AK Transneft OJSC Via TransCapitalInvest Ltd.(a)
08/07/18		8.700%		100,000		108,415
Gazprom OAO Via Gaz Capital SA(a)
11/22/16		6.212%		100,000		102,375
03/07/22		6.510%		550,000		551,632
08/16/37		7.288%		230,000		233,795
Russian Foreign Bond — Eurobond(e)
03/31/30		7.500%		312,500		365,541
Total						1,361,758
SERBIA 0.2%
Republic of Serbia(a)
12/03/18		5.875%		200,000		211,250
SPAIN 2.8%
Spain Government Bond
01/31/22		5.850%	EUR	920,000		1,357,153
Spain Government Bond(a)
10/31/44		5.150%	EUR	1,060,000		1,857,447
Total						3,214,600
THAILAND 0.8%
Thailand Government Bond
03/13/18		5.125%	THB	26,490,000		878,421

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

Semiannual Report 2015 15

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Foreign Government Obligations(f)(g) (continued)
Issuer	Coupon Rate		Principal Amount ($)		Value ($)
TRINIDAD AND TOBAGO 0.5%
Petroleum Co. of Trinidad & Tobago Ltd.(a)
08/14/19		9.750%		450,000		539,100
TURKEY 2.0%
Export Credit Bank of Turkey(a)
09/23/21		5.000%		600,000		600,000
Turkey Government International Bond
02/16/17		5.500%	EUR	480,000		581,142
03/17/36		6.875%		940,000		1,144,262
Total						2,325,404
UNITED KINGDOM 3.1%
United Kingdom Gilt
03/07/25		5.000%	GBP	1,800,000		3,553,485
VENEZUELA 0.7%
Petroleos de Venezuela SA
04/12/17		5.250%		590,000		345,091
Venezuela Government International Bond
02/26/16		5.750%		20,000		17,000
05/07/23		9.000%		931,000		423,605
Total						785,696
ZAMBIA 0.4%
Zambia Government International Bond(a)
04/14/24		8.500%		400,000		433,248
Total Foreign Government Obligations
(Cost: $55,859,503)						53,144,690
Senior Loans 0.1%
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
CANADA —%
Four Seasons Holdings, Inc. 2nd Lien Term Loan(e)(h)
12/27/20		6.250%		6,000		6,037
UNITED STATES 0.1%
Applied Systems, Inc. 1st Lien Term Loan(e)(h)
01/25/21		4.265%		1,919		1,923
Axalta Coating Systems Dutch Holding B BV Tranche B Term Loan(e)(h)
02/01/20		3.750%		8,451		8,468
CHS/Community Health Systems, Inc. Tranche D Term Loan(e)(h)
01/27/21		4.250%		6,913		6,954

Senior Loans (continued)
Borrower	Weighted Average Coupon		Principal Amount ($)		Value ($)
Rite Aid Corp. Tranche 1 2nd Lien Term Loan(e)(h)
08/21/20		5.750%		34,000		34,383
Riverbed Technology, Inc. Term Loan(b)(e)(h)
04/24/22		6.000%		53,441		54,002
U.S. Renal Care, Inc. Tranche B2 1st Lien Term Loan(e)(h)
07/03/19		4.250%		7,880		7,916
Total						113,646
Total Senior Loans
(Cost: $119,339)						119,683
Money Market Funds 6.3%
			Shares		Value ($)
Columbia Short-Term Cash Fund, 0.111%(i)(j)				7,303,059		7,303,059
Total Money Market Funds
(Cost: $7,303,059)						7,303,059
Total Investments
(Cost: $115,357,062)						113,577,243
Other Assets & Liabilities, Net						1,580,408
Net Assets						115,157,651

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

16 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at April 30, 2015

Counterparty	Exchange Date		Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
Barclays Bank PLC		5/29/2015		5,767,349 USD		685,818,000 JPY		—		(22,135	)
Citigroup Global Markets Inc.		5/22/2015		5,063,000 AUD		3,829,704 USD		—		(172,800	)
Citigroup Global Markets Inc.		5/22/2015		4,100,000,000 COP		1,597,755 USD		—		(120,309	)
Citigroup Global Markets Inc.		5/22/2015		39,690,000,000 IDR		3,005,225 USD		—		(40,904	)
Citigroup Global Markets Inc.		5/22/2015		311,677 USD		2,200,000 DKK		19,428		—
Citigroup Global Markets Inc.		5/29/2015		8,164,000 AUD		6,368,614 USD		—		(82,782	)
Citigroup Global Markets Inc.		5/29/2015		30,378,000 NZD		22,967,894 USD		—		(159,886	)
Deutsche Bank		5/22/2015		12,678,000 RON		3,041,232 USD		—		(176,355	)
Deutsche Bank		5/22/2015		29,250,000 THB		895,618 USD		8,846		—
Deutsche Bank		5/22/2015		279,906 USD		1,062,000 PLN		14,920		—
Deutsche Bank		5/29/2015		3,739,000 GBP		5,742,244 USD		3,938		—
Deutsche Bank		5/29/2015		3,734,000 GBP		5,740,316 USD		9,683		—
Deutsche Bank		5/29/2015		1,502,000 GBP		2,300,553 USD		—		(4,591	)
Deutsche Bank		5/29/2015		19,649,000 SEK		2,341,154 USD		—		(17,901	)
Deutsche Morgan Grenfell		5/29/2015		2,304,598 USD		19,649,000 SEK		54,457		—
Goldman, Sachs & Co.		5/22/2015		53,500,000 MXN		3,474,703 USD		—		(7,864	)
Goldman, Sachs & Co.		5/22/2015		15,761,000 MXN		1,024,343 USD		—		(1,614	)
Goldman, Sachs & Co.		5/22/2015		224,588 USD		1,980,000 SEK		13,097		—
Goldman, Sachs & Co.		5/22/2015		290,448 USD		3,548,000 ZAR		6,889		—
Goldman, Sachs & Co.		5/29/2015		5,626,000 EUR		6,162,045 USD		—		(157,219	)
Goldman, Sachs & Co.		5/29/2015		5,254,000 EUR		5,769,365 USD		—		(132,060	)
Goldman, Sachs & Co.		5/29/2015		10,617,000 EUR		11,844,113 USD		—		(81,175	)
Goldman, Sachs & Co.		5/29/2015		2,568,000 EUR		2,870,305 USD		—		(14,139	)
Goldman, Sachs & Co.		5/29/2015		3,093,000 GBP		4,727,468 USD		—		(19,411	)
Goldman, Sachs & Co.		5/29/2015		4,727,905 USD		4,324,000 EUR		128,921		—
Goldman, Sachs & Co.		5/29/2015		10,544,269 USD		9,701,000 EUR		352,138		—
Goldman, Sachs & Co.		5/29/2015		19,573,830 USD		17,775,000 EUR		391,496		—
Goldman, Sachs & Co.		5/29/2015		4,678,750 USD		3,093,000 GBP		68,129		—
HSBC Securities (USA), Inc.		5/22/2015		75,000,000 JPY		631,225 USD		2,979		—
HSBC Securities (USA), Inc.		5/22/2015		13,901,831 USD		1,668,545,000 JPY		74,938		—
HSBC Securities (USA), Inc.		5/29/2015		3,455,574 USD		2,130,880,000 CLP		19,446		—
J.P. Morgan Securities, Inc.		5/22/2015		16,934,000 BRL		5,369,055 USD		—		(214,706	)
J.P. Morgan Securities, Inc.		5/22/2015		900,000 BRL		291,168 USD		—		(5,595	)
J.P. Morgan Securities, Inc.		5/22/2015		6,000,000 MYR		1,610,738 USD		—		(69,143	)
J.P. Morgan Securities, Inc.		5/22/2015		3,912,150 USD		3,666,000 EUR		205,208		—
J.P. Morgan Securities, Inc.		5/22/2015		7,476,730 USD		7,074,000 EUR		468,221		—
Standard Chartered Bank		5/22/2015		2,655,000 PEN		843,929 USD		—		(1,682	)
Standard Chartered Bank		5/22/2015		149,616 USD		102,000 GBP		6,934		—
Standard Chartered Bank		5/29/2015		18,430,000 CNY		3,000,651 USD		2,049		—
Standard Chartered Bank		5/29/2015		177,767,000 MXN		11,594,281 USD		30,139		—
Standard Chartered Bank		5/29/2015		22,923,797 USD		353,501,000 MXN		75,446		—

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

Semiannual Report 2015 17

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at April 30, 2015 (continued)

Counterparty	Exchange Date		Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
State Street Bank & Trust Company		5/22/2015		968,199 USD		1,220,000 CAD		42,735		—
UBS Securities		5/22/2015		4,811,000 NZD		3,569,642 USD		—		(95,714	)
Total								2,000,037		(1,597,985	)

Futures Contracts Outstanding at April 30, 2015

At April 30, 2015, securities totaling $974,069 were pledged as collateral to cover initial margin requirements on open futures contracts.

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency		Notional Market Value ($)		Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
AUST 10Y BOND FUT		35		AUD		3,580,141		06/2015		—		(48,136	)
AUST 3YR BOND FUT		118		AUD		10,440,556		06/2015		—		(61,332	)
Euro-BTP Future		56		EUR		8,701,278		06/2015		—		(114,552	)
LONG GILT		101		GBP		18,312,729		06/2015		—		(32,109	)
US 2YR NOTE (CBT)		7		USD		1,534,859		06/2015		6,340		—
Total						42,569,563				6,340		(256,129	)

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency		Notional Market Value ($)			Expiration Date		Unrealized Appreciation ($)		Unrealized Depreciation ($)
EURO-BUND FUTURE		(86	)		EUR		(15,131,750	)		06/2015		125,428		—
US 10YR NOTE(CBT)		(58	)		USD		(7,445,750	)		06/2015		—		(3,465	)
US 5YR NOTE (CBT)		(100	)		USD		(12,013,281	)		06/2015		—		(24,332	)
US ULTRA BOND(CBT)		(19	)		USD		(3,125,500	)		06/2015		36,072		—
Total							(37,716,281	)				161,500		(27,797	)

Credit Default Swap Contracts Outstanding at April 30, 2015

At April 30, 2015, cash totaling $521,708 were pledged as collateral to cover open centrally cleared credit default swap contracts.

Sell Protection

Counterparty

Reference Entity

Expiration Date

Receive Fixed Rate (%)

Implied Credit Spread (%)*

Notional Amount ($)

Market Value ($)

Periodic Payments Receivable (Payable) ($)

Unrealized Appreciation ($)

Unrealized Depreciation ($)

Morgan Stanley**

CDX North America High Yield 24-V1

6/20/2020

5.000

3.400

4,115,000

15,240

24,004

39,244

—

* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

** Centrally cleared swap contract

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

18 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Interest Rate Swap Contracts Outstanding at April 30, 2015

At April 30, 2015, cash totaling $827,309 were pledged as collateral to cover open centrally cleared interest rate swap contracts.

Counterparty	Floating Rate Index	Fund Pay/Receive Floating Rate	Fixed Rate (%)		Expiration Date		Notional Currency		Notional Amount		Unamortized Premium (Paid) Received ($)			Unrealized Appreciation ($)		Unrealized Depreciation ($)
JPMorgan	28-Day MXN TIIE-Banxico	Receive		5.519		3/5/2020		MXN		127,000,000		—			—		(87,271	)
JPMorgan	6-Month PLN-WIBOR	Receive		1.918		3/23/2020		PLN		24,000,000		—			64,095		—
Morgan Stanley*	3-Month USD LIBOR-BBA	Receive		1.959		1/28/2025		USD		24,000,000		(223	)		205,473		—
Morgan Stanley*	3-Month USD LIBOR-BBA	Receive		2.134		2/13/2025		USD		3,250,000		(25	)		—		(19,154	)
Morgan Stanley*	6-Month JPY LIBOR-BBA	Pay		1.323		4/14/2045		JPY		54,000,000		(8	)		—		(3,784	)
Total															269,568		(110,209	)

* Centrally cleared swap contract

Notes to Portfolio of Investments

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2015, the value of these securities amounted to $35,249,210 or 30.61% of net assets.

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

(c) 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.

(d) 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.

(e) Variable rate security.

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

(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, 2015. 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.

(i) The rate shown is the seven-day current annualized yield at April 30, 2015.

(j) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended April 30, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		11,082,966		41,614,788		(45,394,695	)		7,303,059		4,385		7,303,059

Abbreviation Legend

CMO	Collateralized Mortgage Obligation
PIK	Payment-in-Kind
Currency Legend
AUD	Australian Dollar
BRL	Brazilian Real
CLP	Chilean Peso
CNY	Chinese Yuan
COP	Colombian Peso
EUR	Euro

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

Semiannual Report 2015 19

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Currency Legend (continued)

GBP	British Pound
IDR	Indonesian Rupiah
JPY	Japanese Yen
MXN	Mexican Peso
MYR	Malaysia Ringgits
NZD	New Zealand Dollar
PEN	Peru Nuevos Soles
PLN	Polish Zloty
RON	Romania, New Lei
SEK	Swedish Krona
THB	Thailand Baht
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:

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

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

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

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

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

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

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

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available,

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

20 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Fair Value Measurements (continued)

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, 2015:

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		—			32,566,432			—		32,566,432
Residential Mortgage-Backed Securities — Agency		—			557,327			—		557,327
Residential Mortgage-Backed Securities — Non-Agency		—			608,352			—		608,352
Commercial Mortgage-Backed Securities — Agency		—			4,041,502			—		4,041,502
Commercial Mortgage-Backed Securities — Non-Agency		—			4,277,557			1,155,287		5,432,844
Asset-Backed Securities — Non-Agency		—			6,352,996			—		6,352,996
Inflation-Indexed Bonds		—			2,537,829			—		2,537,829
U.S. Treasury Obligations		912,529			—			—		912,529
Foreign Government Obligations		—			53,144,690			—		53,144,690
Total Bonds		912,529			104,086,685			1,155,287		106,154,501
Other
Senior Loans
Lodging		—			—			6,037		6,037
All Other Industries		—			113,646			—		113,646
Total Other		—			113,646			6,037		119,683
Mutual Funds
Money Market Funds		7,303,059			—			—		7,303,059
Total Mutual Funds		7,303,059			—			—		7,303,059
Investments in Securities		8,215,588			104,200,331			1,161,324		113,577,243
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			2,000,037			—		2,000,037
Futures Contracts		167,840			—			—		167,840
Swap Contracts		—			308,812			—		308,812
Liabilities
Forward Foreign Currency Exchange Contracts		—			(1,597,985	)		—		(1,597,985	)
Futures Contracts		(283,926	)		—			—		(283,926	)
Swap Contracts		—			(110,209	)		—		(110,209	)
Total		8,099,502			104,800,986			1,161,324		114,061,812

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

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

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

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

Semiannual Report 2015 21

COLUMBIA GLOBAL BOND FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Fair Value Measurements (continued)

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:

	Asset-Backed Securities — Non-Agency ($)			Senior Loans ($)		Total ($)
Balance as of October 31, 2014		2,348,520			6,015		2,354,535
Increase (decrease) in accrued discounts/premiums		(10	)		—		(10	)
Realized gain (loss)		1,366			—		1,366
Change in unrealized appreciation (depreciation)(a)		(154	)		22		(132	)
Sales		(1,097,466	)		—		(1,097,466	)
Purchases		1,148,956			—		1,148,956
Transfers into Level 3		752,485			—		752,485
Transfers out of Level 3		(1,998,410	)		—		(1,998,410	)
Balance as of April 30, 2015		1,155,287			6,037		1,161,324

(a) Change in unrealized appreciation (depreciation) relating to securities held at April 30, 2015 was $32, which is comprised of Asset-Backed Securities — Non-Agency of $10 and Senior Loans of $22.

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain commercial mortgage backed securities and senior loans classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but were not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would result in a significant lower (higher) fair value measurement.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

Financial Assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, as of period end, management determined to value the security(s) under consistently applied procedures established by and under the general supervision of the Board of Trustees.

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

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

22 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $108,054,003)	$106,274,184
Affiliated issuers (identified cost $7,303,059)	7,303,059
Total investments (identified cost $115,357,062)	113,577,243
Cash	163
Foreign currency (identified cost $155,304)	154,278
Margin deposits	1,349,017
Unrealized appreciation on forward foreign currency exchange contracts	2,000,037
Unrealized appreciation on swap contracts	64,095
Premiums paid on outstanding swap contracts	256
Receivable for:
Investments sold	69,860
Dividends	662
Interest	999,628
Reclaims	46,805
Variation margin	94,338
Expense reimbursement due from Investment Manager	1,021
Prepaid expenses	673
Other assets	19,734
Total assets	118,377,810
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	1,597,985
Unrealized depreciation on swap contracts	87,271
Payable for:
Investments purchased	1,095,279
Investments purchased on a delayed delivery basis	75,136
Capital shares purchased	219,347
Variation margin	59,600
Investment management fees	1,797
Distribution and/or service fees	865
Transfer agent fees	14,635
Administration fees	252
Compensation of board members	34,484
Other expenses	33,508
Total liabilities	3,220,159
Net assets applicable to outstanding capital stock	$115,157,651
Represented by
Paid-in capital	$120,235,891
Excess of distributions over net investment income	(363,422	)
Accumulated net realized loss	(3,411,272	)
Unrealized appreciation (depreciation) on:
Investments	(1,779,819	)
Foreign currency translations	(8,296	)
Forward foreign currency exchange contracts	402,052
Futures contracts	(116,086	)
Swap contracts	198,603
Total — representing net assets applicable to outstanding capital stock	$115,157,651

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

Semiannual Report 2015 23

COLUMBIA GLOBAL BOND FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

April 30, 2015 (Unaudited)

Class A
Net assets	$106,776,575
Shares outstanding	17,577,386
Net asset value per share	$6.07
Maximum offering price per share(a)	$6.37
Class B
Net assets	$1,185,338
Shares outstanding	194,147
Net asset value per share	$6.11
Class C
Net assets	$3,716,816
Shares outstanding	616,687
Net asset value per share	$6.03
Class I
Net assets	$9,903
Shares outstanding	1,638
Net asset value per share(b)	$6.04
Class K
Net assets	$71,395
Shares outstanding	11,742
Net asset value per share	$6.08
Class R
Net assets	$43,656
Shares outstanding	7,208
Net asset value per share	$6.06
Class W
Net assets	$73,236
Shares outstanding	12,059
Net asset value per share	$6.07
Class Y
Net assets	$9,705
Shares outstanding	1,607
Net asset value per share	$6.04
Class Z
Net assets	$3,271,027
Shares outstanding	538,002
Net asset value per share	$6.08

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

24 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2015 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$4,385
Interest	2,489,823
Foreign taxes withheld	(28,306	)
Total income	2,465,902
Expenses:
Investment management fees	344,264
Distribution and/or service fees
Class A	139,843
Class B	7,057
Class C	19,623
Class R	86
Class W	99
Transfer agent fees
Class A	134,084
Class B	1,690
Class C	4,702
Class K	25
Class R	41
Class W	95
Class Z	4,020
Administration fees	48,318
Plan administration fees
Class K	126
Compensation of board members	6,885
Custodian fees	13,506
Printing and postage fees	30,435
Registration fees	49,059
Professional fees	18,058
Other	14,746
Total expenses	836,762
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(164,665	)
Total net expenses	672,097
Net investment income	1,793,805
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	6,399
Foreign currency translations	(44,594	)
Forward foreign currency exchange contracts	(554,118	)
Futures contracts	(1,734,907	)
Swap contracts	419,102
Net realized loss	(1,908,118	)
Net change in unrealized appreciation (depreciation) on:
Investments	(2,131,215	)
Foreign currency translations	7,508
Forward foreign currency exchange contracts	886,852
Futures contracts	352,713
Swap contracts	(11,921	)
Net change in unrealized depreciation	(896,063	)
Net realized and unrealized loss	(2,804,181	)
Net decrease in net assets from operations	$(1,010,376	)

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

Semiannual Report 2015 25

COLUMBIA GLOBAL BOND FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations
Net investment income		$1,793,805			$3,937,786
Net realized gain (loss)		(1,908,118	)		1,053,690
Net change in unrealized depreciation		(896,063	)		(5,015,540	)
Net decrease in net assets resulting from operations		(1,010,376	)		(24,064	)
Distributions to shareholders
Net investment income
Class A		(777,310	)		(290,032	)
Class B		—			(111	)
Class C		—			(277	)
Class I		(114	)		(28	)
Class K		(967	)		(350	)
Class R		(132	)		(6	)
Class W		(558	)		(225	)
Class Y		(111	)		(7	)
Class Z		(31,676	)		(8,294	)
Net realized gains
Class A		(2,836,317	)		(2,308,265	)
Class B		(36,781	)		(38,525	)
Class C		(99,904	)		(96,384	)
Class I		(248	)		(141	)
Class K		(2,872	)		(2,325	)
Class R		(792	)		(70	)
Class W		(2,036	)		(1,788	)
Class Y		(243	)		(34	)
Class Z		(83,694	)		(49,692	)
Total distributions to shareholders		(3,873,755	)		(2,796,554	)
Decrease in net assets from capital stock activity		(11,634,185	)		(36,743,068	)
Total decrease in net assets		(16,518,316	)		(39,563,686	)
Net assets at beginning of period		131,675,967			171,239,653
Net assets at end of period		$115,157,651			$131,675,967
Excess of distributions over net investment income		$(363,422	)		$(1,346,359	)

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

26 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended April 30, 2015 (Unaudited)						Year Ended October 31, 2014
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		483,791			2,925,572			1,425,853			8,990,144
Distributions reinvested		587,774			3,491,378			406,784			2,509,855
Redemptions		(2,823,759	)		(17,082,952	)		(7,208,248	)		(45,438,284	)
Net decrease		(1,752,194	)		(10,666,002	)		(5,375,611	)		(33,938,285	)
Class B shares
Subscriptions		535			3,329			3,844			24,247
Distributions reinvested		5,956			35,614			6,012			37,397
Redemptions(a)		(72,851	)		(442,410	)		(195,122	)		(1,237,281	)
Net decrease		(66,360	)		(403,467	)		(185,266	)		(1,175,637	)
Class C shares
Subscriptions		42,424			256,718			135,205			847,664
Distributions reinvested		15,815			93,464			15,015			92,190
Redemptions		(133,492	)		(805,045	)		(450,280	)		(2,806,248	)
Net decrease		(75,253	)		(454,863	)		(300,060	)		(1,866,394	)
Class I shares
Subscriptions		—			—			191			1,200
Net increase		—			—			191			1,200
Class K shares
Subscriptions		527			3,168			4,169			26,731
Distributions reinvested		646			3,839			433			2,675
Redemptions		(8,607	)		(51,794	)		(9,197	)		(56,871	)
Net decrease		(7,434	)		(44,787	)		(4,595	)		(27,465	)
Class R shares
Subscriptions		1,937			11,562			4,524			28,610
Distributions reinvested		108			641			—			—
Redemptions		—			—			(77	)		(493	)
Net increase		2,045			12,203			4,447			28,117
Class W shares
Subscriptions		—			—			872			5,500
Distributions reinvested		385			2,284			313			1,932
Redemptions		(2,604	)		(15,695	)		(6,276	)		(39,385	)
Net decrease		(2,219	)		(13,411	)		(5,091	)		(31,953	)
Class Y shares
Subscriptions		—			—			1,260			7,900
Net increase		—			—			1,260			7,900
Class Z shares
Subscriptions		33,178			201,485			156,776			994,569
Distributions reinvested		16,313			96,897			9,179			56,637
Redemptions		(59,942	)		(362,240	)		(126,246	)		(791,757	)
Net increase (decrease)		(10,451	)		(63,858	)		39,709			259,449
Total net decrease		(1,911,866	)		(11,634,185	)		(5,825,016	)		(36,743,068	)

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

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

Semiannual Report 2015 27

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. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class  A	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$6.31		$6.41		$7.22		$7.35		$7.47		$7.10
Income from investment operations:
Net investment income	0.09		0.17		0.16		0.18		0.22		0.23
Net realized and unrealized gain (loss)	(0.14	)	(0.16	)	(0.49	)	0.17		(0.05	)	0.31
Total from investment operations	(0.05	)	0.01		(0.33	)	0.35		0.17		0.54
Less distributions to shareholders:
Net investment income	(0.04	)	(0.01	)	(0.46	)	(0.45	)	(0.29	)	(0.17	)
Net realized gains	(0.15	)	(0.10	)	(0.02	)	(0.03	)	—		—
Total distributions to shareholders	(0.19	)	(0.11	)	(0.48	)	(0.48	)	(0.29	)	(0.17	)
Net asset value, end of period	$6.07		$6.31		$6.41		$7.22		$7.35		$7.47
Total return	(0.68	%)	0.19	%	(4.89	%)	5.20	%	2.46	%	7.70	%
Ratios to average net assets(a)
Total gross expenses	1.36	%(b)	1.36	%	1.33	%	1.33	%	1.35	%	1.34	%
Total net expenses(c)	1.09	%(b)	1.08	%(d)	1.10	%(d)	1.15	%(d)	1.21	%(d)	1.25	%
Net investment income	3.00	%(b)	2.69	%	2.37	%	2.51	%	2.95	%	3.31	%
Supplemental data
Net assets, end of period (in thousands)	$106,777		$121,977		$158,471		$209,873		$223,462		$246,929
Portfolio turnover	35	%	62	%	47	%	34	%	57	%	62	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

28 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class B	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$6.32		$6.46		$7.28		$7.41		$7.52		$7.14
Income from investment operations:
Net investment income	0.07		0.12		0.11		0.13		0.16		0.18
Net realized and unrealized gain (loss)	(0.13	)	(0.16	)	(0.49	)	0.18		(0.04	)	0.31
Total from investment operations	(0.06	)	(0.04	)	(0.38	)	0.31		0.12		0.49
Less distributions to shareholders:
Net investment income	—		(0.00	)(a)	(0.42	)	(0.41	)	(0.23	)	(0.11	)
Net realized gains	(0.15	)	(0.10	)	(0.02	)	(0.03	)	—		—
Total distributions to shareholders	(0.15	)	(0.10	)	(0.44	)	(0.44	)	(0.23	)	(0.11	)
Net asset value, end of period	$6.11		$6.32		$6.46		$7.28		$7.41		$7.52
Total return	(0.88	%)	(0.63	%)	(5.62	%)	4.50	%	1.72	%	6.89	%
Ratios to average net assets(b)
Total gross expenses	2.11	%(c)	2.11	%	2.09	%	2.10	%	2.12	%	2.10	%
Total net expenses(d)	1.84	%(c)	1.83	%(e)	1.85	%(e)	1.90	%(e)	1.96	%(e)	2.02	%
Net investment income	2.27	%(c)	1.94	%	1.60	%	1.79	%	2.22	%	2.58	%
Supplemental data
Net assets, end of period (in thousands)	$1,185		$1,647		$2,881		$5,819		$9,836		$18,513
Portfolio turnover	35	%	62	%	47	%	34	%	57	%	62	%

Notes to Financial Highlights

(a) Rounds to zero.

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

(c) Annualized.

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

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

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

Semiannual Report 2015 29

COLUMBIA GLOBAL BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class C	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$6.24		$6.38		$7.19		$7.33		$7.45		$7.08
Income from investment operations:
Net investment income	0.07		0.12		0.11		0.12		0.16		0.18
Net realized and unrealized gain (loss)	(0.13	)	(0.16	)	(0.48	)	0.18		(0.04	)	0.31
Total from investment operations	(0.06	)	(0.04	)	(0.37	)	0.30		0.12		0.49
Less distributions to shareholders:
Net investment income	—		(0.00	)(a)	(0.42	)	(0.41	)	(0.24	)	(0.12	)
Net realized gains	(0.15	)	(0.10	)	(0.02	)	(0.03	)	—		—
Total distributions to shareholders	(0.15	)	(0.10	)	(0.44	)	(0.44	)	(0.24	)	(0.12	)
Net asset value, end of period	$6.03		$6.24		$6.38		$7.19		$7.33		$7.45
Total return	(0.89	%)	(0.64	%)	(5.53	%)	4.42	%	1.70	%	6.95	%
Ratios to average net assets(b)
Total gross expenses	2.11	%(c)	2.11	%	2.08	%	2.09	%	2.10	%	2.10	%
Total net expenses(d)	1.84	%(c)	1.83	%(e)	1.85	%(e)	1.90	%(e)	1.95	%(e)	2.01	%
Net investment income	2.25	%(c)	1.94	%	1.62	%	1.73	%	2.21	%	2.58	%
Supplemental data
Net assets, end of period (in thousands)	$3,717		$4,319		$6,331		$8,481		$5,926		$6,162
Portfolio turnover	35	%	62	%	47	%	34	%	57	%	62	%

Notes to Financial Highlights

(a) Rounds to zero.

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

(c) Annualized.

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

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

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

30 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class I	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$6.30		$6.38		$7.19		$7.36		$7.48		$7.11
Income from investment operations:
Net investment income	0.10		0.20		0.19		0.21		0.25		0.26
Net realized and unrealized gain (loss)	(0.14	)	(0.16	)	(0.49	)	0.17		(0.05	)	0.31
Total from investment operations	(0.04	)	0.04		(0.30	)	0.38		0.20		0.57
Less distributions to shareholders:
Net investment income	(0.07	)	(0.02	)	(0.49	)	(0.52	)	(0.32	)	(0.20	)
Net realized gains	(0.15	)	(0.10	)	(0.02	)	(0.03	)	—		—
Total distributions to shareholders	(0.22	)	(0.12	)	(0.51	)	(0.55	)	(0.32	)	(0.20	)
Net asset value, end of period	$6.04		$6.30		$6.38		$7.19		$7.36		$7.48
Total return	(0.53	%)	0.63	%	(4.47	%)	5.63	%	2.94	%	8.16	%
Ratios to average net assets(a)
Total gross expenses	0.86	%(b)	0.83	%	0.77	%	0.77	%	0.82	%	0.86	%
Total net expenses(c)	0.65	%(b)	0.63	%	0.64	%	0.71	%	0.76	%	0.82	%
Net investment income	3.41	%(b)	3.14	%	2.82	%	3.02	%	3.40	%	3.70	%
Supplemental data
Net assets, end of period (in thousands)	$10		$10		$9		$10		$3,369		$195,613
Portfolio turnover	35	%	62	%	47	%	34	%	57	%	62	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

Semiannual Report 2015 31

COLUMBIA GLOBAL BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class K	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$6.32		$6.42		$7.23		$7.36		$7.48		$7.11
Income from investment operations:
Net investment income	0.10		0.18		0.17		0.19		0.23		0.24
Net realized and unrealized gain (loss)	(0.14	)	(0.17	)	(0.49	)	0.18		(0.05	)	0.31
Total from investment operations	(0.04	)	0.01		(0.32	)	0.37		0.18		0.55
Less distributions to shareholders:
Net investment income	(0.05	)	(0.01	)	(0.47	)	(0.47	)	(0.30	)	(0.18	)
Net realized gains	(0.15	)	(0.10	)	(0.02	)	(0.03	)	—		—
Total distributions to shareholders	(0.20	)	(0.11	)	(0.49	)	(0.50	)	(0.30	)	(0.18	)
Net asset value, end of period	$6.08		$6.32		$6.42		$7.23		$7.36		$7.48
Total return	(0.52	%)	0.23	%	(4.73	%)	5.39	%	2.60	%	7.85	%
Ratios to average net assets(a)
Total gross expenses	1.16	%(b)	1.13	%	1.08	%	1.08	%	1.12	%	1.18	%
Total net expenses(c)	0.95	%(b)	0.93	%	0.95	%	1.00	%	1.06	%	1.12	%
Net investment income	3.18	%(b)	2.85	%	2.48	%	2.65	%	3.10	%	3.35	%
Supplemental data
Net assets, end of period (in thousands)	$71		$121		$153		$410		$291		$407
Portfolio turnover	35	%	62	%	47	%	34	%	57	%	62	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

32 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class R	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$6.28		$6.40		$7.20		$7.34		$7.46		$6.98
Income from investment operations:
Net investment income	0.08		0.16		0.14		0.16		0.20		0.16
Net realized and unrealized gain (loss)	(0.12	)	(0.17	)	(0.47	)	0.17		(0.05	)	0.40
Total from investment operations	(0.04	)	(0.01	)	(0.33	)	0.33		0.15		0.56
Less distributions to shareholders:
Net investment income	(0.03	)	(0.01	)	(0.45	)	(0.44	)	(0.27	)	(0.08	)
Net realized gains	(0.15	)	(0.10	)	(0.02	)	(0.03	)	—		—
Total distributions to shareholders	(0.18	)	(0.11	)	(0.47	)	(0.47	)	(0.27	)	(0.08	)
Net asset value, end of period	$6.06		$6.28		$6.40		$7.20		$7.34		$7.46
Total return	(0.63	%)	(0.19	%)	(4.98	%)	4.83	%	2.21	%	8.15	%
Ratios to average net assets(b)
Total gross expenses	1.62	%(c)	1.62	%	1.58	%	1.60	%	1.59	%	1.66	%(c)
Total net expenses(d)	1.34	%(c)	1.34	%(e)	1.34	%(e)	1.40	%(e)	1.46	%(e)	1.59	%(c)
Net investment income	2.72	%(c)	2.46	%	2.16	%	2.26	%	2.69	%	3.58	%(c)
Supplemental data
Net assets, end of period (in thousands)	$44		$32		$5		$5		$5		$5
Portfolio turnover	35	%	62	%	47	%	34	%	57	%	62	%

Notes to Financial Highlights

(a) Based on operations from March 15, 2010 (commencement of operations) through the stated period end.

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

(c) Annualized.

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

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

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

Semiannual Report 2015 33

COLUMBIA GLOBAL BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class W	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$6.31		$6.41		$7.22		$7.35		$7.46		$7.09
Income from investment operations:
Net investment income	0.09		0.17		0.17		0.18		0.22		0.22
Net realized and unrealized gain (loss)	(0.14	)	(0.16	)	(0.51	)	0.17		(0.04	)	0.31
Total from investment operations	(0.05	)	0.01		(0.34	)	0.35		0.18		0.53
Less distributions to shareholders:
Net investment income	(0.04	)	(0.01	)	(0.45	)	(0.45	)	(0.29	)	(0.16	)
Net realized gains	(0.15	)	(0.10	)	(0.02	)	(0.03	)	—		—
Total distributions to shareholders	(0.19	)	(0.11	)	(0.47	)	(0.48	)	(0.29	)	(0.16	)
Net asset value, end of period	$6.07		$6.31		$6.41		$7.22		$7.35		$7.46
Total return	(0.68	%)	0.19	%	(5.04	%)	5.18	%	2.59	%	7.66	%
Ratios to average net assets(a)
Total gross expenses	1.36	%(b)	1.36	%	1.36	%	1.34	%	1.36	%	1.31	%
Total net expenses(c)	1.09	%(b)	1.08	%(d)	1.13	%(d)	1.16	%(d)	1.21	%(d)	1.27	%
Net investment income	3.02	%(b)	2.69	%	2.38	%	2.56	%	2.95	%	3.15	%
Supplemental data
Net assets, end of period (in thousands)	$73		$90		$124		$31,187		$52,531		$69,842
Portfolio turnover	35	%	62	%	47	%	34	%	57	%	62	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

34 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class Y	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$6.29		$6.37		$7.20
Income from investment operations:
Net investment income	0.10		0.20		0.18
Net realized and unrealized loss	(0.13	)	(0.16	)	(0.50	)
Total from investment operations	(0.03	)	0.04		(0.32	)
Less distributions to shareholders:
Net investment income	(0.07	)	(0.02	)	(0.49	)
Net realized gains	(0.15	)	(0.10	)	(0.02	)
Total distributions to shareholders	(0.22	)	(0.12	)	(0.51	)
Net asset value, end of period	$6.04		$6.29		$6.37
Total return	(0.38	%)	0.63	%	(4.75	%)
Ratios to average net assets(b)
Total gross expenses	0.87	%(c)	0.83	%	0.79	%(c)
Total net expenses(d)	0.65	%(c)	0.64	%	0.64	%(c)
Net investment income	3.41	%(c)	3.15	%	2.86	%(c)
Supplemental data
Net assets, end of period (in thousands)	$10		$10		$2
Portfolio turnover	35	%	62	%	47	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

Semiannual Report 2015 35

COLUMBIA GLOBAL BOND FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class Z	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$6.32		$6.42		$7.22		$7.36		$7.48		$7.33
Income from investment operations:
Net investment income	0.10		0.19		0.17		0.19		0.23		0.01
Net realized and unrealized gain (loss)	(0.13	)	(0.18	)	(0.47	)	0.17		(0.03	)	0.14
Total from investment operations	(0.03	)	0.01		(0.30	)	0.36		0.20		0.15
Less distributions to shareholders:
Net investment income	(0.06	)	(0.01	)	(0.48	)	(0.47	)	(0.32	)	—
Net realized gains	(0.15	)	(0.10	)	(0.02	)	(0.03	)	—		—
Total distributions to shareholders	(0.21	)	(0.11	)	(0.50	)	(0.50	)	(0.32	)	—
Net asset value, end of period	$6.08		$6.32		$6.42		$7.22		$7.36		$7.48
Total return	(0.42	%)	0.26	%	(4.50	%)	5.34	%	2.83	%	2.05	%
Ratios to average net assets(b)
Total gross expenses	1.11	%(c)	1.11	%	1.08	%	1.08	%	0.96	%	1.13	%(c)
Total net expenses(d)	0.84	%(c)	0.83	%(e)	0.84	%(e)	0.89	%(e)	0.94	%(e)	0.95	%(c)
Net investment income	3.23	%(c)	2.94	%	2.65	%	2.70	%	3.19	%	2.31	%(c)
Supplemental data
Net assets, end of period (in thousands)	$3,271		$3,469		$3,264		$2,123		$768		$8
Portfolio turnover	35	%	62	%	47	%	34	%	57	%	62	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

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

36 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS

April 30, 2015 (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 the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

Class A shares are subject to a maximum front-end sales charge of 4.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months after purchase, charged as follows: 1.00% CDSC if redeemed within 12 months after purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

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

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

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

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

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Semiannual Report 2015 37

COLUMBIA GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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.

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

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

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

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

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

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

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

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the New York Stock Exchange (NYSE). 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 increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty. With exchange-traded or centrally cleared derivatives, there is reduced

38 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

counterparty credit risk to the Fund since the exchange’s clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the counterparty credit risk is failure of the clearinghouse. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its 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 marked-to-market amount for each transaction under such agreement and

comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives 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 if 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. 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 generate total return through long and short currency positions versus the U.S. dollar. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the

Semiannual Report 2015 39

COLUMBIA GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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.

Swap Contracts

Swap contracts are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund’s counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the broker

in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. Unlike a bilateral swap contract, for centrally cleared swap contracts, the Fund has minimal credit exposure to the counterparty because the CCP stands between the Fund and the counterparty. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Credit Default Swap Contracts

The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index. These instruments may be used for other purposes in future periods. Credit default swap contracts are agreements in which one party pays fixed periodic payments to a counterparty in consideration for a guarantee from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on the notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty

40 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or premiums received upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any premium paid or received by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk. The Fund will enter into credit default swap transactions only with counterparties that meet certain standards of creditworthiness as determined by the Investment Manager.

Interest Rate Swap Contracts

The Fund entered into interest rate swap transactions to manage the duration and yield curve exposure of the Fund versus the benchmark. These instruments may be used for other purposes in future periods. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future (the effective date). The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

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

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

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

Semiannual Report 2015 41

COLUMBIA GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty is required to post cash and/or securities as collateral. Market values of derivatives transactions presented in the financial

statements are not netted with the market values of other derivatives transactions or with any collateral amounts posted by the Fund or any counterparty.

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, 2015:

	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 ($)
Asset Derivatives:
Forward Foreign Currency Exchange Contracts		2,000,037		—		2,000,037		1,597,985		—		—		402,052
Over-the-Counter Swap Contracts(c)		64,095		—		64,095		64,095		—		—		—
Centrally Cleared Swap Contracts(d)		30,920		—		30,920		8,346		—		—		22,574
Total Asset Derivatives		2,095,052		—		2,095,052		1,670,426		—		—		424,626
	Gross Amounts of Recognized Liabilities ($)		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 ($)(f)
							Financial Instruments ($)(e)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)
Liability Derivatives:
Forward Foreign Currency Exchange Contracts		1,597,985		—		1,597,985		1,597,985		—		—		—
Over-the-Counter Swap Contracts(c)		87,271		—		87,271		64,095		—		—		23,176
Centrally Cleared Swap Contracts(g)		8,346		—		8,346		8,346		—		—		—
Total Liability Derivatives		1,693,602		—		1,693,602		1,670,426		—		—		23,176

(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) Over-the-Counter Swap Contracts are presented at market value plus periodic payments receivable (payable), which is comprised of unrealized appreciation, unrealized depreciation, premiums paid and premiums received.

(d) Centrally cleared swaps are included within receivable for variation margin on the Statement of Assets and Liabilities.

(e) 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.

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

(g) Centrally cleared swaps are included within payable for variation margin on the Statement of Assets and Liabilities.

Effects of Derivative Transactions in the Financial Statements

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

values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized 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.

42 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at April 30, 2015:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized appreciation on swap contracts	39,244	*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	2,000,037
Interest rate risk	Net assets — unrealized appreciation on futures contracts	167,840	*
Interest rate risk	Net assets — unrealized appreciation on swap contracts	269,568	*
Interest rate risk	Premiums paid on outstanding swap contracts	256
Total		2,476,945
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	1,597,985
Interest rate risk	Net assets — unrealized depreciation on futures contracts	283,926	*
Interest rate risk	Net assets — unrealized depreciation on swap contracts	110,209	*
Total		1,992,120

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended April 30, 2015:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—			—			409,479			409,479
Foreign exchange risk		(554,118	)		—			—			(554,118	)
Interest rate risk		—			(1,734,907	)		9,623			(1,725,284	)
Total		(554,118	)		(1,734,907	)		419,102			(1,869,923	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Swap Contracts ($)			Total ($)
Credit risk		—			—			(171,280	)		(171,280	)
Foreign exchange risk		886,852			—			—			886,852
Interest rate risk		—			352,713			159,359			512,072
Total		886,852			352,713			(11,921	)		1,227,644

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended April 30, 2015:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		30,302,276
Futures contracts — Short		26,832,617
Credit default swap contracts — sell protection		7,965,000

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		2,501,660		(2,168,931	)
Interest rate swap contracts		134,784		(225,055	)

* Based on the ending quarterly outstanding amounts for the six months ended April 30, 2015.

Investments in Senior Loans

The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest

Semiannual Report 2015 43

COLUMBIA GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent, enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid, when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund’s Portfolio of Investments. The Fund designates cash or liquid securities to cover these commitments.

Delayed Delivery Securities

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

Treasury Inflation Protected Securities

The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as interest income in the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

Security Transactions

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

Trade date for senior loans purchased in the primary market is the date on which the loan is allocated. Trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

Income Recognition

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Dividend income is recorded on the ex-dividend date.

The value of additional securities received as an income payment is recorded as income and increases the cost basis of such securities.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

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

44 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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.

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, 2015 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, 2015 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, 2015, other expenses paid by the Fund to this company were $724.

Semiannual Report 2015 45

COLUMBIA GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer 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 do not pay transfer agency fees.

For the six months ended April 30, 2015, 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 W	0.24
Class Z	0.24

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 remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended April 30, 2015, 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 $558,000 and $56,000 for

46 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

Class B and Class C shares, respectively. These amounts are based on the most recent information available as of March 31, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $12,618 for Class A, $45 for Class B and $175 for Class C shares for the six months ended April 30, 2015.

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, 2015 through February 29, 2016			Prior to March 1, 2015
Class A		1.16	%		1.09	%
Class B		1.91			1.84
Class C		1.91			1.84
Class I		0.75			0.64
Class K		1.05			0.94
Class R		1.41			1.34
Class W		1.16			1.09
Class Y		0.75			0.64
Class Z		0.91			0.84

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.

In addition, the Fund’s expense ratio is subject to a voluntary expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described above), so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of 1.08% for Class A, 1.83% for Class B, 1.83% for Class C, 0.67% for Class I, 0.97% for Class K, 1.33% for Class R, 1.08% for Class W, 0.67% for Class Y and 0.83% for Class Z. This arrangement may be revised or discontinued at any time.

Any fees waived and or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At April 30, 2015, the cost of investments for federal income tax purposes was approximately $115,357,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$2,519,000
Unrealized depreciation	(4,299,000	)
Net unrealized depreciation	$(1,780,000	)

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and

Semiannual Report 2015 47

COLUMBIA GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

derivatives, if any, aggregated to $39,248,614 and $49,902,821, respectively, for the six months ended April 30, 2015, of which $6,546,125 of sales were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

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

Note 7. Shareholder Concentration

At April 30, 2015, affiliated shareholders of record owned 88.3% 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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $550 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended April 30, 2015.

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.

Credit Risk

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

Interest Rate Risk

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

Liquidity Risk

Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater

48 Semiannual Report 2015

COLUMBIA GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.

Foreign Securities and Emerging Market Countries Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the various conditions, events or other factors impacting those countries and may, therefore, have a greater risk than that of a fund which is more geographically diversified.

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.

High-Yield Securities Risk

Securities rated below investment grade (commonly called “high-yield” or “junk” bonds) and unrated securities of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade securities. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated securities. High-yield securities are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.

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

Semiannual Report 2015 49

COLUMBIA GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission 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.

50 Semiannual Report 2015

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).

The Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considered the renewal of the IMS Agreement for a two-month period (Short-Term Period) in order to align the IMS Agreement with the review cycle of other funds in the Columbia family of funds. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2015, 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. 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 13-15, 2015 in-person Board meeting (the April Meeting), considered the renewal of the IMS Agreement for the Short-Term Period. 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 for the Short-Term Period.

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. The Independent Trustees noted the information they received concerning Columbia Management’s ability to retain its key portfolio management personnel. 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 for the Short-Term Period.

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 services being performed by Columbia Management and its affiliates were acceptable for the Short-Term Period.

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 for purposes of approving the IMS Agreement for the Short-Term Period, the Fund’s performance was acceptable.

Semiannual Report 2015 51

COLUMBIA GLOBAL BOND FUND

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AGREEMENT (continued)

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 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. For purposes of approving the IMS Agreement for the Short-Term Period, the Board concluded that the investment management service fees were fair and reasonable, observing that the profitability levels also seemed 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.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that, for purposes of its consideration of the renewal of the IMS Agreement for the Short-Term Period, 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. The Board noted its understanding that it would undertake the full consideration of renewal of the IMS Agreement for the full annual period at its June 2015 meetings. On April 15, 2015, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement for the Short-Term Period.

52 Semiannual Report 2015

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 columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

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

Semiannual Report 2015 53

Columbia Global Bond Fund

P.O. Box 8081

Boston, MA 02266-8081

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2015 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR153_10_E01_(06/15)

SEMIANNUAL REPORT

April 30, 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 12th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.***

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

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

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

* In U.S. dollars as of March 31, 2015. Source: Ameriprise Q1 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies.

Contact us for more current data.

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

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

PRESIDENT’S MESSAGE

Dear Shareholder,

In a world that is changing faster than ever before, investors want asset managers who offer a global perspective while generating strong and sustainable returns. To that end, Columbia Management, in conjunction with its U.K.-based affiliate, Threadneedle Investments, has rebranded to Columbia Threadneedle Investments. The new global brand represents the combined capabilities, resources and reach of the global group, offering investors access to the best of both firms.

With a presence in 18 countries and more than 450 investment professionals*, our collective perspective and world view as Columbia Threadneedle Investments gives us deeper insight into what might affect the real-life financial outcomes clients are seeking. Putting our views into a global context enables us to build richer perspectives and create the right solutions, and provides us with enhanced capabilities to deliver consistent investment performance, which may ultimately lead to better investor outcomes.

As a result of the rebrand, you will begin to see our new logo and colors reflected in printed materials, such as this shareholder report, as well as on our new website — columbiathreadneedle.com/us. We encourage you to visit us online and view a new video on the “About Us” tab that speaks to the strength of the firm.

While we are introducing a new brand, in many ways, the investment company you know well has not changed. The following remain in effect:

n Fund and strategy names

n Established investment teams, philosophies and processes

n Account services, features, servicing phone numbers and mailing addresses

n Columbia Management Investment Distributors as distributor and Columbia Management Investment Advisers as investment adviser

We recognize that the money we manage represents the hard work and savings of people like you, and that everyone has different ambitions and different definitions of success. Investors have varying goals — funding their children’s education, enjoying their retirement, putting money aside for unexpected events, and more. Whatever your ambitions, we believe our wide range of investment products and solutions can help give you confidence that you will reach your goals.

The world is constantly changing, but our priority remains the same: to help you secure your finances, meet your goals and achieve success. Thank you for your continued investment with us. Our service representatives are available at 800.345.6611 to help with any questions.

Sincerely,

Christopher O. Petersen

President, Columbia Funds

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

* Source: Ameriprise as of December 1, 2014

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

© 2015 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

TABLE OF CONTENTS

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Performance Overview	3
Portfolio Overview	4
Understanding Your Fund’s Expenses	6
Portfolio of Investments	7
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 Agreement	31
Important Information About This Report	33

Semiannual Report 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Seligman Global Technology Fund (the Fund) Class A shares returned 12.41% excluding sales charges for the six-month period that ended April 30, 2015.

n The Fund outperformed its benchmark, the MSCI World IT Index (Net), which returned 7.17% for the same time period.

Average Annual Total Returns (%) (for period ended April 30, 2015)
	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	05/23/94
Excluding sales charges			12.41		27.08		12.63		12.03
Including sales charges			5.95		19.76		11.30		11.37
Class B	04/22/96
Excluding sales charges			11.98		26.19		11.78		11.19
Including sales charges			7.08		21.19		11.52		11.19
Class C	05/27/99
Excluding sales charges			11.99		26.14		11.78		11.19
Including sales charges			11.01		25.14		11.78		11.19
Class I*	08/03/09		12.67		27.67		13.15		12.33
Class K*	08/03/09		12.50		27.27		12.85		12.15
Class R	04/30/03		12.26		26.77		12.34		11.73
Class R4*	11/08/12		12.55		27.39		12.77		12.10
Class R5*	08/03/09		12.63		27.65		13.08		12.29
Class Z*	09/27/10		12.55		27.39		12.91		12.16
MSCI World IT Index (Net)			7.17		19.02		12.44		9.07

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

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

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

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.

Semiannual Report 2015 3

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

PORTFOLIO OVERVIEW

(Unaudited)

Portfolio Management

Paul Wick

Ajay Diwan

Sanjay Devgan

Rahul Narang

Shekhar Pramanick

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.

© 2015 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Top Ten Holdings (%) (at April 30, 2015)
Lam Research Corp. (United States)	8.3
Synopsys, Inc. (United States)	8.3
Synaptics, Inc. (United States)	6.3
Apple, Inc. (United States)	5.9
Broadcom Corp., Class A (United States)	5.9
Teradyne, Inc. (United States)	3.8
Check Point Software Technologies Ltd. (Israel)	3.1
Maxim Integrated Products, Inc. (United States)	3.1
Microsemi Corp. (United States)	3.0
Marvell Technology Group Ltd. (United States)	2.9

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

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

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

Country Breakdown (%) (at April 30, 2015)
Canada	1.0
China	0.3
Ireland	2.1
Israel	3.3
Japan	0.3
Netherlands	3.3
Singapore	2.0
Taiwan	0.9
United States(a)	86.8
Total	100.0

Country Breakdown is based primarily on issuer’s place of organization/incorporation. The Fund may use this and/or other criteria, for purposes of its investment policies, in determining whether an issuer is domestic (U.S.) or foreign. Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

4 Semiannual Report 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

PORTFOLIO OVERVIEW (continued)

(Unaudited)

Summary of Investments in Securities by Industry (%) (at April 30, 2015)
Communications Equipment	2.8
Diversified Consumer Services	0.7
Electrical Equipment	0.3
Health Care Technology	0.1
Internet & Catalog Retail	1.2
Internet Software & Services	3.8
IT Services	3.7
Machinery	0.3
Media	1.2
Semiconductors & Semiconductor Equipment	47.3
Software	26.1
Specialty Retail	0.3
Technology Hardware, Storage & Peripherals	7.8
Money Market Funds	4.2
Total	99.8

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

Semiannual Report 2015 5

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, 2014 – April 30, 2015

	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		1,124.10	1,017.70		7.53	7.15		1.43
Class B		1,000.00	1,000.00		1,119.80	1,013.98		11.46	10.89		2.18
Class C		1,000.00	1,000.00		1,119.90	1,013.98		11.46	10.89		2.18
Class I		1,000.00	1,000.00		1,126.70	1,019.89		5.22	4.96		0.99
Class K		1,000.00	1,000.00		1,125.00	1,018.50		6.69	6.36		1.27
Class R		1,000.00	1,000.00		1,122.60	1,016.46		8.84	8.40		1.68
Class R4		1,000.00	1,000.00		1,125.50	1,018.94		6.22	5.91		1.18
Class R5		1,000.00	1,000.00		1,126.30	1,019.74		5.38	5.11		1.02
Class Z		1,000.00	1,000.00		1,125.50	1,018.94		6.22	5.91		1.18

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

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

6 Semiannual Report 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

PORTFOLIO OF INVESTMENTS

April 30, 2015 (Unaudited)

(Percentages represent value of investments compared to net assets)

Common Stocks 95.6%
Issuer	Shares		Value ($)
CANADA 1.0%
Kinaxis, Inc.(a)		250,977		5,764,254
CHINA 0.3%
JD.com, Inc. ADR(a)		42,500		1,426,300
IRELAND 2.1%
King Digital Entertainment PLC		760,112		12,055,376
ISRAEL 3.3%
Check Point Software Technologies Ltd.(a)		203,160		16,959,797
Kornit Digital Ltd.(a)		106,722		1,590,158
Total				18,549,955
JAPAN 0.3%
Mabuchi Motor Co., Ltd.		28,100		1,682,567
NETHERLANDS 3.3%
AVG Technologies NV(a)		343,383		8,213,721
Mobileye NV(a)		240,088		10,770,348
Total				18,984,069
SINGAPORE 2.0%
Avago Technologies Ltd.		96,809		11,315,036
TAIWAN 0.9%
Himax Technologies, Inc., ADR		313,100		1,916,172
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		141,088		3,448,191
Total				5,364,363
UNITED STATES 82.4%
Activision Blizzard, Inc.		265,621		6,060,143
Advanced Energy Industries, Inc.(a)		514,053		12,573,736
Apple, Inc.		259,085		32,424,488
Arista Networks, Inc.(a)		78,400		5,018,384
Audience, Inc.(a)		527,925		2,512,923
Broadcom Corp., Class A		729,700		32,256,389
Cavium, Inc.(a)		70,400		4,561,216
Cisco Systems, Inc.		125,000		3,603,750
Computer Sciences Corp.		50,900		3,280,505
Cornerstone OnDemand, Inc.(a)		43,700		1,251,131
Cypress Semiconductor Corp.		631,205		8,407,651
DIRECTV(a)		74,200		6,730,311
Electronics for Imaging, Inc.(a)		136,455		5,694,267
Euronet Worldwide, Inc.(a)		24,800		1,450,304

Common Stocks (continued)
Issuer	Shares		Value ($)
F5 Networks, Inc.(a)		61,700		7,528,634
Fortinet, Inc.(a)		41,000		1,547,340
GameStop Corp., Class A		38,400		1,479,936
Godaddy, Inc., Class A(a)		21,013		526,796
Google, Inc., Class A(a)		15,700		8,615,689
Google, Inc., Class C(a)		15,743		8,459,400
Hewlett-Packard Co.		138,300		4,559,751
HomeAway, Inc.(a)		53,100		1,484,145
Lam Research Corp.		598,937		45,267,658
Lattice Semiconductor Corp.(a)		1,090,187		6,464,809
LifeLock, Inc.(a)		270,900		3,957,849
Marvell Technology Group Ltd.		1,124,038		15,747,772
Mattson Technology, Inc.(a)		1,321,361		4,505,841
Maxim Integrated Products, Inc.		510,300		16,753,149
Micron Technology, Inc.(a)		144,600		4,067,598
Microsemi Corp.(a)		495,851		16,541,589
Nuance Communications, Inc.(a)		238,757		3,660,145
PTC, Inc.(a)		28,673		1,099,323
Q2 Holdings, Inc.(a)		55,466		1,128,733
QLogic Corp.(a)		117,100		1,721,370
Qorvo, Inc.(a)		206,819		13,631,440
Red Hat, Inc.(a)		41,800		3,145,868
Rovi Corp.(a)		361,700		6,695,067
Sabre Corp.		210,428		5,237,553
salesforce.com, Inc.(a)		58,333		4,247,809
Skyworks Solutions, Inc.		163,381		15,071,897
SolarWinds, Inc.(a)		172,300		8,404,794
Synaptics, Inc.(a)		403,496		34,184,181
Synopsys, Inc.(a)		964,602		45,220,542
Teradyne, Inc.		1,147,560		20,942,970
Travelport Worldwide Ltd.		358,057		5,668,042
Vantiv, Inc., Class A(a)		62,600		2,447,660
Veeva Systems Inc., Class A(a)		22,100		586,755
Verint Systems, Inc.(a)		124,618		7,655,284
Visa, Inc., Class A		130,000		8,586,500
VMware, Inc., Class A(a)		86,585		7,628,139
Total				470,297,226
Total Common Stocks
(Cost: $399,091,117)				545,439,146

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

Semiannual Report 2015 7

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Money Market Funds 4.2%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.111%(b)(c)		23,914,966		23,914,966
Total Money Market Funds
(Cost: $23,914,966)				23,914,966
Total Investments
(Cost: $423,006,083)				569,354,112
Other Assets & Liabilities, Net				1,262,427
Net Assets				570,616,539

Notes to Portfolio of Investments

(a) Non-income producing.

(b) The rate shown is the seven-day current annualized yield at April 30, 2015.

(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended April 30, 2015, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Short-Term Cash Fund		9,314,310		90,679,320		(76,078,664	)		23,914,966		5,739		23,914,966

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:

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

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

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

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

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

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

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

8 Semiannual Report 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

PORTFOLIO OF INVESTMENTS (continued)

April 30, 2015 (Unaudited)

Fair Value Measurements (continued)

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, 2015:

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		19,262,438		—		—		19,262,438
Health Care		586,755		—		—		586,755
Industrials		1,590,158		1,682,567		—		3,272,725
Information Technology		522,317,228		—		—		522,317,228
Total Equity Securities		543,756,579		1,682,567		—		545,439,146
Mutual Funds
Money Market Funds		23,914,966		—		—		23,914,966
Total Mutual Funds		23,914,966		—		—		23,914,966
Total		567,671,545		1,682,567		—		569,354,112

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

The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and 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 2015 9

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2015 (Unaudited)

Assets
Investments, at value
Unaffiliated issuers (identified cost $399,091,117)	$545,439,146
Affiliated issuers (identified cost $23,914,966)	23,914,966
Total investments (identified cost $423,006,083)	569,354,112
Cash	43,834
Receivable for:
Investments sold	4,774,793
Capital shares sold	354,312
Dividends	62,073
Reclaims	3,408
Prepaid expenses	928
Other assets	31,191
Total assets	574,624,651
Liabilities
Payable for:
Investments purchased	3,350,090
Capital shares purchased	373,455
Investment management fees	13,547
Distribution and/or service fees	5,664
Transfer agent fees	98,779
Administration fees	940
Plan administration fees	1
Compensation of board members	29,612
Other expenses	136,024
Total liabilities	4,008,112
Net assets applicable to outstanding capital stock	$570,616,539
Represented by
Paid-in capital	$391,596,282
Excess of distributions over net investment income	(1,726,336	)
Accumulated net realized gain	34,398,234
Unrealized appreciation (depreciation) on:
Investments	146,348,029
Foreign currency translations	330
Total — representing net assets applicable to outstanding capital stock	$570,616,539

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

10 Semiannual Report 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

April 30, 2015 (Unaudited)

Class A
Net assets	$432,949,974
Shares outstanding	14,349,872
Net asset value per share	$30.17
Maximum offering price per share(a)	$32.01
Class B
Net assets	$4,042,361
Shares outstanding	164,009
Net asset value per share	$24.65
Class C
Net assets	$87,248,744
Shares outstanding	3,541,234
Net asset value per share	$24.64
Class I
Net assets	$3,813
Shares outstanding	124
Net asset value per share(b)	$30.84
Class K
Net assets	$211,883
Shares outstanding	6,957
Net asset value per share(b)	$30.45
Class R
Net assets	$8,989,023
Shares outstanding	306,745
Net asset value per share	$29.30
Class R4
Net assets	$243,758
Shares outstanding	7,872
Net asset value per share	$30.97
Class R5
Net assets	$216,575
Shares outstanding	7,050
Net asset value per share	$30.72
Class Z
Net assets	$36,710,408
Shares outstanding	1,199,926
Net asset value per share	$30.59

(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 2015 11

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2015 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$2,473,522
Dividends — affiliated issuers	5,739
Total income	2,479,261
Expenses:
Investment management fees	2,323,453
Distribution and/or service fees
Class A	512,010
Class B	22,517
Class C	420,507
Class R	21,238
Transfer agent fees
Class A	428,104
Class B	4,714
Class C	87,910
Class K	51
Class R	8,875
Class R4	300
Class R5	36
Class Z	37,788
Administration fees	161,856
Plan administration fees
Class K	253
Compensation of board members	9,121
Custodian fees	8,979
Printing and postage fees	43,850
Registration fees	53,357
Professional fees	19,772
Other	14,850
Total expenses	4,179,541
Net investment loss	(1,700,280	)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments	35,891,069
Foreign currency translations	(26,911	)
Net realized gain	35,864,158
Net change in unrealized appreciation (depreciation) on:
Investments	28,179,219
Foreign currency translations	336
Net change in unrealized appreciation	28,179,555
Net realized and unrealized gain	64,043,713
Net increase in net assets resulting from operations	$62,343,433

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

12 Semiannual Report 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
Operations
Net investment loss		$(1,700,280	)		$(3,869,140	)
Net realized gain		35,864,158			70,526,829
Net change in unrealized appreciation		28,179,555			38,516,743
Net increase in net assets resulting from operations		62,343,433			105,174,432
Distributions to shareholders
Net realized gains
Class A		(44,430,647	)		(7,886,387	)
Class B		(590,350	)		(162,300	)
Class C		(10,492,719	)		(1,937,073	)
Class I		(452	)		(322	)
Class K		(22,097	)		(3,999	)
Class R		(902,568	)		(176,715	)
Class R4		(28,723	)		(1,491	)
Class R5		(6,693	)		(1,944	)
Class Z		(3,953,877	)		(375,160	)
Total distributions to shareholders		(60,428,126	)		(10,545,391	)
Increase (decrease) in net assets from capital stock activity		64,848,730			(32,040,061	)
Total increase in net assets		66,764,037			62,588,980
Net assets at beginning of period		503,852,502			441,263,522
Net assets at end of period		$570,616,539			$503,852,502
Excess of distributions over net investment income		$(1,726,336	)		$(26,056	)

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

Semiannual Report 2015 13

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended April 30, 2015 (Unaudited)							Year Ended October 31, 2014
	Shares				Dollars ($)			Shares			Dollars ($)
Capital stock activity				��
Class A shares
Subscriptions(a)		1,202,980				35,845,395			890,632			24,519,346
Distributions reinvested		1,419,148				40,616,003			291,228			7,254,492
Redemptions		(856,664	)			(25,584,894	)		(2,518,069	)		(68,780,821	)
Net increase (decrease)		1,765,464				50,876,504			(1,336,209	)		(37,006,983	)
Class B shares
Subscriptions		6,338				157,461			4,417			100,408
Distributions reinvested		24,510				574,517			7,477			156,267
Redemptions(a)		(55,122	)			(1,358,780	)		(114,946	)		(2,610,395	)
Net decrease		(24,274	)			(626,802	)		(103,052	)		(2,353,720	)
Class C shares
Subscriptions		220,037				5,362,059			130,742			2,982,625
Distributions reinvested		371,025				8,693,115			75,467			1,576,497
Redemptions		(206,164	)			(5,047,450	)		(383,603	)		(8,680,147	)
Net increase (decrease)		384,898				9,007,724			(177,394	)		(4,121,025	)
Class I shares
Redemptions		—				—			(420	)		(11,802	)
Net decrease		—				—			(420	)		(11,802	)
Class K shares
Subscriptions		37				1,141			107			3,038
Distributions reinvested		753				21,734			155			3,888
Redemptions		—				—			(849	)		(23,447	)
Net increase (decrease)		790				22,875			(587	)		(16,521	)
Class R shares
Subscriptions		77,993				2,266,536			98,548			2,627,261
Distributions reinvested		28,339				788,395			6,067			147,429
Redemptions		(59,476	)			(1,760,982	)		(148,292	)		(3,952,438	)
Net increase (decrease)		46,856				1,293,949			(43,677	)		(1,177,748	)
Class R4 shares
Subscriptions		4,292				131,663			7,343			209,570
Distributions reinvested		967				28,379			56			1,418
Redemptions		(4,872	)			(151,912	)		(594	)		(16,195	)
Net increase		387				8,130			6,805			194,793
Class R5 shares
Subscriptions		5,840				171,618			1,204			30,899
Distributions reinvested		216				6,291			69			1,754
Redemptions		(833	)			(25,554	)		(1,779	)		(49,068	)
Net increase (decrease)		5,223				152,355			(506	)		(16,415	)
Class Z shares
Subscriptions		350,177				10,603,704			543,421			16,192,902
Distributions reinvested		85,454				2,477,312			5,437			136,894
Redemptions		(291,933	)			(8,967,021	)		(140,277	)		(3,860,436	)
Net increase		143,698				4,113,995			408,581			12,469,360
Total net increase (decrease)		2,323,042				64,848,730			(1,246,459	)		(32,040,061	)

(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 2015

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. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class  A	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$30.15		$24.60		$20.07		$20.16		$20.24		$16.50
Income from investment operations:
Net investment loss	(0.08	)	(0.19	)	(0.16	)	(0.15	)	(0.15	)	(0.16	)
Net realized and unrealized gain	3.63		6.33		4.69		0.04		0.21		3.87
Total from investment operations	3.55		6.14		4.53		(0.11	)	0.06		3.71
Less distributions to shareholders:
Net investment income	—		—		—		—		(0.14	)	—
Net realized gains	(3.53	)	(0.59	)	—		—		—		—
Total distributions to shareholders	(3.53	)	(0.59	)	—		—		(0.14	)	—
Proceeds from regulatory settlements	—		—		—		0.02		—		0.03
Net asset value, end of period	$30.17		$30.15		$24.60		$20.07		$20.16		$20.24
Total return	12.41	%	25.47	%	22.57	%	(0.45	%)(a)	0.26	%	22.67	%(b)
Ratios to average net assets(c)
Total gross expenses	1.43	%(d)	1.46	%	1.55	%	1.50	%	1.49	%	1.67	%
Total net expenses(e)	1.43	%(d)	1.46	%(f)	1.50	%(f)	1.40	%(f)	1.49	%(f)	1.57	%
Net investment loss	(0.52	%)(d)	(0.70	%)	(0.70	%)	(0.70	%)	(0.70	%)	(0.89	%)
Supplemental data
Net assets, end of period (in thousands)	$432,950		$379,433		$342,423		$311,523		$364,366		$418,600
Portfolio turnover	33	%	89	%	81	%	88	%	95	%	111	%

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

(d) Annualized.

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

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

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

Semiannual Report 2015 15

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class B	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$25.14		$20.75		$17.06		$17.27		$17.35		$14.25
Income from investment operations:
Net investment loss	(0.15	)	(0.33	)	(0.27	)	(0.27	)	(0.26	)	(0.26	)
Net realized and unrealized gain	2.99		5.31		3.96		0.04		0.18		3.33
Total from investment operations	2.84		4.98		3.69		(0.23	)	(0.08	)	3.07
Less distributions to shareholders:
Net realized gains	(3.33	)	(0.59	)	—		—		—		—
Total distributions to shareholders	(3.33	)	(0.59	)	—		—		—		—
Proceeds from regulatory settlements	—		—		—		0.02		—		0.03
Net asset value, end of period	$24.65		$25.14		$20.75		$17.06		$17.27		$17.35
Total return	11.98	%	24.58	%	21.63	%	(1.22	%)(a)	(0.46	%)	21.75	%(b)
Ratios to average net assets(c)
Total gross expenses	2.18	%(d)	2.21	%	2.30	%	2.26	%	2.25	%	2.44	%
Total net expenses(e)	2.18	%(d)	2.21	%(f)	2.25	%(f)	2.17	%(f)	2.25	%(f)	2.34	%
Net investment loss	(1.26	%)(d)	(1.45	%)	(1.43	%)	(1.47	%)	(1.47	%)	(1.66	%)
Supplemental data
Net assets, end of period (in thousands)	$4,042		$4,732		$6,045		$7,858		$12,499		$19,558
Portfolio turnover	33	%	89	%	81	%	88	%	95	%	111	%

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

(d) Annualized.

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

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

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

16 Semiannual Report 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class C	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$25.13		$20.74		$17.06		$17.26		$17.37		$14.25
Income from investment operations:
Net investment loss	(0.15	)	(0.33	)	(0.28	)	(0.26	)	(0.26	)	(0.26	)
Net realized and unrealized gain	2.99		5.31		3.96		0.04		0.17		3.35
Total from investment operations	2.84		4.98		3.68		(0.22	)	(0.09	)	3.09
Less distributions to shareholders:
Net investment income	—		—		—		—		(0.02	)	—
Net realized gains	(3.33	)	(0.59	)	—		—		—		—
Total distributions to shareholders	(3.33	)	(0.59	)	—		—		(0.02	)	—
Proceeds from regulatory settlements	—		—		—		0.02		—		0.03
Net asset value, end of period	$24.64		$25.13		$20.74		$17.06		$17.26		$17.37
Total return	11.99	%	24.59	%	21.57	%	(1.16	%)(a)	(0.51	%)	21.89	%(b)
Ratios to average net assets(c)
Total gross expenses	2.18	%(d)	2.21	%	2.30	%	2.25	%	2.25	%	2.43	%
Total net expenses(e)	2.18	%(d)	2.21	%(f)	2.25	%(f)	2.15	%(f)	2.25	%(f)	2.33	%
Net investment loss	(1.27	%)(d)	(1.45	%)	(1.45	%)	(1.45	%)	(1.45	%)	(1.65	%)
Supplemental data
Net assets, end of period (in thousands)	$87,249		$79,309		$69,151		$64,360		$72,162		$80,128
Portfolio turnover	33	%	89	%	81	%	88	%	95	%	111	%

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

(d) Annualized.

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

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

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

Semiannual Report 2015 17

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class I	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$30.80		$25.00		$20.30		$20.31		$20.37		$16.52
Income from investment operations:
Net investment loss	(0.01	)	(0.06	)	(0.05	)	(0.06	)	(0.06	)	(0.08	)
Net realized and unrealized gain	3.71		6.45		4.75		0.03		0.22		3.90
Total from investment operations	3.70		6.39		4.70		(0.03	)	0.16		3.82
Less distributions to shareholders:
Net investment income	—		—		—		—		(0.22	)	—
Net realized gains	(3.66	)	(0.59	)	—		—		—		—
Total distributions to shareholders	(3.66	)	(0.59	)	—		—		(0.22	)	—
Proceeds from regulatory settlements	—		—		—		0.02		—		0.03
Net asset value, end of period	$30.84		$30.80		$25.00		$20.30		$20.31		$20.37
Total return	12.67	%	26.07	%	23.15	%	(0.05	%)(a)	0.77	%	23.31	%(b)
Ratios to average net assets(c)
Total gross expenses	0.99	%(d)	0.99	%	1.04	%	1.00	%	1.09	%	1.17	%
Total net expenses(e)	0.99	%(d)	0.99	%	1.03	%	0.97	%	1.09	%	1.12	%
Net investment loss	(0.08	%)(d)	(0.21	%)	(0.23	%)	(0.26	%)	(0.28	%)	(0.45	%)
Supplemental data
Net assets, end of period (in thousands)	$4		$4		$14		$11		$11		$28,563
Portfolio turnover	33	%	89	%	81	%	88	%	95	%	111	%

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

(d) Annualized.

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

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

18 Semiannual Report 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class K	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$30.42		$24.77		$20.18		$20.22		$20.29		$16.51
Income from investment operations:
Net investment loss	(0.05	)	(0.15	)	(0.12	)	(0.10	)	(0.10	)	(0.14	)
Net realized and unrealized gain	3.66		6.39		4.71		0.04		0.20		3.89
Total from investment operations	3.61		6.24		4.59		(0.06	)	0.10		3.75
Less distributions to shareholders:
Net investment income	—		—		—		—		(0.17	)	—
Net realized gains	(3.58	)	(0.59	)	—		—		—		—
Total distributions to shareholders	(3.58	)	(0.59	)	—		—		(0.17	)	—
Proceeds from regulatory settlements	—		—		—		0.02		—		0.03
Net asset value, end of period	$30.45		$30.42		$24.77		$20.18		$20.22		$20.29
Total return	12.50	%	25.70	%	22.75	%	(0.20	%)(a)	0.48	%	22.89	%(b)
Ratios to average net assets(c)
Total gross expenses	1.27	%(d)	1.29	%	1.34	%	1.30	%	1.29	%	1.48	%
Total net expenses(e)	1.27	%(d)	1.29	%	1.32	%	1.16	%	1.29	%	1.42	%
Net investment loss	(0.36	%)(d)	(0.52	%)	(0.52	%)	(0.45	%)	(0.50	%)	(0.75	%)
Supplemental data
Net assets, end of period (in thousands)	$212		$188		$167		$231		$432		$534
Portfolio turnover	33	%	89	%	81	%	88	%	95	%	111	%

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

(d) Annualized.

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

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

Semiannual Report 2015 19

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class R	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$29.35		$24.02		$19.65		$19.78		$19.88		$16.25
Income from investment operations:
Net investment loss	(0.11	)	(0.25	)	(0.21	)	(0.19	)	(0.19	)	(0.22	)
Net realized and unrealized gain	3.52		6.17		4.58		0.04		0.19		3.82
Total from investment operations	3.41		5.92		4.37		(0.15	)	—		3.60
Less distributions to shareholders:
Net investment income	—		—		—		—		(0.10	)	—
Net realized gains	(3.46	)	(0.59	)	—		—		—		—
Total distributions to shareholders	(3.46	)	(0.59	)	—		—		(0.10	)	—
Proceeds from regulatory settlements	—		—		—		0.02		—		0.03
Net asset value, end of period	$29.30		$29.35		$24.02		$19.65		$19.78		$19.88
Total return	12.26	%	25.16	%	22.24	%	(0.66	%)(a)	(0.04	%)	22.34	%(b)
Ratios to average net assets(c)
Total gross expenses	1.68	%(d)	1.71	%	1.80	%	1.75	%	1.74	%	1.95	%
Total net expenses(e)	1.68	%(d)	1.71	%(f)	1.75	%(f)	1.65	%(f)	1.74	%(f)	1.90	%
Net investment loss	(0.78	%)(d)	(0.95	%)	(0.94	%)	(0.94	%)	(0.95	%)	(1.22	%)
Supplemental data
Net assets, end of period (in thousands)	$8,989		$7,628		$7,291		$8,124		$9,787		$9,158
Portfolio turnover	33	%	89	%	81	%	88	%	95	%	111	%

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

(d) Annualized.

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

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

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

20 Semiannual Report 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class R4	(Unaudited)		2014		2013(a)
Per share data
Net asset value, beginning of period	$30.89		$25.12		$20.20
Income from investment operations:
Net investment loss	(0.03	)	(0.13	)	(0.12	)
Net realized and unrealized gain	3.71		6.49		5.04
Total from investment operations	3.68		6.36		4.92
Less distributions to shareholders:
Net realized gains	(3.60	)	(0.59	)	—
Total distributions to shareholders	(3.60	)	(0.59	)	—
Net asset value, end of period	$30.97		$30.89		$25.12
Total return	12.55	%	25.82	%	24.36	%
Ratios to average net assets(b)
Total gross expenses	1.18	%(c)	1.21	%	1.33	%(c)
Total net expenses(d)	1.18	%(c)	1.21	%(e)	1.29	%(c)(e)
Net investment loss	(0.22	%)(c)	(0.47	%)	(0.53	%)(c)
Supplemental data
Net assets, end of period (in thousands)	$244		$231		$17
Portfolio turnover	33	%	89	%	81	%

Notes to Financial Highlights

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

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

(c) Annualized.

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

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

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

Semiannual Report 2015 21

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class R5	(Unaudited)		2014		2013		2012		2011		2010
Per share data
Net asset value, beginning of period	$30.69		$24.92		$20.25		$20.27		$20.35		$16.52
Income from investment operations:
Net investment loss	(0.00	)(a)	(0.08	)	(0.04	)	(0.05	)	(0.05	)	(0.42	)
Net realized and unrealized gain	3.67		6.44		4.71		0.01		0.19		4.22
Total from investment operations	3.67		6.36		4.67		(0.04	)	0.14		3.80
Less distributions to shareholders:
Net investment income	—		—		—		—		(0.22	)	—
Net realized gains	(3.64	)	(0.59	)	—		—		—		—
Total distributions to shareholders	(3.64	)	(0.59	)	—		—		(0.22	)	—
Proceeds from regulatory settlements	—		—		—		0.02		—		0.03
Net asset value, end of period	$30.72		$30.69		$24.92		$20.25		$20.27		$20.35
Total return	12.63	%	26.03	%	23.06	%	(0.10	%)(b)	0.66	%	23.18	%(c)
Ratios to average net assets(d)
Total gross expenses	1.02	%(e)	1.04	%	1.08	%	1.06	%	1.03	%	1.28	%
Total net expenses(f)	1.02	%(e)	1.04	%	1.06	%	0.99	%	1.03	%	1.13	%
Net investment loss	(0.01	%)(e)	(0.28	%)	(0.16	%)	(0.23	%)	(0.21	%)	(2.23	%)
Supplemental data
Net assets, end of period (in thousands)	$217		$56		$58		$165		$33		$25,932
Portfolio turnover	33	%	89	%	81	%	88	%	95	%	111	%

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 0.16%.

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

(e) Annualized.

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

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

22 Semiannual Report 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended April 30, 2015		Year Ended October 31,
Class Z	(Unaudited)		2014		2013		2012		2011		2010(a)
Per share data
Net asset value, beginning of period	$30.55		$24.85		$20.23		$20.26		$20.36		$19.28
Income from investment operations:
Net investment loss	(0.04	)	(0.13	)	(0.10	)	(0.09	)	(0.06	)	(0.03	)
Net realized and unrealized gain	3.67		6.42		4.72		0.04		0.18		1.11
Total from investment operations	3.63		6.29		4.62		(0.05	)	0.12		1.08
Less distributions to shareholders:
Net investment income	—		—		—		—		(0.22	)	—
Net realized gains	(3.59	)	(0.59	)	—		—		—		—
Total distributions to shareholders	(3.59	)	(0.59	)	—		—		(0.22	)	—
Proceeds from regulatory settlements	—		—		—		0.02		—		—
Net asset value, end of period	$30.59		$30.55		$24.85		$20.23		$20.26		$20.36
Total return	12.55	%	25.82	%	22.84	%	(0.15	%)(b)	0.55	%	5.60	%
Ratios to average net assets(c)
Total gross expenses	1.18	%(d)	1.22	%	1.30	%	1.23	%	1.14	%	1.31	%(d)
Total net expenses(e)	1.18	%(d)	1.22	%(f)	1.24	%(f)	1.13	%(f)	1.14	%(f)	1.28	%(d)
Net investment loss	(0.24	%)(d)	(0.47	%)	(0.42	%)	(0.42	%)	(0.30	%)	(1.57	%)(d)
Supplemental data
Net assets, end of period (in thousands)	$36,710		$32,271		$16,097		$22,115		$20,020		$3
Portfolio turnover	33	%	89	%	81	%	88	%	95	%	111	%

Notes to Financial Highlights

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

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

(d) Annualized.

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

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

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

Semiannual Report 2015 23

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

NOTES TO FINANCIAL STATEMENTS

April 30, 2015 (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 the Trust’s organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.

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

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

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

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

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

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

Security Valuation

All equity securities 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.

24 Semiannual Report 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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

Investments in open-end investment companies, including money market funds, are valued at their 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 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 quoted or published price for the security.

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

Foreign Currency Transactions and Translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the NYSE. 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

Semiannual Report 2015 25

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

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

Distributions to Shareholders

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

Guarantees and Indemnifications

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

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, 2015 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, 2015 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, 2015, other expenses paid by the Fund to this company were $1,048.

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 a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Transfer Agent also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a

26 Semiannual Report 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

customer of Ameriprise Financial Services, Inc., for which the Transfer Agent receives a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Class I shares do not pay transfer agency fees. Total transfer 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, 2015, 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	0.21	%
Class B	0.21
Class C	0.21
Class K	0.05
Class R	0.21
Class R4	0.21
Class R5	0.05
Class Z	0.21

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, 2015, the Fund’s total potential future obligation over the life of the Guaranty is $160,626. The liability remaining at April 30, 2015 for non-recurring charges associated with the lease amounted to $94,250 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 remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For

the six months ended April 30, 2015, 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 $150,000 and $4,292,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of March 31, 2015, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $159,467 for Class A, $1,101 for Class B and $392 for Class C shares for the six months ended April 30, 2015.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Fund’s expense ratio is subject to an expense reimbursement arrangement pursuant to which fees will be waived and/or expenses reimbursed (excluding certain fees and expenses described below), so that the

Semiannual Report 2015 27

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the annual rates of:

	Voluntary Expense Cap Effective March 1, 2015			Contractual Expense Cap Prior to March 1, 2015
Class A		1.51	%		1.53	%
Class B		2.26			2.28
Class C		2.26			2.28
Class I		1.10			1.10
Class K		1.40			1.40
Class R		1.76			1.78
Class R4		1.26			1.28
Class R5		1.15			1.15
Class Z		1.26			1.28

The voluntary expense cap arrangement may be revised or discontinued at any time. Under the arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest and extraordinary expenses. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal Tax Information

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

At April 30, 2015, the cost of investments for federal income tax purposes was approximately $423,006,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$155,091,000
Unrealized depreciation	(8,743,000	)
Net unrealized appreciation	$146,348,000

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $175,928,375 and $188,592,097, respectively, for the six months ended April 30, 2015. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

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

Note 7. Shareholder Concentration

At April 30, 2015, affiliated shareholders of record owned 32.7% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

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. Pursuant to a December 9, 2014 amendment, the credit facility agreement, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $550 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

28 Semiannual Report 2015

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. The commitment fee is included in other expenses in the Statement of Operations. Prior to the December 9, 2014 amendment, the credit facility agreement permitted borrowings up to $500 million under the same terms and interest rates as described above.

The Fund had no borrowings during the six months ended April 30, 2015.

Note 9. Significant Risks

Foreign Securities and Emerging Market Countries Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the various conditions, events or other factors impacting those countries and may, therefore, have a greater risk than that of a fund which is more geographically diversified.

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 and 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 quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with

Semiannual Report 2015 29

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

NOTES TO FINANCIAL STATEMENTS (continued)

April 30, 2015 (Unaudited)

the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

30 Semiannual Report 2015

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).

The Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considered the renewal of the IMS Agreement for a two-month period (Short-Term Period) in order to align the IMS Agreement with the review cycle of other funds in the Columbia family of funds. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2015, 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. 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 13-15, 2015 in-person Board meeting (the April Meeting), considered the renewal of the IMS Agreement for the Short-Term Period. 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 for the Short-Term Period.

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. The Independent Trustees noted the information they received concerning Columbia Management’s ability to retain its key portfolio management personnel. 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 for the Short-Term Period.

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 services being performed by Columbia Management and its affiliates were acceptable for the Short-Term Period.

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 for purposes of approving the IMS Agreement for the Short-Term Period, the Fund’s performance was acceptable.

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,

Semiannual Report 2015 31

COLUMBIA SELIGMAN GLOBAL TECHNOLOGY FUND

APPROVAL OF INVESTMENT MANAGEMENT SERVICES AGREEMENT (continued)

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 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. For purposes of approving the IMS Agreement for the Short-Term Period, the Board concluded that the investment management service fees were fair and reasonable, observing that the profitability levels also seemed 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.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that, for purposes of its consideration of the renewal of the IMS Agreement for the Short-Term Period, 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. The Board noted its understanding that it would undertake the full consideration of renewal of the IMS Agreement for the full annual period at its June 2015 meetings. On April 15, 2015, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement for the Short-Term Period.

32 Semiannual Report 2015

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 columbiathreadneedle.com/us; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how each fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedle.com/us, or searching the website of the SEC at sec.gov.

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

Semiannual Report 2015 33

Columbia Seligman Global Technology Fund

P.O. Box 8081

Boston, MA 02266-8081

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

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2015 Columbia Management Investment Advisers, LLC.

columbiathreadneedle.com/us

SAR220_10_E01_(06/15)

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a) The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) Columbia Funds Series Trust II

By (Signature and Title)	/s/ Christopher O. Petersen
Christopher O. Petersen, President and Principal Executive Officer

Date June 19, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Christopher O. Petersen
Christopher O. Petersen, President and Principal Executive Officer

Date June 19, 2015

By (Signature and Title)	/s/ Michael G. Clarke
Michael G. Clarke, Treasurer and Chief Financial Officer

Date June 19, 2015