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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21852

Columbia Funds Series Trust II

(Exact name of registrant as specified in charter)

225 Franklin Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

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: January 31

Date of reporting period: July 31, 2016

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

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

Item 1. Reports to Stockholders.

SEMIANNUAL REPORT

July 31, 2016

COLUMBIA INCOME BUILDER FUND

PRESIDENT’S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it’s also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen

President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009-2010.

n In today’s low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

n Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won’t stay invested to realize the return if we get the risk tolerance wrong.

Semiannual Report 2016

PRESIDENT’S MESSAGE (continued)

n Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, “The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror.” Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today’s investment environment:

1) Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2) Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3) Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20%-30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001-2003 and 2011-2012. Conversely, flows picked up when volatility returned to “normal” levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate “spike” reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what’s the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return tradeoff of investors, remembering that they won’t stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization, and investors are

Semiannual Report 2016

PRESIDENT’S MESSAGE (continued)

best served through investment approaches that appreciate that distinction. Even though it’s a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

TABLE OF CONTENTS

Performance Overview	2
Portfolio Overview	3
Understanding Your Fund’s Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	8
Statement of Operations	10
Statement of Changes in Net Assets	11
Financial Highlights	13
Notes to Financial Statements	22
Approval of Management Agreement	28
Important Information About This Report	31

Fund Investment Manager

Columbia Management Investment

Advisers, LLC

225 Franklin Street

Boston, MA 02110

Fund Distributor

Columbia Management Investment

Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment

Services Corp.

P.O. Box 8081

Boston, MA 02266-8081

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

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

Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

PERFORMANCE OVERVIEW

(Unaudited)

Performance Summary

n Columbia Income Builder Fund (the Fund) Class A shares returned 9.22% excluding sales charges for the six-month period that ended July 31, 2016.

n The Fund outperformed its Blended Index, which returned 6.81% for the same time period.

n During the same time period, the Fund’s fixed-income benchmark, the Barclays U.S. Aggregate Bond Index, returned 4.54%, the Fund’s domestic equity benchmark, the Russell 3000 Value Index, returned 15.68% and the Citi Three-Month U.S. Treasury Bill Index returned 0.13%.

Average Annual Total Returns (%) (for period ended July 31, 2016)
	Inception	6 Months Cumulative		1 Year			5 Years		10 Years
Class A	02/16/06
Excluding sales charges			9.22		4.24			5.43		5.64
Including sales charges			4.06		-0.73			4.41		5.13
Class B	02/16/06
Excluding sales charges			8.76		3.44			4.63		4.85
Including sales charges			3.76		-1.56			4.30		4.85
Class C	02/16/06
Excluding sales charges			8.77		3.54			4.65		4.86
Including sales charges			7.77		2.54			4.65		4.86
Class K	02/16/06		9.25		4.42			5.52		5.85
Class R*	09/27/10		9.13		4.05			5.17		5.46
Class R4*	11/08/12		9.42		4.58			5.64		5.75
Class R5*	11/08/12		9.35		4.54	��		5.68		5.77
Class W*	06/25/14		9.12		4.23			5.42		5.64
Class Z*	09/27/10		9.25		4.50			5.70		5.80
Blended Index			6.81		5.41			5.55		5.18
Barclays U.S. Aggregate Bond Index			4.54		5.94			3.57		5.06
Russell 3000 Value Index			15.68		5.39			12.53		6.15
Citi Three-Month U.S. Treasury Bill Index			0.13		0.16			0.07		0.92

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 investor.columbiathreadneedleus.com or calling 800.345.6611.

* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. 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 investor.columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information.

The Blended Index consists of 65% Barclays U.S. Aggregate Bond Index, 25% Russell 3000 Value Index and 10% Citi Three-Month U.S. Treasury Bill Index.

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities. Effective August 24, 2016, the Barclays U.S. Aggregate Bond Index was rebranded as the Bloomberg Barclays U.S. Aggregate Bond Index.

The Russell 3000 Value Index, an unmanaged index, measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values.

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.

2 Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

PORTFOLIO OVERVIEW

(Unaudited)

Portfolio Breakdown (%) (at July 31, 2016)
Equity Funds	23.4
Fixed-Income Funds	76.5
Money Market Funds	0.1
Total	100.0

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

Portfolio Management

Colin Lundgren, CFA

Gene Tannuzzo, CFA

Semiannual Report 2016 3

COLUMBIA INCOME BUILDER 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.

In addition to the ongoing expenses which the Fund bears directly, the Fund’s shareholders indirectly bear the Fund’s allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the “Effective Expenses Paid During the Period” column.

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.

February 1, 2016 – July 31, 2016

	Account Value at the Beginning of the Period  ($)			Account Value at the End of the Period ($)			Expenses Paid During the Period ($)			Fund’s Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)			Fund’s Effective Annualized Expense Ratio (%)
		Actual	Hypothetical		Actual	Hypothetical		Actual	Hypothetical		Actual		Actual	Hypothetical		Actual
Class A		1,000.00	1,000.00		1,092.20	1,022.87		2.08	2.01		0.40		5.31	5.13		1.02
Class B		1,000.00	1,000.00		1,087.60	1,019.14		5.97	5.77		1.15		9.19	8.89		1.77
Class C		1,000.00	1,000.00		1,087.70	1,019.14		5.97	5.77		1.15		9.19	8.89		1.77
Class K		1,000.00	1,000.00		1,092.50	1,023.12		1.82	1.76		0.35		5.05	4.88		0.97
Class R		1,000.00	1,000.00		1,091.30	1,021.63		3.38	3.27		0.65		6.60	6.38		1.27
Class R4		1,000.00	1,000.00		1,094.20	1,024.12		0.78	0.75		0.15		4.01	3.88		0.77
Class R5		1,000.00	1,000.00		1,093.50	1,024.37		0.52	0.50		0.10		3.75	3.62		0.72
Class W		1,000.00	1,000.00		1,091.20	1,022.77		2.18	2.11		0.42		5.41	5.23		1.04
Class Z		1,000.00	1,000.00		1,092.50	1,024.12		0.78	0.75		0.15		4.01	3.88		0.77

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

Effective expenses paid during the period and the Fund’s effective annualized expense ratio include expenses borne directly to the class plus the Fund’s pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund’s most recent shareholder report.

4 Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

PORTFOLIO OF INVESTMENTS

July 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 23.4%
	Shares		Value ($)
CONVERTIBLE 5.0%
Columbia Convertible Securities Fund, Class I Shares(a)		3,514,746		60,699,655
DIVIDEND INCOME 13.6%
Columbia Dividend Income Fund, Class I Shares(a)		4,402,429		83,866,270
Columbia Dividend Opportunity Fund, Class I Shares(a)		6,034,947		58,237,234
Columbia Global Dividend Opportunity Fund, Class I Shares(a)		1,380,991		23,670,194
Total				165,773,698
U.S. SMALL CAP 4.8%
Columbia Small Cap Value Fund I, Class I Shares(a)		1,486,366		59,454,658
Total Equity Funds (Cost: $290,665,158)				285,928,011
Fixed-Income Funds 76.5%
EMERGING MARKETS 7.3%
Columbia Emerging Markets Bond Fund, Class I Shares(a)		7,740,915		88,943,116
FLOATING RATE 8.1%
Columbia Floating Rate Fund, Class I Shares(a)		11,088,346		98,464,512
HIGH YIELD 18.9%
Columbia High Yield Bond Fund, Class I Shares(a)		79,908,063		230,934,301

Fixed-Income Funds (continued)
	Shares		Value ($)
INFLATION PROTECTED SECURITIES 2.9%
Columbia Inflation Protected Securities Fund, Class I Shares(a)(b)		3,749,324		34,943,703
INTERNATIONAL 1.9%
Columbia Global Unconstrained Bond Fund, Class I Shares(a)		2,522,816		23,058,537
INVESTMENT GRADE 37.4%
Columbia Corporate Income Fund, Class I Shares(a)		8,862,893		90,667,401
Columbia Limited Duration Credit Fund, Class I Shares(a)		6,242,945		61,180,860
Columbia Mortgage Opportunities Fund, Class I Shares(a)		7,527,321		73,843,016
Columbia U.S. Government Mortgage Fund, Class I Shares(a)		40,385,644		222,928,756
Columbia U.S. Treasury Index Fund, Class I Shares(a)		605,279		7,015,179
Total				455,635,212
Total Fixed-Income Funds
(Cost: $937,150,090)				931,979,381
Money Market Funds 0.1%
Columbia Money Market Fund, Class I Shares, 0.012%(a)(c)		652,001		652,001
Total Money Market Funds
(Cost: $652,001)				652,001
Total Investments
(Cost: $1,228,467,249)				1,218,559,393
Other Assets & Liabilities, Net				382,326
Net Assets				1,218,941,719

Notes to Portfolio of Investments

(a) 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 July 31, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Convertible Securities Fund, Class I Shares		67,559,548		509,215		(5,831,018	)		348,897			62,586,642		—		509,215		60,699,655
Columbia Corporate Income Fund, Class I Shares		70,985,421		25,508,961		(7,768,076	)		(989,223	)		87,737,083		—		1,430,015		90,667,401
Columbia Dividend Income Fund, Class I Shares		84,911,033		952,710		(5,450,809	)		233,179			80,646,113		—		937,810		83,866,270
Columbia Dividend Opportunity Fund, Class I Shares		102,521,058		1,604,586		(48,752,197	)		(1,767,023	)		53,606,424		—		1,589,685		58,237,234
Columbia Emerging Markets Bond Fund, Class I Shares		100,123,792		1,085,415		(12,946,793	)		(1,285,258	)		86,977,156		—		992,267		88,943,116

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

Semiannual Report 2016 5

COLUMBIA INCOME BUILDER FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2016 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Floating Rate Fund, Class I Shares		124,130,943		2,139,013		(24,000,000	)		(1,802,602	)		100,467,354		—		2,139,013		98,464,512
Columbia Global Dividend Opportunity Fund, Class I Shares		58,687,828		724,529		(29,450,809	)		(5,334,850	)		24,626,698		—		709,629		23,670,194
Columbia Global Unconstrained Bond Fund, Class I Shares		25,195,099		19,862		—			—			25,214,961		—		19,862		23,058,537
Columbia High Yield Bond Fund, Class I Shares		257,580,290		6,148,177		(32,449,203	)		1,653,706			232,932,970		—		6,122,906		230,934,301
Columbia Inflation Protected Securities Fund, Class I Shares		36,494,017		—		—			—			36,494,017		—		—		34,943,703
Columbia Limited Duration Credit Fund, Class I Shares		61,593,737		12,956,210		(12,946,793	)		(631,411	)		60,971,743		—		729,950		61,180,860
Columbia Money Market Fund, Class I Shares		651,968		33		—			—			652,001		—		33		652,001
Columbia Mortgage Opportunities Fund, Class I Shares		74,396,182		1,323,248		—			—			75,719,430		—		1,323,248		73,843,016
Columbia Small Cap Value Fund I, Class I Shares		69,663,418		3,462,911		(3,650,694	)		(276,354	)		69,199,281		3,395,107		52,903		59,454,658
Columbia U.S. Government Mortgage Fund, Class I Shares		162,789,383		74,306,761		(12,946,793	)		(443,326	)		223,706,025		—		2,109,396		222,928,756
Columbia U.S. Treasury Index Fund, Class I Shares		6,881,797		47,554		—			—			6,929,351		—		47,554		7,015,179
Total		1,304,165,514		130,789,185		(196,193,185	)		(10,294,265	)		1,228,467,249		3,395,107		18,713,486		1,218,559,393

(b) Non-income producing investment.

(c) The rate shown is the seven-day current annualized yield at July 31, 2016.

Fair Value Measurements

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

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

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

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

6 Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

PORTFOLIO OF INVESTMENTS (continued)

July 31, 2016 (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 July 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Equity Funds		285,928,011		—		—		285,928,011
Fixed-Income Funds		931,979,381		—		—		931,979,381
Money Market Funds		652,001		—		—		652,001
Total Investments		1,218,559,393		—		—		1,218,559,393

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

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

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

Semiannual Report 2016 7

COLUMBIA INCOME BUILDER FUND

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2016 (Unaudited)

Assets
Investments, at value
Affiliated issuers (identified cost $1,228,467,249)	$1,218,559,393
Receivable for:
Investments sold	233,843
Capital shares sold	1,467,691
Dividends	2,070,811
Prepaid expenses	7,753
Other assets	10,295
Total assets	1,222,349,786
Liabilities
Payable for:
Investments purchased	2,070,811
Capital shares purchased	1,142,439
Management services fees	666
Distribution and/or service fees	12,859
Transfer agent fees	80,896
Compensation of board members	34,333
Other expenses	66,063
Total liabilities	3,408,067
Net assets applicable to outstanding capital stock	$1,218,941,719
Represented by
Paid-in capital	$1,241,956,254
Excess of distributions over net investment income	(1,038,590	)
Accumulated net realized loss	(12,068,089	)
Unrealized appreciation (depreciation) on:
Investments — affiliated issuers	(9,907,856	)
Total — representing net assets applicable to outstanding capital stock	$1,218,941,719

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

8 Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2016 (Unaudited)

Class A
Net assets	$934,462,781
Shares outstanding	81,522,483
Net asset value per share	$11.46
Maximum offering price per share(a)	$12.03
Class B
Net assets	$4,184,506
Shares outstanding	363,110
Net asset value per share	$11.52
Class C
Net assets	$232,611,299
Shares outstanding	20,214,642
Net asset value per share	$11.51
Class K
Net assets	$3,060
Shares outstanding	267
Net asset value per share(b)	$11.48
Class R
Net assets	$1,525,031
Shares outstanding	132,314
Net asset value per share	$11.53
Class R4
Net assets	$3,293,183
Shares outstanding	286,479
Net asset value per share	$11.50
Class R5
Net assets	$1,577,067
Shares outstanding	137,105
Net asset value per share	$11.50
Class W
Net assets	$9,403
Shares outstanding	821
Net asset value per share	$11.45
Class Z
Net assets	$41,275,389
Shares outstanding	3,600,541
Net asset value per share	$11.46

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

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

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

Semiannual Report 2016 9

COLUMBIA INCOME BUILDER FUND

STATEMENT OF OPERATIONS

Six Months Ended July 31, 2016 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$18,713,486
Total income	18,713,486
Expenses:
Management services fees	119,395
Distribution and/or service fees
Class A	1,151,527
Class B	23,523
Class C	1,124,828
Class R	3,371
Class W	11
Transfer agent fees
Class A	472,122
Class B	2,413
Class C	115,262
Class K	1
Class R	690
Class R4	1,661
Class R5	359
Class W	5
Class Z	18,976
Plan administration fees
Class K	4
Compensation of board members	14,648
Custodian fees	1,934
Printing and postage fees	57,237
Registration fees	64,972
Audit fees	7,441
Legal fees	8,956
Other	14,297
Total expenses	3,203,633
Expense reductions	(20	)
Total net expenses	3,203,613
Net investment income	15,509,873
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — affiliated issuers	(10,294,265	)
Capital gain distributions from underlying affiliated funds	3,395,107
Net realized loss	(6,899,158	)
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated issuers	96,366,667
Net change in unrealized appreciation	96,366,667
Net realized and unrealized gain	89,467,509
Net increase in net assets resulting from operations	$104,977,382

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

10 Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31, 2016
Operations
Net investment income		$15,509,873			$39,304,881
Net realized gain (loss)		(6,899,158	)		12,213,628
Net change in unrealized appreciation (depreciation)		96,366,667			(91,658,675	)
Net increase (decrease) in net assets resulting from operations		104,977,382			(40,140,166	)
Distributions to shareholders
Net investment income
Class A		(13,867,616	)		(33,116,342	)
Class B		(51,965	)		(264,456	)
Class C		(2,536,545	)		(6,060,204	)
Class K		(46	)		(103	)
Class R		(18,645	)		(35,230	)
Class R4		(52,156	)		(149,879	)
Class R5		(23,998	)		(42,992	)
Class W		(137	)		(305	)
Class Z		(605,555	)		(1,568,660	)
Net realized gains
Class A		(3,322,269	)		(32,592,214	)
Class B		(15,476	)		(329,658	)
Class C		(821,623	)		(7,766,712	)
Class K		(11	)		(99	)
Class R		(5,270	)		(36,512	)
Class R4		(11,304	)		(144,622	)
Class R5		(5,394	)		(39,620	)
Class W		(33	)		(306	)
Class Z		(145,652	)		(1,490,654	)
Total distributions to shareholders		(21,483,695	)		(83,638,568	)
Decrease in net assets from capital stock activity		(61,801,129	)		(38,883,404	)
Total increase (decrease) in net assets		21,692,558			(162,662,138	)
Net assets at beginning of period		1,197,249,161			1,359,911,299
Net assets at end of period		$1,218,941,719			$1,197,249,161
Undistributed (excess of distributions over) net investment income		$(1,038,590	)		$608,200

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

Semiannual Report 2016 11

COLUMBIA INCOME BUILDER FUND

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Six Months Ended July 31, 2016 (Unaudited)						Year Ended January 31, 2016
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		3,330,284			37,037,389			11,408,522			130,706,817
Distributions reinvested		1,476,220			16,418,615			5,536,625			63,235,961
Redemptions		(9,975,163	)		(110,577,493	)		(18,840,173	)		(214,332,508	)
Net decrease		(5,168,659	)		(57,121,489	)		(1,895,026	)		(20,389,730	)
Class B shares
Subscriptions		3,826			42,398			30,307			351,967
Distributions reinvested		5,655			63,147			49,760			575,354
Redemptions(a)		(151,969	)		(1,684,331	)		(1,175,759	)		(13,749,693	)
Net decrease		(142,488	)		(1,578,786	)		(1,095,692	)		(12,822,372	)
Class C shares
Subscriptions		1,275,806			14,263,298			3,650,186			42,383,614
Distributions reinvested		288,863			3,225,490			1,152,962			13,227,036
Redemptions		(2,065,335	)		(22,933,497	)		(4,308,744	)		(49,152,727	)
Net increase (decrease)		(500,666	)		(5,444,709	)		494,404			6,457,923
Class R shares
Subscriptions		32,394			359,244			24,859			281,603
Distributions reinvested		1,826			20,447			6,237			71,543
Redemptions		(12,624	)		(137,574	)		(19,438	)		(222,703	)
Net increase		21,596			242,117			11,658			130,443
Class R4 shares
Subscriptions		52,133			586,657			160,251			1,822,374
Distributions reinvested		5,686			63,411			25,683			294,330
Redemptions		(105,686	)		(1,169,628	)		(257,127	)		(2,915,756	)
Net decrease		(47,867	)		(519,560	)		(71,193	)		(799,052	)
Class R5 shares
Subscriptions		43,562			467,470			78,985			917,907
Distributions reinvested		2,631			29,392			7,244			82,612
Redemptions		(29,720	)		(320,932	)		(32,621	)		(363,763	)
Net increase		16,473			175,930			53,608			636,756
Class Z shares
Subscriptions		868,607			9,766,696			996,924			11,484,552
Distributions reinvested		58,936			656,063			222,862			2,548,499
Redemptions		(717,579	)		(7,977,391	)		(2,281,308	)		(26,130,423	)
Net increase (decrease)		209,964			2,445,368			(1,061,522	)		(12,097,372	)
Total net decrease		(5,611,647	)		(61,801,129	)		(3,563,763	)		(38,883,404	)

(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.

12 Semiannual Report 2016

COLUMBIA INCOME BUILDER 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 July 31, 2016		Year Ended January 31,
Class  A	(Unaudited)		2016		2015		2014		2013		2012
Per share data
Net asset value, beginning of period	$10.69		$11.77		$11.56		$11.48		$10.85		$10.58
Income from investment operations:
Net investment income	0.15		0.36		0.36		0.32		0.37		0.37
Net realized and unrealized gain (loss)	0.83		(0.69	)	0.25		0.12		0.69		0.30
Total from investment operations	0.98		(0.33	)	0.61		0.44		1.06		0.67
Less distributions to shareholders:
Net investment income	(0.17	)	(0.38	)	(0.37	)	(0.36	)	(0.43	)	(0.40	)
Net realized gains	(0.04	)	(0.37	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.21	)	(0.75	)	(0.40	)	(0.36	)	(0.43	)	(0.40	)
Net asset value, end of period	$11.46		$10.69		$11.77		$11.56		$11.48		$10.85
Total return	9.22	%	(3.10	%)	5.29	%	3.83	%	9.98	%	6.48	%
Ratios to average net assets(a)
Total gross expenses	0.40	%(b)	0.40	%	0.41	%	0.41	%	0.42	%	0.42	%
Total net expenses(c)	0.40	%(b)(d)	0.40	%(d)	0.41	%(d)	0.41	%	0.42	%(d)	0.42	%
Net investment income	2.73	%(b)	3.12	%	2.99	%	2.79	%	3.30	%	3.50	%
Supplemental data
Net assets, end of period (in thousands)	$934,463		$927,086		$1,042,888		$972,684		$808,070		$692,920
Portfolio turnover	11	%	26	%	29	%	28	%	26	%	31	%

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 the underlying funds in which the Fund 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 2016 13

COLUMBIA INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended July 31, 2016		Year Ended January 31,
Class B	(Unaudited)		2016		2015		2014		2013		2012
Per share data
Net asset value, beginning of period	$10.75		$11.83		$11.61		$11.54		$10.90		$10.62
Income from investment operations:
Net investment income	0.11		0.27		0.26		0.22		0.28		0.29
Net realized and unrealized gain (loss)	0.83		(0.69	)	0.27		0.12		0.71		0.30
Total from investment operations	0.94		(0.42	)	0.53		0.34		0.99		0.59
Less distributions to shareholders:
Net investment income	(0.13	)	(0.29	)	(0.28	)	(0.27	)	(0.35	)	(0.31	)
Net realized gains	(0.04	)	(0.37	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.17	)	(0.66	)	(0.31	)	(0.27	)	(0.35	)	(0.31	)
Net asset value, end of period	$11.52		$10.75		$11.83		$11.61		$11.54		$10.90
Total return	8.76	%	(3.81	%)	4.57	%	2.96	%	9.18	%	5.67	%
Ratios to average net assets(a)
Total gross expenses	1.15	%(b)	1.15	%	1.16	%	1.16	%	1.17	%	1.17	%
Total net expenses(c)	1.15	%(b)(d)	1.15	%(d)	1.16	%(d)	1.16	%	1.17	%(d)	1.17	%
Net investment income	1.96	%(b)	2.34	%	2.17	%	1.92	%	2.50	%	2.74	%
Supplemental data
Net assets, end of period (in thousands)	$4,185		$5,435		$18,941		$27,334		$34,248		$40,756
Portfolio turnover	11	%	26	%	29	%	28	%	26	%	31	%

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 the underlying funds in which the Fund 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.

14 Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended July 31, 2016		Year Ended January 31,
Class C	(Unaudited)		2016		2015		2014		2013		2012
Per share data
Net asset value, beginning of period	$10.74		$11.81		$11.60		$11.52		$10.89		$10.61
Income from investment operations:
Net investment income	0.11		0.27		0.27		0.25		0.29		0.29
Net realized and unrealized gain (loss)	0.83		(0.68	)	0.25		0.10		0.69		0.31
Total from investment operations	0.94		(0.41	)	0.52		0.35		0.98		0.60
Less distributions to shareholders:
Net investment income	(0.13	)	(0.29	)	(0.28	)	(0.27	)	(0.35	)	(0.32	)
Net realized gains	(0.04	)	(0.37	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.17	)	(0.66	)	(0.31	)	(0.27	)	(0.35	)	(0.32	)
Net asset value, end of period	$11.51		$10.74		$11.81		$11.60		$11.52		$10.89
Total return	8.77	%	(3.73	%)	4.49	%	3.06	%	9.14	%	5.73	%
Ratios to average net assets(a)
Total gross expenses	1.15	%(b)	1.15	%	1.16	%	1.16	%	1.17	%	1.17	%
Total net expenses(c)	1.15	%(b)(d)	1.15	%(d)	1.16	%(d)	1.16	%	1.17	%(d)	1.17	%
Net investment income	1.98	%(b)	2.38	%	2.26	%	2.14	%	2.61	%	2.76	%
Supplemental data
Net assets, end of period (in thousands)	$232,611		$222,383		$238,901		$190,266		$102,019		$60,381
Portfolio turnover	11	%	26	%	29	%	28	%	26	%	31	%

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 the underlying funds in which the Fund 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 2016 15

COLUMBIA INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended July 31, 2016		Year Ended January 31,
Class K	(Unaudited)		2016		2015		2014		2013		2012
Per share data
Net asset value, beginning of period	$10.71		$11.79		$11.57		$11.50		$10.87		$10.59
Income from investment operations:
Net investment income	0.16		0.37		0.37		0.30		0.37		0.38
Net realized and unrealized gain (loss)	0.82		(0.69	)	0.26		0.13		0.70		0.31
Total from investment operations	0.98		(0.32	)	0.63		0.43		1.07		0.69
Less distributions to shareholders:
Net investment income	(0.17	)	(0.39	)	(0.38	)	(0.36	)	(0.44	)	(0.41	)
Net realized gains	(0.04	)	(0.37	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.21	)	(0.76	)	(0.41	)	(0.36	)	(0.44	)	(0.41	)
Net asset value, end of period	$11.48		$10.71		$11.79		$11.57		$11.50		$10.87
Total return	9.25	%	(3.00	%)	5.45	%	3.80	%	10.02	%	6.64	%
Ratios to average net assets(a)
Total gross expenses	0.35	%(b)	0.35	%	0.34	%	0.34	%	0.37	%	0.35	%
Total net expenses(c)	0.35	%(b)	0.35	%	0.34	%	0.34	%	0.37	%	0.35	%
Net investment income	2.79	%(b)	3.18	%	3.06	%	2.60	%	3.34	%	3.58	%
Supplemental data
Net assets, end of period (in thousands)	$3		$3		$3		$40		$70		$65
Portfolio turnover	11	%	26	%	29	%	28	%	26	%	31	%

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 the underlying funds in which the Fund 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.

16 Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended July 31, 2016		Year Ended January 31,
Class R	(Unaudited)		2016		2015		2014		2013		2012
Per share data
Net asset value, beginning of period	$10.75		$11.83		$11.62		$11.54		$10.91		$10.63
Income from investment operations:
Net investment income	0.14		0.33		0.33		0.32		0.35		0.30
Net realized and unrealized gain (loss)	0.83		(0.69	)	0.25		0.09		0.69		0.35
Total from investment operations	0.97		(0.36	)	0.58		0.41		1.04		0.65
Less distributions to shareholders:
Net investment income	(0.15	)	(0.35	)	(0.34	)	(0.33	)	(0.41	)	(0.37	)
Net realized gains	(0.04	)	(0.37	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.19	)	(0.72	)	(0.37	)	(0.33	)	(0.41	)	(0.37	)
Net asset value, end of period	$11.53		$10.75		$11.83		$11.62		$11.54		$10.91
Total return	9.13	%	(3.33	%)	5.00	%	3.56	%	9.68	%	6.29	%
Ratios to average net assets(a)
Total gross expenses	0.65	%(b)	0.65	%	0.66	%	0.66	%	0.67	%	0.73	%
Total net expenses(c)	0.65	%(b)(d)	0.65	%(d)	0.66	%(d)	0.66	%	0.67	%(d)	0.66	%
Net investment income	2.49	%(b)	2.87	%	2.75	%	2.71	%	3.19	%	2.90	%
Supplemental data
Net assets, end of period (in thousands)	$1,525		$1,190		$1,172		$1,091		$715		$44
Portfolio turnover	11	%	26	%	29	%	28	%	26	%	31	%

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 the underlying funds in which the Fund 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 2016 17

COLUMBIA INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended July 31, 2016		Year Ended January 31,
Class R4	(Unaudited)		2016		2015		2014		2013(a)
Per share data
Net asset value, beginning of period	$10.72		$11.80		$11.59		$11.52		$11.29
Income from investment operations:
Net investment income	0.16		0.38		0.39		0.44		0.13
Net realized and unrealized gain (loss)	0.84		(0.68	)	0.25		0.02		0.28
Total from investment operations	1.00		(0.30	)	0.64		0.46		0.41
Less distributions to shareholders:
Net investment income	(0.18	)	(0.41	)	(0.40	)	(0.39	)	(0.18	)
Net realized gains	(0.04	)	(0.37	)	(0.03	)	—		—
Total distributions to shareholders	(0.22	)	(0.78	)	(0.43	)	(0.39	)	(0.18	)
Net asset value, end of period	$11.50		$10.72		$11.80		$11.59		$11.52
Total return	9.42	%	(2.85	%)	5.55	%	4.00	%	3.61	%
Ratios to average net assets(b)
Total gross expenses	0.15	%(c)	0.15	%	0.16	%	0.16	%	0.13	%(c)
Total net expenses(d)	0.15	%(c)(e)	0.15	%(e)	0.16	%(e)	0.16	%	0.13	%(c)
Net investment income	2.98	%(c)	3.33	%	3.28	%	3.79	%	5.21	%(c)
Supplemental data
Net assets, end of period (in thousands)	$3,293		$3,585		$4,786		$2,433		$3
Portfolio turnover	11	%	26	%	29	%	28	%	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 the underlying funds in which the Fund 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.

18 Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended July 31, 2016		Year Ended January 31,
Class R5	(Unaudited)		2016		2015		2014		2013(a)
Per share data
Net asset value, beginning of period	$10.73		$11.81		$11.60		$11.52		$11.29
Income from investment operations:
Net investment income	0.17		0.40		0.40		0.42		0.14
Net realized and unrealized gain (loss)	0.82		(0.70	)	0.25		0.05		0.27
Total from investment operations	0.99		(0.30	)	0.65		0.47		0.41
Less distributions to shareholders:
Net investment income	(0.18	)	(0.41	)	(0.41	)	(0.39	)	(0.18	)
Net realized gains	(0.04	)	(0.37	)	(0.03	)	—		—
Total distributions to shareholders	(0.22	)	(0.78	)	(0.44	)	(0.39	)	(0.18	)
Net asset value, end of period	$11.50		$10.73		$11.81		$11.60		$11.52
Total return	9.35	%	(2.79	%)	5.61	%	4.14	%	3.61	%
Ratios to average net assets(b)
Total gross expenses	0.10	%(c)	0.10	%	0.10	%	0.09	%	0.10	%(c)
Total net expenses(d)	0.10	%(c)	0.10	%	0.10	%	0.09	%	0.10	%(c)
Net investment income	3.05	%(c)	3.53	%	3.32	%	3.63	%	5.23	%(c)
Supplemental data
Net assets, end of period (in thousands)	$1,577		$1,294		$792		$328		$3
Portfolio turnover	11	%	26	%	29	%	28	%	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 the underlying funds in which the Fund 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 2016 19

COLUMBIA INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended July 31, 2016		Year Ended January 31,
Class W	(Unaudited)		2016		2015(a)
Per share data
Net asset value, beginning of period	$10.69		$11.76		$12.18
Income from investment operations:
Net investment income	0.15		0.36		0.21
Net realized and unrealized gain (loss)	0.82		(0.69	)	(0.34	)(b)
Total from investment operations	0.97		(0.33	)	(0.13	)
Less distributions to shareholders:
Net investment income	(0.17	)	(0.37	)	(0.26	)
Net realized gains	(0.04	)	(0.37	)	(0.03	)
Total distributions to shareholders	(0.21	)	(0.74	)	(0.29	)
Net asset value, end of period	$11.45		$10.69		$11.76
Total return	9.12	%	(3.04	%)	(1.12	%)
Ratios to average net assets(c)
Total gross expenses	0.42	%(d)	0.41	%	0.44	%(d)
Total net expenses(e)	0.42	%(d)(f)	0.41	%(f)	0.44	%(d)(f)
Net investment income	2.72	%(d)	3.12	%	2.98	%(d)
Supplemental data
Net assets, end of period (in thousands)	$9		$9		$10
Portfolio turnover	11	%	26	%	29	%

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 the underlying funds in which the Fund 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 2016

COLUMBIA INCOME BUILDER FUND

FINANCIAL HIGHLIGHTS (continued)

	Six Months  Ended July 31, 2016		Year Ended January 31,
Class Z	(Unaudited)		2016		2015		2014		2013		2012
Per share data
Net asset value, beginning of period	$10.70		$11.77		$11.56		$11.49		$10.86		$10.59
Income from investment operations:
Net investment income	0.17		0.38		0.39		0.38		0.41		0.41
Net realized and unrealized gain (loss)	0.81		(0.67	)	0.25		0.08		0.68		0.29
Total from investment operations	0.98		(0.29	)	0.64		0.46		1.09		0.70
Less distributions to shareholders:
Net investment income	(0.18	)	(0.41	)	(0.40	)	(0.39	)	(0.46	)	(0.43	)
Net realized gains	(0.04	)	(0.37	)	(0.03	)	—		—		—
Total distributions to shareholders	(0.22	)	(0.78	)	(0.43	)	(0.39	)	(0.46	)	(0.43	)
Net asset value, end of period	$11.46		$10.70		$11.77		$11.56		$11.49		$10.86
Total return	9.25	%	(2.77	%)	5.56	%	4.00	%	10.25	%	6.79	%
Ratios to average net assets(a)
Total gross expenses	0.15	%(b)	0.15	%	0.16	%	0.16	%	0.17	%	0.17	%
Total net expenses(c)	0.15	%(b)(d)	0.15	%(d)	0.16	%(d)	0.16	%	0.17	%(d)	0.17	%
Net investment income	3.00	%(b)	3.34	%	3.26	%	3.30	%	3.68	%	3.87	%
Supplemental data
Net assets, end of period (in thousands)	$41,275		$36,263		$52,419		$41,893		$7,672		$1,537
Portfolio turnover	11	%	26	%	29	%	28	%	26	%	31	%

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 the underlying funds in which the Fund 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 2016 21

COLUMBIA INCOME BUILDER FUND

NOTES TO FINANCIAL STATEMENTS

July 31, 2016 (Unaudited)

Note 1. Organization

Columbia Income Builder 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.

The Fund is a “fund-of-funds”, investing significantly in funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or its affiliates (Underlying Funds).

For information on the Underlying Funds, please refer to the Fund’s current prospectus and the prospectuses of the Underlying Funds.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class K, Class R, 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 and sales charge structure.

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 12 months after purchase.

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

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

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

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

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

22 Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

Security Valuation

Investments in the Underlying Funds are valued at the net asset value of the applicable class of the Underlying Fund determined as of the close of the New York Stock Exchange on the valuation date.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.

Security Transactions

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

Income Recognition

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds, other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information on the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by the Fund’s management. Management’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

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

Management Services Fees and Underlying Fund Fees

Effective June 1, 2016, the Fund entered into a Management Agreement with the Investment Manager. Under the Management Agreement, the Investment

Semiannual Report 2016 23

COLUMBIA INCOME BUILDER FUND

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to 0.02% of the Fund’s average daily net assets. Prior to June 1, 2016, the Investment Manager provided advisory services under an Investment Management Services Agreement and administrative and accounting services under a separate Administrative Services Agreement. For the period from February 1, 2016 through May 31, 2016, the administrative services fee paid to the Investment Manager was $80,447. The Investment Manager did not receive a fee for its services under the Investment Management Services Agreement.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board of Trustees (the Board), including payments to Board Services Corp., a company providing limited administrative services to the Fund and the Board. That company’s expenses include boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. For the six months ended July 31, 2016, other expenses paid by the Fund to this company were $186.

Compensation of Board Members

Board members, who are not officers or employees of the Investment Manager or Ameriprise Financial, are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), these Board members may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan. All amounts payable under the Plan constitute a general unsecured obligation of the Fund.

Transfer Agency Fees

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

The Transfer Agent 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 BFDS 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 agency 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 July 31, 2016, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.10	%
Class B	0.10
Class C	0.10
Class K	0.05
Class R	0.10
Class R4	0.10
Class R5	0.05
Class W	0.11
Class Z	0.10

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

24 Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended July 31, 2016, these minimum account balance fees reduced total expenses of the Fund by $20.

Plan Administration Fees

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

Distribution and Service Fees

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

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $4,459,000 and $1,073,000 for Class B and Class C shares, respectively. These amounts are based on the most recent information available as of June 30, 2016, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $387,828 for Class A, $87 for Class B and $8,222 for Class C shares for the six months ended July 31, 2016.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the 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:

	June 1, 2016 Through May 31, 2017			Prior to June 1, 2016
Class A		0.49	%		0.45	%
Class B		1.24			1.20
Class C		1.24			1.20
Class K		0.47			0.42
Class R		0.74			0.70
Class R4		0.24			0.20
Class R5		0.22			0.17
Class W		0.49			0.45
Class Z		0.24			0.20

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 and interest expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Semiannual Report 2016 25

COLUMBIA INCOME BUILDER FUND

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

Note 4. Federal Tax Information

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

At July 31, 2016, the cost of investments for federal income tax purposes was approximately $1,228,467,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$13,042,000
Unrealized depreciation	(22,950,000	)
Net unrealized depreciation	$(9,908,000	)

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 investments in the Underlying Funds, excluding investments in money market funds and derivatives, if any, aggregated to $130,789,152 and $196,193,185, respectively, for the six months ended July 31, 2016. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Line of Credit

The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each

borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations.

The Fund had no borrowings during the six months ended July 31, 2016.

Note 7. Significant Risks

Shareholder Concentration Risk

At July 31, 2016, affiliated shareholders of record owned 83.8% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 8. Subsequent Events

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

Note 9. Information Regarding Pending and Settled Legal Proceedings

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 SEC on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these

26 Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

filings may be obtained by accessing the Securities and Exchange Commission (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 2016 27

COLUMBIA INCOME BUILDER FUND

APPROVAL OF MANAGEMENT AGREEMENT

Columbia Management Investment Advisers, LLC (Columbia Threadneedle or the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Income Builder Fund (the Fund). Under a management agreement (the Management Agreement), Columbia Threadneedle provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

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

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

Nature, Extent and Quality of Services Provided by Columbia Threadneedle

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

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

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

28 Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

APPROVAL OF MANAGEMENT AGREEMENT (continued)

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

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

Investment Performance

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

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

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

The Board considered the reports of its independent fee consultant, JDL Consultants, LLC (JDL), which assisted in its analysis of the Funds’ performance and expenses, the reasonableness of the Funds’ fee rates, the reasonableness of Columbia Threadneedle’s profitability, and JDL’s conclusion that the management fees being charged to the Fund are reasonable. The Board accorded particular weight to the notion that the level of fees should generally reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain defined exceptions) are generally in line with the “pricing philosophy” currently in effect (i.e., that the total expense ratio of the Fund is generally no higher than the median expense ratio of funds in the comparison universe of the Fund). With respect to the Funds that operate as funds-of-funds (the Funds-of-Funds), the Independent Trustees noted the information provided by Columbia Threadneedle demonstrating the rationale for according weight to the Funds-of-Funds’ direct expenses as opposed to their total expense ratios, which also include indirect expenses (i.e., the expenses incurred by the underlying Funds in which the Funds-of-Funds invest). In this regard, they noted that the Fund-of-Funds’ direct expenses include very low advisory fees. Further, they considered the information provided by Columbia Threadneedle demonstrating that the Funds-of-Funds’ total expense ratios generally approximate or are below their respective peer universe median ratios. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was below the peer universe’s median expense ratio shown in the reports. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

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

Semiannual Report 2016 29

COLUMBIA INCOME BUILDER FUND

APPROVAL OF MANAGEMENT AGREEMENT (continued)

Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Economies of Scale to be Realized

Given that the fund pays very low investment management services fees, the Board determined not to accord weight to the lack of any material economies of scale associated with the growth of the Fund.

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

30 Semiannual Report 2016

COLUMBIA INCOME BUILDER FUND

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

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

Semiannual Report 2016 31

Columbia Income Builder 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 investor.columbiathreadneedleus.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

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

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

SAR163_01_F01_(09/16)

SEMIANNUAL REPORT

July 31, 2016

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

Columbia Capital Allocation Conservative Portfolio

Columbia Capital Allocation Moderate Conservative Portfolio

Columbia Capital Allocation Moderate Portfolio

Columbia Capital Allocation Moderate Aggressive Portfolio

Columbia Capital Allocation Aggressive Portfolio

ABOUT COLUMBIA THREADNEEDLE INVESTMENTS

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

With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $460 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 13th largest manager of long-term mutual fund assets in the U.S.** and the 4th largest manager of retail funds in the U.K.***

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

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

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

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

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

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Not part of the shareholder report

Investment strategies to help meet investor needs

We are committed to helping investors navigate financial challenges to reach their desired outcomes. The possibilities are endless.

Your success is our priority.

Retire comfortably

Fund college or higher education

Leave a legacy

Generate an appropriate stream of income in retirement

Traditional approaches to income may no longer be adequate — and they may no longer provide the diversification benefits they once did. Investors need to rethink how they generate retirement income.

Worried about running out of income? You are not alone.

Navigate a changing interest rate environment

Even in today's challenging interest rate environment, it's still possible to navigate markets and achieve your goals.

Make investment choices designed specifically for this market environment.

Maximize after-tax returns

In an environment where what you keep is more important than what you earn, municipal bonds can help mitigate higher taxes while providing attractive yields compared to other investment options.

You've worked too hard building your wealth to lose it to taxes.

Grow assets to achieve financial goals

Finding growth opportunities in today's complex market environment requires strong research capabilities, creative thinking and a disciplined approach.

Do your investments deliver the portfolio growth you need?

Ease the impact of volatile markets

With increasing concerns about market volatility, investors should consider diversifying their portfolios with non-traditional holdings.

Interested in turning volatility into opportunity?

To find out more, contact your financial professional, call 800.426.3750 or visit investor.columbiathreadneedleus.com

Not part of the shareholder report  

PRESIDENT'S MESSAGE

Dear Shareholders,

Volatility comes with the territory for long-term investors. Some investors instinctively want to pull out of the market or sell underperforming investments at the first sign of increased volatility or perhaps even as soon as they perceive it on the horizon. But taking yourself out of the market could mean losing out on potential opportunities, and putting your longer term investment goals at risk.

Cumulative return is not just about achieving high returns when markets are going up; it's also about remaining invested and minimizing losses during weak or volatile markets so that you can participate on the upside. Developing a deeper understanding of the various risks your portfolio is subject to can help you balance these risks.

Diversification is critical in seeking to achieve that balance. We believe that most portfolios could be more effectively diversified either by introducing holdings with performance profiles unrelated to existing holdings (like alternative products) or by rebalancing existing holdings with an eye toward risk allocation. Over time, distributing risk more evenly may produce a more pronounced diversification benefit and may improve portfolio efficiency. We believe market volatility can create significant opportunities and, in fact, these periods may be some of the very best times to invest.

With this in mind, I thought it important to highlight excerpts from a piece written by Colin Moore, Global Chief Investment Officer, in which he touches on some of these issues emphasizing the importance of a properly constructed portfolio in seeking to effectively manage volatility and to achieve consistency of returns. I encourage you to read the article in its entirety. To access the full article and for other insights on current market, please visit blog.columbiathreadneedleus.com/latest-perspectives.

You need investments that are designed to help you ease the impact of volatile market environments and keep the savings you have worked tirelessly to amass. Columbia Threadneedle Investments provides investment solutions to help you tackle financial challenges and achieve your desired outcome.

Best regards,

Christopher O. Petersen
President, Columbia Funds

Excerpts from:

Taking the scare out of the volatility bogeyman

By Colin Moore, Global Chief Investment Officer

Colin Moore is the global chief investment officer for Columbia Threadneedle Investments. His responsibilities include ensuring that a disciplined investment process is in place across all asset classes, including equity and fixed income. Mr. Moore joined one of the Columbia Threadneedle Investments legacy firms in 2002 as head of equity and was also head of fixed income and liquidity strategies from 2009 – 2010.

n  In today's low growth, higher volatility world, the emphasis is shifting from maximization of returns to consistency of returns.

Semiannual Report 2016

PRESIDENT'S MESSAGE (continued)

n  Portfolios should represent the behavioral risk-return tradeoff of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong.

n  Holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals.

According to Wikipedia, "The bogeyman is a common allusion to a mythical creature in many cultures used to control behavior. This monster has no specific appearance, and conceptions about it can vary drastically from household to household within the same community; in many cases he has no set appearance in the mind of an adult or child, but is simply a non-specific embodiment of terror." Different cultures have different names and physical representations for the bogeyman, and investors are no different. We have terrible monsters that we fear may destroy our portfolios, and we call one of the scariest of them volatility.

While the bogeyman is mythical (I hope!), volatility is real and can cause serious damage. To understand why investors have such a hard time coping with volatility, we first need to define three cognitive biases at work in today's investment environment:

1)  Recency bias — something that has recently come to the forefront of our attention, regardless of how long established it is, suddenly seems to appear with improbable frequency.

2)  Negativity bias — we tend to have a greater recall of unpleasant memories than positive memories.

3)  Loss aversion — our dissatisfaction with losing money tends to be greater than our satisfaction with making money.

The level of volatility varies dramatically, and so does investor fear and panic selling — waxing when volatility rises, waning when it falls. Recent studies have pointed to demographics as an important driver of panic selling. The theory is that as people get closer to retirement, the prospects of a large (20% – 30%) loss in financial assets can have a much more pronounced effect on their sense of well-being. Wealth preservation instincts kick in much more quickly than for younger (and typically less wealthy) savers.

The reality is that there is little opportunity for return without volatility. Therefore, the bogeyman effect of holding long-term savings in cash to avoid volatility (the financial equivalent of hiding under the sheets) is detrimental to achieving long-term goals. This effect tends to be more pronounced during the episodic spikes in volatility. The significant spike in volatility in 2008 and 2009 led to significant withdrawals from long-term investment funds over the same period. Less pronounced effects can also be seen when comparing 2001 – 2003 and 2011 – 2012. Conversely, flows picked up when volatility returned to "normal" levels. Investor behavior of this type is consistent with the three behavioral biases.

I believe average volatility will be higher over the next 10 years than the last 10 years and episodic spikes will increase in frequency because sustainable economic growth will be structurally lower and geopolitical risk higher than any time since World War II. Low growth creates uncertainty while loss aversion will make investors fear that we are one economic mishap or geopolitical event away from no growth or recession. The result will be higher volatility on average. Negativity bias will tend to exacerbate "spike" reactions to event-driven geopolitical news, and the volatility bogeyman will appear more often. Assuming the behavioral biases continue, investor returns are likely to be very disappointing regardless of the total return generated by financial markets due to the bogeyman effect.

To mitigate this effect, we need to focus on portfolio construction and an improved understanding of diversification. I accept that equities are likely to offer the highest return over the next 10 years, but they also offer the highest volatility. Many portfolio construction optimization tools use historical average volatility, which is likely to underestimate the volatility investors will face. The bogeyman emerges when individual asset class volatility spikes and cross correlations rise, the combination of which increases overall portfolio volatility far beyond expectation. Diversification is meant to protect investors against volatility, but what's the point of owning lots of investments if the volatility bogeyman has not been properly estimated?

Most importantly, portfolios should be constructed to properly represent the behavioral risk-return tradeoff of investors, remembering that they won't stay invested to realize the return if we get the risk tolerance wrong. In a low growth, higher volatility world, the emphasis is shifting to return consistency rather than return maximization,

Semiannual Report 2016

PRESIDENT'S MESSAGE (continued)

and investors are best served through investment approaches that appreciate that distinction. Even though it's a permanent feature of financial markets, volatility is less likely to be the bogeyman we all fear if portfolios are constructed with this understanding.

Please visit blog.columbiathreadneedleus.com/latest-perspectives to read the entire article.

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

The views expressed are as of April 2016, may change as market or other conditions change, and may differ from views expressed by other Columbia Management Investment Advisers, LLC (CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors.

Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts are accurate.

Diversification does not guarantee a profit or protect against loss.

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

© 2016 Columbia Management Investment Advisers, LLC. All rights reserved.

Semiannual Report 2016

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

TABLE OF CONTENTS

Columbia Capital Allocation Conservative Portfolio

Performance Overview	2
Portfolio Overview	3

Columbia Capital Allocation Moderate Conservative Portfolio

Performance Overview	4
Portfolio Overview	5

Columbia Capital Allocation Moderate Portfolio

Performance Overview	6
Portfolio Overview	7

Columbia Capital Allocation Moderate Aggressive Portfolio

Performance Overview	8
Portfolio Overview	9

Columbia Capital Allocation Aggressive Portfolio

Performance Overview	10
Portfolio Overview	11
Understanding Your Fund's Expenses	12
Portfolio of Investments	16
Statements of Assets and Liabilities	81
Statements of Operations	87
Statements of Changes in Net Assets	91
Financial Highlights	100
Notes to Financial Statements	146
Approval of Management Agreement	166
Important Information About This Report	169

Fund Investment Manager

Columbia Management Investment
Advisers, LLC
225 Franklin Street
Boston, MA 02110

Fund Distributor

Columbia Management Investment
Distributors, Inc.
225 Franklin Street
Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

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

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

Semiannual Report 2016

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Conservative Portfolio

(Unaudited)

Performance Summary

n  Columbia Capital Allocation Conservative Portfolio (the Fund) Class A shares returned 6.88% excluding sales charges for the six-month period that ended July 31, 2016.

n  The Fund outperformed its Blended Index, which returned 6.08% for the same time period.

n  During the same six-month period, the Barclays U.S. Aggregate Bond Index returned 4.54% and the Russell 3000 Index returned 14.18%.

Average Annual Total Returns (%) (for period ended July 31, 2016)

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	03/04/04
Excluding sales charges			6.88		3.37		4.15		4.57
Including sales charges			1.81		-1.55		3.14		4.07
Class B	03/04/04
Excluding sales charges			6.50		2.61		3.37		3.79
Including sales charges			1.50		-2.37		3.04		3.79
Class C	03/04/04
Excluding sales charges			6.52		2.61		3.39		3.80
Including sales charges			5.52		1.61		3.39		3.80
Class K	03/04/04		6.87		3.48		4.24		4.72
Class R*	09/27/10		6.74		3.11		3.90		4.35
Class R4*	06/13/13		7.05		3.66		4.29		4.65
Class R5*	06/13/13		7.09		3.73		4.35		4.67
Class Y*	06/13/13		7.01		3.73		4.38		4.69
Class Z*	09/27/10		7.01		3.63		4.41		4.73
Blended Index			6.08		4.58		4.82		5.25
Barclays U.S. Aggregate Bond Index			4.54		5.94		3.57		5.06
Russell 3000 Index			14.18		4.44		12.99		7.82

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 investor.columbiathreadneedleus.com or calling 800.345.6611.

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. 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 investor.columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information.

The Blended Index consists of 66% Barclays U.S. Aggregate Bond Index, 15% Russell 3000 Index, 10% Citi Three-Month U.S. Treasury Bill Index, 5% MSCI EAFE Index (Net) and 4% Barclays U.S. Corporate High-Yield Index. The Citi Three-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills. The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year. Effective August 24, 2016, the Barclays U.S. Aggregate Bond Index and the Barclays U.S. Corporate High-Yield Index were rebranded as the Bloomberg Barclays U.S. Aggregate Bond Index and the Bloomberg Barclays U.S. Corporate High-Yield Index, respectively.

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

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. 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 EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Semiannual Report 2016
2

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OVERVIEW

Columbia Capital Allocation Conservative Portfolio

(Unaudited)

Portfolio Breakdown (%) (at July 31, 2016)
Alternative Investment Funds	7.3
Common Stocks	2.7
Equity Funds	16.1
Fixed-Income Funds	63.8
Money Market Funds	10.1
Total	100.0

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

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Semiannual Report 2016
3

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Moderate Conservative Portfolio

(Unaudited)

Performance Summary

n  Columbia Capital Allocation Moderate Conservative Portfolio (the Fund) Class A shares returned 7.53% excluding sales charges for the six-month period that ended July 31, 2016.

n  The Fund slightly underperformed its Blended Index, which returned 7.56% for the same time period.

n  During the same six-month period, the Barclays U.S. Aggregate Bond Index returned 4.54% and the Russell 3000 Index returned 14.18%.

Average Annual Total Returns (%) (for period ended July 31, 2016)

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			7.53		2.74		5.37		5.54
Including sales charges			1.33		-3.21		4.12		4.92
Class B	08/07/97
Excluding sales charges			7.17		1.97		4.58		4.76
Including sales charges			2.17		-2.89		4.26		4.76
Class C	10/15/96
Excluding sales charges			7.23		1.99		4.59		4.76
Including sales charges			6.23		1.01		4.59		4.76
Class K*	02/28/13		7.60		2.78		5.43		5.57
Class R	01/23/06		7.38		2.48		5.13		5.29
Class R4*	11/08/12		7.62		2.93		5.56		5.64
Class R5*	11/08/12		7.76		3.09		5.63		5.68
Class Y*	06/13/13		7.67		3.08		5.63		5.68
Class Z	10/15/96		7.76		3.03		5.65		5.80
Blended Index			7.56		4.22		6.07		5.75
Barclays U.S. Aggregate Bond Index			4.54		5.94		3.57		5.06
Russell 3000 Index			14.18		4.44		12.99		7.82

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

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

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. 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 investor.columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information.

The Blended Index consists of 55.5% Barclays U.S. Aggregate Bond Index, 26% Russell 3000 Index, 9% MSCI EAFE Index (Net), 5% Citi Three-Month U.S. Treasury Bill Index and 4.5% Barclays U.S. Corporate High-Yield Index. The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Citi Three-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills. The Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year. Effective August 24, 2016, the Barclays U.S. Aggregate Bond Index and the Barclays U.S. Corporate High-Yield Index were rebranded as the Bloomberg Barclays U.S. Aggregate Bond Index and the Bloomberg Barclays U.S. Corporate High-Yield Index, respectively.

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

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. 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 EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Semiannual Report 2016
4

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OVERVIEW

Columbia Capital Allocation Moderate Conservative Portfolio

(Unaudited)

Portfolio Breakdown (%) (at July 31, 2016)
Alternative Investment Funds	6.6
Common Stocks	1.9
Equity Funds	30.7
Fixed-Income Funds	52.0
Money Market Funds	8.8
Total	100.0

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

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Semiannual Report 2016
5

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Moderate Portfolio

(Unaudited)

Performance Summary

n  Columbia Capital Allocation Moderate Portfolio (the Fund) Class A shares returned 8.98% excluding sales charges for the six-month period that ended July 31, 2016.

n  The Fund underperformed its Blended Index, which returned 9.51% for the same time period.

n  During the same six-month period, the Russell 3000 Index returned 14.18% and the Barclays U.S. Aggregate Bond Index returned 4.54%.

Average Annual Total Returns (%) (for period ended July 31, 2016)

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	03/04/04
Excluding sales charges			8.98		2.64		6.44		5.78
Including sales charges			2.72		-3.27		5.18		5.16
Class B	03/04/04
Excluding sales charges			8.52		1.87		5.66		4.98
Including sales charges			3.52		-2.90		5.34		4.98
Class C	03/04/04
Excluding sales charges			8.44		1.78		5.65		4.98
Including sales charges			7.44		0.83		5.65		4.98
Class K	03/04/04		9.01		2.70		6.53		5.93
Class R*	09/27/10		8.76		2.39		6.17		5.52
Class R4*	06/13/13		9.01		2.84		6.60		5.86
Class R5*	06/13/13		9.04		2.80		6.65		5.89
Class Y*	06/13/13		9.17		3.00		6.72		5.92
Class Z*	09/27/10		9.02		2.81		6.70		5.93
Blended Index			9.51		3.93		7.24		6.30
Russell 3000 Index			14.18		4.44		12.99		7.82
Barclays U.S. Aggregate Bond Index			4.54		5.94		3.57		5.06

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

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

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. 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 investor.columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information.

The Blended Index consists of 42.5% Barclays U.S. Aggregate Bond Index, 37% Russell 3000 Index, 11% MSCI EAFE Index (Net), 7.5% Barclays U.S. Corporate High-Yield Index and 2% MSCI Emerging Markets Index (Net). The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. Effective August 24, 2016, the Barclays U.S. Aggregate Bond Index and the Barclays U.S. Corporate High-Yield Index were rebranded as the Bloomberg Barclays U.S. Aggregate Bond Index and the Bloomberg Barclays U.S. Corporate High-Yield Index, respectively.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

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

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

Semiannual Report 2016
6

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OVERVIEW

Columbia Capital Allocation Moderate Portfolio

(Unaudited)

Portfolio Breakdown (%) (at July 31, 2016)
Alternative Investment Funds	5.8
Common Stocks	1.8
Equity Funds	44.5
Fixed-Income Funds	43.9
Money Market Funds	4.0
Total	100.0

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

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Semiannual Report 2016
7

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Moderate Aggressive Portfolio

(Unaudited)

Performance Summary

n  Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) Class A shares returned 9.89% excluding sales charges for the six-month period that ended July 31, 2016.

n  The Fund underperformed its Blended Index, which returned 10.91% for the same time period.

n  During the same six-month period, the Russell 3000 Index returned 14.18% and the Barclays U.S. Aggregate Bond Index returned 4.54%.

Average Annual Total Returns (%) (for period ended July 31, 2016)

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			9.89		1.73		6.88		6.33
Including sales charges			3.57		-4.08		5.62		5.70
Class B	08/13/97
Excluding sales charges			9.44		0.96		6.08		5.52
Including sales charges			4.44		-3.79		5.76		5.52
Class C	10/15/96
Excluding sales charges			9.46		1.03		6.11		5.54
Including sales charges			8.46		0.07		6.11		5.54
Class K*	02/28/13		9.88		1.77		6.97		6.38
Class R	01/23/06		9.76		1.48		6.64		6.07
Class R4*	11/08/12		10.04		1.98		7.10		6.44
Class R5*	11/08/12		10.10		2.09		7.19		6.48
Class T*	03/07/11
Excluding sales charges			9.89		1.73		6.85		6.29
Including sales charges			3.57		-4.08		5.58		5.66
Class Y*	06/13/13		10.14		2.16		7.17		6.48
Class Z	10/15/96		10.04		2.00		7.16		6.61
Blended Index			10.91		3.46		8.18		6.53
Russell 3000 Index			14.18		4.44		12.99		7.82
Barclays U.S. Aggregate Bond Index			4.54		5.94		3.57		5.06

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

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

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. 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 investor.columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information.

The Blended Index consists of 49% Russell 3000 Index, 28.5% Barclays U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Barclays U.S. Corporate High-Yield Index and 4% MSCI Emerging Markets Index (Net).The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. Effective August 24, 2016, the Barclays U.S. Aggregate Bond Index and the Barclays U.S. Corporate High-Yield Index were rebranded as the Bloomberg Barclays U.S. Aggregate Bond Index and the Bloomberg Barclays U.S. Corporate High-Yield Index, respectively.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

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

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

Semiannual Report 2016
8

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OVERVIEW

Columbia Capital Allocation Moderate Aggressive Portfolio

(Unaudited)

Portfolio Breakdown (%) (at July 31, 2016)
Alternative Investment Funds	5.7
Common Stocks	1.3
Equity Funds	56.8
Fixed-Income Funds	26.0
Money Market Funds	10.2
Total	100.0

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

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Semiannual Report 2016
9

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PERFORMANCE OVERVIEW

Columbia Capital Allocation Aggressive Portfolio

(Unaudited)

Performance Summary

n  Columbia Capital Allocation Aggressive Portfolio (the Fund) Class A shares returned 10.67% excluding sales charges for the six-month period that ended July 31, 2016.

n  The Fund underperformed its Blended Index, which returned 12.22% for the same time period.

n  During the same six-month period, the Russell 3000 Index returned 14.18% and the Barclays U.S. Aggregate Bond Index returned 4.54%.

Average Annual Total Returns (%) (for period ended July 31, 2016)

	Inception	6 Months Cumulative		1 Year		5 Years		10 Years
Class A	03/04/04
Excluding sales charges			10.67		0.99		7.86		5.67
Including sales charges			4.27		-4.84		6.59		5.05
Class B	03/04/04
Excluding sales charges			10.23		0.25		7.04		4.88
Including sales charges			5.23		-4.42		6.73		4.88
Class C	03/04/04
Excluding sales charges			10.23		0.26		7.04		4.88
Including sales charges			9.23		-0.68		7.04		4.88
Class K	03/04/04		10.64		1.05		7.96		5.85
Class R*	09/27/10		10.56		0.83		7.59		5.44
Class R4*	06/13/13		10.77		1.26		8.01		5.75
Class R5*	06/13/13		10.87		1.33		8.09		5.79
Class Y*	06/13/13		10.88		1.37		8.11		5.80
Class Z*	09/27/10		10.81		1.24		8.12		5.83
Blended Index			12.22		2.83		8.99		6.63
Russell 3000 Index			14.18		4.44		12.99		7.82
Barclays U.S. Aggregate Bond Index			4.54		5.94		3.57		5.06

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

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

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. 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 investor.columbiathreadneedle.com/us/investment-products/mutual-funds/appended-performance for more information.

The Blended Index consists of 60% Russell 3000 Index, 15% Barclays U.S. Aggregate Bond Index, 14% MSCI EAFE Index (Net), 6% MSCI Emerging Markets Index (Net) and 5% Barclays U.S. Corporate High-Yield Index. The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year. Effective August 24, 2016, the Barclays U.S. Aggregate Bond Index and the Barclays U.S. Corporate High-Yield Index were rebranded as the Bloomberg Barclays U.S. Aggregate Bond Index and the Bloomberg Barclays U.S. Corporate High-Yield Index, respectively.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

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

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

Semiannual Report 2016
10

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OVERVIEW

Columbia Capital Allocation Aggressive Portfolio

(Unaudited)

Portfolio Breakdown (%) (at July 31, 2016)
Alternative Investment Funds	5.8
Common Stocks	2.5
Equity Funds	72.5
Fixed-Income Funds	13.2
Money Market Funds	6.0
Total	100.0

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

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Semiannual Report 2016
11

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

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.

In addition to the ongoing expenses which the Fund bears directly, the Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the "Effective Expenses Paid During the Period" column.

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.

Semiannual Report 2016
12

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

UNDERSTANDING YOUR FUND'S EXPENSES (continued)

(Unaudited)

Columbia Capital Allocation Conservative Portfolio

February 1, 2016 – July 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,068.80		1,022.18		2.78		2.72		0.54		5.30		5.18		1.03
Class B		1,000.00		1,000.00		1,065.00		1,018.45		6.62		6.47		1.29		9.14		8.93		1.78
Class C		1,000.00		1,000.00		1,065.20		1,018.45		6.62		6.47		1.29		9.14		8.93		1.78
Class K		1,000.00		1,000.00		1,068.70		1,022.48		2.47		2.41		0.48		4.99		4.88		0.97
Class R		1,000.00		1,000.00		1,067.40		1,020.93		4.06		3.97		0.79		6.58		6.43		1.28
Class R4		1,000.00		1,000.00		1,070.50		1,023.42		1.49		1.46		0.29		4.02		3.92		0.78
Class R5		1,000.00		1,000.00		1,070.90		1,023.72		1.18		1.16		0.23		3.71		3.62		0.72
Class Y		1,000.00		1,000.00		1,070.10		1,023.97		0.93		0.91		0.18		3.45		3.37		0.67
Class Z		1,000.00		1,000.00		1,070.10		1,023.42		1.49		1.46		0.29		4.01		3.92		0.78

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

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Columbia Capital Allocation Moderate Conservative Portfolio

February 1, 2016 – July 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,075.30		1,022.48		2.48		2.41		0.48		5.37		5.23		1.04
Class B		1,000.00		1,000.00		1,071.70		1,018.75		6.34		6.17		1.23		9.22		8.98		1.79
Class C		1,000.00		1,000.00		1,072.30		1,018.75		6.34		6.17		1.23		9.22		8.98		1.79
Class K		1,000.00		1,000.00		1,076.00		1,022.73		2.22		2.16		0.43		5.11		4.98		0.99
Class R		1,000.00		1,000.00		1,073.80		1,021.23		3.76		3.67		0.73		6.65		6.48		1.29
Class R4		1,000.00		1,000.00		1,076.20		1,023.72		1.19		1.16		0.23		4.08		3.98		0.79
Class R5		1,000.00		1,000.00		1,077.60		1,024.02		0.88		0.86		0.17		3.77		3.67		0.73
Class Y		1,000.00		1,000.00		1,076.70		1,024.27		0.62		0.60		0.12		3.51		3.42		0.68
Class Z		1,000.00		1,000.00		1,077.60		1,023.72		1.19		1.16		0.23		4.08		3.98		0.79

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

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Semiannual Report 2016
13

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

UNDERSTANDING YOUR FUND'S EXPENSES (continued)

(Unaudited)

Columbia Capital Allocation Moderate Portfolio

February 1, 2016 – July 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,089.80		1,022.68		2.29		2.21		0.44		5.61		5.43		1.08
Class B		1,000.00		1,000.00		1,085.20		1,018.95		6.17		5.97		1.19		9.49		9.19		1.83
Class C		1,000.00		1,000.00		1,084.40		1,018.95		6.17		5.97		1.19		9.48		9.19		1.83
Class K		1,000.00		1,000.00		1,090.10		1,022.97		1.97		1.91		0.38		5.30		5.13		1.02
Class R		1,000.00		1,000.00		1,087.60		1,021.43		3.58		3.47		0.69		6.90		6.68		1.33
Class R4		1,000.00		1,000.00		1,090.10		1,023.92		0.99		0.96		0.19		4.31		4.18		0.83
Class R5		1,000.00		1,000.00		1,090.40		1,024.22		0.68		0.65		0.13		4.00		3.88		0.77
Class Y		1,000.00		1,000.00		1,091.70		1,024.47		0.42		0.40		0.08		3.74		3.62		0.72
Class Z		1,000.00		1,000.00		1,090.20		1,023.92		0.99		0.96		0.19		4.31		4.18		0.83

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

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Columbia Capital Allocation Moderate Aggressive Portfolio

February 1, 2016 – July 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,098.90		1,022.28		2.71		2.61		0.52		6.16		5.93		1.18
Class B		1,000.00		1,000.00		1,094.40		1,018.55		6.61		6.37		1.27		10.05		9.69		1.93
Class C		1,000.00		1,000.00		1,094.60		1,018.55		6.61		6.37		1.27		10.05		9.69		1.93
Class K		1,000.00		1,000.00		1,098.80		1,022.77		2.19		2.11		0.42		5.64		5.43		1.08
Class R		1,000.00		1,000.00		1,097.60		1,021.03		4.02		3.87		0.77		7.46		7.19		1.43
Class R4		1,000.00		1,000.00		1,100.40		1,023.52		1.41		1.36		0.27		4.86		4.68		0.93
Class R5		1,000.00		1,000.00		1,101.00		1,024.02		0.89		0.86		0.17		4.34		4.18		0.83
Class T		1,000.00		1,000.00		1,098.90		1,022.28		2.71		2.61		0.52		6.16		5.93		1.18
Class Y		1,000.00		1,000.00		1,101.40		1,024.27		0.63		0.60		0.12		4.08		3.93		0.78
Class Z		1,000.00		1,000.00		1,100.40		1,023.52		1.41		1.36		0.27		4.86		4.68		0.93

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

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Semiannual Report 2016
14

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

UNDERSTANDING YOUR FUND'S EXPENSES (continued)

(Unaudited)

Columbia Capital Allocation Aggressive Portfolio

February 1, 2016 – July 31, 2016

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,106.70		1,022.38		2.62		2.51		0.50		6.39		6.13		1.22
Class B		1,000.00		1,000.00		1,102.30		1,018.65		6.53		6.27		1.25		10.30		9.89		1.97
Class C		1,000.00		1,000.00		1,102.30		1,018.65		6.53		6.27		1.25		10.30		9.89		1.97
Class K		1,000.00		1,000.00		1,106.40		1,022.73		2.25		2.16		0.43		6.02		5.78		1.15
Class R		1,000.00		1,000.00		1,105.60		1,021.13		3.93		3.77		0.75		7.70		7.39		1.47
Class R4		1,000.00		1,000.00		1,107.70		1,023.62		1.31		1.26		0.25		5.08		4.88		0.97
Class R5		1,000.00		1,000.00		1,108.70		1,023.97		0.94		0.91		0.18		4.72		4.53		0.90
Class Y		1,000.00		1,000.00		1,108.80		1,024.22		0.68		0.65		0.13		4.46		4.28		0.85
Class Z		1,000.00		1,000.00		1,108.10		1,023.62		1.31		1.26		0.25		5.08		4.88		0.97

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

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Semiannual Report 2016
15

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Conservative Portfolio

July 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 15.9%

	Shares		Value ($)
INTERNATIONAL 3.8%
Columbia Emerging Markets Fund, Class I Shares(a)(b)		293,810		2,917,534
Columbia European Equity Fund, Class I Shares(a)		330,627		2,049,887
Columbia Overseas Value Fund, Class I Shares(a)		743,266		5,983,290
Total				10,950,711
U.S. LARGE CAP 12.0%
Columbia Contrarian Core Fund, Class I Shares(a)		207,874		4,654,310
Columbia Disciplined Core Fund, Class I Shares(a)		801,308		8,077,183
Columbia Disciplined Growth Fund, Class I Shares(a)		1,021,719		8,868,523
Columbia Disciplined Value Fund, Class I Shares(a)		973,410		9,013,778
Columbia Select Large Cap Equity Fund, Class I Shares(a)		274,855		3,320,243
Total				33,934,037
U.S. SMALL CAP 0.1%
Columbia Disciplined Small Core Fund, Class I Shares(a)		22,645		284,876
Total Equity Funds (Cost: $42,365,177)				45,169,624

Fixed-Income Funds 63.4%

EMERGING MARKETS 1.5%
Columbia Emerging Markets Bond Fund, Class I Shares(a)	361,863	4,157,804
HIGH YIELD 2.3%
Columbia Income Opportunities Fund, Class I Shares(a)	671,468	6,519,957
INFLATION PROTECTED SECURITIES 4.0%
Columbia Inflation Protected Securities Fund, Class I Shares(a)(b)	1,222,552	11,394,188
INVESTMENT GRADE 55.6%
Columbia Corporate Income Fund, Class I Shares(a)	4,354,999	44,551,639
Columbia Limited Duration Credit Fund, Class I Shares(a)	1,423,207	13,947,424

Fixed-Income Funds (continued)

	Shares		Value ($)
Columbia Mortgage Opportunities Fund, Class I Shares(a)		427,263		4,191,453
Columbia Total Return Bond Fund, Class I Shares(a)		1,809,086		17,005,405
Columbia U.S. Government Mortgage Fund, Class I Shares(a)		7,804,460		43,080,619
Columbia U.S. Treasury Index Fund, Class I Shares(a)		2,979,589		34,533,438
Total				157,309,978
Total Fixed-Income Funds (Cost: $180,414,676)				179,381,927

Alternative Investment Funds 7.3%

Columbia Absolute Return Currency and Income Fund, Class I Shares(a)		53,480		575,977
Columbia Adaptive Alternatives Fund, Class I Shares(a)		455,212		4,315,408
Columbia Commodity Strategy Fund, Class I Shares(a)(b)		486,860		2,648,518
Columbia Diversified Absolute Return Fund, Class I Shares(a)		693,321		6,655,886
Columbia Multi-Asset Income Fund, Class I Shares(a)		663,517		6,462,655
Total Alternative Investment Funds (Cost: $21,395,824)				20,658,444
Common Stocks 2.7%
Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.3%
Auto Components 0.1%
Bridgestone Corp.		400		13,852
Continental AG		416		87,204
Cooper Tire & Rubber Co.		506		16,693
Dana, Inc.		1,149		15,672
Drew Industries, Inc.		60		5,497
GKN PLC		4,102		15,711
Superior Industries International, Inc.		540		16,502
Tenneco, Inc.(b)		107		6,048
Total				177,179

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

Semiannual Report 2016
16

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Automobiles 0.1%
Fuji Heavy Industries Ltd.		2,600		99,333
Mitsubishi Motors Corp.		2,200		10,255
Peugeot SA(b)		5,500		83,073
Renault SA		728		63,688
Total				256,349
Diversified Consumer Services —%
Capella Education Co.		268		16,045
Hotels, Restaurants & Leisure 0.1%
Bloomin' Brands, Inc.		275		4,944
Bob Evans Farms, Inc.		154		5,664
Compass Group PLC		3,374		64,122
Cracker Barrel Old Country Store, Inc.		82		12,908
Denny's Corp.(b)		950		10,602
Diamond Resorts International, Inc.(b)		211		6,368
Flight Centre Travel Group Ltd.		3,240		79,402
Isle of Capri Casinos, Inc.(b)		813		15,227
Pinnacle Entertainment, Inc.(b)		90		983
Ruth's Hospitality Group, Inc.		977		15,603
Total				215,823
Household Durables —%
Electrolux AB, Class B		835		22,619
Iida Group Holdings Co., Ltd.		1,000		19,798
La-Z-Boy, Inc.		100		3,022
Persimmon PLC		3,109		69,414
Total				114,853
Internet & Catalog Retail —%
PetMed Express, Inc.		359		7,442
Leisure Products —%
Smith & Wesson Holding Corp.(b)		165		4,859
Sturm Ruger & Co., Inc.		197		13,396
Total				18,255
Media —%
Gannett Co., Inc.		1,290		16,460
New York Times Co. (The), Class A		870		11,293
Nexstar Broadcasting Group, Inc., Class A		88		4,448
WPP PLC		775		17,416
Total				49,617

Common Stocks (continued)

Issuer	Shares		Value ($)
Specialty Retail —%
Abercrombie & Fitch Co., Class A		895		18,535
American Eagle Outfitters, Inc.		505		9,050
Cato Corp. (The), Class A		406		14,523
Children's Place, Inc. (The)		243		20,310
GNC Holdings, Inc., Class A		215		4,388
Outerwall, Inc.		415		21,854
Pier 1 Imports, Inc.		3,368		17,244
Total				105,904
Textiles, Apparel & Luxury Goods —%
Movado Group, Inc.		720		16,265
Total Consumer Discretionary				977,732
CONSUMER STAPLES 0.3%
Food & Staples Retailing 0.1%
Jeronimo Martins SGPS SA		4,562		76,377
Koninklijke Ahold Delhaize NV		4,047		96,645
SpartanNash Co.		348		10,962
SUPERVALU, Inc.(b)		2,606		12,717
Wesfarmers Ltd.		171		5,593
Woolworths Ltd.		2,355		41,969
Total				244,263
Food Products 0.1%
Cal-Maine Foods, Inc.		370		15,503
Dean Foods Co.		947		17,482
Nestlé SA, Registered Shares		1,304		104,541
Sanderson Farms, Inc.		221		19,357
WH Group Ltd.		128,500		101,477
Total				258,360
Household Products 0.1%
Reckitt Benckiser Group PLC		1,112		107,756
Svenska Cellulosa AB, Class B		716		21,295
Total				129,051
Personal Products —%
Unilever PLC		1,730		80,902
Usana Health Sciences, Inc.(b)		45		6,179
Total				87,081

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

Semiannual Report 2016
17

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Tobacco —%
British American Tobacco PLC		196		12,515
Swedish Match AB		891		32,497
Total				45,012
Total Consumer Staples				763,767
ENERGY 0.1%
Energy Equipment & Services —%
Atwood Oceanics, Inc.		1,520		16,234
Petrofac Ltd.		2,788		27,507
Total				43,741
Oil, Gas & Consumable Fuels 0.1%
BP PLC		1,837		10,377
Caltex Australia Ltd.		1,711		43,270
Idemitsu Kosan Co., Ltd.		1,200		23,494
OMV AG		1,912		50,800
PDC Energy, Inc.(b)		360		19,717
Repsol SA		543		6,845
REX American Resources Corp.(b)		309		20,332
Royal Dutch Shell PLC, Class B		2,952		78,215
Western Refining, Inc.		814		16,972
Total				270,022
Total Energy				313,763
FINANCIALS 0.6%
Banks 0.3%
Australia and New Zealand Banking Group Ltd.		793		15,602
Banc of California, Inc.		946		20,982
Banco Latinoamericano de Comercio Exterior SA, Class E		525		14,343
BNP Paribas SA		1,644		81,524
Central Pacific Financial Corp.		785		19,256
Credit Agricole SA		2,554		22,615
Customers Bancorp, Inc.(b)		629		16,191
Danske Bank A/S		3,074		83,531
FCB Financial Holdings, Inc., Class A(b)		90		3,147
First BanCorp(b)		845		3,879
First NBC Bank Holding Co.(b)		535		10,181
Fulton Financial Corp.		660		9,009
Great Western Bancorp, Inc.		165		5,473

Common Stocks (continued)

Issuer	Shares		Value ($)
Hope Bancorp, Inc.		992		15,247
HSBC Holdings PLC		20,360		133,407
ING Groep NV		597		6,675
International Bancshares Corp.		570		15,629
Intesa Sanpaolo SpA		34,011		74,908
Societe Generale SA		2,225		76,007
Sumitomo Mitsui Financial Group, Inc.		1,050		33,284
Westpac Banking Corp.		4,607		109,012
Total				769,902
Capital Markets —%
Arlington Asset Investment Corp., Class A		823		11,464
Cowen Group, Inc., Class A(b)		806		2,515
KCG Holdings, Inc., Class A(b)		1,122		16,976
Piper Jaffray Companies(b)		59		2,439
Total				33,394
Consumer Finance —%
Nelnet, Inc., Class A		445		17,982
Diversified Financial Services —%
Cardtronics PLC, Class A(b)		100		4,399
Insurance 0.1%
Allianz SE, Registered Shares		700		100,408
American Equity Investment Life Holding Co.		846		13,477
AXA SA		1,693		34,505
Employers Holdings, Inc.		70		1,996
Hannover Rueckversicherung AG		60		6,139
Heritage Insurance Holdings, Inc.		880		10,903
Maiden Holdings Ltd.		1,345		18,790
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered Shares		460		76,731
National General Holdings Corp.		250		5,157
NN Group NV		3,062		82,588
Swiss Re AG		1,030		86,453
Universal Insurance Holdings, Inc.		923		20,066
Total				457,213
Real Estate Investment Trusts (REITs) 0.1%
Apollo Commercial Real Estate Finance, Inc.		115		1,869
Armada Hoffler Properties, Inc.		320		4,790
Ashford Hospitality Prime, Inc.		430		6,467
CBL & Associates Properties, Inc.		1,500		18,435

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

Semiannual Report 2016
18

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Chesapeake Lodging Trust		235		5,939
Coresite Realty Corp.		254		20,963
CubeSmart		135		4,011
CYS Investments, Inc.		2,360		21,122
Invesco Mortgage Capital, Inc.		620		8,928
Lexington Realty Trust		260		2,826
Mack-Cali Realty Corp.		770		21,714
National Health Investors, Inc.		67		5,264
National Storage Affiliates Trust		425		9,082
PS Business Parks, Inc.		173		19,184
RLJ Lodging Trust		625		14,838
Ryman Hospitality Properties, Inc.		156		8,774
Select Income REIT		390		10,826
Sovran Self Storage, Inc.		39		3,992
STORE Capital Corp.		130		4,055
Summit Hotel Properties, Inc.		1,420		20,136
Sunstone Hotel Investors, Inc.		528		7,022
WP Glimcher, Inc.		1,630		20,668
Total				240,905
Real Estate Management & Development 0.1%
Wharf Holdings Ltd. (The)		6,901		47,693
Wheelock & Co., Ltd.		18,000		96,523
Total				144,216
Thrifts & Mortgage Finance —%
BofI Holding, Inc.(b)		945		15,895
Essent Group Ltd.(b)		340		8,146
Flagstar Bancorp, Inc.(b)		684		18,064
HomeStreet, Inc.(b)		270		6,021
MGIC Investment Corp.(b)		2,619		18,831
Radian Group, Inc.		1,595		20,576
Walker & Dunlop, Inc.(b)		600		14,202
Washington Federal, Inc.		805		20,125
Total				121,860
Total Financials				1,789,871
HEALTH CARE 0.4%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.(b)		195		7,223
Acorda Therapeutics, Inc.(b)		310		7,837
Alder Biopharmaceuticals, Inc.(b)		280		8,988

Common Stocks (continued)

Issuer	Shares		Value ($)
AMAG Pharmaceuticals, Inc.(b)		250		6,632
ARIAD Pharmaceuticals, Inc.(b)		580		5,516
Arrowhead Pharmaceuticals, Inc.(b)		1,100		6,556
Dynavax Technologies Corp.(b)		425		6,558
Insys Therapeutics, Inc.(b)		555		8,686
Keryx Biopharmaceuticals, Inc.(b)		1,575		11,592
Ligand Pharmaceuticals, Inc.(b)		105		14,162
Novavax, Inc.(b)		995		7,283
Sage Therapeutics, Inc.(b)		105		4,710
Spark Therapeutics, Inc.(b)		165		9,560
TESARO, Inc.(b)		100		9,324
Ultragenyx Pharmaceutical, Inc.(b)		120		7,594
Total				122,221
Health Care Equipment & Supplies —%
Analogic Corp.		209		17,560
Globus Medical, Inc., Class A(b)		335		7,688
Halyard Health, Inc.(b)		170		5,881
Masimo Corp.(b)		194		10,276
Merit Medical Systems, Inc.(b)		409		9,587
OraSure Technologies, Inc.(b)		950		6,479
Orthofix International NV(b)		387		18,344
Total				75,815
Health Care Providers & Services 0.1%
Alfresa Holdings Corp.		4,000		87,692
Magellan Health, Inc.(b)		251		17,186
Molina Healthcare, Inc.(b)		338		19,202
Owens & Minor, Inc.		335		11,963
Triple-S Management Corp., Class B(b)		617		15,332
WellCare Health Plans, Inc.(b)		25		2,670
Total				154,045
Life Sciences Tools & Services —%
Cambrex Corp.(b)		106		5,555
INC Research Holdings, Inc. Class A(b)		416		18,516
Pra Health Sciences, Inc.(b)		367		17,022
Total				41,093
Pharmaceuticals 0.2%
AstraZeneca PLC		146		9,754
Bayer AG, Registered Shares		773		83,155
GlaxoSmithKline PLC		5,900		131,805
Impax Laboratories, Inc.(b)		625		19,637

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

Semiannual Report 2016
19

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Novo Nordisk A/S, Class B		182		10,370
Roche Holding AG, Genusschein Shares		560		143,005
Sanofi		1,423		121,148
Supernus Pharmaceuticals, Inc.(b)		585		12,999
Teva Pharmaceutical Industries Ltd.		1,292		70,714
Total				602,587
Total Health Care				995,761
INDUSTRIALS 0.4%
Air Freight & Logistics —%
Royal Mail PLC		8,006		53,984
Airlines 0.1%
Hawaiian Holdings, Inc.(b)		465		21,172
Japan Airlines Co., Ltd.		2,300		70,906
Qantas Airways Ltd.		16,773		40,271
Total				132,349
Building Products —%
Continental Building Product(b)		790		18,525
Gibraltar Industries, Inc.(b)		245		8,644
NCI Building Systems, Inc.(b)		875		14,192
Universal Forest Products, Inc.		221		23,895
Total				65,256
Commercial Services & Supplies —%
Brady Corp., Class A		340		10,927
Knoll, Inc.		95		2,399
Quad/Graphics, Inc.		802		20,339
Tetra Tech, Inc.		427		14,061
Total				47,726
Construction & Engineering 0.1%
ACS Actividades de Construccion y Servicios SA		2,719		77,972
Comfort Systems U.S.A., Inc.		35		1,063
EMCOR Group, Inc.		350		19,495
Leighton Holdings Ltd.		3,457		76,888
Skanska AB, Class B		3,554		75,549
VINCI SA		1,143		86,755
Total				337,722
Electrical Equipment —%
EnerSys		319		19,890
OSRAM Licht AG		445		23,129
Total				43,019

Common Stocks (continued)

Issuer	Shares		Value ($)
Machinery 0.1%
Briggs & Stratton Corp.		615		13,979
Energy Recovery, Inc.(b)		950		10,165
Global Brass & Copper Holdings, Inc.		490		13,877
Greenbrier Companies, Inc. (The)		560		18,385
KONE OYJ, Class B		389		19,697
Mueller Industries, Inc.		300		10,212
Wabash National Corp.(b)		1,330		19,258
Total				105,573
Marine —%
Kuehne & Nagel International AG		201		28,205
Matson, Inc.		220		8,221
Total				36,426
Professional Services —%
Huron Consulting Group, Inc.(b)		280		17,212
RPX Corp.(b)		1,550		15,608
Total				32,820
Road & Rail —%
ArcBest Corp.		492		9,205
Trading Companies & Distributors 0.1%
Applied Industrial Technologies, Inc.		389		18,263
ITOCHU Corp.		6,200		70,295
MRC Global, Inc.(b)		1,261		16,683
Sumitomo Corp.		6,300		66,082
Total				171,323
Total Industrials				1,035,403
INFORMATION TECHNOLOGY 0.2%
Communications Equipment —%
NETGEAR, Inc.(b)		414		21,292
Electronic Equipment, Instruments & Components —%
Benchmark Electronics, Inc.(b)		835		19,572
Insight Enterprises, Inc.(b)		323		8,592
InvenSense, Inc.(b)		554		3,756
MTS Systems Corp.		292		13,850
Sanmina Corp.(b)		645		16,344
SYNNEX Corp.		211		21,212
Tech Data Corp.(b)		263		20,496
Total				103,822

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

Semiannual Report 2016
20

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Internet Software & Services 0.1%
EarthLink Holdings Corp.		2,755		18,679
j2 Global, Inc.		177		11,831
LogMeIn, Inc.(b)		144		12,371
Mixi, Inc.		2,000		71,646
RetailMeNot, Inc.(b)		1,858		15,514
Web.com Group, Inc.(b)		95		1,792
Total				131,833
IT Services —%
CSG Systems International, Inc.		293		11,796
EVERTEC, Inc.		990		17,028
NeuStar, Inc., Class A(b)		726		18,288
Sykes Enterprises, Inc.(b)		431		13,228
Syntel, Inc.(b)		117		5,301
Total				65,641
Semiconductors & Semiconductor Equipment —%
Amkor Technology, Inc.(b)		2,949		18,549
Diodes, Inc.(b)		244		4,516
Entegris, Inc.(b)		905		15,466
Silicon Laboratories, Inc.(b)		66		3,517
Synaptics, Inc.(b)		366		19,014
Xcerra Corp.(b)		1,418		8,650
Total				69,712
Software 0.1%
Aspen Technology, Inc.(b)		548		22,956
AVG Technologies NV(b)		620		15,332
Check Point Software Technologies Ltd.(b)		300		23,064
Konami Holdings Corp.		2,400		93,052
Mentor Graphics Corp.		855		18,263
MicroStrategy, Inc., Class A(b)		36		6,296
Qualys, Inc.(b)		305		9,574
RealPage, Inc.(b)		265		6,665
VASCO Data Security International, Inc.(b)		355		5,932
Total				201,134
Technology Hardware, Storage & Peripherals —%
Seiko Epson Corp.		4,900		86,213
Total Information Technology				679,647

Common Stocks (continued)

Issuer	Shares		Value ($)
MATERIALS 0.2%
Chemicals 0.1%
BASF SE		424		33,305
Chemtura Corp.(b)		575		16,152
Hitachi Chemical Co., Ltd.		300		6,258
Innophos Holdings, Inc.		65		2,799
Innospec, Inc.		340		17,092
Johnson Matthey PLC		121		5,246
Mitsubishi Chemical Holdings Corp.		17,000		91,825
Rayonier Advanced Materials, Inc.		550		7,573
Trinseo SA		383		19,070
Total				199,320
Construction Materials —%
Fletcher Building Ltd.		2,397		16,779
US Concrete, Inc.(b)		275		17,738
Total				34,517
Metals & Mining 0.1%
Carpenter Technology Corp.		225		8,831
Commercial Metals Co.		152		2,514
Materion Corp.		143		3,777
Norsk Hydro ASA		7,109		30,358
Rio Tinto PLC		3,285		107,015
Schnitzer Steel Industries, Inc., Class A		625		12,181
Total				164,676
Paper & Forest Products —%
UPM-Kymmene OYJ		4,961		102,220
Total Materials				500,733
TELECOMMUNICATION SERVICES 0.1%
Diversified Telecommunication Services 0.1%
General Communication, Inc., Class A(b)		880		13,543
Nippon Telegraph & Telephone Corp.		2,300		109,295
Telefonica SA		1,769		17,341
Telenor ASA		2,660		44,422
Telstra Corp., Ltd.		9,131		40,050
Total				224,651
Wireless Telecommunication Services —%
NTT DoCoMo, Inc.		2,600		70,627
Shenandoah Telecommunications Co.		350		14,378
Total				85,005
Total Telecommunication Services				309,656

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

Semiannual Report 2016
21

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
UTILITIES 0.1%
Electric Utilities 0.1%
Chubu Electric Power Co., Inc.		5,900		86,681
Endesa SA		1,245		26,161
IDACORP, Inc.		246		19,889
Portland General Electric Co.		151		6,594
Tokyo Electric Power Co. Holdings, Inc.(b)		15,500		60,795
Total				200,120
Gas Utilities —%
Chesapeake Utilities Corp.		247		15,825
Northwest Natural Gas Co.		108		7,014
Southwest Gas Corp.		301		23,327
Total				46,166
Independent Power and Renewable Electricity Producers —%
Meridian Energy Ltd.		11,412		23,080
Ormat Technologies, Inc.		60		2,739
Total				25,819

Common Stocks (continued)

Issuer	Shares		Value ($)
Water Utilities —%
SJW Corp.		415		17,579
Total Utilities				289,684
Total Common Stocks (Cost: $7,465,333)				7,656,017

Money Market Funds 10.1%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.439%(a)(c)		28,436,668		28,436,668
Total Money Market Funds (Cost: $28,436,668)				28,436,668
Total Investments (Cost: $280,077,678)				281,302,680
Other Assets & Liabilities, Net				1,564,609
Net Assets				282,867,289

At July 31, 2016, cash totaling $1,370,350 was pledged as collateral.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at July 31, 2016

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays	09/08/2016		35,000	AUD		26,582	USD		18		—
Barclays	09/08/2016		21,000	AUD		15,685	USD		—		(253	)
Barclays	09/08/2016		36,000	EUR		39,982	USD		—		(327	)
Barclays	09/08/2016		207,000	ILS		53,705	USD		—		(613	)
Barclays	09/08/2016		225,000	NOK		26,758	USD		88		—
Barclays	09/08/2016		22,000	NZD		15,958	USD		97		—
Barclays	09/08/2016		107,172	USD		105,000	CHF		1,401		—
Barclays	09/08/2016		90,852	USD		69,000	GBP		523		—
Barclays	09/08/2016		47,251	USD		4,981,000	JPY		1,632		—
Barclays	09/08/2016		74,988	USD		101,000	SGD		324		—
Total									4,083		(1,193	)

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

Semiannual Report 2016
22

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2016 (Unaudited)

Futures Contracts Outstanding at July 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
Russell 2000 Mini		7	USD		851,900	09/2016		50,907		—
S&P 500 E-mini		28	USD		3,035,480	09/2016		161,030		—
TOPIX Index		5	JPY		651,002	09/2016		7,658		—
U.S. Long Bond		53	USD		9,245,188	09/2016		612,709		—
U.S. Ultra Bond		47	USD		8,954,969	09/2016		725,519		—
mini MSCI Emerging Markets Index		34	USD		1,498,550	09/2016		143,743		—
Total					24,237,089			1,701,566		—

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency	Notional Market Value ($)			Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
EURO STOXX 50		(89	)	EUR		(2,968,146	)	09/2016		—		(163,639	)
FTSE 100 Index		(33	)	GBP		(2,915,884	)	09/2016		—		(195,531	)
S&P/TSE 60 Index		(7	)	CAD		(906,705	)	09/2016		—		(38,946	)
Total						(6,790,735	)			—		(398,116	)

Cleared Credit Default Swap Contracts Outstanding at July 31, 2016

Buy Protection

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate (%)		Notional Currency	Notional Amount ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Morgan Stanley	Markit CDX North America High Yield Index, Series 26	06/20/2021		5.000	USD		1,370,000		—		(28,949	)
Morgan Stanley	Markit CDX North America Investment Grade Index, Series 26	06/20/2021		1.000	USD		12,000,000		—		(67,254	)
Total									—		(96,203	)

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

Semiannual Report 2016
23

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2016 (Unaudited)

Notes to Portfolio of Investments

(a)  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 July 31, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		426,267		145,841		(16,870	)		997			556,235		—		575,977
Columbia Adaptive Alternatives Fund, Class I Shares		4,536,456		—		—			—			4,536,456		—		4,315,408
Columbia Commodity Strategy Fund, Class I Shares		—		2,795,768		—			—			2,795,768		—		2,648,518
Columbia Contrarian Core Fund, Class I Shares		4,124,280		169,130		(462,545	)		145,198			3,976,063		—		4,654,310
Columbia Corporate Income Fund, Class I Shares		61,395,924		1,071,628		(17,558,681	)		(268,542	)		44,640,329		811,478		44,551,639
Columbia Disciplined Core Fund, Class I Shares		6,031,630		218,559		(526,591	)		195,971			5,919,569		—		8,077,183
Columbia Disciplined Growth Fund, Class I Shares		8,939,053		350,371		(543,913	)		12,157			8,757,668		—		8,868,523
Columbia Disciplined Small Core Fund, Class I Shares		2,050,949		173,581		(1,371,316	)		(593,740	)		259,474		—		284,876
Columbia Disciplined Value Fund, Class I Shares		8,958,352		260,190		(534,458	)		16,844			8,700,928		—		9,013,778
Columbia Diversified Absolute Return Fund, Class I Shares		6,494,426		626,537		(210,881	)		(7,886	)		6,902,196		—		6,655,886

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

Semiannual Report 2016
24

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2016 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Emerging Markets Bond Fund, Class I Shares		4,400,346		179,754		(377,598	)		(12,903	)		4,189,599		46,456		4,157,804
Columbia Emerging Markets Fund, Class I Shares		—		2,753,000		—			—			2,753,000		—		2,917,534
Columbia European Equity Fund, Class I Shares		1,990,597		258,371		(43,033	)		6,500			2,212,435		—		2,049,887
Columbia Income Opportunities Fund, Class I Shares		9,832,418		401,224		(3,506,620	)		(95,189	)		6,631,833		238,326		6,519,957
Columbia Inflation Protected Securities Fund, Class I Shares		13,333,614		107,134		(684,986	)		(81,195	)		12,674,567		—		11,394,188
Columbia Limited Duration Credit Fund, Class I Shares		27,126,813		444,984		(12,792,896	)		(552,117	)		14,226,784		235,691		13,947,424
Columbia Mortgage Opportunities Fund, Class I Shares		4,171,183		161,118		(55,825	)		(2,226	)		4,274,250		74,725		4,191,453
Columbia Multi-Asset Income Fund, Class I Shares		6,434,738		170,431		—			—			6,605,169		170,431		6,462,655
Columbia Overseas Value Fund, Class I Shares		6,435,371		472,174		(458,683	)		(49,907	)		6,398,955		—		5,983,290
Columbia Select Large Cap Equity Fund, Class I Shares		3,384,000		3,084		—			—			3,387,084		3,084		3,320,243
Columbia Short-Term Cash Fund		13,376,044		30,134,492		(15,073,868	)		—			28,436,668		50,638		28,436,668
Columbia Total Return Bond Fund, Class I Shares		—		16,614,902		—			—			16,614,902		123,902		17,005,405

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

Semiannual Report 2016
25

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2016 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia U.S. Government Mortgage Fund, Class I Shares		47,340,763		2,344,632		(6,367,186	)		(44,941	)		43,273,268		562,081		43,080,619
Columbia U.S. Treasury Index Fund, Class I Shares		34,603,784		1,348,436		(1,987,938	)		(75,137	)		33,889,145		231,750		34,533,438
Total		275,387,008		61,205,341		(62,573,888	)		(1,406,116	)		272,612,345		2,548,562		273,646,663

(b)  Non-income producing investment.

(c)  The rate shown is the seven-day current annualized yield at July 31, 2016.

Currency Legend

AUD  Australian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

EUR  Euro

GBP  British Pound

ILS  Israeli Shekel

JPY  Japanese Yen

NOK  Norwegian Krone

NZD  New Zealand Dollar

SGD  Singapore Dollar

USD  US Dollar

Fair Value Measurements

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

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

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

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

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

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

Semiannual Report 2016
26

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2016 (Unaudited)

Fair Value Measurements (continued)

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 of the Notes to Financial Statements in the most recent shareholder report.

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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 2016
27

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2016 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at July 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Equity Funds		45,169,624			—			—		45,169,624
Fixed-Income Funds		179,381,927			—			—		179,381,927
Alternative Investment Funds		20,658,444			—			—		20,658,444
Common Stocks
Consumer Discretionary		331,845			645,887			—		977,732
Consumer Staples		82,200			681,567			—		763,767
Energy		73,255			240,508			—		313,763
Financials		622,266			1,167,605			—		1,789,871
Health Care		338,118			657,643			—		995,761
Industrials		345,670			689,733			—		1,035,403
Information Technology		428,736			250,911			—		679,647
Materials		107,727			393,006			—		500,733
Telecommunication Services		27,921			281,735			—		309,656
Utilities		92,967			196,717			—		289,684
Total Common Stocks		2,450,705			5,205,312			—		7,656,017
Investments measured at net asset value
Money Market Funds		—			—			—		28,436,668
Total Investments		247,660,700			5,205,312			—		281,302,680
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			4,083			—		4,083
Futures Contracts		1,701,566			—			—		1,701,566
Liabilities
Forward Foreign Currency Exchange Contracts		—			(1,193	)		—		(1,193	)
Futures Contracts		(398,116	)		—			—		(398,116	)
Swap Contracts		—			(96,203	)		—		(96,203	)
Total		248,964,150			5,111,999			—		282,512,817

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

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

Semiannual Report 2016
28

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 30.5%

	Shares		Value ($)
INTERNATIONAL 8.1%
Columbia Emerging Markets Fund, Class I Shares(a)(b)		668,558		6,638,781
Columbia European Equity Fund, Class I Shares(a)		2,985,398		18,509,467
Columbia Overseas Value Fund, Class I Shares(a)		3,141,610		25,289,964
Columbia Pacific/Asia Fund, Class I Shares(a)		216,561		2,146,118
Total				52,584,330
U.S. LARGE CAP 21.3%
Columbia Contrarian Core Fund, Class I Shares(a)		997,321		22,330,006
Columbia Disciplined Core Fund, Class I Shares(a)		2,615,104		26,360,249
Columbia Disciplined Growth Fund, Class I Shares(a)		2,521,991		21,890,885
Columbia Disciplined Value Fund, Class I Shares(a)		4,089,125		37,865,299
Columbia Large Cap Growth Fund, Class I Shares(a)(b)		435,114		15,263,801
Columbia Select Large Cap Equity Fund, Class I Shares(a)		1,196,836		14,457,778
Total				138,168,018
U.S. SMALL CAP 1.1%
Columbia Disciplined Small Core Fund, Class I Shares(a)		553,837		6,967,266
Total Equity Funds (Cost: $186,538,767)				197,719,614

Fixed-Income Funds 51.7%

EMERGING MARKETS 2.2%
Columbia Emerging Markets Bond Fund, Class I Shares(a)	1,256,335	14,435,283
HIGH YIELD 3.7%
Columbia Income Opportunities Fund, Class I Shares(a)	2,449,830	23,787,853
INFLATION PROTECTED SECURITIES 2.0%
Columbia Inflation Protected Securities Fund, Class I Shares(a)(b)	1,400,911	13,056,492

Fixed-Income Funds (continued)

	Shares		Value ($)
INVESTMENT GRADE 43.8%
Columbia Corporate Income Fund, Class I Shares(a)		7,611,769		77,868,395
Columbia Limited Duration Credit Fund, Class I Shares(a)		1,506,403		14,762,745
Columbia Mortgage Opportunities Fund, Class I Shares(a)		1,002,660		9,836,095
Columbia Total Return Bond Fund, Class I Shares(a)		3,483,741		32,747,169
Columbia U.S. Government Mortgage Fund, Class I Shares(a)		16,079,582		88,759,294
Columbia U.S. Treasury Index Fund, Class I Shares(a)		5,149,925		59,687,633
Total				283,661,331
Total Fixed-Income Funds (Cost: $333,960,238)				334,940,959

Alternative Investment Funds 6.6%

Columbia Absolute Return Currency and Income Fund, Class I Shares(a)		227,689		2,452,213
Columbia Adaptive Alternatives Fund, Class I Shares(a)		455,212		4,315,408
Columbia Commodity Strategy Fund, Class I Shares(a)(b)		1,375,606		7,483,293
Columbia Diversified Absolute Return Fund, Class I Shares(a)		1,443,883		13,861,278
Columbia Multi-Asset Income Fund, Class I Shares(a)		1,492,508		14,537,031
Total Alternative Investment Funds (Cost: $44,044,249)				42,649,223
Common Stocks 1.9%
Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.2%
Auto Components —%
Bridgestone Corp.		600		20,778
Continental AG		636		133,321
Cooper Tire & Rubber Co.		842		27,778
Dana, Inc.		1,915		26,121
Drew Industries, Inc.		100		9,161
GKN PLC		6,270		24,014

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

Semiannual Report 2016
29

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Superior Industries International, Inc.		900		27,504
Tenneco, Inc.(b)		180		10,174
Total				278,851
Automobiles 0.1%
Fuji Heavy Industries Ltd.		4,000		152,819
Mitsubishi Motors Corp.		3,400		15,849
Peugeot SA(b)		8,346		126,060
Renault SA		1,113		97,369
Total				392,097
Diversified Consumer Services —%
Capella Education Co.		444		26,582
Hotels, Restaurants & Leisure 0.1%
Bloomin' Brands, Inc.		450		8,091
Bob Evans Farms, Inc.		255		9,379
Compass Group PLC		5,158		98,026
Cracker Barrel Old Country Store, Inc.		136		21,408
Denny's Corp.(b)		1,575		17,577
Diamond Resorts International, Inc.(b)		347		10,473
Flight Centre Travel Group Ltd.		4,952		121,358
Isle of Capri Casinos, Inc.(b)		1,347		25,229
Pinnacle Entertainment, Inc.(b)		150		1,638
Ruth's Hospitality Group, Inc.		1,622		25,903
Total				339,082
Household Durables —%
Electrolux AB, Class B		1,276		34,565
Iida Group Holdings Co., Ltd.		1,500		29,697
La-Z-Boy, Inc.		165		4,986
Persimmon PLC		4,758		106,230
Total				175,478
Internet & Catalog Retail —%
PetMed Express, Inc.		598		12,397
Leisure Products —%
Smith & Wesson Holding Corp.(b)		275		8,099
Sturm Ruger & Co., Inc.		329		22,372
Total				30,471
Media —%
Gannett Co., Inc.		2,140		27,306
New York Times Co. (The), Class A		1,455		18,886

Common Stocks (continued)

Issuer	Shares		Value ($)
Nexstar Broadcasting Group, Inc., Class A		145		7,330
WPP PLC		1,187		26,674
Total				80,196
Specialty Retail —%
Abercrombie & Fitch Co., Class A		1,485		30,754
American Eagle Outfitters, Inc.		840		15,053
Cato Corp. (The), Class A		675		24,145
Children's Place, Inc. (The)		402		33,599
GNC Holdings, Inc., Class A		360		7,348
Outerwall, Inc.		690		36,335
Pier 1 Imports, Inc.		5,630		28,826
Total				176,060
Textiles, Apparel & Luxury Goods —%
Movado Group, Inc.		1,195		26,995
Total Consumer Discretionary				1,538,209
CONSUMER STAPLES 0.2%
Food & Staples Retailing 0.1%
Jeronimo Martins SGPS SA		6,986		116,960
Koninklijke Ahold Delhaize NV		6,153		146,937
SpartanNash Co.		580		18,270
SUPERVALU, Inc.(b)		4,334		21,150
Wesfarmers Ltd.		261		8,536
Woolworths Ltd.		3,606		64,263
Total				376,116
Food Products 0.1%
Cal-Maine Foods, Inc.		615		25,769
Dean Foods Co.		1,577		29,111
Nestlé SA, Registered Shares		1,982		158,895
Sanderson Farms, Inc.		366		32,058
WH Group Ltd.		196,500		155,177
Total				401,010
Household Products —%
Reckitt Benckiser Group PLC		1,704		165,123
Svenska Cellulosa AB, Class B		1,095		32,567
Total				197,690
Personal Products —%
Unilever PLC		2,644		123,644
Usana Health Sciences, Inc.(b)		75		10,299
Total				133,943

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

Semiannual Report 2016
30

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Tobacco —%
British American Tobacco PLC		300		19,155
Swedish Match AB		1,362		49,676
Total				68,831
Total Consumer Staples				1,177,590
ENERGY 0.1%
Energy Equipment & Services —%
Atwood Oceanics, Inc.		2,533		27,053
Petrofac Ltd.		4,262		42,050
Total				69,103
Oil, Gas & Consumable Fuels 0.1%
BP PLC		2,810		15,874
Caltex Australia Ltd.		2,617		66,181
Idemitsu Kosan Co., Ltd.		1,800		35,241
OMV AG		2,924		77,689
PDC Energy, Inc.(b)		600		32,862
Repsol SA		830		10,463
REX American Resources Corp.(b)		499		32,834
Royal Dutch Shell PLC, Class B		4,513		119,574
Western Refining, Inc.		1,355		28,252
Total				418,970
Total Energy				488,073
FINANCIALS 0.4%
Banks 0.2%
Australia and New Zealand Banking Group Ltd.		1,214		23,885
Banc of California, Inc.		1,576		34,956
Banco Latinoamericano de Comercio Exterior SA, Class E		870		23,768
BNP Paribas SA		2,515		124,716
Central Pacific Financial Corp.		1,310		32,134
Credit Agricole SA		3,905		34,577
Customers Bancorp, Inc.(b)		1,046		26,924
Danske Bank A/S		4,699		127,688
FCB Financial Holdings, Inc., Class A(b)		145		5,071
First BanCorp(b)		1,375		6,311
First NBC Bank Holding Co.(b)		890		16,937
Fulton Financial Corp.		1,090		14,879
Great Western Bancorp, Inc.		275		9,122

Common Stocks (continued)

Issuer	Shares		Value ($)
Hope Bancorp, Inc.		1,653		25,407
HSBC Holdings PLC		31,161		204,179
ING Groep NV		913		10,207
International Bancshares Corp.		960		26,323
Intesa Sanpaolo SpA		52,024		114,581
Societe Generale SA		3,403		116,248
Sumitomo Mitsui Financial Group, Inc.		1,650		52,304
Westpac Banking Corp.		7,051		166,843
Total				1,197,060
Capital Markets —%
Arlington Asset Investment Corp., Class A		1,368		19,056
Cowen Group, Inc., Class A(b)		1,379		4,303
KCG Holdings, Inc., Class A(b)		1,876		28,384
Piper Jaffray Companies(b)		95		3,927
Total				55,670
Consumer Finance —%
Nelnet, Inc., Class A		750		30,308
Diversified Financial Services —%
Cardtronics PLC, Class A(b)		165		7,258
Insurance 0.1%
Allianz SE, Registered Shares		1,070		153,480
American Equity Investment Life Holding Co.		1,406		22,397
AXA SA		2,589		52,767
Employers Holdings, Inc.		115		3,280
Hannover Rueckversicherung AG		92		9,413
Heritage Insurance Holdings, Inc.		1,440		17,842
Maiden Holdings Ltd.		2,245		31,363
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered Shares		709		118,265
National General Holdings Corp.		410		8,458
NN Group NV		4,681		126,255
Swiss Re AG		1,576		132,282
Universal Insurance Holdings, Inc.		1,536		33,393
Total				709,195
Real Estate Investment Trusts (REITs) 0.1%
Apollo Commercial Real Estate Finance, Inc.		190		3,088
Armada Hoffler Properties, Inc.		530		7,934
Ashford Hospitality Prime, Inc.		710		10,678

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

Semiannual Report 2016
31

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
CBL & Associates Properties, Inc.		2,500		30,725
Chesapeake Lodging Trust		390		9,855
Coresite Realty Corp.		422		34,828
CubeSmart		220		6,536
CYS Investments, Inc.		3,950		35,352
Invesco Mortgage Capital, Inc.		1,030		14,832
Lexington Realty Trust		425		4,620
Mack-Cali Realty Corp.		1,280		36,096
National Health Investors, Inc.		112		8,800
National Storage Affiliates Trust		700		14,959
PS Business Parks, Inc.		288		31,936
RLJ Lodging Trust		1,035		24,571
Ryman Hospitality Properties, Inc.		260		14,622
Select Income REIT		650		18,044
Sovran Self Storage, Inc.		64		6,552
STORE Capital Corp.		220		6,862
Summit Hotel Properties, Inc.		2,370		33,607
Sunstone Hotel Investors, Inc.		878		11,677
WP Glimcher, Inc.		2,720		34,490
Total				400,664
Real Estate Management & Development —%
Wharf Holdings Ltd. (The)		10,551		72,918
Wheelock & Co., Ltd.		28,000		150,147
Total				223,065
Thrifts & Mortgage Finance —%
BofI Holding, Inc.(b)		1,570		26,407
Essent Group Ltd.(b)		560		13,418
Flagstar Bancorp, Inc.(b)		1,140		30,107
HomeStreet, Inc.(b)		445		9,924
MGIC Investment Corp.(b)		4,330		31,133
Radian Group, Inc.		2,645		34,120
Walker & Dunlop, Inc.(b)		1,000		23,670
Washington Federal, Inc.		1,375		34,375
Total				203,154
Total Financials				2,826,374
HEALTH CARE 0.2%
Biotechnology —%
ACADIA Pharmaceuticals, Inc.(b)		320		11,853
Acorda Therapeutics, Inc.(b)		515		13,019

Common Stocks (continued)

Issuer	Shares		Value ($)
Alder Biopharmaceuticals, Inc.(b)		460		14,766
AMAG Pharmaceuticals, Inc.(b)		410		10,877
ARIAD Pharmaceuticals, Inc.(b)		920		8,749
Arrowhead Pharmaceuticals, Inc.(b)		1,900		11,324
Dynavax Technologies Corp.(b)		725		11,187
Insys Therapeutics, Inc.(b)		925		14,476
Keryx Biopharmaceuticals, Inc.(b)		2,620		19,283
Ligand Pharmaceuticals, Inc.(b)		170		22,930
Novavax, Inc.(b)		1,655		12,115
Sage Therapeutics, Inc.(b)		170		7,626
Spark Therapeutics, Inc.(b)		275		15,933
TESARO, Inc.(b)		165		15,385
Ultragenyx Pharmaceutical, Inc.(b)		200		12,656
Total				202,179
Health Care Equipment & Supplies —%
Analogic Corp.		348		29,239
Globus Medical, Inc., Class A(b)		560		12,852
Halyard Health, Inc.(b)		280		9,685
Masimo Corp.(b)		320		16,951
Merit Medical Systems, Inc.(b)		684		16,033
OraSure Technologies, Inc.(b)		1,550		10,571
Orthofix International NV(b)		645		30,573
Total				125,904
Health Care Providers & Services —%
Alfresa Holdings Corp.		6,100		133,730
Magellan Health, Inc.(b)		419		28,689
Molina Healthcare, Inc.(b)		556		31,586
Owens & Minor, Inc.		555		19,819
Triple-S Management Corp., Class B(b)		1,020		25,347
WellCare Health Plans, Inc.(b)		42		4,486
Total				243,657
Life Sciences Tools & Services —%
Cambrex Corp.(b)		176		9,224
INC Research Holdings, Inc. Class A(b)		691		30,757
Pra Health Sciences, Inc.(b)		611		28,338
Total				68,319
Pharmaceuticals 0.2%
AstraZeneca PLC		223		14,898
Bayer AG, Registered Shares		1,182		127,152
GlaxoSmithKline PLC		9,042		201,997

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

Semiannual Report 2016
32

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Impax Laboratories, Inc.(b)		1,040		32,677
Novo Nordisk A/S, Class B		279		15,897
Roche Holding AG, Genusschein Shares		857		218,848
Sanofi		2,176		185,255
Supernus Pharmaceuticals, Inc.(b)		975		21,664
Teva Pharmaceutical Industries Ltd.		1,976		108,152
Total				926,540
Total Health Care				1,566,599
INDUSTRIALS 0.3%
Air Freight & Logistics —%
Royal Mail PLC		12,240		82,534
Airlines 0.1%
Hawaiian Holdings, Inc.(b)		770		35,058
Japan Airlines Co., Ltd.		3,500		107,901
Qantas Airways Ltd.		25,643		61,567
Total				204,526
Building Products —%
Continental Building Product(b)		1,315		30,837
Gibraltar Industries, Inc.(b)		405		14,289
NCI Building Systems, Inc.(b)		1,460		23,681
Universal Forest Products, Inc.		367		39,680
Total				108,487
Commercial Services & Supplies —%
Brady Corp., Class A		570		18,320
Knoll, Inc.		150		3,787
Quad/Graphics, Inc.		1,333		33,805
Tetra Tech, Inc.		706		23,249
Total				79,161
Construction & Engineering 0.1%
ACS Actividades de Construccion y Servicios SA		4,163		119,381
Comfort Systems U.S.A., Inc.		60		1,823
EMCOR Group, Inc.		580		32,306
Leighton Holdings Ltd.		5,288		117,611
Skanska AB, Class B		5,436		115,555
VINCI SA		1,749		132,751
Total				519,427

Common Stocks (continued)

Issuer	Shares		Value ($)
Electrical Equipment —%
EnerSys		532		33,170
OSRAM Licht AG		681		35,396
Total				68,566
Machinery —%
Briggs & Stratton Corp.		1,020		23,185
Energy Recovery, Inc.(b)		1,575		16,852
Global Brass & Copper Holdings, Inc.		815		23,081
Greenbrier Companies, Inc. (The)		930		30,532
KONE OYJ, Class B		595		30,127
Mueller Industries, Inc.		505		17,190
Wabash National Corp.(b)		2,214		32,059
Total				173,026
Marine —%
Kuehne & Nagel International AG		308		43,219
Matson, Inc.		365		13,640
Total				56,859
Professional Services —%
Huron Consulting Group, Inc.(b)		465		28,584
RPX Corp.(b)		2,590		26,081
Total				54,665
Road & Rail —%
ArcBest Corp.		820		15,342
Trading Companies & Distributors 0.1%
Applied Industrial Technologies, Inc.		655		30,752
ITOCHU Corp.		9,500		107,709
MRC Global, Inc.(b)		2,099		27,770
Sumitomo Corp.		9,600		100,696
Total				266,927
Total Industrials				1,629,520
INFORMATION TECHNOLOGY 0.2%
Communications Equipment —%
NETGEAR, Inc.(b)		689		35,435
Electronic Equipment, Instruments & Components —%
Benchmark Electronics, Inc.(b)		1,390		32,582
Insight Enterprises, Inc.(b)		537		14,284
InvenSense, Inc.(b)		909		6,163

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

Semiannual Report 2016
33

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
MTS Systems Corp.		485		23,004
Sanmina Corp.(b)		1,070		27,114
SYNNEX Corp.		351		35,286
Tech Data Corp.(b)		438		34,133
Total				172,566
Internet Software & Services 0.1%
EarthLink Holdings Corp.		4,580		31,053
j2 Global, Inc.		294		19,651
LogMeIn, Inc.(b)		240		20,618
Mixi, Inc.		3,100		111,052
RetailMeNot, Inc.(b)		3,109		25,960
Web.com Group, Inc.(b)		155		2,923
Total				211,257
IT Services —%
CSG Systems International, Inc.		490		19,727
EVERTEC, Inc.		1,642		28,243
NeuStar, Inc., Class A(b)		1,207		30,404
Sykes Enterprises, Inc.(b)		715		21,943
Syntel, Inc.(b)		195		8,836
Total				109,153
Semiconductors & Semiconductor Equipment —%
Amkor Technology, Inc.(b)		4,880		30,695
Diodes, Inc.(b)		399		7,385
Entegris, Inc.(b)		1,515		25,891
Silicon Laboratories, Inc.(b)		110		5,861
Synaptics, Inc.(b)		607		31,534
Xcerra Corp.(b)		2,358		14,384
Total				115,750
Software 0.1%
Aspen Technology, Inc.(b)		910		38,120
AVG Technologies NV(b)		1,030		25,472
Check Point Software Technologies Ltd.(b)		500		38,440
Konami Holdings Corp.		3,700		143,455
Mentor Graphics Corp.		1,420		30,331
MicroStrategy, Inc., Class A(b)		60		10,493
Qualys, Inc.(b)		510		16,009
RealPage, Inc.(b)		440		11,066
VASCO Data Security International, Inc.(b)		595		9,943
Total				323,329

Common Stocks (continued)

Issuer	Shares		Value ($)
Technology Hardware, Storage & Peripherals —%
Seiko Epson Corp.		7,500		131,959
Total Information Technology				1,099,449
MATERIALS 0.1%
Chemicals 0.1%
BASF SE		649		50,979
Chemtura Corp.(b)		955		26,826
Hitachi Chemical Co., Ltd.		500		10,429
Innophos Holdings, Inc.		105		4,521
Innospec, Inc.		570		28,654
Johnson Matthey PLC		185		8,021
Mitsubishi Chemical Holdings Corp.		26,000		140,439
Rayonier Advanced Materials, Inc.		910		12,531
Trinseo SA		635		31,617
Total				314,017
Construction Materials —%
Fletcher Building Ltd.		3,670		25,690
US Concrete, Inc.(b)		458		29,541
Total				55,231
Metals & Mining —%
Carpenter Technology Corp.		375		14,719
Commercial Metals Co.		255		4,218
Materion Corp.		240		6,338
Norsk Hydro ASA		10,884		46,479
Rio Tinto PLC		5,025		163,698
Schnitzer Steel Industries, Inc., Class A		1,040		20,270
Total				255,722
Paper & Forest Products —%
UPM-Kymmene OYJ		7,597		156,534
Total Materials				781,504
TELECOMMUNICATION SERVICES 0.1%
Diversified Telecommunication Services 0.1%
General Communication, Inc., Class A(b)		1,465		22,547
Nippon Telegraph & Telephone Corp.		3,500		166,319
Telefonica SA		2,705		26,516
Telenor ASA		4,069		67,952
Telstra Corp., Ltd.		13,980		61,318
Total				344,652

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

Semiannual Report 2016
34

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Wireless Telecommunication Services —%
NTT DoCoMo, Inc.		4,000		108,657
Shenandoah Telecommunications Co.		585		24,032
Total				132,689
Total Telecommunication Services				477,341
UTILITIES 0.1%
Electric Utilities 0.1%
Chubu Electric Power Co., Inc.		9,000		132,225
Endesa SA		1,904		40,008
IDACORP, Inc.		409		33,068
Portland General Electric Co.		251		10,961
Tokyo Electric Power Co. Holdings, Inc.(b)		23,700		92,958
Total				309,220
Gas Utilities —%
Chesapeake Utilities Corp.		405		25,948
Northwest Natural Gas Co.		180		11,689
Southwest Gas Corp.		500		38,750
Total				76,387

Common Stocks (continued)

Issuer	Shares		Value ($)
Independent Power and Renewable Electricity Producers —%
Meridian Energy Ltd.		17,444		35,280
Ormat Technologies, Inc.		100		4,564
Total				39,844
Water Utilities —%
SJW Corp.		685		29,016
Total Utilities				454,467
Total Common Stocks (Cost: $11,834,748)				12,039,126

Money Market Funds 8.7%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.439%(a)(c)		56,514,347		56,514,347
Total Money Market Funds (Cost: $56,514,347)				56,514,347
Total Investments (Cost: $632,892,349)				643,863,269
Other Assets & Liabilities, Net				3,589,171
Net Assets				647,452,440

At July 31, 2016, cash totaling $3,482,479 was pledged as collateral.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at July 31, 2016

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Barclays	09/08/2016		54,000	AUD		41,011	USD		27		—
Barclays	09/08/2016		26,000	AUD		19,420	USD		—		(313	)
Barclays	09/08/2016		55,000	EUR		61,043	USD		—		(540	)
Barclays	09/08/2016		332,000	ILS		86,136	USD		—		(984	)
Barclays	09/08/2016		344,000	NOK		40,910	USD		135		—
Barclays	09/08/2016		34,000	NZD		24,662	USD		151		—
Barclays	09/08/2016		164,330	USD		161,000	CHF		2,148		—
Barclays	09/08/2016		138,253	USD		105,000	GBP		796		—
Barclays	09/08/2016		72,200	USD		7,611,000	JPY		2,493		—
Barclays	09/08/2016		115,080	USD		155,000	SGD		497		—
Total									6,247		(1,837	)

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

Semiannual Report 2016
35

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2016 (Unaudited)

Futures Contracts Outstanding at July 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
Russell 2000 Mini		17	USD		2,068,900	09/2016		123,632		—
S&P 500 E-mini		92	USD		9,973,720	09/2016		529,175		—
S&P Mid 400 E-mini		20	USD		3,113,800	09/2016		159,951		—
TOPIX Index		38	JPY		4,947,616	09/2016		58,202		—
U.S. Long Bond		114	USD		19,885,875	09/2016		1,317,903		—
U.S. Treasury 10-Year Note		92	USD		12,240,312	09/2016		314,638		—
U.S. Ultra Bond		88	USD		16,766,750	09/2016		1,388,574		—
mini MSCI Emerging Markets Index		80	USD		3,526,000	09/2016		338,218		—
Total					72,522,973			4,230,293		—

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency	Notional Market Value ($)			Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
EURO STOXX 50		(202	)	EUR		(6,736,691	)	09/2016		—		(371,405	)
FTSE 100 Index		(75	)	GBP		(6,627,009	)	09/2016		—		(444,389	)
S&P/TSE 60 Index		(15	)	CAD		(1,942,940	)	09/2016		—		(83,455	)
Total						(15,306,640	)			—		(899,249	)

Cleared Credit Default Swap Contracts Outstanding at July 31, 2016

Buy Protection

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate (%)		Notional Currency	Notional Amount ($)		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Morgan Stanley	Markit CDX North America High Yield Index, Series 26	06/20/2021		5.000	USD		3,167,000		—		(66,921	)
Morgan Stanley	Markit CDX North America Investment Grade Index, Series 26	06/20/2021		1.000	USD		20,500,000		—		(114,892	)
Total									—		(181,813	)

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

Semiannual Report 2016
36

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2016 (Unaudited)

Notes to Portfolio of Investments

(a)  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 July 31, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		2,312,999		50,326		(38,880	)		2,577			2,327,022		—		—		2,452,213
Columbia Adaptive Alternatives Fund, Class I Shares		4,536,456		—		—			—			4,536,456		—		—		4,315,408
Columbia Commodity Strategy Fund, Class I Shares		—		7,900,842		—			—			7,900,842		—		—		7,483,293
Columbia Contrarian Core Fund, Class I Shares		18,072,525		154,059		(1,435,951	)		534,011			17,324,644		—		—		22,330,006
Columbia Corporate Income Fund, Class I Shares		116,998,944		1,632,705		(40,282,156	)		(631,893	)		77,717,600		—		1,479,002		77,868,395
Columbia Disciplined Core Fund, Class I Shares		19,537,469		277,637		(691,456	)		318,589			19,442,239		—		—		26,360,249
Columbia Disciplined Growth Fund, Class I Shares		22,209,200		272,881		(1,024,242	)		19,134			21,476,973		—		—		21,890,885
Columbia Disciplined Small Core Fund, Class I Shares		13,446,135		313,308		(3,667,309	)		(1,642,982	)		8,449,152		—		—		6,967,266
Columbia Disciplined Value Fund, Class I Shares		39,355,846		251,072		(2,330,504	)		(74,341	)		37,202,073		—		—		37,865,299
Columbia Diversified Absolute Return Fund, Class I Shares		14,459,667		230,893		(258,919	)		(9,313	)		14,422,328		—		—		13,861,278
Columbia Emerging Markets Bond Fund, Class I Shares		15,266,130		233,214		(1,137,239	)		(59,748	)		14,302,357		—		159,562		14,435,283
Columbia Emerging Markets Fund, Class I Shares		—		6,399,999		(140,865	)		3,532			6,262,666		—		—		6,638,781
Columbia European Equity Fund, Class I Shares		20,178,317		625,304		(755,702	)		44,865			20,092,784		—		—		18,509,467
Columbia Income Opportunities Fund, Class I Shares		31,570,747		998,812		(8,586,060	)		154,629			24,138,128		—		763,112		23,787,853
Columbia Inflation Protected Securities Fund, Class I Shares		15,253,899		83,574		(1,241,300	)		(205,727	)		13,890,446		—		—		13,056,492
Columbia Large Cap Growth Fund, Class I Shares		12,647,910		328,303		(825,597	)		282,056			12,432,672		—		—		15,263,801
Columbia Limited Duration Credit Fund, Class I Shares		44,588,348		479,157		(29,754,694	)		(284,815	)		15,027,996		—		325,613		14,762,745
Columbia Mortgage Opportunities Fund, Class I Shares		10,059,942		264,701		(280,419	)		(9,598	)		10,034,626		—		178,076		9,836,095

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

Semiannual Report 2016
37

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2016 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Multi-Asset Income Fund, Class I Shares		14,474,235		383,366		—			—			14,857,601		—		383,366		14,537,031
Columbia Overseas Value Fund, Class I Shares		27,926,738		399,948		(980,300	)		(104,838	)		27,241,548		—		—		25,289,964
Columbia Pacific/ Asia Fund, Class I Shares		1,809,949		153,029		(19,587	)		142			1,943,533		—		6,436		2,146,118
Columbia Select Large Cap Equity Fund, Class I Shares		14,657,055		13,428		—			—			14,670,483		—		13,428		14,457,778
Columbia Short-Term Cash Fund		22,212,738		70,399,702		(36,098,093	)		—			56,514,347		—		99,567		56,514,347
Columbia Total Return Bond Fund, Class I Shares		—		31,976,925		—			—			31,976,925		—		252,925		32,747,169
Columbia U.S. Government Mortgage Fund, Class I Shares		95,197,485		2,250,069		(8,229,404	)		(62,547	)		89,155,603		—		1,135,348		88,759,294
Columbia U.S. Treasury Index Fund, Class I Shares		59,802,234		1,122,541		(3,105,960	)		(102,258	)		57,716,557		—		405,365		59,687,633
Total		636,574,968		127,195,795		(140,884,637	)		(1,828,525	)		621,057,601		—		5,201,800		631,824,143

(b)  Non-income producing investment.

(c)  The rate shown is the seven-day current annualized yield at July 31, 2016.

Currency Legend

AUD  Australian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

EUR  Euro

GBP  British Pound

ILS  Israeli Shekel

JPY  Japanese Yen

NOK  Norwegian Krone

NZD  New Zealand Dollar

SGD  Singapore Dollar

USD  US Dollar

Fair Value Measurements

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

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

Semiannual Report 2016
38

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2016 (Unaudited)

Fair Value Measurements (continued)

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

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

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

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

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

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 of the Notes to Financial Statements in the most recent shareholder report.

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principle investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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 2016
39

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2016 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at July 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Equity Funds		197,719,614			—			—		197,719,614
Fixed-Income Funds		334,940,959			—			—		334,940,959
Alternative Investment Funds		42,649,223			—			—		42,649,223
Common Stocks
Consumer Discretionary		551,449			986,760			—		1,538,209
Consumer Staples		136,657			1,040,933			—		1,177,590
Energy		121,001			367,072			—		488,073
Financials		1,035,619			1,790,755			—		2,826,374
Health Care		560,670			1,005,929			—		1,566,599
Industrials		575,073			1,054,447			—		1,629,520
Information Technology		712,983			386,466			—		1,099,449
Materials		179,235			602,269			—		781,504
Telecommunication Services		46,579			430,762			—		477,341
Utilities		153,996			300,471			—		454,467
Total Common Stocks		4,073,262			7,965,864			—		12,039,126
Investments measured at net asset value
Money Market Funds		—			—			—		56,514,347
Total Investments		579,383,058			7,965,864			—		643,863,269
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			6,247					6,247
Futures Contracts		4,230,293			—			—		4,230,293
Liabilities
Forward Foreign Currency Exchange Contracts		—			(1,837	)		—		(1,837	)
Futures contracts		(899,249	)		—					(899,249	)
Swap Contracts		—			(181,813	)		—		(181,813	)
Total		582,714,102			7,788,461			—		647,016,910

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

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

Semiannual Report 2016
40

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Moderate Portfolio

July 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 44.2%

	Shares		Value ($)
INTERNATIONAL 12.4%
Columbia Emerging Markets Fund, Class I Shares(a)(b)		3,247,378		32,246,466
Columbia European Equity Fund, Class I Shares(a)		9,943,699		61,650,930
Columbia Overseas Value Fund, Class I Shares(a)		7,164,082		57,670,858
Columbia Pacific/Asia Fund, Class I Shares(a)		4,368,771		43,294,523
Total				194,862,777
U.S. LARGE CAP 30.4%
Columbia Contrarian Core Fund, Class I Shares(a)		3,616,130		80,965,150
Columbia Disciplined Core Fund, Class I Shares(a)		6,585,698		66,383,831
Columbia Disciplined Growth Fund, Class I Shares(a)		7,863,226		68,252,798
Columbia Disciplined Value Fund, Class I Shares(a)		10,751,177		99,555,904
Columbia Large Cap Growth Fund, Class I Shares(a)(b)		651,163		22,842,806
Columbia Select Large Cap Equity Fund, Class I Shares(a)		5,341,117		64,520,693
Columbia Select Large Cap Growth Fund, Class I Shares(a)(b)		2,453,822		41,420,515
Columbia Select Large-Cap Value Fund, Class I Shares(a)		1,515,507		34,780,895
Total				478,722,592
U.S. SMALL CAP 1.4%
Columbia Disciplined Small Core Fund, Class I Shares(a)		1,752,554		22,047,136
Total Equity Funds (Cost: $631,329,609)				695,632,505

Fixed-Income Funds 43.6%

EMERGING MARKETS 1.8%
Columbia Emerging Markets Bond Fund, Class I Shares(a)	2,454,047	28,197,005
HIGH YIELD 6.9%
Columbia High Yield Bond Fund, Class I Shares(a)	2,707,428	7,824,467

Fixed-Income Funds (continued)

	Shares		Value ($)
Columbia Income Opportunities Fund, Class I Shares(a)		10,442,211		101,393,865
Total				109,218,332
INFLATION PROTECTED SECURITIES 1.0%
Columbia Inflation Protected Securities Fund, Class I Shares(a)(b)		1,664,570		15,513,793
INVESTMENT GRADE 33.9%
Columbia Corporate Income Fund, Class I Shares(a)		12,574,017		128,632,197
Columbia Limited Duration Credit Fund, Class I Shares(a)		3,479,271		34,096,855
Columbia Mortgage Opportunities Fund, Class I Shares(a)		2,654,153		26,037,242
Columbia Total Return Bond Fund, Class I Shares(a)		20,981,019		197,221,576
Columbia U.S. Government Mortgage Fund, Class I Shares(a)		17,934,525		98,998,576
Columbia U.S. Treasury Index Fund, Class I Shares(a)		4,230,687		49,033,660
Total				534,020,106
Total Fixed-Income Funds (Cost: $685,080,294)				686,949,236

Alternative Investment Funds 5.8%

Columbia Absolute Return Currency and Income Fund, Class I Shares(a)	812,871	8,754,615
Columbia Adaptive Alternatives Fund, Class I Shares(a)	455,212	4,315,408
Columbia Commodity Strategy Fund, Class I Shares(a)(b)	3,927,964	21,368,125
Columbia Diversified Absolute Return Fund, Class I Shares(a)	3,054,659	29,324,730
Columbia Multi-Asset Income Fund, Class I Shares(a)	2,763,952	26,920,895
Total Alternative Investment Funds (Cost: $93,384,932)		90,683,773

Common Stocks 1.8%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.2%
Auto Components —%
Cooper Tire & Rubber Co.		4,145		136,744
Dana, Inc.		9,460		129,034

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

Semiannual Report 2016
41

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Drew Industries, Inc.		490		44,889
Magna International, Inc.		972		37,446
Superior Industries International, Inc.		4,425		135,228
Tenneco, Inc.(b)		875		49,455
Total				532,796
Automobiles —%
Fuji Heavy Industries Ltd.		4,000		152,819
Mitsubishi Motors Corp.		1,600		7,459
Peugeot SA(b)		8,618		130,168
Renault SA		478		41,817
Total				332,263
Diversified Consumer Services —%
Capella Education Co.		2,187		130,936
New Oriental Education & Technology Group, Inc., ADR		2,700		118,962
Total				249,898
Hotels, Restaurants & Leisure 0.1%
Bloomin' Brands, Inc.		2,250		40,455
Bob Evans Farms, Inc.		1,255		46,159
Compass Group PLC		1,411		26,816
Cracker Barrel Old Country Store, Inc.		670		105,465
Denny's Corp.(b)		7,710		86,043
Diamond Resorts International, Inc.(b)		1,720		51,909
Flight Centre Travel Group Ltd.		2,798		68,570
Isle of Capri Casinos, Inc.(b)		6,650		124,554
Pinnacle Entertainment, Inc.(b)		740		8,081
Ruth's Hospitality Group, Inc.		7,970		127,281
Total				685,333
Household Durables —%
Iida Group Holdings Co., Ltd.		1,900		37,616
La-Z-Boy, Inc.		825		24,931
Persimmon PLC		6,573		146,753
Total				209,300
Internet & Catalog Retail —%
PetMed Express, Inc.		2,945		61,050
Leisure Products —%
Sankyo Co., Ltd.		3,200		116,511
Smith & Wesson Holding Corp.(b)		1,355		39,905
Sturm Ruger & Co., Inc.		1,620		110,160
Total				266,576

Common Stocks (continued)

Issuer	Shares		Value ($)
Media —%
Gannett Co., Inc.		10,550		134,618
New York Times Co. (The), Class A		7,205		93,521
Nexstar Broadcasting Group, Inc., Class A		715		36,143
Total				264,282
Specialty Retail 0.1%
Abercrombie & Fitch Co., Class A		7,335		151,908
American Eagle Outfitters, Inc.		4,150		74,368
Cato Corp. (The), Class A		3,320		118,756
Children's Place, Inc. (The)		1,970		164,653
GNC Holdings, Inc., Class A		1,775		36,228
JUMBO SA		6,809		80,464
Outerwall, Inc.		3,410		179,570
Pier 1 Imports, Inc.		27,700		141,824
Total				947,771
Textiles, Apparel & Luxury Goods —%
Movado Group, Inc.		5,900		133,281
Total Consumer Discretionary				3,682,550
CONSUMER STAPLES 0.1%
Beverages —%
Ambev SA		27,000		156,134
Food & Staples Retailing 0.1%
Alimentation Couche-Tard, Inc., Class B		2,144		96,932
Jeronimo Martins SGPS SA		2,980		49,891
Koninklijke Ahold Delhaize NV		6,252		149,301
SpartanNash Co.		2,860		90,090
SUPERVALU, Inc.(b)		21,335		104,115
Wal-Mart de Mexico SAB de CV, Class V		38,488		87,855
Total				578,184
Food Products —%
Cal-Maine Foods, Inc.		3,025		126,747
Dean Foods Co.		7,780		143,619
Sanderson Farms, Inc.		1,805		158,100
WH Group Ltd.		159,000		125,563
Total				554,029
Household Products —%
Reckitt Benckiser Group PLC		722		69,964
Svenska Cellulosa AB, Class B		2,658		79,054
Total				149,018

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

Semiannual Report 2016
42

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Personal Products —%
Usana Health Sciences, Inc.(b)		370		50,808
Tobacco —%
British American Tobacco PLC		1,509		96,350
Total Consumer Staples				1,584,523
ENERGY 0.1%
Energy Equipment & Services —%
Atwood Oceanics, Inc.		12,500		133,500
Petrofac Ltd.		719		7,094
Total				140,594
Oil, Gas & Consumable Fuels 0.1%
BP PLC		5,309		29,991
China Petroleum & Chemical Corp., Class H		38,000		27,253
ENI SpA		4,101		62,722
PDC Energy, Inc.(b)		2,950		161,571
Polski Koncern Naftowy Orlen SA		2,008		32,179
PT United Tractors Tbk		55,800		67,253
PTT PCL, Foreign Registered Shares		9,500		90,896
REX American Resources Corp.(b)		2,450		161,210
S-Oil Corp.		1,608		110,724
SK Innovation Co., Ltd.		998		131,515
Western Refining, Inc.		6,650		138,653
Total				1,013,967
Total Energy				1,154,561
FINANCIALS 0.5%
Banks 0.2%
Banc of California, Inc.		7,755		172,006
Banco Latinoamericano de Comercio Exterior SA, Class E		4,290		117,203
Banco Santander Brasil SA		26,245		165,529
Bank of China Ltd., Class H		208,000		85,873
Bank of Montreal		1,608		103,082
BNP Paribas SA		1,267		62,829
Canadian Imperial Bank of Commerce		1,900		144,343
Central Pacific Financial Corp.		6,440		157,973
Credit Agricole SA		8,660		76,681
Customers Bancorp, Inc.(b)		5,150		132,561
Erste Group Bank AG		1,481		39,250
FCB Financial Holdings, Inc., Class A(b)		725		25,353

Common Stocks (continued)

Issuer	Shares		Value ($)
First BanCorp(b)		7,275		33,392
First NBC Bank Holding Co.(b)		4,370		83,161
Fulton Financial Corp.		5,400		73,710
Great Western Bancorp, Inc.		1,350		44,779
Hope Bancorp, Inc.		8,145		125,189
HSBC Holdings PLC		28,872		189,181
International Bancshares Corp.		4,740		129,971
Intesa Sanpaolo SpA		46,588		102,608
Royal Bank of Canada		2,022		123,257
Societe Generale SA		1,754		59,918
Sumitomo Mitsui Financial Group, Inc.		1,400		44,379
Toronto-Dominion Bank (The)		400		17,429
Woori Finance Holdings Co., Ltd.		2,170		19,581
Total				2,329,238
Capital Markets —%
Arlington Asset Investment Corp., Class A		6,770		94,306
Cowen Group, Inc., Class A(b)		6,650		20,748
KCG Holdings, Inc., Class A(b)		9,200		139,196
Piper Jaffray Companies(b)		475		19,637
Total				273,887
Consumer Finance —%
Nelnet, Inc., Class A		3,650		147,496
Diversified Financial Services —%
Cardtronics PLC, Class A(b)		825		36,292
Insurance 0.1%
Allianz SE, Registered Shares		1,110		159,218
American Equity Investment Life Holding Co.		6,914		110,140
Employers Holdings, Inc.		565		16,114
Heritage Insurance Holdings, Inc.		7,060		87,473
Maiden Holdings Ltd.		11,080		154,788
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered Shares		548		91,409
National General Holdings Corp.		2,050		42,291
NN Group NV		4,797		129,384
Power Corp. of Canada		4,760		103,683
Swiss Re AG		1,543		129,512
Universal Insurance Holdings, Inc.		7,567		164,507
Total				1,188,519

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

Semiannual Report 2016
43

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Real Estate Investment Trusts (REITs) 0.1%
Apollo Commercial Real Estate Finance, Inc.		950		15,438
Armada Hoffler Properties, Inc.		2,600		38,922
Ashford Hospitality Prime, Inc.		3,500		52,640
CBL & Associates Properties, Inc.		12,300		151,167
Chesapeake Lodging Trust		1,925		48,645
Coresite Realty Corp.		2,085		172,075
CubeSmart		1,100		32,681
CYS Investments, Inc.		19,400		173,630
Invesco Mortgage Capital, Inc.		5,050		72,720
Lexington Realty Trust		2,100		22,827
Mack-Cali Realty Corp.		6,300		177,660
National Health Investors, Inc.		550		43,214
National Storage Affiliates Trust		3,450		73,726
PS Business Parks, Inc.		1,418		157,242
RLJ Lodging Trust		5,100		121,074
Ryman Hospitality Properties, Inc.		1,285		72,268
Select Income REIT		3,200		88,832
Sovran Self Storage, Inc.		320		32,758
STORE Capital Corp.		1,075		33,529
Summit Hotel Properties, Inc.		11,600		164,488
Sunstone Hotel Investors, Inc.		4,319		57,443
WP Glimcher, Inc.		13,400		169,912
Total				1,972,891
Real Estate Management & Development —%
Guangzhou R&F Properties Co., Ltd., Class H		93,600		142,044
Wheelock & Co., Ltd.		19,397		104,015
Total				246,059
Thrifts & Mortgage Finance 0.1%
BofI Holding, Inc.(b)		7,735		130,103
Essent Group Ltd.(b)		2,750		65,890
Flagstar Bancorp, Inc.(b)		5,600		147,896
HomeStreet, Inc.(b)		2,180		48,614
MGIC Investment Corp.(b)		21,300		153,147
Radian Group, Inc.		13,050		168,345
Walker & Dunlop, Inc.(b)		4,950		117,166
Washington Federal, Inc.		6,675		166,875
Total				998,036
Total Financials				7,192,418

Common Stocks (continued)

Issuer	Shares		Value ($)
HEALTH CARE 0.2%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.(b)		1,580		58,523
Acorda Therapeutics, Inc.(b)		2,530		63,959
Alder Biopharmaceuticals, Inc.(b)		2,295		73,670
AMAG Pharmaceuticals, Inc.(b)		2,020		53,591
ARIAD Pharmaceuticals, Inc.(b)		5,240		49,832
Arrowhead Pharmaceuticals, Inc.(b)		9,700		57,812
Dynavax Technologies Corp.(b)		3,445		53,156
Insys Therapeutics, Inc.(b)		4,565		71,442
Keryx Biopharmaceuticals, Inc.(b)		12,905		94,981
Ligand Pharmaceuticals, Inc.(b)		850		114,648
Novavax, Inc.(b)		8,190		59,951
Sage Therapeutics, Inc.(b)		845		37,907
Spark Therapeutics, Inc.(b)		1,345		77,929
TESARO, Inc.(b)		800		74,592
Ultragenyx Pharmaceutical, Inc.(b)		980		62,014
Total				1,004,007
Health Care Equipment & Supplies —%
Analogic Corp.		1,710		143,674
Globus Medical, Inc., Class A(b)		2,750		63,113
Halyard Health, Inc.(b)		1,375		47,561
Masimo Corp.(b)		1,590		84,222
Merit Medical Systems, Inc.(b)		3,355		78,641
OraSure Technologies, Inc.(b)		7,700		52,514
Orthofix International NV(b)		3,175		150,495
Total				620,220
Health Care Providers & Services —%
Alfresa Holdings Corp.		2,900		63,576
Magellan Health, Inc.(b)		2,070		141,733
Molina Healthcare, Inc.(b)		2,730		155,091
Owens & Minor, Inc.		2,742		97,917
Sinopharm Group Co. Class H		1,600		7,773
Triple-S Management Corp., Class B(b)		5,035		125,120
WellCare Health Plans, Inc.(b)		210		22,428
Total				613,638
Life Sciences Tools & Services —%
Cambrex Corp.(b)		865		45,335
INC Research Holdings, Inc. Class A(b)		3,406		151,601

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

Semiannual Report 2016
44

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Pra Health Sciences, Inc.(b)		3,010		139,604
Total				336,540
Pharmaceuticals 0.1%
GlaxoSmithKline PLC		4,410		98,519
Impax Laboratories, Inc.(b)		5,125		161,027
Novo Nordisk A/S, Class B		2,211		125,976
Roche Holding AG, Genusschein Shares		826		210,932
Sanofi		2,018		171,804
Supernus Pharmaceuticals, Inc.(b)		4,795		106,545
Teva Pharmaceutical Industries Ltd.		2,124		116,252
Total				991,055
Total Health Care				3,565,460
INDUSTRIALS 0.2%
Air Freight & Logistics —%
Royal Mail PLC		17,293		116,606
Airlines —%
Hawaiian Holdings, Inc.(b)		3,790		172,559
Japan Airlines Co., Ltd.		3,900		120,232
Qantas Airways Ltd.		8,984		21,570
Total				314,361
Building Products —%
Continental Building Product(b)		6,465		151,604
Gibraltar Industries, Inc.(b)		2,000		70,560
NCI Building Systems, Inc.(b)		7,150		115,973
Universal Forest Products, Inc.		1,810		195,697
Total				533,834
Commercial Services & Supplies —%
Brady Corp., Class A		2,800		89,992
Knoll, Inc.		750		18,938
Quad/Graphics, Inc.		6,590		167,122
Tetra Tech, Inc.		3,490		114,926
Total				390,978
Construction & Engineering 0.1%
ACS Actividades de Construccion y Servicios SA		1,549		44,420
China Railway Construction Corp., Ltd., Class H		60,500		72,939
Comfort Systems U.S.A., Inc.		310		9,418
EMCOR Group, Inc.		2,875		160,137

Common Stocks (continued)

Issuer	Shares		Value ($)
Leighton Holdings Ltd.		5,528		122,949
Sinopec Engineering Group Co., Ltd., Class H		26,000		22,743
Skanska AB, Class B		2,006		42,642
Taisei Corp.		3,000		26,980
VINCI SA		2,055		155,977
Total				658,205
Electrical Equipment —%
EnerSys		2,610		162,734
OSRAM Licht AG		1,494		77,652
Prysmian SpA		2,402		56,179
Total				296,565
Machinery 0.1%
Briggs & Stratton Corp.		5,000		113,650
Energy Recovery, Inc.(b)		7,800		83,460
Global Brass & Copper Holdings, Inc.		4,000		113,280
Greenbrier Companies, Inc. (The)		4,575		150,197
KONE OYJ, Class B		185		9,367
Mueller Industries, Inc.		2,475		84,249
Wabash National Corp.(b)		10,930		158,267
Total				712,470
Marine —%
Matson, Inc.		1,815		67,827
Professional Services —%
Huron Consulting Group, Inc.(b)		2,300		141,381
RPX Corp.(b)		12,760		128,493
Total				269,874
Road & Rail —%
ArcBest Corp.		4,070		76,150
Trading Companies & Distributors —%
Applied Industrial Technologies, Inc.		3,220		151,179
ITOCHU Corp.		3,900		44,218
MRC Global, Inc.(b)		10,335		136,732
Total				332,129
Total Industrials				3,768,999
INFORMATION TECHNOLOGY 0.3%
Communications Equipment —%
NETGEAR, Inc.(b)		3,390		174,348

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

Semiannual Report 2016
45

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Electronic Equipment, Instruments & Components 0.1%
Benchmark Electronics, Inc.(b)		6,800		159,392
Hon Hai Precision Industry Co., Ltd.		60,000		165,576
Insight Enterprises, Inc.(b)		2,645		70,357
InvenSense, Inc.(b)		4,470		30,307
MTS Systems Corp.		2,395		113,595
Sanmina Corp.(b)		5,265		133,415
SYNNEX Corp.		1,730		173,917
Tech Data Corp.(b)		2,155		167,939
Total				1,014,498
Internet Software & Services 0.1%
EarthLink Holdings Corp.		22,550		152,889
j2 Global, Inc.		1,445		96,584
LogMeIn, Inc.(b)		1,180		101,374
Mixi, Inc.		3,600		128,963
NetEase, Inc., ADR		900		183,843
RetailMeNot, Inc.(b)		15,290		127,671
Web.com Group, Inc.(b)		775		14,617
Total				805,941
IT Services —%
CSG Systems International, Inc.		2,400		96,624
EVERTEC, Inc.		8,085		139,062
NeuStar, Inc., Class A(b)		5,940		149,629
Sykes Enterprises, Inc.(b)		3,525		108,182
Syntel, Inc.(b)		950		43,044
Total				536,541
Semiconductors & Semiconductor Equipment —%
Amkor Technology, Inc.(b)		24,070		151,400
Diodes, Inc.(b)		1,990		36,835
Entegris, Inc.(b)		7,435		127,064
Silicon Laboratories, Inc.(b)		545		29,038
Synaptics, Inc.(b)		3,010		156,369
Taiwan Semiconductor Manufacturing Co., Ltd.		24,000		129,640
Xcerra Corp.(b)		11,605		70,791
Total				701,137
Software 0.1%
Aspen Technology, Inc.(b)		4,495		188,295
AVG Technologies NV(b)		5,090		125,876
Check Point Software Technologies Ltd.(b)		100		7,688

Common Stocks (continued)

Issuer	Shares		Value ($)
Mentor Graphics Corp.		6,980		149,093
MicroStrategy, Inc., Class A(b)		295		51,593
Qualys, Inc.(b)		2,500		78,475
RealPage, Inc.(b)		2,150		54,072
VASCO Data Security International, Inc.(b)		2,900		48,459
Total				703,551
Technology Hardware, Storage & Peripherals —%
Foxconn Technology Co., Ltd.		49,000		118,910
Seiko Epson Corp.		1,600		28,151
Total				147,061
Total Information Technology				4,083,077
MATERIALS 0.1%
Chemicals 0.1%
Chemtura Corp.(b)		4,710		132,304
Innophos Holdings, Inc.		525		22,607
Innospec, Inc.		2,785		140,002
Lotte Chemical Corp.		152		41,301
Mitsubishi Chemical Holdings Corp.		23,200		125,315
Rayonier Advanced Materials, Inc.		4,450		61,276
Trinseo SA		3,125		155,594
Total				678,399
Construction Materials —%
US Concrete, Inc.(b)		2,250		145,125
Metals & Mining —%
Carpenter Technology Corp.		1,860		73,005
Commercial Metals Co.		1,257		20,791
Eregli Demir ve Celik Fabrikalari TAS		71,156		108,135
Materion Corp.		1,175		31,032
Rio Tinto PLC		4,946		161,124
Schnitzer Steel Industries, Inc., Class A		5,150		100,374
Severstal PJSC		6,664		80,101
Total				574,562
Paper & Forest Products —%
UPM-Kymmene OYJ		6,827		140,668
Total Materials				1,538,754
TELECOMMUNICATION SERVICES —%
Diversified Telecommunication Services —%
Emirates Telecommunications Group Co. PJSC		14,198		77,312

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

Semiannual Report 2016
46

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
General Communication, Inc., Class A(b)		7,210		110,962
Nippon Telegraph & Telephone Corp.		3,400		161,567
Telenor ASA		4,915		82,081
Total				431,922
Wireless Telecommunication Services —%
NTT DoCoMo, Inc.		3,900		105,941
Shenandoah Telecommunications Co.		2,870		117,899
Total				223,840
Total Telecommunication Services				655,762
UTILITIES 0.1%
Electric Utilities 0.1%
Chubu Electric Power Co., Inc.		700		10,284
Endesa SA		911		19,143
IDACORP, Inc.		2,010		162,509
Korea Electric Power Corp.		2,975		162,878
Portland General Electric Co.		1,235		53,932
Tokyo Electric Power Co. Holdings, Inc.(b)		10,500		41,184
Transmissora Alianca de Energia Eletrica SA		4,733		37,748
Total				487,678
Gas Utilities —%
Chesapeake Utilities Corp.		2,000		128,140

Common Stocks (continued)

Issuer	Shares		Value ($)
Northwest Natural Gas Co.		890		57,797
Southwest Gas Corp.		2,465		191,037
Total				376,974
Independent Power and Renewable Electricity Producers —%
Ormat Technologies, Inc.		500		22,820
Water Utilities —%
SJW Corp.		3,375		142,965
Total Utilities				1,030,437
Total Common Stocks (Cost: $27,133,084)				28,256,541

Money Market Funds 4.0%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.439%(a)(c)		62,731,170		62,731,170
Total Money Market Funds (Cost: $62,731,170)				62,731,170
Total Investments (Cost: $1,499,659,089)				1,564,253,225
Other Assets & Liabilities, Net				9,007,000
Net Assets				1,573,260,225

At July 31, 2016, cash totaling $8,514,802 was pledged as collateral.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at July 31, 2016

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
BNP Paribas	09/08/2016		528,000	BRL		158,678	USD		—		(2,083	)
BNP Paribas	09/08/2016		76,000	CAD		58,228	USD		6		—
BNP Paribas	09/08/2016		809,000	CNY		120,608	USD		—		(1,220	)
BNP Paribas	09/08/2016		113,000	EUR		125,322	USD		—		(1,204	)
BNP Paribas	09/08/2016		304,000	ILS		78,895	USD		—		(877	)
BNP Paribas	09/08/2016		218,730,000	KRW		190,671	USD		—		(5,914	)
BNP Paribas	09/08/2016		349,000	NOK		41,485	USD		117		—
BNP Paribas	09/08/2016		1,753,000	THB		49,776	USD		—		(516	)
BNP Paribas	09/08/2016		122,000	TRY		41,627	USD		1,152		—
BNP Paribas	09/08/2016		6,931,000	TWD		215,583	USD		—		(2,756	)

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

Semiannual Report 2016
47

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2016 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at July 31, 2016 (continued)

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
BNP Paribas	09/08/2016		29,070	USD		39,000	AUD		530		—
BNP Paribas	09/08/2016		215,783	USD		284,000	AUD		—		(235	)
BNP Paribas	09/08/2016		182,569	USD		179,000	CHF		2,522		—
BNP Paribas	09/08/2016		214,579	USD		163,000	GBP		1,278		—
BNP Paribas	09/08/2016		158,035	USD		10,662,000	INR		882		—
BNP Paribas	09/08/2016		182,466	USD		19,066,000	JPY		4,646		—
BNP Paribas	09/08/2016		33,059	USD		131,000	MYR		—		(589	)
BNP Paribas	09/08/2016		49,885	USD		422,000	SEK		—		(476	)
BNP Paribas	09/08/2016		83,154	USD		112,000	SGD		360		—
BNP Paribas	09/08/2016		140,350	USD		2,051,000	ZAR		6,291		—
Total									17,784		(15,870	)

Futures Contracts Outstanding at July 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
Russell 2000 Mini		43	USD		5,233,100	09/2016		309,692		—
S&P 500 E-mini		370	USD		40,111,700	09/2016		2,103,079		—
S&P Mid 400 E-mini		91	USD		14,167,790	09/2016		727,775		—
TOPIX Index		55	JPY		7,161,023	09/2016		84,240		—
U.S. Long Bond		206	USD		35,934,125	09/2016		2,381,473		—
U.S. Treasury 10-Year Note		461	USD		61,334,609	09/2016		1,510,136		—
U.S. Treasury 5-Year Note		272	USD		33,188,250	09/2016		503,135		—
U.S. Ultra Bond		86	USD		16,385,688	09/2016		1,327,545		—
mini MSCI Emerging Markets Index		193	USD		8,506,475	09/2016		815,952		—
Total					222,022,760			9,763,027		—

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency	Notional Market Value ($)			Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
EURO STOXX 50		(483	)	EUR		(16,108,028	)	09/2016		—		(888,062	)
FTSE 100 Index		(180	)	GBP		(15,904,823	)	09/2016		—		(1,066,533	)
S&P/TSE 60 Index		(37	)	CAD		(4,792,586	)	09/2016		—		(205,855	)
Total						(36,805,437	)			—		(2,160,450	)

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

Semiannual Report 2016
48

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2016 (Unaudited)

Cleared Credit Default Swap Contracts Outstanding at July 31, 2016

Buy Protection

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate (%)		Notional Currency	Notional Amount		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Morgan Stanley	Markit CDX North America High Yield Index, Series 26	06/20/2021		5.000	USD		7,671,000		—		(162,093	)
Morgan Stanley	Markit CDX North America Investment Grade Index, Series 26	06/20/2021		1.000	USD		18,500,000		—		(103,683	)
Total									—		(265,776	)

Notes to Portfolio of Investments

(a)  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 July 31, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		8,570,394		10,636		(376,969	)		27,370			8,231,431		—		—		8,754,615
Columbia Adaptive Alternatives Fund, Class I Shares		4,536,456		—		—			—			4,536,456		—		—		4,315,408
Columbia Commodity Strategy Fund, Class I Shares		—		22,566,000		—			—			22,566,000		—		—		21,368,125
Columbia Contrarian Core Fund, Class I Shares		74,372,052		87,202		(5,400,052	)		1,662,149			70,721,351		—		—		80,965,150
Columbia Corporate Income Fund, Class I Shares		134,847,961		2,139,304		(9,920,071	)		7,927			127,075,121		—		2,110,973		128,632,197
Columbia Disciplined Core Fund, Class I Shares		41,209,987		107,572		(2,151,988	)		1,093,428			40,258,999		—		—		66,383,831
Columbia Disciplined Growth Fund, Class I Shares		69,765,490		146,579		(2,388,391	)		496,220			68,019,898		—		—		68,252,798
Columbia Disciplined Small Core Fund, Class I Shares		28,365,048		136,428		(961,945	)		(381,056	)		27,158,475		—		—		22,047,136
Columbia Disciplined Value Fund, Class I Shares		103,696,343		157,795		(5,712,397	)		(229,253	)		97,912,488		—		—		99,555,904
Columbia Diversified Absolute Return Fund, Class I Shares		31,604,702		32,928		(1,060,830	)		(40,309	)		30,536,491		—		—		29,324,730
Columbia Emerging Markets Bond Fund, Class I Shares		30,083,295		327,878		(2,917,226	)		(144,234	)		27,349,713		—		315,306		28,197,005
Columbia Emerging Markets Fund, Class I Shares		14,909,913		15,521,161		(2,220	)		(241	)		30,428,613		—		—		32,246,466

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

Semiannual Report 2016
49

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2016 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia European Equity Fund, Class I Shares		60,910,009		284,259		(2,902,355	)		364,160			58,656,073		—		—		61,650,930
Columbia High Yield Bond Fund, Class I Shares		8,188,156		198,920		(372,815	)		(21,238	)		7,993,023		—		196,619		7,824,467
Columbia Income Opportunities Fund, Class I Shares		121,220,943		2,989,316		(22,180,370	)		809,963			102,839,852		—		2,953,235		101,393,865
Columbia Inflation Protected Securities Fund, Class I Shares		17,727,615		4,932		(1,076,750	)		(185,554	)		16,470,243		—		—		15,513,793
Columbia Large Cap Growth Fund, Class I Shares		16,953,454		79,750		(866,548	)		391,173			16,557,829		—		—		22,842,806
Columbia Limited Duration Credit Fund, Class I Shares		36,218,501		472,004		(1,965,299	)		(50,115	)		34,675,091		—		447,282		34,096,855
Columbia Mortgage Opportunities Fund, Class I Shares		27,045,893		485,507		(919,357	)		(37,175	)		26,574,868		—		473,604		26,037,242
Columbia Multi-Asset Income Fund, Class I Shares		26,804,605		709,949		—			—			27,514,554		—		709,949		26,920,895
Columbia Overseas Value Fund, Class I Shares		74,116,358		183,086		(9,673,621	)		(1,408,452	)		63,217,371		—		—		57,670,858
Columbia Pacific/Asia Fund, Class I Shares		35,511,719		236,317		(1,096,422	)		239,563			34,891,177		—		133,066		43,294,523
Columbia Select Large Cap Equity Fund, Class I Shares		70,455,524		147,315		(3,842,899	)		(759,081	)		66,000,859		—		61,393		64,520,693
Columbia Select Large Cap Growth Fund, Class I Shares		35,213,492		651,178		(1,625,535	)		362,686			34,601,821		404,099		—		41,420,515
Columbia Select Large-Cap Value Fund, Class I Shares		24,074,787		67,357		(1,997,635	)		760,146			22,904,655		—		—		34,780,895
Columbia Select Smaller-Cap Value Fund, Class I Shares		5,099,882		74,138		(4,963,754	)		(210,266	)		—		—		—		—
Columbia Short-Term Cash Fund		64,953,566		90,536,490		(92,758,886	)		—			62,731,170		—		130,509		62,731,170
Columbia Small Cap Growth Fund I, Class I Shares		7,498,977		—		(4,605,649	)		(2,893,328	)		—		—		—		—
Columbia Total Return Bond Fund, Class I Shares		202,328,409		2,851,167		(9,928,187	)		459,916			195,711,305		—		2,785,549		197,221,576
Columbia U.S. Government Mortgage Fund, Class I Shares		101,426,338		1,277,344		(3,189,502	)		(52,015	)		99,462,165		—		1,223,884		98,998,576
Columbia U.S. Treasury Index Fund, Class I Shares		46,596,524		332,389		—			—			46,928,913		—		332,388		49,033,660
Total		1,524,306,393		142,814,901		(194,857,673	)		262,384			1,472,526,005		404,099		11,873,757		1,535,996,684

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

Semiannual Report 2016
50

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2016 (Unaudited)

Notes to Portfolio of Investments (continued)

(b)  Non-income producing investment.

(c)  The rate shown is the seven-day current annualized yield at July 31, 2016.

Abbreviation Legend

ADR  American Depositary Receipt

Currency Legend

AUD  Australian Dollar

BRL  Brazilian Real

CAD  Canadian Dollar

CHF  Swiss Franc

CNY  China, Yuan Renminbi

EUR  Euro

GBP  British Pound

ILS    Israeli Shekel

INR  Indian Rupee

JPY  Japanese Yen

KRW  Korean Won

MYR  Malaysia Ringgits

NOK  Norwegian Krone

SEK  Swedish Krona

SGD  Singapore Dollar

THB  Thailand Baht

TRY  Turkish Lira

TWD  Taiwan Dollar

USD  US Dollar

ZAR  South African Rand

Fair Value Measurements

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

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

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

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

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

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

Semiannual Report 2016
51

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2016 (Unaudited)

Fair Value Measurements (continued)

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

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 of the Notes to Financial Statements in the most recent shareholder report.

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Variable Portfolios serve as investment vehicles for variable annuity contracts and variable life insurance policies. Principle investment strategies within these Variable Portfolios vary based on the Portfolios investment objective. Investments in the Variable Portfolios may be redeemed on a daily basis without restriction. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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 2016
52

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2016 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at July 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Equity Funds		695,632,505			—			—		695,632,505
Fixed-Income Funds		686,949,236			—			—		686,949,236
Alternative Investment Funds		90,683,773			—			—		90,683,773
Common Stocks
Consumer Discretionary		2,873,557			808,993			—		3,682,550
Consumer Staples		1,014,400			570,123			—		1,584,523
Energy		594,934			559,627			—		1,154,561
Financials		5,756,536			1,435,882			—		7,192,418
Health Care		2,770,628			794,832			—		3,565,460
Industrials		2,834,525			934,474			—		3,768,999
Information Technology		3,511,837			571,240			—		4,083,077
Materials		882,110			656,644			—		1,538,754
Telecommunication Services		228,861			426,901			—		655,762
Utilities		796,948			233,489			—		1,030,437
Total Common Stocks		21,264,336			6,992,205			—		28,256,541
Total Investments		1,494,529,850			6,992,205					1,501,522,055
Investments measured at net asset value
Money Market Funds		—			—			—		62,731,170
Total Investments		1,494,529,850			6,992,205			—		1,564,253,225
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			17,784			—		17,784
Futures Contracts		9,763,027			—			—		9,763,027
Liabilities
Forward Foreign Currency Exchange Contracts		—			(15,870	)		—		(15,870	)
Futures Contracts		(2,160,450	)		—			—		(2,160,450	)
Swap Contracts		—			(265,776	)		—		(265,776	)
Total		1,502,132,427			6,728,343			—		1,571,591,940

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

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

Semiannual Report 2016
53

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 56.4%

	Shares		Value ($)
INTERNATIONAL 16.5%
Columbia Emerging Markets Fund, Class I Shares(a)(b)		9,113,065		90,492,739
Columbia European Equity Fund, Class I Shares(a)		14,256,278		88,388,924
Columbia Overseas Value Fund, Class I Shares(a)		13,093,139		105,399,771
Columbia Pacific/Asia Fund, Class I Shares(a)		7,768,772		76,988,528
Total				361,269,962
U.S. LARGE CAP 38.6%
Columbia Contrarian Core Fund, Class I Shares(a)		6,016,883		134,718,001
Columbia Disciplined Core Fund, Class I Shares(a)		13,006,710		131,107,635
Columbia Disciplined Growth Fund, Class I Shares(a)		10,513,380		91,256,136
Columbia Disciplined Value Fund, Class I Shares(a)		18,820,658		174,279,292
Columbia Large Cap Growth Fund, Class I Shares(a)(b)		1,888,700		66,255,604
Columbia Select Large Cap Equity Fund, Class I Shares(a)		8,139,858		98,329,490
Columbia Select Large Cap Growth Fund, Class I Shares(a)(b)		4,624,201		78,056,522
Columbia Select Large-Cap Value Fund, Class I Shares(a)		2,918,147		66,971,466
Total				840,974,146
U.S. SMALL CAP 1.3%
Columbia Disciplined Small Core Fund, Class I Shares(a)		876,245		11,023,166
Columbia Select Smaller-Cap Value Fund, Class I Shares(a)		325,988		6,597,993
Columbia Small Cap Growth Fund I, Class I Shares(a)(b)		598,810		10,898,330
Total				28,519,489
Total Equity Funds (Cost: $1,122,454,549)				1,230,763,597
Fixed-Income Funds 25.8%
EMERGING MARKETS 1.3%
Columbia Emerging Markets Bond Fund, Class I Shares(a)		2,428,928		27,908,384

Fixed-Income Funds (continued)

	Shares		Value ($)
HIGH YIELD 7.6%
Columbia High Yield Bond Fund, Class I Shares(a)		21,546,963		62,270,724
Columbia Income Opportunities Fund, Class I Shares(a)		10,630,034		103,217,633
Total				165,488,357
INFLATION PROTECTED SECURITIES 0.5%
Columbia Inflation Protected Securities Fund, Class I Shares(a)(b)		1,143,814		10,660,345
INVESTMENT GRADE 16.4%
Columbia Corporate Income Fund, Class I Shares(a)		16,729,865		171,146,519
Columbia Mortgage Opportunities Fund, Class I Shares(a)		1,904,024		18,678,477
Columbia U.S. Government Mortgage Fund, Class I Shares(a)		27,246,058		150,398,241
Columbia U.S. Treasury Index Fund, Class I Shares(a)		1,555,725		18,030,850
Total				358,254,087
Total Fixed-Income Funds (Cost: $561,818,566)				562,311,173
Alternative Investment Funds 5.7%
Columbia Absolute Return Currency and Income Fund, Class I Shares(a)		1,125,634		12,123,075
Columbia Adaptive Alternatives Fund, Class I Shares(a)		455,212		4,315,408
Columbia Commodity Strategy Fund, Class I Shares(a)		6,296,581		34,253,400
Columbia Diversified Absolute Return Fund, Class I Shares(a)		3,657,924		35,116,069
Columbia Multi-Asset Income Fund, Class I Shares(a)		3,877,585		37,767,683
Total Alternative Investment Funds (Cost: $127,351,529)				123,575,635
Common Stocks 1.3%
Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.2%
Auto Components —%
Cooper Tire & Rubber Co.		4,600		151,754
Dana, Inc.		10,445		142,470

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

Semiannual Report 2016
54

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Drew Industries, Inc.		550		50,386
Magna International, Inc.		678		26,120
Superior Industries International, Inc.		4,900		149,744
Tenneco, Inc.(b)		970		54,824
Total				575,298
Automobiles —%
Fuji Heavy Industries Ltd.		2,800		106,973
Mitsubishi Motors Corp.		1,100		5,128
Peugeot SA(b)		6,014		90,837
Renault SA		333		29,132
Total				232,070
Diversified Consumer Services —%
Capella Education Co.		2,451		146,741
New Oriental Education & Technology Group, Inc., ADR		1,900		83,714
Total				230,455
Hotels, Restaurants & Leisure 0.1%
Bloomin' Brands, Inc.		2,500		44,950
Bob Evans Farms, Inc.		1,400		51,492
Compass Group PLC		983		18,682
Cracker Barrel Old Country Store, Inc.		745		117,271
Denny's Corp.(b)		8,570		95,641
Diamond Resorts International, Inc.(b)		1,910		57,644
Flight Centre Travel Group Ltd.		1,951		47,813
Isle of Capri Casinos, Inc.(b)		7,380		138,227
Pinnacle Entertainment, Inc.(b)		820		8,954
Ruth's Hospitality Group, Inc.		8,855		141,414
Total				722,088
Household Durables —%
Iida Group Holdings Co., Ltd.		1,300		25,737
La-Z-Boy, Inc.		925		27,954
Persimmon PLC		4,579		102,233
Total				155,924
Internet & Catalog Retail —%
PetMed Express, Inc.		3,285		68,098
Leisure Products —%
Sankyo Co., Ltd.		2,200		80,101
Smith & Wesson Holding Corp.(b)		1,510		44,470
Sturm Ruger & Co., Inc.		1,800		122,400
Total				246,971

Common Stocks (continued)

Issuer	Shares		Value ($)
Media —%
Gannett Co., Inc.		11,700		149,292
New York Times Co. (The), Class A		8,020		104,100
Nexstar Broadcasting Group, Inc., Class A		795		40,187
Total				293,579
Specialty Retail 0.1%
Abercrombie & Fitch Co., Class A		8,155		168,890
American Eagle Outfitters, Inc.		4,600		82,432
Cato Corp. (The), Class A		3,695		132,170
Children's Place, Inc. (The)		2,190		183,040
GNC Holdings, Inc., Class A		1,950		39,800
JUMBO SA		4,748		56,108
Outerwall, Inc.		3,785		199,318
Pier 1 Imports, Inc.		30,700		157,184
Total				1,018,942
Textiles, Apparel & Luxury Goods —%
Movado Group, Inc.		6,550		147,964
Total Consumer Discretionary				3,691,389
CONSUMER STAPLES 0.1%
Beverages —%
Ambev SA		18,800		108,716
Food & Staples Retailing —%
Alimentation Couche-Tard, Inc., Class B		1,496		67,636
Jeronimo Martins SGPS SA		2,076		34,757
Koninklijke Ahold Delhaize NV		4,364		104,214
SpartanNash Co.		3,185		100,328
SUPERVALU, Inc.(b)		23,680		115,558
Wal-Mart de Mexico SAB de CV, Class V		26,812		61,203
Total				483,696
Food Products 0.1%
Cal-Maine Foods, Inc.		3,340		139,946
China Milk Products Group Ltd.(b)(c)(d)		322,000		—
Dean Foods Co.		8,630		159,310
Sanderson Farms, Inc.		2,005		175,618
WH Group Ltd.		111,000		87,657
Total				562,531

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

Semiannual Report 2016
55

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Household Products —%
Reckitt Benckiser Group PLC		504		48,839
Svenska Cellulosa AB, Class B		1,854		55,141
Total				103,980
Personal Products —%
Usana Health Sciences, Inc.(b)		410		56,301
Tobacco —%
British American Tobacco PLC		1,053		67,234
Total Consumer Staples				1,382,458
ENERGY —%
Energy Equipment & Services —%
Atwood Oceanics, Inc.		13,840		147,811
Petrofac Ltd.		501		4,943
Total				152,754
Oil, Gas & Consumable Fuels —%
BP PLC		3,704		20,924
China Petroleum & Chemical Corp., Class H		26,000		18,646
ENI SpA		2,861		43,757
PDC Energy, Inc.(b)		3,275		179,372
Polski Koncern Naftowy Orlen SA		1,400		22,436
PT United Tractors Tbk		38,900		46,884
PTT PCL, Foreign Registered Shares		6,600		63,149
REX American Resources Corp.(b)		2,717		178,779
S-Oil Corp.		1,121		77,190
SK Innovation Co., Ltd.		696		91,718
Western Refining, Inc.		7,400		154,290
Total				897,145
Total Energy				1,049,899
FINANCIALS 0.3%
Banks 0.1%
Banc of California, Inc.		8,600		190,748
Banco Latinoamericano de Comercio Exterior SA, Class E		4,750		129,770
Banco Santander Brasil SA		18,300		115,419
Bank of China Ltd., Class H		145,000		59,863
Bank of Montreal		1,122		71,927
BNP Paribas SA		884		43,837
Canadian Imperial Bank of Commerce		1,300		98,761

Common Stocks (continued)

Issuer	Shares		Value ($)
Central Pacific Financial Corp.		7,140		175,144
Credit Agricole SA		6,033		53,420
Customers Bancorp, Inc.(b)		5,715		147,104
Erste Group Bank AG		1,033		27,377
FCB Financial Holdings, Inc., Class A(b)		800		27,976
First BanCorp(b)		8,250		37,867
First NBC Bank Holding Co.(b)		4,855		92,391
Fulton Financial Corp.		6,000		81,900
Great Western Bancorp, Inc.		1,500		49,755
Hope Bancorp, Inc.		9,040		138,945
HSBC Holdings PLC		20,135		131,932
International Bancshares Corp.		5,290		145,052
Intesa Sanpaolo SpA		32,484		71,545
Royal Bank of Canada		1,410		85,951
Societe Generale SA		1,223		41,778
Sumitomo Mitsui Financial Group, Inc.		1,000		31,699
Toronto-Dominion Bank (The)		300		13,072
Woori Finance Holdings Co., Ltd.		1,514		13,661
Total				2,076,894
Capital Markets —%
Arlington Asset Investment Corp., Class A		7,490		104,336
Cowen Group, Inc., Class A(b)		7,450		23,244
KCG Holdings, Inc., Class A(b)		10,200		154,326
Piper Jaffray Companies(b)		525		21,703
Total				303,609
Consumer Finance —%
Nelnet, Inc., Class A		4,000		161,640
Diversified Financial Services —%
Cardtronics PLC, Class A(b)		925		40,691
Insurance —%
Allianz SE, Registered Shares		774		111,022
American Equity Investment Life Holding Co.		7,678		122,311
Employers Holdings, Inc.		645		18,395
Heritage Insurance Holdings, Inc.		7,820		96,890
Maiden Holdings Ltd.		12,260		171,272
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered Shares		382		63,720
National General Holdings Corp.		2,250		46,417
NN Group NV		3,345		90,221

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

Semiannual Report 2016
56

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Power Corp. of Canada		3,319		72,295
Swiss Re AG		1,077		90,398
Universal Insurance Holdings, Inc.		8,398		182,573
Total				1,065,514
Real Estate Investment Trusts (REITs) 0.1%
Apollo Commercial Real Estate Finance, Inc.		1,050		17,063
Armada Hoffler Properties, Inc.		2,900		43,413
Ashford Hospitality Prime, Inc.		3,900		58,656
CBL & Associates Properties, Inc.		13,700		168,373
Chesapeake Lodging Trust		2,150		54,330
Coresite Realty Corp.		2,315		191,057
CubeSmart		1,200		35,652
CYS Investments, Inc.		21,600		193,320
Invesco Mortgage Capital, Inc.		5,650		81,360
Lexington Realty Trust		2,300		25,001
Mack-Cali Realty Corp.		7,000		197,400
National Health Investors, Inc.		610		47,928
National Storage Affiliates Trust		3,850		82,274
PS Business Parks, Inc.		1,576		174,763
RLJ Lodging Trust		5,705		135,437
Ryman Hospitality Properties, Inc.		1,425		80,142
Select Income REIT		3,550		98,548
Sovran Self Storage, Inc.		350		35,829
STORE Capital Corp.		1,200		37,428
Summit Hotel Properties, Inc.		12,900		182,922
Sunstone Hotel Investors, Inc.		4,796		63,787
WP Glimcher, Inc.		14,900		188,932
Total				2,193,615
Real Estate Management & Development —%
Guangzhou R&F Properties Co., Ltd., Class H		65,200		98,945
Wheelock & Co., Ltd.		13,525		72,527
Total				171,472
Thrifts & Mortgage Finance 0.1%
BofI Holding, Inc.(b)		8,585		144,400
Essent Group Ltd.(b)		3,050		73,078
Flagstar Bancorp, Inc.(b)		6,250		165,063
HomeStreet, Inc.(b)		2,440		54,412
MGIC Investment Corp.(b)		23,690		170,331

Common Stocks (continued)

Issuer	Shares		Value ($)
Radian Group, Inc.		14,440		186,276
Walker & Dunlop, Inc.(b)		5,490		129,948
Washington Federal, Inc.		7,400		185,000
Total				1,108,508
Total Financials				7,121,943
HEALTH CARE 0.2%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.(b)		1,760		65,190
Acorda Therapeutics, Inc.(b)		2,810		71,037
Alder Biopharmaceuticals, Inc.(b)		2,475		79,447
AMAG Pharmaceuticals, Inc.(b)		2,250		59,693
ARIAD Pharmaceuticals, Inc.(b)		5,450		51,830
Arrowhead Pharmaceuticals, Inc.(b)		10,700		63,772
Dynavax Technologies Corp.(b)		3,945		60,871
Insys Therapeutics, Inc.(b)		5,070		79,346
Keryx Biopharmaceuticals, Inc.(b)		14,330		105,469
Ligand Pharmaceuticals, Inc.(b)		940		126,787
Novavax, Inc.(b)		9,120		66,758
Sage Therapeutics, Inc.(b)		935		41,944
Spark Therapeutics, Inc.(b)		1,495		86,620
TESARO, Inc.(b)		890		82,984
Ultragenyx Pharmaceutical, Inc.(b)		1,070		67,710
Total				1,109,458
Health Care Equipment & Supplies —%
Analogic Corp.		1,900		159,638
Globus Medical, Inc., Class A(b)		3,050		69,997
Halyard Health, Inc.(b)		1,550		53,614
Masimo Corp.(b)		1,775		94,022
Merit Medical Systems, Inc.(b)		3,715		87,080
OraSure Technologies, Inc.(b)		8,500		57,970
Orthofix International NV(b)		3,525		167,085
Total				689,406
Health Care Providers & Services —%
Alfresa Holdings Corp.		2,000		43,846
Magellan Health, Inc.(b)		2,300		157,481
Molina Healthcare, Inc.(b)		3,031		172,191
Owens & Minor, Inc.		3,032		108,273
Sinopharm Group Co. Class H		1,200		5,830

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

Semiannual Report 2016
57

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Triple-S Management Corp., Class B(b)		5,570		138,414
WellCare Health Plans, Inc.(b)		230		24,564
Total				650,599
Life Sciences Tools & Services —%
Cambrex Corp.(b)		960		50,314
INC Research Holdings, Inc. Class A(b)		3,781		168,292
Pra Health Sciences, Inc.(b)		3,341		154,956
Total				373,562
Pharmaceuticals 0.1%
GlaxoSmithKline PLC		3,075		68,695
Impax Laboratories, Inc.(b)		5,675		178,309
Novo Nordisk A/S, Class B		1,563		89,055
Roche Holding AG, Genusschein Shares		576		147,090
Sanofi		1,406		119,701
Supernus Pharmaceuticals, Inc.(b)		5,320		118,210
Teva Pharmaceutical Industries Ltd.		1,481		81,059
Total				802,119
Total Health Care				3,625,144
INDUSTRIALS 0.2%
Air Freight & Logistics —%
Royal Mail PLC		12,058		81,307
Airlines —%
Hawaiian Holdings, Inc.(b)		4,200		191,226
Japan Airlines Co., Ltd.		2,700		83,238
Qantas Airways Ltd.		6,264		15,039
Total				289,503
Building Products 0.1%
Continental Building Product(b)		7,215		169,192
Gibraltar Industries, Inc.(b)		2,225		78,498
NCI Building Systems, Inc.(b)		7,950		128,949
Universal Forest Products, Inc.		2,005		216,780
Total				593,419
Commercial Services & Supplies —%
Brady Corp., Class A		3,125		100,437
Knoll, Inc.		850		21,463
Quad/Graphics, Inc.		7,300		185,128
Tetra Tech, Inc.		3,875		127,604
Total				434,632

Common Stocks (continued)

Issuer	Shares		Value ($)
Construction & Engineering —%
ACS Actividades de Construccion y Servicios SA		1,079		30,942
China Railway Construction Corp., Ltd., Class H		42,000		50,635
Comfort Systems U.S.A., Inc.		335		10,177
EMCOR Group, Inc.		3,175		176,848
Leighton Holdings Ltd.		3,852		85,673
Sinopec Engineering Group Co., Ltd., Class H		18,000		15,745
Skanska AB, Class B		1,399		29,739
Taisei Corp.		2,000		17,987
VINCI SA		1,433		108,766
Total				526,512
Electrical Equipment —%
EnerSys		2,887		180,005
OSRAM Licht AG		1,041		54,107
Prysmian SpA		1,676		39,199
Total				273,311
Machinery 0.1%
Briggs & Stratton Corp.		5,600		127,288
Energy Recovery, Inc.(b)		8,600		92,020
Global Brass & Copper Holdings, Inc.		4,450		126,024
Greenbrier Companies, Inc. (The)		5,075		166,612
KONE OYJ, Class B		129		6,532
Mueller Industries, Inc.		2,750		93,610
Wabash National Corp.(b)		12,130		175,642
Total				787,728
Marine —%
Matson, Inc.		2,005		74,927
Professional Services —%
Huron Consulting Group, Inc.(b)		2,555		157,056
RPX Corp.(b)		14,070		141,685
Total				298,741
Road & Rail —%
ArcBest Corp.		4,490		84,008
Trading Companies & Distributors —%
Applied Industrial Technologies, Inc.		3,580		168,081

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

Semiannual Report 2016
58

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
ITOCHU Corp.		2,700		30,612
MRC Global, Inc.(b)		11,470		151,748
Total				350,441
Total Industrials				3,794,529
INFORMATION TECHNOLOGY 0.2%
Communications Equipment —%
NETGEAR, Inc.(b)		3,780		194,405
Electronic Equipment, Instruments & Components 0.1%
Benchmark Electronics, Inc.(b)		7,550		176,972
Hon Hai Precision Industry Co., Ltd.		42,000		115,903
Insight Enterprises, Inc.(b)		2,935		78,071
InvenSense, Inc.(b)		4,925		33,392
MTS Systems Corp.		2,650		125,690
Sanmina Corp.(b)		5,885		149,126
SYNNEX Corp.		1,915		192,515
Tech Data Corp.(b)		2,395		186,642
Total				1,058,311
Internet Software & Services —%
EarthLink Holdings Corp.		25,025		169,669
j2 Global, Inc.		1,605		107,278
LogMeIn, Inc.(b)		1,305		112,113
Mixi, Inc.		2,500		89,558
NetEase, Inc., ADR		600		122,562
RetailMeNot, Inc.(b)		16,985		141,825
Web.com Group, Inc.(b)		825		15,559
Total				758,564
IT Services —%
CSG Systems International, Inc.		2,675		107,695
EVERTEC, Inc.		8,973		154,336
NeuStar, Inc., Class A(b)		6,595		166,128
Sykes Enterprises, Inc.(b)		3,925		120,458
Syntel, Inc.(b)		1,055		47,802
Total				596,419
Semiconductors & Semiconductor Equipment —%
Amkor Technology, Inc.(b)		26,845		168,855
Diodes, Inc.(b)		2,235		41,370
Entegris, Inc.(b)		8,290		141,676
Silicon Laboratories, Inc.(b)		605		32,234
Synaptics, Inc.(b)		3,324		172,682

Common Stocks (continued)

Issuer	Shares		Value ($)
Taiwan Semiconductor Manufacturing Co., Ltd.		17,000		91,829
Xcerra Corp.(b)		12,871		78,513
Total				727,159
Software 0.1%
Aspen Technology, Inc.(b)		4,980		208,612
AVG Technologies NV(b)		5,660		139,972
Check Point Software Technologies Ltd.(b)		100		7,688
Mentor Graphics Corp.		7,750		165,540
MicroStrategy, Inc., Class A(b)		330		57,714
Qualys, Inc.(b)		2,775		87,107
RealPage, Inc.(b)		2,400		60,360
VASCO Data Security International, Inc.(b)		3,250		54,308
Total				781,301
Technology Hardware, Storage & Peripherals —%
Foxconn Technology Co., Ltd.		34,000		82,509
Seiko Epson Corp.		1,100		19,354
Total				101,863
Total Information Technology				4,218,022
MATERIALS 0.1%
Chemicals 0.1%
Chemtura Corp.(b)		5,230		146,911
Innophos Holdings, Inc.		600		25,836
Innospec, Inc.		3,105		156,088
Lotte Chemical Corp.		106		28,802
Mitsubishi Chemical Holdings Corp.		16,200		87,504
Rayonier Advanced Materials, Inc.		4,950		68,162
Trinseo SA		3,495		174,016
Total				687,319
Construction Materials —%
US Concrete, Inc.(b)		2,495		160,927
Metals & Mining —%
Carpenter Technology Corp.		2,080		81,640
Commercial Metals Co.		1,399		23,140
Eregli Demir ve Celik Fabrikalari TAS		49,640		75,437
Materion Corp.		1,305		34,465
Rio Tinto PLC		3,451		112,422
Schnitzer Steel Industries, Inc., Class A		5,700		111,093
Severstal PJSC		4,649		55,881
Total				494,078

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

Semiannual Report 2016
59

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Paper & Forest Products —%
UPM-Kymmene OYJ		4,760		98,079
Total Materials				1,440,403
TELECOMMUNICATION SERVICES —%
Diversified Telecommunication Services —%
Emirates Telecommunications Group Co. PJSC		9,900		53,908
General Communication, Inc., Class A(b)		7,990		122,966
Nippon Telegraph & Telephone Corp.		2,400		114,048
Telenor ASA		3,424		57,181
Total				348,103
Wireless Telecommunication Services —%
NTT DoCoMo, Inc.		2,700		73,343
Shenandoah Telecommunications Co.		3,210		131,867
Total				205,210
Total Telecommunication Services				553,313
UTILITIES —%
Electric Utilities —%
Chubu Electric Power Co., Inc.		500		7,346
Endesa SA		635		13,343
IDACORP, Inc.		2,230		180,295
Korea Electric Power Corp.		2,076		113,659
Portland General Electric Co.		1,370		59,828
Tokyo Electric Power Co. Holdings, Inc.(b)		7,300		28,633
Transmissora Alianca de Energia Eletrica SA		3,300		26,319
Total				429,423

Common Stocks (continued)

Issuer	Shares		Value ($)
Gas Utilities —%
Chesapeake Utilities Corp.		2,225		142,556
Northwest Natural Gas Co.		990		64,290
Southwest Gas Corp.		2,730		211,575
Total				418,421
Independent Power and Renewable Electricity Producers —%
Ormat Technologies, Inc.		550		25,102
Water Utilities —%
SJW Corp.		3,760		159,274
Total Utilities				1,032,220
Total Common Stocks (Cost: $27,034,547)				27,909,320

Money Market Funds 10.1%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.439%(a)(e)		220,347,186		220,347,186
Total Money Market Funds (Cost: $220,347,186)				220,347,186
Total Investments (Cost: $2,059,006,377)				2,164,906,911
Other Assets & Liabilities, Net				15,307,189
Net Assets				2,180,214,100

At July 31, 2016, cash totaling $14,971,476 was pledged as collateral.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at July 31, 2016

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citi	09/08/2016		368,000	BRL		110,302	USD		—		(1,743	)
Citi	09/08/2016		53,000	CAD		40,605	USD		2		—
Citi	09/08/2016		545,000	CNY		81,171	USD		—		(901	)
Citi	09/08/2016		78,000	EUR		86,534	USD		—		(802	)
Citi	09/08/2016		223,000	ILS		57,936	USD		—		(582	)

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

Semiannual Report 2016
60

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2016 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at July 31, 2016 (continued)

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
Citi	09/08/2016		152,547,000	KRW		132,897	USD		—		(4,205	)
Citi	09/08/2016		243,000	NOK		28,884	USD		80		—
Citi	09/08/2016		1,223,000	THB		34,704	USD		—		(382	)
Citi	09/08/2016		85,000	TRY		28,923	USD		723		—
Citi	09/08/2016		4,834,000	TWD		150,430	USD		—		(1,850	)
Citi	09/08/2016		17,144	USD		23,000	AUD		312		—
Citi	09/08/2016		150,426	USD		198,000	AUD		—		(150	)
Citi	09/08/2016		127,596	USD		125,000	CHF		1,658		—
Citi	09/08/2016		150,205	USD		114,000	GBP		763		—
Citi	09/08/2016		110,104	USD		7,436,000	INR		730		—
Citi	09/08/2016		127,289	USD		13,295,000	JPY		3,186		—
Citi	09/08/2016		23,184	USD		92,000	MYR		—		(381	)
Citi	09/08/2016		34,886	USD		295,000	SEK		—		(347	)
Citi	09/08/2016		57,927	USD		78,000	SGD		235		—
Citi	09/08/2016		97,742	USD		1,431,000	ZAR		4,572		—
Total									12,261		(11,343	)

Futures Contracts Outstanding at July 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
Russell 2000 Mini		284	USD		34,562,800	09/2016		2,062,362		—
S&P 500 E-mini		955	USD		103,531,550	09/2016		5,307,980		—
S&P Mid 400 E-mini		174	USD		27,090,060	09/2016		1,391,570		—
TOPIX Index		16	JPY		2,083,207	09/2016		24,506		—
U.S. Long Bond		387	USD		67,507,313	09/2016		4,473,933		—
U.S. Treasury 10-Year Note		443	USD		58,939,766	09/2016		1,515,049		—
U.S. Treasury 5-Year Note		681	USD		83,092,641	09/2016		1,323,532		—
U.S. Ultra Bond		79	USD		15,051,969	09/2016		1,246,561		—
mini MSCI Emerging Markets Index		269	USD		11,856,175	09/2016		1,137,260		—
Total					403,715,481			18,482,753		—

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency	Notional Market Value ($)			Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
EURO STOXX 50		(664	)	EUR		(22,144,370	)	09/2016		—		(1,220,856	)
FTSE 100 Index		(247	)	GBP		(21,824,951	)	09/2016		—		(1,463,520	)
S&P/TSE 60 Index		(52	)	CAD		(6,735,526	)	09/2016		—		(289,311	)
Total						(50,704,847	)			—		(2,973,687	)

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

Semiannual Report 2016
61

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2016 (Unaudited)

Cleared Credit Default Swap Contracts Outstanding at July 31, 2016

Buy Protection

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate (%)		Notional Currency	Notional Amount		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Morgan Stanley	Markit CDX North America High Yield Index, Series 26	06/20/2021		5.000	USD		10,647,000		—		(224,977	)
Morgan Stanley	Markit CDX North America Investment Grade Index, Series 26	06/20/2021		1.000	USD		25,000,000		—		(140,113	)
Total									—		(365,090	)

Notes to Portfolio of Investments

(a)  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 July 31, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Underlying Fund Reorganization Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		12,028,881		2,013		—		(591,826	)		36,048			11,475,116		—		—		12,123,075
Columbia Adaptive Alternatives Fund, Class I Shares		4,536,456		—		—		—			—			4,536,456		—		—		4,315,408
Columbia Commodity Strategy Fund, Class I Shares		—		36,173,547		—		—			—			36,173,547		—		—		34,253,400
Columbia Contrarian Core Fund, Class I Shares		121,511,259		5,101		—		(11,417,639	)		4,073,569			114,172,290		—		—		134,718,001
Columbia Corporate Income Fund, Class I Shares		180,203,767		2,835,650		—		(14,603,727	)		(153,168	)		168,282,522		—		2,828,498		171,146,519
Columbia Disciplined Core Fund, Class I Shares		86,437,206		23,429		—		(5,799,354	)		2,316,858			82,978,139		—		—		131,107,635
Columbia Disciplined Growth Fund, Class I Shares		97,455,652		21,169		—		(4,550,869	)		219,379			93,145,331		—		—		91,256,136
Columbia Disciplined Small Core Fund, Class I Shares		14,571,415		9,170		—		(724,524	)		(287,707	)		13,568,354		—		—		11,023,166
Columbia Disciplined Value Fund, Class I Shares		184,952,019		32,211		—		(12,209,573	)		(556,328	)		172,218,329		—		—		174,279,292
Columbia Diversified Absolute Return Fund, Class I Shares		38,400,234		7,453		—		(1,771,583	)		(70,229	)		36,565,875		—		—		35,116,069
Columbia Emerging Markets Bond Fund, Class I Shares		30,004,380		316,690		—		(2,689,111	)		(160,997	)		27,470,962		—		314,110		27,908,384

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

Semiannual Report 2016
62

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2016 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Underlying Fund Reorganization Cost ($)			Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Emerging Markets Fund, Class I Shares		66,446,077		21,566,417		—			(877,101	)		(91,529	)		87,043,864		—		—		90,492,739
Columbia European Equity Fund, Class I Shares		96,764,454		38,526		—			(3,218,437	)		458,261			94,042,804		—		—		88,388,924
Columbia High Yield Bond Fund, Class I Shares		66,207,385		1,579,690		—			(3,952,537	)		(70,488	)		63,764,050		—		1,578,509		62,270,724
Columbia Income Opportunities Fund, Class I Shares		129,754,150		3,150,507		—			(29,017,813	)		105,165			103,992,009		—		3,147,967		103,217,633
Columbia Inflation Protected Securities Fund, Class I Shares		11,204,994		1,416		—			(699,349	)		(26,555	)		10,480,506		—		—		10,660,345
Columbia Large Cap Growth Fund, Class I Shares		52,244,072		25,867		—			(4,290,496	)		2,326,846			50,306,289		—		—		66,255,604
Columbia Mortgage Opportunities Fund, Class I Shares		19,793,163		346,721		—			(1,092,717	)		(38,672	)		19,008,495		—		344,009		18,678,477
Columbia Multi- Advisor Small Cap Value Fund, Class I Shares		11,444,429		14,993		(8,661,041	)		(5,236,757	)		2,438,376			—		—		—		—
Columbia Multi- Asset Income Fund, Class I Shares		37,604,538		995,997		—			—			—			38,600,535		—		995,997		37,767,683
Columbia Overseas Value Fund, Class I Shares		119,993,059		35,340		—			(4,994,248	)		101,062			115,135,213		—		—		105,399,771
Columbia Pacific/ Asia Fund, Class I Shares		64,616,221		251,776		—			(3,499,987	)		790,243			62,158,253		—		236,692		76,988,528
Columbia Select Large Cap Equity Fund, Class I Shares		108,321,891		105,855		—			(7,363,653	)		(1,321,886	)		99,742,207		—		93,386		98,329,490
Columbia Select Large Cap Growth Fund, Class I Shares		70,967,884		855,446		—			(5,669,165	)		858,893			67,013,058		787,815		—		78,056,522
Columbia Select Large-Cap Value Fund, Class I Shares		53,703,895		17,015		—			(7,308,140	)		2,876,796			49,289,566		—		—		66,971,466
Columbia Select Smaller-Cap Value Fund, Class I Shares		8,700,640		5,717		8,661,041			(10,095,001	)		(578,668	)		6,693,729		—		—		6,597,993
Columbia Short-Term Cash Fund		227,930,997		160,592,392		—			(168,176,203	)		—			220,347,186		—		476,824		220,347,186

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

Semiannual Report 2016
63

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2016 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Underlying Fund Reorganization Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Small Cap Growth Fund I, Class I Shares		15,411,226		12,114		—		(309,791	)		(166,426	)		14,947,123		—		—		10,898,330
Columbia U.S. Government Mortgage Fund, Class I Shares		155,677,353		1,884,304		—		(6,204,617	)		(104,544	)		151,252,496		—		1,862,744		150,398,241
Columbia U.S. Treasury Index Fund, Class I Shares		18,531,800		127,231		—		(1,058,162	)		(33,343	)		17,567,526		—		124,129		18,030,850
Total		2,105,419,497		231,033,757		—		(317,422,380	)		12,940,956			2,031,971,830		787,815		12,002,865		2,136,997,591

(b)  Non-income producing investment.

(c)  Negligible market value.

(d)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2016, the value of these securities amounted to $0, which represents less than 0.01% of net assets.

(e)  The rate shown is the seven-day current annualized yield at July 31, 2016.

Abbreviation Legend

ADR  American Depositary Receipt

Currency Legend

AUD  Australian Dollar

BRL  Brazilian Real

CAD  Canadian Dollar

CHF  Swiss Franc

CNY  China, Yuan Renminbi

EUR  Euro

GBP  British Pound

ILS    Israeli Shekel

INR  Indian Rupee

JPY  Japanese Yen

KRW  Korean Won

MYR  Malaysia Ringgits

NOK  Norwegian Krone

SEK  Swedish Krona

SGD  Singapore Dollar

THB  Thailand Baht

TRY  Turkish Lira

TWD  Taiwan Dollar

USD  US Dollar

ZAR  South African Rand

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

Semiannual Report 2016
64

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2016 (Unaudited)

Fair Value Measurements

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

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

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

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

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

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 of the Notes to Financial Statements in the most recent shareholder report.

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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

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

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65

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2016 (Unaudited)

Fair Value Measurements (continued)

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 July 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)			Total ($)
Investments
Equity Funds		1,230,763,597			—			—			1,230,763,597
Fixed-Income Funds		562,311,173			—			—			562,311,173
Alternative Investment Funds		123,575,635			—			—			123,575,635
Common Stocks
Consumer Discretionary		3,128,645			562,744			—			3,691,389
Consumer Staples		984,616			397,842			0	(a)		1,382,458
Energy		660,252			389,647			—			1,049,899
Financials		6,119,998			1,001,945			—			7,121,943
Health Care		3,069,868			555,276			—			3,625,144
Industrials		3,145,008			649,521			—			3,794,529
Information Technology		3,818,869			399,153			—			4,218,022
Materials		982,278			458,125			—			1,440,403
Telecommunication Services		254,833			298,480			—			553,313
Utilities		869,239			162,981			—			1,032,220
Total Common Stocks		23,033,606			4,875,714			0	(a)		27,909,320
Investments measured at net asset value
Money Market Funds		—			—			—			220,347,186
Total Investments		1,939,684,011			4,875,714			0	(a)		2,164,906,911
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			12,261			—			12,261
Futures Contracts		18,482,753			—			—			18,482,753
Liabilities
Forward Foreign Currency Exchange Contracts		—			(11,343	)		—			(11,343	)
Futures Contracts		(2,973,687	)		—			—			(2,973,687	)
Options Contracts Written		—			—			—			—
Swap Contracts		—			(365,090	)		—			(365,090	)
Total		1,955,193,077			4,511,542			0	(a)		2,180,051,805

(a) Rounds to zero

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

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

Semiannual Report 2016
66

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2016 (Unaudited)

Fair Value Measurements (continued)

by such third party statistical pricing service takes into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.

Derivative instruments are valued at unrealized appreciation (depreciation).

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 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, the movement in observed market prices for other securities from the issuer, the movement in certain foreign or domestic market indices, and the position of the security within the respective company's capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

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

Semiannual Report 2016
67

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS

Columbia Capital Allocation Aggressive Portfolio

July 31, 2016 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 72.1%

	Shares		Value ($)
INTERNATIONAL 19.8%
Columbia Emerging Markets Fund, Class I Shares(a)(b)		4,186,999		41,576,907
Columbia European Equity Fund, Class I Shares(a)		4,454,489		27,617,830
Columbia Overseas Value Fund, Class I Shares(a)		4,502,606		36,245,977
Columbia Pacific/Asia Fund, Class I Shares(a)		2,922,055		28,957,564
Total				134,398,278
U.S. LARGE CAP 49.2%
Columbia Contrarian Core Fund, Class I Shares(a)		2,433,607		54,488,457
Columbia Disciplined Core Fund, Class I Shares(a)		4,074,896		41,074,955
Columbia Disciplined Growth Fund, Class I Shares(a)		5,232,494		45,418,051
Columbia Disciplined Value Fund, Class I Shares(a)		7,202,874		66,698,613
Columbia Large Cap Growth Fund, Class I Shares(a)(b)		601,427		21,098,045
Columbia Select Large Cap Equity Fund, Class I Shares(a)		3,906,291		47,187,991
Columbia Select Large Cap Growth Fund, Class I Shares(a)(b)		1,925,590		32,503,961
Columbia Select Large-Cap Value Fund, Class I Shares(a)		1,083,654		24,869,851
Total				333,339,924
U.S. SMALL CAP 3.1%
Columbia Disciplined Small Core Fund, Class I Shares(a)		860,502		10,825,118
Columbia Select Smaller-Cap Value Fund, Class I Shares(a)(b)		387,260		7,838,145
Columbia Small Cap Growth Fund I, Class I Shares(a)(b)		149,906		2,728,285
Total				21,391,548
Total Equity Funds (Cost: $446,439,124)				489,129,750

Fixed-Income Funds 13.2%

EMERGING MARKETS 0.5%
Columbia Emerging Markets Bond Fund, Class I Shares(a)	292,872	3,365,102

Fixed-Income Funds (continued)

	Shares		Value ($)
HIGH YIELD 5.7%
Columbia High Yield Bond Fund, Class I Shares(a)		8,120,671		23,468,739
Columbia Income Opportunities Fund, Class I Shares(a)		1,561,618		15,163,307
Total				38,632,046
INVESTMENT GRADE 7.0%
Columbia Corporate Income Fund, Class I Shares(a)		2,622,296		26,826,087
Columbia Mortgage Opportunities Fund, Class I Shares(a)		400,075		3,924,735
Columbia U.S. Government Mortgage Fund, Class I Shares(a)		2,987,825		16,492,795
Total				47,243,617
Total Fixed-Income Funds (Cost: $89,108,173)				89,240,765

Alternative Investment Funds 5.7%

Columbia Absolute Return Currency and Income Fund, Class I Shares(a)	180,667	1,945,782
Columbia Adaptive Alternatives Fund, Class I Shares(a)	455,212	4,315,408
Columbia Commodity Strategy Fund, Class I Shares(a)(b)	2,213,664	12,042,334
Columbia Diversified Absolute Return Fund, Class I Shares(a)	1,006,924	9,666,468
Columbia Multi-Asset Income Fund, Class I Shares(a)	1,129,824	11,004,491
Total Alternative Investment Funds (Cost: $40,366,744)		38,974,483

Common Stocks 2.5%

Issuer	Shares		Value ($)
CONSUMER DISCRETIONARY 0.3%
Auto Components 0.1%
Cooper Tire & Rubber Co.		2,044		67,432
Dana, Inc.		4,660		63,562
Drew Industries, Inc.		245		22,444
Magna International, Inc.		803		30,935
Superior Industries International, Inc.		2,180		66,621
Tenneco, Inc.(b)		430		24,304
Total				275,298

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

Semiannual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Automobiles —%
Fuji Heavy Industries Ltd.		3,300		126,076
Mitsubishi Motors Corp.		1,300		6,060
Peugeot SA(b)		7,120		107,542
Renault SA		395		34,556
Total				274,234
Diversified Consumer Services —%
Capella Education Co.		1,086		65,019
New Oriental Education & Technology Group, Inc., ADR		2,200		96,932
Total				161,951
Hotels, Restaurants & Leisure 0.1%
Bloomin' Brands, Inc.		1,100		19,778
Bob Evans Farms, Inc.		620		22,804
Compass Group PLC		1,165		22,140
Cracker Barrel Old Country Store, Inc.		330		51,945
Denny's Corp.(b)		3,825		42,687
Diamond Resorts International, Inc.(b)		843		25,442
Flight Centre Travel Group Ltd.		2,311		56,635
Isle of Capri Casinos, Inc.(b)		3,275		61,341
Pinnacle Entertainment, Inc.(b)		365		3,986
Ruth's Hospitality Group, Inc.		3,921		62,618
Total				369,376
Household Durables —%
Iida Group Holdings Co., Ltd.		1,500		29,697
La-Z-Boy, Inc.		410		12,390
Persimmon PLC		5,426		121,144
Total				163,231
Internet & Catalog Retail —%
PetMed Express, Inc.		1,459		30,245
Leisure Products —%
Sankyo Co., Ltd.		2,600		94,665
Smith & Wesson Holding Corp.(b)		665		19,584
Sturm Ruger & Co., Inc.		796		54,128
Total				168,377
Media —%
Gannett Co., Inc.		5,200		66,352
New York Times Co. (The), Class A		3,545		46,014
Nexstar Broadcasting Group, Inc., Class A		360		18,198
Total				130,564

Common Stocks (continued)

Issuer	Shares		Value ($)
Specialty Retail 0.1%
Abercrombie & Fitch Co., Class A		3,605		74,659
American Eagle Outfitters, Inc.		2,050		36,736
Cato Corp. (The), Class A		1,645		58,842
Children's Place, Inc. (The)		970		81,072
GNC Holdings, Inc., Class A		875		17,859
JUMBO SA		5,621		66,425
Outerwall, Inc.		1,680		88,469
Pier 1 Imports, Inc.		13,630		69,786
Total				493,848
Textiles, Apparel & Luxury Goods —%
Movado Group, Inc.		2,925		66,076
Total Consumer Discretionary				2,133,200
CONSUMER STAPLES 0.2%
Beverages —%
Ambev SA		22,300		128,955
Food & Staples Retailing 0.1%
Alimentation Couche-Tard, Inc., Class B		1,770		80,024
Jeronimo Martins SGPS SA		2,460		41,185
Koninklijke Ahold Delhaize NV		5,166		123,367
SpartanNash Co.		1,410		44,415
SUPERVALU, Inc.(b)		10,530		51,386
Wal-Mart de Mexico SAB de CV, Class V		31,772		72,525
Total				412,902
Food Products 0.1%
Cal-Maine Foods, Inc.		1,490		62,431
Dean Foods Co.		3,833		70,758
Sanderson Farms, Inc.		895		78,393
WH Group Ltd.		131,500		103,846
Total				315,428
Household Products —%
Reckitt Benckiser Group PLC		597		57,851
Svenska Cellulosa AB, Class B		2,195		65,283
Total				123,134
Personal Products —%
Usana Health Sciences, Inc.(b)		185		25,404
Tobacco —%
British American Tobacco PLC		1,246		79,557
Total Consumer Staples				1,085,380

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

Semiannual Report 2016
69

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
ENERGY 0.1%
Energy Equipment & Services —%
Atwood Oceanics, Inc.		6,165		65,842
Petrofac Ltd.		593		5,851
Total				71,693
Oil, Gas & Consumable Fuels 0.1%
BP PLC		4,383		24,760
China Petroleum & Chemical Corp., Class H		30,000		21,515
ENI SpA		3,386		51,786
PDC Energy, Inc.(b)		1,455		79,691
Polski Koncern Naftowy Orlen SA		1,658		26,571
PT United Tractors Tbk		46,100		55,562
PTT PCL, Foreign Registered Shares		7,800		74,630
REX American Resources Corp.(b)		1,209		79,552
S-Oil Corp.		1,327		91,375
SK Innovation Co., Ltd.		824		108,585
Western Refining, Inc.		3,285		68,492
Total				682,519
Total Energy				754,212
FINANCIALS 0.6%
Banks 0.2%
Banc of California, Inc.		3,823		84,794
Banco Latinoamericano de Comercio Exterior SA, Class E		2,110		57,645
Banco Santander Brasil SA		21,676		136,712
Bank of China Ltd., Class H		172,000		71,010
Bank of Montreal		1,328		85,133
BNP Paribas SA		1,047		51,920
Canadian Imperial Bank of Commerce		1,600		121,552
Central Pacific Financial Corp.		3,180		78,005
Credit Agricole SA		7,149		63,301
Customers Bancorp, Inc.(b)		2,541		65,405
Erste Group Bank AG		1,223		32,412
FCB Financial Holdings, Inc., Class A(b)		360		12,589
First BanCorp(b)		3,385		15,537
First NBC Bank Holding Co.(b)		2,160		41,105
Fulton Financial Corp.		2,650		36,173
Great Western Bancorp, Inc.		670		22,224
Hope Bancorp, Inc.		4,015		61,711

Common Stocks (continued)

Issuer	Shares		Value ($)
HSBC Holdings PLC		23,840		156,209
International Bancshares Corp.		2,295		62,929
Intesa Sanpaolo SpA		38,478		84,746
Royal Bank of Canada		1,669		101,739
Societe Generale SA		1,448		49,465
Sumitomo Mitsui Financial Group, Inc.		1,200		38,039
Toronto-Dominion Bank (The)		400		17,429
Woori Finance Holdings Co., Ltd.		1,792		16,170
Total				1,563,954
Capital Markets —%
Arlington Asset Investment Corp., Class A		3,335		46,456
Cowen Group, Inc., Class A(b)		3,280		10,234
KCG Holdings, Inc., Class A(b)		4,545		68,766
Piper Jaffray Companies(b)		240		9,922
Total				135,378
Consumer Finance —%
Nelnet, Inc., Class A		1,805		72,940
Diversified Financial Services —%
Cardtronics PLC, Class A(b)		400		17,596
Insurance 0.1%
Allianz SE, Registered Shares		916		131,391
American Equity Investment Life Holding Co.		3,407		54,274
Employers Holdings, Inc.		285		8,128
Heritage Insurance Holdings, Inc.		3,495		43,303
Maiden Holdings Ltd.		5,450		76,137
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered Shares		452		75,396
National General Holdings Corp.		1,000		20,630
NN Group NV		3,960		106,808
Power Corp. of Canada		3,929		85,582
Swiss Re AG		1,275		107,017
Universal Insurance Holdings, Inc.		3,731		81,112
Total				789,778
Real Estate Investment Trusts (REITs) 0.2%
Apollo Commercial Real Estate Finance, Inc.		475		7,719
Armada Hoffler Properties, Inc.		1,275		19,087
Ashford Hospitality Prime, Inc.		1,725		25,944
CBL & Associates Properties, Inc.		6,050		74,354
Chesapeake Lodging Trust		950		24,007

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

Semiannual Report 2016
70

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Coresite Realty Corp.		1,025		84,593
CubeSmart		540		16,043
CYS Investments, Inc.		9,550		85,472
Invesco Mortgage Capital, Inc.		2,500		36,000
Lexington Realty Trust		1,050		11,414
Mack-Cali Realty Corp.		3,115		87,843
National Health Investors, Inc.		275		21,607
National Storage Affiliates Trust		1,700		36,329
PS Business Parks, Inc.		698		77,401
RLJ Lodging Trust		2,535		60,181
Ryman Hospitality Properties, Inc.		625		35,150
Select Income REIT		1,575		43,722
Sovran Self Storage, Inc.		155		15,867
STORE Capital Corp.		535		16,687
Summit Hotel Properties, Inc.		5,750		81,535
Sunstone Hotel Investors, Inc.		2,133		28,369
WP Glimcher, Inc.		6,600		83,688
Total				973,012
Real Estate Management & Development —%
Guangzhou R&F Properties Co., Ltd., Class H		77,200		117,156
Wheelock & Co., Ltd.		16,011		85,858
Total				203,014
Thrifts & Mortgage Finance 0.1%
BofI Holding, Inc.(b)		3,815		64,168
Essent Group Ltd.(b)		1,375		32,945
Flagstar Bancorp, Inc.(b)		2,775		73,288
HomeStreet, Inc.(b)		1,075		23,973
MGIC Investment Corp.(b)		10,585		76,106
Radian Group, Inc.		6,415		82,753
Walker & Dunlop, Inc.(b)		2,445		57,873
Washington Federal, Inc.		3,275		81,875
Total				492,981
Total Financials				4,248,653
HEALTH CARE 0.3%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.(b)		780		28,891
Acorda Therapeutics, Inc.(b)		1,245		31,474
Alder Biopharmaceuticals, Inc.(b)		1,125		36,112

Common Stocks (continued)

Issuer	Shares		Value ($)
AMAG Pharmaceuticals, Inc.(b)		1,010		26,795
ARIAD Pharmaceuticals, Inc.(b)		2,310		21,968
Arrowhead Pharmaceuticals, Inc.(b)		4,800		28,608
Dynavax Technologies Corp.(b)		1,700		26,231
Insys Therapeutics, Inc.(b)		2,250		35,213
Keryx Biopharmaceuticals, Inc.(b)		6,355		46,773
Ligand Pharmaceuticals, Inc.(b)		420		56,650
Novavax, Inc.(b)		3,995		29,243
Sage Therapeutics, Inc.(b)		415		18,617
Spark Therapeutics, Inc.(b)		665		38,530
TESARO, Inc.(b)		395		36,830
Ultragenyx Pharmaceutical, Inc.(b)		490		31,007
Total				492,942
Health Care Equipment & Supplies —%
Analogic Corp.		845		70,997
Globus Medical, Inc., Class A(b)		1,350		30,983
Halyard Health, Inc.(b)		680		23,521
Masimo Corp.(b)		785		41,581
Merit Medical Systems, Inc.(b)		1,658		38,864
OraSure Technologies, Inc.(b)		3,750		25,575
Orthofix International NV(b)		1,560		73,944
Total				305,465
Health Care Providers & Services 0.1%
Alfresa Holdings Corp.		2,400		52,615
Magellan Health, Inc.(b)		1,020		69,839
Molina Healthcare, Inc.(b)		1,360		77,262
Owens & Minor, Inc.		1,357		48,458
Sinopharm Group Co. Class H		1,600		7,773
Triple-S Management Corp., Class B(b)		2,470		61,380
WellCare Health Plans, Inc.(b)		100		10,680
Total				328,007
Life Sciences Tools & Services —%
Cambrex Corp.(b)		427		22,379
INC Research Holdings, Inc. Class A(b)		1,680		74,777
Pra Health Sciences, Inc.(b)		1,485		68,874
Total				166,030
Pharmaceuticals 0.1%
GlaxoSmithKline PLC		3,640		81,317
Impax Laboratories, Inc.(b)		2,520		79,179
Novo Nordisk A/S, Class B		1,872		106,661

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

Semiannual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Roche Holding AG, Genusschein Shares		682		174,159
Sanofi		1,666		141,836
Supernus Pharmaceuticals, Inc.(b)		2,365		52,550
Teva Pharmaceutical Industries Ltd.		1,754		96,001
Total				731,703
Total Health Care				2,024,147
INDUSTRIALS 0.3%
Air Freight & Logistics —%
Royal Mail PLC		14,274		96,249
Airlines —%
Hawaiian Holdings, Inc.(b)		1,865		84,914
Japan Airlines Co., Ltd.		3,200		98,652
Qantas Airways Ltd.		7,415		17,803
Total				201,369
Building Products 0.1%
Continental Building Product(b)		3,190		74,805
Gibraltar Industries, Inc.(b)		990		34,927
NCI Building Systems, Inc.(b)		3,525		57,176
Universal Forest Products, Inc.		890		96,227
Total				263,135
Commercial Services & Supplies —%
Brady Corp., Class A		1,380		44,353
Knoll, Inc.		375		9,469
Quad/Graphics, Inc.		3,240		82,166
Tetra Tech, Inc.		1,716		56,508
Total				192,496
Construction & Engineering 0.1%
ACS Actividades de Construccion y Servicios SA		1,278		36,649
China Railway Construction Corp., Ltd., Class H		50,000		60,280
Comfort Systems U.S.A., Inc.		150		4,557
EMCOR Group, Inc.		1,410		78,537
Leighton Holdings Ltd.		4,564		101,508
Sinopec Engineering Group Co., Ltd., Class H		21,500		18,807
Skanska AB, Class B		1,656		35,202
Taisei Corp.		2,000		17,987
VINCI SA		1,697		128,804
Total				482,331

Common Stocks (continued)

Issuer	Shares		Value ($)
Electrical Equipment —%
EnerSys		1,285		80,120
OSRAM Licht AG		1,234		64,138
Prysmian SpA		1,984		46,403
Total				190,661
Machinery 0.1%
Briggs & Stratton Corp.		2,475		56,257
Energy Recovery, Inc.(b)		3,850		41,195
Global Brass & Copper Holdings, Inc.		1,980		56,074
Greenbrier Companies, Inc. (The)		2,250		73,867
KONE OYJ, Class B		153		7,747
Mueller Industries, Inc.		1,225		41,699
Wabash National Corp.(b)		5,390		78,047
Total				354,886
Marine —%
Matson, Inc.		895		33,446
Professional Services —%
Huron Consulting Group, Inc.(b)		1,130		69,461
RPX Corp.(b)		6,270		63,139
Total				132,600
Road & Rail —%
ArcBest Corp.		2,005		37,514
Trading Companies & Distributors —%
Applied Industrial Technologies, Inc.		1,590		74,650
ITOCHU Corp.		3,200		36,281
MRC Global, Inc.(b)		5,095		67,407
Total				178,338
Total Industrials				2,163,025
INFORMATION TECHNOLOGY 0.3%
Communications Equipment —%
NETGEAR, Inc.(b)		1,669		85,836
Electronic Equipment, Instruments & Components 0.1%
Benchmark Electronics, Inc.(b)		3,375		79,110
Hon Hai Precision Industry Co., Ltd.		50,000		137,980
Insight Enterprises, Inc.(b)		1,305		34,713
InvenSense, Inc.(b)		2,180		14,780
MTS Systems Corp.		1,185		56,205
Sanmina Corp.(b)		2,605		66,011

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

Semiannual Report 2016
72

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
SYNNEX Corp.		853		85,752
Tech Data Corp.(b)		1,062		82,762
Total				557,313
Internet Software & Services 0.1%
EarthLink Holdings Corp.		11,120		75,394
j2 Global, Inc.		713		47,657
LogMeIn, Inc.(b)		585		50,257
Mixi, Inc.		3,000		107,469
NetEase, Inc., ADR		700		142,989
RetailMeNot, Inc.(b)		7,572		63,226
Web.com Group, Inc.(b)		375		7,073
Total				494,065
IT Services —%
CSG Systems International, Inc.		1,190		47,909
EVERTEC, Inc.		3,990		68,628
NeuStar, Inc., Class A(b)		2,932		73,857
Sykes Enterprises, Inc.(b)		1,740		53,401
Syntel, Inc.(b)		475		21,522
Total				265,317
Semiconductors & Semiconductor Equipment 0.1%
Amkor Technology, Inc.(b)		11,870		74,662
Diodes, Inc.(b)		970		17,955
Entegris, Inc.(b)		3,675		62,806
Silicon Laboratories, Inc.(b)		270		14,385
Synaptics, Inc.(b)		1,476		76,678
Taiwan Semiconductor Manufacturing Co., Ltd.		20,000		108,034
Xcerra Corp.(b)		5,727		34,935
Total				389,455
Software —%
Aspen Technology, Inc.(b)		2,215		92,786
AVG Technologies NV(b)		2,505		61,949
Check Point Software Technologies Ltd.(b)		100		7,688
Mentor Graphics Corp.		3,445		73,585
MicroStrategy, Inc., Class A(b)		146		25,534
Qualys, Inc.(b)		1,240		38,924
RealPage, Inc.(b)		1,075		27,036
VASCO Data Security International, Inc.(b)		1,425		23,812
Total				351,314

Common Stocks (continued)

Issuer	Shares		Value ($)
Technology Hardware, Storage & Peripherals —%
Foxconn Technology Co., Ltd.		40,000		97,069
Seiko Epson Corp.		1,300		22,873
Total				119,942
Total Information Technology				2,263,242
MATERIALS 0.2%
Chemicals 0.1%
Chemtura Corp.(b)		2,325		65,309
Innophos Holdings, Inc.		260		11,196
Innospec, Inc.		1,380		69,372
Lotte Chemical Corp.		126		34,237
Mitsubishi Chemical Holdings Corp.		19,200		103,709
Rayonier Advanced Materials, Inc.		2,200		30,294
Trinseo SA		1,550		77,174
Total				391,291
Construction Materials —%
US Concrete, Inc.(b)		1,109		71,531
Metals & Mining 0.1%
Carpenter Technology Corp.		915		35,914
Commercial Metals Co.		618		10,222
Eregli Demir ve Celik Fabrikalari TAS		58,779		89,326
Materion Corp.		590		15,582
Rio Tinto PLC		4,086		133,108
Schnitzer Steel Industries, Inc., Class A		2,525		49,212
Severstal PJSC		5,505		66,170
Total				399,534
Paper & Forest Products —%
UPM-Kymmene OYJ		5,638		116,170
Total Materials				978,526
TELECOMMUNICATION SERVICES 0.1%
Diversified Telecommunication Services 0.1%
Emirates Telecommunications Group Co. PJSC		11,720		63,819
General Communication, Inc., Class A(b)		3,540		54,480
Nippon Telegraph & Telephone Corp.		2,800		133,055
Telenor ASA		4,057		67,752
Total				319,106

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

Semiannual Report 2016
73

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2016 (Unaudited)

Common Stocks (continued)

Issuer	Shares		Value ($)
Wireless Telecommunication Services —%
NTT DoCoMo, Inc.		3,200		86,926
Shenandoah Telecommunications Co.		1,420		58,334
Total				145,260
Total Telecommunication Services				464,366
UTILITIES 0.1%
Electric Utilities 0.1%
Chubu Electric Power Co., Inc.		600		8,815
Endesa SA		752		15,802
IDACORP, Inc.		990		80,041
Korea Electric Power Corp.		2,458		134,573
Portland General Electric Co.		609		26,595
Tokyo Electric Power Co. Holdings, Inc.(b)		8,600		33,731
Transmissora Alianca de Energia Eletrica SA		3,909		31,177
Total				330,734
Gas Utilities —%
Chesapeake Utilities Corp.		985		63,109
Northwest Natural Gas Co.		440		28,574
Southwest Gas Corp.		1,215		94,162
Total				185,845

Common Stocks (continued)

Issuer	Shares		Value ($)
Independent Power and Renewable Electricity Producers —%
Ormat Technologies, Inc.		240		10,954
Water Utilities —%
SJW Corp.		1,665		70,529
Total Utilities				598,062
Total Common Stocks (Cost: $16,009,810)				16,712,813
Money Market Funds 5.9%
	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.439%(a)(c)		40,218,811		40,218,811
Total Money Market Funds (Cost: $40,218,811)				40,218,811
Total Investments (Cost: $632,142,662)				674,276,622
Other Assets & Liabilities, Net				3,837,714
Net Assets				678,114,336

At July 31, 2016, cash totaling $3,682,387 was pledged as collateral.

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at July 31, 2016

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
JPMorgan	09/08/2016		436,000	BRL		130,672	USD		—		(2,077	)
JPMorgan	09/08/2016		71,000	CAD		54,450	USD		58		—
JPMorgan	09/08/2016		622,000	CNY		92,624	USD		—		(1,043	)
JPMorgan	09/08/2016		93,000	EUR		103,188	USD		—		(944	)
JPMorgan	09/08/2016		251,000	ILS		65,145	USD		—		(720	)
JPMorgan	09/08/2016		180,567,000	KRW		157,325	USD		—		(4,960	)
JPMorgan	09/08/2016		288,000	NOK		34,241	USD		103		—
JPMorgan	09/08/2016		1,447,000	THB		41,073	USD		—		(440	)
JPMorgan	09/08/2016		101,000	TRY		34,368	USD		860		—
JPMorgan	09/08/2016		5,722,000	TWD		178,328	USD		—		(1,926	)
JPMorgan	09/08/2016		20,865	USD		28,000	AUD		386		—
JPMorgan	09/08/2016		177,749	USD		234,000	AUD		—		(149	)

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

Semiannual Report 2016
74

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2016 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at July 31, 2016 (continued)

Counterparty	Exchange Date	Currency to be Delivered			Currency to be Received			Unrealized Appreciation ($)		Unrealized Depreciation ($)
JPMorgan	09/08/2016		151,035	USD		148,000	CHF		2,001		—
JPMorgan	09/08/2016		177,746	USD		135,000	GBP		1,031		—
JPMorgan	09/08/2016		130,282	USD		8,802,000	INR		911		—
JPMorgan	09/08/2016		154,039	USD		16,099,000	JPY		3,954		—
JPMorgan	09/08/2016		27,473	USD		109,000	MYR		—		(455	)
JPMorgan	09/08/2016		41,280	USD		349,000	SEK		—		(419	)
JPMorgan	09/08/2016		68,300	USD		92,000	SGD		301		—
JPMorgan	09/08/2016		115,582	USD		1,693,000	ZAR		5,465		—
Total									15,070		(13,133	)

Futures Contracts Outstanding at July 31, 2016

Long Futures Contracts Outstanding

Contract Description	Number of Contracts		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
Russell 2000 Mini		18	USD		2,190,600	09/2016		130,905		—
S&P 500 E-mini		275	USD		29,812,750	09/2016		1,530,964		—
S&P Mid 400 E-mini		48	USD		7,473,120	09/2016		383,881		—
U.S. Long Bond		29	USD		5,058,688	09/2016		335,256		—
U.S. Treasury 10-Year Note		124	USD		16,497,813	09/2016		406,197		—
U.S. Treasury 5-Year Note		39	USD		4,758,609	09/2016		72,141		—
U.S. Ultra Bond		47	USD		8,954,969	09/2016		725,519		—
mini MSCI Emerging Markets Index		83	USD		3,658,225	09/2016		350,902		—
Total					78,404,774			3,935,765		—

Short Futures Contracts Outstanding

Contract Description	Number of Contracts			Trading Currency	Notional Market Value ($)			Expiration Date	Unrealized Appreciation ($)		Unrealized (Depreciation) ($)
EURO STOXX 50		(204	)	EUR		(6,803,391	)	09/2016		—		(375,082	)
FTSE 100 Index		(76	)	GBP		(6,715,370	)	09/2016		—		(450,314	)
S&P/TSE 60 Index		(16	)	CAD		(2,072,470	)	09/2016		—		(89,019	)
Total						(15,591,231	)			—		(914,415	)

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

Semiannual Report 2016
75

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2016 (Unaudited)

Cleared Credit Default Swap Contracts Outstanding at July 31, 2016

Buy Protection

Counterparty	Reference Entity	Expiration Date	Pay Fixed Rate (%)		Notional Currency	Notional Amount		Unrealized Appreciation ($)		Unrealized Depreciation ($)
Morgan Stanley	Markit CDX North America High Yield Index, Series 26	06/20/2021		5.000	USD		3,289,000		—		(69,498	)
Morgan Stanley	Markit CDX North America Investment Grade Index, Series 26	06/20/2021		1.000	USD		7,500,000		—		(42,034	)
Total									—		(111,532	)

Notes to Portfolio of Investments

(a)  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 July 31, 2016 are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Underlying Fund Reorganization Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		1,891,611		13,803		—		(105,031	)		6,978			1,807,361		—		—		1,945,782
Columbia Adaptive Alternatives Fund, Class I Shares		4,536,456		—		—		—			—			4,536,456		—		—		4,315,408
Columbia Commodity Strategy Fund, Class I Shares		—		12,716,583		—		—			—			12,716,583		—		—		12,042,334
Columbia Contrarian Core Fund, Class I Shares		48,346,710		11,414		—		(3,670,150	)		1,473,727			46,161,701		—		—		54,488,457
Columbia Corporate Income Fund, Class I Shares		28,003,822		546,478		—		(1,989,009	)		(20,490	)		26,540,801		—		439,919		26,826,087
Columbia Disciplined Core Fund, Class I Shares		24,099,942		43,156		—		(1,325,258	)		773,367			23,591,207		—		—		41,074,955
Columbia Disciplined Growth Fund, Class I Shares		47,716,779		95,915		—		(1,271,083	)		301,458			46,843,069		—		—		45,418,051
Columbia Disciplined Small Core Fund, Class I Shares		13,334,917		244,422		—		(261,107	)		(92,248	)		13,225,984		—		—		10,825,118
Columbia Disciplined Value Fund, Class I Shares		69,430,916		148,578		—		(3,115,994	)		(131,825	)		66,331,675		—		—		66,698,613
Columbia Diversified Absolute Return Fund, Class I Shares		10,209,284		111,521		—		(250,276	)		(11,347	)		10,059,182		—		—		9,666,468
Columbia Emerging Markets Bond Fund, Class I Shares		3,565,142		43,243		—		(346,936	)		(11,330	)		3,250,119		—		38,195		3,365,102

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

Semiannual Report 2016
76

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2016 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Underlying Fund Reorganization Cost ($)			Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Emerging Markets Fund, Class I Shares		33,841,002		6,701,974		—			(195,841	)		4,055			40,351,190		—		—		41,576,907
Columbia European Equity Fund, Class I Shares		27,987,446		527,797		—			(1,293,596	)		165,955			27,387,602		—		—		27,617,830
Columbia High Yield Bond Fund, Class I Shares		24,675,091		622,312		—			(1,582,026	)		(114,756	)		23,600,621		—		596,223		23,468,739
Columbia Income Opportunities Fund, Class I Shares		22,182,907		570,958		—			(7,811,954	)		286,241			15,228,152		—		546,834		15,163,307
Columbia Large Cap Growth Fund, Class I Shares		13,239,271		198,333		—			(432,704	)		238,644			13,243,544		—		—		21,098,045
Columbia Mortgage Opportunities Fund, Class I Shares		4,062,647		90,036		—			(151,885	)		(5,906	)		3,994,892		—		71,465		3,924,735
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares		5,620,332		61,661		(4,816,434	)		(1,635,298	)		769,739			—		—		—		—
Columbia Multi-Asset Income Fund, Class I Shares		10,956,955		290,207		—			—			—			11,247,162		—		290,207		11,004,491
Columbia Overseas Value Fund, Class I Shares		40,998,025		398,170		—			(1,555,858	)		(190,749	)		39,649,588		—		—		36,245,977
Columbia Pacific/ Asia Fund, Class I Shares		24,802,095		280,942		—			(1,623,879	)		331,857			23,791,015		—		88,463		28,957,564
Columbia Select Large Cap Equity Fund, Class I Shares		51,782,344		47,405		—			(2,237,879	)		(415,789	)		49,176,081		—		44,392		47,187,991
Columbia Select Large Cap Growth Fund, Class I Shares		26,961,639		1,407,083		—			(978,969	)		244,810			27,634,563		316,087		—		32,503,961
Columbia Select Large-Cap Value Fund, Class I Shares		19,190,424		92,168		—			(2,149,122	)		878,075			18,011,545		—		—		24,869,851
Columbia Select Smaller-Cap Value Fund, Class I Shares		4,586,442		85,850		4,816,434			(2,226,842	)		206,916			7,468,800		—		—		7,838,145
Columbia Short-Term Cash Fund		46,742,052		38,696,052		—			(45,219,293	)		—			40,218,811		—		94,195		40,218,811
Columbia Small Cap Growth Fund I, Class I Shares		4,119,379		57,034		—			(398,764	)		(206,088	)		3,571,561		—		—		2,728,285
Columbia U.S. Government Mortgage Fund, Class I Shares		16,794,404		327,382		—			(621,869	)		(6,330	)		16,493,587		—		202,983		16,492,795
Total		629,678,034		64,430,477		—			(82,450,623	)		4,474,964			616,132,852		316,087		2,412,876		657,563,809

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

Semiannual Report 2016
77

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2016 (Unaudited)

Notes to Portfolio of Investments (continued)

(b)  Non-income producing investment.

(c)  The rate shown is the seven-day current annualized yield at July 31, 2016.

Abbreviation Legend

ADR  American Depositary Receipt

Currency Legend

AUD  Australian Dollar

BRL  Brazilian Real

CAD  Canadian Dollar

CHF  Swiss Franc

CNY  China, Yuan Renminbi

EUR  Euro

GBP  British Pound

ILS    Israeli Shekel

INR  Indian Rupee

JPY  Japanese Yen

KRW  Korean Won

MYR  Malaysia Ringgits

NOK  Norwegian Krone

SEK  Swedish Krona

SGD  Singapore Dollar

THB  Thailand Baht

TRY  Turkish Lira

TWD  Taiwan Dollar

USD  US Dollar

ZAR  South African Rand

Fair Value Measurements

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

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

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

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

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

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

Semiannual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2016 (Unaudited)

Fair Value Measurements (continued)

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

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 of the Notes to Financial Statements in the most recent shareholder report.

Certain investments that have been measured at fair value using the net asset value per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Short-Term Cash Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal. Investments in Columbia Short-Term Cash Fund may be redeemed on a daily basis without restriction.

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

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

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

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

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

PORTFOLIO OF INVESTMENTS (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2016 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at July 31, 2016:

	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Investments
Equity Funds		489,129,750			—			—		489,129,750
Fixed-Income Funds		89,240,765			—			—		89,240,765
Alternative Investment Funds		38,974,483			—			—		38,974,483
Common Stocks
Consumer Discretionary		1,468,260			664,940			—		2,133,200
Consumer Staples		614,291			471,089			—		1,085,380
Energy		293,577			460,635			—		754,212
Financials		3,061,755			1,186,898			—		4,248,653
Health Care		1,363,785			660,362			—		2,024,147
Industrials		1,396,515			766,510			—		2,163,025
Information Technology		1,789,817			473,425			—		2,263,242
Materials		435,806			542,720			—		978,526
Telecommunication Services		112,814			351,552			—		464,366
Utilities		405,141			192,921			—		598,062
Total Common Stocks		10,941,761			5,771,052			—		16,712,813
Investments measured at net asset value
Money Market Funds		—			—			—		40,218,811
Total Investments		628,286,759			5,771,052			—		674,276,622
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			15,070			—		15,070
Futures Contracts		3,935,765			—			—		3,935,765
Liabilities
Forward Foreign Currency Exchange Contracts		—			(13,133	)		—		(13,133	)
Futures Contracts		(914,415	)		—			—		(914,415	)
Swap Contracts		—			(111,532	)		—		(111,532	)
Total		631,308,109			5,661,457			—		677,188,377

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2016 (Unaudited)

	Columbia Capital Allocation Conservative Portfolio		Columbia Capital Allocation Moderate Conservative Portfolio		Columbia Capital Allocation Moderate Portfolio
Assets
Investments, at value
Unaffiliated issuers (identified cost $7,465,333, $11,834,748, $27,133,084)	$	7,656,017	$	12,039,126	$	28,256,541
Affiliated issuers (identified cost $272,612,345, $621,057,601, $1,472,526,005)		273,646,663		631,824,143		1,535,996,684
Total investments (identified cost $280,077,678, $632,892,349, $1,499,659,089)		281,302,680		643,863,269		1,564,253,225
Foreign currency (identified cost $—, $10, $—)		—		10		—
Margin deposits		1,370,350		3,482,479		8,514,802
Unrealized appreciation on forward foreign currency exchange contracts		4,083		6,247		17,784
Receivable for:
Investments sold		5,214		277,837		414,673
Capital shares sold		371,429		263,771		806,974
Dividends		349,223		683,208		1,626,767
Foreign tax reclaims		6,230		14,631		7,565
Variation margin		158,323		455,936		997,174
Prepaid expenses		4,121		5,543		9,103
Other assets		21,945		3,977		23,988
Total assets		283,593,598		649,056,908		1,576,672,055
Liabilities
Due to custodian		—		38		141
Unrealized depreciation on forward foreign currency exchange contracts		1,193		1,837		15,870
Payable for:
Investments purchased		362,056		663,529		1,593,802
Capital shares purchased		195,183		745,328		1,440,345
Variation margin		32,994		67,414		127,038
Management services fees		720		1,433		2,356
Distribution and/or service fees		2,896		6,227		14,900
Transfer agent fees		18,527		43,973		84,927
Plan administration fees		1		—		1
Compensation of board members		79,866		31,014		39,458
Other expenses		32,873		43,675		92,830
Other liabilities		—		—		162
Total liabilities		726,309		1,604,468		3,411,830
Net assets applicable to outstanding capital stock	$	282,867,289	$	647,452,440	$	1,573,260,225

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2016 (Unaudited)

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Represented by
Paid-in capital	$	282,522,962		$	637,440,195		$	1,505,608,900
Undistributed net investment income		480,456			620,260			1,523,552
Accumulated net realized gain (loss)		(2,571,433	)		(4,735,535	)		(5,810,040	)
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		190,684			204,378			1,123,457
Investments — affiliated issuers		1,034,318			10,766,542			63,470,679
Foreign currency translations		165			2,959			4,962
Forward foreign currency exchange contracts		2,890			4,410			1,914
Futures contracts		1,303,450			3,331,044			7,602,577
Swap contracts		(96,203	)		(181,813	)		(265,776	)
Total — representing net assets applicable to outstanding capital stock	$	282,867,289		$	647,452,440		$	1,573,260,225
Class A
Net assets	$	227,308,417		$	522,165,715		$	1,349,156,651
Shares outstanding		22,865,940			49,154,086			123,465,220
Net asset value per share	$	9.94		$	10.62		$	10.93
Maximum offering price per share(a)	$	10.44		$	11.27		$	11.60
Class B
Net assets	$	2,413,961		$	5,972,747		$	18,999,836
Shares outstanding		243,627			565,536			1,748,231
Net asset value per share	$	9.91		$	10.56		$	10.87
Class C
Net assets	$	46,733,689		$	90,342,864		$	189,651,867
Shares outstanding		4,727,727			8,621,661			17,491,086
Net asset value per share	$	9.89		$	10.48		$	10.84
Class K
Net assets	$	100,520		$	55,461		$	77,843
Shares outstanding		10,217			5,300			7,132
Net asset value per share	$	9.84		$	10.46		$	10.92	(b)
Class R
Net assets	$	620,117		$	2,728,801		$	2,157,219
Shares outstanding		62,411			256,462			197,948
Net asset value per share	$	9.94		$	10.64		$	10.90
Class R4
Net assets	$	786,077		$	796,544		$	219,952
Shares outstanding		79,579			75,616			20,351
Net asset value per share	$	9.88		$	10.53		$	10.81

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2016 (Unaudited)

	Columbia Capital Allocation Conservative Portfolio		Columbia Capital Allocation Moderate Conservative Portfolio		Columbia Capital Allocation Moderate Portfolio
Class R5
Net assets	$	501,376	$	1,907,147	$	5,706,077
Shares outstanding		50,754		181,141		528,115
Net asset value per share	$	9.88	$	10.53	$	10.80
Class Y
Net assets	$	707,435	$	578,509	$	3,301,118
Shares outstanding		71,687		55,601		305,496
Net asset value per share	$	9.87	$	10.40	$	10.81
Class Z
Net assets	$	3,695,697	$	22,904,652	$	3,989,662
Shares outstanding		371,868		2,184,185		365,532
Net asset value per share	$	9.94	$	10.49	$	10.91

(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% for Columbia Capital Allocation Conservative Portfolio and dividing the net asset value by 1.0 minus the maximum sales charge of 5.75% for Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Portfolio.

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

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2016 (Unaudited)

	Columbia Capital Allocation Moderate Aggressive Portfolio		Columbia Capital Allocation Aggressive Portfolio
Assets
Investments, at value
Unaffiliated issuers (identified cost $27,034,547, $16,009,810)	$	27,909,320	$	16,712,813
Affiliated issuers (identified cost $2,031,971,830, $616,132,852)		2,136,997,591		657,563,809
Total investments (identified cost $2,059,006,377, $632,142,662)		2,164,906,911		674,276,622
Foreign currency (identified cost $5,160, $—)		5,159		—
Margin deposits		14,971,476		3,682,387
Unrealized appreciation on forward foreign currency exchange contracts		12,261		15,070
Receivable for:
Investments sold		1,539,942		291,974
Capital shares sold		548,992		249,969
Dividends		1,585,114		302,322
Foreign tax reclaims		5,852		6,145
Variation margin		1,459,941		280,870
Prepaid expenses		11,447		5,634
Trustees' deferred compensation plan		82,809		—
Other assets		5,578		20,347
Total assets		2,185,135,482		679,131,340
Liabilities
Due to custodian		4,257		70
Unrealized depreciation on forward foreign currency exchange contracts		11,343		13,133
Payable for:
Investments purchased		1,501,115		279,811
Capital shares purchased		2,678,853		536,458
Variation margin		174,676		53,539
Management services fees		5,138		1,277
Distribution and/or service fees		18,984		6,275
Transfer agent fees		171,236		43,240
Compensation of board members		154,429		25,895
Other expenses		118,429		57,172
Trustees' deferred compensation plan		82,809		—
Other liabilities		113		134
Total liabilities		4,921,382		1,017,004
Net assets applicable to outstanding capital stock	$	2,180,214,100	$	678,114,336

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2016 (Unaudited)

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Represented by
Paid-in capital	$	2,044,170,993		$	632,256,897
Undistributed net investment income		854,082			729,518
Accumulated net realized gain (loss)		14,147,738			84,957
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		874,773			703,003
Investments — affiliated issuers		105,025,761			41,430,957
Foreign currency translations		(4,141	)		(2,751	)
Forward foreign currency exchange contracts		918			1,937
Futures contracts		15,509,066			3,021,350
Swap contracts		(365,090	)		(111,532	)
Total — representing net assets applicable to outstanding capital stock	$	2,180,214,100		$	678,114,336
Class A
Net assets	$	1,718,950,371		$	587,303,959
Shares outstanding		144,048,760			49,362,957
Net asset value per share	$	11.93		$	11.90
Maximum offering price per share(a)	$	12.66		$	12.63
Class B
Net assets	$	23,207,246		$	9,859,577
Shares outstanding		1,971,118			832,948
Net asset value per share	$	11.77		$	11.84
Class C
Net assets	$	219,813,942		$	73,246,531
Shares outstanding		18,352,864			6,303,155
Net asset value per share	$	11.98		$	11.62
Class K
Net assets	$	2,459		$	66,723
Shares outstanding		207			5,593
Net asset value per share	$	11.89	(b)	$	11.93
Class R
Net assets	$	3,307,600		$	1,048,470
Shares outstanding		277,544			88,812
Net asset value per share	$	11.92		$	11.81
Class R4
Net assets	$	1,337,355		$	592,325
Shares outstanding		111,236			50,630
Net asset value per share	$	12.02		$	11.70

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2016 (Unaudited)

	Columbia Capital Allocation Moderate Aggressive Portfolio		Columbia Capital Allocation Aggressive Portfolio
Class R5
Net assets	$	4,944,050	$	1,258,871
Shares outstanding		411,422		107,624
Net asset value per share	$	12.02	$	11.70
Class T
Net assets	$	88,917,216	$	—
Shares outstanding		7,451,183		—
Net asset value per share	$	11.93	$	—
Maximum offering price per share(a)	$	12.66	$	—
Class Y
Net assets	$	1,299,243	$	2,044,899
Shares outstanding		110,329		174,882
Net asset value per share	$	11.78	$	11.69
Class Z
Net assets	$	118,434,618	$	2,692,981
Shares outstanding		9,941,602		227,004
Net asset value per share	$	11.91	$	11.86

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

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

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF OPERATIONS

Six Months Ended July 31, 2016 (Unaudited)

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Net investment income
Income:
Dividends — unaffiliated issuers	$	170,449		$	264,115		$	397,258
Dividends — affiliated issuers		2,548,562			5,201,800			11,873,757
Interest		153			658			2,238
Foreign taxes withheld		(14,869	)		(23,653	)		(25,899	)
Total income		2,704,295			5,442,920			12,247,354
Expenses:
Management services fees		114,641			227,875			407,231
Distribution and/or service fees
Class A		274,974			631,853			1,640,160
Class B		13,897			34,069			105,829
Class C		224,425			435,902			912,691
Class R		1,453			7,626			3,923
Transfer agent fees
Class A		125,005			282,889			688,167
Class B		1,583			3,821			11,122
Class C		25,501			48,794			95,719
Class K		24			7			67
Class R		330			1,719			821
Class R4		193			429			110
Class R5		120			412			1,319
Class Z		1,896			13,438			1,588
Plan administration fees
Class K		121			36			333
Compensation of board members		9,918			10,531			16,996
Custodian fees		19,621			21,649			21,503
Printing and postage fees		19,710			36,827			101,279
Registration fees		54,476			54,664			63,863
Audit fees		9,692			9,692			9,692
Legal fees		4,737			6,348			10,432
Other		7,051			10,265			16,729
Total expenses		909,368			1,838,846			4,109,574
Expense reductions		—			(80	)		(60	)
Total net expenses		909,368			1,838,766			4,109,514
Net investment income		1,794,927			3,604,154			8,137,840

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF OPERATIONS (continued)

Six Months Ended July 31, 2016 (Unaudited)

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	$	(38,978	)	$	(122,680	)	$	(899,729	)
Investments — affiliated issuers		(1,406,116	)		(1,828,525	)		262,384
Capital gain distributions from underlying affiliated funds		—			—			404,099
Foreign currency translations		19,402			58,742			106,723
Forward foreign currency exchange contracts		(9,510	)		(14,644	)		(28,610	)
Futures contracts		148,623			800,828			3,283,575
Swap contracts		(137,474	)		(240,924	)		(260,500	)
Net realized gain (loss)		(1,424,053	)		(1,347,203	)		2,867,942
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		543,386			938,093			4,081,462
Investments — affiliated issuers		16,168,245			39,998,587			109,427,194
Foreign currency translations		1,252			7,552			10,140
Forward foreign currency exchange contracts		7,991			12,300			11,310
Futures contracts		1,005,295			2,800,513			6,368,121
Swap contracts		(74,604	)		(148,779	)		(265,776	)
Net change in unrealized appreciation		17,651,565			43,608,266			119,632,451
Net realized and unrealized gain		16,227,512			42,261,063			122,500,393
Net increase in net assets resulting from operations	$	18,022,439		$	45,865,217		$	130,638,233

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF OPERATIONS (continued)

Six Months Ended July 31, 2016 (Unaudited)

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Net investment income
Income:
Dividends — unaffiliated issuers	$	343,536		$	274,800
Dividends — affiliated issuers		12,002,865			2,412,876
Interest		5,383			833
Foreign taxes withheld		(18,903	)		(21,348	)
Total income		12,332,881			2,667,161
Expenses:
Management services fees		926,580			236,089
Distribution and/or service fees
Class A		2,089,045			706,491
Class B		133,486			54,024
Class C		1,057,671			348,008
Class R		8,088			2,722
Class T		108,141			—
Transfer agent fees
Class A		1,251,871			351,710
Class B		20,042			6,738
Class C		158,425			43,303
Class K		9			15
Class R		2,428			678
Class R4		918			423
Class R5		1,128			288
Class T		64,801			—
Class Z		86,320			1,390
Plan administration fees
Class K		45			76
Compensation of board members		25,485			10,475
Custodian fees		28,976			22,908
Printing and postage fees		144,956			53,820
Registration fees		65,328			59,441
Audit fees		10,808			10,718
Legal fees		13,161			6,459
Other		22,095			10,166
Total expenses		6,219,807			1,925,942
Expense reductions		(9,774	)		(120	)
Total net expenses		6,210,033			1,925,822
Net investment income		6,122,848			741,339

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF OPERATIONS (continued)

Six Months Ended July 31, 2016 (Unaudited)

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	$	(963,724	)	$	(447,127	)
Investments — affiliated issuers		12,940,956			4,474,964
Capital gain distributions from underlying affiliated funds		787,815			316,087
Foreign currency translations		96,446			30,928
Forward foreign currency exchange contracts		(19,676	)		(24,270	)
Futures contracts		7,575,028			1,741,500
Swap contracts		(352,704	)		(106,040	)
Net realized gain (loss)		20,064,141			5,986,042
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		4,308,805			2,188,530
Investments — affiliated issuers		152,637,241			54,173,069
Foreign currency translations		(4,134	)		(2,744	)
Forward foreign currency exchange contracts		7,825			10,602
Futures contracts		17,964,108			3,242,291
Swap contracts		(365,090	)		(111,532	)
Net change in unrealized appreciation		174,548,755			59,500,216
Net realized and unrealized gain		194,612,896			65,486,258
Net increase in net assets resulting from operations	$	200,735,744		$	66,227,597

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS

	Columbia Capital Allocation Conservative Portfolio						Columbia Capital Allocation Moderate Conservative Portfolio
	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31, 2016			Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31, 2016
Operations
Net investment income	$	1,794,927		$	4,915,716		$	3,604,154		$	11,595,181
Net realized gain (loss)		(1,424,053	)		5,070,209			(1,347,203	)		22,242,537
Net change in unrealized appreciation (depreciation)		17,651,565			(18,185,256	)		43,608,266			(51,708,726	)
Net increase (decrease) in net assets resulting from operations		18,022,439			(8,199,331	)		45,865,217			(17,871,008	)
Distributions to shareholders
Net investment income
Class A		(1,585,687	)		(4,448,036	)		(3,337,205	)		(10,811,068	)
Class B		(9,906	)		(57,097	)		(19,536	)		(138,567	)
Class C		(158,718	)		(547,575	)		(257,128	)		(1,186,601	)
Class K		(739	)		(1,945	)		(182	)		(66	)
Class R		(3,455	)		(7,103	)		(14,361	)		(74,076	)
Class R4		(2,219	)		(3,344	)		(5,474	)		(24,707	)
Class R5		(4,336	)		(4,091	)		(15,448	)		(10,527	)
Class Y		(3,539	)		(1,638	)		(4,506	)		(188	)
Class Z		(28,130	)		(66,888	)		(190,417	)		(602,055	)
Net realized gains
Class A		(1,943,762	)		(4,217,753	)		(9,926,177	)		(15,881,079	)
Class B		(21,611	)		(84,291	)		(120,025	)		(329,065	)
Class C		(403,214	)		(858,561	)		(1,739,288	)		(2,747,116	)
Class K		(866	)		(1,788	)		(1,059	)		(93	)
Class R		(5,220	)		(8,908	)		(48,866	)		(117,251	)
Class R4		(3,795	)		(3,054	)		(15,374	)		(31,447	)
Class R5		(4,277	)		(3,797	)		(36,592	)		(12,668	)
Class Y		(4,552	)		(1,675	)		(10,714	)		(258	)
Class Z		(30,895	)		(54,705	)		(462,330	)		(790,424	)
Total distributions to shareholders		(4,214,921	)		(10,372,249	)		(16,204,682	)		(32,757,256	)
Increase (decrease) in net assets from capital stock activity		1,289,495			(18,116,381	)		(1,962,061	)		(12,096,589	)
Total increase (decrease) in net assets		15,097,013			(36,687,961	)		27,698,474			(62,724,853	)
Net assets at beginning of period		267,770,276			304,458,237			619,753,966			682,478,819
Net assets at end of period	$	282,867,289		$	267,770,276		$	647,452,440		$	619,753,966
Undistributed (excess of distributions over) net investment income	$	480,456		$	482,258		$	620,260		$	860,363

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Moderate Portfolio						Columbia Capital Allocation Moderate Aggressive Portfolio
	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31, 2016			Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31, 2016
Operations
Net investment income	$	8,137,840		$	25,694,452		$	6,122,848		$	30,831,267
Net realized gain (loss)		2,867,942			90,021,363			20,064,141			117,283,107
Net change in unrealized appreciation (depreciation)		119,632,451			(159,127,232	)		174,548,755			(220,323,423	)
Net increase (decrease) in net assets resulting from operations		130,638,233			(43,411,417	)		200,735,744			(72,209,049	)
Distributions to shareholders
Net investment income
Class A		(8,201,178	)		(27,562,443	)		(4,333,301	)		(31,928,009	)
Class B		(53,206	)		(366,818	)		—			(403,740	)
Class C		(471,022	)		(2,312,461	)		—			(2,383,812	)
Class K		(1,825	)		(6,180	)		(117	)		(1,839	)
Class R		(7,917	)		(25,036	)		(4,331	)		(61,435	)
Class R4		(1,584	)		(3,442	)		(4,670	)		(24,085	)
Class R5		(41,899	)		(49,239	)		(19,689	)		(57,960	)
Class T		—			—			(224,260	)		(1,678,969	)
Class Y		(18,433	)		(5,079	)		(2,777	)		(5,799	)
Class Z		(24,567	)		(57,266	)		(443,748	)		(2,545,167	)
Net realized gains
Class A		(31,154,113	)		(77,452,249	)		(39,229,681	)		(100,812,247	)
Class B		(461,973	)		(1,745,165	)		(564,400	)		(2,379,517	)
Class C		(4,401,939	)		(10,404,243	)		(4,988,515	)		(12,245,374	)
Class K		(6,205	)		(16,894	)		(58	)		(5,407	)
Class R		(38,730	)		(84,727	)		(72,362	)		(230,256	)
Class R4		(5,084	)		(6,698	)		(30,351	)		(65,357	)
Class R5		(130,859	)		(110,284	)		(110,119	)		(130,866	)
Class T		—			—			(2,031,298	)		(5,315,962	)
Class Y		(66,894	)		(11,037	)		(14,503	)		(11,157	)
Class Z		(83,947	)		(139,513	)		(2,729,725	)		(7,066,677	)
Total distributions to shareholders		(45,171,375	)		(120,358,774	)		(54,803,905	)		(167,353,635	)
Increase (decrease) in net assets from capital stock activity		(18,674,919	)		(705,114	)		(57,064,198	)		9,089,709
Total increase (decrease) in net assets		66,791,939			(164,475,305	)		88,867,641			(230,472,975	)
Net assets at beginning of period		1,506,468,286			1,670,943,591			2,091,346,459			2,321,819,434
Net assets at end of period	$	1,573,260,225		$	1,506,468,286		$	2,180,214,100		$	2,091,346,459
Undistributed (excess of distributions over) net investment income	$	1,523,552		$	2,207,343		$	854,082		$	(235,873	)

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Six Months Ended July 31, 2016 (Unaudited)			Year Ended January 31, 2016
Operations
Net investment income	$	741,339		$	7,358,674
Net realized gain (loss)		5,986,042			43,822,743
Net change in unrealized appreciation (depreciation)		59,500,216			(76,946,677	)
Net increase (decrease) in net assets resulting from operations		66,227,597			(25,765,260	)
Distributions to shareholders
Net investment income
Class A		—			(9,360,758	)
Class B		—			(120,732	)
Class C		—			(640,020	)
Class K		—			(994	)
Class R		—			(15,063	)
Class R4		—			(22,722	)
Class R5		—			(21,607	)
Class Y		—			(4,922	)
Class Z		—			(34,270	)
Net realized gains
Class A		(16,536,111	)		(39,256,522	)
Class B		(291,442	)		(1,044,471	)
Class C		(2,097,663	)		(4,701,579	)
Class K		(1,835	)		(3,849	)
Class R		(29,114	)		(65,849	)
Class R4		(16,544	)		(54,834	)
Class R5		(35,488	)		(46,277	)
Class Y		(43,531	)		(7,475	)
Class Z		(75,134	)		(117,323	)
Total distributions to shareholders		(19,126,862	)		(55,519,267	)
Increase (decrease) in net assets from capital stock activity		(2,500,544	)		49,105,387
Total increase (decrease) in net assets		44,600,191			(32,179,140	)
Net assets at beginning of period		633,514,145			665,693,285
Net assets at end of period	$	678,114,336		$	633,514,145
Undistributed (excess of distributions over) net investment income	$	729,518		$	(11,821	)

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Conservative Portfolio												Columbia Capital Allocation Moderate Conservative Portfolio
	Six Months Ended July 31, 2016 (Unaudited)						Year Ended January 31, 2016						Six Months Ended July 31, 2016 (Unaudited)						Year Ended January 31, 2016
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		1,672,174			16,272,612			2,526,066			25,121,440			2,852,328			29,830,900			5,576,851			60,564,594
Distributions reinvested		342,988			3,333,314			843,495			8,241,451			1,180,245			12,172,351			2,300,914			24,473,485
Redemptions		(2,044,300	)		(19,855,786	)		(4,741,051	)		(47,178,086	)		(3,784,804	)		(39,512,970	)		(8,689,832	)		(94,438,223	)
Net increase (decrease)		(29,138	)		(249,860	)		(1,371,490	)		(13,815,195	)		247,769			2,490,281			(812,067	)		(9,400,144	)
Class B shares
Subscriptions		10,650			102,316			16,958			170,969			14,642			151,942			33,232			359,669
Distributions reinvested		3,124			30,283			13,764			134,536			12,354			126,733			39,619			420,807
Redemptions(a)		(127,186	)		(1,224,198	)		(443,974	)		(4,416,213	)		(246,247	)		(2,545,718	)		(852,725	)		(9,261,357	)
Net decrease		(113,412	)		(1,091,599	)		(413,252	)		(4,110,708	)		(219,251	)		(2,267,043	)		(779,874	)		(8,480,881	)
Class C shares
Subscriptions		528,982			5,110,612			917,744			9,088,962			706,920			7,266,697			1,530,067			16,400,103
Distributions reinvested		55,238			534,367			139,171			1,351,229			180,996			1,842,115			344,213			3,610,210
Redemptions		(507,161	)		(4,896,523	)		(1,172,463	)		(11,568,458	)		(772,369	)		(7,958,965	)		(1,692,662	)		(18,082,443	)
Net increase (decrease)		77,059			748,456			(115,548	)		(1,128,267	)		115,547			1,149,847			181,618			1,927,870
Class K shares
Subscriptions		33			315			62			605			4,941			51,506			—			—
Distributions reinvested		163			1,565			376			3,638			115			1,174			3			26
Redemptions		(33	)		(312	)		(19	)		(182	)		(33	)		(339	)		(19	)		(199	)
Net increase (decrease)		163			1,568			419			4,061			5,023			52,341			(16	)		(173	)
Class R shares
Subscriptions		16,707			160,830			31,147			315,995			61,204			641,850			360,874			3,845,506
Distributions reinvested		780			7,581			1,611			15,675			5,242			54,158			14,946			157,524
Redemptions		(6,973	)		(68,057	)		(1,238	)		(12,407	)		(303,021	)		(3,129,783	)		(85,630	)		(910,701	)
Net increase (decrease)		10,514			100,354			31,520			319,263			(236,575	)		(2,433,775	)		290,190			3,092,329
Class R4 shares
Subscriptions		66,426			645,701			6,500			64,994			16,586			171,664			43,013			459,448
Distributions reinvested		618			5,974			648			6,303			2,033			20,784			5,320			56,026
Redemptions		(2,921	)		(28,229	)		(7,196	)		(71,028	)		(50,610	)		(506,193	)		(29,409	)		(315,011	)
Net increase (decrease)		64,123			623,446			(48	)		269			(31,991	)		(313,745	)		18,924			200,463
Class R5 shares
Subscriptions		18,430			173,218			34,554			338,277			124,621			1,281,465			54,090			572,346
Distributions reinvested		888			8,572			815			7,792			5,083			51,976			2,218			23,065
Redemptions		(2,811	)		(27,413	)		(7,172	)		(69,298	)		(16,802	)		(176,257	)		(7,985	)		(82,485	)
Net increase		16,507			154,377			28,197			276,771			112,902			1,157,184			48,323			512,926

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Conservative Portfolio												Columbia Capital Allocation Moderate Conservative Portfolio
	Six Months Ended July 31, 2016 (Unaudited)						Year Ended January 31, 2016						Six Months Ended July 31, 2016 (Unaudited)						Year Ended January 31, 2016
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		54,224			524,357			17,151			165,939			54,311			538,412			962			10,320
Distributions reinvested		834			8,051			339			3,213			1,500			15,156			30			315
Redemptions		(1,089	)		(10,623	)		(9	)		(88	)		(1,187	)		(12,355	)		(366	)		(3,908	)
Net increase		53,969			521,785			17,481			169,064			54,624			541,213			626			6,727
Class Z shares
Subscriptions		100,523			978,632			213,994			2,096,292			268,492			2,769,570			470,076			5,022,976
Distributions reinvested		5,135			49,866			9,674			94,396			29,790			303,436			58,675			616,172
Redemptions		(56,154	)		(547,530	)		(204,935	)		(2,022,327	)		(522,059	)		(5,411,370	)		(525,729	)		(5,594,854	)
Net increase (decrease)		49,504			480,968			18,733			168,361			(223,777	)		(2,338,364	)		3,022			44,294
Total net increase (decrease)		129,289			1,289,495			(1,803,988	)		(18,116,381	)		(175,729	)		(1,962,061	)		(1,049,254	)		(12,096,589	)

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

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Moderate Portfolio												Columbia Capital Allocation Moderate Aggressive Portfolio
	Six Months Ended July 31, 2016 (Unaudited)						Year Ended January 31, 2016						Six Months Ended July 31, 2016 (Unaudited)						Year Ended January 31, 2016
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		4,703,582			50,210,768			10,333,555			117,917,557			4,599,221			53,094,033			11,604,996			143,928,857
Distributions reinvested		3,695,157			38,781,618			9,395,199			103,690,280			3,301,923			37,467,892			9,395,759			113,615,323
Redemptions		(10,168,060	)		(108,751,745	)		(19,550,249	)		(222,999,413	)		(11,458,633	)		(133,149,368	)		(19,147,608	)		(237,749,912	)
Net increase (decrease)		(1,769,321	)		(19,759,359	)		178,505			(1,391,576	)		(3,557,489	)		(42,587,443	)		1,853,147			19,794,268
Class B shares
Subscriptions		15,909			167,451			56,625			645,503			12,396			138,857			70,638			862,866
Distributions reinvested		49,126			512,809			190,624			2,102,322			45,213			506,389			198,084			2,378,909
Redemptions(a)		(648,287	)		(6,861,502	)		(2,096,547	)		(23,986,672	)		(920,446	)		(10,480,290	)		(2,440,858	)		(30,260,236	)
Net decrease		(583,252	)		(6,181,242	)		(1,849,298	)		(21,238,847	)		(862,837	)		(9,835,044	)		(2,172,136	)		(27,018,461	)
Class C shares
Subscriptions		1,408,409			14,936,503			3,249,915			36,695,291			1,251,750			14,524,618			2,871,075			35,637,176
Distributions reinvested		464,699			4,836,369			1,153,671			12,625,304			373,395			4,252,879			1,006,697			12,223,008
Redemptions		(1,774,637	)		(18,816,829	)		(2,792,354	)		(31,606,349	)		(1,672,077	)		(19,465,857	)		(2,513,149	)		(31,310,351	)
Net increase (decrease)		98,471			956,043			1,611,232			17,714,246			(46,932	)		(688,360	)		1,364,623			16,549,833
Class K shares
Subscriptions		852			9,090			1,780			20,150			—			—			45			581
Distributions reinvested		759			7,961			2,077			22,887			10			113			586			7,058
Redemptions		(22,632	)		(245,516	)		(1,142	)		(12,932	)		(7,907	)		(92,059	)		(440	)		(5,714	)
Net increase (decrease)		(21,021	)		(228,465	)		2,715			30,105			(7,897	)		(91,946	)		191			1,925
Class R shares
Subscriptions		83,131			890,850			39,494			452,709			63,093			735,175			117,899			1,460,199
Distributions reinvested		4,244			44,398			9,850			108,793			6,231			70,615			23,993			290,150
Redemptions		(19,467	)		(209,279	)		(59,708	)		(670,748	)		(110,995	)		(1,281,779	)		(165,990	)		(2,026,526	)
Net increase (decrease)		67,908			725,969			(10,364	)		(109,246	)		(41,671	)		(475,989	)		(24,098	)		(276,177	)
Class R4 shares
Subscriptions		—			—			16,349			182,991			15,809			184,578			22,127			277,972
Distributions reinvested		636			6,596			936			9,952			3,059			34,961			7,345			89,265
Redemptions		—			—			(91	)		(1,000	)		(7,241	)		(83,273	)		(13,921	)		(169,625	)
Net increase (decrease)		636			6,596			17,194			191,943			11,627			136,266			15,551			197,612
Class R5 shares
Subscriptions		170,738			1,753,995			360,086			3,972,903			93,206			1,055,600			268,249			3,318,687
Distributions reinvested		16,639			172,687			15,097			159,332			11,349			129,748			15,836			188,647
Redemptions		(30,940	)		(329,281	)		(10,312	)		(113,121	)		(8,104	)		(95,859	)		(20,784	)		(246,098	)
Net increase		156,437			1,597,401			364,871			4,019,114			96,451			1,089,489			263,301			3,261,236

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

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Moderate Portfolio												Columbia Capital Allocation Moderate Aggressive Portfolio
	Six Months Ended July 31, 2016 (Unaudited)						Year Ended January 31, 2016						Six Months Ended July 31, 2016 (Unaudited)						Year Ended January 31, 2016
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class T shares
Subscriptions		—			—			—			—			32,490			372,501			55,836			693,652
Distributions reinvested		—			—			—			—			159,719			1,812,368			454,646			5,499,006
Redemptions		—			—			—			—			(374,109	)		(4,346,844	)		(698,845	)		(8,669,705	)
Net increase (decrease)		—			—			—			—			(181,900	)		(2,161,975	)		(188,363	)		(2,477,047	)
Class Y shares
Subscriptions		268,244			2,826,579			35,546			389,318			77,015			885,854			41,904			498,953
Distributions reinvested		8,219			85,254			1,511			15,923			1,537			17,219			1,461			16,773
Redemptions		(6,952	)		(74,547	)		(1,284	)		(13,155	)		(2,681	)		(31,160	)		(9,094	)		(106,618	)
Net increase		269,511			2,837,286			35,773			392,086			75,871			871,913			34,271			409,108
Class Z shares
Subscriptions		240,771			2,577,010			142,637			1,615,688			486,757			5,612,929			1,257,040			15,423,589
Distributions reinvested		8,940			93,638			12,420			136,931			177,363			2,009,698			490,413			5,921,054
Redemptions		(120,585	)		(1,299,796	)		(178,853	)		(2,065,558	)		(946,807	)		(10,943,736	)		(1,840,996	)		(22,697,231	)
Net increase (decrease)		129,126			1,370,852			(23,796	)		(312,939	)		(282,687	)		(3,321,109	)		(93,543	)		(1,352,588	)
Total net increase (decrease)		(1,651,505	)		(18,674,919	)		326,832			(705,114	)		(4,797,464	)		(57,064,198	)		1,052,944			9,089,709

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

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

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97

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Six Months Ended July 31, 2016 (Unaudited)						Year Ended January 31, 2016
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		2,027,274			23,357,759			4,794,249			60,144,147
Distributions reinvested		1,460,458			16,357,131			3,959,049			48,186,327
Redemptions		(3,727,966	)		(43,218,746	)		(5,250,361	)		(66,074,788	)
Net increase (decrease)		(240,234	)		(3,503,856	)		3,502,937			42,255,686
Class B shares
Subscriptions		7,736			88,411			33,216			406,259
Distributions reinvested		26,009			289,996			94,616			1,159,885
Redemptions(a)		(282,290	)		(3,241,392	)		(806,208	)		(10,206,926	)
Net decrease		(248,545	)		(2,862,985	)		(678,376	)		(8,640,782	)
Class C shares
Subscriptions		623,629			7,046,306			1,449,242			17,781,114
Distributions reinvested		190,035			2,078,984			441,119			5,279,382
Redemptions		(667,711	)		(7,567,330	)		(805,578	)		(9,874,715	)
Net increase		145,953			1,557,960			1,084,783			13,185,781
Class K shares
Subscriptions		347			4,006			570			7,178
Distributions reinvested		157			1,765			380			4,628
Redemptions		—			—			(1,313	)		(16,991	)
Net increase (decrease)		504			5,771			(363	)		(5,185	)
Class R shares
Subscriptions		13,918			159,834			37,493			458,163
Distributions reinvested		2,034			22,596			5,776			69,997
Redemptions		(20,582	)		(240,225	)		(23,015	)		(279,771	)
Net increase (decrease)		(4,630	)		(57,795	)		20,254			248,389
Class R4 shares
Subscriptions		12,136			133,941			75,164			927,695
Distributions reinvested		1,497			16,477			6,592			77,345
Redemptions		(34,539	)		(398,960	)		(50,509	)		(577,499	)
Net increase (decrease)		(20,906	)		(248,542	)		31,247			427,541
Class R5 shares
Subscriptions		24,974			280,286			73,667			901,567
Distributions reinvested		3,217			35,421			5,797			67,672
Redemptions		(16,241	)		(183,006	)		(14,685	)		(177,904	)
Net increase		11,950			132,701			64,779			791,335
Class Y shares
Subscriptions		156,532			1,764,188			20,732			247,809
Distributions reinvested		3,951			43,464			1,064			12,182
Redemptions		(5,238	)		(60,619	)		(2,355	)		(25,801	)
Net increase		155,245			1,747,033			19,441			234,190

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

Semiannual Report 2016
98

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Six Months Ended July 31, 2016 (Unaudited)						Year Ended January 31, 2016
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		127,149			1,482,702			64,561			808,452
Distributions reinvested		6,409			71,526			11,894			143,726
Redemptions		(70,486	)		(825,059	)		(27,280	)		(343,746	)
Net increase		63,072			729,169			49,175			608,432
Total net increase (decrease)		(137,591	)		(2,500,544	)		4,093,877			49,105,387

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

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

Semiannual Report 2016
99

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Conservative Portfolio

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 July 31, 2016			Year Ended January 31,
Class A	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	9.45		$	10.10		$	10.34		$	10.63		$	10.32		$	10.44
Income from investment operations:
Net investment income		0.07			0.18			0.18			0.20			0.24			0.25
Net realized and unrealized gain (loss)		0.58			(0.46	)		0.35			0.14			0.54			0.14
Total from investment operations		0.65			(0.28	)		0.53			0.34			0.78			0.39
Less distributions to shareholders:
Net investment income		(0.07	)		(0.19	)		(0.19	)		(0.27	)		(0.35	)		(0.25	)
Net realized gains		(0.09	)		(0.18	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)
Total distributions to shareholders		(0.16	)		(0.37	)		(0.77	)		(0.63	)		(0.47	)		(0.51	)
Net asset value, end of period	$	9.94		$	9.45		$	10.10		$	10.34		$	10.63		$	10.32
Total return		6.88	%		(2.81	%)		5.24	%		3.28	%		7.62	%		3.90	%
Ratios to average net assets(a)
Total gross expenses		0.54	%(b)		0.52	%		0.55	%		0.50	%		0.48	%		0.49	%
Total net expenses(c)		0.54	%(b)		0.52	%(d)		0.55	%(d)		0.50	%(d)		0.48	%(d)		0.49	%(d)
Net investment income		1.44	%(b)		1.83	%		1.69	%		1.91	%		2.28	%		2.35	%
Supplemental data
Net assets, end of period (in thousands)	$	227,308		$	216,423		$	245,212		$	263,334		$	282,382		$	251,178
Portfolio turnover		14	%		24	%		12	%		22	%		19	%		88	%

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 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class B	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	9.42		$	10.07		$	10.31		$	10.60		$	10.29		$	10.40
Income from investment operations:
Net investment income		0.03			0.10			0.09			0.11			0.15			0.16
Net realized and unrealized gain (loss)		0.58			(0.45	)		0.37			0.15			0.54			0.16
Total from investment operations		0.61			(0.35	)		0.46			0.26			0.69			0.32
Less distributions to shareholders:
Net investment income		(0.03	)		(0.12	)		(0.12	)		(0.19	)		(0.26	)		(0.17	)
Net realized gains		(0.09	)		(0.18	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)
Total distributions to shareholders		(0.12	)		(0.30	)		(0.70	)		(0.55	)		(0.38	)		(0.43	)
Net asset value, end of period	$	9.91		$	9.42		$	10.07		$	10.31		$	10.60		$	10.29
Total return		6.50	%		(3.55	%)		4.46	%		2.51	%		6.79	%		3.19	%
Ratios to average net assets(a)
Total gross expenses		1.29	%(b)		1.27	%		1.30	%		1.25	%		1.23	%		1.24	%
Total net expenses(c)		1.29	%(b)		1.27	%(d)		1.30	%(d)		1.25	%(d)		1.23	%(d)		1.24	%(d)
Net investment income		0.69	%(b)		0.98	%		0.90	%		1.07	%		1.47	%		1.56	%
Supplemental data
Net assets, end of period (in thousands)	$	2,414		$	3,364		$	7,759		$	12,454		$	19,598		$	24,717
Portfolio turnover		14	%		24	%		12	%		22	%		19	%		88	%

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 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class C	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	9.40		$	10.05		$	10.28		$	10.58		$	10.28		$	10.39
Income from investment operations:
Net investment income		0.03			0.11			0.10			0.12			0.16			0.17
Net realized and unrealized gain (loss)		0.58			(0.46	)		0.37			0.13			0.53			0.16
Total from investment operations		0.61			(0.35	)		0.47			0.25			0.69			0.33
Less distributions to shareholders:
Net investment income		(0.03	)		(0.12	)		(0.12	)		(0.19	)		(0.27	)		(0.18	)
Net realized gains		(0.09	)		(0.18	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)
Total distributions to shareholders		(0.12	)		(0.30	)		(0.70	)		(0.55	)		(0.39	)		(0.44	)
Net asset value, end of period	$	9.89		$	9.40		$	10.05		$	10.28		$	10.58		$	10.28
Total return		6.52	%		(3.56	%)		4.57	%		2.43	%		6.75	%		3.28	%
Ratios to average net assets(a)
Total gross expenses		1.29	%(b)		1.27	%		1.30	%		1.26	%		1.23	%		1.24	%
Total net expenses(c)		1.29	%(b)		1.27	%(d)		1.30	%(d)		1.26	%(d)		1.23	%(d)		1.24	%(d)
Net investment income		0.69	%(b)		1.08	%		0.95	%		1.18	%		1.54	%		1.62	%
Supplemental data
Net assets, end of period (in thousands)	$	46,734		$	43,719		$	47,899		$	47,435		$	45,368		$	36,637
Portfolio turnover		14	%		24	%		12	%		22	%		19	%		88	%

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 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended Jauuary 31,
Class K	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	9.36		$	10.01		$	10.24		$	10.54		$	10.25		$	10.35
Income from investment operations:
Net investment income		0.07			0.19			0.18			0.23			0.24			0.25
Net realized and unrealized gain (loss)		0.57			(0.46	)		0.37			0.12			0.53			0.16
Total from investment operations		0.64			(0.27	)		0.55			0.35			0.77			0.41
Less distributions to shareholders:
Net investment income		(0.07	)		(0.20	)		(0.20	)		(0.29	)		(0.36	)		(0.25	)
Net realized gains		(0.09	)		(0.18	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)
Total distributions to shareholders		(0.16	)		(0.38	)		(0.78	)		(0.65	)		(0.48	)		(0.51	)
Net asset value, end of period	$	9.84		$	9.36		$	10.01		$	10.24		$	10.54		$	10.25
Total return		6.87	%		(2.76	%)		5.48	%		3.35	%		7.62	%		4.14	%
Ratios to average net assets(a)
Total gross expenses		0.48	%(b)		0.46	%		0.47	%		0.41	%		0.39	%		0.41	%
Total net expenses(c)		0.48	%(b)		0.46	%		0.47	%		0.41	%		0.39	%		0.39	%
Net investment income		1.50	%(b)		1.91	%		1.79	%		2.16	%		2.27	%		2.43	%
Supplemental data
Net assets, end of period (in thousands)	$	101		$	94		$	96		$	99		$	12		$	79
Portfolio turnover		14	%		24	%		12	%		22	%		19	%		88	%

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 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class R	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	9.45		$	10.10		$	10.33		$	10.63		$	10.32		$	10.44
Income from investment operations:
Net investment income		0.06			0.17			0.15			0.20			0.25			0.22
Net realized and unrealized gain (loss)		0.57			(0.47	)		0.37			0.11			0.50			0.15
Total from investment operations		0.63			(0.30	)		0.52			0.31			0.75			0.37
Less distributions to shareholders:
Net investment income		(0.05	)		(0.17	)		(0.17	)		(0.25	)		(0.32	)		(0.23	)
Net realized gains		(0.09	)		(0.18	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)
Total distributions to shareholders		(0.14	)		(0.35	)		(0.75	)		(0.61	)		(0.44	)		(0.49	)
Net asset value, end of period	$	9.94		$	9.45		$	10.10		$	10.33		$	10.63		$	10.32
Total return		6.74	%		(3.05	%)		5.07	%		2.94	%		7.39	%		3.66	%
Ratios to average net assets(a)
Total gross expenses		0.79	%(b)		0.77	%		0.80	%		0.76	%		0.72	%		0.75	%
Total net expenses(c)		0.79	%(b)		0.77	%(d)		0.80	%(d)		0.76	%(d)		0.72	%		0.75	%
Net investment income		1.20	%(b)		1.72	%		1.46	%		1.91	%		2.36	%		2.07	%
Supplemental data
Net assets, end of period (in thousands)	$	620		$	490		$	206		$	179		$	114		$	3
Portfolio turnover		14	%		24	%		12	%		22	%		19	%		88	%

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 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class R4	(Unaudited)			2016			2015			2014(a)
Per share data
Net asset value, beginning of period	$	9.39		$	10.04		$	10.29		$	10.53
Income from investment operations:
Net investment income		0.08			0.20			0.25			0.18
Net realized and unrealized gain (loss)		0.58			(0.45	)		0.30			0.09
Total from investment operations		0.66			(0.25	)		0.55			0.27
Less distributions to shareholders:
Net investment income		(0.08	)		(0.22	)		(0.22	)		(0.26	)
Net realized gains		(0.09	)		(0.18	)		(0.58	)		(0.25	)
Total distributions to shareholders		(0.17	)		(0.40	)		(0.80	)		(0.51	)
Net asset value, end of period	$	9.88		$	9.39		$	10.04		$	10.29
Total return		7.05	%		(2.57	%)		5.41	%		2.56	%
Ratios to average net assets(b)
Total gross expenses		0.29	%(c)		0.27	%		0.31	%		0.23	%(c)
Total net expenses(d)		0.29	%(c)		0.27	%(e)		0.31	%(e)		0.23	%(c)(e)
Net investment income		1.65	%(c)		2.06	%		2.44	%		2.67	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	786		$	145		$	156		$	2
Portfolio turnover		14	%		24	%		12	%		22	%

Notes to Financial Highlights

(a)  Based on operations from June 13, 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 the underlying funds in which the Fund 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 2016
105

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class R5	(Unaudited)			2016			2015			2014(a)
Per share data
Net asset value, beginning of period	$	9.39		$	10.05		$	10.29		$	10.53
Income from investment operations:
Net investment income		0.08			0.25			0.17			0.18
Net realized and unrealized gain (loss)		0.58			(0.50	)		0.40			0.09
Total from investment operations		0.66			(0.25	)		0.57			0.27
Less distributions to shareholders:
Net investment income		(0.08	)		(0.23	)		(0.23	)		(0.26	)
Net realized gains		(0.09	)		(0.18	)		(0.58	)		(0.25	)
Total distributions to shareholders		(0.17	)		(0.41	)		(0.81	)		(0.51	)
Net asset value, end of period	$	9.88		$	9.39		$	10.05		$	10.29
Total return		7.09	%		(2.60	%)		5.60	%		2.64	%
Ratios to average net assets(b)
Total gross expenses		0.23	%(c)		0.21	%		0.25	%		0.12	%(c)
Total net expenses(d)		0.23	%(c)		0.21	%		0.25	%		0.12	%(c)
Net investment income		1.77	%(c)		2.66	%		1.80	%		2.78	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	501		$	322		$	61		$	2
Portfolio turnover		14	%		24	%		12	%		22	%

Notes to Financial Highlights

(a)  Based on operations from June 13, 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 the underlying funds in which the Fund 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 2016
106

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class Y	(Unaudited)			2016			2015			2014(a)
Per share data
Net asset value, beginning of period	$	9.39		$	10.04		$	10.29		$	10.53
Income from investment operations:
Net investment income		0.09			0.20			0.20			0.19
Net realized and unrealized gain (loss)		0.56			(0.43	)		0.36			0.09
Total from investment operations		0.65			(0.23	)		0.56			0.28
Less distributions to shareholders:
Net investment income		(0.08	)		(0.24	)		(0.23	)		(0.27	)
Net realized gains		(0.09	)		(0.18	)		(0.58	)		(0.25	)
Total distributions to shareholders		(0.17	)		(0.42	)		(0.81	)		(0.52	)
Net asset value, end of period	$	9.87		$	9.39		$	10.04		$	10.29
Total return		7.01	%		(2.37	%)		5.55	%		2.68	%
Ratios to average net assets(b)
Total gross expenses		0.18	%(c)		0.15	%		0.17	%		0.07	%(c)
Total net expenses(d)		0.18	%(c)		0.15	%		0.17	%		0.07	%(c)
Net investment income		1.81	%(c)		2.13	%		2.08	%		2.83	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	707		$	166		$	2		$	2
Portfolio turnover		14	%		24	%		12	%		22	%

Notes to Financial Highlights

(a)  Based on operations from June 13, 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 the underlying funds in which the Fund 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 2016
107

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class Z	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	9.45		$	10.10		$	10.33		$	10.63		$	10.32		$	10.44
Income from investment operations:
Net investment income		0.08			0.21			0.20			0.24			0.30			0.28
Net realized and unrealized gain (loss)		0.58			(0.46	)		0.37			0.12			0.51			0.14
Total from investment operations		0.66			(0.25	)		0.57			0.36			0.81			0.42
Less distributions to shareholders:
Net investment income		(0.08	)		(0.22	)		(0.22	)		(0.30	)		(0.38	)		(0.28	)
Net realized gains		(0.09	)		(0.18	)		(0.58	)		(0.36	)		(0.12	)		(0.26	)
Total distributions to shareholders		(0.17	)		(0.40	)		(0.80	)		(0.66	)		(0.50	)		(0.54	)
Net asset value, end of period	$	9.94		$	9.45		$	10.10		$	10.33		$	10.63		$	10.32
Total return		7.01	%		(2.56	%)		5.60	%		3.42	%		7.91	%		4.19	%
Ratios to average net assets(a)
Total gross expenses		0.29	%(b)		0.27	%		0.30	%		0.26	%		0.22	%		0.24	%
Total net expenses(c)		0.29	%(b)		0.27	%(d)		0.30	%(d)		0.26	%(d)		0.22	%(d)		0.24	%(d)
Net investment income		1.69	%(b)		2.09	%		1.96	%		2.26	%		2.80	%		2.71	%
Supplemental data
Net assets, end of period (in thousands)	$	3,696		$	3,046		$	3,067		$	2,719		$	700		$	52
Portfolio turnover		14	%		24	%		12	%		22	%		19	%		88	%

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 2016
108

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,															Year Ended March 31,
Class A	(Unaudited)			2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	10.14		$	10.98		$	11.37		$	11.33		$	10.96		$	10.89		$	10.04
Income from investment operations:
Net investment income		0.06			0.20			0.19			0.25			0.25			0.21			0.26
Net realized and unrealized gain (loss)		0.69			(0.49	)		0.51			0.44			0.71			0.07			0.85
Total from investment operations		0.75			(0.29	)		0.70			0.69			0.96			0.28			1.11
Less distributions to shareholders:
Net investment income		(0.06	)		(0.22	)		(0.23	)		(0.33	)		(0.32	)		(0.21	)		(0.26	)
Net realized gains		(0.21	)		(0.33	)		(0.86	)		(0.32	)		(0.27	)		—			—
Total distributions to shareholders		(0.27	)		(0.55	)		(1.09	)		(0.65	)		(0.59	)		(0.21	)		(0.26	)
Net asset value, end of period	$	10.62		$	10.14		$	10.98		$	11.37		$	11.33		$	10.96		$	10.89
Total return		7.53	%		(2.78	%)		6.23	%		6.18	%		8.94	%		2.63	%		11.21	%
Ratios to average net assets(b)
Total gross expenses		0.48	%(c)		0.48	%		0.51	%		0.47	%		0.70	%		0.64	%(c)(d)		0.50	%
Total net expenses(e)		0.48	%(c)(f)		0.48	%(f)		0.51	%(f)		0.47	%(f)		0.57	%(f)		0.57	%(c)(d)(f)		0.50	%
Net investment income		1.25	%(c)		1.86	%		1.70	%		2.15	%		2.19	%		2.37	%(c)		2.52	%
Supplemental data
Net assets, end of period (in thousands)	$	522,166		$	495,849		$	545,696		$	553,593		$	71,321		$	68,452		$	63,807
Portfolio turnover		11	%		21	%		14	%		30	%		38	%		55	%		87	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

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

(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 2016
109

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,															Year Ended March 31,
Class B	(Unaudited)			2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	10.08		$	10.92		$	11.31		$	11.28		$	10.91		$	10.85		$	10.00
Income from investment operations:
Net investment income		0.03			0.11			0.10			0.15			0.15			0.14			0.18
Net realized and unrealized gain (loss)		0.69			(0.48	)		0.51			0.45			0.73			0.07			0.85
Total from investment operations		0.72			(0.37	)		0.61			0.60			0.88			0.21			1.03
Less distributions to shareholders:
Net investment income		(0.03	)		(0.14	)		(0.14	)		(0.25	)		(0.24	)		(0.15	)		(0.18	)
Net realized gains		(0.21	)		(0.33	)		(0.86	)		(0.32	)		(0.27	)		—			—
Total distributions to shareholders		(0.24	)		(0.47	)		(1.00	)		(0.57	)		(0.51	)		(0.15	)		(0.18	)
Net asset value, end of period	$	10.56		$	10.08		$	10.92		$	11.31		$	11.28		$	10.91		$	10.85
Total return		7.17	%		(3.53	%)		5.46	%		5.32	%		8.17	%		1.96	%		10.43	%
Ratios to average net assets(b)
Total gross expenses		1.23	%(c)		1.23	%		1.26	%		1.22	%		1.44	%		1.39	%(c)(d)		1.25	%
Total net expenses(e)		1.23	%(c)(f)		1.23	%(f)		1.26	%(f)		1.22	%(f)		1.32	%(f)		1.31	%(c)(d)(f)		1.25	%
Net investment income		0.50	%(c)		0.98	%		0.88	%		1.30	%		1.36	%		1.58	%(c)		1.75	%
Supplemental data
Net assets, end of period (in thousands)	$	5,973		$	7,912		$	17,080		$	27,184		$	8,335		$	14,587		$	26,181
Portfolio turnover		11	%		21	%		14	%		30	%		38	%		55	%		87	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

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

(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 2016
110

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,															Year Ended March 31,
Class C	(Unaudited)			2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	10.00		$	10.84		$	11.23		$	11.20		$	10.84		$	10.78		$	9.94
Income from investment operations:
Net investment income		0.03			0.12			0.11			0.16			0.16			0.14			0.18
Net realized and unrealized gain (loss)		0.69			(0.49	)		0.50			0.44			0.71			0.07			0.84
Total from investment operations		0.72			(0.37	)		0.61			0.60			0.87			0.21			1.02
Less distributions to shareholders:
Net investment income		(0.03	)		(0.14	)		(0.14	)		(0.25	)		(0.24	)		(0.15	)		(0.18	)
Net realized gains		(0.21	)		(0.33	)		(0.86	)		(0.32	)		(0.27	)		—			—
Total distributions to shareholders		(0.24	)		(0.47	)		(1.00	)		(0.57	)		(0.51	)		(0.15	)		(0.18	)
Net asset value, end of period	$	10.48		$	10.00		$	10.84		$	11.23		$	11.20		$	10.84		$	10.78
Total return		7.23	%		(3.56	%)		5.50	%		5.35	%		8.13	%		1.97	%		10.39	%
Ratios to average net assets(b)
Total gross expenses		1.23	%(c)		1.23	%		1.26	%		1.23	%		1.45	%		1.39	%(c)(d)		1.25	%
Total net expenses(e)		1.23	%(c)(f)		1.23	%(f)		1.26	%(f)		1.23	%(f)		1.32	%(f)		1.32	%(c)(d)(f)		1.25	%
Net investment income		0.50	%(c)		1.12	%		0.96	%		1.38	%		1.44	%		1.61	%(c)		1.77	%
Supplemental data
Net assets, end of period (in thousands)	$	90,343		$	85,097		$	90,199		$	85,756		$	23,470		$	24,156		$	23,651
Portfolio turnover		11	%		21	%		14	%		30	%		38	%		55	%		87	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

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

(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 2016
111

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class K	(Unaudited)			2016			2015			2014(a)
Per share data
Net asset value, beginning of period	$	9.99		$	10.82		$	11.22		$	11.25
Income from investment operations:
Net investment income		0.06			0.21			0.18			0.32
Net realized and unrealized gain (loss)		0.69			(0.48	)		0.52			0.32
Total from investment operations		0.75			(0.27	)		0.70			0.64
Less distributions to shareholders:
Net investment income		(0.07	)		(0.23	)		(0.24	)		(0.35	)
Net realized gains		(0.21	)		(0.33	)		(0.86	)		(0.32	)
Total distributions to shareholders		(0.28	)		(0.56	)		(1.10	)		(0.67	)
Net asset value, end of period	$	10.46		$	9.99		$	10.82		$	11.22
Total return		7.60	%		(2.65	%)		6.31	%		5.72	%
Ratios to average net assets(b)
Total gross expenses		0.43	%(c)		0.41	%		0.41	%		0.38	%(c)
Total net expenses(d)		0.43	%(c)		0.41	%		0.41	%		0.38	%(c)
Net investment income		1.23	%(c)		1.92	%		1.53	%		3.10	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	55		$	3		$	3		$	56
Portfolio turnover		11	%		21	%		14	%		30	%

Notes to Financial Highlights

(a)  Based on operations from February 28, 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 the underlying funds in which the Fund 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 2016
112

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,															Year Ended March 31,
Class R	(Unaudited)			2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	10.16		$	10.99		$	11.38		$	11.34		$	10.96		$	10.90		$	10.04
Income from investment operations:
Net investment income		0.05			0.21			0.17			0.21			0.23			0.18			0.23
Net realized and unrealized gain (loss)		0.69			(0.52	)		0.50			0.45			0.72			0.07			0.86
Total from investment operations		0.74			(0.31	)		0.67			0.66			0.95			0.25			1.09
Less distributions to shareholders:
Net investment income		(0.05	)		(0.19	)		(0.20	)		(0.30	)		(0.30	)		(0.19	)		(0.23	)
Net realized gains		(0.21	)		(0.33	)		(0.86	)		(0.32	)		(0.27	)		—			—
Total distributions to shareholders		(0.26	)		(0.52	)		(1.06	)		(0.62	)		(0.57	)		(0.19	)		(0.23	)
Net asset value, end of period	$	10.64		$	10.16		$	10.99		$	11.38		$	11.34		$	10.96		$	10.90
Total return		7.38	%		(2.93	%)		5.95	%		5.87	%		8.76	%		2.34	%		11.03	%
Ratios to average net assets(b)
Total gross expenses		0.73	%(c)		0.73	%		0.76	%		0.74	%		0.96	%		0.89	%(c)(d)		0.75	%
Total net expenses(e)		0.73	%(c)(f)		0.73	%(f)		0.76	%(f)		0.74	%(f)		0.81	%(f)		0.82	%(c)(d)(f)		0.75	%
Net investment income		1.02	%(c)		1.92	%		1.46	%		1.85	%		2.04	%		2.03	%(c)		2.28	%
Supplemental data
Net assets, end of period (in thousands)	$	2,729		$	5,007		$	2,230		$	2,243		$	2,148		$	1,102		$	428
Portfolio turnover		11	%		21	%		14	%		30	%		38	%		55	%		87	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

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

(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 2016
113

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class R4	(Unaudited)			2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	10.06		$	10.89		$	11.29		$	11.25		$	11.30
Income from investment operations:
Net investment income		0.08			0.23			0.24			0.27			0.09
Net realized and unrealized gain (loss)		0.68			(0.48	)		0.48			0.46			0.26
Total from investment operations		0.76			(0.25	)		0.72			0.73			0.35
Less distributions to shareholders:
Net investment income		(0.08	)		(0.25	)		(0.26	)		(0.37	)		(0.17	)
Net realized gains		(0.21	)		(0.33	)		(0.86	)		(0.32	)		(0.23	)
Total distributions to shareholders		(0.29	)		(0.58	)		(1.12	)		(0.69	)		(0.40	)
Net asset value, end of period	$	10.53		$	10.06		$	10.89		$	11.29		$	11.25
Total return		7.62	%		(2.46	%)		6.44	%		6.52	%		3.11	%
Ratios to average net assets(b)
Total gross expenses		0.23	%(c)		0.23	%		0.26	%		0.19	%		0.51	%(c)
Total net expenses(d)		0.23	%(c)(e)		0.23	%(e)		0.26	%(e)		0.19	%(e)		0.37	%(c)
Net investment income		1.47	%(c)		2.15	%		2.19	%		2.36	%		3.68	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	797		$	1,082		$	966		$	2		$	2
Portfolio turnover		11	%		21	%		14	%		30	%		38	%

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 2016
114

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class R5	(Unaudited)			2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	10.05		$	10.89		$	11.28		$	11.25		$	11.30
Income from investment operations:
Net investment income		0.08			0.30			0.26			0.38			0.10
Net realized and unrealized gain (loss)		0.69			(0.55	)		0.48			0.35			0.25
Total from investment operations		0.77			(0.25	)		0.74			0.73			0.35
Less distributions to shareholders:
Net investment income		(0.08	)		(0.26	)		(0.27	)		(0.38	)		(0.17	)
Net realized gains		(0.21	)		(0.33	)		(0.86	)		(0.32	)		(0.23	)
Total distributions to shareholders		(0.29	)		(0.59	)		(1.13	)		(0.70	)		(0.40	)
Net asset value, end of period	$	10.53		$	10.05		$	10.89		$	11.28		$	11.25
Total return		7.76	%		(2.48	%)		6.63	%		6.53	%		3.13	%
Ratios to average net assets(b)
Total gross expenses		0.17	%(c)		0.16	%		0.18	%		0.13	%		0.41	%(c)
Total net expenses(d)		0.17	%(c)		0.16	%		0.18	%		0.13	%		0.29	%(c)
Net investment income		1.56	%(c)		2.89	%		2.33	%		3.35	%		3.77	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,907		$	686		$	217		$	74		$	2
Portfolio turnover		11	%		21	%		14	%		30	%		38	%

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 2016
115

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class Y	(Unaudited)			2016			2015			2014(a)
Per share data
Net asset value, beginning of period	$	9.94		$	10.77		$	11.18		$	11.32
Income from investment operations:
Net investment income		0.08			0.26			0.25			0.22
Net realized and unrealized gain (loss)		0.67			(0.50	)		0.48			0.28
Total from investment operations		0.75			(0.24	)		0.73			0.50
Less distributions to shareholders:
Net investment income		(0.08	)		(0.26	)		(0.28	)		(0.32	)
Net realized gains		(0.21	)		(0.33	)		(0.86	)		(0.32	)
Total distributions to shareholders		(0.29	)		(0.59	)		(1.14	)		(0.64	)
Net asset value, end of period	$	10.40		$	9.94		$	10.77		$	11.18
Total return		7.67	%		(2.38	%)		6.66	%		4.51	%
Ratios to average net assets(b)
Total gross expenses		0.12	%(c)		0.12	%		0.09	%		0.08	%(c)
Total net expenses(d)		0.12	%(c)		0.12	%		0.09	%		0.08	%(c)
Net investment income		1.64	%(c)		2.48	%		2.24	%		3.02	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	579		$	10		$	4		$	2
Portfolio turnover		11	%		21	%		14	%		30	%

Notes to Financial Highlights

(a)  Based on operations from June 13, 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 the underlying funds in which the Fund 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 2016
116

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,															Year Ended March 31,
Class Z	(Unaudited)			2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	10.01		$	10.85		$	11.25		$	11.21		$	10.85		$	10.78		$	9.94
Income from investment operations:
Net investment income		0.08			0.23			0.22			0.28			0.27			0.23			0.28
Net realized and unrealized gain (loss)		0.69			(0.49	)		0.50			0.44			0.71			0.07			0.84
Total from investment operations		0.77			(0.26	)		0.72			0.72			0.98			0.30			1.12
Less distributions to shareholders:
Net investment income		(0.08	)		(0.25	)		(0.26	)		(0.36	)		(0.35	)		(0.23	)		(0.28	)
Net realized gains		(0.21	)		(0.33	)		(0.86	)		(0.32	)		(0.27	)		—			—
Total distributions to shareholders		(0.29	)		(0.58	)		(1.12	)		(0.68	)		(0.62	)		(0.23	)		(0.28	)
Net asset value, end of period	$	10.49		$	10.01		$	10.85		$	11.25		$	11.21		$	10.85		$	10.78
Total return		7.76	%		(2.56	%)		6.47	%		6.49	%		9.22	%		2.85	%		11.49	%
Ratios to average net assets(b)
Total gross expenses		0.23	%(c)		0.23	%		0.26	%		0.24	%		0.45	%		0.39	%(c)(d)		0.25	%
Total net expenses(e)		0.23	%(c)(f)		0.23	%(f)		0.26	%(f)		0.24	%(f)		0.32	%(f)		0.32	%(c)(d)(f)		0.25	%
Net investment income		1.50	%(c)		2.11	%		1.97	%		2.46	%		2.45	%		2.61	%(c)		2.77	%
Supplemental data
Net assets, end of period (in thousands)	$	22,905		$	24,108		$	26,084		$	25,287		$	20,710		$	21,157		$	21,839
Portfolio turnover		11	%		21	%		14	%		30	%		38	%		55	%		87	%

Notes to Financial Highlights

(a)  For the period from April 1 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

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

(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 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class A	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	10.34		$	11.50		$	12.00		$	11.61		$	10.75		$	10.71
Income from investment operations:
Net investment income		0.06			0.19			0.18			0.20			0.22			0.23
Net realized and unrealized gain (loss)		0.85			(0.49	)		0.63			0.86			0.93			0.06
Total from investment operations		0.91			(0.30	)		0.81			1.06			1.15			0.29
Less distributions to shareholders:
Net investment income		(0.06	)		(0.22	)		(0.24	)		(0.31	)		(0.29	)		(0.25	)
Net realized gains		(0.26	)		(0.64	)		(1.07	)		(0.36	)		—			—
Total distributions to shareholders		(0.32	)		(0.86	)		(1.31	)		(0.67	)		(0.29	)		(0.25	)
Net asset value, end of period	$	10.93		$	10.34		$	11.50		$	12.00		$	11.61		$	10.75
Total return		8.98	%		(2.89	%)		6.77	%		9.26	%		10.87	%		2.84	%
Ratios to average net assets(a)
Total gross expenses		0.44	%(b)		0.46	%		0.48	%		0.46	%		0.46	%		0.43	%
Total net expenses(c)		0.44	%(b)(d)		0.46	%(d)		0.48	%(d)		0.46	%(d)		0.46	%(d)		0.43	%(d)
Net investment income		1.16	%(b)		1.68	%		1.49	%		1.64	%		1.98	%		2.11	%
Supplemental data
Net assets, end of period (in thousands)	$	1,349,157		$	1,295,482		$	1,437,972		$	1,425,904		$	1,331,311		$	1,215,462
Portfolio turnover		4	%		17	%		16	%		23	%		23	%		58	%

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 the underlying funds in which the Fund 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 2016
118

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class B	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	10.29		$	11.44		$	11.94		$	11.55		$	10.70		$	10.66
Income from investment operations:
Net investment income		0.02			0.09			0.08			0.10			0.13			0.14
Net realized and unrealized gain (loss)		0.84			(0.46	)		0.64			0.87			0.93			0.07
Total from investment operations		0.86			(0.37	)		0.72			0.97			1.06			0.21
Less distributions to shareholders:
Net investment income		(0.02	)		(0.14	)		(0.15	)		(0.22	)		(0.21	)		(0.17	)
Net realized gains		(0.26	)		(0.64	)		(1.07	)		(0.36	)		—			—
Total distributions to shareholders		(0.28	)		(0.78	)		(1.22	)		(0.58	)		(0.21	)		(0.17	)
Net asset value, end of period	$	10.87		$	10.29		$	11.44		$	11.94		$	11.55		$	10.70
Total return		8.52	%		(3.56	%)		6.00	%		8.47	%		9.99	%		2.03	%
Ratios to average net assets(a)
Total gross expenses		1.19	%(b)		1.21	%		1.23	%		1.21	%		1.20	%		1.18	%
Total net expenses(c)		1.19	%(b)(d)		1.21	%(d)		1.23	%(d)		1.21	%(d)		1.20	%(d)		1.18	%(d)
Net investment income		0.40	%(b)		0.80	%		0.66	%		0.81	%		1.17	%		1.32	%
Supplemental data
Net assets, end of period (in thousands)	$	19,000		$	23,991		$	47,829		$	71,473		$	94,225		$	117,235
Portfolio turnover		4	%		17	%		16	%		23	%		23	%		58	%

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 the underlying funds in which the Fund 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 2016
119

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class C	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	10.27		$	11.41		$	11.92		$	11.53		$	10.69		$	10.65
Income from investment operations:
Net investment income		0.02			0.11			0.09			0.11			0.14			0.15
Net realized and unrealized gain (loss)		0.83			(0.47	)		0.62			0.86			0.91			0.07
Total from investment operations		0.85			(0.36	)		0.71			0.97			1.05			0.22
Less distributions to shareholders:
Net investment income		(0.02	)		(0.14	)		(0.15	)		(0.22	)		(0.21	)		(0.18	)
Net realized gains		(0.26	)		(0.64	)		(1.07	)		(0.36	)		—			—
Total distributions to shareholders		(0.28	)		(0.78	)		(1.22	)		(0.58	)		(0.21	)		(0.18	)
Net asset value, end of period	$	10.84		$	10.27		$	11.41		$	11.92		$	11.53		$	10.69
Total return		8.44	%		(3.48	%)		5.92	%		8.51	%		9.95	%		2.10	%
Ratios to average net assets(a)
Total gross expenses		1.19	%(b)		1.21	%		1.23	%		1.21	%		1.21	%		1.18	%
Total net expenses(c)		1.19	%(b)(d)		1.21	%(d)		1.23	%(d)		1.21	%(d)		1.21	%(d)		1.18	%(d)
Net investment income		0.41	%(b)		0.95	%		0.77	%		0.92	%		1.25	%		1.38	%
Supplemental data
Net assets, end of period (in thousands)	$	189,652		$	178,548		$	180,143		$	162,357		$	132,770		$	107,827
Portfolio turnover		4	%		17	%		16	%		23	%		23	%		58	%

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 the underlying funds in which the Fund 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 2016
120

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class K	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	10.33		$	11.49		$	11.99		$	11.60		$	10.74		$	10.70
Income from investment operations:
Net investment income		0.06			0.20			0.19			0.21			0.21			0.23
Net realized and unrealized gain (loss)		0.86			(0.49	)		0.63			0.86			0.95			0.08
Total from investment operations		0.92			(0.29	)		0.82			1.07			1.16			0.31
Less distributions to shareholders:
Net investment income		(0.07	)		(0.23	)		(0.25	)		(0.32	)		(0.30	)		(0.27	)
Net realized gains		(0.26	)		(0.64	)		(1.07	)		(0.36	)		—			—
Total distributions to shareholders		(0.33	)		(0.87	)		(1.32	)		(0.68	)		(0.30	)		(0.27	)
Net asset value, end of period	$	10.92		$	10.33		$	11.49		$	11.99		$	11.60		$	10.74
Total return		9.01	%		(2.83	%)		6.88	%		9.39	%		10.94	%		2.94	%
Ratios to average net assets(a)
Total gross expenses		0.38	%(b)		0.40	%		0.40	%		0.36	%		0.34	%		0.34	%
Total net expenses(c)		0.38	%(b)		0.40	%		0.40	%		0.36	%		0.34	%		0.34	%
Net investment income		1.19	%(b)		1.76	%		1.55	%		1.77	%		1.93	%		2.18	%
Supplemental data
Net assets, end of period (in thousands)	$	78		$	291		$	292		$	359		$	298		$	748
Portfolio turnover		4	%		17	%		16	%		23	%		23	%		58	%

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 the underlying funds in which the Fund 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 2016
121

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class R	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	10.32		$	11.47		$	11.97		$	11.58		$	10.74		$	10.70
Income from investment operations:
Net investment income		0.05			0.16			0.15			0.23			0.18			0.30
Net realized and unrealized gain (loss)		0.84			(0.47	)		0.63			0.80			0.93			(0.02	)
Total from investment operations		0.89			(0.31	)		0.78			1.03			1.11			0.28
Less distributions to shareholders:
Net investment income		(0.05	)		(0.20	)		(0.21	)		(0.28	)		(0.27	)		(0.24	)
Net realized gains		(0.26	)		(0.64	)		(1.07	)		(0.36	)		—			—
Total distributions to shareholders		(0.31	)		(0.84	)		(1.28	)		(0.64	)		(0.27	)		(0.24	)
Net asset value, end of period	$	10.90		$	10.32		$	11.47		$	11.97		$	11.58		$	10.74
Total return		8.76	%		(3.06	%)		6.52	%		9.02	%		10.46	%		2.66	%
Ratios to average net assets(a)
Total gross expenses		0.69	%(b)		0.71	%		0.73	%		0.72	%		0.70	%		0.71	%
Total net expenses(c)		0.69	%(b)(d)		0.71	%(d)		0.73	%(d)		0.72	%(d)		0.70	%(d)		0.71	%
Net investment income		0.92	%(b)		1.37	%		1.29	%		1.92	%		1.67	%		2.93	%
Supplemental data
Net assets, end of period (in thousands)	$	2,157		$	1,342		$	1,610		$	1,147		$	138		$	60
Portfolio turnover		4	%		17	%		16	%		23	%		23	%		58	%

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 the underlying funds in which the Fund 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 2016
122

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class R4	(Unaudited)			2016			2015			2014(a)
Per share data
Net asset value, beginning of period	$	10.24		$	11.39		$	11.90		$	11.82
Income from investment operations:
Net investment income		0.07			0.28			0.26			0.18
Net realized and unrealized gain (loss)		0.84			(0.54	)		0.57			0.53
Total from investment operations		0.91			(0.26	)		0.83			0.71
Less distributions to shareholders:
Net investment income		(0.08	)		(0.25	)		(0.27	)		(0.27	)
Net realized gains		(0.26	)		(0.64	)		(1.07	)		(0.36	)
Total distributions to shareholders		(0.34	)		(0.89	)		(1.34	)		(0.63	)
Net asset value, end of period	$	10.81		$	10.24		$	11.39		$	11.90
Total return		9.01	%		(2.58	%)		7.06	%		6.11	%
Ratios to average net assets(b)
Total gross expenses		0.19	%(c)		0.21	%		0.23	%		0.21	%(c)
Total net expenses(d)		0.19	%(c)(e)		0.21	%(e)		0.23	%(e)		0.21	%(c)(e)
Net investment income		1.41	%(c)		2.61	%		2.22	%		2.36	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	220		$	202		$	29		$	3
Portfolio turnover		4	%		17	%		16	%		23	%

Notes to Financial Highlights

(a)  Based on operations from June 13, 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 the underlying funds in which the Fund 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 2016
123

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class R5	(Unaudited)			2016			2015			2014(a)
Per share data
Net asset value, beginning of period	$	10.23		$	11.39		$	11.90		$	11.82
Income from investment operations:
Net investment income		0.08			0.51			0.39			0.19
Net realized and unrealized gain (loss)		0.83			(0.77	)		0.46			0.53
Total from investment operations		0.91			(0.26	)		0.85			0.72
Less distributions to shareholders:
Net investment income		(0.08	)		(0.26	)		(0.29	)		(0.28	)
Net realized gains		(0.26	)		(0.64	)		(1.07	)		(0.36	)
Total distributions to shareholders		(0.34	)		(0.90	)		(1.36	)		(0.64	)
Net asset value, end of period	$	10.80		$	10.23		$	11.39		$	11.90
Total return		9.04	%		(2.61	%)		7.21	%		6.21	%
Ratios to average net assets(b)
Total gross expenses		0.13	%(c)		0.15	%		0.16	%		0.11	%(c)
Total net expenses(d)		0.13	%(c)		0.15	%		0.16	%		0.11	%(c)
Net investment income		1.48	%(c)		4.80	%		3.39	%		2.51	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	5,706		$	3,803		$	78		$	3
Portfolio turnover		4	%		17	%		16	%		23	%

Notes to Financial Highlights

(a)  Based on operations from June 13, 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 the underlying funds in which the Fund 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 2016
124

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class Y	(Unaudited)			2016			2015			2014(a)
Per share data
Net asset value, beginning of period	$	10.23		$	11.38		$	11.90		$	11.82
Income from investment operations:
Net investment income		0.08			0.16			0.23			0.19
Net realized and unrealized gain (loss)		0.84			(0.40	)		0.61			0.54
Total from investment operations		0.92			(0.24	)		0.84			0.73
Less distributions to shareholders:
Net investment income		(0.08	)		(0.27	)		(0.29	)		(0.29	)
Net realized gains		(0.26	)		(0.64	)		(1.07	)		(0.36	)
Total distributions to shareholders		(0.34	)		(0.91	)		(1.36	)		(0.65	)
Net asset value, end of period	$	10.81		$	10.23		$	11.38		$	11.90
Total return		9.17	%		(2.42	%)		7.16	%		6.25	%
Ratios to average net assets(b)
Total gross expenses		0.08	%(c)		0.09	%		0.06	%		0.07	%(c)
Total net expenses(d)		0.08	%(c)		0.09	%		0.06	%		0.07	%(c)
Net investment income		1.56	%(c)		1.59	%		1.92	%		2.56	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	3,301		$	368		$	2		$	3
Portfolio turnover		4	%		17	%		16	%		23	%

Notes to Financial Highlights

(a)  Based on operations from June 13, 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 the underlying funds in which the Fund 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 2016
125

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class Z	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	10.33		$	11.49		$	11.99		$	11.59		$	10.75		$	10.71
Income from investment operations:
Net investment income		0.08			0.22			0.21			0.23			0.28			0.26
Net realized and unrealized gain (loss)		0.84			(0.49	)		0.63			0.87			0.88			0.07
Total from investment operations		0.92			(0.27	)		0.84			1.10			1.16			0.33
Less distributions to shareholders:
Net investment income		(0.08	)		(0.25	)		(0.27	)		(0.34	)		(0.32	)		(0.29	)
Net realized gains		(0.26	)		(0.64	)		(1.07	)		(0.36	)		—			—
Total distributions to shareholders		(0.34	)		(0.89	)		(1.34	)		(0.70	)		(0.32	)		(0.29	)
Net asset value, end of period	$	10.91		$	10.33		$	11.49		$	11.99		$	11.59		$	10.75
Total return		9.02	%		(2.65	%)		7.05	%		9.65	%		10.98	%		3.15	%
Ratios to average net assets(a)
Total gross expenses		0.19	%(b)		0.21	%		0.23	%		0.21	%		0.22	%		0.19	%
Total net expenses(c)		0.19	%(b)(d)		0.21	%(d)		0.23	%(d)		0.21	%(d)		0.22	%(d)		0.19	%(d)
Net investment income		1.42	%(b)		1.92	%		1.77	%		1.90	%		2.54	%		2.49	%
Supplemental data
Net assets, end of period (in thousands)	$	3,990		$	2,443		$	2,989		$	3,352		$	2,544		$	836
Portfolio turnover		4	%		17	%		16	%		23	%		23	%		58	%

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 the underlying funds in which the Fund 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.

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,															Year Ended March 31,
Class A	(Unaudited)			2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	11.15		$	12.45		$	13.01		$	12.04		$	11.30		$	11.61		$	10.23
Income from investment operations:
Net investment income		0.04			0.18			0.16			0.18			0.18			0.15			0.19
Net realized and unrealized gain (loss)		1.05			(0.55	)		0.76			1.21			1.07			(0.30	)		1.37
Total from investment operations		1.09			(0.37	)		0.92			1.39			1.25			(0.15	)		1.56
Less distributions to shareholders:
Net investment income		(0.03	)		(0.22	)		(0.25	)		(0.25	)		(0.22	)		(0.14	)		(0.18	)
Net realized gains		(0.28	)		(0.71	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.31	)		(0.93	)		(1.48	)		(0.42	)		(0.51	)		(0.16	)		(0.18	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)		—
Net asset value, end of period	$	11.93		$	11.15		$	12.45		$	13.01		$	12.04		$	11.30		$	11.61
Total return		9.89	%		(3.42	%)		7.03	%		11.67	%		11.28	%		(1.20	%)		15.48	%
Ratios to average net assets(c)
Total gross expenses		0.52	%(d)		0.52	%		0.52	%		0.50	%		0.53	%		0.51	%(d)(e)		0.50	%(e)
Total net expenses(f)		0.52	%(d)(g)		0.52	%(g)		0.52	%(g)		0.50	%(g)		0.53	%(g)		0.51	%(d)(e)(g)		0.50	%(e)
Net investment income		0.65	%(d)		1.42	%		1.22	%		1.38	%		1.51	%		1.60	%(d)		1.75	%
Supplemental data
Net assets, end of period (in thousands)	$	1,718,950		$	1,646,276		$	1,815,185		$	1,805,239		$	679,109		$	665,859		$	291,758
Portfolio turnover		4	%		16	%		20	%		22	%		34	%		42	%		68	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(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 2016
127

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,															Year Ended March 31,
Class B	(Unaudited)			2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	11.02		$	12.32		$	12.89		$	11.94		$	11.21		$	11.53		$	10.16
Income from investment operations:
Net investment income (loss)		(0.01	)		0.06			0.05			0.07			0.07			0.07			0.10
Net realized and unrealized gain (loss)		1.04			(0.52	)		0.77			1.21			1.08			(0.29	)		1.37
Total from investment operations		1.03			(0.46	)		0.82			1.28			1.15			(0.22	)		1.47
Less distributions to shareholders:
Net investment income		—			(0.13	)		(0.16	)		(0.16	)		(0.13	)		(0.08	)		(0.10	)
Net realized gains		(0.28	)		(0.71	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.28	)		(0.84	)		(1.39	)		(0.33	)		(0.42	)		(0.10	)		(0.10	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)		—
Net asset value, end of period	$	11.77		$	11.02		$	12.32		$	12.89		$	11.94		$	11.21		$	11.53
Total return		9.44	%		(4.15	%)		6.32	%		10.78	%		10.45	%		(1.87	%)		14.63	%
Ratios to average net assets(c)
Total gross expenses		1.27	%(d)		1.27	%		1.27	%		1.25	%		1.27	%		1.26	%(d)(e)		1.25	%(e)
Total net expenses(f)		1.27	%(d)(g)		1.27	%(g)		1.27	%(g)		1.25	%(g)		1.27	%(g)		1.26	%(d)(e)(g)		1.25	%(e)
Net investment income (loss)		(0.11	%)(d)		0.53	%		0.37	%		0.53	%		0.65	%		0.75	%(d)		0.99	%
Supplemental data
Net assets, end of period (in thousands)	$	23,207		$	31,228		$	61,673		$	92,956		$	53,009		$	85,005		$	133,770
Portfolio turnover		4	%		16	%		20	%		22	%		34	%		42	%		68	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(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 2016
128

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,															Year Ended March 31,
Class C	(Unaudited)			2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	11.21		$	12.51		$	13.07		$	12.11		$	11.36		$	11.68		$	10.29
Income from investment operations:
Net investment income (loss)		(0.01	)		0.09			0.06			0.08			0.09			0.08			0.11
Net realized and unrealized gain (loss)		1.06			(0.55	)		0.77			1.21			1.08			(0.30	)		1.38
Total from investment operations		1.05			(0.46	)		0.83			1.29			1.17			(0.22	)		1.49
Less distributions to shareholders:
Net investment income		—			(0.13	)		(0.16	)		(0.16	)		(0.13	)		(0.08	)		(0.10	)
Net realized gains		(0.28	)		(0.71	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.28	)		(0.84	)		(1.39	)		(0.33	)		(0.42	)		(0.10	)		(0.10	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)		—
Net asset value, end of period	$	11.98		$	11.21		$	12.51		$	13.07		$	12.11		$	11.36		$	11.68
Total return		9.46	%		(4.08	%)		6.30	%		10.71	%		10.49	%		(1.85	%)		14.64	%
Ratios to average net assets(c)
Total gross expenses		1.27	%(d)		1.27	%		1.27	%		1.25	%		1.28	%		1.26	%(d)(e)		1.25	%(e)
Total net expenses(f)		1.27	%(d)(g)		1.27	%(g)		1.27	%(g)		1.25	%(g)		1.28	%(g)		1.26	%(d)(e)(g)		1.25	%(e)
Net investment income (loss)		(0.10	%)(d)		0.69	%		0.49	%		0.63	%		0.75	%		0.81	%(d)		1.00	%
Supplemental data
Net assets, end of period (in thousands)	$	219,814		$	206,181		$	213,166		$	198,837		$	84,349		$	86,321		$	91,556
Portfolio turnover		4	%		16	%		20	%		22	%		34	%		42	%		68	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(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 the underlying funds in which the Fund invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(d)  Annualized.

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

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

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

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

Semiannual Report 2016
129

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class K	(Unaudited)			2016			2015			2014(a)
Per share data
Net asset value, beginning of period	$	11.12		$	12.42		$	12.98		$	12.07
Income from investment operations:
Net investment income		0.04			0.19			0.18			0.18
Net realized and unrealized gain (loss)		1.04			(0.55	)		0.75			1.17
Total from investment operations		1.08			(0.36	)		0.93			1.35
Less distributions to shareholders:
Net investment income		(0.03	)		(0.23	)		(0.26	)		(0.27	)
Net realized gains		(0.28	)		(0.71	)		(1.23	)		(0.17	)
Total distributions to shareholders		(0.31	)		(0.94	)		(1.49	)		(0.44	)
Net asset value, end of period	$	11.89		$	11.12		$	12.42		$	12.98
Total return		9.88	%		(3.32	%)		7.17	%		11.31	%
Ratios to average net assets(b)
Total gross expenses		0.42	%(c)		0.41	%		0.41	%		0.38	%(c)
Total net expenses(d)		0.42	%(c)		0.41	%		0.41	%		0.38	%(c)
Net investment income		0.73	%(c)		1.53	%		1.34	%		1.57	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	90		$	98		$	105
Portfolio turnover		4	%		16	%		20	%		22	%

Notes to Financial Highlights

(a)  Based on operations from February 28, 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 the underlying funds in which the Fund 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 2016
130

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,															Year Ended March 31,
Class R	(Unaudited)			2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	11.14		$	12.44		$	12.99		$	12.03		$	11.29		$	11.60		$	10.22
Income from investment operations:
Net investment income		0.02			0.14			0.13			0.13			0.15			0.13			0.16
Net realized and unrealized gain (loss)		1.05			(0.54	)		0.76			1.22			1.07			(0.30	)		1.38
Total from investment operations		1.07			(0.40	)		0.89			1.35			1.22			(0.17	)		1.54
Less distributions to shareholders:
Net investment income		(0.01	)		(0.19	)		(0.21	)		(0.22	)		(0.19	)		(0.12	)		(0.16	)
Net realized gains		(0.28	)		(0.71	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.29	)		(0.90	)		(1.44	)		(0.39	)		(0.48	)		(0.14	)		(0.16	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)		—
Net asset value, end of period	$	11.92		$	11.14		$	12.44		$	12.99		$	12.03		$	11.29		$	11.60
Total return		9.76	%		(3.67	%)		6.86	%		11.31	%		11.01	%		(1.39	%)		15.21	%
Ratios to average net assets(c)
Total gross expenses		0.77	%(d)		0.77	%		0.77	%		0.75	%		0.78	%		0.77	%(d)(e)		0.75	%(e)
Total net expenses(f)		0.77	%(d)(g)		0.77	%(g)		0.77	%(g)		0.75	%(g)		0.78	%(g)		0.77	%(d)(e)(g)		0.75	%(e)
Net investment income		0.40	%(d)		1.11	%		1.01	%		1.02	%		1.26	%		1.40	%(d)		1.54	%
Supplemental data
Net assets, end of period (in thousands)	$	3,308		$	3,556		$	4,270		$	4,347		$	4,664		$	3,908		$	1,517
Portfolio turnover		4	%		16	%		20	%		22	%		34	%		42	%		68	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(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 the underlying funds in which the Fund invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(d)  Annualized.

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

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

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

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

Semiannual Report 2016
131

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class R4	(Unaudited)			2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	11.23		$	12.54		$	13.08		$	12.11		$	11.71
Income from investment operations:
Net investment income		0.05			0.21			0.53			0.18			0.11
Net realized and unrealized gain (loss)		1.06			(0.56	)		0.44			1.25			0.65
Total from investment operations		1.11			(0.35	)		0.97			1.43			0.76
Less distributions to shareholders:
Net investment income		(0.04	)		(0.25	)		(0.28	)		(0.29	)		(0.14	)
Net realized gains		(0.28	)		(0.71	)		(1.23	)		(0.17	)		(0.22	)
Total distributions to shareholders		(0.32	)		(0.96	)		(1.51	)		(0.46	)		(0.36	)
Net asset value, end of period	$	12.02		$	11.23		$	12.54		$	13.08		$	12.11
Total return		10.04	%		(3.23	%)		7.41	%		11.95	%		6.60	%
Ratios to average net assets(b)
Total gross expenses		0.27	%(c)		0.27	%		0.29	%		0.22	%		0.24	%(c)
Total net expenses(d)		0.27	%(c)(e)		0.27	%(e)		0.29	%(e)		0.22	%(e)		0.24	%(c)
Net investment income		0.90	%(c)		1.72	%		4.16	%		1.39	%		3.98	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,337		$	1,119		$	1,054		$	7		$	3
Portfolio turnover		4	%		16	%		20	%		22	%		34	%

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 the underlying funds in which the Fund 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 2016
132

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class R5	(Unaudited)			2016			2015			2014			2013(a)
Per share data
Net asset value, beginning of period	$	11.23		$	12.53		$	13.08		$	12.11		$	11.71
Income from investment operations:
Net investment income		0.06			0.38			0.21			0.33			0.11
Net realized and unrealized gain (loss)		1.06			(0.71	)		0.77			1.12			0.66
Total from investment operations		1.12			(0.33	)		0.98			1.45			0.77
Less distributions to shareholders:
Net investment income		(0.05	)		(0.26	)		(0.30	)		(0.31	)		(0.15	)
Net realized gains		(0.28	)		(0.71	)		(1.23	)		(0.17	)		(0.22	)
Total distributions to shareholders		(0.33	)		(0.97	)		(1.53	)		(0.48	)		(0.37	)
Net asset value, end of period	$	12.02		$	11.23		$	12.53		$	13.08		$	12.11
Total return		10.10	%		(3.05	%)		7.46	%		12.07	%		6.64	%
Ratios to average net assets(b)
Total gross expenses		0.17	%(c)		0.17	%		0.16	%		0.18	%		0.12	%(c)
Total net expenses(d)		0.17	%(c)		0.17	%		0.16	%		0.18	%		0.12	%(c)
Net investment income		1.00	%(c)		3.15	%		1.62	%		2.56	%		4.10	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	4,944		$	3,537		$	648		$	577		$	3
Portfolio turnover		4	%		16	%		20	%		22	%		34	%

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 the underlying funds in which the Fund 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 2016
133

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,															Year Ended March 31,
Class T	(Unaudited)			2016			2015			2014			2013			2012(a)			2011(b)
Per share data
Net asset value, beginning of period	$	11.15		$	12.45		$	13.00		$	12.04		$	11.30		$	11.61		$	11.49
Income from investment operations:
Net investment income		0.04			0.18			0.16			0.16			0.17			0.15			0.02
Net realized and unrealized gain (loss)		1.05			(0.55	)		0.76			1.22			1.07			(0.30	)		0.13
Total from investment operations		1.09			(0.37	)		0.92			1.38			1.24			(0.15	)		0.15
Less distributions to shareholders:
Net investment income		(0.03	)		(0.22	)		(0.24	)		(0.25	)		(0.21	)		(0.14	)		(0.03	)
Net realized gains		(0.28	)		(0.71	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.31	)		(0.93	)		(1.47	)		(0.42	)		(0.50	)		(0.16	)		(0.03	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(c)		—
Net asset value, end of period	$	11.93		$	11.15		$	12.45		$	13.00		$	12.04		$	11.30		$	11.61
Total return		9.89	%		(3.42	%)		7.07	%		11.52	%		11.23	%		(1.23	%)		1.28	%
Ratios to average net assets(d)
Total gross expenses		0.52	%(e)		0.52	%		0.56	%		0.55	%		0.58	%		0.56	%(e)(f)		0.55	%(e)
Total net expenses(g)		0.52	%(e)(h)		0.52	%(h)		0.54	%(h)		0.55	%(h)		0.58	%(h)		0.56	%(e)(f)(h)		0.55	%(e)
Net investment income		0.65	%(e)		1.42	%		1.20	%		1.24	%		1.46	%		1.58	%(e)		2.26	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	88,917		$	85,135		$	97,408		$	101,766		$	100,955		$	102,913		$	3
Portfolio turnover		4	%		16	%		20	%		22	%		34	%		42	%		68	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b)  Based on operations from March 7, 2011 (commencement of operations) through the stated period end.

(c)  Rounds to zero.

(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 the underlying funds in which the Fund invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(e)  Annualized.

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

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

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

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

Semiannual Report 2016
134

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class Y	(Unaudited)			2016			2015			2014(a)
Per share data
Net asset value, beginning of period	$	11.01		$	12.31		$	12.87		$	12.35
Income from investment operations:
Net investment income		0.06			0.13			0.21			0.18
Net realized and unrealized gain (loss)		1.04			(0.45	)		0.76			0.78
Total from investment operations		1.10			(0.32	)		0.97			0.96
Less distributions to shareholders:
Net investment income		(0.05	)		(0.27	)		(0.30	)		(0.27	)
Net realized gains		(0.28	)		(0.71	)		(1.23	)		(0.17	)
Total distributions to shareholders		(0.33	)		(0.98	)		(1.53	)		(0.44	)
Net asset value, end of period	$	11.78		$	11.01		$	12.31		$	12.87
Total return		10.14	%		(3.09	%)		7.58	%		7.88	%
Ratios to average net assets(b)
Total gross expenses		0.12	%(c)		0.12	%		0.09	%		0.07	%(c)
Total net expenses(d)		0.12	%(c)		0.12	%		0.09	%		0.07	%(c)
Net investment income		1.07	%(c)		1.16	%		1.64	%		2.22	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,299		$	379		$	2		$	3
Portfolio turnover		4	%		16	%		20	%		22	%

Notes to Financial Highlights

(a)  Based on operations from June 13, 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 the underlying funds in which the Fund 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 2016
135

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,															Year Ended March 31,
Class Z	(Unaudited)			2016			2015			2014			2013			2012(a)			2011
Per share data
Net asset value, beginning of period	$	11.13		$	12.44		$	12.99		$	12.03		$	11.29		$	11.60		$	10.21
Income from investment operations:
Net investment income		0.05			0.21			0.19			0.19			0.20			0.17			0.21
Net realized and unrealized gain (loss)		1.05			(0.56	)		0.77			1.23			1.08			(0.30	)		1.39
Total from investment operations		1.10			(0.35	)		0.96			1.42			1.28			(0.13	)		1.60
Less distributions to shareholders:
Net investment income		(0.04	)		(0.25	)		(0.28	)		(0.29	)		(0.25	)		(0.16	)		(0.21	)
Net realized gains		(0.28	)		(0.71	)		(1.23	)		(0.17	)		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.32	)		(0.96	)		(1.51	)		(0.46	)		(0.54	)		(0.18	)		(0.21	)
Proceeds from regulatory settlements		—			—			—			—			—			0.00	(b)		—
Net asset value, end of period	$	11.91		$	11.13		$	12.44		$	12.99		$	12.03		$	11.29		$	11.60
Total return		10.04	%		(3.26	%)		7.40	%		11.87	%		11.57	%		(1.00	%)		15.89	%
Ratios to average net assets(c)
Total gross expenses		0.27	%(d)		0.27	%		0.27	%		0.25	%		0.28	%		0.26	%(d)(e)		0.25	%(e)
Total net expenses(f)		0.27	%(d)(g)		0.27	%(g)		0.27	%(g)		0.25	%(g)		0.28	%(g)		0.26	%(d)(e)(g)		0.25	%(e)
Net investment income		0.90	%(d)		1.67	%		1.47	%		1.49	%		1.72	%		1.86	%(d)		2.03	%
Supplemental data
Net assets, end of period (in thousands)	$	118,435		$	113,846		$	128,314		$	128,234		$	147,433		$	146,805		$	56,805
Portfolio turnover		4	%		16	%		20	%		22	%		34	%		42	%		68	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(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 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class A	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	11.08		$	12.54		$	12.82		$	11.41		$	10.19		$	10.28
Income from investment operations:
Net investment income		0.02			0.15			0.12			0.12			0.13			0.12
Net realized and unrealized gain (loss)		1.14			(0.57	)		0.86			1.53			1.25			(0.07	)
Total from investment operations		1.16			(0.42	)		0.98			1.65			1.38			0.05
Less distributions to shareholders:
Net investment income		—			(0.19	)		(0.30	)		(0.24	)		(0.16	)		(0.14	)
Net realized gains		(0.34	)		(0.85	)		(0.96	)		—			—			—
Total distributions to shareholders		(0.34	)		(1.04	)		(1.26	)		(0.24	)		(0.16	)		(0.14	)
Net asset value, end of period	$	11.90		$	11.08		$	12.54		$	12.82		$	11.41		$	10.19
Total return		10.67	%		(3.92	%)		7.50	%		14.41	%		13.63	%		0.60	%
Ratios to average net assets(a)
Total gross expenses		0.50	%(b)		0.51	%		0.54	%		0.52	%		0.52	%		0.49	%
Total net expenses(c)		0.50	%(b)(d)		0.51	%(d)		0.54	%(d)		0.52	%(d)		0.51	%(d)		0.49	%(d)
Net investment income		0.32	%(b)		1.18	%		0.92	%		0.98	%		1.25	%		1.18	%
Supplemental data
Net assets, end of period (in thousands)	$	587,304		$	549,678		$	577,868		$	554,189		$	495,722		$	472,855
Portfolio turnover		5	%		12	%		27	%		29	%		21	%		83	%

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 the underlying funds in which the Fund 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 2016
137

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class B	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	11.07		$	12.53		$	12.81		$	11.41		$	10.17		$	10.24
Income from investment operations:
Net investment income (loss)		(0.03	)		0.03			0.01			0.02			0.04			0.04
Net realized and unrealized gain (loss)		1.14			(0.53	)		0.87			1.53			1.26			(0.07	)
Total from investment operations		1.11			(0.50	)		0.88			1.55			1.30			(0.03	)
Less distributions to shareholders:
Net investment income		—			(0.11	)		(0.20	)		(0.15	)		(0.06	)		(0.04	)
Net realized gains		(0.34	)		(0.85	)		(0.96	)		—			—			—
Total distributions to shareholders		(0.34	)		(0.96	)		(1.16	)		(0.15	)		(0.06	)		(0.04	)
Net asset value, end of period	$	11.84		$	11.07		$	12.53		$	12.81		$	11.41		$	10.17
Total return		10.23	%		(4.60	%)		6.72	%		13.54	%		12.80	%		(0.22	%)
Ratios to average net assets(a)
Total gross expenses		1.25	%(b)		1.25	%		1.28	%		1.27	%		1.26	%		1.24	%
Total net expenses(c)		1.25	%(b)(d)		1.25	%(d)		1.28	%(d)		1.27	%(d)		1.26	%(d)		1.24	%(d)
Net investment income (loss)		(0.44	%)(b)		0.26	%		0.04	%		0.14	%		0.41	%		0.38	%
Supplemental data
Net assets, end of period (in thousands)	$	9,860		$	11,970		$	22,043		$	31,473		$	39,020		$	49,003
Portfolio turnover		5	%		12	%		27	%		29	%		21	%		83	%

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 the underlying funds in which the Fund 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 2016
138

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class C	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	10.87		$	12.32		$	12.62		$	11.24		$	10.04		$	10.14
Income from investment operations:
Net investment income (loss)		(0.02	)		0.06			0.03			0.03			0.05			0.04
Net realized and unrealized gain (loss)		1.11			(0.55	)		0.83			1.50			1.24			(0.07	)
Total from investment operations		1.09			(0.49	)		0.86			1.53			1.29			(0.03	)
Less distributions to shareholders:
Net investment income		—			(0.11	)		(0.20	)		(0.15	)		(0.09	)		(0.07	)
Net realized gains		(0.34	)		(0.85	)		(0.96	)		—			—			—
Total distributions to shareholders		(0.34	)		(0.96	)		(1.16	)		(0.15	)		(0.09	)		(0.07	)
Net asset value, end of period	$	11.62		$	10.87		$	12.32		$	12.62		$	11.24		$	10.04
Total return		10.23	%		(4.60	%)		6.66	%		13.56	%		12.86	%		(0.23	%)
Ratios to average net assets(a)
Total gross expenses		1.25	%(b)		1.25	%		1.29	%		1.27	%		1.27	%		1.24	%
Total net expenses(c)		1.25	%(b)(d)		1.25	%(d)		1.29	%(d)		1.27	%(d)		1.26	%(d)		1.24	%(d)
Net investment income (loss)		(0.43	%)(b)		0.46	%		0.22	%		0.27	%		0.52	%		0.44	%
Supplemental data
Net assets, end of period (in thousands)	$	73,247		$	66,938		$	62,488		$	50,676		$	38,461		$	33,266
Portfolio turnover		5	%		12	%		27	%		29	%		21	%		83	%

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 the underlying funds in which the Fund 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.

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2016				Year Ended January 31,
Class K	(Unaudited)				2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	11.11			$	12.56		$	12.84		$	11.43		$	10.20		$	10.30
Income from investment operations:
Net investment income		0.02				0.16			0.10			0.14			0.15			0.13
Net realized and unrealized gain (loss)		1.14				(0.56	)		0.89			1.52			1.25			(0.07	)
Total from investment operations		1.16				(0.40	)		0.99			1.66			1.40			0.06
Less distributions to shareholders:
Net investment income		—				(0.20	)		(0.31	)		(0.25	)		(0.17	)		(0.16	)
Net realized gains		(0.34	)			(0.85	)		(0.96	)		—			—			—
Total distributions to shareholders		(0.34	)			(1.05	)		(1.27	)		(0.25	)		(0.17	)		(0.16	)
Net asset value, end of period	$	11.93			$	11.11		$	12.56		$	12.84		$	11.43		$	10.20
Total return		10.64	%			(3.76	%)		7.60	%		14.52	%		13.84	%		0.64	%
Ratios to average net assets(a)
Total gross expenses		0.43	%(b)			0.43	%		0.43	%		0.40	%		0.37	%		0.35	%
Total net expenses(c)		0.43	%(b)			0.43	%		0.43	%		0.40	%		0.37	%		0.35	%
Net investment income		0.39	%(b)			1.25	%		0.72	%		1.13	%		1.37	%		1.30	%
Supplemental data
Net assets, end of period (in thousands)	$	67			$	57		$	68		$	152		$	126		$	451
Portfolio turnover		5	%	��		12	%		27	%		29	%		21	%		83	%

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 the underlying funds in which the Fund 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.

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class R	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	11.01		$	12.46		$	12.75		$	11.35		$	10.16		$	10.25
Income from investment operations:
Net investment income		0.00	(a)		0.12			0.10			0.14			0.11			0.10
Net realized and unrealized gain (loss)		1.14			(0.56	)		0.83			1.47			1.24			(0.07	)
Total from investment operations		1.14			(0.44	)		0.93			1.61			1.35			0.03
Less distributions to shareholders:
Net investment income		—			(0.16	)		(0.26	)		(0.21	)		(0.16	)		(0.12	)
Net realized gains		(0.34	)		(0.85	)		(0.96	)		—			—			—
Total distributions to shareholders		(0.34	)		(1.01	)		(1.22	)		(0.21	)		(0.16	)		(0.12	)
Net asset value, end of period	$	11.81		$	11.01		$	12.46		$	12.75		$	11.35		$	10.16
Total return		10.56	%		(4.09	%)		7.19	%		14.13	%		13.38	%		0.33	%
Ratios to average net assets(b)
Total gross expenses		0.75	%(c)		0.76	%		0.79	%		0.78	%		0.79	%		0.70	%
Total net expenses(d)		0.75	%(c)(e)		0.76	%(e)		0.79	%(e)		0.78	%(e)		0.76	%(e)		0.70	%
Net investment income		0.07	%(c)		0.97	%		0.72	%		1.12	%		1.03	%		0.98	%
Supplemental data
Net assets, end of period (in thousands)	$	1,048		$	1,029		$	912		$	644		$	182		$	3
Portfolio turnover		5	%		12	%		27	%		29	%		21	%		83	%

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 the underlying funds in which the Fund 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.

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class R4	(Unaudited)			2016			2015			2014(a)
Per share data
Net asset value, beginning of period	$	10.89		$	12.34		$	12.63		$	11.82
Income from investment operations:
Net investment income		0.03			0.24			0.54			0.20
Net realized and unrealized gain (loss)		1.12			(0.61	)		0.46			0.88
Total from investment operations		1.15			(0.37	)		1.00			1.08
Less distributions to shareholders:
Net investment income		—			(0.23	)		(0.33	)		(0.27	)
Net realized gains		(0.34	)		(0.85	)		(0.96	)		—
Total distributions to shareholders		(0.34	)		(1.08	)		(1.29	)		(0.27	)
Net asset value, end of period	$	11.70		$	10.89		$	12.34		$	12.63
Total return		10.77	%		(3.65	%)		7.78	%		9.08	%
Ratios to average net assets(b)
Total gross expenses		0.25	%(c)		0.26	%		0.28	%		0.29	%(c)
Total net expenses(d)		0.25	%(c)(e)		0.26	%(e)		0.28	%(e)		0.29	%(c)(e)
Net investment income		0.56	%(c)		1.97	%		4.28	%		2.54	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	592		$	779		$	497		$	26
Portfolio turnover		5	%		12	%		27	%		29	%

Notes to Financial Highlights

(a)  Based on operations from June 13, 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 the underlying funds in which the Fund 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.

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class R5	(Unaudited)			2016			2015			2014(a)
Per share data
Net asset value, beginning of period	$	10.88		$	12.33		$	12.63		$	11.82
Income from investment operations:
Net investment income		0.04			0.31			0.16			0.04
Net realized and unrealized gain (loss)		1.12			(0.68	)		0.85			1.06
Total from investment operations		1.16			(0.37	)		1.01			1.10
Less distributions to shareholders:
Net investment income		—			(0.23	)		(0.35	)		(0.29	)
Net realized gains		(0.34	)		(0.85	)		(0.96	)		—
Total distributions to shareholders		(0.34	)		(1.08	)		(1.31	)		(0.29	)
Net asset value, end of period	$	11.70		$	10.88		$	12.33		$	12.63
Total return		10.87	%		(3.58	%)		7.83	%		9.27	%
Ratios to average net assets(b)
Total gross expenses		0.18	%(c)		0.18	%		0.18	%		0.19	%(c)
Total net expenses(d)		0.18	%(c)		0.18	%		0.18	%		0.19	%(c)
Net investment income		0.65	%(c)		2.61	%		1.22	%		0.47	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,259		$	1,041		$	381		$	385
Portfolio turnover		5	%		12	%		27	%		29	%

Notes to Financial Highlights

(a)  Based on operations from June 13, 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 the underlying funds in which the Fund 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.

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class Y	(Unaudited)			2016			2015			2014(a)
Per share data
Net asset value, beginning of period	$	10.87		$	12.32		$	12.62		$	11.82
Income from investment operations:
Net investment income		0.04			0.08			0.17			0.15
Net realized and unrealized gain (loss)		1.12			(0.44	)		0.84			0.95
Total from investment operations		1.16			(0.36	)		1.01			1.10
Less distributions to shareholders:
Net investment income		—			(0.24	)		(0.35	)		(0.30	)
Net realized gains		(0.34	)		(0.85	)		(0.96	)		—
Total distributions to shareholders		(0.34	)		(1.09	)		(1.31	)		(0.30	)
Net asset value, end of period	$	11.69		$	10.87		$	12.32		$	12.62
Total return		10.88	%		(3.54	%)		7.88	%		9.23	%
Ratios to average net assets(b)
Total gross expenses		0.13	%(c)		0.15	%		0.14	%		0.06	%(c)
Total net expenses(d)		0.13	%(c)		0.15	%		0.14	%		0.06	%(c)
Net investment income		0.72	%(c)		0.69	%		1.30	%		1.95	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	2,045		$	214		$	2		$	3
Portfolio turnover		5	%		12	%		27	%		29	%

Notes to Financial Highlights

(a)  Based on operations from June 13, 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 the underlying funds in which the Fund 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.

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

FINANCIAL HIGHLIGHTS (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2016			Year Ended January 31,
Class Z	(Unaudited)			2016			2015			2014			2013			2012
Per share data
Net asset value, beginning of period	$	11.03		$	12.49		$	12.78		$	11.36		$	10.16		$	10.26
Income from investment operations:
Net investment income		0.03			0.19			0.17			0.19			0.21			0.14
Net realized and unrealized gain (loss)		1.14			(0.58	)		0.83			1.50			1.19			(0.07	)
Total from investment operations		1.17			(0.39	)		1.00			1.69			1.40			0.07
Less distributions to shareholders:
Net investment income		—			(0.22	)		(0.33	)		(0.27	)		(0.20	)		(0.17	)
Net realized gains		(0.34	)		(0.85	)		(0.96	)		—			—			—
Total distributions to shareholders		(0.34	)		(1.07	)		(1.29	)		(0.27	)		(0.20	)		(0.17	)
Net asset value, end of period	$	11.86		$	11.03		$	12.49		$	12.78		$	11.36		$	10.16
Total return		10.81	%		(3.69	%)		7.70	%		14.82	%		13.87	%		0.83	%
Ratios to average net assets(a)
Total gross expenses		0.25	%(b)		0.26	%		0.29	%		0.28	%		0.28	%		0.24	%
Total net expenses(c)		0.25	%(b)(d)		0.26	%(d)		0.29	%(d)		0.28	%(d)		0.26	%(d)		0.24	%(d)
Net investment income		0.58	%(b)		1.55	%		1.30	%		1.51	%		2.00	%		1.40	%
Supplemental data
Net assets, end of period (in thousands)	$	2,693		$	1,809		$	1,433		$	951		$	413		$	168
Portfolio turnover		5	%		12	%		27	%		29	%		21	%		83	%

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 the underlying funds in which the Fund 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.

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS

July 31, 2016 (Unaudited)

Note 1. Organization

Columbia Funds Series Trust and Columbia Funds Series Trust II, (each a Trust, and collectively, the Trusts) are registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. Columbia Funds Series Trust is organized as a Delaware statutory trust and Columbia Funds Series Trust II is organized as a Massachusetts business trust.

Information presented in these financial statements pertains to the following series of the Trusts (each, a Fund and collectively, the Funds): Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio, each a series of Columbia Funds Series Trust, and Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio, each a series of Columbia Funds Series Trust II. Each Fund currently operates as a diversified fund.

Each Fund is a "fund-of-funds", investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds).

For information on the Underlying Funds, please refer to the Fund's current prospectus and the prospectuses of the Underlying Funds.

Fund Shares

Each Trust may issue an unlimited number of shares (without par value) that can be allocated among the separate series as designated by the Board of Trustees (the Board).

Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio each offers Class A, Class B, Class C, Class K, Class R, Class R4, Class R5, Class Y and Class Z shares. Columbia Capital Allocation Moderate Aggressive Portfolio offers Class A, Class B, Class C, Class K, Class R, Class R4, Class R5, Class T, Class Y and Class Z shares. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust's organizational documents or by law. Different share classes pay different distribution amounts to the

extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense and sales charge structure.

Class A shares are subject to a maximum front-end sales charge of 4.75% for Columbia Capital Allocation Conservative Portfolio. Class A shares of Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Aggressive Portfolio 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. Each Fund no longer accepts investments by new or existing investors in the Fund's Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within 12 months after purchase.

Class 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 T shares are subject to a maximum front-end sales charge of 5.75% based on the investment amount.

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

Class T shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 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, with certain limitations. Class T shares are available only to investors who received (and who have continuously held) Class T shares in connection with previous fund reorganizations.

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

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

Note 2. Summary of Significant Accounting Policies

Basis of Preparation

Each 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 Funds in the preparation of their 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.

Investments in the Underlying Funds are valued at the net asset value of the applicable class of the Underlying Fund determined as of the close of the NYSE on the valuation date.

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of transactions, at the mean of the latest quoted bid and ask prices.

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 reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security.

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

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Funds' Portfolio of Investments.

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 on any given day. 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.

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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

For financial statement purposes, the Funds do 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

Each Fund may invest 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 securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain 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 obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, 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 its obligations 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, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, additional

counterparty credit risk is failure of the clearinghouse or CCP. 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 derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives 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 or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP 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

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July 31, 2016 (Unaudited)

or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) 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 transactions to terminate derivatives contracts prior to maturity in the event the Fund's net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain 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 certain terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivatives 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 Funds utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities, to shift foreign currency back to U.S. dollars, to shift investment exposure from one currency to another and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark and/or recover an underweight country exposure in its portfolio. 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 at a specified price on a specified date. The Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. 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 deposits cash or securities with the broker, known as a futures commissions merchant (FCM), 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.

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July 31, 2016 (Unaudited)

Swap Contracts

Swap contracts are 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 FCM, which pledges it through to the CCP 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 less credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. 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.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the FCM or CCP may not fulfill its obligation under the contract.

Credit Default Swap Contracts

The Funds entered into credit default swap contracts to increase or decrease its credit exposure to an index and to increase or decrease its credit exposure to a specific debt security or a basket of debt securities as a protection buyer to reduce overall credit exposure.

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 an agreement 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 a 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).

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.

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 and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

Columbia Capital Allocation Conservative Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging

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July 31, 2016 (Unaudited)

instruments for accounting disclosure purposes) at July 31, 2016:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		363,338	*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		4,083
Interest rate risk	Net assets — unrealized appreciation on futures contracts		1,338,228	*
Total			1,705,649

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized depreciation on swap contracts		96,203	*
Equity risk	Net assets — unrealized depreciation on futures contracts		398,116	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		1,193
Total			495,512

*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 July 31, 2016:

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		—			—			(137,474	)		(137,474	)
Equity risk		—			(512,776	)		—			(512,776	)
Foreign exchange risk		(9,510	)		—			—			(9,510	)
Interest rate risk		—			661,399			—			661,399
Total		(9,510	)		148,623			(137,474	)		1,639
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		—			—			(74,604	)		(74,604	)
Equity risk		—			68,159			—			68,159
Foreign exchange risk		7,991			—			—			7,991
Interest rate risk		—			937,136			—			937,136
Total		7,991			1,005,295			(74,604	)		938,682

The following table provides a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		35,632,582
Futures contracts — Short		3,395,368
Credit default swap contracts — buy protection		12,685,000

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		4,702		(1,770	)

*Based on the ending quarterly outstanding amounts for the six months ended July 31, 2016.

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NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

Capital Allocation Moderate Conservative Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2016:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		1,209,179	*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		6,247
Interest rate risk	Net assets — unrealized appreciation on futures contracts		3,021,114	*
Total			4,236,540

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized depreciation on swap contracts		181,813	*
Equity risk	Net assets — unrealized depreciation on futures contracts		899,249	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		1,837
Total			1,082,899

*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 July 31, 2016:

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		—			—			(240,924	)		(240,924	)
Equity risk		—			(777,673	)		—			(777,673	)
Foreign exchange risk		(14,644	)		—			—			(14,644	)
Interest rate risk		—			1,578,501			—			1,578,501
Total		(14,644	)		800,828			(240,924	)		545,260
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		—			—			(148,779	)		(148,779	)
Equity risk		—			826,780			—			826,780
Foreign exchange risk		12,300			—			—			12,300
Interest rate risk		—			1,973,733			—			1,973,733
Total		12,300			2,800,513			(148,779	)		2,664,034

The following table provides a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		93,182,279
Futures contracts — Short		7,653,320
Credit default swap contracts — buy protection		22,083,500

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		7,255		(2,717	)

*Based on the ending quarterly outstanding amounts for the six months ended July 31, 2016.

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NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

Columbia Capital Allocation Moderate Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2016:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		4,040,737	*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		17,784
Interest rate risk	Net assets — unrealized appreciation on futures contracts		5,722,290	*
Total			9,780,811

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized depreciation on swap contracts		265,776	*
Equity risk	Net assets — unrealized depreciation on futures contracts		2,160,450	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		15,870
Total			2,442,096

*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 July 31, 2016:

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		—			—			(260,500	)		(260,500	)
Equity risk		—			(249,820	)		—			(249,820	)
Foreign exchange risk		(28,610	)		—			—			(28,610	)
Interest rate risk		—			3,533,395			—			3,533,395
Total		(28,610	)		3,283,575			(260,500	)		2,994,465
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		—			—			(265,776	)		(265,776	)
Equity risk		—			3,223,464			—			3,223,464
Foreign exchange risk		11,310			—			—			11,310
Interest rate risk		—			3,144,657			—			3,144,657
Total		11,310			6,368,121			(265,776	)		6,113,655

The following table provides a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		226,839,380
Futures contracts — Short		18,402,719
Credit default swap contracts — buy protection		22,335,500

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		20,711		(18,526	)

*Based on the ending quarterly outstanding amounts for the six months ended July 31, 2016.

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NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

Columbia Capital Allocation Moderage Aggressive Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2016:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		9,923,679	*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		12,261
Interest rate risk	Net assets — unrealized appreciation on futures contracts		8,559,074	*
Total			18,495,014

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized depreciation on swap contracts		365,090	*
Equity risk	Net assets — unrealized depreciation on futures contracts		2,973,687	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		11,343
Total			3,350,120

*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 July 31, 2016:

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		—			—		(352,704	)		(352,704	)
Equity risk		—			4,049,872		—			4,049,872
Foreign exchange risk		(19,676	)		—		—			(19,676	)
Interest rate risk		—			3,525,156		—			3,525,156
Total		(19,676	)		7,575,028		(352,704	)		7,202,648
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		—			—		(365,090	)		(365,090	)
Equity risk		—			11,863,271		—			11,863,271
Foreign exchange risk		7,825			—		—			7,825
Interest rate risk		—			6,100,837		—			6,100,837
Total		7,825			17,964,108		(365,090	)		17,606,843

The following table provides a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		402,544,672
Futures contracts — Short		25,352,424
Credit default swap contracts — buy protection		30,323,500

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		14,613		(12,995	)

*Based on the ending quarterly outstanding amounts for the six months ended July 31, 2016.

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NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

Columbia Capital Allocation Aggressive Portfolio

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2016:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		2,396,652	*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		15,070
Interest rate risk	Net assets — unrealized appreciation on futures contracts		1,539,113	*
Total			3,950,835

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Credit risk	Net assets — unrealized depreciation on swap contracts		111,532	*
Equity risk	Net assets — unrealized depreciation on futures contracts		914,415	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		13,133
Total			1,039,080

*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 July 31, 2016:

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		—			—		(106,040	)		(106,040	)
Equity risk		—			860,495		—			860,495
Foreign exchange risk		(24,270	)		—		—			(24,270	)
Interest rate risk		—			881,005		—			881,005
Total		(24,270	)		1,741,500		(106,040	)		1,611,190
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		—			—		(111,532	)		(111,532	)
Equity risk		—			2,302,050		—			2,302,050
Foreign exchange risk		10,602			—		—			10,602
Interest rate risk		—			940,241		—			940,241
Total		10,602			3,242,291		(111,532	)		3,141,361

The following table provides a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2016:

Derivative Instrument	Average Notional Amounts ($)*
Futures contracts — Long		76,920,149
Futures contracts — Short		7,795,616
Credit default swap contracts — buy protection		9,144,500

Derivative Instrument	Average Unrealized Appreciation ($)*		Average Unrealized Depreciation ($)*
Forward foreign currency exchange contracts		17,525		(15,332	)

*Based on the ending quarterly outstanding amounts for the six months ended July 31, 2016.

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NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

Offsetting of Assets and Liabilities

The following table presents 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 July 31, 2016:

Columbia Capital Allocation Conservative Portfolio

	Barclays ($)		Morgan Stanley ($)			Total ($)
Assets
Forward foreign currency exchange contracts		4,083		—			4,083
Total Assets		4,083		—			4,083
Liabilities
Centrally cleared credit default swap contracts(a)		—		19,523			19,523
Forward foreign currency exchange contracts		1,193		—			1,193
Total Liabilities		1,193		19,523			20,716
Total Financial and Derivative Net Assets		2,890		(19,523	)		(16,633	)
Total collateral received (pledged)(b)		—		(19,523	)		(19,523	)
Net Amount(c)		2,890		—			2,890

(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

Columbia Capital Allocation Moderate Conservative Portfolio

	Barclays ($)		Morgan Stanley ($)			Total ($)
Assets
Forward foreign currency exchange contracts		6,247		—			6,247
Total Assets		6,247		—			6,247
Liabilities
Centrally cleared credit default swap contracts(a)		—		36,906			36,906
Forward foreign currency exchange contracts		1,837		—			1,837
Total Liabilities		1,837		36,906			38,743
Total Financial and Derivative Net Assets		4,410		(36,906	)		(32,496	)
Total collateral received (pledged)(b)		—		(36,906	)		(36,906	)
Net Amount(c)		4,410		—			4,410

(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

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NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

Columbia Capital Allocation Moderate Portfolio

	BNP Paribas ($)		Morgan Stanley ($)			Total ($)
Assets
Forward foreign currency exchange contracts		17,784		—			17,784
Total Assets		17,784		—			17,784
Liabilities
Centrally cleared credit default swap contracts(a)		—		54,005			54,005
Forward foreign currency exchange contracts		15,870		—			15,870
Total Liabilities		15,870		54,005			69,875
Total Financial and Derivative Net Assets		1,914		(54,005	)		(52,091	)
Total collateral received (pledged)(b)		—		(54,005	)		(54,005	)
Net Amount(c)		1,914		—			1,914

(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

Columbia Capital Allocation Moderate Aggressive Portfolio

	Citi ($)		Morgan Stanley ($)			Total ($)
Assets
Forward foreign currency exchange contracts		12,261		—			12,261
Total Assets		12,261		—			12,261
Liabilities
Centrally cleared credit default swap contracts(a)		—		74,188			74,188
Forward foreign currency exchange contracts		11,343		—			11,343
Total Liabilities		11,343		74,188			85,531
Total Financial and Derivative Net Assets		918		(74,188	)		(73,270	)
Total collateral received (pledged)(b)		—		(74,188	)		(74,188	)
Net Amount(c)		918		—			918

(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

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NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

Columbia Capital Allocation Aggressive Portfolio

	JPMorgan ($)		Morgan Stanley ($)			Total ($)
Assets
Forward foreign currency exchange contracts		15,070		—			15,070
Total Assets		15,070		—			15,070
Liabilities
Centrally cleared credit default swap contracts(a)		—		22,664			22,664
Forward foreign currency exchange contracts		13,133		—			13,133
Total Liabilities		13,133		22,664			35,797
Total Financial and Derivative Net Assets		1,937		(22,664	)		(20,727	)
Total collateral received (pledged)(b)		—		(22,664	)		(22,664	)
Net Amount(c)		1,937		—			1,937

(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.

(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

(c) Represents the net amount due from/(to) counterparties in the event of default.

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

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

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

The Funds may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds, other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information on the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by the Fund's management. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

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

Expenses

General expenses of the Trusts are allocated to the Funds 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 a Fund are charged to that 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 directly to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of a 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

For federal income tax purposes, each Fund is treated as a separate entity. The Funds intend to qualify each year as separate regulated investment companies under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of their taxable income for their tax year, and as such will not be subject to federal income taxes. In addition, the Funds intend to distribute in each calendar year substantially all of their net investment income, capital gains and certain other amounts, if any, such that the Funds should not be

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NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

subject to federal excise tax. Therefore, no federal income or excise tax provisions are recorded.

Foreign Taxes

Each 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 quarterly for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio. Distributions from net investment income, if any, are declared and paid annually for Columbia Capital Allocation Aggressive Portfolio. Net realized capital gains, if any, are distributed along with the income dividend. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trusts' 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 Funds' contracts with their service providers contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined, and the Funds have no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and Other Transactions with Affiliates

Management Services Fees and Underlying Fund Fees

Effective June 1, 2016, the Funds entered into a Management Agreement with the Investment Manager. Under the Management Agreement, the Investment

Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in Columbia proprietary funds (excluding any underlying funds that do not pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager), (ii) 0.12% on assets invested in non-exchange-traded third-party advised mutual funds and (iii) 0.57% on assets invested in all other securities, including other funds advised by the Investment Manager that do not pay a management services fee (or investment advisory services fee, as applicable), exchange-traded funds, derivatives and individual securities. Prior to June 1, 2016, each Fund paid the Investment Manager an annual fee for advisory services under an Investment Management Services Agreement and a separate annual fee for administrative and accounting services under an Administrative Services Agreement.

The annualized effective management services fee rates, net of any waiver, based on each Fund's average daily net assets for the six months ended July 31, 2016 (reflecting all advisory and administrative services fees paid to the Investment Manager) were as follows:

Columbia Capital Allocation Conservative Portfolio	0.08	%
Columbia Capital Allocation Moderate Conservative Portfolio	0.07
Columbia Capital Allocation Moderate Portfolio	0.05
Columbia Capital Allocation Moderate Aggressive Portfolio	0.09
Columbia Capital Allocation Aggressive Portfolio	0.07

For the period from February 1, 2016 through May 31, 2016, the investment advisory services fee paid to the Investment Manager and the administrative services fee paid to the Investment Manager was as follows:

Fund	Investment Advisory Services Fee ($)		Administrative Services Fee ($)
Columbia Capital Allocation Conservative Portfolio		55,598		18,281
Columbia Capital Allocation Moderate Conservative Portfolio		103,979		42,256
Columbia Capital Allocation Moderate Portfolio		175,133		102,783
Columbia Capital Allocation Moderate Aggressive Portfolio		488,858		142,763
Columbia Capital Allocation Aggressive Portfolio		118,624		43,727

In addition to the fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of the Underlying Funds in which

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NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

the Funds invest. Because the Underlying Funds have varied expense and fee levels and the Funds may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Participating Affiliates

The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates will provide services to the Investment Manager (or any affiliated investment subadviser to the Fund as the case may be) either pursuant to subadvisory agreements, personnel-sharing agreements or similar inter-company arrangements and the Fund will pay no additional fees and expenses as a result of any such arrangements.

These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered with appropriate respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.

Pursuant to some of these arrangements, certain employees of these Participating Affiliates may 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 such services to the Funds on behalf of the Investment Manager.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Fund or the Board, including payments to Board Services Corp., a company providing limited administrative services to the Fund and the Board. That company's expenses include boardroom and office expense, employee compensation, employee health and retirement benefits and certain other

expenses. For the six months ended July 31, 2016, other expenses paid by the Fund to this company were as follows:

Fund	Amount ($)
Columbia Capital Allocation Conservative Portfolio		95
Columbia Capital Allocation Moderate Conservative Portfolio		129
Columbia Capital Allocation Moderate Portfolio		215
Columbia Capital Allocation Moderate Aggressive Portfolio		271
Columbia Capital Allocation Aggressive Portfolio		131

Compensation of Board Members

Board members, who are not officers or employees of the Investment Manager or Ameriprise Financial, are compensated for their services to the Funds as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), these Board members may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. Each Fund's liability for these amounts is adjusted for market value changes and remains in the Funds until distributed in accordance with the Plan. All amounts payable under the Plan constitute a general unsecured obligation of the Funds.

Transfer Agency Fees

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

The Transfer Agent 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 BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

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NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

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

For the six months ended July 31, 2016, the Funds' annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

Fund	Class A (%)		Class B (%)		Class C (%)		Class K (%)		Class R (%)		Class R4 (%)		Class R5 (%)		Class T (%)		Class Z (%)
Columbia Capital Allocation Conservative Portfolio		0.11		0.11		0.11		0.05		0.11		0.11		0.05		—		0.11
Columbia Capital Allocation Moderate Conservative Portfolio		0.11		0.11		0.11		0.05		0.11		0.11		0.05		—		0.11
Columbia Capital Allocation Moderate Portfolio		0.10		0.11		0.10		0.05		0.10		0.11		0.05		—		0.10
Columbia Capital Allocation Moderate Aggressive Portfolio		0.15		0.15		0.15		0.05		0.15		0.15		0.05		0.15		0.15
Columbia Capital Allocation Aggressive Portfolio		0.12		0.12		0.12		0.05		0.12		0.13		0.05		—		0.12

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations.

For the six months ended July 31, 2016, these minimum account balance fees reduced total expenses as follows:

Fund	Amount ($)
Columbia Capital Allocation Conservative Portfolio		—
Columbia Capital Allocation Moderate Conservative Portfolio		80
Columbia Capital Allocation Moderate Portfolio		60
Columbia Capital Allocation Moderate Aggressive Portfolio		9,774
Columbia Capital Allocation Aggressive Portfolio		120

Plan Administration Fees

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

Distribution and Service Fees

The Funds have 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. The Board has approved and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Funds and providing services to investors.

Under the Plans, each Fund pays a monthly fee to the Distributor at the annual rates of up to 0.25% of each Fund's average daily net assets attributable to Class A shares, up to 1.00% of each Fund's average daily net assets attributable to Class B and Class C shares and up to 0.50% of each Fund's average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio).

For Class B and Class C shares of the Funds, of 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) for each Fund was approximately as follows:

Fund	Class B ($)		Class C ($)
Columbia Capital Allocation Conservative Portfolio		1,635,000		259,000
Columbia Capital Allocation Moderate Conservative Portfolio		2,719,000		441,000
Columbia Capital Allocation Moderate Portfolio		5,038,000		1,660,000
Columbia Capital Allocation Moderate Aggressive Portfolio		4,378,000		1,231,000
Columbia Capital Allocation Aggressive Portfolio		1,250,000		287,000

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NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

These amounts are based on the most recent information available as of June 30, 2016, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Shareholder Services Fees

Columbia Capital Allocation Moderate Aggressive Portfolio has adopted a shareholder services plan that permits it to pay for certain services provided to Class T shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund's average daily net assets attributable to Class T shares (comprised of up to 0.25% for shareholder liaison services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.25% of the Fund's average daily net assets attributable to Class T shares.

Sales Charges

Sales charges, including front-end and CDSCs, received by the Distributor for distributing each Fund's shares for the six months ended July 31, 2016, are as follows:

Fund	Class A ($)		Class B ($)		Class C ($)		Class T ($)
Columbia Capital Allocation Conservative Portfolio		119,079		13		3,320		—
Columbia Capital Allocation Moderate Conservative Portfolio		275,875		206		5,423		—
Columbia Capital Allocation Moderate Portfolio		834,676		597		10,394		—
Columbia Capital Allocation Moderate Aggressive Portfolio		1,028,224		360		10,317		4,060
Columbia Capital Allocation Aggressive Portfolio		572,527		187		4,313		—

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), so that each 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:

	June 1, 2016 through May 31, 2017
Fund	Class A (%)		Class B (%)		Class C (%)		Class K (%)		Class R (%)		Class R4 (%)		Class R5 (%)		Class T (%)		Class Y (%)		Class Z (%)
Columbia Capital Allocation Conservative Portfolio		0.49		1.24		1.24		0.44		0.74		0.24		0.19		N/A		0.14		0.24
Columbia Capital Allocation Moderate Conservative Portfolio		0.49		1.24		1.24		0.44		0.74		0.24		0.19		N/A		0.14		0.24
Columbia Capital Allocation Moderate Portfolio		0.47		1.22		1.22		0.42		0.72		0.22		0.17		N/A		0.12		0.22
Columbia Capital Allocation Moderate Aggressive Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		0.51		0.16		0.26
Columbia Capital Allocation Aggressive Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26
	Prior to June 1, 2016
Fund	Class A (%)		Class B (%)		Class C (%)		Class K (%)		Class R (%)		Class R4 (%)		Class R5 (%)		Class T (%)		Class Y (%)		Class Z (%)
Columbia Capital Allocation Conservative Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26
Columbia Capital Allocation Moderate Conservative Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26
Columbia Capital Allocation Moderate Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26
Columbia Capital Allocation Moderate Aggressive Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		0.51		0.16		0.26
Columbia Capital Allocation Aggressive Portfolio		0.51		1.26		1.26		0.46		0.76		0.26		0.21		N/A		0.16		0.26

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

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NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend and interest expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges

and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board. Each Fund's management services fee is also excluded from the waiver/reimbursement commitment and is therefore paid by the Funds. 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 July 31, 2016, the approximate cost of investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was approximately:

Fund	Tax cost ($)		Gross Unrealized Appreciation ($)		Gross Unrealized Depreciation ($)			Net Appreciation (Depreciation) ($)
Columbia Capital Allocation Conservative Portfolio		280,078,000		5,101,000		(3,876,000	)		1,225,000
Columbia Capital Allocation Moderate Conservative Portfolio		632,892,000		20,493,000		(9,522,000	)		10,971,000
Columbia Capital Allocation Moderate Portfolio		1,499,659,000		85,918,000		(21,324,000	)		64,594,000
Columbia Capital Allocation Moderate Aggressive Portfolio		2,059,006,000		140,901,000		(35,000,000	)		105,901,000
Columbia Capital Allocation Aggressive Portfolio		632,143,000		54,828,000		(12,694,000	)		42,134,000

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. At January 31, 2016, the Funds have elected to treat the following post-October capital losses as arising on February 1, 2016:

	Post-October Capital Losses ($)
Columbia Capital Allocation Moderate Aggressive Portfolio		1,192,719
Columbia Capital Allocation Aggressive Portfolio		188,131

Management of the Funds has concluded that there are no significant uncertain tax positions in the Funds 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 Funds' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

For the six months ended July 31, 2016, the cost of purchases and proceeds from sales of investments in the Underlying Funds, including U.S. government securities, but excluding investments in money market funds and derivatives, if any, for each Fund aggregated to:

	Other Investment Securities
Fund	Purchases ($)		Proceeds ($)
Columbia Capital Allocation Conservative Portfolio		34,189,834		50,489,534
Columbia Capital Allocation Moderate Conservative Portfolio		61,700,748		109,504,885
Columbia Capital Allocation Moderate Portfolio		63,866,646		113,526,261
Columbia Capital Allocation Moderate Aggressive Portfolio		82,000,623		160,745,900
Columbia Capital Allocation Aggressive Portfolio		32,484,689		43,875,269

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NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated Money Market Fund

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

Note 7. Line of Credit

Each Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Funds may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Funds and certain other funds managed by the Investment Manager, severally and not jointly, that permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR

rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. Each Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations.

No Fund had borrowings during the six months ended July 31, 2016.

Note 8. Significant Risks

Shareholder Concentration Risk

At July 31, 2016, certain shareholder accounts owned more than 10% of the outstanding shares of one or more of the Funds. For unaffiliated shareholder accounts, the Funds have no knowledge about whether any portion of those shares were owned beneficially. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid or more liquid positions, resulting in Fund losses and the Fund holding a higher percentage of less liquid or illiquid securities. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

The number of accounts and aggregate percentages of shares outstanding held therein were as follows:

Fund	Number of Unaffiliated Accounts		Percentage of Shares Outstanding Held — Unaffiliated (%)		Percentage of Shares Outstanding Held — Affiliated (%)
Columbia Capital Allocation Conservative Portfolio		—		—		82.9
Columbia Capital Allocation Moderate Conservative Portfolio		—		—		79.6
Columbia Capital Allocation Moderate Portfolio		—		—		93.5
Columbia Capital Allocation Moderate Aggressive Portfolio		1		14.7		57.5
Columbia Capital Allocation Aggressive Portfolio		—		—		91.0

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NOTES TO FINANCIAL STATEMENTS (continued)

July 31, 2016 (Unaudited)

Note 9. Subsequent Events

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

Note 10. Information Regarding Pending and Settled Legal Proceedings

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

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

Semiannual Report 2016
165

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

APPROVAL OF MANAGEMENT AGREEMENT

Columbia Management Investment Advisers, LLC (Columbia Threadneedle or the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Capital Allocation Portfolios (each, a Series Fund and collectively, the Series Funds). Under a management agreement with respect to each Series Fund (each, a Management Agreement), Columbia Threadneedle provides investment advice and other services to each of the Series Funds and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

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

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

Nature, Extent and Quality of Services Provided by Columbia Threadneedle

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

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

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

Semiannual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

APPROVAL OF MANAGEMENT AGREEMENT (continued)

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

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

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

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under each Management Agreement, the Board carefully reviewed the investment performance of each Series 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 each Series Fund, the performance of a benchmark index, the percentage ranking of each Series Fund among its comparison group and the net assets of each Fund. The Board observed that the investment performance for Columbia Capital Allocation Aggressive Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Portfolio met expectations. The Board observed periods of underperformance for Columbia Capital Allocation Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio, noting that appropriate steps (such as the recent enhancements to, and restructuring of, the Asset Allocation Team) had been taken.

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

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

The Board considered the reports of its independent fee consultant, JDL Consultants, LLC (JDL), which assisted in its analysis of the Series Funds' performance and expenses, the reasonableness of the Series Funds' fee rates, the reasonableness of Columbia Threadneedle's profitability, and JDL's conclusion that the management fees being charged to each Series Fund are reasonable. The Board accorded particular weight to the notion that the level of fees should generally reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain defined exceptions) are generally in line with the "pricing philosophy" currently in effect (i.e., that the total expense ratio of the Fund is generally no higher than the median expense ratio of funds in the comparison universe of the Fund). With respect to the Series Funds that operate as funds-of-funds (the Funds-of-Funds), the Independent Trustees noted the information provided by Columbia Threadneedle demonstrating the rationale for according weight to the Funds-of-Funds' direct expenses as opposed to their total expense ratios, which also include indirect expenses (i.e., the expenses incurred by the underlying Funds in which the Funds-of-Funds invest). Further, they considered the information provided by Columbia Threadneedle demonstrating that the Funds-of-Funds' total expense ratios generally approximate or are below their respective peer universe median ratios. The Board took into account that the total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports for Columbia Capital Allocation Aggressive Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Portfolio. The Board took into account that for Columbia Capital Allocation Conservative Portfolio, the total expense ratio (after considering proposed expense caps/waivers) approximated

Semiannual Report 2016
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COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

APPROVAL OF MANAGEMENT AGREEMENT (continued)

the peer universe's median expense ratio. Based on its review, the Board concluded that each Series Fund's management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

The Board also considered the expected profitability of Columbia Threadneedle and its affiliates in connection with Columbia Threadneedle providing management services to each of the Series Funds. In this regard, the Independent Trustees referred to their detailed analysis of the Profitability Report, discussing the profitability to Columbia Threadneedle and Ameriprise Financial from managing, operating and distributing the Series Funds. The Board took into account JDL's conclusion that 2015 Columbia Threadneedle profitability, relative to industry competitors, was reasonable. It also considered that in 2015 the Board had concluded that 2014 profitability was reasonable and that Columbia Threadneedle generated 2015 profitability that only slightly exceeded 2014 levels. It also took into account the indirect economic benefits flowing to Columbia Threadneedle or its affiliates in connection with managing or distributing the Series Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Economies of Scale to be Realized

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

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

Semiannual Report 2016
168

COLUMBIA CAPITAL ALLOCATION PORTFOLIOS

IMPORTANT INFORMATION ABOUT THIS REPORT

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

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

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

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169

Columbia Capital Allocation Portfolios

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 Funds, go to investor.columbiathreadneedleus.com. The 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.

All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804

© 2016 Columbia Management Investment Advisers, LLC.

investor.columbiathreadneedleus.com

SAR124_01_F01_(09/16)

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                                                                                       September 21, 2016

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                                                                                       September 21, 2016

By (Signature and Title)                                              /s/ Michael G. Clarke
	Michael G. Clarke, Treasurer and Chief Financial Officer
Date                                                                                       September 21, 2016