N-CSRS 1 a13-19038_14ncsrs.htm N-CSRS

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			811-09645

Columbia Funds Series Trust
(Exact name of registrant as specified in charter)

50606 Ameriprise Financial Center Minneapolis, MN					55474
(Address of principal executive offices)					(Zip code)

Christopher O. Petersen, Esq. c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, 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, 2013

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, 2013

Columbia LifeGoal® Growth Portfolio

Not FDIC insured • No bank guarantee • May lose value

President's Message

Dear Shareholders,

A return to volatility

Volatility returned to the financial markets in the second quarter of 2013, as uncertainty about the global economy, monetary policy and the impact of the sequester's spending cuts weighed on investors. Households advanced their spending but also allocated less to savings. Labor markets continued to crank out jobs at a steady pace, slowly reducing unemployment. Housing activity remained strong and retail sales were higher despite no real increase in income. The single weak spot was in the manufacturing sector, where activity slowed. While the consumer has weathered the domestic drag well, business has been closer to the global slowdown and effects of sequestration. Businesses remain very cautious, keeping inventories and staffs lean, and are planning for but not yet confident enough to make capital expenditures.

Against this backdrop, equities outperformed fixed income during the second quarter of 2013. Small-cap stocks outperformed large- and mid-cap stocks, and growth outperformed value except for in the large-cap sector. Outside the United States, foreign stock markets generally lost ground, with the most significant losses sustained by emerging markets.

Columbia Management to begin delivering summary prospectuses

Each Columbia fund is required to update its prospectus on an annual basis. Beginning with June 2013 prospectus updates, shareholders of Columbia retail mutual funds will start to receive a summary prospectus, rather than the full length (statutory) mutual fund prospectus they have received in the past.

Each fund's summary prospectus will include the following key information:

> Investment objective

> Fee and expense table

> Portfolio turnover rate information

> Principal investment strategies, principal risks and performance information

> Management information

> Purchase and sale information

> Tax information

> Financial intermediary compensation information

Each fund's statutory prospectus will contain additional information about the fund and its risks. Both the statutory and summary prospectus will be updated each year, and will be available at columbiamanagement.com. Shareholders may request a printed version of a statutory prospectus at no cost by calling 800.345.6611 or sending an email to serviceinquiries@columbiamanagement.com.

Stay on track with Columbia Management

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

Visit columbiamanagement.com for:

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

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

> Economic analysis and market commentary

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

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

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

Semiannual Report 2013

Columbia LifeGoal® Growth Portfolio

Table of Contents

Performance Overview					2
Portfolio Overview					3
Understanding Your Portfolio's Expenses					4
Portfolio of Investments					6
Statement of Assets and Liabilities					10
Statement of Operations					12
Statement of Changes in Net Assets					13
Financial Highlights					16
Notes to Financial Statements					24
Approval of Investment Management Services Agreement					29
Important Information About This Report					33

Portfolio Investment Manager

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

Portfolio Distributor

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

Portfolio Transfer Agent

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

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

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

Semiannual Report 2013

Columbia LifeGoal® Growth Portfolio

Performance Overview

(Unaudited)

Performance Summary

> Columbia LifeGoal^® Growth Portfolio (the Portfolio) Class A shares returned 9.51% excluding sales charges for the six-month period that ended July 31, 2013.

> The Portfolio underperformed its benchmark, the S&P 500 Index, which returned 13.73% for the same six-month period.

Average Annual Total Returns (%) (for period ended July 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			9.51		21.12		6.81		8.52
Including sales charges			3.22		14.17		5.55		7.88
Class B	08/12/97
Excluding sales charges			9.18		20.29		6.04		7.72
Including sales charges			4.18		15.29		5.72		7.72
Class C	10/15/96
Excluding sales charges			9.17		20.28		6.03		7.71
Including sales charges			8.17		19.28		6.03		7.71
Class K*	03/07/11		9.57		21.22		6.86		8.55
Class R*	01/23/06		9.39		20.86		6.54		8.25
Class R4*	11/08/12		9.59		21.34		6.85		8.54
Class R5*	11/08/12		9.78		21.59		6.89		8.56
Class Z	10/15/96		9.62		21.45		7.09		8.81
S&P 500 Index			13.73		25.00		8.26		7.64

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 Portfolio's other classes are not subject to sales charges and have limited eligibility. Please see the Portfolio'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 Portfolio distributions or on the redemption of Portfolio shares. Performance results reflect the effect of any fee waivers or reimbursements of Portfolio expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

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

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

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

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

Semiannual Report 2013
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Columbia LifeGoal® Growth Portfolio

Portfolio Overview

(Unaudited)

Portfolio Breakdown (%) (at July 31, 2013)
Alternative Investment Funds					5.9
Equity Funds					87.5
Dividend Income					30.2
International					8.1
U.S. Large Cap					42.0
U.S. Mid Cap					5.1
U.S. Small Cap					2.1
Fixed-Income Funds					6.6
Convertible					6.6
Total					100.0

Percentages indicated are based upon total investments.

Portfolio Management

Anwiti Bahuguna, Ph.D.

Robert McConnaughey

Melda Mergen, CFA, CAIA

Colin Moore

Marie Schofield, CFA

Beth Vanney, CFA

Semiannual Report 2013
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Columbia LifeGoal® Growth Portfolio

Understanding Your Portfolio's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other portfolio expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Portfolio's Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Portfolio 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 Portfolio'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 Portfolio's actual return) and then applies the Portfolio'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 Portfolio bears directly, the Portfolio's shareholders indirectly bear the Portfolio's allocable share of the costs and expenses of each underlying fund in which the Portfolio 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 Portfolio 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 2013
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Columbia LifeGoal® Growth Portfolio

Understanding Your Portfolio's Expenses (continued)

(Unaudited)

February 1, 2013 – July 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Portfolio's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Portfolio's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,095.10		1,022.27		2.65		2.56		0.51		6.65		6.42		1.28
Class B		1,000.00		1,000.00		1,091.80		1,018.55		6.54		6.31		1.26		10.53		10.16		2.03
Class C		1,000.00		1,000.00		1,091.70		1,018.55		6.53		6.31		1.26		10.53		10.16		2.03
Class K		1,000.00		1,000.00		1,095.70		1,023.01		1.87		1.81		0.36		5.87		5.67		1.13
Class R		1,000.00		1,000.00		1,093.90		1,021.03		3.95		3.81		0.76		7.94		7.67		1.53
Class R4		1,000.00		1,000.00		1,095.90		1,023.55		1.30		1.25		0.25		5.30		5.12		1.02
Class R5		1,000.00		1,000.00		1,097.80		1,024.45		0.36		0.35		0.07		4.37		4.22		0.84
Class Z		1,000.00		1,000.00		1,096.20		1,023.51		1.35		1.30		0.26		5.35		5.17		1.03

Expenses paid during the period are equal to the Portfolio's 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 Portfolio's most recent fiscal half year and divided by 365.

Effective expenses paid during the period and the Portfolio's effective annualized expense ratio include expenses borne directly to the class plus the Portfolio'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 2013
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Columbia LifeGoal® Growth Portfolio

Portfolio of Investments

July 31, 2013 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 87.5%

Issuer	Shares		Value ($)
Dividend Income 30.2%
Columbia Dividend Income Fund, Class I Shares^(a)		5,451,139		94,849,811
Columbia Dividend Opportunity Fund, Class I Shares^(a)		7,842,420		79,522,137
Columbia Global Dividend Opportunity Fund, Class I Shares^(a)		3,093,055		63,252,978
Total				237,624,926
International 8.1%
Columbia Emerging Markets Fund, Class I Shares^(a)		3,649,189		35,032,217
Columbia Pacific/Asia Fund, Class I Shares^(a)		3,352,911		28,935,620
Total				63,967,837
U.S. Large Cap 42.0%
Columbia Contrarian Core Fund, Class I Shares^(a)		2,446,840		48,374,017
Columbia Energy and Natural Resources Fund, Class I Shares^(a)		2,096,925		44,475,785
Columbia Large Cap Core Fund, Class I Shares^(a)		2,747,052		39,859,718
Columbia Large Cap Growth Fund, Class I Shares^(a)		2,250,369		72,056,819
Columbia Large Core Quantitative Fund, Class I Shares^(a)		2,059,947		16,088,185
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		3,932,109		36,018,121
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		4,368,734		74,312,173
Total				331,184,818

Equity Funds (continued)

Issuer	Shares		Value ($)
U.S. Mid Cap 5.1%
Columbia Mid Cap Growth Fund, Class I Shares^(a)(b)		1,279,385		40,518,117
U.S. Small Cap 2.1%
Columbia Small Cap Growth Fund I, Class I Shares^(a)(b)		477,463		16,400,866
Total Equity Funds (Cost: $560,725,043)				689,696,564
Fixed-Income Funds 6.6%
Convertible 6.6%
Columbia Convertible Securities Fund, Class I Shares^(a)		3,060,371		52,240,539
Total Fixed-Income Funds (Cost: $42,707,732)				52,240,539
Alternative Investment Funds 5.9%
Columbia Flexible Capital Income Fund, Class I Shares^(a)		3,852,262		46,650,895
Total Alternative Investment Funds (Cost: $41,417,867)				46,650,895
Total Investments (Cost: $644,850,642)				788,587,998
Other Assets and Liabilities				(252,974	)
Net Assets				788,335,024

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

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Columbia LifeGoal® Growth Portfolio

Portfolio of Investments (continued)

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments

(a) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Portfolio owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Portfolio. Holdings and transactions in these affiliated companies during the period ended July 31, 2013, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds from Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Dividend Opportunity Fund, Class I Shares		64,142,398		822,159		(4,754,204	)		664,237			60,874,590		—		822,159		79,522,137
Columbia Large Core Quantitative Fund, Class I Shares		12,789,441		—		(1,240,969	)		286,348			11,834,820		—		—		16,088,185
Columbia Large Growth Quantitative Fund, Class I Shares		32,079,867		1		(2,268,857	)		803,976			30,614,987		—		—		36,018,121
Columbia Convertible Securities Fund, Class I Shares		43,184,379		701,131		(1,269,362	)		91,584			42,707,732		—		658,337		52,240,539
Columbia Large Cap Core Fund, Class I Shares		33,954,103		5,642,815		(2,968,468	)		348,943			36,977,393		5,571,806		68,935		39,859,718
Columbia Global Dividend Opportunity Fund, Class I Shares		61,156,264		991,070		(1,838,237	)		10,832			60,319,929		—		990,991		63,252,978
Columbia Small Cap Growth Fund I, Class I Shares		15,416,233		4,576		(1,268,151	)		(153,691	)		13,998,967		—		—		16,400,866
Columbia Contrarian Core Fund, Class I Shares		30,681,411		—		(3,719,440	)		2,174,526			29,136,497		—		—		48,374,017
Columbia Select Large Cap Growth Fund, Class I Shares		60,697,380		8,871		(3,307,578	)		302,675			57,701,348		—		—		74,312,173
Columbia Pacific/Asia Fund, Class I Shares		26,276,326		423,404		(1,701,160	)		366,611			25,365,181		—		326,749		28,935,620
Columbia Mid Cap Growth Fund, Class I Shares		37,208,781		140		(2,018,677	)		111,286			35,301,530		—		—		40,518,117
Columbia Large Cap Growth Fund, Class I Shares		49,017,477		15,740		(3,077,251	)		518,524			46,474,490		—		—		72,056,819
Columbia Energy and Natural Resources Fund, Class I Shares		43,940,945		202,959		(172,007	)		3,342			43,975,239		—		—		44,475,785
Columbia Emerging Markets Fund, Class I Shares		36,221,589		258,332		(22,428	)		(970	)		36,456,523		—		—		35,032,217
Columbia Dividend Income Fund, Class I Shares		77,047,218		1,046,127		(7,771,472	)		1,371,676			71,693,549		—		1,046,128		94,849,811
Columbia Flexible Capital Income Fund, Class I Shares		41,951,026		837,627		(1,498,568	)		127,782			41,417,867		—		832,909		46,650,895
Total		665,764,838		10,954,952		(38,896,829	)		7,027,681			644,850,642		5,571,806		4,746,208		788,587,998

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

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Columbia LifeGoal® Growth Portfolio

Portfolio of Investments (continued)

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

(b) Non-income producing.

Fair Value Measurements

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

The Portfolio 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 Portfolio's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

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

> Level 1 — Valuations based on quoted prices for investments in active markets that the Portfolio 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 Portfolio'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 Portfolio uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

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

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are 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.

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

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Columbia LifeGoal® Growth Portfolio

Portfolio of Investments (continued)

July 31, 2013 (Unaudited)

Fair Value Measurements (continued)

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 Portfolio's investments at July 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Equity Funds		689,696,564		—		—		689,696,564
Fixed-Income Funds		52,240,539		—		—		52,240,539
Alternative Investment Funds		46,650,895		—		—		46,650,895
Total Mutual Funds		788,587,998		—		—		788,587,998
Total		788,587,998		—		—		788,587,998

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

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

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

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9

Columbia LifeGoal® Growth Portfolio

Statement of Assets and Liabilities

July 31, 2013 (Unaudited)

Assets
Investments, at value
Affiliated issuers (identified cost $644,850,642)	$	788,587,998
Receivable for:
Investments sold		51,320
Capital shares sold		563,021
Prepaid expenses		15,474
Total assets		789,217,813
Liabilities
Payable for:
Capital shares purchased		687,640
Distribution and/or service fees		8,064
Transfer agent fees		100,734
Administration fees		432
Plan administration fees		1
Compensation of board members		5,609
Other expenses		80,309
Total liabilities		882,789
Net assets applicable to outstanding capital stock	$	788,335,024
Represented by
Paid-in capital	$	726,305,899
Excess of distributions over net investment income		(495,611	)
Accumulated net realized loss		(81,212,620	)
Unrealized appreciation (depreciation) on:
Investments — affiliated issuers		143,737,356
Total — representing net assets applicable to outstanding capital stock	$	788,335,024

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

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Columbia LifeGoal® Growth Portfolio

Statement of Assets and Liabilities (continued)

July 31, 2013 (Unaudited)

Class A
Net assets	$	585,818,099
Shares outstanding		41,455,870
Net asset value per share	$	14.13
Maximum offering price per share(a)	$	14.99
Class B
Net assets	$	51,251,956
Shares outstanding		3,986,873
Net asset value per share	$	12.86
Class C
Net assets	$	94,809,652
Shares outstanding		7,438,593
Net asset value per share	$	12.75
Class K
Net assets	$	148,404
Shares outstanding		10,320
Net asset value per share	$	14.38
Class R
Net assets	$	3,596,490
Shares outstanding		257,083
Net asset value per share	$	13.99
Class R4
Net assets	$	13,982
Shares outstanding		961
Net asset value per share	$	14.55
Class R5
Net assets	$	15,129
Shares outstanding		1,039
Net asset value per share	$	14.56
Class Z
Net assets	$	52,681,312
Shares outstanding		3,661,236
Net asset value per share	$	14.39

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

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

Semiannual Report 2013
11

Columbia LifeGoal® Growth Portfolio

Statement of Operations

Six Months Ended July 31, 2013 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$	4,746,208
Total income		4,746,208
Expenses:
Investment management fees		157
Distribution and/or service fees
Class A		703,913
Class B		278,033
Class C		455,053
Class R		8,577
Transfer agent fees
Class A		562,899
Class B		55,632
Class C		90,973
Class K		35
Class R		3,428
Class R4		6
Class R5		1
Class Z		50,423
Administration fees		76,377
Plan administration fees
Class K		176
Compensation of board members		4,915
Custodian fees		5,679
Printing and postage fees		81,088
Registration fees		38,744
Professional fees		12,323
Other		5,996
Total expenses		2,434,428
Expense reductions		(1,514	)
Total net expenses		2,432,914
Net investment income		2,313,294
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — affiliated issuers		7,027,681
Capital gain distributions from underlying affiliated funds		5,571,806
Net realized gain		12,599,487
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated issuers		54,522,222
Net change in unrealized appreciation (depreciation)		54,522,222
Net realized and unrealized gain		67,121,709
Net increase in net assets resulting from operations	$	69,435,003

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

Semiannual Report 2013
12

Columbia LifeGoal® Growth Portfolio

Statement of Changes in Net Assets

	Six months ended July 31, 2013 (Unaudited)			Year ended January 31, 2013^(a)
Operations
Net investment income	$	2,313,294		$	9,242,015
Net realized gain		12,599,487			33,277,146
Net change in unrealized appreciation (depreciation)		54,522,222			53,388,924
Net increase in net assets resulting from operations		69,435,003			95,908,085
Distributions to shareholders
Net investment income
Class A		(2,460,297	)		(9,524,054	)
Class B		(49,233	)		(784,343	)
Class C		(85,029	)		(1,029,061	)
Class K		(706	)		(4,495	)
Class R		(10,993	)		(52,818	)
Class R4		(50	)		(21	)
Class R5		(19	)		(22	)
Class Z		(276,524	)		(997,211	)
Total distributions to shareholders		(2,882,851	)		(12,392,025	)
Increase (decrease) in net assets from capital stock activity		(32,786,694	)		(92,576,813	)
Total increase (decrease) in net assets		33,765,458			(9,060,753	)
Net assets at beginning of period		754,569,566			763,630,319
Net assets at end of period	$	788,335,024		$	754,569,566
Undistributed (excess of distributions over) net investment income	$	(495,611	)	$	73,946

(a) Class R4 and Class R5 shares are for the period from November 8, 2012 (commencement of operations) to January 31, 2013.

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

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Columbia LifeGoal® Growth Portfolio

Statement of Changes in Net Assets (continued)

	Six months ended July 31, 2013 (Unaudited)						Year ended January 31, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		2,209,046			29,908,451			4,863,471			58,763,329
Distributions reinvested		144,631			1,933,770			610,165			7,464,003
Redemptions		(3,513,838	)		(47,495,707	)		(9,382,818	)		(113,680,407	)
Net decrease		(1,160,161	)		(15,653,486	)		(3,909,182	)		(47,453,075	)
Class B shares
Subscriptions		26,504			322,859			76,918			850,701
Distributions reinvested		2,822			34,398			44,949			503,172
Redemptions^(b)		(1,081,821	)		(13,410,694	)		(2,934,794	)		(32,181,984	)
Net decrease		(1,052,495	)		(13,053,437	)		(2,812,927	)		(30,828,111	)
Class C shares
Subscriptions		400,315			4,883,942			847,762			9,269,004
Distributions reinvested		5,053			61,040			62,834			697,710
Redemptions		(631,214	)		(7,673,934	)		(1,853,238	)		(20,259,200	)
Net decrease		(225,846	)		(2,728,952	)		(942,642	)		(10,292,486	)
Class K shares
Distributions reinvested		47			634			342			4,256
Redemptions		—			—			(13,763	)		(174,820	)
Net increase (decrease)		47			634			(13,421	)		(170,564	)
Class R shares
Subscriptions		28,135			373,653			85,252			1,023,468
Distributions reinvested		744			9,847			3,860			46,854
Redemptions		(29,913	)		(396,737	)		(103,124	)		(1,259,478	)
Net decrease		(1,034	)		(13,237	)		(14,012	)		(189,156	)
Class R4 shares
Subscriptions		756			10,688			203			2,500
Distributions reinvested		2			34			—			—
Net increase		758			10,722			203			2,500
Class R5 shares
Subscriptions		838			12,144			203			2,500
Redemptions		(2	)		(36	)		—			—
Net increase		836			12,108			203			2,500

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

Semiannual Report 2013
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Columbia LifeGoal® Growth Portfolio

Statement of Changes in Net Assets (continued)

	Six months ended July 31, 2013 (Unaudited)						Year ended January 31, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		372,388			5,119,772			1,215,190			15,030,587
Distributions reinvested		5,399			73,465			25,301			314,972
Redemptions		(479,008	)		(6,554,283	)		(1,526,783	)		(18,993,980	)
Net decrease		(101,221	)		(1,361,046	)		(286,292	)		(3,648,421	)
Total net decrease		(2,539,116	)		(32,786,694	)		(7,978,070	)		(92,576,813	)

(a) Class R4 and Class R5 shares are for the period from November 8, 2012 (commencement of operations) to January 31, 2013.

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

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

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Columbia LifeGoal® Growth Portfolio

Financial Highlights

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

	Six Months Ended July 31, 2013			Year Ended Jan. 31,						Year Ended March 31,
Class A	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.96		$	11.59		$	12.25		$	10.33		$	6.68		$	13.24		$	14.69
Income from investment operations:
Net investment income		0.05			0.17			0.09			0.08			0.05			0.06			0.05
Net realized and unrealized gain (loss)		1.18			1.42			(0.71	)		1.91			3.62			(4.12	)		(0.59	)
Total from investment operations		1.23			1.59			(0.62	)		1.99			3.67			(4.06	)		(0.54	)
Less distributions to shareholders:
Net investment income		(0.06	)		(0.22	)		(0.04	)		(0.07	)		(0.02	)		(0.03	)		(0.05	)
Net realized gains		—			—			—			—			—			(2.46	)		(0.86	)
Tax return of capital		—			—			—			—			—			(0.01	)		—
Total distributions to shareholders		(0.06	)		(0.22	)		(0.04	)		(0.07	)		(0.02	)		(2.50	)		(0.91	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—			—
Net asset value, end of period	$	14.13		$	12.96		$	11.59		$	12.25		$	10.33		$	6.68		$	13.24
Total return		9.51	%		13.81	%		(4.98	%)		19.35	%		55.04	%		(37.62	%)		(4.31	%)
Ratios to average net assets^(c)
Total gross expenses		0.51	%^(d)		0.53	%		0.52	%^(d)		0.51	%		0.50	%		0.50	%		0.50	%
Total net expenses^(e)		0.51	%^(d)(f)		0.48	%^(f)		0.45	%^(d)(f)		0.51	%		0.50	%		0.50	%^(f)		0.50	%^(f)
Net investment income		0.74	%^(d)		1.38	%		0.93	%^(d)		0.72	%		0.54	%		0.68	%		0.31	%
Supplemental data
Net assets, end of period (in thousands)	$	585,818		$	552,395		$	539,370		$	201,437		$	178,769		$	116,169		$	210,861
Portfolio turnover		1	%		26	%		86	%		36	%		19	%		45	%		21	%

Notes to Financial Highlights

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

(b) Rounds to zero.

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

(d) Annualized.

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

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

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

Semiannual Report 2013
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Columbia LifeGoal® Growth Portfolio

Financial Highlights (continued)

	Six Months Ended July 31, 2013			Year Ended Jan. 31,						Year Ended March 31,
Class B	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.79		$	10.56		$	11.21		$	9.48		$	6.17		$	12.46		$	13.93
Income from investment operations:
Net investment income (loss)		(0.00	)^(b)		0.06			0.00	^(b)		0.00	^(b)		(0.02	)		(0.01	)		(0.06	)
Net realized and unrealized gain (loss)		1.08			1.30			(0.63	)		1.75			3.34			(3.80	)		(0.55	)
Total from investment operations		1.08			1.36			(0.63	)		1.75			3.32			(3.81	)		(0.61	)
Less distributions to shareholders:
Net investment income		(0.01	)		(0.13	)		(0.02	)		(0.02	)		(0.01	)		(0.01	)		—
Net realized gains		—			—			—			—			—			(2.46	)		(0.86	)
Tax return of capital		—			—			—			—			—			(0.01	)		—
Total distributions to shareholders		(0.01	)		(0.13	)		(0.02	)		(0.02	)		(0.01	)		(2.48	)		(0.86	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—			—
Net asset value, end of period	$	12.86		$	11.79		$	10.56		$	11.21		$	9.48		$	6.17		$	12.46
Total return		9.18	%		12.93	%		(5.60	%)		18.46	%		53.78	%		(37.99	%)		(5.08	%)
Ratios to average net assets^(c)
Total gross expenses		1.26	%^(d)		1.28	%		1.27	%^(d)		1.26	%		1.25	%		1.25	%		1.25	%
Total net expenses^(e)		1.26	%^(d)(f)		1.23	%^(f)		1.20	%^(d)(f)		1.26	%		1.25	%		1.25	%^(f)		1.25	%^(f)
Net investment income (loss)		(0.04	%)^(d)		0.55	%		0.06	%^(d)		(0.05	%)		(0.21	%)		(0.09	%)		(0.46	%)
Supplemental data
Net assets, end of period (in thousands)	$	51,252		$	59,438		$	82,941		$	74,403		$	91,699		$	74,197		$	150,705
Portfolio turnover		1	%		26	%		86	%		36	%		19	%		45	%		21	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

Semiannual Report 2013
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Columbia LifeGoal® Growth Portfolio

Financial Highlights (continued)

	Six Months Ended July 31, 2013			Year Ended Jan. 31,						Year Ended March 31,
Class C	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.69		$	10.47		$	11.11		$	9.40		$	6.12		$	12.38		$	13.85
Income from investment operations:
Net investment income (loss)		(0.00	)^(b)		0.07			0.00	^(b)		(0.00	)^(b)		(0.02	)		(0.01	)		(0.06	)
Net realized and unrealized gain (loss)		1.07			1.28			(0.62	)		1.73			3.31			(3.77	)		(0.55	)
Total from investment operations		1.07			1.35			(0.62	)		1.73			3.29			(3.78	)		(0.61	)
Less distributions to shareholders:
Net investment income		(0.01	)		(0.13	)		(0.02	)		(0.02	)		(0.01	)		(0.01	)		—
Net realized gains		—			—			—			—			—			(2.46	)		(0.86	)
Tax return of capital		—			—			—			—			—			(0.01	)		—
Total distributions to shareholders		(0.01	)		(0.13	)		(0.02	)		(0.02	)		(0.01	)		(2.48	)		(0.86	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—			—
Net asset value, end of period	$	12.75		$	11.69		$	10.47		$	11.11		$	9.40		$	6.12		$	12.38
Total return		9.17	%		12.95	%		(5.56	%)		18.41	%		53.73	%		(37.99	%)		(5.11	%)
Ratios to average net assets^(c)
Total gross expenses		1.26	%^(d)		1.28	%		1.27	%^(d)		1.26	%		1.25	%		1.25	%		1.25	%
Total net expenses^(e)		1.26	%^(d)(f)		1.23	%^(f)		1.20	%^(d)(f)		1.26	%		1.25	%		1.25	%^(f)		1.25	%^(f)
Net investment income (loss)		(0.01	%)^(d)		0.62	%		0.06	%^(d)		(0.04	%)		(0.21	%)		(0.09	%)		(0.41	%)
Supplemental data
Net assets, end of period (in thousands)	$	94,810		$	89,630		$	90,148		$	70,437		$	68,150		$	50,343		$	98,889
Portfolio turnover		1	%		26	%		86	%		36	%		19	%		45	%		21	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

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Columbia LifeGoal® Growth Portfolio

Financial Highlights (continued)

	Six Months Ended July 31, 2013			Year ended Jan. 31,						Year ended March 31,
Class K	(Unaudited)			2013			2012^(a)			2011^(b)
Per share data
Net asset value, beginning of period	$	13.19		$	11.79		$	12.45		$	12.27
Income from investment operations:
Net investment income		0.06			0.17			0.11			0.01
Net realized and unrealized gain (loss)		1.20			1.46			(0.72	)		0.21
Total from investment operations		1.26			1.63			(0.61	)		0.22
Less distributions to shareholders:
Net investment income		(0.07	)		(0.23	)		(0.05	)		(0.04	)
Total distributions to shareholders		(0.07	)		(0.23	)		(0.05	)		(0.04	)
Net asset value, end of period	$	14.38		$	13.19		$	11.79		$	12.45
Total return		9.57	%		13.93	%		(4.88	%)		1.77	%
Ratios to average net assets^(c)
Total gross expenses		0.36	%^(d)		0.38	%		0.37	%^(d)		0.51	%^(d)
Total net expenses^(e)		0.36	%^(d)		0.38	%		0.37	%^(d)		0.51	%^(d)
Net investment income		0.89	%^(d)		1.42	%		1.15	%^(d)		0.68	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	148		$	135		$	279		$	3
Portfolio turnover		1	%		26	%		86	%		36	%

Notes to Financial Highlights

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

(b) For the period from March 7, 2011 (commencement of operations) to March 31, 2011.

(d) Annualized.

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

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

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Columbia LifeGoal® Growth Portfolio

Financial Highlights (continued)

	Six Months Ended July 31, 2013			Year Ended Jan. 31,						Year Ended March 31,
Class R	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.83		$	11.48		$	12.14		$	10.25		$	6.64		$	13.19		$	14.67
Income from investment operations:
Net investment income		0.03			0.14			0.05			0.06			0.03			0.04			0.02
Net realized and unrealized gain (loss)		1.17			1.40			(0.68	)		1.88			3.60			(4.10	)		(0.60	)
Total from investment operations		1.20			1.54			(0.63	)		1.94			3.63			(4.06	)		(0.58	)
Less distributions to shareholders:
Net investment income		(0.04	)		(0.19	)		(0.03	)		(0.05	)		(0.02	)		(0.02	)		(0.04	)
Net realized gains		—			—			—			—			—			(2.46	)		(0.86	)
Tax return of capital		—			—			—			—			—			(0.01	)		—
Total distributions to shareholders		(0.04	)		(0.19	)		(0.03	)		(0.05	)		(0.02	)		(2.49	)		(0.90	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—			—
Net asset value, end of period	$	13.99		$	12.83		$	11.48		$	12.14		$	10.25		$	6.64		$	13.19
Total return		9.39	%		13.49	%		(5.12	%)		18.99	%		54.68	%		(37.76	%)		(4.65	%)
Ratios to average net assets^(c)
Total gross expenses		0.76	%^(d)		0.78	%		0.77	%^(d)		0.76	%		0.75	%		0.75	%		0.75	%
Total net expenses^(e)		0.76	%^(d)(f)		0.73	%^(f)		0.70	%^(d)(f)		0.76	%		0.75	%		0.75	%^(f)		0.75	%^(f)
Net investment income		0.49	%^(d)		1.18	%		0.54	%^(d)		0.54	%		0.29	%		0.45	%		0.12	%
Supplemental data
Net assets, end of period (in thousands)	$	3,596		$	3,312		$	3,124		$	1,463		$	1,586		$	831		$	1,206
Portfolio turnover		1	%		26	%		86	%		36	%		19	%		45	%		21	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

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Columbia LifeGoal® Growth Portfolio

Financial Highlights (continued)

Class R4	Six Months Ended July 31, 2013 (Unaudited)			Year ended Jan. 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	13.35		$	12.29
Income from investment operations:
Net investment income		0.13			0.11
Net realized and unrealized gain		1.15			1.05
Total from investment operations		1.28			1.16
Less distributions to shareholders:
Net investment income		(0.08	)		(0.10	)
Total distributions to shareholders		(0.08	)		(0.10	)
Net asset value, end of period	$	14.55		$	13.35
Total return		9.59	%		9.50	%
Ratios to average net assets^(b)
Total gross expenses		0.25	%^(c)		0.37	%^(c)
Total net expenses^(d)		0.25	%^(c)		0.27	%^(c)
Net investment income		1.89	%^(c)		3.94	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	14		$	3
Portfolio turnover		1	%		26	%

Notes to Financial Highlights

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

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

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

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

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Columbia LifeGoal® Growth Portfolio

Financial Highlights (continued)

Class R5	Six Months Ended July 31, 2013 (Unaudited)			Year ended Jan. 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	13.35		$	12.29
Income from investment operations:
Net investment income		0.06			0.12
Net realized and unrealized gain		1.24			1.05
Total from investment operations		1.30			1.17
Less distributions to shareholders:
Net investment income		(0.09	)		(0.11	)
Total distributions to shareholders		(0.09	)		(0.11	)
Net asset value, end of period	$	14.56		$	13.35
Total return		9.78	%		9.54	%
Ratios to average net assets^(b)
Total gross expenses		0.07	%^(c)		0.15	%^(c)
Total net expenses^(d)		0.07	%^(c)		0.13	%^(c)
Net investment income		0.90	%^(c)		4.08	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	15		$	3
Portfolio turnover		1	%		26	%

Notes to Financial Highlights

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

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

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

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Columbia LifeGoal® Growth Portfolio

Financial Highlights (continued)

	Six Months Ended July 31, 2013			Year Ended Jan. 31,						Year Ended March 31,
Class Z	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	13.20		$	11.80		$	12.45		$	10.49		$	6.78		$	13.37		$	14.80
Income from investment operations:
Net investment income		0.07			0.20			0.09			0.11			0.07			0.09			0.16
Net realized and unrealized gain (loss)		1.20			1.45			(0.68	)		1.94			3.66			(4.17	)		(0.66	)
Total from investment operations		1.27			1.65			(0.59	)		2.05			3.73			(4.08	)		(0.50	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.25	)		(0.06	)		(0.09	)		(0.02	)		(0.04	)		(0.07	)
Net realized gains		—			—			—			—			—			(2.46	)		(0.86	)
Tax return of capital		—			—			—			—			—			(0.01	)		—
Total distributions to shareholders		(0.08	)		(0.25	)		(0.06	)		(0.09	)		(0.02	)		(2.51	)		(0.93	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—			—
Net asset value, end of period	$	14.39		$	13.20		$	11.80		$	12.45		$	10.49		$	6.78		$	13.37
Total return		9.62	%		14.09	%		(4.71	%)		19.64	%		55.20	%		(37.38	%)		(4.02	%)
Ratios to average net assets^(c)
Total gross expenses		0.26	%^(d)		0.28	%		0.26	%^(d)		0.26	%		0.25	%		0.25	%		0.25	%
Total net expenses^(e)		0.26	%^(d)(f)		0.23	%^(f)		0.20	%^(d)(f)		0.26	%		0.25	%		0.25	%^(f)		0.25	%^(f)
Net investment income		0.99	%^(d)		1.64	%		0.96	%^(d)		0.97	%		0.78	%		0.90	%		1.07	%
Supplemental data
Net assets, end of period (in thousands)	$	52,681		$	49,653		$	47,768		$	54,882		$	51,627		$	29,467		$	55,202
Portfolio turnover		1	%		26	%		86	%		36	%		19	%		45	%		21	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

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Columbia LifeGoal® Growth Portfolio

Notes to Financial Statements

July 31, 2013 (Unaudited)

Note 1. Organization

Columbia LifeGoal^® Growth Portfolio (the Portfolio), a series of Columbia Funds Series Trust (the Trust), is a diversified portfolio. 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 Delaware statutory trust.

The Portfolio is a "fund-of-funds" and invests in a combination of underlying affiliated funds* for which Columbia Management Investment Advisers, LLC (Columbia Management), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or an affiliate acts as investment manager or principal underwriter. The Portfolio may also invest in unaffiliated underlying funds, exchange traded funds, equity and fixed income securities (including treasury inflation protected securities) and derivative instruments. Columbia Management is the Investment Manager for the underlying affiliated funds.

*For information on the goals, investment strategies and risks of the underlying funds please refer to the Portfolio's most recent prospectus and the prospectuses of the underlying funds.

Portfolio Shares

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

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

capital gain distributions in Class B shares of the Portfolio and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

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

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

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

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

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

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

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

Security Valuation

Investments in the underlying funds are valued at the net asset value of each class of the respective underlying fund determined as of the close of the New York Stock Exchange on the valuation date.

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.

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Columbia LifeGoal® Growth Portfolio

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

Security Transactions

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

Income Recognition

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

Expenses

General expenses of the Trust are allocated to the Portfolio and other series 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 Portfolio are charged to the Portfolio. 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

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

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees and Underlying Fund Fees

Under an Investment Management Services Agreement, the Investment Manager determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is a blend of (i) 0.00% on assets invested in funds that pay an investment advisory fee to the Investment Manager, (ii) 0.10% on assets invested in non-exchange traded third-party advised mutual funds and (iii) 0.55% on assets invested in all other securities, including other funds advised by the Investment Manager that do not pay an investment advisory fee, ETF's, derivatives and individual securities.

The annualized effective investment management fee rate for the six months ended July 31, 2013 was less than 0.01% of the Portfolio's average daily net assets.

In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the underlying funds (also referred to as "acquired funds") in which the Portfolio invests. Because the underlying funds have varied expense and fee levels and the Portfolio may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by the Portfolio will vary.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Portfolio Administrator. The Portfolio pays the Portfolio Administrator an annual fee for administration and accounting services equal to 0.02% of the Portfolio's average daily net assets.

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Columbia LifeGoal® Growth Portfolio

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Portfolio or the Board of Trustees (the Board), including payments to a company providing limited administrative services to the Portfolio 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, 2013, other expenses paid to this company were $743.

Compensation of Board Members

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

Transfer Agent Fees

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

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

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

For the six months ended July 31, 2013, the Portfolio's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.20	%
Class B	0.20
Class C	0.20
Class K	0.05
Class R	0.20
Class R4	0.21
Class R5	0.05
Class Z	0.20

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Portfolio's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the six months ended July 31, 2013, these minimum account balance fees reduced total expenses by $1,514.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Portfolio pays an annual fee at a rate of 0.25% of the Portfolio'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 Portfolio has an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. Pursuant to Rule 12b-1 under the 1940 Act, the Board has approved, and the Portfolio has adopted, distribution and shareholder service plans (the Plans) which set the distribution and service fees for the Portfolio. 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 Portfolio and providing services to investors.

The Plans require the payment of a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Portfolio. Also under the Plans, the Portfolio pays a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class B and Class C shares of the Portfolio and the payment of a monthly distribution fee at the maximum annual rate of 0.75%, 0.75% and 0.50% of the average daily

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Columbia LifeGoal® Growth Portfolio

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

net assets attributable to Class B, Class C and Class R shares of the Portfolio, respectively.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Portfolio shares were $372,925 for Class A, $6,943 for Class B and $1,538 for Class C shares for the six months ended July 31, 2013.

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

	Fee Rates Contractual through May 31, 2014
Class A		0.51	%
Class B		1.26
Class C		1.26
Class K		0.40
Class R		0.76
Class R4		0.26
Class R5		0.15
Class Z		0.26

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, 2013, the cost of investments for federal income tax purposes was approximately $644,851,000, and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	145,161,000
Unrealized depreciation		(1,424,000	)
Net unrealized appreciation	$	143,737,000

The following capital loss carryforward, determined as of January 31, 2013 may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
2016		902,133
2017		32,644,275
2018		47,841,948
2019		1,684,583
Total		83,072,939

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

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $10,954,952 and $38,896,829, respectively, for the six months ended July 31, 2013.

Note 6. Shareholder Concentration

At July 31, 2013, one unaffiliated shareholder account owned 25.9% of the outstanding shares of the Portfolio. The Portfolio has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 13.3% of the outstanding shares of the Portfolio. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Portfolio.

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Columbia LifeGoal® Growth Portfolio

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

Note 7. Line of Credit

The Portfolio has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. whereby the Portfolio may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Portfolio and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing.

The Portfolio had no borrowings during the six months ended July 31, 2013.

Note 8. Subsequent Events

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

Note 9. Information Regarding Pending and Settled Legal Proceedings

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

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class

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

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

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Columbia LifeGoal® Growth Portfolio

Approval of Investment Management
Services Agreement

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

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the IMS Agreement. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2013, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March and April were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials (including proposed additional breakpoints in IMS fees for certain Funds) were revised to reflect discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel, and reviews information prepared by Columbia Management addressing the services Columbia Management provides and Fund performance. Further, the Board retained an independent consulting firm, Bobroff Consulting (the Independent Consultant), to assist the Independent Trustees in their review of IMS fees, expense caps and Ameriprise Financial's profitability. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue the IMS Agreement.

The Board, at its April 15-17, 2013 in-person Board meeting (the April Meeting), considered the renewal of the IMS Agreement for an additional one-year term. At the April Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement.

Nature, Extent and Quality of Services Provided by Columbia Management

The Independent Trustees analyzed various reports and presentations they had received detailing the services performed by Columbia Management, as well as its expertise, resources and capabilities. The Independent Trustees specifically considered many developments during the past year concerning the services provided by Columbia Management, including, in particular, the recent globalization initiative, which fosters increased worldwide investment support of global products, continued investment in upgrading technology (such as the implementation of new systems and hardware), the hiring of a Chief Interest Rate Strategist as part of Columbia Management's fixed income team and the addition of Columbia Management investment personnel to the Asset Allocation, Quantitative and Technology teams. The Independent Trustees noted the information they received concerning Columbia Management's ability to retain its key portfolio management personnel. In this regard, the Independent Trustees took into account their comprehensive discussions with Columbia Management's Chief Investment Officer (the CIO), observing the organizational depth of Columbia Management and the capabilities of its investment personnel. The Independent Trustees also recalled the information the CIO provided them identifying the strengths and areas for enhancement of each Columbia Management investment team, as well as the discussion with the CIO regarding the investment personnel talent being infused to enhance support for certain Funds. The Independent Trustees also observed the materials demonstrating the strength and depth of Columbia Management's equity and fixed income research departments.

In connection with the Board's evaluation of the overall package of services provided by Columbia Management, the Board also considered the quality of administrative services provided to the Fund by Columbia Management, recalling the information it received highlighting significant achievements in 2012 in the performance of administrative services (such as strong accounting performance measures, refined derivatives processing and enhancements to the electronic communications under the affiliated and unaffiliated service provider oversight program). In evaluating the quality of services provided under the IMS Agreement and the Fund's Administrative Services Agreement, the Independent Trustees also took into account the organization and strength of the Fund's and its service providers' compliance programs. In

Semiannual Report 2013
29

Columbia LifeGoal® Growth Portfolio

Approval of Investment Management
Services Agreement (continued)

addition, the Board also reviewed the financial condition of Columbia Management (and its affiliates) and each entity's ability to carry out its responsibilities under the IMS Agreement and the Fund's other services agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. The Board also discussed the acceptability of the terms of the IMS Agreement (including the relatively broad scope of services required to be performed by Columbia Management). The Board concluded that the services being performed under the IMS Agreement were of a reasonably high quality.

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

Investment Performance

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

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

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the "pricing philosophy" (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). In this connection, the Board also considered the Independent Consultant's report that concluded that: the Funds' expense cap philosophy of assuring that each Fund's total expense ratio is not above its peer universe median ratio is reasonable. The Board noted the rationale for according weight to the Fund's direct expenses, as opposed to its total expense ratios, which also include indirect expenses (i.e., the expenses incurred by the underlying Funds in which the Fund invests). In this regard, the Board noted that the Fund's direct and indirect total expense ratios generally approximate or are below the median ratio for the Fund's peer universe. Based on its review, the Board concluded that the Fund's investment management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

The Board also considered the expected profitability of Columbia Management and its affiliates in connection with Columbia Management providing investment management services to the Fund. In this regard, the Board referred to a detailed profitability report, discussing the profitability to Columbia Management and Ameriprise Financial from managing, operating and distributing the Funds. In this regard, the Board observed that 2012 profitability approximates 2011 profitability and that, as was the case in 2011, 2012 profitability remained generally in line with (and, in many cases, lower than) the reported profitability of other asset management firms. Further, the Board considered the Independent Consultant's report that concluded that Columbia Management's profitability, particularly in comparison to industry competitors, was reasonable and not excessive. It also took into account the indirect economic benefits flowing to Columbia Management or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Semiannual Report 2013
30

Columbia LifeGoal® Growth Portfolio

Approval of Investment Management
Services Agreement (continued)

Economies of Scale to be Realized

The Board also considered the economies of scale that might be realized by Columbia Management as the Fund grows and took note of the extent to which Fund shareholders might also benefit from such growth.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that the investment management service fees were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On April 17, 2013, the Board, including all of the Independent Trustees, approved the renewal of the IMS Agreement.

Semiannual Report 2013
31

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Semiannual Report 2013
32

Columbia LifeGoal® Growth Portfolio

Important Information About This Report

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

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

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

Semiannual Report 2013
33

Columbia LifeGoal® Growth Portfolio

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

SAR181_01_C01_(09/13)

Semiannual Report

July 31, 2013

Columbia Masters International Equity Portfolio

Not FDIC insured • No bank guarantee • May lose value

President's Message

Dear Shareholders,

A return to volatility

Columbia Management to begin delivering summary prospectuses

Each fund's summary prospectus will include the following key information:

> Investment objective

> Fee and expense table

> Portfolio turnover rate information

> Principal investment strategies, principal risks and performance information

> Management information

> Purchase and sale information

> Tax information

> Financial intermediary compensation information

Stay on track with Columbia Management

Visit columbiamanagement.com for:

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

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

> Economic analysis and market commentary

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

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

Semiannual Report 2013

Columbia Masters International Equity Portfolio

Table of Contents

Performance Overview					2
Portfolio Overview					3
Understanding Your Portfolio's Expenses					4
Portfolio of Investments					5
Statement of Assets and Liabilities					9
Statement of Operations					11
Statement of Changes in Net Assets					12
Financial Highlights					14
Notes to Financial Statements					19
Board Consideration and Approval of Advisory Agreement					27
Important Information About This Report					33

Portfolio Investment Manager

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

Portfolio Distributor

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

Portfolio Transfer Agent

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

Semiannual Report 2013

Columbia Masters International Equity Portfolio

Performance Overview

(Unaudited)

Performance Summary

> Columbia Masters International Equity Portfolio (the Portfolio) Class A shares returned 4.13% excluding sales charges for the six-month period that ended July 31, 2013.

> The Portfolio's benchmark, the MSCI EAFE Index (Net), returned 4.11% during the same six-month period.

Average Annual Total Returns (%) (for period ended July 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		Life
Class A	02/15/06
Excluding sales charges			4.13		21.14		0.93		2.41
Including sales charges			-1.89		14.20		-0.26		1.60
Class B	02/15/06
Excluding sales charges			3.70		20.26		0.17		1.66
Including sales charges			-1.30		15.26		-0.21		1.66
Class C	02/15/06
Excluding sales charges			3.70		20.13		0.17		1.65
Including sales charges			2.70		19.13		0.17		1.65
Class R	02/15/06		4.03		20.81		0.67		2.15
Class Z	02/15/06		4.24		21.50		1.20		2.67
MSCI EAFE Index (Net)			4.11		23.48		1.05		2.81

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 Portfolio's other classes are not subject to sales charges and have limited eligibility. Please see the Portfolio'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 Portfolio distributions or on the redemption of Portfolio 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 MSCI EAFE (Europe, Australasia, Far East) 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 index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American 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), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Portfolio may not match those in an index.

Semiannual Report 2013
2

Columbia Masters International Equity Portfolio

Portfolio Overview

(Unaudited)

Portfolio Breakdown (%) (at July 31, 2013)
Equity Funds					98.9
International					98.9
Money Market Funds					1.1
Total					100.0

Percentages indicated are based upon total investments.

Portfolio Management

Colin Moore, AIIMR
Fred Copper, CFA

Morningstar Style Box^TM

The Morningstar Style Box^TM is based on a fund's portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

©2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Semiannual Report 2013
3

Columbia Masters International Equity Portfolio

Understanding Your Fund's Expenses

(Unaudited)

Analyzing Your Portfolio's Expenses

Compare With Other Funds

February 1, 2013 – July 31, 2013

	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		1,041.30		1,023.55		1.27		1.25		0.25		7.54		7.48		1.49
Class B		1,000.00		1,000.00		1,037.00		1,019.84		5.05		5.01		1.00		11.31		11.22		2.24
Class C		1,000.00		1,000.00		1,037.00		1,019.84		5.05		5.01		1.00		11.31		11.22		2.24
Class R		1,000.00		1,000.00		1,040.30		1,022.32		2.53		2.51		0.50		8.80		8.72		1.74
Class Z		1,000.00		1,000.00		1,042.40		1,024.79		—		—		0.00		6.28		6.23		1.24

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

Effective expenses paid during the period and the Portfolio'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.

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

Semiannual Report 2013
4

Columbia Masters International Equity Portfolio

Portfolio of Investments

July 31, 2013 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 99.4%

	Shares		Value ($)
International 99.4%
Columbia Acorn International, Class I Shares^(a)		49,243		2,170,612
Columbia Emerging Markets Fund, Class I Shares^(a)		224,009		2,150,488
Columbia European Equity Fund, Class I Shares^(a)		3,724,102		26,329,397
Columbia Pacific/Asia Fund, Class I Shares^(a)		1,489,561		12,854,913
Total				43,505,410
Total Equity Funds (Cost: $38,176,511)				43,505,410

Money Market Funds 1.1%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.191%^(a)(b)		494,750		494,750
Total Money Market Funds (Cost: $494,750)				494,750
Total Investments (Cost: $38,671,261)				44,000,160
Other Assets and Liabilities				(204,943	)
Net Assets				43,795,217

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at July 31, 2013

Counterparty

Exchange Date

Currency to
be Delivered

Currency to
be Received

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

Socgen-Crobsy Securities Inc.

August 23, 2013

3,069,000
(CHF)

3,303,339
(USD)

—

(13,434

)

HSBC Securities (USA), Inc.

August 23, 2013

4,146,000
(EUR)

5,429,147
(USD)

—

(86,886

)

UBS Securities

August 23, 2013

723,000
(GBP)

1,096,719
(USD)

—

(2,968

)

UBS Securities

August 23, 2013

726,000
(GBP)

1,114,628
(USD)

10,378

—

Goldman, Sachs & Co.

August 23, 2013

3,245,789
(USD)

323,226,000
(JPY)

55,847

—

Deutsche Bank

August 23, 2013

5,431,211
(USD)

32,641,000
(NOK)

103,354

—

Citigroup Global Markets

August 23, 2013

2,178,690
(USD)

2,763,000
(NZD)

24,695

—

J.P. Morgan Securities, Inc.

September 17, 2013

898,000
(EUR)

1,187,515
(USD)

—

(7,332

)

J.P. Morgan Securities, Inc.

September 17, 2013

18,463,000
(INR)

309,159
(USD)

8,760

—

J.P. Morgan Securities, Inc.

September 17, 2013

1,228,324,000
(KRW)

1,096,963
(USD)

3,839

—

J.P. Morgan Securities, Inc.

September 17, 2013

248,462,000
(KRW)

220,336
(USD)

—

(778

)

J.P. Morgan Securities, Inc.

September 17, 2013

13,127,000
(PHP)

303,304
(USD)

380

—

J.P. Morgan Securities, Inc.

September 17, 2013

10,724,000
(THB)

343,938
(USD)

2,247

—

J.P. Morgan Securities, Inc.

September 17, 2013

23,650,000
(TWD)

790,415
(USD)

2,563

—

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

Semiannual Report 2013
5

Columbia Masters International Equity Portfolio

Portfolio of Investments (continued)

July 31, 2013 (Unaudited)

Forward Foreign Currency Exchange Contracts Open at July 31, 2013 (continued)

Counterparty

Exchange Date

Currency to
be Delivered

Currency to
be Received

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

J.P. Morgan Securities, Inc.

September 17, 2013

10,604,000
(TWD)

352,644
(USD)

—

(607

)

J.P. Morgan Securities, Inc.

September 17, 2013

1,629,214
(USD)

1,781,000
(AUD)

—

(33,487

)

J.P. Morgan Securities, Inc.

September 17, 2013

1,752,365
(USD)

1,145,000
(GBP)

—

(11,093

)

J.P. Morgan Securities, Inc.

September 17, 2013

218,834
(USD)

788,000
(ILS)

2,015

—

J.P. Morgan Securities, Inc.

September 17, 2013

2,216,920
(USD)

220,966,000
(JPY)

40,456

—

J.P. Morgan Securities, Inc.

September 17, 2013

438,214
(USD)

2,610,000
(NOK)

3,920

—

J.P. Morgan Securities, Inc.

September 17, 2013

614,112
(USD)

4,008,000
(SEK)

142

—

Total

258,596

(156,585

)

Futures Contracts Outstanding at July 31, 2013

At July 31, 2013, $24,600 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description

Number of
Contracts
Long (Short)

Notional
Market
Value ($)

Expiration
Date

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

E-Mini MSCI EAFE Index

516,990

September 2013

6,165

—

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 its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended July 31, 2013, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds from Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Acorn International, Class I Shares		1,236,019		57,365		(422,208	)		178,723			1,049,899		24,514		2,170,612
Columbia Emerging Markets Fund, Class I Shares		5,041,461		411,655		(2,928,728	)		(244,653	)		2,279,735		—		2,150,488
Columbia European Equity Fund, Class I Shares		26,769,511		464,968		(5,862,323	)		609,288			21,981,444		—		26,329,397
Columbia Pacific/ Asia Fund, Class I Shares		12,123,953		3,037,852		(2,294,039	)		(2,333	)		12,865,433		150,791		12,854,913
Columbia Short-Term Cash Fund		494,965		525,335		(525,550	)		—			494,750		307		494,750
Total		45,665,909		4,497,175		(12,032,848	)		541,025			38,671,261		175,612		44,000,160

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

Semiannual Report 2013
6

Columbia Masters International Equity Portfolio

Portfolio of Investments (continued)

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

(b) The rate shown is the seven-day current annualized yield at July 31, 2013.

Currency Legend

AUD Australian Dollar

CHF Swiss Franc

EUR Euro

GBP British Pound

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW Korean Won

NOK Norwegian Krone

NZD New Zealand Dollar

PHP Philippine Peso

SEK Swedish Krona

THB Thailand Baht

TWD Taiwan 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 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 in determining the fair value of investments).

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

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

Semiannual Report 2013
7

Columbia Masters International Equity Portfolio

Portfolio of Investments (continued)

July 31, 2013 (Unaudited)

Fair Value Measurements (continued)

used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

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

The following table is a summary of the inputs used to value the Fund's investments at July 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Equity Funds		43,505,410		—			—		43,505,410
Money Market Funds		494,750		—			—		494,750
Total Mutual Funds		44,000,160		—			—		44,000,160
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—		258,596			—		258,596
Futures Contracts		6,165		—			—		6,165
Liabilities
Forward Foreign Currency Exchange Contracts		—		(156,585	)		—		(156,585	)
Total		44,006,325		102,011			—		44,108,336

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Semiannual Report 2013
8

Columbia Masters International Equity Portfolio

Statement of Assets and Liabilities

July 31, 2013 (Unaudited)

Assets
Investments, at value
Affiliated issuers (identified cost $38,671,261)	$	44,000,160
Margin deposits		24,600
Unrealized appreciation on forward foreign currency exchange contracts		258,596
Receivable for:
Investments sold		50,458
Capital shares sold		7,104
Dividends		52
Variation margin		1,200
Expense reimbursement due from Investment Manager		656
Prepaid expenses		15,474
Total assets		44,358,300
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		156,585
Payable for:
Investments purchased		26,625
Capital shares purchased		283,215
Distribution and/or service fees		264
Transfer agent fees		7,157
Administration fees		24
Compensation of board members		49,284
Other expenses		39,929
Total liabilities		563,083
Net assets applicable to outstanding capital stock	$	43,795,217
Represented by
Paid-in capital	$	131,704,136
Excess of distributions over net investment income		(415,016	)
Accumulated net realized loss		(92,930,978	)
Unrealized appreciation (depreciation) on:
Investments — affiliated issuers		5,328,899
Forward foreign currency exchange contracts		102,011
Futures contracts		6,165
Total — representing net assets applicable to outstanding capital stock	$	43,795,217

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

Semiannual Report 2013
9

Columbia Masters International Equity Portfolio

Statement of Assets and Liabilities (continued)

July 31, 2013 (Unaudited)

Class A
Net assets	$	17,617,256
Shares outstanding		1,890,559
Net asset value per share	$	9.32
Maximum offering price per share^(a)	$	9.89
Class B
Net assets	$	1,452,394
Shares outstanding		156,800
Net asset value per share	$	9.26
Class C
Net assets	$	3,746,040
Shares outstanding		404,908
Net asset value per share	$	9.25
Class R
Net assets	$	111,634
Shares outstanding		12,018
Net asset value per share	$	9.29
Class Z
Net assets	$	20,867,893
Shares outstanding		2,235,032
Net asset value per share	$	9.34

(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%.

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

Semiannual Report 2013
10

Columbia Masters International Equity Portfolio

Statement of Operations

Six Months Ended July 31, 2013 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$	175,612
Total income		175,612
Expenses:
Distribution and/or service fees
Class A		23,123
Class B		7,456
Class C		19,039
Class R		241
Transfer agent fees
Class A		17,389
Class B		1,402
Class C		3,578
Class R		91
Class Z		20,635
Administration fees		4,585
Compensation of board members		8,387
Custodian fees		4,033
Printing and postage fees		27,715
Registration fees		23,693
Professional fees		10,661
Other		3,733
Total expenses		175,761
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(125,880	)
Expense reductions		(40	)
Total net expenses		49,841
Net investment income		125,771
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — affiliated issuers		541,025
Foreign currency translations		(181	)
Forward foreign currency exchange contracts		(897,050	)
Futures contracts		40,906
Net realized loss		(315,300	)
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated issuers		1,735,238
Forward foreign currency exchange contracts		340,876
Futures contracts		(24,763	)
Net change in unrealized appreciation (depreciation)		2,051,351
Net realized and unrealized gain		1,736,051
Net increase in net assets resulting from operations	$	1,861,822

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

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Columbia Masters International Equity Portfolio

Statement of Changes in Net Assets

	Six Months Ended July 31, 2013 (Unaudited)			Year Ended January 31, 2013
Operations
Net investment income	$	125,771		$	850,458
Net realized loss		(315,300	)		(1,821,067	)
Net change in unrealized appreciation (depreciation)		2,051,351			8,259,880
Net increase in net assets resulting from operations		1,861,822			7,289,271
Distributions to shareholders
Net investment income
Class A		—			(295,343	)
Class B		—			(14,577	)
Class C		—			(41,210	)
Class R		—			(751	)
Class Z		—			(396,344	)
Total distributions to shareholders		—			(748,225	)
Increase (decrease) in net assets from capital stock activity		(7,162,724	)		(22,263,571	)
Total decrease in net assets		(5,300,902	)		(15,722,525	)
Net assets at beginning of period		49,096,119			64,818,644
Net assets at end of period	$	43,795,217		$	49,096,119
Excess of distributions over net investment income	$	(415,016	)	$	(540,787	)

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

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Columbia Masters International Equity Portfolio

Statement of Changes in Net Assets (continued)

	Six Months Ended July 31, 2013 (Unaudited)						Year Ended January 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		90,667			829,989			156,533			1,274,090
Distributions reinvested		—			—			32,054			246,830
Redemptions		(384,043	)		(3,499,204	)		(1,191,691	)		(9,681,460	)
Net decrease		(293,376	)		(2,669,215	)		(1,003,104	)		(8,160,540	)
Class B shares
Subscriptions		328			3,013			2,510			20,186
Distributions reinvested		—			—			1,093			7,978
Redemptions^(a)		(24,835	)		(223,396	)		(80,142	)		(647,392	)
Net decrease		(24,507	)		(220,383	)		(76,539	)		(619,228	)
Class C shares
Subscriptions		8,099			73,828			17,574			142,381
Distributions reinvested		—			—			4,012			29,246
Redemptions		(83,853	)		(749,646	)		(239,284	)		(1,911,043	)
Net decrease		(75,754	)		(675,818	)		(217,698	)		(1,739,416	)
Class R shares
Subscriptions		3,716			33,643			4,077			32,700
Distributions reinvested		—			—			80			610
Redemptions		(1,611	)		(14,708	)		(508	)		(4,262	)
Net increase		2,105			18,935			3,649			29,048
Class Z shares
Subscriptions		74,861			693,059			113,071			964,880
Distributions reinvested		—			—			5,874			46,151
Redemptions		(470,610	)		(4,309,302	)		(1,578,043	)		(12,784,466	)
Net decrease		(395,749	)		(3,616,243	)		(1,459,098	)		(11,773,435	)
Total net decrease		(787,281	)		(7,162,724	)		(2,752,790	)		(22,263,571	)

(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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Financial Highlights

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class A	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	8.95		$	7.87		$	8.78		$	8.24		$	5.49		$	11.14		$	11.69
Income from investment operations:
Net investment income		0.02			0.13			0.07			0.15			0.27			0.05			0.17
Net realized and unrealized gain (loss)		0.35			1.06			(0.88	)		0.78			2.64			(5.14	)		0.11
Total from investment operations		0.37			1.19			(0.81	)		0.93			2.91			(5.09	)		0.28
Less distributions to shareholders:
Net investment income		—			(0.11	)		(0.10	)		(0.39	)		(0.16	)		—			(0.13	)
Net realized gains		—			—			—			—			—			(0.56	)		(0.70	)
Total distributions to shareholders		—			(0.11	)		(0.10	)		(0.39	)		(0.16	)		(0.56	)		(0.83	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			(0.00	)^(b)		(0.00	)^(b)		(0.00	)^(b)
Net asset value, end of period	$	9.32		$	8.95		$	7.87		$	8.78		$	8.24		$	5.49		$	11.14
Total return		4.13	%		15.40	%		(9.18	%)		12.08	%		53.33	%		(48.03	%)		1.76	%
Ratios to average net assets^(c)
Total gross expenses		0.80	%^(d)		0.70	%		0.76	%^(d)		0.65	%		0.53	%		0.51	%		0.47	%
Total net expenses^(e)		0.25	%^(d)(f)		0.25	%^(f)		0.25	%^(d)(f)		0.25	%^(f)		0.25	%^(f)		0.25	%^(f)		0.25	%^(f)
Net investment income		0.51	%^(d)		1.56	%		1.01	%^(d)		1.80	%		3.50	%		0.56	%		1.39	%
Supplemental data
Net assets, end of period (in thousands)	$	17,617		$	19,543		$	25,069		$	41,237		$	53,013		$	44,548		$	119,670
Portfolio turnover		9	%		6	%		3	%		95	%		2	%		20	%		3	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

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Financial Highlights (continued)

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class B	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	8.93		$	7.86		$	8.78		$	8.20		$	5.43		$	11.09		$	11.66
Income from investment operations:
Net investment income (loss)		(0.01	)		0.07			0.02			0.08			0.21			(0.01	)		0.07
Net realized and unrealized gain (loss)		0.34			1.07			(0.89	)		0.79			2.62			(5.09	)		0.12
Total from investment operations		0.33			1.14			(0.87	)		0.87			2.83			(5.10	)		0.19
Less distributions to shareholders:
Net investment income		—			(0.07	)		(0.05	)		(0.29	)		(0.06	)		—			(0.06	)
Net realized gains		—			—			—			—			—			(0.56	)		(0.70	)
Total distributions to shareholders		—			(0.07	)		(0.05	)		(0.29	)		(0.06	)		(0.56	)		(0.76	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			(0.00	)^(b)		(0.00	)^(b)		(0.00	)^(b)
Net asset value, end of period	$	9.26		$	8.93		$	7.86		$	8.78		$	8.20		$	5.43		$	11.09
Total return		3.70	%		14.67	%		(9.86	%)		11.18	%		52.13	%		(48.35	%)		1.03	%
Ratios to average net assets^(c)
Total gross expenses		1.55	%^(d)		1.45	%		1.51	%^(d)		1.40	%		1.28	%		1.26	%		1.22	%
Total net expenses^(e)		1.00	%^(d)(f)		1.00	%^(f)		1.00	%^(d)(f)		1.00	%^(f)		1.00	%^(f)		1.00	%^(f)		1.00	%^(f)
Net investment income (loss)		(0.24	%)^(d)		0.86	%		0.26	%^(d)		1.05	%		2.73	%		(0.18	%)		0.55	%
Supplemental data
Net assets, end of period (in thousands)	$	1,452		$	1,619		$	2,028		$	3,143		$	3,950		$	3,043		$	7,490
Portfolio turnover		9	%		6	%		3	%		95	%		2	%		20	%		3	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

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Financial Highlights (continued)

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class C	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	8.92		$	7.86		$	8.77		$	8.19		$	5.42		$	11.08		$	11.66
Income from investment operations:
Net investment income (loss)		(0.01	)		0.07			0.02			0.09			0.21			(0.02	)		0.07
Net realized and unrealized gain (loss)		0.34			1.06			(0.88	)		0.78			2.62			(5.08	)		0.11
Total from investment operations		0.33			1.13			(0.86	)		0.87			2.83			(5.10	)		0.18
Less distributions to shareholders:
Net investment income		—			(0.07	)		(0.05	)		(0.29	)		(0.06	)		—			(0.06	)
Net realized gains		—			—			—			—			—			(0.56	)		(0.70	)
Total distributions to shareholders		—			(0.07	)		(0.05	)		(0.29	)		(0.06	)		(0.56	)		(0.76	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			(0.00	)^(b)		(0.00	)^(b)		(0.00	)^(b)
Net asset value, end of period	$	9.25		$	8.92		$	7.86		$	8.77		$	8.19		$	5.42		$	11.08
Total return		3.70	%		14.54	%		(9.75	%)		11.19	%		52.22	%		(48.39	%)		0.94	%
Ratios to average net assets^(c)
Total gross expenses		1.55	%^(d)		1.46	%		1.51	%^(d)		1.40	%		1.28	%		1.26	%		1.22	%
Total net expenses^(e)		1.00	%^(d)(f)		1.00	%^(f)		1.00	%^(d)(f)		1.00	%^(f)		1.00	%^(f)		1.00	%^(f)		1.00	%^(f)
Net investment income (loss)		(0.22	%)^(d)		0.81	%		0.25	%^(d)		1.05	%		2.77	%		(0.19	%)		0.60	%
Supplemental data
Net assets, end of period (in thousands)	$	3,746		$	4,286		$	5,486		$	8,990		$	10,506		$	9,087		$	27,656
Portfolio turnover		9	%		6	%		3	%		95	%		2	%		20	%		3	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

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Financial Highlights (continued)

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class R	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	8.93		$	7.85		$	8.76		$	8.22		$	5.47		$	11.12		$	11.68
Income from investment operations:
Net investment income		0.02			0.16			0.07			0.14			0.28			0.02			0.15
Net realized and unrealized gain (loss)		0.34			1.01			(0.90	)		0.76			2.59			(5.11	)		0.09
Total from investment operations		0.36			1.17			(0.83	)		0.90			2.87			(5.09	)		0.24
Less distributions to shareholders:
Net investment income		—			(0.09	)		(0.08	)		(0.36	)		(0.12	)		—			(0.10	)
Net realized gains		—			—			—			—			—			(0.56	)		(0.70	)
Total distributions to shareholders		—			(0.09	)		(0.08	)		(0.36	)		(0.12	)		(0.56	)		(0.80	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			(0.00	)^(b)		(0.00	)^(b)		(0.00	)^(b)
Net asset value, end of period	$	9.29		$	8.93		$	7.85		$	8.76		$	8.22		$	5.47		$	11.12
Total return		4.03	%		15.17	%		(9.36	%)		11.62	%		52.81	%		(48.12	%)		1.48	%
Ratios to average net assets^(c)
Total gross expenses		1.05	%^(d)		0.93	%		1.01	%^(d)		0.90	%		0.78	%		0.76	%		0.72	%
Total net expenses^(e)		0.50	%^(d)(f)		0.50	%^(f)		0.50	%^(d)(f)		0.50	%^(f)		0.50	%^(f)		0.50	%^(f)		0.50	%^(f)
Net investment income		0.35	%^(d)		1.93	%		0.98	%^(d)		1.75	%		3.78	%		0.26	%		1.22	%
Supplemental data
Net assets, end of period (in thousands)	$	112		$	89		$	49		$	20		$	31		$	26		$	44
Portfolio turnover		9	%		6	%		3	%		95	%		2	%		20	%		3	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

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Financial Highlights (continued)

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class Z	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	8.96		$	7.87		$	8.78		$	8.26		$	5.52		$	11.16		$	11.70
Income from investment operations:
Net investment income		0.03			0.14			0.09			0.17			0.29			0.07			0.23
Net realized and unrealized gain (loss)		0.35			1.08			(0.89	)		0.78			2.64			(5.15	)		0.08
Total from investment operations		0.38			1.22			(0.80	)		0.95			2.93			(5.08	)		0.31
Less distributions to shareholders:
Net investment income		—			(0.13	)		(0.11	)		(0.43	)		(0.19	)		—			(0.15	)
Net realized gains		—			—			—			—			—			(0.56	)		(0.70	)
Total distributions to shareholders		—			(0.13	)		(0.11	)		(0.43	)		(0.19	)		(0.56	)		(0.85	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			(0.00	)^(b)		(0.00	)^(b)		(0.00	)^(b)
Net asset value, end of period	$	9.34		$	8.96		$	7.87		$	8.78		$	8.26		$	5.52		$	11.16
Total return		4.24	%		15.80	%		(8.99	%)		12.28	%		53.58	%		(47.84	%)		2.03	%
Ratios to average net assets^(c)
Total gross expenses		0.55	%^(d)		0.46	%		0.51	%^(d)		0.40	%		0.28	%		0.26	%		0.22	%
Total net expenses^(e)		0.00	%^(d)(f)		0.00	%^(f)		0.00	%^(d)(f)		0.00	%^(f)		0.00	%^(f)		0.00	%^(f)		0.00	%^(f)
Net investment income		0.76	%^(d)		1.76	%		1.23	%^(d)		2.04	%		3.77	%		0.83	%		1.89	%
Supplemental data
Net assets, end of period (in thousands)	$	20,868		$	23,559		$	32,187		$	55,013		$	69,334		$	58,268		$	89,568
Portfolio turnover		9	%		6	%		3	%		95	%		2	%		20	%		3	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

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Columbia Masters International Equity Portfolio

Notes to Financial Statements

July 31, 2013 (Unaudited)

Note 1. Organization

Columbia Masters International Equity Portfolio (the Portfolio), a series of Columbia Funds Series Trust (the Trust), is a diversified portfolio. 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 Delaware statutory trust.

The Portfolio is a "fund-of-funds" and invests in a combination of underlying affiliated funds* for which Columbia Management Investment Advisers, LLC (Columbia Management), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or an affiliate acts as investment manager or principal underwriter. The Portfolio may also invest in derivative securities. Columbia Management is the Investment Manager for the underlying affiliated funds.

*For information on the goals, investment strategies and risks of the underlying funds, please refer to the Portfolio's' most recent prospectus and the prospectuses of the underlying funds.

Portfolio Shares

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

Class 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 Portfolio no longer accepts investments by new or existing investors in the Portfolio's Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Portfolio and

exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

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

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

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

Investments in the underlying funds are valued at the net asset value of each class of the respective underlying fund determined as of the close of the New York Stock Exchange on the valuation date.

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

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

Derivative Instruments

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Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Portfolio may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Portfolio to sell, including at favorable prices) and the potential for market movements which may expose the Portfolio to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

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

In order to better define its contractual rights and to secure rights that will help the Portfolio mitigate its counterparty risk, each Portfolio may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is an agreement between a Portfolio and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting

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

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the exchange or clearinghouse for exchange traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives. For OTC derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Portfolio and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g. $500,000) before a transfer has to be made. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance. The Portfolio 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 OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio's net assets decline by a stated percentage over a specified time period or the Portfolio fails to meet the terms of the ISDA Master Agreement, which would cause the Portfolio to accelerate payment of any net liability owed to the counterparty. The Portfolio also has termination rights if the counterparty fails to meet the terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Portfolio would consider terminating the derivative contracts based on whether termination would result in a net liability owed from the counterparty.

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to

Semiannual Report 2013
20

Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

netting arrangements in the Statement of Assets and Liabilities.

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are OTC agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are typically intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Portfolio utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Portfolio's securities, 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 to 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 with changes in foreign currency exchange rates. The Portfolio will record a realized gain or loss when the forward foreign currency exchange contract is closed.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Portfolio'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 Portfolio bought and sold futures contracts 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 Portfolio 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 Portfolio pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Portfolio 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 Portfolio recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Offsetting of Derivative Assets and Derivative Liabilities

The following table presents the Portfolio's gross and net amounts of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Portfolio as of July 31, 2013.

Net Amounts of

Gross Amounts Not Offset in
the Statement of Assets and Liabilities

Gross
Amounts of
Recognized
Assets ($)

Gross Amounts
Offset in the
Statement of
Assets and
Liabilities ($)

Assets
Presented in the
Statement of
Assets and
Liabilities ($)

Financial
Instruments ($)^(a)

Cash
Collateral
Received ($)

Securities
Collateral
Received ($)

Net Amount ($)^(b)

Asset Derivatives:

Forward Foreign
Currency Exchange
Contracts

258,596

—

258,596

56,265

—

202,331

Semiannual Report 2013
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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

Net Amounts of

Gross Amounts Not Offset in
the Statement of Assets and Liabilities

Gross
Amounts of
Recognized
Liabilities ($)

Gross Amounts
Offset in the
Statement of
Assets and
Liabilities ($)

Liabilities
Presented in the
Statement of
Assets and
Liabilities ($)

Financial
Instruments ($)^(c)

Cash
Collateral
Pledged ($)

Securities
Collateral
Pledged ($)

Net Amount($)^(d)

Liability Derivatives:

Forward Foreign
Currency Exchange
Contracts

156,585

—

156,585

56,265

—

100,320

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

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

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

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

Effects of Derivative Transactions in the Financial Statements

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

The following table is a summary of the fair value of derivative instruments at July 31, 2013:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		6,165	*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		258,596
Total			264,761
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		(156,585	)

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

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended July 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Total ($)
Equity risk		—			40,906			40,906
Foreign exchange risk		(897,050	)		—			(897,050	)
Total		(897,050	)		40,906			(856,144	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)			Total ($)
Equity risk		—			(24,763	)		(24,763	)
Foreign exchange risk		340,876			—			340,876
Total		340,876			(24,763	)		316,113

The following table is a summary of the volume of derivative instruments for the six months ended July 31, 2013:

Derivative Instrument	Contracts Opened
Forward foreign currency exchange contracts		288
Futures contracts		16

Security Transactions

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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

Income Recognition

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

Expenses

General expenses of the Trust are allocated to the Portfolio 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 Portfolio are charged to the Portfolio. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

Federal Income Tax Status

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid semi-annually. 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 Portfolio's contracts with its service providers contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Portfolio cannot be determined, and the Portfolio has no historical basis for predicting the likelihood of any such claims.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, the Investment Manager determines which securities will be purchased, held or sold. The Portfolio does not pay the Investment Manager a direct fee for these investment services.

Administration Fees

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Portfolio or the Board of Trustees (the Board), including: payments to a company providing limited administrative services to the Portfolio 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, 2013, other expenses paid to this company were $743.

Compensation of Board Members

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

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a

Semiannual Report 2013
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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Portfolio. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees.

For the six months ended July 31, 2013, the Portfolio's annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.19	%
Class B	0.19
Class C	0.19
Class R	0.19
Class Z	0.19

Distribution and Service Fees

The Plans require the payment of a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Portfolio. The Plans also require the payment of a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class B and Class C shares of the Portfolio and the payment of a monthly distribution fee at the maximum annual rates of 0.75%, 0.75% and 0.50% of the average daily net assets attributable to Class B, Class C and Class R shares, respectively.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Portfolio shares were $1,931 for Class A, $229 for Class B and $9 for Class C shares for the six months ended July 31, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

	Fee Rates Contractual through May 31, 2014
Class A		0.25	%
Class B		1.00
Class C		1.00
Class R		0.50
Class Z		0.00

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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

Note 4. Federal Tax Information

At July 31, 2013, the cost of investments for federal income tax purposes was approximately $38,671,000 and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	5,469,000
Unrealized depreciation		(140,000	)
Net unrealized appreciation	$	5,329,000

Year of Expiration	Amount ($)
2017		4,980,942
2018		25,984,153
2019		19,955,661
Unlimited short-term		1,509,134
Unlimited long-term		38,335,873
Total		90,765,763

Unlimited capital loss carryforwards are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Portfolio has elected to treat late year ordinary losses of $758,291 at January 31, 2013 as arising on February 1, 2013.

years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated to $3,971,840 and $11,507,298, respectively, for the six months ended July 31, 2013.

Note 6. Shareholder Concentration

At July 31, 2013, one unaffiliated shareholder account owned 49.1% of the outstanding shares of the Portfolio. The Portfolio has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 27.6% of the outstanding shares of the Portfolio. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Portfolio.

Note 7. Line of Credit

The Portfolio had no borrowings during the six months ended July 31, 2013.

Note 8. Subsequent Events

Note 9. Information Regarding Pending and Settled Legal Proceedings

Semiannual Report 2013
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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds' Boards of Trustees.

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

Semiannual Report 2013
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Columbia Masters International Equity Portfolio

Board Consideration and Approval of
Advisory Agreement

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

Nature, Extent and Quality of Services Provided by Columbia Management

Semiannual Report 2013
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Columbia Masters International Equity Portfolio

Board Consideration and Approval of
Advisory Agreement (continued)

Investment Performance

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

Semiannual Report 2013
28

Columbia Masters International Equity Portfolio

Board Consideration and Approval of
Advisory Agreement (continued)

Economies of Scale to be Realized

Given that the Fund does not pay any 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.

Semiannual Report 2013
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Semiannual Report 2013
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Columbia Masters International Equity Portfolio

Important Information About This Report

Semiannual Report 2013
33

Columbia Masters International Equity Portfolio

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

SAR193_01_C01_(09/13)

Semiannual Report

July 31, 2013

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

Not FDIC insured • No bank guarantee • May lose value

President's Message

Dear Shareholders,

A return to volatility

Columbia Management to begin delivering summary prospectuses

Each fund's summary prospectus will include the following key information:

> Investment objective

> Fee and expense table

> Portfolio turnover rate information

> Principal investment strategies, principal risks and performance information

> Management information

> Purchase and sale information

> Tax information

> Financial intermediary compensation information

Stay on track with Columbia Management

Visit columbiamanagement.com for:

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

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

> Economic analysis and market commentary

> Quarterly fund commentaries

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

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

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

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

Semiannual Report 2013

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 Portfolio's Expenses					12
Portfolio of Investments					15
Statement of Assets and Liabilities					49
Statement of Operations					55
Statement of Changes in Net Assets					57
Financial Highlights					70
Notes to Financial Statements					116
Approval of Investment Management Services Agreement					130
Important Information About This Report					133

Portfolio Investment Manager

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

Portfolio Distributor

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

Portfolio Transfer Agent

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

Semiannual Report 2013

Columbia Capital Allocation Portfolios

Performance Overview

Columbia Capital Allocation Conservative Portfolio

(Unaudited)

Performance Summary

> Columbia Capital Allocation Conservative Portfolio (the Portfolio) Class A shares returned 0.72% excluding sales charges for the six-month period that ended July 31, 2013.

> The Portfolio underperformed its Blended Index, which returned 1.23% for the same time period

> The Portfolio's bond benchmark, the Barclays U.S. Aggregate Bond Index, returned -1.62% for the same time period.

> The Portfolio's domestic equity benchmark, the Russell 3000 Index, returned 14.05% for the same time period.

Average Annual Total Returns (%) (for period ended July 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		Life
Class A	03/04/04
Excluding sales charges			0.72		4.30		5.38		4.59
Including sales charges			-4.06		-0.65		4.35		4.05
Class B	03/04/04
Excluding sales charges			0.35		3.61		4.60		3.80
Including sales charges			-4.60		-1.35		4.27		3.80
Class C	03/04/04
Excluding sales charges			0.36		3.56		4.61		3.81
Including sales charges			-0.63		2.57		4.61		3.81
Class K	03/04/04		0.82		4.50		5.53		4.76
Class R*	09/27/10		0.62		4.10		5.17		4.38
Class R4*	06/13/13		0.78		4.37		5.39		4.60
Class R5*	06/13/13		0.81		4.40		5.40		4.60
Class Y*	06/13/13		0.82		4.41		5.40		4.60
Class Z*	09/27/10		0.84		4.66		5.54		4.67
Blended Index			1.23		3.90		5.62		5.08	**
Barclays U.S. Aggregate Bond Index			-1.62		-1.91		5.23		4.61
Russell 3000 Index			14.05		26.86		8.57		6.70

Returns for Class A are shown with and without the maximum initial sales charge of 4.75%. Returns for Class B and 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 Portfolio's other classes are not subject to sales charges and have limited eligibility. Please see the Portfolio'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 Portfolio distributions or on the redemption of Portfolio shares. Performance results reflect the effect of any fee waivers or reimbursements of Portfolio 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 returns shown for periods prior to the share class inception date (including returns for the Life of the Portfolio, if shown, which are since Portfolio inception) include the returns of the Portfolio's oldest share class. Since the Portfolio launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

** From February 29, 2004.

The Blended Index consists of 66% Barclays U.S. Aggregate Bond Index, 15% Russell 3000 Index, 10% Citigroup 3-Month U.S. Treasury Bill Index, 5% MSCI EAFE Index (unhedged net) and 4% Barclays High Yield Corporate Bond Index. On June 20, 2013, the Portfolio altered the composition of the Blended Index. The Portfolio's Investment Manager made this recommendation to the Portfolio's Board that the new Blended Index provides a more appropriate Portfolio performance comparison than the prior blended index. The Citigroup 3-Month U.S. Treasury Bill Index and the MSCI EAFE Index (Gross) are no longer included as standalone benchmarks for Portfolio performance comparison purposes.

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.

Semiannual Report 2013
2

Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Conservative Portfolio

(Unaudited)

Portfolio Breakdown (%) (at July 31, 2013)
Alternative Investment Funds					10.4
Equity Funds					17.9
Dividend Income					3.1
International					4.1
U.S. Large Cap					8.9
U.S. Mid Cap					1.2
U.S. Small Cap					0.6
Fixed-Income Funds					66.9
Convertible					1.0
Emerging Markets					4.3
High Yield					1.7
Inflation Protected Securities					4.5
International					0.3
Investment Grade					55.1
Money Market Funds					4.8
Total					100.0

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

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Melda Mergen, CFA, CAIA

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Semiannual Report 2013
3

Columbia Capital Allocation Portfolios

Performance Overview

Columbia Capital Allocation Moderate Conservative Portfolio

(Unaudited)

Performance Summary

> Columbia Capital Allocation Moderate Conservative Portfolio (the Portfolio) Class A shares returned 2.44% excluding sales charges for the six-month period that ended July 31, 2013.

> The Portfolio underperformed its Blended Index, which returned 3.08% for the same time period.

> The Portfolio's bond benchmark, the Barclays U.S. Aggregate Bond Index, returned -1.62% for the same time period.

> The Portfolio's domestic equity benchmark, the Russell 3000 Index, returned 14.05% for the same time period.

Average Annual Total Returns (%) (for period ended July 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			2.44		7.17		6.73		6.18
Including sales charges			-3.44		0.99		5.47		5.55
Class B	08/07/97
Excluding sales charges			2.07		6.40		5.94		5.38
Including sales charges			-2.93		1.40		5.62		5.38
Class C	10/15/96
Excluding sales charges			2.08		6.35		5.94		5.39
Including sales charges			1.08		5.35		5.94		5.39
Class K*	02/28/13		2.53		7.27		6.75		6.19
Class R*	01/23/06		2.39		6.97		6.50		5.93
Class R4*	11/08/12		2.60		7.34		6.76		6.20
Class R5*	11/08/12		2.74		7.51		6.80		6.21
Class Y*	06/13/13		2.55		7.28		6.75		6.19
Class Z	10/15/96		2.58		7.41		7.00		6.43
Blended Index			3.08		7.86		6.25		6.37
Barclays U.S. Aggregate Bond Index			-1.62		-1.91		5.23		4.89
Russell 3000 Index			14.05		26.86		8.57		8.14

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B and 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 Portfolio's other classes are not subject to sales charges and have limited eligibility. Please see the Portfolio'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 Portfolio distributions or on the redemption of Portfolio shares. Performance results reflect the effect of any fee waivers or reimbursements of Portfolio 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 Blended Index consists of 55.5% Barclays U.S. Aggregate Bond Index, 26% Russell 3000 Index, 9% MSCI EAFE Index (unhedged net), 5% Citigroup 3-Month U.S. Treasury Bill Index and 4.5% Barclays High Yield Corporate Bond Index. On June 20, 2013, the Portfolio added a Blended Index for Portfolio performance comparison purposes. The Portfolio's Investment Manager made this recommendation to the Portfolio's Board that the new Blended Index provides a more appropriate basis for comparing the Portfolio's performance.

Effective June 20, 2013, the S&P 500 Index will no longer be a benchmark for the Portfolio's performance. The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Semiannual Report 2013
4

Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Moderate Conservative Portfolio

(Unaudited)

Portfolio Breakdown (%) (at July 31, 2013)
Alternative Investment Funds					7.9
Equity Funds					32.9
Dividend Income					4.7
International					7.6
U.S. Large Cap					14.4
U.S. Mid Cap					4.5
U.S. Small Cap					1.7
Fixed-Income Funds					55.0
Convertible					1.4
Emerging Markets					4.4
High Yield					4.8
Inflation Protected Securities					1.5
International					0.5
Investment Grade					42.4
Inflation-Indexed Bonds					0.6
Money Market Funds					3.6
Total					100.0

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

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Melda Mergen, CFA, CAIA

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Semiannual Report 2013
5

Columbia Capital Allocation Portfolios

Performance Overview

Columbia Capital Allocation Moderate Portfolio

(Unaudited)

Performance Summary

> Columbia Capital Allocation Moderate Portfolio (the Portfolio) Class A shares returned 4.68% excluding sales charges for the six-month period that ended July 31, 2013.

> The Portfolio underperformed its Blended Index, which returned 4.74% for the same time period.

> The Portfolio's domestic equity benchmark, the Russell 3000 Index, returned 14.05% for the same time period.

> The Portfolio's bond benchmark, the Barclays U.S. Aggregate Bond Index, returned -1.62% for the same time period.

Average Annual Total Returns (%) (for period ended July 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		Life
Class A	03/04/04
Excluding sales charges			4.68		12.58		6.76		6.02
Including sales charges			-1.36		6.09		5.51		5.36
Class B	03/04/04
Excluding sales charges			4.38		11.77		5.95		5.22
Including sales charges			-0.62		6.77		5.63		5.22
Class C	03/04/04
Excluding sales charges			4.40		11.74		5.98		5.23
Including sales charges			3.40		10.74		5.98		5.23
Class K	03/04/04		4.74		12.69		6.89		6.22
Class R*	09/27/10		4.65		12.35		6.50		5.76
Class R4*	06/13/13		4.76		12.66		6.78		6.03
Class R5*	06/13/13		4.79		12.69		6.79		6.03
Class Y*	06/13/13		4.80		12.71		6.79		6.03
Class Z*	09/27/10		4.91		12.88		6.91		6.10
Blended Index			4.74		11.83		6.94		6.29
Russell 3000 Index			14.05		26.86		8.57		6.70
Barclays U.S. Aggregate Bond Index			-1.62		-1.91		5.23		4.61

The Blended Index consists of 42.5% Barclays U.S. Aggregate Bond Index 37% Russell 3000 Index, 11% MSCI EAFE Index (unhedged net), 7.5% Barclays High Yield Corporate Bond Index and 2% MCSI Emerging Markets Index (net). On June 20, 2013, the Portfolio altered the composition of the Blended Index. The Portfolio's Investment Manager made this recommendation to the Portfolio's Board that the new Blended Index provides a more appropriate Portfolio performance comparison than the prior blended index. The MSCI EAFE Index (Gross) is no longer included as standalone benchmarks for Portfolio performance comparison purposes.

Semiannual Report 2013
6

Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Moderate Portfolio

(Unaudited)

Portfolio Breakdown (%) (at July 31, 2013)
Alternative Investment Funds					4.0
Equity Funds					49.3
Dividend Income					4.5
International					12.7
U.S. Large Cap					21.6
U.S. Mid Cap					7.5
U.S. Small Cap					3.0
Fixed-Income Funds					44.8
Convertible					2.5
Emerging Markets					1.8
High Yield					5.8
Inflation Protected Securities					0.9
Investment Grade					33.8
Money Market Funds					1.9
Total					100.0

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

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Melda Mergen, CFA, CAIA

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Semiannual Report 2013
7

Columbia Capital Allocation Portfolios

Performance Overview

Columbia Capital Allocation Moderate Aggressive Portfolio

(Unaudited)

Performance Summary

> Columbia Capital Allocation Moderate Aggressive Portfolio (the Portfolio) Class A shares returned 6.14% excluding sales charges for the six-month period that ended July 31, 2013.

> The Portfolio underperformed its Blended Index, which returned 6.46% for the same time period.

> The Portfolio's domestic equity benchmark, the Russell 3000 Index, returned 14.05% for the same time period.

> The Portfolio's bond benchmark, the Barclays U.S. Aggregate Bond Index, returned -1.62% for the same time period.

Average Annual Total Returns (%) (for period ended July 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			6.14		15.04		7.59		7.50
Including sales charges			0.07		8.42		6.33		6.87
Class B	08/13/97
Excluding sales charges			5.79		14.21		6.76		6.70
Including sales charges			0.79		9.21		6.45		6.70
Class C	10/15/96
Excluding sales charges			5.71		14.20		6.77		6.70
Including sales charges			4.71		13.20		6.77		6.70
Class K*	02/28/13		6.25		15.15		7.61		7.51
Class R*	01/23/06		6.01		14.76		7.31		7.23
Class R4*	11/08/12		6.37		15.34		7.65		7.53
Class R5*	11/08/12		6.34		15.34		7.65		7.53
Class T*	03/07/11
Excluding sales charges			6.11		14.98		7.54		7.45
Including sales charges			0.04		8.37		6.27		6.81
Class Y*	06/13/13		6.28		15.19		7.62		7.52
Class Z	10/15/96		6.27		15.34		7.85		7.79
Blended Index			6.46		15.56		7.10		7.82
Russell 3000 Index			14.05		26.86		8.57		8.14
Barclays U.S. Aggregate Bond Index			-1.62		-1.91		5.23		4.89

The Blended Index consists of 49% Russell 3000 Index, 28.5% Barclays U.S. Aggregate Bond Index, 12% MSCI EAFE Index (unhedged net) and 6.5% Barclays High Yield Corporate Bond Index and 4% MCSI Emerging Markets Index (net). On June 20, 2013, the Portfolio added a Blended Index for Portfolio comparison purposes. The Portfolio's Investment Manager made this recommendation to the Portfolio's Board that the new Blended Index provides a more appropriate basis for comparing the Portfolio's performance.

Semiannual Report 2013
8

Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Moderate Aggressive Portfolio

(Unaudited)

Portfolio Breakdown (%) (at July 31, 2013)
Alternative Investment Funds	4.6
Common Stocks	0.0	^(a)
Equity Funds	62.0
Dividend Income	4.5
International	14.0
Real Estate	0.5
U.S. Large Cap	29.0
U.S. Mid Cap	9.9
U.S. Small Cap	4.1
Fixed-Income Funds	28.6
Convertible	2.0
Emerging Markets	1.3
High Yield	5.4
Inflation Protected Securities	0.5
International	0.9
Investment Grade	18.5
Inflation-Indexed Bonds	1.0
Money Market Funds	3.8
Total	100.0

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

(a) Rounds to zero.

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Melda Mergen, CFA, CAIA

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Semiannual Report 2013
9

Columbia Capital Allocation Portfolios

Performance Overview

Columbia Capital Allocation Aggressive Portfolio

(Unaudited)

Performance Summary

> Columbia Capital Allocation Aggressive Portfolio (the Portfolio) Class A shares returned 7.97% excluding sales charges for the six-month period that ended July 31, 2013.

> The Portfolio underperformed its Blended Index, which returned 8.07% for the same time period.

> The Portfolio's domestic equity benchmark, the Russell 3000 Index, returned 14.05% for the same time period.

> The Portfolio's bond benchmark, the Barclays U.S. Aggregate Bond Index, returned -1.62% for the same time period.

Average Annual Total Returns (%) (for period ended July 31, 2013)

	Inception	6 Months cumulative		1 Year		5 Years		Life
Class A	03/04/04
Excluding sales charges			7.97		20.10		6.43		6.01
Including sales charges			1.73		13.15		5.18		5.35
Class B	03/04/04
Excluding sales charges			7.62		19.17		5.64		5.21
Including sales charges			2.62		14.17		5.31		5.21
Class C	03/04/04
Excluding sales charges			7.65		19.23		5.67		5.21
Including sales charges			6.65		18.23		5.67		5.21
Class K	03/04/04		8.14		20.28		6.63		6.22
Class R*	09/27/10		7.93		19.89		6.21		5.79
Class R4*	06/13/13		8.01		20.15		6.44		6.02
Class R5*	06/13/13		8.10		20.24		6.46		6.02
Class Y*	06/13/13		8.10		20.24		6.46		6.02
Class Z*	09/27/10		8.27		20.44		6.62		6.11
Blended Index			8.07		19.30		7.06		6.83
Russell 3000 Index			14.05		26.86		8.57		6.70
Barclays U.S. Aggregate Bond Index			-1.62		-1.91		5.23		4.61

The Blended Index consists of 60% Russell 3000 Index, 15% Barclays U.S. Aggregate Bond Index, 14% MSCI EAFE Index (unhedged net), 6% MCSI Emerging Markets Index (net) and 5% Barclays High Yield Corporate Bond Index. On June 20, 2013, the Portfolio altered the composition of the Blended Index. The Portfolio's Investment Manager made this recommendation to the Portfolio's Board that the new Blended Index provides a more appropriate Portfolio performance comparison than the prior blended index. The MSCI EAFE Index (Gross) is no longer included as standalone benchmarks for Portfolio performance comparison purposes.

Semiannual Report 2013
10

Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Aggressive Portfolio

(Unaudited)

Portfolio Breakdown (%) (at July 31, 2013)
Alternative Investment Funds					3.5
Equity Funds					79.0
Dividend Income					4.2
International					20.0
Real Estate					1.9
U.S. Large Cap					35.9
U.S. Mid Cap					12.6
U.S. Small Cap					4.4
Fixed-Income Funds					14.3
High Yield					4.8
Investment Grade					9.5
Money Market Funds					3.2
Total					100.0

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

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Melda Mergen, CFA, CAIA

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle

Semiannual Report 2013
11

Columbia Capital Allocation Portfolios

Understanding Your Portfolio's Expenses

(Unaudited)

Analyzing Your Portfolio's Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Portfolio 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 Portfolio'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 Portfolio's actual return) and then applies the Portfolio's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare With Other Funds" below for details on how to use the hypothetical data.

Compare With Other Funds

Columbia Capital Allocation Conservative Portfolio

February 1, 2013 – July 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)					Expenses Paid During the Period ($)					Portfolio's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)					Portfolio's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,007.20			1,022.36		2.44			2.46		0.49		5.33			5.37		1.07
Class B		1,000.00		1,000.00		1,003.50			1,018.65		6.16			6.21		1.24		9.04			9.11		1.82
Class C		1,000.00		1,000.00		1,003.60			1,018.65		6.16			6.21		1.24		9.04			9.11		1.82
Class K		1,000.00		1,000.00		1,008.20			1,023.01		1.79			1.81		0.36		4.68			4.71		0.94
Class R		1,000.00		1,000.00		1,006.20			1,021.17		3.63			3.66		0.73		6.52			6.56		1.31
Class R4		1,000.00		1,000.00		999.60	*		1,023.70		0.28	*		1.10		0.22		1.03	*		4.01		0.80	*
Class R5		1,000.00		1,000.00		999.90	*		1,024.20		0.15	*		0.60		0.12		0.90	*		3.51		0.70	*
Class Y		1,000.00		1,000.00		1,000.00	*		1,024.40		0.10	*		0.40		0.08		0.85	*		3.31		0.66	*
Class Z		1,000.00		1,000.00		1,008.40			1,023.60		1.20			1.20		0.24		4.08			4.11		0.82

*Classes R4, R5 and Y shares are for the period from June 13, 2013 (commencement of operations) through July 31, 2013.

Semiannual Report 2013
12

Columbia Capital Allocation Portfolios

Understanding Your Portfolio's Expenses (continued)

(Unaudited)

Columbia Capital Allocation Moderate Conservative Portfolio

February 1, 2013 – July 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)					Expenses Paid During the Period ($)					Portfolio's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)					Portfolio's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,024.40			1,022.46		2.36			2.36		0.47		5.57			5.57		1.11
Class B		1,000.00		1,000.00		1,020.70			1,018.74		6.11			6.11		1.22		9.32			9.31		1.86
Class C		1,000.00		1,000.00		1,020.80			1,018.70		6.16			6.16		1.23		9.37			9.36		1.87
Class K		1,000.00		1,000.00		1,020.80	*		1,022.96		1.56	*		1.86		0.37		4.25	*		5.07		1.01	*
Class R		1,000.00		1,000.00		1,023.90			1,021.03		3.81			3.81		0.76		7.03			7.02		1.40
Class R4		1,000.00		1,000.00		1,026.00			1,023.75		1.05			1.05		0.21		4.27			4.27		0.85
Class R5		1,000.00		1,000.00		1,027.40			1,024.30		0.50			0.50		0.10		3.72			3.71		0.74
Class Y		1,000.00		1,000.00		1,006.20	**		1,024.65		0.04	**		0.15		0.03		0.87	**		3.36		0.67	**
Class Z		1,000.00		1,000.00		1,025.80			1,023.51		1.31			1.30		0.26		4.52			4.52		0.90

*Class K shares are for the period from February 28, 2013 (commencement of operations) through July 31, 2013.

**Class Y shares are for the period from June 13, 2013 (commencement of operations) through July 31, 2013.

Columbia Capital Allocation Moderate Portfolio

February 1, 2013 – July 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)					Expenses Paid During the Period ($)					Portfolio's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)					Portfolio's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,046.80			1,022.51		2.33			2.31		0.46		5.99			5.92		1.18
Class B		1,000.00		1,000.00		1,043.80			1,018.79		6.13			6.06		1.21		9.78			9.66		1.93
Class C		1,000.00		1,000.00		1,044.00			1,018.79		6.13			6.06		1.21		9.78			9.66		1.93
Class K		1,000.00		1,000.00		1,047.40			1,023.06		1.78			1.76		0.35		5.43			5.37		1.07
Class R		1,000.00		1,000.00		1,046.50			1,021.27		3.60			3.56		0.71		7.26			7.17		1.43
Class R4		1,000.00		1,000.00		1,015.70	*		1,024.15		0.17	*		0.65		0.13		1.10	*		4.27		0.85	*
Class R5		1,000.00		1,000.00		1,016.00	*		1,024.50		0.08	*		0.30		0.06		1.01	*		3.92		0.78	*
Class Y		1,000.00		1,000.00		1,016.10	*		1,024.74		0.01	*		0.05		0.01		0.95	*		3.66		0.73	*
Class Z		1,000.00		1,000.00		1,049.10			1,023.75		1.07			1.05		0.21		4.73			4.67		0.93

*Classes R4, R5 and Y shares are for the period from June 13, 2013 (commencement of operations) through July 31, 2013.

Semiannual Report 2013
13

Columbia Capital Allocation Portfolios

Understanding Your Portfolio's Expenses (continued)

(Unaudited)

Columbia Capital Allocation Moderate Aggressive Portfolio

February 1, 2013 – July 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)					Expenses Paid During the Period ($)					Portfolio's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)					Portfolio's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,061.40			1,022.41		2.45			2.41		0.48		6.29			6.17		1.23
Class B		1,000.00		1,000.00		1,057.90			1,018.70		6.28			6.16		1.23		10.10			9.91		1.98
Class C		1,000.00		1,000.00		1,057.10			1,018.65		6.32			6.21		1.24		10.15			9.96		1.99
Class K		1,000.00		1,000.00		1,057.20	*		1,023.06		1.50	*		1.76		0.35		4.71	*		5.52		1.10	*
Class R		1,000.00		1,000.00		1,060.10			1,021.12		3.78			3.71		0.74		7.61			7.47		1.49
Class R4		1,000.00		1,000.00		1,063.70			1,023.95		0.87			0.85		0.17		4.71			4.62		0.92
Class R5		1,000.00		1,000.00		1,063.40			1,024.55		0.26			0.25		0.05		4.09			4.02		0.80
Class T		1,000.00		1,000.00		1,061.10			1,022.12		2.76			2.71		0.54		6.59			6.47		1.29
Class Y		1,000.00		1,000.00		1,024.00	**		1,024.74		0.01	**		0.05		0.01		0.99	**		3.82		0.76	**
Class Z		1,000.00		1,000.00		1,062.70			1,023.60		1.23			1.20		0.24		5.06			4.97		0.99

*Class K shares are for the period from February 28, 2013 (commencement of operations) through July 31, 2013.

**Class Y shares are for the period from June 13, 2013 (commencement of operations) through July 31, 2013.

Columbia Capital Allocation Aggressive Portfolio

February 1, 2013 – July 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)					Expenses Paid During the Period ($)					Portfolio's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)					Portfolio's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,079.70			1,022.22		2.68			2.61		0.52		6.86			6.67		1.33
Class B		1,000.00		1,000.00		1,076.20			1,018.50		6.54			6.36		1.27		10.71			10.41		2.08
Class C		1,000.00		1,000.00		1,076.50			1,018.50		6.54			6.36		1.27		10.71			10.41		2.08
Class K		1,000.00		1,000.00		1,081.40			1,022.91		1.96			1.91		0.38		6.14			5.97		1.19
Class R		1,000.00		1,000.00		1,079.30			1,020.98		3.97			3.86		0.77		8.15			7.92		1.58
Class R4		1,000.00		1,000.00		1,028.80	*		1,023.60		0.31	*		1.20		0.24		1.37	*		5.27		1.05	*
Class R5		1,000.00		1,000.00		1,029.60	*		1,024.50		0.08	*		0.30		0.06		1.14	*		4.37		0.87	*
Class Y		1,000.00		1,000.00		1,029.60	*		1,024.70		0.03	*		0.10		0.02		1.08	*		4.17		0.83	*
Class Z		1,000.00		1,000.00		1,082.70			1,023.46		1.39			1.35		0.27		5.58			5.42		1.08

*Classes R4, R5 and Y shares are for the period from June 13, 2013 (commencement of operations) through July 31, 2013.

Semiannual Report 2013
14

Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Conservative Portfolio

July 31, 2013 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 17.9%

	Shares		Value ($)
Dividend Income 3.1%
Columbia Dividend Income Fund, Class I Shares^(a)		416,501		7,247,118
Columbia Dividend Opportunity Fund, Class I Shares^(a)		366,147		3,712,730
Total				10,959,848
International 4.1%
Columbia Acorn International, Class I Shares^(a)		11,974		527,802
Columbia Emerging Markets Fund, Class I Shares^(a)		271,830		2,609,565
Columbia European Equity Fund, Class I Shares^(a)		900,382		6,365,700
Columbia Pacific/Asia Fund, Class I Shares^(a)		589,450		5,086,958
Total				14,590,025
U.S. Large Cap 8.8%
Columbia Contrarian Core Fund, Class I Shares^(a)		411,382		8,133,027
Columbia Large Cap Core Fund, Class I Shares^(a)		120,621		1,750,205
Columbia Large Cap Growth Fund, Class I Shares^(a)		137,455		4,401,324
Columbia Large Core Quantitative Fund, Class I Shares^(a)		1,131,928		8,840,359
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		866,942		7,941,186
Total				31,066,101
U.S. Mid Cap 1.3%
Columbia Mid Cap Value Fund, Class I Shares^(a)		247,109		4,408,419
U.S. Small Cap 0.6%
Columbia Small Cap Core Fund, Class I Shares^(a)		115,757		2,269,994
Total Equity Funds (Cost: $51,727,333)				63,294,387

Fixed-Income Funds 66.7%

	Shares		Value ($)
Convertible 1.0%
Columbia Convertible Securities Fund, Class I Shares^(a)		207,145		3,535,965
Emerging Markets 4.3%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)		1,313,025		15,112,916
High Yield 1.7%
Columbia Income Opportunities Fund, Class I Shares^(a)		603,609		6,017,986
Inflation Protected Securities 4.5%
Columbia Inflation Protected Securities Fund, Class I Shares^(a)		1,651,951		16,090,000
International 0.3%
Columbia International Bond Fund, Class I Shares^(a)		93,930		1,024,776
Investment Grade 54.9%
Columbia Corporate Income Fund, Class I Shares^(a)		5,875,224		60,279,802
Columbia Limited Duration Credit Fund, Class I Shares^(a)		3,523,562		35,411,800
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		13,624,636		74,390,513
Columbia U.S. Treasury Index Fund, Class I Shares^(a)		2,222,582		24,781,782
Total				194,863,897
Total Fixed-Income Funds (Cost: $236,553,519)				236,645,540

Alternative Investment Funds 10.4%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)	70,299	707,205
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares^(a)	519,131	5,300,329
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares^(a)	778,463	7,955,886
Columbia Absolute Return Multi-Strategy Fund, Class I Shares^(a)	1,552,472	15,804,170
Columbia Flexible Capital Income Fund, Class I Shares^(a)	583,971	7,071,888
Total Alternative Investment Funds (Cost: $35,237,758)		36,839,478

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

Semiannual Report 2013
15

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2013 (Unaudited)

Money Market Funds 4.8%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.191%^(a)(c)		17,070,737		17,070,737
Total Money Market Funds (Cost: $17,070,737)				17,070,737
Total Investments (Cost: $340,589,347)				353,850,142
Other Assets and Liabilities				727,734
Net Assets				354,577,876

Investments in Derivatives

Futures Contracts Outstanding at July 31, 2013

At July 31, 2013, $569,999 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
E-Mini S&P Mid-Cap 400 Index		73		8,975,350	September 2013		236,605		—
U.S. Treasury Long Bond, 20-year		14		1,876,875	September 2013		—		(92,122	)
U.S. Treasury Note, 10-year		140		17,701,250	September 2013		—		(421,219	)
Total							236,605		(513,341	)

Notes to Portfolio of Investments

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds from Merger ($)		Proceeds from Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		—		4,001		721,448		(13,008	)		(98	)		712,343		—		—		707,205
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		5,021,136		350,837		—		(129,081	)		3,801			5,246,693		—		—		5,300,329
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		7,879,989		285,944		—		(374,125	)		6,423			7,798,231		—		—		7,955,886

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

Semiannual Report 2013
16

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds from Merger ($)		Proceeds from Sales ($)			Realized Gain (Loss) ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Multi-Strategy Fund, Class I Shares		7,811,945		8,023,553		686,187		(916,182	)		17,748		15,623,251		—		—		15,804,170
Columbia Acorn International, Class I Shares		493,592		15,149		—		(46,759	)		3,120		465,102		—		5,755		527,802
Columbia Contrarian Core Fund, Class I Shares		5,707,870		1,456,610		—		(1,636,151	)		616,042		6,144,371		—		—		8,133,027
Columbia Convertible Securities Fund, Class I Shares		3,275,098		52,539		759,237		(1,646,505	)		509,968		2,950,337		—		47,109		3,535,965
Columbia Corporate Income Fund, Class I Shares		59,263,940		4,697,544		1,108,571		(6,445,951	)		237,702		58,861,806		—		991,202		60,279,802
Columbia Dividend Income Fund, Class I Shares		6,395,874		165,233		—		(1,110,967	)		200,276		5,650,416		—		82,913		7,247,118
Columbia Dividend Opportunity Fund, Class I Shares		6,224,199		166,113		—		(4,547,661	)		1,204,053		3,046,704		—		48,383		3,712,730
Columbia Emerging Markets Bond Fund, Class I Shares		15,410,247		628,097		986,086		(2,553,900	)		237,286		14,707,816		—		443,245		15,112,916
Columbia Emerging Markets Fund, Class I Shares		2,629,056		387,112		—		(380,818	)		7,283		2,642,633		—		—		2,609,565
Columbia European Equity Fund, Class I Shares		5,499,097		159,291		—		(916,069	)		207,283		4,949,602		—		—		6,365,700
Columbia Flexible Capital Income Fund, Class I Shares		6,238,751		237,996		—		(742,167	)		122,660		5,857,240		—		130,731		7,071,888
Columbia Income Opportunities Fund, Class I Shares		—		6,286,400		1,826,963		(2,571,950	)		589,090		6,130,503		—		48,715		6,017,986

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

Semiannual Report 2013
17

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds from Merger ($)		Proceeds from Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Inflation Protected Securities Fund, Class I Shares		16,917,420		594,715		—		(597,036	)		26,740			16,941,839		—		33,919		16,090,000
Columbia International Bond Fund, Class I Shares		—		3,104		1,075,673		(33,297	)		(380	)		1,045,100		—		3,104		1,024,776
Columbia Large Cap Core Fund, Class I Shares		1,626,310		286,317		—		(302,127	)		27,044			1,637,544		261,003		3,229		1,750,205
Columbia Large Cap Growth Fund, Class I Shares		3,163,286		238,642		—		(788,997	)		418,577			3,031,508		—		—		4,401,324
Columbia Large Core Quantitative Fund, Class I Shares		7,773,352		382,906		—		(1,764,881	)		588,323			6,979,700		—		—		8,840,359
Columbia Large Growth Quantitative Fund, Class I Shares		7,883,066		321,833		—		(1,414,072	)		424,262			7,215,089		—		—		7,941,186
Columbia Limited Duration Credit Fund, Class I Shares		33,008,959		520,493		4,831,415		(4,509,183	)		528,607			34,380,291		—		328,012		35,411,800
Columbia Mid Cap Growth Fund, Class I Shares		4,300,392		74,223		—		(4,917,707	)		543,092			—		—		—		—
Columbia Mid Cap Value Fund, Class I Shares		4,001,790		119,714		—		(828,580	)		153,677			3,446,601		16,244		19,582		4,408,419
Columbia Pacific/Asia Fund, Class I Shares		4,871,875		168,002		—		(465,484	)		50,017			4,624,410		—		57,976		5,086,958
Columbia Short-Term Bond Fund, Class I Shares		—		—		2,347,923		(2,446,951	)		99,028			—		—		696		—
Columbia Short-Term Cash Fund		8,880,035		13,536,157		1,286,385		(6,631,840	)		—			17,070,737		—		7,188		17,070,737
Columbia Small Cap Core Fund, Class I Shares		2,269,369		68,852		—		(495,638	)		51,069			1,893,652		—		—		2,269,994

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

Semiannual Report 2013
18

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds from Merger ($)		Proceeds from Sales ($)			Realized Gain (Loss) ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia U.S. Government Mortgage Fund, Class I Shares		79,034,500		1,677,864		3,543,442		(8,829,552	)		48,379		75,474,633		—		768,010		74,390,513
Columbia U.S. Treasury Index Fund, Class I Shares		24,703,222		555,088		2,470,314		(1,701,628	)		34,199		26,061,195		—		172,283		24,781,782
Total		330,284,370		41,464,329		21,643,644		(59,758,267	)		6,955,271		340,589,347		277,247		3,192,052		353,850,142

(b) Non-income producing.

Fair Value Measurements

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

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

> Level 3 — Valuations based on significant unobservable inputs (including the Portfolio'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 2013
19

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

July 31, 2013 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Portfolio's investments at July 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Equity Funds		63,294,387			—		—		63,294,387
Fixed-Income Funds		236,645,540			—		—		236,645,540
Alternative Investment Funds		36,839,478			—		—		36,839,478
Money Market Funds		17,070,737			—		—		17,070,737
Total Mutual Funds		353,850,142			—		—		353,850,142
Derivatives
Assets
Futures Contracts		236,605			—		—		236,605
Liabilities
Futures Contracts		(513,341	)		—		—		(513,341	)
Total		353,573,406			—		—		353,573,406

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Semiannual Report 2013
20

Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2013 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 32.8%

	Shares		Value ($)
Dividend Income 4.7%
Columbia Dividend Income Fund, Class I Shares^(a)		1,009,310		17,561,999
Columbia Dividend Opportunity Fund, Class I Shares^(a)		1,568,763		15,907,254
Total				33,469,253
International 7.6%
Columbia Acorn International, Class I Shares^(a)		39,958		1,761,358
Columbia Emerging Markets Fund, Class I Shares^(a)		669,694		6,429,059
Columbia European Equity Fund, Class I Shares^(a)		3,538,543		25,017,499
Columbia Greater China Fund, Class I Shares^(a)		66,602		3,328,123
Columbia Pacific/Asia Fund, Class I Shares^(a)		2,002,722		17,283,491
Total				53,819,530
U.S. Large Cap 14.3%
Columbia Contrarian Core Fund, Class I Shares^(a)		1,510,213		29,856,921
Columbia Large Cap Core Fund, Class I Shares^(a)		482,865		7,006,373
Columbia Large Cap Growth Fund, Class I Shares^(a)		589,720		18,882,837
Columbia Large Core Quantitative Fund, Class I Shares^(a)		2,719,031		21,235,629
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		2,688,851		24,629,876
Total				101,611,636
U.S. Mid Cap 4.5%
Columbia Mid Cap Growth Fund, Class I Shares^(a)(b)		354,019		11,211,783
Columbia Mid Cap Value Fund, Class I Shares^(a)		1,141,870		20,370,952
Total				31,582,735
U.S. Small Cap 1.7%
Columbia Small Cap Core Fund, Class I Shares^(a)		602,020		11,805,610
Total Equity Funds (Cost: $185,576,437)				232,288,764

Fixed-Income Funds 55.0%

	Shares		Value ($)
Convertible 1.4%
Columbia Convertible Securities Fund, Class I Shares^(a)		569,252		9,717,138
Emerging Markets 4.4%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)		2,724,109		31,354,490
High Yield 4.8%
Columbia Income Opportunities Fund, Class I Shares^(a)		3,396,940		33,867,490
Inflation Protected Securities 1.5%
Columbia Inflation Protected Securities Fund, Class I Shares^(a)		1,111,904		10,829,949
International 0.5%
Columbia International Bond Fund, Class I Shares^(a)		333,794		3,641,691
Investment Grade 42.4%
Columbia Corporate Income Fund, Class I Shares^(a)		10,969,432		112,546,375
Columbia Limited Duration Credit Fund, Class I Shares^(a)		4,846,141		48,703,719
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		23,286,050		127,141,834
Columbia U.S. Treasury Index Fund, Class I Shares^(a)		1,021,736		11,392,349
Total				299,784,277
Total Fixed-Income Funds (Cost: $384,429,820)				389,195,035

Alternative Investment Funds 7.8%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)	282,201	2,838,939
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares^(a)	1,073,730	10,962,788
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares^(a)	1,273,190	13,011,997
Columbia Absolute Return Multi-Strategy Fund, Class I Shares^(a)	1,593,954	16,226,455
Columbia Flexible Capital Income Fund, Class I Shares^(a)	1,035,993	12,545,872
Total Alternative Investment Funds (Cost: $52,869,120)		55,586,051

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

Semiannual Report 2013
21

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2013 (Unaudited)

Inflation-Indexed Bonds 0.6%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
United States 0.6%
U.S. Treasury Inflation-Indexed Bond 01/15/14		2.000	%		315,175		319,312
01/15/15		1.625	%		426,986		444,566
01/15/16		2.000	%		416,649		448,972
07/15/17		2.625	%		337,185		384,654
01/15/19		2.125	%		195,296		222,241
01/15/21		1.125	%		170,381		183,825
01/15/25		2.375	%		729,122		873,409
04/15/29		3.875	%		694,330		998,045
02/15/40		2.125	%		215,550		258,761
Total							4,133,785
Total Inflation-Indexed Bonds (Cost: $3,910,959)							4,133,785

Money Market Funds 3.6%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.191%^(a)(c)		25,477,084		25,477,084
Total Money Market Funds (Cost: $25,477,084)				25,477,084
Total Investments (Cost: $652,263,420)				706,680,719
Other Assets and Liabilities				1,108,542
Net Assets				707,789,261

Investments in Derivatives

Futures Contracts Outstanding at July 31, 2013

At July 31, 2013, $1,246,353 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
E-Mini S&P Mid-Cap 400 Index		116		14,262,200	September 2013		—		(9,873	)
FTSE 100 Index		36		3,594,502	September 2013		—		(285	)
TOPIX Index		15		1,724,288	September 2013		—		(147,399	)
U.S. Treasury Long Bond, 20-year		20		2,681,250	September 2013		—		(131,603	)
U.S. Treasury Note, 5-year		23		2,791,445	September 2013		—		(23,073	)
U.S. Treasury Note, 10-year		254		32,115,125	September 2013		—		(763,418	)
Total							—		(1,075,651	)

Notes to Portfolio of Investments

Issuer				Beginning Cost ($)				Purchase Cost ($)				Proceeds From Merger ($)				Proceeds From Sales ($)				Realized Gain (Loss) ($)				Ending Cost ($)				Capital Gain Distributions ($)				Dividends — Affiliated Issuers ($)				Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares					3,093,113				65,522				—				(298,006	)			406				2,861,035				—				—				2,838,939

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

Semiannual Report 2013
22

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		—		130,782		10,882,058		(191,361	)		7,104		10,828,583		—		—		10,962,788
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		—		7,135,069		5,957,741		(226,535	)		4,498		12,870,773		—		—		13,011,997
Columbia Absolute Return Multi-Strategy Fund, Class I Shares		3,103,010		7,360,517		5,888,265		(364,857	)		7,304		15,994,239		—		—		16,226,455
Columbia Acorn International, Class I Shares		—		263,690		1,383,674		(71,145	)		7,717		1,583,936		—		16,414		1,761,358
Columbia Contrarian Core Fund, Class I Shares		3,504,763		19,777		17,945,115		(2,748,731	)		1,326,344		20,047,268		—		—		29,856,921
Columbia Convertible Securities Fund, Class I Shares		3,266,840		150,614		5,797,364		(1,039,092	)		205,934		8,381,660		—		129,491		9,717,138
Columbia Corporate Income Fund, Class I Shares		21,542,055		2,199,334		95,557,887		(10,232,216	)		677,921		109,744,981		—		1,491,931		112,546,375
Columbia Dividend Income Fund, Class I Shares		3,744,144		1,428,930		11,344,409		(3,799,786	)		801,426		13,519,123		—		213,910		17,561,999
Columbia Dividend Opportunity Fund, Class I Shares		2,841,232		239,306		16,842,000		(10,107,808	)		2,621,056		12,435,786		—		197,824		15,907,254
Columbia Emerging Markets Bond Fund, Class I Shares		3,969,319		1,059,302		26,609,375		(1,145,168	)		83,088		30,575,916		—		739,561		31,354,490

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

Semiannual Report 2013
23

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Emerging Markets Fund, Class I Shares		2,593,605		238,718		8,732,958		(5,205,597	)		177,281		6,536,965		—		—		6,429,059
Columbia European Equity Fund, Class I Shares		—		6,138,144		15,826,456		(1,399,034	)		305,778		20,871,344		—		—		25,017,499
Columbia Flexible Capital Income Fund, Class I Shares		—		265,474		10,930,665		(1,073,010	)		191,361		10,314,490		—		234,785		12,545,872
Columbia Greater China Fund, Class I Shares		582,268		169,700		5,575,179		(3,205,657	)		52,139		3,173,629		—		—		3,328,123
Columbia Income Opportunities Fund, Class I Shares		9,479,006		947,155		22,881,690		(1,408,209	)		431,629		32,331,271		—		728,952		33,867,490
Columbia Inflation Protected Securities Fund, Class I Shares		—		115,291		11,762,583		(360,464	)		21,717		11,539,127		—		22,514		10,829,949
Columbia International Bond Fund, Class I Shares		3,611,295		251,890		—		(131,981	)		1,753		3,732,957		—		27,884		3,641,691
Columbia Large Cap Core Fund, Class I Shares		—		1,149,777		6,607,857		(1,490,732	)		135,512		6,402,414		1,116,820		13,817		7,006,373
Columbia Large Cap Growth Fund, Class I Shares		4,258,884		71,842		9,197,416		(1,308,425	)		378,879		12,598,596		—		—		18,882,837
Columbia Large Core Quantitative Fund, Class I Shares		3,932,314		24,945		13,826,319		(4,388,321	)		2,209,823		15,605,080		—		—		21,235,629
Columbia Large Growth Quantitative Fund, Class I Shares		3,843,757		17,422		19,893,556		(2,778,072	)		967,462		21,944,125		—		—		24,629,876

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

Semiannual Report 2013
24

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Large Value Quantitative Fund, Class I Shares		1,068,727		3,692		—		(1,305,928	)		233,509			—		—		—		—
Columbia Limited Duration Credit Fund, Class I Shares		8,479,987		715,692		39,536,830		(1,731,114	)		40,696			47,042,091		—		355,690		48,703,719
Columbia Mid Cap Growth Fund, Class I Shares		2,392,020		67,109		13,970,190		(8,385,615	)		1,309,494			9,353,198		—		—		11,211,783
Columbia Mid Cap Value Fund, Class I Shares		2,187,845		258,788		14,501,715		(1,514,590	)		407,038			15,840,796		71,421		87,020		20,370,952
Columbia Pacific/Asia Fund, Class I Shares		1,147,334		2,051,185		13,358,653		(1,020,303	)		165,474			15,702,343		—		176,513		17,283,491
Columbia Short-Term Cash Fund		2,975,445		32,629,805		3,512,660		(13,640,826	)		—			25,477,084		—		7,276		25,477,084
Columbia Small Cap Core Fund, Class I Shares		—		1,710,076		11,609,154		(3,954,303	)		596,907			9,961,834		—		—		11,805,610
Columbia Small Cap Growth Fund I, Class I Shares		775,229		5,036		—		(775,412	)		(4,853	)		—		—		—		—
Columbia Small Cap Value Fund I, Class I Shares		713,553		95,345		—		(848,779	)		39,881			—		—		—		—
Columbia U.S. Government Mortgage Fund, Class I Shares		18,762,330		1,920,845		116,983,046		(8,718,844	)		148,745			129,096,122		—		1,011,471		127,141,834
Columbia U.S. Treasury Index Fund, Class I Shares		—		216,781		12,096,779		(316,541	)		(11,324	)		11,985,695		—		60,505		11,392,349
Total		111,868,075		69,117,555		549,011,594		(95,186,462	)		13,541,699			648,352,461		1,188,241		5,515,558		702,546,934

(b) Non-income producing.

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

Semiannual Report 2013
25

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2013 (Unaudited)

Fair Value Measurements

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

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

> Level 3 — Valuations based on significant unobservable inputs (including the Portfolio'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 2013
26

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

July 31, 2013 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Portfolio's investments at July 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Equity Funds		232,288,764			—		—		232,288,764
Fixed-Income Funds		389,195,035			—		—		389,195,035
Alternative Investment Funds		55,586,051			—		—		55,586,051
Money Market Funds		25,477,084			—		—		25,477,084
Total Mutual Funds		702,546,934			—		—		702,546,934
Bonds
Inflation-Indexed Bonds		—			4,133,785		—		4,133,785
Total Bonds		—			4,133,785		—		4,133,785
Investments in Securities		702,546,934			4,133,785		—		706,680,719
Derivatives
Liabilities
Futures Contracts		(1,075,651	)		—		—		(1,075,651	)
Total		701,471,283			4,133,785		—		705,605,068

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

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Semiannual Report 2013
27

Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Moderate Portfolio

July 31, 2013 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 49.3%

	Shares		Value ($)
Dividend Income 4.5%
Columbia Dividend Income Fund, Class I Shares^(a)		2,307,977		40,158,803
Columbia Dividend Opportunity Fund, Class I Shares^(a)		3,191,244		32,359,216
Total				72,518,019
International 12.7%
Columbia Acorn International, Class I Shares^(a)		138,802		6,118,377
Columbia Emerging Markets Fund, Class I Shares^(a)		4,395,624		42,197,991
Columbia European Equity Fund, Class I Shares^(a)		11,030,642		77,986,640
Columbia Greater China Fund, Class I Shares^(a)		373,460		18,661,796
Columbia Pacific/Asia Fund, Class I Shares^(a)		7,096,726		61,244,749
Total				206,209,553
U.S. Large Cap 21.6%
Columbia Contrarian Core Fund, Class I Shares^(a)		4,718,236		93,279,532
Columbia Large Cap Core Fund, Class I Shares^(a)		1,806,156		26,207,318
Columbia Large Cap Growth Fund, Class I Shares^(a)		883,535		28,290,803
Columbia Large Core Quantitative Fund, Class I Shares^(a)		8,831,933		68,977,393
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		5,656,108		51,809,951
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		2,673,084		45,469,164
Columbia Select Large-Cap Value Fund, Class I Shares^(a)		1,772,893		36,220,203
Total				350,254,364
U.S. Mid Cap 7.5%
Columbia Mid Cap Growth Fund, Class I Shares^(a)(b)		1,797,998		56,942,592
Columbia Mid Cap Value Fund, Class I Shares^(a)		1,590,382		28,372,415
Columbia Mid Cap Value Opportunity Fund, Class I Shares^(a)		3,404,692		36,668,532
Total				121,983,539

Equity Funds (continued)

	Shares		Value ($)
U.S. Small Cap 3.0%
Columbia Select Smaller-Cap Value Fund, Class I Shares^(a)(b)		752,726		16,432,001
Columbia Small Cap Core Fund, Class I Shares^(a)		1,223,668		23,996,133
Columbia Small Cap Growth Fund I, Class I Shares^(a)(b)		235,831		8,100,788
Total				48,528,922
Total Equity Funds (Cost: $616,520,948)				799,494,397

Fixed-Income Funds 44.7%

Convertible 2.5%
Columbia Convertible Securities Fund, Class I Shares^(a)	2,375,358	40,547,352
Emerging Markets 1.8%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)	2,518,910	28,992,655
High Yield 5.7%
Columbia Income Opportunities Fund, Class I Shares^(a)	9,318,329	92,903,740
Inflation Protected Securities 0.9%
Columbia Inflation Protected Securities Fund, Class I Shares^(a)	1,470,635	14,323,988
Investment Grade 33.8%
Columbia Corporate Income Fund, Class I Shares^(a)	11,449,039	117,467,143
Columbia Intermediate Bond Fund, Class I Shares^(a)	26,656,805	243,110,064
Columbia Limited Duration Credit Fund, Class I Shares^(a)	4,833,455	48,576,223
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)	25,227,647	137,742,950
Total		546,896,380
Total Fixed-Income Funds (Cost: $710,275,232)		723,664,115

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

Semiannual Report 2013
28

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2013 (Unaudited)

Alternative Investment Funds 4.0%

	Shares		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)		964,527		9,703,147
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares^(a)		2,683,075		27,394,194
Columbia Absolute Return Multi-Strategy Fund, Class I Shares^(a)		1,875,757		19,095,208
Columbia Flexible Capital Income Fund, Class I Shares^(a)		697,000		8,440,665
Total Alternative Investment Funds (Cost: $62,317,828)				64,633,214

Money Market Funds 1.9%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.191%^(a)(c)		30,690,004		30,690,004
Total Money Market Funds (Cost: $30,690,004)				30,690,004
Total Investments (Cost: $1,419,804,012)				1,618,481,730
Other Assets and Liabilities				1,044,962
Net Assets				1,619,526,692

Investments in Derivatives

Futures Contracts Outstanding at July 31, 2013

At July 31, 2013, $1,168,000 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
E-Mini S&P Mid-Cap 400 Index		198		24,344,100	September 2013		618,210		—
U.S. Treasury Long Bond, 20-year		40		5,362,500	September 2013		—		(263,205	)
U.S. Treasury Note, 10-year		120		15,172,500	September 2013		—		(364,920	)
Total							618,210		(628,125	)

Notes to Portfolio of Investments

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		—		9,684,327		(471	)		1		9,683,857		—		—		9,703,147
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		24,935,143		2,183,832		(23,847	)		816		27,095,944		—		—		27,394,194
Columbia Absolute Return Multi-Strategy Fund, Class I Shares		26,834,487		277,651		(8,636,798	)		153,226		18,628,566		—		—		19,095,208
Columbia Acorn International, Class I Shares		5,571,949		67,134		(270,376	)		48,349		5,417,056		—		67,134		6,118,377
Columbia Contrarian Core Fund, Class I Shares		66,287,264		—		(3,973,038	)		342,558		62,656,784		—		—		93,279,532

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

Semiannual Report 2013
29

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2013 (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 Convertible Securities Fund, Class I Shares		37,164,165		538,312		(3,351,014	)		411,140			34,762,603		—		538,311		40,547,352
Columbia Corporate Income Fund, Class I Shares		105,013,134		9,765,037		(107,583	)		4,049			114,674,637		—		1,736,721		117,467,143
Columbia Diversified Bond Fund, Class I Shares		217,348,681		4,723,783		(222,072,464	)		—			—		2,615,230		873,613		—
Columbia Dividend Income Fund, Class I Shares		41,761,782		529,206		(13,385,884	)		2,880,059			31,785,163		—		518,453		40,158,803
Columbia Dividend Opportunity Fund, Class I Shares		29,050,913		385,720		(12,080,956	)		5,537,608			22,893,285		—		377,439		32,359,216
Columbia Emerging Markets Bond Fund, Class I Shares		27,223,389		1,100,147		(143,302	)		6,623			28,186,857		—		797,843		28,992,655
Columbia Emerging Markets Fund, Class I Shares		43,323,419		305,647		(157,990	)		(4,650	)		43,466,426		—		—		42,197,991
Columbia European Equity Fund, Class I Shares		61,659,902		97,713		(1,811,504	)		433,517			60,379,628		—		—		77,986,640
Columbia Flexible Capital Income Fund, Class I Shares		7,145,124		155,534		(477,290	)		86,093			6,909,461		—		155,534		8,440,665
Columbia Greater China Fund, Class I Shares		18,291,674		301,026		(215,060	)		633			18,378,273		—		—		18,661,796
Columbia Income Opportunities Fund, Class I Shares		59,076,436		28,387,006		(148,733	)		37,874			87,352,583		—		1,781,373		92,903,740
Columbia Inflation Protected Securities Fund, Class I Shares		22,356,202		826,918		(8,123,986	)		329,377			15,388,511		—		28,937		14,323,988
Columbia Intermediate Bond Fund, Class I Shares		—		242,839,697		(12,928	)		411			242,827,180		—		2,379,493		243,110,064
Columbia Large Cap Core Fund, Class I Shares		21,921,631		3,677,921		(856,338	)		107,012			24,850,226		3,631,270		44,927		26,207,318
Columbia Large Cap Growth Fund, Class I Shares		17,577,352		942		(2,400,642	)		1,168,475			16,346,127		—		—		28,290,803
Columbia Large Core Quantitative Fund, Class I Shares		49,037,558		593		(3,214,366	)		1,550,896			47,374,681		—		—		68,977,393
Columbia Large Growth Quantitative Fund, Class I Shares		43,387,039		58,330		(776,759	)		(27,320	)		42,641,290		—		—		51,809,951
Columbia Limited Duration Credit Fund, Class I Shares		44,047,161		3,241,539		(34,227	)		2,987			47,257,460		—		422,599		48,576,223

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

Semiannual Report 2013
30

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2013 (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 Mid Cap Growth Fund, Class I Shares		61,674,204		41,699		(17,484,499	)		1,958,104		46,189,508		—		—		56,942,592
Columbia Mid Cap Value Fund, Class I Shares		25,280,542		235,496		(4,156,565	)		787,015		22,146,488		106,352		129,143		28,372,415
Columbia Mid Cap Value Opportunity Fund, Class I Shares		22,371,241		—		(6,380,836	)		3,580,988		19,571,393		—		—		36,668,532
Columbia Pacific/Asia Fund, Class I Shares		57,007,991		738,256		(3,396,847	)		102,042		54,451,442		—		711,530		61,244,749
Columbia Select Large Cap Growth Fund, Class I Shares		36,823,290		—		(4,407,509	)		771,711		33,187,492		—		—		45,469,164
Columbia Select Large-Cap Value Fund, Class I Shares		26,120,578		—		(2,131,685	)		696,970		24,685,863		—		—		36,220,203
Columbia Select Smaller-Cap Value Fund, Class I Shares		15,585,003		—		(3,536,647	)		472,220		12,520,576		—		—		16,432,001
Columbia Short-Term Cash Fund		5,311,411		46,226,175		(20,847,582	)		—		30,690,004		—		9,316		30,690,004
Columbia Small Cap Core Fund, Class I Shares		23,661,151		—		(4,020,191	)		569,978		20,210,938		—		—		23,996,133
Columbia Small Cap Growth Fund I, Class I Shares		8,605,454		—		(1,242,431	)		5,287		7,368,310		—		—		8,100,788
Columbia U.S. Government Mortgage Fund, Class I Shares		150,015,008		3,465,367		(14,049,185	)		394,210		139,825,400		—		1,437,337		137,742,950
Total		1,401,470,278		359,855,008		(363,929,533	)		22,408,259		1,419,804,012		6,352,852		12,009,703		1,618,481,730

(b) Non-income producing.

Fair Value Measurements

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

Semiannual Report 2013
31

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2013 (Unaudited)

Fair Value Measurements (continued)

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

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

> Level 3 — Valuations based on significant unobservable inputs (including the Portfolio'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 2013
32

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

July 31, 2013 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Portfolio's investments at July 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Equity Funds		799,494,397			—		—		799,494,397
Fixed-Income Funds		723,664,115			—		—		723,664,115
Alternative Investment Funds		64,633,214			—		—		64,633,214
Money Market Funds		30,690,004			—		—		30,690,004
Total Mutual Funds		1,618,481,730			—		—		1,618,481,730
Derivatives
Assets
Futures Contracts		618,210			—		—		618,210
Liabilities
Futures Contracts		(628,125	)		—		—		(628,125	)
Total		1,618,471,815			—		—		1,618,471,815

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Semiannual Report 2013
33

Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2013 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 62.0%

	Shares		Value ($)
Dividend Income 4.5%
Columbia Dividend Income Fund, Class I Shares^(a)		3,282,984		57,123,915
Columbia Dividend Opportunity Fund, Class I Shares^(a)		4,536,182		45,996,884
Total				103,120,799
International 14.0%
Columbia Acorn International, Class I Shares^(a)		259,445		11,436,327
Columbia Emerging Markets Fund, Class I Shares^(a)		9,677,131		92,900,456
Columbia European Equity Fund, Class I Shares^(a)		10,748,699		75,993,301
Columbia Greater China Fund, Class I Shares^(a)		628,245		31,393,435
Columbia Overseas Value Fund, Class I Shares^(a)		3,111,697		25,266,977
Columbia Pacific/Asia Fund, Class I Shares^(a)		9,853,887		85,039,044
Total				322,029,540
Real Estate 0.5%
Columbia Real Estate Equity Fund, Class I Shares^(a)		789,842		11,752,855
U.S. Large Cap 29.0%
Columbia Contrarian Core Fund, Class I Shares^(a)		7,636,733		150,978,213
Columbia Diversified Equity Income Fund, Class I Shares^(a)		2,233,894		28,281,102
Columbia Large Cap Core Fund, Class I Shares^(a)		2,398,978		34,809,171
Columbia Large Cap Growth Fund, Class I Shares^(a)		2,284,522		73,150,418
Columbia Large Core Quantitative Fund, Class I Shares^(a)		17,809,932		139,095,567
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		6,402,474		58,646,660
Columbia Large Value Quantitative Fund, Class I Shares^(a)		1,915,889		16,744,868
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		5,285,177		89,900,863
Columbia Select Large-Cap Value Fund, Class I Shares^(a)		3,677,288		75,126,990
Total				666,733,852

Equity Funds (continued)

	Shares		Value ($)
U.S. Mid Cap 9.9%
Columbia Mid Cap Growth Fund, Class I Shares^(a)(b)		3,185,234		100,876,362
Columbia Mid Cap Value Fund, Class I Shares^(a)		4,960,341		88,492,484
Columbia Mid Cap Value Opportunity Fund, Class I Shares^(a)		3,573,440		38,485,947
Total				227,854,793
U.S. Small Cap 4.1%
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares^(a)		2,023,623		16,067,567
Columbia Select Smaller-Cap Value Fund, Class I Shares^(a)(b)		149,918		3,272,708
Columbia Small Cap Core Fund, Class I Shares^(a)		636,228		12,476,433
Columbia Small Cap Growth Fund I, Class I Shares^(a)(b)		1,339,333		46,006,110
Columbia Small Cap Value Fund II, Class I Shares^(a)		952,584		17,298,921
Total				95,121,739
Total Equity Funds (Cost: $1,137,968,212)				1,426,613,578

Fixed-Income Funds 28.5%

Convertible 2.0%
Columbia Convertible Securities Fund, Class I Shares^(a)	2,740,200	46,775,212
Emerging Markets 1.3%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)	2,574,094	29,627,822
High Yield 5.4%
Columbia High Yield Bond Fund, Class I Shares^(a)	7,779,264	23,026,621
Columbia Income Opportunities Fund, Class I Shares^(a)	10,130,961	101,005,680
Total		124,032,301
Inflation Protected Securities 0.5%
Columbia Inflation Protected Securities Fund, Class I Shares^(a)	1,063,637	10,359,825
International 0.9%
Columbia International Bond Fund, Class I Shares^(a)	1,860,935	20,302,801

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

Semiannual Report 2013
34

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2013 (Unaudited)

Fixed-Income Funds 28.5% (continued)

	Shares		Value ($)
Investment Grade 18.4%
Columbia Corporate Income Fund, Class I Shares^(a)		21,026,638		215,733,302
Columbia Limited Duration Credit Fund, Class I Shares^(a)		3,124,039		31,396,588
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		30,391,681		165,938,582
Columbia U.S. Treasury Index Fund, Class I Shares^(a)		1,011,361		11,276,677
Total				424,345,149
Total Fixed-Income Funds (Cost: $642,738,503)				655,443,110

Alternative Investment Funds 4.6%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)	1,833,583	18,445,852
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares^(a)	2,248,672	22,958,939
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares^(a)	1,136,617	11,616,223
Columbia Absolute Return Multi-Strategy Fund, Class I Shares^(a)	3,097,475	31,532,295
Columbia Commodity Strategy Fund, Class I Shares^(a)(b)	1,808,069	15,115,456
Columbia Flexible Capital Income Fund, Class I Shares^(a)	528,325	6,398,013
Total Alternative Investment Funds (Cost: $105,713,777)		106,066,778

Common Stocks — %

Issuer	Shares		Value ($)
Consumer Staples — %
Food Products — %
China Milk Products Group Ltd.^(b)(c)(d)		322,000		10,135
Total Consumer Staples				10,135
Total Common Stocks (Cost: $172,880)				10,135

Inflation-Indexed Bonds 1.0%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
United States 1.0%
U.S. Treasury Inflation-Indexed Bond 01/15/14		2.000	%		2,363,812		2,394,837
01/15/15		1.625	%		3,074,299		3,200,874
01/15/16		2.000	%		2,124,325		2,289,126
07/15/17		2.625	%		1,747,742		1,993,791
01/15/19		2.125	%		2,348,982		2,673,068
01/15/21		1.125	%		287,518		310,205
01/15/25		2.375	%		3,732,116		4,470,668
04/15/29		3.875	%		3,400,800		4,888,385
02/15/40		2.125	%		1,029,251		1,235,584
Total							23,456,538
Total Inflation-Indexed Bonds (Cost: $22,155,008)							23,456,538

	Shares		Value ($)
Money Market Funds 3.8%
Columbia Short-Term Cash Fund, 0.191%^(a)(e)		86,788,913		86,788,913
Total Money Market Funds (Cost: $86,788,913)				86,788,913
Total Investments (Cost: $1,995,537,293)				2,298,379,052
Other Assets and Liabilities				3,192,175
Net Assets				2,301,571,227

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

Semiannual Report 2013
35

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2013 (Unaudited)

Investments in Derivatives

Futures Contracts Outstanding at July 31, 2013

At July 31, 2013, $3,827,845 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
E-Mini S&P Mid-Cap 400 Index		423		52,007,850	September 2013		—		(36,001	)
FTSE 100 Index		177		17,672,966	September 2013		748,720		—
TOPIX Index		156		17,932,591	September 2013		147,333		—
U.S. Treasury Note, 10-year		50		6,321,875	September 2013		—		(149,719	)
Total							896,053		(185,720	)

Notes to Portfolio of Investments

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger		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		20,431,617		28,035		—		(1,914,796	)		(4,474	)		18,540,382		—		—		18,445,852
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		—		893,374		22,096,487		(342,619	)		15,137			22,662,379		—		—		22,958,939
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		—		241,106		11,238,242		(226,256	)		7,071			11,260,163		—		—		11,616,223
Columbia Absolute Return Multi-Strategy Fund, Class I Shares		28,385,193		3,084,960		—		(581,686	)		11,411			30,899,878		—		—		31,532,295
Columbia Acorn International, Class I Shares		—		5,689,841		5,197,321		(181,964	)		40,301			10,745,499		—		62,612		11,436,327
Columbia Commodity Strategy Fund, Class I Shares		15,822,726		1,376,989		—		(83,079	)		(3,428	)		17,113,208		—		—		15,115,456

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

Semiannual Report 2013
36

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Contrarian Core Fund, Class I Shares		61,074,118		83		58,361,771		(15,181,825	)		2,082,526			106,336,673		—		—		150,978,213
Columbia Convertible Securities Fund, Class I Shares		20,181,499		605,514		22,870,971		(3,255,192	)		637,858			41,040,650		—		605,512		46,775,212
Columbia Corporate Income Fund, Class I Shares		87,819,499		14,009,100		114,120,451		(6,780,231	)		517,156			209,685,975		—		2,811,513		215,733,302
Columbia Diversified Equity Income Fund, Class I Shares		—		271,415		18,294,184		(2,263,675	)		1,017,355			17,319,279		—		271,409		28,281,102
Columbia Dividend Income Fund, Class I Shares		28,016,458		699,855		21,066,396		(6,428,534	)		1,213,140			44,567,315		—		652,749		57,123,915
Columbia Dividend Opportunity Fund, Class I Shares		29,380,802		553,836		18,004,662		(19,891,527	)		8,930,186			36,977,959		—		553,136		45,996,884
Columbia Emerging Markets Bond Fund, Class I Shares		18,857,088		802,234		10,239,918		(684,651	)		65,360			29,279,949		—		770,017		29,627,822
Columbia Emerging Markets Fund, Class I Shares		59,828,969		108,156		37,874,525		(1,044,063	)		(50,729	)		96,716,858		—		—		92,900,456
Columbia European Equity Fund, Class I Shares		5,010,513		19,137		58,735,854		(4,825,129	)		564,224			59,504,599		—		—		75,993,301
Columbia Flexible Capital Income Fund, Class I Shares		—		116,019		5,371,536		(301,905	)		52,116			5,237,766		—		116,019		6,398,013
Columbia Greater China Fund, Class I Shares		10,697,282		51,184		21,604,692		(666,678	)		(176,245	)		31,510,235		—		—		31,393,435
Columbia High Yield Bond Fund, Class I Shares		15,467,222		7,234,656		—		(397,679	)		34,757			22,338,956		—		474,648		23,026,621
Columbia Income Opportunities Fund, Class I Shares		29,961,446		20,760,469		48,243,744		(2,339,847	)		359,704			96,985,516		—		1,963,348		101,005,680

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

Semiannual Report 2013
37

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger		Proceeds From Sales ($)			Realized Gain (Loss) ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Inflation Protected Securities Fund, Class I Shares		—		23,251		11,015,504		(301,797	)		36,719		10,773,677		—		21,467		10,359,825
Columbia International Bond Fund, Class I Shares		19,948,943		1,372,137		—		(525,797	)		12,223		20,807,506		—		151,079		20,302,801
Columbia Large Cap Core Fund, Class I Shares		—		5,104,850		30,398,085		(3,015,287	)		324,932		32,812,580		5,027,968		62,207		34,809,171
Columbia Large Cap Growth Fund, Class I Shares		26,644,877		22,682		26,827,041		(5,513,302	)		1,060,052		49,041,350		—		—		73,150,418
Columbia Large Core Quantitative Fund, Class I Shares		73,178,103		47,594		39,425,893		(15,056,692	)		6,342,755		103,937,653		—		—		139,095,567
Columbia Large Growth Quantitative Fund, Class I Shares		21,908,974		34,600		32,754,615		(5,729,694	)		88,530		49,057,025		—		—		58,646,660
Columbia Large Value Quantitative Fund, Class I Shares		19,968,324		1,203		—		(7,648,869	)		1,249,669		13,570,327		—		—		16,744,868
Columbia Limited Duration Credit Fund, Class I Shares		31,001,809		970,407		—		(591,192	)		6,910		31,387,934		—		283,428		31,396,588
Columbia Mid Cap Growth Fund, Class I Shares		45,997,749		24,079		55,114,532		(20,743,225	)		4,515,828		84,908,963		—		—		100,876,362
Columbia Mid Cap Value Fund, Class I Shares		43,114,554		699,024		31,775,546		(8,130,031	)		2,151,657		69,610,750		314,435		381,771		88,492,484
Columbia Mid Cap Value Opportunity Fund, Class I Shares		—		1,247		21,073,866		(3,463,491	)		1,962,355		19,573,977		—		—		38,485,947
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares		—		2,258		8,061,074		(1,186,774	)		723,365		7,599,923		—		—		16,067,567

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

Semiannual Report 2013
38

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Overseas Value Fund, Class I Shares		24,626,781		14,793		—		(806,355	)		29,888			23,865,107		—		8,738		25,266,977
Columbia Pacific/Asia Fund, Class I Shares		25,666,223		1,030,874		54,979,552		(4,896,872	)		452,092			77,231,869		—		961,577		85,039,044
Columbia Real Estate Equity Fund, Class I Shares		—		608,543		8,978,990		(794,873	)		295,338			9,087,998		73,100		115,850		11,752,855
Columbia Select Large Cap Growth Fund, Class I Shares		38,937,654		1,132		35,656,369		(7,402,081	)		1,805,935			68,999,009		—		—		89,900,863
Columbia Select Large-Cap Value Fund, Class I Shares		10,015,392		22,096,438		31,223,593		(7,692,034	)		2,262,132			57,905,521		—		—		75,126,990
Columbia Select Smaller-Cap Value Fund, Class I Shares		—		333		2,916,104		(392,707	)		51,152			2,574,882		—		—		3,272,708
Columbia Short-Term Cash Fund		21,553,489		89,615,743		9,599,712		(33,980,031	)		—			86,788,913		—		19,415		86,788,913
Columbia Small Cap Core Fund, Class I Shares		—		6,442		11,542,641		(1,202,695	)		173,629			10,520,017		—		—		12,476,433
Columbia Small Cap Growth Fund I, Class I Shares		39,223,375		56,175		18,921,537		(19,478,182	)		1,156,022			39,878,927		—		—		46,006,110
Columbia Small Cap Value Fund I, Class I Shares		15,919,496		71		—		(16,664,777	)		745,210			—		—		—		—
Columbia Small Cap Value Fund II, Class I Shares		20,426,189		659,065		—		(8,338,040	)		1,366,701			14,113,915		634,048		22,652		17,298,921
Columbia U.S. Government Mortgage Fund, Class I Shares		71,979,881		1,722,043		113,337,038		(18,929,770	)		482,843			168,592,035		—		1,481,688		165,938,582
Columbia U.S. Treasury Index Fund, Class I Shares		—		476,548		11,635,389		(259,017	)		(6,612	)		11,846,308		—		58,191		11,276,677
Total		981,046,245		181,137,495		1,028,557,835		(260,134,921	)		42,602,751			1,973,209,405		6,049,551		11,849,026		2,274,912,379

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

Semiannual Report 2013
39

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

(b) Non-income producing.

(c) Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at July 31, 2013 was $10,135, representing less than 0.01% of net assets. Information concerning such security holdings at July 31, 2013 is as follows:

Security Description				Acquisition Dates				Cost ($)
China Milk Products Group Ltd.				11/17/10					172,880

(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2013, the value of these securities amounted to $10,135, which represents less than 0.01% of net assets.

(e) The rate shown is the seven-day current annualized yield at July 31, 2013.

Fair Value Measurements

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

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

> Level 3 — Valuations based on significant unobservable inputs (including the Portfolio'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 2013
40

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

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.

The following table is a summary of the inputs used to value the Portfolio's investments at July 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Equity Funds		1,426,613,578			—		—		1,426,613,578
Fixed-Income Funds		655,443,110			—		—		655,443,110
Alternative Investment Funds		106,066,778			—		—		106,066,778
Money Market Funds		86,788,913			—		—		86,788,913
Total Mutual Funds		2,274,912,379			—		—		2,274,912,379
Equity Securities
Common Stocks
Consumer Staples		—			—		10,135		10,135
Total Equity Securities		—			—		10,135		10,135
Bonds
Inflation-Indexed Bonds		—			23,456,538		—		23,456,538
Total Bonds		—			23,456,538		—		23,456,538
Investments in Securities		2,274,912,379			23,456,538		10,135		2,298,379,052
Derivatives
Assets
Futures Contracts		896,053			—		—		896,053
Liabilities
Futures Contracts		(185,720	)		—		—		(185,720	)
Total		2,275,622,712			23,456,538		10,135		2,299,089,385

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Semiannual Report 2013
41

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

July 31, 2013 (Unaudited)

Notes to Portfolio of Investments (continued)

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

	Common Stocks ($)
Balance as of January 31, 2013		10,407
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)^(a)		(272	)
Sales		—
Purchases		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of July 31, 2013		10,135

(a) Change in unrealized appreciation (depreciation) relating to securities held at July 31, 2013 was $(272).

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

The Portfolio'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 2013
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Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Aggressive Portfolio

July 31, 2013 (Unaudited)

(Percentages represent value of investments compared to net assets)

Equity Funds 78.9%

	Shares		Value ($)
Dividend Income 4.2%
Columbia Dividend Income Fund, Class I Shares^(a)		863,310		15,021,598
Columbia Dividend Opportunity Fund, Class I Shares^(a)		1,044,355		10,589,758
Total				25,611,356
International 20.0%
Columbia Acorn International, Class I Shares^(a)		96,675		4,261,441
Columbia Emerging Markets Fund, Class I Shares^(a)		2,356,990		22,627,101
Columbia European Equity Fund, Class I Shares^(a)		6,526,604		46,143,088
Columbia Greater China Fund, Class I Shares^(a)		318,841		15,932,512
Columbia Pacific/Asia Fund, Class I Shares^(a)		3,745,312		32,322,040
Total				121,286,182
Real Estate 1.9%
Columbia Real Estate Equity Fund, Class I Shares^(a)		783,038		11,651,600
U.S. Large Cap 35.8%
Columbia Contrarian Core Fund, Class I Shares^(a)		2,462,166		48,677,028
Columbia Diversified Equity Income Fund, Class I Shares^(a)		1,315,053		16,648,568
Columbia Large Cap Core Fund, Class I Shares^(a)		1,758,869		25,521,190
Columbia Large Cap Growth Fund, Class I Shares^(a)		583,287		18,676,858
Columbia Large Core Quantitative Fund, Class I Shares^(a)		4,080,860		31,871,519
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		2,055,516		18,828,527
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		2,007,273		34,143,709
Columbia Select Large-Cap Value Fund, Class I Shares^(a)		1,113,818		22,755,297
Total				217,122,696
U.S. Mid Cap 12.6%
Columbia Mid Cap Growth Fund, Class I Shares^(a)(b)		1,153,256		36,523,610
Columbia Mid Cap Value Fund, Class I Shares^(a)		1,019,245		18,183,329

Equity Funds (continued)

	Shares		Value ($)
Columbia Mid Cap Value Opportunity Fund, Class I Shares^(a)		1,982,032		21,346,487
Total				76,053,426
U.S. Small Cap 4.4%
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares^(a)		763,220		6,059,964
Columbia Select Smaller-Cap Value Fund, Class I Shares^(a)(b)		211,261		4,611,820
Columbia Small Cap Core Fund, Class I Shares^(a)		490,778		9,624,166
Columbia Small Cap Growth Fund I, Class I Shares^(a)(b)		176,418		6,059,977
Total				26,355,927
Total Equity Funds (Cost: $365,719,788)				478,081,187

Fixed-Income Funds 14.3%

High Yield 4.8%
Columbia High Yield Bond Fund, Class I Shares^(a)	3,035,534	8,985,180
Columbia Income Opportunities Fund, Class I Shares^(a)	1,975,643	19,697,163
Total		28,682,343
Investment Grade 9.5%
Columbia Corporate Income Fund, Class I Shares^(a)	3,544,870	36,370,364
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)	3,890,993	21,244,824
Total		57,615,188
Total Fixed-Income Funds (Cost: $84,719,660)		86,297,531

Alternative Investment Funds 3.5%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)	601,333	6,049,408
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares^(a)	1,181,033	12,058,344
Columbia Flexible Capital Income Fund, Class I Shares^(a)	260,929	3,159,854
Total Alternative Investment Funds (Cost: $20,542,744)		21,267,606

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

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Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2013 (Unaudited)

Money Market Funds 3.2%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.191%^(a)(c)		19,401,981		19,401,981
Total Money Market Funds (Cost: $19,401,981)				19,401,981
Total Investments (Cost: $490,384,173)				605,048,305
Other Assets and Liabilities				667,305
Net Assets				605,715,610

Investments in Derivatives

Futures Contracts Outstanding at July 31, 2013

At July 31, 2013, $742,500 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
E-Mini S&P Mid-Cap 400 Index		123		15,122,850	September 2013		—		(2,832	)
E-Mini S&P 500 Index		54		4,537,350	September 2013		307,062		—
Total							307,062		(2,832	)

Notes to Portfolio of Investments

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		—		6,037,629		(247	)		—		6,037,382		—		—		6,049,408
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		10,428,525		1,504,306		(16,406	)		560		11,916,985		—		—		12,058,344
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		5,334,729		55,052		(5,547,527	)		157,746		—		—		—		—
Columbia Acorn International, Class I Shares		3,690,678		49,236		(98,787	)		23,729		3,664,856		—		45,669		4,261,441
Columbia Contrarian Core Fund, Class I Shares		34,611,910		1,200,675		(2,426,590	)		224,047		33,610,042		—		—		48,677,028
Columbia Corporate Income Fund, Class I Shares		30,537,906		4,895,771		(48,088	)		1,822		35,387,411		—		511,416		36,370,364

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, 2013 (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 Diversified Equity Income Fund, Class I Shares		10,872,643		158,456		(1,423,589	)		604,994			10,212,504		—		158,456		16,648,568
Columbia Dividend Income Fund, Class I Shares		12,623,770		171,399		(1,216,485	)		233,808			11,812,492		—		167,960		15,021,598
Columbia Dividend Opportunity Fund, Class I Shares		11,167,781		134,837		(7,021,341	)		3,244,688			7,525,965		—		125,488		10,589,758
Columbia Emerging Markets Fund, Class I Shares		21,250,020		359,059		(39,177	)		(3,108	)		21,566,794		—		—		22,627,101
Columbia European Equity Fund, Class I Shares		38,773,787		89,211		(3,796,828	)		851,381			35,917,551		—		—		46,143,088
Columbia Flexible Capital Income Fund, Class I Shares		2,588,587		58,540		(70,375	)		11,625			2,588,377		—		56,231		3,159,854
Columbia Greater China Fund, Class I Shares		15,448,229		328,622		(114,585	)		(954	)		15,661,312		—		—		15,932,512
Columbia High Yield Bond Fund, Class I Shares		—		9,076,053		—			—			9,076,053		—		17,023		8,985,180
Columbia Income Opportunities Fund, Class I Shares		16,852,840		1,949,093		(55,192	)		9,416			18,756,157		—		479,898		19,697,163
Columbia Large Cap Core Fund, Class I Shares		21,130,958		4,018,711		(1,124,677	)		146,530			24,171,522		3,458,419		42,788		25,521,190
Columbia Large Cap Growth Fund, Class I Shares		10,603,738		3,235		(424,960	)		87,548			10,269,561		—		—		18,676,858
Columbia Large Core Quantitative Fund, Class I Shares		21,086,161		288,682		(1,220,561	)		97,574			20,251,856		—		—		31,871,519
Columbia Large Growth Quantitative Fund, Class I Shares		15,115,258		78,320		(375,785	)		134,078			14,951,871		—		—		18,828,527
Columbia Mid Cap Growth Fund, Class I Shares		38,291,293		10,924		(8,666,242	)		537,616			30,173,591		—		—		36,523,610

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

Semiannual Report 2013
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Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2013 (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 Mid Cap Value Fund, Class I Shares		15,479,714		142,984		(1,660,365	)		289,153			14,251,486		64,434		77,960		18,183,329
Columbia Mid Cap Value Opportunity Fund, Class I Shares		12,672,069		182		(2,394,551	)		1,288,910			11,566,610		—		—		21,346,487
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares		3,536,431		1,240		(646,047	)		386,658			3,278,282		—		—		6,059,964
Columbia Pacific/Asia Fund, Class I Shares		30,141,151		2,161,879		(4,143,878	)		729,555			28,888,707		—		346,766		32,322,040
Columbia Real Estate Equity Fund, Class I Shares		8,313,334		761,792		(393,695	)		206,534			8,887,965		71,894		112,404		11,651,600
Columbia Select Large Cap Growth Fund, Class I Shares		27,192,830		2,868		(2,221,499	)		356,991			25,331,190		—		—		34,143,709
Columbia Select Large-Cap Value Fund, Class I Shares		17,312,658		441,564		(1,443,303	)		441,737			16,752,656		—		—		22,755,297
Columbia Select Smaller-Cap Value Fund, Class I Shares		4,160,623		303		(703,691	)		182,652			3,639,887		—		—		4,611,820
Columbia Short-Term Cash Fund		5,165,113		21,331,743		(7,094,875	)		—			19,401,981		—		6,277		19,401,981
Columbia Small Cap Core Fund, Class I Shares		8,967,395		7,387		(1,054,487	)		136,630			8,056,925		—		—		9,624,166
Columbia Small Cap Growth Fund I, Class I Shares		10,956,818		2,687		(5,785,456	)		102,114			5,276,163		—		—		6,059,977
Columbia U.S. Government Mortgage Fund, Class I Shares		26,652,053		799,678		(5,893,255	)		(58,437	)		21,500,039		—		253,685		21,244,824
Total		490,959,002		56,122,118		(67,122,544	)		10,425,597			490,384,173		3,594,747		2,402,021		605,048,305

(b) Non-income producing.

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

Semiannual Report 2013
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Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2013 (Unaudited)

Fair Value Measurements

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

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

> Level 3 — Valuations based on significant unobservable inputs (including the Portfolio'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 2013
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Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio

July 31, 2013 (Unaudited)

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Portfolio's investments at July 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Equity Funds		478,081,187			—		—		478,081,187
Fixed-Income Funds		86,297,531			—		—		86,297,531
Alternative Investment Funds		21,267,606			—		—		21,267,606
Money Market Funds		19,401,981			—		—		19,401,981
Total Mutual Funds		605,048,305			—		—		605,048,305
Investments in Securities		605,048,305			—		—		605,048,305
Derivatives
Assets
Futures Contracts		307,062			—		—		307,062
Liabilities
Futures Contracts		(2,832	)		—		—		(2,832	)
Total		605,352,535			—		—		605,352,535

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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, 2013 (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 $—, $3,910,959, $—)	$	—	$	4,133,785	$	—
Affiliated issuers (identified cost $340,589,347,$648,352,461, $1,419,804,012)		353,850,142		702,546,934		1,618,481,730
Total investments (identified cost $340,589,347, $652,263,420, $1,419,804,012)		353,850,142		706,680,719		1,618,481,730
Cash		3		3		—
Margin deposits		569,999		1,246,353		1,168,000
Receivable for:
Investments sold		387,038		394,344		183,800
Capital shares sold		406,505		383,563		1,159,773
Dividends		405,799		767,427		1,465,774
Interest		—		12,538		—
Variation margin		14,594		8,337		35,844
Prepaid expenses		10,949		10,949		—
Total assets		355,645,029		709,504,233		1,622,494,921
Liabilities
Payable for:
Investments purchased		404,036		764,647		1,462,081
Capital shares purchased		570,277		804,069		1,313,688
Investment management fees		269		472		487
Distribution and/or service fees		3,782		7,160		15,771
Transfer agent fees		26,373		53,640		104,222
Administration fees		194		388		887
Plan administration fees		1		—		2
Compensation of board members		55,922		10,012		5,499
Other expenses		6,299		74,584		65,592
Total liabilities		1,067,153		1,714,972		2,968,229
Net assets applicable to outstanding capital stock	$	354,577,876	$	707,789,261	$	1,619,526,692

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, 2013 (Unaudited)

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Represented by
Paid-in capital	$	336,086,888		$	646,636,198		$	1,412,558,955
Undistributed net investment income		670,972			611,095			180,918
Accumulated net realized gain (loss)		4,835,957			7,199,856			8,119,016
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		—			222,826			—
Investments — affiliated issuers		13,260,795			54,194,473			198,677,718
Foreign currency translations		—			464			—
Futures contracts		(276,736	)		(1,075,651	)		(9,915	)
Total — representing net assets applicable to outstanding capital stock	$	354,577,876		$	707,789,261		$	1,619,526,692
Class A
Net assets	$	284,326,724		$	564,923,662		$	1,386,303,517
Shares outstanding		26,990,190			49,201,960			116,172,475
Net asset value per share	$	10.53		$	11.48		$	11.93
Maximum offering price per share^(a)	$	11.06		$	12.18		$	12.66
Class B
Net assets	$	16,027,696		$	32,615,403		$	80,931,241
Shares outstanding		1,525,810			2,854,144			6,811,812
Net asset value per share	$	10.50		$	11.43		$	11.88
Class C
Net assets	$	50,835,708		$	86,450,301		$	148,705,051
Shares outstanding		4,849,623			7,615,355			12,541,012
Net asset value per share	$	10.48		$	11.35		$	11.86
Class K
Net assets	$	96,688		$	14,363		$	328,269
Shares outstanding		9,257			1,266			27,528
Net asset value per share	$	10.44		$	11.35		$	11.92
Class R
Net assets	$	72,424		$	2,148,930		$	197,559
Shares outstanding		6,877			186,941			16,588
Net asset value per share	$	10.53		$	11.50		$	11.91
Class R4
Net assets	$	2,490		$	2,523		$	2,504
Shares outstanding		237			221			212
Net asset value per share	$	10.49	^(b)	$	11.40	^(b)	$	11.84	^(b)

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, 2013 (Unaudited)

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Class R5
Net assets	$	2,490		$	2,523		$	2,503
Shares outstanding		237			221			212
Net asset value per share	$	10.49	^(b)	$	11.41	^(b)	$	11.84	^(b)
Class Y
Net assets	$	2,490		$	2,495		$	2,503
Shares outstanding		237			221			212
Net asset value per share	$	10.49	^(b)	$	11.30	^(b)	$	11.84	^(b)
Class Z
Net assets	$	3,211,166		$	21,629,061		$	3,053,545
Shares outstanding		304,922			1,903,384			256,123
Net asset value per share	$	10.53		$	11.36		$	11.92

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 4.75% 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, 2013 (Unaudited)

	Columbia Capital Allocation Moderate Aggressive Portfolio		Columbia Capital Allocation Aggressive Portfolio
Assets
Investments, at value
Unaffiliated issuers (identified cost $22,327,888, $—)	$	23,466,673	$	—
Affiliated issuers (identified cost $1,973,209,405, $490,384,173)		2,274,912,379		605,048,305
Total investments (identified cost $1,995,537,293, $490,384,173)		2,298,379,052		605,048,305
Cash		—		—
Margin deposits		3,827,845		742,500
Receivable for:
Investments sold		866,981		43,194
Capital shares sold		1,121,776		503,213
Dividends		1,445,658		234,000
Interest		64,100		—
Reclaims		557		—
Variation margin		—		5,880
Prepaid expenses		10,949		23,340
Trustees' deferred compensation plan		105,446		—
Total assets		2,305,822,364		606,600,432
Liabilities
Payable for:
Investments purchased		1,439,613		231,792
Capital shares purchased		2,101,963		560,074
Variation margin		221,307		—
Investment management fees		1,714		306
Distribution and/or service fees		20,955		5,748
Transfer agent fees		245,481		51,970
Administration fees		1,261		332
Plan administration fees		1		1
Compensation of board members		91,018		5,569
Expense reimbursement due to Investment Manager		—		24,439
Other expenses		22,378		4,591
Trustees' deferred compensation plan		105,446		—
Total liabilities		4,251,137		884,822
Net assets applicable to outstanding capital stock	$	2,301,571,227	$	605,715,610

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, 2013 (Unaudited)

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Represented by
Paid-in capital	$	2,039,076,380		$	534,936,648
Undistributed net investment income		299,909			3,261,016
Accumulated net realized gain (loss)		(41,342,411	)		(47,450,416	)
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		1,138,785			—
Investments — affiliated issuers		301,702,974			114,664,132
Foreign currency translations		(14,743	)		—
Futures contracts		710,333			304,230
Total — representing net assets applicable to outstanding capital stock	$	2,301,571,227		$	605,715,610
Class A
Net assets	$	1,759,138,497		$	526,382,724
Shares outstanding		139,159,238			42,708,938
Net asset value per share	$	12.64		$	12.32
Maximum offering price per share^(a)	$	13.41		$	13.07
Class B
Net assets	$	108,147,775		$	34,365,307
Shares outstanding		8,627,077			2,798,249
Net asset value per share	$	12.54		$	12.28
Class C
Net assets	$	184,257,559		$	44,006,306
Shares outstanding		14,498,333			3,637,677
Net asset value per share	$	12.71		$	12.10
Class K
Net assets	$	97,900		$	140,556
Shares outstanding		7,762			11,375
Net asset value per share	$	12.61		$	12.36
Class R
Net assets	$	4,833,108		$	212,622
Shares outstanding		382,726			17,357
Net asset value per share	$	12.63		$	12.25
Class R4
Net assets	$	2,715		$	2,573
Shares outstanding		213			212
Net asset value per share	$	12.72	^(b)	$	12.16	^(b)

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, 2013 (Unaudited)

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Class R5
Net assets	$	2,715		$	2,573
Shares outstanding		213			212
Net asset value per share	$	12.71	^(b)	$	12.17	^(b)
Class T
Net assets	$	101,886,763		$	—
Shares outstanding		8,061,223			—
Net asset value per share	$	12.64		$	—
Maximum offering price per share^(a)	$	13.41		$	—
Class Y
Net assets	$	2,533		$	2,573
Shares outstanding		202			212
Net asset value per share	$	12.52	^(b)	$	12.17	^(b)
Class Z
Net assets	$	143,201,662		$	600,376
Shares outstanding		11,341,969			48,830
Net asset value per share	$	12.63		$	12.30

(a) The maximum offering price per share is calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge of 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, 2013 (Unaudited)

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Net investment income
Income:
Dividends — unaffiliated issuers	$	—		$	363		$	—
Dividends — affiliated issuers		3,192,052			5,515,558			12,009,703
Interest		2,116			63,419			—
Total income		3,194,168			5,579,340			12,009,703
Expenses:
Investment management fees		29,732			49,927			45,081
Distribution and/or service fees
Class A		356,068			562,126			1,682,803
Class B		94,089			151,037			456,993
Class C		243,158			357,747			699,592
Class R		220			5,493			410
Transfer agent fees
Class A		210,380			335,362			1,070,398
Class B		13,886			22,697			72,735
Class C		36,069			53,960			111,219
Class K^(a)		8			3			78
Class R		63			1,734			130
Class R4^(b)		—			2			—
Class R5^(b)		—			1			—
Class Z		1,620			16,419			2,468
Administration fees		35,454			57,458			158,114
Plan administration fees
Class K^(a)		91			14			389
Compensation of board members		5,107			4,987			4,932
Custodian fees		7,422			8,005			8,006
Printing and postage fees		26,278			31,789			113,995
Registration fees		35,649			34,607			38,889
Professional fees		13,221			14,289			10,526
Other		5,264			9,736			4,950
Total expenses		1,113,779			1,717,393			4,481,708
Expense reductions		(20	)		(260	)		(120	)
Total net expenses		1,113,759			1,717,133			4,481,588
Net investment income		2,080,409			3,862,207			7,528,115
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		142,386			19,822			—
Investments — affiliated issuers		6,955,271			13,541,699			22,408,259
Capital gain distributions from underlying affiliated funds		277,247			1,188,241			6,352,852
Foreign currency translations		—			(974	)		—
Futures contracts		(985,483	)		(1,759,489	)		(3,390,536	)
Net realized gain		6,389,421			12,989,299			25,370,575
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(158,976	)		(53,664,998	)		—
Investments — affiliated issuers		(6,121,184	)		46,767,419			39,478,871
Foreign currency translations		—			464			—
Futures contracts		(82,938	)		(938,178	)		537,336
Net change in unrealized appreciation (depreciation)		(6,363,098	)		(7,835,293	)		40,016,207
Net realized and unrealized gain		26,323			5,154,006			65,386,782
Net increase in net assets resulting from operations	$	2,106,732		$	9,016,213		$	72,914,897

(a) For the period from February 28, 2013 (commencement of operations) to July 31, 2013 for Columbia Capital Allocation Moderate Conservative Portfolio.

(b) For the period from June 13, 2013 (commencement of operations) to July 31, 2013 for Columbia Capital Allocation Conservative Portfolio and Columbia Capital Allocation Moderate Portfolio.

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, 2013 (Unaudited)

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Net investment income
Income:
Dividends — unaffiliated issuers	$	—		$	—
Dividends — affiliated issuers		11,849,026			2,402,021
Interest		319,663			—
Total income		12,168,689			2,402,021
Expenses:
Investment management fees		160,537			27,652
Distribution and/or service fees
Class A		1,835,775			629,043
Class B		519,308			191,158
Class C		777,395			202,271
Class R		11,609			558
Class T		150,938			—
Transfer agent fees
Class A		1,302,393			469,437
Class B		92,124			35,707
Class C		137,927			37,711
Class K^(a)		18			33
Class R		4,128			207
Class R4^(b)		2			1
Class R5^(b)		1			—
Class T		89,477			—
Class Z		129,676			497
Administration fees		197,910			58,281
Plan administration fees
Class K^(a)		90			165
Compensation of board members		11,461			4,911
Custodian fees		11,907			6,577
Printing and postage fees		141,611			85,149
Registration fees		42,168			34,347
Professional fees		13,796			10,311
Other		7,160			4,683
Total expenses		5,637,411			1,798,699
Expense reductions		(23,025	)		(235	)
Total net expenses		5,614,386			1,798,464
Net investment income		6,554,303			603,557
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		6,032			—
Investments — affiliated issuers		42,602,751			10,425,597
Capital gain distributions from underlying affiliated funds		6,049,551			3,594,747
Foreign currency translations		116,647			—
Futures contracts		(2,892,045	)		(1,162,436	)
Net realized gain		45,882,936			12,857,908
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(1,729,123	)		—
Investments — affiliated issuers		56,254,874			31,546,196
Foreign currency translations		(14,701	)		—
Futures contracts		816,858			304,230
Net change in unrealized appreciation (depreciation)		55,327,908			31,850,426
Net realized and unrealized gain		101,210,844			44,708,334
Net increase in net assets resulting from operations	$	107,765,147		$	45,311,891

(a) For the period from February 28, 2013 (commencement of operations) to July 31, 2013 for Columbia Capital Allocation Moderate Aggressive Portfolio.

(b) For the period from June 13, 2013 (commencement of operations) to July 31, 2013 for Columbia Capital Allocation Aggressive Portfolio.

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, 2013^(a)(Unaudited)			Year Ended January 31, 2013			Six Months Ended July 31, 2013^(b)(c)(Unaudited)			Year Ended January 31, 2013^(d)
Operations
Net investment income	$	2,080,409		$	6,992,749		$	3,862,207		$	2,614,316
Net realized gain		6,389,421			9,286,602			12,989,299			6,087,633
Net change in unrealized appreciation (depreciation)		(6,363,098	)		7,135,254			(7,835,293	)		2,193,638
Net increase in net assets resulting from operations		2,106,732			23,414,605			9,016,213			10,895,587
Distributions to shareholders
Net investment income
Class A		(1,802,679	)		(8,858,422	)		(2,854,503	)		(2,019,638	)
Class B		(50,233	)		(512,560	)		(114,969	)		(208,910	)
Class C		(131,535	)		(1,083,261	)		(284,337	)		(511,820	)
Class K		(706	)		(2,065	)		(81	)		—
Class R		(541	)		(1,567	)		(16,436	)		(51,816	)
Class R4		(8	)		—			(25	)		(36	)
Class R5		(9	)		—			(26	)		(37	)
Class Y		(9	)		—			(14	)		—
Class Z		(14,421	)		(18,883	)		(204,014	)		(695,159	)
Net realized gains
Class A		(2,887,774	)		(3,076,707	)		(1,279,235	)		(1,644,654	)
Class B		(196,366	)		(216,489	)		(82,844	)		(208,483	)
Class C		(473,614	)		(489,418	)		(198,058	)		(554,310	)
Class K		(998	)		(647	)		(33	)		—
Class R		(1,288	)		(757	)		(4,858	)		(47,757	)
Class R4		—			—			(6	)		(51	)
Class R5		—			—			(6	)		(51	)
Class Y		—			—			(6	)		—
Class Z		(7,449	)		(5,981	)		(49,356	)		(518,082	)
Total distributions to shareholders		(5,567,630	)		(14,266,757	)		(5,088,807	)		(6,460,804	)
Increase (decrease) in net assets from capital stock activity		9,864,412			26,360,589			577,873,889			(7,902,019	)
Total increase (decrease) in net assets		6,403,514			35,508,437			581,801,295			(3,467,236	)
Net assets at beginning of period		348,174,362			312,665,925			125,987,966			129,455,202
Net assets at end of period	$	354,577,876		$	348,174,362		$	707,789,261		$	125,987,966
Undistributed net investment income	$	670,972		$	590,704		$	611,095		$	218,846

(a) Class R4, Class R5 and Class Y are for the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

(d) Class R4 and R5 shares are for the period from November 8, 2012 (commencement of operations) to January 31, 2013.

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, 2013^(a)(Unaudited)			Year Ended January 31, 2013			Six Months Ended July 31, 2013^(b)(c)(Unaudited)			Year Ended January 31, 2013^(d)
Operations
Net investment income	$	7,528,115		$	27,891,403		$	6,554,303		$	15,171,096
Net realized gain		25,370,575			52,031,919			45,882,936			42,575,284
Net change in unrealized appreciation (depreciation)		40,016,207			72,331,915			55,327,908			55,685,383
Net increase in net assets resulting from operations		72,914,897			152,255,237			107,765,147			113,431,763
Distributions to shareholders
Net investment income
Class A		(11,542,314	)		(33,484,327	)		(5,362,634	)		(12,092,814	)
Class B		(439,908	)		(1,898,902	)		(63,294	)		(612,563	)
Class C		(683,756	)		(2,336,981	)		(97,638	)		(888,392	)
Class K		(2,851	)		(9,733	)		(258	)		—
Class R		(1,201	)		(3,952	)		(14,386	)		(67,920	)
Class R4		(10	)		—			(16	)		(30	)
Class R5		(10	)		—			(17	)		(31	)
Class T		—			—			(414,794	)		(1,780,427	)
Class Y		(11	)		—			(8	)		—
Class Z		(30,303	)		(48,911	)		(810,108	)		(2,926,629	)
Net realized gains
Class A		(13,072,502	)		—			(10,912,367	)		(16,397,431	)
Class B		(877,686	)		—			(755,100	)		(1,442,652	)
Class C		(1,399,671	)		—			(1,133,796	)		(2,047,116	)
Class K		(3,079	)		—			(605	)		—
Class R		(1,820	)		—			(29,541	)		(106,359	)
Class R4		(24	)		—			(17	)		(47	)
Class R5		(24	)		—			(17	)		(47	)
Class T		—			—			(640,427	)		(2,478,029	)
Class Y		(24	)		—			(16	)		—
Class Z		(28,755	)		—			(894,826	)		(3,474,247	)
Total distributions to shareholders		(28,083,949	)		(37,782,806	)		(21,129,865	)		(44,314,734	)
Increase (decrease) in net assets from capital stock activity		13,409,462			4,645,590			1,145,412,785			(90,403,587	)
Total increase (decrease) in net assets		58,240,410			119,118,021			1,232,048,067			(21,286,558	)
Net assets at beginning of period		1,561,286,282			1,442,168,261			1,069,523,160			1,090,809,718
Net assets at end of period	$	1,619,526,692		$	1,561,286,282		$	2,301,571,227		$	1,069,523,160
Undistributed net investment income	$	180,918		$	5,353,167		$	299,909		$	547,716

(a) Class R4, R5 and Y are for the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

(d) Class R4 and R5 shares are for the period from November 8, 2012 (commencement of operations) to January 31, 2013.

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, 2013 (Unaudited)			Year Ended January 31, 2013
Operations
Net investment income	$	603,557		$	6,343,220
Net realized gain		12,857,908			19,773,389
Net change in unrealized appreciation (depreciation)		31,850,426			44,505,038
Net increase in net assets resulting from operations		45,311,891			70,621,647
Distributions to shareholders
Net investment income
Class A		—			(6,990,036	)
Class B		—			(203,687	)
Class C		—			(291,987	)
Class K		—			(6,465	)
Class R		—			(980	)
Class Z		—			(6,998	)
Total distributions to shareholders		—			(7,500,153	)
Increase (decrease) in net assets from capital stock activity		(13,521,046	)		(44,943,075	)
Total increase (decrease) in net assets		31,790,845			18,178,419
Net assets at beginning of period		573,924,765			555,746,346
Net assets at end of period	$	605,715,610		$	573,924,765
Undistributed net investment income	$	3,261,016		$	2,657,459

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
	Six Months Ended July 31, 2013^(a)(Unaudited)						Year Ended January 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		2,406,813			25,595,190			6,781,719			72,018,617
Fund merger		1,477,864			15,819,588			—			—
Distributions reinvested		434,918			4,592,610			1,110,833			11,708,940
Redemptions		(3,896,017	)		(41,361,831	)		(5,654,986	)		(59,897,077	)
Net increase		423,578			4,645,557			2,237,566			23,830,480
Class B shares
Subscriptions		76,930			818,224			296,084			3,129,259
Fund merger		86,216			919,956			—			—
Distributions reinvested		22,924			242,172			68,064			715,538
Redemptions^(b)		(509,303	)		(5,371,034	)		(916,733	)		(9,644,126	)
Net decrease		(323,233	)		(3,390,682	)		(552,585	)		(5,799,329	)
Class C shares
Subscriptions		602,165			6,375,824			1,263,252			13,333,831
Fund merger		490,357			5,223,287			—			—
Distributions reinvested		56,572			596,385			147,801			1,551,695
Redemptions		(588,244	)		(6,195,390	)		(687,099	)		(7,233,547	)
Net increase		560,850			6,000,106			723,954			7,651,979
Class K shares
Subscriptions		8,021			85,339			28			294
Distributions reinvested		145			1,518			214			2,232
Redemptions		(2	)		(15	)		(6,867	)		(72,046	)
Net increase (decrease)		8,164			86,842			(6,625	)		(69,520	)
Class R shares
Subscriptions		3,492			37,353			10,284			108,921
Distributions reinvested		169			1,788			210			2,215
Redemptions		(7,519	)		(80,120	)		(3	)		(28	)
Net increase (decrease)		(3,858	)		(40,979	)		10,491			111,108
Class R4 shares
Subscriptions		237			2,500			—			—
Net increase		237			2,500			—			—
Class R5 shares
Subscriptions		237			2,500			—			—
Net increase		237			2,500			—			—

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
	Six Months Ended July 31, 2013^(a)(Unaudited)						Year Ended January 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		237			2,500			—			—
Net increase		237			2,500			—			—
Class Z shares
Subscriptions		47,806			502,259			126,954			1,336,128
Fund merger		243,364			2,604,183			—			—
Distributions reinvested		1,848			19,368			2,350			24,744
Redemptions		(54,018	)		(569,742	)		(68,393	)		(725,001	)
Net increase		239,000			2,556,068			60,911			635,871
Total net increase		905,212			9,864,412			2,473,712			26,360,589

(a) Class R4, Class R5 and Class Y are for the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

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

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Columbia Capital Allocation Portfolios

Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Conservative Portfolio
	Six Months Ended July 31, 2013^(a)(b)(Unaudited)						Year Ended January 31, 2013^(c)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(d)		3,090,485			35,472,324			1,263,090			14,202,737
Fund merger		44,299,319			506,764,422			—			—
Distributions reinvested		324,392			3,632,443			137,040			1,532,528
Redemptions		(4,805,954	)		(55,158,457	)		(1,353,714	)		(15,254,025	)
Net increase		42,908,242			490,710,732			46,416			481,240
Class B shares
Subscriptions		77,203			880,067			53,589			597,049
Fund merger		2,809,162			32,013,683			—			—
Distributions reinvested		14,904			166,156			10,630			118,401
Redemptions^(d)		(786,347	)		(8,986,562	)		(662,372	)		(7,410,612	)
Net increase (decrease)		2,114,922			24,073,344			(598,153	)		(6,695,162	)
Class C shares
Subscriptions		728,778			8,269,629			298,681			3,326,163
Fund merger		5,573,686			63,100,536			—			—
Distributions reinvested		37,262			413,134			53,807			595,527
Redemptions		(819,278	)		(9,310,004	)		(486,194	)		(5,429,932	)
Net increase (decrease)		5,520,448			62,473,295			(133,706	)		(1,508,242	)
Class K shares
Subscriptions		222			2,501			—			—
Fund merger		1,044			11,810			—			—
Distributions reinvested		1			4			—			—
Redemptions		(1	)		(10	)		—			—
Net increase		1,266			14,305			—			—
Class R shares
Subscriptions		45,990			525,373			124,813			1,404,746
Fund merger		437			5,010			—			—
Distributions reinvested		1,578			17,827			7,535			84,402
Redemptions		(50,443	)		(577,538	)		(43,497	)		(494,573	)
Net increase (decrease)		(2,438	)		(29,328	)		88,851			994,575
Class R4 shares
Subscriptions		—			—			221			2,500
Net increase		—			—			221			2,500
Class R5 shares
Subscriptions		—			—			221			2,500
Net increase		—			—			221			2,500

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 Conservative Portfolio
	Six Months Ended July 31, 2013^(a)(b)(Unaudited)						Year Ended January 31, 2013^(c)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		221			2,500			—			—
Net increase		221			2,500			—			—
Class Z shares
Subscriptions		292,430			3,308,315			366,700			4,078,776
Fund merger		66,440			752,312			—			—
Distributions reinvested		10,167			113,352			50,534			559,185
Redemptions		(312,602	)		(3,544,938	)		(520,598	)		(5,817,391	)
Net increase (decrease)		56,435			629,041			(103,364	)		(1,179,430	)
Total net increase (decrease)		50,599,096			577,873,889			(699,514	)		(7,902,019	)

(a) Class K shares are for the period from February 28, 2013 (commencement of operations) to July 31, 2013.

(b) Class Y shares are for the period from June 13, 2013 (commencement of operations) to July 31, 2013.

(d) 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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63

Columbia Capital Allocation Portfolios

Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Portfolio
	Six Months Ended July 31, 2013^(a)(Unaudited)						Year Ended January 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		8,924,025			105,559,179			20,436,757			226,643,024
Distributions reinvested		2,100,497			24,313,326			2,955,792			33,017,329
Redemptions		(9,566,404	)		(113,104,959	)		(21,722,889	)		(241,624,219	)
Net increase		1,458,118			16,767,546			1,669,660			18,036,134
Class B shares
Subscriptions		243,540			2,864,403			714,059			7,890,332
Distributions reinvested		113,912			1,312,529			169,808			1,890,351
Redemptions^(b)		(1,701,008	)		(20,091,625	)		(3,680,334	)		(40,155,576	)
Net decrease		(1,343,556	)		(15,914,693	)		(2,796,467	)		(30,374,893	)
Class C shares
Subscriptions		1,989,295			23,371,046			3,196,378			35,365,027
Distributions reinvested		180,117			2,071,023			208,454			2,321,367
Redemptions		(1,140,683	)		(13,399,965	)		(1,979,826	)		(21,878,134	)
Net increase		1,028,729			12,042,104			1,425,006			15,808,260
Class K shares
Subscriptions		1,367			16,122			9,909			112,636
Distributions reinvested		493			5,708			849			9,431
Redemptions		(49	)		(583	)		(54,681	)		(601,177	)
Net increase (decrease)		1,811			21,247			(43,923	)		(479,110	)
Class R shares
Subscriptions		4,733			56,356			18,048			199,494
Distributions reinvested		257			2,972			350			3,885
Redemptions		(321	)		(3,803	)		(12,052	)		(133,325	)
Net increase		4,669			55,525			6,346			70,054
Class R4 shares
Subscriptions		212			2,500			—			—
Net increase		212			2,500			—			—
Class R5 shares
Subscriptions		212			2,500			—			—
Net increase		212			2,500			—			—
Class Y shares
Subscriptions		212			2,500			—			—
Net increase		212			2,500			—			—

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

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Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Portfolio
	Six Months Ended July 31, 2013^(a)(Unaudited)						Year Ended January 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		188,904			2,224,872			211,738			2,369,031
Distributions reinvested		4,615			53,409			4,185			46,841
Redemptions		(156,824	)		(1,848,048	)		(74,333	)		(830,727	)
Net increase		36,695			430,233			141,590			1,585,145
Total net increase		1,187,102			13,409,462			402,212			4,645,590

(a) Class R4, R5 and Y are for the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

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

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Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Aggressive Portfolio
	Six Months Ended July 31, 2013^(a)(b)(Unaudited)						Year Ended January 31, 2013^(c)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(d)		6,906,463			85,746,312			5,118,664			59,713,687
Fund merger		84,466,691			1,038,046,341			—			—
Distributions reinvested		1,106,294			13,387,189			1,503,792			17,424,301
Redemptions		(9,703,303	)		(120,223,206	)		(9,165,395	)		(106,841,676	)
Net increase (decrease)		82,776,145			1,016,956,636			(2,542,939	)		(29,703,688	)
Class B shares
Subscriptions		138,388			1,697,116			155,609			1,787,919
Fund merger		6,750,359			82,343,063			—			—
Distributions reinvested		52,805			633,712			48,899			561,009
Redemptions^(d)		(2,752,407	)		(33,943,569	)		(3,349,084	)		(38,757,333	)
Net increase (decrease)		4,189,145			50,730,322			(3,144,576	)		(36,408,405	)
Class C shares
Subscriptions		1,157,889			14,425,993			799,777			9,368,298
Fund merger		7,347,117			90,875,658			—			—
Distributions reinvested		78,688			957,005			127,886			1,489,852
Redemptions		(1,052,779	)		(13,121,263	)		(1,561,467	)		(18,303,886	)
Net increase (decrease)		7,530,915			93,137,393			(633,804	)		(7,445,736	)
Class K shares
Subscriptions		363			4,431			—			—
Fund merger		7,340			89,999			—			—
Distributions reinvested		60			725			—			—
Redemptions		(1	)		(11	)		—			—
Net increase		7,762			95,144			—			—
Class R shares
Subscriptions		52,893			652,921			173,922			2,037,313
Fund merger		731			8,976			—			—
Distributions reinvested		3,627			43,903			15,056			174,279
Redemptions		(62,247	)		(764,693	)		(147,472	)		(1,717,075	)
Net increase (decrease)		(4,996	)		(58,893	)		41,506			494,517
Class R4 shares
Subscriptions		—			—			213			2,500
Net increase		—			—			213			2,500
Class R5 shares
Subscriptions		—			—			213			2,500
Net increase		—			—			213			2,500

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

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Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Aggressive Portfolio
	Six Months Ended July 31, 2013^(a)(b)(Unaudited)						Year Ended January 31, 2013^(c)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class T shares
Subscriptions		31,241			383,499			31,954			372,493
Distributions reinvested		66,629			807,529			280,223			3,244,818
Redemptions		(421,187	)		(5,205,650	)		(1,037,773	)		(12,108,142	)
Net decrease		(323,317	)		(4,014,622	)		(725,596	)		(8,490,831	)
Class Y shares
Subscriptions		202			2,500			—			—
Net increase		202			2,500			—			—
Class Z shares
Subscriptions		556,106			6,863,171			2,164,449			25,259,972
Fund merger		49,631			608,943			—			—
Distributions reinvested		73,012			884,211			284,546			3,292,261
Redemptions		(1,593,797	)		(19,792,020	)		(3,200,487	)		(37,406,677	)
Net decrease		(915,048	)		(11,435,695	)		(751,492	)		(8,854,444	)
Total net increase (decrease)		93,260,808			1,145,412,785			(7,756,475	)		(90,403,587	)

(a) Class K shares are for the period from February 28, 2013 (commencement of operations) to July 31, 2013.

(b) Class Y shares are for the period from June 13, 2013 (commencement of operations) to July 31, 2013.

(d) 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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Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Six Months Ended July 31, 2013^(a)(Unaudited)						Year Ended January 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		2,634,932			31,323,720			5,431,267			57,544,416
Distributions reinvested		—			—			634,768			6,944,361
Redemptions		(3,390,176	)		(40,031,634	)		(9,022,215	)		(96,135,357	)
Net decrease		(755,244	)		(8,707,914	)		(2,956,180	)		(31,646,580	)
Class B shares
Subscriptions		37,466			446,334			123,248			1,307,406
Distributions reinvested		—			—			18,355			200,985
Redemptions^(b)		(660,054	)		(7,962,587	)		(1,539,524	)		(15,989,548	)
Net decrease		(622,588	)		(7,516,253	)		(1,397,921	)		(14,481,157	)
Class C shares
Subscriptions		504,497			5,884,063			729,806			7,657,395
Distributions reinvested		—			—			26,508			285,762
Redemptions		(289,727	)		(3,353,442	)		(645,587	)		(6,774,390	)
Net increase		214,770			2,530,621			110,727			1,168,767
Class K shares
Subscriptions		317			3,756			677			7,275
Distributions reinvested		—			—			574			6,291
Redemptions		—			—			(34,435	)		(383,185	)
Net increase (decrease)		317			3,756			(33,184	)		(369,619	)
Class R shares
Subscriptions		9,710			117,442			15,707			169,400
Distributions reinvested		—			—			86			936
Redemptions		(8,408	)		(103,004	)		(3	)		(34	)
Net increase		1,302			14,438			15,790			170,302
Class R4 shares
Subscriptions		212			2,500			—			—
Net increase		212			2,500			—			—
Class R5 shares
Subscriptions		212			2,500			—			—
Net increase		212			2,500			—			—
Class Y shares
Subscriptions		212			2,500			—			—
Net increase		212			2,500			—			—

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, 2013^(a)(Unaudited)						Year Ended January 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		45,735			544,305			34,663			377,096
Distributions reinvested		—			—			569			6,200
Redemptions		(33,216	)		(397,499	)		(15,506	)		(168,084	)
Net increase		12,519			146,806			19,726			215,212
Total net decrease		(1,148,288	)		(13,521,046	)		(4,241,042	)		(44,943,075	)

(a) Class R4, R5, and Y are for the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

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

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Financial Highlights

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.63		$	10.32		$	10.44		$	9.77		$	8.51		$	10.15
Income from investment operations:
Net investment income		0.07			0.24			0.25			0.24			0.25			0.32
Net realized and unrealized gain (loss)		0.01			0.54			0.14			0.68			1.25			(1.63	)
Total from investment operations		0.08			0.78			0.39			0.92			1.50			(1.31	)
Less distributions to shareholders:
Net investment income		(0.07	)		(0.35	)		(0.25	)		(0.25	)		(0.24	)		(0.31	)
Net realized gains		(0.11	)		(0.12	)		(0.26	)		—			—			(0.02	)
Total distributions to shareholders		(0.18	)		(0.47	)		(0.51	)		(0.25	)		(0.24	)		(0.33	)
Net asset value, end of period	$	10.53		$	10.63		$	10.32		$	10.44		$	9.77		$	8.51
Total return		0.72	%		7.62	%		3.90	%		9.47	%		17.78	%		(13.09	%)
Ratios to average net assets^(a)
Total gross expenses		0.49	%^(b)		0.48	%		0.49	%		0.48	%		0.47	%		0.47	%
Total net expenses^(c)		0.49	%^(b)(d)		0.48	%^(d)		0.49	%^(d)		0.48	%		0.47	%		0.47	%
Net investment income		1.31	%^(b)		2.28	%		2.35	%		2.32	%		2.71	%		3.44	%
Supplemental data
Net assets, end of period (in thousands)	$	284,327		$	282,382		$	251,178		$	217,147		$	188,324		$	145,919
Portfolio turnover		7	%		19	%		88	%		16	%		26	%		27	%

Notes to Financial Highlights

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

(b) Annualized.

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class B	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.60		$	10.29		$	10.40		$	9.73		$	8.48		$	10.11
Income from investment operations:
Net investment income		0.03			0.15			0.16			0.15			0.17			0.25
Net realized and unrealized gain (loss)		0.01			0.54			0.16			0.69			1.25			(1.62	)
Total from investment operations		0.04			0.69			0.32			0.84			1.42			(1.37	)
Less distributions to shareholders:
Net investment income		(0.03	)		(0.26	)		(0.17	)		(0.17	)		(0.17	)		(0.24	)
Net realized gains		(0.11	)		(0.12	)		(0.26	)		—			—			(0.02	)
Total distributions to shareholders		(0.14	)		(0.38	)		(0.43	)		(0.17	)		(0.17	)		(0.26	)
Net asset value, end of period	$	10.50		$	10.60		$	10.29		$	10.40		$	9.73		$	8.48
Total return		0.35	%		6.79	%		3.19	%		8.64	%		16.82	%		(13.69	%)
Ratios to average net assets^(a)
Total gross expenses		1.24	%^(b)		1.23	%		1.24	%		1.23	%		1.23	%		1.22	%
Total net expenses^(c)		1.24	%^(b)(d)		1.23	%^(d)		1.24	%^(d)		1.23	%		1.23	%		1.22	%
Net investment income		0.56	%^(b)		1.47	%		1.56	%		1.47	%		1.89	%		2.60	%
Supplemental data
Net assets, end of period (in thousands)	$	16,028		$	19,598		$	24,717		$	30,599		$	38,996		$	41,590
Portfolio turnover		7	%		19	%		88	%		16	%		26	%		27	%

Notes to Financial Highlights

(b) Annualized.

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class C	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.58		$	10.28		$	10.39		$	9.73		$	8.48		$	10.12
Income from investment operations:
Net investment income		0.03			0.16			0.17			0.16			0.18			0.25
Net realized and unrealized gain (loss)		0.01			0.53			0.16			0.67			1.25			(1.63	)
Total from investment operations		0.04			0.69			0.33			0.83			1.43			(1.38	)
Less distributions to shareholders:
Net investment income		(0.03	)		(0.27	)		(0.18	)		(0.17	)		(0.18	)		(0.24	)
Net realized gains		(0.11	)		(0.12	)		(0.26	)		—			—			(0.02	)
Total distributions to shareholders		(0.14	)		(0.39	)		(0.44	)		(0.17	)		(0.18	)		(0.26	)
Net asset value, end of period	$	10.48		$	10.58		$	10.28		$	10.39		$	9.73		$	8.48
Total return		0.36	%		6.75	%		3.28	%		8.63	%		16.92	%		(13.75	%)
Ratios to average net assets^(a)
Total gross expenses		1.24	%^(b)		1.23	%		1.24	%		1.23	%		1.22	%		1.22	%
Total net expenses^(c)		1.24	%^(b)(d)		1.23	%^(d)		1.24	%^(d)		1.23	%		1.22	%		1.22	%
Net investment income		0.57	%^(b)		1.54	%		1.62	%		1.60	%		1.99	%		2.68	%
Supplemental data
Net assets, end of period (in thousands)	$	50,836		$	45,368		$	36,637		$	26,212		$	18,362		$	10,602
Portfolio turnover		7	%		19	%		88	%		16	%		26	%		27	%

Notes to Financial Highlights

(b) Annualized.

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class K	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.54		$	10.25		$	10.35		$	9.69		$	8.43		$	10.05
Income from investment operations:
Net investment income		0.08			0.24			0.25			0.24			0.24			0.35
Net realized and unrealized gain (loss)		0.01			0.53			0.16			0.67			1.25			(1.60	)
Total from investment operations		0.09			0.77			0.41			0.91			1.49			(1.25	)
Less distributions to shareholders:
Net investment income		(0.08	)		(0.36	)		(0.25	)		(0.25	)		(0.23	)		(0.35	)
Net realized gains		(0.11	)		(0.12	)		(0.26	)		—			—			(0.02	)
Total distributions to shareholders		(0.19	)		(0.48	)		(0.51	)		(0.25	)		(0.23	)		(0.37	)
Net asset value, end of period	$	10.44		$	10.54		$	10.25		$	10.35		$	9.69		$	8.43
Total return		0.82	%		7.62	%		4.14	%		9.49	%		17.86	%		(12.71	%)
Ratios to average net assets^(a)
Total gross expenses		0.36	%^(b)		0.39	%		0.41	%		0.44	%		0.38	%		0.39	%
Total net expenses^(c)		0.36	%^(b)		0.39	%		0.39	%		0.44	%		0.38	%		0.13	%
Net investment income		1.54	%^(b)		2.27	%		2.43	%		2.35	%		2.69	%		3.68	%
Supplemental data
Net assets, end of period (in thousands)	$	97		$	12		$	79		$	81		$	68		$	21
Portfolio turnover		7	%		19	%		88	%		16	%		26	%		27	%

Notes to Financial Highlights

(b) Annualized.

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class R	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	10.63		$	10.32		$	10.44		$	10.24
Income from investment operations:
Net investment income		0.06			0.25			0.22			0.10
Net realized and unrealized gain		0.01			0.50			0.15			0.21
Total from investment operations		0.07			0.75			0.37			0.31
Less distributions to shareholders:
Net investment income		(0.06	)		(0.32	)		(0.23	)		(0.11	)
Net realized gains		(0.11	)		(0.12	)		(0.26	)		—
Total distributions to shareholders		(0.17	)		(0.44	)		(0.49	)		(0.11	)
Net asset value, end of period	$	10.53		$	10.63		$	10.32		$	10.44
Total return		0.62	%		7.39	%		3.66	%		3.03	%
Ratios to average net assets^(b)
Total gross expenses		0.73	%^(c)		0.72	%		0.75	%		0.68	%^(c)
Total net expenses^(d)		0.73	%^(c)(e)		0.72	%		0.75	%		0.68	%^(c)
Net investment income		1.06	%^(c)		2.36	%		2.07	%		2.78	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	72		$	114		$	3		$	3
Portfolio turnover		7	%		19	%		88	%		16	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

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

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

Class R4	Six Months Ended July 31, 2013^(a)(Unaudited)
Per share data
Net asset value, beginning of period	$	10.53
Income from investment operations:
Net investment income		0.03
Net realized and unrealized loss		(0.04	)^(b)
Total from investment operations		(0.01	)
Less distributions to shareholders:
Net investment income		(0.03	)
Total distributions to shareholders		(0.03	)
Net asset value, end of period	$	10.49
Total return		(0.04	%)
Ratios to average net assets^(c)
Total gross expenses		0.22	%^(d)
Total net expenses^(e)		0.22	%^(d)
Net investment income		2.03	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	2
Portfolio turnover		7	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

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

(d) Annualized.

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

Class R5	Six Months Ended July 31, 2013^(a)(Unaudited)
Per share data
Net asset value, beginning of period	$	10.53
Income from investment operations:
Net investment income		0.03
Net realized and unrealized loss		(0.03	)^(b)
Total from investment operations		0.00	^(c)
Less distributions to shareholders:
Net investment income		(0.04	)
Total distributions to shareholders		(0.04	)
Net asset value, end of period	$	10.49
Total return		(0.01	%)
Ratios to average net assets^(d)
Total gross expenses		0.12	%^(e)
Total net expenses^(f)		0.12	%^(e)
Net investment income		2.12	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	2
Portfolio turnover		7	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

(e) Annualized.

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

Class Y	Six Months Ended July 31, 2013^(a)(Unaudited)
Per share data
Net asset value, beginning of period	$	10.53
Income from investment operations
Net investment income		0.03
Net realized and unrealized loss		(0.03	)^(b)
Total from investment operations		0.00	^(c)
Less distributions to shareholders:
Net investment income		(0.04	)
Total distributions to shareholders		(0.04	)
Net asset value, end of period	$	10.49
Total return		0.00	^(c)
Ratios to average net assets^(d)
Total gross expenses		0.08	%^(e)
Total net expenses^(f)		0.08	%^(e)
Net investment income		2.17	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	2
Portfolio turnover		7	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to July 31, 2013.

(e) Annualized.

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class Z	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	10.63		$	10.32		$	10.44		$	10.24
Income from investment operations:
Net investment income		0.08			0.30			0.28			0.12
Net realized and unrealized gain		0.01			0.51			0.14			0.20
Total from investment operations		0.09			0.81			0.42			0.32
Less distributions to shareholders:
Net investment income		(0.08	)		(0.38	)		(0.28	)		(0.12	)
Net realized gains		(0.11	)		(0.12	)		(0.26	)		—
Total distributions to shareholders		(0.19	)		(0.50	)		(0.54	)		(0.12	)
Net asset value, end of period	$	10.53		$	10.63		$	10.32		$	10.44
Total return		0.84	%		7.91	%		4.19	%		3.15	%
Ratios to average net assets^(b)
Total gross expenses		0.24	%^(c)		0.22	%		0.24	%		0.26	%^(c)
Total net expenses^(d)		0.24	%^(c)(e)		0.22	%^(e)		0.24	%^(e)		0.21	%^(c)
Net investment income		1.57	%^(c)		2.80	%		2.71	%		3.28	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3,211		$	700		$	52		$	20
Portfolio turnover		7	%		19	%		88	%		16	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

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

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

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

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Financial Highlights

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class A	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.33		$	10.96		$	10.89		$	10.04		$	8.03		$	10.40		$	11.04
Income from investment operations:
Net investment income		0.08			0.25			0.21			0.26			0.31			0.33			0.36
Net realized and unrealized gain (loss)		0.19			0.71			0.07			0.85			2.00			(1.97	)		(0.30	)
Total from investment operations		0.27			0.96			0.28			1.11			2.31			(1.64	)		0.06
Less distributions to shareholders:
Net investment income		(0.09	)		(0.32	)		(0.21	)		(0.26	)		(0.30	)		(0.33	)		(0.36	)
Net realized gains		(0.03	)		(0.27	)		—			—			—			(0.40	)		(0.34	)
Total distributions to shareholders		(0.12	)		(0.59	)		(0.21	)		(0.26	)		(0.30	)		(0.73	)		(0.70	)
Net asset value, end of period	$	11.48		$	11.33		$	10.96		$	10.89		$	10.04		$	8.03		$	10.40
Total return		2.44	%		8.94	%		2.63	%		11.21	%		29.06	%		(16.58	%)		0.34	%
Ratios to average net assets^(b)
Total gross expenses		0.47	%^(c)		0.70	%		0.64	%^(c)(d)		0.50	%		0.50	%		0.50	%^(d)		0.50	%
Total net expenses^(e)		0.47	%^(c)(f)		0.57	%^(f)		0.57	%^(c)(d)(f)		0.50	%		0.50	%		0.50	%^(d)(f)		0.50	%^(f)
Net investment income		1.48	%^(c)		2.19	%		2.37	%^(c)		2.52	%		3.26	%		3.59	%		3.29	%
Supplemental data
Net assets, end of period (in thousands)	$	564,924		$	71,321		$	68,452		$	63,807		$	60,848		$	44,825		$	54,370
Portfolio turnover		6	%		38	%		55	%		87	%		34	%		52	%		20	%

Notes to Financial Highlights

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

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

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class B	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.28		$	10.91		$	10.85		$	10.00		$	8.01		$	10.36		$	11.00
Income from investment operations:
Net investment income		0.04			0.15			0.14			0.18			0.23			0.26			0.28
Net realized and unrealized gain (loss)		0.19			0.73			0.07			0.85			1.99			(1.95	)		(0.31	)
Total from investment operations		0.23			0.88			0.21			1.03			2.22			(1.69	)		(0.03	)
Less distributions to shareholders:
Net investment income		(0.05	)		(0.24	)		(0.15	)		(0.18	)		(0.23	)		(0.26	)		(0.27	)
Net realized gains		(0.03	)		(0.27	)		—			—			—			(0.40	)		(0.34	)
Total distributions to shareholders		(0.08	)		(0.51	)		(0.15	)		(0.18	)		(0.23	)		(0.66	)		(0.61	)
Net asset value, end of period	$	11.43		$	11.28		$	10.91		$	10.85		$	10.00		$	8.01		$	10.36
Total return		2.07	%		8.17	%		1.96	%		10.43	%		27.94	%		(17.09	%)		(0.41	%)
Ratios to average net assets^(b)
Total gross expenses		1.22	%^(c)		1.44	%		1.39	%^(c)(d)		1.25	%		1.25	%		1.25	%^(d)		1.25	%
Total net expenses^(e)		1.22	%^(c)(f)		1.32	%^(f)		1.31	%^(c)(d)(f)		1.25	%		1.25	%		1.25	%^(d)(f)		1.25	%^(f)
Net investment income		0.72	%^(c)		1.36	%		1.58	%^(c)		1.75	%		2.51	%		2.80	%		2.53	%
Supplemental data
Net assets, end of period (in thousands)	$	32,615		$	8,335		$	14,587		$	26,181		$	40,508		$	40,270		$	66,558
Portfolio turnover		6	%		38	%		55	%		87	%		34	%		52	%		20	%

Notes to Financial Highlights

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

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

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class C	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.20		$	10.84		$	10.78		$	9.94		$	7.96		$	10.30		$	10.94
Income from investment operations:
Net investment income		0.04			0.16			0.14			0.18			0.23			0.26			0.28
Net realized and unrealized gain (loss)		0.19			0.71			0.07			0.84			1.98			(1.94	)		(0.31	)
Total from investment operations		0.23			0.87			0.21			1.02			2.21			(1.68	)		(0.03	)
Less distributions to shareholders:
Net investment income		(0.05	)		(0.24	)		(0.15	)		(0.18	)		(0.23	)		(0.26	)		(0.27	)
Net realized gains		(0.03	)		(0.27	)		—			—			—			(0.40	)		(0.34	)
Total distributions to shareholders		(0.08	)		(0.51	)		(0.15	)		(0.18	)		(0.23	)		(0.66	)		(0.61	)
Net asset value, end of period	$	11.35		$	11.20		$	10.84		$	10.78		$	9.94		$	7.96		$	10.30
Total return		2.08	%		8.13	%		1.97	%		10.39	%		27.99	%		(17.09	%)		(0.41	%)
Ratios to average net assets^(b)
Total gross expenses		1.23	%^(c)		1.45	%		1.39	%^(c)(d)		1.25	%		1.25	%		1.25	%^(d)		1.25	%
Total net expenses^(e)		1.23	%^(c)(f)		1.32	%^(f)		1.32	%^(c)(d)(f)		1.25	%		1.25	%		1.25	%^(d)(f)		1.25	%^(f)
Net investment income		0.71	%^(c)		1.44	%		1.61	%^(c)		1.77	%		2.51	%		2.81	%		2.55	%
Supplemental data
Net assets, end of period (in thousands)	$	86,450		$	23,470		$	24,156		$	23,651		$	23,321		$	18,370		$	26,501
Portfolio turnover		6	%		38	%		55	%		87	%		34	%		52	%		20	%

Notes to Financial Highlights

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

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

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

Class K	Six Months Ended July 31, 2013^(a)(Unaudited)
Per share data
Net asset value, beginning of period	$	11.25
Income from investment operations:
Net investment income		0.08
Net realized and unrealized gain		0.15
Total from investment operations		0.23
Less distributions to shareholders:
Net investment income		(0.10	)
Net realized gains		(0.03	)
Total distributions to shareholders		(0.13	)
Net asset value, end of period	$	11.35
Total return		2.08	%
Ratios to average net assets^(b)
Total gross expenses		0.37	%^(c)
Total net expenses^(d)		0.37	%^(c)
Net investment income		1.59	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	14
Portfolio turnover		6	%

Notes to Financial Highlights

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class R	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.34		$	10.96		$	10.90		$	10.04		$	8.04		$	10.40		$	11.04
Income from investment operations:
Net investment income		0.07			0.23			0.18			0.23			0.28			0.31			0.32
Net realized and unrealized gain (loss)		0.20			0.72			0.07			0.86			2.00			(1.96	)		(0.29	)
Total from investment operations		0.27			0.95			0.25			1.09			2.28			(1.65	)		0.03
Less distributions to shareholders:
Net investment income		(0.08	)		(0.30	)		(0.19	)		(0.23	)		(0.28	)		(0.31	)		(0.33	)
Net realized gains		(0.03	)		(0.27	)		—			—			—			(0.40	)		(0.34	)
Total distributions to shareholders		(0.11	)		(0.57	)		(0.19	)		(0.23	)		(0.28	)		(0.71	)		(0.67	)
Net asset value, end of period	$	11.50		$	11.34		$	10.96		$	10.90		$	10.04		$	8.04		$	10.40
Total return		2.39	%		8.76	%		2.34	%		11.03	%		28.58	%		(16.69	%)		0.09	%
Ratios to average net assets^(b)
Total gross expenses		0.76	%^(c)		0.96	%		0.89	%^(c)(d)		0.75	%		0.75	%		0.75	%^(d)		0.75	%
Total net expenses^(e)		0.76	%^(c)(f)		0.81	%^(f)		0.82	%^(c)(d)(f)		0.75	%		0.75	%		0.75	%^(d)(f)		0.75	%^(f)
Net investment income		1.14	%^(c)		2.04	%		2.03	%^(c)		2.28	%		3.00	%		3.34	%		2.93	%
Supplemental data
Net assets, end of period (in thousands)	$	2,149		$	2,148		$	1,102		$	428		$	559		$	358		$	451
Portfolio turnover		6	%		38	%		55	%		87	%		34	%		52	%		20	%

Notes to Financial Highlights

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

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

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

Class R4	Six Months Ended July 31, 2013 (Unaudited)			Year Ended January 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	11.25		$	11.30
Income from investment operations:
Net investment income		0.10			0.09
Net realized and unrealized gain		0.19			0.26
Total from investment operations		0.29			0.35
Less distributions to shareholders:
Net investment income		(0.11	)		(0.17	)
Net realized gains		(0.03	)		(0.23	)
Total distributions to shareholders		(0.14	)		(0.40	)
Net asset value, end of period	$	11.40		$	11.25
Total return		2.60	%		3.11	%
Ratios to average net assets^(b)
Total gross expenses		0.21	%^(c)		0.51	%^(c)
Total net expenses^(d)		0.21	%^(c)		0.37	%^(c)
Net investment income		1.68	%^(c)		3.68	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	2
Portfolio turnover		6	%		38	%

Notes to Financial Highlights

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

Class R5	Six Months Ended July 31, 2013 (Unaudited)			Year Ended January 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	11.25		$	11.30
Income from investment operations:
Net investment income		0.10			0.10
Net realized and unrealized gain		0.20			0.25
Total from investment operations		0.30			0.35
Less distributions to shareholders:
Net investment income		(0.11	)		(0.17	)
Net realized gains		(0.03	)		(0.23	)
Total distributions to shareholders		(0.14	)		(0.40	)
Net asset value, end of period	$	11.41		$	11.25
Total return		2.74	%		3.13	%
Ratios to average net assets^(b)
Total gross expenses		0.10	%^(c)		0.41	%^(c)
Total net expenses^(d)		0.10	%^(c)		0.29	%^(c)
Net investment income		1.79	%^(c)		3.77	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	2
Portfolio turnover		6	%		38	%

Notes to Financial Highlights

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

Class Y	Six Months Ended July 31, 2013^(a)(Unaudited)
Per share data
Net asset value, beginning of period	$	11.32
Income from investment operations
Net investment income		0.03
Net realized and unrealized gain		0.04
Total from investment operations		0.07
Less distributions to shareholders:
Net investment income		(0.06	)
Net realized gains		(0.03	)
Total distributions to shareholders		(0.09	)
Net asset value, end of period	$	11.30
Total return		0.62	%
Ratios to average net assets^(b)
Total gross expenses		0.03	%^(c)
Total net expenses^(d)		0.03	%^(c)
Net investment income		2.38	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2
Portfolio turnover		6	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class Z	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.21		$	10.85		$	10.78		$	9.94		$	7.96		$	10.30		$	10.96
Income from investment operations:
Net investment income		0.09			0.27			0.23			0.28			0.33			0.35			0.42
Net realized and unrealized gain (loss)		0.20			0.71			0.07			0.84			1.98			(1.93	)		(0.36	)
Total from investment operations		0.29			0.98			0.30			1.12			2.31			(1.58	)		0.06
Less distributions to shareholders:
Net investment income		(0.11	)		(0.35	)		(0.23	)		(0.28	)		(0.33	)		(0.36	)		(0.38	)
Net realized gains		(0.03	)		(0.27	)		—			—			—			(0.40	)		(0.34	)
Total distributions to shareholders		(0.14	)		(0.62	)		(0.23	)		(0.28	)		(0.33	)		(0.76	)		(0.72	)
Net asset value, end of period	$	11.36		$	11.21		$	10.85		$	10.78		$	9.94		$	7.96		$	10.30
Total return		2.58	%		9.22	%		2.85	%		11.49	%		29.25	%		(16.23	%)		0.40	%
Ratios to average net assets^(b)
Total gross expenses		0.26	%^(c)		0.45	%		0.39	%^(c)(d)		0.25	%		0.25	%		0.25	%^(d)		0.25	%
Total net expenses^(e)		0.26	%^(c)(f)		0.32	%^(f)		0.32	%^(c)(d)(f)		0.25	%		0.25	%		0.25	%^(d)(f)		0.25	%^(f)
Net investment income		1.64	%^(c)		2.45	%		2.61	%^(c)		2.77	%		3.51	%		3.98	%		3.78	%
Supplemental data
Net assets, end of period (in thousands)	$	21,629		$	20,710		$	21,157		$	21,839		$	20,406		$	16,275		$	13,598
Portfolio turnover		6	%		38	%		55	%		87	%		34	%		52	%		20	%

Notes to Financial Highlights

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

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

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

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

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

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Financial Highlights

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.61		$	10.75		$	10.71		$	9.46		$	7.58		$	10.46
Income from investment operations:
Net investment income		0.06			0.22			0.23			0.23			0.23			0.30
Net realized and unrealized gain (loss)		0.48			0.93			0.06			1.29			1.90			(2.93	)
Total from investment operations		0.54			1.15			0.29			1.52			2.13			(2.63	)
Less distributions to shareholders:
Net investment income		(0.11	)		(0.29	)		(0.25	)		(0.27	)		(0.25	)		(0.23	)
Net realized gains		(0.11	)		—			—			—			—			(0.02	)
Total distributions to shareholders		(0.22	)		(0.29	)		(0.25	)		(0.27	)		(0.25	)		(0.25	)
Net asset value, end of period	$	11.93		$	11.61		$	10.75		$	10.71		$	9.46		$	7.58
Total return		4.68	%		10.87	%		2.84	%		16.23	%		28.49	%		(25.51	%)
Ratios to average net assets^(a)
Total gross expenses		0.46	%^(b)		0.46	%		0.43	%		0.43	%		0.45	%		0.43	%
Total net expenses^(c)		0.46	%^(b)(d)		0.46	%^(d)		0.43	%^(d)		0.43	%		0.45	%		0.43	%
Net investment income		1.06	%^(b)		1.98	%		2.11	%		2.32	%		2.63	%		3.19	%
Supplemental data
Net assets, end of period (in thousands)	$	1,386,304		$	1,331,311		$	1,215,462		$	1,164,732		$	936,670		$	664,054
Portfolio turnover		6	%		23	%		58	%		9	%		26	%		34	%

Notes to Financial Highlights

(b) Annualized.

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class B	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.55		$	10.70		$	10.66		$	9.41		$	7.54		$	10.41
Income from investment operations:
Net investment income		0.02			0.13			0.14			0.15			0.15			0.22
Net realized and unrealized gain (loss)		0.48			0.93			0.07			1.29			1.91			(2.91	)
Total from investment operations		0.50			1.06			0.21			1.44			2.06			(2.69	)
Less distributions to shareholders:
Net investment income		(0.06	)		(0.21	)		(0.17	)		(0.19	)		(0.19	)		(0.16	)
Net realized gains		(0.11	)		—			—			—			—			(0.02	)
Total distributions to shareholders		(0.17	)		(0.21	)		(0.17	)		(0.19	)		(0.19	)		(0.18	)
Net asset value, end of period	$	11.88		$	11.55		$	10.70		$	10.66		$	9.41		$	7.54
Total return		4.38	%		9.99	%		2.03	%		15.43	%		27.54	%		(26.12	%)
Ratios to average net assets^(a)
Total gross expenses		1.21	%^(b)		1.20	%		1.18	%		1.19	%		1.21	%		1.19	%
Total net expenses^(c)		1.21	%^(b)(d)		1.20	%^(d)		1.18	%^(d)		1.19	%		1.21	%		1.19	%
Net investment income		0.31	%^(b)		1.17	%		1.32	%		1.47	%		1.79	%		2.32	%
Supplemental data
Net assets, end of period (in thousands)	$	80,931		$	94,225		$	117,235		$	153,336		$	163,375		$	144,798
Portfolio turnover		6	%		23	%		58	%		9	%		26	%		34	%

Notes to Financial Highlights

(b) Annualized.

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class C	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.53		$	10.69		$	10.65		$	9.41		$	7.55		$	10.41
Income from investment operations:
Net investment income		0.02			0.14			0.15			0.16			0.17			0.23
Net realized and unrealized gain (loss)		0.48			0.91			0.07			1.28			1.88			(2.91	)
Total from investment operations		0.50			1.05			0.22			1.44			2.05			(2.68	)
Less distributions to shareholders:
Net investment income		(0.06	)		(0.21	)		(0.18	)		(0.20	)		(0.19	)		(0.16	)
Net realized gains		(0.11	)		—			—			—			—			(0.02	)
Total distributions to shareholders		(0.17	)		(0.21	)		(0.18	)		(0.20	)		(0.19	)		(0.18	)
Net asset value, end of period	$	11.86		$	11.53		$	10.69		$	10.65		$	9.41		$	7.55
Total return		4.40	%		9.95	%		2.10	%		15.40	%		27.45	%		(25.99	%)
Ratios to average net assets^(a)
Total gross expenses		1.21	%^(b)		1.21	%		1.18	%		1.19	%		1.20	%		1.19	%
Total net expenses^(c)		1.21	%^(b)(d)		1.21	%^(d)		1.18	%^(d)		1.19	%		1.20	%		1.19	%
Net investment income		0.31	%^(b)		1.25	%		1.38	%		1.62	%		1.92	%		2.45	%
Supplemental data
Net assets, end of period (in thousands)	$	148,705		$	132,770		$	107,827		$	90,001		$	60,533		$	33,449
Portfolio turnover		6	%		23	%		58	%		9	%		26	%		34	%

Notes to Financial Highlights

(b) Annualized.

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class K	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.60		$	10.74		$	10.70		$	9.45		$	7.57		$	10.45
Income from investment operations:
Net investment income		0.07			0.21			0.23			0.27			0.26			0.33
Net realized and unrealized gain (loss)		0.47			0.95			0.08			1.26			1.88			(2.92	)
Total from investment operations		0.54			1.16			0.31			1.53			2.14			(2.59	)
Less distributions to shareholders:
Net investment income		(0.11	)		(0.30	)		(0.27	)		(0.28	)		(0.26	)		(0.27	)
Net realized gains		(0.11	)		—			—			—			—			(0.02	)
Total distributions to shareholders		(0.22	)		(0.30	)		(0.27	)		(0.28	)		(0.26	)		(0.29	)
Net asset value, end of period	$	11.92		$	11.60		$	10.74		$	10.70		$	9.45		$	7.57
Total return		4.74	%		10.94	%		2.94	%		16.38	%		28.70	%		(25.22	%)
Ratios to average net assets^(a)
Total gross expenses		0.35	%^(b)		0.34	%		0.34	%		0.33	%		0.35	%		0.35	%
Total net expenses^(c)		0.35	%^(b)		0.34	%		0.34	%		0.33	%		0.35	%		0.06	%
Net investment income		1.17	%^(b)		1.93	%		2.18	%		2.66	%		2.96	%		3.50	%
Supplemental data
Net assets, end of period (in thousands)	$	328		$	298		$	748		$	760		$	221		$	78
Portfolio turnover		6	%		23	%		58	%		9	%		26	%		34	%

Notes to Financial Highlights

(b) Annualized.

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class R	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	11.58		$	10.74		$	10.70		$	10.10
Income from investment operations:
Net investment income		0.05			0.18			0.30			0.11
Net realized and unrealized gain (loss)		0.48			0.93			(0.02	)		0.60
Total from investment operations		0.53			1.11			0.28			0.71
Less distributions to shareholders:
Net investment income		(0.09	)		(0.27	)		(0.24	)		(0.11	)
Net realized gains		(0.11	)		—			—			—
Total distributions to shareholders		(0.20	)		(0.27	)		(0.24	)		(0.11	)
Net asset value, end of period	$	11.91		$	11.58		$	10.74		$	10.70
Total return		4.65	%		10.46	%		2.66	%		7.06	%
Ratios to average net assets^(b)
Total gross expenses		0.71	%^(c)		0.70	%		0.71	%		0.67	%^(c)
Total net expenses^(d)		0.71	%^(c)(e)		0.70	%^(e)		0.71	%		0.67	%^(c)
Net investment income		0.83	%^(c)		1.67	%		2.93	%		3.18	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	198		$	138		$	60		$	3
Portfolio turnover		6	%		23	%		58	%		9	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

Class R4	Six Months Ended July 31, 2013^(a)(Unaudited)
Per share data
Net asset value, beginning of period	$	11.82
Income from investment operations:
Net investment income		0.03
Net realized and unrealized gain		0.15
Total from investment operations		0.18
Less distributions to shareholders:
Net investment income		(0.05	)
Net realized gains		(0.11	)
Total distributions to shareholders		(0.16	)
Net asset value, end of period	$	11.84
Total return		1.57	%
Ratios to average net assets^(b)
Total gross expenses		0.13	%^(c)
Total net expenses^(d)		0.13	%^(c)
Net investment income		1.96	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		6	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

Class R5	Six Months Ended July 31, 2013^(a)(Unaudited)
Per share data
Net asset value, beginning of period	$	11.82
Income from investment operations:
Net investment income		0.03
Net realized and unrealized gain		0.15
Total from investment operations		0.18
Less distributions to shareholders:
Net investment income		(0.05	)
Net realized gains		(0.11	)
Total distributions to shareholders		(0.16	)
Net asset value, end of period	$	11.84
Total return		1.60	%
Ratios to average net assets^(b)
Total gross expenses		0.06	%^(c)
Total net expenses^(d)		0.06	%^(c)
Net investment income		2.03	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		6	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

Class Y	Six Months Ended July 31, 2013^(a)(Unaudited)
Per share data
Net asset value, beginning of period	$	11.82
Income from investment operations
Net investment income		0.03
Net realized and unrealized gain		0.15
Total from investment operations		0.18
Less distributions to shareholders:
Net investment income		(0.05	)
Net realized gains		(0.11	)
Total distributions to shareholders		(0.16	)
Net asset value, end of period	$	11.84
Total return		1.61	%
Ratios to average net assets^(b)
Total gross expenses		0.01	%^(c)
Total net expenses^(d)		0.01	%^(c)
Net investment income		2.09	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		6	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class Z	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	11.59		$	10.75		$	10.71		$	10.10
Income from investment operations:
Net investment income		0.08			0.28			0.26			0.16
Net realized and unrealized gain		0.48			0.88			0.07			0.58
Total from investment operations		0.56			1.16			0.33			0.74
Less distributions to shareholders:
Net investment income		(0.12	)		(0.32	)		(0.29	)		(0.13	)
Net realized gains		(0.11	)		—			—			—
Total distributions to shareholders		(0.23	)		(0.32	)		(0.29	)		(0.13	)
Net asset value, end of period	$	11.92		$	11.59		$	10.75		$	10.71
Total return		4.91	%		10.98	%		3.15	%		7.31	%
Ratios to average net assets^(b)
Total gross expenses		0.21	%^(c)		0.22	%		0.19	%		0.11	%^(c)
Total net expenses^(d)		0.21	%^(c)(e)		0.22	%^(e)		0.19	%^(e)		0.11	%^(c)
Net investment income		1.30	%^(c)		2.54	%		2.49	%		4.32	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3,054		$	2,544		$	836		$	7
Portfolio turnover		6	%		23	%		58	%		9	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to January 31, 2013.

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

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

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

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Financial Highlights

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class A	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.04		$	11.30		$	11.61		$	10.23		$	7.33		$	11.36		$	12.38
Income from investment operations:
Net investment income		0.05			0.18			0.15			0.19			0.23			0.22			0.25
Net realized and unrealized gain (loss)		0.68			1.07			(0.30	)		1.37			2.89			(2.91	)		(0.45	)
Total from investment operations		0.73			1.25			(0.15	)		1.56			3.12			(2.69	)		(0.20	)
Less distributions to shareholders:
Net investment income		(0.05	)		(0.22	)		(0.14	)		(0.18	)		(0.22	)		(0.22	)		(0.25	)
Net realized gains		(0.08	)		(0.29	)		(0.02	)		—			—			(1.12	)		(0.57	)
Total distributions to shareholders		(0.13	)		(0.51	)		(0.16	)		(0.18	)		(0.22	)		(1.34	)		(0.82	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—			—			—			—
Net asset value, end of period	$	12.64		$	12.04		$	11.30		$	11.61		$	10.23		$	7.33		$	11.36
Total return		6.14	%		11.28	%		(1.20	%)		15.48	%		42.94	%		(26.48	%)		(1.99	%)
Ratios to average net assets^(c)
Total gross expenses		0.49	%^(d)		0.53	%		0.51	%^(d)(e)		0.50	%^(e)		0.50	%		0.50	%		0.50	%
Total net expenses^(f)		0.48	%^(d)(g)		0.53	%^(g)		0.51	%^(d)(e)(g)		0.50	%^(e)		0.50	%		0.50	%^(g)		0.50	%^(g)
Net investment income		0.76	%^(d)(g)		1.51	%		1.60	%^(d)		1.75	%		2.45	%		2.44	%		2.05	%
Supplemental data
Net assets, end of period (in thousands)	$	1,759,138		$	679,109		$	665,859		$	291,758		$	245,327		$	170,155		$	275,576
Portfolio turnover		4	%		34	%		42	%		68	%		27	%		47	%		18	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class B	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.94		$	11.21		$	11.53		$	10.16		$	7.29		$	11.30		$	12.31
Income from investment operations:
Net investment income		(0.00	)^(b)		0.07			0.07			0.10			0.16			0.15			0.16
Net realized and unrealized gain (loss)		0.69			1.08			(0.29	)		1.37			2.87			(2.89	)		(0.44	)
Total from investment operations		0.69			1.15			(0.22	)		1.47			3.03			(2.74	)		(0.28	)
Less distributions to shareholders:
Net investment income		(0.01	)		(0.13	)		(0.08	)		(0.10	)		(0.16	)		(0.15	)		(0.16	)
Net realized gains		(0.08	)		(0.29	)		(0.02	)		—			—			(1.12	)		(0.57	)
Total distributions to shareholders		(0.09	)		(0.42	)		(0.10	)		(0.10	)		(0.16	)		(1.27	)		(0.73	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—			—			—			—
Net asset value, end of period	$	12.54		$	11.94		$	11.21		$	11.53		$	10.16		$	7.29		$	11.30
Total return		5.79	%		10.45	%		(1.87	%)		14.63	%		41.72	%		(27.01	%)		(2.66	%)
Ratios to average net assets^(c)
Total gross expenses		1.24	%^(d)		1.27	%		1.26	%^(d)(e)		1.25	%^(e)		1.25	%		1.25	%		1.25	%
Total net expenses^(f)		1.23	%^(d)(g)		1.27	%^(g)		1.26	%^(d)(e)(g)		1.25	%^(e)		1.25	%		1.25	%^(g)		1.25	%^(g)
Net investment income		(0.00	)^(b)(e)(g)		0.65	%		0.75	%^(d)		0.99	%		1.70	%		1.67	%		1.28	%
Supplemental data
Net assets, end of period (in thousands)	$	108,148		$	53,009		$	85,005		$	133,770		$	181,026		$	156,679		$	282,912
Portfolio turnover		4	%		34	%		42	%		68	%		27	%		47	%		18	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class C	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.11		$	11.36		$	11.68		$	10.29		$	7.38		$	11.43		$	12.44
Income from investment operations:
Net investment income		(0.00	)^(b)		0.09			0.08			0.11			0.16			0.15			0.16
Net realized and unrealized gain (loss)		0.69			1.08			(0.30	)		1.38			2.91			(2.93	)		(0.44	)
Total from investment operations		0.69			1.17			(0.22	)		1.49			3.07			(2.78	)		(0.28	)
Less distributions to shareholders:
Net investment income		(0.01	)		(0.13	)		(0.08	)		(0.10	)		(0.16	)		(0.15	)		(0.16	)
Net realized gains		(0.08	)		(0.29	)		(0.02	)		—			—			(1.12	)		(0.57	)
Total distributions to shareholders		(0.09	)		(0.42	)		(0.10	)		(0.10	)		(0.16	)		(1.27	)		(0.73	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—			—			—			—
Net asset value, end of period	$	12.71		$	12.11		$	11.36		$	11.68		$	10.29		$	7.38		$	11.43
Total return		5.71	%		10.49	%		(1.85	%)		14.64	%		41.76	%		(27.05	%)		(2.63	%)
Ratios to average net assets^(c)
Total gross expenses		1.24	%^(d)		1.28	%		1.26	%^(d)(e)		1.25	%^(e)		1.25	%		1.25	%		1.25	%
Total net expenses^(f)		1.24	%^(d)(g)		1.28	%^(g)		1.26	%^(d)(e)(g)		1.25	%^(e)		1.25	%		1.25	%^(g)		1.25	%^(g)
Net investment income		(0.00	)^(b)(d)(g)		0.75	%		0.81	%^(d)		1.00	%		1.70	%		1.67	%		1.30	%
Supplemental data
Net assets, end of period (in thousands)	$	184,258		$	84,349		$	86,321		$	91,556		$	87,496		$	64,940		$	112,902
Portfolio turnover		4	%		34	%		42	%		68	%		27	%		47	%		18	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

Class K	Six Months Ended July 31, 2013^(a)(Unaudited)
Per share data
Net asset value, beginning of period	$	12.07
Income from investment operations:
Net investment income		0.05
Net realized and unrealized gain		0.63
Total from investment operations		0.68
Less distributions to shareholders:
Net investment income		(0.06	)
Net realized gains		(0.08	)
Total distributions to shareholders		(0.14	)
Net asset value, end of period	$	12.61
Total return		5.72	%
Ratios to average net assets^(b)
Total gross expenses		0.35	%^(c)
Total net expenses^(d)		0.35	%^(c)
Net investment income		0.93	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	98
Portfolio turnover		4	%

Notes to Financial Highlights

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class R	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.03		$	11.29		$	11.60		$	10.22		$	7.33		$	11.36		$	12.37
Income from investment operations:
Net investment income		0.03			0.15			0.13			0.16			0.20			0.22			0.21
Net realized and unrealized gain (loss)		0.69			1.07			(0.30	)		1.38			2.89			(2.94	)		(0.43	)
Total from investment operations		0.72			1.22			(0.17	)		1.54			3.09			(2.72	)		(0.22	)
Less distributions to shareholders:
Net investment income		(0.04	)		(0.19	)		(0.12	)		(0.16	)		(0.20	)		(0.19	)		(0.22	)
Net realized gains		(0.08	)		(0.29	)		(0.02	)		—			—			(1.12	)		(0.57	)
Total distributions to shareholders		(0.12	)		(0.48	)		(0.14	)		(0.16	)		(0.20	)		(1.31	)		(0.79	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—			—			—			—
Net asset value, end of period	$	12.63		$	12.03		$	11.29		$	11.60		$	10.22		$	7.33		$	11.36
Total return		6.01	%		11.01	%		(1.39	%)		15.21	%		42.46	%		(26.67	%)		(2.15	%)
Ratios to average net assets^(c)
Total gross expenses		0.74	%^(d)		0.78	%		0.77	%^(d)(e)		0.75	%^(e)		0.75	%		0.75	%		0.75	%
Total net expenses^(f)		0.74	%^(d)(g)		0.78	%^(g)		0.77	%^(d)(e)(g)		0.75	%^(e)		0.75	%		0.75	%^(g)		0.75	%^(g)
Net investment income		0.44	%^(d)(g)		1.26	%		1.40	%^(d)		1.54	%		2.16	%		2.48	%		1.69	%
Supplemental data
Net assets, end of period (in thousands)	$	4,833		$	4,664		$	3,908		$	1,517		$	1,740		$	1,666		$	1,257
Portfolio turnover		4	%		34	%		42	%		68	%		27	%		47	%		18	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

Class R4	Six Months Ended July 31, 2013 (Unaudited)			Year Ended January 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	12.11		$	11.71
Income from investment operations:
Net investment income		0.06			0.11
Net realized and unrealized gain		0.70			0.65
Total from investment operations		0.76			0.76
Less distributions to shareholders:
Net investment income		(0.07	)		(0.14	)
Net realized gains		(0.08	)		(0.22	)
Total distributions to shareholders		(0.15	)		(0.36	)
Net asset value, end of period	$	12.72		$	12.11
Total return		6.37	%		6.60	%
Ratios to average net assets^(b)
Total gross expenses		0.17	%^(c)		0.24	%^(c)
Total net expenses^(d)		0.17	%^(c)(e)		0.24	%^(c)
Net investment income		1.02	%^(c)(e)		3.98	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3
Portfolio turnover		4	%		34	%

Notes to Financial Highlights

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

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

Class R5	Six Months Ended July 31, 2013 (Unaudited)			Year Ended January 31, 2013^(a)
Per share data
Net asset value, beginning of period	$	12.11		$	11.71
Income from investment operations:
Net investment income		0.07			0.11
Net realized and unrealized gain		0.69			0.66
Total from investment operations		0.76			0.77
Less distributions to shareholders:
Net investment income		(0.08	)		(0.15	)
Net realized gains		(0.08	)		(0.22	)
Total distributions to shareholders		(0.16	)		(0.37	)
Net asset value, end of period	$	12.71		$	12.11
Total return		6.34	%		6.64	%
Ratios to average net assets^(b)
Total gross expenses		0.05	%^(c)		0.12	%^(c)
Total net expenses^(d)		0.05	%^(c)		0.12	%^(c)
Net investment income		1.13	%^(c)		4.10	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3		$	3
Portfolio turnover		4	%		34	%

Notes to Financial Highlights

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class T	(Unaudited)			2013			2012^(a)			2011^(b)
Per share data
Net asset value, beginning of period	$	12.04		$	11.30		$	11.61		$	11.49
Income from investment operations:
Net investment income		0.04			0.17			0.15			0.02
Net realized and unrealized gain (loss)		0.69			1.07			(0.30	)		0.13
Total from investment operations		0.73			1.24			(0.15	)		0.15
Less distributions to shareholders:
Net investment income		(0.05	)		(0.21	)		(0.14	)		(0.03	)
Net realized gains		(0.08	)		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.13	)		(0.50	)		(0.16	)		(0.03	)
Proceeds from regulatory settlements		—			—			0.00	^(c)		—
Net asset value, end of period	$	12.64		$	12.04		$	11.30		$	11.61
Total return		6.11	%		11.23	%		(1.23	%)		1.28	%
Ratios to average net assets^(d)
Total gross expenses		0.54	%^(e)		0.58	%		0.56	%^(e)(f)		0.55	%^(e)
Total net expenses^(g)		0.54	%^(e)(h)		0.58	%^(h)		0.56	%^(e)(f)(h)		0.55	%^(e)
Net investment income		0.64	%^(e)(h)		1.46	%		1.58	%^(e)		2.26	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	101,887		$	100,955		$	102,913		$	3
Portfolio turnover		4	%		34	%		42	%		68	%

Notes to Financial Highlights

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

(b) For the period from March 1, 2011 (commencement of operations) to March 31, 2011.

(e) Annualized.

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

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

(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.

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

Class Y	Six Months Ended July 31, 2013^(a)(Unaudited)
Per share data
Net asset value, beginning of period	$	12.35
Income from investment operations
Net investment income		0.03
Net realized and unrealized gain		0.26
Total from investment operations		0.29
Less distributions to shareholders:
Net investment income		(0.04	)
Net realized gains		(0.08	)
Total distributions to shareholders		(0.12	)
Net asset value, end of period	$	12.52
Total return		2.40	%
Ratios to average net assets^(b)
Total gross expenses		0.01	%^(c)
Total net expenses^(d)		0.01	%^(c)
Net investment income		1.76	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		4	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,						Year Ended March 31,
Class Z	(Unaudited)			2013			2012^(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	12.03		$	11.29		$	11.60		$	10.21		$	7.33		$	11.36		$	12.35
Income from investment operations:
Net investment income		0.06			0.20			0.17			0.21			0.25			0.25			0.34
Net realized and unrealized gain (loss)		0.69			1.08			(0.30	)		1.39			2.88			(2.92	)		(0.47	)
Total from investment operations		0.75			1.28			(0.13	)		1.60			3.13			(2.67	)		(0.13	)
Less distributions to shareholders:
Net investment income		(0.07	)		(0.25	)		(0.16	)		(0.21	)		(0.25	)		(0.24	)		(0.29	)
Net realized gains		(0.08	)		(0.29	)		(0.02	)		—			—			(1.12	)		(0.57	)
Total distributions to shareholders		(0.15	)		(0.54	)		(0.18	)		(0.21	)		(0.25	)		(1.36	)		(0.86	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—			—			—			—
Net asset value, end of period	$	12.63		$	12.03		$	11.29		$	11.60		$	10.21		$	7.33		$	11.36
Total return		6.27	%		11.57	%		(1.00	%)		15.89	%		43.01	%		(26.28	%)		(1.49	%)
Ratios to average net assets^(c)
Total gross expenses		0.24	%^(d)		0.28	%		0.26	%^(d)(e)		0.25	%^(e)		0.25	%		0.25	%		0.25	%
Total net expenses^(f)		0.24	%^(d)(g)		0.28	%^(g)		0.26	%^(d)(e)(g)		0.25	%^(e)		0.25	%		0.25	%^(g)		0.25	%^(g)
Net investment income		0.93	%^(d)(g)		1.72	%		1.86	%^(e)		2.03	%		2.69	%		2.83	%		2.68	%
Supplemental data
Net assets, end of period (in thousands)	$	143,202		$	147,433		$	146,805		$	56,805		$	64,967		$	44,020		$	46,711
Portfolio turnover		4	%		34	%		42	%		68	%		27	%		47	%		18	%

Notes to Financial Highlights

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

(b) Rounds to zero.

(d) Annualized.

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

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

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

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

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Financial Highlights

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class A	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.41		$	10.19		$	10.28		$	8.62		$	6.49		$	10.46
Income from investment operations:
Net investment income		0.02			0.13			0.12			0.14			0.15			0.17
Net realized and unrealized gain (loss)		0.89			1.25			(0.07	)		1.69			2.14			(3.98	)
Total from investment operations		0.91			1.38			0.05			1.83			2.29			(3.81	)
Less distributions to shareholders:
Net investment income		—			(0.16	)		(0.14	)		(0.17	)		(0.16	)		(0.12	)
Net realized gains		—			—			—			—			—			(0.04	)
Total distributions to shareholders		—			(0.16	)		(0.14	)		(0.17	)		(0.16	)		(0.16	)
Net asset value, end of period	$	12.32		$	11.41		$	10.19		$	10.28		$	8.62		$	6.49
Total return		7.97	%		13.63	%		0.60	%		21.22	%		35.27	%		(36.52	%)
Ratios to average net assets^(a)
Total gross expenses		0.52	%^(b)		0.52	%		0.49	%		0.50	%		0.53	%		0.51	%
Total net expenses^(c)		0.52	%^(b)(d)		0.51	%^(d)		0.49	%^(d)		0.50	%		0.51	%		0.50	%
Net investment income		0.31	%^(b)		1.25	%		1.18	%		1.48	%		1.92	%		1.83	%
Supplemental data
Net assets, end of period (in thousands)	$	526,383		$	495,722		$	472,855		$	489,241		$	411,906		$	294,773
Portfolio turnover		6	%		21	%		83	%		10	%		28	%		35	%

Notes to Financial Highlights

(b) Annualized.

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class B	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.41		$	10.17		$	10.24		$	8.57		$	6.46		$	10.38
Income from investment operations:
Net investment income (loss)		(0.03	)		0.04			0.04			0.06			0.08			0.09
Net realized and unrealized gain (loss)		0.90			1.26			(0.07	)		1.69			2.12			(3.93	)
Total from investment operations		0.87			1.30			(0.03	)		1.75			2.20			(3.84	)
Less distributions to shareholders:
Net investment income		—			(0.06	)		(0.04	)		(0.08	)		(0.09	)		(0.04	)
Net realized gains		—			—			—			—			—			(0.04	)
Total distributions to shareholders		—			(0.06	)		(0.04	)		(0.08	)		(0.09	)		(0.08	)
Net asset value, end of period	$	12.28		$	11.41		$	10.17		$	10.24		$	8.57		$	6.46
Total return		7.62	%		12.80	%		(0.22	%)		20.46	%		34.10	%		(37.04	%)
Ratios to average net assets^(a)
Total gross expenses		1.27	%^(b)		1.26	%		1.24	%		1.26	%		1.29	%		1.26	%
Total net expenses^(c)		1.27	%^(b)(d)		1.26	%^(d)		1.24	%^(d)		1.26	%		1.27	%		1.26	%
Net investment income (loss)		(0.44	%)^(b)		0.41	%		0.38	%		0.62	%		1.09	%		0.99	%
Supplemental data
Net assets, end of period (in thousands)	$	34,365		$	39,020		$	49,003		$	66,323		$	69,632		$	56,864
Portfolio turnover		6	%		21	%		83	%		10	%		28	%		35	%

Notes to Financial Highlights

(b) Annualized.

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class C	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.24		$	10.04		$	10.14		$	8.50		$	6.42		$	10.33
Income from investment operations:
Net investment income (loss)		(0.03	)		0.05			0.04			0.07			0.11			0.10
Net realized and unrealized gain (loss)		0.89			1.24			(0.07	)		1.67			2.08			(3.92	)
Total from investment operations		0.86			1.29			(0.03	)		1.74			2.19			(3.82	)
Less distributions to shareholders:
Net investment income		—			(0.09	)		(0.07	)		(0.10	)		(0.11	)		(0.05	)
Net realized gains		—			—			—			—			—			(0.04	)
Total distributions to shareholders		—			(0.09	)		(0.07	)		(0.10	)		(0.11	)		(0.09	)
Net asset value, end of period	$	12.10		$	11.24		$	10.04		$	10.14		$	8.50		$	6.42
Total return		7.65	%		12.86	%		(0.23	%)		20.45	%		34.07	%		(37.00	%)
Ratios to average net assets^(a)
Total gross expenses		1.27	%^(b)		1.27	%		1.24	%		1.25	%		1.28	%		1.26	%
Total net expenses^(c)		1.27	%^(b)(d)		1.26	%^(d)		1.24	%^(d)		1.25	%		1.26	%		1.25	%
Net investment income (loss)		(0.44	%)^(b)		0.52	%		0.44	%		0.72	%		1.37	%		1.09	%
Supplemental data
Net assets, end of period (in thousands)	$	44,006		$	38,461		$	33,266		$	31,772		$	26,852		$	11,330
Portfolio turnover		6	%		21	%		83	%		10	%		28	%		35	%

Notes to Financial Highlights

(b) Annualized.

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class K	(Unaudited)			2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.43		$	10.20		$	10.30		$	8.63		$	6.50		$	10.48
Income from investment operations:
Net investment income		0.03			0.15			0.13			0.15			0.17			0.22
Net realized and unrealized gain (loss)		0.90			1.25			(0.07	)		1.70			2.13			(4.01	)
Total from investment operations		0.93			1.40			0.06			1.85			2.30			(3.79	)
Less distributions to shareholders:
Net investment income		—			(0.17	)		(0.16	)		(0.18	)		(0.17	)		(0.15	)
Net realized gains		—			—			—			—			—			(0.04	)
Total distributions to shareholders		—			(0.17	)		(0.16	)		(0.18	)		(0.17	)		(0.19	)
Net asset value, end of period	$	12.36		$	11.43		$	10.20		$	10.30		$	8.63		$	6.50
Total return		8.14	%		13.84	%		0.64	%		21.46	%		35.36	%		(36.20	%)
Ratios to average net assets^(a)
Total gross expenses		0.38	%^(b)		0.37	%		0.35	%		0.38	%		0.36	%		0.36	%
Total net expenses^(c)		0.38	%^(b)		0.37	%		0.35	%		0.38	%		0.36	%		0.11	%
Net investment income		0.45	%^(b)		1.37	%		1.30	%		1.62	%		2.13	%		2.57	%
Supplemental data
Net assets, end of period (in thousands)	$	141		$	126		$	451		$	461		$	391		$	141
Portfolio turnover		6	%		21	%		83	%		10	%		28	%		35	%

Notes to Financial Highlights

(b) Annualized.

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class R	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	11.35		$	10.16		$	10.25		$	9.42
Income from investment operations:
Net investment income		0.01			0.11			0.10			0.10
Net realized and unrealized gain (loss)		0.89			1.24			(0.07	)		0.92
Total from investment operations		0.90			1.35			0.03			1.02
Less distributions to shareholders:
Net investment income		—			(0.16	)		(0.12	)		(0.19	)
Total distributions to shareholders		—			(0.16	)		(0.12	)		(0.19	)
Net asset value, end of period	$	12.25		$	11.35		$	10.16		$	10.25
Total return		7.93	%		13.38	%		0.33	%		10.87	%
Ratios to average net assets^(b)
Total gross expenses		0.77	%^(c)		0.79	%		0.70	%		0.71	%^(c)
Total net expenses^(d)		0.77	%^(c)(e)		0.76	%^(e)		0.70	%		0.71	%^(c)
Net investment income		0.14	%^(c)		1.03	%		0.98	%		2.91	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	213		$	182		$	3		$	3
Portfolio turnover		6	%		21	%		83	%		10	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

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

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

Class R4	Six Months Ended July 31, 2013^(a)(Unaudited)
Per share data
Net asset value, beginning of period	$	11.82
Income from investment operations:
Net investment income		0.02
Net realized and unrealized gain		0.32
Total from investment operations		0.34
Net asset value, end of period	$	12.16
Total return		2.88	%
Ratios to average net assets^(b)
Total gross expenses		0.24	%^(c)
Total net expenses^(d)		0.24	%^(c)
Net investment income		1.26	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		6	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

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

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Columbia Capital Allocation Aggressive Portfolio

Class R5	Six Months Ended July 31, 2013^(a)(Unaudited)
Per share data
Net asset value, beginning of period	$	11.82
Income from investment operations:
Net investment income		0.02
Net realized and unrealized gain		0.33
Total from investment operations		0.35
Net asset value, end of period	$	12.17
Total return		2.96	%
Ratios to average net assets^(b)
Total gross expenses		0.06	%^(c)
Total net expenses^(d)		0.06	%^(c)
Net investment income		1.43	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		6	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

Class Y	Six Months Ended July 31, 2013^(a)(Unaudited)
Per share data
Net asset value, beginning of period	$	11.82
Income from investment operations
Net investment income		0.02
Net realized and unrealized gain		0.33
Total from investment operations		0.35
Net asset value, end of period	$	12.17
Total return		2.96	%
Ratios to average net assets^(b)
Total gross expenses		0.02	%^(c)
Total net expenses^(d)		0.02	%^(c)
Net investment income		1.48	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		6	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to July 31, 2013.

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

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

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Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

	Six Months Ended July 31, 2013			Year Ended January 31,
Class Z	(Unaudited)			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	11.36		$	10.16		$	10.26		$	9.42
Income from investment operations:
Net investment income		0.04			0.21			0.14			0.12
Net realized and unrealized gain (loss)		0.90			1.19			(0.07	)		0.92
Total from investment operations		0.94			1.40			0.07			1.04
Less distributions to shareholders:
Net investment income		—			(0.20	)		(0.17	)		(0.20	)
Total distributions to shareholders		—			(0.20	)		(0.17	)		(0.20	)
Net asset value, end of period	$	12.30		$	11.36		$	10.16		$	10.26
Total return		8.27	%		13.87	%		0.83	%		11.11	%
Ratios to average net assets^(b)
Total gross expenses		0.27	%^(c)		0.28	%		0.24	%		0.18	%^(c)
Total net expenses^(d)		0.27	%^(c)(e)		0.26	%^(e)		0.24	%^(e)		0.18	%^(c)
Net investment income		0.61	%^(c)		2.00	%		1.40	%		3.44	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	600		$	413		$	168		$	3
Portfolio turnover		6	%		21	%		83	%		10	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

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

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

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

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Notes to Financial Statements

July 31, 2013 (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 Portfolio and collectively, the Portfolios): 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 Portfolio currently operates as a diversified fund.

Each Portfolio is a "fund-of-funds" and invests in a combination of underlying affiliated funds* for which Columbia Management Investment Advisers, LLC (Columbia Management), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or an affiliate acts as investment manager or principal underwriter. Each Portfolio may also invest in unaffiliated underlying funds, exchange traded funds (ETFs), equity and fixed income securities (including treasury inflation protected securities (TIPs)) and derivative instruments. Columbia Management is the Investment Manager for the underlying affiliated funds.

* For information on the goals, investment strategies and risks of the underlying funds please refer to the Portfolio's most recent prospectus and the prospectuses of the underlying funds.

Portfolio 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 class votes separately when required by law.

Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 4.75% 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 of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

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

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

Class K shares are not subject to sales charges and are closed to new investors. Class K shares of Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio commenced operations on February 28, 2013.

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

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain other eligible investors. Class R4 shares of Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio commenced operations on June 13, 2013.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through

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Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

authorized investment professionals and omnibus retirement plans. Class R5 of Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio commenced operations on June 13, 2013.

Class T shares are subject to a maximum front-end sales charge of 5.75% based on the investment amount. Class T shares purchased without an initial sales 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 of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase. Class T shares are available only to investors who received (and who have continuously held) Class T shares in connection with the merger of certain Galaxy Funds into various Columbia Funds (formerly named Liberty Funds).

Class Y shares are not subject to sales charges and are generally available only to certain retirement plans. Class Y shares of each Portfolio commenced operations on June 13, 2013.

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

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Security Valuation

Investments in the underlying funds are valued at the net asset value of each class of the respective underlying fund determined as of the close of the New York Stock Exchange (NYSE) on the valuation date.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units

of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter (OTC) or exchange bid quotation.

All equity securities are valued at the close of business of the NYSE. Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Foreign equity securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. However, many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board, including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

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

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

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

Foreign Currency Transactions and Translations

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

For financial statement purposes, the Portfolios 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

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

under the contract. A Portfolio's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Portfolio and the amount of any initial margin held by the counterparty. With exchange traded or centrally cleared derivatives, there is minimal counterparty credit risk to the Portfolio since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the counterparty credit risk is limited to failure of the clearinghouse. However, credit risk still exists in exchange traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker's customers, potentially resulting in losses to the Portfolio.

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

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Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Portfolio and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g. $500,000) before a transfer has to be made. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance. The Portfolio 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.

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements 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 Portfolios bought and sold futures contracts to produce incremental earnings, manage the duration and yield curve exposure of the Portfolio versus the benchmark, manage exposure to movements in interest rates, 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 Portfolio 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.

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 Portfolio, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; the impact and the location of derivative transactions over the period in the Statement of Operations including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

Columbia Capital Allocation Conservative Portfolio

The following table is a summary of the fair value of derivative instruments at July 31, 2013:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		236,605	*
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized depreciation on futures contracts		513,341	*

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended July 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(677,821	)
Interest rate risk		(307,662	)
Total		(985,483	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		236,605
Interest rate risk		(319,543	)
Total		(82,938	)

The following table is a summary of the volume of derivative instruments for the six months ended July 31, 2013:

Derivative Instrument				Contracts Opened
Futures contracts					705

Columbia Capital Allocation Moderate Conservative Portfolio

The following table is a summary of the fair value of derivative instruments at July 31, 2013:

Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		157,557	*
Interest rate risk	Net assets — unrealized depreciation on futures contracts		918,094	*
Total			1,075,651

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended July 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(1,365,830	)
Interest rate risk		(393,659	)
Total		(1,759,489	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(157,557	)
Interest rate risk		(866,323	)
Total		(1,023,880	)

The following table is a summary of the volume of derivative instruments for the six months ended July 31, 2013:

Derivative Instrument				Contracts Opened
Futures contracts					1,153

Columbia Capital Allocation Moderate Portfolio

The following table is a summary of the fair value of derivative instruments at July 31, 2013:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		618,210	*
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate risk	Net assets — unrealized depreciation on futures contracts		628,125	*

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended July 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(2,870,813	)
Interest rate risk		(519,723	)
Total		(3,390,536	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		618,210
Interest rate risk		(80,874	)
Total		537,336

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

The following table is a summary of the volume of derivative instruments for the six months ended July 31, 2013:

Derivative Instrument				Contracts Opened
Futures contracts					1,652

Columbia Capital Allocation Moderate Aggressive Portfolio

The following table is a summary of the fair value of derivative instruments at July 31, 2013:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		896,053	*
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		36,001	*
Interest rate risk	Net assets — unrealized depreciation on futures contracts		149,719	*
Total			185,720

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended July 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(2,800,569	)
Interest rate risk		(91,476	)
Total		(2,892,045	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		860,052
Interest rate risk		(43,194	)
Total		816,858

The following table is a summary of the volume of derivative instruments for the six months ended July 31, 2013:

Derivative Instrument				Contracts Opened
Futures contracts					2,670

Columbia Capital Allocation Aggressive Portfolio

The following table is a summary of the fair value of derivative instruments at July 31, 2013:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		307,062	*
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		2,832	*

The following table indicates the effect of derivative instruments in the Statement of Operations for the six months ended July 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		(1,162,436	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		304,230

The following table is a summary of the volume of derivative instruments for the six months ended July 31, 2013:

Derivative Instrument				Contracts Opened
Futures contracts					568

Treasury Inflation Protected Securities

Each Portfolio may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. Interest payments are based on the adjusted principal at the time the interest is paid. These adjustments are recorded as interest income in the Statements of Operations.

Security Transactions

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

Income Recognition

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

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

Corporate actions and dividend income are 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.

Expenses

General expenses of the Trust are allocated to the Portfolios, respectively, and other series 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 Portfolio are charged to such Portfolio. 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 Statements of Operations) and realized and unrealized gains (losses) are allocated to each class of a Portfolio 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 Portfolio is treated as a separate entity. The Portfolios 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 Portfolios 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 Portfolios should not be subject to federal excise tax. Therefore, no federal income or excise tax provisions are recorded.

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

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees and Underlying Portfolio Fees

Under an Investment Management Services Agreement, the Investment Manager determines which securities will be purchased, held or sold. The investment management fee for the Portfolios is an annual fee that is a blend of (i) 0.00% on assets invested in Columbia proprietary funds that pay an investment advisory fee to the Investment Manager, (ii) 0.10% on assets invested in non-exchange traded third-party advised mutual funds and (iii) 0.55% on assets invested in all other securities, including other funds advised by the Investment Manager that do not pay an investment advisory fee, ETF's, derivatives and individual securities.

Prior to March 1, 2013, Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio did not pay the Investment Manager a direct investment management fee for managing its assets.

The annualized effective investment management fee rates, net of any waivers, based on each Portfolio's average daily net assets for the six months ended July 31, 2013 were as follows:

Columbia Capital Allocation Conservative Portfolio	0.02	%
Columbia Capital Allocation Moderate Conservative Portfolio	0.02
Columbia Capital Allocation Moderate Portfolio	0.01
Columbia Capital Allocation Moderate Aggressive Portfolio	0.02
Columbia Capital Allocation Aggressive Portfolio	0.01

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

In addition to the fees and expenses which the Portfolios bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the underlying funds (also referred to as "acquired funds") in which the Portfolios invest. Because the underlying funds have varied expense and fee levels and the Portfolios may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by the Portfolios will vary.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Portfolio Administrator. Each Portfolio pays the Portfolio Administrator an annual fee for administration and accounting services equal to 0.02% of each Portfolio's average daily net assets.

Other Expenses

Other expenses are for, among other things, miscellaneous expenses of the Portfolios or the Board, including payments to a company providing limited administrative services to the Portfolios 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 month ended July 31, 2013, other expenses paid to this company were:

Portfolio	Amount ($)
Columbia Capital Allocation Conservative Portfolio		743
Columbia Capital Allocation Moderate Conservative Portfolio		743
Columbia Capital Allocation Moderate Portfolio		743
Columbia Capital Allocation Moderate Aggressive Portfolio		743
Columbia Capital Allocation Aggressive Portfolio		743

Compensation of Board Members

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

Transfer Agent Fees

Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a

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

For the six months ended July 31, 2013, the Portfolios' annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Portfolio	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		0.15		0.15		0.15		0.02		0.14		0.14		0.05		—		0.00		0.16
Columbia Capital Allocation Moderate Conservative Portfolio		0.15		0.15		0.15		0.05		0.16		0.16		0.05		—		0.00		0.16
Columbia Capital Allocation Moderate Portfolio		0.16		0.16		0.16		0.05		0.16		0.12		0.05		—		0.00		0.16
Columbia Capital Allocation Moderate Aggressive Portfolio		0.18		0.18		0.18		0.05		0.18		0.16		0.05		0.18		0.00		0.18
Columbia Capital Allocation Aggressive Portfolio		0.19		0.19		.019		0.05		0.19		0.22		0.05		—		0.00		0.19

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Portfolios' initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statements of Operations.

For the six months ended July 31, 2013 these minimum account balance fees reduced total expenses as follows:

Portfolio	Amount ($)
Columbia Capital Allocation Conservative Portfolio		20
Columbia Capital Allocation Moderate Conservative Portfolio		260
Columbia Capital Allocation Moderate Portfolio		120
Columbia Capital Allocation Moderate Aggressive Portfolio		23,025
Columbia Capital Allocation Aggressive Portfolio		235

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, each Portfolio pays an annual fee at a rate of 0.25% of the Portfolio'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 Portfolios 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. Pursuant to Rule 12b-1 under the 1940 Act, the Board has approved, and the Portfolios have adopted, distribution and shareholder service plans (the Plans) which set the distribution and service fees for the Portfolios. 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 Portfolios and providing services to investors.

Under the Plans, each Portfolio pays a monthly fee to the Distributor at the annual rates of up to 0.25% of each Portfolio's average daily net assets attributable to Class A shares, up to 1.00% of the Portfolio's average daily net assets attributable to Class B and Class C shares and up to 0.50% of each Portfolio'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 Portfolios, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses. The amount of distribution expenses incurred by the Distributor

and not yet reimbursed (unreimbursed expense) for each Portfolio was approximately as follows:

Portfolio	Class B ($)		Class C ($)
Columbia Capital Allocation Conservative Portfolio		1,954,000		307,000
Columbia Capital Allocation Moderate Conservative Portfolio		3,102,000		487,000
Columbia Capital Allocation Moderate Portfolio		6,007,000		1,786,000
Columbia Capital Allocation Moderate Aggressive Portfolio		5,681,000		1,260,000
Columbia Capital Allocation Aggressive Portfolio		1,747,000		257,000

These amounts are based on the most recent information available as of June 30, 2013, 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 Portfolio may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Portfolio's average daily net assets attributable to Class T shares (comprised of up to 0.25% for shareholder liaison services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.30% of the Portfolio's average daily net assets attributable to Class T shares. The annualized shareholder services fees for the six months ended July 31, 2013 was 0.30% of the Portfolio'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 Portfolio's shares for the six months ended July 31, 2013, were as follows:

Portfolio	Class A ($)		Class B ($)		Class C ($)		Class T ($)
Columbia Capital Allocation Conservative Portfolio		187,322		2,495		2,231		—
Columbia Capital Allocation Moderate Conservative Portfolio		350,700		3,505		2,023		—
Columbia Capital Allocation Moderate Portfolio		1,412,096		8,981		4,240		—

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

Portfolio	Class A ($)		Class B ($)		Class C ($)		Class T ($)
Columbia Capital Allocation Moderate Aggressive Portfolio		980,954		15,002		4,243		4,685
Columbia Capital Allocation Aggressive Portfolio		634,986		5,433		1,484		—

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 as well as any reorganization costs allocated to the Portfolio), for the periods disclosed below, unless sooner terminated at the sole discretion of the Board, so that each Portfolio's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Portfolios' custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

	June 1, 2013 through May 31, 2014
Portfolio	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		0.43		0.76		0.26	*		0.18	*		N/A		0.13	*		0.26
Columbia Capital Allocation Moderate Conservative Portfolio		0.51		1.26		1.26		0.43		0.76		0.26			0.18			N/A		0.13	*		0.26
Columbia Capital Allocation Moderate Portfolio		0.51		1.26		1.26		0.43		0.76		0.26	*		0.18	*		N/A		0.13	*		0.26
Columbia Capital Allocation Moderate Aggressive Portfolio		0.51		1.26		1.26		0.43		0.76		0.26			0.18			0.56		0.13	*		0.26
Columbia Capital Allocation Aggressive Portfolio		0.51		1.26		1.26		0.43		0.76		0.26	*		0.18	*		N/A		0.13	*		0.26

* Annual rate is contractual from June 13, 2013 (commencement of operations for Class R4 and Class R5 shares of Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio and the commencement of operations for Class Y shares of each Portfolio commenced) through May 31, 2014.

	Prior to June 1, 2013
Portfolio	Class A (%)		Class B (%)		Class C (%)		Class K (%)		Class R (%)		Class R4 (%)		Class R5 (%)		Class T (%)		Class Z (%)
Columbia Capital Allocation Conservative Portfolio		0.51		1.26		1.26		0.44		0.76		N/A		N/A		N/A		0.26
Columbia Capital Allocation Moderate Conservative Portfolio		0.51		1.26		1.26		N/A		0.76		0.26		0.18		N/A		0.26
Columbia Capital Allocation Moderate Portfolio		0.51		1.26		1.26		0.44		0.76		N/A		N/A		N/A		0.26
Columbia Capital Allocation Moderate Aggressive Portfolio		0.51		1.26		1.26		N/A		0.76		0.26		0.18		0.56		0.26
Columbia Capital Allocation Aggressive Portfolio		0.51		1.26		1.26		0.44		0.76		N/A		N/A		N/A		0.26

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Portfolios, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. Effective March 1, 2013, the investment management fee is also excluded from the waiver/reimbursement commitment for Columbia Capital Allocation Conservative Portfolio, Columbia Capital allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio only and is therefore paid by the Portfolios. For Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio, each Portfolio's investment management fee is also excluded from the waiver/reimbursement commitment and is therefore paid by the Portfolios. This agreement may be modified or amended only with approval from all parties. Reorganization (see Note 8) costs, if any, were allocated to the Portfolios only to

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

the extent they are expected to be offset by the anticipated reduction in expenses borne by the Portfolio's shareholders during the first year following the Reorganization.

Note 4. Federal Tax Information

At July 31, 2013, the cost of investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Portfolio	Tax cost($)		Gross unrealized appreciation ($)		Gross unrealized depreciation ($)			Net appreciation (depreciation) ($)
Columbia Capital Allocation Conservative Portfolio		340,589,000		16,647,000		(3,386,000	)		13,261,000
Columbia Capital Allocation Moderate Conservative Portfolio		652,263,000		57,895,000		(3,478,000	)		54,417,000
Columbia Capital Allocation Moderate Portfolio		1,419,804,000		203,093,000		(4,415,000	)		198,678,000
Columbia Capital Allocation Moderate Aggressive Portfolio		1,995,537,000		313,172,000		(10,330,000	)		302,842,000
Columbia Capital Allocation Aggressive Portfolio		490,384,000		115,010,000		(346,000	)		114,664,000

The following capital loss carryforward, determined at January 31, 2013, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Portfolio

2017
($)

2018
($)

2019
($)

Unlimited
Short-Term
($)

Unlimited
Long-Term
($)

Total
($)

Columbia
Capital
Allocation
Conservative
Portfolio

—

Columbia
Capital
Allocation
Moderate
Conservative
Portfolio

—

Columbia
Capital
Allocation
Moderate
Portfolio

—

Portfolio	2017 ($)		2018 ($)		2019 ($)		Unlimited Short-Term ($)		Unlimited Long-Term ($)		Total ($)
Columbia Capital Allocation Moderate Aggressive Portfolio		—		—		—		—		—		—
Columbia Capital Allocation Aggressive Portfolio		6,629,032		28,221,611		8,579,032		2,193,778		—		45,623,453

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, 2013, the Portfolios have elected to treat the following post-October capital losses as arising on February 1, 2013:

Portfolios	Amount ($)
Columbia Capital Allocation Conservative Portfolio		43,146
Columbia Capital Allocation Moderate Conservative Portfolio		—
Columbia Capital Allocation Moderate Portfolio		161,817
Columbia Capital Allocation Moderate Aggressive Portfolio		—
Columbia Capital Allocation Aggressive Portfolio		—

Management of the Portfolios has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Portfolios' 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, 2013, the cost of purchases and proceeds from sales of securities, excluding investments in money market funds, for each Portfolio aggregated to:

	U.S. Government Securities				Other Investment Securities
Portfolios	Purchases ($)		Proceeds ($)		Purchases ($)		Proceeds ($)
Columbia Capital Allocation Conservative Portfolio		1,146,932		1,308,391		22,491,197		47,227,130
Columbia Capital Allocation Moderate Conservative Portfolio		—		927,710		33,727,542		79,713,136

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

	U.S. Government Securities				Other Investment Securities
Portfolios	Purchases ($)		Proceeds ($)		Purchases ($)		Proceeds ($)
Columbia Capital Allocation Moderate Portfolio		—		—		91,556,368		121,009,487
Columbia Capital Allocation Moderate Aggressive Portfolio		—		1,640,869		69,428,288		205,708,326
Columbia Capital Allocation Aggressive Portfolio		—		—		34,790,375		60,027,669

Transactions to realign the Capital Allocation Conservative Portfolio's portfolio following the merger as described in Note 8 are excluded for purposes of calculating the Portfolio's portfolio turnover rate. These realignment transactions amounted to cost of purchases and proceeds from sales of $5,421,000 and $7,207,689 respectively.

Transactions to realign the Capital Allocation Moderate Conservative Portfolio's portfolio following the merger as described in Note 8 are excluded for purposes of calculating the Portfolio's portfolio turnover rate. These realignment transactions amounted to cost of purchases and proceeds from sales of $2,760,210 each.

Transactions to realign the Capital Allocation Moderate Aggressive Portfolio's portfolio following the merger as described in Note 8 are excluded for purposes of calculating the Portfolio's portfolio turnover rate. These realignment transactions amounted to cost of purchases and proceeds from sales of $22,093,468 each.

Note 6. Shareholder Concentration

At July 31, 2013, certain shareholder accounts owned more than 10% of the outstanding shares of one or more of the Portfolios. For unaffiliated shareholder accounts, the Portfolios have no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Portfolios. The number of accounts and aggregate percentages of shares outstanding held therein were as follows:

Portfolio	Number of Unaffiliated Accounts		Percentage of Shares Outstanding Held — Unaffiliated (%)		Percentage of Shares Outstanding Held — Affiliated (%)
Columbia Capital Allocation Conservative Portfolio		—		—		26.5
Columbia Capital Allocation Moderate Conservative Portfolio		—		—		23.3
Columbia Capital Allocation Moderate Portfolio		—		—		24.2

Portfolio	Number of Unaffiliated Accounts		Percentage of Shares Outstanding Held — Unaffiliated (%)		Percentage of Shares Outstanding Held — Affiliated (%)
Columbia Capital Allocation Moderate Aggressive Portfolio		1		17.9		17.8
Columbia Capital Allocation Aggressive Portfolio		—		—		28.3

Note 7. Line of Credit

Each Portfolio has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. whereby the Portfolios may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Portfolios and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing.

No Portfolio had borrowings during the six months ended July 31, 2013.

Note 8. Fund Merger

Columbia Capital Allocation Moderate Conservative Portfolio

At the close of business on March 15, 2013, Columbia Capital Allocation Moderate Conservative Portfolio acquired the assets and assumed the identified liabilities of Columbia Portfolio Builder Moderate Conservative Fund, a series of Columbia Funds Series Trust II (the acquired fund). The reorganization was completed after shareholders of the acquired fund approved the plan on February 27, 2013. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Portfolios immediately before the acquisition were $126,099,791 and the combined net assets immediately after the acquisition were $728,747,564.

The merger was accomplished by a tax-free exchange of 53,696,442 shares of the acquired fund valued at $602,647,773 (including $53,201,190 of unrealized appreciation).

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Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

In exchange for acquired fund's shares, the Portfolio issued the following number of shares:

	Shares
Class A		44,299,399
Class B		2,809,162
Class C		5,573,686
Class K		1,044
Class R		437
Class Z		66,440

For financial reporting purposes, net assets received and shares issued by the Portfolio were recorded at fair value; however, the acquired fund's cost of investments was carried forward.

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

Assuming the merger had been completed on February 1, 2013, the Portfolio's pro-forma net investment income, net gain on investments, net change in unrealized appreciation and net increase in net assets from operations for the six months ended July 31, 2013 would have been approximately $4.2 million $14.3 million, $(0.8) million and $17.8 million, respectively.

Columbia Capital Allocation Moderate Aggressive Portfolio

At the close of business on March 15, 2013, Columbia Capital Allocation Moderate Aggressive Portfolio acquired the assets and assumed the identified liabilities of Columbia Portfolio Builder Moderate Aggressive Fund, a series of Columbia Funds Series Trust II (the acquired fund). The reorganization was completed after shareholders of the acquired fund approved the plan on February 27, 2013. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Portfolio immediately before the acquisition were $1,079,846,854 and the combined net assets immediately after the acquisition were $2,291,819,834.

The merger was accomplished by a tax-free exchange of 102,704,635 shares of the acquired fund valued at

$1,211,972,980 (including $183,352,502 of unrealized appreciation).

In exchange for the acquired fund's shares, the Portfolio issued the following number of shares:

	Shares
Class A		84,466,691
Class B		6,750,859
Class C		7,340
Class K		7,340
Class R		791
Class Z		49,631

For financial reporting purposes, net assets received and shares issued by the Portfolio were recorded at fair value; however, the acquired fund's cost of investments was carried forward.

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

Assuming the merger had been completed on February 1, 2013, the Portfolio's pro-forma net investment income, net gain on investments, net change in unrealized appreciation and net increase in net assets from operations for the six months ended July 31, 2013 would have been approximately $5.4 million, $47.9 million, $82.3 million and $135.6 million, respectively.

Columbia Capital Allocation Conservative Portfolio

At the close of business on April 26, 2013, Columbia Capital Allocation Conservative Portfolio acquired the assets and assumed the identified liabilities of Columbia LifeGoal Income Portfolio, a series of Columbia Funds Series Trust (the acquired fund). The reorganization was completed after shareholders of the acquired fund approved the plan of reorganization on February 27, 2013. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Portfolio immediately before the acquisition were $348,977,186 and the combined net assets immediately after the acquisition were $373,544,200.

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Notes to Financial Statements (continued)

July 31, 2013 (Unaudited)

The merger was accomplished by a tax-free exchange of 2,298,723 shares of the acquired fund valued at $24,567,014 (including $1,787,615 of unrealized appreciation).

In exchange for the acquired fund's shares, the Portfolio issued the following number of shares:

	Shares
Class A		1,477,865
Class B		86,216
Class C		490,357
Class Z		243,364

For financial reporting purposes, net assets received and shares issued by the Portfolio were recorded at fair value; however, the acquired fund's cost of investments was carried forward.

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

Assuming the merger had been completed on February 1, 2013, the Portfolio's pro-forma net investment income, net gain on investments, net change in unrealized appreciation and net increase in net assets from operations for the six months ended July 31, 2013 would have been approximately $4.5 million, $6.4 million, $(6.2) million and $4.7 million, respectively.

Note 9. Subsequent Events

Note 10. Information Regarding Pending and Settled Legal Proceedings

Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds' Boards of Trustees.

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Approval of Investment Management Services Agreement

Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to each Columbia Capital Allocation Portfolios (each, a Series Fund and collectively, the Series Funds). Under an investment management services agreement with respect to each Series Funds, (each, an IMS Agreement), Columbia Management 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 IMS Agreement. Columbia Management prepared detailed reports for the Board and its Contracts Committee in January, March and April 2013, including reports based on analyses of data provided by an independent organization (Lipper) and a comprehensive response to each item of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. All of the materials presented in January, March and April were first supplied in draft form to designated representatives of the Independent Trustees, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board and the Chair of the Contracts Committee, and the final materials (including proposed additional breakpoints in IMS fees for certain Funds) were revised to reflect discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel, and reviews information prepared by Columbia Management addressing the services Columbia Management provides and each Series Fund's performance. Further, the Board retained an independent consulting firm, Bobroff Consulting (the Independent Consultant), to assist the Independent Trustees in their review of IMS fees, expense caps and Ameriprise Financial's profitability. The Board also accords appropriate weight to the work, deliberations and conclusions of the Contracts Committee, the Investment Review Committee and the Compliance Committee in determining whether to continue each IMS Agreement.

Nature, Extent and Quality of Services Provided by Columbia Management

In connection with the Board's evaluation of the overall package of services provided by Columbia Management, the Board also considered the quality of administrative services provided to the Series Funds by Columbia Management, recalling the information it received highlighting significant achievements in 2012 in the performance of administrative services (such as strong accounting performance measures, refined derivatives processing and enhancements to the electronic communications under the affiliated and unaffiliated service provider oversight program). In evaluating the quality of services provided under each IMS Agreement and the Series Funds' Administrative Services Agreement, the Independent

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Approval of Investment Management Services Agreement (continued)

Trustees also took into account the organization and strength of each Series Fund and their service providers' compliance programs. In addition, the Board also reviewed the financial condition of Columbia Management (and its affiliates) and each entity's ability to carry out its responsibilities under each IMS Agreement and the Series Funds' other services agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its solid balance sheet. The Board also discussed the acceptability of the terms of each IMS Agreement (including the relatively broad scope of services required to be performed by Columbia Management). The Board concluded that the services being performed under the IMS Agreement were of a reasonably high quality.

Investment Performance

For purposes of evaluating the nature, extent and quality of services provided under each IMS 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 Fund among its comparison group and the net assets of each Fund. For Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Aggressive Portfolio and Columbia Capital Allocation Moderate Portfolio, the Board observed that each Portfolio's investment performance met expectations. For Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Conservative Portfolio, the Board observed that each Portfolio's investment performance was appropriate in light of the particular management style involved and the particular market environment. The Board observed that appropriate steps (such as changes to the management team) had been taken or are contemplated to help improve the Portfolio's performance.

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

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

The Board accorded particular weight to the notion that the level of fees should reflect a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with few defined exceptions) are generally in line with the "pricing philosophy" (i.e., that the total expense ratio of the Fund is no higher than the median expense ratio of funds in the same comparison universe of the Fund). In this connection, the Board also considered the Independent Consultant's report that concluded that the Funds' expense cap philosophy of assuring that each Portfolio's total expense ratio is not above its peer universe median ratio is reasonable. The Board noted the rationale for according weight to each Series Fund's direct expenses, as opposed to its total expense ratios, which also include indirect expenses (i.e., the expenses incurred by the underlying Funds in which each Series Fund invests). In this regard, the Board noted that each Series Fund's direct and indirect total expense ratios generally approximate or are below the median ratio for each Series Fund's peer universe. Based on its review, the Board concluded that each Series Fund's investment management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

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Approval of Investment Management Services Agreement (continued)

industry competitors, was reasonable and not excessive. It also took into account the indirect economic benefits flowing to Columbia Management or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by each Series 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

Given that each Series Fund primarily invests in Columbia Management proprietary funds and that each Series Fund pays a flat rate IMS fee on its investments outside of Columbia Management proprietary funds, the Board did not accord weight to the lack of any material economies of scale associated with growth of each Series Fund.

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Important Information About This Report

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133

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P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

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

SAR124_01_C01_(09/13)

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a) The registrant’s “Schedule I — Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b) 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


By (Signature and Title)			/s/ J. Kevin Connaughton
			J. Kevin Connaughton, President and Principal Executive Officer


Date			September 23, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)		/s/ J. Kevin Connaughton
		J. Kevin Connaughton, President and Principal Executive Officer


Date		September 23, 2013


By (Signature and Title)		/s/ Michael G. Clarke
		Michael G. Clarke, Treasurer and Chief Financial Officer


Date		September 23, 2013