N-CSRS 1 f7025d1.htm COLUMBIA FUNDS SERIES TRUST

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number811-09645 

Columbia Funds Series Trust 

(Exact name of registrant as specified in charter) 

225 Franklin Street 

Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code) 

  

Christopher O. Petersen, Esq. 

c/o Columbia Management Investment Advisers, LLC 

225 Franklin Street 

Boston, Massachusetts 02110 

  

Ryan C. Larrenaga, 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, 2020 

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, 100 F Street, NE, Washington, DC 20549. 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, 2020
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
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Funds, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive all future shareholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can call 800.345.6611 to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Funds.
Not Federally Insured • No Financial Institution Guarantee • May Lose Value
Fund at a Glance
Columbia Capital Allocation Conservative Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Conservative Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a conservative level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2010
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended July 31, 2020)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 2.82 6.80 4.17 4.70
  Including sales charges   -2.02 1.69 3.16 4.19
Advisor Class* 06/13/13 2.98 7.02 4.44 4.88
Class C Excluding sales charges 03/04/04 2.45 6.03 3.39 3.92
  Including sales charges   1.45 5.03 3.39 3.92
Institutional Class* 09/27/10 2.96 6.97 4.41 4.95
Institutional 2 Class* 06/13/13 2.89 6.94 4.46 4.91
Institutional 3 Class* 06/13/13 3.02 7.11 4.51 4.95
Class R* 09/27/10 2.70 6.43 3.89 4.44
Blended Benchmark   4.10 8.93 5.22 5.30
Bloomberg Barclays U.S. Aggregate Bond Index   5.69 10.12 4.47 3.87
Russell 3000 Index   2.12 10.93 10.89 13.59
Returns for Class A shares are shown with and without the maximum initial sales charge of 4.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Blended Benchmark consists of 66% Bloomberg Barclays U.S. Aggregate Bond Index, 15% Russell 3000 Index, 10% FTSE Three-Month U.S. Treasury Bill Index, 5% MSCI EAFE Index (Net) and 4% Bloomberg Barclays U.S. Corporate High-Yield Index. The FTSE Three-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills. The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Bloomberg Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market.
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
3
Fund at a Glance   (continued)
Columbia Capital Allocation Conservative Portfolio (Unaudited)
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Portfolio breakdown (%) (at July 31, 2020)
Alternative Strategies Funds 5.0
Common Stocks 3.8
Equity Funds 18.1
Fixed Income Funds 58.0
Money Market Funds 15.1
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
4 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Fund at a Glance
Columbia Capital Allocation Moderate Conservative Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Moderate Conservative Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a moderate conservative level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2009
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended July 31, 2020)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 10/15/96 2.07 6.76 4.94 6.12
  Including sales charges   -3.81 0.59 3.70 5.50
Advisor Class* 11/08/12 2.23 7.00 5.20 6.33
Class C Excluding sales charges 10/15/96 1.61 5.95 4.14 5.33
  Including sales charges   0.62 4.95 4.14 5.33
Institutional Class 10/15/96 2.24 7.04 5.20 6.40
Institutional 2 Class* 11/08/12 2.14 7.03 5.24 6.37
Institutional 3 Class* 06/13/13 2.20 7.09 5.28 6.39
Class R 01/23/06 1.93 6.48 4.67 5.87
Blended Benchmark   3.54 9.11 6.08 6.65
Bloomberg Barclays U.S. Aggregate Bond Index   5.69 10.12 4.47 3.87
Russell 3000 Index   2.12 10.93 10.89 13.59
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Blended Benchmark consists of 55.5% Bloomberg Barclays U.S. Aggregate Bond Index, 26% Russell 3000 Index, 9% MSCI EAFE Index (Net), 5% FTSE Three-Month U.S. Treasury Bill Index and 4.5% Bloomberg Barclays U.S. Corporate High-Yield Index. The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The FTSE Three-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills. The Bloomberg Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market.
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
5
Fund at a Glance   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio (Unaudited)
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Portfolio breakdown (%) (at July 31, 2020)
Alternative Strategies Funds 5.0
Common Stocks 2.8
Equity Funds 28.9
Fixed Income Funds 49.3
Money Market Funds 14.0
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
6 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Fund at a Glance
Columbia Capital Allocation Moderate Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Moderate Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a moderate level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2010
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended July 31, 2020)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 1.72 7.18 5.94 7.35
  Including sales charges   -4.12 1.03 4.69 6.72
Advisor Class* 06/13/13 1.80 7.38 6.19 7.54
Class C Excluding sales charges 03/04/04 1.42 6.42 5.15 6.56
  Including sales charges   0.44 5.43 5.15 6.56
Institutional Class* 09/27/10 1.77 7.38 6.20 7.61
Institutional 2 Class* 06/13/13 1.80 7.39 6.21 7.58
Institutional 3 Class* 06/13/13 1.83 7.53 6.28 7.63
Class R* 09/27/10 1.59 6.84 5.67 7.08
Blended Benchmark   2.98 9.20 7.01 8.01
Russell 3000 Index   2.12 10.93 10.89 13.59
Bloomberg Barclays U.S. Aggregate Bond Index   5.69 10.12 4.47 3.87
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Blended Benchmark consists of 42.5% Bloomberg Barclays U.S. Aggregate Bond Index, 37% Russell 3000 Index, 11% MSCI EAFE Index (Net), 7.5% Bloomberg Barclays U.S. Corporate High-Yield Index and 2% MSCI Emerging Markets Index (Net). The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Bloomberg Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net) and the MSCI Emerging Markets Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
7
Fund at a Glance   (continued)
Columbia Capital Allocation Moderate Portfolio (Unaudited)
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Portfolio breakdown (%) (at July 31, 2020)
Alternative Strategies Funds 4.3
Common Stocks 2.2
Equity Funds 41.9
Fixed Income Funds 45.8
Money Market Funds 5.8
Preferred Stocks 0.0(a)
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
8 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Fund at a Glance
Columbia Capital Allocation Moderate Aggressive Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a moderate aggressive level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2009
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended July 31, 2020)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 10/15/96 1.13 7.14 6.58 8.30
  Including sales charges   -4.69 0.98 5.33 7.66
Advisor Class* 11/08/12 1.25 7.35 6.84 8.51
Class C Excluding sales charges 10/15/96 0.80 6.30 5.78 7.48
  Including sales charges   -0.17 5.32 5.78 7.48
Institutional Class 10/15/96 1.27 7.35 6.84 8.56
Institutional 2 Class* 11/08/12 1.36 7.49 6.90 8.58
Institutional 3 Class* 06/13/13 1.34 7.48 6.95 8.59
Class R 01/23/06 1.08 6.88 6.32 8.03
Class V* Excluding sales charges 03/07/11 1.13 7.14 6.58 8.27
  Including sales charges   -4.69 0.98 5.33 7.63
Blended Benchmark   2.36 9.10 7.75 9.13
Russell 3000 Index   2.12 10.93 10.89 13.59
Bloomberg Barclays U.S. Aggregate Bond Index   5.69 10.12 4.47 3.87
Returns for Class A and Class V shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Blended Benchmark consists of 49% Russell 3000 Index, 28.5% Bloomberg Barclays U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg Barclays U.S. Corporate High-Yield Index and 4% MSCI Emerging Markets Index (Net). The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Bloomberg Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net) and the MSCI Emerging Markets Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
9
Fund at a Glance   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio (Unaudited)
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Portfolio breakdown (%) (at July 31, 2020)
Alternative Strategies Funds 3.1
Common Stocks 1.6
Equity Funds 52.9
Fixed Income Funds 24.4
Money Market Funds 18.0
Preferred Stocks 0.0(a)
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
10 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Fund at a Glance
Columbia Capital Allocation Aggressive Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Aggressive Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with an aggressive level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2010
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended July 31, 2020)
    Inception 6 Months
cumulative 		1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 0.50 6.81 7.02 9.21
  Including sales charges   -5.30 0.69 5.75 8.56
Advisor Class* 06/13/13 0.62 7.05 7.29 9.40
Class C Excluding sales charges 03/04/04 0.11 6.05 6.22 8.39
  Including sales charges   -0.84 5.07 6.22 8.39
Institutional Class* 09/27/10 0.60 7.09 7.29 9.49
Institutional 2 Class* 06/13/13 0.54 7.07 7.32 9.44
Institutional 3 Class* 06/13/13 0.63 7.14 7.39 9.48
Class R* 09/27/10 0.32 6.53 6.76 8.94
Blended Benchmark   1.59 8.79 8.35 10.12
Russell 3000 Index   2.12 10.93 10.89 13.59
Bloomberg Barclays U.S. Aggregate Bond Index   5.69 10.12 4.47 3.87
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Blended Benchmark consists of 60% Russell 3000 Index, 15% Bloomberg Barclays U.S. Aggregate Bond Index, 14% MSCI EAFE Index (Net), 6% MSCI Emerging Markets Index (Net) and 5% Bloomberg Barclays U.S. Corporate High-Yield Index. The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The Bloomberg Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market.
The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net) and the MSCI Emerging Markets Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
11
Fund at a Glance   (continued)
Columbia Capital Allocation Aggressive Portfolio (Unaudited)
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Portfolio breakdown (%) (at July 31, 2020)
Equity Funds 77.9
Fixed Income Funds 20.0
Money Market Funds 2.1
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
12 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
In addition to the ongoing expenses which the Fund bears directly, the Fund’s shareholders indirectly bear the Fund’s allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the “Effective expenses paid during the period” column.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
February 1, 2020 — July 31, 2020
  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 ($) 		Fund’s effective
annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual Actual Hypothetical Actual
Columbia Capital Allocation Conservative Portfolio
Class A 1,000.00 1,000.00 1,028.20 1,022.08 2.82 2.82 0.56 4.79 4.78 0.95
Advisor Class 1,000.00 1,000.00 1,029.80 1,023.32 1.56 1.56 0.31 3.53 3.52 0.70
Class C 1,000.00 1,000.00 1,024.50 1,018.35 6.59 6.57 1.31 8.56 8.53 1.70
Institutional Class 1,000.00 1,000.00 1,029.60 1,023.37 1.51 1.51 0.30 3.48 3.47 0.69
Institutional 2 Class 1,000.00 1,000.00 1,028.90 1,023.42 1.46 1.46 0.29 3.43 3.42 0.68
Institutional 3 Class 1,000.00 1,000.00 1,030.20 1,023.67 1.21 1.21 0.24 3.18 3.17 0.63
Class R 1,000.00 1,000.00 1,027.00 1,020.89 4.03 4.02 0.80 6.00 5.98 1.19
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
13
Understanding Your Fund’s Expenses  (continued)
(Unaudited)
February 1, 2020 — July 31, 2020
  Account value at the
beginning of the
period ($) 		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
Columbia Capital Allocation Moderate Conservative Portfolio
Class A 1,000.00 1,000.00 1,020.70 1,022.38 2.51 2.51 0.50 4.67 4.68 0.93
Advisor Class 1,000.00 1,000.00 1,022.30 1,023.62 1.26 1.26 0.25 3.42 3.42 0.68
Class C 1,000.00 1,000.00 1,016.10 1,018.65 6.27 6.27 1.25 8.42 8.43 1.68
Institutional Class 1,000.00 1,000.00 1,022.40 1,023.62 1.26 1.26 0.25 3.42 3.42 0.68
Institutional 2 Class 1,000.00 1,000.00 1,021.40 1,023.72 1.16 1.16 0.23 3.32 3.32 0.66
Institutional 3 Class 1,000.00 1,000.00 1,022.00 1,023.97 0.90 0.91 0.18 3.07 3.07 0.61
Class R 1,000.00 1,000.00 1,019.30 1,021.13 3.77 3.77 0.75 5.92 5.93 1.18
Columbia Capital Allocation Moderate Portfolio
Class A 1,000.00 1,000.00 1,017.20 1,022.68 2.21 2.21 0.44 4.76 4.78 0.95
Advisor Class 1,000.00 1,000.00 1,018.00 1,023.92 0.95 0.96 0.19 3.51 3.52 0.70
Class C 1,000.00 1,000.00 1,014.20 1,018.95 5.96 5.97 1.19 8.51 8.53 1.70
Institutional Class 1,000.00 1,000.00 1,017.70 1,023.92 0.95 0.96 0.19 3.51 3.52 0.70
Institutional 2 Class 1,000.00 1,000.00 1,018.00 1,024.02 0.85 0.86 0.17 3.41 3.42 0.68
Institutional 3 Class 1,000.00 1,000.00 1,018.30 1,024.22 0.65 0.65 0.13 3.21 3.22 0.64
Class R 1,000.00 1,000.00 1,015.90 1,021.43 3.46 3.47 0.69 6.01 6.03 1.20
Columbia Capital Allocation Moderate Aggressive Portfolio
Class A 1,000.00 1,000.00 1,011.30 1,022.38 2.50 2.51 0.50 5.15 5.18 1.03
Advisor Class 1,000.00 1,000.00 1,012.50 1,023.62 1.25 1.26 0.25 3.90 3.92 0.78
Class C 1,000.00 1,000.00 1,008.00 1,018.65 6.24 6.27 1.25 8.89 8.93 1.78
Institutional Class 1,000.00 1,000.00 1,012.70 1,023.62 1.25 1.26 0.25 3.90 3.92 0.78
Institutional 2 Class 1,000.00 1,000.00 1,013.60 1,023.82 1.05 1.06 0.21 3.70 3.72 0.74
Institutional 3 Class 1,000.00 1,000.00 1,013.40 1,024.07 0.80 0.81 0.16 3.45 3.47 0.69
Class R 1,000.00 1,000.00 1,010.80 1,021.13 3.75 3.77 0.75 6.40 6.43 1.28
Class V 1,000.00 1,000.00 1,011.30 1,022.38 2.50 2.51 0.50 5.15 5.18 1.03
Columbia Capital Allocation Aggressive Portfolio
Class A 1,000.00 1,000.00 1,005.00 1,022.58 2.29 2.31 0.46 5.33 5.38 1.07
Advisor Class 1,000.00 1,000.00 1,006.20 1,023.87 1.00 1.01 0.20 4.04 4.08 0.81
Class C 1,000.00 1,000.00 1,001.10 1,018.85 6.02 6.07 1.21 9.06 9.14 1.82
Institutional Class 1,000.00 1,000.00 1,006.00 1,023.87 1.00 1.01 0.20 4.04 4.08 0.81
Institutional 2 Class 1,000.00 1,000.00 1,005.40 1,023.87 1.00 1.01 0.20 4.04 4.08 0.81
Institutional 3 Class 1,000.00 1,000.00 1,006.30 1,024.12 0.75 0.75 0.15 3.79 3.82 0.76
Class R 1,000.00 1,000.00 1,003.20 1,021.28 3.59 3.62 0.72 6.62 6.68 1.33
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.
Effective expenses paid during the period and the Fund’s effective annualized expense ratio include expenses borne directly to the class plus the Fund’s pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund’s most recent shareholder report.
14 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments
Columbia Capital Allocation Conservative Portfolio, July 31, 2020 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 4.9%
  Shares Value ($)
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class(a),(b) 240,131 1,740,950
Columbia Multi-Asset Income Fund, Institutional 3 Class(a) 1,058,248 9,767,625
Total Alternative Strategies Funds
(Cost $12,739,600) 		11,508,575
Common Stocks 3.8%
Issuer Shares Value ($)
Communication Services 0.2%
Diversified Telecommunication Services 0.0%
Cogent Communications Holdings, Inc. 190 17,121
Consolidated Communications Holdings, Inc.(b) 1,575 11,498
Nippon Telegraph & Telephone Corp. 2,700 62,671
United Internet AG 752 34,123
Total   125,413
Entertainment 0.1%
Glu Mobile, Inc.(b) 420 3,965
Nexon Co., Ltd. 1,800 46,245
Nintendo Co., Ltd. 200 87,962
Total   138,172
Interactive Media & Services 0.0%
DHI Group, Inc.(b) 2,050 5,125
EverQuote, Inc., Class A(b) 61 3,321
Yelp, Inc.(b) 55 1,374
Total   9,820
Media 0.1%
Gray Television, Inc.(b) 370 5,306
ITV PLC 31,954 23,564
National CineMedia, Inc. 890 2,198
Publicis Groupe SA(b) 538 17,203
TechTarget, Inc.(b) 475 17,238
Telenet Group Holding NV 526 20,405
WPP PLC 6,758 50,119
Total   136,033
Wireless Telecommunication Services 0.0%
KDDI Corp. 600 19,078
Total Communication Services 428,516
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Discretionary 0.4%
Auto Components 0.0%
Cie Generale des Etablissements Michelin CSA 754 78,089
Continental AG 311 30,042
Modine Manufacturing Co.(b) 585 3,183
Total   111,314
Diversified Consumer Services 0.0%
Collectors Universe, Inc. 205 7,802
Perdoceo Education Corp.(b) 820 11,808
Strategic Education, Inc. 40 5,049
WW International, Inc.(b) 340 8,765
Total   33,424
Hotels, Restaurants & Leisure 0.0%
Brinker International, Inc. 133 3,576
Jack in the Box, Inc. 166 13,630
Marriott Vacations Worldwide Corp. 198 16,763
Papa John’s International, Inc. 189 17,893
Wingstop, Inc. 53 8,281
Total   60,143
Household Durables 0.2%
Berkeley Group Holdings PLC 1,669 96,837
M/I Homes, Inc.(b) 285 11,865
Meritage Homes Corp.(b) 208 20,629
Sekisui House Ltd. 4,500 82,187
Sony Corp. 1,100 85,464
Taylor Morrison Home Corp., Class A(b) 785 18,408
TopBuild Corp.(b) 124 16,358
TRI Pointe Group, Inc.(b) 1,040 17,389
Total   349,137
Internet & Direct Marketing Retail 0.0%
PetMed Express, Inc. 160 4,992
Stamps.com, Inc.(b) 75 19,521
Total   24,513
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
15
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Leisure Products 0.0%
Malibu Boats, Inc., Class A(b) 116 6,819
Sega Sammy Holdings, Inc. 4,000 45,094
Total   51,913
Multiline Retail 0.0%
Don Quijote Holdings Co., Ltd. 800 18,132
Next PLC 245 17,293
Total   35,425
Specialty Retail 0.1%
Asbury Automotive Group, Inc.(b) 116 11,617
Camping World Holdings, Inc., Class A 355 13,000
Hennes & Mauritz 1,784 27,808
Hudson Ltd., Class A(b) 1,100 4,818
Industria de Diseno Textil SA 2,183 57,845
Kingfisher PLC 6,279 19,842
Lithia Motors, Inc., Class A 83 19,019
Restoration Hardware Holdings, Inc.(b) 62 17,821
Sleep Number Corp.(b) 283 13,160
Sportsman’s Warehouse Holdings, Inc.(b) 760 12,228
Winmark Corp. 27 4,293
Yamada Denki Co., Ltd. 4,000 17,354
Zumiez, Inc.(b) 80 1,848
Total   220,653
Textiles, Apparel & Luxury Goods 0.1%
Deckers Outdoor Corp.(b) 55 11,509
Lakeland Industries, Inc.(b) 370 8,754
Pandora A/S 1,710 108,758
Total   129,021
Total Consumer Discretionary 1,015,543
Consumer Staples 0.4%
Beverages 0.1%
Carlsberg A/S, Class B 617 91,125
Coca-Cola European Partners PLC 1,838 75,670
Total   166,795
Common Stocks (continued)
Issuer Shares Value ($)
Food & Staples Retailing 0.1%
Coles Group Ltd. 7,872 102,058
Ingles Markets, Inc., Class A 320 12,880
Koninklijke Ahold Delhaize NV 3,268 94,121
Lawson, Inc. 500 24,899
SpartanNash Co. 720 15,138
Weis Markets, Inc. 92 4,584
Welcia Holdings Co., Ltd. 700 64,144
Total   317,824
Food Products 0.1%
John B. Sanfilippo & Son, Inc. 149 13,138
Nestlé SA, Registered Shares 635 75,515
Seneca Foods Corp., Class A(b) 105 4,114
Total   92,767
Household Products 0.0%
Essity AB, Class B(b) 822 27,121
Personal Products 0.0%
Edgewell Personal Care Co.(b) 295 8,818
Medifast, Inc. 110 18,384
Unilever PLC 116 6,907
Usana Health Sciences, Inc.(b) 177 14,369
Total   48,478
Tobacco 0.1%
British American Tobacco PLC 2,931 96,865
Imperial Brands PLC 371 6,181
Japan Tobacco, Inc. 400 6,837
Swedish Match AB 1,456 112,183
Vector Group Ltd. 415 3,660
Total   225,726
Total Consumer Staples 878,711
Energy 0.1%
Energy Equipment & Services 0.0%
Helix Energy Solutions Group, Inc.(b) 950 3,980
Matrix Service Co.(b) 1,040 9,105
Patterson-UTI Energy, Inc. 3,825 14,822
Total   27,907
 
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Oil, Gas & Consumable Fuels 0.1%
Caltex Australia Ltd. 955 17,902
CNX Resources Corp.(b) 620 5,983
Comstock Resources, Inc.(b) 375 2,010
DHT Holdings, Inc. 740 4,203
Dorian LPG Ltd.(b) 150 1,281
ENI SpA 2,064 18,386
Montage Resources Corp.(b) 750 3,218
OMV AG(b) 671 21,191
Royal Dutch Shell PLC, Class B 6,986 98,059
Santos Ltd. 9,434 35,239
Scorpio Tankers, Inc. 115 1,520
W&T Offshore, Inc.(b) 620 1,401
World Fuel Services Corp. 240 5,647
Total   216,040
Total Energy 243,947
Financials 0.6%
Banks 0.2%
Bancorp, Inc. (The)(b) 1,460 13,768
Bank Leumi Le-Israel BM 3,632 18,412
BNP Paribas SA(b) 2,031 81,938
Bridge Bancorp, Inc. 175 3,166
Camden National Corp. 190 6,021
Chiba Bank Ltd. (The) 10,100 46,277
Customers Bancorp, Inc.(b) 689 8,165
DBS Group Holdings Ltd. 2,500 36,114
First BanCorp 1,920 10,445
First Foundation, Inc. 860 13,218
First of Long Island Corp. (The) 135 2,013
Fulton Financial Corp. 670 6,499
Great Southern Bancorp, Inc. 180 6,493
Hilltop Holdings, Inc. 805 15,673
Independent Bank Corp. 975 13,616
International Bancshares Corp. 415 12,624
Investors Bancorp, Inc. 1,520 12,342
Japan Post Bank Co., Ltd. 8,800 65,651
Mediobanca Banca di Credito Finanziario SpA 1,568 12,663
Mercantile Bank Corp. 145 3,087
Metropolitan Bank Holding Corp.(b) 45 1,331
Common Stocks (continued)
Issuer Shares Value ($)
Midland States Bancorp, Inc. 325 4,579
Nicolet Bankshares, Inc.(b) 91 5,098
Preferred Bank 271 10,095
QCR Holdings, Inc. 445 13,296
Raiffeisen Bank International AG(b) 1,274 21,915
Simmons First National Corp., Class A 930 15,429
Sumitomo Mitsui Trust Holdings, Inc. 1,900 48,781
Total   508,709
Capital Markets 0.1%
Artisan Partners Asset Management, Inc., Class A 515 18,658
Cohen & Steers, Inc. 243 14,624
Federated Hermes, Inc., Class B 595 15,684
Houlihan Lokey, Inc. 82 4,494
Nomura Holdings, Inc. 9,200 43,297
Singapore Exchange 11,000 65,619
Standard Life Aberdeen PLC 21,129 68,771
Waddell & Reed Financial, Inc., Class A 905 13,204
Total   244,351
Consumer Finance 0.0%
Encore Capital Group, Inc.(b) 45 1,644
Insurance 0.2%
Ageas SA/NV 1,002 37,511
Allianz SE, Registered Shares 645 133,821
American Equity Investment Life Holding Co. 305 7,762
AMERISAFE, Inc. 23 1,460
Assicurazioni Generali SpA 5,055 75,904
CNO Financial Group, Inc. 120 1,812
CNP Assurances(b) 4,338 52,689
Dai-ichi Life Holdings, Inc. 2,000 23,593
Genworth Financial, Inc., Class A(b) 1,725 3,519
Horace Mann Educators Corp. 280 10,522
Japan Post Insurance Co., Ltd. 4,000 53,177
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares 48 12,724
Selective Insurance Group, Inc. 45 2,445
Stewart Information Services Corp. 390 16,360
Swiss Life Holding AG, Registered Shares 226 82,590
Total   515,889
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
17
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Mortgage Real Estate Investment Trusts (REITS) 0.0%
Ares Commercial Real Estate Corp. 1,400 12,782
ARMOUR Residential REIT, Inc. 260 2,428
Great Ajax Corp. 440 3,793
KKR Real Estate Finance Trust, Inc. 110 1,832
Total   20,835
Thrifts & Mortgage Finance 0.1%
Essent Group Ltd. 447 16,016
Federal Agricultural Mortgage Corp. 201 11,962
Flagstar Bancorp, Inc. 535 16,788
Meridian Bancorp, Inc. 400 4,562
Meta Financial Group, Inc. 745 13,902
NMI Holdings, Inc., Class A(b) 500 7,760
Radian Group, Inc. 945 14,099
Total   85,089
Total Financials 1,376,517
Health Care 0.6%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.(b) 266 11,058
Acceleron Pharma, Inc.(b) 65 6,446
Arcutis Biotherapeutics, Inc.(b) 290 7,743
Arena Pharmaceuticals, Inc.(b) 320 19,645
Arrowhead Pharmaceuticals, Inc.(b) 130 5,599
Atara Biotherapeutics, Inc.(b) 270 3,345
BeiGene Ltd., ADR(b) 119 24,871
BELLUS Health, Inc.(b) 326 854
Black Diamond Therapeutics, Inc.(b) 247 6,872
bluebird bio, Inc.(b) 101 6,131
Blueprint Medicines Corp.(b) 120 8,782
CSL Ltd. 181 35,205
Dynavax Technologies Corp.(b) 1,225 9,935
Fate Therapeutics, Inc.(b) 290 9,068
Gossamer Bio, Inc.(b) 256 3,052
Immunomedics, Inc.(b) 350 14,780
Insmed, Inc.(b) 637 16,638
Iovance Biotherapeutics, Inc.(b) 130 3,779
Karuna Therapeutics, Inc.(b) 25 2,045
Mirati Therapeutics, Inc.(b) 105 12,738
Common Stocks (continued)
Issuer Shares Value ($)
Momenta Pharmaceuticals, Inc.(b) 150 4,423
Novavax, Inc.(b) 63 9,015
Precision BioSciences, Inc.(b) 477 3,034
Revolution Medicines, Inc.(b) 303 7,308
Rubius Therapeutics, Inc.(b) 380 1,866
Sage Therapeutics, Inc.(b) 166 7,565
Sarepta Therapeutics, Inc.(b) 69 10,593
SpringWorks Therapeutics, Inc.(b) 337 14,366
TCR2 Therapeutics, Inc.(b) 480 8,040
Turning Point Therapeutics, Inc.(b) 180 10,661
uniQure NV(b) 142 5,926
Vir Biotechnology, Inc.(b) 100 4,776
Xencor, Inc.(b) 150 4,513
Zentalis Pharmaceuticals, Inc.(b) 117 4,036
Total   304,708
Health Care Equipment & Supplies 0.0%
CONMED Corp. 58 4,787
Electromed, Inc.(b) 110 1,825
Hoya Corp. 100 9,862
Integer Holdings Corp.(b) 222 14,601
Invacare Corp. 655 4,611
Lantheus Holdings, Inc.(b) 905 12,199
Natus Medical, Inc.(b) 680 12,635
Varex Imaging Corp.(b) 475 7,448
Total   67,968
Health Care Providers & Services 0.1%
Corvel Corp.(b) 102 8,108
Ensign Group, Inc. (The) 111 5,105
Fresenius Medical Care AG & Co. KGaA(b) 84 7,400
Magellan Health, Inc.(b) 219 16,243
Medipal Holdings Corp. 2,500 45,784
Owens & Minor, Inc. 1,070 17,206
Providence Service Corp. (The)(b) 178 14,420
Tenet Healthcare Corp.(b) 625 16,525
Triple-S Management Corp., Class B(b) 700 13,622
Total   144,413
Health Care Technology 0.0%
Omnicell, Inc.(b) 118 8,294
 
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Life Sciences Tools & Services 0.0%
Fluidigm(b) 450 3,168
Medpace Holdings, Inc.(b) 149 17,783
Pacific Biosciences of California, Inc.(b) 3,650 13,615
Total   34,566
Pharmaceuticals 0.4%
Aerie Pharmaceuticals, Inc.(b) 235 2,716
Amneal Pharmaceuticals, Inc.(b) 2,800 12,124
Amphastar Pharmaceuticals, Inc.(b) 590 11,812
Astellas Pharma, Inc. 6,500 101,387
Bayer AG, Registered Shares 998 66,301
GlaxoSmithKline PLC 6,179 123,088
GW Pharmaceuticals PLC, ADR(b) 98 12,508
Hikma Pharmaceuticals PLC 715 20,035
Novartis AG, Registered Shares 1,950 160,616
Odonate Therapeutics, Inc.(b) 300 10,911
Orion Oyj, Class B 1,499 65,400
Osmotica Pharmaceuticals PLC(b) 400 2,140
Phibro Animal Health Corp., Class A 450 10,438
Prestige Consumer Healthcare, Inc.(b) 413 15,359
Reata Pharmaceuticals, Inc., Class A(b) 54 7,976
Roche Holding AG, Genusschein Shares 583 201,926
Supernus Pharmaceuticals, Inc.(b) 190 4,230
Total   828,967
Total Health Care 1,388,916
Industrials 0.6%
Air Freight & Logistics 0.0%
HUB Group, Inc., Class A(b) 191 10,104
Airlines 0.0%
Skywest, Inc. 130 3,420
Building Products 0.0%
Builders FirstSource, Inc.(b) 480 11,371
Caesarstone Ltd. 1,110 12,732
CSW Industrials, Inc. 190 12,690
Insteel Industries, Inc. 695 12,955
Quanex Building Products Corp. 920 12,926
UFP Industries, Inc. 354 20,610
Total   83,284
Common Stocks (continued)
Issuer Shares Value ($)
Commercial Services & Supplies 0.0%
Brady Corp., Class A 328 15,078
Herman Miller, Inc. 190 4,452
HNI Corp. 540 16,038
Matthews International Corp., Class A 170 3,672
Tetra Tech, Inc. 31 2,748
Total   41,988
Construction & Engineering 0.1%
ACS Actividades de Construccion y Servicios SA 370 8,583
Aegion Corp.(b) 395 6,091
Bouygues SA(b) 2,240 79,131
MasTec, Inc.(b) 338 13,446
Obayashi Corp. 8,700 77,677
Shimizu Corp. 2,000 14,337
Skanska AB, Class B(b) 4,772 96,329
Total   295,594
Electrical Equipment 0.1%
Atkore International Group, Inc.(b) 470 12,535
Schneider Electric SE 1,153 132,207
Thermon(b) 215 2,913
Total   147,655
Machinery 0.1%
Astec Industries, Inc. 304 13,525
Columbus McKinnon Corp. 80 2,650
GEA Group AG 2,893 104,425
KONE OYJ, Class B 285 22,631
Lydall, Inc.(b) 220 3,564
Mueller Industries, Inc. 560 15,658
REV Group, Inc. 750 4,875
Rexnord Corp. 530 15,354
SPX Corp.(b) 241 10,122
Total   192,804
Marine 0.0%
Costamare, Inc. 1,745 7,940
Kuehne & Nagel International AG(b) 175 30,167
Total   38,107
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
19
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Professional Services 0.1%
Adecco Group AG, Registered Shares 1,789 84,537
Barrett Business Services, Inc. 182 9,588
Heidrick & Struggles International, Inc. 465 9,407
Kforce, Inc. 490 14,131
Randstad NV 1,157 55,730
Wolters Kluwer NV 534 42,057
Total   215,450
Road & Rail 0.1%
ArcBest Corp. 427 12,977
Aurizon Holdings Ltd. 24,785 79,038
Werner Enterprises, Inc. 255 11,216
Total   103,231
Trading Companies & Distributors 0.1%
Applied Industrial Technologies, Inc. 211 13,318
BMC Stock Holdings, Inc.(b) 440 11,264
Foundation Building Materials, Inc.(b) 125 1,716
GMS, Inc.(b) 655 15,347
ITOCHU Corp. 4,200 92,091
MRC Global, Inc.(b) 2,215 13,179
Rush Enterprises, Inc., Class A 311 14,797
Veritiv Corp.(b) 815 12,478
Total   174,190
Total Industrials 1,305,827
Information Technology 0.4%
Electronic Equipment, Instruments & Components 0.1%
Benchmark Electronics, Inc. 600 12,216
Methode Electronics, Inc. 490 13,818
Plexus Corp.(b) 229 17,013
Rogers Corp.(b) 138 16,448
Sanmina Corp.(b) 595 17,660
Scansource, Inc.(b) 615 14,114
Vishay Intertechnology, Inc. 960 15,062
Total   106,331
Common Stocks (continued)
Issuer Shares Value ($)
IT Services 0.1%
Capgemini SE 757 98,179
Endurance International Group Holdings Inc(b) 2,150 12,190
EVERTEC, Inc. 475 14,749
Hackett Group 765 10,549
MAXIMUS, Inc. 175 12,987
NEC Corp. 200 11,205
NIC, Inc. 675 14,796
Nomura Research Institute Ltd. 2,800 73,902
Perspecta, Inc. 785 16,799
TTEC Holdings, Inc. 332 15,757
Total   281,113
Semiconductors & Semiconductor Equipment 0.1%
Advantest Corp. 900 49,139
Amkor Technology, Inc.(b) 1,194 16,233
Formfactor, Inc.(b) 230 6,633
NeoPhotonics Corp.(b) 1,410 12,845
Photronics, Inc.(b) 230 2,732
STMicroelectronics NV 317 8,907
Synaptics, Inc.(b) 246 19,685
Tokyo Electron Ltd. 400 110,687
Ultra Clean Holdings, Inc.(b) 670 20,160
Total   247,021
Software 0.1%
ChannelAdvisor Corp.(b) 785 15,990
Check Point Software Technologies Ltd.(b) 329 41,240
j2 Global, Inc.(b) 231 13,102
MicroStrategy, Inc., Class A(b) 16 1,983
Progress Software Corp. 439 15,304
Qualys, Inc.(b) 171 21,115
SPS Commerce, Inc.(b) 194 14,583
Trend Micro, Inc. 1,200 70,379
Xperi Holding Corp. 880 16,227
Total   209,923
Technology Hardware, Storage & Peripherals 0.0%
Logitech International SA 1,263 92,134
Total Information Technology 936,522
 
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Materials 0.2%
Chemicals 0.0%
Chase Corp. 35 3,520
Covestro AG 397 15,407
Innospec, Inc. 142 10,674
Kraton Performance Polymers, Inc.(b) 360 4,734
Mitsubishi Chemical Holdings Corp. 1,400 7,522
Nitto Denko Corp. 900 51,012
Yara International ASA 427 18,012
Total   110,881
Construction Materials 0.0%
CRH PLC 946 34,442
Forterra, Inc.(b) 1,040 13,510
Total   47,952
Metals & Mining 0.2%
Anglo American PLC 1,727 41,807
BHP Group Ltd. 1,595 41,995
Commercial Metals Co. 855 17,682
Fortescue Metals Group Ltd. 9,356 116,456
Rio Tinto PLC 2,268 138,058
Total   355,998
Paper & Forest Products 0.0%
Boise Cascade Co. 374 17,425
Schweitzer-Mauduit International, Inc. 445 14,476
Verso Corp., Class A 940 11,477
Total   43,378
Total Materials 558,209
Real Estate 0.1%
Equity Real Estate Investment Trusts (REITS) 0.1%
CorEnergy Infrastructure Trust, Inc. 378 3,311
EastGroup Properties, Inc. 163 21,623
Innovative Industrial Properties, Inc. 18 1,876
Investors Real Estate Trust 198 14,315
Lexington Realty Trust 1,520 17,632
New Senior Investment Group, Inc. 4,250 14,450
Office Properties Income Trust 605 15,216
Piedmont Office Realty Trust, Inc. 370 5,998
QTS Realty Trust Inc., Class A 281 20,218
Common Stocks (continued)
Issuer Shares Value ($)
Retail Value, Inc. 1,115 14,116
Stockland 14,969 33,832
Uniti Group, Inc. 1,770 17,523
Total   180,110
Real Estate Management & Development 0.0%
CK Asset Holdings Ltd. 7,500 41,645
Henderson Land Development Co., Ltd. 8,000 29,940
Hulic Co., Ltd. 2,400 20,630
Kerry Properties Ltd. 3,000 7,139
Nomura Real Estate Holdings, Inc. 1,600 26,452
RE/MAX Holdings, Inc., Class A 420 13,595
Realogy Holdings Corp. 980 8,879
RMR Group, Inc. (The), Class A 160 4,602
Total   152,882
Total Real Estate 332,992
Utilities 0.2%
Electric Utilities 0.1%
Endesa SA 3,501 99,873
Enel SpA 1,036 9,490
Otter Tail Corp. 83 3,175
Portland General Electric Co. 371 16,372
Total   128,910
Gas Utilities 0.0%
Chesapeake Utilities Corp. 106 8,956
Naturgy Energy Group SA 1,386 25,791
ONE Gas, Inc. 75 5,677
Southwest Gas Holdings, Inc. 250 17,410
Total   57,834
Independent Power and Renewable Electricity Producers 0.0%
Atlantic Power Corp.(b) 1,100 2,156
Meridian Energy Ltd. 8,837 28,692
Uniper SE 801 27,653
Total   58,501
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
21
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Multi-Utilities 0.1%
AGL Energy Ltd. 6,715 79,542
Avista Corp. 363 13,478
NorthWestern Corp. 124 6,976
Unitil Corp. 314 13,549
Veolia Environnement SA 429 9,828
Total   123,373
Total Utilities 368,618
Total Common Stocks
(Cost $8,501,983) 		8,834,318
Equity Funds 17.9%
  Shares Value ($)
International 3.5%
Columbia Emerging Markets Fund, Institutional 3 Class(a) 198,429 3,031,990
Columbia Overseas Core Fund, Institutional 3 Class(a) 435,824 3,992,149
Columbia Overseas Value Fund, Institutional 3 Class(a) 142,552 1,147,543
Total 8,171,682
U.S. Large Cap 14.3%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 134,385 3,851,480
Columbia Disciplined Core Fund, Institutional 3 Class(a) 782,549 9,539,269
Columbia Disciplined Growth Fund, Institutional 3 Class(a) 633,040 6,710,225
Columbia Disciplined Value Fund, Institutional 3 Class(a) 783,209 6,414,480
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 479,994 7,199,918
Total 33,715,372
U.S. Small Cap 0.1%
Columbia Small Cap Index Fund, Institutional 3 Class(a) 7,543 145,798
Total Equity Funds
(Cost $37,845,022) 		42,032,852
Fixed Income Funds 57.3%
  Shares Value ($)
Emerging Markets 1.3%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 263,715 2,964,158
High Yield 2.7%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 569,603 1,663,241
Columbia Income Opportunities Fund, Institutional 3 Class(a) 489,102 4,739,395
Total 6,402,636
Investment Grade 53.3%
Columbia Corporate Income Fund, Institutional 3 Class(a) 1,448,527 16,744,972
Columbia Limited Duration Credit Fund, Institutional 3 Class(a) 1,058,678 10,999,666
Columbia Mortgage Opportunities Fund, Institutional 3 Class(a) 295,549 2,937,756
Columbia Quality Income Fund, Institutional 3 Class(a) 5,809,354 32,764,759
Columbia Short Term Bond Fund, Institutional 3 Class(a) 1,607,724 16,029,012
Columbia Total Return Bond Fund, Institutional 3 Class(a) 1,424,550 14,117,289
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 2,538,244 31,575,751
Total 125,169,205
Total Fixed Income Funds
(Cost $126,838,019) 		134,535,999
Money Market Funds 14.9%
Columbia Government Money Market Fund, Institutional 3 Class, 0.010%(a),(c) 697,113 697,113
Columbia Short-Term Cash Fund, 0.177%(a),(c) 34,451,002 34,451,002
Total Money Market Funds
(Cost $35,148,212) 		35,148,115
Total Investments in Securities
(Cost: $221,072,836) 		232,059,859
Other Assets & Liabilities, Net   2,898,393
Net Assets 234,958,252
 
At July 31, 2020, securities and/or cash totaling $2,709,196 were pledged as collateral.
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, July 31, 2020 (Unaudited)
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
46,000 AUD 31,619 USD JPMorgan 08/19/2020 — (1,248)
166,000 DKK 25,114 USD JPMorgan 08/19/2020 — (1,152)
351,000 SEK 37,565 USD JPMorgan 08/19/2020 — (2,418)
31,977 USD 28,000 EUR JPMorgan 08/19/2020 1,016 —
31,228 USD 25,000 GBP JPMorgan 08/19/2020 1,500 —
19,291 USD 179,000 NOK JPMorgan 08/19/2020 377 —
Total       2,893 (4,818)
    
Long futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
EURO STOXX 50 Index 56 09/2020 EUR 1,782,480 6,898 —
FTSE 100 Index 8 09/2020 GBP 470,920 — (15,362)
FTSE/MIB Index 5 09/2020 EUR 477,425 4,818 —
Russell 2000 Index E-mini 8 09/2020 USD 591,120 39,558 —
U.S. Treasury 10-Year Note 195 09/2020 USD 27,315,234 222,598 —
U.S. Ultra Treasury Bond 35 09/2020 USD 7,969,063 304,736 —
Total         578,608 (15,362)
    
Short futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
MSCI EAFE Index (36) 09/2020 USD (3,264,480) — (111,532)
MSCI Emerging Markets Index (59) 09/2020 USD (3,154,435) — (324,001)
S&P 500 Index E-mini (4) 09/2020 USD (652,700) — (4,990)
TOPIX Index (8) 09/2020 JPY (119,720,000) 48,539 —
Total         48,539 (440,523)
    
Cleared credit default swap contracts - sell protection
Reference
entity 		Counterparty Maturity
date 		Receive
fixed
rate
(%) 		Payment
frequency 		Implied
credit
spread
(%)* 		Notional
currency 		Notional
amount 		Value
($) 		Upfront
payments
($) 		Upfront
receipts
($) 		Unrealized
appreciation
($) 		Unrealized
depreciation
($)
Markit CDX Emerging Markets Index, Series 33 Morgan Stanley 06/20/2025 1.000 Quarterly 1.911 USD 2,206,850 206,340 — — 206,340 —
Markit CDX North America Investment Grade Index, Series 34 Morgan Stanley 06/20/2025 1.000 Quarterly 0.700 USD 19,749,000 254,239 — — 254,239 —
Total               460,579 — — 460,579 —
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
23
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, July 31, 2020 (Unaudited)
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended July 31, 2020 are as follows:
    
Affiliated issuers Beginning
of period($) 		Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($) 		End of
period($) 		Capital gain
distributions($) 		Realized gain
(loss)($) 		Dividends —
affiliated
issuers ($) 		End of
period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
  589,800 141,990 (835,024) 103,234 — — (151,450) — —
Columbia Contrarian Core Fund, Institutional 3 Class
  3,474,101 480,664 (273,602) 170,317 3,851,480 — 84,518 — 134,385
Columbia Contrarian Europe Fund, Institutional 3 Class
  954,762 306,475 (1,176,612) (84,625) — — 3,720 3,430 —
Columbia Corporate Income Fund, Institutional 3 Class
  15,516,441 555,011 (253,579) 927,099 16,744,972 — 27,288 222,322 1,448,527
Columbia Disciplined Core Fund, Institutional 3 Class
  8,667,152 1,130,837 (571,134) 312,414 9,539,269 — 71,950 — 782,549
Columbia Disciplined Growth Fund, Institutional 3 Class
  5,964,849 827,290 (784,420) 702,506 6,710,225 — 140,091 — 633,040
Columbia Disciplined Value Fund, Institutional 3 Class
  6,324,160 1,026,578 (485,146) (451,112) 6,414,480 — (85,171) — 783,209
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  2,813,243 290,540 (108,369) (31,256) 2,964,158 — (3,743) 47,631 263,715
Columbia Emerging Markets Fund, Institutional 3 Class
  2,424,546 521,381 (197,516) 283,579 3,031,990 — 99,442 — 198,429
Columbia Government Money Market Fund, Institutional 3 Class, 0.010%
  294,114 552,700 (149,701) — 697,113 — — 650 697,113
Columbia High Yield Bond Fund, Institutional 3 Class
  1,682,577 54,090 (49,136) (24,290) 1,663,241 — (3,051) 41,879 569,603
Columbia Income Opportunities Fund, Institutional 3 Class
  4,405,522 506,047 (54,503) (117,671) 4,739,395 — (881) 97,548 489,102
Columbia Inflation Protected Securities Fund
  4,462,253 55,953 (4,274,545) (243,661) — — 221,733 34,288 —
Columbia Limited Duration Credit Fund, Institutional 3 Class
  10,440,178 485,062 (174,016) 248,442 10,999,666 — (678) 107,739 1,058,678
Columbia Mortgage Opportunities Fund, Institutional 3 Class
  3,053,685 132,189 (189,219) (58,899) 2,937,756 — (10,225) 55,721 295,549
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class
  1,767,365 — — (26,415) 1,740,950 — — — 240,131
Columbia Multi-Asset Income Fund, Institutional 3 Class
  9,934,893 282,460 — (449,728) 9,767,625 — — 282,460 1,058,248
Columbia Overseas Core Fund, Institutional 3 Class
  2,522,703 1,648,820 (219,775) 40,401 3,992,149 26,108 (14,929) — 435,824
Columbia Overseas Value Fund, Institutional 3 Class
  864,999 404,085 (58,368) (63,173) 1,147,543 6,375 (9,737) — 142,552
Columbia Quality Income Fund, Institutional 3 Class
  32,262,087 1,589,746 (1,299,050) 211,976 32,764,759 — 428 434,428 5,809,354
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  6,412,639 1,146,496 (429,758) 70,541 7,199,918 182,797 93,129 65,378 479,994
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, July 31, 2020 (Unaudited)
Notes to Portfolio of Investments  (continued)
Affiliated issuers Beginning
of period($) 		Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($) 		End of
period($) 		Capital gain
distributions($) 		Realized gain
(loss)($) 		Dividends —
affiliated
issuers ($) 		End of
period shares
Columbia Short Term Bond Fund, Institutional 3 Class
  15,715,831 742,032 (324,243) (104,608) 16,029,012 — (3,552) 217,853 1,607,724
Columbia Short-Term Cash Fund, 0.177%
  29,872,121 15,370,300 (10,790,352) (1,067) 34,451,002 — 470 111,170 34,451,002
Columbia Small Cap Index Fund, Institutional 3 Class
  163,695 2,046 — (19,943) 145,798 1,959 — 86 7,543
Columbia Total Return Bond Fund, Institutional 3 Class
  13,430,843 286,510 (359,537) 759,473 14,117,289 — 7,902 177,656 1,424,550
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  29,617,399 1,972,282 (1,744,642) 1,730,712 31,575,751 — 118,264 249,628 2,538,244
Total 213,631,958     3,884,246 223,225,541 217,239 585,518 2,149,867  
    
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at July 31, 2020.
Abbreviation Legend
ADR American Depositary Receipt
Currency Legend
AUD Australian Dollar
DKK Danish Krone
EUR Euro
GBP British Pound
JPY Japanese Yen
NOK Norwegian Krone
SEK Swedish Krona
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
25
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, July 31, 2020 (Unaudited)
Fair value measurements  (continued)
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Alternative Strategies Funds 11,508,575 — — 11,508,575
Common Stocks        
Communication Services 67,146 361,370 — 428,516
Consumer Discretionary 330,798 684,745 — 1,015,543
Consumer Staples 170,755 707,956 — 878,711
Energy 53,170 190,777 — 243,947
Financials 395,070 981,447 — 1,376,517
Health Care 551,912 837,004 — 1,388,916
Industrials 386,887 918,940 — 1,305,827
Information Technology 421,990 514,532 — 936,522
Materials 93,498 464,711 — 558,209
Real Estate 173,354 159,638 — 332,992
Utilities 87,749 280,869 — 368,618
Total Common Stocks 2,732,329 6,101,989 — 8,834,318
Equity Funds 42,032,852 — — 42,032,852
Fixed Income Funds 134,535,999 — — 134,535,999
Money Market Funds 35,148,115 — — 35,148,115
Total Investments in Securities 225,957,870 6,101,989 — 232,059,859
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts — 2,893 — 2,893
Futures Contracts 627,147 — — 627,147
Swap Contracts — 460,579 — 460,579
Liability        
Forward Foreign Currency Exchange Contracts — (4,818) — (4,818)
Futures Contracts (455,885) — — (455,885)
Total 226,129,132 6,560,643 — 232,689,775
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
26 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2020 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 4.9%
  Shares Value ($)
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class(a),(b) 468,857 3,399,215
Columbia Multi-Asset Income Fund, Institutional 3 Class(a) 2,344,484 21,639,591
Total Alternative Strategies Funds
(Cost $27,610,836) 		25,038,806
Common Stocks 2.7%
Issuer Shares Value ($)
Communication Services 0.1%
Diversified Telecommunication Services 0.0%
Cogent Communications Holdings, Inc. 315 28,385
Consolidated Communications Holdings, Inc.(b) 2,625 19,162
Nippon Telegraph & Telephone Corp. 4,100 95,167
United Internet AG 1,151 52,229
Total   194,943
Entertainment 0.0%
Glu Mobile, Inc.(b) 700 6,608
Nexon Co., Ltd. 2,800 71,937
Nintendo Co., Ltd. 300 131,943
Total   210,488
Interactive Media & Services 0.0%
DHI Group, Inc.(b) 3,450 8,625
EverQuote, Inc., Class A(b) 100 5,445
Yelp, Inc.(b) 95 2,373
Total   16,443
Media 0.1%
Gray Television, Inc.(b) 620 8,891
ITV PLC 48,876 36,042
National CineMedia, Inc. 1,475 3,643
Publicis Groupe SA(b) 823 26,316
TechTarget, Inc.(b) 785 28,488
Telenet Group Holding NV 805 31,228
WPP PLC 10,346 76,729
Total   211,337
Wireless Telecommunication Services 0.0%
KDDI Corp. 900 28,618
Total Communication Services 661,829
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Discretionary 0.3%
Auto Components 0.0%
Cie Generale des Etablissements Michelin CSA 1,153 119,412
Continental AG 476 45,981
Modine Manufacturing Co.(b) 975 5,304
Total   170,697
Diversified Consumer Services 0.0%
Collectors Universe, Inc. 345 13,130
Perdoceo Education Corp.(b) 1,370 19,728
Strategic Education, Inc. 66 8,330
WW International, Inc.(b) 560 14,437
Total   55,625
Hotels, Restaurants & Leisure 0.0%
Brinker International, Inc. 220 5,916
Jack in the Box, Inc. 275 22,580
Marriott Vacations Worldwide Corp. 328 27,769
Papa John’s International, Inc. 314 29,726
Wingstop, Inc. 87 13,594
Total   99,585
Household Durables 0.1%
Berkeley Group Holdings PLC 2,554 148,185
M/I Homes, Inc.(b) 475 19,774
Meritage Homes Corp.(b) 345 34,217
Sekisui House Ltd. 6,900 126,020
Sony Corp. 1,700 132,082
Taylor Morrison Home Corp., Class A(b) 1,310 30,720
TopBuild Corp.(b) 214 28,231
TRI Pointe Group, Inc.(b) 1,720 28,758
Total   547,987
Internet & Direct Marketing Retail 0.0%
PetMed Express, Inc. 265 8,268
Stamps.com, Inc.(b) 124 32,275
Total   40,543
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
27
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Leisure Products 0.0%
Malibu Boats, Inc., Class A(b) 190 11,168
Sega Sammy Holdings, Inc. 6,100 68,769
Total   79,937
Multiline Retail 0.0%
Don Quijote Holdings Co., Ltd. 1,200 27,198
Next PLC 375 26,468
Total   53,666
Specialty Retail 0.1%
Asbury Automotive Group, Inc.(b) 192 19,229
Camping World Holdings, Inc., Class A 585 21,423
Hennes & Mauritz 2,731 42,569
Hudson Ltd., Class A(b) 1,800 7,884
Industria de Diseno Textil SA 3,339 88,476
Kingfisher PLC 9,605 30,353
Lithia Motors, Inc., Class A 138 31,623
Restoration Hardware Holdings, Inc.(b) 103 29,605
Sleep Number Corp.(b) 470 21,855
Sportsman’s Warehouse Holdings, Inc.(b) 1,260 20,273
Winmark Corp. 46 7,313
Yamada Denki Co., Ltd. 6,100 26,465
Zumiez, Inc.(b) 135 3,119
Total   350,187
Textiles, Apparel & Luxury Goods 0.1%
Deckers Outdoor Corp.(b) 92 19,251
Lakeland Industries, Inc.(b) 620 14,669
Pandora A/S 2,616 166,381
Total   200,301
Total Consumer Discretionary 1,598,528
Consumer Staples 0.3%
Beverages 0.1%
Carlsberg A/S, Class B 944 139,419
Coca-Cola European Partners PLC 2,814 115,852
Total   255,271
Common Stocks (continued)
Issuer Shares Value ($)
Food & Staples Retailing 0.1%
Coles Group Ltd. 12,042 156,121
Ingles Markets, Inc., Class A 525 21,131
Koninklijke Ahold Delhaize NV 5,004 144,120
Lawson, Inc. 800 39,837
SpartanNash Co. 1,190 25,020
Weis Markets, Inc. 150 7,473
Welcia Holdings Co., Ltd. 1,100 100,798
Total   494,500
Food Products 0.0%
John B. Sanfilippo & Son, Inc. 244 21,513
Nestlé SA, Registered Shares 972 115,592
Seneca Foods Corp., Class A(b) 175 6,857
Total   143,962
Household Products 0.0%
Essity AB, Class B(b) 1,257 41,474
Personal Products 0.0%
Edgewell Personal Care Co.(b) 490 14,646
Medifast, Inc. 183 30,585
Unilever PLC 178 10,599
Usana Health Sciences, Inc.(b) 293 23,786
Total   79,616
Tobacco 0.1%
British American Tobacco PLC 4,484 148,189
Imperial Brands PLC 567 9,447
Japan Tobacco, Inc. 600 10,255
Swedish Match AB 2,227 171,588
Vector Group Ltd. 700 6,174
Total   345,653
Total Consumer Staples 1,360,476
Energy 0.1%
Energy Equipment & Services 0.0%
Helix Energy Solutions Group, Inc.(b) 1,550 6,495
Matrix Service Co.(b) 1,705 14,927
Patterson-UTI Energy, Inc. 6,300 24,412
Total   45,834
 
The accompanying Notes to Financial Statements are an integral part of this statement.
28 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Oil, Gas & Consumable Fuels 0.1%
Caltex Australia Ltd. 1,461 27,386
CNX Resources Corp.(b) 1,025 9,891
Comstock Resources, Inc.(b) 650 3,484
DHT Holdings, Inc. 1,225 6,958
Dorian LPG Ltd.(b) 240 2,050
ENI SpA 3,158 28,131
Montage Resources Corp.(b) 1,250 5,362
OMV AG(b) 1,027 32,435
Royal Dutch Shell PLC, Class B 10,692 150,078
Santos Ltd. 14,436 53,923
Scorpio Tankers, Inc. 190 2,512
W&T Offshore, Inc.(b) 1,050 2,373
World Fuel Services Corp. 395 9,294
Total   333,877
Total Energy 379,711
Financials 0.4%
Banks 0.2%
Bancorp, Inc. (The)(b) 2,425 22,868
Bank Leumi Le-Israel BM 5,560 28,186
BNP Paribas SA(b) 3,108 125,388
Bridge Bancorp, Inc. 290 5,246
Camden National Corp. 320 10,141
Chiba Bank Ltd. (The) 15,500 71,019
Customers Bancorp, Inc.(b) 1,151 13,639
DBS Group Holdings Ltd. 3,800 54,893
First BanCorp 3,200 17,408
First Foundation, Inc. 1,420 21,825
First of Long Island Corp. (The) 220 3,280
Fulton Financial Corp. 1,120 10,864
Great Southern Bancorp, Inc. 300 10,821
Hilltop Holdings, Inc. 1,330 25,895
Independent Bank Corp. 1,610 22,484
International Bancshares Corp. 690 20,990
Investors Bancorp, Inc. 2,550 20,706
Japan Post Bank Co., Ltd. 13,500 100,715
Mediobanca Banca di Credito Finanziario SpA 2,400 19,382
Mercantile Bank Corp. 240 5,110
Metropolitan Bank Holding Corp.(b) 75 2,218
Common Stocks (continued)
Issuer Shares Value ($)
Midland States Bancorp, Inc. 540 7,609
Nicolet Bankshares, Inc.(b) 150 8,403
Preferred Bank 450 16,762
QCR Holdings, Inc. 735 21,962
Raiffeisen Bank International AG(b) 1,950 33,544
Simmons First National Corp., Class A 1,540 25,549
Sumitomo Mitsui Trust Holdings, Inc. 2,900 74,455
Total   801,362
Capital Markets 0.1%
Artisan Partners Asset Management, Inc., Class A 855 30,977
Cohen & Steers, Inc. 400 24,072
Federated Hermes, Inc., Class B 990 26,096
Houlihan Lokey, Inc. 135 7,398
Nomura Holdings, Inc. 14,100 66,357
Singapore Exchange 16,800 100,217
Standard Life Aberdeen PLC 32,346 105,281
Waddell & Reed Financial, Inc., Class A 1,500 21,885
Total   382,283
Consumer Finance 0.0%
Encore Capital Group, Inc.(b) 75 2,740
Insurance 0.1%
Ageas SA/NV 1,533 57,390
Allianz SE, Registered Shares 986 204,570
American Equity Investment Life Holding Co. 500 12,725
AMERISAFE, Inc. 38 2,411
Assicurazioni Generali SpA 7,732 116,101
CNO Financial Group, Inc. 190 2,869
CNP Assurances(b) 6,643 80,685
Dai-ichi Life Holdings, Inc. 3,100 36,569
Genworth Financial, Inc., Class A(b) 2,850 5,814
Horace Mann Educators Corp. 460 17,287
Japan Post Insurance Co., Ltd. 6,100 81,095
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares 73 19,350
Selective Insurance Group, Inc. 75 4,075
Stewart Information Services Corp. 645 27,058
Swiss Life Holding AG, Registered Shares 346 126,443
Total   794,442
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
29
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Mortgage Real Estate Investment Trusts (REITS) 0.0%
Ares Commercial Real Estate Corp. 2,325 21,227
ARMOUR Residential REIT, Inc. 425 3,970
Great Ajax Corp. 725 6,249
KKR Real Estate Finance Trust, Inc. 180 2,997
Total   34,443
Thrifts & Mortgage Finance 0.0%
Essent Group Ltd. 745 26,693
Federal Agricultural Mortgage Corp. 334 19,876
Flagstar Bancorp, Inc. 880 27,615
Meridian Bancorp, Inc. 650 7,413
Meta Financial Group, Inc. 1,235 23,045
NMI Holdings, Inc., Class A(b) 830 12,882
Radian Group, Inc. 1,570 23,425
Total   140,949
Total Financials 2,156,219
Health Care 0.4%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.(b) 439 18,249
Acceleron Pharma, Inc.(b) 110 10,909
Arcutis Biotherapeutics, Inc.(b) 476 12,709
Arena Pharmaceuticals, Inc.(b) 515 31,616
Arrowhead Pharmaceuticals, Inc.(b) 220 9,475
Atara Biotherapeutics, Inc.(b) 440 5,452
BeiGene Ltd., ADR(b) 182 38,038
BELLUS Health, Inc.(b) 541 1,417
Black Diamond Therapeutics, Inc.(b) 412 11,462
bluebird bio, Inc.(b) 168 10,198
Blueprint Medicines Corp.(b) 200 14,636
CSL Ltd. 277 53,877
Dynavax Technologies Corp.(b) 2,030 16,463
Fate Therapeutics, Inc.(b) 480 15,010
Gossamer Bio, Inc.(b) 420 5,006
Immunomedics, Inc.(b) 575 24,282
Insmed, Inc.(b) 1,055 27,557
Iovance Biotherapeutics, Inc.(b) 210 6,105
Karuna Therapeutics, Inc.(b) 45 3,681
Mirati Therapeutics, Inc.(b) 175 21,229
Common Stocks (continued)
Issuer Shares Value ($)
Momenta Pharmaceuticals, Inc.(b) 255 7,520
Novavax, Inc.(b) 105 15,025
Precision BioSciences, Inc.(b) 796 5,063
Revolution Medicines, Inc.(b) 503 12,132
Rubius Therapeutics, Inc.(b) 630 3,093
Sage Therapeutics, Inc.(b) 286 13,033
Sarepta Therapeutics, Inc.(b) 117 17,962
SpringWorks Therapeutics, Inc.(b) 557 23,745
TCR2 Therapeutics, Inc.(b) 790 13,232
Turning Point Therapeutics, Inc.(b) 300 17,769
uniQure NV(b) 235 9,807
Vir Biotechnology, Inc.(b) 165 7,880
Xencor, Inc.(b) 255 7,673
Zentalis Pharmaceuticals, Inc.(b) 193 6,659
Total   497,964
Health Care Equipment & Supplies 0.0%
CONMED Corp. 97 8,006
Electromed, Inc.(b) 180 2,986
Hoya Corp. 200 19,724
Integer Holdings Corp.(b) 370 24,335
Invacare Corp. 1,075 7,568
Lantheus Holdings, Inc.(b) 1,510 20,355
Natus Medical, Inc.(b) 1,130 20,996
Varex Imaging Corp.(b) 790 12,387
Total   116,357
Health Care Providers & Services 0.0%
Corvel Corp.(b) 170 13,513
Ensign Group, Inc. (The) 185 8,508
Fresenius Medical Care AG & Co. KGaA(b) 129 11,365
Magellan Health, Inc.(b) 362 26,850
Medipal Holdings Corp. 3,800 69,592
Owens & Minor, Inc. 1,780 28,622
Providence Service Corp. (The)(b) 295 23,898
Tenet Healthcare Corp.(b) 1,030 27,233
Triple-S Management Corp., Class B(b) 1,160 22,574
Total   232,155
Health Care Technology 0.0%
Omnicell, Inc.(b) 197 13,847
 
The accompanying Notes to Financial Statements are an integral part of this statement.
30 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Life Sciences Tools & Services 0.0%
Fluidigm(b) 750 5,280
Medpace Holdings, Inc.(b) 247 29,479
Pacific Biosciences of California, Inc.(b) 6,050 22,567
Total   57,326
Pharmaceuticals 0.3%
Aerie Pharmaceuticals, Inc.(b) 390 4,508
Amneal Pharmaceuticals, Inc.(b) 4,650 20,135
Amphastar Pharmaceuticals, Inc.(b) 980 19,620
Astellas Pharma, Inc. 9,900 154,420
Bayer AG, Registered Shares 1,527 101,444
GlaxoSmithKline PLC 9,459 188,426
GW Pharmaceuticals PLC, ADR(b) 163 20,804
Hikma Pharmaceuticals PLC 1,094 30,655
Novartis AG, Registered Shares 2,985 245,866
Odonate Therapeutics, Inc.(b) 475 17,276
Orion Oyj, Class B 2,293 100,042
Osmotica Pharmaceuticals PLC(b) 675 3,611
Phibro Animal Health Corp., Class A 745 17,280
Prestige Consumer Healthcare, Inc.(b) 685 25,475
Reata Pharmaceuticals, Inc., Class A(b) 89 13,145
Roche Holding AG, Genusschein Shares 892 308,950
Supernus Pharmaceuticals, Inc.(b) 325 7,236
Total   1,278,893
Total Health Care 2,196,542
Industrials 0.4%
Air Freight & Logistics 0.0%
HUB Group, Inc., Class A(b) 315 16,663
Airlines 0.0%
Skywest, Inc. 215 5,657
Building Products 0.0%
Builders FirstSource, Inc.(b) 800 18,952
Caesarstone Ltd. 1,845 21,162
CSW Industrials, Inc. 312 20,839
Insteel Industries, Inc. 1,160 21,622
Quanex Building Products Corp. 1,525 21,426
UFP Industries, Inc. 585 34,059
Total   138,060
Common Stocks (continued)
Issuer Shares Value ($)
Commercial Services & Supplies 0.0%
Brady Corp., Class A 540 24,824
Herman Miller, Inc. 315 7,380
HNI Corp. 895 26,581
Matthews International Corp., Class A 280 6,048
Tetra Tech, Inc. 52 4,610
Total   69,443
Construction & Engineering 0.1%
ACS Actividades de Construccion y Servicios SA 566 13,129
Aegion Corp.(b) 650 10,023
Bouygues SA(b) 3,430 121,170
MasTec, Inc.(b) 565 22,476
Obayashi Corp. 13,300 118,748
Shimizu Corp. 3,100 22,223
Skanska AB, Class B(b) 7,304 147,440
Total   455,209
Electrical Equipment 0.0%
Atkore International Group, Inc.(b) 785 20,936
Schneider Electric SE 1,764 202,267
Thermon(b) 350 4,742
Total   227,945
Machinery 0.1%
Astec Industries, Inc. 505 22,467
Columbus McKinnon Corp. 130 4,307
GEA Group AG 4,426 159,759
KONE OYJ, Class B 436 34,622
Lydall, Inc.(b) 360 5,832
Mueller Industries, Inc. 930 26,003
REV Group, Inc. 1,225 7,963
Rexnord Corp. 870 25,204
SPX Corp.(b) 400 16,800
Total   302,957
Marine 0.0%
Costamare, Inc. 2,900 13,195
Kuehne & Nagel International AG(b) 268 46,200
Total   59,395
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
31
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Professional Services 0.1%
Adecco Group AG, Registered Shares 2,737 129,334
Barrett Business Services, Inc. 303 15,962
Heidrick & Struggles International, Inc. 770 15,577
Kforce, Inc. 815 23,505
Randstad NV 1,770 85,256
Wolters Kluwer NV 817 64,345
Total   333,979
Road & Rail 0.0%
ArcBest Corp. 705 21,425
Aurizon Holdings Ltd. 37,921 120,928
Werner Enterprises, Inc. 420 18,474
Total   160,827
Trading Companies & Distributors 0.1%
Applied Industrial Technologies, Inc. 350 22,092
BMC Stock Holdings, Inc.(b) 730 18,688
Foundation Building Materials, Inc.(b) 200 2,746
GMS, Inc.(b) 1,085 25,422
ITOCHU Corp. 6,400 140,328
MRC Global, Inc.(b) 3,655 21,747
Rush Enterprises, Inc., Class A 515 24,504
Veritiv Corp.(b) 1,350 20,668
Total   276,195
Total Industrials 2,046,330
Information Technology 0.3%
Electronic Equipment, Instruments & Components 0.0%
Benchmark Electronics, Inc. 1,000 20,360
Methode Electronics, Inc. 815 22,983
Plexus Corp.(b) 380 28,230
Rogers Corp.(b) 228 27,175
Sanmina Corp.(b) 980 29,087
Scansource, Inc.(b) 1,020 23,409
Vishay Intertechnology, Inc. 1,600 25,104
Total   176,348
Common Stocks (continued)
Issuer Shares Value ($)
IT Services 0.1%
Capgemini SE 1,159 150,316
Endurance International Group Holdings Inc(b) 3,550 20,129
EVERTEC, Inc. 785 24,374
Hackett Group 1,270 17,513
MAXIMUS, Inc. 287 21,298
NEC Corp. 300 16,808
NIC, Inc. 1,115 24,441
Nomura Research Institute Ltd. 4,300 113,492
Perspecta, Inc. 1,300 27,820
TTEC Holdings, Inc. 555 26,340
Total   442,531
Semiconductors & Semiconductor Equipment 0.1%
Advantest Corp. 1,400 76,439
Amkor Technology, Inc.(b) 1,980 26,918
Formfactor, Inc.(b) 385 11,103
NeoPhotonics Corp.(b) 2,325 21,181
Photronics, Inc.(b) 375 4,455
STMicroelectronics NV 485 13,627
Synaptics, Inc.(b) 408 32,648
Tokyo Electron Ltd. 600 166,030
Ultra Clean Holdings, Inc.(b) 1,110 33,400
Total   385,801
Software 0.1%
ChannelAdvisor Corp.(b) 1,300 26,481
Check Point Software Technologies Ltd.(b) 504 63,176
j2 Global, Inc.(b) 380 21,554
MicroStrategy, Inc., Class A(b) 27 3,346
Progress Software Corp. 725 25,273
Qualys, Inc.(b) 281 34,698
SPS Commerce, Inc.(b) 321 24,130
Trend Micro, Inc. 1,800 105,568
Xperi Holding Corp. 1,470 27,107
Total   331,333
Technology Hardware, Storage & Peripherals 0.0%
Logitech International SA 1,933 141,009
Total Information Technology 1,477,022
 
The accompanying Notes to Financial Statements are an integral part of this statement.
32 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Materials 0.2%
Chemicals 0.1%
Chase Corp. 59 5,933
Covestro AG 607 23,556
Innospec, Inc. 237 17,815
Kraton Performance Polymers, Inc.(b) 600 7,890
Mitsubishi Chemical Holdings Corp. 2,100 11,283
Nitto Denko Corp. 1,400 79,353
Yara International ASA 654 27,588
Total   173,418
Construction Materials 0.0%
CRH PLC 1,447 52,683
Forterra, Inc.(b) 1,720 22,343
Total   75,026
Metals & Mining 0.1%
Anglo American PLC 2,644 64,006
BHP Group Ltd. 2,440 64,242
Commercial Metals Co. 1,420 29,366
Fortescue Metals Group Ltd. 14,313 178,157
Rio Tinto PLC 3,470 211,227
Total   546,998
Paper & Forest Products 0.0%
Boise Cascade Co. 620 28,886
Schweitzer-Mauduit International, Inc. 740 24,072
Verso Corp., Class A 1,650 20,147
Total   73,105
Total Materials 868,547
Real Estate 0.1%
Equity Real Estate Investment Trusts (REITS) 0.1%
CorEnergy Infrastructure Trust, Inc. 623 5,458
EastGroup Properties, Inc. 267 35,420
Innovative Industrial Properties, Inc. 30 3,127
Investors Real Estate Trust 328 23,714
Lexington Realty Trust 2,515 29,174
New Senior Investment Group, Inc. 6,750 22,950
Office Properties Income Trust 1,000 25,150
Piedmont Office Realty Trust, Inc. 620 10,050
QTS Realty Trust Inc., Class A 465 33,457
Common Stocks (continued)
Issuer Shares Value ($)
Retail Value, Inc. 1,835 23,231
Stockland 22,899 51,754
Uniti Group, Inc. 2,925 28,958
Total   292,443
Real Estate Management & Development 0.0%
CK Asset Holdings Ltd. 11,500 63,856
Henderson Land Development Co., Ltd. 12,000 44,910
Hulic Co., Ltd. 3,700 31,804
Kerry Properties Ltd. 4,500 10,708
Nomura Real Estate Holdings, Inc. 2,400 39,679
RE/MAX Holdings, Inc., Class A 690 22,335
Realogy Holdings Corp. 1,625 14,723
RMR Group, Inc. (The), Class A 261 7,506
Total   235,521
Total Real Estate 527,964
Utilities 0.1%
Electric Utilities 0.1%
Endesa SA 5,355 152,761
Enel SpA 1,582 14,492
Otter Tail Corp. 135 5,164
Portland General Electric Co. 616 27,184
Total   199,601
Gas Utilities 0.0%
Chesapeake Utilities Corp. 176 14,870
Naturgy Energy Group SA 2,122 39,486
ONE Gas, Inc. 125 9,463
Southwest Gas Holdings, Inc. 395 27,508
Total   91,327
Independent Power and Renewable Electricity Producers 0.0%
Atlantic Power Corp.(b) 1,900 3,724
Meridian Energy Ltd. 13,517 43,887
Uniper SE 1,225 42,291
Total   89,902
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
33
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Multi-Utilities 0.0%
AGL Energy Ltd. 10,271 121,665
Avista Corp. 605 22,464
NorthWestern Corp. 205 11,533
Unitil Corp. 520 22,438
Veolia Environnement SA 656 15,027
Total   193,127
Total Utilities 573,957
Total Common Stocks
(Cost $13,345,518) 		13,847,125
Equity Funds 28.5%
  Shares Value ($)
International 6.8%
Columbia Emerging Markets Fund, Institutional 3 Class(a) 440,954 6,737,783
Columbia Overseas Core Fund, Institutional 3 Class(a) 2,300,321 21,070,939
Columbia Overseas Value Fund, Institutional 3 Class(a) 669,102 5,386,271
Columbia Pacific/Asia Fund, Institutional 3 Class(a) 129,843 1,432,170
Total 34,627,163
U.S. Large Cap 20.7%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 540,525 15,491,448
Columbia Disciplined Core Fund, Institutional 3 Class(a) 2,111,965 25,744,850
Columbia Disciplined Growth Fund, Institutional 3 Class(a) 1,225,406 12,989,309
Columbia Disciplined Value Fund, Institutional 3 Class(a) 2,720,871 22,283,932
Columbia Large Cap Growth Fund, Institutional 3 Class(a),(b) 168,653 9,080,278
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 1,372,506 20,587,584
Total 106,177,401
U.S. Small Cap 1.0%
Columbia Small Cap Index Fund, Institutional 3 Class(a) 260,679 5,038,927
Total Equity Funds
(Cost $135,959,839) 		145,843,491
Fixed Income Funds 48.6%
  Shares Value ($)
Emerging Markets 1.8%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 821,541 9,234,123
High Yield 3.5%
Columbia Income Opportunities Fund, Institutional 3 Class(a) 1,859,039 18,014,086
Investment Grade 43.3%
Columbia Corporate Income Fund, Institutional 3 Class(a) 2,247,633 25,982,638
Columbia Limited Duration Credit Fund, Institutional 3 Class(a) 1,142,825 11,873,947
Columbia Mortgage Opportunities Fund, Institutional 3 Class(a) 757,468 7,529,237
Columbia Quality Income Fund, Institutional 3 Class(a) 12,057,855 68,006,303
Columbia Short Term Bond Fund, Institutional 3 Class(a) 2,506,065 24,985,464
Columbia Total Return Bond Fund, Institutional 3 Class(a) 2,707,067 26,827,036
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 4,509,363 56,096,474
Total 221,301,099
Total Fixed Income Funds
(Cost $235,360,586) 		248,549,308
Money Market Funds 13.8%
Columbia Government Money Market Fund, Institutional 3 Class, 0.010%(a),(c) 1,767,012 1,767,012
Columbia Short-Term Cash Fund, 0.177%(a),(c) 68,792,586 68,792,586
Total Money Market Funds
(Cost $70,556,784) 		70,559,598
Total Investments in Securities
(Cost: $482,833,563) 		503,838,328
Other Assets & Liabilities, Net   7,849,543
Net Assets 511,687,871
 
At July 31, 2020, securities and/or cash totaling $7,741,200 were pledged as collateral.
The accompanying Notes to Financial Statements are an integral part of this statement.
34 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2020 (Unaudited)
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
70,000 AUD 48,116 USD JPMorgan 08/19/2020 — (1,899)
254,000 DKK 38,421 USD JPMorgan 08/19/2020 — (1,770)
537,000 SEK 57,471 USD JPMorgan 08/19/2020 — (3,699)
49,108 USD 43,000 EUR JPMorgan 08/19/2020 1,560 —
48,724 USD 39,000 GBP JPMorgan 08/19/2020 2,331 —
29,528 USD 274,000 NOK JPMorgan 08/19/2020 578 —
Total       4,469 (7,368)
    
Long futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
EURO STOXX 50 Index 122 09/2020 EUR 3,883,260 76,337 —
FTSE 100 Index 53 09/2020 GBP 3,119,845 — (101,766)
FTSE/MIB Index 16 09/2020 EUR 1,527,760 15,417 —
Russell 2000 Index E-mini 30 09/2020 USD 2,216,700 148,066 —
S&P 500 Index E-mini 119 09/2020 USD 19,417,825 1,297,930 —
U.S. Treasury 10-Year Note 366 09/2020 USD 51,268,594 411,129 —
U.S. Ultra Treasury Bond 63 09/2020 USD 14,344,313 548,524 —
Total         2,497,403 (101,766)
    
Short futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
MSCI EAFE Index (56) 09/2020 USD (5,078,080) — (173,494)
MSCI Emerging Markets Index (169) 09/2020 USD (9,035,585) — (787,378)
Total         — (960,872)
    
Cleared credit default swap contracts - sell protection
Reference
entity 		Counterparty Maturity
date 		Receive
fixed
rate
(%) 		Payment
frequency 		Implied
credit
spread
(%)* 		Notional
currency 		Notional
amount 		Value
($) 		Upfront
payments
($) 		Upfront
receipts
($) 		Unrealized
appreciation
($) 		Unrealized
depreciation
($)
Markit CDX Emerging Markets Index, Series 33 Morgan Stanley 06/20/2025 1.000 Quarterly 1.911 USD 5,115,750 478,320 — — 478,320 —
Markit CDX North America Investment Grade Index, Series 34 Morgan Stanley 06/20/2025 1.000 Quarterly 0.700 USD 47,712,000 580,579 — — 580,579 —
Total               1,058,899 — — 1,058,899 —
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
35
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2020 (Unaudited)
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended July 31, 2020 are as follows:
    
Affiliated issuers Beginning
of period($) 		Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($) 		End of
period($) 		Capital gain
distributions($) 		Realized gain
(loss)($) 		Dividends —
affiliated
issuers ($) 		End of
period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
  1,818,392 117,429 (2,423,279) 487,458 — — (625,771) — —
Columbia Contrarian Core Fund, Institutional 3 Class
  15,110,258 378,771 (501,130) 503,549 15,491,448 — 195,876 — 540,525
Columbia Contrarian Europe Fund, Institutional 3 Class
  10,985,462 633,880 (11,322,522) (296,820) — — (3,055) 31,370 —
Columbia Corporate Income Fund, Institutional 3 Class
  24,801,760 598,278 (792,659) 1,375,259 25,982,638 — 38,139 346,142 2,247,633
Columbia Disciplined Core Fund, Institutional 3 Class
  26,661,915 543,308 (1,490,067) 29,694 25,744,850 — 422,115 — 2,111,965
Columbia Disciplined Growth Fund, Institutional 3 Class
  13,027,718 230,872 (1,393,028) 1,123,747 12,989,309 — 242,920 — 1,225,406
Columbia Disciplined Value Fund, Institutional 3 Class
  24,504,610 1,048,715 (875,292) (2,394,101) 22,283,932 — (86,675) — 2,720,871
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  9,845,044 269,186 (752,271) (127,836) 9,234,123 — (117,725) 155,070 821,541
Columbia Emerging Markets Fund, Institutional 3 Class
  6,310,174 271,181 (321,948) 478,376 6,737,783 — 186,798 — 440,954
Columbia Government Money Market Fund, Institutional 3 Class, 0.010%
  1,026,952 1,002,685 (262,625) — 1,767,012 — — 1,780 1,767,012
Columbia Income Opportunities Fund, Institutional 3 Class
  18,443,318 516,344 (323,522) (622,054) 18,014,086 — (14,265) 386,018 1,859,039
Columbia Inflation Protected Securities Fund
  5,147,202 38,064 (4,888,392) (296,874) — — 268,170 38,063 —
Columbia Large Cap Growth Fund, Institutional 3 Class
  8,785,740 209,389 (780,394) 865,543 9,080,278 — 351,092 — 168,653
Columbia Limited Duration Credit Fund, Institutional 3 Class
  11,784,069 352,862 (536,592) 273,608 11,873,947 — (16,143) 118,450 1,142,825
Columbia Mortgage Opportunities Fund, Institutional 3 Class
  7,648,451 310,467 (282,269) (147,412) 7,529,237 — (1,998) 138,486 757,468
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class
  3,450,790 — — (51,575) 3,399,215 — — — 468,857
Columbia Multi-Asset Income Fund, Institutional 3 Class
  22,010,164 625,773 — (996,346) 21,639,591 — — 625,773 2,344,484
Columbia Overseas Core Fund, Institutional 3 Class
  11,495,880 11,652,331 (1,248,641) (828,631) 21,070,939 95,385 (159,161) — 2,300,321
Columbia Overseas Value Fund, Institutional 3 Class
  5,875,351 353,626 (37,074) (805,632) 5,386,271 29,388 4,934 — 669,102
Columbia Pacific/Asia Fund, Institutional 3 Class
  1,066,864 238,258 (7,533) 134,581 1,432,170 — 1,001 — 129,843
Columbia Quality Income Fund, Institutional 3 Class
  70,065,148 1,617,588 (4,083,170) 406,737 68,006,303 — 55,389 921,385 12,057,855
The accompanying Notes to Financial Statements are an integral part of this statement.
36 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2020 (Unaudited)
Notes to Portfolio of Investments  (continued)
Affiliated issuers Beginning
of period($) 		Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($) 		End of
period($) 		Capital gain
distributions($) 		Realized gain
(loss)($) 		Dividends —
affiliated
issuers ($) 		End of
period shares
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  20,000,287 1,270,659 (560,820) (122,542) 20,587,584 520,335 181,032 186,100 1,372,506
Columbia Short Term Bond Fund, Institutional 3 Class
  25,615,032 595,596 (1,040,554) (184,610) 24,985,464 — (5,646) 346,603 2,506,065
Columbia Short-Term Cash Fund, 0.177%
  63,837,700 42,656,527 (37,701,330) (311) 68,792,586 — 1,783 225,300 68,792,586
Columbia Small Cap Index Fund, Institutional 3 Class
  5,657,477 70,689 — (689,239) 5,038,927 67,720 — 2,969 260,679
Columbia Total Return Bond Fund, Institutional 3 Class
  26,522,469 428,062 (1,545,284) 1,421,789 26,827,036 — 19,484 340,213 2,707,067
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  55,641,306 2,113,740 (4,732,427) 3,073,855 56,096,474 — 360,755 456,778 4,509,363
Total 497,139,533     2,610,213 489,991,203 712,828 1,299,049 4,320,500  
    
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at July 31, 2020.
Abbreviation Legend
ADR American Depositary Receipt
Currency Legend
AUD Australian Dollar
DKK Danish Krone
EUR Euro
GBP British Pound
NOK Norwegian Krone
SEK Swedish Krona
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
37
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2020 (Unaudited)
Fair value measurements  (continued)
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Alternative Strategies Funds 25,038,806 — — 25,038,806
Common Stocks        
Communication Services 111,620 550,209 — 661,829
Consumer Discretionary 550,169 1,048,359 — 1,598,528
Consumer Staples 273,037 1,087,439 — 1,360,476
Energy 87,758 291,953 — 379,711
Financials 654,579 1,501,640 — 2,156,219
Health Care 912,181 1,284,361 — 2,196,542
Industrials 640,581 1,405,749 — 2,046,330
Information Technology 693,733 783,289 — 1,477,022
Materials 156,452 712,095 — 868,547
Real Estate 285,253 242,711 — 527,964
Utilities 144,348 429,609 — 573,957
Total Common Stocks 4,509,711 9,337,414 — 13,847,125
Equity Funds 145,843,491 — — 145,843,491
Fixed Income Funds 248,549,308 — — 248,549,308
Money Market Funds 70,559,598 — — 70,559,598
Total Investments in Securities 494,500,914 9,337,414 — 503,838,328
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts — 4,469 — 4,469
Futures Contracts 2,497,403 — — 2,497,403
Swap Contracts — 1,058,899 — 1,058,899
Liability        
Forward Foreign Currency Exchange Contracts — (7,368) — (7,368)
Futures Contracts (1,062,638) — — (1,062,638)
Total 495,935,679 10,393,414 — 506,329,093
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
38 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments
Columbia Capital Allocation Moderate Portfolio, July 31, 2020 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 4.2%
  Shares Value ($)
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class(a),(b) 468,857 3,399,215
Columbia Multi-Asset Income Fund, Institutional 3 Class(a) 6,204,384 57,266,462
Total Alternative Strategies Funds
(Cost $64,055,375) 		60,665,677
Common Stocks 2.2%
Issuer Shares Value ($)
Communication Services 0.1%
Diversified Telecommunication Services 0.1%
Cogent Communications Holdings, Inc. 1,560 140,572
Consolidated Communications Holdings, Inc.(b) 13,000 94,900
Hellenic Telecommunications Organization SA 3,281 48,275
Nippon Telegraph & Telephone Corp. 5,900 136,948
Ooredoo QPSC 11,626 21,531
Telekom Malaysia Bhd 63,700 60,114
United Internet AG 892 40,476
Total   542,816
Entertainment 0.0%
Glu Mobile, Inc.(b) 3,400 32,096
NetEase, Inc., ADR 142 65,096
Total   97,192
Interactive Media & Services 0.0%
DHI Group, Inc.(b) 16,800 42,000
EverQuote, Inc., Class A(b) 500 27,225
Kakao Corp. 95 27,561
Momo, Inc., ADR 2,240 41,373
Tencent Holdings Ltd. 1,300 89,178
Yelp, Inc.(b) 475 11,865
Total   239,202
Media 0.0%
Gray Television, Inc.(b) 3,050 43,737
National CineMedia, Inc. 7,300 18,031
TechTarget, Inc.(b) 3,900 141,531
WPP PLC 7,369 54,651
Total   257,950
Common Stocks (continued)
Issuer Shares Value ($)
Wireless Telecommunication Services 0.0%
America Movil SAB de CV 129,402 81,694
NTT DoCoMo, Inc. 2,200 60,568
Total   142,262
Total Communication Services 1,279,422
Consumer Discretionary 0.3%
Auto Components 0.0%
Hyundai Mobis Co., Ltd. 52 8,998
Magna International, Inc. 3,272 151,233
Modine Manufacturing Co.(b) 4,750 25,840
Total   186,071
Automobiles 0.0%
BAIC Motor Corp., Ltd., Class H(c) 144,000 70,224
Peugeot SA(b) 5,866 94,294
Total   164,518
Diversified Consumer Services 0.0%
Collectors Universe, Inc. 1,700 64,702
Perdoceo Education Corp.(b) 6,750 97,200
Strategic Education, Inc. 325 41,018
WW International, Inc.(b) 2,775 71,540
Total   274,460
Hotels, Restaurants & Leisure 0.1%
Brinker International, Inc. 1,075 28,907
Jack in the Box, Inc. 1,360 111,670
Marriott Vacations Worldwide Corp. 1,620 137,149
Papa John’s International, Inc. 1,550 146,738
Sodexo SA 174 12,008
Wingstop, Inc. 430 67,188
Total   503,660
Household Durables 0.1%
Berkeley Group Holdings PLC 838 48,621
M/I Homes, Inc.(b) 2,325 96,790
Meritage Homes Corp.(b) 1,710 169,598
Sekisui House Ltd. 6,800 124,194
Sony Corp. 2,600 202,007
Taylor Morrison Home Corp., Class A(b) 6,450 151,253
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
39
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
TopBuild Corp.(b) 1,060 139,835
TRI Pointe Group, Inc.(b) 8,500 142,120
Total   1,074,418
Internet & Direct Marketing Retail 0.0%
Alibaba Group Holding Ltd., ADR(b) 478 119,988
PetMed Express, Inc. 1,325 41,340
Stamps.com, Inc.(b) 615 160,072
Vipshop Holdings Ltd., ADR(b) 4,102 93,402
Total   414,802
Leisure Products 0.0%
Malibu Boats, Inc., Class A(b) 950 55,841
Sega Sammy Holdings, Inc. 4,000 45,094
Total   100,935
Multiline Retail 0.0%
Canadian Tire Corp., Ltd., Class A 600 55,317
Don Quijote Holdings Co., Ltd. 2,200 49,863
Total   105,180
Specialty Retail 0.1%
Asbury Automotive Group, Inc.(b) 950 95,143
Camping World Holdings, Inc., Class A 2,900 106,198
Hudson Ltd., Class A(b) 9,000 39,420
Lithia Motors, Inc., Class A 685 156,968
Restoration Hardware Holdings, Inc.(b) 510 146,589
Sleep Number Corp.(b) 2,325 108,112
Sportsman’s Warehouse Holdings, Inc.(b) 6,250 100,562
Winmark Corp. 225 35,771
Yamada Denki Co., Ltd. 5,600 24,296
Zumiez, Inc.(b) 650 15,015
Total   828,074
Textiles, Apparel & Luxury Goods 0.0%
Deckers Outdoor Corp.(b) 455 95,209
Lakeland Industries, Inc.(b) 3,050 72,163
Pandora A/S 1,817 115,563
Total   282,935
Total Consumer Discretionary 3,935,053
Consumer Staples 0.1%
Beverages 0.0%
Coca-Cola European Partners PLC 2,505 103,131
Common Stocks (continued)
Issuer Shares Value ($)
Food & Staples Retailing 0.1%
Coles Group Ltd. 5,591 72,486
Ingles Markets, Inc., Class A 2,600 104,650
Koninklijke Ahold Delhaize NV 6,087 175,311
Lawson, Inc. 1,100 54,777
Loblaw Companies Ltd. 100 5,188
SpartanNash Co. 5,900 124,047
Weis Markets, Inc. 750 37,365
Welcia Holdings Co., Ltd. 1,100 100,798
Total   674,622
Food Products 0.0%
JBS SA 10,800 44,864
John B. Sanfilippo & Son, Inc. 1,210 106,686
Nestlé SA, Registered Shares 110 13,081
Seneca Foods Corp., Class A(b) 875 34,282
Tingyi Cayman Islands Holding Corp. 8,000 14,914
Uni-President Enterprises Corp. 23,000 56,135
Total   269,962
Household Products 0.0%
Kimberly-Clark de Mexico SAB de CV 6,745 11,090
Personal Products 0.0%
Edgewell Personal Care Co.(b) 2,425 72,483
Medifast, Inc. 905 151,253
Usana Health Sciences, Inc.(b) 1,450 117,711
Total   341,447
Tobacco 0.0%
British American Tobacco PLC 4,083 134,936
Swedish Match AB 2,209 170,201
Vector Group Ltd. 3,425 30,208
Total   335,345
Total Consumer Staples 1,735,597
Energy 0.1%
Energy Equipment & Services 0.0%
Helix Energy Solutions Group, Inc.(b) 7,800 32,682
Matrix Service Co.(b) 8,500 74,418
Patterson-UTI Energy, Inc. 31,300 121,287
Total   228,387
 
The accompanying Notes to Financial Statements are an integral part of this statement.
40 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Oil, Gas & Consumable Fuels 0.1%
Caltex Australia Ltd. 3,182 59,647
Canadian Natural Resources Ltd. 2,000 35,283
CNX Resources Corp.(b) 5,100 49,215
Coal India Ltd. 13,156 22,703
Comstock Resources, Inc.(b) 3,200 17,152
DHT Holdings, Inc. 6,100 34,648
Dorian LPG Ltd.(b) 1,200 10,248
ENI SpA 3,412 30,393
Equinor ASA 4,593 68,864
Imperial Oil Ltd. 1,700 26,589
Lukoil PJSC 438 30,075
Lundin Energy AB 485 11,313
Montage Resources Corp.(b) 6,200 26,598
OMV AG(b) 1,191 37,614
Scorpio Tankers, Inc. 950 12,559
Suncor Energy, Inc. 5,000 78,652
W&T Offshore, Inc.(b) 5,200 11,752
World Fuel Services Corp. 1,950 45,883
Total   609,188
Total Energy 837,575
Financials 0.3%
Banks 0.1%
Bancorp, Inc. (The)(b) 12,000 113,160
BNP Paribas SA(b) 3,296 132,973
Bridge Bancorp, Inc. 1,450 26,231
Camden National Corp. 1,575 49,912
China Minsheng Banking Corp. Ltd., Class H 82,500 51,963
Customers Bancorp, Inc.(b) 5,650 66,952
First BanCorp 15,800 85,952
First Foundation, Inc. 7,450 114,506
First of Long Island Corp. (The) 1,100 16,401
Fulton Financial Corp. 5,500 53,350
Great Southern Bancorp, Inc. 1,475 53,203
Hilltop Holdings, Inc. 6,600 128,502
Independent Bank Corp. 8,000 111,720
International Bancshares Corp. 3,415 103,884
Investors Bancorp, Inc. 12,500 101,500
Masraf Al Rayan QSC 27,617 29,991
Common Stocks (continued)
Issuer Shares Value ($)
Mediobanca Banca di Credito Finanziario SpA 3,691 29,809
Mercantile Bank Corp. 1,200 25,548
Metropolitan Bank Holding Corp.(b) 375 11,093
Midland States Bancorp, Inc. 2,650 37,339
National Bank of Canada 2,600 122,755
Nicolet Bankshares, Inc.(b) 750 42,015
Postal Savings Bank of China Co., Ltd.(c) 125,000 68,867
Preferred Bank 2,225 82,881
Qatar International Islamic Bank QSC 9,040 20,385
QCR Holdings, Inc. 3,650 109,062
RHB Bank Bhd 74,400 88,101
Royal Bank of Canada 1,700 117,272
Simmons First National Corp., Class A 7,650 126,913
Sumitomo Mitsui Trust Holdings, Inc. 400 10,270
Turkiye Is Bankasi AS(b) 16,359 11,261
Total   2,143,771
Capital Markets 0.1%
Artisan Partners Asset Management, Inc., Class A 4,225 153,072
CI Financial Corp. 600 8,247
Cohen & Steers, Inc. 1,975 118,855
Federated Hermes, Inc., Class B 4,900 129,164
Houlihan Lokey, Inc. 675 36,990
IGM Financial, Inc. 4,600 113,090
Singapore Exchange 9,900 59,057
Standard Life Aberdeen PLC 12,776 41,583
Waddell & Reed Financial, Inc., Class A 7,450 108,695
Total   768,753
Consumer Finance 0.0%
Encore Capital Group, Inc.(b) 375 13,699
Diversified Financial Services 0.0%
EXOR NV 181 10,165
REC Ltd. 15,124 20,208
Wendel SA 108 10,136
Yuanta Financial Holding Co. Ltd. 106,000 65,220
Total   105,729
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
41
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Insurance 0.1%
Ageas SA/NV 1,617 60,534
Allianz SE, Registered Shares 903 187,349
American Equity Investment Life Holding Co. 2,500 63,625
AMERISAFE, Inc. 190 12,057
Assicurazioni Generali SpA 8,712 130,817
AXA SA 1,238 24,839
CNO Financial Group, Inc. 950 14,345
CNP Assurances(b) 4,040 49,069
Genworth Financial, Inc., Class A(b) 14,100 28,764
Horace Mann Educators Corp. 2,275 85,494
iA Financial Corp., Inc. 400 14,045
Japan Post Insurance Co., Ltd. 3,300 43,871
Old Mutual Ltd. 26,825 18,013
Selective Insurance Group, Inc. 375 20,378
Stewart Information Services Corp. 3,200 134,240
Swiss Life Holding AG, Registered Shares 341 124,616
Total   1,012,056
Mortgage Real Estate Investment Trusts (REITS) 0.0%
Ares Commercial Real Estate Corp. 11,500 104,995
ARMOUR Residential REIT, Inc. 2,100 19,614
Great Ajax Corp. 3,600 31,032
KKR Real Estate Finance Trust, Inc. 900 14,985
Total   170,626
Thrifts & Mortgage Finance 0.0%
Essent Group Ltd. 3,675 131,675
Federal Agricultural Mortgage Corp. 1,650 98,192
Flagstar Bancorp, Inc. 4,400 138,072
Meridian Bancorp, Inc. 3,200 36,496
Meta Financial Group, Inc. 6,125 114,292
NMI Holdings, Inc., Class A(b) 4,100 63,632
Radian Group, Inc. 7,750 115,630
Total   697,989
Total Financials 4,912,623
Common Stocks (continued)
Issuer Shares Value ($)
Health Care 0.4%
Biotechnology 0.2%
ACADIA Pharmaceuticals, Inc.(b) 2,182 90,706
Acceleron Pharma, Inc.(b) 550 54,543
Arcutis Biotherapeutics, Inc.(b) 2,350 62,745
Arena Pharmaceuticals, Inc.(b) 2,540 155,931
Arrowhead Pharmaceuticals, Inc.(b) 1,100 47,377
Atara Biotherapeutics, Inc.(b) 2,190 27,134
BeiGene Ltd., ADR(b) 175 36,575
BELLUS Health, Inc.(b) 2,678 7,016
Black Diamond Therapeutics, Inc.(b) 2,031 56,502
bluebird bio, Inc.(b) 830 50,381
Blueprint Medicines Corp.(b) 990 72,448
CSL Ltd. 153 29,759
Dynavax Technologies Corp.(b) 10,035 81,384
Fate Therapeutics, Inc.(b) 2,350 73,484
Gossamer Bio, Inc.(b) 2,067 24,639
Immunomedics, Inc.(b) 2,855 120,567
Insmed, Inc.(b) 5,220 136,346
Iovance Biotherapeutics, Inc.(b) 1,050 30,524
Karuna Therapeutics, Inc.(b) 210 17,178
Mirati Therapeutics, Inc.(b) 885 107,359
Momenta Pharmaceuticals, Inc.(b) 1,250 36,863
Novavax, Inc.(b) 520 74,412
Precision BioSciences, Inc.(b) 3,924 24,957
Revolution Medicines, Inc.(b) 2,488 60,011
Rubius Therapeutics, Inc.(b) 3,100 15,221
Sage Therapeutics, Inc.(b) 1,385 63,114
Sarepta Therapeutics, Inc.(b) 575 88,274
SpringWorks Therapeutics, Inc.(b) 2,758 117,574
TCR2 Therapeutics, Inc.(b) 3,910 65,492
Turning Point Therapeutics, Inc.(b) 1,477 87,483
uniQure NV(b) 1,180 49,241
Vir Biotechnology, Inc.(b) 825 39,402
Xencor, Inc.(b) 1,250 37,613
Zentalis Pharmaceuticals, Inc.(b) 958 33,051
Total   2,075,306
 
The accompanying Notes to Financial Statements are an integral part of this statement.
42 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Equipment & Supplies 0.0%
CONMED Corp. 480 39,619
Electromed, Inc.(b) 900 14,931
Integer Holdings Corp.(b) 1,830 120,359
Invacare Corp. 5,300 37,312
Lantheus Holdings, Inc.(b) 7,450 100,426
Natus Medical, Inc.(b) 5,575 103,584
Varex Imaging Corp.(b) 3,900 61,152
Total   477,383
Health Care Providers & Services 0.1%
Corvel Corp.(b) 840 66,772
Ensign Group, Inc. (The) 900 41,391
Magellan Health, Inc.(b) 1,790 132,764
Owens & Minor, Inc. 8,800 141,504
Providence Service Corp. (The)(b) 1,460 118,274
Tenet Healthcare Corp.(b) 5,125 135,505
Triple-S Management Corp., Class B(b) 5,750 111,895
Total   748,105
Health Care Technology 0.0%
Omnicell, Inc.(b) 971 68,252
Life Sciences Tools & Services 0.0%
Fluidigm(b) 3,600 25,344
Medpace Holdings, Inc.(b) 1,225 146,204
Pacific Biosciences of California, Inc.(b) 29,900 111,527
Total   283,075
Pharmaceuticals 0.1%
Aerie Pharmaceuticals, Inc.(b) 1,940 22,426
Amneal Pharmaceuticals, Inc.(b) 23,000 99,590
Amphastar Pharmaceuticals, Inc.(b) 4,850 97,097
Astellas Pharma, Inc. 8,900 138,822
Chugai Pharmaceutical Co., Ltd. 900 40,634
GlaxoSmithKline PLC 8,683 172,968
GW Pharmaceuticals PLC, ADR(b) 810 103,380
Novartis AG, Registered Shares 2,486 204,765
Novo Nordisk A/S, Class B 677 44,420
Odonate Therapeutics, Inc.(b) 2,400 87,288
Osmotica Pharmaceuticals PLC(b) 3,400 18,190
Phibro Animal Health Corp., Class A 3,675 85,242
Common Stocks (continued)
Issuer Shares Value ($)
Prestige Consumer Healthcare, Inc.(b) 3,400 126,446
Reata Pharmaceuticals, Inc., Class A(b) 440 64,988
Roche Holding AG, Genusschein Shares 710 245,913
Sanofi 155 16,275
Supernus Pharmaceuticals, Inc.(b) 1,575 35,067
Total   1,603,511
Total Health Care 5,255,632
Industrials 0.3%
Air Freight & Logistics 0.0%
HUB Group, Inc., Class A(b) 1,575 83,317
Airlines 0.0%
Skywest, Inc. 1,075 28,283
Building Products 0.1%
Builders FirstSource, Inc.(b) 3,950 93,576
Caesarstone Ltd. 9,100 104,377
CSW Industrials, Inc. 1,545 103,191
Insteel Industries, Inc. 5,700 106,248
Quanex Building Products Corp. 7,550 106,077
UFP Industries, Inc. 2,900 168,838
Total   682,307
Commercial Services & Supplies 0.0%
Brady Corp., Class A 2,675 122,970
Dai Nippon Printing Co., Ltd. 900 19,553
Herman Miller, Inc. 1,550 36,317
HNI Corp. 4,425 131,422
Matthews International Corp., Class A 1,400 30,240
Tetra Tech, Inc. 260 23,049
Total   363,551
Construction & Engineering 0.0%
ACS Actividades de Construccion y Servicios SA 2,002 46,439
Aegion Corp.(b) 3,200 49,344
Bouygues SA(b) 1,416 50,023
CIMIC Group Ltd. 4,582 70,496
MasTec, Inc.(b) 2,775 110,390
Obayashi Corp. 13,000 116,069
Samsung Engineering Co., Ltd.(b) 11,611 116,456
Skanska AB, Class B(b) 654 13,202
Total   572,419
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
43
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Electrical Equipment 0.0%
Atkore International Group, Inc.(b) 3,850 102,679
Thermon(b) 1,750 23,713
Total   126,392
Industrial Conglomerates 0.0%
CITIC Ltd. 12,000 11,263
Machinery 0.1%
Andritz AG 511 17,157
Astec Industries, Inc. 2,500 111,225
Columbus McKinnon Corp. 650 21,534
GEA Group AG 3,818 137,813
KONE OYJ, Class B 780 61,939
Lydall, Inc.(b) 1,800 29,160
Mueller Industries, Inc. 4,600 128,616
REV Group, Inc. 6,100 39,650
Rexnord Corp. 4,325 125,295
Sinotruk Hong Kong Ltd. 28,500 88,939
SPX Corp.(b) 1,975 82,950
Weichai Power Co., Ltd., Class H 37,000 79,242
Total   923,520
Marine 0.0%
Costamare, Inc. 14,400 65,520
Professional Services 0.0%
Adecco Group AG, Registered Shares 1,071 50,609
Barrett Business Services, Inc. 1,490 78,493
Heidrick & Struggles International, Inc. 3,800 76,874
Kforce, Inc. 4,025 116,081
Wolters Kluwer NV 521 41,033
Total   363,090
Road & Rail 0.0%
ArcBest Corp. 3,495 106,213
Aurizon Holdings Ltd. 35,340 112,697
Werner Enterprises, Inc. 2,075 91,269
Total   310,179
Common Stocks (continued)
Issuer Shares Value ($)
Trading Companies & Distributors 0.1%
Applied Industrial Technologies, Inc. 1,730 109,198
BMC Stock Holdings, Inc.(b) 3,600 92,160
Foundation Building Materials, Inc.(b) 1,000 13,730
GMS, Inc.(b) 5,375 125,936
ITOCHU Corp. 2,900 63,586
MRC Global, Inc.(b) 18,100 107,695
Rush Enterprises, Inc., Class A 2,550 121,329
Veritiv Corp.(b) 6,650 101,812
Total   735,446
Total Industrials 4,265,287
Information Technology 0.3%
Electronic Equipment, Instruments & Components 0.0%
Benchmark Electronics, Inc. 4,925 100,273
Methode Electronics, Inc. 4,025 113,505
Plexus Corp.(b) 1,880 139,665
Rogers Corp.(b) 1,130 134,685
Sanmina Corp.(b) 4,875 144,690
Scansource, Inc.(b) 5,050 115,897
Vishay Intertechnology, Inc. 7,900 123,951
Total   872,666
IT Services 0.1%
Capgemini SE 433 56,158
Endurance International Group Holdings Inc(b) 17,600 99,792
EVERTEC, Inc. 3,875 120,319
Fujitsu Ltd. 600 80,337
Hackett Group 6,250 86,188
MAXIMUS, Inc. 1,430 106,120
NIC, Inc. 5,550 121,656
Otsuka Corp. 900 46,925
Perspecta, Inc. 6,450 138,030
TTEC Holdings, Inc. 2,725 129,328
Wipro Ltd. 13,481 50,534
Total   1,035,387
 
The accompanying Notes to Financial Statements are an integral part of this statement.
44 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Semiconductors & Semiconductor Equipment 0.1%
Amkor Technology, Inc.(b) 9,820 133,503
Formfactor, Inc.(b) 1,900 54,796
NeoPhotonics Corp.(b) 11,500 104,765
Novatek Microelectronics 14,000 138,780
Photronics, Inc.(b) 1,900 22,572
Realtek Semiconductor Corp. 6,000 76,549
Synaptics, Inc.(b) 2,020 161,641
Tokyo Electron Ltd. 600 166,030
Ultra Clean Holdings, Inc.(b) 5,500 165,495
United Microelectronics Corp. 156,000 118,294
Total   1,142,425
Software 0.1%
ChannelAdvisor Corp.(b) 6,450 131,386
Check Point Software Technologies Ltd.(b) 482 60,419
j2 Global, Inc.(b) 1,885 106,917
MicroStrategy, Inc., Class A(b) 130 16,110
Progress Software Corp. 3,600 125,496
Qualys, Inc.(b) 1,390 171,637
SPS Commerce, Inc.(b) 1,590 119,520
Trend Micro, Inc. 2,200 129,028
Xperi Holding Corp. 7,250 133,690
Total   994,203
Technology Hardware, Storage & Peripherals 0.0%
Logitech International SA 541 39,465
Samsung Electronics Co., Ltd. 4,695 229,463
Total   268,928
Total Information Technology 4,313,609
Materials 0.1%
Chemicals 0.0%
Chase Corp. 290 29,162
Innospec, Inc. 1,170 87,949
Kraton Performance Polymers, Inc.(b) 2,950 38,793
Mexichem SAB de CV 42,861 67,965
Solvay SA 250 19,403
Total   243,272
Common Stocks (continued)
Issuer Shares Value ($)
Construction Materials 0.0%
Anhui Conch Cement Co., Ltd., Class H 10,000 75,622
China National Building Material Co., Ltd., Class H 60,000 93,179
Forterra, Inc.(b) 8,500 110,415
Total   279,216
Metals & Mining 0.1%
Anglo American PLC 1,046 25,322
BHP Group Ltd. 6,889 181,379
Commercial Metals Co. 7,000 144,760
Fortescue Metals Group Ltd. 6,655 82,836
MMC Norilsk Nickel PJSC 50 13,242
Rio Tinto PLC 3,186 193,939
Vale SA 900 10,502
Vedanta Ltd. 28,420 43,445
Total   695,425
Paper & Forest Products 0.0%
Boise Cascade Co. 3,075 143,264
Schweitzer-Mauduit International, Inc. 3,650 118,735
Verso Corp., Class A 8,200 100,122
Total   362,121
Total Materials 1,580,034
Real Estate 0.1%
Equity Real Estate Investment Trusts (REITS) 0.1%
CorEnergy Infrastructure Trust, Inc. 3,066 26,858
EastGroup Properties, Inc. 1,330 176,438
Innovative Industrial Properties, Inc. 150 15,635
Investors Real Estate Trust 1,623 117,343
Klepierre 1,338 23,172
Lexington Realty Trust 12,400 143,840
New Senior Investment Group, Inc. 33,300 113,220
Office Properties Income Trust 4,975 125,121
Piedmont Office Realty Trust, Inc. 3,050 49,441
QTS Realty Trust Inc., Class A 2,300 165,485
Retail Value, Inc. 9,153 115,877
Uniti Group, Inc. 14,500 143,550
Total   1,215,980
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
45
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate Management & Development 0.0%
Aldar Properties PJSC 33,269 15,807
China Aoyuan Group Ltd. 17,000 21,439
Daito Trust Construction Co., Ltd. 100 7,842
Emaar Properties PJSC(b) 15,996 11,313
Logan Group Co., Ltd. 28,000 48,524
RE/MAX Holdings, Inc., Class A 3,425 110,867
Realogy Holdings Corp. 8,000 72,480
RMR Group, Inc. (The), Class A 1,300 37,388
Shui On Land Ltd. 384,000 57,010
Yuexiu Property Co., Ltd. 198,000 36,301
Total   418,971
Total Real Estate 1,634,951
Utilities 0.1%
Electric Utilities 0.1%
Endesa SA 4,939 140,894
Enel SpA 5,100 46,719
Manila Electric Co. 3,980 21,487
Otter Tail Corp. 675 25,819
Portland General Electric Co. 3,040 134,155
Total   369,074
Gas Utilities 0.0%
Chesapeake Utilities Corp. 870 73,506
Naturgy Energy Group SA 4,794 89,207
ONE Gas, Inc. 620 46,934
PT Perusahaan Gas Negara Tbk 123,300 10,719
Southwest Gas Holdings, Inc. 2,050 142,762
Total   363,128
Independent Power and Renewable Electricity Producers 0.0%
Atlantic Power Corp.(b) 9,200 18,032
Colbun SA 315,957 57,172
Total   75,204
Common Stocks (continued)
Issuer Shares Value ($)
Multi-Utilities 0.0%
Avista Corp. 2,975 110,462
NorthWestern Corp. 1,015 57,104
Unitil Corp. 2,575 111,111
Total   278,677
Total Utilities 1,086,083
Total Common Stocks
(Cost $30,172,578) 		30,835,866
Equity Funds 41.3%
  Shares Value ($)
International 10.9%
Columbia Emerging Markets Fund, Institutional 3 Class(a) 2,258,497 34,509,838
Columbia Overseas Core Fund, Institutional 3 Class(a) 7,408,845 67,865,025
Columbia Overseas Value Fund, Institutional 3 Class(a) 2,043,326 16,448,770
Columbia Pacific/Asia Fund, Institutional 3 Class(a) 3,349,010 36,939,578
Total 155,763,211
U.S. Large Cap 28.6%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 2,411,909 69,125,317
Columbia Disciplined Core Fund, Institutional 3 Class(a) 6,081,058 74,128,099
Columbia Disciplined Growth Fund, Institutional 3 Class(a) 5,733,058 60,770,414
Columbia Disciplined Value Fund, Institutional 3 Class(a) 9,234,953 75,634,262
Columbia Large Cap Growth Fund, Institutional 3 Class(a),(b) 440,535 23,718,384
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 4,967,789 74,516,829
Columbia Select Large Cap Growth Fund, Institutional 3 Class(a),(b) 1,204,456 18,693,164
Columbia Select Large Cap Value Fund, Institutional 3 Class(a) 595,223 14,606,770
Total 411,193,239
 
The accompanying Notes to Financial Statements are an integral part of this statement.
46 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2020 (Unaudited)
Equity Funds (continued)
  Shares Value ($)
U.S. Small Cap 1.8%
Columbia Small Cap Growth Fund I, Institutional 3 Class(a),(b) 282,038 7,541,690
Columbia Small Cap Index Fund, Institutional 3 Class(a) 978,826 18,920,713
Total 26,462,403
Total Equity Funds
(Cost $525,603,026) 		593,418,853
Fixed Income Funds 45.2%
Emerging Markets 1.6%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 2,053,771 23,084,381
High Yield 7.1%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 2,441,755 7,129,925
Columbia Income Opportunities Fund, Institutional 3 Class(a) 9,764,650 94,619,453
Total 101,749,378
Investment Grade 36.5%
Columbia Corporate Income Fund, Institutional 3 Class(a) 7,303,930 84,433,434
Columbia Limited Duration Credit Fund, Institutional 3 Class(a) 3,145,422 32,680,932
Columbia Mortgage Opportunities Fund, Institutional 3 Class(a) 2,281,378 22,676,894
Columbia Quality Income Fund, Institutional 3 Class(a) 11,893,983 67,082,067
Columbia Short Term Bond Fund, Institutional 3 Class(a) 6,352,216 63,331,594
Fixed Income Funds (continued)
  Shares Value ($)
Columbia Total Return Bond Fund, Institutional 3 Class(a) 18,754,949 185,861,545
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 5,509,192 68,534,351
Total 524,600,817
Total Fixed Income Funds
(Cost $621,506,874) 		649,434,576
    
Preferred Stocks 0.0%
Issuer   Shares Value ($)
Utilities 0.0%
Electric Utilities 0.0%
Cia Paranaense de Energia   900 11,530
Total Utilities 11,530
Total Preferred Stocks
(Cost $10,909) 		11,530
    
Money Market Funds 5.8%
  Shares Value ($)
Columbia Government Money Market Fund, Institutional 3 Class, 0.010%(a),(d) 12,156,509 12,156,509
Columbia Short-Term Cash Fund, 0.177%(a),(d) 70,324,775 70,324,775
Total Money Market Funds
(Cost $82,485,036) 		82,481,284
Total Investments in Securities
(Cost: $1,323,833,798) 		1,416,847,786
Other Assets & Liabilities, Net   18,556,223
Net Assets 1,435,404,009
 
At July 31, 2020, securities and/or cash totaling $18,489,810 were pledged as collateral.
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
172,000 AUD 118,617 USD Morgan Stanley 08/19/2020 — (4,276)
137,000 CAD 101,160 USD Morgan Stanley 08/19/2020 — (1,124)
23,254,000 CLP 28,367 USD Morgan Stanley 08/19/2020 — (2,355)
5,040,000 JPY 47,156 USD Morgan Stanley 08/19/2020 — (465)
62,720,000 KRW 52,008 USD Morgan Stanley 08/19/2020 — (556)
1,334,000 MXN 59,431 USD Morgan Stanley 08/19/2020 — (390)
284,000 MYR 66,271 USD Morgan Stanley 08/19/2020 — (750)
272,000 NOK 29,699 USD Morgan Stanley 08/19/2020 — (188)
1,547,000 TWD 52,714 USD Morgan Stanley 08/19/2020 — (110)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
47
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2020 (Unaudited)
Forward foreign currency exchange contracts (continued)
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
74,414 USD 396,000 BRL Morgan Stanley 08/19/2020 1,447 —
94,439 USD 76,000 GBP Morgan Stanley 08/19/2020 5,054 —
28,767 USD 421,887,000 IDR Morgan Stanley 08/19/2020 — (56)
66,005 USD 5,026,000 INR Morgan Stanley 08/19/2020 1,009 —
39,677 USD 2,828,000 RUB Morgan Stanley 08/19/2020 — (1,653)
47,201 USD 1,456,000 THB Morgan Stanley 08/19/2020 — (511)
47,068 USD 823,000 ZAR Morgan Stanley 08/19/2020 997 —
Total       8,507 (12,434)
    
Long futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
CAC40 Index 72 08/2020 EUR 3,442,320 — (172,390)
EURO STOXX 50 Index 316 09/2020 EUR 10,058,280 75,152 —
FTSE 100 Index 58 09/2020 GBP 3,414,170 — (111,367)
FTSE/MIB Index 72 09/2020 EUR 6,874,920 69,379 —
MSCI EAFE Index 131 09/2020 USD 11,879,080 404,711 —
Russell 2000 Index E-mini 1 09/2020 USD 73,890 6,205 —
S&P 500 Index E-mini 576 09/2020 USD 93,988,800 6,904,812 —
U.S. Treasury 10-Year Note 290 09/2020 USD 40,622,656 371,029 —
U.S. Ultra Treasury Bond 66 09/2020 USD 15,027,375 574,645 —
Total         8,405,933 (283,757)
    
Short futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
MSCI Emerging Markets Index (458) 09/2020 USD (24,486,970) — (2,515,130)
Russell 2000 Index E-mini (71) 09/2020 USD (5,246,190) — (355,636)
TOPIX Index (48) 09/2020 JPY (718,320,000) 291,231 —
Total         291,231 (2,870,766)
    
Cleared credit default swap contracts - sell protection
Reference
entity 		Counterparty Maturity
date 		Receive
fixed
rate
(%) 		Payment
frequency 		Implied
credit
spread
(%)* 		Notional
currency 		Notional
amount 		Value
($) 		Upfront
payments
($) 		Upfront
receipts
($) 		Unrealized
appreciation
($) 		Unrealized
depreciation
($)
Markit CDX Emerging Markets Index, Series 33 Morgan Stanley 06/20/2025 1.000 Quarterly 1.911 USD 21,816,750 2,039,856 — — 2,039,856 —
Markit CDX North America Investment Grade Index, Series 34 Morgan Stanley 06/20/2025 1.000 Quarterly 0.700 USD 39,498,000 509,113 — — 509,113 —
Total               2,548,969 — — 2,548,969 —
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The accompanying Notes to Financial Statements are an integral part of this statement.
48 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2020 (Unaudited)
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended July 31, 2020 are as follows:
    
Affiliated issuers Beginning
of period($) 		Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($) 		End of
period($) 		Capital gain
distributions($) 		Realized gain
(loss)($) 		Dividends —
affiliated
issuers ($) 		End of
period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
  12,915,862 132,229 (16,934,020) 3,885,929 — — (5,356,653) — —
Columbia Contrarian Core Fund, Institutional 3 Class
  66,150,725 922,400 (673,573) 2,725,765 69,125,317 — 285,959 — 2,411,909
Columbia Contrarian Europe Fund, Institutional 3 Class
  42,010,847 489,316 (37,974,474) (4,525,689) — — 61,966 113,151 —
Columbia Corporate Income Fund, Institutional 3 Class
  62,177,484 27,572,668 (8,451,043) 3,134,325 84,433,434 — 676,437 886,075 7,303,930
Columbia Disciplined Core Fund, Institutional 3 Class
  62,311,255 12,926,801 (2,236,272) 1,126,315 74,128,099 — 1,922,316 — 6,081,058
Columbia Disciplined Growth Fund, Institutional 3 Class
  60,295,947 137,524 (5,990,357) 6,327,300 60,770,414 — (226,096) — 5,733,058
Columbia Disciplined Value Fund, Institutional 3 Class
  85,907,321 724,606 (2,241,726) (8,755,939) 75,634,262 — (151,736) — 9,234,953
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  23,805,356 458,284 (660,346) (518,913) 23,084,381 — (27,472) 378,623 2,053,771
Columbia Emerging Markets Fund, Institutional 3 Class
  35,685,319 116,311 (2,813,382) 1,521,590 34,509,838 — 1,306,749 — 2,258,497
Columbia Government Money Market Fund, Institutional 3 Class, 0.010%
  12,497,298 270,831 (611,620) — 12,156,509 — — 23,470 12,156,509
Columbia High Yield Bond Fund, Institutional 3 Class
  7,049,713 223,796 (36,067) (107,517) 7,129,925 — (1,347) 176,995 2,441,755
Columbia Income Opportunities Fund, Institutional 3 Class
  97,314,815 2,281,154 (1,658,780) (3,317,736) 94,619,453 — (98,269) 2,025,414 9,764,650
Columbia Inflation Protected Securities Fund
  14,796,451 120,908 (14,914,517) (2,842) — — (84,359) 106,252 —
Columbia Large Cap Growth Fund, Institutional 3 Class
  21,793,693 115,570 (582,050) 2,391,171 23,718,384 — 644,328 — 440,535
Columbia Limited Duration Credit Fund, Institutional 3 Class
  33,780,404 457,806 (2,253,342) 696,064 32,680,932 — (14,043) 333,403 3,145,422
Columbia Mortgage Opportunities Fund, Institutional 3 Class
  24,076,313 520,181 (1,433,040) (486,560) 22,676,894 — (25,250) 426,277 2,281,378
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class
  3,450,790 — — (51,575) 3,399,215 — — — 468,857
Columbia Multi-Asset Income Fund, Institutional 3 Class
  41,982,257 16,839,756 — (1,555,551) 57,266,462 — — 1,317,044 6,204,384
Columbia Overseas Core Fund, Institutional 3 Class
  32,647,070 37,957,628 (3,035,445) 295,772 67,865,025 261,806 (400,538) — 7,408,845
Columbia Overseas Value Fund, Institutional 3 Class
  18,540,820 502,870 (19,936) (2,574,984) 16,448,770 90,543 352 — 2,043,326
Columbia Pacific/Asia Fund, Institutional 3 Class
  35,831,036 182,581 (1,845,329) 2,771,290 36,939,578 — 507,827 — 3,349,010
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
49
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2020 (Unaudited)
Notes to Portfolio of Investments  (continued)
Affiliated issuers Beginning
of period($) 		Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($) 		End of
period($) 		Capital gain
distributions($) 		Realized gain
(loss)($) 		Dividends —
affiliated
issuers ($) 		End of
period shares
Columbia Quality Income Fund, Institutional 3 Class
  64,458,721 9,335,581 (7,073,435) 361,200 67,082,067 — 13,618 842,474 11,893,983
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  60,083,348 15,630,253 (2,252,356) 1,055,584 74,516,829 1,874,353 556,843 670,372 4,967,789
Columbia Select Large Cap Growth Fund, Institutional 3 Class
  34,267,279 1,524,109 (22,918,337) 5,820,113 18,693,164 1,395,044 (5,698,118) — 1,204,456
Columbia Select Large Cap Value Fund, Institutional 3 Class
  29,775,830 152,935 (7,898,866) (7,423,129) 14,606,770 — 3,947,018 — 595,223
Columbia Short Term Bond Fund, Institutional 3 Class
  62,877,039 874,085 — (419,530) 63,331,594 — — 874,085 6,352,216
Columbia Short-Term Cash Fund, 0.177%
  121,408,505 167,589,265 (218,659,576) (13,419) 70,324,775 — 23,049 392,699 70,324,775
Columbia Small Cap Growth Fund I, Institutional 3 Class
  — 13,712,800 (6,850,821) 679,711 7,541,690 — 365,703 — 282,038
Columbia Small Cap Index Fund, Institutional 3 Class
  21,243,313 265,431 — (2,588,031) 18,920,713 254,283 — 11,147 978,826
Columbia Total Return Bond Fund, Institutional 3 Class
  188,238,886 2,746,278 (14,988,162) 9,864,543 185,861,545 — (26,570) 2,375,835 18,754,949
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  71,318,406 968,320 (7,427,430) 3,675,055 68,534,351 — 684,088 574,950 5,509,192
Total 1,448,692,103     13,990,312 1,386,000,390 3,876,029 (1,114,198) 11,528,266  
    
(b) Non-income producing investment.
(c) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At July 31, 2020, the total value of these securities amounted to $139,091, which represents 0.01% of total net assets.
(d) The rate shown is the seven-day current annualized yield at July 31, 2020.
Abbreviation Legend
ADR American Depositary Receipt
Currency Legend
AUD Australian Dollar
BRL Brazilian Real
CAD Canada Dollar
CLP Chilean Peso
EUR Euro
GBP British Pound
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
The accompanying Notes to Financial Statements are an integral part of this statement.
50 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2020 (Unaudited)
Currency Legend  (continued)
RUB Russian Ruble
THB Thailand Baht
TWD New Taiwan Dollar
USD US Dollar
ZAR South African Rand
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Alternative Strategies Funds 60,665,677 — — 60,665,677
Common Stocks        
Communication Services 740,120 539,302 — 1,279,422
Consumer Discretionary 3,139,891 795,162 — 3,935,053
Consumer Staples 942,958 792,639 — 1,735,597
Energy 576,966 260,609 — 837,575
Financials 3,623,526 1,289,097 — 4,912,623
Health Care 4,362,076 893,556 — 5,255,632
Industrials 3,168,771 1,096,516 — 4,265,287
Information Technology 3,182,046 1,131,563 — 4,313,609
Materials 851,667 728,367 — 1,580,034
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
51
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2020 (Unaudited)
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Real Estate 1,413,543 221,408 — 1,634,951
Utilities 777,057 309,026 — 1,086,083
Total Common Stocks 22,778,621 8,057,245 — 30,835,866
Equity Funds 593,418,853 — — 593,418,853
Fixed Income Funds 649,434,576 — — 649,434,576
Preferred Stocks        
Utilities 11,530 — — 11,530
Total Preferred Stocks 11,530 — — 11,530
Money Market Funds 82,481,284 — — 82,481,284
Total Investments in Securities 1,408,790,541 8,057,245 — 1,416,847,786
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts — 8,507 — 8,507
Futures Contracts 8,697,164 — — 8,697,164
Swap Contracts — 2,548,969 — 2,548,969
Liability        
Forward Foreign Currency Exchange Contracts — (12,434) — (12,434)
Futures Contracts (3,154,523) — — (3,154,523)
Total 1,414,333,182 10,602,287 — 1,424,935,469
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
52 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2020 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 3.1%
  Shares Value ($)
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class(a),(b) 468,858 3,399,215
Columbia Multi-Asset Income Fund, Institutional 3 Class(a) 6,062,699 55,958,713
Total Alternative Strategies Funds
(Cost $64,004,967) 		59,357,928
Common Stocks 1.6%
Issuer Shares Value ($)
Communication Services 0.1%
Diversified Telecommunication Services 0.1%
Cogent Communications Holdings, Inc. 1,720 154,989
Consolidated Communications Holdings, Inc.(b) 14,400 105,120
Hellenic Telecommunications Organization SA 2,287 33,650
Nippon Telegraph & Telephone Corp. 4,100 95,167
Ooredoo QPSC 8,100 15,001
Telekom Malaysia Bhd 44,300 41,806
United Internet AG 622 28,225
Total   473,958
Entertainment 0.0%
Glu Mobile, Inc.(b) 3,800 35,872
NetEase, Inc., ADR 99 45,384
Total   81,256
Interactive Media & Services 0.0%
DHI Group, Inc.(b) 18,700 46,750
EverQuote, Inc., Class A(b) 550 29,947
Kakao Corp. 66 19,148
Momo, Inc., ADR 1,561 28,832
Tencent Holdings Ltd. 900 61,738
Yelp, Inc.(b) 500 12,490
Total   198,905
Media 0.0%
Gray Television, Inc.(b) 3,400 48,756
National CineMedia, Inc. 8,100 20,007
TechTarget, Inc.(b) 4,325 156,954
WPP PLC 5,123 37,994
Total   263,711
Common Stocks (continued)
Issuer Shares Value ($)
Wireless Telecommunication Services 0.0%
America Movil SAB de CV 89,963 56,795
NTT DoCoMo, Inc. 1,500 41,297
Total   98,092
Total Communication Services 1,115,922
Consumer Discretionary 0.2%
Auto Components 0.0%
Hyundai Mobis Co., Ltd. 36 6,230
Magna International, Inc. 2,278 105,290
Modine Manufacturing Co.(b) 5,300 28,832
Total   140,352
Automobiles 0.0%
BAIC Motor Corp., Ltd., Class H(c) 100,500 49,010
Peugeot SA(b) 4,091 65,762
Total   114,772
Diversified Consumer Services 0.0%
Collectors Universe, Inc. 1,875 71,362
Perdoceo Education Corp.(b) 7,500 108,000
Strategic Education, Inc. 360 45,436
WW International, Inc.(b) 3,100 79,918
Total   304,716
Hotels, Restaurants & Leisure 0.0%
Brinker International, Inc. 1,175 31,596
Jack in the Box, Inc. 1,510 123,986
Marriott Vacations Worldwide Corp. 1,790 151,541
Papa John’s International, Inc. 1,710 161,886
Sodexo SA 121 8,351
Wingstop, Inc. 480 75,000
Total   552,360
Household Durables 0.1%
Berkeley Group Holdings PLC 584 33,884
M/I Homes, Inc.(b) 2,600 108,238
Meritage Homes Corp.(b) 1,900 188,442
Sekisui House Ltd. 4,700 85,840
Sony Corp. 1,800 139,851
Taylor Morrison Home Corp., Class A(b) 7,150 167,667
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
53
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
TopBuild Corp.(b) 1,180 155,666
TRI Pointe Group, Inc.(b) 9,400 157,168
Total   1,036,756
Internet & Direct Marketing Retail 0.0%
Alibaba Group Holding Ltd., ADR(b) 332 83,338
PetMed Express, Inc. 1,450 45,240
Stamps.com, Inc.(b) 685 178,292
Vipshop Holdings Ltd., ADR(b) 2,861 65,145
Total   372,015
Leisure Products 0.0%
Malibu Boats, Inc., Class A(b) 1,050 61,719
Sega Sammy Holdings, Inc. 2,800 31,566
Total   93,285
Multiline Retail 0.0%
Canadian Tire Corp., Ltd., Class A 400 36,878
Don Quijote Holdings Co., Ltd. 1,500 33,997
Total   70,875
Specialty Retail 0.1%
Asbury Automotive Group, Inc.(b) 1,050 105,158
Camping World Holdings, Inc., Class A 3,225 118,099
Hudson Ltd., Class A(b) 10,000 43,800
Lithia Motors, Inc., Class A 760 174,154
Restoration Hardware Holdings, Inc.(b) 565 162,398
Sleep Number Corp.(b) 2,700 125,550
Sportsman’s Warehouse Holdings, Inc.(b) 6,950 111,825
Winmark Corp. 250 39,745
Yamada Denki Co., Ltd. 3,900 16,921
Zumiez, Inc.(b) 700 16,170
Total   913,820
Textiles, Apparel & Luxury Goods 0.0%
Deckers Outdoor Corp.(b) 500 104,625
Lakeland Industries, Inc.(b) 3,400 80,444
Pandora A/S 1,263 80,329
Total   265,398
Total Consumer Discretionary 3,864,349
Consumer Staples 0.1%
Beverages 0.0%
Coca-Cola European Partners PLC 1,746 71,883
Common Stocks (continued)
Issuer Shares Value ($)
Food & Staples Retailing 0.1%
Coles Group Ltd. 3,897 50,523
Ingles Markets, Inc., Class A 2,900 116,725
Koninklijke Ahold Delhaize NV 4,242 122,173
Lawson, Inc. 800 39,837
Loblaw Companies Ltd. 100 5,188
SpartanNash Co. 6,550 137,714
Weis Markets, Inc. 825 41,102
Welcia Holdings Co., Ltd. 800 73,308
Total   586,570
Food Products 0.0%
China Milk Products Group Ltd.(b),(d),(e) 322,000 0
JBS SA 7,500 31,156
John B. Sanfilippo & Son, Inc. 1,350 119,030
Nestlé SA, Registered Shares 77 9,157
Seneca Foods Corp., Class A(b) 975 38,201
Tingyi Cayman Islands Holding Corp. 6,000 11,185
Uni-President Enterprises Corp. 16,000 39,050
Total   247,779
Household Products 0.0%
Kimberly-Clark de Mexico SAB de CV 4,703 7,732
Personal Products 0.0%
Edgewell Personal Care Co.(b) 2,700 80,703
Medifast, Inc. 1,005 167,966
Usana Health Sciences, Inc.(b) 1,605 130,294
Total   378,963
Tobacco 0.0%
British American Tobacco PLC 2,847 94,088
Swedish Match AB 1,536 118,347
Vector Group Ltd. 3,840 33,869
Total   246,304
Total Consumer Staples 1,539,231
Energy 0.0%
Energy Equipment & Services 0.0%
Helix Energy Solutions Group, Inc.(b) 8,700 36,453
Matrix Service Co.(b) 9,450 82,735
Patterson-UTI Energy, Inc. 34,800 134,850
Total   254,038
 
The accompanying Notes to Financial Statements are an integral part of this statement.
54 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Oil, Gas & Consumable Fuels 0.0%
Caltex Australia Ltd. 2,219 41,595
Canadian Natural Resources Ltd. 1,400 24,698
CNX Resources Corp.(b) 5,700 55,005
Coal India Ltd. 9,146 15,783
Comstock Resources, Inc.(b) 3,500 18,760
DHT Holdings, Inc. 6,700 38,056
Dorian LPG Ltd.(b) 1,300 11,102
ENI SpA 2,379 21,191
Equinor ASA 3,193 47,873
Imperial Oil Ltd. 1,200 18,769
Lukoil PJSC 305 20,943
Lundin Energy AB 338 7,884
Montage Resources Corp.(b) 6,800 29,172
OMV AG(b) 828 26,150
Scorpio Tankers, Inc. 1,050 13,881
Suncor Energy, Inc. 3,500 55,056
W&T Offshore, Inc.(b) 5,700 12,882
World Fuel Services Corp. 2,175 51,178
Total   509,978
Total Energy 764,016
Financials 0.2%
Banks 0.1%
Bancorp, Inc. (The)(b) 13,300 125,419
BNP Paribas SA(b) 2,298 92,710
Bridge Bancorp, Inc. 1,600 28,944
Camden National Corp. 1,750 55,458
China Minsheng Banking Corp. Ltd., Class H 57,500 36,216
Customers Bancorp, Inc.(b) 6,290 74,536
First BanCorp 17,500 95,200
First Foundation, Inc. 8,300 127,571
First of Long Island Corp. (The) 1,200 17,892
Fulton Financial Corp. 6,100 59,170
Great Southern Bancorp, Inc. 1,650 59,516
Hilltop Holdings, Inc. 7,350 143,104
Independent Bank Corp. 8,900 124,288
International Bancshares Corp. 3,765 114,531
Investors Bancorp, Inc. 13,900 112,868
Masraf Al Rayan QSC 19,200 20,851
Common Stocks (continued)
Issuer Shares Value ($)
Mediobanca Banca di Credito Finanziario SpA 2,566 20,723
Mercantile Bank Corp. 1,350 28,742
Metropolitan Bank Holding Corp.(b) 400 11,832
Midland States Bancorp, Inc. 2,950 41,566
National Bank of Canada 1,800 84,984
Nicolet Bankshares, Inc.(b) 825 46,217
Postal Savings Bank of China Co., Ltd.(c) 87,000 47,932
Preferred Bank 2,475 92,194
Qatar International Islamic Bank QSC 6,300 14,206
QCR Holdings, Inc. 4,050 121,014
RHB Bank Bhd 51,800 61,339
Royal Bank of Canada 1,200 82,780
Simmons First National Corp., Class A 8,500 141,015
Sumitomo Mitsui Trust Holdings, Inc. 300 7,702
Turkiye Is Bankasi AS(b) 11,411 7,855
Total   2,098,375
Capital Markets 0.0%
Artisan Partners Asset Management, Inc., Class A 4,650 168,469
CI Financial Corp. 400 5,498
Cohen & Steers, Inc. 2,200 132,396
Federated Hermes, Inc., Class B 5,425 143,003
Houlihan Lokey, Inc. 760 41,648
IGM Financial, Inc. 3,200 78,671
Singapore Exchange 6,900 41,161
Standard Life Aberdeen PLC 8,909 28,997
Waddell & Reed Financial, Inc., Class A 8,200 119,638
Total   759,481
Consumer Finance 0.0%
Encore Capital Group, Inc.(b) 400 14,612
Diversified Financial Services 0.0%
EXOR NV 126 7,076
REC Ltd. 10,540 14,083
Wendel SA 75 7,039
Yuanta Financial Holding Co. Ltd. 74,000 45,531
Total   73,729
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
55
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Insurance 0.1%
Ageas SA/NV 1,127 42,190
Allianz SE, Registered Shares 630 130,709
American Equity Investment Life Holding Co. 2,750 69,988
AMERISAFE, Inc. 210 13,327
Assicurazioni Generali SpA 6,059 90,980
AXA SA 863 17,315
CNO Financial Group, Inc. 1,100 16,610
CNP Assurances(b) 2,817 34,215
Genworth Financial, Inc., Class A(b) 15,700 32,028
Horace Mann Educators Corp. 2,525 94,890
iA Financial Corp., Inc. 300 10,533
Japan Post Insurance Co., Ltd. 2,300 30,577
Old Mutual Ltd. 18,711 12,564
Selective Insurance Group, Inc. 400 21,736
Stewart Information Services Corp. 3,550 148,922
Swiss Life Holding AG, Registered Shares 238 86,975
Total   853,559
Mortgage Real Estate Investment Trusts (REITS) 0.0%
Ares Commercial Real Estate Corp. 12,800 116,864
ARMOUR Residential REIT, Inc. 2,300 21,482
Great Ajax Corp. 4,000 34,480
KKR Real Estate Finance Trust, Inc. 1,000 16,650
Total   189,476
Thrifts & Mortgage Finance 0.0%
Essent Group Ltd. 4,075 146,007
Federal Agricultural Mortgage Corp. 1,830 108,903
Flagstar Bancorp, Inc. 4,850 152,193
Meridian Bancorp, Inc. 3,600 41,058
Meta Financial Group, Inc. 6,825 127,355
NMI Holdings, Inc., Class A(b) 4,550 70,616
Radian Group, Inc. 8,600 128,312
Total   774,444
Total Financials 4,763,676
Common Stocks (continued)
Issuer Shares Value ($)
Health Care 0.3%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.(b) 2,418 100,516
Acceleron Pharma, Inc.(b) 610 60,494
Arcutis Biotherapeutics, Inc.(b) 2,616 69,847
Arena Pharmaceuticals, Inc.(b) 2,815 172,813
Arrowhead Pharmaceuticals, Inc.(b) 1,220 52,545
Atara Biotherapeutics, Inc.(b) 2,430 30,108
BeiGene Ltd., ADR(b) 122 25,498
BELLUS Health, Inc.(b) 2,974 7,792
Black Diamond Therapeutics, Inc.(b) 2,255 62,734
bluebird bio, Inc.(b) 920 55,844
Blueprint Medicines Corp.(b) 1,090 79,766
CSL Ltd. 107 20,812
Dynavax Technologies Corp.(b) 11,145 90,386
Fate Therapeutics, Inc.(b) 2,610 81,615
Gossamer Bio, Inc.(b) 2,294 27,344
Immunomedics, Inc.(b) 3,180 134,291
Insmed, Inc.(b) 5,796 151,392
Iovance Biotherapeutics, Inc.(b) 1,150 33,431
Karuna Therapeutics, Inc.(b) 240 19,632
Mirati Therapeutics, Inc.(b) 990 120,097
Momenta Pharmaceuticals, Inc.(b) 1,400 41,286
Novavax, Inc.(b) 580 82,998
Precision BioSciences, Inc.(b) 4,356 27,704
Revolution Medicines, Inc.(b) 2,762 66,619
Rubius Therapeutics, Inc.(b) 3,440 16,890
Sage Therapeutics, Inc.(b) 1,540 70,178
Sarepta Therapeutics, Inc.(b) 635 97,485
SpringWorks Therapeutics, Inc.(b) 3,064 130,618
TCR2 Therapeutics, Inc.(b) 4,340 72,695
Turning Point Therapeutics, Inc.(b) 1,638 97,019
uniQure NV(b) 1,305 54,458
Vir Biotechnology, Inc.(b) 925 44,178
Xencor, Inc.(b) 1,400 42,126
Zentalis Pharmaceuticals, Inc.(b) 1,064 36,708
Total   2,277,919
 
The accompanying Notes to Financial Statements are an integral part of this statement.
56 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Equipment & Supplies 0.0%
CONMED Corp. 530 43,746
Electromed, Inc.(b) 1,000 16,590
Integer Holdings Corp.(b) 1,945 127,923
Invacare Corp. 5,900 41,536
Lantheus Holdings, Inc.(b) 8,300 111,884
Natus Medical, Inc.(b) 6,200 115,196
Varex Imaging Corp.(b) 4,350 68,208
Total   525,083
Health Care Providers & Services 0.1%
Corvel Corp.(b) 930 73,926
Ensign Group, Inc. (The) 1,000 45,990
Magellan Health, Inc.(b) 1,975 146,486
Owens & Minor, Inc. 9,800 157,584
Providence Service Corp. (The)(b) 1,620 131,236
Tenet Healthcare Corp.(b) 5,675 150,047
Triple-S Management Corp., Class B(b) 6,400 124,544
Total   829,813
Health Care Technology 0.0%
Omnicell, Inc.(b) 1,074 75,491
Life Sciences Tools & Services 0.0%
Fluidigm(b) 4,000 28,160
Medpace Holdings, Inc.(b) 1,360 162,316
Pacific Biosciences of California, Inc.(b) 33,200 123,836
Total   314,312
Pharmaceuticals 0.1%
Aerie Pharmaceuticals, Inc.(b) 2,140 24,738
Amneal Pharmaceuticals, Inc.(b) 25,600 110,848
Amphastar Pharmaceuticals, Inc.(b) 5,400 108,108
Astellas Pharma, Inc. 6,200 96,707
Chugai Pharmaceutical Co., Ltd. 600 27,090
GlaxoSmithKline PLC 6,050 120,518
GW Pharmaceuticals PLC, ADR(b) 900 114,867
Novartis AG, Registered Shares 1,733 142,742
Novo Nordisk A/S, Class B 471 30,904
Odonate Therapeutics, Inc.(b) 2,700 98,199
Osmotica Pharmaceuticals PLC(b) 3,700 19,795
Phibro Animal Health Corp., Class A 4,050 93,940
Common Stocks (continued)
Issuer Shares Value ($)
Prestige Consumer Healthcare, Inc.(b) 3,775 140,392
Reata Pharmaceuticals, Inc., Class A(b) 490 72,373
Roche Holding AG, Genusschein Shares 495 171,446
Sanofi 108 11,340
Supernus Pharmaceuticals, Inc.(b) 1,720 38,296
Total   1,422,303
Total Health Care 5,444,921
Industrials 0.2%
Air Freight & Logistics 0.0%
HUB Group, Inc., Class A(b) 1,725 91,252
Airlines 0.0%
Skywest, Inc. 1,200 31,572
Building Products 0.0%
Builders FirstSource, Inc.(b) 4,350 103,052
Caesarstone Ltd. 10,050 115,273
CSW Industrials, Inc. 1,720 114,879
Insteel Industries, Inc. 6,300 117,432
Quanex Building Products Corp. 8,400 118,020
UFP Industries, Inc. 3,200 186,304
Total   754,960
Commercial Services & Supplies 0.0%
Brady Corp., Class A 2,975 136,761
Dai Nippon Printing Co., Ltd. 600 13,035
Herman Miller, Inc. 1,700 39,831
HNI Corp. 4,875 144,787
Matthews International Corp., Class A 1,550 33,480
Tetra Tech, Inc. 290 25,709
Total   393,603
Construction & Engineering 0.0%
ACS Actividades de Construccion y Servicios SA 1,392 32,290
Aegion Corp.(b) 3,550 54,741
Bouygues SA(b) 987 34,867
CIMIC Group Ltd. 3,194 49,141
MasTec, Inc.(b) 3,100 123,318
Obayashi Corp. 9,100 81,248
Samsung Engineering Co., Ltd.(b) 8,072 80,961
Skanska AB, Class B(b) 456 9,205
Total   465,771
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
57
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Electrical Equipment 0.0%
Atkore International Group, Inc.(b) 4,275 114,014
Thermon(b) 1,950 26,423
Total   140,437
Industrial Conglomerates 0.0%
CITIC Ltd. 8,000 7,509
Machinery 0.1%
Andritz AG 355 11,919
Astec Industries, Inc. 2,775 123,460
Columbus McKinnon Corp. 725 24,019
GEA Group AG 2,663 96,123
KONE OYJ, Class B 542 43,040
Lydall, Inc.(b) 2,000 32,400
Mueller Industries, Inc. 5,100 142,596
REV Group, Inc. 6,800 44,200
Rexnord Corp. 4,800 139,056
Sinotruk Hong Kong Ltd. 20,000 62,413
SPX Corp.(b) 2,200 92,400
Weichai Power Co., Ltd., Class H 26,000 55,683
Total   867,309
Marine 0.0%
Costamare, Inc. 15,900 72,345
Professional Services 0.0%
Adecco Group AG, Registered Shares 747 35,298
Barrett Business Services, Inc. 1,660 87,449
Heidrick & Struggles International, Inc. 4,200 84,966
Kforce, Inc. 4,450 128,338
Wolters Kluwer NV 363 28,589
Total   364,640
Road & Rail 0.0%
ArcBest Corp. 3,890 118,217
Aurizon Holdings Ltd. 24,622 78,518
Werner Enterprises, Inc. 2,300 101,166
Total   297,901
Common Stocks (continued)
Issuer Shares Value ($)
Trading Companies & Distributors 0.1%
Applied Industrial Technologies, Inc. 1,925 121,506
BMC Stock Holdings, Inc.(b) 4,000 102,400
Foundation Building Materials, Inc.(b) 1,100 15,103
GMS, Inc.(b) 6,250 146,437
ITOCHU Corp. 2,000 43,853
MRC Global, Inc.(b) 20,100 119,595
Rush Enterprises, Inc., Class A 2,825 134,414
Veritiv Corp.(b) 7,400 113,294
Total   796,602
Total Industrials 4,283,901
Information Technology 0.2%
Electronic Equipment, Instruments & Components 0.0%
Benchmark Electronics, Inc. 5,450 110,962
Methode Electronics, Inc. 4,450 125,490
Plexus Corp.(b) 2,100 156,009
Rogers Corp.(b) 1,260 150,179
Sanmina Corp.(b) 5,400 160,272
Scansource, Inc.(b) 5,600 128,520
Vishay Intertechnology, Inc. 8,750 137,288
Total   968,720
IT Services 0.1%
Capgemini SE 302 39,168
Endurance International Group Holdings Inc(b) 19,600 111,132
EVERTEC, Inc. 4,275 132,739
Fujitsu Ltd. 400 53,558
Hackett Group 6,900 95,151
MAXIMUS, Inc. 1,585 117,623
NIC, Inc. 6,150 134,808
Otsuka Corp. 600 31,283
Perspecta, Inc. 7,100 151,940
TTEC Holdings, Inc. 3,025 143,566
Wipro Ltd. 9,400 35,236
Total   1,046,204
 
The accompanying Notes to Financial Statements are an integral part of this statement.
58 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Semiconductors & Semiconductor Equipment 0.1%
Amkor Technology, Inc.(b) 10,945 148,797
Formfactor, Inc.(b) 2,100 60,564
NeoPhotonics Corp.(b) 12,700 115,697
Novatek Microelectronics 10,000 99,129
Photronics, Inc.(b) 2,100 24,948
Realtek Semiconductor Corp. 4,000 51,033
Synaptics, Inc.(b) 2,225 178,045
Tokyo Electron Ltd. 400 110,687
Ultra Clean Holdings, Inc.(b) 6,350 191,071
United Microelectronics Corp. 109,000 82,654
Total   1,062,625
Software 0.0%
ChannelAdvisor Corp.(b) 7,150 145,646
Check Point Software Technologies Ltd.(b) 336 42,118
j2 Global, Inc.(b) 2,095 118,828
MicroStrategy, Inc., Class A(b) 150 18,588
Progress Software Corp. 4,000 139,440
Qualys, Inc.(b) 1,550 191,394
SPS Commerce, Inc.(b) 1,765 132,675
Trend Micro, Inc. 1,500 87,973
Xperi Holding Corp. 8,050 148,442
Total   1,025,104
Technology Hardware, Storage & Peripherals 0.0%
Logitech International SA 376 27,429
Samsung Electronics Co., Ltd. 3,272 159,915
Total   187,344
Total Information Technology 4,289,997
Materials 0.1%
Chemicals 0.0%
Chase Corp. 320 32,179
Innospec, Inc. 1,300 97,721
Kraton Performance Polymers, Inc.(b) 3,300 43,395
Mexichem SAB de CV 29,798 47,251
Solvay SA 174 13,505
Total   234,051
Common Stocks (continued)
Issuer Shares Value ($)
Construction Materials 0.0%
Anhui Conch Cement Co., Ltd., Class H 7,000 52,935
China National Building Material Co., Ltd., Class H 42,000 65,225
Forterra, Inc.(b) 9,400 122,106
Total   240,266
Metals & Mining 0.1%
Anglo American PLC 729 17,648
BHP Group Ltd. 4,801 126,405
Commercial Metals Co. 7,800 161,304
Fortescue Metals Group Ltd. 4,627 57,593
MMC Norilsk Nickel PJSC 35 9,269
Rio Tinto PLC 2,215 134,832
Vale SA 600 7,001
Vedanta Ltd. 19,758 30,204
Total   544,256
Paper & Forest Products 0.0%
Boise Cascade Co. 3,425 159,571
Schweitzer-Mauduit International, Inc. 4,050 131,746
Verso Corp., Class A 9,150 111,722
Total   403,039
Total Materials 1,421,612
Real Estate 0.1%
Equity Real Estate Investment Trusts (REITS) 0.1%
CorEnergy Infrastructure Trust, Inc. 3,393 29,723
EastGroup Properties, Inc. 1,470 195,010
Innovative Industrial Properties, Inc. 170 17,719
Investors Real Estate Trust 1,699 122,838
Klepierre 933 16,158
Lexington Realty Trust 13,700 158,920
New Senior Investment Group, Inc. 38,400 130,560
Office Properties Income Trust 5,500 138,325
Piedmont Office Realty Trust, Inc. 3,400 55,114
QTS Realty Trust Inc., Class A 2,570 184,912
Retail Value, Inc. 10,167 128,714
Uniti Group, Inc. 16,100 159,390
Total   1,337,383
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
59
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2020 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate Management & Development 0.0%
Aldar Properties PJSC 23,200 11,023
China Aoyuan Group Ltd. 12,000 15,133
Daito Trust Construction Co., Ltd. 100 7,842
Emaar Properties PJSC(b) 11,121 7,865
Logan Group Co., Ltd. 20,000 34,660
RE/MAX Holdings, Inc., Class A 3,800 123,006
Realogy Holdings Corp. 8,900 80,634
RMR Group, Inc. (The), Class A 1,450 41,702
Shui On Land Ltd. 267,000 39,640
Yuexiu Property Co., Ltd. 138,000 25,301
Total   386,806
Total Real Estate 1,724,189
Utilities 0.1%
Electric Utilities 0.0%
Endesa SA 3,441 98,161
Enel SpA 3,557 32,584
Manila Electric Co. 2,780 15,009
Otter Tail Corp. 750 28,687
Portland General Electric Co. 3,345 147,615
Total   322,056
Gas Utilities 0.1%
Chesapeake Utilities Corp. 965 81,533
Naturgy Energy Group SA 3,343 62,207
ONE Gas, Inc. 680 51,476
PT Perusahaan Gas Negara Tbk 85,900 7,467
Southwest Gas Holdings, Inc. 2,280 158,779
Total   361,462
Independent Power and Renewable Electricity Producers 0.0%
Atlantic Power Corp.(b) 10,200 19,992
Colbun SA 220,332 39,869
Total   59,861
Common Stocks (continued)
Issuer Shares Value ($)
Multi-Utilities 0.0%
Avista Corp. 3,300 122,529
NorthWestern Corp. 1,130 63,574
Unitil Corp. 2,850 122,977
Total   309,080
Total Utilities 1,052,459
Total Common Stocks
(Cost $30,017,855) 		30,264,273
Equity Funds 51.8%
  Shares Value ($)
International 14.1%
Columbia Emerging Markets Fund, Institutional 3 Class(a) 5,210,927 79,622,964
Columbia Overseas Core Fund, Institutional 3 Class(a) 11,687,224 107,054,975
Columbia Overseas Value Fund, Institutional 3 Class(a) 2,683,874 21,605,182
Columbia Pacific/Asia Fund, Institutional 3 Class(a) 5,667,913 62,517,086
Total 270,800,207
U.S. Large Cap 36.5%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 4,367,578 125,174,771
Columbia Disciplined Core Fund, Institutional 3 Class(a) 10,265,200 125,132,789
Columbia Disciplined Growth Fund, Institutional 3 Class(a) 7,448,933 78,958,693
Columbia Disciplined Value Fund, Institutional 3 Class(a) 15,596,729 127,737,208
Columbia Large Cap Growth Fund, Institutional 3 Class(a),(b) 1,112,798 59,913,064
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 8,085,140 121,277,104
Columbia Select Large Cap Growth Fund, Institutional 3 Class(a),(b) 2,226,714 34,558,593
Columbia Select Large Cap Value Fund, Institutional 3 Class(a) 1,160,493 28,478,508
Total 701,230,730
 
The accompanying Notes to Financial Statements are an integral part of this statement.
60 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2020 (Unaudited)
Equity Funds (continued)
  Shares Value ($)
U.S. Small Cap 1.2%
Columbia Select Small Cap Value Fund, Institutional 3 Class(a) 234,575 4,255,181
Columbia Small Cap Growth Fund I, Institutional 3 Class(a),(b) 348,486 9,318,509
Columbia Small Cap Index Fund, Institutional 3 Class(a) 492,915 9,528,051
Total 23,101,741
Total Equity Funds
(Cost $865,296,646) 		995,132,678
Fixed Income Funds 23.8%
Emerging Markets 1.1%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 1,893,217 21,279,757
High Yield 7.1%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 18,008,592 52,585,089
Columbia Income Opportunities Fund, Institutional 3 Class(a) 8,784,267 85,119,549
Total 137,704,638
Investment Grade 15.6%
Columbia Corporate Income Fund, Institutional 3 Class(a) 8,286,312 95,789,769
Columbia Mortgage Opportunities Fund, Institutional 3 Class(a) 1,821,866 18,109,343
Columbia Quality Income Fund, Institutional 3 Class(a) 17,616,592 99,357,577
Columbia Short Term Bond Fund, Institutional 3 Class(a) 4,402,472 43,892,644
Fixed Income Funds (continued)
  Shares Value ($)
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 3,411,035 42,433,282
Total 299,582,615
Total Fixed Income Funds
(Cost $441,514,997) 		458,567,010
    
Preferred Stocks 0.0%
Issuer   Shares Value ($)
Utilities 0.0%
Electric Utilities 0.0%
Cia Paranaense de Energia   600 7,687
Total Utilities 7,687
Total Preferred Stocks
(Cost $7,273) 		7,687
    
Money Market Funds 17.6%
  Shares Value ($)
Columbia Government Money Market Fund, Institutional 3 Class, 0.010%(a),(f) 17,224,790 17,224,790
Columbia Short-Term Cash Fund, 0.177%(a),(f) 321,806,285 321,806,285
Total Money Market Funds
(Cost $339,017,711) 		339,031,075
Total Investments in Securities
(Cost: $1,739,859,449) 		1,882,360,651
Other Assets & Liabilities, Net   40,250,169
Net Assets 1,922,610,820
 
At July 31, 2020, securities and/or cash totaling $40,053,011 were pledged as collateral.
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
115,000 AUD 79,311 USD Morgan Stanley 08/19/2020 — (2,856)
100,000 CAD 73,868 USD Morgan Stanley 08/19/2020 — (792)
16,221,000 CLP 19,788 USD Morgan Stanley 08/19/2020 — (1,643)
3,515,000 JPY 32,887 USD Morgan Stanley 08/19/2020 — (324)
39,610,000 KRW 32,821 USD Morgan Stanley 08/19/2020 — (375)
927,000 MXN 41,299 USD Morgan Stanley 08/19/2020 — (271)
198,000 MYR 46,203 USD Morgan Stanley 08/19/2020 — (523)
189,000 NOK 20,636 USD Morgan Stanley 08/19/2020 — (130)
1,085,000 TWD 36,972 USD Morgan Stanley 08/19/2020 — (77)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
61
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2020 (Unaudited)
Forward foreign currency exchange contracts (continued)
Currency to
be sold 		Currency to
be purchased 		Counterparty Settlement
date 		Unrealized
appreciation ($) 		Unrealized
depreciation ($)
51,864 USD 276,000 BRL Morgan Stanley 08/19/2020 1,009 —
65,859 USD 53,000 GBP Morgan Stanley 08/19/2020 3,524 —
20,069 USD 294,334,000 IDR Morgan Stanley 08/19/2020 — (39)
46,044 USD 3,506,000 INR Morgan Stanley 08/19/2020 704 —
27,569 USD 1,965,000 RUB Morgan Stanley 08/19/2020 — (1,149)
32,905 USD 1,015,000 THB Morgan Stanley 08/19/2020 — (356)
32,827 USD 574,000 ZAR Morgan Stanley 08/19/2020 695 —
Total       5,932 (8,535)
    
Long futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
CAC40 Index 119 08/2020 EUR 5,689,390 — (284,923)
EURO STOXX 50 Index 521 09/2020 EUR 16,583,430 129,629 —
FTSE 100 Index 82 09/2020 GBP 4,826,930 — (157,449)
FTSE/MIB Index 119 09/2020 EUR 11,362,715 114,668 —
MSCI EAFE Index 104 09/2020 USD 9,430,720 321,298 —
Russell 2000 Index E-mini 373 09/2020 USD 27,560,970 1,838,497 —
Russell 2000 Index E-mini 1 09/2020 USD 73,890 6,205 —
S&P 500 Index E-mini 1,174 09/2020 USD 191,567,450 13,629,147 —
U.S. Treasury 10-Year Note 546 09/2020 USD 76,482,656 698,558 —
U.S. Ultra Treasury Bond 190 09/2020 USD 43,260,625 1,654,280 —
Total         18,392,282 (442,372)
    
Short futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
MSCI Emerging Markets Index (762) 09/2020 USD (40,740,330) — (3,656,961)
TOPIX Index (96) 09/2020 JPY (1,436,640,000) 582,463 —
Total         582,463 (3,656,961)
    
Cleared credit default swap contracts - sell protection
Reference
entity 		Counterparty Maturity
date 		Receive
fixed
rate
(%) 		Payment
frequency 		Implied
credit
spread
(%)* 		Notional
currency 		Notional
amount 		Value
($) 		Upfront
payments
($) 		Upfront
receipts
($) 		Unrealized
appreciation
($) 		Unrealized
depreciation
($)
Markit CDX Emerging Markets Index, Series 33 Morgan Stanley 06/20/2025 1.000 Quarterly 1.911 USD 47,552,250 4,446,114 — — 4,446,114 —
Markit CDX North America Investment Grade Index, Series 34 Morgan Stanley 06/20/2025 1.000 Quarterly 0.700 USD 88,337,000 1,040,660 — — 1,040,660 —
Total               5,486,774 — — 5,486,774 —
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The accompanying Notes to Financial Statements are an integral part of this statement.
62 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2020 (Unaudited)
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended July 31, 2020 are as follows:
    
Affiliated issuers Beginning
of period($) 		Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($) 		End of
period($) 		Capital gain
distributions($) 		Realized gain
(loss)($) 		Dividends —
affiliated
issuers ($) 		End of
period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
  19,135,237 1,119 (24,950,486) 5,814,130 — — (8,066,269) — —
Columbia Contrarian Core Fund, Institutional 3 Class
  112,939,960 12,040,408 (4,896,645) 5,091,048 125,174,771 — 1,728,349 — 4,367,578
Columbia Contrarian Europe Fund, Institutional 3 Class
  55,348,931 189,367 (55,900,195) 361,897 — — (104,681) 147,673 —
Columbia Corporate Income Fund, Institutional 3 Class
  99,042,754 1,329,061 (9,246,790) 4,664,744 95,789,769 — 305,139 1,309,493 8,286,312
Columbia Disciplined Core Fund, Institutional 3 Class
  112,588,912 13,343,731 (2,629,784) 1,829,930 125,132,789 — 2,257,068 — 10,265,200
Columbia Disciplined Growth Fund, Institutional 3 Class
  79,927,252 505 (8,867,631) 7,898,567 78,958,693 — 160,351 — 7,448,933
Columbia Disciplined Value Fund, Institutional 3 Class
  145,488,159 41,091 (3,068,485) (14,723,557) 127,737,208 — (239,184) — 15,596,729
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  22,839,736 364,399 (1,376,569) (547,809) 21,279,757 — 98,984 344,847 1,893,217
Columbia Emerging Markets Fund, Institutional 3 Class
  86,134,237 32,118 (9,302,364) 2,758,973 79,622,964 — 4,395,049 — 5,210,927
Columbia Government Money Market Fund, Institutional 3 Class, 0.010%
  17,774,508 37,499 (587,217) — 17,224,790 — — 33,121 17,224,790
Columbia High Yield Bond Fund, Institutional 3 Class
  54,066,718 1,331,394 (2,010,670) (802,353) 52,585,089 — (136,956) 1,322,782 18,008,592
Columbia Income Opportunities Fund, Institutional 3 Class
  88,492,532 1,874,732 (2,287,071) (2,960,644) 85,119,549 — (194,544) 1,823,449 8,784,267
Columbia Inflation Protected Securities Fund
  9,838,585 67,982 (9,117,492) (789,075) — — 729,487 67,979 —
Columbia Large Cap Growth Fund, Institutional 3 Class
  60,130,242 328 (4,066,682) 3,849,176 59,913,064 — 3,833,140 — 1,112,798
Columbia Mortgage Opportunities Fund, Institutional 3 Class
  19,462,712 354,867 (1,310,308) (397,928) 18,109,343 — (13,584) 339,370 1,821,866
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class
  3,450,790 — — (51,575) 3,399,215 — — — 468,858
Columbia Multi-Asset Income Fund, Institutional 3 Class
  56,916,993 1,618,212 — (2,576,492) 55,958,713 — — 1,618,212 6,062,699
Columbia Overseas Core Fund, Institutional 3 Class
  59,113,609 55,736,212 (730,963) (7,063,883) 107,054,975 508,397 (75,853) — 11,687,224
Columbia Overseas Value Fund, Institutional 3 Class
  27,235,937 123,548 (2,142,755) (3,611,548) 21,605,182 119,096 (288,969) — 2,683,874
Columbia Pacific/Asia Fund, Institutional 3 Class
  63,249,669 20,255 (4,985,186) 4,232,348 62,517,086 — 1,403,796 — 5,667,913
Columbia Quality Income Fund, Institutional 3 Class
  109,370,718 1,388,083 (11,874,665) 473,441 99,357,577 — 133,267 1,377,714 17,616,592
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
63
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2020 (Unaudited)
Notes to Portfolio of Investments  (continued)
Affiliated issuers Beginning
of period($) 		Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($) 		End of
period($) 		Capital gain
distributions($) 		Realized gain
(loss)($) 		Dividends —
affiliated
issuers ($) 		End of
period shares
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  99,324,633 27,899,375 (7,030,287) 1,083,383 121,277,104 3,104,792 1,631,278 1,110,444 8,085,140
Columbia Select Large Cap Growth Fund, Institutional 3 Class
  65,493,318 2,666,035 (44,939,629) 11,338,869 34,558,593 2,654,497 (11,145,473) — 2,226,714
Columbia Select Large Cap Value Fund, Institutional 3 Class
  58,124,594 10,481 (19,566,510) (10,090,057) 28,478,508 — 3,364,143 — 1,160,493
Columbia Select Small Cap Value Fund, Institutional 3 Class
  4,862,712 12,246 (34,770) (585,007) 4,255,181 — (7,690) — 234,575
Columbia Short Term Bond Fund, Institutional 3 Class
  47,141,451 647,819 (3,528,419) (368,207) 43,892,644 — (44,015) 619,407 4,402,472
Columbia Short-Term Cash Fund, 0.177%
  321,600,347 312,086,142 (311,866,092) (14,112) 321,806,285 — 39,360 1,053,351 321,806,285
Columbia Small Cap Growth Fund I, Institutional 3 Class
  9,776,416 13,455 (1,877,956) 1,406,594 9,318,509 — 691,593 — 348,486
Columbia Small Cap Index Fund, Institutional 3 Class
  10,697,660 133,666 — (1,303,275) 9,528,051 128,052 — 5,613 492,915
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  46,559,629 389,878 (6,652,419) 2,136,194 42,433,282 — 657,400 361,788 3,411,035
Total 1,966,128,951     7,053,772 1,852,088,691 6,514,834 1,111,186 11,535,243  
    
(b) Non-income producing investment.
(c) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At July 31, 2020, the total value of these securities amounted to $96,942, which represents 0.01% of total net assets.
(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2020, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(e) Valuation based on significant unobservable inputs.
(f) The rate shown is the seven-day current annualized yield at July 31, 2020.
Abbreviation Legend
ADR American Depositary Receipt
Currency Legend
AUD Australian Dollar
BRL Brazilian Real
CAD Canada Dollar
CLP Chilean Peso
EUR Euro
GBP British Pound
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
The accompanying Notes to Financial Statements are an integral part of this statement.
64 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2020 (Unaudited)
Currency Legend  (continued)
RUB Russian Ruble
THB Thailand Baht
TWD New Taiwan Dollar
USD US Dollar
ZAR South African Rand
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Alternative Strategies Funds 59,357,928 — — 59,357,928
Common Stocks        
Communication Services 741,896 374,026 — 1,115,922
Consumer Discretionary 3,312,608 551,741 — 3,864,349
Consumer Staples 981,563 557,668 0* 1,539,231
Energy 582,597 181,419 — 764,016
Financials 3,864,730 898,946 — 4,763,676
Health Care 4,823,362 621,559 — 5,444,921
Industrials 3,520,209 763,692 — 4,283,901
Information Technology 3,511,932 778,065 — 4,289,997
Materials 913,996 507,616 — 1,421,612
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
65
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2020 (Unaudited)
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Real Estate 1,566,567 157,622 — 1,724,189
Utilities 837,031 215,428 — 1,052,459
Total Common Stocks 24,656,491 5,607,782 0* 30,264,273
Equity Funds 995,132,678 — — 995,132,678
Fixed Income Funds 458,567,010 — — 458,567,010
Preferred Stocks        
Utilities 7,687 — — 7,687
Total Preferred Stocks 7,687 — — 7,687
Money Market Funds 339,031,075 — — 339,031,075
Total Investments in Securities 1,876,752,869 5,607,782 0* 1,882,360,651
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts — 5,932 — 5,932
Futures Contracts 18,974,745 — — 18,974,745
Swap Contracts — 5,486,774 — 5,486,774
Liability        
Forward Foreign Currency Exchange Contracts — (8,535) — (8,535)
Futures Contracts (4,099,333) — — (4,099,333)
Total 1,891,628,281 11,091,953 0* 1,902,720,234
    
* Rounds to zero.
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Derivative instruments are valued at unrealized appreciation (depreciation).
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
66 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments
Columbia Capital Allocation Aggressive Portfolio, July 31, 2020 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Equity Funds 77.5%
  Shares Value ($)
International 20.0%
Columbia Emerging Markets Fund, Institutional 3 Class(a) 5,179,487 79,142,562
Columbia Overseas Core Fund, Institutional 3 Class(a) 19,454,477 178,203,010
Total 257,345,572
U.S. Large Cap 54.0%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 4,676,891 134,039,686
Columbia Disciplined Core Fund, Institutional 3 Class(a) 11,013,395 134,253,292
Columbia Disciplined Value Fund, Institutional 3 Class(a) 7,086,733 58,040,342
Columbia Large Cap Growth Fund, Institutional 3 Class(a),(b) 2,754,287 148,290,812
Columbia Large Cap Value Fund, Institutional 3 Class(a) 5,814,539 73,379,484
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 8,929,064 133,935,955
Columbia Select Large Cap Value Fund, Institutional 3 Class(a) 549,572 13,486,502
Total 695,426,073
U.S. Small Cap 3.5%
Columbia Select Small Cap Value Fund, Institutional 3 Class(a) 1,271,037 23,056,615
Columbia Small Cap Growth Fund I, Institutional 3 Class(a),(b) 846,796 22,643,304
Total 45,699,919
Total Equity Funds
(Cost $899,329,366) 		998,471,564
Fixed Income Funds 19.9%
  Shares Value ($)
High Yield 5.1%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 22,306,402 65,134,695
Investment Grade 14.8%
Columbia Bond Fund, Institutional 3 Class(a) 20,811,367 190,840,235
Total Fixed Income Funds
(Cost $251,465,249) 		255,974,930
Money Market Funds 2.1%
Columbia Short-Term Cash Fund, 0.177%(a),(c) 27,643,015 27,643,015
Total Money Market Funds
(Cost $27,642,285) 		27,643,015
Total Investments in Securities
(Cost: $1,178,436,900) 		1,282,089,509
Other Assets & Liabilities, Net   5,832,859
Net Assets 1,287,922,368
At July 31, 2020, securities and/or cash totaling $5,605,094 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
Russell 2000 Index E-mini 198 09/2020 USD 14,630,220 557,707 —
S&P 500 Index E-mini 226 09/2020 USD 36,877,550 1,539,417 —
Total         2,097,124 —
    
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
67
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, July 31, 2020 (Unaudited)
Short futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
MSCI Emerging Markets Index (48) 09/2020 USD (2,566,320) 17,793 —
TOPIX Index (120) 09/2020 JPY (1,795,800,000) 798,712 —
Total         816,505 —
    
Cleared credit default swap contracts - sell protection
Reference
entity 		Counterparty Maturity
date 		Receive
fixed
rate
(%) 		Payment
frequency 		Implied
credit
spread
(%)* 		Notional
currency 		Notional
amount 		Value
($) 		Upfront
payments
($) 		Upfront
receipts
($) 		Unrealized
appreciation
($) 		Unrealized
depreciation
($)
Markit CDX North America Investment Grade Index, Series 34 Morgan Stanley 06/20/2025 1.000 Quarterly 0.700 USD 25,596,000 133,744 — — 133,744 —
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended July 31, 2020 are as follows:
    
Affiliated issuers Beginning
of period($) 		Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($) 		End of
period($) 		Capital gain
distributions($) 		Realized gain
(loss)($) 		Dividends —
affiliated
issuers ($) 		End of
period shares
Columbia Bond Fund, Institutional 3 Class
  — 188,686,236* (34,891) 2,188,890 190,840,235 — 107 294,695 20,811,367
Columbia Commodity Strategy Fund, Institutional 3 Class
  9,109,001 232,244 (12,024,247) 2,683,002 — — (3,832,560) — —
Columbia Contrarian Core Fund, Institutional 3 Class
  52,765,841 79,529,210* (2,791,346) 4,535,981 134,039,686 — 955,131 — 4,676,891
Columbia Contrarian Europe Fund, Institutional 3 Class
  20,071,212 46,097,260* (67,503,733) 1,335,261 — — 110,009 51,551 —
Columbia Corporate Income Fund, Institutional 3 Class
  27,610,354 396,974 (26,125,130) (1,882,198) — — 2,777,824 323,953 —
Columbia Disciplined Core Fund, Institutional 3 Class
  49,872,512 84,527,610* (1,865,053) 1,718,223 134,253,292 — 2,414,620 — 11,013,395
Columbia Disciplined Growth Fund, Institutional 3 Class
  43,473,391 371,869 (41,282,981) (2,562,279) — — 5,680,515 — —
Columbia Disciplined Value Fund, Institutional 3 Class
  72,240,247 32,510,558* (46,965,833) 255,370 58,040,342 — (7,866,925) — 7,086,733
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  3,633,379 54,115 (3,595,937) (91,557) — — (67,363) 45,832 —
Columbia Emerging Markets Fund, Institutional 3 Class
  45,721,727 37,112,295* (6,148,269) 2,456,809 79,142,562 — 2,512,790 — 5,179,487
Columbia Global Energy and Natural Resources Fund, Institutional 3 Class
  — 12,825,781* (15,751,084) 2,925,303 — — (2,935,269) — —
The accompanying Notes to Financial Statements are an integral part of this statement.
68 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, July 31, 2020 (Unaudited)
Notes to Portfolio of Investments  (continued)
Affiliated issuers Beginning
of period($) 		Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($) 		End of
period($) 		Capital gain
distributions($) 		Realized gain
(loss)($) 		Dividends —
affiliated
issuers ($) 		End of
period shares
Columbia Government Money Market Fund, Institutional 3 Class, 0.010%
  9,442,368 36,291 (9,478,659) — — — — 17,570 —
Columbia High Yield Bond Fund, Institutional 3 Class
  24,155,491 41,467,445* (1,437,015) 948,774 65,134,695 — (82,447) 711,350 22,306,402
Columbia Income Opportunities Fund, Institutional 3 Class
  15,507,138 281,024 (15,439,274) (348,888) — — (649,407) 275,916 —
Columbia Large Cap Growth Fund, Institutional 3 Class
  22,423,045 123,056,582* (1,391,988) 4,203,173 148,290,812 — 2,312,576 — 2,754,287
Columbia Large Cap Value Fund, Institutional 3 Class
  — 71,945,836* (1,349,232) 2,782,880 73,379,484 — 100,171 — 5,814,539
Columbia Mortgage Opportunities Fund, Institutional 3 Class
  4,259,240 112,465 (4,282,651) (89,054) — — (36,022) 59,130 —
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class
  3,450,790 — (4,665,881) 1,215,091 — — (1,304,174) — —
Columbia Multi-Asset Income Fund, Institutional 3 Class
  16,410,264 342,016 (16,987,190) 234,910 — — (1,325,727) 342,016 —
Columbia Overseas Core Fund, Institutional 3 Class
  23,187,169 161,064,694* (3,081,522) (2,967,331) 178,203,010 187,604 38,858 — 19,454,477
Columbia Overseas Value Fund, Institutional 3 Class
  15,353,690 215,417 (15,126,069) (443,038) — 73,748 (1,582,302) — —
Columbia Pacific/Asia Fund, Institutional 3 Class
  28,058,727 22,835 (25,096,793) (2,984,769) — — 4,484,348 — —
Columbia Quality Income Fund, Institutional 3 Class
  8,923,924 150,664 (8,854,631) (219,957) — — 248,409 98,867 —
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  52,022,964 83,415,241* (3,673,271) 2,171,021 133,935,955 1,515,388 654,816 541,986 8,929,064
Columbia Select Large Cap Growth Fund, Institutional 3 Class
  35,080,163 1,603,209 (40,775,772) 4,092,400 — 1,486,265 (4,803,922) — —
Columbia Select Large Cap Value Fund, Institutional 3 Class
  26,290,793 274,776 (7,538,062) (5,541,005) 13,486,502 — 2,547,279 — 549,572
Columbia Select Small Cap Value Fund, Institutional 3 Class
  8,365,011 15,911,490* (1,142,347) (77,539) 23,056,615 — 186,182 — 1,271,037
Columbia Short Term Bond Fund, Institutional 3 Class
  — 2,174,497 (2,174,497) — — — 132,271 15,508 —
Columbia Short-Term Cash Fund, 0.177%
  61,462,818 82,688,681 (116,504,303) (4,181) 27,643,015 — 11,399 185,995 27,643,015
Columbia Small Cap Growth Fund I, Institutional 3 Class
  3,706,551 17,825,964* (319,761) 1,430,550 22,643,304 — 121,351 — 846,796
Columbia Small Cap Index Fund, Institutional 3 Class
  11,611,874 145,088 (13,395,030) 1,638,068 — 138,995 (3,657,313) 6,093 —
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  8,547,050 76,719 (7,989,308) (634,461) — — 1,075,185 60,658 —
Total 702,756,734     18,969,449 1,282,089,509 3,402,000 (1,779,590) 3,031,120  
    
* Includes the effect of underlying fund reorganization.
    
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
69
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, July 31, 2020 (Unaudited)
Notes to Portfolio of Investments  (continued)
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at July 31, 2020.
Currency Legend
JPY Japanese Yen
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
■ Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■ Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■ Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Equity Funds 998,471,564 — — 998,471,564
Fixed Income Funds 255,974,930 — — 255,974,930
Money Market Funds 27,643,015 — — 27,643,015
Total Investments in Securities 1,282,089,509 — — 1,282,089,509
Investments in Derivatives        
Asset        
Futures Contracts 2,913,629 — — 2,913,629
Swap Contracts — 133,744 — 133,744
Total 1,285,003,138 133,744 — 1,285,136,882
See the Portfolio of Investments for all investment classifications not indicated in the table.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
70 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Statement of Assets and Liabilities
July 31, 2020 (Unaudited)
  Columbia
Capital
Allocation
Conservative
Portfolio 		Columbia
Capital
Allocation
Moderate
Conservative
Portfolio 		Columbia
Capital
Allocation
Moderate
Portfolio
Assets      
Investments in securities, at value      
Unaffiliated issuers (cost $8,501,983, $13,345,518, $30,183,487, respectively) $8,834,318 $13,847,125 $30,847,396
Affiliated issuers (cost $212,570,853, $469,488,045, $1,293,650,311, respectively) 223,225,541 489,991,203 1,386,000,390
Margin deposits on:      
Futures contracts 1,839,744 5,677,640 13,763,204
Swap contracts 869,452 2,063,559 4,726,606
Unrealized appreciation on forward foreign currency exchange contracts 2,893 4,469 8,507
Receivable for:      
Investments sold 368,688 819,938 616,397
Capital shares sold 284,894 186,009 421,522
Dividends 269,234 505,187 1,441,865
Foreign tax reclaims 21,844 34,729 18,751
Variation margin for futures contracts 137,348 286,565 849,170
Variation margin for swap contracts 1,141 2,646 11,284
Prepaid expenses 3,624 4,795 8,732
Other assets 21,380 1,278 22,415
Total assets 235,880,101 513,425,143 1,438,736,239
Liabilities      
Unrealized depreciation on forward foreign currency exchange contracts 4,818 7,368 12,434
Payable for:      
Investments purchased 575,118 969,665 1,395,817
Capital shares purchased 191,478 549,182 1,239,861
Variation margin for futures contracts 24,466 84,009 447,359
Variation margin for swap contracts 389 940 778
Management services fees 823 1,643 2,594
Distribution and/or service fees 1,971 4,430 12,309
Transfer agent fees 16,439 35,560 87,975
Compensation of board members 79,176 49,381 71,674
Compensation of chief compliance officer 26 60 173
Other expenses 27,145 35,034 61,256
Total liabilities 921,849 1,737,272 3,332,230
Net assets applicable to outstanding capital stock $234,958,252 $511,687,871 $1,435,404,009
Represented by      
Paid in capital 223,577,532 487,651,163 1,345,164,887
Total distributable earnings (loss) 11,380,720 24,036,708 90,239,122
Total - representing net assets applicable to outstanding capital stock $234,958,252 $511,687,871 $1,435,404,009
The accompanying Notes to Financial Statements are an integral part of this statement.
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71
Statement of Assets and Liabilities  (continued)
July 31, 2020 (Unaudited)
  Columbia
Capital
Allocation
Conservative
Portfolio 		Columbia
Capital
Allocation
Moderate
Conservative
Portfolio 		Columbia
Capital
Allocation
Moderate
Portfolio
Class A      
Net assets $189,575,710 $419,822,979 $1,235,721,867
Shares outstanding 18,209,800 38,705,565 111,522,876
Net asset value per share $10.41 $10.85 $11.08
Maximum sales charge 4.75% 5.75% 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $10.93 $11.51 $11.76
Advisor Class      
Net assets $6,341,861 $5,155,357 $2,722,829
Shares outstanding 613,603 480,182 249,391
Net asset value per share $10.34 $10.74 $10.92
Class C      
Net assets $24,701,822 $56,702,334 $140,608,032
Shares outstanding 2,387,500 5,312,292 12,811,272
Net asset value per share $10.35 $10.67 $10.98
Institutional Class      
Net assets $9,861,071 $18,889,637 $36,959,349
Shares outstanding 947,749 1,769,510 3,340,597
Net asset value per share $10.40 $10.68 $11.06
Institutional 2 Class      
Net assets $1,190,616 $3,813,152 $6,385,177
Shares outstanding 115,206 355,431 585,030
Net asset value per share $10.33 $10.73 $10.91
Institutional 3 Class      
Net assets $2,873,704 $6,265,120 $10,419,046
Shares outstanding 278,471 592,959 954,088
Net asset value per share $10.32 $10.57 $10.92
Class R      
Net assets $413,468 $1,039,292 $2,587,709
Shares outstanding 39,740 95,651 234,317
Net asset value per share $10.40 $10.87 $11.04
The accompanying Notes to Financial Statements are an integral part of this statement.
72 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Statement of Assets and Liabilities  (continued)
July 31, 2020 (Unaudited)
  Columbia
Capital
Allocation
Moderate
Aggressive
Portfolio 		Columbia
Capital
Allocation
Aggressive
Portfolio
Assets    
Investments in securities, at value    
Unaffiliated issuers (cost $30,025,128, $—, respectively) $30,271,960 $—
Affiliated issuers (cost $1,709,834,321, $1,178,436,900, respectively) 1,852,088,691 1,282,089,509
Foreign currency (cost $763, $14,692, respectively) 763 14,812
Margin deposits on:    
Futures contracts 29,695,528 4,777,971
Swap contracts 10,357,483 827,123
Unrealized appreciation on forward foreign currency exchange contracts 5,932 —
Receivable for:    
Investments sold 926,126 1,362,808
Capital shares sold 407,812 338,743
Dividends 1,193,650 673,108
Foreign tax reclaims 15,081 91,193
Variation margin for futures contracts 1,562,214 649,377
Variation margin for swap contracts 24,594 —
Prepaid expenses 10,770 5,578
Other assets 1,027 26,557
Total assets 1,926,561,631 1,290,856,779
Liabilities    
Due to custodian — 33,202
Unrealized depreciation on forward foreign currency exchange contracts 8,535 —
Payable for:    
Investments purchased 1,113,028 620,291
Capital shares purchased 1,644,687 1,817,033
Variation margin for futures contracts 746,671 126,720
Variation margin for swap contracts 1,741 504
Management services fees 6,944 1,202
Distribution and/or service fees 15,089 10,449
Transfer agent fees 134,268 100,788
Compensation of board members 201,312 93,403
Compensation of chief compliance officer 233 223
Other expenses 78,303 130,376
Other liabilities — 220
Total liabilities 3,950,811 2,934,411
Net assets applicable to outstanding capital stock $1,922,610,820 $1,287,922,368
Represented by    
Paid in capital 1,780,971,391 1,190,412,263
Total distributable earnings (loss) 141,639,429 97,510,105
Total - representing net assets applicable to outstanding capital stock $1,922,610,820 $1,287,922,368
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
73
Statement of Assets and Liabilities  (continued)
July 31, 2020 (Unaudited)
  Columbia
Capital
Allocation
Moderate
Aggressive
Portfolio 		Columbia
Capital
Allocation
Aggressive
Portfolio
Class A    
Net assets $1,572,580,375 $1,122,882,761
Shares outstanding 132,534,616 93,364,631
Net asset value per share $11.87 $12.03
Maximum sales charge 5.75% 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $12.59 $12.76
Advisor Class    
Net assets $7,708,064 $8,075,432
Shares outstanding 643,030 687,145
Net asset value per share $11.99 $11.75
Class C    
Net assets $136,767,674 $99,785,297
Shares outstanding 11,495,680 8,568,229
Net asset value per share $11.90 $11.65
Institutional Class    
Net assets $99,626,188 $36,721,747
Shares outstanding 8,415,855 3,065,630
Net asset value per share $11.84 $11.98
Institutional 2 Class    
Net assets $9,898,779 $6,747,950
Shares outstanding 826,593 574,638
Net asset value per share $11.98 $11.74
Institutional 3 Class    
Net assets $13,004,701 $10,198,000
Shares outstanding 1,116,523 868,986
Net asset value per share $11.65 $11.74
Class R    
Net assets $4,800,571 $3,511,181
Shares outstanding 404,899 295,075
Net asset value per share $11.86 $11.90
Class V    
Net assets $78,224,468 $—
Shares outstanding 6,592,136 —
Net asset value per share $11.87 $—
Maximum sales charge 5.75% —
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares) $12.59 $—
The accompanying Notes to Financial Statements are an integral part of this statement.
74 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Statement of Operations
Six Months Ended July 31, 2020 (Unaudited)
  Columbia
Capital
Allocation
Conservative
Portfolio 		Columbia
Capital
Allocation
Moderate
Conservative
Portfolio 		Columbia
Capital
Allocation
Moderate
Portfolio
Net investment income      
Income:      
Dividends — unaffiliated issuers $155,754 $240,604 $371,135
Dividends — affiliated issuers 2,149,867 4,320,500 11,528,266
Other Income 2,082 3,546 18,279
Foreign taxes withheld (12,872) (19,509) (22,373)
Total income 2,294,831 4,545,141 11,895,307
Expenses:      
Management services fees 139,762 278,756 559,533
Distribution and/or service fees      
Class A 222,513 501,107 1,472,272
Class C 120,630 270,609 685,916
Class R 1,176 2,569 6,020
Transfer agent fees      
Class A 80,090 169,779 462,993
Advisor Class 2,705 2,125 1,008
Class C 10,853 22,920 53,887
Institutional Class 4,165 7,109 13,661
Institutional 2 Class 357 1,170 1,898
Institutional 3 Class 271 571 983
Class R 212 435 947
Compensation of board members 1,432 5,772 10,588
Custodian fees 20,017 19,487 24,394
Printing and postage fees 10,971 20,453 53,840
Registration fees 50,075 48,925 60,269
Audit fees 5,500 5,500 6,980
Legal fees 5,442 6,956 11,957
Compensation of chief compliance officer 22 52 155
Other 5,767 7,557 13,147
Total expenses 681,960 1,371,852 3,440,448
Net investment income 1,612,871 3,173,289 8,454,859
Realized and unrealized gain (loss) — net      
Net realized gain (loss) on:      
Investments — unaffiliated issuers (768,309) (1,214,367) (2,374,615)
Investments — affiliated issuers 585,518 1,299,049 (1,114,198)
Capital gain distributions from underlying affiliated funds 217,239 712,828 3,876,029
Foreign currency translations 20,053 77,293 207,792
Forward foreign currency exchange contracts 2,332 3,650 2,402
Futures contracts 1,440,250 2,393,912 (5,349,287)
Swap contracts (233,204) (546,591) (2,536,404)
Net realized gain (loss) 1,263,879 2,725,774 (7,288,281)
Net change in unrealized appreciation (depreciation) on:      
Investments — unaffiliated issuers (233,535) (360,369) (928,315)
Investments — affiliated issuers 3,884,246 2,610,213 13,990,312
Foreign currency translations 26,658 88,639 219,796
Forward foreign currency exchange contracts (4,549) (6,990) (12,939)
Futures contracts (526,341) (186,502) 977,799
Swap contracts 449,538 1,033,304 2,470,463
Net change in unrealized appreciation (depreciation) 3,596,017 3,178,295 16,717,116
Net realized and unrealized gain 4,859,896 5,904,069 9,428,835
Net increase in net assets resulting from operations $6,472,767 $9,077,358 $17,883,694
The accompanying Notes to Financial Statements are an integral part of this statement.
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75
Statement of Operations  (continued)
Six Months Ended July 31, 2020 (Unaudited)
  Columbia
Capital
Allocation
Moderate
Aggressive
Portfolio 		Columbia
Capital
Allocation
Aggressive
Portfolio
Net investment income    
Income:    
Dividends — unaffiliated issuers $322,796 $231,308
Dividends — affiliated issuers 11,535,243 3,031,120
Other Income 37,142 12,164
Foreign taxes withheld (15,658) (18,094)
Total income 11,879,523 3,256,498
Expenses:    
Management services fees 1,167,614 275,655
Distribution and/or service fees    
Class A 1,864,957 774,810
Class C 664,565 356,537
Class R 11,201 6,780
Class V 92,676 —
Transfer agent fees    
Class A 765,348 294,727
Advisor Class 3,696 1,101
Class C 68,175 33,697
Institutional Class 49,042 6,289
Institutional 2 Class 2,774 1,662
Institutional 3 Class 762 948
Class R 2,299 1,278
Class V 38,037 —
Compensation of board members 4,232 7,212
Custodian fees 25,522 26,673
Printing and postage fees 76,419 32,990
Registration fees 63,420 55,635
Audit fees 6,980 6,980
Legal fees 14,502 8,205
Line of credit interest — 23
Compensation of chief compliance officer 210 78
Other 16,635 10,441
Total expenses 4,939,066 1,901,721
Net investment income 6,940,457 1,354,777
The accompanying Notes to Financial Statements are an integral part of this statement.
76 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Statement of Operations  (continued)
Six Months Ended July 31, 2020 (Unaudited)
  Columbia
Capital
Allocation
Moderate
Aggressive
Portfolio 		Columbia
Capital
Allocation
Aggressive
Portfolio
Realized and unrealized gain (loss) — net    
Net realized gain (loss) on:    
Investments — unaffiliated issuers $(2,255,081) (1,728,408)
Investments — affiliated issuers 1,111,186 (1,779,590)
Capital gain distributions from underlying affiliated funds 6,514,834 3,402,000
Foreign currency translations 379,060 185,547
Forward foreign currency exchange contracts 1,523 1,055
Futures contracts (13,569,705) (5,742,139)
Swap contracts (5,609,151) (624,330)
Net realized loss (13,427,334) (6,285,865)
Net change in unrealized appreciation (depreciation) on:    
Investments — unaffiliated issuers (1,035,020) (868,528)
Investments — affiliated issuers 7,053,772 18,969,449
Foreign currency translations 312,535 3,295
Forward foreign currency exchange contracts (8,832) (7,420)
Futures contracts 7,940,525 972,069
Swap contracts 5,365,494 84,240
Net change in unrealized appreciation (depreciation) 19,628,474 19,153,105
Net realized and unrealized gain 6,201,140 12,867,240
Net increase in net assets resulting from operations $13,141,597 $14,222,017
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
77
Statement of Changes in Net Assets
  Columbia Capital Allocation
Conservative Portfolio 		Columbia Capital Allocation
Moderate Conservative Portfolio
  Six Months Ended
July 31, 2020
(Unaudited) 		Year Ended
January 31, 2020 		Six Months Ended
July 31, 2020
(Unaudited) 		Year Ended
January 31, 2020
Operations        
Net investment income $1,612,871 $4,576,780 $3,173,289 $10,708,218
Net realized gain 1,263,879 3,784,660 2,725,774 17,994,817
Net change in unrealized appreciation (depreciation) 3,596,017 10,650,896 3,178,295 23,180,831
Net increase in net assets resulting from operations 6,472,767 19,012,336 9,077,358 51,883,866
Distributions to shareholders        
Net investment income and net realized gains        
Class A (3,262,548) (5,446,173) (12,511,766) (17,862,482)
Advisor Class (118,573) (258,774) (165,959) (297,227)
Class C (348,399) (592,274) (1,521,270) (2,012,711)
Institutional Class (182,540) (286,291) (583,095) (753,668)
Institutional 2 Class (21,775) (29,737) (121,440) (202,906)
Institutional 3 Class (53,511) (94,427) (195,372) (265,530)
Class R (7,424) (14,216) (31,226) (49,708)
Total distributions to shareholders (3,994,770) (6,721,892) (15,130,128) (21,444,232)
Increase (decrease) in net assets from capital stock activity 8,038,371 (13,057,084) 2,343,105 (36,379,760)
Total increase (decrease) in net assets 10,516,368 (766,640) (3,709,665) (5,940,126)
Net assets at beginning of period 224,441,884 225,208,524 515,397,536 521,337,662
Net assets at end of period $234,958,252 $224,441,884 $511,687,871 $515,397,536
The accompanying Notes to Financial Statements are an integral part of this statement.
78 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Statement of Changes in Net Assets   (continued)
  Columbia Capital Allocation
Moderate Portfolio 		Columbia Capital Allocation
Moderate Aggressive Portfolio
  Six Months Ended
July 31, 2020
(Unaudited) 		Year Ended
January 31, 2020 		Six Months Ended
July 31, 2020
(Unaudited) 		Year Ended
January 31, 2020
Operations        
Net investment income $8,454,859 $30,212,719 $6,940,457 $34,779,191
Net realized gain (loss) (7,288,281) 79,596,258 (13,427,334) 142,595,992
Net change in unrealized appreciation (depreciation) 16,717,116 59,873,078 19,628,474 74,823,697
Net increase in net assets resulting from operations 17,883,694 169,682,055 13,141,597 252,198,880
Distributions to shareholders        
Net investment income and net realized gains        
Class A (44,773,156) (74,840,167) (66,187,405) (118,914,773)
Advisor Class (104,975) (191,637) (324,316) (889,289)
Class C (4,666,692) (8,050,971) (5,371,286) (9,716,011)
Institutional Class (1,381,353) (2,226,696) (4,361,919) (8,062,453)
Institutional 2 Class (232,189) (327,946) (419,184) (738,812)
Institutional 3 Class (396,572) (617,731) (589,344) (1,039,197)
Class R (91,034) (155,842) (195,467) (351,556)
Class V — — (3,313,364) (5,892,134)
Total distributions to shareholders (51,645,971) (86,410,990) (80,762,285) (145,604,225)
Decrease in net assets from capital stock activity (23,815,210) (54,422,634) (28,712,759) (70,159,753)
Total increase (decrease) in net assets (57,577,487) 28,848,431 (96,333,447) 36,434,902
Net assets at beginning of period 1,492,981,496 1,464,133,065 2,018,944,267 1,982,509,365
Net assets at end of period $1,435,404,009 $1,492,981,496 $1,922,610,820 $2,018,944,267
The accompanying Notes to Financial Statements are an integral part of this statement.
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79
Statement of Changes in Net Assets   (continued)
  Columbia Capital Allocation
Aggressive Portfolio
  Six Months Ended
July 31, 2020
(Unaudited) 		Year Ended
January 31, 2020
Operations    
Net investment income $1,354,777 $10,209,530
Net realized gain (loss) (6,285,865) 53,423,239
Net change in unrealized appreciation (depreciation) 19,153,105 29,669,343
Net increase in net assets resulting from operations 14,222,017 93,302,112
Distributions to shareholders    
Net investment income and net realized gains    
Class A (27,377,705) (46,221,383)
Advisor Class (78,265) (136,034)
Class C (3,413,002) (5,078,937)
Institutional Class (481,344) (867,085)
Institutional 2 Class (248,169) (375,237)
Institutional 3 Class (484,714) (815,179)
Class R (132,862) (214,374)
Total distributions to shareholders (32,216,061) (53,708,229)
Increase (decrease) in net assets from capital stock activity 575,487,759 (5,645,135)
Total increase in net assets 557,493,715 33,948,748
Net assets at beginning of period 730,428,653 696,479,905
Net assets at end of period $1,287,922,368 $730,428,653
The accompanying Notes to Financial Statements are an integral part of this statement.
80 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Statement of Changes in Net Assets   (continued)
  Columbia Capital Allocation
Conservative Portfolio 		Columbia Capital Allocation
Moderate Conservative Portfolio
  Six Months Ended Year Ended Six Months Ended Year Ended
  July 31, 2020 (Unaudited) January 31, 2020 July 31, 2020 (Unaudited) January 31, 2020
  Shares Dollars ($) Shares Dollars ($) Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A                
Subscriptions 1,846,236 18,461,840 1,814,947 18,387,449 2,075,511 21,906,508 3,381,584 36,343,555
Distributions reinvested 311,623 3,121,825 512,163 5,187,891 1,119,849 11,640,050 1,536,844 16,562,580
Redemptions (1,441,052) (14,402,827) (3,025,448) (30,572,456) (3,295,519) (34,509,490) (7,413,128) (79,752,841)
Net increase (decrease) 716,807 7,180,838 (698,338) (6,997,116) (100,159) (962,932) (2,494,700) (26,846,706)
Advisor Class                
Subscriptions 76,578 770,030 412,673 4,122,463 35,497 370,575 220,957 2,338,631
Distributions reinvested 8,299 82,367 16,848 169,495 14,222 146,143 21,669 231,265
Redemptions (58,629) (593,649) (707,849) (7,151,977) (59,230) (616,012) (234,994) (2,540,093)
Net increase (decrease) 26,248 258,748 (278,328) (2,860,019) (9,511) (99,294) 7,632 29,803
Class C                
Subscriptions 348,236 3,471,063 379,130 3,812,696 545,992 5,654,245 660,220 6,981,468
Distributions reinvested 34,018 340,437 56,981 574,910 145,133 1,491,257 185,067 1,967,605
Redemptions (429,890) (4,269,677) (870,413) (8,726,388) (663,942) (6,878,620) (1,544,833) (16,317,840)
Net increase (decrease) (47,636) (458,177) (434,302) (4,338,782) 27,183 266,882 (699,546) (7,368,767)
Institutional Class                
Subscriptions 400,591 4,011,148 434,843 4,400,453 882,650 9,174,065 1,018,160 10,794,860
Distributions reinvested 14,525 145,045 22,122 223,969 50,360 514,982 58,475 620,435
Redemptions (353,218) (3,521,033) (410,348) (4,148,104) (689,959) (6,979,780) (1,229,677) (13,031,711)
Net increase (decrease) 61,898 635,160 46,617 476,318 243,051 2,709,267 (153,042) (1,616,416)
Institutional 2 Class                
Subscriptions 26,370 264,887 55,957 561,649 52,310 539,817 97,162 1,031,298
Distributions reinvested 2,187 21,728 2,947 29,657 11,752 120,624 18,965 202,229
Redemptions (7,763) (78,823) (30,691) (306,661) (47,883) (498,046) (143,697) (1,546,972)
Net increase (decrease) 20,794 207,792 28,213 284,645 16,179 162,395 (27,570) (313,445)
Institutional 3 Class                
Subscriptions 69,880 703,326 131,302 1,305,060 45,548 468,276 76,690 806,856
Distributions reinvested 5,395 53,444 9,392 94,346 18,948 191,487 25,256 265,389
Redemptions (44,858) (442,984) (105,465) (1,059,252) (27,904) (289,260) (94,961) (999,521)
Net increase 30,417 313,786 35,229 340,154 36,592 370,503 6,985 72,724
Class R                
Subscriptions 9,658 94,292 18,822 188,188 18,776 201,671 26,241 281,131
Distributions reinvested 729 7,297 1,311 13,293 2,966 30,897 4,337 46,822
Redemptions (20,333) (201,365) (16,247) (163,765) (33,175) (336,284) (61,484) (664,906)
Net increase (decrease) (9,946) (99,776) 3,886 37,716 (11,433) (103,716) (30,906) (336,953)
Total net increase (decrease) 798,582 8,038,371 (1,297,023) (13,057,084) 201,902 2,343,105 (3,391,147) (36,379,760)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
81
Statement of Changes in Net Assets   (continued)
  Columbia Capital Allocation
Moderate Portfolio 		Columbia Capital Allocation
Moderate Aggressive Portfolio
  Six Months Ended Year Ended Six Months Ended Year Ended
  July 31, 2020 (Unaudited) January 31, 2020 July 31, 2020 (Unaudited) January 31, 2020
  Shares Dollars ($) Shares Dollars ($) Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A                
Subscriptions 3,725,381 39,768,279 7,770,857 86,848,307 3,896,951 43,890,500 6,591,990 80,203,469
Distributions reinvested 4,223,897 44,221,649 6,609,194 73,935,602 5,177,119 57,767,599 8,547,119 103,892,937
Redemptions (9,509,138) (100,027,205) (17,881,498) (199,499,927) (10,622,920) (119,927,020) (18,822,491) (228,495,471)
Net decrease (1,559,860) (16,037,277) (3,501,447) (38,716,018) (1,548,850) (18,268,921) (3,683,382) (44,399,065)
Advisor Class                
Subscriptions 56,095 602,031 267,614 2,936,595 87,566 1,004,767 383,803 4,678,944
Distributions reinvested 9,453 97,381 15,788 174,260 17,685 198,975 38,486 472,004
Redemptions (89,404) (964,972) (124,889) (1,379,683) (89,817) (1,051,205) (1,039,202) (12,762,541)
Net increase (decrease) (23,856) (265,560) 158,513 1,731,172 15,434 152,537 (616,913) (7,611,593)
Class C                
Subscriptions 659,599 6,999,439 1,712,804 18,924,475 793,263 8,982,046 1,406,398 17,131,647
Distributions reinvested 442,963 4,618,219 718,929 7,980,580 466,590 5,248,940 770,798 9,406,558
Redemptions (1,982,356) (20,645,860) (3,840,091) (42,446,094) (1,805,381) (20,573,313) (3,113,177) (37,908,324)
Net decrease (879,794) (9,028,202) (1,408,358) (15,541,039) (545,528) (6,342,327) (935,981) (11,370,119)
Institutional Class                
Subscriptions 1,323,335 14,018,414 2,086,219 23,258,059 1,211,848 13,734,234 2,171,768 26,265,451
Distributions reinvested 116,994 1,221,586 177,260 1,979,087 327,683 3,642,447 545,863 6,619,591
Redemptions (1,382,284) (14,495,844) (2,538,686) (28,146,212) (1,900,211) (21,539,945) (3,278,526) (39,619,244)
Net increase (decrease) 58,045 744,156 (275,207) (2,909,066) (360,680) (4,163,264) (560,895) (6,734,202)
Institutional 2 Class                
Subscriptions 136,601 1,471,488 148,047 1,625,895 83,680 969,593 267,805 3,261,250
Distributions reinvested 22,531 232,099 29,718 327,798 37,289 419,179 60,212 738,640
Redemptions (62,230) (640,285) (120,972) (1,336,117) (92,998) (1,052,291) (207,536) (2,558,894)
Net increase 96,902 1,063,302 56,793 617,576 27,971 336,481 120,481 1,440,996
Institutional 3 Class                
Subscriptions 59,551 625,391 262,753 2,916,365 81,809 927,562 223,153 2,669,957
Distributions reinvested 38,508 396,564 55,986 617,582 37,412 408,943 56,612 676,438
Redemptions (132,945) (1,417,969) (212,027) (2,335,413) (144,475) (1,593,187) (137,360) (1,639,628)
Net increase (decrease) (34,886) (396,014) 106,712 1,198,534 (25,254) (256,682) 142,405 1,706,767
Class R                
Subscriptions 18,617 194,476 44,258 489,001 23,729 265,735 62,261 752,519
Distributions reinvested 8,641 90,347 13,715 152,901 17,425 194,560 28,601 347,366
Redemptions (17,244) (180,438) (129,471) (1,445,695) (29,489) (347,935) (123,805) (1,514,271)
Net increase (decrease) 10,014 104,385 (71,498) (803,793) 11,665 112,360 (32,943) (414,386)
Class V                
Subscriptions — — — — 20,162 251,197 24,762 301,127
Distributions reinvested — — — — 249,551 2,784,833 404,112 4,912,497
Redemptions — — — — (287,358) (3,318,973) (658,385) (7,991,775)
Net decrease — — — — (17,645) (282,943) (229,511) (2,778,151)
Total net decrease (2,333,435) (23,815,210) (4,934,492) (54,422,634) (2,442,887) (28,712,759) (5,796,739) (70,159,753)
The accompanying Notes to Financial Statements are an integral part of this statement.
82 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Statement of Changes in Net Assets   (continued)
  Columbia Capital Allocation
Aggressive Portfolio
  Six Months Ended Year Ended
  July 31, 2020 (Unaudited) January 31, 2020
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 2,024,441 22,807,075 3,021,609 37,621,161
Fund reorganization 44,359,371 521,667,749 — —
Distributions reinvested 2,415,869 27,178,531 3,682,467 45,842,524
Redemptions (5,028,450) (57,920,685) (7,476,908) (92,951,138)
Net increase (decrease) 43,771,231 513,732,670 (772,832) (9,487,453)
Advisor Class        
Subscriptions 48,287 534,102 33,592 409,507
Fund reorganization 551,378 6,335,357 — —
Distributions reinvested 7,021 77,091 10,768 130,771
Redemptions (50,580) (598,841) (82,140) (987,863)
Net increase (decrease) 556,106 6,347,709 (37,780) (447,585)
Class C        
Subscriptions 602,632 6,554,479 895,538 10,838,392
Fund reorganization 2,441,471 27,808,275 — —
Distributions reinvested 311,975 3,400,526 417,636 5,052,464
Redemptions (857,579) (9,604,454) (1,321,941) (15,986,874)
Net increase (decrease) 2,498,499 28,158,826 (8,767) (96,018)
Institutional Class        
Subscriptions 534,224 6,216,810 1,031,205 12,782,549
Fund reorganization 2,235,823 26,181,370 — —
Distributions reinvested 41,233 461,806 66,691 827,351
Redemptions (697,586) (8,175,458) (1,022,643) (12,639,925)
Net increase 2,113,694 24,684,528 75,253 969,975
Institutional 2 Class        
Subscriptions 79,431 898,990 219,986 2,684,611
Fund reorganization 152,038 1,745,389 — —
Distributions reinvested 22,592 248,055 30,769 375,042
Redemptions (92,777) (1,030,719) (93,328) (1,139,963)
Net increase 161,284 1,861,715 157,427 1,919,690
Institutional 3 Class        
Subscriptions 58,315 646,418 211,297 2,577,035
Fund reorganization 20,038 229,813 — —
Distributions reinvested 44,185 484,714 66,969 814,984
Redemptions (118,747) (1,350,392) (158,469) (1,923,612)
Net increase 3,791 10,553 119,797 1,468,407
Class R        
Subscriptions 10,488 119,562 27,956 343,652
Fund reorganization 48,363 562,947 — —
Distributions reinvested 11,617 129,301 16,939 208,823
Redemptions (10,176) (120,052) (43,238) (524,626)
Net increase 60,292 691,758 1,657 27,849
Total net increase (decrease) 49,164,897 575,487,759 (465,245) (5,645,135)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
83
Financial Highlights
Columbia Capital Allocation Conservative Portfolio
The following tables are intended to help you understand the Funds’ financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, a fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period 		Net
investment
income 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 7/31/2020 (Unaudited) $10.31 0.08 0.20 0.28 (0.07) (0.11) (0.18)
Year Ended 1/31/2020 $9.76 0.21 0.65 0.86 (0.21) (0.10) (0.31)
Year Ended 1/31/2019 $10.38 0.20 (0.37) (0.17) (0.22) (0.23) (0.45)
Year Ended 1/31/2018 $9.84 0.18 0.59 0.77 (0.22) (0.01) (0.23)
Year Ended 1/31/2017 $9.45 0.15 0.48 0.63 (0.15) (0.09) (0.24)
Year Ended 1/31/2016 $10.10 0.18 (0.46) (0.28) (0.19) (0.18) (0.37)
Advisor Class
Six Months Ended 7/31/2020 (Unaudited) $10.24 0.09 0.21 0.30 (0.09) (0.11) (0.20)
Year Ended 1/31/2020 $9.70 0.23 0.65 0.88 (0.24) (0.10) (0.34)
Year Ended 1/31/2019 $10.31 0.23 (0.37) (0.14) (0.24) (0.23) (0.47)
Year Ended 1/31/2018 $9.78 0.21 0.58 0.79 (0.25) (0.01) (0.26)
Year Ended 1/31/2017 $9.39 0.17 0.48 0.65 (0.17) (0.09) (0.26)
Year Ended 1/31/2016 $10.04 0.20 (0.45) (0.25) (0.22) (0.18) (0.40)
Class C
Six Months Ended 7/31/2020 (Unaudited) $10.25 0.04 0.21 0.25 (0.04) (0.11) (0.15)
Year Ended 1/31/2020 $9.71 0.13 0.65 0.78 (0.14) (0.10) (0.24)
Year Ended 1/31/2019 $10.32 0.12 (0.36) (0.24) (0.14) (0.23) (0.37)
Year Ended 1/31/2018 $9.78 0.10 0.59 0.69 (0.14) (0.01) (0.15)
Year Ended 1/31/2017 $9.40 0.07 0.47 0.54 (0.07) (0.09) (0.16)
Year Ended 1/31/2016 $10.05 0.11 (0.46) (0.35) (0.12) (0.18) (0.30)
Institutional Class
Six Months Ended 7/31/2020 (Unaudited) $10.30 0.09 0.21 0.30 (0.09) (0.11) (0.20)
Year Ended 1/31/2020 $9.76 0.24 0.64 0.88 (0.24) (0.10) (0.34)
Year Ended 1/31/2019 $10.37 0.23 (0.37) (0.14) (0.24) (0.23) (0.47)
Year Ended 1/31/2018 $9.84 0.21 0.58 0.79 (0.25) (0.01) (0.26)
Year Ended 1/31/2017 $9.45 0.18 0.47 0.65 (0.17) (0.09) (0.26)
Year Ended 1/31/2016 $10.10 0.21 (0.46) (0.25) (0.22) (0.18) (0.40)
Institutional 2 Class
Six Months Ended 7/31/2020 (Unaudited) $10.24 0.09 0.20 0.29 (0.09) (0.11) (0.20)
Year Ended 1/31/2020 $9.70 0.24 0.64 0.88 (0.24) (0.10) (0.34)
Year Ended 1/31/2019 $10.31 0.23 (0.37) (0.14) (0.24) (0.23) (0.47)
Year Ended 1/31/2018 $9.78 0.20 0.59 0.79 (0.25) (0.01) (0.26)
Year Ended 1/31/2017 $9.39 0.18 0.48 0.66 (0.18) (0.09) (0.27)
Year Ended 1/31/2016 $10.05 0.25 (0.50) (0.25) (0.23) (0.18) (0.41)
The accompanying Notes to Financial Statements are an integral part of this statement.
84 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Financial Highlights  (continued)
Columbia Capital Allocation Conservative Portfolio
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 7/31/2020 (Unaudited) $10.41 2.82% 0.56%(c) 0.56%(c) 1.52%(c) 9% $189,576
Year Ended 1/31/2020 $10.31 8.91% 0.57% 0.57%(d) 2.09% 13% $180,338
Year Ended 1/31/2019 $9.76 (1.61%) 0.55% 0.55% 2.02% 21% $177,622
Year Ended 1/31/2018 $10.38 7.90% 0.56% 0.56% 1.72% 12% $198,471
Year Ended 1/31/2017 $9.84 6.67% 0.55% 0.55% 1.51% 24% $213,725
Year Ended 1/31/2016 $9.45 (2.81%) 0.52% 0.52%(d) 1.83% 24% $216,423
Advisor Class
Six Months Ended 7/31/2020 (Unaudited) $10.34 2.98% 0.31%(c) 0.31%(c) 1.76%(c) 9% $6,342
Year Ended 1/31/2020 $10.24 9.14% 0.32% 0.32%(d) 2.31% 13% $6,012
Year Ended 1/31/2019 $9.70 (1.28%) 0.30% 0.30% 2.30% 21% $8,396
Year Ended 1/31/2018 $10.31 8.11% 0.30% 0.30% 2.13% 12% $6,063
Year Ended 1/31/2017 $9.78 6.98% 0.31% 0.31% 1.76% 24% $903
Year Ended 1/31/2016 $9.39 (2.57%) 0.27% 0.27%(d) 2.06% 24% $145
Class C
Six Months Ended 7/31/2020 (Unaudited) $10.35 2.45% 1.31%(c) 1.31%(c) 0.76%(c) 9% $24,702
Year Ended 1/31/2020 $10.25 8.05% 1.32% 1.32%(d) 1.34% 13% $24,949
Year Ended 1/31/2019 $9.71 (2.27%) 1.30% 1.30% 1.23% 21% $27,850
Year Ended 1/31/2018 $10.32 7.14% 1.31% 1.31% 0.97% 12% $38,765
Year Ended 1/31/2017 $9.78 5.80% 1.30% 1.30% 0.76% 24% $42,286
Year Ended 1/31/2016 $9.40 (3.56%) 1.27% 1.27%(d) 1.08% 24% $43,719
Institutional Class
Six Months Ended 7/31/2020 (Unaudited) $10.40 2.96% 0.30%(c) 0.30%(c) 1.77%(c) 9% $9,861
Year Ended 1/31/2020 $10.30 9.08% 0.32% 0.32%(d) 2.34% 13% $9,128
Year Ended 1/31/2019 $9.76 (1.27%) 0.30% 0.30% 2.26% 21% $8,191
Year Ended 1/31/2018 $10.37 8.06% 0.31% 0.31% 2.03% 12% $9,559
Year Ended 1/31/2017 $9.84 6.94% 0.30% 0.30% 1.79% 24% $3,974
Year Ended 1/31/2016 $9.45 (2.56%) 0.27% 0.27%(d) 2.09% 24% $3,046
Institutional 2 Class
Six Months Ended 7/31/2020 (Unaudited) $10.33 2.89% 0.29%(c) 0.29%(c) 1.78%(c) 9% $1,191
Year Ended 1/31/2020 $10.24 9.17% 0.30% 0.30% 2.38% 13% $966
Year Ended 1/31/2019 $9.70 (1.25%) 0.28% 0.28% 2.35% 21% $642
Year Ended 1/31/2018 $10.31 8.15% 0.28% 0.28% 2.02% 12% $571
Year Ended 1/31/2017 $9.78 7.05% 0.24% 0.24% 1.84% 24% $417
Year Ended 1/31/2016 $9.39 (2.60%) 0.21% 0.21% 2.66% 24% $322
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
85
Financial Highlights  (continued)
Columbia Capital Allocation Conservative Portfolio
  Net asset value,
beginning of
period 		Net
investment
income 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Institutional 3 Class
Six Months Ended 7/31/2020 (Unaudited) $10.22 0.09 0.21 0.30 (0.09) (0.11) (0.20)
Year Ended 1/31/2020 $9.68 0.24 0.64 0.88 (0.24) (0.10) (0.34)
Year Ended 1/31/2019 $10.30 0.24 (0.38) (0.14) (0.25) (0.23) (0.48)
Year Ended 1/31/2018 $9.77 0.23 0.56 0.79 (0.25) (0.01) (0.26)
Year Ended 1/31/2017 $9.39 0.18 0.47 0.65 (0.18) (0.09) (0.27)
Year Ended 1/31/2016 $10.04 0.20 (0.43) (0.23) (0.24) (0.18) (0.42)
Class R
Six Months Ended 7/31/2020 (Unaudited) $10.30 0.06 0.21 0.27 (0.06) (0.11) (0.17)
Year Ended 1/31/2020 $9.76 0.19 0.64 0.83 (0.19) (0.10) (0.29)
Year Ended 1/31/2019 $10.37 0.17 (0.36) (0.19) (0.19) (0.23) (0.42)
Year Ended 1/31/2018 $9.84 0.16 0.58 0.74 (0.20) (0.01) (0.21)
Year Ended 1/31/2017 $9.45 0.12 0.48 0.60 (0.12) (0.09) (0.21)
Year Ended 1/31/2016 $10.10 0.17 (0.47) (0.30) (0.17) (0.18) (0.35)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(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.
86 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Financial Highlights  (continued)
Columbia Capital Allocation Conservative Portfolio
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Institutional 3 Class
Six Months Ended 7/31/2020 (Unaudited) $10.32 3.02% 0.24%(c) 0.24%(c) 1.83%(c) 9% $2,874
Year Ended 1/31/2020 $10.22 9.24% 0.24% 0.24% 2.43% 13% $2,535
Year Ended 1/31/2019 $9.68 (1.30%) 0.23% 0.23% 2.38% 21% $2,061
Year Ended 1/31/2018 $10.30 8.22% 0.23% 0.23% 2.27% 12% $1,385
Year Ended 1/31/2017 $9.77 6.99% 0.20% 0.20% 1.86% 24% $595
Year Ended 1/31/2016 $9.39 (2.37%) 0.15% 0.15% 2.13% 24% $166
Class R
Six Months Ended 7/31/2020 (Unaudited) $10.40 2.70% 0.80%(c) 0.80%(c) 1.27%(c) 9% $413
Year Ended 1/31/2020 $10.30 8.54% 0.82% 0.82%(d) 1.92% 13% $512
Year Ended 1/31/2019 $9.76 (1.77%) 0.80% 0.80% 1.68% 21% $447
Year Ended 1/31/2018 $10.37 7.53% 0.81% 0.81% 1.54% 12% $747
Year Ended 1/31/2017 $9.84 6.41% 0.80% 0.80% 1.19% 24% $355
Year Ended 1/31/2016 $9.45 (3.05%) 0.77% 0.77%(d) 1.72% 24% $490
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
87
Financial Highlights
Columbia Capital Allocation Moderate Conservative Portfolio
  Net asset value,
beginning of
period 		Net
investment
income 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 7/31/2020 (Unaudited) $10.97 0.07 0.14 0.21 (0.07) (0.26) (0.33)
Year Ended 1/31/2020 $10.35 0.23 0.84 1.07 (0.24) (0.21) (0.45)
Year Ended 1/31/2019 $11.38 0.21 (0.52) (0.31) (0.24) (0.48) (0.72)
Year Ended 1/31/2018 $10.62 0.19 1.04 1.23 (0.24) (0.23) (0.47)
Year Ended 1/31/2017 $10.14 0.17 0.68 0.85 (0.16) (0.21) (0.37)
Year Ended 1/31/2016 $10.98 0.20 (0.49) (0.29) (0.22) (0.33) (0.55)
Advisor Class
Six Months Ended 7/31/2020 (Unaudited) $10.86 0.08 0.14 0.22 (0.08) (0.26) (0.34)
Year Ended 1/31/2020 $10.25 0.26 0.83 1.09 (0.27) (0.21) (0.48)
Year Ended 1/31/2019 $11.28 0.23 (0.52) (0.29) (0.26) (0.48) (0.74)
Year Ended 1/31/2018 $10.53 0.23 1.02 1.25 (0.27) (0.23) (0.50)
Year Ended 1/31/2017 $10.06 0.24 0.62 0.86 (0.18) (0.21) (0.39)
Year Ended 1/31/2016 $10.89 0.23 (0.48) (0.25) (0.25) (0.33) (0.58)
Class C
Six Months Ended 7/31/2020 (Unaudited) $10.80 0.03 0.13 0.16 (0.03) (0.26) (0.29)
Year Ended 1/31/2020 $10.20 0.14 0.83 0.97 (0.16) (0.21) (0.37)
Year Ended 1/31/2019 $11.21 0.12 (0.50) (0.38) (0.15) (0.48) (0.63)
Year Ended 1/31/2018 $10.47 0.10 1.03 1.13 (0.16) (0.23) (0.39)
Year Ended 1/31/2017 $10.00 0.09 0.67 0.76 (0.08) (0.21) (0.29)
Year Ended 1/31/2016 $10.84 0.12 (0.49) (0.37) (0.14) (0.33) (0.47)
Institutional Class
Six Months Ended 7/31/2020 (Unaudited) $10.80 0.08 0.14 0.22 (0.08) (0.26) (0.34)
Year Ended 1/31/2020 $10.20 0.25 0.83 1.08 (0.27) (0.21) (0.48)
Year Ended 1/31/2019 $11.22 0.22 (0.50) (0.28) (0.26) (0.48) (0.74)
Year Ended 1/31/2018 $10.48 0.22 1.02 1.24 (0.27) (0.23) (0.50)
Year Ended 1/31/2017 $10.01 0.19 0.67 0.86 (0.18) (0.21) (0.39)
Year Ended 1/31/2016 $10.85 0.23 (0.49) (0.26) (0.25) (0.33) (0.58)
Institutional 2 Class
Six Months Ended 7/31/2020 (Unaudited) $10.86 0.09 0.13 0.22 (0.09) (0.26) (0.35)
Year Ended 1/31/2020 $10.25 0.26 0.83 1.09 (0.27) (0.21) (0.48)
Year Ended 1/31/2019 $11.27 0.25 (0.52) (0.27) (0.27) (0.48) (0.75)
Year Ended 1/31/2018 $10.52 0.22 1.03 1.25 (0.27) (0.23) (0.50)
Year Ended 1/31/2017 $10.05 0.20 0.67 0.87 (0.19) (0.21) (0.40)
Year Ended 1/31/2016 $10.89 0.30 (0.55) (0.25) (0.26) (0.33) (0.59)
Institutional 3 Class
Six Months Ended 7/31/2020 (Unaudited) $10.70 0.09 0.13 0.22 (0.09) (0.26) (0.35)
Year Ended 1/31/2020 $10.10 0.25 0.84 1.09 (0.28) (0.21) (0.49)
Year Ended 1/31/2019 $11.13 0.30 (0.58) (0.28) (0.27) (0.48) (0.75)
Year Ended 1/31/2018 $10.40 0.23 1.01 1.24 (0.28) (0.23) (0.51)
Year Ended 1/31/2017 $9.94 0.19 0.67 0.86 (0.19) (0.21) (0.40)
Year Ended 1/31/2016 $10.77 0.26 (0.50) (0.24) (0.26) (0.33) (0.59)
The accompanying Notes to Financial Statements are an integral part of this statement.
88 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Conservative Portfolio
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 7/31/2020 (Unaudited) $10.85 2.07% 0.50%(c) 0.50%(c) 1.37%(c) 5% $419,823
Year Ended 1/31/2020 $10.97 10.52% 0.49% 0.49%(d) 2.12% 9% $425,706
Year Ended 1/31/2019 $10.35 (2.62%) 0.48% 0.48%(d) 1.96% 21% $427,506
Year Ended 1/31/2018 $11.38 11.79% 0.48% 0.48%(d) 1.71% 9% $486,408
Year Ended 1/31/2017 $10.62 8.47% 0.49% 0.49%(d) 1.57% 18% $494,948
Year Ended 1/31/2016 $10.14 (2.78%) 0.48% 0.48%(d) 1.86% 21% $495,849
Advisor Class
Six Months Ended 7/31/2020 (Unaudited) $10.74 2.23% 0.25%(c) 0.25%(c) 1.62%(c) 5% $5,155
Year Ended 1/31/2020 $10.86 10.80% 0.24% 0.24%(d) 2.42% 9% $5,319
Year Ended 1/31/2019 $10.25 (2.40%) 0.23% 0.23%(d) 2.17% 21% $4,943
Year Ended 1/31/2018 $11.28 12.07% 0.23% 0.23%(d) 2.09% 9% $4,592
Year Ended 1/31/2017 $10.53 8.71% 0.24% 0.24%(d) 2.28% 18% $2,705
Year Ended 1/31/2016 $10.06 (2.46%) 0.23% 0.23%(d) 2.15% 21% $1,082
Class C
Six Months Ended 7/31/2020 (Unaudited) $10.67 1.61% 1.25%(c) 1.25%(c) 0.62%(c) 5% $56,702
Year Ended 1/31/2020 $10.80 9.65% 1.24% 1.24%(d) 1.36% 9% $57,072
Year Ended 1/31/2019 $10.20 (3.23%) 1.23% 1.23%(d) 1.14% 21% $61,019
Year Ended 1/31/2018 $11.21 10.92% 1.23% 1.23%(d) 0.95% 9% $82,192
Year Ended 1/31/2017 $10.47 7.67% 1.24% 1.24%(d) 0.83% 18% $87,493
Year Ended 1/31/2016 $10.00 (3.56%) 1.23% 1.23%(d) 1.12% 21% $85,097
Institutional Class
Six Months Ended 7/31/2020 (Unaudited) $10.68 2.24% 0.25%(c) 0.25%(c) 1.62%(c) 5% $18,890
Year Ended 1/31/2020 $10.80 10.76% 0.24% 0.24%(d) 2.38% 9% $16,490
Year Ended 1/31/2019 $10.20 (2.32%) 0.23% 0.23%(d) 2.10% 21% $17,131
Year Ended 1/31/2018 $11.22 12.03% 0.23% 0.23%(d) 2.00% 9% $28,796
Year Ended 1/31/2017 $10.48 8.75% 0.24% 0.24%(d) 1.78% 18% $20,476
Year Ended 1/31/2016 $10.01 (2.56%) 0.23% 0.23%(d) 2.11% 21% $24,108
Institutional 2 Class
Six Months Ended 7/31/2020 (Unaudited) $10.73 2.14% 0.23%(c) 0.23%(c) 1.65%(c) 5% $3,813
Year Ended 1/31/2020 $10.86 10.83% 0.22% 0.22% 2.43% 9% $3,683
Year Ended 1/31/2019 $10.25 (2.28%) 0.21% 0.21% 2.34% 21% $3,758
Year Ended 1/31/2018 $11.27 12.12% 0.21% 0.21% 2.01% 9% $2,655
Year Ended 1/31/2017 $10.52 8.78% 0.18% 0.18% 1.93% 18% $2,084
Year Ended 1/31/2016 $10.05 (2.48%) 0.16% 0.16% 2.89% 21% $686
Institutional 3 Class
Six Months Ended 7/31/2020 (Unaudited) $10.57 2.20% 0.18%(c) 0.18%(c) 1.69%(c) 5% $6,265
Year Ended 1/31/2020 $10.70 10.94% 0.18% 0.18% 2.42% 9% $5,951
Year Ended 1/31/2019 $10.10 (2.36%) 0.17% 0.17% 2.96% 21% $5,551
Year Ended 1/31/2018 $11.13 12.12% 0.16% 0.16% 2.15% 9% $801
Year Ended 1/31/2017 $10.40 8.84% 0.13% 0.13% 1.83% 18% $409
Year Ended 1/31/2016 $9.94 (2.38%) 0.12% 0.12% 2.48% 21% $10
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
89
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Conservative Portfolio
  Net asset value,
beginning of
period 		Net
investment
income 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class R
Six Months Ended 7/31/2020 (Unaudited) $10.99 0.06 0.14 0.20 (0.06) (0.26) (0.32)
Year Ended 1/31/2020 $10.37 0.19 0.86 1.05 (0.22) (0.21) (0.43)
Year Ended 1/31/2019 $11.39 0.18 (0.51) (0.33) (0.21) (0.48) (0.69)
Year Ended 1/31/2018 $10.63 0.15 1.05 1.20 (0.21) (0.23) (0.44)
Year Ended 1/31/2017 $10.16 0.14 0.67 0.81 (0.13) (0.21) (0.34)
Year Ended 1/31/2016 $10.99 0.21 (0.52) (0.31) (0.19) (0.33) (0.52)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(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.
90 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Conservative Portfolio
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class R
Six Months Ended 7/31/2020 (Unaudited) $10.87 1.93% 0.75%(c) 0.75%(c) 1.13%(c) 5% $1,039
Year Ended 1/31/2020 $10.99 10.23% 0.74% 0.74%(d) 1.80% 9% $1,177
Year Ended 1/31/2019 $10.37 (2.78%) 0.73% 0.73%(d) 1.71% 21% $1,431
Year Ended 1/31/2018 $11.39 11.50% 0.73% 0.73%(d) 1.40% 9% $1,924
Year Ended 1/31/2017 $10.63 8.09% 0.73% 0.73%(d) 1.30% 18% $2,549
Year Ended 1/31/2016 $10.16 (2.93%) 0.73% 0.73%(d) 1.92% 21% $5,007
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
91
Financial Highlights
Columbia Capital Allocation Moderate Portfolio
  Net asset value,
beginning of
period 		Net
investment
income 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 7/31/2020 (Unaudited) $11.32 0.07 0.10 0.17 (0.06) (0.35) (0.41)
Year Ended 1/31/2020 $10.70 0.24 1.05 1.29 (0.25) (0.42) (0.67)
Year Ended 1/31/2019 $11.99 0.22 (0.73) (0.51) (0.25) (0.53) (0.78)
Year Ended 1/31/2018 $10.99 0.19 1.56 1.75 (0.23) (0.52) (0.75)
Year Ended 1/31/2017 $10.34 0.18 0.95 1.13 (0.21) (0.27) (0.48)
Year Ended 1/31/2016 $11.50 0.19 (0.49) (0.30) (0.22) (0.64) (0.86)
Advisor Class
Six Months Ended 7/31/2020 (Unaudited) $11.17 0.08 0.09 0.17 (0.07) (0.35) (0.42)
Year Ended 1/31/2020 $10.57 0.28 1.02 1.30 (0.28) (0.42) (0.70)
Year Ended 1/31/2019 $11.85 0.25 (0.72) (0.47) (0.28) (0.53) (0.81)
Year Ended 1/31/2018 $10.87 0.30 1.46 1.76 (0.26) (0.52) (0.78)
Year Ended 1/31/2017 $10.24 0.21 0.93 1.14 (0.24) (0.27) (0.51)
Year Ended 1/31/2016 $11.39 0.28 (0.54) (0.26) (0.25) (0.64) (0.89)
Class C
Six Months Ended 7/31/2020 (Unaudited) $11.21 0.03 0.11 0.14 (0.02) (0.35) (0.37)
Year Ended 1/31/2020 $10.61 0.15 1.04 1.19 (0.17) (0.42) (0.59)
Year Ended 1/31/2019 $11.89 0.13 (0.72) (0.59) (0.16) (0.53) (0.69)
Year Ended 1/31/2018 $10.91 0.11 1.54 1.65 (0.15) (0.52) (0.67)
Year Ended 1/31/2017 $10.27 0.10 0.94 1.04 (0.13) (0.27) (0.40)
Year Ended 1/31/2016 $11.41 0.11 (0.47) (0.36) (0.14) (0.64) (0.78)
Institutional Class
Six Months Ended 7/31/2020 (Unaudited) $11.31 0.08 0.09 0.17 (0.07) (0.35) (0.42)
Year Ended 1/31/2020 $10.69 0.26 1.06 1.32 (0.28) (0.42) (0.70)
Year Ended 1/31/2019 $11.97 0.25 (0.72) (0.47) (0.28) (0.53) (0.81)
Year Ended 1/31/2018 $10.98 0.24 1.53 1.77 (0.26) (0.52) (0.78)
Year Ended 1/31/2017 $10.33 0.22 0.94 1.16 (0.24) (0.27) (0.51)
Year Ended 1/31/2016 $11.49 0.22 (0.49) (0.27) (0.25) (0.64) (0.89)
Institutional 2 Class
Six Months Ended 7/31/2020 (Unaudited) $11.16 0.08 0.09 0.17 (0.07) (0.35) (0.42)
Year Ended 1/31/2020 $10.56 0.27 1.03 1.30 (0.28) (0.42) (0.70)
Year Ended 1/31/2019 $11.84 0.23 (0.70) (0.47) (0.28) (0.53) (0.81)
Year Ended 1/31/2018 $10.87 0.22 1.54 1.76 (0.27) (0.52) (0.79)
Year Ended 1/31/2017 $10.23 0.21 0.94 1.15 (0.24) (0.27) (0.51)
Year Ended 1/31/2016 $11.39 0.51 (0.77) (0.26) (0.26) (0.64) (0.90)
Institutional 3 Class
Six Months Ended 7/31/2020 (Unaudited) $11.17 0.08 0.10 0.18 (0.08) (0.35) (0.43)
Year Ended 1/31/2020 $10.56 0.27 1.05 1.32 (0.29) (0.42) (0.71)
Year Ended 1/31/2019 $11.84 0.27 (0.74) (0.47) (0.28) (0.53) (0.81)
Year Ended 1/31/2018 $10.87 0.24 1.52 1.76 (0.27) (0.52) (0.79)
Year Ended 1/31/2017 $10.23 0.23 0.93 1.16 (0.25) (0.27) (0.52)
Year Ended 1/31/2016 $11.38 0.16 (0.40) (0.24) (0.27) (0.64) (0.91)
The accompanying Notes to Financial Statements are an integral part of this statement.
92 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Portfolio
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 7/31/2020 (Unaudited) $11.08 1.72% 0.44%(c) 0.44%(c) 1.30%(c) 10% $1,235,722
Year Ended 1/31/2020 $11.32 12.26% 0.43% 0.43%(d) 2.11% 10% $1,280,253
Year Ended 1/31/2019 $10.70 (4.13%) 0.43% 0.43%(d) 1.94% 20% $1,247,694
Year Ended 1/31/2018 $11.99 16.39% 0.44% 0.44%(d) 1.68% 9% $1,389,747
Year Ended 1/31/2017 $10.99 11.19% 0.44% 0.44%(d) 1.64% 10% $1,309,998
Year Ended 1/31/2016 $10.34 (2.89%) 0.46% 0.46%(d) 1.68% 17% $1,295,482
Advisor Class
Six Months Ended 7/31/2020 (Unaudited) $10.92 1.80% 0.19%(c) 0.19%(c) 1.55%(c) 10% $2,723
Year Ended 1/31/2020 $11.17 12.51% 0.18% 0.18%(d) 2.50% 10% $3,051
Year Ended 1/31/2019 $10.57 (3.84%) 0.18% 0.18%(d) 2.28% 20% $1,212
Year Ended 1/31/2018 $11.85 16.68% 0.18% 0.18%(d) 2.60% 9% $1,021
Year Ended 1/31/2017 $10.87 11.39% 0.19% 0.19%(d) 1.98% 10% $355
Year Ended 1/31/2016 $10.24 (2.58%) 0.21% 0.21%(d) 2.61% 17% $202
Class C
Six Months Ended 7/31/2020 (Unaudited) $10.98 1.42% 1.19%(c) 1.19%(c) 0.55%(c) 10% $140,608
Year Ended 1/31/2020 $11.21 11.34% 1.18% 1.18%(d) 1.35% 10% $153,545
Year Ended 1/31/2019 $10.61 (4.82%) 1.18% 1.18%(d) 1.15% 20% $160,172
Year Ended 1/31/2018 $11.89 15.46% 1.19% 1.19%(d) 0.95% 9% $207,421
Year Ended 1/31/2017 $10.91 10.34% 1.19% 1.19%(d) 0.90% 10% $186,170
Year Ended 1/31/2016 $10.27 (3.48%) 1.21% 1.21%(d) 0.95% 17% $178,548
Institutional Class
Six Months Ended 7/31/2020 (Unaudited) $11.06 1.77% 0.19%(c) 0.19%(c) 1.55%(c) 10% $36,959
Year Ended 1/31/2020 $11.31 12.55% 0.18% 0.18%(d) 2.37% 10% $37,112
Year Ended 1/31/2019 $10.69 (3.80%) 0.18% 0.18%(d) 2.19% 20% $38,025
Year Ended 1/31/2018 $11.97 16.60% 0.19% 0.19%(d) 2.09% 9% $39,872
Year Ended 1/31/2017 $10.98 11.48% 0.19% 0.19%(d) 2.02% 10% $4,598
Year Ended 1/31/2016 $10.33 (2.65%) 0.21% 0.21%(d) 1.92% 17% $2,443
Institutional 2 Class
Six Months Ended 7/31/2020 (Unaudited) $10.91 1.80% 0.17%(c) 0.17%(c) 1.57%(c) 10% $6,385
Year Ended 1/31/2020 $11.16 12.53% 0.17% 0.17% 2.42% 10% $5,447
Year Ended 1/31/2019 $10.56 (3.83%) 0.17% 0.17% 2.08% 20% $4,554
Year Ended 1/31/2018 $11.84 16.62% 0.16% 0.16% 1.95% 9% $7,323
Year Ended 1/31/2017 $10.87 11.55% 0.14% 0.14% 1.94% 10% $5,521
Year Ended 1/31/2016 $10.23 (2.61%) 0.15% 0.15% 4.80% 17% $3,803
Institutional 3 Class
Six Months Ended 7/31/2020 (Unaudited) $10.92 1.83% 0.13%(c) 0.13%(c) 1.61%(c) 10% $10,419
Year Ended 1/31/2020 $11.17 12.68% 0.13% 0.13% 2.42% 10% $11,042
Year Ended 1/31/2019 $10.56 (3.79%) 0.13% 0.13% 2.45% 20% $9,319
Year Ended 1/31/2018 $11.84 16.68% 0.12% 0.12% 2.11% 9% $4,933
Year Ended 1/31/2017 $10.87 11.61% 0.09% 0.09% 2.15% 10% $3,459
Year Ended 1/31/2016 $10.23 (2.42%) 0.09% 0.09% 1.59% 17% $368
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
93
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Portfolio
  Net asset value,
beginning of
period 		Net
investment
income 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class R
Six Months Ended 7/31/2020 (Unaudited) $11.28 0.06 0.10 0.16 (0.05) (0.35) (0.40)
Year Ended 1/31/2020 $10.67 0.20 1.05 1.25 (0.22) (0.42) (0.64)
Year Ended 1/31/2019 $11.95 0.19 (0.72) (0.53) (0.22) (0.53) (0.75)
Year Ended 1/31/2018 $10.96 0.17 1.55 1.72 (0.21) (0.52) (0.73)
Year Ended 1/31/2017 $10.32 0.16 0.93 1.09 (0.18) (0.27) (0.45)
Year Ended 1/31/2016 $11.47 0.16 (0.47) (0.31) (0.20) (0.64) (0.84)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(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.
94 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Portfolio
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class R
Six Months Ended 7/31/2020 (Unaudited) $11.04 1.59% 0.69%(c) 0.69%(c) 1.05%(c) 10% $2,588
Year Ended 1/31/2020 $11.28 11.92% 0.68% 0.68%(d) 1.79% 10% $2,531
Year Ended 1/31/2019 $10.67 (4.30%) 0.68% 0.68%(d) 1.72% 20% $3,156
Year Ended 1/31/2018 $11.95 16.05% 0.69% 0.69%(d) 1.46% 9% $2,786
Year Ended 1/31/2017 $10.96 10.84% 0.69% 0.69%(d) 1.48% 10% $2,282
Year Ended 1/31/2016 $10.32 (3.06%) 0.71% 0.71%(d) 1.37% 17% $1,342
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
95
Financial Highlights
Columbia Capital Allocation Moderate Aggressive Portfolio
  Net asset value,
beginning of
period 		Net
investment
income 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 7/31/2020 (Unaudited) $12.28 0.05 0.05 0.10 (0.04) (0.47) (0.51)
Year Ended 1/31/2020 $11.64 0.22 1.33 1.55 (0.24) (0.67) (0.91)
Year Ended 1/31/2019 $13.50 0.20 (0.97) (0.77) (0.24) (0.85) (1.09)
Year Ended 1/31/2018 $12.00 0.17 2.27 2.44 (0.21) (0.73) (0.94)
Year Ended 1/31/2017 $11.15 0.15 1.30 1.45 (0.16) (0.44) (0.60)
Year Ended 1/31/2016 $12.45 0.18 (0.55) (0.37) (0.22) (0.71) (0.93)
Advisor Class
Six Months Ended 7/31/2020 (Unaudited) $12.40 0.06 0.06 0.12 (0.06) (0.47) (0.53)
Year Ended 1/31/2020 $11.75 0.22 1.37 1.59 (0.27) (0.67) (0.94)
Year Ended 1/31/2019 $13.61 0.24 (0.98) (0.74) (0.27) (0.85) (1.12)
Year Ended 1/31/2018 $12.10 0.24 2.24 2.48 (0.24) (0.73) (0.97)
Year Ended 1/31/2017 $11.23 0.19 1.30 1.49 (0.18) (0.44) (0.62)
Year Ended 1/31/2016 $12.54 0.21 (0.56) (0.35) (0.25) (0.71) (0.96)
Class C
Six Months Ended 7/31/2020 (Unaudited) $12.30 0.00(f) 0.07 0.07 (0.00)(f) (0.47) (0.47)
Year Ended 1/31/2020 $11.67 0.12 1.33 1.45 (0.15) (0.67) (0.82)
Year Ended 1/31/2019 $13.52 0.10 (0.96) (0.86) (0.14) (0.85) (0.99)
Year Ended 1/31/2018 $12.04 0.08 2.26 2.34 (0.13) (0.73) (0.86)
Year Ended 1/31/2017 $11.21 0.07 1.29 1.36 (0.09) (0.44) (0.53)
Year Ended 1/31/2016 $12.51 0.09 (0.55) (0.46) (0.13) (0.71) (0.84)
Institutional Class
Six Months Ended 7/31/2020 (Unaudited) $12.25 0.06 0.06 0.12 (0.06) (0.47) (0.53)
Year Ended 1/31/2020 $11.62 0.24 1.33 1.57 (0.27) (0.67) (0.94)
Year Ended 1/31/2019 $13.47 0.23 (0.96) (0.73) (0.27) (0.85) (1.12)
Year Ended 1/31/2018 $11.98 0.20 2.26 2.46 (0.24) (0.73) (0.97)
Year Ended 1/31/2017 $11.13 0.18 1.29 1.47 (0.18) (0.44) (0.62)
Year Ended 1/31/2016 $12.44 0.21 (0.56) (0.35) (0.25) (0.71) (0.96)
Institutional 2 Class
Six Months Ended 7/31/2020 (Unaudited) $12.38 0.06 0.07 0.13 (0.06) (0.47) (0.53)
Year Ended 1/31/2020 $11.74 0.26 1.32 1.58 (0.27) (0.67) (0.94)
Year Ended 1/31/2019 $13.60 0.24 (0.97) (0.73) (0.28) (0.85) (1.13)
Year Ended 1/31/2018 $12.09 0.23 2.26 2.49 (0.25) (0.73) (0.98)
Year Ended 1/31/2017 $11.23 0.20 1.30 1.50 (0.20) (0.44) (0.64)
Year Ended 1/31/2016 $12.53 0.38 (0.71) (0.33) (0.26) (0.71) (0.97)
Institutional 3 Class
Six Months Ended 7/31/2020 (Unaudited) $12.06 0.06 0.06 0.12 (0.06) (0.47) (0.53)
Year Ended 1/31/2020 $11.45 0.26 1.30 1.56 (0.28) (0.67) (0.95)
Year Ended 1/31/2019 $13.30 0.22 (0.94) (0.72) (0.28) (0.85) (1.13)
Year Ended 1/31/2018 $11.84 0.31 2.13 2.44 (0.25) (0.73) (0.98)
Year Ended 1/31/2017 $11.01 0.21 1.26 1.47 (0.20) (0.44) (0.64)
Year Ended 1/31/2016 $12.31 0.13 (0.45) (0.32) (0.27) (0.71) (0.98)
The accompanying Notes to Financial Statements are an integral part of this statement.
96 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 7/31/2020 (Unaudited) $11.87 1.13% 0.50%(c) 0.50%(c) 0.80%(c) 5% $1,572,580
Year Ended 1/31/2020 $12.28 13.51% 0.50% 0.50%(d) 1.77% 10% $1,645,913
Year Ended 1/31/2019 $11.64 (5.48%) 0.49% 0.49%(d) 1.59% 18% $1,603,992
Year Ended 1/31/2018 $13.50 20.88% 0.49% 0.49%(d) 1.35% 9% $1,826,698
Year Ended 1/31/2017 $12.00 13.24% 0.47%(e) 0.47%(d),(e) 1.30% 9% $1,671,442
Year Ended 1/31/2016 $11.15 (3.42%) 0.52% 0.52%(d) 1.42% 16% $1,646,276
Advisor Class
Six Months Ended 7/31/2020 (Unaudited) $11.99 1.25% 0.25%(c) 0.25%(c) 1.05%(c) 5% $7,708
Year Ended 1/31/2020 $12.40 13.75% 0.25% 0.25%(d) 1.80% 10% $7,779
Year Ended 1/31/2019 $11.75 (5.19%) 0.24% 0.24%(d) 1.90% 18% $14,622
Year Ended 1/31/2018 $13.61 21.09% 0.24% 0.24%(d) 1.86% 9% $11,216
Year Ended 1/31/2017 $12.10 13.61% 0.22%(e) 0.22%(d),(e) 1.62% 9% $2,128
Year Ended 1/31/2016 $11.23 (3.23%) 0.27% 0.27%(d) 1.72% 16% $1,119
Class C
Six Months Ended 7/31/2020 (Unaudited) $11.90 0.80% 1.25%(c) 1.25%(c) 0.05%(c) 5% $136,768
Year Ended 1/31/2020 $12.30 12.55% 1.25% 1.25%(d) 1.01% 10% $148,134
Year Ended 1/31/2019 $11.67 (6.12%) 1.24% 1.24%(d) 0.77% 18% $151,414
Year Ended 1/31/2018 $13.52 19.91% 1.24% 1.24%(d) 0.59% 9% $215,268
Year Ended 1/31/2017 $12.04 12.36% 1.22%(e) 1.22%(d),(e) 0.55% 9% $216,271
Year Ended 1/31/2016 $11.21 (4.08%) 1.27% 1.27%(d) 0.69% 16% $206,181
Institutional Class
Six Months Ended 7/31/2020 (Unaudited) $11.84 1.27% 0.25%(c) 0.25%(c) 1.05%(c) 5% $99,626
Year Ended 1/31/2020 $12.25 13.73% 0.25% 0.25%(d) 2.01% 10% $107,497
Year Ended 1/31/2019 $11.62 (5.17%) 0.24% 0.24%(d) 1.83% 18% $108,487
Year Ended 1/31/2018 $13.47 21.13% 0.24% 0.24%(d) 1.59% 9% $136,761
Year Ended 1/31/2017 $11.98 13.55% 0.22%(e) 0.22%(d),(e) 1.55% 9% $119,833
Year Ended 1/31/2016 $11.13 (3.26%) 0.27% 0.27%(d) 1.67% 16% $113,846
Institutional 2 Class
Six Months Ended 7/31/2020 (Unaudited) $11.98 1.36% 0.21%(c) 0.21%(c) 1.09%(c) 5% $9,899
Year Ended 1/31/2020 $12.38 13.72% 0.20% 0.20% 2.13% 10% $9,890
Year Ended 1/31/2019 $11.74 (5.15%) 0.19% 0.19% 1.89% 18% $7,961
Year Ended 1/31/2018 $13.60 21.18% 0.19% 0.19% 1.80% 9% $8,881
Year Ended 1/31/2017 $12.09 13.63% 0.13%(e) 0.13%(e) 1.68% 9% $5,706
Year Ended 1/31/2016 $11.23 (3.05%) 0.17% 0.17% 3.15% 16% $3,537
Institutional 3 Class
Six Months Ended 7/31/2020 (Unaudited) $11.65 1.34% 0.16%(c) 0.16%(c) 1.14%(c) 5% $13,005
Year Ended 1/31/2020 $12.06 13.87% 0.15% 0.15% 2.15% 10% $13,771
Year Ended 1/31/2019 $11.45 (5.14%) 0.14% 0.14% 1.80% 18% $11,447
Year Ended 1/31/2018 $13.30 21.26% 0.14% 0.14% 2.47% 9% $20,776
Year Ended 1/31/2017 $11.84 13.68% 0.07%(e) 0.07%(e) 1.81% 9% $1,128
Year Ended 1/31/2016 $11.01 (3.09%) 0.12% 0.12% 1.16% 16% $379
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
97
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio
  Net asset value,
beginning of
period 		Net
investment
income 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class R
Six Months Ended 7/31/2020 (Unaudited) $12.26 0.03 0.07 0.10 (0.03) (0.47) (0.50)
Year Ended 1/31/2020 $11.63 0.18 1.33 1.51 (0.21) (0.67) (0.88)
Year Ended 1/31/2019 $13.48 0.17 (0.96) (0.79) (0.21) (0.85) (1.06)
Year Ended 1/31/2018 $11.99 0.15 2.24 2.39 (0.17) (0.73) (0.90)
Year Ended 1/31/2017 $11.14 0.13 1.29 1.42 (0.13) (0.44) (0.57)
Year Ended 1/31/2016 $12.44 0.14 (0.54) (0.40) (0.19) (0.71) (0.90)
Class V
Six Months Ended 7/31/2020 (Unaudited) $12.28 0.05 0.05 0.10 (0.04) (0.47) (0.51)
Year Ended 1/31/2020 $11.64 0.22 1.33 1.55 (0.24) (0.67) (0.91)
Year Ended 1/31/2019 $13.50 0.20 (0.97) (0.77) (0.24) (0.85) (1.09)
Year Ended 1/31/2018 $12.00 0.17 2.27 2.44 (0.21) (0.73) (0.94)
Year Ended 1/31/2017 $11.15 0.15 1.30 1.45 (0.16) (0.44) (0.60)
Year Ended 1/31/2016 $12.45 0.18 (0.55) (0.37) (0.22) (0.71) (0.93)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) Expenses have been reduced due to a reimbursement of expenses overbilled by a third party. If the reimbursement had been excluded, the expense ratios would have been higher by the percentages shown for each class in the table below. All fee waivers and expense reimbursements by the Investment Manager and its affiliates were applied before giving effect to this third party reimbursement.
    
Year Ended Class A Advisor
Class 		Class C Institutional
Class 		Institutional 2
Class 		Institutional 3
Class 		Class R Class V
01/31/2017 0.04% 0.04% 0.04% 0.04% 0.04% 0.05% 0.04% 0.04%
    
(f) Rounds to zero.
The accompanying Notes to Financial Statements are an integral part of this statement.
98 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class R
Six Months Ended 7/31/2020 (Unaudited) $11.86 1.08% 0.75%(c) 0.75%(c) 0.56%(c) 5% $4,801
Year Ended 1/31/2020 $12.26 13.15% 0.75% 0.75%(d) 1.46% 10% $4,823
Year Ended 1/31/2019 $11.63 (5.66%) 0.74% 0.74%(d) 1.37% 18% $4,957
Year Ended 1/31/2018 $13.48 20.51% 0.74% 0.74%(d) 1.14% 9% $4,816
Year Ended 1/31/2017 $11.99 12.97% 0.72%(e) 0.72%(d),(e) 1.10% 9% $3,743
Year Ended 1/31/2016 $11.14 (3.67%) 0.77% 0.77%(d) 1.11% 16% $3,556
Class V
Six Months Ended 7/31/2020 (Unaudited) $11.87 1.13% 0.50%(c) 0.50%(c) 0.80%(c) 5% $78,224
Year Ended 1/31/2020 $12.28 13.51% 0.50% 0.50%(d) 1.78% 10% $81,137
Year Ended 1/31/2019 $11.64 (5.48%) 0.49% 0.49%(d) 1.58% 18% $79,629
Year Ended 1/31/2018 $13.50 20.88% 0.49% 0.49%(d) 1.35% 9% $93,279
Year Ended 1/31/2017 $12.00 13.24% 0.47%(e) 0.47%(d),(e) 1.30% 9% $86,404
Year Ended 1/31/2016 $11.15 (3.42%) 0.52% 0.52%(d) 1.42% 16% $85,135
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
99
Financial Highlights
Columbia Capital Allocation Aggressive Portfolio
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class A
Six Months Ended 7/31/2020 (Unaudited) $12.58 0.03 (0.01)(c) 0.02 (0.01) (0.56) (0.57)
Year Ended 1/31/2020 $11.90 0.19 1.45 1.64 (0.19) (0.77) (0.96)
Year Ended 1/31/2019 $14.10 0.17 (1.19) (1.02) (0.23) (0.95) (1.18)
Year Ended 1/31/2018 $12.11 0.14 2.85 2.99 (0.20) (0.80) (1.00)
Year Ended 1/31/2017 $11.08 0.13 1.49 1.62 (0.14) (0.45) (0.59)
Year Ended 1/31/2016 $12.54 0.15 (0.57) (0.42) (0.19) (0.85) (1.04)
Advisor Class
Six Months Ended 7/31/2020 (Unaudited) $12.29 0.03 0.01 0.04 (0.02) (0.56) (0.58)
Year Ended 1/31/2020 $11.64 0.19 1.45 1.64 (0.22) (0.77) (0.99)
Year Ended 1/31/2019 $13.83 0.20 (1.18) (0.98) (0.26) (0.95) (1.21)
Year Ended 1/31/2018 $11.89 0.14 2.83 2.97 (0.23) (0.80) (1.03)
Year Ended 1/31/2017 $10.89 0.15 1.46 1.61 (0.16) (0.45) (0.61)
Year Ended 1/31/2016 $12.34 0.24 (0.61) (0.37) (0.23) (0.85) (1.08)
Class C
Six Months Ended 7/31/2020 (Unaudited) $12.24 (0.02) (0.01)(c) (0.03) (0.00)(g) (0.56) (0.56)
Year Ended 1/31/2020 $11.60 0.09 1.42 1.51 (0.10) (0.77) (0.87)
Year Ended 1/31/2019 $13.77 0.07 (1.16) (1.09) (0.13) (0.95) (1.08)
Year Ended 1/31/2018 $11.85 0.04 2.79 2.83 (0.11) (0.80) (0.91)
Year Ended 1/31/2017 $10.87 0.04 1.45 1.49 (0.06) (0.45) (0.51)
Year Ended 1/31/2016 $12.32 0.06 (0.55) (0.49) (0.11) (0.85) (0.96)
Institutional Class
Six Months Ended 7/31/2020 (Unaudited) $12.52 0.04 0.00(g) 0.04 (0.02) (0.56) (0.58)
Year Ended 1/31/2020 $11.84 0.22 1.45 1.67 (0.22) (0.77) (0.99)
Year Ended 1/31/2019 $14.04 0.15 (1.13) (0.98) (0.27) (0.95) (1.22)
Year Ended 1/31/2018 $12.06 0.22 2.79 3.01 (0.23) (0.80) (1.03)
Year Ended 1/31/2017 $11.03 0.16 1.48 1.64 (0.16) (0.45) (0.61)
Year Ended 1/31/2016 $12.49 0.19 (0.58) (0.39) (0.22) (0.85) (1.07)
Institutional 2 Class
Six Months Ended 7/31/2020 (Unaudited) $12.29 0.04 (0.01)(c) 0.03 (0.02) (0.56) (0.58)
Year Ended 1/31/2020 $11.64 0.23 1.41 1.64 (0.22) (0.77) (0.99)
Year Ended 1/31/2019 $13.82 0.20 (1.16) (0.96) (0.27) (0.95) (1.22)
Year Ended 1/31/2018 $11.88 0.19 2.79 2.98 (0.24) (0.80) (1.04)
Year Ended 1/31/2017 $10.88 0.17 1.45 1.62 (0.17) (0.45) (0.62)
Year Ended 1/31/2016 $12.33 0.31 (0.68) (0.37) (0.23) (0.85) (1.08)
Institutional 3 Class
Six Months Ended 7/31/2020 (Unaudited) $12.28 0.04 0.00(g) 0.04 (0.02) (0.56) (0.58)
Year Ended 1/31/2020 $11.63 0.23 1.42 1.65 (0.23) (0.77) (1.00)
Year Ended 1/31/2019 $13.82 0.22 (1.19) (0.97) (0.27) (0.95) (1.22)
Year Ended 1/31/2018 $11.88 0.18 2.80 2.98 (0.24) (0.80) (1.04)
Year Ended 1/31/2017 $10.87 0.19 1.45 1.64 (0.18) (0.45) (0.63)
Year Ended 1/31/2016 $12.32 0.08 (0.44) (0.36) (0.24) (0.85) (1.09)
The accompanying Notes to Financial Statements are an integral part of this statement.
100 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Financial Highlights  (continued)
Columbia Capital Allocation Aggressive Portfolio
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class A
Six Months Ended 7/31/2020 (Unaudited) $12.03 0.50% 0.46%(d),(e) 0.46%(d),(e) 0.44%(d) 49% $1,122,883
Year Ended 1/31/2020 $12.58 14.00% 0.47% 0.47%(f) 1.49% 12% $623,971
Year Ended 1/31/2019 $11.90 (6.90%) 0.47% 0.47%(f) 1.30% 20% $599,211
Year Ended 1/31/2018 $14.10 25.45% 0.49% 0.49%(f) 1.08% 13% $670,783
Year Ended 1/31/2017 $12.11 14.95% 0.50% 0.50%(f) 1.06% 12% $582,182
Year Ended 1/31/2016 $11.08 (3.92%) 0.51% 0.51%(f) 1.18% 12% $549,678
Advisor Class
Six Months Ended 7/31/2020 (Unaudited) $11.75 0.62% 0.20%(d),(e) 0.20%(d),(e) 0.61%(d) 49% $8,075
Year Ended 1/31/2020 $12.29 14.33% 0.22% 0.22%(f) 1.60% 12% $1,611
Year Ended 1/31/2019 $11.64 (6.69%) 0.22% 0.22%(f) 1.58% 20% $1,965
Year Ended 1/31/2018 $13.83 25.76% 0.23% 0.23%(f) 1.10% 13% $1,662
Year Ended 1/31/2017 $11.89 15.20% 0.25% 0.25%(f) 1.27% 12% $1,242
Year Ended 1/31/2016 $10.89 (3.65%) 0.26% 0.26%(f) 1.97% 12% $779
Class C
Six Months Ended 7/31/2020 (Unaudited) $11.65 0.11% 1.21%(d),(e) 1.21%(d),(e) (0.30%)(d) 49% $99,785
Year Ended 1/31/2020 $12.24 13.21% 1.22% 1.22%(f) 0.75% 12% $74,297
Year Ended 1/31/2019 $11.60 (7.64%) 1.22% 1.22%(f) 0.52% 20% $70,524
Year Ended 1/31/2018 $13.77 24.61% 1.24% 1.24%(f) 0.34% 13% $88,717
Year Ended 1/31/2017 $11.85 14.01% 1.25% 1.25%(f) 0.33% 12% $75,648
Year Ended 1/31/2016 $10.87 (4.60%) 1.25% 1.25%(f) 0.46% 12% $66,938
Institutional Class
Six Months Ended 7/31/2020 (Unaudited) $11.98 0.60% 0.20%(d),(e) 0.20%(d),(e) 0.64%(d) 49% $36,722
Year Ended 1/31/2020 $12.52 14.34% 0.22% 0.22%(f) 1.76% 12% $11,920
Year Ended 1/31/2019 $11.84 (6.65%) 0.22% 0.22%(f) 1.17% 20% $10,382
Year Ended 1/31/2018 $14.04 25.73% 0.23% 0.23%(f) 1.67% 13% $20,763
Year Ended 1/31/2017 $12.06 15.27% 0.25% 0.25%(f) 1.39% 12% $3,329
Year Ended 1/31/2016 $11.03 (3.69%) 0.26% 0.26%(f) 1.55% 12% $1,809
Institutional 2 Class
Six Months Ended 7/31/2020 (Unaudited) $11.74 0.54% 0.20%(d),(e) 0.20%(d),(e) 0.73%(d) 49% $6,748
Year Ended 1/31/2020 $12.29 14.35% 0.20% 0.20% 1.92% 12% $5,079
Year Ended 1/31/2019 $11.64 (6.60%) 0.20% 0.20% 1.56% 20% $2,978
Year Ended 1/31/2018 $13.82 25.83% 0.20% 0.20% 1.44% 13% $2,642
Year Ended 1/31/2017 $11.88 15.28% 0.18% 0.18% 1.49% 12% $1,638
Year Ended 1/31/2016 $10.88 (3.58%) 0.18% 0.18% 2.61% 12% $1,041
Institutional 3 Class
Six Months Ended 7/31/2020 (Unaudited) $11.74 0.63% 0.15%(d),(e) 0.15%(d),(e) 0.78%(d) 49% $10,198
Year Ended 1/31/2020 $12.28 14.42% 0.15% 0.15% 1.86% 12% $10,623
Year Ended 1/31/2019 $11.63 (6.62%) 0.15% 0.15% 1.75% 20% $8,668
Year Ended 1/31/2018 $13.82 25.89% 0.14% 0.14% 1.40% 13% $3,722
Year Ended 1/31/2017 $11.88 15.44% 0.13% 0.13% 1.66% 12% $2,111
Year Ended 1/31/2016 $10.87 (3.54%) 0.15% 0.15% 0.69% 12% $214
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
101
Financial Highlights  (continued)
Columbia Capital Allocation Aggressive Portfolio
  Net asset value,
beginning of
period 		Net
investment
income
(loss) 		Net
realized
and
unrealized
gain (loss) 		Total from
investment
operations 		Distributions
from net
investment
income 		Distributions
from net
realized
gains 		Total
distributions to
shareholders
Class R
Six Months Ended 7/31/2020 (Unaudited) $12.47 0.01 (0.01)(c) 0.00 (0.01) (0.56) (0.57)
Year Ended 1/31/2020 $11.80 0.15 1.45 1.60 (0.16) (0.77) (0.93)
Year Ended 1/31/2019 $13.99 0.14 (1.18) (1.04) (0.20) (0.95) (1.15)
Year Ended 1/31/2018 $12.02 0.11 2.83 2.94 (0.17) (0.80) (0.97)
Year Ended 1/31/2017 $11.01 0.14 1.43 1.57 (0.11) (0.45) (0.56)
Year Ended 1/31/2016 $12.46 0.12 (0.56) (0.44) (0.16) (0.85) (1.01)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(d) Annualized.
(e) Ratios include line of credit interest expense which is less than 0.01%.
(f) The benefits derived from expense reductions had an impact of less than 0.01%.
(g) Rounds to zero.
The accompanying Notes to Financial Statements are an integral part of this statement.
102 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Financial Highlights  (continued)
Columbia Capital Allocation Aggressive Portfolio
  Net
asset
value,
end of
period 		Total
return 		Total gross
expense
ratio to
average
net assets(a) 		Total net
expense
ratio to
average
net assets(a),(b) 		Net investment
income (loss)
ratio to
average
net assets 		Portfolio
turnover 		Net
assets,
end of
period
(000’s)
Class R
Six Months Ended 7/31/2020 (Unaudited) $11.90 0.32% 0.72%(d),(e) 0.72%(d),(e) 0.21%(d) 49% $3,511
Year Ended 1/31/2020 $12.47 13.77% 0.72% 0.72%(f) 1.21% 12% $2,927
Year Ended 1/31/2019 $11.80 (7.15%) 0.72% 0.72%(f) 1.09% 20% $2,750
Year Ended 1/31/2018 $13.99 25.21% 0.73% 0.73%(f) 0.83% 13% $2,671
Year Ended 1/31/2017 $12.02 14.61% 0.75% 0.75%(f) 1.22% 12% $2,099
Year Ended 1/31/2016 $11.01 (4.09%) 0.76% 0.76%(f) 0.97% 12% $1,029
The accompanying Notes to Financial Statements are an integral part of this statement.
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103
Notes to Financial Statements
July 31, 2020 (Unaudited)
Note 1. Organization
Columbia Funds Series Trust and Columbia Funds Series Trust II (each, a Trust and collectively, the Trusts), are registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. Columbia Funds Series Trust is organized as a Delaware statutory trust and Columbia Funds Series Trust II is organized as a Massachusetts business trust.
Information presented in these financial statements pertains to the following series of the Trusts (each, a Fund and collectively, the Funds): Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio, each a series of Columbia Funds Series Trust, and Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio, each a series of Columbia Funds Series Trust II. Each Fund currently operates as a diversified fund.
Each Fund is a “fund-of-funds”, investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or its affiliates, as well as third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). Each Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies and risks of the Underlying Funds, please refer to the Fund’s current prospectus and the prospectuses of the Underlying Funds, which are available, free of charge, from the Securities and Exchange Commission website at www.sec.gov.
Fund shares
Each Trust may issue an unlimited number of shares (without par value) that can be allocated among the separate series as designated by the Board of Trustees.
Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Aggressive Portfolio offer each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trusts’ organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.
Class A and Class C shares are offered to the general public for investment. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available through authorized investment professionals, to omnibus retirement plans or to institutional and certain other investors as described in the Fund’s prospectus. Class C shares automatically convert to Class A shares after 10 years. Class V shares are available only to investors who received (and who continuously held) Class V shares in connection with previous fund reorganizations.
Note 2. Summary of significant accounting policies
Basis of preparation
Each Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.
104 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and asked prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, 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 determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; 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 New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize 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 New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
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 at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Funds’ Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
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105
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
For financial statement purposes, the Funds do not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
Certain Funds invest in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, additional counterparty credit risk is failure of the clearinghouse or CCP. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense
106 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. Each Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark. These instruments may be used for other purposes in future periods.
The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.
The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. Each Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
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107
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
Swap contracts
Swap contracts are negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund’s counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. Unlike a bilateral swap contract, for centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.
Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the FCM or CCP may not fulfill its obligation under the contract.
Credit default swap contracts
Certain Funds entered into credit default swap contracts to increase or decrease its credit exposure to an index and to increase or decrease its credit exposure to a specific debt security or a basket of debt securities, as a protection buyer to reduce overall credit exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are agreements in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.
As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).
As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.
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Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.
Any upfront payments or receipts by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.
Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Funds, including: the fair value of derivatives by risk category and the location of those fair values in the Statements of Assets and Liabilities; and the impact of derivative transactions over the period in the Statements 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 (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2020:
  Asset derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 460,579*
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 99,813*
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 2,893
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 527,334*
Total   1,090,619
    
  Liability derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 455,885*
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 4,818
Total   460,703
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
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109
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended July 31, 2020:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — (233,204) (233,204)
Equity risk — (834,972) — (834,972)
Foreign exchange risk 2,332 — — 2,332
Interest rate risk — 2,275,222 — 2,275,222
Total 2,332 1,440,250 (233,204) 1,209,378
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — 449,538 449,538
Equity risk — (387,132) — (387,132)
Foreign exchange risk (4,549) — — (4,549)
Interest rate risk — (139,209) — (139,209)
Total (4,549) (526,341) 449,538 (81,352)
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2020:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 35,346,669
Futures contracts — short 7,523,043
Credit default swap contracts — sell protection 19,731,425
    
Derivative instrument Average unrealized
appreciation ($)* 		Average unrealized
depreciation ($)*
Forward foreign currency exchange contracts 5,271 (7,606)
    
* Based on the ending quarterly outstanding amounts for the six months ended July 31, 2020.
Columbia Capital Allocation Moderate Conservative Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2020:
  Asset derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 1,058,899*
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 1,537,750*
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 4,469
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 959,653*
Total   3,560,771
    
110 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
  Liability derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 1,062,638*
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 7,368
Total   1,070,006
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended July 31, 2020:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — (546,591) (546,591)
Equity risk — (2,036,102) — (2,036,102)
Foreign exchange risk 3,650 — — 3,650
Interest rate risk — 4,430,014 — 4,430,014
Total 3,650 2,393,912 (546,591) 1,850,971
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — 1,033,304 1,033,304
Equity risk — 209,335 — 209,335
Foreign exchange risk (6,990) — — (6,990)
Interest rate risk — (395,837) — (395,837)
Total (6,990) (186,502) 1,033,304 839,812
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2020:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 90,052,588
Futures contracts — short 14,921,738
Credit default swap contracts — sell protection 45,506,375
    
Derivative instrument Average unrealized
appreciation ($)* 		Average unrealized
depreciation ($)*
Forward foreign currency exchange contracts 8,045 (11,657)
    
* Based on the ending quarterly outstanding amounts for the six months ended July 31, 2020.
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111
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
Columbia Capital Allocation Moderate Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2020:
  Asset derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 2,548,969*
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 7,751,490*
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 8,507
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 945,674*
Total   11,254,640
    
  Liability derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 3,154,523*
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 12,434
Total   3,166,957
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended July 31, 2020:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category     Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Swap
contracts
($) 		Total
($)
Credit risk     — — (2,536,404) (2,536,404)
Equity risk     — (12,553,277) — (12,553,277)
Foreign exchange risk     2,402 — — 2,402
Interest rate risk     — 7,203,990 — 7,203,990
Total     2,402 (5,349,287) (2,536,404) (7,883,289)
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category     Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Swap
contracts
($) 		Total
($)
Credit risk     — — 2,470,463 2,470,463
Equity risk     — 2,551,825 — 2,551,825
Foreign exchange risk     (12,939) — — (12,939)
Interest rate risk     — (1,574,026) — (1,574,026)
Total     (12,939) 977,799 2,470,463 3,435,323
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Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2020:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 193,819,427
Futures contracts — short 41,974,768
Credit default swap contracts — sell protection 61,888,875
    
Derivative instrument Average unrealized
appreciation ($)* 		Average unrealized
depreciation ($)*
Forward foreign currency exchange contracts 9,596 (18,821)
    
* Based on the ending quarterly outstanding amounts for the six months ended July 31, 2020.
Columbia Capital Allocation Moderate Aggressive Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2020:
  Asset derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 5,486,774*
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 16,621,907*
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 5,932
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 2,352,838*
Total   24,467,451
    
  Liability derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 4,099,333*
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 8,535
Total   4,107,868
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
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113
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended July 31, 2020:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — (5,609,151) (5,609,151)
Equity risk — (25,837,599) — (25,837,599)
Foreign exchange risk 1,523 — — 1,523
Interest rate risk — 12,267,894 — 12,267,894
Total 1,523 (13,569,705) (5,609,151) (19,177,333)
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — 5,365,494 5,365,494
Equity risk — 8,752,993 — 8,752,993
Foreign exchange risk (8,832) — — (8,832)
Interest rate risk — (812,468) — (812,468)
Total (8,832) 7,940,525 5,365,494 13,297,187
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2020:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 373,841,930
Futures contracts — short 60,062,869
Credit default swap contracts — sell protection 127,634,125
    
Derivative instrument Average unrealized
appreciation ($)* 		Average unrealized
depreciation ($)*
Forward foreign currency exchange contracts 6,677 (13,035)
    
* Based on the ending quarterly outstanding amounts for the six months ended July 31, 2020.
Columbia Capital Allocation Aggressive Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2020:
  Asset derivatives  
Risk exposure
category 		Statement
of assets and liabilities
location 		Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 133,744*
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 2,913,629*
Total   3,047,373
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
114 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended July 31, 2020:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — (624,330) (624,330)
Equity risk — (7,857,358) — (7,857,358)
Foreign exchange risk 1,055 — — 1,055
Interest rate risk — 2,115,219 — 2,115,219
Total 1,055 (5,742,139) (624,330) (6,365,414)
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($) 		Futures
contracts
($) 		Swap
contracts
($) 		Total
($)
Credit risk — — 84,240 84,240
Equity risk — 1,526,064 — 1,526,064
Foreign exchange risk (7,420) — — (7,420)
Interest rate risk — (553,995) — (553,995)
Total (7,420) 972,069 84,240 1,048,889
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2020:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 63,078,017
Futures contracts — short 27,768,788
Credit default swap contracts — sell protection 32,299,000
    
Derivative instrument Average unrealized
appreciation ($)* 		Average unrealized
depreciation ($)*
Forward foreign currency exchange contracts 4,428 (10,402)
    
* Based on the ending quarterly outstanding amounts for the six months ended July 31, 2020.
Offsetting of assets and liabilities
The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of July 31, 2020:
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115
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
Columbia Capital Allocation Conservative Portfolio
  JPMorgan ($) Morgan
Stanley ($) 		Total ($)
Assets      
Centrally cleared credit default swap contracts (a) - 1,141 1,141
Forward foreign currency exchange contracts 2,893 - 2,893
Total assets 2,893 1,141 4,034
Liabilities      
Centrally cleared credit default swap contracts (a) - 389 389
Forward foreign currency exchange contracts 4,818 - 4,818
Total liabilities 4,818 389 5,207
Total financial and derivative net assets (1,925) 752 (1,173)
Total collateral received (pledged) (b) - - -
Net amount (c) (1,925) 752 (1,173)
    
(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.
(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(c) Represents the net amount due from/(to) counterparties in the event of default.
Columbia Capital Allocation Moderate Conservative Portfolio
  JPMorgan ($) Morgan
Stanley ($) 		Total ($)
Assets      
Centrally cleared credit default swap contracts (a) - 2,646 2,646
Forward foreign currency exchange contracts 4,469 - 4,469
Total assets 4,469 2,646 7,115
Liabilities      
Centrally cleared credit default swap contracts (a) - 940 940
Forward foreign currency exchange contracts 7,368 - 7,368
Total liabilities 7,368 940 8,308
Total financial and derivative net assets (2,899) 1,706 (1,193)
Total collateral received (pledged) (b) - - -
Net amount (c) (2,899) 1,706 (1,193)
    
(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.
(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(c) Represents the net amount due from/(to) counterparties in the event of default.
Columbia Capital Allocation Moderate Portfolio
  Morgan
Stanley ($)(a) 		Morgan
Stanley ($)(a) 		Total ($)
Assets      
Centrally cleared credit default swap contracts (b) - 11,284 11,284
Forward foreign currency exchange contracts 8,507 - 8,507
Total assets 8,507 11,284 19,791
Liabilities      
Centrally cleared credit default swap contracts (b) - 778 778
Forward foreign currency exchange contracts 12,434 - 12,434
Total liabilities 12,434 778 13,212
Total financial and derivative net assets (3,927) 10,506 6,579
Total collateral received (pledged) (c) - - -
Net amount (d) (3,927) 10,506 6,579
    
116 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.
(b) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.
(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(d) Represents the net amount due from/(to) counterparties in the event of default.
Columbia Capital Allocation Moderate Aggressive Portfolio
  Morgan
Stanley ($)(a) 		Morgan
Stanley ($)(a) 		Total ($)
Assets      
Centrally cleared credit default swap contracts (b) - 24,594 24,594
Forward foreign currency exchange contracts 5,932 - 5,932
Total assets 5,932 24,594 30,526
Liabilities      
Centrally cleared credit default swap contracts (b) - 1,741 1,741
Forward foreign currency exchange contracts 8,535 - 8,535
Total liabilities 8,535 1,741 10,276
Total financial and derivative net assets (2,603) 22,853 20,250
Total collateral received (pledged) (c) - - -
Net amount (d) (2,603) 22,853 20,250
    
(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.
(b) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.
(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(d) Represents the net amount due from/(to) counterparties in the event of default.
Columbia Capital Allocation Aggressive Portfolio
  Morgan
Stanley ($)
Liabilities  
Centrally cleared credit default swap contracts (a) 504
Total financial and derivative net assets (504)
Total collateral received (pledged) (b) (504)
Net amount (c) -
    
(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.
(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(c) Represents the net amount due from/(to) counterparties in the event of default.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.
The Funds may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
117
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses
General expenses of the Trusts are allocated to the Funds and other funds of the Trusts based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a Fund are charged to that Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses which are charged directly to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of a Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
For federal income tax purposes, each Fund is treated as a separate entity. The Funds intend to qualify each year as separate regulated investment companies under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of their investment company taxable income and net capital gain, if any, for their tax year, and as such will not be subject to federal income taxes. In addition, the Funds intend to distribute in each calendar year substantially all of their ordinary income, capital gain net income and certain other amounts, if any, such that the Funds should not be subject to federal excise tax. Therefore, no federal income or excise tax provisions are recorded.
Foreign taxes
The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid quarterly for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio. Distributions from net investment income, if any, are declared and paid annually for Columbia Capital Allocation Aggressive Portfolio. Net realized capital gains, if any, are distributed 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 Trusts’ organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trusts or its funds. In addition, certain of the Funds’ contracts with their service providers contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined, and the Funds have no historical basis for predicting the likelihood of any such claims.
118 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
Note 3. Fees and other transactions with affiliates
Management services fees and underlying fund fees
The Funds have entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in Columbia proprietary funds (excluding any underlying funds that do not pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager), (ii) 0.12% on assets invested in non-exchange-traded third-party advised mutual funds and (iii) 0.57% on assets invested in all other securities, including other funds advised by the Investment Manager that do not pay a management services fee (or investment advisory services fee, as applicable), exchange-traded funds, derivatives and individual securities.
The annualized effective management services fee rates, based on each Fund’s average daily net assets for the six months ended July 31, 2020 were as follows:
  Effective management services fee rate (%)
Columbia Capital Allocation Conservative Portfolio 0.13
Columbia Capital Allocation Moderate Conservative Portfolio 0.11
Columbia Capital Allocation Moderate Portfolio 0.08
Columbia Capital Allocation Moderate Aggressive Portfolio 0.13
Columbia Capital Allocation Aggressive Portfolio 0.08
In addition to the fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of the Underlying Funds in which the Funds invest. Because the Underlying Funds have varied expense and fee levels and the Funds may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Funds as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. Each Fund’s liability for these amounts is adjusted for market value changes and remains in the Funds until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Funds. The expense for the Deferred Plan, which includes trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Funds in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Funds, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
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119
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
For the six months ended July 31, 2020, the Funds’ annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
Fund Class A
(%) 		Advisor
Class (%) 		Class C
(%) 		Institutional
Class (%) 		Institutional 2
Class (%) 		Institutional 3
Class (%) 		Class R
(%) 		Class V
(%)
Columbia Capital Allocation Conservative Portfolio 0.09 0.09 0.09 0.09 0.07 0.02 0.09 N/A
Columbia Capital Allocation Moderate Conservative Portfolio 0.08 0.08 0.08 0.08 0.06 0.02 0.08 N/A
Columbia Capital Allocation Moderate Portfolio 0.08 0.08 0.08 0.08 0.07 0.02 0.08 N/A
Columbia Capital Allocation Moderate Aggressive Portfolio 0.10 0.10 0.10 0.10 0.06 0.01 0.10 0.10
Columbia Capital Allocation Aggressive Portfolio 0.10 0.10 0.09 0.10 0.07 0.02 0.09 N/A
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Funds and recorded as part of expense reductions in the Statement of Operations. There were no small account fees for any of the funds.
Distribution and service fees
The Funds have entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Funds and providing services to investors.
Under the Plans, each Fund pays a monthly fee to the Distributor at the annual rates of up to 0.25% of each Fund’s average daily net assets attributable to Class A shares, up to 1.00% of each Fund’s average daily net assets attributable to Class C shares and up to 0.50% of each Fund’s average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio).
For Class C shares of the Funds, of 1.00% fee, up to 0.75% is reimbursed for distribution expenses.
The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) for each Fund was approximately as follows:
Fund Class C ($)
Columbia Capital Allocation Conservative Portfolio 306,000
Columbia Capital Allocation Moderate Conservative Portfolio 520,000
Columbia Capital Allocation Moderate Portfolio 1,613,000
Columbia Capital Allocation Moderate Aggressive Portfolio 1,153,000
Columbia Capital Allocation Aggressive Portfolio 200,000
120 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
These amounts are based on the most recent information available as of June 30, 2020, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (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 V shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund’s average daily net assets attributable to Class V shares (comprised of up to 0.25% for shareholder liaison services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.25% of the Fund’s average daily net assets attributable to Class V shares.
Sales charges
Sales charges, including front-end and CDSCs, received by the Distributor for distributing each Fund’s shares for the six months ended July 31, 2020, if any, are as follows:
  Front End (%) CDSC (%) Amount ($)
Fund Class A Class C Class V Class A Class C Class V Class A Class C Class V
Columbia Capital Allocation Conservative Portfolio 4.75 — N/A 0.50 - 1.00(a) 1.00(b) N/A 64,265 1,251 N/A
Columbia Capital Allocation Moderate Conservative Portfolio 5.75 — N/A 0.50 - 1.00(a) 1.00(b) N/A 118,258 2,585 N/A
Columbia Capital Allocation Moderate Portfolio 5.75 — N/A 0.50 - 1.00(a) 1.00(b) N/A 494,444 7,125 N/A
Columbia Capital Allocation Moderate Aggressive Portfolio 5.75 — 5.75 0.50 - 1.00(a) 1.00(b) 0.50 - 1.00(a) 633,066 6,636 3,162
Columbia Capital Allocation Aggressive Portfolio 5.75 — N/A 0.50 - 1.00(a) 1.00(b) N/A 425,584 3,767 N/A
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
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 Columbia Capital Allocation Aggressive Portfolio) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that each Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Funds’ custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:
  June 1, 2020 through May 31, 2021
Fund Class A
(%) 		Advisor
Class (%) 		Class C
(%) 		Institutional
Class (%) 		Institutional 2
Class (%) 		Institutional 3
Class (%) 		Class R
(%) 		Class V
(%)
Columbia Capital Allocation Conservative Portfolio 0.54 0.29 1.29 0.29 0.27 0.22 0.79 N/A
Columbia Capital Allocation Moderate Conservative Portfolio 0.54 0.29 1.29 0.29 0.27 0.23 0.79 N/A
Columbia Capital Allocation Moderate Portfolio 0.47 0.22 1.22 0.22 0.21 0.17 0.72 N/A
Columbia Capital Allocation Moderate Aggressive Portfolio 0.51 0.26 1.26 0.26 0.22 0.17 0.76 0.51
Columbia Capital Allocation Aggressive Portfolio 0.51 0.26 1.26 0.26 0.24 0.20 0.76 N/A
    
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121
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
  Prior to June 1, 2020
Fund Class A
(%) 		Advisor
Class (%) 		Class C
(%) 		Institutional
Class (%) 		Institutional 2
Class (%) 		Institutional 3
Class (%) 		Class R
(%) 		Class V
(%)
Columbia Capital Allocation Conservative Portfolio 0.49 0.24 1.24 0.24 0.21 0.16 0.74 N/A
Columbia Capital Allocation Moderate Conservative Portfolio 0.52 0.27 1.27 0.27 0.24 0.20 0.77 N/A
Columbia Capital Allocation Moderate Portfolio 0.47 0.22 1.22 0.22 0.21 0.16 0.72 N/A
Columbia Capital Allocation Moderate Aggressive Portfolio 0.50 0.25 1.25 0.25 0.20 0.15 0.75 0.50
Columbia Capital Allocation Aggressive Portfolio 0.51 0.26 1.26 0.26 0.24 0.19 0.76 N/A
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. Each Fund’s management services fee is also excluded from the waiver/reimbursement commitment and is therefore paid by the Funds. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods. Reorganization (see Fund reorganization note) costs were allocated to Columbia Capital Allocation Aggressive Portfolio only to the extent they are expected to be offset by the anticipated reduction in expenses borne by Columbia Capital Allocation Aggressive Portfolio’s shareholders during the first year following the reorganization.
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, 2020, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Fund Tax cost ($) Gross
unrealized
appreciation ($) 		Gross
unrealized
(depreciation) ($) 		Net unrealized
appreciation ($)
Columbia Capital Allocation Conservative Portfolio 221,073,000 14,951,000 (3,334,000) 11,617,000
Columbia Capital Allocation Moderate Conservative Portfolio 482,834,000 35,604,000 (12,109,000) 23,495,000
Columbia Capital Allocation Moderate Portfolio 1,323,834,000 132,917,000 (31,816,000) 101,101,000
Columbia Capital Allocation Moderate Aggressive Portfolio 1,739,859,000 206,867,000 (44,006,000) 162,861,000
Columbia Capital Allocation Aggressive Portfolio 1,178,437,000 116,512,000 (9,812,000) 106,700,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Funds has concluded that there are no significant uncertain tax positions in the Funds that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
122 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
Note 5. Portfolio information
For the six months ended July 31, 2020, the cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, for each Fund aggregated to:
  Purchases
($) 		Proceeds
from sales
($)
Columbia Capital Allocation Conservative Portfolio 17,297,371 16,993,896
Columbia Capital Allocation Moderate Conservative Portfolio 19,237,348 35,765,937
Columbia Capital Allocation Moderate Portfolio 123,112,715 146,773,356
Columbia Capital Allocation Moderate Aggressive Portfolio 79,047,523 200,455,256
Columbia Capital Allocation Aggressive Portfolio 352,374,272 338,035,435
The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Transactions to realign the portfolio for Columbia Capital Allocation Aggressive Portfolio following the reorganization as described in Note 10 are excluded for purposes of calculating the Fund’s portfolio turnover rate. These realignment transactions amounted to cost of purchases and proceeds from sales of $12,825,781 and $15,751,084, respectively.
Note 6. Affiliated money market fund
Each Fund may invest in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by each Fund and other affiliated funds (the Affiliated MMF). The income earned by the Funds from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, each Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, each Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Funds did not borrow or lend money under the Interfund Program during the six months ended July 31, 2020.
Note 8. Line of credit
Each Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Funds may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.
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123
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
During the six months ended July 31, 2020, the following fund(s) had borrowings:
Fund Average loan
balance ($) 		Weighted average
interest rate (%) 		Days
outstanding
Columbia Capital Allocation Aggressive Portfolio 700,000 1.19 1
Interest expense incurred by the Funds is recorded as a line of credit interest expense in the Statement of Operations. Columbia Capital Allocation Aggressive Portfolio had no outstanding borrowings at July 31, 2020. The remaining funds had no borowings during the six months ended July 31, 2020.
Note 9. Significant risks
Derivatives risk
Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Captial Allocation Moderate Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Captial Allocation Aggressive Portfolio may be more susceptible to derivatives risk. Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency or index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.
Market and environment risk
The Funds may incur losses due to declines in the value of one or more securities in which they invest. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Funds, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The Funds performance may also be significantly negatively impacted by the economic impact of the coronavirus disease 2019 (COVID-19) pandemic. The COVID-19 public health crisis has become a pandemic that has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Funds from executing advantageous investment decisions in a timely manner and negatively impact the Funds’ ability to achieve their investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Funds.
124 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
The Investment Manager and its affiliates have systematically implemented strategies to address the operating environment spurred by the COVID-19 pandemic. To promote the safety and security of our employees and to assure the continuity of our business operations, we have implemented a work from home protocol for virtually all of our employee population, restricted business travel, and provided resources for complying with the guidance from the World Health Organization, the U.S. Centers for Disease Control and governments. Our operations teams seek to operate without significant disruptions in service. Our pandemic strategy takes into consideration that a pandemic could be widespread and may occur in multiple waves, affecting different communities at different times with varying levels of severity. We cannot, however, predict the impact that natural or man-made disasters, including the COVID-19 pandemic, may have on the ability of our employees and third-party service providers to continue ordinary business operations and technology functions over near- or longer-term periods.
Shareholder concentration risk
At July 31, 2020, certain shareholder accounts owned more than 10% of the outstanding shares of one or more of the Funds. For unaffiliated shareholder accounts, the Funds have no knowledge about whether any portion of those shares were owned beneficially. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
The number of accounts and aggregate percentages of shares outstanding held therein were as follows:
Fund Number of
unaffiliated
accounts 		Percentage of
shares
outstanding
held —
unaffiliated (%) 		Percentage of
shares
outstanding
held —
affiliated (%)
Columbia Capital Allocation Conservative Portfolio — — 77.5
Columbia Capital Allocation Moderate Conservative Portfolio — — 78.7
Columbia Capital Allocation Moderate Portfolio — — 88.4
Columbia Capital Allocation Moderate Aggressive Portfolio 1 12.0 58.4
Columbia Capital Allocation Aggressive Portfolio — — 74.0
Note 10. Fund reorganization
At the close of business on July 10, 2020, Columbia Capital Allocation Aggressive Portfolio (the Fund) acquired the assets and assumed the identified liabilities of Columbia Global Strategic Equity Fund (the Acquired Fund), a series of Columbia Funds Series Trust. The reorganization was completed after the Board of Trustees of the Acquired Fund approved a plan of reorganization at a meeting held in February 2020. 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 Fund immediately before the reorganization were $686,911,997 and the combined net assets immediately after the reorganization were $1,271,442,897.
The reorganization was accomplished by a tax-free exchange of 44,911,934 shares of the Acquired Fund valued at $584,530,900 (including $27,712,604 of unrealized appreciation/(depreciation)).
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125
Notes to Financial Statements  (continued)
July 31, 2020 (Unaudited)
In exchange for the Acquired Fund’s shares, the Fund issued the following number of shares:
  Shares
Class A 44,359,371
Advisor Class 551,378
Class C 2,441,471
Institutional Class 2,235,823
Institutional 2 Class 152,038
Institutional 3 Class 20,038
Class R 48,363
For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.
The Fund’s financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization 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 Fund’s Statement of Operations since the reorganization was completed.
Assuming the reorganization had been completed on February 1, 2020, the Fund’s pro-forma net investment income/(loss), net gain/(loss) on investments, net change in unrealized appreciation/(depreciation) and net increase/(decrease) in net assets from operations for the six months ended July 31, 2020 would have been approximately $(1.2) million, $51.4 million, $(47.1) million and $3.1 million, respectively.
Note 11. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 12. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.
126 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management program (Program). The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee (the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation for the period December 1, 2018, through December 31, 2019, including:
• the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
• there were no material changes to the Program during the period;
• the implementation of the Program was effective to manage the Fund’s liquidity risk; and
• the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
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127
Approval of Management Agreement
Columbia Management Investment Advisers, LLC (Columbia Threadneedle or the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to each of Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio, and Columbia Capital Allocation Aggressive Portfolio (each, a Series Fund and collectively, the Series Funds). Under a management agreement (each a Management Agreement), Columbia Threadneedle provides investment advice and other services to each Series Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).
On an annual basis, each Series Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of each Management Agreement. Columbia Threadneedle prepared detailed reports for the Board and its Contracts Committee in November and December 2019 and February, March, April and June 2020, including reports providing the results of analyses performed by an independent organization, Broadridge Financial Solutions, Inc. (Broadridge), and a comprehensive response to items of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. Many of the materials presented at these meetings were first supplied in draft form to designated independent Board representatives, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board (who is an Independent Trustee) and the Chair of the Contracts Committee (who is an Independent Trustee), and the final materials were revised to include information reflective of discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by Columbia Threadneedle addressing the services Columbia Threadneedle provides and each Series Fund’s performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue each Management Agreement.
The Board, at its June 15-17, 2020 Board meeting (the June Meeting), considered the renewal of each Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of management agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each Management Agreement.
Nature, extent and quality of services provided by Columbia Threadneedle
The Board analyzed various reports and presentations it had received detailing the services performed by Columbia Threadneedle, as well as its history, reputation, expertise, resources and capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by Columbia Threadneedle, including, in particular, the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight, over the past several years, as well as planned 2020 initiatives. The Board also took into account the broad scope of services provided by Columbia Threadneedle to each Series Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning Columbia Threadneedle’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that Columbia Threadneedle has been able to effectively manage, operate and distribute the Series Funds through the challenging pandemic period (with no disruptions in services provided).
In connection with the Board’s evaluation of the overall package of services provided by Columbia Threadneedle, the Board also considered the nature, quality and range of administrative services provided to each Series Fund by Columbia Threadneedle, as well as the achievements in 2019 in the performance of administrative services, and noted the various enhancements anticipated for 2020. In evaluating the quality of services provided under each Management Agreement, the Board also took into account the organization and strength of each Series Fund’s and its service providers’ compliance
128 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Approval of Management Agreement  (continued)
programs. In addition, the Board reviewed the financial condition of Columbia Threadneedle and its affiliates and each entity’s ability to carry out its responsibilities under each Management Agreement and each Series Fund’s other service agreements with affiliates of Ameriprise Financial.
The Board also discussed the acceptability of the terms of each Management Agreement (including the relatively broad scope of services required to be performed by Columbia Threadneedle), noting that no material changes to any Management Agreement are proposed from the form of agreement previously approved. They also noted the wide array of legal and compliance services provided to the Series Funds under each Management Agreement. It was observed that the services being performed under each Management Agreement were of a reasonable quality.
Based on the foregoing, and based on other information received (both oral and written, including the information on investment performance referenced below) and other considerations, the Board concluded that Columbia Threadneedle and its affiliates are in a position to continue to provide quality services to each Series Fund.
Investment performance
For purposes of evaluating the nature, extent and quality of services provided under each Management Agreement, the Board carefully reviewed the investment performance of each Series Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods (including since manager inception): the performance of each Series Fund, the performance of a benchmark index, the percentage ranking of each Series Fund among its comparison group, the product score of each Series Fund (taking into account performance relative to peers and benchmarks) and the net assets of each Series Fund. The Board observed each Series Fund’s investment performance was understandable in light of the particular management style involved and the particular market environment.
Comparative fees, costs of services provided and the profits realized by Columbia Threadneedle and its affiliates from their relationships with each Series Fund
The Board reviewed comparative fees and the costs of services provided under each Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by an independent organization) showing a comparison of each Series Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing each Series Fund’s contribution to Columbia Threadneedle’s profitability.
The Board considered the reports of its independent fee consultant, JDL Consultants, LLC (JDL), which assisted in the Board’s analysis of each Series Fund’s performance and expenses, the reasonableness of the Series Funds’ fee rates, and JDL’s conclusion that the management fees being charged to each Series Fund are reasonable. The Board accorded particular weight to the notion that the primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain defined exceptions) are generally in line with the "pricing philosophy" currently in effect (i.e., that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe). The Board took into account that Columbia Capital Allocation Moderate Portfolio’s total expense ratio (after considering proposed expense caps/waivers) was below the peer universe’s median expense ratio shown in the reports. The Board took into account that each other Series Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio. Based on its review, the Board concluded that each Series Fund’s management fee was fair and reasonable in light of the extent and quality of services that each Series Fund receives.
The Board also considered the profitability of Columbia Threadneedle and its affiliates in connection with Columbia Threadneedle providing management services to each Series Fund. In this regard, the Independent Trustees referred to their detailed analysis of the Profitability Report, discussing the profitability to Columbia Threadneedle and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2019 the Board had concluded that 2018 profitability was reasonable and that the 2020 information shows that the profitability generated by Columbia Threadneedle in 2019 decreased slightly from 2018 levels. It also took into account the indirect economic benefits flowing to Columbia Threadneedle or its affiliates in connection with managing or distributing the Series Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
129
Approval of Management Agreement  (continued)
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 the Series Funds pay relatively low management fees, the Board determined not to accord weight to the lack of any material economies of scale associated with the growth of each Series Fund.
Based on the foregoing, the Board, including all of the Independent Trustees, concluded that the management fees were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On June 17, 2020, the Board, including all of the Independent Trustees, approved the renewal of each Management Agreement.
130 Columbia Capital Allocation Portfolios  | Semiannual Report 2020
Additional information
The Funds mail one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Funds hold 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 columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Funds’ Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Funds’ complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Funds, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Capital Allocation Portfolios  | Semiannual Report 2020
131
Columbia Capital Allocation Portfolios
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Funds, go to
columbiathreadneedleus.com/investor/. The Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2020 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR124_01_K01_(09/20)

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 officer, 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 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 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. 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/ Christopher O. Petersen

 

 

 

Christopher O. Petersen, President and Principal Executive Officer

Date

 

September 22, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Christopher O. Petersen

 

 

Christopher O. Petersen, President and Principal Executive Officer

Date

 

September 22, 2020

 

By (Signature and Title)

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer, Principal Financial Officer

 

 

and Senior Vice President

Date

 

September 22, 2020

 

By (Signature and Title)

/s/ Joseph Beranek

 

 

Joseph Beranek, Treasurer, Chief Accounting Officer and Principal

 

 

Financial Officer

Date

 

September 22, 2020