N-CSR 1 f11821d1.htm COLUMBIA FUNDS SERIES TRUST II Columbia Funds Series Trust II

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number811-21852 

Columbia Funds Series Trust II 

(Exact name of registrant as specified in charter) 

290 Congress Street 

Boston, MA 02210

(Address of principal executive offices) (Zip code)
 

  

Daniel J. Beckman 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 

  

Ryan C. Larrenaga, Esq. 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210
  
(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:  January 31, 2022 

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. 


Annual Report
January 31, 2022
Columbia Capital Allocation Portfolios
Columbia Capital Allocation Conservative Portfolio
Columbia Capital Allocation Moderate Conservative Portfolio
Columbia Capital Allocation Moderate Portfolio
Columbia Capital Allocation Moderate Aggressive Portfolio
Columbia Capital Allocation Aggressive Portfolio
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
Columbia Capital Allocation Portfolios  |  Annual Report 2022

Fund at a Glance
Columbia Capital Allocation Conservative Portfolio
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 January 31, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 1.41 4.56 4.25
  Including sales charges   -3.41 3.55 3.74
Advisor Class* 06/13/13 1.68 4.82 4.46
Class C Excluding sales charges 03/04/04 0.75 3.80 3.47
  Including sales charges   -0.20 3.80 3.47
Institutional Class 09/27/10 1.76 4.83 4.51
Institutional 2 Class* 06/13/13 1.69 4.84 4.50
Institutional 3 Class* 06/13/13 1.84 4.90 4.55
Class R 09/27/10 1.25 4.30 3.99
Blended Benchmark   1.16 5.29 4.70
Bloomberg U.S. Aggregate Bond Index   -2.97 3.08 2.59
Russell 3000 Index   18.80 16.11 15.03
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 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 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 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 U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
Effective August 24, 2021, the Bloomberg Barclays indices were re-branded as the Bloomberg indices.
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.
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.
Columbia Capital Allocation Portfolios  | Annual Report 2022
3

Fund at a Glance   (continued)
Columbia Capital Allocation Conservative Portfolio
Performance of a hypothetical $10,000 investment (January 31, 2012 — January 31, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Capital Allocation Conservative Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at January 31, 2022)
Equity Funds 20.9
Fixed Income Funds 70.2
Money Market Funds 8.9
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  | Annual Report 2022

Fund at a Glance
Columbia Capital Allocation Moderate Conservative Portfolio
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 January 31, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 10/15/96 4.48 6.40 5.86
  Including sales charges   -1.54 5.15 5.23
Advisor Class* 11/08/12 4.80 6.68 6.11
Class C Excluding sales charges 10/15/96 3.66 5.61 5.07
  Including sales charges   2.71 5.61 5.07
Institutional Class 10/15/96 4.73 6.68 6.13
Institutional 2 Class* 11/08/12 4.81 6.71 6.15
Institutional 3 Class* 06/13/13 4.84 6.73 6.18
Class R 01/23/06 4.21 6.14 5.60
Blended Benchmark   3.76 7.08 6.40
Bloomberg U.S. Aggregate Bond Index   -2.97 3.08 2.59
Russell 3000 Index   18.80 16.11 15.03
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 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 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 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 U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
Effective August 24, 2021, the Bloomberg Barclays indices were re-branded as the Bloomberg indices.
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  | Annual Report 2022
5

Fund at a Glance   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio
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.
Performance of a hypothetical $10,000 investment (January 31, 2012 — January 31, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Capital Allocation Moderate Conservative Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at January 31, 2022)
Equity Funds 35.8
Fixed Income Funds 60.1
Money Market Funds 4.1
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.
6 Columbia Capital Allocation Portfolios  | Annual Report 2022

Fund at a Glance
Columbia Capital Allocation Moderate Portfolio
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 January 31, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 6.42 8.21 7.56
  Including sales charges   0.27 6.94 6.92
Advisor Class* 06/13/13 6.70 8.47 7.79
Class C Excluding sales charges 03/04/04 5.58 7.39 6.75
  Including sales charges   4.65 7.39 6.75
Institutional Class 09/27/10 6.69 8.48 7.82
Institutional 2 Class* 06/13/13 6.63 8.47 7.83
Institutional 3 Class* 06/13/13 6.66 8.54 7.88
Class R 09/27/10 6.17 7.95 7.28
Blended Benchmark   6.24 8.91 8.12
Russell 3000 Index   18.80 16.11 15.03
Bloomberg U.S. Aggregate Bond Index   -2.97 3.08 2.59
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 42.5% Bloomberg U.S. Aggregate Bond Index, 37% Russell 3000 Index, 11% MSCI EAFE Index (Net), 7.5% Bloomberg 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 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 U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
Effective August 24, 2021, the Bloomberg Barclays indices were re-branded as the Bloomberg indices.
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  | Annual Report 2022
7

Fund at a Glance   (continued)
Columbia Capital Allocation Moderate Portfolio
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.
Performance of a hypothetical $10,000 investment (January 31, 2012 — January 31, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Capital Allocation Moderate Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at January 31, 2022)
Alternative Strategies Funds 0.6
Equity Funds 51.2
Fixed Income Funds 46.2
Money Market Funds 2.0
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.
8 Columbia Capital Allocation Portfolios  | Annual Report 2022

Fund at a Glance
Columbia Capital Allocation Moderate Aggressive Portfolio
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 January 31, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 10/15/96 9.12 9.82 8.80
  Including sales charges   2.81 8.53 8.16
Advisor Class* 11/08/12 9.45 10.09 9.06
Class C Excluding sales charges 10/15/96 8.36 8.99 7.98
  Including sales charges   7.42 8.99 7.98
Institutional Class 10/15/96 9.33 10.09 9.06
Institutional 2 Class* 11/08/12 9.41 10.13 9.12
Institutional 3 Class* 06/13/13 9.50 10.19 9.15
Class R 01/23/06 8.85 9.54 8.53
Class V Excluding sales charges 03/07/11 9.12 9.82 8.78
  Including sales charges   2.81 8.53 8.14
Blended Benchmark   8.80 10.59 9.64
Russell 3000 Index   18.80 16.11 15.03
Bloomberg U.S. Aggregate Bond Index   -2.97 3.08 2.59
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 U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg 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 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 U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
Effective August 24, 2021, the Bloomberg Barclays indices were re-branded as the Bloomberg indices.
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  | Annual Report 2022
9

Fund at a Glance   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio
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.
Performance of a hypothetical $10,000 investment (January 31, 2012 — January 31, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Capital Allocation Moderate Aggressive Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at January 31, 2022)
Alternative Strategies Funds 0.8
Equity Funds 66.2
Fixed Income Funds 31.3
Money Market Funds 1.7
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.
10 Columbia Capital Allocation Portfolios  | Annual Report 2022

Fund at a Glance
Columbia Capital Allocation Aggressive Portfolio
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 January 31, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 12.14 11.34 10.20
  Including sales charges   5.71 10.03 9.55
Advisor Class* 06/13/13 12.41 11.62 10.43
Class C Excluding sales charges 03/04/04 11.22 10.51 9.38
  Including sales charges   10.24 10.51 9.38
Institutional Class 09/27/10 12.40 11.62 10.48
Institutional 2 Class* 06/13/13 12.44 11.65 10.49
Institutional 3 Class* 06/13/13 12.50 11.69 10.53
Class R 09/27/10 11.83 11.06 9.93
Blended Benchmark   11.25 12.14 11.04
Russell 3000 Index   18.80 16.11 15.03
Bloomberg U.S. Aggregate Bond Index   -2.97 3.08 2.59
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 60% Russell 3000 Index, 15% Bloomberg U.S. Aggregate Bond Index, 14% MSCI EAFE Index (Net), 6% MSCI Emerging Markets Index (Net) and 5% Bloomberg 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 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 U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
Effective August 24, 2021, the Bloomberg Barclays indices were re-branded as the Bloomberg indices.
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  | Annual Report 2022
11

Fund at a Glance   (continued)
Columbia Capital Allocation Aggressive Portfolio
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.
Performance of a hypothetical $10,000 investment (January 31, 2012 — January 31, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Capital Allocation Aggressive Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at January 31, 2022)
Alternative Strategies Funds 1.1
Equity Funds 77.8
Fixed Income Funds 19.0
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  | Annual Report 2022

Manager Discussion of Fund Performance
    
All returns listed below are for the 12-month period that ended January 31, 2022.
 • Columbia Capital Allocation Conservative Portfolio Class A shares returned 1.41% excluding sales charges. The Fund outperformed its Blended Benchmark, which returned 1.16%.
Columbia Capital Allocation Moderate Conservative Portfolio Class A shares returned 4.48% excluding sales charges. The Fund outperformed its Blended Benchmark, which returned 3.76%.
Columbia Capital Allocation Moderate Portfolio Class A shares returned 6.42% excluding sales charges. The Fund outperformed its Blended Benchmark, which returned 6.24%.
Columbia Capital Allocation Moderate Aggressive Portfolio Class A shares returned 9.12% excluding sales charges. The Fund outperformed its Blended Benchmark, which returned 8.80%.
Columbia Capital Allocation Aggressive Portfolio Class A shares returned 12.14% excluding sales charges. The Fund outperformed its Blended Benchmark, which returned 11.25%.
During the same time frame, the Russell 3000 Index, which measures domestic equities, returned 18.80%; the Bloomberg U.S. Aggregate Bond Index, which measures the U.S. fixed-income market, returned -2.97%; the Bloomberg U.S. Corporate High-Yield Index, which measures the U.S. high-yield corporate bond market, returned 2.06%; the MSCI EAFE Index (Net), which measures international equities, returned 7.03%; the MSCI Emerging Markets Index (Net), which measures emerging market equities, returned -7.23%; and the FTSE Three-Month U.S. Treasury Bill Index advanced 0.04% for the period.
Market overview
As the annual period began in February 2021, investor optimism around the COVID-19 vaccination rollout and the progressing economic recovery supported the ongoing advance of equities after producing strong returns in 2020. At the same time, increasing concerns about elevated inflation levels caused a meaningful increase in bond yields, which created a challenging environment for fixed-income assets. Despite persistently rising inflation levels, equity markets continued to climb over the next few months, and fixed-income assets generally stabilized. However, during the second half of the annual period, global supply-chain disruptions, the emergence of new COVID-19 variants, multi-decade high inflation and looming U.S. Federal Reserve (Fed) tapering activity caused some significant spikes in volatility and a pullback in the capital markets. Though a bit bruised in January 2022, equity markets ultimately produced strong positive returns for the annual period overall. On the other hand, fixed-income markets as a whole struggled, with several sectors generating negative returns during the annual period.
For the full annual period, risk assets led the way, with U.S. equities outperforming international equities. For the 12 months ended January 31, 2022, the Russell 3000 Index, a broad proxy for U.S. equities, generated an 18.80% return, and the S& P 500 Index, another proxy for broad-based domestic equities, rose 23.29%. Within the U.S. equity market, large-cap equities outperformed small-cap equities, and value-oriented stocks outpaced growth-oriented stocks across the capitalization spectrum, in both cases reversing dominant trends of the prior annual period. International equities were weaker. The MSCI EAFE Index (Net), measuring international developed market equities, returned 7.03%. Emerging markets equities, as measured by the MSCI Emerging Markets Index (Net), returned -7.23%, more heavily impacted by COVID-19, a strong U.S. dollar and heightened uncertainties in China. Bond markets were challenged, as the Fed signaled a tapering of its asset purchases and the COVID-19 Omicron variant introduced a new source of uncertainty to credit markets. The Bloomberg U.S. Aggregate Bond Index returned -2.97%. U.S. Treasuries and other higher quality segments of the fixed-income market, including securitized assets and investment-grade corporate bonds, posted the weakest total returns. Riskier and more credit-sensitive segments, like high-yield corporate bonds, generated positive performance during the annual period. The global fixed-income market overall, as measured by the Bloomberg Global Aggregate Index, returned -5.83%. Commodities, as measured by the Bloomberg Commodity Index Total Return returned 34.73% for the annual period, driven primarily by higher crude oil prices, as demand returned to pre-COVID-19 levels and supply was restrained by both OPEC+ and the U.S. shale industry.
The Funds’ notable contributors during the period
Absolute returns in all five Funds were positive, and all five outperformed their respective Blended Benchmark.
Columbia Capital Allocation Portfolios  | Annual Report 2022
13

Manager Discussion of Fund Performance  (continued)
    
Asset allocation decisions as a whole contributed positively to relative performance across all five Funds and was the most significant contributor to results in Columbia Capital Allocation Aggressive Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Moderate Portfolio.
Style positioning contributed positively to returns in all but the Columbia Capital Allocation Moderate Portfolio and was the most significant contributor to performance in Columbia Capital Allocation Conservative Portfolio and Columbia Capital Allocation Moderate Conservative Portfolio.
Underlying fund manager performance overall benefited relative performance across all five Funds.
U.S. equities as an asset class posted strong double-digit gains during the annual period and was the largest positive contributor to relative performance across all five Funds.
Having overweighted allocations to U.S. equities overall and to large-cap value-oriented stocks in particular contributed to relative results.
Underlying fund manager performance in large-cap equity strategies further bolstered relative performance.
Though fixed income, as an asset class, generated negative absolute returns, it contributed positively to relative results across all five Funds.
Relative outperformance was driven primarily by the underweighted allocation to investment-grade bonds as well as by strong underlying fund manager performance within the fixed-income segment.
Style positioning decisions within the investment-grade bonds segment also added to results in Columbia Capital Allocation Conservative Portfolio and Columbia Capital Allocation Moderate Conservative Portfolio.
An out-of-benchmark exposure to commodities, established in Columbia Capital Allocation Aggressive Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Moderate Portfolio during the annual period, boosted those Funds’ relative performance.
The Funds’ notable detractors during the period
Having an overweighted allocation to international equities overall detracted from relative performance across all five Funds.
An overweight to emerging markets equities, along with challenged style positioning decisions and weaker underlying fund manager performance within the segment, detracted most.
Relatively weaker underlying fund manager performance within the U.S. small-cap equities market segment detracted from relative performance across all five Funds.
Despite high yield being one of the best performing sectors within fixed income during the annual period on an absolute basis, asset allocation decisions and underlying fund manager performance led the sector to detract from relative results across all but Columbia Capital Allocation Conservative Portfolio.
An out-of-benchmark position in emerging market bonds detracted from relative performance across all five Funds.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Funds’ investment in underlying funds subject them to the investment performance (positive or negative), risks and expenses of these underlying funds. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer term securities. Foreign investments subject the Funds to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investing in derivatives is a specialized activity that involves special risks that subject the Funds to significant loss potential, including when used as leverage, and may result in greater fluctuation in fund value. Asset allocation does not assure a profit or protect against loss. See the Funds’ prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective
14 Columbia Capital Allocation Portfolios  | Annual Report 2022

Manager Discussion of Fund Performance  (continued)
    
parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
Columbia Capital Allocation Portfolios  | Annual Report 2022
15

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.
August 1, 2021 — January 31, 2022
  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 1,000.00 975.70 1,022.86 2.45 2.51 0.49 4.61 4.72 0.92
Advisor Class 1,000.00 1,000.00 976.80 1,024.13 1.20 1.23 0.24 3.36 3.44 0.67
Class C 1,000.00 1,000.00 971.90 1,019.06 6.20 6.34 1.24 8.35 8.55 1.67
Institutional Class 1,000.00 1,000.00 977.00 1,024.13 1.20 1.23 0.24 3.36 3.44 0.67
Institutional 2 Class 1,000.00 1,000.00 976.80 1,024.18 1.15 1.18 0.23 3.31 3.39 0.66
Institutional 3 Class 1,000.00 1,000.00 977.10 1,024.38 0.95 0.97 0.19 3.11 3.18 0.62
Class R 1,000.00 1,000.00 974.50 1,021.54 3.75 3.84 0.75 5.90 6.05 1.18
16 Columbia Capital Allocation Portfolios  | Annual Report 2022

Understanding Your Fund’s Expenses  (continued)
(Unaudited)
August 1, 2021 — January 31, 2022
  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 1,000.00 981.00 1,023.26 2.06 2.10 0.41 4.52 4.61 0.90
Advisor Class 1,000.00 1,000.00 982.10 1,024.53 0.80 0.82 0.16 3.27 3.33 0.65
Class C 1,000.00 1,000.00 976.90 1,019.51 5.76 5.89 1.15 8.22 8.39 1.64
Institutional Class 1,000.00 1,000.00 982.90 1,024.53 0.80 0.82 0.16 3.27 3.33 0.65
Institutional 2 Class 1,000.00 1,000.00 982.20 1,024.63 0.70 0.72 0.14 3.16 3.23 0.63
Institutional 3 Class 1,000.00 1,000.00 983.00 1,024.84 0.50 0.51 0.10 2.96 3.03 0.59
Class R 1,000.00 1,000.00 979.80 1,022.00 3.31 3.38 0.66 5.77 5.89 1.15
Columbia Capital Allocation Moderate Portfolio
Class A 1,000.00 1,000.00 981.60 1,023.47 1.86 1.90 0.37 4.72 4.82 0.94
Advisor Class 1,000.00 1,000.00 983.40 1,024.73 0.60 0.62 0.12 3.47 3.54 0.69
Class C 1,000.00 1,000.00 978.40 1,019.67 5.62 5.73 1.12 8.47 8.65 1.69
Institutional Class 1,000.00 1,000.00 982.80 1,024.73 0.60 0.62 0.12 3.47 3.54 0.69
Institutional 2 Class 1,000.00 1,000.00 982.60 1,024.73 0.60 0.62 0.12 3.47 3.54 0.69
Institutional 3 Class 1,000.00 1,000.00 982.80 1,024.94 0.40 0.41 0.08 3.27 3.34 0.65
Class R 1,000.00 1,000.00 981.10 1,022.20 3.11 3.18 0.62 5.97 6.10 1.19
Columbia Capital Allocation Moderate Aggressive Portfolio
Class A 1,000.00 1,000.00 986.90 1,023.37 1.96 2.00 0.39 4.98 5.08 0.99
Advisor Class 1,000.00 1,000.00 987.60 1,024.63 0.71 0.72 0.14 3.73 3.80 0.74
Class C 1,000.00 1,000.00 983.20 1,019.62 5.68 5.78 1.13 8.69 8.85 1.73
Institutional Class 1,000.00 1,000.00 987.40 1,024.63 0.71 0.72 0.14 3.73 3.80 0.74
Institutional 2 Class 1,000.00 1,000.00 987.70 1,024.78 0.55 0.56 0.11 3.58 3.64 0.71
Institutional 3 Class 1,000.00 1,000.00 988.40 1,025.04 0.30 0.31 0.06 3.33 3.39 0.66
Class R 1,000.00 1,000.00 984.90 1,022.10 3.22 3.28 0.64 6.24 6.35 1.24
Class V 1,000.00 1,000.00 986.90 1,023.37 1.96 2.00 0.39 4.98 5.08 0.99
Columbia Capital Allocation Aggressive Portfolio
Class A 1,000.00 1,000.00 991.40 1,023.37 1.97 2.00 0.39 5.10 5.18 1.01
Advisor Class 1,000.00 1,000.00 992.10 1,024.63 0.71 0.72 0.14 3.84 3.90 0.76
Class C 1,000.00 1,000.00 986.90 1,019.56 5.74 5.83 1.14 8.86 9.01 1.76
Institutional Class 1,000.00 1,000.00 992.30 1,024.63 0.71 0.72 0.14 3.84 3.90 0.76
Institutional 2 Class 1,000.00 1,000.00 992.20 1,024.73 0.61 0.62 0.12 3.74 3.80 0.74
Institutional 3 Class 1,000.00 1,000.00 992.70 1,024.94 0.40 0.41 0.08 3.53 3.59 0.70
Class R 1,000.00 1,000.00 989.00 1,022.00 3.33 3.38 0.66 6.45 6.56 1.28
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Effective expenses paid during the period and the Fund’s effective annualized expense ratio include expenses borne directly to the class plus the Fund’s pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund’s most recent shareholder report.
Columbia Capital Allocation Portfolios  | Annual Report 2022
17

Portfolio of Investments
Columbia Capital Allocation Conservative Portfolio, January 31, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Equity Funds 20.8%
  Shares Value ($)
International 4.9%
Columbia Overseas Core Fund, Institutional 3 Class(a) 1,171,053 12,342,898
U.S. Large Cap 14.6%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 369,037 12,170,826
Columbia Disciplined Core Fund, Institutional 3 Class(a) 870,584 12,118,530
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 643,475 12,129,509
Total 36,418,865
U.S. Small Cap 1.3%
Columbia Select Small Cap Value Fund, Institutional 3 Class(a) 70,747 1,827,412
Columbia Small Cap Growth Fund, Institutional 3 Class(a),(b) 59,272 1,467,569
Total 3,294,981
Total Equity Funds
(Cost $47,247,323)
52,056,744
Fixed Income Funds 70.2%
Emerging Markets 1.5%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 349,215 3,754,056
High Yield 6.0%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 1,279,561 14,894,095
Fixed Income Funds (continued)
  Shares Value ($)
Investment Grade 62.7%
Columbia Bond Fund, Institutional 3 Class(a) 1,467,003 50,464,894
Columbia Corporate Income Fund, Institutional 3 Class(a) 3,767,805 38,695,353
Columbia Quality Income Fund, Institutional 3 Class(a) 1,487,274 32,258,977
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 3,095,358 35,225,179
Total 156,644,403
Total Fixed Income Funds
(Cost $181,124,280)
175,292,554
Money Market Funds 8.9%
Columbia Short-Term Cash Fund, 0.098%(a),(c) 22,253,956 22,249,505
Total Money Market Funds
(Cost $22,252,231)
22,249,505
Total Investments in Securities
(Cost: $250,623,834)
249,598,803
Other Assets & Liabilities, Net   214,904
Net Assets 249,813,707
At January 31, 2022, securities and/or cash totaling $246,045 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI EAFE Index 10 03/2022 USD 1,117,650 (8,859)
MSCI Emerging Markets Index 18 03/2022 USD 1,102,320 8,269
S&P 500 Index E-mini 11 03/2022 USD 2,477,338 66,597
S&P 500 Index E-mini 4 03/2022 USD 900,850 (22,010)
Total         74,866 (30,869)
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Capital Allocation Portfolios  | Annual Report 2022

Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2022
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, 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 year ended January 31, 2022 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
  52,368,023 5,304,784* (5,042,095) (2,165,818) 50,464,894 (43,394) 898,945 1,467,003
Columbia Contrarian Core Fund, Institutional 3 Class
  11,241,629 3,190,903* (2,172,377) (89,329) 12,170,826 1,361,566 1,112,317 63,496 369,037
Columbia Corporate Income Fund, Institutional 3 Class
  31,300,833 12,380,819* (2,087,851) (2,898,448) 38,695,353 780,312 238,539 883,567 3,767,805
Columbia Disciplined Core Fund, Institutional 3 Class
  11,364,070 3,598,732* (2,641,928) (202,344) 12,118,530 1,696,128 1,223,327 118,212 870,584
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  4,900,917 550,385* (1,338,974) (358,272) 3,754,056 88,266 138,707 349,215
Columbia Emerging Markets Fund, Advisor Class
  184,218* (196,797 )** 12,579
Columbia Emerging Markets Fund, Institutional 3 Class
  196,797** (196,797) (17,936)
Columbia High Yield Bond Fund, Institutional 3 Class
  9,929,526 6,755,019* (1,297,189) (493,261) 14,894,095 52,604 14,267 660,690 1,279,561
Columbia Multi-Asset Income Fund, Institutional 3 Class
  10,614,926 27,414 (10,667,861) 25,521 (49,478) 27,414
Columbia Overseas Core Fund, Institutional 3 Class
  11,906,225 3,018,765* (2,188,360) (393,732) 12,342,898 613,455 470,652 338,781 1,171,053
Columbia Quality Income Fund, Institutional 3 Class
  31,811,710 3,867,565* (1,935,188) (1,485,110) 32,258,977 26,221 741,804 1,487,274
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  11,296,955 2,723,673* (2,449,621) 558,502 12,129,509 789,611 1,242,837 129,472 643,475
Columbia Select Small Cap Value Fund, Institutional 3 Class
  1,266,480 987,900* (461,919) 34,951 1,827,412 93,617 200,602 5,274 70,747
Columbia Short-Term Cash Fund, 0.098%
  13,609,188 12,448,180 (3,806,026) (1,837) 22,249,505 (366) 14,979 22,253,956
Columbia Small Cap Growth Fund, Institutional 3 Class
  1,282,850 936,063 (97,209) (654,135) 1,467,569 160,694 28,401 59,272
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  42,188,732 4,148,577* (8,904,419) (2,207,711) 35,225,179 68,736 525,148 409,083 3,095,358
Total 245,082,064     (10,318,444) 249,598,803 5,616,723 5,059,403 4,430,424  
    
* Includes the effect of affiliated issuers acquired in the fund reorganization.
** Includes the effect of underlying share class exchange.
    
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at January 31, 2022.
Currency Legend
USD US Dollar
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2022
19

Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2022
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 January 31, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Equity Funds 52,056,744 52,056,744
Fixed Income Funds 175,292,554 175,292,554
Money Market Funds 22,249,505 22,249,505
Total Investments in Securities 249,598,803 249,598,803
Investments in Derivatives        
Asset        
Futures Contracts 74,866 74,866
Liability        
Futures Contracts (30,869) (30,869)
Total 249,642,800 249,642,800
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.
20 Columbia Capital Allocation Portfolios  | Annual Report 2022

Portfolio of Investments
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Equity Funds 35.8%
  Shares Value ($)
International 9.0%
Columbia Overseas Core Fund, Institutional 3 Class(a) 4,245,408 44,746,601
U.S. Large Cap 24.8%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 1,256,824 41,450,060
Columbia Disciplined Core Fund, Institutional 3 Class(a) 2,960,766 41,213,855
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 2,185,186 41,190,761
Total 123,854,676
U.S. Small Cap 2.0%
Columbia Select Small Cap Value Fund, Institutional 3 Class(a) 212,860 5,498,174
Columbia Small Cap Growth Fund, Institutional 3 Class(a),(b) 188,231 4,660,604
Total 10,158,778
Total Equity Funds
(Cost $162,556,678)
178,760,055
Fixed Income Funds 60.0%
Emerging Markets 1.7%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 774,421 8,325,021
High Yield 6.7%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 2,883,385 33,562,603
Fixed Income Funds (continued)
  Shares Value ($)
Investment Grade 51.6%
Columbia Bond Fund, Institutional 3 Class(a) 1,938,677 66,690,504
Columbia Corporate Income Fund, Institutional 3 Class(a) 6,905,398 70,918,440
Columbia Quality Income Fund, Institutional 3 Class(a) 2,883,003 62,532,334
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 5,048,624 57,453,338
Total 257,594,616
Total Fixed Income Funds
(Cost $309,698,845)
299,482,240
Money Market Funds 4.0%
Columbia Short-Term Cash Fund, 0.098%(a),(c) 20,257,726 20,253,674
Total Money Market Funds
(Cost $20,255,753)
20,253,674
Total Investments in Securities
(Cost: $492,511,276)
498,495,969
Other Assets & Liabilities, Net   852,775
Net Assets 499,348,744
At January 31, 2022, securities and/or cash totaling $593,874 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI EAFE Index 27 03/2022 USD 3,017,655 (24,060)
MSCI Emerging Markets Index 76 03/2022 USD 4,654,240 34,914
Russell 2000 Index E-mini 3 03/2022 USD 303,660 (22,825)
S&P 500 Index E-mini 23 03/2022 USD 5,179,888 139,248
S&P 500 Index E-mini 4 03/2022 USD 900,850 (22,010)
Total         174,162 (68,895)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2022
21

Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2022
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, 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 year ended January 31, 2022 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
  69,879,370 4,203,215 (4,384,192) (3,007,889) 66,690,504 (79,433) 1,273,833 1,938,677
Columbia Contrarian Core Fund, Institutional 3 Class
  42,337,895 5,450,999 (6,247,331) (91,503) 41,450,060 5,002,938 3,781,258 233,310 1,256,824
Columbia Corporate Income Fund, Institutional 3 Class
  55,829,954 25,617,187 (4,981,021) (5,547,680) 70,918,440 1,529,913 398,919 1,739,151 6,905,398
Columbia Disciplined Core Fund, Institutional 3 Class
  42,657,553 6,928,254 (8,109,049) (262,903) 41,213,855 6,278,408 3,897,471 437,573 2,960,766
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  8,697,749 825,337 (540,027) (658,038) 8,325,021 (15) 328,894 774,421
Columbia High Yield Bond Fund, Institutional 3 Class
  23,689,663 14,072,658 (3,063,596) (1,136,122) 33,562,603 126,249 12,849 1,593,009 2,883,385
Columbia Multi-Asset Income Fund, Institutional 3 Class
  23,516,736 60,733 (23,639,974) 62,505 (115,581) 60,734
Columbia Overseas Core Fund, Institutional 3 Class
  44,781,927 6,419,579 (5,164,482) (1,290,423) 44,746,601 2,337,098 1,468,370 1,282,397 4,245,408
Columbia Pacific/Asia Fund, Institutional 3 Class
  1,656,424 1,196,782 (2,469,189) (384,017) 1,186,588 (802,546) 9,673
Columbia Quality Income Fund, Institutional 3 Class
  57,149,581 12,218,843 (3,745,745) (3,090,345) 62,532,334 25,364 1,538,866 2,883,003
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  42,477,525 3,568,296 (7,452,226) 2,597,166 41,190,761 2,905,656 3,939,057 476,370 2,185,186
Columbia Select Small Cap Value Fund, Institutional 3 Class
  3,918,738 2,376,450 (1,067,563) 270,549 5,498,174 299,709 457,865 16,888 212,860
Columbia Short-Term Cash Fund, 0.098%
  26,132,855 11,475,234 (17,353,570) (845) 20,253,674 (1,230) 14,409 20,257,726
Columbia Small Cap Growth Fund, Institutional 3 Class
  3,981,384 2,962,371 (226,489) (2,056,662) 4,660,604 510,320 29,864 188,231
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  74,237,995 3,532,133 (16,494,014) (3,822,776) 57,453,338 119,934 912,368 716,827 5,048,624
Total 520,945,349     (18,418,983) 498,495,969 20,296,813 13,924,580 9,721,934  
    
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at January 31, 2022.
Currency Legend
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
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Capital Allocation Portfolios  | Annual Report 2022

Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2022
Fair value measurements  (continued)
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 January 31, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Equity Funds 178,760,055 178,760,055
Fixed Income Funds 299,482,240 299,482,240
Money Market Funds 20,253,674 20,253,674
Total Investments in Securities 498,495,969 498,495,969
Investments in Derivatives        
Asset        
Futures Contracts 174,162 174,162
Liability        
Futures Contracts (68,895) (68,895)
Total 498,601,236 498,601,236
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.
Columbia Capital Allocation Portfolios  | Annual Report 2022
23

Portfolio of Investments
Columbia Capital Allocation Moderate Portfolio, January 31, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 0.6%
  Shares Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class(a) 469,080 8,668,609
Total Alternative Strategies Funds
(Cost $9,755,588)
8,668,609
Equity Funds 51.0%
International 12.9%
Columbia Emerging Markets Fund, Institutional 3 Class(a) 1,801,259 29,738,791
Columbia Overseas Core Fund, Institutional 3 Class(a) 15,848,744 167,045,756
Total 196,784,547
U.S. Large Cap 35.5%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 4,113,900 135,676,424
Columbia Large Cap Growth Fund, Institutional 3 Class(a),(b) 2,034,008 122,223,521
Columbia Large Cap Value Fund, Institutional 3 Class(a) 8,708,167 148,561,330
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 7,156,032 134,891,209
Total 541,352,484
U.S. Small Cap 2.6%
Columbia Select Small Cap Value Fund, Institutional 3 Class(a) 878,302 22,686,536
Columbia Small Cap Growth Fund, Institutional 3 Class(a),(b) 726,224 17,981,306
Total 40,667,842
Total Equity Funds
(Cost $695,784,376)
778,804,873
Fixed Income Funds 46.1%
  Shares Value ($)
Emerging Markets 1.8%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 2,541,881 27,325,225
High Yield 10.0%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 13,103,791 152,528,124
Investment Grade 34.3%
Columbia Bond Fund, Institutional 3 Class(a) 4,570,269 157,217,274
Columbia Corporate Income Fund, Institutional 3 Class(a) 15,513,053 159,319,055
Columbia Quality Income Fund, Institutional 3 Class(a) 6,331,860 137,338,040
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 6,049,824 68,846,996
Total 522,721,365
Total Fixed Income Funds
(Cost $732,290,842)
702,574,714
Money Market Funds 2.0%
Columbia Short-Term Cash Fund, 0.098%(a),(c) 31,263,195 31,256,942
Total Money Market Funds
(Cost $31,259,588)
31,256,942
Total Investments in Securities
(Cost: $1,469,090,394)
1,521,305,138
Other Assets & Liabilities, Net   4,085,462
Net Assets 1,525,390,600
At January 31, 2022, securities and/or cash totaling $2,588,606 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI Emerging Markets Index 341 03/2022 USD 20,882,840 156,655
Nikkei 225 Index 123 03/2022 JPY 1,679,565,000 (395,507)
Russell 2000 Index E-mini 12 03/2022 USD 1,214,640 (91,301)
S&P 500 Index E-mini 53 03/2022 USD 11,936,263 320,876
U.S. Treasury 10-Year Note 318 03/2022 USD 40,694,063 (668,981)
Total         477,531 (1,155,789)
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Columbia Capital Allocation Portfolios  | Annual Report 2022

Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2022
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, 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 year ended January 31, 2022 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
  142,592,982 27,270,640* (5,743,839) (6,902,509) 157,217,274 - (94,341) 2,872,761 4,570,269
Columbia Commodity Strategy Fund, Institutional 3 Class
  - 9,755,588 - (1,086,979) 8,668,609 - - 2,097,588 469,080
Columbia Contrarian Core Fund, Institutional 3 Class
  130,334,727 20,266,323* (17,127,891) 2,203,265 135,676,424 15,797,376 8,952,412 736,704 4,113,900
Columbia Corporate Income Fund, Institutional 3 Class
  120,692,643 58,210,832* (7,832,467) (11,751,953) 159,319,055 3,289,903 677,838 3,723,495 15,513,053
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  19,024,846 11,584,234* (1,119,927) (2,163,928) 27,325,225 - 23,407 1,041,766 2,541,881
Columbia Emerging Markets Fund, Advisor Class
  - 905,557* (967,399)** 61,842 - - - - -
Columbia Emerging Markets Fund, Institutional 3 Class
  30,964,933 7,020,491** (1,472,158) (6,774,475) 29,738,791 116,743 1,899,372 317,734 1,801,259
Columbia High Yield Bond Fund, Institutional 3 Class
  113,263,785 52,608,695* (8,231,905) (5,112,451) 152,528,124 551,440 189,015 6,927,928 13,103,791
Columbia Large Cap Growth Fund, Institutional 3 Class
  130,848,694 18,058,664* (28,079,012) 1,395,175 122,223,521 9,944,399 12,078,280 - 2,034,008
Columbia Large Cap Value Fund, Institutional 3 Class
  129,215,313 21,405,963* (21,000,641) 18,940,695 148,561,330 7,633,114 3,518,491 2,075,705 8,708,167
Columbia Multi-Asset Income Fund, Institutional 3 Class
  62,234,091 160,724 (61,228,777) (1,166,038) - - 1,025,579 160,724 -
Columbia Overseas Core Fund, Institutional 3 Class
  122,324,799 61,394,771* (9,329,824) (7,343,990) 167,045,756 8,442,026 4,165,402 4,632,137 15,848,744
Columbia Pacific/Asia Fund, Institutional 3 Class
  42,037,842 32,157,917 (61,888,098) (12,307,661) - 31,894,208 (19,735,258) 259,991 -
Columbia Quality Income Fund, Institutional 3 Class
  125,410,566 22,083,202* (3,656,361) (6,499,367) 137,338,040 - 56,996 3,227,624 6,331,860
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  130,833,984 14,853,687* (19,045,425) 8,248,963 134,891,209 9,138,696 11,950,946 1,498,676 7,156,032
Columbia Select Small Cap Value Fund, Institutional 3 Class
  16,016,078 8,188,881* (3,053,075) 1,534,652 22,686,536 1,186,342 1,299,301 66,848 878,302
Columbia Short-Term Cash Fund, 0.098%
  36,353,785 63,295,728 (68,390,354) (2,217) 31,256,942 - (1,205) 27,318 31,263,195
Columbia Small Cap Growth Fund, Institutional 3 Class
  16,369,576 10,064,577 (537,971) (7,914,876) 17,981,306 1,968,890 161,350 - 726,224
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  117,223,883 6,391,345* (47,553,535) (7,214,697) 68,846,996 138,433 3,687,902 827,187 6,049,824
Total 1,485,742,527     (43,856,549) 1,521,305,138 90,101,570 29,855,487 30,494,186  
    
* Includes the effect of affiliated issuers acquired in the fund reorganization.
** Includes the effect of underlying share class exchange.
    
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2022
25

Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2022
Notes to Portfolio of Investments  (continued)
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at January 31, 2022.
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 January 31, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Alternative Strategies Funds 8,668,609 8,668,609
Equity Funds 778,804,873 778,804,873
Fixed Income Funds 702,574,714 702,574,714
Money Market Funds 31,256,942 31,256,942
Total Investments in Securities 1,521,305,138 1,521,305,138
Investments in Derivatives        
Asset        
Futures Contracts 477,531 477,531
Liability        
Futures Contracts (1,155,789) (1,155,789)
Total 1,520,626,880 1,520,626,880
The accompanying Notes to Financial Statements are an integral part of this statement.
26 Columbia Capital Allocation Portfolios  | Annual Report 2022

Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2022
Fair value measurements  (continued)
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.
Columbia Capital Allocation Portfolios  | Annual Report 2022
27

Portfolio of Investments
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 0.8%
  Shares Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class(a) 966,828 17,866,978
Total Alternative Strategies Funds
(Cost $20,107,365)
17,866,978
Equity Funds 66.0%
International 15.6%
Columbia Emerging Markets Fund, Institutional 3 Class(a) 4,634,692 76,518,773
Columbia Overseas Core Fund, Institutional 3 Class(a) 24,451,606 257,719,925
Total 334,238,698
U.S. Large Cap 47.1%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 7,733,676 255,056,617
Columbia Large Cap Growth Fund, Institutional 3 Class(a),(b) 3,712,287 223,071,326
Columbia Large Cap Value Fund, Institutional 3 Class(a) 16,405,304 279,874,489
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 13,411,852 252,813,405
Total 1,010,815,837
U.S. Small Cap 3.3%
Columbia Select Small Cap Value Fund, Institutional 3 Class(a) 1,585,345 40,949,464
Columbia Small Cap Growth Fund, Institutional 3 Class(a),(b) 1,253,961 31,048,077
Total 71,997,541
Total Equity Funds
(Cost $1,266,286,243)
1,417,052,076
Fixed Income Funds 31.2%
  Shares Value ($)
High Yield 8.6%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 15,865,663 184,676,314
Investment Grade 22.6%
Columbia Bond Fund, Institutional 3 Class(a) 3,148,800 108,318,739
Columbia Corporate Income Fund, Institutional 3 Class(a) 16,521,343 169,674,190
Columbia Quality Income Fund, Institutional 3 Class(a) 6,564,948 142,393,724
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 5,728,369 65,188,840
Total 485,575,493
Total Fixed Income Funds
(Cost $692,713,200)
670,251,807
Money Market Funds 1.7%
Columbia Short-Term Cash Fund, 0.098%(a),(c) 37,214,554 37,207,111
Total Money Market Funds
(Cost $37,210,028)
37,207,111
Total Investments in Securities
(Cost: $2,016,316,836)
2,142,377,972
Other Assets & Liabilities, Net   5,539,607
Net Assets 2,147,917,579
At January 31, 2022, securities and/or cash totaling $4,178,188 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI Emerging Markets Index 713 03/2022 USD 43,664,120 240,177
Nikkei 225 Index 254 03/2022 JPY 3,468,370,000 (816,738)
Russell 2000 Index E-mini 5 03/2022 USD 506,100 (38,042)
S&P 500 Index E-mini 38 03/2022 USD 8,558,075 230,062
U.S. Treasury 10-Year Note 453 03/2022 USD 57,969,844 (952,982)
Total         470,239 (1,807,762)
The accompanying Notes to Financial Statements are an integral part of this statement.
28 Columbia Capital Allocation Portfolios  | Annual Report 2022

Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2022
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, 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 year ended January 31, 2022 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
  85,847,252 30,664,150* (3,593,885) (4,598,778) 108,318,739 (66,459) 1,908,522 3,148,800
Columbia Commodity Strategy Fund, Institutional 3 Class
  20,107,365 (2,240,387) 17,866,978 4,323,365 966,828
Columbia Contrarian Core Fund, Institutional 3 Class
  235,230,153 44,981,435* (30,004,738) 4,849,767 255,056,617 28,782,566 15,270,064 1,342,263 7,733,676
Columbia Corporate Income Fund, Institutional 3 Class
  126,889,155 62,077,210* (7,416,199) (11,875,976) 169,674,190 3,428,292 292,677 3,883,831 16,521,343
Columbia Emerging Markets Fund, Advisor Class
  4,293,581* (4,586,793)** 293,212
Columbia Emerging Markets Fund, Institutional 3 Class
  83,162,324 13,945,553** (3,143,595) (17,445,509) 76,518,773 315,526 4,048,851 858,756 4,634,692
Columbia High Yield Bond Fund, Institutional 3 Class
  133,990,196 66,035,288* (9,438,772) (5,910,398) 184,676,314 641,531 82,337 8,079,580 15,865,663
Columbia Large Cap Growth Fund, Institutional 3 Class
  236,004,153 32,007,334* (42,742,620) (2,197,541) 223,071,326 18,161,619 26,407,048 3,712,287
Columbia Large Cap Value Fund, Institutional 3 Class
  232,920,766 45,393,075* (33,361,344) 34,921,992 279,874,489 13,894,929 5,567,772 3,749,428 16,405,304
Columbia Multi-Asset Income Fund, Institutional 3 Class
  60,812,900 157,053 (61,136,366) 166,413 (303,664) 157,053
Columbia Overseas Core Fund, Institutional 3 Class
  175,451,144 104,948,918* (15,731,025) (6,949,112) 257,719,925 12,606,323 1,550,875 6,912,499 24,451,606
Columbia Pacific/Asia Fund, Institutional 3 Class
  68,575,676 52,486,335 (101,468,118) (19,593,893) 52,061,901 (32,711,851) 424,391
Columbia Quality Income Fund, Institutional 3 Class
  132,175,552 19,764,587* (3,062,300) (6,484,115) 142,393,724 60,595 3,237,372 6,564,948
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  235,918,490 33,145,108* (33,635,872) 17,385,679 252,813,405 16,638,154 19,099,822 2,729,140 13,411,852
Columbia Select Small Cap Value Fund, Institutional 3 Class
  28,850,412 14,186,780* (4,977,240) 2,889,512 40,949,464 2,071,653 2,077,209 116,734 1,585,345
Columbia Short-Term Cash Fund, 0.098%
  47,608,816 108,048,651 (118,447,827) (2,529) 37,207,111 (1,589) 36,802 37,214,554
Columbia Small Cap Growth Fund, Institutional 3 Class
  29,114,335 16,617,361 (645,640) (14,037,979) 31,048,077 3,399,655 720,538 1,253,961
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  109,545,817 7,953,933* (45,786,002) (6,524,908) 65,188,840 126,463 3,275,617 756,366 5,728,369
Total 2,022,097,141     (37,354,550) 2,142,377,972 152,128,612 45,369,842 38,516,102  
    
* Includes the effect of affiliated issuers acquired in the fund reorganization.
** Includes the effect of underlying share class exchange.
    
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at January 31, 2022.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2022
29

Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2022
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 January 31, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Alternative Strategies Funds 17,866,978 17,866,978
Equity Funds 1,417,052,076 1,417,052,076
Fixed Income Funds