N-CSR 1 f25044d1.htm COLUMBIA FUNDS SERIES TRUST II Columbia Funds Series Trust II

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

  

FORM N-CSR 

  

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

  

Investment Company Act file number 811-21852 

  

Columbia Funds Series Trust II 

  

(Exact name of registrant as specified in charter) 

  

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, 2023 

  

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, 2023 
Columbia Capital Allocation Portfolios
Columbia Capital Allocation Conservative Portfolio
Columbia Capital Allocation Moderate Conservative Portfolio
Columbia Capital Allocation Moderate Portfolio
Columbia Capital Allocation Moderate Aggressive Portfolio
Columbia Capital Allocation Aggressive Portfolio
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
Columbia Capital Allocation Portfolios  |  Annual Report 2023

Fund at a Glance
Columbia Capital Allocation Conservative Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Conservative Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a conservative level of risk.
Portfolio management
Dan Boncarosky, CFA
Lead Portfolio Manager
Managed Fund since 2017
Thomas Nakamura
Portfolio Manager
Managed Fund since August 2022
Effective February 28, 2023, Anwiti Bahuguna no longer serves as a Portfolio Manager of the Fund.
Average annual total returns (%) (for the period ended January 31, 2023)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 -8.64 1.14 2.55
  Including sales charges   -12.95 0.16 2.06
Advisor Class* 06/13/13 -8.36 1.41 2.79
Class C Excluding sales charges 03/04/04 -9.39 0.38 1.78
  Including sales charges   -10.26 0.38 1.78
Institutional Class 09/27/10 -8.50 1.39 2.80
Institutional 2 Class* 06/13/13 -8.44 1.41 2.83
Institutional 3 Class* 06/13/13 -8.41 1.46 2.88
Class R 09/27/10 -8.97 0.89 2.29
Blended Benchmark   -6.69 2.53 3.41
Bloomberg U.S. Aggregate Bond Index   -8.36 0.86 1.43
Russell 3000 Index   -8.24 9.12 12.28
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.
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 2023
3

Fund at a Glance   (continued)
Columbia Capital Allocation Conservative Portfolio (Unaudited)
Performance of a hypothetical $10,000 investment (January 31, 2013 — January 31, 2023)
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, 2023)
Equity Funds 20.0
Fixed Income Funds 72.3
Money Market Funds 7.7
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.
4 Columbia Capital Allocation Portfolios  | Annual Report 2023

Fund at a Glance
Columbia Capital Allocation Moderate Conservative Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Moderate Conservative Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a moderate conservative level of risk.
Portfolio management
Dan Boncarosky, CFA
Lead Portfolio Manager
Managed Fund since 2017
Thomas Nakamura
Portfolio Manager
Managed Fund since 2022
Effective February 28, 2023, Anwiti Bahuguna no longer serves as a Portfolio Manager of the Fund.
Average annual total returns (%) (for the period ended January 31, 2023)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 10/15/96 -8.89 2.14 3.98
  Including sales charges   -14.15 0.94 3.37
Advisor Class 11/08/12 -8.76 2.38 4.24
Class C Excluding sales charges 10/15/96 -9.58 1.39 3.21
  Including sales charges   -10.44 1.39 3.21
Institutional Class 10/15/96 -8.72 2.39 4.24
Institutional 2 Class 11/08/12 -8.65 2.42 4.29
Institutional 3 Class* 06/13/13 -8.67 2.45 4.32
Class R 01/23/06 -9.11 1.89 3.72
Blended Benchmark   -6.85 3.56 4.83
Bloomberg U.S. Aggregate Bond Index   -8.36 0.86 1.43
Russell 3000 Index   -8.24 9.12 12.28
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.
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 2023
5

Fund at a Glance   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio (Unaudited)
Performance of a hypothetical $10,000 investment (January 31, 2013 — January 31, 2023)
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, 2023)
Equity Funds 35.4
Fixed Income Funds 62.7
Money Market Funds 1.9
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.
6 Columbia Capital Allocation Portfolios  | Annual Report 2023

Fund at a Glance
Columbia Capital Allocation Moderate Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Moderate Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a moderate level of risk.
Portfolio management
Dan Boncarosky, CFA
Lead Portfolio Manager
Managed Fund since 2017
Thomas Nakamura
Portfolio Manager
Managed Fund since August 2022
Effective February 28, 2023, Anwiti Bahuguna no longer serves as a Portfolio Manager of the Fund.
Average annual total returns (%) (for the period ended January 31, 2023)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 -9.70 2.86 5.37
  Including sales charges   -14.88 1.65 4.75
Advisor Class* 06/13/13 -9.54 3.09 5.62
Class C Excluding sales charges 03/04/04 -10.42 2.08 4.59
  Including sales charges   -11.27 2.08 4.59
Institutional Class 09/27/10 -9.48 3.12 5.65
Institutional 2 Class* 06/13/13 -9.46 3.12 5.66
Institutional 3 Class* 06/13/13 -9.39 3.18 5.73
Class R 09/27/10 -9.97 2.60 5.11
Blended Benchmark   -7.19 4.51 6.24
Russell 3000 Index   -8.24 9.12 12.28
Bloomberg U.S. Aggregate Bond Index   -8.36 0.86 1.43
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.
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 2023
7

Fund at a Glance   (continued)
Columbia Capital Allocation Moderate Portfolio (Unaudited)
Performance of a hypothetical $10,000 investment (January 31, 2013 — January 31, 2023)
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, 2023)
Equity Funds 50.1
Fixed Income Funds 47.5
Money Market Funds 2.4
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 2023

Fund at a Glance
Columbia Capital Allocation Moderate Aggressive Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a moderate aggressive level of risk.
Portfolio management
Dan Boncarosky, CFA
Lead Portfolio Manager
Managed Fund since 2017
Thomas Nakamura
Portfolio Manager
Managed Fund since 2022
Effective February 28, 2023, Anwiti Bahuguna no longer serves as a Portfolio Manager of the Fund.
Average annual total returns (%) (for the period ended January 31, 2023)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 10/15/96 -9.93 3.55 6.52
  Including sales charges   -15.12 2.33 5.90
Advisor Class 11/08/12 -9.74 3.80 6.79
Class C Excluding sales charges 10/15/96 -10.57 2.78 5.72
  Including sales charges   -11.42 2.78 5.72
Institutional Class 10/15/96 -9.65 3.82 6.79
Institutional 2 Class 11/08/12 -9.65 3.85 6.86
Institutional 3 Class* 06/13/13 -9.58 3.91 6.90
Class R 01/23/06 -10.10 3.30 6.26
Class V Excluding sales charges 03/07/11 -9.93 3.55 6.51
  Including sales charges   -15.12 2.33 5.89
Blended Benchmark   -7.24 5.42 7.56
Russell 3000 Index   -8.24 9.12 12.28
Bloomberg U.S. Aggregate Bond Index   -8.36 0.86 1.43
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.
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 2023
9

Fund at a Glance   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio (Unaudited)
Performance of a hypothetical $10,000 investment (January 31, 2013 — January 31, 2023)
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, 2023)
Equity Funds 65.1
Fixed Income Funds 32.6
Money Market Funds 2.3
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 2023

Fund at a Glance
Columbia Capital Allocation Aggressive Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Aggressive Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with an aggressive level of risk.
Portfolio management
Dan Boncarosky, CFA
Lead Portfolio Manager
Managed Fund since 2017
Thomas Nakamura
Portfolio Manager
Managed Fund since August 2022
Effective February 28, 2023, Anwiti Bahuguna no longer serves as a Portfolio Manager of the Fund.
Average annual total returns (%) (for the period ended January 31, 2023)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 -10.14 4.16 7.64
  Including sales charges   -15.30 2.93 7.01
Advisor Class* 06/13/13 -9.88 4.43 7.90
Class C Excluding sales charges 03/04/04 -10.78 3.37 6.84
  Including sales charges   -11.61 3.37 6.84
Institutional Class 09/27/10 -9.89 4.42 7.92
Institutional 2 Class* 06/13/13 -9.86 4.45 7.96
Institutional 3 Class* 06/13/13 -9.82 4.48 8.00
Class R 09/27/10 -10.36 3.88 7.37
Blended Benchmark   -7.29 6.19 8.75
Russell 3000 Index   -8.24 9.12 12.28
Bloomberg U.S. Aggregate Bond Index   -8.36 0.86 1.43
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.
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 2023
11

Fund at a Glance   (continued)
Columbia Capital Allocation Aggressive Portfolio (Unaudited)
Performance of a hypothetical $10,000 investment (January 31, 2013 — January 31, 2023)
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, 2023)
Equity Funds 76.5
Fixed Income Funds 20.4
Money Market Funds 3.1
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 2023

Manager Discussion of Fund Performance
(Unaudited)
All returns listed below are for the 12-month period that ended January 31, 2023.
Columbia Capital Allocation Conservative Portfolio Class A shares returned -8.64% excluding sales charges. The Fund underperformed its Blended Benchmark, which returned -6.69%.
Columbia Capital Allocation Moderate Conservative Portfolio Class A shares returned -8.89% excluding sales charges. The Fund underperformed its Blended Benchmark, which returned -6.85%.
Columbia Capital Allocation Moderate Portfolio Class A shares returned -9.70% excluding sales charges. The Fund underperformed its Blended Benchmark, which returned -7.19%.
Columbia Capital Allocation Moderate Aggressive Portfolio Class A shares returned -9.93% excluding sales charges. The Fund underperformed its Blended Benchmark, which returned -7.24%.
Columbia Capital Allocation Aggressive Portfolio Class A shares returned -10.14% excluding sales charges. The Fund underperformed its Blended Benchmark, which returned -7.29%.
During the same time frame, the Russell 3000 Index, which measures domestic equities, returned -8.24%; the Bloomberg U.S. Aggregate Bond Index, which measures the U.S. fixed-income market, returned -8.36%; the Bloomberg U.S. Corporate High-Yield Index, which measures the U.S. high-yield corporate bond market, returned -5.22%; the MSCI EAFE Index (Net), which measures international equities, returned -2.83%; the MSCI Emerging Markets Index (Net), which measures emerging market equities, returned -12.12%; and the FTSE Three-Month U.S. Treasury Bill Index advanced 1.87% for the period.
Market overview
The annual period was a volatile one. Themes that were front and center in the latter part of the 2021 remained top of mind for investors, including COVID-19 variant-driven threats to economic recovery, fears of elevated inflation and concerns around the speed and magnitude of interest rate hikes by the U.S. Federal Reserve (Fed) and other major central banks around the world. Additionally, geopolitical tensions, between Russia and Ukraine and between the U.S. and China, weighed on investor sentiment. Both equity and fixed-income markets and their respective sectors broadly generated deep negative absolute returns through the first half of the annual period. Although several of the challenges would persist, both asset classes fared relatively better during the second half of the annual period and even staged a rally in January 2023, with international equities, both developed and emerging markets, leading the way.
All told, however, for the full annual period, most equity and fixed-income market segments generated negative returns, marking a difficult year for multi-asset investments. U.S. equities trailed international equities, and overall, fixed-income market returns were nearly in line with equity market losses. For the 12 months that ended January 31, 2023, the Russell 3000 Index, a broad proxy for U.S. equities, generated an -8.24% return, and the S&P 500 Index, another proxy for broad-based domestic equities, returned -8.22%. In a reversal from the last annual period, U.S. small-cap equities outperformed U.S. large-cap equities during this annual period. The MSCI EAFE Index (Net), measuring international developed market equities, returned -2.83%. Emerging markets equities, as measured by the MSCI Emerging Markets Index (Net), returned -12.12%, more heavily impacted by a strong U.S. dollar, lockdowns in China and the Russia/Ukraine war. One of the more prominent aspects of both U.S. and international equity market returns during the annual period was the notable outperformance of value-oriented stocks over growth-oriented stocks, reversing the growth style’s dominant streak during the prior decade or so. Measuring the broad U.S. fixed-income market, the Bloomberg U.S. Aggregate Bond Index returned -8.36%. Within fixed income, lower quality and more credit-sensitive sectors, such as high-yield bonds, fared better than higher quality sectors, such as U.S. Treasuries and investment-grade bonds, during the annual period. Also, longer duration investments underperformed their shorter duration counterparts, as they were more greatly impacted by the rise in interest rates during the annual period. The global fixed-income market overall, as measured by the Bloomberg Global Aggregate Index, returned -11.69%. Commodities, as measured by the Bloomberg Commodity Index Total Return, returned 6.20% for the annual period, driven primarily by higher energy prices.
The Funds’ notable detractors during the period
Underlying fund manager performance overall detracted most from relative results across all five Funds during the annual period.
Columbia Capital Allocation Portfolios  | Annual Report 2023
13

Manager Discussion of Fund Performance  (continued)
(Unaudited)
Underlying fund manager performance within international equities generally and especially within emerging markets equities strategies hurt most within the equities asset class.
Underlying fund manager performance within U.S. large-cap value equities and within U.S. small-cap equities also dampened results.
On the fixed-income side, underlying fund manager performance within investment-grade bonds detracted most.
Asset allocation decisions as a whole also detracted from relative performance across all five Funds and were especially impactful in the three more aggressive Funds due to their use of leverage.
Having an underweighted allocation to investment-grade bonds hurt in all five Funds.
Positioning in emerging markets bonds notably detracted in the three more conservative Funds.
Style positioning overall detracted modestly from results in the most conservative Fund.
Style positioning decisions within the investment-grade bond sector weighed on results in the three more aggressive Funds.
The Funds’ notable contributors during the period
Style positioning overall contributed positively to relative results in the two more aggressive Funds.
Style decisions in the investment-grade bond market segment added to performance in the two more conservative Funds.
In an annual period when U.S. large-cap value stocks handily outpaced large-cap U.S. growth stocks, the decision to overweight value-oriented funds over growth-oriented funds in all five Funds boosted relative results.
Having an overweighted allocation to international developed market equities, which outperformed both U.S. and emerging markets equities overall, proved prudent.
Similarly, the decision to overweight U.S. small-cap equities, which outperformed U.S. large-cap equities during the annual period, buoyed results in all five Funds.
High-yield bonds contributed positively to the Funds’ performance, as the decision to overweight the sector added value and underlying fund manager performance was also relatively strong.
An out-of-benchmark exposure to commodities in the three more aggressive Funds aided relative results, as the asset class was one of the few to generate positive absolute returns during the annual period.
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 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.
14 Columbia Capital Allocation Portfolios  | Annual Report 2023

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, 2022 — January 31, 2023
  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 1,000.00 985.30 1,022.57 2.88 2.94 0.57 5.01 5.10 0.99
Advisor Class 1,000.00 1,000.00 986.50 1,023.85 1.62 1.65 0.32 3.75 3.82 0.74
Class C 1,000.00 1,000.00 981.40 1,018.80 6.61 6.74 1.31 8.73 8.90 1.73
Institutional Class 1,000.00 1,000.00 986.50 1,023.90 1.57 1.60 0.31 3.69 3.76 0.73
Institutional 2 Class 1,000.00 1,000.00 986.60 1,024.00 1.47 1.50 0.29 3.59 3.66 0.71
Institutional 3 Class 1,000.00 1,000.00 986.80 1,024.26 1.21 1.24 0.24 3.34 3.40 0.66
Class R 1,000.00 1,000.00 984.00 1,021.30 4.15 4.22 0.82 6.27 6.39 1.24
Columbia Capital Allocation Portfolios  | Annual Report 2023
15

Understanding Your Fund’s Expenses  (continued)
(Unaudited)
August 1, 2022 — January 31, 2023
  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 1,000.00 992.50 1,023.19 2.28 2.32 0.45 4.77 4.85 0.94
Advisor Class 1,000.00 1,000.00 992.70 1,024.46 1.02 1.03 0.20 3.50 3.56 0.69
Class C 1,000.00 1,000.00 988.50 1,019.36 6.08 6.17 1.20 8.56 8.70 1.69
Institutional Class 1,000.00 1,000.00 993.70 1,024.46 1.02 1.03 0.20 3.51 3.56 0.69
Institutional 2 Class 1,000.00 1,000.00 993.90 1,024.56 0.91 0.93 0.18 3.40 3.46 0.67
Institutional 3 Class 1,000.00 1,000.00 993.90 1,024.77 0.71 0.72 0.14 3.20 3.25 0.63
Class R 1,000.00 1,000.00 991.30 1,021.91 3.55 3.61 0.70 6.04 6.13 1.19
Columbia Capital Allocation Moderate Portfolio
Class A 1,000.00 1,000.00 996.10 1,023.44 2.03 2.06 0.40 4.88 4.95 0.96
Advisor Class 1,000.00 1,000.00 997.40 1,024.72 0.76 0.77 0.15 3.61 3.66 0.71
Class C 1,000.00 1,000.00 992.20 1,019.62 5.84 5.92 1.15 8.68 8.80 1.71
Institutional Class 1,000.00 1,000.00 997.40 1,024.72 0.76 0.77 0.15 3.61 3.66 0.71
Institutional 2 Class 1,000.00 1,000.00 997.40 1,024.82 0.66 0.67 0.13 3.51 3.56 0.69
Institutional 3 Class 1,000.00 1,000.00 997.70 1,025.07 0.41 0.41 0.08 3.26 3.30 0.64
Class R 1,000.00 1,000.00 994.80 1,022.17 3.30 3.35 0.65 6.15 6.23 1.21
Columbia Capital Allocation Moderate Aggressive Portfolio
Class A 1,000.00 1,000.00 1,001.30 1,023.39 2.09 2.11 0.41 5.10 5.16 1.00
Advisor Class 1,000.00 1,000.00 1,002.60 1,024.66 0.82 0.83 0.16 3.83 3.87 0.75
Class C 1,000.00 1,000.00 997.50 1,019.57 5.90 5.97 1.16 8.91 9.01 1.75
Institutional Class 1,000.00 1,000.00 1,002.60 1,024.66 0.82 0.83 0.16 3.83 3.87 0.75
Institutional 2 Class 1,000.00 1,000.00 1,002.80 1,024.87 0.61 0.62 0.12 3.62 3.66 0.71
Institutional 3 Class 1,000.00 1,000.00 1,003.20 1,025.12 0.36 0.36 0.07 3.37 3.41 0.66
Class R 1,000.00 1,000.00 1,000.00 1,022.12 3.36 3.40 0.66 6.37 6.44 1.25
Class V 1,000.00 1,000.00 1,001.30 1,023.39 2.09 2.11 0.41 5.10 5.16 1.00
Columbia Capital Allocation Aggressive Portfolio
Class A 1,000.00 1,000.00 1,008.80 1,023.39 2.10 2.11 0.41 5.27 5.31 1.03
Advisor Class 1,000.00 1,000.00 1,009.80 1,024.66 0.82 0.83 0.16 3.99 4.02 0.78
Class C 1,000.00 1,000.00 1,004.20 1,019.57 5.92 5.97 1.16 9.09 9.16 1.78
Institutional Class 1,000.00 1,000.00 1,010.40 1,024.66 0.82 0.83 0.16 4.00 4.02 0.78
Institutional 2 Class 1,000.00 1,000.00 1,010.10 1,024.82 0.67 0.67 0.13 3.84 3.87 0.75
Institutional 3 Class 1,000.00 1,000.00 1,010.60 1,025.07 0.41 0.41 0.08 3.59 3.61 0.70
Class R 1,000.00 1,000.00 1,007.30 1,022.12 3.38 3.40 0.66 6.55 6.59 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.
16 Columbia Capital Allocation Portfolios  | Annual Report 2023

Portfolio of Investments
Columbia Capital Allocation Conservative Portfolio, January 31, 2023
(Percentages represent value of investments compared to net assets)
Investments in securities
Equity Funds 20.0%
  Shares Value ($)
International 4.6%
Columbia Overseas Core Fund, Institutional 3 Class(a),(b) 885,397 8,623,769
U.S. Large Cap 14.1%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 328,001 8,842,910
Columbia Disciplined Core Fund, Institutional 3 Class(a) 751,100 8,893,027
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 556,806 8,864,346
Total 26,600,283
U.S. Small Cap 1.3%
Columbia Select Small Cap Value Fund, Institutional 3 Class(a) 50,950 1,240,136
Columbia Small Cap Growth Fund, Institutional 3 Class(a),(b) 59,272 1,238,187
Total 2,478,323
Total Equity Funds
(Cost $40,608,489)
37,702,375
Fixed Income Funds 72.1%
Emerging Markets 1.4%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 282,193 2,615,925
Fixed Income Funds (continued)
  Shares Value ($)
High Yield 5.6%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 1,011,289 10,638,764
Investment Grade 65.1%
Columbia Bond Fund, Institutional 3 Class(a) 1,256,227 37,737,062
Columbia Corporate Income Fund, Institutional 3 Class(a) 3,895,116 35,406,607
Columbia Quality Income Fund, Institutional 3 Class(a) 1,276,013 23,402,078
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 2,568,064 26,271,294
Total 122,817,041
Total Fixed Income Funds
(Cost $157,983,923)
136,071,730
Money Market Funds 7.7%
Columbia Short-Term Cash Fund, 4.559%(a),(c) 14,436,378 14,430,603
Total Money Market Funds
(Cost $14,432,669)
14,430,603
Total Investments in Securities
(Cost: $213,025,081)
188,204,708
Other Assets & Liabilities, Net   469,351
Net Assets 188,674,059
At January 31, 2023, securities and/or cash totaling $651,827 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI EAFE Index 7 03/2023 USD 741,650 47,494
MSCI Emerging Markets Index 19 03/2023 USD 992,370 70,840
Russell 2000 Index E-mini 11 03/2023 USD 1,066,670 70,229
U.S. Treasury Ultra Bond 13 03/2023 USD 1,842,750 (30,072)
Total         188,563 (30,072)
    
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
FTSE 100 Index (5) 03/2023 GBP (387,475) (18,382)
S&P 500 Index E-mini (2) 03/2023 USD (409,000) (985)
Total         (19,367)
    
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2023
17

Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2023
Cleared credit default swap contracts - buy protection
Reference
entity
Counterparty Maturity
date
Pay
fixed
rate
(%)
Payment
frequency
Notional
currency
Notional
amount
Value
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CDX Emerging Markets Index, Series 38 Morgan Stanley 12/20/2027 1.000 Quarterly USD 3,832,000 (101,359) (101,359)
Markit CDX North America High Yield Index, Series 39 Morgan Stanley 12/20/2027 5.000 Quarterly USD 4,281,000 (336,236) (336,236)
Total             (437,595) (437,595)
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, 2023 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
  50,464,894 1,985,686 (9,918,412) (4,795,106) 37,737,062 (1,372,667) 1,210,745 1,256,227
Columbia Contrarian Core Fund, Institutional 3 Class
  12,170,826 1,230,473 (2,494,267) (2,064,122) 8,842,910 748,409 158,175 53,006 328,001
Columbia Corporate Income Fund, Institutional 3 Class
  38,695,353 9,282,830 (9,079,892) (3,491,684) 35,406,607 (956,011) 1,118,975 3,895,116
Columbia Disciplined Core Fund, Institutional 3 Class
  12,118,530 1,029,103 (2,359,872) (1,894,734) 8,893,027 523,123 338,267 87,886 751,100
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  3,754,056 310,167 (1,150,422) (297,876) 2,615,925 (230,181) 133,735 282,193
Columbia High Yield Bond Fund, Institutional 3 Class
  14,894,095 906,673 (4,230,246) (931,758) 10,638,764 (460,207) 629,526 1,011,289
Columbia Overseas Core Fund, Institutional 3 Class
  12,342,898 823,696 (3,452,635) (1,090,190) 8,623,769 145,113 (16,816) 885,397
Columbia Quality Income Fund, Institutional 3 Class
  32,258,977 1,836,914 (7,058,298) (3,635,515) 23,402,078 (1,065,248) 816,561 1,276,013
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  12,129,509 1,153,241 (2,225,881) (2,192,523) 8,864,346 470,069 499,170 99,876 556,806
Columbia Select Small Cap Value Fund, Institutional 3 Class
  1,827,412 165,031 (507,723) (244,584) 1,240,136 32,283 146,251 10,939 50,950
Columbia Short-Term Cash Fund, 4.559%
  22,249,505 6,815,434 (14,634,996) 660 14,430,603 (4,327) 402,963 14,436,378
Columbia Small Cap Growth Fund, Institutional 3 Class
  1,467,569 (229,382) 1,238,187 59,272
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  35,225,179 1,044,883 (7,070,240) (2,928,528) 26,271,294 (470,976) 481,268 2,568,064
Total 249,598,803     (23,795,342) 188,204,708 1,918,997 (3,434,570) 5,045,480  
    
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at January 31, 2023.
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Capital Allocation Portfolios  | Annual Report 2023

Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2023
Currency Legend
GBP British Pound
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.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using 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 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. Representatives of Columbia Management Investment Advisers, LLC report to 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, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Equity Funds 37,702,375 37,702,375
Fixed Income Funds 136,071,730 136,071,730
Money Market Funds 14,430,603 14,430,603
Total Investments in Securities 188,204,708 188,204,708
Investments in Derivatives        
Asset        
Futures Contracts 188,563 188,563
Liability        
Futures Contracts (49,439) (49,439)
Swap Contracts (437,595) (437,595)
Total 188,343,832 (437,595) 187,906,237
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
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 2023
19

Portfolio of Investments
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2023
(Percentages represent value of investments compared to net assets)
Investments in securities
Equity Funds 35.2%
  Shares Value ($)
International 8.5%
Columbia Overseas Core Fund, Institutional 3 Class(a),(b) 3,393,079 33,048,588
U.S. Large Cap 24.7%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 1,191,083 32,111,602
Columbia Disciplined Core Fund, Institutional 3 Class(a) 2,717,660 32,177,099
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 2,003,353 31,893,372
Total 96,182,073
U.S. Small Cap 2.0%
Columbia Select Small Cap Value Fund, Institutional 3 Class(a) 170,864 4,158,838
Columbia Small Cap Growth Fund, Institutional 3 Class(a),(b) 188,231 3,932,149
Total 8,090,987
Total Equity Funds
(Cost $146,598,541)
137,321,648
Fixed Income Funds 62.5%
Emerging Markets 1.5%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 628,004 5,821,593
High Yield 6.7%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 2,473,393 26,020,091
Fixed Income Funds (continued)
  Shares Value ($)
Investment Grade 54.3%
Columbia Bond Fund, Institutional 3 Class(a) 1,738,445 52,222,894
Columbia Corporate Income Fund, Institutional 3 Class(a) 7,331,286 66,641,387
Columbia Quality Income Fund, Institutional 3 Class(a) 2,637,602 48,373,616
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 4,337,847 44,376,181
Total 211,614,078
Total Fixed Income Funds
(Cost $283,399,792)
243,455,762
Money Market Funds 1.9%
Columbia Short-Term Cash Fund, 4.559%(a),(c) 7,482,259 7,479,266
Total Money Market Funds
(Cost $7,478,912)
7,479,266
Total Investments in Securities
(Cost: $437,477,245)
388,256,676
Other Assets & Liabilities, Net   1,395,813
Net Assets 389,652,489
At January 31, 2023, securities and/or cash totaling $1,525,905 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI EAFE Index 11 03/2023 USD 1,165,450 74,634
MSCI Emerging Markets Index 77 03/2023 USD 4,021,710 287,088
Russell 2000 Index E-mini 26 03/2023 USD 2,521,220 165,996
U.S. Treasury Ultra Bond 27 03/2023 USD 3,827,250 (62,457)
Total         527,718 (62,457)
    
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
FTSE 100 Index (11) 03/2023 GBP (852,445) (40,441)
S&P 500 Index E-mini (15) 03/2023 USD (3,067,500) (7,386)
Total         (47,827)
    
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Capital Allocation Portfolios  | Annual Report 2023

Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2023
Cleared credit default swap contracts - buy protection
Reference
entity
Counterparty Maturity
date
Pay
fixed
rate
(%)
Payment
frequency
Notional
currency
Notional
amount
Value
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CDX Emerging Markets Index, Series 38 Morgan Stanley 12/20/2027 1.000 Quarterly USD 8,460,000 (223,772) (223,772)
Markit CDX North America High Yield Index, Series 39 Morgan Stanley 12/20/2027 5.000 Quarterly USD 10,031,000 (787,850) (787,850)
Total             (1,011,622) (1,011,622)
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, 2023 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
  66,690,504 2,123,720 (9,716,750) (6,874,580) 52,222,894 (1,372,109) 1,644,286 1,738,445
Columbia Contrarian Core Fund, Institutional 3 Class
  41,450,060 3,420,686 (5,055,403) (7,703,741) 32,111,602 2,698,311 981,004 191,109 1,191,083
Columbia Corporate Income Fund, Institutional 3 Class
  70,918,440 14,163,696 (11,361,171) (7,079,578) 66,641,387 (1,078,770) 2,111,201 7,331,286
Columbia Disciplined Core Fund, Institutional 3 Class
  41,213,855 2,755,873 (5,271,321) (6,521,308) 32,177,099 1,896,395 1,042,567 318,601 2,717,660
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  8,325,021 376,335 (2,100,140) (779,623) 5,821,593 (428,322) 295,837 628,004
Columbia High Yield Bond Fund, Institutional 3 Class
  33,562,603 1,518,976 (6,625,653) (2,435,835) 26,020,091 (734,477) 1,476,894 2,473,393
Columbia Overseas Core Fund, Institutional 3 Class
  44,746,601 1,488,898 (10,372,673) (2,814,238) 33,048,588 538,244 (1,090,003) 3,393,079
Columbia Quality Income Fund, Institutional 3 Class
  62,532,334 4,065,425 (10,716,757) (7,507,386) 48,373,616 (1,701,009) 1,642,120 2,637,602
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  41,190,761 2,964,176 (5,118,256) (7,143,309) 31,893,372 1,643,879 1,191,454 353,955 2,003,353
Columbia Select Small Cap Value Fund, Institutional 3 Class
  5,498,174 256,894 (1,027,010) (569,220) 4,158,838 113,128 258,906 38,332 170,864
Columbia Short-Term Cash Fund, 4.559%
  20,253,674 16,258,163 (29,035,004) 2,433 7,479,266 (5,237) 325,152 7,482,259
Columbia Small Cap Growth Fund, Institutional 3 Class
  4,660,604 (728,455) 3,932,149 188,231
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  57,453,338 1,291,538 (9,318,273) (5,050,422) 44,376,181 (566,407) 803,410 4,337,847
Total 498,495,969     (55,205,262) 388,256,676 6,889,957 (3,502,403) 9,200,897  
    
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at January 31, 2023.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2023
21

Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2023
Currency Legend
GBP British Pound
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.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using 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 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. Representatives of Columbia Management Investment Advisers, LLC report to 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, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Equity Funds 137,321,648 137,321,648
Fixed Income Funds 243,455,762 243,455,762
Money Market Funds 7,479,266 7,479,266
Total Investments in Securities 388,256,676 388,256,676
Investments in Derivatives        
Asset        
Futures Contracts 527,718 527,718
Liability        
Futures Contracts (110,284) (110,284)
Swap Contracts (1,011,622) (1,011,622)
Total 388,674,110 (1,011,622) 387,662,488
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Capital Allocation Portfolios  | Annual Report 2023

Portfolio of Investments
Columbia Capital Allocation Moderate Portfolio, January 31, 2023
(Percentages represent value of investments compared to net assets)
Investments in securities
Equity Funds 49.8%
  Shares Value ($)
International 12.4%
Columbia Emerging Markets Fund, Institutional 3 Class(a),(b) 1,611,131 20,380,808
Columbia Overseas Core Fund, Institutional 3 Class(a),(b) 12,828,483 124,949,425
Total 145,330,233
U.S. Large Cap 34.7%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 3,912,095 105,470,086
Columbia Large Cap Growth Fund, Institutional 3 Class(a),(b) 2,126,083 102,285,878
Columbia Large Cap Value Fund, Institutional 3 Class(a) 6,019,418 94,926,217
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 6,424,766 102,282,274
Total 404,964,455
U.S. Small Cap 2.7%
Columbia Select Small Cap Value Fund, Institutional 3 Class(a) 693,969 16,891,197
Columbia Small Cap Growth Fund, Institutional 3 Class(a),(b) 726,224 15,170,819
Total 32,062,016
Total Equity Funds
(Cost $613,865,068)
582,356,704
Fixed Income Funds 47.3%
Emerging Markets 1.8%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 2,239,864 20,763,541
Fixed Income Funds (continued)
  Shares Value ($)
High Yield 10.2%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 11,374,434 119,659,048
Investment Grade 35.3%
Columbia Bond Fund, Institutional 3 Class(a) 4,171,148 125,301,271
Columbia Corporate Income Fund, Institutional 3 Class(a) 13,805,376 125,490,869
Columbia Quality Income Fund, Institutional 3 Class(a) 5,879,627 107,832,359
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 5,251,743 53,725,327
Total 412,349,826
Total Fixed Income Funds
(Cost $652,900,308)
552,772,415
Money Market Funds 2.4%
Columbia Short-Term Cash Fund, 4.559%(a),(c) 27,937,514 27,926,339
Total Money Market Funds
(Cost $27,925,366)
27,926,339
Total Investments in Securities
(Cost: $1,294,690,742)
1,163,055,458
Other Assets & Liabilities, Net   5,489,524
Net Assets 1,168,544,982
At January 31, 2023, securities and/or cash totaling $6,115,092 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI Emerging Markets Index 293 03/2023 USD 15,303,390 1,092,421
Russell 2000 Index E-mini 104 03/2023 USD 10,084,880 663,985
U.S. Treasury Ultra Bond 66 03/2023 USD 9,355,500 509,289
U.S. Treasury Ultra Bond 163 03/2023 USD 23,105,250 (377,056)
Total         2,265,695 (377,056)
    
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2023
23

Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2023
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
FTSE 100 Index (32) 03/2023 GBP (2,479,840) (117,646)
MSCI EAFE Index (9) 03/2023 USD (953,550) (40,583)
S&P 500 Index E-mini (17) 03/2023 USD (3,476,500) (8,370)
Total         (166,599)
    
Cleared credit default swap contracts - buy protection
Reference
entity
Counterparty Maturity
date
Pay
fixed
rate
(%)
Payment
frequency
Notional
currency
Notional
amount
Value
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CDX Emerging Markets Index, Series 38 Morgan Stanley 12/20/2027 1.000 Quarterly USD 27,894,000 (737,810) (737,810)
Markit CDX North America High Yield Index, Series 39 Morgan Stanley 12/20/2027 5.000 Quarterly USD 36,967,000 (2,903,446) (2,903,446)
Total             (3,641,256) (3,641,256)
    
Cleared credit default swap contracts - sell protection
Reference
entity
Counterparty Maturity
date
Receive
fixed
rate
(%)
Payment
frequency
Implied
credit
spread
(%)*
Notional
currency
Notional
amount
Value
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CDX North America Investment Grade Index, Series 39 Morgan Stanley 12/20/2027 1.000 Quarterly 0.717 USD 34,388,000 32,890 32,890
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, 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, 2023 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
  157,217,274 4,548,127 (19,792,764) (16,671,366) 125,301,271 (2,680,758) 3,861,849 4,171,148
Columbia Commodity Strategy Fund, Institutional 3 Class
  8,668,609 (9,755,588) 1,086,979 (486,556)
Columbia Contrarian Core Fund, Institutional 3 Class
  135,676,424 9,536,165 (12,648,720) (27,093,783) 105,470,086 8,808,518 5,079,397 623,868 3,912,095
Columbia Corporate Income Fund, Institutional 3 Class
  159,319,055 4,752,238 (22,456,244) (16,124,180) 125,490,869 (2,218,528) 4,565,669 13,805,376
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  27,325,225 1,056,259 (4,859,646) (2,758,297) 20,763,541 (1,098,724) 1,001,678 2,239,864
Columbia Emerging Markets Fund, Institutional 3 Class
  29,738,791 294,081 (1,912,024) (7,740,040) 20,380,808 622,579 1,611,131
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Columbia Capital Allocation Portfolios  | Annual Report 2023

Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2023
Notes to Portfolio of Investments  (continued)
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Capital gain
distributions($)
Realized gain
(loss)($)
Dividends —
affiliated
issuers ($)
End of
period shares
Columbia High Yield Bond Fund, Institutional 3 Class
  152,528,124 6,713,029 (28,294,450) (11,287,655) 119,659,048 (3,131,995) 6,692,849 11,374,434
Columbia Large Cap Growth Fund, Institutional 3 Class
  122,223,521 17,050,657 (14,135,570) (22,852,730) 102,285,878 (172,195) 2,126,083
Columbia Large Cap Value Fund, Institutional 3 Class
  148,561,330 8,694,624 (47,157,956) (15,171,781) 94,926,217 6,737,071 4,938,693 1,957,472 6,019,418
Columbia Overseas Core Fund, Institutional 3 Class
  167,045,756 2,128,923 (31,246,549) (12,978,705) 124,949,425 2,023,335 (1,381,192) 12,828,483
Columbia Quality Income Fund, Institutional 3 Class
  137,338,040 9,218,883 (21,562,652) (17,161,912) 107,832,359 (2,876,834) 3,605,865 5,879,627
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  134,891,209 6,692,988 (15,863,184) (23,438,739) 102,282,274 5,361,946 3,885,566 1,156,855 6,424,766
Columbia Select Small Cap Value Fund, Institutional 3 Class
  22,686,536 612,883 (3,965,626) (2,442,596) 16,891,197 452,348 1,075,508 153,272 693,969
Columbia Short-Term Cash Fund, 4.559%
  31,256,942 77,162,784 (80,497,006) 3,619 27,926,339 (8,926) 525,000 27,937,514
Columbia Small Cap Growth Fund, Institutional 3 Class
  17,981,306 (2,810,487) 15,170,819 726,224
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  68,846,996 1,398,777 (10,112,091) (6,408,355) 53,725,327 (298,176) 965,650 5,251,743
Total 1,521,305,138     (183,850,028) 1,163,055,458 23,383,218 1,247,859 25,110,027  
    
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at January 31, 2023.
Currency Legend
GBP British Pound
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2023
25

Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2023
Fair value measurements  (continued)
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using 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 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. Representatives of Columbia Management Investment Advisers, LLC report to 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, 2023:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Equity Funds 582,356,704 582,356,704
Fixed Income Funds 552,772,415 552,772,415
Money Market Funds 27,926,339 27,926,339
Total Investments in Securities 1,163,055,458 1,163,055,458
Investments in Derivatives        
Asset        
Futures Contracts 2,265,695 2,265,695
Swap Contracts 32,890 32,890
Liability        
Futures Contracts (543,655) (543,655)
Swap Contracts (3,641,256) (3,641,256)
Total 1,164,777,498 (3,608,366) 1,161,169,132
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
26 Columbia Capital Allocation Portfolios  | Annual Report 2023

Portfolio of Investments
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2023
(Percentages represent value of investments compared to net assets)
Investments in securities
Equity Funds 64.9%
  Shares Value ($)
International 15.3%
Columbia Emerging Markets Fund, Institutional 3 Class(a),(b) 4,631,374 58,586,889
Columbia Overseas Core Fund, Institutional 3 Class(a),(b) 21,151,375 206,014,389
Total 264,601,278
U.S. Large Cap 46.0%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 7,682,732 207,126,463
Columbia Large Cap Growth Fund, Institutional 3 Class(a),(b) 4,229,359 203,474,470
Columbia Large Cap Value Fund, Institutional 3 Class(a) 11,678,070 184,163,153
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 12,605,313 200,676,584
Total 795,440,670
U.S. Small Cap 3.6%
Columbia Select Small Cap Value Fund, Institutional 3 Class(a) 1,462,015 35,585,435
Columbia Small Cap Growth Fund, Institutional 3 Class(a),(b) 1,253,961 26,195,247
Total 61,780,682
Total Equity Funds
(Cost $1,179,249,907)
1,121,822,630
Fixed Income Funds 32.4%
  Shares Value ($)
High Yield 8.9%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 14,596,926 153,559,664
Investment Grade 23.5%
Columbia Bond Fund, Institutional 3 Class(a) 2,955,975 88,797,490
Columbia Corporate Income Fund, Institutional 3 Class(a) 15,941,008 144,903,760
Columbia Quality Income Fund, Institutional 3 Class(a) 6,535,410 119,859,422
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 5,235,523 53,559,404
Total 407,120,076
Total Fixed Income Funds
(Cost $652,395,875)
560,679,740
Money Market Funds 2.3%
Columbia Short-Term Cash Fund, 4.559%(a),(c) 39,898,866 39,882,906
Total Money Market Funds
(Cost $39,883,012)
39,882,906
Total Investments in Securities
(Cost: $1,871,528,794)
1,722,385,276
Other Assets & Liabilities, Net   7,719,348
Net Assets 1,730,104,624
At January 31, 2023, securities and/or cash totaling $8,157,608 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI Emerging Markets Index 724 03/2023 USD 37,814,520 2,699,362
Russell 2000 Index E-mini 244 03/2023 USD 23,660,680 1,557,811
U.S. Treasury Ultra Bond 97 03/2023 USD 13,749,750 748,500
U.S. Treasury Ultra Bond 240 03/2023 USD 34,020,000 (555,174)
Total         5,005,673 (555,174)
    
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2023
27

Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2023
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
FTSE 100 Index (86) 03/2023 GBP (6,664,570) (316,173)
MSCI EAFE Index (42) 03/2023 USD (4,449,900) (189,386)
S&P 500 Index E-mini (59) 03/2023 USD (12,065,500) (29,050)
Total         (534,609)
    
Cleared credit default swap contracts - buy protection
Reference
entity
Counterparty Maturity
date
Pay
fixed
rate
(%)
Payment
frequency
Notional
currency
Notional
amount
Value
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CDX North America High Yield Index, Series 39 Morgan Stanley 12/20/2027 5.000 Quarterly USD 44,497,000 (3,494,864) (3,494,864)
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, 2023 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
  108,318,739 2,775,235 (10,245,492) (12,050,992) 88,797,490 (1,368,592) 2,727,274 2,955,975
Columbia Commodity Strategy Fund, Institutional 3 Class
  17,866,978 (20,107,365) 2,240,387 (1,002,847)
Columbia Contrarian Core Fund, Institutional 3 Class
  255,056,617 18,493,260 (16,560,425) (49,862,989) 207,126,463 17,270,013 6,933,061 1,223,158 7,682,732
Columbia Corporate Income Fund, Institutional 3 Class
  169,674,190 5,145,850 (12,063,583) (17,852,697) 144,903,760