UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number811-09645 

Columbia Funds Series Trust 

(Exact name of registrant as specified in charter) 

225 Franklin Street 

Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)
 

  

Christopher O. Petersen, Esq. 

c/o Columbia Management Investment Advisers, LLC 

225 Franklin Street 

Boston, Massachusetts 02110 

  

Ryan C. Larrenaga, Esq. 

c/o Columbia Management Investment Advisers, LLC 

225 Franklin Street 

Boston, MA 02110 

(Name and address of agent for service) 

Registrant's telephone number, including area code:    (800) 345-6611 

Date of fiscal year end:  January 31 

Date of reporting period:  January 31, 2020 

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507. 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Item 1. Reports to Stockholders. 

Annual Report
January 31, 2020
Columbia Capital Allocation Portfolios
Columbia Capital Allocation Conservative Portfolio
Columbia Capital Allocation Moderate Conservative Portfolio
Columbia Capital Allocation Moderate Portfolio
Columbia Capital Allocation Moderate Aggressive Portfolio
Columbia Capital Allocation Aggressive Portfolio
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Funds, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can call 800.345.6611 to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Funds.
Not FDIC Insured • No bank guarantee • May lose value

Table of Contents
Columbia Capital Allocation Portfolios  |  Annual Report 2020

Table of Contents
Fund at a Glance
Columbia Capital Allocation Conservative Portfolio
Investment objective
Columbia Capital Allocation Conservative Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a conservative level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2010
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended January 31, 2020)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 8.91 3.69 4.78
  Including sales charges   3.71 2.69 4.27
Advisor Class* 06/13/13 9.14 3.95 4.94
Class C Excluding sales charges 03/04/04 8.05 2.91 4.00
  Including sales charges   7.05 2.91 4.00
Institutional Class* 09/27/10 9.08 3.93 5.02
Institutional 2 Class* 06/13/13 9.17 3.98 4.98
Institutional 3 Class* 06/13/13 9.24 4.04 5.01
Class R* 09/27/10 8.54 3.41 4.52
Blended Benchmark   10.71 4.47 5.32
Bloomberg Barclays U.S. Aggregate Bond Index   9.64 3.01 3.79
Russell 3000 Index   20.53 11.85 13.82
Returns for Class A shares are shown with and without the maximum initial sales charge of 4.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Blended Benchmark consists of 66% Bloomberg Barclays U.S. Aggregate Bond Index, 15% Russell 3000 Index, 10% FTSE Three-Month U.S. Treasury Bill Index, 5% MSCI EAFE Index (Net) and 4% Bloomberg Barclays U.S. Corporate High-Yield Index. The FTSE Three-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills. The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Bloomberg Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market.
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Capital Allocation Portfolios  | Annual Report 2020
3

Table of Contents
Fund at a Glance   (continued)
Columbia Capital Allocation Conservative Portfolio
Performance of a hypothetical $10,000 investment (January 31, 2010 — January 31, 2020)
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, 2020)
Alternative Strategies Funds 5.5
Common Stocks 4.3
Equity Funds 16.9
Fixed Income Funds 59.8
Money Market Funds 13.5
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 2020

Table of Contents
Fund at a Glance
Columbia Capital Allocation Moderate Conservative Portfolio
Investment objective
Columbia Capital Allocation Moderate Conservative Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a moderate conservative level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2009
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended January 31, 2020)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 10/15/96 10.52 4.88 6.32
  Including sales charges   4.18 3.64 5.70
Advisor Class* 11/08/12 10.80 5.15 6.51
Class C Excluding sales charges 10/15/96 9.65 4.09 5.52
  Including sales charges   8.65 4.09 5.52
Institutional Class 10/15/96 10.76 5.13 6.58
Institutional 2 Class* 11/08/12 10.83 5.19 6.56
Institutional 3 Class* 06/13/13 10.94 5.23 6.57
Class R 01/23/06 10.23 4.63 6.05
Blended Benchmark   12.42 5.68 6.73
Bloomberg Barclays U.S. Aggregate Bond Index   9.64 3.01 3.79
Russell 3000 Index   20.53 11.85 13.82
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Blended Benchmark consists of 55.5% Bloomberg Barclays U.S. Aggregate Bond Index, 26% Russell 3000 Index, 9% MSCI EAFE Index (Net), 5% FTSE Three-Month U.S. Treasury Bill Index and 4.5% Bloomberg Barclays U.S. Corporate High-Yield Index. The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The FTSE Three-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills. The Bloomberg Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market.
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Capital Allocation Portfolios  | Annual Report 2020
5

Table of Contents
Fund at a Glance   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio
Performance of a hypothetical $10,000 investment (January 31, 2010 — January 31, 2020)
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, 2020)
Alternative Strategies Funds 5.3
Common Stocks 3.0
Equity Funds 29.2
Fixed Income Funds 49.9
Money Market Funds 12.6
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 2020

Table of Contents
Fund at a Glance
Columbia Capital Allocation Moderate Portfolio
Investment objective
Columbia Capital Allocation Moderate Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a moderate level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2010
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended January 31, 2020)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 12.26 6.23 7.66
  Including sales charges   5.83 4.98 7.02
Advisor Class* 06/13/13 12.51 6.50 7.84
Class C Excluding sales charges 03/04/04 11.34 5.44 6.85
  Including sales charges   10.34 5.44 6.85
Institutional Class* 09/27/10 12.55 6.50 7.91
Institutional 2 Class* 06/13/13 12.53 6.52 7.88
Institutional 3 Class* 06/13/13 12.68 6.62 7.93
Class R* 09/27/10 11.92 5.96 7.38
Blended Benchmark   13.95 6.93 8.17
Russell 3000 Index   20.53 11.85 13.82
Bloomberg Barclays U.S. Aggregate Bond Index   9.64 3.01 3.79
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Blended Benchmark consists of 42.5% Bloomberg Barclays U.S. Aggregate Bond Index, 37% Russell 3000 Index, 11% MSCI EAFE Index (Net), 7.5% Bloomberg Barclays U.S. Corporate High-Yield Index and 2% MSCI Emerging Markets Index (Net). The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Bloomberg Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net) and the MSCI Emerging Markets Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Capital Allocation Portfolios  | Annual Report 2020
7

Table of Contents
Fund at a Glance   (continued)
Columbia Capital Allocation Moderate Portfolio
Performance of a hypothetical $10,000 investment (January 31, 2010 — January 31, 2020)
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, 2020)
Alternative Strategies Funds 3.9
Common Stocks 2.3
Equity Funds 40.9
Fixed Income Funds 43.9
Money Market Funds 9.0
Preferred Stocks 0.0(a)
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
8 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Fund at a Glance
Columbia Capital Allocation Moderate Aggressive Portfolio
Investment objective
Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a moderate aggressive level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2009
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended January 31, 2020)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 10/15/96 13.51 7.24 8.62
  Including sales charges   6.99 5.98 7.98
Advisor Class* 11/08/12 13.75 7.50 8.82
Class C Excluding sales charges 10/15/96 12.55 6.43 7.80
  Including sales charges   11.55 6.43 7.80
Institutional Class 10/15/96 13.73 7.49 8.89
Institutional 2 Class* 11/08/12 13.72 7.57 8.87
Institutional 3 Class* 06/13/13 13.87 7.61 8.89
Class R 01/23/06 13.15 6.96 8.35
Class V* Excluding sales charges 03/07/11 13.51 7.24 8.59
  Including sales charges   6.99 5.98 7.95
Blended Benchmark   15.13 8.01 9.35
Russell 3000 Index   20.53 11.85 13.82
Bloomberg Barclays U.S. Aggregate Bond Index   9.64 3.01 3.79
Returns for Class A and Class V shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Blended Benchmark consists of 49% Russell 3000 Index, 28.5% Bloomberg Barclays U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Net), 6.5% Bloomberg Barclays U.S. Corporate High-Yield Index and 4% MSCI Emerging Markets Index (Net). The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Bloomberg Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net) and the MSCI Emerging Markets Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Capital Allocation Portfolios  | Annual Report 2020
9

Table of Contents
Fund at a Glance   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio
Performance of a hypothetical $10,000 investment (January 31, 2010 — January 31, 2020)
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, 2020)
Alternative Strategies Funds 4.0
Common Stocks 1.7
Equity Funds 52.5
Fixed Income Funds 24.8
Money Market Funds 17.0
Preferred Stocks 0.0(a)
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
10 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Fund at a Glance
Columbia Capital Allocation Aggressive Portfolio
Investment objective
Columbia Capital Allocation Aggressive Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with an aggressive level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2010
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended January 31, 2020)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 14.00 8.02 9.62
  Including sales charges   7.41 6.74 8.97
Advisor Class* 06/13/13 14.33 8.29 9.80
Class C Excluding sales charges 03/04/04 13.21 7.22 8.82
  Including sales charges   12.21 7.22 8.82
Institutional Class* 09/27/10 14.34 8.30 9.89
Institutional 2 Class* 06/13/13 14.35 8.36 9.86
Institutional 3 Class* 06/13/13 14.42 8.41 9.89
Class R* 09/27/10 13.77 7.77 9.37
Blended Benchmark   16.21 8.97 10.40
Russell 3000 Index   20.53 11.85 13.82
Bloomberg Barclays U.S. Aggregate Bond Index   9.64 3.01 3.79
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Blended Benchmark consists of 60% Russell 3000 Index, 15% Bloomberg Barclays U.S. Aggregate Bond Index, 14% MSCI EAFE Index (Net), 6% MSCI Emerging Markets Index (Net) and 5% Bloomberg Barclays U.S. Corporate High-Yield Index. The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The Bloomberg Barclays U.S. Corporate High-Yield Index is a market value-weighted index, which covers the U.S. non-investment-grade fixed-rate debt market.
The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net) and the MSCI Emerging Markets Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Capital Allocation Portfolios  | Annual Report 2020
11

Table of Contents
Fund at a Glance   (continued)
Columbia Capital Allocation Aggressive Portfolio
Performance of a hypothetical $10,000 investment (January 31, 2010 — January 31, 2020)
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, 2020)
Alternative Strategies Funds 4.0
Common Stocks 2.8
Equity Funds 70.6
Fixed Income Funds 12.8
Money Market Funds 9.8
Preferred Stocks 0.0(a)
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
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Manager Discussion of Fund Performance
    
All Fund returns listed below are for Class A shares excluding sales charges for the 12-month period that ended January 31, 2020. Though each posted strong absolute gains, we attribute the Funds’ relative underperformance to disappointing results from underlying fund performance overall.
Columbia Capital Allocation Conservative Portfolio returned 8.91%, underperforming its Blended Benchmark, which returned 10.71%.
Columbia Capital Allocation Moderate Conservative Portfolio returned 10.52% underperforming its Blended Benchmark, which returned 12.42%.
Columbia Capital Allocation Moderate Portfolio returned 12.26% underperforming its Blended Benchmark, which returned 13.95%.
Columbia Capital Allocation Moderate Aggressive Portfolio returned 13.51% underperforming its Blended Benchmark, which returned 15.13%.
Columbia Capital Allocation Aggressive Portfolio returned 14.00% underperforming its Blended Benchmark, which returned 16.21%.
During the same time frame, the Russell 3000 Index, which measures domestic equities, returned 20.53%; the Bloomberg Barclays U.S. Aggregate Bond Index, which measures the U.S. fixed-income market, returned 9.64%; the Bloomberg Barclays U.S. Corporate High-Yield Index, which measures the U.S. high-yield corporate bond market, returned 9.40%; the MSCI EAFE Index (Net), which measures international equities, returned 12.10%; the MSCI Emerging Markets Index (Net), which measures emerging market equities, returned 3.81%; and the FTSE Three-Month U.S. Treasury Bill Index advanced 2.18% for the period.
Global capital markets enjoyed notable strength during annual period
As the annual period began in February 2019, investor optimism prevailed, as positive global economic conditions, the impact of broad U.S. corporate tax cuts, a strong U.S. labor market and moves to reduce regulations in a number of industries buoyed confidence. As the calendar year progressed, U.S. economic growth slowed from 3.1% in the first quarter of 2019 to an estimated 2.1% for 2019 overall, as manufacturing activity edged lower. European economies similarly transitioned to a slower pace of growth, struggling with rising interest rates, trade tensions and uncertainty surrounding the U.K.’s departure from the European Union. At the same time, China’s economic conditions weakened, and emerging markets came under pressure, driven by trade and tariff concerns.
Despite these global uncertainties, the U.S. stock market rose strongly in 2019, as the U.S. Federal Reserve (Fed) cut short-term interest rates three times during the second half of the calendar year and then announced at its December 2019 meeting it would hold the targeted federal funds rate at 1.50%-1.75% for the near term, judging its current monetary policy as appropriate to support economic expansion, a strong labor market and inflation approximating its 2.0% target. Central banks in major international economies followed the Fed’s lead with stimulus efforts. As we entered 2020, the coronavirus provided a challenge to riskier asset classes, especially emerging markets equities and commodities. At the end of the annual period, it was still too early to assess the extent and ramifications of the coronavirus outbreak.
Still, for the annual period overall, it was remarkably strong for the global capital markets, with nearly all asset class indices posting positive absolute returns. The Russell 3000 Index, a broad proxy for U.S. equities, generated a 20.53% return, and the S&P 500 Index, another proxy for broad-based domestic equities, rose 21.68%. Within the U.S. equity market segment, large-cap equities outperformed small-cap equities, and growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. The MSCI EAFE Index (Net), measuring international developed market equities, returned 12.10%. Emerging markets equities, as measured by the MSCI Emerging Markets Index (Net), returned a more modest 3.81%, as the greater impact of U.S.-China trade tensions and then, in January 2020, the coronavirus weighed on investor sentiment. U.S. bond markets also experienced a strong annual period, with the Bloomberg Barclays U.S. Aggregate Bond Index rising 9.64%, and the ICE BofA U.S. High Yield Constrained Index up 9.39%. The Bloomberg Barclays Global Aggregate Index returned 6.58%. Commodities were the only major asset class to generate a negative return for the annual period, attributable almost entirely to January 2020 when oil prices fell after a U.S. government report showed a significant jump in
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Manager Discussion of Fund Performance  (continued)
    
U.S. crude stockpiles and the specter of excess supply loomed over the market after the coronavirus outbreak hit demand in China, the world’s largest oil importer. Following an especially strong calendar year 2019, the Bloomberg Commodity Index returned -5.38% for the annual period ended January 31, 2020.
Underlying fund performance dampened relative results
Absolute returns in all five Funds of the Columbia Capital Allocation Portfolios were positive, but all five underperformed their respective Blended Benchmark. Underlying fund performance overall was the primary detractor from returns in all five Funds. Asset allocation decisions as a whole contributed positively to relative performance in all but the most aggressive Fund, Columbia Capital Allocation Aggressive Portfolio.
U.S. large-cap equities as an asset class posted strong double-digit gains during the annual period. As such, having an overweight allocation across all five Funds benefited relative performance. However, disappointing returns from the Funds’ underlying U.S. large-cap equity funds offset the positive allocation effect and accounted for a significant portion of the Funds’ underperformance versus their respective Blended Benchmarks. The market’s strong preference for growth over value stocks affected managers with valuation-sensitive approaches to stock selection, especially those using quantitative-driven strategies. Conversely, underlying fund selection boosted relative results within international equities in all five Funds, more than offsetting the detracting effect of being slightly underweight the strongly performing market segment. On the fixed-income side, positions in high-yield bonds contributed positively to relative returns in all five Funds, as both underlying fund performance and style positioning were strong. However, an out-of-benchmark allocation to emerging markets debt and manager selection within core fixed income detracted in all five Funds. In the aggregate, the fixed-income asset class detracted from performance across the three more conservative Funds but contributed positively in the two more aggressive Funds. The more conservative Funds had more exposure to shorter duration bonds, which underperformed longer duration bonds overall during the annual period. Out-of-benchmark positions in absolute return strategies detracted from relative returns in all five Funds, as they were not able to keep pace with the strong returns of the equity and fixed-income markets. In all five Funds, out-of-benchmark positions in commodities, which posted negative absolute returns, also detracted from results.
Shifting market conditions drove Fund changes
During the annual period, we increased the Funds’ allocation to equities, primarily via an increased exposure to U.S. large-cap equities, bringing each Fund to a moderate overweight relative to its respective Blended Benchmark. We slightly decreased allocations to international equities. We increased the Funds’ fixed-income allocations, adding exposure to emerging markets debt and high-yield bonds. At the end of the annual period, the three most conservative Funds had a modest overweight to fixed income overall relative to their respective Blended Benchmarks, and the two more aggressive Funds were positioned rather neutrally in fixed income relative to their respective Blended Benchmarks. The Funds maintained, but had modestly reduced their exposure to, alternative investment strategies. As our views on the economy evolved during the annual period, we decreased the Funds’ allocations to cash.
Derivative positions
During the annual period, the use of derivatives positions on equity indices, fixed-income indices and currencies was implemented via an overlay to the Funds to efficiently allocate capital across the Funds and to allow greater flexibility in establishing exposure to a given market than might otherwise be possible. Futures, options and credit default swaps were used, as they can offer both a liquid and cost-efficient means of establishing exposure in a given market and can be used to hedge duration and/or to reduce, or hedge, exposure to risk. The use of these instruments is integral to the Funds’ investment strategy, which, overall realized positive absolute returns during the annual period. Also, some of the underlying funds used derivatives during the annual period to attempt to enhance portfolio return and for hedging purposes as market conditions warranted.
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.
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Manager Discussion of Fund Performance  (continued)
    
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. 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.
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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, 2019 — January 31, 2020
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
Effective expenses
paid during the
period ($)
Fund’s effective
annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual Actual Hypothetical Actual
Columbia Capital Allocation Conservative Portfolio
Class A 1,000.00 1,000.00 1,038.70 1,022.33 2.93 2.91 0.57 4.98 4.94 0.97
Advisor Class 1,000.00 1,000.00 1,039.20 1,023.59 1.64 1.63 0.32 3.70 3.67 0.72
Class C 1,000.00 1,000.00 1,035.00 1,018.55 6.77 6.72 1.32 8.82 8.75 1.72
Institutional Class 1,000.00 1,000.00 1,039.00 1,023.59 1.64 1.63 0.32 3.70 3.67 0.72
Institutional 2 Class 1,000.00 1,000.00 1,039.40 1,023.69 1.54 1.53 0.30 3.60 3.57 0.70
Institutional 3 Class 1,000.00 1,000.00 1,039.70 1,023.95 1.29 1.28 0.25 3.34 3.32 0.65
Class R 1,000.00 1,000.00 1,036.40 1,021.07 4.21 4.18 0.82 6.26 6.21 1.22
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Understanding Your Fund’s Expenses  (continued)
(Unaudited)
August 1, 2019 — January 31, 2020
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
Effective expenses
paid during the
period ($)
Fund’s effective
annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual Actual Hypothetical Actual
Columbia Capital Allocation Moderate Conservative Portfolio
Class A 1,000.00 1,000.00 1,045.90 1,022.74 2.53 2.50 0.49 4.85 4.79 0.94
Advisor Class 1,000.00 1,000.00 1,046.70 1,024.00 1.24 1.22 0.24 3.56 3.52 0.69
Class C 1,000.00 1,000.00 1,042.70 1,018.95 6.38 6.31 1.24 8.70 8.60 1.69
Institutional Class 1,000.00 1,000.00 1,047.00 1,024.00 1.24 1.22 0.24 3.56 3.52 0.69
Institutional 2 Class 1,000.00 1,000.00 1,047.90 1,024.10 1.14 1.12 0.22 3.46 3.42 0.67
Institutional 3 Class 1,000.00 1,000.00 1,047.80 1,024.30 0.93 0.92 0.18 3.25 3.21 0.63
Class R 1,000.00 1,000.00 1,044.60 1,021.48 3.81 3.77 0.74 6.13 6.06 1.19
Columbia Capital Allocation Moderate Portfolio
Class A 1,000.00 1,000.00 1,053.70 1,023.04 2.23 2.19 0.43 4.92 4.84 0.95
Advisor Class 1,000.00 1,000.00 1,054.80 1,024.30 0.93 0.92 0.18 3.63 3.57 0.70
Class C 1,000.00 1,000.00 1,049.30 1,019.26 6.10 6.01 1.18 8.78 8.65 1.70
Institutional Class 1,000.00 1,000.00 1,055.10 1,024.30 0.93 0.92 0.18 3.63 3.57 0.70
Institutional 2 Class 1,000.00 1,000.00 1,054.90 1,024.35 0.88 0.87 0.17 3.57 3.52 0.69
Institutional 3 Class 1,000.00 1,000.00 1,056.10 1,024.55 0.67 0.66 0.13 3.37 3.32 0.65
Class R 1,000.00 1,000.00 1,051.60 1,021.78 3.52 3.47 0.68 6.21 6.12 1.20
Columbia Capital Allocation Moderate Aggressive Portfolio
Class A 1,000.00 1,000.00 1,059.50 1,022.74 2.54 2.50 0.49 5.35 5.25 1.03
Advisor Class 1,000.00 1,000.00 1,060.20 1,024.00 1.25 1.22 0.24 4.05 3.98 0.78
Class C 1,000.00 1,000.00 1,054.60 1,018.95 6.42 6.31 1.24 9.22 9.06 1.78
Institutional Class 1,000.00 1,000.00 1,060.10 1,024.00 1.25 1.22 0.24 4.05 3.98 0.78
Institutional 2 Class 1,000.00 1,000.00 1,060.50 1,024.20 1.04 1.02 0.20 3.84 3.78 0.74
Institutional 3 Class 1,000.00 1,000.00 1,060.60 1,024.45 0.78 0.77 0.15 3.58 3.52 0.69
Class R 1,000.00 1,000.00 1,057.40 1,021.48 3.84 3.77 0.74 6.64 6.52 1.28
Class V 1,000.00 1,000.00 1,059.50 1,022.74 2.54 2.50 0.49 5.35 5.25 1.03
Columbia Capital Allocation Aggressive Portfolio
Class A 1,000.00 1,000.00 1,062.80 1,022.84 2.44 2.40 0.47 5.62 5.51 1.08
Advisor Class 1,000.00 1,000.00 1,063.90 1,024.10 1.14 1.12 0.22 4.32 4.23 0.83
Class C 1,000.00 1,000.00 1,059.30 1,019.06 6.33 6.21 1.22 9.50 9.31 1.83
Institutional Class 1,000.00 1,000.00 1,064.50 1,024.10 1.14 1.12 0.22 4.32 4.23 0.83
Institutional 2 Class 1,000.00 1,000.00 1,065.10 1,024.25 0.99 0.97 0.19 4.16 4.08 0.80
Institutional 3 Class 1,000.00 1,000.00 1,064.70 1,024.45 0.78 0.77 0.15 3.96 3.88 0.76
Class R 1,000.00 1,000.00 1,061.90 1,021.58 3.74 3.67 0.72 6.91 6.78 1.33
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 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.
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Portfolio of Investments
Columbia Capital Allocation Conservative Portfolio, January 31, 2020
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 5.5%
  Shares Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class(a) 142,121 589,800
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class(a),(b) 240,131 1,767,365
Columbia Multi-Asset Income Fund, Institutional 3 Class(a) 1,026,332 9,934,893
Total Alternative Strategies Funds
(Cost $13,150,174)
12,292,058
Common Stocks 4.3%
Issuer Shares Value ($)
Communication Services 0.2%
Diversified Telecommunication Services 0.0%
Nippon Telegraph & Telephone Corp. 2,600 66,292
Entertainment 0.1%
Nintendo Co., Ltd. 200 73,571
Square Enix Holdings Co., Ltd. 1,700 83,452
Toho Co., Ltd. 800 29,471
Total   186,494
Interactive Media & Services 0.0%
DHI Group, Inc.(b) 2,400 6,720
Meet Group, Inc. (The)(b) 3,250 17,323
Yelp, Inc.(b) 55 1,793
Total   25,836
Media 0.1%
Gray Television, Inc.(b) 370 7,504
National CineMedia, Inc. 890 6,568
TechTarget, Inc.(b) 595 15,107
Telenet Group Holding NV 641 29,804
WPP PLC 7,330 91,138
Total   150,121
Wireless Telecommunication Services 0.0%
Gogo(b) 950 4,997
Total Communication Services 433,740
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Discretionary 0.5%
Auto Components 0.0%
Dana, Inc. 250 3,852
Modine Manufacturing Co.(b) 760 5,343
Valeo SA 751 22,306
Total   31,501
Automobiles 0.1%
Fiat Chrysler Automobiles NV 6,623 86,280
Peugeot SA 3,802 78,284
Total   164,564
Distributors 0.0%
Funko, Inc., Class A(b) 745 11,197
Diversified Consumer Services 0.0%
Collectors Universe, Inc. 545 13,385
K12, Inc.(b) 550 8,877
Perdoceo Education Corp.(b) 570 10,135
Total   32,397
Hotels, Restaurants & Leisure 0.0%
Boyd Gaming Corp. 70 2,090
Brinker International, Inc. 213 9,093
Dine Brands Global, Inc. 198 16,879
Everi Holdings, Inc.(b) 1,400 17,500
Marriott Vacations Worldwide Corp. 126 15,150
SeaWorld Entertainment, Inc.(b) 565 19,470
Total   80,182
Household Durables 0.2%
Berkeley Group Holdings PLC 1,849 127,940
M/I Homes, Inc.(b) 285 12,651
Sekisui House Ltd. 4,200 90,309
Sony Corp. 1,100 76,920
Taylor Morrison Home Corp., Class A(b) 785 20,316
Total   328,136
Internet & Direct Marketing Retail 0.0%
Stamps.com, Inc.(b) 135 10,056
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Leisure Products 0.0%
Bandai Namco Holdings, Inc. 300 17,432
Malibu Boats, Inc., Class A(b) 440 19,268
MasterCraft Boat Holdings, Inc.(b) 345 6,062
Sankyo Co., Ltd. 900 30,236
Sturm Ruger & Co., Inc. 173 8,567
Total   81,565
Specialty Retail 0.1%
Genesco, Inc.(b) 285 11,206
GNC Holdings, Inc., Class A(b) 2,500 5,350
Hibbett Sports, Inc.(b) 510 12,638
Lithia Motors, Inc., Class A 111 15,056
Rent-A-Center, Inc. 345 10,050
Restoration Hardware Holdings, Inc.(b) 39 8,141
Sleep Number Corp.(b) 252 13,001
Sportsman’s Warehouse Holdings, Inc.(b) 1,600 10,368
Tilly’s, Inc. 240 2,040
Zumiez, Inc.(b) 335 10,442
Total   98,292
Textiles, Apparel & Luxury Goods 0.1%
Adidas AG 350 110,640
Burberry Group PLC 955 24,487
Deckers Outdoor Corp.(b) 109 20,809
Kering SA 113 69,045
Pandora A/S 735 38,114
Total   263,095
Total Consumer Discretionary 1,100,985
Consumer Staples 0.4%
Beverages 0.1%
Carlsberg A/S, Class B 649 94,776
Coca-Cola European Partners PLC 1,788 94,067
Total   188,843
Food & Staples Retailing 0.1%
Coles Group Ltd. 9,024 99,021
Ingles Markets, Inc., Class A 355 14,800
Koninklijke Ahold Delhaize NV 2,660 65,280
Metro AG 4,992 69,459
Common Stocks (continued)
Issuer Shares Value ($)
SpartanNash Co. 940 11,449
Welcia Holdings Co., Ltd. 600 32,948
Total   292,957
Food Products 0.1%
John B. Sanfilippo & Son, Inc. 180 15,174
Nestlé SA, Registered Shares 778 85,808
Total   100,982
Household Products 0.0%
Essity AB, Class B 738 23,428
Personal Products 0.0%
Edgewell Personal Care Co.(b) 295 7,617
Medifast, Inc. 136 13,142
Usana Health Sciences, Inc.(b) 165 10,180
Total   30,939
Tobacco 0.1%
British American Tobacco PLC 3,071 135,416
Swedish Match AB 1,877 106,122
Vector Group Ltd. 315 4,139
Total   245,677
Total Consumer Staples 882,826
Energy 0.2%
Energy Equipment & Services 0.0%
DMC Global Inc 115 4,811
Liberty Oilfield Services, Inc., Class A 440 3,731
Matrix Service Co.(b) 740 14,889
NexTier Oilfield Solutions, Inc.(b) 2,715 13,982
Total   37,413
Oil, Gas & Consumable Fuels 0.2%
Aker BP ASA 877 24,703
California Resources Corp.(b) 635 4,661
CVR Energy, Inc. 445 15,401
Delek U.S. Holdings, Inc. 350 9,611
Denbury Resources, Inc.(b) 825 812
Dorian LPG Ltd.(b) 150 1,968
ENI SpA 2,064 28,912
OMV AG 174 8,647
Royal Dutch Shell PLC, Class B 6,825 179,338
Santos Ltd. 9,434 54,145
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Southwestern Energy Co.(b) 1,525 2,394
W&T Offshore, Inc.(b) 620 2,567
World Fuel Services Corp. 240 9,389
Total   342,548
Total Energy 379,961
Financials 0.8%
Banks 0.3%
Atlantic Capital Bancshares, Inc.(b) 120 2,264
Banco Bilbao Vizcaya Argentaria SA 16,246 84,099
Bancorp, Inc. (The)(b) 1,470 17,390
Bank Leumi Le-Israel BM 7,494 53,881
BNP Paribas SA 2,035 107,992
Cathay General Bancorp 515 18,571
Commerzbank AG 1,933 11,092
ConnectOne Bancorp, Inc. 635 14,992
Customers Bancorp, Inc.(b) 689 14,731
DBS Group Holdings Ltd. 2,500 46,053
First BanCorp 1,670 15,481
Fulton Financial Corp. 760 12,517
Great Southern Bancorp, Inc. 237 13,488
Hilltop Holdings, Inc. 695 15,735
Independent Bank Group, Inc. 334 17,876
International Bancshares Corp. 445 17,533
Investors Bancorp, Inc. 420 5,076
Israel Discount Bank Ltd. 1,506 6,831
Mediobanca Banca di Credito Finanziario SpA 5,953 59,385
Metropolitan Bank Holding Corp.(b) 45 2,212
Midland States Bancorp, Inc. 325 8,586
Nicolet Bankshares, Inc.(b) 111 7,842
OFG Bancorp 760 14,980
Preferred Bank 211 12,683
Raiffeisen Bank International AG 1,652 37,631
Sumitomo Mitsui Trust Holdings, Inc. 1,900 70,053
United Community Banks, Inc. 325 9,074
United Overseas Bank Ltd. 300 5,596
Total   703,644
Common Stocks (continued)
Issuer Shares Value ($)
Capital Markets 0.1%
3i Group PLC 6,671 97,042
Cohen & Steers, Inc. 278 20,566
Federated Hermes, Inc., Class B 595 21,557
Natixis SA 19,611 82,815
Singapore Exchange 7,400 46,948
Waddell & Reed Financial, Inc., Class A 315 5,034
Total   273,962
Consumer Finance 0.0%
Encore Capital Group, Inc.(b) 455 15,447
Enova International, Inc.(b) 610 15,287
Nelnet, Inc., Class A 105 6,012
Regional Management Corp.(b) 535 14,739
Total   51,485
Insurance 0.3%
Ageas 788 43,452
Allianz SE, Registered Shares 645 153,990
American Equity Investment Life Holding Co. 485 12,809
Assicurazioni Generali SpA 5,098 99,338
AXA SA 1,644 43,717
CNP Assurances 4,301 77,419
Dai-ichi Life Holdings, Inc. 2,300 34,135
Employers Holdings, Inc. 390 16,633
Genworth Financial, Inc., Class A(b) 1,725 7,072
Selective Insurance Group, Inc. 45 2,981
Swiss Life Holding AG, Registered Shares 190 95,508
Universal Insurance Holdings, Inc. 243 5,915
Total   592,969
Mortgage Real Estate Investment Trusts (REITS) 0.0%
Ares Commercial Real Estate Corp. 400 6,536
Ellington Financial, Inc. 790 14,433
PennyMac Mortgage Investment Trust 120 2,790
Total   23,759
Thrifts & Mortgage Finance 0.1%
Essent Group Ltd. 447 22,176
Federal Agricultural Mortgage Corp. 201 15,336
Flagstar Bancorp, Inc. 430 15,153
Meta Financial Group, Inc. 460 17,121
 
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
NMI Holdings, Inc., Class A(b) 600 19,152
Radian Group, Inc. 945 23,143
Total   112,081
Total Financials 1,757,900
Health Care 0.6%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.(b) 360 14,378
Acceleron Pharma, Inc.(b) 65 5,901
Arcutis Biotherapeutics, Inc.(b) 405 8,829
Arena Pharmaceuticals, Inc.(b) 320 14,621
Arrowhead Pharmaceuticals, Inc.(b) 130 5,448
Atara Biotherapeutics, Inc.(b) 270 3,572
BeiGene Ltd., ADR(b) 119 18,131
Black Diamond Therapeutics, Inc.(b) 247 9,263
bluebird bio, Inc.(b) 101 8,049
Blueprint Medicines Corp.(b) 120 7,614
CSL Ltd. 107 22,007
Dynavax Technologies Corp.(b) 1,225 6,186
Fate Therapeutics, Inc.(b) 290 7,354
Global Blood Therapeutics, Inc.(b) 80 5,221
Gossamer Bio, Inc.(b) 256 3,400
Immunomedics, Inc.(b) 830 15,413
Insmed, Inc.(b) 443 9,099
Karuna Therapeutics, Inc.(b) 25 2,373
Mirati Therapeutics, Inc.(b) 105 9,117
Precision BioSciences, Inc.(b) 477 3,859
Rubius Therapeutics, Inc.(b) 380 2,964
Sage Therapeutics, Inc.(b) 166 11,002
Sarepta Therapeutics, Inc.(b) 69 8,001
SpringWorks Therapeutics, Inc.(b) 359 11,301
TCR2 Therapeutics, Inc.(b) 480 7,046
Turning Point Therapeutics, Inc.(b) 180 10,530
Ultragenyx Pharmaceutical, Inc.(b) 70 3,679
uniQure NV(b) 142 8,174
Total   242,532
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Equipment & Supplies 0.1%
Angiodynamics, Inc.(b) 810 11,154
CryoLife, Inc.(b) 300 8,922
Hoya Corp. 600 57,423
Integer Holdings Corp.(b) 228 19,471
Lantheus Holdings, Inc.(b) 855 14,971
Meridian Bioscience, Inc. 880 8,659
Natus Medical, Inc.(b) 490 15,332
NuVasive, Inc.(b) 120 9,255
Quidel Corp.(b) 150 11,520
Varex Imaging Corp.(b) 475 13,134
Total   169,841
Health Care Providers & Services 0.0%
Corvel Corp.(b) 129 11,813
Cross Country Healthcare, Inc.(b) 780 7,722
Magellan Health, Inc.(b) 246 18,010
Medipal Holdings Corp. 2,500 52,975
Owens & Minor, Inc. 425 2,660
Tenet Healthcare Corp.(b) 160 5,062
Total   98,242
Health Care Technology 0.0%
HealthStream, Inc.(b) 580 14,819
Omnicell, Inc.(b) 241 19,588
Total   34,407
Life Sciences Tools & Services 0.0%
Medpace Holdings, Inc.(b) 226 19,334
Syneos Health, Inc.(b) 370 22,703
Total   42,037
Pharmaceuticals 0.4%
Aerie Pharmaceuticals, Inc.(b) 235 4,813
Amphastar Pharmaceuticals, Inc.(b) 690 13,048
Astellas Pharma, Inc. 7,300 128,992
Dainippon Sumitomo Pharma Co., Ltd. 2,600 44,632
GlaxoSmithKline PLC 5,748 134,960
GW Pharmaceuticals PLC, ADR(b) 98 11,322
Horizon Therapeutics PLC(b) 170 5,863
Novartis AG, Registered Shares 1,950 184,213
Odonate Therapeutics, Inc.(b) 300 8,760
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Prestige Consumer Healthcare, Inc.(b) 430 17,441
Reata Pharmaceuticals, Inc., Class A(b) 86 18,816
Roche Holding AG, Genusschein Shares 695 233,151
Supernus Pharmaceuticals, Inc.(b) 190 4,345
Total   810,356
Total Health Care 1,397,415
Industrials 0.6%
Air Freight & Logistics 0.0%
Echo Global Logistics, Inc.(b) 415 8,043
Radiant Logistics, Inc.(b) 1,650 7,969
Total   16,012
Airlines 0.0%
Skywest, Inc. 142 7,834
Building Products 0.1%
American Woodmark Corp.(b) 184 20,176
Builders FirstSource, Inc.(b) 820 20,332
Caesarstone Ltd. 700 9,156
CSW Industrials, Inc. 230 17,452
Gibraltar Industries, Inc.(b) 360 19,627
Quanex Building Products Corp. 920 16,302
Total   103,045
Commercial Services & Supplies 0.0%
Brady Corp., Class A 205 11,351
Deluxe Corp. 181 8,724
Herman Miller, Inc. 395 15,267
HNI Corp. 400 14,388
Total   49,730
Construction & Engineering 0.2%
ACS Actividades de Construccion y Servicios SA 2,561 85,146
CIMIC Group Ltd. 3,028 58,589
Eiffage SA 426 49,379
EMCOR Group, Inc. 238 19,556
Great Lakes Dredge & Dock Corp.(b) 1,510 15,810
MasTec, Inc.(b) 311 17,960
Obayashi Corp. 1,000 10,967
Shimizu Corp. 8,700 89,235
Skanska AB, Class B 4,772 110,456
Total   457,098
Common Stocks (continued)
Issuer Shares Value ($)
Electrical Equipment 0.1%
Atkore International Group, Inc.(b) 490 19,453
Schneider Electric SE 1,180 117,677
Total   137,130
Machinery 0.1%
GEA Group AG 347 10,390
KONE OYJ, Class B 285 18,415
Lydall, Inc.(b) 530 10,833
Mitsubishi Heavy Industries Ltd. 2,200 80,251
Mueller Industries, Inc. 560 16,335
Rexnord Corp.(b) 315 10,285
SKF AB, Class B 2,860 52,351
SPX Corp.(b) 331 16,242
Total   215,102
Marine 0.0%
Costamare, Inc. 1,745 13,838
Professional Services 0.1%
Adecco Group AG, Registered Shares 1,515 88,761
Barrett Business Services, Inc. 171 14,164
FTI Consulting, Inc.(b) 74 8,885
Heidrick & Struggles International, Inc. 465 13,215
Kforce, Inc. 460 17,043
Wolters Kluwer NV 1,313 98,661
Total   240,729
Road & Rail 0.0%
ArcBest Corp. 272 6,068
Aurizon Holdings Ltd. 24,785 88,842
Total   94,910
Trading Companies & Distributors 0.0%
BMC Stock Holdings, Inc.(b) 670 19,554
Foundation Building Materials, Inc.(b) 725 12,927
GMS, Inc.(b) 610 16,299
MRC Global, Inc.(b) 1,240 13,962
Veritiv Corp.(b) 960 13,517
Total   76,259
Transportation Infrastructure 0.0%
Kamigumi Co., Ltd. 3,400 72,650
Total Industrials 1,484,337
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 0.4%
Communications Equipment 0.0%
ADTRAN, Inc. 700 6,335
Comtech Telecommunications Corp. 340 9,829
Total   16,164
Electronic Equipment, Instruments & Components 0.1%
Badger Meter, Inc. 37 2,185
Benchmark Electronics, Inc. 525 16,159
Hitachi High-Technologies Corp. 300 21,450
Ingenico Group SA 64 7,443
Methode Electronics, Inc. 440 14,410
Rogers Corp.(b) 144 16,956
Sanmina Corp.(b) 570 18,149
Venture Corp., Ltd. 3,300 38,968
Vishay Intertechnology, Inc. 960 19,478
Vishay Precision Group, Inc.(b) 455 15,716
Total   170,914
IT Services 0.1%
Capgemini SE 112 13,909
Cardtronics PLC, Class A(b) 440 19,800
Cass Information Systems, Inc. 62 3,349
EVERTEC, Inc. 520 17,456
Hackett Group 250 3,864
KBR, Inc. 590 16,048
MAXIMUS, Inc. 107 7,677
NEC Corp. 200 8,903
NIC, Inc. 745 14,699
Nomura Research Institute Ltd. 1,000 22,006
Perspecta, Inc. 730 20,491
TTEC Holdings, Inc. 332 13,187
Total   161,389
Semiconductors & Semiconductor Equipment 0.1%
Advantest Corp. 1,300 67,822
Amkor Technology, Inc.(b) 1,364 15,345
Cirrus Logic, Inc.(b) 27 2,074
NXP Semiconductors NV 362 45,923
Sumco Corp. 400 6,117
Synaptics, Inc.(b) 300 20,007
Common Stocks (continued)
Issuer Shares Value ($)
Tokyo Electron Ltd. 500 109,973
Ultra Clean Holdings, Inc.(b) 700 16,107
Xperi Corp. 880 14,159
Total   297,527
Software 0.1%
Check Point Software Technologies Ltd.(b) 208 23,777
CommVault Systems, Inc.(b) 393 17,693
j2 Global, Inc. 237 22,719
Progress Software Corp. 425 19,180
Qualys, Inc.(b) 227 19,463
SPS Commerce, Inc.(b) 298 16,935
Total   119,767
Technology Hardware, Storage & Peripherals 0.0%
FUJIFILM Holdings Corp. 2,100 104,296
Total Information Technology 870,057
Materials 0.2%
Chemicals 0.0%
Chase Corp. 56 5,150
Covestro AG 1,395 58,789
Innospec, Inc. 142 14,304
Koppers Holdings, Inc.(b) 110 3,452
Mitsubishi Chemical Holdings Corp. 1,400 10,118
Showa Denko KK 300 7,174
Total   98,987
Construction Materials 0.0%
U.S. Concrete, Inc.(b) 382 13,595
Metals & Mining 0.2%
Anglo American PLC 2,084 54,380
BHP Group Ltd. 4,718 120,988
Commercial Metals Co. 480 9,864
Fortescue Metals Group Ltd. 9,422 69,797
Materion Corp. 266 14,444
Rio Tinto PLC 2,373 126,894
Schnitzer Steel Industries, Inc., Class A 685 11,015
Total   407,382
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Paper & Forest Products 0.0%
Schweitzer-Mauduit International, Inc. 445 15,588
Verso Corp., Class A(b) 975 16,429
Total   32,017
Total Materials 551,981
Real Estate 0.2%
Equity Real Estate Investment Trusts (REITS) 0.1%
Alexander’s, Inc. 6 1,936
American Assets Trust, Inc. 345 15,718
Ashford Hospitality Trust, Inc. 4,000 9,840
CoreCivic, Inc. 840 13,398
CorEnergy Infrastructure Trust, Inc. 348 15,869
EastGroup Properties, Inc. 166 22,588
GEO Group, Inc. (The) 400 6,320
Independence Realty Trust, Inc. 640 9,389
Investors Real Estate Trust 232 17,098
Lexington Realty Trust 1,670 18,487
PS Business Parks, Inc. 118 19,772
Retail Value, Inc. 455 14,956
Ryman Hospitality Properties, Inc. 47 3,996
Uniti Group, Inc. 1,890 11,964
Washington Prime Group, Inc. 1,175 3,537
Xenia Hotels & Resorts, Inc. 580 10,840
Total   195,708
Real Estate Management & Development 0.1%
CK Asset Holdings Ltd. 500 3,194
Henderson Land Development Co., Ltd. 18,000 80,814
Kerry Properties Ltd. 2,000 5,579
Nomura Real Estate Holdings, Inc. 1,600 39,402
RE/MAX Holdings, Inc., Class A 55 2,105
RMR Group, Inc. (The), Class A 315 14,512
Sumitomo Realty & Development Co., Ltd. 1,800 66,268
Swire Pacific Ltd., Class A 2,500 21,952
Total   233,826
Total Real Estate 429,534
Common Stocks (continued)
Issuer Shares Value ($)
Utilities 0.2%
Electric Utilities 0.0%
Endesa SA 891 24,465
Enel SpA 1,036 9,030
Otter Tail Corp. 34 1,821
Portland General Electric Co. 394 24,231
Total   59,547
Gas Utilities 0.1%
Chesapeake Utilities Corp. 172 16,548
Enagas SA 760 20,477
Naturgy Energy Group SA 3,581 94,448
Southwest Gas Holdings, Inc. 237 17,896
Total   149,369
Independent Power and Renewable Electricity Producers 0.0%
Meridian Energy Ltd. 14,190 48,763
Multi-Utilities 0.1%
AGL Energy Ltd. 6,339 84,126
Avista Corp. 363 18,459
NorthWestern Corp. 225 17,318
Unitil Corp. 125 7,711
Total   127,614
Total Utilities 385,293
Total Common Stocks
(Cost $9,108,159)
9,674,029
Equity Funds 16.8%
  Shares Value ($)
International 3.0%
Columbia Contrarian Europe Fund, Institutional 3 Class(a) 137,376 954,762
Columbia Emerging Markets Fund, Institutional 3 Class(a) 173,927 2,424,546
Columbia Overseas Core Fund, Institutional 3 Class(a) 257,682 2,522,703
Columbia Overseas Value Fund, Institutional 3 Class(a) 92,414 864,999
Total 6,767,010
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2020
Equity Funds (continued)
  Shares Value ($)
U.S. Large Cap 13.7%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 126,515 3,474,101
Columbia Disciplined Core Fund, Institutional 3 Class(a) 724,073 8,667,152
Columbia Disciplined Growth Fund, Institutional 3 Class(a) 625,902 5,964,849
Columbia Disciplined Value Fund, Institutional 3 Class(a) 692,679 6,324,160
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 426,372 6,412,639
Total 30,842,901
U.S. Small Cap 0.1%
Columbia Small Cap Index Fund, Institutional 3 Class(a) 7,431 163,695
Total Equity Funds
(Cost $34,546,681)
37,773,606
Fixed Income Funds 59.4%
Emerging Markets 1.2%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 244,630 2,813,243
High Yield 2.7%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 566,524 1,682,577
Columbia Income Opportunities Fund, Institutional 3 Class(a) 438,360 4,405,522
Total 6,088,099
Inflation Protected Securities 2.0%
Columbia Inflation Protected Securities Fund, Institutional 3 Class(a),(b) 445,335 4,462,253
Fixed Income Funds (continued)
  Shares Value ($)
Investment Grade 53.5%
Columbia Corporate Income Fund, Institutional 3 Class(a) 1,420,919 15,516,441
Columbia Limited Duration Credit Fund, Institutional 3 Class(a) 1,028,589 10,440,178
Columbia Mortgage Opportunities Fund, Institutional 3 Class(a) 300,559 3,053,685
Columbia Quality Income Fund, Institutional 3 Class(a) 5,761,087 32,262,087
Columbia Short Term Bond Fund, Institutional 3 Class(a) 1,565,322 15,715,831
Columbia Total Return Bond Fund, Institutional 3 Class(a) 1,433,388 13,430,843
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 2,531,402 29,617,399
Total 120,036,464
Total Fixed Income Funds
(Cost $128,999,396)
133,400,059
Money Market Funds 13.5%
Columbia Government Money Market Fund, Institutional 3 Class, 1.151%(a),(c) 294,114 294,114
Columbia Short-Term Cash Fund, 1.648%(a),(c) 29,872,121 29,872,121
Total Money Market Funds
(Cost $30,165,265)
30,166,235
Total Investments in Securities
(Cost: $215,969,675)
223,305,987
Other Assets & Liabilities, Net   1,135,897
Net Assets 224,441,884
 
At January 31, 2020, securities and/or cash totaling $1,257,651 were pledged as collateral.
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold
Currency to
be purchased
Counterparty Settlement
date
Unrealized
appreciation ($)
Unrealized
depreciation ($)
146,000 AUD 98,592 USD JPMorgan 03/26/2020 766
121,000 ILS 35,154 USD JPMorgan 03/26/2020 9
538,000 SEK 56,016 USD JPMorgan 03/26/2020 (6)
126,413 USD 97,000 GBP JPMorgan 03/26/2020 1,855
Total       2,630 (6)
    
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2020
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
EURO STOXX 50 Index 29 03/2020 EUR 1,055,310 (39,730)
FTSE 100 Index 23 03/2020 GBP 1,660,025 (100,659)
FTSE/MIB Index 5 03/2020 EUR 580,475 (20,611)
Russell 2000 Index E-mini 1 03/2020 USD 80,735 (1,105)
S&P 500 Index E-mini 17 03/2020 USD 2,740,400 66,300
U.S. Treasury 10-Year Note 198 03/2020 USD 26,067,938 423,448
U.S. Ultra Treasury Bond 35 03/2020 USD 6,779,063 243,095
Total         732,843 (162,105)
    
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI EAFE Index (4) 03/2020 USD (395,300) 4,808
MSCI Emerging Markets Index (49) 03/2020 USD (2,572,745) 80,290
TOPIX Index (11) 03/2020 JPY (184,690,000) 41,767
Total         126,865
    
Cleared credit default swap contracts - sell protection
Reference
entity
Counterparty Maturity
date
Receive
fixed
rate
(%)
Payment
frequency
Implied
credit
spread
(%)*
Notional
currency
Notional
amount
Value
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CDX Emerging Markets Index, Series 32 Morgan Stanley 12/20/2024 1.000 Quarterly 1.972 USD 2,323,000 11,041 11,041
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended January 31, 2020 are as follows:
    
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Commodity Strategy Fund, Institutional 3 Class
  186,681 55,290 (99,850) 142,121 (101,490) 68,054 9,317 589,800
Columbia Contrarian Core Fund, Institutional 3 Class
  151,391 17,208 (42,084) 126,515 155,180 275,471 265,291 39,113 3,474,101
Columbia Contrarian Europe Fund, Institutional 3 Class
  181,857 23,803 (68,284) 137,376 59,158 93,838 23,340 954,762
Columbia Corporate Income Fund, Institutional 3 Class
  1,584,004 78,572 (241,657) 1,420,919 49,098 1,513,603 519,515 15,516,441
Columbia Disciplined Core Fund, Institutional 3 Class
  800,782 128,407 (205,116) 724,073 740,874 642,375 (185,502) 135,346 8,667,152
Columbia Disciplined Growth Fund, Institutional 3 Class
  714,084 132,935 (221,117) 625,902 421,517 57,198 552,086 45,899 5,964,849
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2020
Notes to Portfolio of Investments  (continued)
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Disciplined Value Fund, Institutional 3 Class
  722,928 203,995 (234,244) 692,679 516,756 156,386 (194,593) 131,752 6,324,160
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  263,079 22,279 (40,728) 244,630 (3,274) 129,793 108,839 2,813,243
Columbia Emerging Markets Fund, Institutional 3 Class
  223,639 21,062 (70,774) 173,927 280,233 126,835 13,721 2,424,546
Columbia Government Money Market Fund, Institutional 3 Class, 1.151%
  844,570 462,172 (1,012,628) 294,114 190 12,948 294,114
Columbia High Yield Bond Fund, Institutional 3 Class
  566,524 566,524 (5,665) 241 1,682,577
Columbia Income Opportunities Fund, Institutional 3 Class
  467,329 42,383 (71,352) 438,360 (553) 244,686 224,565 4,405,522
Columbia Inflation Protected Securities Fund, Institutional 3 Class
  489,002 20,107 (63,774) 445,335 (57,547) 446,681 4,462,253
Columbia Limited Duration Credit Fund, Institutional 3 Class
  1,083,059 60,277 (114,747) 1,028,589 (11,199) 474,692 273,652 10,440,178
Columbia Mortgage Opportunities Fund, Institutional 3 Class
  310,880 29,587 (39,908) 300,559 24,981 4,644 57,669 108,175 3,053,685
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class
  468,857 (228,726) 240,131 (592,425) 320,373 1,767,365
Columbia Multi-Asset Income Fund, Institutional 3 Class
  966,411 59,921 1,026,332 587,160 563,060 9,934,893
Columbia Overseas Core Fund, Institutional 3 Class
  289,432 36,115 (67,865) 257,682 10,109 (27,528) 224,908 96,356 2,522,703
Columbia Overseas Value Fund, Institutional 3 Class
  122,955 22,193 (52,734) 92,414 1,720 54,629 11,385 32,778 864,999
Columbia Quality Income Fund, Institutional 3 Class
  6,053,323 329,276 (621,512) 5,761,087 7,122 1,292,774 986,685 32,262,087
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  509,436 59,549 (142,613) 426,372 283,519 342,742 548,429 79,800 6,412,639
Columbia Short Term Bond Fund, Institutional 3 Class
  1,605,559 114,804 (155,041) 1,565,322 26,732 211,262 580,637 15,715,831
Columbia Short-Term Cash Fund, 1.648%
  28,626,985 13,119,052 (11,873,916) 29,872,121 (212) 3,138 640,659 29,872,121
Columbia Small Cap Index Fund, Institutional 3 Class
  6,955 476 7,431 8,487 (700) 2,133 163,695
Columbia Total Return Bond Fund, Institutional 3 Class
  1,507,411 98,674 (172,697) 1,433,388 176,084 9,843 626,279 454,095 13,430,843
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  2,703,849 116,331 (288,778) 2,531,402 (10,880) 1,887,554 615,720 29,617,399
Total         2,339,417 1,160,523 9,300,030 5,698,346 213,631,958
    
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2020
27

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2020
Notes to Portfolio of Investments  (continued)
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at January 31, 2020.
Abbreviation Legend
ADR American Depositary Receipt
Currency Legend
AUD Australian Dollar
EUR Euro
GBP British Pound
ILS New Israeli Sheqel
JPY Japanese Yen
SEK Swedish Krona
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Conservative Portfolio, January 31, 2020
Fair value measurements  (continued)
The following table is a summary of the inputs used to value the Fund’s investments at January 31, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Alternative Strategies Funds 12,292,058 12,292,058
Common Stocks        
Communication Services 60,012 373,728 433,740
Consumer Discretionary 328,992 771,993 1,100,985
Consumer Staples 170,568 712,258 882,826
Energy 84,216 295,745 379,961
Financials 500,923 1,256,977 1,757,900
Health Care 539,062 858,353 1,397,415
Industrials 452,567 1,031,770 1,484,337
Information Technology 469,170 400,887 870,057
Materials 103,841 448,140 551,981
Real Estate 212,325 217,209 429,534
Utilities 103,984 281,309 385,293
Total Common Stocks 3,025,660 6,648,369 9,674,029
Equity Funds 37,773,606 37,773,606
Fixed Income Funds 133,400,059 133,400,059
Money Market Funds 30,166,235 30,166,235
Total Investments in Securities 216,657,618 6,648,369 223,305,987
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts 2,630 2,630
Futures Contracts 859,708 859,708
Swap Contracts 11,041 11,041
Liability        
Forward Foreign Currency Exchange Contracts (6) (6)
Futures Contracts (162,105) (162,105)
Total 217,355,221 6,662,034 224,017,255
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2020
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 5.3%
  Shares Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class(a) 438,167 1,818,392
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class(a),(b) 468,857 3,450,790
Columbia Multi-Asset Income Fund, Institutional 3 Class(a) 2,273,778 22,010,164
Total Alternative Strategies Funds
(Cost $29,290,913)
27,279,346
Common Stocks 2.9%
Issuer Shares Value ($)
Communication Services 0.1%
Diversified Telecommunication Services 0.0%
Nippon Telegraph & Telephone Corp. 4,000 101,988
Entertainment 0.1%
Nintendo Co., Ltd. 300 110,357
Square Enix Holdings Co., Ltd. 2,600 127,633
Toho Co., Ltd. 1,200 44,206
Total   282,196
Interactive Media & Services 0.0%
DHI Group, Inc.(b) 3,950 11,060
Meet Group, Inc. (The)(b) 5,400 28,782
Yelp, Inc.(b) 95 3,097
Total   42,939
Media 0.0%
Gray Television, Inc.(b) 620 12,574
National CineMedia, Inc. 1,475 10,885
TechTarget, Inc.(b) 990 25,136
Telenet Group Holding NV 981 45,613
WPP PLC 11,215 139,442
Total   233,650
Wireless Telecommunication Services 0.0%
Gogo(b) 1,550 8,153
Total Communication Services 668,926
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Discretionary 0.3%
Auto Components 0.0%
Dana, Inc. 420 6,472
Modine Manufacturing Co.(b) 1,275 8,963
Valeo SA 1,149 34,127
Total   49,562
Automobiles 0.1%
Fiat Chrysler Automobiles NV 10,133 132,005
Peugeot SA 5,818 119,794
Total   251,799
Distributors 0.0%
Funko, Inc., Class A(b) 1,240 18,637
Diversified Consumer Services 0.0%
Collectors Universe, Inc. 910 22,350
K12, Inc.(b) 915 14,768
Perdoceo Education Corp.(b) 940 16,713
Total   53,831
Hotels, Restaurants & Leisure 0.0%
Boyd Gaming Corp. 120 3,582
Brinker International, Inc. 350 14,942
Dine Brands Global, Inc. 329 28,047
Everi Holdings, Inc.(b) 2,325 29,062
Marriott Vacations Worldwide Corp. 211 25,371
SeaWorld Entertainment, Inc.(b) 935 32,220
Total   133,224
Household Durables 0.1%
Berkeley Group Holdings PLC 2,829 195,750
M/I Homes, Inc.(b) 475 21,085
Sekisui House Ltd. 6,400 137,614
Sony Corp. 1,700 118,876
Taylor Morrison Home Corp., Class A(b) 1,310 33,903
Total   507,228
Internet & Direct Marketing Retail 0.0%
Stamps.com, Inc.(b) 225 16,760
The accompanying Notes to Financial Statements are an integral part of this statement.
30 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Leisure Products 0.0%
Bandai Namco Holdings, Inc. 500 29,054
Malibu Boats, Inc., Class A(b) 735 32,186
MasterCraft Boat Holdings, Inc.(b) 570 10,015
Sankyo Co., Ltd. 1,400 47,035
Sturm Ruger & Co., Inc. 285 14,113
Total   132,403
Specialty Retail 0.0%
Genesco, Inc.(b) 475 18,677
GNC Holdings, Inc., Class A(b) 4,200 8,988
Hibbett Sports, Inc.(b) 850 21,063
Lithia Motors, Inc., Class A 185 25,094
Rent-A-Center, Inc. 580 16,895
Restoration Hardware Holdings, Inc.(b) 65 13,569
Sleep Number Corp.(b) 415 21,410
Sportsman’s Warehouse Holdings, Inc.(b) 2,650 17,172
Tilly’s, Inc. 400 3,400
Zumiez, Inc.(b) 555 17,299
Total   163,567
Textiles, Apparel & Luxury Goods 0.1%
Adidas AG 536 169,437
Burberry Group PLC 1,461 37,461
Deckers Outdoor Corp.(b) 181 34,555
Kering SA 173 105,706
Pandora A/S 1,126 58,390
Total   405,549
Total Consumer Discretionary 1,732,560
Consumer Staples 0.3%
Beverages 0.1%
Carlsberg A/S, Class B 994 145,158
Coca-Cola European Partners PLC 2,737 143,993
Total   289,151
Food & Staples Retailing 0.1%
Coles Group Ltd. 13,807 151,505
Ingles Markets, Inc., Class A 595 24,805
Koninklijke Ahold Delhaize NV 4,070 99,884
Metro AG 7,638 106,275
Common Stocks (continued)
Issuer Shares Value ($)
SpartanNash Co. 1,570 19,123
Welcia Holdings Co., Ltd. 900 49,422
Total   451,014
Food Products 0.0%
John B. Sanfilippo & Son, Inc. 300 25,290
Nestlé SA, Registered Shares 1,190 131,249
Total   156,539
Household Products 0.0%
Essity AB, Class B 1,129 35,841
Personal Products 0.0%
Edgewell Personal Care Co.(b) 490 12,652
Medifast, Inc. 227 21,935
Usana Health Sciences, Inc.(b) 275 16,967
Total   51,554
Tobacco 0.1%
British American Tobacco PLC 4,691 206,849
Swedish Match AB 2,879 162,773
Vector Group Ltd. 525 6,899
Total   376,521
Total Consumer Staples 1,360,620
Energy 0.1%
Energy Equipment & Services 0.0%
DMC Global Inc 190 7,948
Liberty Oilfield Services, Inc., Class A 735 6,233
Matrix Service Co.(b) 1,230 24,747
NexTier Oilfield Solutions, Inc.(b) 4,550 23,432
Total   62,360
Oil, Gas & Consumable Fuels 0.1%
Aker BP ASA 1,342 37,801
California Resources Corp.(b) 1,055 7,744
CVR Energy, Inc. 745 25,784
Delek U.S. Holdings, Inc. 590 16,201
Denbury Resources, Inc.(b) 1,300 1,281
Dorian LPG Ltd.(b) 240 3,149
ENI SpA 3,158 44,236
OMV AG 266 13,219
Royal Dutch Shell PLC, Class B 10,443 274,407
Santos Ltd. 14,436 82,854
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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31

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Southwestern Energy Co.(b) 2,550 4,003
W&T Offshore, Inc.(b) 1,050 4,347
World Fuel Services Corp. 395 15,452
Total   530,478
Total Energy 592,838
Financials 0.5%
Banks 0.2%
Atlantic Capital Bancshares, Inc.(b) 200 3,774
Banco Bilbao Vizcaya Argentaria SA 24,815 128,457
Bancorp, Inc. (The)(b) 2,450 28,983
Bank Leumi Le-Israel BM 11,468 82,454
BNP Paribas SA 3,116 165,358
Cathay General Bancorp 860 31,012
Commerzbank AG 2,960 16,986
ConnectOne Bancorp, Inc. 1,060 25,027
Customers Bancorp, Inc.(b) 1,151 24,608
DBS Group Holdings Ltd. 3,800 70,000
First BanCorp 2,775 25,724
Fulton Financial Corp. 1,260 20,752
Great Southern Bancorp, Inc. 395 22,479
Hilltop Holdings, Inc. 1,160 26,262
Independent Bank Group, Inc. 555 29,704
International Bancshares Corp. 745 29,353
Investors Bancorp, Inc. 700 8,460
Israel Discount Bank Ltd. 2,305 10,455
Mediobanca Banca di Credito Finanziario SpA 9,109 90,868
Metropolitan Bank Holding Corp.(b) 75 3,686
Midland States Bancorp, Inc. 540 14,267
Nicolet Bankshares, Inc.(b) 185 13,070
OFG Bancorp 1,260 24,835
Preferred Bank 350 21,039
Raiffeisen Bank International AG 2,529 57,608
Sumitomo Mitsui Trust Holdings, Inc. 2,900 106,923
United Community Banks, Inc. 540 15,077
United Overseas Bank Ltd. 500 9,326
Total   1,106,547
Common Stocks (continued)
Issuer Shares Value ($)
Capital Markets 0.1%
3i Group PLC 10,207 148,479
Cohen & Steers, Inc. 465 34,401
Federated Hermes, Inc., Class B 990 35,868
Natixis SA 30,005 126,707
Singapore Exchange 11,300 71,691
Waddell & Reed Financial, Inc., Class A 520 8,310
Total   425,456
Consumer Finance 0.0%
Encore Capital Group, Inc.(b) 755 25,632
Enova International, Inc.(b) 1,020 25,561
Nelnet, Inc., Class A 175 10,021
Regional Management Corp.(b) 895 24,657
Total   85,871
Insurance 0.2%
Ageas 1,206 66,501
Allianz SE, Registered Shares 986 235,401
American Equity Investment Life Holding Co. 810 21,392
Assicurazioni Generali SpA 7,818 152,339
AXA SA 2,515 66,878
CNP Assurances 6,569 118,244
Dai-ichi Life Holdings, Inc. 3,500 51,944
Employers Holdings, Inc. 650 27,723
Genworth Financial, Inc., Class A(b) 2,850 11,685
Selective Insurance Group, Inc. 75 4,969
Swiss Life Holding AG, Registered Shares 291 146,278
Universal Insurance Holdings, Inc. 401 9,760
Total   913,114
Mortgage Real Estate Investment Trusts (REITS) 0.0%
Ares Commercial Real Estate Corp. 670 10,948
Ellington Financial, Inc. 1,310 23,933
PennyMac Mortgage Investment Trust 200 4,650
Total   39,531
Thrifts & Mortgage Finance 0.0%
Essent Group Ltd. 745 36,960
Federal Agricultural Mortgage Corp. 334 25,484
Flagstar Bancorp, Inc. 720 25,373
Meta Financial Group, Inc. 765 28,473
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
NMI Holdings, Inc., Class A(b) 1,000 31,920
Radian Group, Inc. 1,570 38,449
Total   186,659
Total Financials 2,757,178
Health Care 0.4%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.(b) 600 23,964
Acceleron Pharma, Inc.(b) 110 9,986
Arcutis Biotherapeutics, Inc.(b) 676 14,737
Arena Pharmaceuticals, Inc.(b) 540 24,673
Arrowhead Pharmaceuticals, Inc.(b) 220 9,220
Atara Biotherapeutics, Inc.(b) 440 5,821
BeiGene Ltd., ADR(b) 182 27,729
Black Diamond Therapeutics, Inc.(b) 412 15,450
bluebird bio, Inc.(b) 168 13,388
Blueprint Medicines Corp.(b) 200 12,690
CSL Ltd. 164 33,730
Dynavax Technologies Corp.(b) 2,030 10,251
Fate Therapeutics, Inc.(b) 480 12,173
Global Blood Therapeutics, Inc.(b) 135 8,810
Gossamer Bio, Inc.(b) 420 5,578
Immunomedics, Inc.(b) 1,380 25,627
Insmed, Inc.(b) 738 15,158
Karuna Therapeutics, Inc.(b) 45 4,271
Mirati Therapeutics, Inc.(b) 175 15,195
Precision BioSciences, Inc.(b) 796 6,440
Rubius Therapeutics, Inc.(b) 630 4,914
Sage Therapeutics, Inc.(b) 286 18,956
Sarepta Therapeutics, Inc.(b) 117 13,567
SpringWorks Therapeutics, Inc.(b) 602 18,951
TCR2 Therapeutics, Inc.(b) 790 11,597
Turning Point Therapeutics, Inc.(b) 300 17,550
Ultragenyx Pharmaceutical, Inc.(b) 120 6,306
uniQure NV(b) 235 13,527
Total   400,259
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Equipment & Supplies 0.1%
Angiodynamics, Inc.(b) 1,350 18,590
CryoLife, Inc.(b) 500 14,870
Hoya Corp. 900 86,135
Integer Holdings Corp.(b) 380 32,452
Lantheus Holdings, Inc.(b) 1,430 25,039
Meridian Bioscience, Inc. 1,450 14,268
Natus Medical, Inc.(b) 820 25,658
NuVasive, Inc.(b) 200 15,424
Quidel Corp.(b) 250 19,200
Varex Imaging Corp.(b) 790 21,843
Total   273,479
Health Care Providers & Services 0.0%
Corvel Corp.(b) 214 19,596
Cross Country Healthcare, Inc.(b) 1,300 12,870
Magellan Health, Inc.(b) 410 30,016
Medipal Holdings Corp. 3,800 80,522
Owens & Minor, Inc. 700 4,382
Tenet Healthcare Corp.(b) 270 8,543
Total   155,929
Health Care Technology 0.0%
HealthStream, Inc.(b) 960 24,528
Omnicell, Inc.(b) 400 32,512
Total   57,040
Life Sciences Tools & Services 0.0%
Medpace Holdings, Inc.(b) 376 32,167
Syneos Health, Inc.(b) 615 37,736
Total   69,903
Pharmaceuticals 0.2%
Aerie Pharmaceuticals, Inc.(b) 390 7,987
Amphastar Pharmaceuticals, Inc.(b) 1,150 21,747
Astellas Pharma, Inc. 11,200 197,905
Dainippon Sumitomo Pharma Co., Ltd. 4,000 68,665
GlaxoSmithKline PLC 8,795 206,502
GW Pharmaceuticals PLC, ADR(b) 163 18,831
Horizon Therapeutics PLC(b) 290 10,002
Novartis AG, Registered Shares 2,985 281,988
Odonate Therapeutics, Inc.(b) 475 13,870
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Prestige Consumer Healthcare, Inc.(b) 715 29,000
Reata Pharmaceuticals, Inc., Class A(b) 144 31,506
Roche Holding AG, Genusschein Shares 1,063 356,603
Supernus Pharmaceuticals, Inc.(b) 325 7,433
Total   1,252,039
Total Health Care 2,208,649
Industrials 0.5%
Air Freight & Logistics 0.0%
Echo Global Logistics, Inc.(b) 690 13,372
Radiant Logistics, Inc.(b) 2,750 13,283
Total   26,655
Airlines 0.0%
Skywest, Inc. 235 12,965
Building Products 0.0%
American Woodmark Corp.(b) 306 33,553
Builders FirstSource, Inc.(b) 1,360 33,721
Caesarstone Ltd. 1,170 15,304
CSW Industrials, Inc. 380 28,834
Gibraltar Industries, Inc.(b) 595 32,439
Quanex Building Products Corp. 1,525 27,023
Total   170,874
Commercial Services & Supplies 0.0%
Brady Corp., Class A 340 18,826
Deluxe Corp. 300 14,460
Herman Miller, Inc. 655 25,316
HNI Corp. 665 23,920
Total   82,522
Construction & Engineering 0.2%
ACS Actividades de Construccion y Servicios SA 3,919 130,295
CIMIC Group Ltd. 4,634 89,664
Eiffage SA 652 75,576
EMCOR Group, Inc. 396 32,539
Great Lakes Dredge & Dock Corp.(b) 2,520 26,384
MasTec, Inc.(b) 520 30,030
Obayashi Corp. 1,500 16,451
Shimizu Corp. 13,300 136,416
Skanska AB, Class B 7,304 169,064
Total   706,419
Common Stocks (continued)
Issuer Shares Value ($)
Electrical Equipment 0.1%
Atkore International Group, Inc.(b) 815 32,356
Schneider Electric SE 1,806 180,106
Total   212,462
Machinery 0.1%
GEA Group AG 531 15,900
KONE OYJ, Class B 436 28,171
Lydall, Inc.(b) 870 17,783
Mitsubishi Heavy Industries Ltd. 3,400 124,023
Mueller Industries, Inc. 930 27,128
Rexnord Corp.(b) 520 16,978
SKF AB, Class B 4,376 80,101
SPX Corp.(b) 550 26,988
Total   337,072
Marine 0.0%
Costamare, Inc. 2,900 22,997
Professional Services 0.1%
Adecco Group AG, Registered Shares 2,318 135,807
Barrett Business Services, Inc. 285 23,607
FTI Consulting, Inc.(b) 123 14,767
Heidrick & Struggles International, Inc. 770 21,884
Kforce, Inc. 765 28,343
Wolters Kluwer NV 2,009 150,959
Total   375,367
Road & Rail 0.0%
ArcBest Corp. 460 10,263
Aurizon Holdings Ltd. 37,921 135,928
Total   146,191
Trading Companies & Distributors 0.0%
BMC Stock Holdings, Inc.(b) 1,120 32,687
Foundation Building Materials, Inc.(b) 1,210 21,574
GMS, Inc.(b) 1,015 27,121
MRC Global, Inc.(b) 2,055 23,139
Veritiv Corp.(b) 1,610 22,669
Total   127,190
Transportation Infrastructure 0.0%
Kamigumi Co., Ltd. 5,200 111,112
Total Industrials 2,331,826
 
The accompanying Notes to Financial Statements are an integral part of this statement.
34 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 0.3%
Communications Equipment 0.0%
ADTRAN, Inc. 1,170 10,589
Comtech Telecommunications Corp. 565 16,334
Total   26,923
Electronic Equipment, Instruments & Components 0.1%
Badger Meter, Inc. 60 3,544
Benchmark Electronics, Inc. 880 27,086
Hitachi High-Technologies Corp. 500 35,750
Ingenico Group SA 98 11,397
Methode Electronics, Inc. 730 23,907
Rogers Corp.(b) 239 28,142
Sanmina Corp.(b) 950 30,248
Venture Corp., Ltd. 5,100 60,223
Vishay Intertechnology, Inc. 1,600 32,464
Vishay Precision Group, Inc.(b) 755 26,078
Total   278,839
IT Services 0.1%
Capgemini SE 171 21,237
Cardtronics PLC, Class A(b) 735 33,075
Cass Information Systems, Inc. 102 5,510
EVERTEC, Inc. 865 29,038
Hackett Group 420 6,491
KBR, Inc. 980 26,656
MAXIMUS, Inc. 180 12,915
NEC Corp. 300 13,354
NIC, Inc. 1,240 24,465
Nomura Research Institute Ltd. 1,500 33,009
Perspecta, Inc. 1,220 34,245
TTEC Holdings, Inc. 555 22,045
Total   262,040
Semiconductors & Semiconductor Equipment 0.1%
Advantest Corp. 2,000 104,342
Amkor Technology, Inc.(b) 2,270 25,538
Cirrus Logic, Inc.(b) 45 3,456
NXP Semiconductors NV 554 70,280
Sumco Corp. 600 9,175
Synaptics, Inc.(b) 500 33,345
Common Stocks (continued)
Issuer Shares Value ($)
Tokyo Electron Ltd. 800 175,957
Ultra Clean Holdings, Inc.(b) 1,160 26,692
Xperi Corp. 1,470 23,652
Total   472,437
Software 0.0%
Check Point Software Technologies Ltd.(b) 318 36,351
CommVault Systems, Inc.(b) 655 29,488
j2 Global, Inc. 394 37,769
Progress Software Corp. 735 33,170
Qualys, Inc.(b) 378 32,410
SPS Commerce, Inc.(b) 498 28,301
Total   197,489
Technology Hardware, Storage & Peripherals 0.0%
FUJIFILM Holdings Corp. 3,200 158,926
Total Information Technology 1,396,654
Materials 0.2%
Chemicals 0.1%
Chase Corp. 93 8,553
Covestro AG 2,136 90,017
Innospec, Inc. 237 23,873
Koppers Holdings, Inc.(b) 185 5,805
Mitsubishi Chemical Holdings Corp. 2,100 15,177
Showa Denko KK 500 11,956
Total   155,381
Construction Materials 0.0%
U.S. Concrete, Inc.(b) 635 22,600
Metals & Mining 0.1%
Anglo American PLC 3,191 83,266
BHP Group Ltd. 7,223 185,226
Commercial Metals Co. 800 16,440
Fortescue Metals Group Ltd. 14,429 106,888
Materion Corp. 440 23,892
Rio Tinto PLC 3,639 194,593
Schnitzer Steel Industries, Inc., Class A 1,140 18,331
Total   628,636
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2020
35

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Paper & Forest Products 0.0%
Schweitzer-Mauduit International, Inc. 740 25,922
Verso Corp., Class A(b) 1,620 27,297
Total   53,219
Total Materials 859,836
Real Estate 0.1%
Equity Real Estate Investment Trusts (REITS) 0.0%
Alexander’s, Inc. 10 3,227
American Assets Trust, Inc. 575 26,197
Ashford Hospitality Trust, Inc. 6,700 16,482
CoreCivic, Inc. 1,400 22,330
CorEnergy Infrastructure Trust, Inc. 583 26,585
EastGroup Properties, Inc. 276 37,555
GEO Group, Inc. (The) 670 10,586
Independence Realty Trust, Inc. 1,060 15,550
Investors Real Estate Trust 384 28,301
Lexington Realty Trust 2,775 30,719
PS Business Parks, Inc. 197 33,009
Retail Value, Inc. 760 24,981
Ryman Hospitality Properties, Inc. 75 6,377
Uniti Group, Inc. 3,150 19,940
Washington Prime Group, Inc. 1,975 5,945
Xenia Hotels & Resorts, Inc. 960 17,943
Total   325,727
Real Estate Management & Development 0.1%
CK Asset Holdings Ltd. 1,000 6,389
Henderson Land Development Co., Ltd. 27,000 121,221
Kerry Properties Ltd. 3,000 8,368
Nomura Real Estate Holdings, Inc. 2,400 59,102
RE/MAX Holdings, Inc., Class A 95 3,637
RMR Group, Inc. (The), Class A 526 24,233
Sumitomo Realty & Development Co., Ltd. 2,800 103,083
Swire Pacific Ltd., Class A 4,000 35,123
Total   361,156
Total Real Estate 686,883
Common Stocks (continued)
Issuer Shares Value ($)
Utilities 0.1%
Electric Utilities 0.0%
Endesa SA 1,363 37,424
Enel SpA 1,582 13,789
Otter Tail Corp. 55 2,946
Portland General Electric Co. 656 40,344
Total   94,503
Gas Utilities 0.1%
Chesapeake Utilities Corp. 285 27,420
Enagas SA 1,164 31,363
Naturgy Energy Group SA 5,480 144,534
Southwest Gas Holdings, Inc. 395 29,826
Total   233,143
Independent Power and Renewable Electricity Producers 0.0%
Meridian Energy Ltd. 21,674 74,481
Multi-Utilities 0.0%
AGL Energy Ltd. 9,698 128,704
Avista Corp. 605 30,764
NorthWestern Corp. 375 28,864
Unitil Corp. 210 12,955
Total   201,287
Total Utilities 603,414
Total Common Stocks
(Cost $14,337,408)
15,199,384
Equity Funds 29.0%
  Shares Value ($)
International 6.9%
Columbia Contrarian Europe Fund, Institutional 3 Class(a) 1,580,642 10,985,462
Columbia Emerging Markets Fund, Institutional 3 Class(a) 452,667 6,310,174
Columbia Overseas Core Fund, Institutional 3 Class(a) 1,174,247 11,495,880
Columbia Overseas Value Fund, Institutional 3 Class(a) 627,708 5,875,351
Columbia Pacific/Asia Fund, Institutional 3 Class(a) 106,050 1,066,864
Total 35,733,731
 
The accompanying Notes to Financial Statements are an integral part of this statement.
36 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2020
Equity Funds (continued)
  Shares Value ($)
U.S. Large Cap 21.0%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 550,264 15,110,258
Columbia Disciplined Core Fund, Institutional 3 Class(a) 2,227,395 26,661,915
Columbia Disciplined Growth Fund, Institutional 3 Class(a) 1,367,022 13,027,718
Columbia Disciplined Value Fund, Institutional 3 Class(a) 2,683,966 24,504,610
Columbia Large Cap Growth Fund, Institutional 3 Class(a),(b) 186,455 8,785,740
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 1,329,806 20,000,287
Total 108,090,528
U.S. Small Cap 1.1%
Columbia Small Cap Index Fund, Institutional 3 Class(a) 256,808 5,657,477
Total Equity Funds
(Cost $137,596,610)
149,481,736
Fixed Income Funds 49.6%
Emerging Markets 1.9%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 856,091 9,845,044
High Yield 3.6%
Columbia Income Opportunities Fund, Institutional 3 Class(a) 1,835,156 18,443,318
Inflation Protected Securities 1.0%
Columbia Inflation Protected Securities Fund, Institutional 3 Class(a),(b) 513,693 5,147,202
Fixed Income Funds (continued)
  Shares Value ($)
Investment Grade 43.1%
Columbia Corporate Income Fund, Institutional 3 Class(a) 2,271,223 24,801,760
Columbia Limited Duration Credit Fund, Institutional 3 Class(a) 1,160,992 11,784,069
Columbia Mortgage Opportunities Fund, Institutional 3 Class(a) 752,800 7,648,451
Columbia Quality Income Fund, Institutional 3 Class(a) 12,511,634 70,065,148
Columbia Short Term Bond Fund, Institutional 3 Class(a) 2,551,298 25,615,032
Columbia Total Return Bond Fund, Institutional 3 Class(a) 2,830,573 26,522,469
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 4,755,667 55,641,306
Total 222,078,235
Total Fixed Income Funds
(Cost $247,497,538)
255,513,799
Money Market Funds 12.6%
Columbia Government Money Market Fund, Institutional 3 Class, 1.151%(a),(c) 1,026,952 1,026,952
Columbia Short-Term Cash Fund, 1.648%(a),(c) 63,837,700 63,837,700
Total Money Market Funds
(Cost $64,861,527)
64,864,652
Total Investments in Securities
(Cost: $493,583,996)
512,338,917
Other Assets & Liabilities, Net   3,058,619
Net Assets 515,397,536
 
At January 31, 2020, securities and/or cash totaling $3,626,431 were pledged as collateral.
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold
Currency to
be purchased
Counterparty Settlement
date
Unrealized
appreciation ($)
Unrealized
depreciation ($)
223,000 AUD 150,589 USD JPMorgan 03/26/2020 1,170
185,000 ILS 53,747 USD JPMorgan 03/26/2020 14
824,000 SEK 85,795 USD JPMorgan 03/26/2020 (10)
11,038 USD 10,000 EUR JPMorgan 03/26/2020 88
192,877 USD 148,000 GBP JPMorgan 03/26/2020 2,829
Total       4,101 (10)
    
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2020
37

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2020
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
EURO STOXX 50 Index 139 03/2020 EUR 5,058,210 (190,432)
FTSE 100 Index 53 03/2020 GBP 3,825,275 (231,954)
FTSE/MIB Index 16 03/2020 EUR 1,857,520 (65,954)
MSCI EAFE Index Future 2 03/2020 USD 197,650 (2,531)
Russell 2000 Index E-mini 1 03/2020 USD 80,735 (1,703)
Russell 2000 Index E-mini 8 03/2020 USD 645,880 (8,840)
S&P 500 Index E-mini 134 03/2020 USD 21,600,800 522,603
U.S. Treasury 10-Year Note 350 03/2020 USD 46,079,688 748,519
U.S. Treasury 5-Year Note 94 03/2020 USD 11,310,109 125,399
U.S. Ultra Treasury Bond 69 03/2020 USD 13,364,438 481,572
Total         1,878,093 (501,414)
    
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI Emerging Markets Index (140) 03/2020 USD (7,350,700) 229,400
TOPIX Index (4) 03/2020 JPY (67,160,000) 15,188
Total         244,588
    
Cleared credit default swap contracts - sell protection
Reference
entity
Counterparty Maturity
date
Receive
fixed
rate
(%)
Payment
frequency
Implied
credit
spread
(%)*
Notional
currency
Notional
amount
Value
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CDX Emerging Markets Index, Series 32 Morgan Stanley 12/20/2024 1.000 Quarterly 1.972 USD 5,385,000 25,595 25,595
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended January 31, 2020 are as follows:
    
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Commodity Strategy Fund, Institutional 3 Class
  570,509 27,712 (160,054) 438,167 (219,318) 94,114 25,024 1,818,392
Columbia Contrarian Core Fund, Institutional 3 Class
  685,648 38,543 (173,927) 550,264 733,057 1,735,446 698,065 184,765 15,110,258
Columbia Contrarian Europe Fund, Institutional 3 Class
  1,865,982 74,585 (359,925) 1,580,642 (137,187) 1,621,668 268,104 10,985,462
Columbia Corporate Income Fund, Institutional 3 Class
  2,561,473 94,959 (385,209) 2,271,223 67,748 2,453,627 835,817 24,801,760
Columbia Disciplined Core Fund, Institutional 3 Class
  2,473,254 248,754 (494,613) 2,227,395 2,268,900 1,678,158 (312,986) 414,491 26,661,915
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2020
Notes to Portfolio of Investments  (continued)
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Disciplined Growth Fund, Institutional 3 Class
  1,589,903 438,951 (661,832) 1,367,022 928,722 78,441 1,265,243 101,129 13,027,718
Columbia Disciplined Value Fund, Institutional 3 Class
  2,975,816 525,045 (816,895) 2,683,966 2,216,739 397,981 (701,731) 565,180 24,504,610
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  937,923 39,752 (121,584) 856,091 (59,783) 512,429 385,364 9,845,044
Columbia Emerging Markets Fund, Institutional 3 Class
  567,521 9,865 (124,719) 452,667 494,914 517,545 34,638 6,310,174
Columbia Government Money Market Fund, Institutional 3 Class, 1.151%
  2,568,342 172,621 (1,714,011) 1,026,952 438 40,417 1,026,952
Columbia Income Opportunities Fund, Institutional 3 Class
  1,969,497 98,952 (233,293) 1,835,156 (52,915) 1,071,678 943,407 18,443,318
Columbia Inflation Protected Securities Fund, Institutional 3 Class
  565,167 2,080 (53,554) 513,693 5,199 445,199 5,147,202
Columbia Large Cap Growth Fund, Institutional 3 Class
  228,932 16,921 (59,398) 186,455 674,671 704,637 815,465 8,785,740
Columbia Limited Duration Credit Fund, Institutional 3 Class
  1,229,048 34,167 (102,223) 1,160,992 (10,321) 539,582 310,752 11,784,069
Columbia Mortgage Opportunities Fund, Institutional 3 Class
  779,685 36,380 (63,265) 752,800 62,371 10,725 149,204 270,428 7,648,451
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class
  468,857 468,857 (276,627) 3,450,790
Columbia Multi-Asset Income Fund, Institutional 3 Class
  2,141,025 132,753 2,273,778 1,300,819 1,247,425 22,010,164
Columbia Overseas Core Fund, Institutional 3 Class
  1,316,936 61,371 (204,060) 1,174,247 45,604 (84,705) 943,764 424,990 11,495,880
Columbia Overseas Value Fund, Institutional 3 Class
  697,151 32,936 (102,379) 627,708 12,124 114,380 162,330 229,682 5,875,351
Columbia Pacific/Asia Fund, Institutional 3 Class
  160,013 14,315 (68,278) 106,050 72,840 69,044 60,571 36,779 1,066,864
Columbia Quality Income Fund, Institutional 3 Class
  13,145,834 443,579 (1,077,779) 12,511,634 42,390 2,813,173 2,143,917 70,065,148
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  1,580,894 96,755 (347,843) 1,329,806 892,253 950,792 1,754,209 250,408 20,000,287
Columbia Short Term Bond Fund, Institutional 3 Class
  2,611,334 105,053 (165,089) 2,551,298 32,506 359,430 947,228 25,615,032
Columbia Short-Term Cash Fund, 1.648%
  58,297,720 32,539,856 (26,999,876) 63,837,700 (779) 6,952 1,338,746 63,837,700
Columbia Small Cap Index Fund, Institutional 3 Class
  240,373 16,435 256,808 293,305 (24,200) 73,729 5,657,477
Columbia Total Return Bond Fund, Institutional 3 Class
  2,994,592 147,282 (311,301) 2,830,573 344,409 34,469 1,243,560 897,471 26,522,469
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2020
39

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2020
Notes to Portfolio of Investments  (continued)
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  5,124,759 129,159 (498,251) 4,755,667 79,226 3,493,420 1,164,457 55,641,306
Total         8,545,433 5,931,048 21,006,503 13,134,348 497,139,533
    
(b) Non-income producing investment.
(c) The rate shown is the seven-day current annualized yield at January 31, 2020.
Abbreviation Legend
ADR American Depositary Receipt
Currency Legend
AUD Australian Dollar
EUR Euro
GBP British Pound
ILS New Israeli Sheqel
JPY Japanese Yen
SEK Swedish Krona
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The accompanying Notes to Financial Statements are an integral part of this statement.
40 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, January 31, 2020
Fair value measurements  (continued)
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at January 31, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Alternative Strategies Funds 27,279,346 27,279,346
Common Stocks        
Communication Services 99,687 569,239 668,926
Consumer Discretionary 547,311 1,185,249 1,732,560
Consumer Staples 271,664 1,088,956 1,360,620
Energy 140,321 452,517 592,838
Financials 834,281 1,922,897 2,757,178
Health Care 896,599 1,312,050 2,208,649
Industrials 752,253 1,579,573 2,331,826
Information Technology 773,284 623,370 1,396,654
Materials 172,713 687,123 859,836
Real Estate 353,597 333,286 686,883
Utilities 173,119 430,295 603,414
Total Common Stocks 5,014,829 10,184,555 15,199,384
Equity Funds 149,481,736 149,481,736
Fixed Income Funds 255,513,799 255,513,799
Money Market Funds 64,864,652 64,864,652
Total Investments in Securities 502,154,362 10,184,555 512,338,917
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts 4,101 4,101
Futures Contracts 2,122,681 2,122,681
Swap Contracts 25,595 25,595
Liability        
Forward Foreign Currency Exchange Contracts (10) (10)
Futures Contracts (501,414) (501,414)
Total 503,775,629 10,214,241 513,989,870
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2020
41

Table of Contents
Portfolio of Investments
Columbia Capital Allocation Moderate Portfolio, January 31, 2020
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 3.9%
  Shares Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class(a) 3,112,256 12,915,862
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class(a),(b) 468,858 3,450,790
Columbia Multi-Asset Income Fund, Institutional 3 Class(a) 4,337,011 41,982,257
Total Alternative Strategies Funds
(Cost $64,017,410)
58,348,909
Common Stocks 2.3%
Issuer Shares Value ($)
Communication Services 0.1%
Diversified Telecommunication Services 0.0%
Hellenic Telecommunications Organization SA 2,931 43,773
Nippon Telegraph & Telephone Corp. 6,900 175,930
Telekom Malaysia Bhd 58,200 54,655
Total   274,358
Entertainment 0.0%
Square Enix Holdings Co., Ltd. 600 29,454
Toho Co., Ltd. 1,600 58,942
Total   88,396
Interactive Media & Services 0.0%
Auto Trader Group PLC 5,126 37,824
DHI Group, Inc.(b) 19,600 54,880
Meet Group, Inc. (The)(b) 26,700 142,311
Momo, Inc., ADR 1,837 56,212
Tencent Holdings Ltd. 700 33,383
Yelp, Inc.(b) 475 15,485
Total   340,095
Media 0.1%
Gray Television, Inc.(b) 3,050 61,854
Informa PLC 3,403 34,762
National CineMedia, Inc. 7,300 53,874
TechTarget, Inc.(b) 4,900 124,411
WPP PLC 8,281 102,962
Total   377,863
Common Stocks (continued)
Issuer Shares Value ($)
Wireless Telecommunication Services 0.0%
Advanced Info Service PCL 6,700 43,559
Gogo(b) 7,800 41,028
Total   84,587
Total Communication Services 1,165,299
Consumer Discretionary 0.3%
Auto Components 0.0%
Dana, Inc. 2,050 31,590
Hyundai Mobis Co., Ltd. 52 9,944
Magna International, Inc. 3,272 165,875
Modine Manufacturing Co.(b) 6,250 43,937
Total   251,346
Automobiles 0.0%
BAIC Motor Corp., Ltd., Class H(c) 144,000 70,977
Fiat Chrysler Automobiles NV 1,084 14,122
Peugeot SA 5,866 120,782
Total   205,881
Distributors 0.0%
Funko, Inc., Class A(b) 6,100 91,683
Diversified Consumer Services 0.0%
Collectors Universe, Inc. 4,500 110,520
K12, Inc.(b) 4,500 72,630
Perdoceo Education Corp.(b) 4,650 82,677
Total   265,827
Hotels, Restaurants & Leisure 0.1%
Boyd Gaming Corp. 600 17,910
Brinker International, Inc. 1,725 73,640
Dine Brands Global, Inc. 1,620 138,105
Everi Holdings, Inc.(b) 11,500 143,750
Marriott Vacations Worldwide Corp. 1,040 125,050
SeaWorld Entertainment, Inc.(b) 4,625 159,377
Total   657,832
The accompanying Notes to Financial Statements are an integral part of this statement.
42 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Household Durables 0.1%
Berkeley Group Holdings PLC 914 63,243
M/I Homes, Inc.(b) 2,325 103,207
Sekisui House Ltd. 6,700 144,065
Sony Corp. 3,000 209,781
Taylor Morrison Home Corp., Class A(b) 6,450 166,926
Total   687,222
Internet & Direct Marketing Retail 0.0%
Alibaba Group Holding Ltd., ADR(b) 337 69,621
Stamps.com, Inc.(b) 1,110 82,684
Total   152,305
Leisure Products 0.0%
Malibu Boats, Inc., Class A(b) 3,625 158,739
MasterCraft Boat Holdings, Inc.(b) 2,850 50,074
Sturm Ruger & Co., Inc. 1,400 69,328
Total   278,141
Specialty Retail 0.1%
Genesco, Inc.(b) 2,350 92,402
GNC Holdings, Inc., Class A(b) 20,500 43,870
Hibbett Sports, Inc.(b) 4,200 104,076
Lithia Motors, Inc., Class A 910 123,432
Petrobras Distribuidora SA 2,900 19,529
Rent-A-Center, Inc. 2,820 82,147
Restoration Hardware Holdings, Inc.(b) 320 66,800
Sleep Number Corp.(b) 2,050 105,759
Sportsman’s Warehouse Holdings, Inc.(b) 13,100 84,888
Tilly’s, Inc. 2,000 17,000
Zumiez, Inc.(b) 2,750 85,718
Total   825,621
Textiles, Apparel & Luxury Goods 0.0%
Adidas AG 131 41,411
Burberry Group PLC 2,868 73,536
Deckers Outdoor Corp.(b) 890 169,910
Kering SA 274 167,420
Pandora A/S 257 13,327
Total   465,604
Total Consumer Discretionary 3,881,462
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Staples 0.1%
Beverages 0.0%
Coca-Cola European Partners PLC 2,505 131,788
Food & Staples Retailing 0.1%
Coles Group Ltd. 5,591 61,350
Ingles Markets, Inc., Class A 2,925 121,943
Koninklijke Ahold Delhaize NV 6,953 170,637
Loblaw Companies Ltd. 100 5,232
SpartanNash Co. 7,700 93,786
Welcia Holdings Co., Ltd. 700 38,440
Total   491,388
Food Products 0.0%
JBS SA 17,200 110,728
John B. Sanfilippo & Son, Inc. 1,480 124,764
Nestlé SA, Registered Shares 198 21,838
Tingyi Cayman Islands Holding Corp. 8,000 13,496
Uni-President Enterprises Corp. 29,000 69,092
Total   339,918
Household Products 0.0%
Kimberly-Clark de Mexico SAB de CV(b) 9,226 19,086
Personal Products 0.0%
Edgewell Personal Care Co.(b) 2,425 62,613
Medifast, Inc. 1,120 108,226
Usana Health Sciences, Inc.(b) 1,360 83,912
Total   254,751
Tobacco 0.0%
British American Tobacco PLC 4,083 180,040
PT Gudang Garam Tbk 7,500 30,559
Swedish Match AB 3,076 173,911
Vector Group Ltd. 2,625 34,492
Total   419,002
Total Consumer Staples 1,655,933
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2020
43

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Energy 0.1%
Energy Equipment & Services 0.0%
DMC Global Inc 925 38,693
Liberty Oilfield Services, Inc., Class A 3,600 30,528
Matrix Service Co.(b) 6,100 122,732
NexTier Oilfield Solutions, Inc.(b) 22,300 114,845
Total   306,798
Oil, Gas & Consumable Fuels 0.1%
California Resources Corp.(b) 5,200 38,168
Canadian Natural Resources Ltd. 2,000 56,249
Cenovus Energy, Inc. 4,000 34,819
China Coal Energy Co., Ltd., Class H 40,000 13,608
Coal India Ltd. 32,668 82,909
CVR Energy, Inc. 3,675 127,192
Delek U.S. Holdings, Inc. 2,900 79,634
Denbury Resources, Inc.(b) 6,600 6,501
Dorian LPG Ltd.(b) 1,200 15,744
ENI SpA 5,148 72,111
Lukoil PJSC 303 30,976
Lundin Petroleum AB 485 14,751
Motor Oil Hellas Corinth Refineries SA 1,256 26,670
OMV AG 660 32,798
PT Bukit Asam Tbk 53,500 8,595
Royal Dutch Shell PLC, Class B 358 9,407
Southwestern Energy Co.(b) 12,600 19,782
Suncor Energy, Inc. 5,000 152,826
W&T Offshore, Inc.(b) 5,200 21,528
World Fuel Services Corp. 1,950 76,284
Yanzhou Coal Mining Co., Ltd., Class H 100,000 73,784
Total   994,336
Total Energy 1,301,134
Financials 0.4%
Banks 0.2%
Atlantic Capital Bancshares, Inc.(b) 1,000 18,870
Bancorp, Inc. (The)(b) 12,100 143,143
Bank Leumi Le-Israel BM 10,493 75,444
BNP Paribas SA 3,077 163,289
Cathay General Bancorp 4,250 153,255
Common Stocks (continued)
Issuer Shares Value ($)
China Merchants Bank Co., Ltd., Class H 7,000 33,751
ConnectOne Bancorp, Inc. 5,200 122,772
Customers Bancorp, Inc.(b) 5,650 120,797
First BanCorp 13,700 126,999
Fulton Financial Corp. 6,250 102,937
Great Southern Bancorp, Inc. 1,950 110,974
Grupo Financiero Banorte SAB de CV, Class O 21,027 129,586
Hilltop Holdings, Inc. 5,750 130,180
Independent Bank Group, Inc. 2,750 147,180
International Bancshares Corp. 3,665 144,401
Investors Bancorp, Inc. 3,500 42,298
Israel Discount Bank Ltd. 13,430 60,914
Mediobanca Banca di Credito Finanziario SpA 7,014 69,969
Metropolitan Bank Holding Corp.(b) 375 18,431
Midland States Bancorp, Inc. 2,650 70,013
National Bank of Canada 2,000 110,972
Nicolet Bankshares, Inc.(b) 910 64,292
OFG Bancorp 6,250 123,187
Postal Savings Bank of China Co., Ltd.(c) 125,000 77,781
Powszechna Kasa Oszczednosci Bank Polski SA 6,146 54,164
Preferred Bank 1,725 103,690
Raiffeisen Bank International AG 1,701 38,747
RHB Bank Bhd 74,400 103,303
Shinhan Financial Group Co., Ltd. 426 13,902
Standard Bank Group Ltd. 12,703 132,502
Sumitomo Mitsui Financial Group, Inc. 1,000 35,159
Sumitomo Mitsui Trust Holdings, Inc. 400 14,748
United Community Banks, Inc. 2,650 73,988
Total   2,931,638
Capital Markets 0.0%
Cohen & Steers, Inc. 2,275 168,304
Federated Hermes, Inc., Class B 4,900 177,527
Korea Investment Holdings Co., Ltd.(b) 1,701 93,556
Samsung Securities Co., Ltd. 3,330 97,283
Singapore Exchange 1,600 10,151
Waddell & Reed Financial, Inc., Class A 2,550 40,749
Total   587,570
 
The accompanying Notes to Financial Statements are an integral part of this statement.
44 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Finance 0.0%
Encore Capital Group, Inc.(b) 3,725 126,464
Enova International, Inc.(b) 5,000 125,300
Nelnet, Inc., Class A 870 49,816
Regional Management Corp.(b) 4,425 121,909
Total   423,489
Insurance 0.1%
Ageas 1,617 89,164
Allianz SE, Registered Shares 903 215,586
American Equity Investment Life Holding Co. 4,000 105,640
Assicurazioni Generali SpA 8,712 169,759
AXA SA 2,915 77,514
CNP Assurances 4,040 72,721
Dai-ichi Life Holdings, Inc. 1,400 20,778
Employers Holdings, Inc. 3,225 137,546
Genworth Financial, Inc., Class A(b) 14,100 57,810
iA Financial Corp., Inc. 400 22,013
Manulife Financial Corp. 600 11,688
Selective Insurance Group, Inc. 375 24,844
Swiss Life Holding AG, Registered Shares 297 149,294
Universal Insurance Holdings, Inc. 1,992 48,485
Total   1,202,842
Mortgage Real Estate Investment Trusts (REITS) 0.0%
Ares Commercial Real Estate Corp. 3,300 53,922
Ellington Financial, Inc. 6,450 117,841
PennyMac Mortgage Investment Trust 1,000 23,250
Total   195,013
Thrifts & Mortgage Finance 0.1%
Essent Group Ltd. 3,675 182,317
Federal Agricultural Mortgage Corp. 1,650 125,895
Flagstar Bancorp, Inc. 3,550 125,102
Meta Financial Group, Inc. 3,775 140,506
NMI Holdings, Inc., Class A(b) 4,950 158,004
Radian Group, Inc. 7,750 189,797
Total   921,621
Total Financials 6,262,173
Common Stocks (continued)
Issuer Shares Value ($)
Health Care 0.4%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.(b) 2,940 117,424
Acceleron Pharma, Inc.(b) 550 49,929
Arcutis Biotherapeutics, Inc.(b) 3,330 72,594
Arena Pharmaceuticals, Inc.(b) 2,640 120,622
Arrowhead Pharmaceuticals, Inc.(b) 1,100 46,101
Atara Biotherapeutics, Inc.(b) 2,190 28,974
BeiGene Ltd., ADR(b) 175 26,663
Black Diamond Therapeutics, Inc.(b) 2,031 76,162
bluebird bio, Inc.(b) 830 66,143
Blueprint Medicines Corp.(b) 990 62,815
CSL Ltd. 153 31,467
Dynavax Technologies Corp.(b) 10,035 50,677
Fate Therapeutics, Inc.(b) 2,350 59,596
Global Blood Therapeutics, Inc.(b) 670 43,724
Gossamer Bio, Inc.(b) 2,067 27,450
Immunomedics, Inc.(b) 6,830 126,833
Insmed, Inc.(b) 3,630 74,560
Karuna Therapeutics, Inc.(b) 210 19,931
Mirati Therapeutics, Inc.(b) 885 76,845
Precision BioSciences, Inc.(b) 3,924 31,745
Rubius Therapeutics, Inc.(b) 3,100 24,180
Sage Therapeutics, Inc.(b) 1,385 91,798
Sarepta Therapeutics, Inc.(b) 575 66,677
SpringWorks Therapeutics, Inc.(b) 2,983 93,905
TCR2 Therapeutics, Inc.(b) 3,910 57,399
Turning Point Therapeutics, Inc.(b) 1,477 86,404
Ultragenyx Pharmaceutical, Inc.(b) 590 31,004
uniQure NV(b) 1,180 67,921
Total   1,729,543
Health Care Equipment & Supplies 0.1%
Angiodynamics, Inc.(b) 6,700 92,259
CryoLife, Inc.(b) 2,475 73,607
Integer Holdings Corp.(b) 1,870 159,698
Lantheus Holdings, Inc.(b) 7,050 123,445
Meridian Bioscience, Inc. 7,200 70,848
Natus Medical, Inc.(b) 4,025 125,942
NuVasive, Inc.(b) 990 76,349
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2020
45

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Quidel Corp.(b) 1,235 94,848
Varex Imaging Corp.(b) 3,900 107,835
Total   924,831
Health Care Providers & Services 0.1%
Corvel Corp.(b) 1,060 97,064
Cross Country Healthcare, Inc.(b) 6,400 63,360
Magellan Health, Inc.(b) 2,020 147,885
Owens & Minor, Inc. 3,500 21,910
Tenet Healthcare Corp.(b) 1,325 41,923
Total   372,142
Health Care Technology 0.0%
HealthStream, Inc.(b) 4,750 121,363
Omnicell, Inc.(b) 1,980 160,934
Total   282,297
Life Sciences Tools & Services 0.0%
Medpace Holdings, Inc.(b) 1,855 158,695
Syneos Health, Inc.(b) 3,050 187,148
Total   345,843
Pharmaceuticals 0.1%
Aerie Pharmaceuticals, Inc.(b) 1,940 39,731
Amphastar Pharmaceuticals, Inc.(b) 5,650 106,842
Astellas Pharma, Inc. 10,600 187,303
GlaxoSmithKline PLC 9,028 211,972
GW Pharmaceuticals PLC, ADR(b) 810 93,579
Horizon Therapeutics PLC(b) 1,410 48,631
Novartis AG, Registered Shares 2,486 234,848
Novo Nordisk A/S, Class B 260 15,827
Odonate Therapeutics, Inc.(b) 2,400 70,080
Prestige Consumer Healthcare, Inc.(b) 3,525 142,974
Reata Pharmaceuticals, Inc., Class A(b) 710 155,341
Roche Holding AG, Genusschein Shares 879 294,877
Supernus Pharmaceuticals, Inc.(b) 1,575 36,020
Total   1,638,025
Total Health Care 5,292,681
Industrials 0.3%
Aerospace & Defense 0.0%
Safran SA 80 12,899
Common Stocks (continued)
Issuer Shares Value ($)
Air Freight & Logistics 0.0%
Echo Global Logistics, Inc.(b) 3,400 65,892
Radiant Logistics, Inc.(b) 13,500 65,205
Total   131,097
Airlines 0.0%
Air Canada(b) 3,900 130,638
Qantas Airways Ltd. 8,854 37,539
Skywest, Inc. 1,175 64,825
Total   233,002
Building Products 0.1%
American Woodmark Corp.(b) 1,510 165,571
Builders FirstSource, Inc.(b) 6,750 167,366
Caesarstone Ltd. 5,800 75,864
CSW Industrials, Inc. 1,885 143,034
Gibraltar Industries, Inc.(b) 2,940 160,289
Quanex Building Products Corp. 7,550 133,786
Total   845,910
Commercial Services & Supplies 0.0%
Brady Corp., Class A 1,675 92,745
Deluxe Corp. 1,475 71,095
Herman Miller, Inc. 3,250 125,612
HNI Corp. 3,275 117,802
Total   407,254
Construction & Engineering 0.1%
ACS Actividades de Construccion y Servicios SA 3,449 114,669
CIMIC Group Ltd. 4,582 88,658
EMCOR Group, Inc. 1,950 160,231
Great Lakes Dredge & Dock Corp.(b) 12,420 130,037
MasTec, Inc.(b) 2,550 147,263
Samsung Engineering Co., Ltd.(b) 5,115 72,771
Shimizu Corp. 14,100 144,621
Skanska AB, Class B 654 15,138
Total   873,388
Electrical Equipment 0.0%
Atkore International Group, Inc.(b) 4,025 159,793
Industrial Conglomerates 0.0%
CITIC Ltd. 73,000 82,547
 
The accompanying Notes to Financial Statements are an integral part of this statement.
46 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Machinery 0.1%
GEA Group AG 1,145 34,284
Lydall, Inc.(b) 4,300 87,892
Mitsubishi Heavy Industries Ltd. 3,400 124,023
Mueller Industries, Inc. 4,600 134,182
Rexnord Corp.(b) 2,600 84,890
Sinotruk Hong Kong Ltd. 28,500 48,936
SPX Corp.(b) 2,725 133,716
Weichai Power Co., Ltd., Class H 52,000 91,038
Total   738,961
Marine 0.0%
Costamare, Inc. 14,400 114,192
Professional Services 0.0%
Adecco Group AG, Registered Shares 691 40,484
Barrett Business Services, Inc. 1,400 115,962
FTI Consulting, Inc.(b) 610 73,237
Heidrick & Struggles International, Inc. 3,800 107,996
Kforce, Inc. 3,775 139,864
Wolters Kluwer NV 319 23,970
Total   501,513
Road & Rail 0.0%
ArcBest Corp. 2,245 50,086
Aurizon Holdings Ltd. 17,717 63,507
Total   113,593
Trading Companies & Distributors 0.0%
BMC Stock Holdings, Inc.(b) 5,500 160,518
Foundation Building Materials, Inc.(b) 6,000 106,980
GMS, Inc.(b) 5,025 134,268
MRC Global, Inc.(b) 10,200 114,852
Veritiv Corp.(b) 7,950 111,936
Total   628,554
Transportation Infrastructure 0.0%
International Container Terminal Services, Inc. 19,280 49,153
Kamigumi Co., Ltd. 3,400 72,650
Total   121,803
Total Industrials 4,964,506
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 0.3%
Communications Equipment 0.0%
ADTRAN, Inc. 5,750 52,037
Comtech Telecommunications Corp. 2,775 80,225
Telefonaktiebolaget LM Ericsson, Class B 1,094 8,602
Total   140,864
Electronic Equipment, Instruments & Components 0.1%
Badger Meter, Inc. 300 17,718
Benchmark Electronics, Inc. 4,325 133,123
Methode Electronics, Inc. 3,600 117,900
Rogers Corp.(b) 1,180 138,945
Sanmina Corp.(b) 4,700 149,648
Vishay Intertechnology, Inc. 7,900 160,291
Vishay Precision Group, Inc.(b) 3,725 128,662
Zhen Ding Technology Holding Ltd. 10,000 38,676
Total   884,963
IT Services 0.1%
Cardtronics PLC, Class A(b) 3,625 163,125
Cass Information Systems, Inc. 510 27,550
EVERTEC, Inc. 4,250 142,673
Hackett Group 2,050 31,683
KBR, Inc. 4,850 131,920
MAXIMUS, Inc. 880 63,140
NIC, Inc. 6,100 120,353
Otsuka Corp. 900 35,095
Perspecta, Inc. 6,000 168,420
TTEC Holdings, Inc. 2,725 108,237
Wipro Ltd. 13,481 44,840
Total   1,037,036
Semiconductors & Semiconductor Equipment 0.1%
Advantest Corp. 300 15,651
Amkor Technology, Inc.(b) 11,170 125,663
Cirrus Logic, Inc.(b) 220 16,898
GlobalWafers Co., Ltd. 4,000 51,597
Novatek Microelectronics 14,000 98,716
Realtek Semiconductor Corp. 10,000 80,345
Synaptics, Inc.(b) 2,460 164,057
Tokyo Electron Ltd. 900 197,952
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2020
47

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Ultra Clean Holdings, Inc.(b) 5,750 132,307
Xperi Corp. 7,250 116,653
Total   999,839
Software 0.0%
CommVault Systems, Inc.(b) 3,225 145,189
j2 Global, Inc. 1,945 186,448
Progress Software Corp. 3,475 156,827
Qualys, Inc.(b) 1,860 159,476
SPS Commerce, Inc.(b) 2,460 139,802
Total   787,742
Technology Hardware, Storage & Peripherals 0.0%
Chicony Electronics Co., Ltd. 36,000 101,366
FUJIFILM Holdings Corp. 300 14,899
Lenovo Group Ltd. 100,000 65,250
Lite-On Technology Corp. 30,000 46,476
Samsung Electronics Co., Ltd. 4,816 223,140
Total   451,131
Total Information Technology 4,301,575
Materials 0.1%
Chemicals 0.0%
Chase Corp. 460 42,306
Covestro AG 1,160 48,886
Innospec, Inc. 1,170 117,854
Koppers Holdings, Inc.(b) 925 29,027
Solvay SA 250 25,910
Total   263,983
Construction Materials 0.0%
Anhui Conch Cement Co., Ltd., Class H 10,000 63,827
Asia Cement Corp. 23,000 34,211
U.S. Concrete, Inc.(b) 3,125 111,219
Total   209,257
Metals & Mining 0.1%
Anglo American PLC 1,046 27,294
BHP Group Ltd. 6,889 176,661
Commercial Metals Co. 3,950 81,173
Fortescue Metals Group Ltd. 12,969 96,072
Kirkland Lake Gold Ltd. 400 16,403
Materion Corp. 2,180 118,374
Common Stocks (continued)
Issuer Shares Value ($)
MMC Norilsk Nickel PJSC 191 61,921
Rio Tinto PLC 3,339 178,551
Schnitzer Steel Industries, Inc., Class A 5,600 90,048
Vale SA 900 10,587
Total   857,084
Paper & Forest Products 0.0%
Schweitzer-Mauduit International, Inc. 3,650 127,859
Verso Corp., Class A(b) 8,000 134,800
Total   262,659
Total Materials 1,592,983
Real Estate 0.1%
Equity Real Estate Investment Trusts (REITS) 0.1%
Alexander’s, Inc. 50 16,134
American Assets Trust, Inc. 2,850 129,846
Ashford Hospitality Trust, Inc. 32,900 80,934
CoreCivic, Inc. 6,900 110,055
CorEnergy Infrastructure Trust, Inc. 2,866 130,690
EastGroup Properties, Inc. 1,360 185,055
Fortress REIT Ltd., Class A 65,781 80,865
GEO Group, Inc. (The) 3,250 51,350
Independence Realty Trust, Inc. 5,200 76,284
Investors Real Estate Trust 1,903 140,251
Klepierre 1,338 45,481
Lexington Realty Trust 13,800 152,766
PS Business Parks, Inc. 973 163,036
Retail Value, Inc. 3,753 123,361
Ryman Hospitality Properties, Inc. 380 32,311
Uniti Group, Inc. 15,500 98,115
Washington Prime Group, Inc. 9,600 28,896
Xenia Hotels & Resorts, Inc. 4,750 88,778
Total   1,734,208
Real Estate Management & Development 0.0%
Aldar Properties PJSC 33,269 20,096
China Aoyuan Group Ltd. 17,000 22,655
Daito Trust Construction Co., Ltd. 100 11,780
Emaar Properties PJSC 49,489 54,002
Logan Property Holdings Co., Ltd. 28,000 42,324
 
The accompanying Notes to Financial Statements are an integral part of this statement.
48 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
RE/MAX Holdings, Inc., Class A 450 17,226
RMR Group, Inc. (The), Class A 2,600 119,782
Total   287,865
Total Real Estate 2,022,073
Utilities 0.1%
Electric Utilities 0.0%
Endesa SA 1,154 31,686
Enel SpA 5,100 44,453
Manila Electric Co. 3,980 20,045
Otter Tail Corp. 275 14,729
Portland General Electric Co. 3,235 198,952
Total   309,865
Gas Utilities 0.1%
Chesapeake Utilities Corp. 1,410 135,656
Naturgy Energy Group SA 5,591 147,461
PT Perusahaan Gas Negara Persero Tbk 636,900 78,936
Southwest Gas Holdings, Inc. 1,950 147,245
Total   509,298
Independent Power and Renewable Electricity Producers 0.0%
Colbun SA 315,957 45,994
Multi-Utilities 0.0%
Avista Corp. 2,975 151,279
NorthWestern Corp. 1,855 142,780
Unitil Corp. 1,025 63,232
Total   357,291
Total Utilities 1,222,448
Total Common Stocks
(Cost $32,070,241)
33,662,267
Equity Funds 40.6%
  Shares Value ($)
International 11.0%
Columbia Contrarian Europe Fund, Institutional 3 Class(a) 6,044,726 42,010,847
Columbia Emerging Markets Fund, Institutional 3 Class(a) 2,559,923 35,685,319
Columbia Overseas Core Fund, Institutional 3 Class(a) 3,334,736 32,647,070
Columbia Overseas Value Fund, Institutional 3 Class(a) 1,980,857 18,540,820
Equity Funds (continued)
  Shares Value ($)
Columbia Pacific/Asia Fund, Institutional 3 Class(a) 3,561,733 35,831,036
Total 164,715,092
U.S. Large Cap 28.2%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 2,408,985 66,150,725
Columbia Disciplined Core Fund, Institutional 3 Class(a) 5,205,619 62,311,255
Columbia Disciplined Growth Fund, Institutional 3 Class(a) 6,326,962 60,295,947
Columbia Disciplined Value Fund, Institutional 3 Class(a) 9,409,345 85,907,321
Columbia Large Cap Growth Fund, Institutional 3 Class(a),(b) 462,515 21,793,693
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 3,994,903 60,083,348
Columbia Select Large Cap Growth Fund, Institutional 3 Class(a),(b) 2,435,485 34,267,279
Columbia Select Large Cap Value Fund, Institutional 3 Class(a) 1,138,655 29,775,830
Total 420,585,398
U.S. Small Cap 1.4%
Columbia Small Cap Index Fund, Institutional 3 Class(a) 964,290 21,243,313
Total Equity Funds
(Cost $537,574,818)
606,543,803
Fixed Income Funds 43.5%
Emerging Markets 1.6%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 2,070,031 23,805,356
High Yield 7.0%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 2,373,641 7,049,713
Columbia Income Opportunities Fund, Institutional 3 Class(a) 9,683,066 97,314,815
Total 104,364,528
Inflation Protected Securities 1.0%
Columbia Inflation Protected Securities Fund, Institutional 3 Class(a),(b) 1,476,692 14,796,451
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2020
49

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2020
Fixed Income Funds (continued)
  Shares Value ($)
Investment Grade 33.9%
Columbia Corporate Income Fund, Institutional 3 Class(a) 5,693,909 62,177,484
Columbia Limited Duration Credit Fund, Institutional 3 Class(a) 3,328,118 33,780,404
Columbia Mortgage Opportunities Fund, Institutional 3 Class(a) 2,369,716 24,076,313
Columbia Quality Income Fund, Institutional 3 Class(a) 11,510,486 64,458,721
Columbia Short Term Bond Fund, Institutional 3 Class(a) 6,262,653 62,877,039
Columbia Total Return Bond Fund, Institutional 3 Class(a) 20,089,529 188,238,886
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 6,095,590 71,318,406
Total 506,927,253
Total Fixed Income Funds
(Cost $634,843,973)
649,893,588
    
Preferred Stocks 0.0%
Issuer   Shares Value ($)
Utilities 0.0%
Electric Utilities 0.0%
Cia Energetica de Minas Gerais   4,300 15,021
Total Utilities 15,021
Total Preferred Stocks
(Cost $14,823)
15,021
Money Market Funds 9.0%
  Shares Value ($)
Columbia Government Money Market Fund, Institutional 3 Class, 1.151%(a),(d) 12,497,298 12,497,298
Columbia Short-Term Cash Fund, 1.648%(a),(d) 121,408,505 121,408,505
Total Money Market Funds
(Cost $133,896,135)
133,905,803
Total Investments in Securities
(Cost: $1,402,417,400)
1,482,369,391
Other Assets & Liabilities, Net   10,612,105
Net Assets 1,492,981,496
 
At January 31, 2020, securities and/or cash totaling $13,436,621 were pledged as collateral.
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold
Currency to
be purchased
Counterparty Settlement
date
Unrealized
appreciation ($)
Unrealized
depreciation ($)
127,000 AUD 85,785 USD Morgan Stanley 03/26/2020 691
49,000 EUR 54,109 USD Morgan Stanley 03/26/2020 (409)
351,000 ILS 101,947 USD Morgan Stanley 03/26/2020 (2)
252,515,000 KRW 214,252 USD Morgan Stanley 03/26/2020 2,975
810,000 MXN 42,983 USD Morgan Stanley 03/26/2020 441
394,000 MYR 96,254 USD Morgan Stanley 03/26/2020 431
5,628,000 TWD 187,643 USD Morgan Stanley 03/26/2020 1,896
64,015 USD 271,000 BRL Morgan Stanley 03/26/2020 (908)
53,664 USD 363,000 DKK Morgan Stanley 03/26/2020 404
160,397 USD 123,000 GBP Morgan Stanley 03/26/2020 2,250
107,247 USD 7,689,000 INR Morgan Stanley 03/26/2020 (538)
32,183 USD 295,000 NOK Morgan Stanley 03/26/2020 (104)
The accompanying Notes to Financial Statements are an integral part of this statement.
50 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2020
Forward foreign currency exchange contracts (continued)
Currency to
be sold
Currency to
be purchased
Counterparty Settlement
date
Unrealized
appreciation ($)
Unrealized
depreciation ($)
86,010 USD 117,000 SGD Morgan Stanley 03/26/2020 (258)
1,261,000 ZAR 85,588 USD Morgan Stanley 03/26/2020 2,143
Total       11,231 (2,219)
    
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
CAC40 Index 72 02/2020 EUR 4,178,880 (178,996)
EURO STOXX 50 Index 292 03/2020 EUR 10,625,880 (400,044)
FTSE 100 Index 150 03/2020 GBP 10,826,250 (656,474)
FTSE/MIB Index 72 03/2020 EUR 8,358,840 (195,320)
MSCI EAFE Index Future 353 03/2020 USD 34,885,225 (446,757)
Russell 2000 Index E-mini 2 03/2020 USD 161,470 (3,405)
S&P 500 Index E-mini 713 03/2020 USD 114,935,600 2,780,714
U.S. Treasury 10-Year Note 401 03/2020 USD 52,794,156 857,589
U.S. Treasury 5-Year Note 399 03/2020 USD 48,007,805 532,281
U.S. Ultra Treasury Bond 159 03/2020 USD 30,796,313 1,129,830
Total         5,300,414 (1,880,996)
    
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI Emerging Markets Index (469) 03/2020 USD (24,624,845) 768,490
Russell 2000 Index E-mini (32) 03/2020 USD (2,583,520) 35,201
TOPIX Index (90) 03/2020 JPY (1,511,100,000) 341,733
Total         1,145,424
    
Cleared credit default swap contracts - sell protection
Reference
entity
Counterparty Maturity
date
Receive
fixed
rate
(%)
Payment
frequency
Implied
credit
spread
(%)*
Notional
currency
Notional
amount
Value
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CDX Emerging Markets Index, Series 32 Morgan Stanley 12/20/2024 1.000 Quarterly 1.972 USD 22,965,000 78,506 78,506
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended January 31, 2020 are as follows:
    
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Commodity Strategy Fund, Institutional 3 Class
  3,124,092 102,181 (114,017) 3,112,256 (156,992) (689,882) 168,023 12,915,862
Columbia Contrarian Core Fund, Institutional 3 Class
  2,769,016 146,178 (506,209) 2,408,985 3,041,098 3,299,818 6,662,837 766,499 66,150,725
The accompanying Notes to Financial Statements are an integral part of this statement.
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51

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2020
Notes to Portfolio of Investments  (continued)
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Contrarian Europe Fund, Institutional 3 Class
  6,898,163 159,608 (1,013,045) 6,044,726 1,222,308 4,384,163 1,037,957 42,010,847
Columbia Corporate Income Fund, Institutional 3 Class
  6,181,014 227,884 (714,989) 5,693,909 170,900 6,022,839 2,046,775 62,177,484
Columbia Disciplined Core Fund, Institutional 3 Class
  5,442,297 518,907 (755,585) 5,205,619 5,111,318 4,748,389 (1,810,678) 933,755 62,311,255
Columbia Disciplined Growth Fund, Institutional 3 Class
  6,999,353 1,287,537 (1,959,928) 6,326,962 3,744,261 (550,574) 5,756,123 407,715 60,295,947
Columbia Disciplined Value Fund, Institutional 3 Class
  9,806,640 2,684,019 (3,081,314) 9,409,345 7,490,926 1,853,461 (2,900,530) 1,909,887 85,907,321
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  2,168,043 103,729 (201,741) 2,070,031 83,495 985,841 888,749 23,805,356
Columbia Emerging Markets Fund, Institutional 3 Class
  3,061,939 19,947 (521,963) 2,559,923 2,010,229 3,477,136 190,951 35,685,319
Columbia Government Money Market Fund, Institutional 3 Class, 1.151%
  13,145,286 479,948 (1,127,936) 12,497,298 4,076 239,432 12,497,298
Columbia High Yield Bond Fund, Institutional 3 Class
  2,582,894 159,546 (368,799) 2,373,641 (8,716) 389,004 379,068 7,049,713
Columbia Income Opportunities Fund, Institutional 3 Class
  10,095,885 534,130 (946,949) 9,683,066 147,780 5,113,179 4,901,806 97,314,815
Columbia Inflation Protected Securities Fund, Institutional 3 Class
  1,576,694 9,506 (109,508) 1,476,692 (58,134) 1,331,390 14,796,451
Columbia Large Cap Growth Fund, Institutional 3 Class
  541,001 38,567 (117,053) 462,515 1,681,707 2,854,701 812,805 21,793,693
Columbia Limited Duration Credit Fund, Institutional 3 Class
  3,427,134 110,910 (209,926) 3,328,118 37,330 1,456,564 876,205 33,780,404
Columbia Mortgage Opportunities Fund, Institutional 3 Class
  2,381,862 120,150 (132,296) 2,369,716 194,744 25,945 463,735 838,537 24,076,313
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class
  468,858 468,858 (276,625) 3,450,790
Columbia Multi-Asset Income Fund, Institutional 3 Class
  4,083,799 253,212 4,337,011 2,481,187 2,379,342 41,982,257
Columbia Overseas Core Fund, Institutional 3 Class
  3,610,483 142,182 (417,929) 3,334,736 126,903 (187,547) 2,523,002 1,196,585 32,647,070
Columbia Overseas Value Fund, Institutional 3 Class
  2,118,039 84,778 (221,960) 1,980,857 37,786 125,104 704,684 715,681 18,540,820
Columbia Pacific/Asia Fund, Institutional 3 Class
  3,938,288 267,427 (643,982) 3,561,733 1,738,028 1,314,516 1,578,828 879,405 35,831,036
Columbia Quality Income Fund, Institutional 3 Class
  11,817,020 441,281 (747,815) 11,510,486 7,113 2,582,050 1,946,105 64,458,721
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  4,550,296 242,264 (797,657) 3,994,903 2,606,927 1,863,119 6,069,149 738,602 60,083,348
The accompanying Notes to Financial Statements are an integral part of this statement.
52 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2020
Notes to Portfolio of Investments  (continued)
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Select Large Cap Growth Fund, Institutional 3 Class
  2,233,285 674,338 (472,138) 2,435,485 9,272,126 776,020 (3,346,360) 34,267,279
Columbia Select Large Cap Value Fund, Institutional 3 Class
  1,210,948 80,422 (152,715) 1,138,655 1,463,357 2,088,916 (1,001,834) 596,911 29,775,830
Columbia Short Term Bond Fund, Institutional 3 Class
  6,038,199 224,454 6,262,653 913,843 2,245,410 62,877,039
Columbia Short-Term Cash Fund, 1.648%
  101,586,963 118,952,009 (99,130,467) 121,408,505 (909) 12,222 2,437,747 121,408,505
Columbia Small Cap Index Fund, Institutional 3 Class
  902,578 61,712 964,290 1,101,333 (90,868) 276,844 21,243,313
Columbia Total Return Bond Fund, Institutional 3 Class
  20,774,287 1,102,021 (1,786,779) 20,089,529 2,425,228 312,786 8,664,742 6,301,001 188,238,886
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  6,424,786 195,674 (524,870) 6,095,590 199,803 4,333,464 1,471,566 71,318,406
Total         40,039,818 22,178,861 56,602,010 36,770,558 1,448,692,103
    
(b) Non-income producing investment.
(c) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At January 31, 2020, the total value of these securities amounted to $148,758, which represents 0.01% of total net assets.
(d) The rate shown is the seven-day current annualized yield at January 31, 2020.
Abbreviation Legend
ADR American Depositary Receipt
Currency Legend
AUD Australian Dollar
BRL Brazilian Real
DKK Danish Krone
EUR Euro
GBP British Pound
ILS New Israeli Sheqel
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
SGD Singapore Dollar
TWD New Taiwan Dollar
USD US Dollar
ZAR South African Rand
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2020
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at January 31, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Alternative Strategies Funds 58,348,909 58,348,909
Common Stocks        
Communication Services 550,055 615,244 1,165,299
Consumer Discretionary 2,952,854 928,608 3,881,462
Consumer Staples 896,570 759,363 1,655,933
Energy 935,525 365,609 1,301,134
Financials 4,392,694 1,869,479 6,262,173
Health Care 4,316,387 976,294 5,292,681
Industrials 3,847,619 1,116,887 4,964,506
Information Technology 3,278,970 1,022,605 4,301,575
Materials 879,650 713,333 1,592,983
Real Estate 1,744,870 277,203 2,022,073
Utilities 899,867 322,581 1,222,448
Total Common Stocks 24,695,061 8,967,206 33,662,267
Equity Funds 606,543,803 606,543,803
Fixed Income Funds 649,893,588 649,893,588
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Portfolio, January 31, 2020
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Preferred Stocks        
Utilities 15,021 15,021
Total Preferred Stocks 15,021 15,021
Money Market Funds 133,905,803 133,905,803
Total Investments in Securities 1,473,402,185 8,967,206 1,482,369,391
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts 11,231 11,231
Futures Contracts 6,445,838 6,445,838
Swap Contracts 78,506 78,506
Liability        
Forward Foreign Currency Exchange Contracts (2,219) (2,219)
Futures Contracts (1,880,996) (1,880,996)
Total 1,477,967,027 9,054,724 1,487,021,751
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Derivative instruments are valued at unrealized appreciation (depreciation).
Forward foreign currency exchange contracts, futures contracts and swap contracts 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 2020
55

Table of Contents
Portfolio of Investments
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2020
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 3.9%
  Shares Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class(a) 4,610,900 19,135,237
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class(a),(b) 468,857 3,450,790
Columbia Multi-Asset Income Fund, Institutional 3 Class(a) 5,879,855 56,916,993
Total Alternative Strategies Funds
(Cost $87,336,123)
79,503,020
Common Stocks 1.7%
Issuer Shares Value ($)
Communication Services 0.0%
Diversified Telecommunication Services 0.0%
Hellenic Telecommunications Organization SA 2,044 30,526
Nippon Telegraph & Telephone Corp. 4,800 122,386
Telekom Malaysia Bhd 40,500 38,033
Total   190,945
Entertainment 0.0%
Square Enix Holdings Co., Ltd. 400 19,636
Toho Co., Ltd. 1,100 40,523
Total   60,159
Interactive Media & Services 0.0%
Auto Trader Group PLC 3,569 26,335
DHI Group, Inc.(b) 21,700 60,760
Meet Group, Inc. (The)(b) 29,700 158,301
Momo, Inc., ADR 1,281 39,199
Tencent Holdings Ltd. 500 23,845
Yelp, Inc.(b) 500 16,300
Total   324,740
Media 0.0%
Gray Television, Inc.(b) 3,400 68,952
Informa PLC 2,373 24,240
National CineMedia, Inc. 8,100 59,778
TechTarget, Inc.(b) 5,450 138,376
WPP PLC 5,774 71,791
Total   363,137
Common Stocks (continued)
Issuer Shares Value ($)
Wireless Telecommunication Services 0.0%
Advanced Info Service PCL 4,700 30,556
Gogo(b) 8,600 45,236
Total   75,792
Total Communication Services 1,014,773
Consumer Discretionary 0.2%
Auto Components 0.0%
Dana, Inc. 2,300 35,443
Hyundai Mobis Co., Ltd. 36 6,884
Magna International, Inc. 2,278 115,484
Modine Manufacturing Co.(b) 6,900 48,507
Total   206,318
Automobiles 0.0%
BAIC Motor Corp., Ltd., Class H(c) 100,500 49,536
Fiat Chrysler Automobiles NV 755 9,835
Peugeot SA 4,091 84,235
Total   143,606
Distributors 0.0%
Funko, Inc., Class A(b) 6,750 101,453
Diversified Consumer Services 0.0%
Collectors Universe, Inc. 4,950 121,572
K12, Inc.(b) 5,000 80,700
Perdoceo Education Corp.(b) 5,200 92,456
Total   294,728
Hotels, Restaurants & Leisure 0.1%
Boyd Gaming Corp. 650 19,403
Brinker International, Inc. 1,925 82,178
Dine Brands Global, Inc. 1,800 153,450
Everi Holdings, Inc.(b) 12,800 160,000
Marriott Vacations Worldwide Corp. 1,150 138,276
SeaWorld Entertainment, Inc.(b) 5,150 177,469
Total   730,776
The accompanying Notes to Financial Statements are an integral part of this statement.
56 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Household Durables 0.0%
Berkeley Group Holdings PLC 637 44,077
M/I Homes, Inc.(b) 2,600 115,414
Sekisui House Ltd. 4,700 101,060
Sony Corp. 2,100 146,846
Taylor Morrison Home Corp., Class A(b) 7,150 185,042
Total   592,439
Internet & Direct Marketing Retail 0.0%
Alibaba Group Holding Ltd., ADR(b) 235 48,548
Stamps.com, Inc.(b) 1,230 91,623
Total   140,171
Leisure Products 0.0%
Malibu Boats, Inc., Class A(b) 4,025 176,255
MasterCraft Boat Holdings, Inc.(b) 3,150 55,345
Sturm Ruger & Co., Inc. 1,550 76,756
Total   308,356
Specialty Retail 0.1%
Genesco, Inc.(b) 2,625 103,215
GNC Holdings, Inc., Class A(b) 22,800 48,792
Hibbett Sports, Inc.(b) 4,650 115,227
Lithia Motors, Inc., Class A 1,010 136,996
Petrobras Distribuidora SA 2,000 13,469
Rent-A-Center, Inc. 3,130 91,177
Restoration Hardware Holdings, Inc.(b) 355 74,106
Sleep Number Corp.(b) 2,275 117,367
Sportsman’s Warehouse Holdings, Inc.(b) 14,500 93,960
Tilly’s, Inc. 2,200 18,700
Zumiez, Inc.(b) 3,050 95,069
Total   908,078
Textiles, Apparel & Luxury Goods 0.0%
Adidas AG 91 28,767
Burberry Group PLC 1,999 51,255
Deckers Outdoor Corp.(b) 990 189,001
Kering SA 191 116,705
Pandora A/S 179 9,282
Total   395,010
Total Consumer Discretionary 3,820,935
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Staples 0.1%
Beverages 0.0%
Coca-Cola European Partners PLC 1,746 91,857
Food & Staples Retailing 0.1%
Coles Group Ltd. 3,897 42,762
Ingles Markets, Inc., Class A 3,250 135,492
Koninklijke Ahold Delhaize NV 4,850 119,026
Loblaw Companies Ltd. 100 5,232
SpartanNash Co. 8,600 104,748
Welcia Holdings Co., Ltd. 500 27,457
Total   434,717
Food Products 0.0%
China Milk Products Group Ltd.(b),(d),(e) 322,000 0
JBS SA 12,000 77,252
John B. Sanfilippo & Son, Inc. 1,640 138,252
Nestlé SA, Registered Shares 138 15,220
Tingyi Cayman Islands Holding Corp. 6,000 10,122
Uni-President Enterprises Corp. 20,000 47,650
Total   288,496
Household Products 0.0%
Kimberly-Clark de Mexico SAB de CV(b) 6,423 13,288
Personal Products 0.0%
Edgewell Personal Care Co.(b) 2,700 69,714
Medifast, Inc. 1,240 119,821
Usana Health Sciences, Inc.(b) 1,505 92,859
Total   282,394
Tobacco 0.0%
British American Tobacco PLC 2,847 125,538
PT Gudang Garam Tbk 5,200 21,187
Swedish Match AB 2,145 121,274
Vector Group Ltd. 2,940 38,632
Total   306,631
Total Consumer Staples 1,417,383
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2020
57

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Energy 0.1%
Energy Equipment & Services 0.0%
DMC Global Inc 1,025 42,876
Liberty Oilfield Services, Inc., Class A 4,000 33,920
Matrix Service Co.(b) 6,750 135,810
NexTier Oilfield Solutions, Inc.(b) 24,800 127,720
Total   340,326
Oil, Gas & Consumable Fuels 0.1%
California Resources Corp.(b) 5,775 42,388
Canadian Natural Resources Ltd. 1,400 39,374
Cenovus Energy, Inc. 2,800 24,374
China Coal Energy Co., Ltd., Class H 28,000 9,526
Coal India Ltd. 22,783 57,822
CVR Energy, Inc. 4,075 141,036
Delek U.S. Holdings, Inc. 3,200 87,872
Denbury Resources, Inc.(b) 7,300 7,191
Dorian LPG Ltd.(b) 1,300 17,056
ENI SpA 3,588 50,259
Lukoil PJSC 211 21,570
Lundin Petroleum AB 338 10,280
Motor Oil Hellas Corinth Refineries SA 876 18,601
OMV AG 460 22,859
PT Bukit Asam Tbk 37,300 5,993
Royal Dutch Shell PLC, Class B 250 6,569
Southwestern Energy Co.(b) 13,900 21,823
Suncor Energy, Inc. 3,500 106,978
W&T Offshore, Inc.(b) 5,700 23,598
World Fuel Services Corp. 2,175 85,086
Yanzhou Coal Mining Co., Ltd., Class H 70,000 51,649
Total   851,904
Total Energy 1,192,230
Financials 0.3%
Banks 0.1%
Atlantic Capital Bancshares, Inc.(b) 1,100 20,757
Bancorp, Inc. (The)(b) 13,400 158,522
Bank Leumi Le-Israel BM 7,318 52,616
BNP Paribas SA 2,145 113,830
Cathay General Bancorp 4,700 169,482
Common Stocks (continued)
Issuer Shares Value ($)
China Merchants Bank Co., Ltd., Class H 5,000 24,108
ConnectOne Bancorp, Inc. 5,800 136,938
Customers Bancorp, Inc.(b) 6,290 134,480
First BanCorp 15,300 141,831
Fulton Financial Corp. 6,900 113,643
Great Southern Bancorp, Inc. 2,150 122,356
Grupo Financiero Banorte SAB de CV, Class O 14,639 90,218
Hilltop Holdings, Inc. 6,350 143,764
Independent Bank Group, Inc. 3,050 163,236
International Bancshares Corp. 4,065 160,161
Investors Bancorp, Inc. 3,900 47,131
Israel Discount Bank Ltd. 9,368 42,490
Mediobanca Banca di Credito Finanziario SpA 4,889 48,771
Metropolitan Bank Holding Corp.(b) 400 19,660
Midland States Bancorp, Inc. 2,950 77,939
National Bank of Canada 1,400 77,680
Nicolet Bankshares, Inc.(b) 1,000 70,650
OFG Bancorp 6,900 135,999
Postal Savings Bank of China Co., Ltd.(c) 87,000 54,135
Powszechna Kasa Oszczednosci Bank Polski SA 4,279 37,710
Preferred Bank 1,925 115,712
Raiffeisen Bank International AG 1,186 27,016
RHB Bank Bhd 51,800 71,923
Shinhan Financial Group Co., Ltd. 297 9,692
Standard Bank Group Ltd. 8,853 92,344
Sumitomo Mitsui Financial Group, Inc. 700 24,612
Sumitomo Mitsui Trust Holdings, Inc. 300 11,061
United Community Banks, Inc. 2,950 82,364
Total   2,792,831
Capital Markets 0.0%
Cohen & Steers, Inc. 2,525 186,799
Federated Hermes, Inc., Class B 5,425 196,548
Korea Investment Holdings Co., Ltd.(b) 1,186 65,231
Samsung Securities Co., Ltd. 2,322 67,835
Singapore Exchange 1,100 6,979
Waddell & Reed Financial, Inc., Class A 2,800 44,744
Total   568,136
 
The accompanying Notes to Financial Statements are an integral part of this statement.
58 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Finance 0.0%
Encore Capital Group, Inc.(b) 4,125 140,044
Enova International, Inc.(b) 5,550 139,083
Nelnet, Inc., Class A 950 54,397
Regional Management Corp.(b) 4,900 134,995
Total   468,519
Insurance 0.1%
Ageas 1,127 62,144
Allianz SE, Registered Shares 630 150,408
American Equity Investment Life Holding Co. 4,400 116,204
Assicurazioni Generali SpA 6,059 118,064
AXA SA 2,032 54,034
CNP Assurances 2,817 50,707
Dai-ichi Life Holdings, Inc. 1,000 14,841
Employers Holdings, Inc. 3,575 152,474
Genworth Financial, Inc., Class A(b) 15,700 64,370
iA Financial Corp., Inc. 300 16,510
Manulife Financial Corp. 400 7,792
Selective Insurance Group, Inc. 400 26,500
Swiss Life Holding AG, Registered Shares 207 104,054
Universal Insurance Holdings, Inc. 2,173 52,891
Total   990,993
Mortgage Real Estate Investment Trusts (REITS) 0.0%
Ares Commercial Real Estate Corp. 3,700 60,458
Ellington Financial, Inc. 7,150 130,630
PennyMac Mortgage Investment Trust 1,100 25,575
Total   216,663
Thrifts & Mortgage Finance 0.1%
Essent Group Ltd. 4,075 202,161
Federal Agricultural Mortgage Corp. 1,830 139,629
Flagstar Bancorp, Inc. 3,950 139,198
Meta Financial Group, Inc. 4,175 155,393
NMI Holdings, Inc., Class A(b) 5,500 175,560
Radian Group, Inc. 8,600 210,614
Total   1,022,555
Total Financials 6,059,697
Common Stocks (continued)
Issuer Shares Value ($)
Health Care 0.3%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.(b) 3,260 130,204
Acceleron Pharma, Inc.(b) 610 55,376
Arcutis Biotherapeutics, Inc.(b) 3,696 80,573
Arena Pharmaceuticals, Inc.(b) 2,940 134,329
Arrowhead Pharmaceuticals, Inc.(b) 1,220 51,130
Atara Biotherapeutics, Inc.(b) 2,430 32,149
BeiGene Ltd., ADR(b) 122 18,588
Black Diamond Therapeutics, Inc.(b) 2,255 84,562
bluebird bio, Inc.(b) 920 73,315
Blueprint Medicines Corp.(b) 1,090 69,160
CSL Ltd. 107 22,006
Dynavax Technologies Corp.(b) 11,145 56,282
Fate Therapeutics, Inc.(b) 2,610 66,190
Global Blood Therapeutics, Inc.(b) 740 48,292
Gossamer Bio, Inc.(b) 2,294 30,464
Immunomedics, Inc.(b) 7,580 140,761
Insmed, Inc.(b) 4,029 82,756
Karuna Therapeutics, Inc.(b) 240 22,778
Mirati Therapeutics, Inc.(b) 990 85,962
Precision BioSciences, Inc.(b) 4,356 35,240
Rubius Therapeutics, Inc.(b) 3,440 26,832
Sage Therapeutics, Inc.(b) 1,540 102,071
Sarepta Therapeutics, Inc.(b) 635 73,635
SpringWorks Therapeutics, Inc.(b) 3,314 104,325
TCR2 Therapeutics, Inc.(b) 4,340 63,711
Turning Point Therapeutics, Inc.(b) 1,638 95,823
Ultragenyx Pharmaceutical, Inc.(b) 660 34,683
uniQure NV(b) 1,305 75,116
Total   1,896,313
Health Care Equipment & Supplies 0.1%
Angiodynamics, Inc.(b) 7,400 101,898
CryoLife, Inc.(b) 2,750 81,785
Integer Holdings Corp.(b) 2,075 177,205
Lantheus Holdings, Inc.(b) 7,800 136,578
Meridian Bioscience, Inc. 8,000 78,720
Natus Medical, Inc.(b) 4,500 140,805
NuVasive, Inc.(b) 1,100 84,832
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Annual Report 2020
59

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Quidel Corp.(b) 1,375 105,600
Varex Imaging Corp.(b) 4,350 120,278
Total   1,027,701
Health Care Providers & Services 0.0%
Corvel Corp.(b) 1,170 107,137
Cross Country Healthcare, Inc.(b) 7,100 70,290
Magellan Health, Inc.(b) 2,245 164,356
Owens & Minor, Inc. 3,800 23,788
Tenet Healthcare Corp.(b) 1,475 46,669
Total   412,240
Health Care Technology 0.0%
HealthStream, Inc.(b) 5,300 135,415
Omnicell, Inc.(b) 2,200 178,816
Total   314,231
Life Sciences Tools & Services 0.0%
Medpace Holdings, Inc.(b) 2,060 176,233
Syneos Health, Inc.(b) 3,375 207,090
Total   383,323
Pharmaceuticals 0.1%
Aerie Pharmaceuticals, Inc.(b) 2,140 43,827
Amphastar Pharmaceuticals, Inc.(b) 6,300 119,133
Astellas Pharma, Inc. 7,400 130,759
GlaxoSmithKline PLC 6,296 147,827
GW Pharmaceuticals PLC, ADR(b) 900 103,977
Horizon Therapeutics PLC(b) 1,570 54,149
Novartis AG, Registered Shares 1,733 163,713
Novo Nordisk A/S, Class B 181 11,018
Odonate Therapeutics, Inc.(b) 2,700 78,840
Prestige Consumer Healthcare, Inc.(b) 3,925 159,198
Reata Pharmaceuticals, Inc., Class A(b) 790 172,844
Roche Holding AG, Genusschein Shares 613 205,642
Supernus Pharmaceuticals, Inc.(b) 1,720 39,337
Total   1,430,264
Total Health Care 5,464,072
Industrials 0.2%
Aerospace & Defense 0.0%
Safran SA 56 9,029
Common Stocks (continued)
Issuer Shares Value ($)
Air Freight & Logistics 0.0%
Echo Global Logistics, Inc.(b) 3,800 73,644
Radiant Logistics, Inc.(b) 15,000 72,450
Total   146,094
Airlines 0.0%
Air Canada(b) 2,700 90,442
Qantas Airways Ltd. 6,171 26,164
Skywest, Inc. 1,300 71,721
Total   188,327
Building Products 0.1%
American Woodmark Corp.(b) 1,680 184,212
Builders FirstSource, Inc.(b) 7,450 184,723
Caesarstone Ltd. 6,450 84,366
CSW Industrials, Inc. 2,100 159,348
Gibraltar Industries, Inc.(b) 3,275 178,553
Quanex Building Products Corp. 8,400 148,848
Total   940,050
Commercial Services & Supplies 0.0%
Brady Corp., Class A 1,875 103,819
Deluxe Corp. 1,650 79,530
Herman Miller, Inc. 3,600 139,140
HNI Corp. 3,625 130,391
Total   452,880
Construction & Engineering 0.1%
ACS Actividades de Construccion y Servicios SA 2,405 79,959
CIMIC Group Ltd. 3,194 61,801
EMCOR Group, Inc. 2,170 178,309
Great Lakes Dredge & Dock Corp.(b) 13,760 144,067
MasTec, Inc.(b) 2,850 164,588
Samsung Engineering Co., Ltd.(b) 3,565 50,719
Shimizu Corp. 9,800 100,517
Skanska AB, Class B 456 10,555
Total   790,515
Electrical Equipment 0.0%
Atkore International Group, Inc.(b) 4,475 177,657
Industrial Conglomerates 0.0%
CITIC Ltd. 51,000 57,670
 
The accompanying Notes to Financial Statements are an integral part of this statement.
60 Columbia Capital Allocation Portfolios  | Annual Report 2020

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Machinery 0.0%
GEA Group AG 797 23,864
Lydall, Inc.(b) 4,800 98,112
Mitsubishi Heavy Industries Ltd. 2,400 87,546
Mueller Industries, Inc. 5,100 148,767
Rexnord Corp.(b) 2,850 93,053
Sinotruk Hong Kong Ltd. 20,000 34,341
SPX Corp.(b) 3,025 148,437
Weichai Power Co., Ltd., Class H 36,000 63,026
Total   697,146
Marine 0.0%
Costamare, Inc. 15,900 126,087
Professional Services 0.0%
Adecco Group AG, Registered Shares 482 28,240
Barrett Business Services, Inc. 1,560 129,215
FTI Consulting, Inc.(b) 670 80,440
Heidrick & Struggles International, Inc. 4,200 119,364
Kforce, Inc. 4,200 155,610
Wolters Kluwer NV 222 16,681
Total   529,550
Road & Rail 0.0%
ArcBest Corp. 2,515 56,110
Aurizon Holdings Ltd. 12,355 44,286
Total   100,396
Trading Companies & Distributors 0.0%
BMC Stock Holdings, Inc.(b) 6,100 178,028
Foundation Building Materials, Inc.(b) 6,600 117,678
GMS, Inc.(b) 5,550 148,296
MRC Global, Inc.(b) 11,300 127,238
Veritiv Corp.(b) 8,850 124,608
Total   695,848
Transportation Infrastructure 0.0%
International Container Terminal Services, Inc. 13,430 34,239
Kamigumi Co., Ltd. 2,400 51,282
Total   85,521
Total Industrials 4,996,770
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 0.2%
Communications Equipment 0.0%
ADTRAN, Inc. 6,390 57,830
Comtech Telecommunications Corp. 3,100 89,621
Telefonaktiebolaget LM Ericsson, Class B 763 5,999
Total   153,450
Electronic Equipment, Instruments & Components 0.1%
Badger Meter, Inc. 325 19,195
Benchmark Electronics, Inc. 4,800 147,744
Methode Electronics, Inc. 4,000 131,000
Rogers Corp.(b) 1,310 154,253
Sanmina Corp.(b) 5,200 165,568
Vishay Intertechnology, Inc. 8,750 177,537
Vishay Precision Group, Inc.(b) 4,100 141,614
Zhen Ding Technology Holding Ltd. 7,000 27,073
Total   963,984
IT Services 0.1%
Cardtronics PLC, Class A(b) 4,025 181,125
Cass Information Systems, Inc. 565 30,521
EVERTEC, Inc. 4,725 158,618
Hackett Group 2,300 35,547
KBR, Inc. 5,400 146,880
MAXIMUS, Inc. 985 70,674
NIC, Inc. 6,800 134,164
Otsuka Corp. 600 23,397
Perspecta, Inc. 6,650 186,665
TTEC Holdings, Inc. 3,025 120,153
Wipro Ltd. 9,400 31,266
Total   1,119,010
Semiconductors & Semiconductor Equipment 0.0%
Advantest Corp. 200 10,434
Amkor Technology, Inc.(b) 12,445 140,006
Cirrus Logic, Inc.(b) 250 19,203
GlobalWafers Co., Ltd. 3,000 38,697
Novatek Microelectronics 10,000 70,512
Realtek Semiconductor Corp. 7,000 56,242
Synaptics, Inc.(b) 2,725 181,730
Tokyo Electron Ltd. 600 131,968
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Ultra Clean Holdings, Inc.(b) 6,350 146,113
Xperi Corp. 8,050 129,525
Total   924,430
Software 0.0%
CommVault Systems, Inc.(b) 3,600 162,072
j2 Global, Inc. 2,155 206,578
Progress Software Corp. 3,875 174,879
Qualys, Inc.(b) 2,070 177,482
SPS Commerce, Inc.(b) 2,720 154,577
Total   875,588
Technology Hardware, Storage & Peripherals 0.0%
Chicony Electronics Co., Ltd. 25,000 70,393
FUJIFILM Holdings Corp. 200 9,933
Lenovo Group Ltd. 70,000 45,675
Lite-On Technology Corp. 21,000 32,533
Samsung Electronics Co., Ltd. 3,357 155,540
Total   314,074
Total Information Technology 4,350,536
Materials 0.1%
Chemicals 0.0%
Chase Corp. 510 46,905
Covestro AG 809 34,094
Innospec, Inc. 1,300 130,949
Koppers Holdings, Inc.(b) 1,000 31,380
Solvay SA 174 18,033
Total   261,361
Construction Materials 0.0%
Anhui Conch Cement Co., Ltd., Class H 7,000 44,679
Asia Cement Corp. 16,000 23,799
U.S. Concrete, Inc.(b) 3,475 123,675
Total   192,153
Metals & Mining 0.1%
Anglo American PLC 729 19,023
BHP Group Ltd. 4,801 123,117
Commercial Metals Co. 4,400 90,420
Fortescue Metals Group Ltd. 9,039 66,959
Kirkland Lake Gold Ltd. 300 12,302
Materion Corp. 2,430 131,949
Common Stocks (continued)
Issuer Shares Value ($)
MMC Norilsk Nickel PJSC 133 43,118
Rio Tinto PLC 2,328 124,488
Schnitzer Steel Industries, Inc., Class A 6,250 100,500
Vale SA 600 7,058
Total   718,934
Paper & Forest Products 0.0%
Schweitzer-Mauduit International, Inc. 4,050 141,871
Verso Corp., Class A(b) 8,900 149,965
Total   291,836
Total Materials 1,464,284
Real Estate 0.1%
Equity Real Estate Investment Trusts (REITS) 0.1%
Alexander’s, Inc. 55 17,747
American Assets Trust, Inc. 3,150 143,514
Ashford Hospitality Trust, Inc. 36,500 89,790
CoreCivic, Inc. 7,700 122,815
CorEnergy Infrastructure Trust, Inc. 3,193 145,601
EastGroup Properties, Inc. 1,510 205,466
Fortress REIT Ltd., Class A 45,872 56,391
GEO Group, Inc. (The) 3,700 58,460
Independence Realty Trust, Inc. 5,800 85,086
Investors Real Estate Trust 2,119 156,170
Klepierre 933 31,714
Lexington Realty Trust 15,300 169,371
PS Business Parks, Inc. 1,076 180,295
Retail Value, Inc. 4,167 136,969
Ryman Hospitality Properties, Inc. 420 35,713
Uniti Group, Inc. 17,300 109,509
Washington Prime Group, Inc. 10,700 32,207
Xenia Hotels & Resorts, Inc. 5,300 99,057
Total   1,875,875
Real Estate Management & Development 0.0%
Aldar Properties PJSC 23,200 14,014
China Aoyuan Group Ltd. 12,000 15,992
Daito Trust Construction Co., Ltd. 100 11,779
Emaar Properties PJSC 34,511 37,658
Logan Property Holdings Co., Ltd. 20,000 30,232
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
RE/MAX Holdings, Inc., Class A 525 20,097
RMR Group, Inc. (The), Class A 2,875 132,451
Total   262,223
Total Real Estate 2,138,098
Utilities 0.1%
Electric Utilities 0.0%
Endesa SA 804 22,076
Enel SpA 3,557 31,004
Manila Electric Co. 2,780 14,001
Otter Tail Corp. 300 16,068
Portland General Electric Co. 3,595 221,092
Total   304,241
Gas Utilities 0.1%
Chesapeake Utilities Corp. 1,565 150,569
Naturgy Energy Group SA 3,897 102,782
PT Perusahaan Gas Negara Persero Tbk 444,100 55,041
Southwest Gas Holdings, Inc. 2,160 163,102
Total   471,494
Independent Power and Renewable Electricity Producers 0.0%
Colbun SA 220,332 32,074
Multi-Utilities 0.0%
Avista Corp. 3,300 167,805
NorthWestern Corp. 2,050 157,788
Unitil Corp. 1,150 70,944
Total   396,537
Total Utilities 1,204,346
Total Common Stocks
(Cost $31,841,410)
33,123,124
Equity Funds 52.0%
  Shares Value ($)
International 14.4%
Columbia Contrarian Europe Fund, Institutional 3 Class(a) 7,963,875 55,348,931
Columbia Emerging Markets Fund, Institutional 3 Class(a) 6,178,927 86,134,237
Columbia Overseas Core Fund, Institutional 3 Class(a) 6,038,162 59,113,609
Columbia Overseas Value Fund, Institutional 3 Class(a) 2,909,822 27,235,937
Equity Funds (continued)
  Shares Value ($)
Columbia Pacific/Asia Fund, Institutional 3 Class(a) 6,287,244 63,249,669
Total 291,082,383
U.S. Large Cap 36.4%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 4,112,890 112,939,960
Columbia Disciplined Core Fund, Institutional 3 Class(a) 9,405,924 112,588,912
Columbia Disciplined Growth Fund, Institutional 3 Class(a) 8,386,910 79,927,252
Columbia Disciplined Value Fund, Institutional 3 Class(a) 15,935,176 145,488,159
Columbia Large Cap Growth Fund, Institutional 3 Class(a),(b) 1,276,109 60,130,242
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 6,604,031 99,324,633
Columbia Select Large Cap Growth Fund, Institutional 3 Class(a),(b) 4,654,820 65,493,318
Columbia Select Large Cap Value Fund, Institutional 3 Class(a) 2,222,738 58,124,594
Total 734,017,070
U.S. Small Cap 1.2%
Columbia Select Small Cap Value Fund, Institutional 3 Class(a) 235,141 4,862,712
Columbia Small Cap Growth Fund I, Institutional 3 Class(a),(b) 454,929 9,776,416
Columbia Small Cap Index Fund, Institutional 3 Class(a) 485,595 10,697,660
Total 25,336,788
Total Equity Funds
(Cost $923,073,668)
1,050,436,241
Fixed Income Funds 24.6%
Emerging Markets 1.1%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 1,986,064 22,839,736
High Yield 7.1%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 18,204,282 54,066,718
Columbia Income Opportunities Fund, Institutional 3 Class(a) 8,805,227 88,492,532
Total 142,559,250
Inflation Protected Securities 0.5%
Columbia Inflation Protected Securities Fund, Institutional 3 Class(a),(b) 981,895 9,838,585
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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63

Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2020
Fixed Income Funds (continued)
  Shares Value ($)
Investment Grade 15.9%
Columbia Corporate Income Fund, Institutional 3 Class(a) 9,069,849 99,042,754
Columbia Mortgage Opportunities Fund, Institutional 3 Class(a) 1,915,621 19,462,712
Columbia Quality Income Fund, Institutional 3 Class(a) 19,530,485 109,370,718
Columbia Short Term Bond Fund, Institutional 3 Class(a) 4,695,364 47,141,451
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 3,979,456 46,559,629
Total 321,577,264
Total Fixed Income Funds
(Cost $481,171,184)
496,814,835
    
Preferred Stocks 0.0%
Issuer   Shares Value ($)
Utilities 0.0%
Electric Utilities 0.0%
Cia Energetica de Minas Gerais   3,000 10,479
Total Utilities 10,479
Total Preferred Stocks
(Cost $10,341)
10,479
Money Market Funds 16.8%
  Shares Value ($)
Columbia Government Money Market Fund, Institutional 3 Class, 1.151%(a),(f) 17,774,508 17,774,508
Columbia Short-Term Cash Fund, 1.648%(a),(f) 321,600,347 321,600,347
Total Money Market Funds
(Cost $339,347,378)
339,374,855
Total Investments in Securities
(Cost: $1,862,780,104)
1,999,262,554
Other Assets & Liabilities, Net   19,681,713
Net Assets 2,018,944,267
 
At January 31, 2020, securities and/or cash totaling $25,744,339 were pledged as collateral.
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold
Currency to
be purchased
Counterparty Settlement
date
Unrealized
appreciation ($)
Unrealized
depreciation ($)
89,000 AUD 60,117 USD Morgan Stanley 03/26/2020 484
34,000 EUR 37,545 USD Morgan Stanley 03/26/2020 (284)
245,000 ILS 71,160 USD Morgan Stanley 03/26/2020 (1)
167,265,000 KRW 141,919 USD Morgan Stanley 03/26/2020 1,971
565,000 MXN 29,982 USD Morgan Stanley 03/26/2020 307
275,000 MYR 67,183 USD Morgan Stanley 03/26/2020 301
4,036,000 TWD 134,564 USD Morgan Stanley 03/26/2020 1,359
44,645 USD 189,000 BRL Morgan Stanley 03/26/2020 (633)
37,402 USD 253,000 DKK Morgan Stanley 03/26/2020 282
112,148 USD 86,000 GBP Morgan Stanley 03/26/2020 1,574
74,776 USD 5,361,000 INR Morgan Stanley 03/26/2020 (375)
22,364 USD 205,000 NOK Morgan Stanley 03/26/2020 (72)
59,545 USD 81,000 SGD Morgan Stanley 03/26/2020 (179)
880,000 ZAR 59,728 USD Morgan Stanley 03/26/2020 1,495
Total       7,773 (1,544)
    
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2020
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
CAC40 Index 119 02/2020 EUR 6,906,760 (295,840)
EURO STOXX 50 Index 667 03/2020 EUR 24,272,130 (913,799)
FTSE 100 Index 233 03/2020 GBP 16,816,775 (1,019,722)
FTSE/MIB Index 119 03/2020 EUR 13,815,305 (321,411)
MSCI EAFE Index Future 440 03/2020 USD 43,483,000 (556,864)
Russell 2000 Index E-mini 3 03/2020 USD 242,205 (5,107)
Russell 2000 Index E-mini 277 03/2020 USD 22,363,595 (306,079)
S&P 500 Index E-mini 1,382 03/2020 USD 222,778,400 5,389,827
U.S. Treasury 10-Year Note 847 03/2020 USD 111,512,844 1,811,415
U.S. Ultra Treasury Bond 193 03/2020 USD 37,381,688 1,353,891
Total         8,555,133 (3,418,822)
    
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI Emerging Markets Index (662) 03/2020 USD (34,758,310) 1,084,734
TOPIX Index (188) 03/2020 JPY (3,156,520,000) 713,842
Total         1,798,576
    
Cleared credit default swap contracts - sell protection
Reference
entity
Counterparty Maturity
date
Receive
fixed
rate
(%)
Payment
frequency
Implied
credit
spread
(%)*
Notional
currency
Notional
amount
Value
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CDX Emerging Markets Index, Series 32 Morgan Stanley 12/20/2024 1.000 Quarterly 1.972 USD 50,055,000 121,280 121,280
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended January 31, 2020 are as follows:
    
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Commodity Strategy Fund, Institutional 3 Class
  4,760,594 71,708 (221,402) 4,610,900 (302,314) (951,280) 252,596 19,135,237
Columbia Contrarian Core Fund, Institutional 3 Class
  4,707,575 245,700 (840,385) 4,112,890 5,173,452 6,855,794 10,068,461 1,303,953 112,939,960
Columbia Contrarian Europe Fund, Institutional 3 Class
  9,073,446 194,694 (1,304,265) 7,963,875 (629,722) 7,921,861 1,358,701 55,348,931
Columbia Corporate Income Fund, Institutional 3 Class
  10,022,245 325,042 (1,277,438) 9,069,849 295,508 9,667,912 3,290,485 99,042,754
Columbia Disciplined Core Fund, Institutional 3 Class
  9,710,054 929,566 (1,233,696) 9,405,924 9,215,704 7,625,841 (2,412,584) 1,683,560 112,588,912
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2020
Notes to Portfolio of Investments  (continued)
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Disciplined Growth Fund, Institutional 3 Class
  9,132,526 2,119,588 (2,865,204) 8,386,910 4,750,784 (2,522,166) 9,366,440 517,317 79,927,252
Columbia Disciplined Value Fund, Institutional 3 Class
  17,014,753 3,907,875 (4,987,452) 15,935,176 13,011,196 2,742,209 (4,672,531) 3,317,336 145,488,159
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  2,068,454 78,585 (160,975) 1,986,064 45,604 961,226 851,896 22,839,736
Columbia Emerging Markets Fund, Institutional 3 Class
  7,293,895 36,433 (1,151,401) 6,178,927 3,855,119 9,312,193 459,521 86,134,237
Columbia Government Money Market Fund, Institutional 3 Class, 1.151%
  21,338,771 479,283 (4,043,546) 17,774,508 6,065 380,667 17,774,508
Columbia High Yield Bond Fund, Institutional 3 Class
  19,338,632 999,746 (2,134,096) 18,204,282 (142,137) 2,965,309 2,862,344 54,066,718
Columbia Income Opportunities Fund, Institutional 3 Class
  9,365,260 465,413 (1,025,446) 8,805,227 (96,299) 4,924,052 4,502,658 88,492,532
Columbia Inflation Protected Securities Fund, Institutional 3 Class
  1,068,117 1,313 (87,535) 981,895 26,580 829,854 9,838,585
Columbia Large Cap Growth Fund, Institutional 3 Class
  1,469,881 103,143 (296,915) 1,276,109 4,549,043 6,020,937 3,845,255 60,130,242
Columbia Mortgage Opportunities Fund, Institutional 3 Class
  1,890,465 84,821 (59,665) 1,915,621 158,512 14,189 371,589 675,085 19,462,712
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class
  468,857 468,857 (276,625) 3,450,790
Columbia Multi-Asset Income Fund, Institutional 3 Class
  5,536,566 343,289 5,879,855 3,363,841 3,225,767 56,916,993
Columbia Overseas Core Fund, Institutional 3 Class
  6,497,291 246,145 (705,274) 6,038,162 230,356 (274,883) 4,451,685 2,153,351 59,113,609
Columbia Overseas Value Fund, Institutional 3 Class
  3,088,383 115,288 (293,849) 2,909,822 55,086 155,820 1,032,039 1,043,462 27,235,937
Columbia Pacific/Asia Fund, Institutional 3 Class
  6,895,140 467,466 (1,075,362) 6,287,244 3,058,077 2,081,681 2,993,956 1,549,434 63,249,669
Columbia Quality Income Fund, Institutional 3 Class
  20,391,774 630,221 (1,491,510) 19,530,485 72,395 4,374,908 3,334,434 109,370,718
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  7,465,774 397,555 (1,259,298) 6,604,031 4,311,255 3,364,019 9,613,582 1,211,479 99,324,633
Columbia Select Large Cap Growth Fund, Institutional 3 Class
  4,181,318 1,283,063 (809,561) 4,654,820 17,715,906 1,619,880 (6,594,189) 65,493,318
Columbia Select Large Cap Value Fund, Institutional 3 Class
  2,340,806 151,185 (269,253) 2,222,738 2,835,426 2,953,451 (908,577) 1,156,585 58,124,594
Columbia Select Small Cap Value Fund, Institutional 3 Class
  250,726 1,310 (16,895) 235,141 984 (82,204) 321,458 19,970 4,862,712
Columbia Short Term Bond Fund, Institutional 3 Class
  4,766,689 179,498 (250,823) 4,695,364 52,719 666,452 1,733,583 47,141,451
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2020
Notes to Portfolio of Investments  (continued)
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Short-Term Cash Fund, 1.648%
  277,191,878 244,476,836 (200,068,367) 321,600,347 (5,625) 36,135 6,554,225 321,600,347
Columbia Small Cap Growth Fund I, Institutional 3 Class
  527,194 38,030 (110,295) 454,929 776,458 (79,109) 1,503,840 9,776,416
Columbia Small Cap Index Fund, Institutional 3 Class
  454,518 31,077 485,595 554,607 (45,758) 139,413 10,697,660
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  4,261,525 91,680 (373,749) 3,979,456 174,720 2,815,572 970,262 46,559,629
Total         66,402,911 33,822,007 75,546,076 44,548,084 1,966,128,951
    
(b) Non-income producing investment.
(c) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At January 31, 2020, the total value of these securities amounted to $103,671, which represents 0.01% of total net assets.
(d) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2020, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(e) Valuation based on significant unobservable inputs.
(f) The rate shown is the seven-day current annualized yield at January 31, 2020.
Abbreviation Legend
ADR American Depositary Receipt
Currency Legend
AUD Australian Dollar
BRL Brazilian Real
DKK Danish Krone
EUR Euro
GBP British Pound
ILS New Israeli Sheqel
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
SGD Singapore Dollar
TWD New Taiwan Dollar
USD US Dollar
ZAR South African Rand
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2020
Fair value measurements  (continued)
pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at January 31, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Alternative Strategies Funds 79,503,020 79,503,020
Common Stocks        
Communication Services 586,902 427,871 1,014,773
Consumer Discretionary 3,172,453 648,482 3,820,935
Consumer Staples 887,147 530,236 0* 1,417,383
Energy 937,102 255,128 1,192,230
Financials 4,755,092 1,304,605 6,059,697
Health Care 4,783,107 680,965 5,464,072
Industrials 4,216,851 779,919 4,996,770
Information Technology 3,640,874 709,662 4,350,536
Materials 966,974 497,310 1,464,284
Real Estate 1,940,318 197,780 2,138,098
Utilities 979,442 224,904 1,204,346
Total Common Stocks 26,866,262 6,256,862 0* 33,123,124
Equity Funds 1,050,436,241 1,050,436,241
Fixed Income Funds 496,814,835 496,814,835
Preferred Stocks        
Utilities 10,479 10,479
Total Preferred Stocks 10,479 10,479
Money Market Funds 339,374,855 339,374,855
Total Investments in Securities 1,993,005,692 6,256,862 0* 1,999,262,554
Investments in Derivatives        
The accompanying Notes to Financial Statements are an integral part of this statement.
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Portfolio of Investments   (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, January 31, 2020
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Asset        
Forward Foreign Currency Exchange Contracts 7,773 7,773
Futures Contracts 10,353,709 10,353,709
Swap Contracts 121,280 121,280
Liability        
Forward Foreign Currency Exchange Contracts (1,544) (1,544)
Futures Contracts (3,418,822) (3,418,822)
Total 1,999,940,579 6,384,371 0* 2,006,324,950
    
* Rounds to zero.
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Derivative instruments are valued at unrealized appreciation (depreciation).
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments
Columbia Capital Allocation Aggressive Portfolio, January 31, 2020
(Percentages represent value of investments compared to net assets)
Investments in securities
Alternative Strategies Funds 4.0%
  Shares Value ($)
Columbia Commodity Strategy Fund, Institutional 3 Class(a) 2,194,940 9,109,001
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class(a),(b) 468,857 3,450,790
Columbia Multi-Asset Income Fund, Institutional 3 Class(a) 1,695,275 16,410,264
Total Alternative Strategies Funds
(Cost $33,103,058)
28,970,055
Common Stocks 2.7%
Issuer Shares Value ($)
Communication Services 0.1%
Diversified Telecommunication Services 0.0%
Hellenic Telecommunications Organization SA 2,422 36,172
Nippon Telegraph & Telephone Corp. 5,700 145,333
Telekom Malaysia Bhd 48,100 45,170
Total   226,675
Entertainment 0.0%
Square Enix Holdings Co., Ltd. 500 24,545
Toho Co., Ltd. 1,300 47,890
Total   72,435
Interactive Media & Services 0.0%
Auto Trader Group PLC 4,235 31,249
DHI Group, Inc.(b) 9,700 27,160
Meet Group, Inc. (The)(b) 13,200 70,356
Momo, Inc., ADR 1,517 46,420
Tencent Holdings Ltd. 600 28,614
Yelp, Inc.(b) 230 7,498
Total   211,297
Media 0.1%
Gray Television, Inc.(b) 1,500 30,420
Informa PLC 2,812 28,725
National CineMedia, Inc. 3,550 26,199
TechTarget, Inc.(b) 2,425 61,571
WPP PLC 6,842 85,070
Total   231,985
Common Stocks (continued)
Issuer Shares Value ($)
Wireless Telecommunication Services 0.0%
Advanced Info Service PCL 5,600 36,408
Gogo(b) 3,800 19,988
Total   56,396
Total Communication Services 798,788
Consumer Discretionary 0.3%
Auto Components 0.0%
Dana, Inc. 1,025 15,795
Hyundai Mobis Co., Ltd. 43 8,223
Magna International, Inc. 2,703 137,029
Modine Manufacturing Co.(b) 3,075 21,617
Total   182,664
Automobiles 0.0%
BAIC Motor Corp., Ltd., Class H(c) 119,000 58,655
Fiat Chrysler Automobiles NV 896 11,672
Peugeot SA 4,847 99,801
Total   170,128
Distributors 0.0%
Funko, Inc., Class A(b) 3,025 45,466
Diversified Consumer Services 0.0%
Collectors Universe, Inc. 2,200 54,032
K12, Inc.(b) 2,225 35,912
Perdoceo Education Corp.(b) 2,300 40,894
Total   130,838
Hotels, Restaurants & Leisure 0.0%
Boyd Gaming Corp. 275 8,209
Brinker International, Inc. 860 36,713
Dine Brands Global, Inc. 800 68,200
Everi Holdings, Inc.(b) 5,700 71,250
Marriott Vacations Worldwide Corp. 515 61,924
SeaWorld Entertainment, Inc.(b) 2,280 78,569
Total   324,865
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Household Durables 0.1%
Berkeley Group Holdings PLC 755 52,242
M/I Homes, Inc.(b) 1,155 51,270
Sekisui House Ltd. 5,600 120,412
Sony Corp. 2,500 174,817
Taylor Morrison Home Corp., Class A(b) 3,175 82,169
Total   480,910
Internet & Direct Marketing Retail 0.0%
Alibaba Group Holding Ltd., ADR(b) 279 57,639
Stamps.com, Inc.(b) 550 40,969
Total   98,608
Leisure Products 0.0%
Malibu Boats, Inc., Class A(b) 1,785 78,165
MasterCraft Boat Holdings, Inc.(b) 1,400 24,598
Sturm Ruger & Co., Inc. 690 34,169
Total   136,932
Specialty Retail 0.1%
Genesco, Inc.(b) 1,160 45,611
GNC Holdings, Inc., Class A(b) 10,100 21,614
Hibbett Sports, Inc.(b) 2,075 51,418
Lithia Motors, Inc., Class A 450 61,038
Petrobras Distribuidora SA 2,400 16,162
Rent-A-Center, Inc. 1,400 40,782
Restoration Hardware Holdings, Inc.(b) 159 33,191
Sleep Number Corp.(b) 1,010 52,106
Sportsman’s Warehouse Holdings, Inc.(b) 6,400 41,472
Tilly’s, Inc. 1,000 8,500
Zumiez, Inc.(b) 1,350 42,080
Total   413,974
Textiles, Apparel & Luxury Goods 0.1%
Adidas AG 108 34,140
Burberry Group PLC 2,370 60,768
Deckers Outdoor Corp.(b) 440 84,000
Kering SA 226 138,091
Pandora A/S 212 10,994
Total   327,993
Total Consumer Discretionary 2,312,378
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Staples 0.2%
Beverages 0.0%
Coca-Cola European Partners PLC 2,070 108,903
Food & Staples Retailing 0.1%
Coles Group Ltd. 4,619 50,684
Ingles Markets, Inc., Class A 1,440 60,034
Koninklijke Ahold Delhaize NV 5,746 141,015
Loblaw Companies Ltd. 100 5,232
SpartanNash Co. 3,800 46,284
Welcia Holdings Co., Ltd. 600 32,948
Total   336,197
Food Products 0.0%
JBS SA 14,200 91,415
John B. Sanfilippo & Son, Inc. 730 61,539
Nestlé SA, Registered Shares 164 18,088
Tingyi Cayman Islands Holding Corp. 8,000 13,497
Uni-President Enterprises Corp. 24,000 57,179
Total   241,718
Household Products 0.0%
Kimberly-Clark de Mexico SAB de CV(b) 7,622 15,768
Personal Products 0.0%
Edgewell Personal Care Co.(b) 1,200 30,984
Medifast, Inc. 555 53,630
Usana Health Sciences, Inc.(b) 665 41,030
Total   125,644
Tobacco 0.1%
British American Tobacco PLC 3,373 148,732
PT Gudang Garam Tbk 6,200 25,262
Swedish Match AB 2,541 143,663
Vector Group Ltd. 1,312 17,240
Total   334,897
Total Consumer Staples 1,163,127
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Energy 0.1%
Energy Equipment & Services 0.0%
DMC Global Inc 460 19,242
Liberty Oilfield Services, Inc., Class A 1,800 15,264
Matrix Service Co.(b) 3,000 60,360
NexTier Oilfield Solutions, Inc.(b) 11,000 56,650
Total   151,516
Oil, Gas & Consumable Fuels 0.1%
California Resources Corp.(b) 2,570 18,864
Canadian Natural Resources Ltd. 1,700 47,812
Cenovus Energy, Inc. 3,300 28,726
China Coal Energy Co., Ltd., Class H 33,000 11,226
Coal India Ltd. 26,986 68,489
CVR Energy, Inc. 1,805 62,471
Delek U.S. Holdings, Inc. 1,430 39,268
Denbury Resources, Inc.(b) 3,200 3,152
Dorian LPG Ltd.(b) 600 7,872
ENI SpA 4,253 59,574
Lukoil PJSC 250 25,557
Lundin Petroleum AB 400 12,166
Motor Oil Hellas Corinth Refineries SA 1,038 22,041
OMV AG 545 27,083
PT Bukit Asam Tbk 44,200 7,101
Royal Dutch Shell PLC, Class B 296 7,778
Southwestern Energy Co.(b) 6,200 9,734
Suncor Energy, Inc. 4,200 128,374
W&T Offshore, Inc.(b) 2,500 10,350
World Fuel Services Corp. 960 37,555
Yanzhou Coal Mining Co., Ltd., Class H 82,000 60,503
Total   695,696
Total Energy 847,212
Financials 0.5%
Banks 0.3%
Atlantic Capital Bancshares, Inc.(b) 475 8,963
Bancorp, Inc. (The)(b) 5,950 70,388
Bank Leumi Le-Israel BM 8,670 62,337
BNP Paribas SA 2,543 134,951
Cathay General Bancorp 2,095 75,546
Common Stocks (continued)
Issuer Shares Value ($)
China Merchants Bank Co., Ltd., Class H 6,000 28,929
ConnectOne Bancorp, Inc. 2,575 60,796
Customers Bancorp, Inc.(b) 2,791 59,672
First BanCorp 6,800 63,036
Fulton Financial Corp. 3,075 50,645
Great Southern Bancorp, Inc. 960 54,634
Grupo Financiero Banorte SAB de CV, Class O 17,372 107,061
Hilltop Holdings, Inc. 2,825 63,958
Independent Bank Group, Inc. 1,350 72,252
International Bancshares Corp. 1,815 71,511
Investors Bancorp, Inc. 1,700 20,544
Israel Discount Bank Ltd. 11,097 50,332
Mediobanca Banca di Credito Finanziario SpA 5,795 57,809
Metropolitan Bank Holding Corp.(b) 180 8,847
Midland States Bancorp, Inc. 1,300 34,346
National Bank of Canada 1,700 94,326
Nicolet Bankshares, Inc.(b) 450 31,792
OFG Bancorp 3,075 60,608
Postal Savings Bank of China Co., Ltd.(c) 103,000 64,091
Powszechna Kasa Oszczednosci Bank Polski SA 5,078 44,752
Preferred Bank 850 51,093
Raiffeisen Bank International AG 1,405 32,005
RHB Bank Bhd 61,400 85,253
Shinhan Financial Group Co., Ltd. 352 11,487
Standard Bank Group Ltd. 10,496 109,481
Sumitomo Mitsui Financial Group, Inc. 800 28,128
Sumitomo Mitsui Trust Holdings, Inc. 400 14,748
United Community Banks, Inc. 1,325 36,994
Total   1,821,315
Capital Markets 0.0%
Cohen & Steers, Inc. 1,130 83,597
Federated Hermes, Inc., Class B 2,415 87,495
Korea Investment Holdings Co., Ltd.(b) 1,405 77,276
Samsung Securities Co., Ltd. 2,751 80,368
Singapore Exchange 1,300 8,248
Waddell & Reed Financial, Inc., Class A 1,250 19,975
Total   356,959
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Finance 0.0%
Encore Capital Group, Inc.(b) 1,840 62,468
Enova International, Inc.(b) 2,475 62,023
Nelnet, Inc., Class A 425 24,336
Regional Management Corp.(b) 2,175 59,921
Total   208,748
Insurance 0.1%
Ageas 1,336 73,669
Allianz SE, Registered Shares 746 178,103
American Equity Investment Life Holding Co. 1,960 51,764
Assicurazioni Generali SpA 7,198 140,258
AXA SA 2,409 64,059
CNP Assurances 3,337 60,067
Dai-ichi Life Holdings, Inc. 1,200 17,809
Employers Holdings, Inc. 1,590 67,813
Genworth Financial, Inc., Class A(b) 7,000 28,700
iA Financial Corp., Inc. 400 22,013
Manulife Financial Corp. 500 9,740
Selective Insurance Group, Inc. 180 11,925
Swiss Life Holding AG, Registered Shares 245 123,155
Universal Insurance Holdings, Inc. 981 23,878
Total   872,953
Mortgage Real Estate Investment Trusts (REITS) 0.0%
Ares Commercial Real Estate Corp. 1,625 26,553
Ellington Financial, Inc. 3,175 58,007
PennyMac Mortgage Investment Trust 475 11,044
Total   95,604
Thrifts & Mortgage Finance 0.1%
Essent Group Ltd. 1,810 89,794
Federal Agricultural Mortgage Corp. 810 61,803
Flagstar Bancorp, Inc. 1,750 61,670
Meta Financial Group, Inc. 1,860 69,229
NMI Holdings, Inc., Class A(b) 2,450 78,204
Radian Group, Inc. 3,825 93,675
Total   454,375
Total Financials 3,809,954
Common Stocks (continued)
Issuer Shares Value ($)
Health Care 0.4%
Biotechnology 0.1%
ACADIA Pharmaceuticals, Inc.(b) 1,450 57,913
Acceleron Pharma, Inc.(b) 270 24,511
Arcutis Biotherapeutics, Inc.(b) 1,641 35,774
Arena Pharmaceuticals, Inc.(b) 1,310 59,854
Arrowhead Pharmaceuticals, Inc.(b) 540 22,631
Atara Biotherapeutics, Inc.(b) 1,080 14,288
BeiGene Ltd., ADR(b) 145 22,092
Black Diamond Therapeutics, Inc.(b) 1,003 37,612
bluebird bio, Inc.(b) 410 32,673
Blueprint Medicines Corp.(b) 490 31,090
CSL Ltd. 127 26,120
Dynavax Technologies Corp.(b) 4,950 24,998
Fate Therapeutics, Inc.(b) 1,160 29,418
Global Blood Therapeutics, Inc.(b) 330 21,536
Gossamer Bio, Inc.(b) 1,019 13,532
Immunomedics, Inc.(b) 3,370 62,581
Insmed, Inc.(b) 1,795 36,869
Karuna Therapeutics, Inc.(b) 105 9,966
Mirati Therapeutics, Inc.(b) 440 38,205
Precision BioSciences, Inc.(b) 1,937 15,670
Rubius Therapeutics, Inc.(b) 1,530 11,934
Sage Therapeutics, Inc.(b) 685 45,402
Sarepta Therapeutics, Inc.(b) 285 33,049
SpringWorks Therapeutics, Inc.(b) 1,471 46,307
TCR2 Therapeutics, Inc.(b) 1,930 28,332
Turning Point Therapeutics, Inc.(b) 731 42,763
Ultragenyx Pharmaceutical, Inc.(b) 290 15,240
uniQure NV(b) 585 33,673
Total   874,033
Health Care Equipment & Supplies 0.1%
Angiodynamics, Inc.(b) 3,300 45,441
CryoLife, Inc.(b) 1,225 36,432
Integer Holdings Corp.(b) 920 78,568
Lantheus Holdings, Inc.(b) 3,475 60,847
Meridian Bioscience, Inc. 3,550 34,932
Natus Medical, Inc.(b) 2,000 62,580
NuVasive, Inc.(b) 490 37,789
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Quidel Corp.(b) 610 46,848
Varex Imaging Corp.(b) 1,925 53,226
Total   456,663
Health Care Providers & Services 0.0%
Corvel Corp.(b) 520 47,616
Cross Country Healthcare, Inc.(b) 3,150 31,185
Magellan Health, Inc.(b) 1,000 73,210
Owens & Minor, Inc. 1,700 10,642
Tenet Healthcare Corp.(b) 650 20,566
Total   183,219
Health Care Technology 0.0%
HealthStream, Inc.(b) 2,350 60,043
Omnicell, Inc.(b) 980 79,654
Total   139,697
Life Sciences Tools & Services 0.0%
Medpace Holdings, Inc.(b) 915 78,278
Syneos Health, Inc.(b) 1,500 92,040
Total   170,318
Pharmaceuticals 0.2%
Aerie Pharmaceuticals, Inc.(b) 950 19,456
Amphastar Pharmaceuticals, Inc.(b) 2,800 52,948
Astellas Pharma, Inc. 8,800 155,497
GlaxoSmithKline PLC 7,459 175,133
GW Pharmaceuticals PLC, ADR(b) 395 45,634
Horizon Therapeutics PLC(b) 700 24,143
Novartis AG, Registered Shares 2,054 194,038
Novo Nordisk A/S, Class B 214 13,027
Odonate Therapeutics, Inc.(b) 1,200 35,040
Prestige Consumer Healthcare, Inc.(b) 1,750 70,980
Reata Pharmaceuticals, Inc., Class A(b) 350 76,576
Roche Holding AG, Genusschein Shares 727 243,886
Supernus Pharmaceuticals, Inc.(b) 775 17,724
Total   1,124,082
Total Health Care 2,948,012
Industrials 0.4%
Aerospace & Defense 0.0%
Safran SA 66 10,642
Common Stocks (continued)
Issuer Shares Value ($)
Air Freight & Logistics 0.0%
Echo Global Logistics, Inc.(b) 1,675 32,461
Radiant Logistics, Inc.(b) 6,700 32,361
Total   64,822
Airlines 0.0%
Air Canada(b) 3,200 107,190
Qantas Airways Ltd. 7,315 31,014
Skywest, Inc. 580 31,999
Total   170,203
Building Products 0.1%
American Woodmark Corp.(b) 745 81,689
Builders FirstSource, Inc.(b) 3,325 82,443
Caesarstone Ltd. 2,875 37,605
CSW Industrials, Inc. 930 70,569
Gibraltar Industries, Inc.(b) 1,450 79,054
Quanex Building Products Corp. 3,725 66,007
Total   417,367
Commercial Services & Supplies 0.0%
Brady Corp., Class A 830 45,957
Deluxe Corp. 730 35,186
Herman Miller, Inc. 1,600 61,840
HNI Corp. 1,620 58,271
Total   201,254
Construction & Engineering 0.1%
ACS Actividades de Construccion y Servicios SA 2,850 94,754
CIMIC Group Ltd. 3,786 73,256
EMCOR Group, Inc. 965 79,294
Great Lakes Dredge & Dock Corp.(b) 6,130 64,181
MasTec, Inc.(b) 1,260 72,765
Samsung Engineering Co., Ltd.(b) 4,226 60,123
Shimizu Corp. 11,600 118,980
Skanska AB, Class B 540 12,499
Total   575,852
Electrical Equipment 0.0%
Atkore International Group, Inc.(b) 1,990 79,003
Industrial Conglomerates 0.0%
CITIC Ltd. 60,000 67,847
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Machinery 0.1%
GEA Group AG 946 28,326
Lydall, Inc.(b) 2,125 43,435
Mitsubishi Heavy Industries Ltd. 2,800 102,137
Mueller Industries, Inc. 2,250 65,632
Rexnord Corp.(b) 1,275 41,629
Sinotruk Hong Kong Ltd. 23,500 40,350
SPX Corp.(b) 1,340 65,754
Weichai Power Co., Ltd., Class H 43,000 75,281
Total   462,544
Marine 0.0%
Costamare, Inc. 7,100 56,303
Professional Services 0.0%
Adecco Group AG, Registered Shares 571 33,454
Barrett Business Services, Inc. 695 57,567
FTI Consulting, Inc.(b) 300 36,018
Heidrick & Struggles International, Inc. 1,880 53,430
Kforce, Inc. 1,860 68,913
Wolters Kluwer NV 263 19,762
Total   269,144
Road & Rail 0.0%
ArcBest Corp. 1,120 24,987
Aurizon Holdings Ltd. 14,639 52,474
Total   77,461
Trading Companies & Distributors 0.1%
BMC Stock Holdings, Inc.(b) 2,725 79,529
Foundation Building Materials, Inc.(b) 2,950 52,599
GMS, Inc.(b) 2,475 66,132
MRC Global, Inc.(b) 5,000 56,300
Veritiv Corp.(b) 3,925 55,264
Total   309,824
Transportation Infrastructure 0.0%
International Container Terminal Services, Inc. 15,930 40,613
Kamigumi Co., Ltd. 2,800 59,829
Total   100,442
Total Industrials 2,862,708
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 0.3%
Communications Equipment 0.0%
ADTRAN, Inc. 2,845 25,747
Comtech Telecommunications Corp. 1,370 39,607
Telefonaktiebolaget LM Ericsson, Class B 904 7,108
Total   72,462
Electronic Equipment, Instruments & Components 0.1%
Badger Meter, Inc. 150 8,859
Benchmark Electronics, Inc. 2,140 65,869
Methode Electronics, Inc. 1,780 58,295
Rogers Corp.(b) 585 68,884
Sanmina Corp.(b) 2,300 73,232
Vishay Intertechnology, Inc. 3,900 79,131
Vishay Precision Group, Inc.(b) 1,835 63,381
Zhen Ding Technology Holding Ltd. 8,000 30,941
Total   448,592
IT Services 0.1%
Cardtronics PLC, Class A(b) 1,790 80,550
Cass Information Systems, Inc. 248 13,397
EVERTEC, Inc. 2,100 70,497
Hackett Group 1,025 15,841
KBR, Inc. 2,400 65,280
MAXIMUS, Inc. 430 30,853
NIC, Inc. 3,025 59,683
Otsuka Corp. 700 27,296
Perspecta, Inc. 2,950 82,807
TTEC Holdings, Inc. 1,350 53,622
Wipro Ltd. 11,139 37,050
Total   536,876
Semiconductors & Semiconductor Equipment 0.1%
Advantest Corp. 200 10,434
Amkor Technology, Inc.(b) 5,520 62,100
Cirrus Logic, Inc.(b) 110 8,449
GlobalWafers Co., Ltd. 4,000 51,597
Novatek Microelectronics 12,000 84,614
Realtek Semiconductor Corp. 8,000 64,276
Synaptics, Inc.(b) 1,220 81,362
Tokyo Electron Ltd. 700 153,962
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Ultra Clean Holdings, Inc.(b) 2,825 65,003
Xperi Corp. 3,575 57,522
Total   639,319
Software 0.0%
CommVault Systems, Inc.(b) 1,600 72,032
j2 Global, Inc. 958 91,834
Progress Software Corp. 1,795 81,008
Qualys, Inc.(b) 920 78,881
SPS Commerce, Inc.(b) 1,210 68,764
Total   392,519
Technology Hardware, Storage & Peripherals 0.0%
Chicony Electronics Co., Ltd. 30,000 84,471
FUJIFILM Holdings Corp. 200 9,933
Lenovo Group Ltd. 82,000 53,505
Lite-On Technology Corp. 25,000 38,730
Samsung Electronics Co., Ltd. 3,979 184,359
Total   370,998
Total Information Technology 2,460,766
Materials 0.1%
Chemicals 0.0%
Chase Corp. 225 20,693
Covestro AG 959 40,415
Innospec, Inc. 575 57,920
Koppers Holdings, Inc.(b) 450 14,121
Solvay SA 206 21,350
Total   154,499
Construction Materials 0.0%
Anhui Conch Cement Co., Ltd., Class H 8,500 54,253
Asia Cement Corp. 19,000 28,261
U.S. Concrete, Inc.(b) 1,540 54,809
Total   137,323
Metals & Mining 0.1%
Anglo American PLC 864 22,545
BHP Group Ltd. 5,692 145,965
Commercial Metals Co. 1,950 40,073
Fortescue Metals Group Ltd. 10,714 79,367
Kirkland Lake Gold Ltd. 400 16,403
Materion Corp. 1,080 58,644
Common Stocks (continued)
Issuer Shares Value ($)
MMC Norilsk Nickel PJSC 158 51,223
Rio Tinto PLC 2,759 147,535
Schnitzer Steel Industries, Inc., Class A 2,775 44,622
Vale SA 700 8,235
Total   614,612
Paper & Forest Products 0.0%
Schweitzer-Mauduit International, Inc. 1,800 63,054
Verso Corp., Class A(b) 3,950 66,557
Total   129,611
Total Materials 1,036,045
Real Estate 0.2%
Equity Real Estate Investment Trusts (REITS) 0.1%
Alexander’s, Inc. 24 7,744
American Assets Trust, Inc. 1,400 63,784
Ashford Hospitality Trust, Inc. 16,200 39,852
CoreCivic, Inc. 3,400 54,230
CorEnergy Infrastructure Trust, Inc. 1,418 64,661
EastGroup Properties, Inc. 670 91,167
Fortress REIT Ltd., Class A 54,351 66,814
GEO Group, Inc. (The) 1,650 26,070
Independence Realty Trust, Inc. 2,600 38,142
Investors Real Estate Trust 939 69,204
Klepierre 1,106 37,595
Lexington Realty Trust 6,800 75,276
PS Business Parks, Inc. 482 80,764
Retail Value, Inc. 1,843 60,579
Ryman Hospitality Properties, Inc. 185 15,731
Uniti Group, Inc. 7,650 48,424
Washington Prime Group, Inc. 4,800 14,448
Xenia Hotels & Resorts, Inc. 2,350 43,922
Total   898,407
Real Estate Management & Development 0.1%
Aldar Properties PJSC 27,488 16,604
China Aoyuan Group Ltd. 14,000 18,657
Daito Trust Construction Co., Ltd. 100 11,780
Emaar Properties PJSC 40,890 44,619
Logan Property Holdings Co., Ltd. 24,000 36,278
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
RE/MAX Holdings, Inc., Class A 230 8,804
RMR Group, Inc. (The), Class A 1,280 58,970
Total   195,712
Total Real Estate 1,094,119
Utilities 0.1%
Electric Utilities 0.0%
Endesa SA 953 26,167
Enel SpA 4,214 36,731
Manila Electric Co. 3,290 16,570
Otter Tail Corp. 140 7,498
Portland General Electric Co. 1,589 97,723
Total   184,689
Gas Utilities 0.1%
Chesapeake Utilities Corp. 695 66,866
Naturgy Energy Group SA 4,619 121,825
PT Perusahaan Gas Negara Persero Tbk 526,200 65,216
Southwest Gas Holdings, Inc. 960 72,490
Total   326,397
Independent Power and Renewable Electricity Producers 0.0%
Colbun SA 261,058 38,002
Multi-Utilities 0.0%
Avista Corp. 1,470 74,750
NorthWestern Corp. 920 70,812
Unitil Corp. 510 31,462
Total   177,024
Total Utilities 726,112
Total Common Stocks
(Cost $19,190,859)
20,059,221
Equity Funds 69.9%
  Shares Value ($)
International 18.1%
Columbia Contrarian Europe Fund, Institutional 3 Class(a) 2,887,944 20,071,212
Columbia Emerging Markets Fund, Institutional 3 Class(a) 3,279,894 45,721,727
Columbia Overseas Core Fund, Institutional 3 Class(a) 2,368,454 23,187,169
Columbia Overseas Value Fund, Institutional 3 Class(a) 1,640,352 15,353,690
Columbia Pacific/Asia Fund, Institutional 3 Class(a) 2,789,138 28,058,727
Total 132,392,525
Equity Funds (continued)
  Shares Value ($)
U.S. Large Cap 48.5%
Columbia Contrarian Core Fund, Institutional 3 Class(a) 1,921,553 52,765,841
Columbia Disciplined Core Fund, Institutional 3 Class(a) 4,166,459 49,872,512
Columbia Disciplined Growth Fund, Institutional 3 Class(a) 4,561,741 43,473,391
Columbia Disciplined Value Fund, Institutional 3 Class(a) 7,912,404 72,240,247
Columbia Large Cap Growth Fund, Institutional 3 Class(a),(b) 475,871 22,423,045
Columbia Select Large Cap Equity Fund, Institutional 3 Class(a) 3,458,973 52,022,964
Columbia Select Large Cap Growth Fund, Institutional 3 Class(a),(b) 2,493,260 35,080,163
Columbia Select Large Cap Value Fund, Institutional 3 Class(a) 1,005,384 26,290,793
Total 354,168,956
U.S. Small Cap 3.3%
Columbia Select Small Cap Value Fund, Institutional 3 Class(a) 404,497 8,365,011
Columbia Small Cap Growth Fund I, Institutional 3 Class(a),(b) 172,478 3,706,551
Columbia Small Cap Index Fund, Institutional 3 Class(a) 527,094 11,611,874
Total 23,683,436
Total Equity Funds
(Cost $453,095,958)
510,244,917
Fixed Income Funds 12.7%
Emerging Markets 0.5%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(a) 315,946 3,633,379
High Yield 5.4%
Columbia High Yield Bond Fund, Institutional 3 Class(a) 8,133,162 24,155,491
Columbia Income Opportunities Fund, Institutional 3 Class(a) 1,542,999 15,507,138
Total 39,662,629
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, January 31, 2020
Fixed Income Funds (continued)
  Shares Value ($)
Investment Grade 6.8%
Columbia Corporate Income Fund, Institutional 3 Class(a) 2,528,421 27,610,354
Columbia Mortgage Opportunities Fund, Institutional 3 Class(a) 419,216 4,259,240
Columbia Quality Income Fund, Institutional 3 Class(a) 1,593,558 8,923,924
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a) 730,517 8,547,050
Total 49,340,568
Total Fixed Income Funds
(Cost $88,684,153)
92,636,576
    
Preferred Stocks 0.0%
Issuer   Shares Value ($)
Utilities 0.0%
Electric Utilities 0.0%
Cia Energetica de Minas Gerais   3,600 12,576
Total Utilities 12,576
Total Preferred Stocks
(Cost $12,410)
12,576
Money Market Funds 9.7%
  Shares Value ($)
Columbia Government Money Market Fund, Institutional 3 Class, 1.151%(a),(d) 9,442,368 9,442,368
Columbia Short-Term Cash Fund, 1.648%(a),(d) 61,462,818 61,462,818
Total Money Market Funds
(Cost $70,900,275)
70,905,186
Total Investments in Securities
(Cost: $664,986,713)
722,828,531
Other Assets & Liabilities, Net   7,600,122
Net Assets 730,428,653
 
At January 31, 2020, securities and/or cash totaling $9,795,618 were pledged as collateral.
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold
Currency to
be purchased
Counterparty Settlement
date
Unrealized
appreciation ($)
Unrealized
depreciation ($)
98,000 AUD 66,197 USD Morgan Stanley 03/26/2020 533
36,000 EUR 39,753 USD Morgan Stanley 03/26/2020 (301)
290,000 ILS 84,230 USD Morgan Stanley 03/26/2020 (1)
198,186,000 KRW 168,155 USD Morgan Stanley 03/26/2020 2,335
669,000 MXN 35,501 USD Morgan Stanley 03/26/2020 364
325,000 MYR 79,397 USD Morgan Stanley 03/26/2020 356
4,915,000 TWD 163,871 USD Morgan Stanley 03/26/2020 1,655
52,913 USD 224,000 BRL Morgan Stanley 03/26/2020 (751)
44,350 USD 300,000 DKK Morgan Stanley 03/26/2020 334
133,012 USD 102,000 GBP Morgan Stanley 03/26/2020 1,866
88,599 USD 6,352,000 INR Morgan Stanley 03/26/2020 (444)
26,510 USD 243,000 NOK Morgan Stanley 03/26/2020 (85)
70,572 USD 96,000 SGD Morgan Stanley 03/26/2020 (212)
1,042,000 ZAR 70,724 USD Morgan Stanley 03/26/2020 1,771
Total       9,214 (1,794)
    
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, January 31, 2020
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
CAC40 Index 75 02/2020 EUR 4,353,000 (186,454)
EURO STOXX 50 Index 189 03/2020 EUR 6,877,710 (258,932)
FTSE 100 Index 93 03/2020 GBP 6,712,275 (407,014)
FTSE/MIB Index 76 03/2020 EUR 8,823,220 (206,171)
MSCI EAFE Index Future 125 03/2020 USD 12,353,125 (158,200)
Russell 2000 Index E-mini 1 03/2020 USD 80,735 (1,703)
S&P 500 Index E-mini 447 03/2020 USD 72,056,400 1,743,309
U.S. Treasury 10-Year Note 74 03/2020 USD 9,742,563 158,258
U.S. Treasury 5-Year Note 19 03/2020 USD 2,286,086 25,347
U.S. Ultra Treasury Bond 52 03/2020 USD 10,071,750 370,390
Total         2,297,304 (1,218,474)
    
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI Emerging Markets Index (313) 03/2020 USD (16,434,065) 512,872
Russell 2000 Index E-mini (35) 03/2020 USD (2,825,725) 38,501
TOPIX Index (82) 03/2020 JPY (1,376,780,000) 311,357
Total         862,730
    
Cleared credit default swap contracts - sell protection
Reference
entity
Counterparty Maturity
date
Receive
fixed
rate
(%)
Payment
frequency
Implied
credit
spread
(%)*
Notional
currency
Notional
amount
Value
($)
Upfront
payments
($)
Upfront
receipts
($)
Unrealized
appreciation
($)
Unrealized
depreciation
($)
Markit CDX Emerging Markets Index, Series 32 Morgan Stanley 12/20/2024 1.000 Quarterly 1.972 USD 26,154,000 49,504 49,504
* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended January 31, 2020 are as follows:
    
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Commodity Strategy Fund, Institutional 3 Class
  2,114,936 80,094 (90) 2,194,940 (112) (592,221) 117,855 9,109,001
Columbia Contrarian Core Fund, Institutional 3 Class
  2,099,771 113,222 (291,440) 1,921,553 2,388,235 2,984,023 4,647,744 601,947 52,765,841
Columbia Contrarian Europe Fund, Institutional 3 Class
  3,126,243 70,946 (309,245) 2,887,944 371,621 2,194,149 490,188 20,071,212
Columbia Corporate Income Fund, Institutional 3 Class
  2,659,607 107,868 (239,054) 2,528,421 150,225 2,579,233 898,642 27,610,354
Columbia Disciplined Core Fund, Institutional 3 Class
  4,124,865 408,244 (366,650) 4,166,459 4,049,008 2,827,721 (670,597) 739,688 49,872,512
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, January 31, 2020
Notes to Portfolio of Investments  (continued)
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Disciplined Growth Fund, Institutional 3 Class
  5,487,051 676,363 (1,601,673) 4,561,741 2,870,269 (1,439,480) 5,043,767 312,546 43,473,391
Columbia Disciplined Value Fund, Institutional 3 Class
  7,413,740 2,298,955 (1,800,291) 7,912,404 5,915,231 1,215,279 (2,032,885) 1,508,148 72,240,247
Columbia Emerging Markets Bond Fund, Institutional 3 Class
  313,564 14,588 (12,206) 315,946 2,149 152,970 132,419 3,633,379
Columbia Emerging Markets Fund, Institutional 3 Class
  3,683,148 17,771 (421,025) 3,279,894 1,361,189 5,359,020 240,506 45,721,727
Columbia Government Money Market Fund, Institutional 3 Class, 1.151%
  9,107,990 349,634 (15,256) 9,442,368 2,981 169,253 9,442,368
Columbia High Yield Bond Fund, Institutional 3 Class
  8,189,532 480,745 (537,115) 8,133,162 (36,167) 1,258,468 1,248,242 24,155,491
Columbia Income Opportunities Fund, Institutional 3 Class
  1,554,387 88,490 (99,878) 1,542,999 29,395 790,363 769,282 15,507,138
Columbia Large Cap Growth Fund, Institutional 3 Class
  522,971 37,985 (85,085) 475,871 1,677,614 2,530,977 1,035,661 22,423,045
Columbia Mortgage Opportunities Fund, Institutional 3 Class
  409,968 23,590 (14,342) 419,216 34,311 3,715 80,548 146,108 4,259,240
Columbia Multi Strategy Alternatives Fund, Institutional 3 Class
  468,857 468,857 (276,625) 3,450,790
Columbia Multi-Asset Income Fund, Institutional 3 Class
  1,596,299 98,976 1,695,275 969,860 930,051 16,410,264
Columbia Overseas Core Fund, Institutional 3 Class
  2,453,845 96,333 (181,724) 2,368,454 87,701 (86,685) 1,679,901 840,360 23,187,169
Columbia Overseas Value Fund, Institutional 3 Class
  1,666,059 67,706 (93,413) 1,640,352 30,918 58,773 590,718 585,319 15,353,690
Columbia Pacific/Asia Fund, Institutional 3 Class
  2,919,950 202,857 (333,669) 2,789,138 1,333,484 684,580 1,458,589 676,667 28,058,727
Columbia Quality Income Fund, Institutional 3 Class
  1,586,383 68,755 (61,580) 1,593,558 (2,229) 353,940 264,522 8,923,924
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  3,692,949 201,065 (435,041) 3,458,973 2,190,962 492,367 6,031,428 622,391 52,022,964
Columbia Select Large Cap Growth Fund, Institutional 3 Class
  2,158,640 681,402 (346,782) 2,493,260 9,378,561 655,310 (3,360,297) 35,080,163
Columbia Select Large Cap Value Fund, Institutional 3 Class
  1,015,121 68,761 (78,498) 1,005,384 1,278,459 891,984 (27,119) 521,490 26,290,793
Columbia Select Small Cap Value Fund, Institutional 3 Class
  407,738 3,076 (6,317) 404,497 1,676 40,061 360,355 34,005 8,365,011
Columbia Short-Term Cash Fund, 1.648%
  54,617,720 58,046,974 (51,201,876) 61,462,818 (428) 6,152 1,289,439 61,462,818
Columbia Small Cap Growth Fund I, Institutional 3 Class
  188,796 14,706 (31,024) 172,478 297,187 (87,174) 609,425 3,706,551
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, January 31, 2020
Notes to Portfolio of Investments  (continued)
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Small Cap Index Fund, Institutional 3 Class
  493,361 33,733 527,094 602,003 (49,670) 151,327 11,611,874
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  743,359 26,613 (39,455) 730,517 32,520 500,545 172,937 8,547,050
Total         32,138,600 12,679,614 28,693,422 13,463,332 702,756,734
    
(b) Non-income producing investment.
(c) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At January 31, 2020, the total value of these securities amounted to $122,746, which represents 0.02% of total net assets.
(d) The rate shown is the seven-day current annualized yield at January 31, 2020.
Abbreviation Legend
ADR American Depositary Receipt
Currency Legend
AUD Australian Dollar
BRL Brazilian Real
DKK Danish Krone
EUR Euro
GBP British Pound
ILS New Israeli Sheqel
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
SGD Singapore Dollar
TWD New Taiwan Dollar
USD US Dollar
ZAR South African Rand
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, January 31, 2020
Fair value measurements  (continued)
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at January 31, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Alternative Strategies Funds 28,970,055 28,970,055
Common Stocks        
Communication Services 289,612 509,176 798,788
Consumer Discretionary 1,542,563 769,815 2,312,378
Consumer Staples 532,059 631,068 1,163,127
Energy 545,694 301,518 847,212
Financials 2,262,639 1,547,315 3,809,954
Health Care 2,140,311 807,701 2,948,012
Industrials 1,941,367 921,341 2,862,708
Information Technology 1,622,490 838,276 2,460,766
Materials 445,131 590,914 1,036,045
Real Estate 861,772 232,347 1,094,119
Utilities 459,603 266,509 726,112
Total Common Stocks 12,643,241 7,415,980 20,059,221
Equity Funds 510,244,917 510,244,917
Fixed Income Funds 92,636,576 92,636,576
Preferred Stocks        
Utilities 12,576 12,576
Total Preferred Stocks 12,576 12,576
Money Market Funds 70,905,186 70,905,186
Total Investments in Securities 715,412,551 7,415,980 722,828,531
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts 9,214 9,214
Futures Contracts 3,160,034 3,160,034
Swap Contracts 49,504 49,504
Liability        
Forward Foreign Currency Exchange Contracts (1,794) (1,794)
Futures Contracts (1,218,474) (1,218,474)
Total 717,354,111 7,472,904 724,827,015
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Capital Allocation Aggressive Portfolio, January 31, 2020
Fair value measurements  (continued)
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Assets and Liabilities
January 31, 2020
  Columbia
Capital
Allocation
Conservative
Portfolio
Columbia
Capital
Allocation
Moderate
Conservative
Portfolio
Columbia
Capital
Allocation
Moderate
Portfolio
Assets      
Investments in securities, at value      
Unaffiliated issuers (cost $9,108,159, $14,337,408, $32,085,064, respectively) $9,674,029 $15,199,384 $33,677,288
Affiliated issuers (cost $206,861,516, $479,246,588, $1,370,332,336, respectively) 213,631,958 497,139,533 1,448,692,103
Cash 5,574
Foreign currency (cost $—, $—, $19,772, respectively) 19,771
Margin deposits on:      
Futures contracts 935,654 2,880,002 10,253,383
Swap contracts 321,997 746,429 3,183,238
Unrealized appreciation on forward foreign currency exchange contracts 2,630 4,101 11,231
Receivable for:      
Investments sold 119,090 506,714 752,511
Capital shares sold 336,242 455,338 1,044,662
Dividends 312,780 624,109 1,708,448
Foreign tax reclaims 16,692 26,589 16,754
Variation margin for futures contracts 142,094 323,191 860,067
Prepaid expenses 1,715 2,222 3,828
Total assets 225,494,881 517,913,186 1,500,223,284
Liabilities      
Unrealized depreciation on forward foreign currency exchange contracts 6 10 2,219
Payable for:      
Investments purchased 285,669 559,924 1,693,058
Capital shares purchased 490,255 1,156,196 1,687,142
Variation margin for futures contracts 119,960 639,228 3,543,707
Variation margin for swap contracts 3,888 9,014 38,441
Management services fees 738 1,528 3,378
Distribution and/or service fees 1,930 4,517 13,104
Transfer agent fees 16,371 35,024 89,428
Compensation of board members 85,840 50,815 72,740
Compensation of chief compliance officer 51 117 329
Other expenses 48,289 59,277 98,242
Total liabilities 1,052,997 2,515,650 7,241,788
Net assets applicable to outstanding capital stock $224,441,884 $515,397,536 $1,492,981,496
Represented by      
Paid in capital 215,539,161 485,308,058 1,368,980,097
Total distributable earnings (loss) 8,902,723 30,089,478 124,001,399
Total - representing net assets applicable to outstanding capital stock $224,441,884 $515,397,536 $1,492,981,496
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Assets and Liabilities  (continued)
January 31, 2020
  Columbia
Capital
Allocation
Conservative
Portfolio
Columbia
Capital
Allocation
Moderate
Conservative
Portfolio
Columbia
Capital
Allocation
Moderate
Portfolio
Class A      
Net assets $180,337,984 $425,705,974 $1,280,252,725
Shares outstanding 17,492,993 38,805,724 113,082,736
Net asset value per share $10.31 $10.97 $11.32
Maximum sales charge 4.75% 5.75% 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $10.82 $11.64 $12.01
Advisor Class      
Net assets $6,012,429 $5,319,471 $3,051,272
Shares outstanding 587,355 489,693 273,247
Net asset value per share $10.24 $10.86 $11.17
Class C      
Net assets $24,949,422 $57,071,986 $153,545,290
Shares outstanding 2,435,136 5,285,109 13,691,066
Net asset value per share $10.25 $10.80 $11.21
Institutional Class      
Net assets $9,128,298 $16,489,789 $37,111,784
Shares outstanding 885,851 1,526,459 3,282,552
Net asset value per share $10.30 $10.80 $11.31
Institutional 2 Class      
Net assets $966,377 $3,682,582 $5,447,108
Shares outstanding 94,412 339,252 488,128
Net asset value per share $10.24 $10.86 $11.16
Institutional 3 Class      
Net assets $2,535,446 $5,951,105 $11,042,230
Shares outstanding 248,054 556,367 988,974
Net asset value per share $10.22 $10.70 $11.17
Class R      
Net assets $511,928 $1,176,629 $2,531,087
Shares outstanding 49,686 107,084 224,303
Net asset value per share $10.30 $10.99 $11.28
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Assets and Liabilities  (continued)
January 31, 2020
  Columbia
Capital
Allocation
Moderate
Aggressive
Portfolio
Columbia
Capital
Allocation
Aggressive
Portfolio
Assets    
Investments in securities, at value    
Unaffiliated issuers (cost $31,851,751, $19,203,269, respectively) $33,133,603 $20,071,797
Affiliated issuers (cost $1,830,928,353, $645,783,444, respectively) 1,966,128,951 702,756,734
Foreign currency (cost $15,022, $16,947, respectively) 15,020 16,947
Margin deposits on:    
Futures contracts 18,806,087 6,170,345
Swap contracts 6,938,252 3,625,273
Unrealized appreciation on forward foreign currency exchange contracts 7,773 9,214
Receivable for:    
Investments sold 612,186 398,771
Capital shares sold 763,728 466,778
Dividends 1,739,925 379,323
Foreign tax reclaims 13,372 15,214
Variation margin for futures contracts 1,073,415 441,646
Prepaid expenses 4,717 2,527
Total assets 2,029,237,029 734,354,569
Liabilities    
Unrealized depreciation on forward foreign currency exchange contracts 1,544 1,794
Payable for:    
Investments purchased 1,454,921 375,231
Capital shares purchased 1,405,481 1,131,599
Variation margin for futures contracts 6,847,324 2,193,333
Variation margin for swap contracts 83,786 43,779
Management services fees 6,846 1,783
Distribution and/or service fees 16,121 6,439
Transfer agent fees 140,690 49,314
Compensation of board members 218,126 47,475
Compensation of chief compliance officer 446 158
Other expenses 117,477 75,011
Total liabilities 10,292,762 3,925,916
Net assets applicable to outstanding capital stock $2,018,944,267 $730,428,653
Represented by    
Paid in capital 1,809,684,150 642,637,108
Total distributable earnings (loss) 209,260,117 87,791,545
Total - representing net assets applicable to outstanding capital stock $2,018,944,267 $730,428,653
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Assets and Liabilities  (continued)
January 31, 2020
  Columbia
Capital
Allocation
Moderate
Aggressive
Portfolio
Columbia
Capital
Allocation
Aggressive
Portfolio
Class A    
Net assets $1,645,912,894 $623,971,315
Shares outstanding 134,083,466 49,593,400
Net asset value per share $12.28 $12.58
Maximum sales charge 5.75% 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $13.03 $13.35
Advisor Class    
Net assets $7,779,498 $1,610,987
Shares outstanding 627,596 131,039
Net asset value per share $12.40 $12.29
Class C    
Net assets $148,134,499 $74,297,050
Shares outstanding 12,041,208 6,069,730
Net asset value per share $12.30 $12.24
Institutional Class    
Net assets $107,496,732 $11,920,267
Shares outstanding 8,776,535 951,936
Net asset value per share $12.25 $12.52
Institutional 2 Class    
Net assets $9,890,289 $5,079,111
Shares outstanding 798,622 413,354
Net asset value per share $12.38 $12.29
Institutional 3 Class    
Net assets $13,770,724 $10,622,767
Shares outstanding 1,141,777 865,195
Net asset value per share $12.06 $12.28
Class R    
Net assets $4,822,740 $2,927,156
Shares outstanding 393,234 234,783
Net asset value per share $12.26 $12.47
Class V    
Net assets $81,136,891 $—
Shares outstanding 6,609,781
Net asset value per share $12.28 $—
Maximum sales charge 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares) $13.03 $—
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Operations
Year Ended January 31, 2020
  Columbia
Capital
Allocation
Conservative
Portfolio
Columbia
Capital
Allocation
Moderate
Conservative
Portfolio
Columbia
Capital
Allocation
Moderate
Portfolio
Net investment income      
Income:      
Dividends — unaffiliated issuers $314,859 $488,106 $799,045
Dividends — affiliated issuers 5,698,346 13,134,348 36,770,558
Other Income 12,329 34,501 139,964
Foreign taxes withheld (21,601) (33,010) (43,450)
Total income 6,003,933 13,623,945 37,666,117
Expenses:      
Management services fees 262,717 537,654 1,145,529
Distribution and/or service fees      
Class A 446,380 1,071,830 3,163,943
Class C 261,305 586,644 1,568,568
Class R 2,500 6,824 14,924
Transfer agent fees      
Class A 166,962 362,132 971,412
Advisor Class 8,050 5,264 2,011
Class C 24,458 49,568 120,464
Institutional Class 8,072 14,144 27,348
Institutional 2 Class 560 2,756 3,347
Institutional 3 Class 533 1,161 1,954
Class R 466 1,155 2,295
Compensation of board members 29,911 26,107 42,104
Custodian fees 48,822 55,347 68,189
Printing and postage fees 28,884 53,470 139,267
Registration fees 96,058 93,510 110,429
Audit fees 20,461 20,461 22,811
Legal fees 9,514 12,289 21,200
Compensation of chief compliance officer 48 112 314
Other 11,472 15,379 27,389
Total expenses 1,427,173 2,915,807 7,453,498
Expense reduction (20) (80) (100)
Total net expenses 1,427,153 2,915,727 7,453,398
Net investment income 4,576,780 10,708,218 30,212,719
The accompanying Notes to Financial Statements are an integral part of this statement.
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Statement of Operations  (continued)
Year Ended January 31, 2020
  Columbia
Capital
Allocation
Conservative
Portfolio
Columbia
Capital
Allocation
Moderate
Conservative
Portfolio
Columbia
Capital
Allocation
Moderate
Portfolio
Realized and unrealized gain (loss) — net      
Net realized gain (loss) on:      
Investments — unaffiliated issuers $(207,986) $(357,317) $(1,211,350)
Investments — affiliated issuers 1,160,523 5,931,048 22,178,861
Capital gain distributions from underlying affiliated funds 2,339,417 8,545,433 40,039,818
Foreign currency translations 3,377 5,471 17,123
Forward foreign currency exchange contracts 5,746 8,717 17,711
Futures contracts 615,971 4,297,990 19,976,880
Options purchased (37,350) (129,479) (493,016)
Swap contracts (95,038) (307,046) (929,769)
Net realized gain 3,784,660 17,994,817 79,596,258
Net change in unrealized appreciation (depreciation) on:      
Investments — unaffiliated issuers 490,076 793,927 1,483,349
Investments — affiliated issuers 9,300,030 21,006,503 56,602,010
Foreign currency translations (1,518) (6,689) (6,510)
Forward foreign currency exchange contracts 5,066 7,830 16,201
Futures contracts 792,158 1,160,046 1,220,441
Swap contracts 65,084 219,214 557,587
Net change in unrealized appreciation (depreciation) 10,650,896 23,180,831 59,873,078
Net realized and unrealized gain 14,435,556 41,175,648 139,469,336
Net increase in net assets resulting from operations $19,012,336 $51,883,866 $169,682,055
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Operations  (continued)
Year Ended January 31, 2020
  Columbia
Capital
Allocation
Moderate
Aggressive
Portfolio
Columbia
Capital
Allocation
Aggressive
Portfolio
Net investment income    
Income:    
Dividends — unaffiliated issuers $706,937 $539,892
Dividends — affiliated issuers 44,548,084 13,463,332
Other Income 274,840 79,551
Foreign taxes withheld (30,884) (35,724)
Total income 45,498,977 14,047,051
Expenses:    
Management services fees 2,335,770 606,356
Distribution and/or service fees    
Class A 4,070,104 1,532,560
Class C 1,500,128 721,415
Class R 26,043 14,616
Class V 201,326
Transfer agent fees    
Class A 1,674,824 539,063
Advisor Class 13,788 1,619
Class C 154,426 63,424
Institutional Class 110,812 9,552
Institutional 2 Class 5,631 2,744
Institutional 3 Class 1,432 1,817
Class R 5,360 2,571
Class V 82,842
Compensation of board members 78,833 27,651
Custodian fees 65,790 67,159
Printing and postage fees 197,117 81,432
Registration fees 126,035 110,653
Audit fees 23,004 22,810
Legal fees 26,121 14,035
Compensation of chief compliance officer 425 151
Other 27,967 17,973
Total expenses 10,727,778 3,837,601
Expense reduction (7,992) (80)
Total net expenses 10,719,786 3,837,521
Net investment income 34,779,191 10,209,530
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Operations  (continued)
Year Ended January 31, 2020
  Columbia
Capital
Allocation
Moderate
Aggressive
Portfolio
Columbia
Capital
Allocation
Aggressive
Portfolio
Realized and unrealized gain (loss) — net    
Net realized gain (loss) on:    
Investments — unaffiliated issuers $(1,152,989) $(724,381)
Investments — affiliated issuers 33,822,007 12,679,614
Capital gain distributions from underlying affiliated funds 66,402,911 32,138,600
Foreign currency translations 14,737 10,855
Forward foreign currency exchange contracts 12,112 14,419
Futures contracts 45,534,835 9,892,799
Options purchased (839,123) (358,557)
Swap contracts (1,198,498) (230,110)
Net realized gain 142,595,992 53,423,239
Net change in unrealized appreciation (depreciation) on:    
Investments — unaffiliated issuers 1,615,587 784,894
Investments — affiliated issuers 75,546,076 28,693,422
Foreign currency translations (17,625) (8,563)
Forward foreign currency exchange contracts 11,276 13,378
Futures contracts (3,030,511) 43,741
Swap contracts 698,894 142,471
Net change in unrealized appreciation (depreciation) 74,823,697 29,669,343
Net realized and unrealized gain 217,419,689 83,092,582
Net increase in net assets resulting from operations $252,198,880 $93,302,112
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets
  Columbia Capital Allocation
Conservative Portfolio
Columbia Capital Allocation
Moderate Conservative Portfolio
  Year Ended
January 31, 2020
Year Ended
January 31, 2019
Year Ended
January 31, 2020
Year Ended
January 31, 2019
Operations        
Net investment income $4,576,780 $4,631,581 $10,708,218 $10,411,380
Net realized gain 3,784,660 1,861,918 17,994,817 14,364,236
Net change in unrealized appreciation (depreciation) 10,650,896 (10,744,631) 23,180,831 (40,840,274)
Net increase (decrease) in net assets resulting from operations 19,012,336 (4,251,132) 51,883,866 (16,064,658)
Distributions to shareholders        
Net investment income and net realized gains        
Class A (5,446,173) (8,261,195) (17,862,482) (29,538,220)
Advisor Class (258,774) (383,044) (297,227) (377,451)
Class C (592,274) (1,130,024) (2,012,711) (3,950,678)
Institutional Class (286,291) (414,020) (753,668) (1,273,084)
Institutional 2 Class (29,737) (32,378) (202,906) (279,105)
Institutional 3 Class (94,427) (89,671) (265,530) (216,346)
Class R (14,216) (20,707) (49,708) (87,364)
Total distributions to shareholders (6,721,892) (10,331,039) (21,444,232) (35,722,248)
Decrease in net assets from capital stock activity (13,057,084) (15,880,534) (36,379,760) (34,244,493)
Total decrease in net assets (766,640) (30,462,705) (5,940,126) (86,031,399)
Net assets at beginning of year 225,208,524 255,671,229 521,337,662 607,369,061
Net assets at end of year $224,441,884 $225,208,524 $515,397,536 $521,337,662
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia Capital Allocation
Moderate Portfolio
Columbia Capital Allocation
Moderate Aggressive Portfolio
  Year Ended
January 31, 2020
Year Ended
January 31, 2019
Year Ended
January 31, 2020
Year Ended
January 31, 2019
Operations        
Net investment income $30,212,719 $28,678,571 $34,779,191 $32,735,108
Net realized gain 79,596,258 50,200,317 142,595,992 107,671,001
Net change in unrealized appreciation (depreciation) 59,873,078 (147,683,696) 74,823,697 (265,536,500)
Net increase (decrease) in net assets resulting from operations 169,682,055 (68,804,808) 252,198,880 (125,130,391)
Distributions to shareholders        
Net investment income and net realized gains        
Class A (74,840,167) (89,117,711) (118,914,773) (144,693,187)
Advisor Class (191,637) (94,726) (889,289) (1,309,324)
Class C (8,050,971) (10,693,917) (9,716,011) (13,511,746)
Institutional Class (2,226,696) (2,949,952) (8,062,453) (10,786,404)
Institutional 2 Class (327,946) (324,102) (738,812) (771,015)
Institutional 3 Class (617,731) (555,591) (1,039,197) (1,751,958)
Class R (155,842) (212,103) (351,556) (399,660)
Class V (5,892,134) (7,290,987)
Total distributions to shareholders (86,410,990) (103,948,102) (145,604,225) (180,514,281)
Decrease in net assets from capital stock activity (54,422,634) (16,356,493) (70,159,753) (29,544,063)
Total increase (decrease) in net assets 28,848,431 (189,109,403) 36,434,902 (335,188,735)
Net assets at beginning of year 1,464,133,065 1,653,242,468 1,982,509,365 2,317,698,100
Net assets at end of year $1,492,981,496 $1,464,133,065 $2,018,944,267 $1,982,509,365
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia Capital Allocation
Aggressive Portfolio
  Year Ended
January 31, 2020
Year Ended
January 31, 2019
Operations    
Net investment income $10,209,530 $8,994,122
Net realized gain 53,423,239 47,097,163
Net change in unrealized appreciation (depreciation) 29,669,343 (110,763,205)
Net increase (decrease) in net assets resulting from operations 93,302,112 (54,671,920)
Distributions to shareholders    
Net investment income and net realized gains    
Class A (46,221,383) (56,249,800)
Advisor Class (136,034) (149,902)
Class C (5,078,937) (6,569,773)
Institutional Class (867,085) (1,505,982)
Institutional 2 Class (375,237) (299,479)
Institutional 3 Class (815,179) (702,519)
Class R (214,374) (237,487)
Total distributions to shareholders (53,708,229) (65,714,942)
Increase (decrease) in net assets from capital stock activity (5,645,135) 25,804,766
Total increase (decrease) in net assets 33,948,748 (94,582,096)
Net assets at beginning of year 696,479,905 791,062,001
Net assets at end of year $730,428,653 $696,479,905
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia Capital Allocation
Conservative Portfolio
Columbia Capital Allocation
Moderate Conservative Portfolio
  Year Ended Year Ended Year Ended Year Ended
  January 31, 2020 January 31, 2019 January 31, 2020 January 31, 2019
  Shares Dollars ($) Shares Dollars ($) Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A                
Subscriptions 1,814,947 18,387,449 1,969,256 19,700,851 3,381,584 36,343,555 3,983,309 43,154,491
Distributions reinvested 512,163 5,187,891 805,147 7,855,218 1,536,844 16,562,580 2,635,117 27,266,934
Redemptions (3,025,448) (30,572,456) (3,710,672) (36,975,160) (7,413,128) (79,752,841) (8,070,396) (87,125,279)
Net decrease (698,338) (6,997,116) (936,269) (9,419,091) (2,494,700) (26,846,706) (1,451,970) (16,703,854)
Advisor Class                
Subscriptions 412,673 4,122,463 540,153 5,403,612 220,957 2,338,631 243,425 2,642,501
Distributions reinvested 16,848 169,495 21,054 204,051 21,669 231,265 33,420 343,736
Redemptions (707,849) (7,151,977) (283,621) (2,819,520) (234,994) (2,540,093) (201,937) (2,178,627)
Net increase (decrease) (278,328) (2,860,019) 277,586 2,788,143 7,632 29,803 74,908 807,610
Class C                
Subscriptions 379,130 3,812,696 426,852 4,222,140 660,220 6,981,468 1,204,927 12,638,220
Distributions reinvested 56,981 574,910 113,057 1,096,189 185,067 1,967,605 378,201 3,850,604
Redemptions (870,413) (8,726,388) (1,428,294) (14,263,130) (1,544,833) (16,317,840) (2,927,297) (31,245,355)
Net decrease (434,302) (4,338,782) (888,385) (8,944,801) (699,546) (7,368,767) (1,344,169) (14,756,531)
Institutional Class                
Subscriptions 434,843 4,400,453 367,094 3,645,442 1,018,160 10,794,860 854,018 9,088,685
Distributions reinvested 22,122 223,969 33,224 324,410 58,475 620,435 100,869 1,027,804
Redemptions (410,348) (4,148,104) (482,748) (4,793,120) (1,229,677) (13,031,711) (1,841,270) (19,880,711)
Net increase (decrease) 46,617 476,318 (82,430) (823,268) (153,042) (1,616,416) (886,383) (9,764,222)
Institutional 2 Class                
Subscriptions 55,957 561,649 30,996 310,939 97,162 1,031,298 204,983 2,218,158
Distributions reinvested 2,947 29,657 3,328 32,265 18,965 202,229 27,310 278,941
Redemptions (30,691) (306,661) (23,551) (229,256) (143,697) (1,546,972) (101,049) (1,052,849)
Net increase (decrease) 28,213 284,645 10,773 113,948 (27,570) (313,445) 131,244 1,444,250
Institutional 3 Class                
Subscriptions 131,302 1,305,060 85,632 852,028 76,690 806,856 554,580 5,925,134
Distributions reinvested 9,392 94,346 9,268 89,558 25,256 265,389 22,100 216,180
Redemptions (105,465) (1,059,252) (16,589) (165,008) (94,961) (999,521) (99,270) (1,059,132)
Net increase 35,229 340,154 78,311 776,578 6,985 72,724 477,410 5,082,182
Class K                
Subscriptions 6 61
Redemptions (10,643) (107,736) (236) (2,605)
Net decrease (10,637) (107,675) (236) (2,605)
Class R                
Subscriptions 18,822 188,188 20,656 208,934 26,241 281,131 51,985 565,419
Distributions reinvested 1,311 13,293 1,753 17,113 4,337 46,822 7,136 73,586
Redemptions (16,247) (163,765) (48,664) (490,415) (61,484) (664,906) (89,968) (990,328)
Net increase (decrease) 3,886 37,716 (26,255) (264,368) (30,906) (336,953) (30,847) (351,323)
Total net decrease (1,297,023) (13,057,084) (1,577,306) (15,880,534) (3,391,147) (36,379,760) (3,030,043) (34,244,493)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia Capital Allocation
Moderate Portfolio
Columbia Capital Allocation
Moderate Aggressive Portfolio
  Year Ended Year Ended Year Ended Year Ended
  January 31, 2020 January 31, 2019 January 31, 2020 January 31, 2019
  Shares Dollars ($) Shares Dollars ($) Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A                
Subscriptions 7,770,857 86,848,307 11,750,122 133,498,609 6,591,990 80,203,469 11,248,709 140,329,336
Distributions reinvested 6,609,194 73,935,602 8,266,442 88,209,837 8,547,119 103,892,937 10,871,035 125,984,632
Redemptions (17,881,498) (199,499,927) (19,373,912) (217,676,712) (18,822,491) (228,495,471) (19,684,913) (245,279,306)
Net increase (decrease) (3,501,447) (38,716,018) 642,652 4,031,734 (3,683,382) (44,399,065) 2,434,831 21,034,662
Advisor Class                
Subscriptions 267,614 2,936,595 52,528 600,385 383,803 4,678,944 733,335 9,261,358
Distributions reinvested 15,788 174,260 8,992 94,557 38,486 472,004 50,910 595,896
Redemptions (124,889) (1,379,683) (33,017) (358,028) (1,039,202) (12,762,541) (363,849) (4,505,924)
Net increase (decrease) 158,513 1,731,172 28,503 336,914 (616,913) (7,611,593) 420,396 5,351,330
Class C                
Subscriptions 1,712,804 18,924,475 2,898,350 32,490,522 1,406,398 17,131,647 2,305,893 29,040,559
Distributions reinvested 718,929 7,980,580 1,005,685 10,629,670 770,798 9,406,558 1,117,567 13,001,345
Redemptions (3,840,091) (42,446,094) (6,255,831) (70,409,206) (3,113,177) (37,908,324) (6,367,714) (80,784,645)
Net decrease (1,408,358) (15,541,039) (2,351,796) (27,289,014) (935,981) (11,370,119) (2,944,254) (38,742,741)
Institutional Class                
Subscriptions 2,086,219 23,258,059 3,295,275 37,169,963 2,171,768 26,265,451 2,877,774 35,814,422
Distributions reinvested 177,260 1,979,087 231,307 2,458,864 545,863 6,619,591 699,076 8,076,612
Redemptions (2,538,686) (28,146,212) (3,299,175) (36,642,064) (3,278,526) (39,619,244) (4,389,684) (54,421,368)
Net increase (decrease) (275,207) (2,909,066) 227,407 2,986,763 (560,895) (6,734,202) (812,834) (10,530,334)
Institutional 2 Class                
Subscriptions 148,047 1,625,895 177,082 1,927,393 267,805 3,261,250 178,285 2,277,859
Distributions reinvested 29,718 327,798 30,693 323,769 60,212 738,640 65,869 770,808
Redemptions (120,972) (1,336,117) (394,922) (4,459,124) (207,536) (2,558,894) (218,971) (2,695,107)
Net increase (decrease) 56,793 617,576 (187,147) (2,207,962) 120,481 1,440,996 25,183 353,560
Institutional 3 Class                
Subscriptions 262,753 2,916,365 621,696 6,924,013 223,153 2,669,957 433,207 5,348,203
Distributions reinvested 55,986 617,582 53,346 555,420 56,612 676,438 45,306 514,771
Redemptions (212,027) (2,335,413) (209,358) (2,276,268) (137,360) (1,639,628) (1,041,109) (12,373,242)
Net increase (decrease) 106,712 1,198,534 465,684 5,203,165 142,405 1,706,767 (562,596) (6,510,268)
Class K                
Subscriptions 122 1,415
Redemptions (11,636) (137,079) (199) (2,633)
Net decrease (11,514) (135,664) (199) (2,633)
Class R                
Subscriptions 44,258 489,001 86,681 992,081 62,261 752,519 106,046 1,323,685
Distributions reinvested 13,715 152,901 16,107 170,998 28,601 347,366 32,648 375,524
Redemptions (129,471) (1,445,695) (40,127) (445,508) (123,805) (1,514,271) (69,672) (877,430)
Net increase (decrease) (71,498) (803,793) 62,661 717,571 (32,943) (414,386) 69,022 821,779
Class V                
Subscriptions 24,762 301,127 38,987 472,633
Distributions reinvested 404,112 4,912,497 519,085 6,019,954
Redemptions (658,385) (7,991,775) (629,306) (7,812,005)
Net decrease (229,511) (2,778,151) (71,234) (1,319,418)
Total net decrease (4,934,492) (54,422,634) (1,123,550) (16,356,493) (5,796,739) (70,159,753) (1,441,685) (29,544,063)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia Capital Allocation
Aggressive Portfolio
  Year Ended Year Ended
  January 31, 2020 January 31, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 3,021,609 37,621,161 4,630,370 60,253,380
Distributions reinvested 3,682,467 45,842,524 4,760,807 55,785,726
Redemptions (7,476,908) (92,951,138) (6,602,201) (85,151,573)
Net increase (decrease) (772,832) (9,487,453) 2,788,976 30,887,533
Advisor Class        
Subscriptions 33,592 409,507 93,054 1,142,139
Distributions reinvested 10,768 130,771 13,105 149,457
Redemptions (82,140) (987,863) (57,535) (735,347)
Net increase (decrease) (37,780) (447,585) 48,624 556,249
Class C        
Subscriptions 895,538 10,838,392 1,515,936 19,324,228
Distributions reinvested 417,636 5,052,464 565,785 6,533,861
Redemptions (1,321,941) (15,986,874) (2,447,052) (31,204,277)
Net decrease (8,767) (96,018) (365,331) (5,346,188)
Institutional Class        
Subscriptions 1,031,205 12,782,549 1,000,934 12,950,040
Distributions reinvested 66,691 827,351 118,482 1,417,684
Redemptions (1,022,643) (12,639,925) (1,721,146) (21,768,162)
Net increase (decrease) 75,253 969,975 (601,730) (7,400,438)
Institutional 2 Class        
Subscriptions 219,986 2,684,611 120,461 1,558,606
Distributions reinvested 30,769 375,042 26,039 299,240
Redemptions (93,328) (1,139,963) (81,709) (1,017,610)
Net increase 157,427 1,919,690 64,791 840,236
Institutional 3 Class        
Subscriptions 211,297 2,577,035 498,407 6,231,360
Distributions reinvested 66,969 814,984 61,551 702,279
Redemptions (158,469) (1,923,612) (83,936) (1,062,873)
Net increase 119,797 1,468,407 476,022 5,870,766
Class K        
Subscriptions 30 408
Redemptions (7,175) (99,818)
Net decrease (7,145) (99,410)
Class R        
Subscriptions 27,956 343,652 55,857 703,425
Distributions reinvested 16,939 208,823 18,975 219,809
Redemptions (43,238) (524,626) (32,686) (427,216)
Net increase 1,657 27,849 42,146 496,018
Total net increase (decrease) (465,245) (5,645,135) 2,446,353 25,804,766
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights
Columbia Capital Allocation Conservative Portfolio
The following tables are intended to help you understand the Funds’ financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, a fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 1/31/2020 $9.76 0.21 0.65 0.86 (0.21) (0.10) (0.31)
Year Ended 1/31/2019 $10.38 0.20 (0.37) (0.17) (0.22) (0.23) (0.45)
Year Ended 1/31/2018 $9.84 0.18 0.59 0.77 (0.22) (0.01) (0.23)
Year Ended 1/31/2017 $9.45 0.15 0.48 0.63 (0.15) (0.09) (0.24)
Year Ended 1/31/2016 $10.10 0.18 (0.46) (0.28) (0.19) (0.18) (0.37)
Advisor Class
Year Ended 1/31/2020 $9.70 0.23 0.65 0.88 (0.24) (0.10) (0.34)
Year Ended 1/31/2019 $10.31 0.23 (0.37) (0.14) (0.24) (0.23) (0.47)
Year Ended 1/31/2018 $9.78 0.21 0.58 0.79 (0.25) (0.01) (0.26)
Year Ended 1/31/2017 $9.39 0.17 0.48 0.65 (0.17) (0.09) (0.26)
Year Ended 1/31/2016 $10.04 0.20 (0.45) (0.25) (0.22) (0.18) (0.40)
Class C
Year Ended 1/31/2020 $9.71 0.13 0.65 0.78 (0.14) (0.10) (0.24)
Year Ended 1/31/2019 $10.32 0.12 (0.36) (0.24) (0.14) (0.23) (0.37)
Year Ended 1/31/2018 $9.78 0.10 0.59 0.69 (0.14) (0.01) (0.15)
Year Ended 1/31/2017 $9.40 0.07 0.47 0.54 (0.07) (0.09) (0.16)
Year Ended 1/31/2016 $10.05 0.11 (0.46) (0.35) (0.12) (0.18) (0.30)
Institutional Class
Year Ended 1/31/2020 $9.76 0.24 0.64 0.88 (0.24) (0.10) (0.34)
Year Ended 1/31/2019 $10.37 0.23 (0.37) (0.14) (0.24) (0.23) (0.47)
Year Ended 1/31/2018 $9.84 0.21 0.58 0.79 (0.25) (0.01) (0.26)
Year Ended 1/31/2017 $9.45 0.18 0.47 0.65 (0.17) (0.09) (0.26)
Year Ended 1/31/2016 $10.10 0.21 (0.46) (0.25) (0.22) (0.18) (0.40)
Institutional 2 Class
Year Ended 1/31/2020 $9.70 0.24 0.64 0.88 (0.24) (0.10) (0.34)
Year Ended 1/31/2019 $10.31 0.23 (0.37) (0.14) (0.24) (0.23) (0.47)
Year Ended 1/31/2018 $9.78 0.20 0.59 0.79 (0.25) (0.01) (0.26)
Year Ended 1/31/2017 $9.39 0.18 0.48 0.66 (0.18) (0.09) (0.27)
Year Ended 1/31/2016 $10.05 0.25 (0.50) (0.25) (0.23) (0.18) (0.41)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Conservative Portfolio
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 1/31/2020 $10.31 8.91% 0.57% 0.57%(c) 2.09% 13% $180,338
Year Ended 1/31/2019 $9.76 (1.61%) 0.55% 0.55% 2.02% 21% $177,622
Year Ended 1/31/2018 $10.38 7.90% 0.56% 0.56% 1.72% 12% $198,471
Year Ended 1/31/2017 $9.84 6.67% 0.55% 0.55% 1.51% 24% $213,725
Year Ended 1/31/2016 $9.45 (2.81%) 0.52% 0.52%(c) 1.83% 24% $216,423
Advisor Class
Year Ended 1/31/2020 $10.24 9.14% 0.32% 0.32%(c) 2.31% 13% $6,012
Year Ended 1/31/2019 $9.70 (1.28%) 0.30% 0.30% 2.30% 21% $8,396
Year Ended 1/31/2018 $10.31 8.11% 0.30% 0.30% 2.13% 12% $6,063
Year Ended 1/31/2017 $9.78 6.98% 0.31% 0.31% 1.76% 24% $903
Year Ended 1/31/2016 $9.39 (2.57%) 0.27% 0.27%(c) 2.06% 24% $145
Class C
Year Ended 1/31/2020 $10.25 8.05% 1.32% 1.32%(c) 1.34% 13% $24,949
Year Ended 1/31/2019 $9.71 (2.27%) 1.30% 1.30% 1.23% 21% $27,850
Year Ended 1/31/2018 $10.32 7.14% 1.31% 1.31% 0.97% 12% $38,765
Year Ended 1/31/2017 $9.78 5.80% 1.30% 1.30% 0.76% 24% $42,286
Year Ended 1/31/2016 $9.40 (3.56%) 1.27% 1.27%(c) 1.08% 24% $43,719
Institutional Class
Year Ended 1/31/2020 $10.30 9.08% 0.32% 0.32%(c) 2.34% 13% $9,128
Year Ended 1/31/2019 $9.76 (1.27%) 0.30% 0.30% 2.26% 21% $8,191
Year Ended 1/31/2018 $10.37 8.06% 0.31% 0.31% 2.03% 12% $9,559
Year Ended 1/31/2017 $9.84 6.94% 0.30% 0.30% 1.79% 24% $3,974
Year Ended 1/31/2016 $9.45 (2.56%) 0.27% 0.27%(c) 2.09% 24% $3,046
Institutional 2 Class
Year Ended 1/31/2020 $10.24 9.17% 0.30% 0.30% 2.38% 13% $966
Year Ended 1/31/2019 $9.70 (1.25%) 0.28% 0.28% 2.35% 21% $642
Year Ended 1/31/2018 $10.31 8.15% 0.28% 0.28% 2.02% 12% $571
Year Ended 1/31/2017 $9.78 7.05% 0.24% 0.24% 1.84% 24% $417
Year Ended 1/31/2016 $9.39 (2.60%) 0.21% 0.21% 2.66% 24% $322
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Conservative Portfolio
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Institutional 3 Class
Year Ended 1/31/2020 $9.68 0.24 0.64 0.88 (0.24) (0.10) (0.34)
Year Ended 1/31/2019 $10.30 0.24 (0.38) (0.14) (0.25) (0.23) (0.48)
Year Ended 1/31/2018 $9.77 0.23 0.56 0.79 (0.25) (0.01) (0.26)
Year Ended 1/31/2017 $9.39 0.18 0.47 0.65 (0.18) (0.09) (0.27)
Year Ended 1/31/2016 $10.04 0.20 (0.43) (0.23) (0.24) (0.18) (0.42)
Class R
Year Ended 1/31/2020 $9.76 0.19 0.64 0.83 (0.19) (0.10) (0.29)
Year Ended 1/31/2019 $10.37 0.17 (0.36) (0.19) (0.19) (0.23) (0.42)
Year Ended 1/31/2018 $9.84 0.16 0.58 0.74 (0.20) (0.01) (0.21)
Year Ended 1/31/2017 $9.45 0.12 0.48 0.60 (0.12) (0.09) (0.21)
Year Ended 1/31/2016 $10.10 0.17 (0.47) (0.30) (0.17) (0.18) (0.35)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) The benefits derived from expense reductions had an impact of less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Conservative Portfolio
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Institutional 3 Class
Year Ended 1/31/2020 $10.22 9.24% 0.24% 0.24% 2.43% 13% $2,535
Year Ended 1/31/2019 $9.68 (1.30%) 0.23% 0.23% 2.38% 21% $2,061
Year Ended 1/31/2018 $10.30 8.22% 0.23% 0.23% 2.27% 12% $1,385
Year Ended 1/31/2017 $9.77 6.99% 0.20% 0.20% 1.86% 24% $595
Year Ended 1/31/2016 $9.39 (2.37%) 0.15% 0.15% 2.13% 24% $166
Class R
Year Ended 1/31/2020 $10.30 8.54% 0.82% 0.82%(c) 1.92% 13% $512
Year Ended 1/31/2019 $9.76 (1.77%) 0.80% 0.80% 1.68% 21% $447
Year Ended 1/31/2018 $10.37 7.53% 0.81% 0.81% 1.54% 12% $747
Year Ended 1/31/2017 $9.84 6.41% 0.80% 0.80% 1.19% 24% $355
Year Ended 1/31/2016 $9.45 (3.05%) 0.77% 0.77%(c) 1.72% 24% $490
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights
Columbia Capital Allocation Moderate Conservative Portfolio
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 1/31/2020 $10.35 0.23 0.84 1.07 (0.24) (0.21) (0.45)
Year Ended 1/31/2019 $11.38 0.21 (0.52) (0.31) (0.24) (0.48) (0.72)
Year Ended 1/31/2018 $10.62 0.19 1.04 1.23 (0.24) (0.23) (0.47)
Year Ended 1/31/2017 $10.14 0.17 0.68 0.85 (0.16) (0.21) (0.37)
Year Ended 1/31/2016 $10.98 0.20 (0.49) (0.29) (0.22) (0.33) (0.55)
Advisor Class
Year Ended 1/31/2020 $10.25 0.26 0.83 1.09 (0.27) (0.21) (0.48)
Year Ended 1/31/2019 $11.28 0.23 (0.52) (0.29) (0.26) (0.48) (0.74)
Year Ended 1/31/2018 $10.53 0.23 1.02 1.25 (0.27) (0.23) (0.50)
Year Ended 1/31/2017 $10.06 0.24 0.62 0.86 (0.18) (0.21) (0.39)
Year Ended 1/31/2016 $10.89 0.23 (0.48) (0.25) (0.25) (0.33) (0.58)
Class C
Year Ended 1/31/2020 $10.20 0.14 0.83 0.97 (0.16) (0.21) (0.37)
Year Ended 1/31/2019 $11.21 0.12 (0.50) (0.38) (0.15) (0.48) (0.63)
Year Ended 1/31/2018 $10.47 0.10 1.03 1.13 (0.16) (0.23) (0.39)
Year Ended 1/31/2017 $10.00 0.09 0.67 0.76 (0.08) (0.21) (0.29)
Year Ended 1/31/2016 $10.84 0.12 (0.49) (0.37) (0.14) (0.33) (0.47)
Institutional Class
Year Ended 1/31/2020 $10.20 0.25 0.83 1.08 (0.27) (0.21) (0.48)
Year Ended 1/31/2019 $11.22 0.22 (0.50) (0.28) (0.26) (0.48) (0.74)
Year Ended 1/31/2018 $10.48 0.22 1.02 1.24 (0.27) (0.23) (0.50)
Year Ended 1/31/2017 $10.01 0.19 0.67 0.86 (0.18) (0.21) (0.39)
Year Ended 1/31/2016 $10.85 0.23 (0.49) (0.26) (0.25) (0.33) (0.58)
Institutional 2 Class
Year Ended 1/31/2020 $10.25 0.26 0.83 1.09 (0.27) (0.21) (0.48)
Year Ended 1/31/2019 $11.27 0.25 (0.52) (0.27) (0.27) (0.48) (0.75)
Year Ended 1/31/2018 $10.52 0.22 1.03 1.25 (0.27) (0.23) (0.50)
Year Ended 1/31/2017 $10.05 0.20 0.67 0.87 (0.19) (0.21) (0.40)
Year Ended 1/31/2016 $10.89 0.30 (0.55) (0.25) (0.26) (0.33) (0.59)
Institutional 3 Class
Year Ended 1/31/2020 $10.10 0.25 0.84 1.09 (0.28) (0.21) (0.49)
Year Ended 1/31/2019 $11.13 0.30 (0.58) (0.28) (0.27) (0.48) (0.75)
Year Ended 1/31/2018 $10.40 0.23 1.01 1.24 (0.28) (0.23) (0.51)
Year Ended 1/31/2017 $9.94 0.19 0.67 0.86 (0.19) (0.21) (0.40)
Year Ended 1/31/2016 $10.77 0.26 (0.50) (0.24) (0.26) (0.33) (0.59)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Conservative Portfolio
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 1/31/2020 $10.97 10.52% 0.49% 0.49%(c) 2.12% 9% $425,706
Year Ended 1/31/2019 $10.35 (2.62%) 0.48% 0.48%(c) 1.96% 21% $427,506
Year Ended 1/31/2018 $11.38 11.79% 0.48% 0.48%(c) 1.71% 9% $486,408
Year Ended 1/31/2017 $10.62 8.47% 0.49% 0.49%(c) 1.57% 18% $494,948
Year Ended 1/31/2016 $10.14 (2.78%) 0.48% 0.48%(c) 1.86% 21% $495,849
Advisor Class
Year Ended 1/31/2020 $10.86 10.80% 0.24% 0.24%(c) 2.42% 9% $5,319
Year Ended 1/31/2019 $10.25 (2.40%) 0.23% 0.23%(c) 2.17% 21% $4,943
Year Ended 1/31/2018 $11.28 12.07% 0.23% 0.23%(c) 2.09% 9% $4,592
Year Ended 1/31/2017 $10.53 8.71% 0.24% 0.24%(c) 2.28% 18% $2,705
Year Ended 1/31/2016 $10.06 (2.46%) 0.23% 0.23%(c) 2.15% 21% $1,082
Class C
Year Ended 1/31/2020 $10.80 9.65% 1.24% 1.24%(c) 1.36% 9% $57,072
Year Ended 1/31/2019 $10.20 (3.23%) 1.23% 1.23%(c) 1.14% 21% $61,019
Year Ended 1/31/2018 $11.21 10.92% 1.23% 1.23%(c) 0.95% 9% $82,192
Year Ended 1/31/2017 $10.47 7.67% 1.24% 1.24%(c) 0.83% 18% $87,493
Year Ended 1/31/2016 $10.00 (3.56%) 1.23% 1.23%(c) 1.12% 21% $85,097
Institutional Class
Year Ended 1/31/2020 $10.80 10.76% 0.24% 0.24%(c) 2.38% 9% $16,490
Year Ended 1/31/2019 $10.20 (2.32%) 0.23% 0.23%(c) 2.10% 21% $17,131
Year Ended 1/31/2018 $11.22 12.03% 0.23% 0.23%(c) 2.00% 9% $28,796
Year Ended 1/31/2017 $10.48 8.75% 0.24% 0.24%(c) 1.78% 18% $20,476
Year Ended 1/31/2016 $10.01 (2.56%) 0.23% 0.23%(c) 2.11% 21% $24,108
Institutional 2 Class
Year Ended 1/31/2020 $10.86 10.83% 0.22% 0.22% 2.43% 9% $3,683
Year Ended 1/31/2019 $10.25 (2.28%) 0.21% 0.21% 2.34% 21% $3,758
Year Ended 1/31/2018 $11.27 12.12% 0.21% 0.21% 2.01% 9% $2,655
Year Ended 1/31/2017 $10.52 8.78% 0.18% 0.18% 1.93% 18% $2,084
Year Ended 1/31/2016 $10.05 (2.48%) 0.16% 0.16% 2.89% 21% $686
Institutional 3 Class
Year Ended 1/31/2020 $10.70 10.94% 0.18% 0.18% 2.42% 9% $5,951
Year Ended 1/31/2019 $10.10 (2.36%) 0.17% 0.17% 2.96% 21% $5,551
Year Ended 1/31/2018 $11.13 12.12% 0.16% 0.16% 2.15% 9% $801
Year Ended 1/31/2017 $10.40 8.84% 0.13% 0.13% 1.83% 18% $409
Year Ended 1/31/2016 $9.94 (2.38%) 0.12% 0.12% 2.48% 21% $10
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Conservative Portfolio
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class R
Year Ended 1/31/2020 $10.37 0.19 0.86 1.05 (0.22) (0.21) (0.43)
Year Ended 1/31/2019 $11.39 0.18 (0.51) (0.33) (0.21) (0.48) (0.69)
Year Ended 1/31/2018 $10.63 0.15 1.05 1.20 (0.21) (0.23) (0.44)
Year Ended 1/31/2017 $10.16 0.14 0.67 0.81 (0.13) (0.21) (0.34)
Year Ended 1/31/2016 $10.99 0.21 (0.52) (0.31) (0.19) (0.33) (0.52)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) The benefits derived from expense reductions had an impact of less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Conservative Portfolio
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class R
Year Ended 1/31/2020 $10.99 10.23% 0.74% 0.74%(c) 1.80% 9% $1,177
Year Ended 1/31/2019 $10.37 (2.78%) 0.73% 0.73%(c) 1.71% 21% $1,431
Year Ended 1/31/2018 $11.39 11.50% 0.73% 0.73%(c) 1.40% 9% $1,924
Year Ended 1/31/2017 $10.63 8.09% 0.73% 0.73%(c) 1.30% 18% $2,549
Year Ended 1/31/2016 $10.16 (2.93%) 0.73% 0.73%(c) 1.92% 21% $5,007
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights
Columbia Capital Allocation Moderate Portfolio
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 1/31/2020 $10.70 0.24 1.05 1.29 (0.25) (0.42) (0.67)
Year Ended 1/31/2019 $11.99 0.22 (0.73) (0.51) (0.25) (0.53) (0.78)
Year Ended 1/31/2018 $10.99 0.19 1.56 1.75 (0.23) (0.52) (0.75)
Year Ended 1/31/2017 $10.34 0.18 0.95 1.13 (0.21) (0.27) (0.48)
Year Ended 1/31/2016 $11.50 0.19 (0.49) (0.30) (0.22) (0.64) (0.86)
Advisor Class
Year Ended 1/31/2020 $10.57 0.28 1.02 1.30 (0.28) (0.42) (0.70)
Year Ended 1/31/2019 $11.85 0.25 (0.72) (0.47) (0.28) (0.53) (0.81)
Year Ended 1/31/2018 $10.87 0.30 1.46 1.76 (0.26) (0.52) (0.78)
Year Ended 1/31/2017 $10.24 0.21 0.93 1.14 (0.24) (0.27) (0.51)
Year Ended 1/31/2016 $11.39 0.28 (0.54) (0.26) (0.25) (0.64) (0.89)
Class C
Year Ended 1/31/2020 $10.61 0.15 1.04 1.19 (0.17) (0.42) (0.59)
Year Ended 1/31/2019 $11.89 0.13 (0.72) (0.59) (0.16) (0.53) (0.69)
Year Ended 1/31/2018 $10.91 0.11 1.54 1.65 (0.15) (0.52) (0.67)
Year Ended 1/31/2017 $10.27 0.10 0.94 1.04 (0.13) (0.27) (0.40)
Year Ended 1/31/2016 $11.41 0.11 (0.47) (0.36) (0.14) (0.64) (0.78)
Institutional Class
Year Ended 1/31/2020 $10.69 0.26 1.06 1.32 (0.28) (0.42) (0.70)
Year Ended 1/31/2019 $11.97 0.25 (0.72) (0.47) (0.28) (0.53) (0.81)
Year Ended 1/31/2018 $10.98 0.24 1.53 1.77 (0.26) (0.52) (0.78)
Year Ended 1/31/2017 $10.33 0.22 0.94 1.16 (0.24) (0.27) (0.51)
Year Ended 1/31/2016 $11.49 0.22 (0.49) (0.27) (0.25) (0.64) (0.89)
Institutional 2 Class
Year Ended 1/31/2020 $10.56 0.27 1.03 1.30 (0.28) (0.42) (0.70)
Year Ended 1/31/2019 $11.84 0.23 (0.70) (0.47) (0.28) (0.53) (0.81)
Year Ended 1/31/2018 $10.87 0.22 1.54 1.76 (0.27) (0.52) (0.79)
Year Ended 1/31/2017 $10.23 0.21 0.94 1.15 (0.24) (0.27) (0.51)
Year Ended 1/31/2016 $11.39 0.51 (0.77) (0.26) (0.26) (0.64) (0.90)
Institutional 3 Class
Year Ended 1/31/2020 $10.56 0.27 1.05 1.32 (0.29) (0.42) (0.71)
Year Ended 1/31/2019 $11.84 0.27 (0.74) (0.47) (0.28) (0.53) (0.81)
Year Ended 1/31/2018 $10.87 0.24 1.52 1.76 (0.27) (0.52) (0.79)
Year Ended 1/31/2017 $10.23 0.23 0.93 1.16 (0.25) (0.27) (0.52)
Year Ended 1/31/2016 $11.38 0.16 (0.40) (0.24) (0.27) (0.64) (0.91)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Portfolio
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 1/31/2020 $11.32 12.26% 0.43% 0.43%(c) 2.11% 10% $1,280,253
Year Ended 1/31/2019 $10.70 (4.13%) 0.43% 0.43%(c) 1.94% 20% $1,247,694
Year Ended 1/31/2018 $11.99 16.39% 0.44% 0.44%(c) 1.68% 9% $1,389,747
Year Ended 1/31/2017 $10.99 11.19% 0.44% 0.44%(c) 1.64% 10% $1,309,998
Year Ended 1/31/2016 $10.34 (2.89%) 0.46% 0.46%(c) 1.68% 17% $1,295,482
Advisor Class
Year Ended 1/31/2020 $11.17 12.51% 0.18% 0.18%(c) 2.50% 10% $3,051
Year Ended 1/31/2019 $10.57 (3.84%) 0.18% 0.18%(c) 2.28% 20% $1,212
Year Ended 1/31/2018 $11.85 16.68% 0.18% 0.18%(c) 2.60% 9% $1,021
Year Ended 1/31/2017 $10.87 11.39% 0.19% 0.19%(c) 1.98% 10% $355
Year Ended 1/31/2016 $10.24 (2.58%) 0.21% 0.21%(c) 2.61% 17% $202
Class C
Year Ended 1/31/2020 $11.21 11.34% 1.18% 1.18%(c) 1.35% 10% $153,545
Year Ended 1/31/2019 $10.61 (4.82%) 1.18% 1.18%(c) 1.15% 20% $160,172
Year Ended 1/31/2018 $11.89 15.46% 1.19% 1.19%(c) 0.95% 9% $207,421
Year Ended 1/31/2017 $10.91 10.34% 1.19% 1.19%(c) 0.90% 10% $186,170
Year Ended 1/31/2016 $10.27 (3.48%) 1.21% 1.21%(c) 0.95% 17% $178,548
Institutional Class
Year Ended 1/31/2020 $11.31 12.55% 0.18% 0.18%(c) 2.37% 10% $37,112
Year Ended 1/31/2019 $10.69 (3.80%) 0.18% 0.18%(c) 2.19% 20% $38,025
Year Ended 1/31/2018 $11.97 16.60% 0.19% 0.19%(c) 2.09% 9% $39,872
Year Ended 1/31/2017 $10.98 11.48% 0.19% 0.19%(c) 2.02% 10% $4,598
Year Ended 1/31/2016 $10.33 (2.65%) 0.21% 0.21%(c) 1.92% 17% $2,443
Institutional 2 Class
Year Ended 1/31/2020 $11.16 12.53% 0.17% 0.17% 2.42% 10% $5,447
Year Ended 1/31/2019 $10.56 (3.83%) 0.17% 0.17% 2.08% 20% $4,554
Year Ended 1/31/2018 $11.84 16.62% 0.16% 0.16% 1.95% 9% $7,323
Year Ended 1/31/2017 $10.87 11.55% 0.14% 0.14% 1.94% 10% $5,521
Year Ended 1/31/2016 $10.23 (2.61%) 0.15% 0.15% 4.80% 17% $3,803
Institutional 3 Class
Year Ended 1/31/2020 $11.17 12.68% 0.13% 0.13% 2.42% 10% $11,042
Year Ended 1/31/2019 $10.56 (3.79%) 0.13% 0.13% 2.45% 20% $9,319
Year Ended 1/31/2018 $11.84 16.68% 0.12% 0.12% 2.11% 9% $4,933
Year Ended 1/31/2017 $10.87 11.61% 0.09% 0.09% 2.15% 10% $3,459
Year Ended 1/31/2016 $10.23 (2.42%) 0.09% 0.09% 1.59% 17% $368
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Portfolio
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class R
Year Ended 1/31/2020 $10.67 0.20 1.05 1.25 (0.22) (0.42) (0.64)
Year Ended 1/31/2019 $11.95 0.19 (0.72) (0.53) (0.22) (0.53) (0.75)
Year Ended 1/31/2018 $10.96 0.17 1.55 1.72 (0.21) (0.52) (0.73)
Year Ended 1/31/2017 $10.32 0.16 0.93 1.09 (0.18) (0.27) (0.45)
Year Ended 1/31/2016 $11.47 0.16 (0.47) (0.31) (0.20) (0.64) (0.84)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) The benefits derived from expense reductions had an impact of less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Portfolio
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class R
Year Ended 1/31/2020 $11.28 11.92% 0.68% 0.68%(c) 1.79% 10% $2,531
Year Ended 1/31/2019 $10.67 (4.30%) 0.68% 0.68%(c) 1.72% 20% $3,156
Year Ended 1/31/2018 $11.95 16.05% 0.69% 0.69%(c) 1.46% 9% $2,786
Year Ended 1/31/2017 $10.96 10.84% 0.69% 0.69%(c) 1.48% 10% $2,282
Year Ended 1/31/2016 $10.32 (3.06%) 0.71% 0.71%(c) 1.37% 17% $1,342
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights
Columbia Capital Allocation Moderate Aggressive Portfolio
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 1/31/2020 $11.64 0.22 1.33 1.55 (0.24) (0.67) (0.91)
Year Ended 1/31/2019 $13.50 0.20 (0.97) (0.77) (0.24) (0.85) (1.09)
Year Ended 1/31/2018 $12.00 0.17 2.27 2.44 (0.21) (0.73) (0.94)
Year Ended 1/31/2017 $11.15 0.15 1.30 1.45 (0.16) (0.44) (0.60)
Year Ended 1/31/2016 $12.45 0.18 (0.55) (0.37) (0.22) (0.71) (0.93)
Advisor Class
Year Ended 1/31/2020 $11.75 0.22 1.37 1.59 (0.27) (0.67) (0.94)
Year Ended 1/31/2019 $13.61 0.24 (0.98) (0.74) (0.27) (0.85) (1.12)
Year Ended 1/31/2018 $12.10 0.24 2.24 2.48 (0.24) (0.73) (0.97)
Year Ended 1/31/2017 $11.23 0.19 1.30 1.49 (0.18) (0.44) (0.62)
Year Ended 1/31/2016 $12.54 0.21 (0.56) (0.35) (0.25) (0.71) (0.96)
Class C
Year Ended 1/31/2020 $11.67 0.12 1.33 1.45 (0.15) (0.67) (0.82)
Year Ended 1/31/2019 $13.52 0.10 (0.96) (0.86) (0.14) (0.85) (0.99)
Year Ended 1/31/2018 $12.04 0.08 2.26 2.34 (0.13) (0.73) (0.86)
Year Ended 1/31/2017 $11.21 0.07 1.29 1.36 (0.09) (0.44) (0.53)
Year Ended 1/31/2016 $12.51 0.09 (0.55) (0.46) (0.13) (0.71) (0.84)
Institutional Class
Year Ended 1/31/2020 $11.62 0.24 1.33 1.57 (0.27) (0.67) (0.94)
Year Ended 1/31/2019 $13.47 0.23 (0.96) (0.73) (0.27) (0.85) (1.12)
Year Ended 1/31/2018 $11.98 0.20 2.26 2.46 (0.24) (0.73) (0.97)
Year Ended 1/31/2017 $11.13 0.18 1.29 1.47 (0.18) (0.44) (0.62)
Year Ended 1/31/2016 $12.44 0.21 (0.56) (0.35) (0.25) (0.71) (0.96)
Institutional 2 Class
Year Ended 1/31/2020 $11.74 0.26 1.32 1.58 (0.27) (0.67) (0.94)
Year Ended 1/31/2019 $13.60 0.24 (0.97) (0.73) (0.28) (0.85) (1.13)
Year Ended 1/31/2018 $12.09 0.23 2.26 2.49 (0.25) (0.73) (0.98)
Year Ended 1/31/2017 $11.23 0.20 1.30 1.50 (0.20) (0.44) (0.64)
Year Ended 1/31/2016 $12.53 0.38 (0.71) (0.33) (0.26) (0.71) (0.97)
Institutional 3 Class
Year Ended 1/31/2020 $11.45 0.26 1.30 1.56 (0.28) (0.67) (0.95)
Year Ended 1/31/2019 $13.30 0.22 (0.94) (0.72) (0.28) (0.85) (1.13)
Year Ended 1/31/2018 $11.84 0.31 2.13 2.44 (0.25) (0.73) (0.98)
Year Ended 1/31/2017 $11.01 0.21 1.26 1.47 (0.20) (0.44) (0.64)
Year Ended 1/31/2016 $12.31 0.13 (0.45) (0.32) (0.27) (0.71) (0.98)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 1/31/2020 $12.28 13.51% 0.50% 0.50%(c) 1.77% 10% $1,645,913
Year Ended 1/31/2019 $11.64 (5.48%) 0.49% 0.49%(c) 1.59% 18% $1,603,992
Year Ended 1/31/2018 $13.50 20.88% 0.49% 0.49%(c) 1.35% 9% $1,826,698
Year Ended 1/31/2017 $12.00 13.24% 0.47%(d) 0.47%(c),(d) 1.30% 9% $1,671,442
Year Ended 1/31/2016 $11.15 (3.42%) 0.52% 0.52%(c) 1.42% 16% $1,646,276
Advisor Class
Year Ended 1/31/2020 $12.40 13.75% 0.25% 0.25%(c) 1.80% 10% $7,779
Year Ended 1/31/2019 $11.75 (5.19%) 0.24% 0.24%(c) 1.90% 18% $14,622
Year Ended 1/31/2018 $13.61 21.09% 0.24% 0.24%(c) 1.86% 9% $11,216
Year Ended 1/31/2017 $12.10 13.61% 0.22%(d) 0.22%(c),(d) 1.62% 9% $2,128
Year Ended 1/31/2016 $11.23 (3.23%) 0.27% 0.27%(c) 1.72% 16% $1,119
Class C
Year Ended 1/31/2020 $12.30 12.55% 1.25% 1.25%(c) 1.01% 10% $148,134
Year Ended 1/31/2019 $11.67 (6.12%) 1.24% 1.24%(c) 0.77% 18% $151,414
Year Ended 1/31/2018 $13.52 19.91% 1.24% 1.24%(c) 0.59% 9% $215,268
Year Ended 1/31/2017 $12.04 12.36% 1.22%(d) 1.22%(c),(d) 0.55% 9% $216,271
Year Ended 1/31/2016 $11.21 (4.08%) 1.27% 1.27%(c) 0.69% 16% $206,181
Institutional Class
Year Ended 1/31/2020 $12.25 13.73% 0.25% 0.25%(c) 2.01% 10% $107,497
Year Ended 1/31/2019 $11.62 (5.17%) 0.24% 0.24%(c) 1.83% 18% $108,487
Year Ended 1/31/2018 $13.47 21.13% 0.24% 0.24%(c) 1.59% 9% $136,761
Year Ended 1/31/2017 $11.98 13.55% 0.22%(d) 0.22%(c),(d) 1.55% 9% $119,833
Year Ended 1/31/2016 $11.13 (3.26%) 0.27% 0.27%(c) 1.67% 16% $113,846
Institutional 2 Class
Year Ended 1/31/2020 $12.38 13.72% 0.20% 0.20% 2.13% 10% $9,890
Year Ended 1/31/2019 $11.74 (5.15%) 0.19% 0.19% 1.89% 18% $7,961
Year Ended 1/31/2018 $13.60 21.18% 0.19% 0.19% 1.80% 9% $8,881
Year Ended 1/31/2017 $12.09 13.63% 0.13%(d) 0.13%(d) 1.68% 9% $5,706
Year Ended 1/31/2016 $11.23 (3.05%) 0.17% 0.17% 3.15% 16% $3,537
Institutional 3 Class
Year Ended 1/31/2020 $12.06 13.87% 0.15% 0.15% 2.15% 10% $13,771
Year Ended 1/31/2019 $11.45 (5.14%) 0.14% 0.14% 1.80% 18% $11,447
Year Ended 1/31/2018 $13.30 21.26% 0.14% 0.14% 2.47% 9% $20,776
Year Ended 1/31/2017 $11.84 13.68% 0.07%(d) 0.07%(d) 1.81% 9% $1,128
Year Ended 1/31/2016 $11.01 (3.09%) 0.12% 0.12% 1.16% 16% $379
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class R
Year Ended 1/31/2020 $11.63 0.18 1.33 1.51 (0.21) (0.67) (0.88)
Year Ended 1/31/2019 $13.48 0.17 (0.96) (0.79) (0.21) (0.85) (1.06)
Year Ended 1/31/2018 $11.99 0.15 2.24 2.39 (0.17) (0.73) (0.90)
Year Ended 1/31/2017 $11.14 0.13 1.29 1.42 (0.13) (0.44) (0.57)
Year Ended 1/31/2016 $12.44 0.14 (0.54) (0.40) (0.19) (0.71) (0.90)
Class V
Year Ended 1/31/2020 $11.64 0.22 1.33 1.55 (0.24) (0.67) (0.91)
Year Ended 1/31/2019 $13.50 0.20 (0.97) (0.77) (0.24) (0.85) (1.09)
Year Ended 1/31/2018 $12.00 0.17 2.27 2.44 (0.21) (0.73) (0.94)
Year Ended 1/31/2017 $11.15 0.15 1.30 1.45 (0.16) (0.44) (0.60)
Year Ended 1/31/2016 $12.45 0.18 (0.55) (0.37) (0.22) (0.71) (0.93)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) The benefits derived from expense reductions had an impact of less than 0.01%.
(d) Expenses have been reduced due to a reimbursement of expenses overbilled by a third party. If the reimbursement had been excluded, the expense ratios would have been higher by the percentages shown for each class in the table below. All fee waivers and expense reimbursements by the Investment Manager and its affiliates were applied before giving effect to this third party reimbursement.
    
Year Ended Class A Advisor
Class
Class C Institutional
Class
Institutional 2
Class
Institutional 3
Class
Class R Class V
01/31/2017 0.04% 0.04% 0.04% 0.04% 0.04% 0.05% 0.04% 0.04%
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class R
Year Ended 1/31/2020 $12.26 13.15% 0.75% 0.75%(c) 1.46% 10% $4,823
Year Ended 1/31/2019 $11.63 (5.66%) 0.74% 0.74%(c) 1.37% 18% $4,957
Year Ended 1/31/2018 $13.48 20.51% 0.74% 0.74%(c) 1.14% 9% $4,816
Year Ended 1/31/2017 $11.99 12.97% 0.72%(d) 0.72%(c),(d) 1.10% 9% $3,743
Year Ended 1/31/2016 $11.14 (3.67%) 0.77% 0.77%(c) 1.11% 16% $3,556
Class V
Year Ended 1/31/2020 $12.28 13.51% 0.50% 0.50%(c) 1.78% 10% $81,137
Year Ended 1/31/2019 $11.64 (5.48%) 0.49% 0.49%(c) 1.58% 18% $79,629
Year Ended 1/31/2018 $13.50 20.88% 0.49% 0.49%(c) 1.35% 9% $93,279
Year Ended 1/31/2017 $12.00 13.24% 0.47%(d) 0.47%(c),(d) 1.30% 9% $86,404
Year Ended 1/31/2016 $11.15 (3.42%) 0.52% 0.52%(c) 1.42% 16% $85,135
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights
Columbia Capital Allocation Aggressive Portfolio
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 1/31/2020 $11.90 0.19 1.45 1.64 (0.19) (0.77) (0.96)
Year Ended 1/31/2019 $14.10 0.17 (1.19) (1.02) (0.23) (0.95) (1.18)
Year Ended 1/31/2018 $12.11 0.14 2.85 2.99 (0.20) (0.80) (1.00)
Year Ended 1/31/2017 $11.08 0.13 1.49 1.62 (0.14) (0.45) (0.59)
Year Ended 1/31/2016 $12.54 0.15 (0.57) (0.42) (0.19) (0.85) (1.04)
Advisor Class
Year Ended 1/31/2020 $11.64 0.19 1.45 1.64 (0.22) (0.77) (0.99)
Year Ended 1/31/2019 $13.83 0.20 (1.18) (0.98) (0.26) (0.95) (1.21)
Year Ended 1/31/2018 $11.89 0.14 2.83 2.97 (0.23) (0.80) (1.03)
Year Ended 1/31/2017 $10.89 0.15 1.46 1.61 (0.16) (0.45) (0.61)
Year Ended 1/31/2016 $12.34 0.24 (0.61) (0.37) (0.23) (0.85) (1.08)
Class C
Year Ended 1/31/2020 $11.60 0.09 1.42 1.51 (0.10) (0.77) (0.87)
Year Ended 1/31/2019 $13.77 0.07 (1.16) (1.09) (0.13) (0.95) (1.08)
Year Ended 1/31/2018 $11.85 0.04 2.79 2.83 (0.11) (0.80) (0.91)
Year Ended 1/31/2017 $10.87 0.04 1.45 1.49 (0.06) (0.45) (0.51)
Year Ended 1/31/2016 $12.32 0.06 (0.55) (0.49) (0.11) (0.85) (0.96)
Institutional Class
Year Ended 1/31/2020 $11.84 0.22 1.45 1.67 (0.22) (0.77) (0.99)
Year Ended 1/31/2019 $14.04 0.15 (1.13) (0.98) (0.27) (0.95) (1.22)
Year Ended 1/31/2018 $12.06 0.22 2.79 3.01 (0.23) (0.80) (1.03)
Year Ended 1/31/2017 $11.03 0.16 1.48 1.64 (0.16) (0.45) (0.61)
Year Ended 1/31/2016 $12.49 0.19 (0.58) (0.39) (0.22) (0.85) (1.07)
Institutional 2 Class
Year Ended 1/31/2020 $11.64 0.23 1.41 1.64 (0.22) (0.77) (0.99)
Year Ended 1/31/2019 $13.82 0.20 (1.16) (0.96) (0.27) (0.95) (1.22)
Year Ended 1/31/2018 $11.88 0.19 2.79 2.98 (0.24) (0.80) (1.04)
Year Ended 1/31/2017 $10.88 0.17 1.45 1.62 (0.17) (0.45) (0.62)
Year Ended 1/31/2016 $12.33 0.31 (0.68) (0.37) (0.23) (0.85) (1.08)
Institutional 3 Class
Year Ended 1/31/2020 $11.63 0.23 1.42 1.65 (0.23) (0.77) (1.00)
Year Ended 1/31/2019 $13.82 0.22 (1.19) (0.97) (0.27) (0.95) (1.22)
Year Ended 1/31/2018 $11.88 0.18 2.80 2.98 (0.24) (0.80) (1.04)
Year Ended 1/31/2017 $10.87 0.19 1.45 1.64 (0.18) (0.45) (0.63)
Year Ended 1/31/2016 $12.32 0.08 (0.44) (0.36) (0.24) (0.85) (1.09)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Aggressive Portfolio
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 1/31/2020 $12.58 14.00% 0.47% 0.47%(c) 1.49% 12% $623,971
Year Ended 1/31/2019 $11.90 (6.90%) 0.47% 0.47%(c) 1.30% 20% $599,211
Year Ended 1/31/2018 $14.10 25.45% 0.49% 0.49%(c) 1.08% 13% $670,783
Year Ended 1/31/2017 $12.11 14.95% 0.50% 0.50%(c) 1.06% 12% $582,182
Year Ended 1/31/2016 $11.08 (3.92%) 0.51% 0.51%(c) 1.18% 12% $549,678
Advisor Class
Year Ended 1/31/2020 $12.29 14.33% 0.22% 0.22%(c) 1.60% 12% $1,611
Year Ended 1/31/2019 $11.64 (6.69%) 0.22% 0.22%(c) 1.58% 20% $1,965
Year Ended 1/31/2018 $13.83 25.76% 0.23% 0.23%(c) 1.10% 13% $1,662
Year Ended 1/31/2017 $11.89 15.20% 0.25% 0.25%(c) 1.27% 12% $1,242
Year Ended 1/31/2016 $10.89 (3.65%) 0.26% 0.26%(c) 1.97% 12% $779
Class C
Year Ended 1/31/2020 $12.24 13.21% 1.22% 1.22%(c) 0.75% 12% $74,297
Year Ended 1/31/2019 $11.60 (7.64%) 1.22% 1.22%(c) 0.52% 20% $70,524
Year Ended 1/31/2018 $13.77 24.61% 1.24% 1.24%(c) 0.34% 13% $88,717
Year Ended 1/31/2017 $11.85 14.01% 1.25% 1.25%(c) 0.33% 12% $75,648
Year Ended 1/31/2016 $10.87 (4.60%) 1.25% 1.25%(c) 0.46% 12% $66,938
Institutional Class
Year Ended 1/31/2020 $12.52 14.34% 0.22% 0.22%(c) 1.76% 12% $11,920
Year Ended 1/31/2019 $11.84 (6.65%) 0.22% 0.22%(c) 1.17% 20% $10,382
Year Ended 1/31/2018 $14.04 25.73% 0.23% 0.23%(c) 1.67% 13% $20,763
Year Ended 1/31/2017 $12.06 15.27% 0.25% 0.25%(c) 1.39% 12% $3,329
Year Ended 1/31/2016 $11.03 (3.69%) 0.26% 0.26%(c) 1.55% 12% $1,809
Institutional 2 Class
Year Ended 1/31/2020 $12.29 14.35% 0.20% 0.20% 1.92% 12% $5,079
Year Ended 1/31/2019 $11.64 (6.60%) 0.20% 0.20% 1.56% 20% $2,978
Year Ended 1/31/2018 $13.82 25.83% 0.20% 0.20% 1.44% 13% $2,642
Year Ended 1/31/2017 $11.88 15.28% 0.18% 0.18% 1.49% 12% $1,638
Year Ended 1/31/2016 $10.88 (3.58%) 0.18% 0.18% 2.61% 12% $1,041
Institutional 3 Class
Year Ended 1/31/2020 $12.28 14.42% 0.15% 0.15% 1.86% 12% $10,623
Year Ended 1/31/2019 $11.63 (6.62%) 0.15% 0.15% 1.75% 20% $8,668
Year Ended 1/31/2018 $13.82 25.89% 0.14% 0.14% 1.40% 13% $3,722
Year Ended 1/31/2017 $11.88 15.44% 0.13% 0.13% 1.66% 12% $2,111
Year Ended 1/31/2016 $10.87 (3.54%) 0.15% 0.15% 0.69% 12% $214
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Aggressive Portfolio
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class R
Year Ended 1/31/2020 $11.80 0.15 1.45 1.60 (0.16) (0.77) (0.93)
Year Ended 1/31/2019 $13.99 0.14 (1.18) (1.04) (0.20) (0.95) (1.15)
Year Ended 1/31/2018 $12.02 0.11 2.83 2.94 (0.17) (0.80) (0.97)
Year Ended 1/31/2017 $11.01 0.14 1.43 1.57 (0.11) (0.45) (0.56)
Year Ended 1/31/2016 $12.46 0.12 (0.56) (0.44) (0.16) (0.85) (1.01)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) The benefits derived from expense reductions had an impact of less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights  (continued)
Columbia Capital Allocation Aggressive Portfolio
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class R
Year Ended 1/31/2020 $12.47 13.77% 0.72% 0.72%(c) 1.21% 12% $2,927
Year Ended 1/31/2019 $11.80 (7.15%) 0.72% 0.72%(c) 1.09% 20% $2,750
Year Ended 1/31/2018 $13.99 25.21% 0.73% 0.73%(c) 0.83% 13% $2,671
Year Ended 1/31/2017 $12.02 14.61% 0.75% 0.75%(c) 1.22% 12% $2,099
Year Ended 1/31/2016 $11.01 (4.09%) 0.76% 0.76%(c) 0.97% 12% $1,029
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Notes to Financial Statements
January 31, 2020
Note 1. Organization
Columbia Funds Series Trust and Columbia Funds Series Trust II (each, a Trust and collectively, the Trusts), are registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. Columbia Funds Series Trust is organized as a Delaware statutory trust and Columbia Funds Series Trust II is organized as a Massachusetts business trust.
Information presented in these financial statements pertains to the following series of the Trusts (each, a Fund and collectively, the Funds): Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio, each a series of Columbia Funds Series Trust, and Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio, each a series of Columbia Funds Series Trust II. Each Fund currently operates as a diversified fund.
Each Fund is a “fund-of-funds”, investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or its affiliates, as well as third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). Each Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies and risks of the Underlying Funds, please refer to the Fund’s current prospectus and the prospectuses of the Underlying Funds, which are available, free of charge, from the Securities and Exchange Commission website at www.sec.gov.
Fund shares
Each Trust may issue an unlimited number of shares (without par value) that can be allocated among the separate series as designated by the Board of Trustees.
Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Aggressive Portfolio offer each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trusts’ organizational documents or by law. Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.
Class A and Class C shares are offered to the general public for investment. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available through authorized investment professionals, to omnibus retirement plans or to institutional and certain other investors as described in the Fund’s prospectus. Class C shares automatically convert to Class A shares after 10 years. Class V shares are available only to investors who received (and who continuously held) Class V shares in connection with previous fund reorganizations.
Note 2. Summary of significant accounting policies
Basis of preparation
Each Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.
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Security valuation
All equity securities are valued at the close of business of the New York Stock Exchange. Equity securities are valued at the official closing price on the principal exchange or market on which they trade. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.
Foreign equity securities are valued based on the closing price on the foreign exchange in which such securities are primarily traded. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in the Underlying Funds, with the exception of exchange-traded funds, are valued at the net asset value of the applicable class of the Underlying Fund determined as of the close of the New York Stock Exchange on the valuation date.
Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of transactions, at the mean of the latest quoted bid and ask prices.
Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Funds’ Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
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For financial statement purposes, the Funds do not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
Certain Funds invest in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, additional counterparty credit risk is failure of the clearinghouse or CCP. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense
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paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. Each Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark and to recover an underweight country exposure in its portfolio. These instruments may be used for other purposes in future periods.
The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.
The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. Each Fund bought and sold futures contracts to produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market and to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
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Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased option contracts to protect gains. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Cash collateral may be collected or posted by the Fund to secure certain over-the-counter option contract trades. Cash collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.
Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.
For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.
Swap contracts
Swap contracts are negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund’s counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. Unlike a bilateral swap contract, for centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.
Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the FCM or CCP may not fulfill its obligation under the contract.
Credit default swap contracts
Certain Funds entered into credit default swap contracts to increase or decrease its credit exposure to an index increase or decrease its credit exposure to a specific debt security or a basket of debt securities, as a protection buyer to reduce overall credit exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are
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agreements in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.
As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).
As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.
As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.
Any upfront payments or receipts by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.
Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Funds, including: the fair value of derivatives by risk category and the location of those fair values in the Statements of Assets and Liabilities; and the impact of derivative transactions over the period in the Statements of Operations, including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
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Columbia Capital Allocation Conservative Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2020:
  Asset derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 11,041*
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 193,165*
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 2,630
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 666,543*
Total   873,379
    
  Liability derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 162,105*
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 6
Total   162,111
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended January 31, 2020:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($)
Futures
contracts
($)
Options
contracts
purchased
($)
Swap
contracts
($)
Total
($)
Credit risk (95,038) (95,038)
Equity risk (536,475) (37,350) (573,825)
Foreign exchange risk 5,746 5,746
Interest rate risk 1,152,446 1,152,446
Total 5,746 615,971 (37,350) (95,038) 489,329
    
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($)
Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk 65,084 65,084
Equity risk 330,443 330,443
Foreign exchange risk 5,066 5,066
Interest rate risk 461,715 461,715
Total 5,066 792,158 65,084 862,308
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The following table is a summary of the average outstanding volume by derivative instrument for the year ended January 31, 2020:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 29,074,272
Futures contracts — short 5,445,265
Credit default swap contracts — sell protection 1,684,220
    
Derivative instrument Average
value ($)**
Options contracts — purchased 9,401
    
Derivative instrument Average unrealized
appreciation ($)*
Average unrealized
depreciation ($)*
Forward foreign currency exchange contracts 1,937 (1,005)
    
* Based on the ending quarterly outstanding amounts for the year ended January 31, 2020.
** Based on the ending daily outstanding amounts for the year ended January 31, 2020.
Columbia Capital Allocation Moderate Conservative Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2020:
  Asset derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 25,595*
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 767,191*
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 4,101
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 1,355,490*
Total   2,152,377
    
  Liability derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 501,414*
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 10
Total   501,424
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
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The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended January 31, 2020:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($)
Futures
contracts
($)
Options
contracts
purchased
($)
Swap
contracts
($)
Total
($)
Credit risk (307,046) (307,046)
Equity risk 2,459,108 (129,479) 2,329,629
Foreign exchange risk 8,717 8,717
Interest rate risk 1,838,882 1,838,882
Total 8,717 4,297,990 (129,479) (307,046) 3,870,182
    
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($)
Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk 219,214 219,214
Equity risk 107,702 107,702
Foreign exchange risk 7,830 7,830
Interest rate risk 1,052,344 1,052,344
Total 7,830 1,160,046 219,214 1,387,090
The following table is a summary of the average outstanding volume by derivative instrument for the year ended January 31, 2020:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 81,877,216
Futures contracts — short 11,347,219
Credit default swap contracts — sell protection 3,904,013
    
Derivative instrument Average
value ($)**
Options contracts — purchased 53,387
    
Derivative instrument Average unrealized
appreciation ($)*
Average unrealized
depreciation ($)*
Forward foreign currency exchange contracts 2,987 (1,540)
    
* Based on the ending quarterly outstanding amounts for the year ended January 31, 2020.
** Based on the ending daily outstanding amounts for the year ended January 31, 2020.
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Columbia Capital Allocation Moderate Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2020:
  Asset derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 78,506*
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 3,926,138*
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 11,231
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 2,519,700*
Total   6,535,575
    
  Liability derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 1,880,996*
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 2,219
Total   1,883,215
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended January 31, 2020:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($)
Futures
contracts
($)
Options
contracts
purchased
($)
Swap
contracts
($)
Total
($)
Credit risk (929,769) (929,769)
Equity risk 18,855,051 (493,016) 18,362,035
Foreign exchange risk 17,711 17,711
Interest rate risk 1,121,829 1,121,829
Total 17,711 19,976,880 (493,016) (929,769) 18,571,806
    
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($)
Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk 557,587 557,587
Equity risk (1,674,105) (1,674,105)
Foreign exchange risk 16,201 16,201
Interest rate risk 2,894,546 2,894,546
Total 16,201 1,220,441 557,587 1,794,229
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
The following table is a summary of the average outstanding volume by derivative instrument for the year ended January 31, 2020:
Derivative instrument Average notional
amounts ($)
Futures contracts — long 253,544,132*
Futures contracts — short 47,669,470*
Credit default swap contracts — buy protection 7,043,625**
Credit default swap contracts — sell protection 13,002,010*
    
Derivative instrument Average
value ($)**
Options contracts — purchased 124,089
    
Derivative instrument Average unrealized
appreciation ($)*
Average unrealized
depreciation ($)*
Forward foreign currency exchange contracts 6,193 (2,757)
    
* Based on the ending quarterly outstanding amounts for the year ended January 31, 2020.
** Based on the ending daily outstanding amounts for the year ended January 31, 2020.
Columbia Capital Allocation Moderate Aggressive Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2020:
  Asset derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 121,280*
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 7,188,403*
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 7,773
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 3,165,306*
Total   10,482,762
    
  Liability derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 3,418,822*
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 1,544
Total   3,420,366
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended January 31, 2020:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($)
Futures
contracts
($)
Options
contracts
purchased
($)
Swap
contracts
($)
Total
($)
Credit risk (1,198,498) (1,198,498)
Equity risk 39,304,887 (839,123) 38,465,764
Foreign exchange risk 12,112 12,112
Interest rate risk 6,229,948 6,229,948
Total 12,112 45,534,835 (839,123) (1,198,498) 43,509,326
    
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($)
Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk 698,894 698,894
Equity risk (5,864,352) (5,864,352)
Foreign exchange risk 11,276 11,276
Interest rate risk 2,833,841 2,833,841
Total 11,276 (3,030,511) 698,894 (2,320,341)
The following table is a summary of the average outstanding volume by derivative instrument for the year ended January 31, 2020:
Derivative instrument Average notional
amounts ($)
Futures contracts — long 450,545,161*
Futures contracts — short 68,620,270*
Credit default swap contracts — buy protection 9,861,012**
Credit default swap contracts — sell protection 22,408,160*
    
Derivative instrument Average
value ($)**
Options contracts — purchased 211,202
    
Derivative instrument Average unrealized
appreciation ($)*
Average unrealized
depreciation ($)*
Forward foreign currency exchange contracts 4,297 (1,925)
    
* Based on the ending quarterly outstanding amounts for the year ended January 31, 2020.
** Based on the ending daily outstanding amounts for the year ended January 31, 2020.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
Columbia Capital Allocation Aggressive Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2020:
  Asset derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Credit risk Component of total distributable earnings (loss) — unrealized appreciation on swap contracts 49,504*
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 2,606,039*
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 9,214
Interest rate risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 553,995*
Total   3,218,752
    
  Liability derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 1,218,474*
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 1,794
Total   1,220,268
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended January 31, 2020:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category   Forward
foreign
currency
exchange
contracts
($)
Futures
contracts
($)
Options
contracts
purchased
($)
Swap
contracts
($)
Total
($)
Credit risk   (230,110) (230,110)
Equity risk   9,204,098 (358,557) 8,845,541
Foreign exchange risk   14,419 14,419
Interest rate risk   688,701 688,701
Total   14,419 9,892,799 (358,557) (230,110) 9,318,551
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category     Forward
foreign
currency
exchange
contracts
($)
Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk     142,471 142,471
Equity risk     (507,337) (507,337)
Foreign exchange risk     13,378 13,378
Interest rate risk     551,078 551,078
Total     13,378 43,741 142,471 199,590
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
The following table is a summary of the average outstanding volume by derivative instrument for the year ended January 31, 2020:
Derivative instrument Average notional
amounts ($)
Futures contracts — long 116,326,820*
Futures contracts — short 31,966,924*
Credit default swap contracts — buy protection 2,520,176**
Credit default swap contracts — sell protection 10,058,160*
    
Derivative instrument Average
value ($)**
Options contracts — purchased 90,247
    
Derivative instrument Average unrealized
appreciation ($)*
Average unrealized
depreciation ($)*
Forward foreign currency exchange contracts 5,109 (2,273)
    
* Based on the ending quarterly outstanding amounts for the year ended January 31, 2020.
** Based on the ending daily outstanding amounts for the year ended January 31, 2020.
Offsetting of assets and liabilities
The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of January 31, 2020:
Columbia Capital Allocation Conservative Portfolio
  JPMorgan ($) Morgan
Stanley ($)
Total ($)
Assets      
Forward foreign currency exchange contracts 2,630 - 2,630
Total assets 2,630 - 2,630
Liabilities      
Centrally cleared credit default swap contracts (a) - 3,888 3,888
Forward foreign currency exchange contracts 6 - 6
Total liabilities 6 3,888 3,894
Total financial and derivative net assets 2,624 (3,888) (1,264)
Total collateral received (pledged) (b) - (3,888) (3,888)
Net amount (c) 2,624 - 2,624
    
(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.
(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(c) Represents the net amount due from/(to) counterparties in the event of default.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
Columbia Capital Allocation Moderate Conservative Portfolio
  JPMorgan ($) Morgan
Stanley ($)
Total ($)
Assets      
Forward foreign currency exchange contracts 4,101 - 4,101
Total assets 4,101 - 4,101
Liabilities      
Centrally cleared credit default swap contracts (a) - 9,014 9,014
Forward foreign currency exchange contracts 10 - 10
Total liabilities 10 9,014 9,024
Total financial and derivative net assets 4,091 (9,014) (4,923)
Total collateral received (pledged) (b) - (9,014) (9,014)
Net amount (c) 4,091 - 4,091
    
(a) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.
(b) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(c) Represents the net amount due from/(to) counterparties in the event of default.
Columbia Capital Allocation Moderate Portfolio
    Morgan
Stanley ($)(a)
Morgan
Stanley ($)(a)
Total ($)
Assets        
Forward foreign currency exchange contracts   11,231 - 11,231
Total assets   11,231 - 11,231
Liabilities        
Centrally cleared credit default swap contracts (b)   - 38,441 38,441
Forward foreign currency exchange contracts   2,219 - 2,219
Total liabilities   2,219 38,441 40,660
Total financial and derivative net assets   9,012 (38,441) (29,429)
Total collateral received (pledged) (c)   - (38,441) (38,441)
Net amount (d)   9,012 - 9,012
    
(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.
(b) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.
(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(d) Represents the net amount due from/(to) counterparties in the event of default.
Columbia Capital Allocation Moderate Aggressive Portfolio
  Morgan
Stanley ($) (a)
Morgan
Stanley ($) (a)
Total ($)
Assets      
Forward foreign currency exchange contracts 7,773 - 7,773
Total assets 7,773 - 7,773
Liabilities      
Centrally cleared credit default swap contracts (b) - 83,786 83,786
Forward foreign currency exchange contracts 1,544 - 1,544
Total liabilities 1,544 83,786 85,330
Total financial and derivative net assets 6,229 (83,786) (77,557)
Total collateral received (pledged) (c) - (83,786) (83,786)
Net amount (d) 6,229 - 6,229
    
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.
(b) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.
(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(d) Represents the net amount due from/(to) counterparties in the event of default.
Columbia Capital Allocation Aggressive Portfolio
  Morgan
Stanley ($)(a)
Morgan
Stanley ($)(a)
Total ($)
Assets      
Forward foreign currency exchange contracts 9,214 - 9,214
Total assets 9,214 - 9,214
Liabilities      
Centrally cleared credit default swap contracts (b) - 43,779 43,779
Forward foreign currency exchange contracts 1,794 - 1,794
Total liabilities 1,794 43,779 45,573
Total financial and derivative net assets 7,420 (43,779) (36,359)
Total collateral received (pledged) (c) - (43,779) (43,779)
Net amount (d) 7,420 - 7,420
    
(a) Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.
(b) Centrally cleared swaps are included within payable/receivable for variation margin on the Statement of Assets and Liabilities.
(c) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(d) Represents the net amount due from/(to) counterparties in the event of default.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.
The Funds may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses
General expenses of the Trusts are allocated to the Funds and other funds of the Trusts based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a Fund are charged to that Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
Determination of class net asset value
All income, expenses (other than class-specific expenses which are charged directly to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of a Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
For federal income tax purposes, each Fund is treated as a separate entity. The Funds intend to qualify each year as separate regulated investment companies under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of their investment company taxable income and net capital gain, if any, for their tax year, and as such will not be subject to federal income taxes. In addition, the Funds intend to distribute in each calendar year substantially all of their ordinary income, capital gain net income and certain other amounts, if any, such that the Funds should not be subject to federal excise tax. Therefore, no federal income or excise tax provisions are recorded.
Foreign taxes
The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid quarterly for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio. Distributions from net investment income, if any, are declared and paid annually for Columbia Capital Allocation Aggressive Portfolio. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trusts’ organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trusts or its funds. In addition, certain of the Funds’ contracts with their service providers contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined, and the Funds have no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees and underlying fund fees
The Funds have entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on assets invested in Columbia proprietary funds (excluding any underlying funds that do not pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager), (ii) 0.12% on assets invested in non-exchange-traded third-party advised mutual funds and (iii) 0.57% on assets invested in all other securities, including other funds advised by the Investment Manager that do not pay a management services fee (or investment advisory services fee, as applicable), exchange-traded funds, derivatives and individual securities.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
The effective management services fee rates, based on each Fund’s average daily net assets for the year ended January 31, 2020 were as follows:
  Effective management services fee rate (%)
Columbia Capital Allocation Conservative Portfolio 0.12
Columbia Capital Allocation Moderate Conservative Portfolio 0.10
Columbia Capital Allocation Moderate Portfolio 0.08
Columbia Capital Allocation Moderate Aggressive Portfolio 0.12
Columbia Capital Allocation Aggressive Portfolio 0.08
In addition to the fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of the Underlying Funds in which the Funds invest. Because the Underlying Funds have varied expense and fee levels and the Funds may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Funds as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. Each Fund’s liability for these amounts is adjusted for market value changes and remains in the Funds until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Funds.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Funds in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Funds, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transactions with affiliates
For the year ended January 31, 2020, certain Funds engaged in purchase and/or sale transactions with affiliates and/or accounts that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers. Those purchase and sale transactions complied with provisions of Rule 17a-7 under the 1940 Act for the following Funds aggregated to:
Fund Purchases ($) Sales ($) Realized
gain/(loss)
from sale
transactions ($)
Columbia Capital Allocation Conservative Portfolio 1,769 (3,282)
Columbia Capital Allocation Moderate Conservative Portfolio 2,995 (5,543)
Columbia Capital Allocation Moderate Portfolio 14,704 (27,208)
Columbia Capital Allocation Moderate Aggressive Portfolio 16,339 (30,237)
Columbia Capital Allocation Aggressive Portfolio 7,216 (13,370)
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
For the year ended January 31, 2020, the Funds’ effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
Fund Class A
(%)
Advisor
Class (%)
Class C
(%)
Institutional
Class (%)
Institutional 2
Class (%)
Institutional 3
Class (%)
Class R
(%)
Class V
(%)
Columbia Capital Allocation Conservative Portfolio 0.09 0.09 0.09 0.09 0.07 0.02 0.09 N/A
Columbia Capital Allocation Moderate Conservative Portfolio 0.08 0.08 0.08 0.08 0.06 0.02 0.08 N/A
Columbia Capital Allocation Moderate Portfolio 0.08 0.08 0.08 0.08 0.07 0.02 0.08 N/A
Columbia Capital Allocation Moderate Aggressive Portfolio 0.10 0.10 0.10 0.10 0.06 0.01 0.10 0.10
Columbia Capital Allocation Aggressive Portfolio 0.09 0.09 0.09 0.09 0.07 0.02 0.09 N/A
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Funds and recorded as part of expense reductions in the Statement of Operations.
For the year ended January 31, 2020, these minimum account balance fees reduced total expenses as follows:
Fund Amount ($)
Columbia Capital Allocation Conservative Portfolio 20
Columbia Capital Allocation Moderate Conservative Portfolio 80
Columbia Capital Allocation Moderate Portfolio 100
Columbia Capital Allocation Moderate Aggressive Portfolio 7,992
Columbia Capital Allocation Aggressive Portfolio 80
Distribution and service fees
The Funds have entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Funds and providing services to investors.
Under the Plans, each Fund pays a monthly fee to the Distributor at the annual rates of up to 0.25% of each Fund’s average daily net assets attributable to Class A shares, up to 1.00% of each Fund’s average daily net assets attributable to Class C shares and up to 0.50% of each Fund’s average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio).
For Class C shares of the Funds, of 1.00% fee, up to 0.75% is reimbursed for distribution expenses.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) for each Fund was approximately as follows:
Fund Class C ($)
Columbia Capital Allocation Conservative Portfolio 295,000
Columbia Capital Allocation Moderate Conservative Portfolio 494,000
Columbia Capital Allocation Moderate Portfolio 1,632,000
Columbia Capital Allocation Moderate Aggressive Portfolio 1,154,000
Columbia Capital Allocation Aggressive Portfolio 185,000
These amounts are based on the most recent information available as of December 31, 2019, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.
Shareholder services fees
Columbia Capital Allocation Moderate Aggressive Portfolio has adopted a shareholder services plan that permits it to pay for certain services provided to Class V shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund’s average daily net assets attributable to Class V shares (comprised of up to 0.25% for shareholder liaison services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.25% of the Fund’s average daily net assets attributable to Class V shares.
Sales charges (unaudited)
Sales charges, including front-end and CDSCs, received by the Distributor for distributing each Fund’s shares for the year ended January 31, 2020, if any, are as follows:
  Front End (%) CDSC (%) Amount ($)
Fund Class A Class C Class V Class A Class C Class V Class A Class C Class V
Columbia Capital Allocation Conservative Portfolio 4.75 N/A 0.50 - 1.00(a) 1.00(b) N/A 102,559 2,343 N/A
Columbia Capital Allocation Moderate Conservative Portfolio 5.75 N/A 0.50 - 1.00(a) 1.00(b) N/A 351,270 3,410 N/A
Columbia Capital Allocation Moderate Portfolio 5.75 N/A 0.50 - 1.00(a) 1.00(b) N/A 1,102,340 13,500 N/A
Columbia Capital Allocation Moderate Aggressive Portfolio 5.75 5.75 0.50 - 1.00(a) 1.00(b) 0.50 - 1.00(a) 1,366,730 10,788 4,640
Columbia Capital Allocation Aggressive Portfolio 5.75 N/A 0.50 - 1.00(a) 1.00(b) N/A 867,983 8,007 N/A
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that each Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Funds’ custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:
  Contractual expense caps July 1, 2019 through May 31, 2020
Fund Class A
(%)
Advisor
Class (%)
Class C
(%)
Institutional
Class (%)
Institutional 2
Class (%)
Institutional 3
Class (%)
Class R
(%)
Class V
(%)
Columbia Capital Allocation Moderate Conservative Portfolio 0.52 0.27 1.27 0.27 0.24 0.20 0.77 N/A
Columbia Capital Allocation Moderate Aggressive Portfolio 0.50 0.25 1.25 0.25 0.20 0.15 0.75 0.50
Columbia Capital Allocation Aggressive Portfolio 0.51 0.26 1.26 0.26 0.24 0.19 0.76 N/A
    
  Voluntary expense caps June 1, 2019 through June 30, 2019
Fund Class A
(%)
Advisor
Class (%)
Class C
(%)
Institutional
Class (%)
Institutional 2
Class (%)
Institutional 3
Class (%)
Class R
(%)
Class V
(%)
Columbia Capital Allocation Moderate Conservative Portfolio 0.50 0.25 1.25 0.25 0.24 0.19 0.75 N/A
Columbia Capital Allocation Moderate Aggressive Portfolio 0.50 0.25 1.25 0.25 0.21 0.16 0.75 0.50
Columbia Capital Allocation Aggressive Portfolio 0.50 0.25 1.25 0.25 0.24 0.18 0.75 N/A
    
  Contractual expense caps June 1, 2019 through May 31, 2020
Fund Class A
(%)
Advisor
Class (%)
Class C
(%)
Institutional
Class (%)
Institutional 2
Class (%)
Institutional 3
Class (%)
Class R
(%)
Columbia Capital Allocation Conservative Portfolio 0.49 0.24 1.24 0.24 0.21 0.16 0.74
Columbia Capital Allocation Moderate Portfolio 0.47 0.22 1.22 0.22 0.21 0.16 0.72
    
  Contractual expense caps prior to June 1, 2019
Fund Class A
(%)
Advisor
Class (%)
Class C
(%)
Institutional
Class (%)
Institutional 2
Class (%)
Institutional 3
Class (%)
Class R
(%)
Class V
(%)
Columbia Capital Allocation Conservative Portfolio 0.49 0.24 1.24 0.24 0.22 0.17 0.74 N/A
Columbia Capital Allocation Moderate Conservative Portfolio 0.50 0.25 1.25 0.25 0.24 0.19 0.75 N/A
Columbia Capital Allocation Moderate Portfolio 0.47 0.22 1.22 0.22 0.21 0.17 0.72 N/A
Columbia Capital Allocation Moderate Aggressive Portfolio 0.50 0.25 1.25 0.25 0.21 0.16 0.75 0.50
Columbia Capital Allocation Aggressive Portfolio 0.50 0.25 1.25 0.25 0.24 0.18 0.75 N/A
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. Each Fund’s management services fee is also excluded from the waiver/reimbursement commitment and is therefore paid by the Funds. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
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Notes to Financial Statements  (continued)
January 31, 2020
At January 31, 2020, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, derivative investments, re-characterization of distributions for investments, foreign currency transactions, and passive foreign investment company (PFIC) holdings. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
Fund Undistributed net
investment
income ($)
Accumulated
net realized
gain (loss) ($)
Paid in capital
decrease ($)
Columbia Capital Allocation Conservative Portfolio 180,072 (180,072)
Columbia Capital Allocation Moderate Conservative Portfolio 392,417 (392,417)
Columbia Capital Allocation Moderate Portfolio 2,071,478 (2,071,478)
Columbia Capital Allocation Moderate Aggressive Portfolio 866,463 (866,462) (1)
Columbia Capital Allocation Aggressive Portfolio 359,523 (359,523)
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by these reclassifications.
The tax character of distributions paid during the years indicated was as follows:
  Year Ended January 31, 2020 Year Ended January 31, 2019
Fund Ordinary
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Long-term
capital gains ($)
Total ($)
Columbia Capital Allocation Conservative Portfolio 4,766,476 1,955,416 6,721,892 5,114,129 5,216,910 10,331,039
Columbia Capital Allocation Moderate Conservative Portfolio 11,926,091 9,518,141 21,444,232 13,307,649 22,414,599 35,722,248
Columbia Capital Allocation Moderate Portfolio 35,404,017 51,006,973 86,410,990 39,275,629 64,672,473 103,948,102
Columbia Capital Allocation Moderate Aggressive Portfolio 45,701,665 99,902,560 145,604,225 52,808,296 127,705,985 180,514,281
Columbia Capital Allocation Aggressive Portfolio 11,757,724 41,950,505 53,708,229 17,121,047 48,593,896 65,714,943
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At January 31, 2020, the components of distributable earnings on a tax basis were as follows:
Fund Undistributed
ordinary
income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
Columbia Capital Allocation Conservative Portfolio 254,325 2,428,724 6,303,809
Columbia Capital Allocation Moderate Conservative Portfolio 1,233,530 11,185,137 17,719,478
Columbia Capital Allocation Moderate Portfolio 4,168,681 41,252,156 78,631,619
Columbia Capital Allocation Moderate Aggressive Portfolio 4,866,818 69,735,031 134,855,863
Columbia Capital Allocation Aggressive Portfolio 1,800,837 30,282,549 55,746,934
At January 31, 2020, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Fund Tax cost ($) Gross
unrealized
appreciation ($)
Gross
unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
Columbia Capital Allocation Conservative Portfolio 217,713,446 8,150,359 (1,846,550) 6,303,809
Columbia Capital Allocation Moderate Conservative Portfolio 496,270,392 22,869,428 (5,149,950) 17,719,478
Columbia Capital Allocation Moderate Portfolio 1,408,390,132 98,147,495 (19,515,876) 78,631,619
Columbia Capital Allocation Moderate Aggressive Portfolio 1,871,469,087 162,921,246 (28,065,383) 134,855,863
Columbia Capital Allocation Aggressive Portfolio 669,080,081 70,627,165 (14,880,231) 55,746,934
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Notes to Financial Statements  (continued)
January 31, 2020
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Funds has concluded that there are no significant uncertain tax positions in the Funds that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
For the year ended January 31, 2020, the cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, for each Fund aggregated to:
  Purchases
($)
Proceeds
from sales
($)
Columbia Capital Allocation Conservative Portfolio 24,788,896 37,698,936
Columbia Capital Allocation Moderate Conservative Portfolio 39,779,519 78,200,210
Columbia Capital Allocation Moderate Portfolio 130,661,084 203,278,528
Columbia Capital Allocation Moderate Aggressive Portfolio 166,910,748 284,491,989
Columbia Capital Allocation Aggressive Portfolio 78,925,137 97,474,929
The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
Each Fund may invest in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by each Fund and other affiliated funds (the Affiliated MMF). The income earned by the Funds from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, each Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, each Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Funds did not borrow or lend money under the Interfund Program during the year ended January 31, 2020.
Note 8. Line of credit
Each Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Funds may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the
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Notes to Financial Statements  (continued)
January 31, 2020
higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.
No Fund had borrowings during the year ended January 31, 2020.
Note 9. Significant risks
Derivatives risk
Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Aggressive Portfolio may be more susceptible to derivatives risk. Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency or index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.
Market risk
The market values of securities or other investments that the Funds hold may fall, sometimes rapidly or unpredictably, or fail to rise for various reasons including changes or potential or perceived changes in U.S. or foreign economies, financial markets, interest rates, the liquidity of investments and other factors including terrorism, war, natural disasters and disease/virus epidemics. From time to time, certain market segments (such as equity or fixed income), investment styles (such as growth or value), or other investment categories, may fall out of favor which may impair the value of an investment in the Funds. An investment in the Funds could lose money over short or even long periods.
Shareholder concentration risk
At January 31, 2020, certain shareholder accounts owned more than 10% of the outstanding shares of one or more of the Funds. For unaffiliated shareholder accounts, the Funds have no knowledge about whether any portion of those shares were owned beneficially. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
The number of accounts and aggregate percentages of shares outstanding held therein were as follows:
Fund Number of
unaffiliated
accounts
Percentage of
shares
outstanding
held —
unaffiliated (%)
Percentage of
shares
outstanding
held —
affiliated (%)
Columbia Capital Allocation Conservative Portfolio 77.3
Columbia Capital Allocation Moderate Conservative Portfolio 79.0
Columbia Capital Allocation Moderate Portfolio 88.1
Columbia Capital Allocation Moderate Aggressive Portfolio 1 12.0 58.6
Columbia Capital Allocation Aggressive Portfolio 87.0
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
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Notes to Financial Statements  (continued)
January 31, 2020
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.
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Report of Independent Registered Public Accounting Firm
To the Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio (three of the funds constituting Columbia Funds Series Trust II, hereafter collectively referred to as the "Funds") as of January 31, 2020, the related statements of operations for the year ended January 31, 2020, the statements of changes in net assets for each of the two years in the period ended January 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended January 31, 2020 and each of the financial highlights for each of the five years in the period ended January 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
March 24, 2020
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
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Report of Independent Registered Public Accounting Firm  (continued)
To the Trustees of Columbia Funds Series Trust and Shareholders of Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio (two of the funds constituting Columbia Funds Series Trust, hereafter collectively referred to as the "Funds") as of January 31, 2020, the related statements of operations for the year ended January 31, 2020, the statements of changes in net assets for each of the two years in the period ended January 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended January 31, 2020 and each of the financial highlights for each of the five years in the period ended January 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
March 24, 2020
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
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Federal Income Tax Information
(Unaudited)
The Funds hereby designate the following tax attributes for the fiscal year ended January 31, 2020. Shareholders will be notified in early 2021 of the amounts for use in preparing 2020 income tax returns.
  Qualified
dividend
income
Dividends
received
deduction
Capital
gain
dividend
Foreign
taxes paid
to foreign
countries
Foreign
taxes paid
per share
to foreign
countries
Foreign
source
income
Foreign
source
income per
share
Columbia Capital Allocation Conservative Portfolio 18.83% 10.30% $4,447,067 $42,538 $0.0020 $551,616 $0.03
Columbia Capital Allocation Moderate Conservative Portfolio 25.47% 14.30% $17,943,048 $141,420 $0.0030 $1,816,474 $0.04
Columbia Capital Allocation Moderate Portfolio 28.49% 17.09% $75,873,602 $472,359 $0.0036 $5,396,086 $0.04
Columbia Capital Allocation Moderate Aggressive Portfolio 35.24% 21.64% $131,200,658 $758,046 $0.0046 $7,816,725 $0.05
Columbia Capital Allocation Aggressive Portfolio 63.44% 39.52% $51,985,332 $354,936 $0.0061 $3,363,817 $0.06
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided.
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TRUSTEES AND OFFICERS
Shareholders elect the Board that oversees the Funds’ operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Funds’ Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, Trustees not affiliated with the Investment Manager generally may serve through the end of the calendar year in which they reach the mandatory retirement age established by the Board.
Independent trustees
Name,
address,
year of birth
Position held
with the Trust and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex
overseen
Other directorships
held by Trustee
during the past
five years
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1953
Trustee since 1/17 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 121 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 121 Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 7/07 for RiverSource Funds and since 6/11 for Nations Funds President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991 121 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019
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TRUSTEES AND OFFICERS  (continued)
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex
overseen
Other directorships
held by Trustee
during the past
five years
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1950
Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 121 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010; Board of Directors, The MA Business Roundtable 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 12/17 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 121 Trustee, Catholic Schools Foundation since 2004
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1952
Chair of the Board since 1/20; Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 121 Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Anthony M. Santomero
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1946
Trustee since 6/11 for RiverSource Funds and since 1/08 for Nations Funds Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000- 2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 121 Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1947
Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 121 Director, BlueCross BlueShield of South Carolina since April 2008; Trustee, Hollingsworth Funds since 2016 (previously Board Chair from 2016-2019); Advisory Board member, Duke Energy Corp. since October 2016; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018
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TRUSTEES AND OFFICERS  (continued)
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex
overseen
Other directorships
held by Trustee
during the past
five years
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1964
Trustee since 12/17 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 119 Director, NAPE Education Foundation since October 2016
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Trust and length of service Principal occupation(s) during the
past five years and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex overseen
Other directorships
held by Trustee
during the past
five years
William F. Truscott
c/o Columbia Management
Investment Advisers, LLC
225 Franklin St.
Boston, MA 02110
1960
Trustee since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and since 5/10 for Nations Funds Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010 - September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006 - August 2012. 192 Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, August 2006-January 2013
* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
Nations Funds refer to the Funds within the Columbia Funds Complex that historically bore the Nations brand and includes series of Columbia Funds Series Trust. RiverSource Funds refer to the Funds within the Columbia Funds Complex that historically bore the RiverSource brand and includes series of Columbia Funds Series Trust II.
The Statement of Additional Information has additional information about the Funds’ Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
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TRUSTEES AND OFFICERS  (continued)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Funds as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Funds’ other officers are:
Fund officers
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Christopher O. Petersen
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1970
President and Principal Executive Officer (2015) Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010 - December 2014); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke
225 Franklin Street
Boston, MA 02110
Born 1969
Chief Financial Officer, Principal Financial Officer (2009), and Senior Vice President (2019) Vice President, Head of North American Operations, and Co-Head of Global Operations, – Accounting and Tax, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009 – January 2019 and December 2015 – January 2019, respectively).
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1965
Treasurer, Chief Accounting Officer (Principal Accounting Officer) (2019), and Principal Financial Officer (2020) Vice President — Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President — Pricing and Corporate Actions, May 2010 - March 2017).
Paul B. Goucher
485 Lexington Avenue
New York, NY 10017
Born 1968
Senior Vice President (2011) and Assistant Secretary (2008) Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire
225 Franklin Street
Boston, MA 02110
Born 1972
Senior Vice President and Chief Compliance Officer (2012) Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015.
Colin Moore
225 Franklin Street
Boston, MA 02110
Born 1958
Senior Vice President (2010) Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga
225 Franklin Street
Boston, MA 02110
Born 1970
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); officer of Columbia Funds and affiliated funds since 2005.
Daniel J. Beckman
225 Franklin Street
Boston, MA 02110
Born 1962
Senior Vice President (2020) Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015).
Michael E. DeFao
225 Franklin Street
Boston, MA 02110
Born 1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
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TRUSTEES AND OFFICERS  (continued)
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1960
Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.
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Additional information
The Funds mail one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Funds hold investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Funds’ Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Funds’ complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Funds, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
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Columbia Capital Allocation Portfolios
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Funds, go to
columbiathreadneedleus.com/investor/. The Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2020 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN124_01_K01_(03/20)
Annual Report
January 31, 2020
Columbia Global Strategic Equity Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.345.6611 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Fund.
Not FDIC Insured • No bank guarantee • May lose value

Table of Contents
Columbia Global Strategic Equity Fund (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Global Strategic Equity Fund  |  Annual Report 2020

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Fund at a Glance
Investment objective
The Fund seeks capital appreciation.
Portfolio management
Melda Mergen, CFA, CAIA
Co-Portfolio Manager
Managed Fund since 2016
William Davies
Co-Portfolio Manager
Managed Fund since September 2019
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2020 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended January 31, 2020)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 10/15/96 16.90 8.55 10.51
  Including sales charges   10.21 7.27 9.87
Advisor Class* 11/08/12 17.29 8.82 10.72
Class C Excluding sales charges 10/15/96 16.11 7.74 9.70
  Including sales charges   15.11 7.74 9.70
Institutional Class 10/15/96 17.23 8.82 10.80
Institutional 2 Class* 11/08/12 17.29 8.90 10.79
Institutional 3 Class* 03/01/17 17.34 8.78 10.63
Class R 01/23/06 16.64 8.28 10.24
MSCI ACWI (Net)   16.04 8.51 9.15
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 Fund’s performance prior to June 2, 2015 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been different.
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 MSCI ACWI (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 45 country indices comprising 24 developed and 21 emerging market country indices.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI ACWI (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.
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Table of Contents
Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (January 31, 2010 — January 31, 2020)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Global Strategic Equity Fund 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, 2020)
Common Stocks 9.2
Equity Funds 84.8
Exchange-Traded Equity Funds 2.0
Fixed Income Funds 3.7
Money Market Funds 0.3
Preferred Stocks 0.0(a)
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
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Manager Discussion of Fund Performance
For the 12-month period that ended January 31, 2020, the Fund’s Class A shares returned 16.90% excluding sales charges and outperformed its benchmark, the MSCI ACWI (Net), which returned 16.04% during the same time period. We attribute the portfolio’s outperformance of the benchmark primarily to underlying fund selection overall and, to a lesser extent, asset allocation. This more than offset the modest detracting effect of style allocation as a whole.
Global equity markets enjoyed notable strength during annual period
As the annual period began in February 2019, investor optimism prevailed, as positive global economic conditions, the impact of broad U.S. corporate tax cuts, a strong U.S. labor market and moves to reduce regulations in a number of industries buoyed confidence. As the calendar year progressed, U.S. economic growth slowed from 3.1% in the first quarter of 2019 to an estimated 2.1% for 2019 overall, as manufacturing activity edged lower. European economies similarly transitioned to a slower pace of growth, struggling with rising interest rates, trade tensions and uncertainty surrounding the U.K.’s departure from the European Union. At the same time, China’s economic conditions weakened, and emerging markets came under pressure, driven by trade and tariff concerns.
Despite these global uncertainties, the U.S. stock market rose strongly in 2019, as the U.S. Federal Reserve (Fed) cut short-term interest rates three times during the second half of the calendar year and then announced at its December 2019 meeting it would hold the targeted federal funds rate at 1.50%-1.75% for the near term, judging its current monetary policy as appropriate to support economic expansion, a strong labor market and inflation approximating its 2.0% target. Central banks in major international economies followed the Fed’s lead with stimulus efforts. As we entered 2020, the novel coronavirus provided a challenge to the global equity markets, leading to a jittery January 2020, especially emerging markets equities. At the end of the annual period, it was still too early to assess the extent and ramifications of the viral outbreak.
All told, for the annual period overall, the broad global equity market, as measured by MSCI ACWI (Net), posted solid double-digit absolute gains but underperformed the broad U.S. equity market, as measured by the S&P 500 Index, which returned 21.68%. Within the U.S. equity market segment, large-cap equities outperformed small-cap equities, and growth-oriented stocks significantly outpaced value-oriented stocks across the capitalization spectrum. As measured by the MSCI EAFE Index (Net) and the MSCI Emerging Markets Index (Net), international developed market equities and emerging market equities returned 12.10% and 3.81%, respectively. Emerging market equities were impacted to a greater degree than their developed counterparts by U.S.-China trade tensions and then, in January 2020, by the coronavirus weighing on investor sentiment.
Positioning in international and growth-oriented U.S. equities boosted relative results
Underlying fund selection overall was the primary driver of the Fund’s performance during the annual period. Most underlying funds outperformed their respective benchmarks during the annual period, attributable primarily to effective stock selection as the underlying funds are generally factor and sector neutral. From regional and style perspectives, positive contributors included international equities, both developed and emerging markets, and growth-oriented U.S. equities, both large-cap and small-cap, via positions in underlying funds. Having an underweight to emerging market international equities and out-of-benchmark exposures to growth-oriented technology equities and global infrastructure equities also added value during the annual period. Positions in Columbia Emerging Markets Fund, Columbia Select Global Equity Fund, Columbia Contrarian Europe Fund, Columbia Small Cap Growth Fund I, Columbia Select Large Cap Growth Fund, Columbia Large Cap Growth Fund, Columbia Global Technology Growth Fund and Columbia Global Infrastructure Fund especially boosted relative results.
Conversely, via underlying funds, selection in non-growth-oriented U.S. equities and global technology equities detracted from relative results. Value exposure via quantitative strategies detracted the most from a style allocation perspective. Having an overweight to developed market international equities, an underweight to U.S. equities and exposure to commodity equities, the latter of which lagged the MSCI ACWI (Net) during the annual period, also were negative factors. Positions in Columbia Disciplined Value Fund, Columbia Global Energy and Natural Resources Fund, Columbia Select Large Cap Equity Fund and Columbia Dividend Income Fund detracted from the Fund’s relative results during the annual period.
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Table of Contents
Manager Discussion of Fund Performance  (continued)
Portfolio changes were marginal
Changes within the Fund’s portfolio can be driven by active trading, by directing allocations to select market segments or by market appreciation or depreciation within a given market segment, all via investments in underlying funds. That said, during the annual period, we made no significant changes to the Fund’s asset allocation, style allocation or underlying fund positions, only marginal adjustments as market conditions shifted.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Asset allocation does not assure a profit or protect against loss. The Fund’s investment in other funds subjects it to the investment performance (positive or negative), risks and expenses of these underlying funds. ETFs may trade at a discount to NAV, are subject to tracking/correlation risk and shareholders bear additional ETF expenses. Investment products, including shares of mutual funds, are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Risks are enhanced for emerging market issuers. Investment in or exposure to foreign currencies subjects the Fund to currency fluctuation and risk of loss. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses or limited gains. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
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Table of Contents
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, 2019 — January 31, 2020
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
Effective expenses
paid during the
period ($)
Fund’s effective
annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual Actual Hypothetical Actual
Class A 1,000.00 1,000.00 1,076.70 1,022.89 2.41 2.35 0.46 6.18 6.02 1.18
Advisor Class 1,000.00 1,000.00 1,078.90 1,024.10 1.15 1.12 0.22 4.93 4.80 0.94
Class C 1,000.00 1,000.00 1,073.90 1,019.11 6.33 6.16 1.21 10.09 9.82 1.93
Institutional Class 1,000.00 1,000.00 1,078.30 1,024.15 1.10 1.07 0.21 4.87 4.74 0.93
Institutional 2 Class 1,000.00 1,000.00 1,078.80 1,024.35 0.89 0.87 0.17 4.66 4.54 0.89
Institutional 3 Class 1,000.00 1,000.00 1,079.40 1,024.60 0.63 0.61 0.12 4.40 4.29 0.84
Class R 1,000.00 1,000.00 1,076.20 1,021.63 3.72 3.62 0.71 7.48 7.29 1.43
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Effective expenses paid during the period and the Fund’s effective annualized expense ratio include expenses borne directly to the class plus the Fund’s pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund’s most recent shareholder report.
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Portfolio of Investments
January 31, 2020
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 9.2%
Issuer Shares Value ($)
Communication Services 0.9%
Diversified Telecommunication Services 0.3%
Hellenic Telecommunications Organization SA 4,138 61,799
Nippon Telegraph & Telephone Corp. 75,800 1,932,676
Verizon Communications, Inc. 1,879 111,688
Total   2,106,163
Entertainment 0.2%
Nintendo Co., Ltd. 2,900 1,066,781
Take-Two Interactive Software, Inc.(a) 1,184 147,574
Toho Co., Ltd. 800 29,471
Total   1,243,826
Interactive Media & Services 0.2%
Alphabet, Inc., Class A(a) 339 485,712
Facebook, Inc., Class A(a) 1,688 340,824
Kakaku.com, Inc. 16,100 420,603
Total   1,247,139
Media 0.1%
Cyfrowy Polsat SA 9,406 65,930
ValueCommerce Co., Ltd. 28,700 667,817
Total   733,747
Wireless Telecommunication Services 0.1%
Advanced Info Service PCL 8,800 57,212
SoftBank Group Corp. 14,100 569,281
Total   626,493
Total Communication Services 5,957,368
Consumer Discretionary 1.3%
Auto Components 0.2%
Koito Manufacturing Co., Ltd. 8,800 381,889
Shoei Co., Ltd. 11,400 518,464
Total   900,353
Automobiles 0.4%
Fiat Chrysler Automobiles NV 5,826 75,897
Peugeot SA 5,871 120,885
Toyota Motor Corp. 35,200 2,447,375
Total   2,644,157
Common Stocks (continued)
Issuer Shares Value ($)
Distributors 0.0%
LKQ Corp.(a) 5,663 185,095
Hotels, Restaurants & Leisure 0.1%
Koshidaka Holdings Co., Ltd. 23,400 330,291
Starbucks Corp. 1,242 105,359
Total   435,650
Household Durables 0.4%
Sekisui House Ltd. 8,800 189,219
Sony Corp. 32,800 2,293,603
Total   2,482,822
Internet & Direct Marketing Retail 0.1%
Amazon.com, Inc.(a) 15 30,131
eBay, Inc. 5,667 190,184
Total   220,315
Leisure Products 0.1%
Bandai Namco Holdings, Inc. 13,800 801,897
Multiline Retail 0.0%
Target Corp. 1,671 185,047
Specialty Retail 0.0%
AutoZone, Inc.(a) 164 173,505
Textiles, Apparel & Luxury Goods 0.0%
Pandora A/S 498 25,824
Under Armour, Inc., Class A(a) 1,618 32,651
Total   58,475
Total Consumer Discretionary 8,087,316
Consumer Staples 0.7%
Beverages 0.1%
Kirin Holdings Co., Ltd. 19,200 421,680
Food & Staples Retailing 0.1%
Koninklijke Ahold Delhaize NV 7,827 192,086
Walgreens Boots Alliance, Inc. 2,798 142,278
Walmart, Inc. 1,614 184,787
Total   519,151
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Global Strategic Equity Fund  | Annual Report 2020

Table of Contents
Portfolio of Investments  (continued)
January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Food Products 0.0%
JBS SA 16,400 105,578
Uni-President Enterprises Corp. 27,000 64,327
Total   169,905
Household Products 0.0%
Kimberly-Clark Corp. 474 67,896
Personal Products 0.4%
Kao Corp. 27,000 2,153,444
Milbon Co., Ltd. 8,800 492,451
Total   2,645,895
Tobacco 0.1%
Altria Group, Inc. 1,335 63,452
British American Tobacco PLC 5,666 249,842
Philip Morris International, Inc. 298 24,645
Total   337,939
Total Consumer Staples 4,162,466
Energy 0.1%
Oil, Gas & Consumable Fuels 0.1%
Canadian Natural Resources Ltd. 2,800 78,748
Cenovus Energy, Inc. 9,100 79,214
China Coal Energy Co., Ltd., Class H 91,000 30,958
ConocoPhillips Co. 2,774 164,859
HollyFrontier Corp. 1,165 52,332
Husky Energy, Inc. 14,400 93,686
Imperial Oil Ltd. 4,100 97,218
Motor Oil Hellas Corinth Refineries SA 602 12,783
Yanzhou Coal Mining Co., Ltd., Class H 44,000 32,465
Total   642,263
Total Energy 642,263
Financials 0.9%
Banks 0.3%
Banco do Brasil SA 8,800 99,248
Bank Leumi Le-Israel BM 14,389 103,456
BNP Paribas SA 3,343 177,405
Citigroup, Inc. 3,327 247,562
Mediobanca Banca di Credito Finanziario SpA 1,736 17,318
Common Stocks (continued)
Issuer Shares Value ($)
Mitsubishi UFJ Financial Group, Inc. 193,500 993,548
Postal Savings Bank of China Co., Ltd.(b) 163,000 101,426
Total   1,739,963
Consumer Finance 0.0%
Ally Financial, Inc. 6,403 205,088
Capital One Financial Corp. 435 43,413
Discover Financial Services 1,419 106,609
Synchrony Financial 2,077 67,316
Total   422,426
Diversified Financial Services 0.2%
Equitable Holdings, Inc. 8,369 201,024
ORIX Corp. 59,700 1,008,480
Voya Financial, Inc. 556 33,210
Total   1,242,714
Insurance 0.4%
Ageas 1,250 68,927
Allianz SE, Registered Shares 883 210,811
Assicurazioni Generali SpA 7,094 138,231
Dai-ichi Life Holdings, Inc. 63,100 936,479
PICC Property & Casualty Co., Ltd., Class H 54,000 57,750
Power Corp. of Canada 5,600 139,725
Prudential Financial, Inc. 453 41,250
Swiss Life Holding AG, Registered Shares 380 191,016
Tokio Marine Holdings, Inc. 12,600 683,944
Total   2,468,133
Total Financials 5,873,236
Health Care 1.0%
Biotechnology 0.1%
Alexion Pharmaceuticals, Inc.(a) 350 34,787
BioMarin Pharmaceutical, Inc.(a) 350 29,225
Gilead Sciences, Inc. 728 46,010
PeptiDream, Inc.(a) 12,100 572,785
Vertex Pharmaceuticals, Inc.(a) 350 79,467
Total   762,274
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Strategic Equity Fund  | Annual Report 2020
9

Table of Contents
Portfolio of Investments  (continued)
January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Equipment & Supplies 0.4%
Asahi Intecc Co., Ltd. 14,400 396,758
Hoya Corp. 17,900 1,713,127
Medtronic PLC 154 17,778
Nakanishi, Inc. 17,700 315,739
Total   2,443,402
Health Care Providers & Services 0.0%
Cardinal Health, Inc. 1,149 58,840
DaVita, Inc.(a) 193 15,415
McKesson Corp. 528 75,298
Medipal Holdings Corp. 700 14,833
Total   164,386
Pharmaceuticals 0.5%
Astellas Pharma, Inc. 11,700 206,741
Bausch Health Companies, Inc.(a) 2,800 76,823
Daiichi Sankyo Co., Ltd. 17,800 1,202,872
Johnson & Johnson 2,008 298,931
Merck & Co., Inc. 991 84,671
Novartis AG, Registered Shares 1,829 172,782
Roche Holding AG, Genusschein Shares 887 297,561
Takeda Pharmaceutical Co., Ltd. 25,000 960,085
Total   3,300,466
Total Health Care 6,670,528
Industrials 1.9%
Aerospace & Defense 0.0%
Lockheed Martin Corp. 374 160,117
Airlines 0.1%
Southwest Airlines Co. 3,355 184,458
Building Products 0.3%
Daikin Industries Ltd. 14,600 2,057,247
Construction & Engineering 0.2%
ACS Actividades de Construccion y Servicios SA 3,788 125,940
Eiffage SA 139 16,112
Kinden Corp. 57,000 971,275
Samsung Engineering Co., Ltd.(a) 6,120 87,069
Total   1,200,396
Common Stocks (continued)
Issuer Shares Value ($)
Electrical Equipment 0.1%
Acuity Brands, Inc. 554 65,300
Eaton Corp. PLC 806 76,143
Nidec Corp. 5,300 666,585
Total   808,028
Industrial Conglomerates 0.0%
CITIC Ltd. 97,000 109,687
Machinery 0.3%
Cummins, Inc. 1,185 189,564
Sinotruk Hong Kong Ltd. 26,500 45,502
Takuma Co., Ltd. 106,100 1,156,742
Weichai Power Co., Ltd., Class H 47,000 82,284
Zoomlion Heavy Industry Science and Technology Co., Ltd. 83,800 61,526
Total   1,535,618
Professional Services 0.4%
Meitec Corp. 5,800 329,705
Nihon M&A Center, Inc. 23,800 680,857
Recruit Holdings Co., Ltd. 40,000 1,559,052
Wolters Kluwer NV 654 49,142
Total   2,618,756
Road & Rail 0.0%
Aurizon Holdings Ltd. 28,462 102,022
Trading Companies & Distributors 0.5%
ITOCHU Corp. 94,600 2,209,948
Mitsubishi Corp. 33,100 848,540
Total   3,058,488
Transportation Infrastructure 0.0%
Grupo Aeroportuario del Pacifico SAB de CV 5,598 69,316
International Container Terminal Services, Inc. 7,670 19,554
Total   88,870
Total Industrials 11,923,687
Information Technology 1.8%
Communications Equipment 0.1%
Cisco Systems, Inc. 5,307 243,963
F5 Networks, Inc.(a) 1,081 132,012
Total   375,975
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Global Strategic Equity Fund  | Annual Report 2020

Table of Contents
Portfolio of Investments  (continued)
January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Electronic Equipment, Instruments & Components 0.6%
Amano Corp. 19,000 548,701
Keyence Corp. 7,100 2,386,715
Murata Manufacturing Co., Ltd. 16,300 922,821
Zhen Ding Technology Holding Ltd. 29,000 112,162
Total   3,970,399
IT Services 0.2%
Comture Corp. 15,900 309,100
MasterCard, Inc., Class A 705 222,738
Obic Co., Ltd. 4,000 545,046
VeriSign, Inc.(a) 1,005 209,181
Total   1,286,065
Semiconductors & Semiconductor Equipment 0.2%
Lam Research Corp. 734 218,886
Lasertec Corp. 9,500 465,084
Qorvo, Inc.(a) 214 22,654
Rohm Co., Ltd. 7,300 525,129
Shinko Electric Industries Co., Ltd. 12,600 147,901
Total   1,379,654
Software 0.3%
Fortinet, Inc.(a) 1,792 206,725
Freee KK(a) 10,000 289,327
JustSystems Corp. 10,900 593,258
Microsoft Corp. 2,460 418,766
Total   1,508,076
Technology Hardware, Storage & Peripherals 0.4%
Apple, Inc. 527 163,112
Chicony Electronics Co., Ltd. 37,000 104,181
Elecom Co., Ltd. 31,100 1,253,883
HP, Inc. 9,300 198,276
Lenovo Group Ltd. 16,000 10,440
Lite-On Technology Corp. 64,000 99,149
Ricoh Co., Ltd. 62,600 710,287
Samsung Electronics Co., Ltd. 1,603 74,272
Wistron Corp. 93,000 82,882
Total   2,696,482
Total Information Technology 11,216,651
Common Stocks (continued)
Issuer Shares Value ($)
Materials 0.4%
Chemicals 0.3%
Celanese Corp., Class A 339 35,087
JCU Corp. 15,700 445,427
LyondellBasell Industries NV, Class A 87 6,774
Shin-Etsu Chemical Co., Ltd. 13,700 1,566,783
Total   2,054,071
Construction Materials 0.0%
Anhui Conch Cement Co., Ltd., Class H 15,000 95,741
China National Building Material Co., Ltd., Class H 30,000 28,678
Total   124,419
Metals & Mining 0.1%
BHP Group Ltd. 7,589 194,612
Fortescue Metals Group Ltd. 18,475 136,859
Rio Tinto PLC 3,001 160,476
Total   491,947
Total Materials 2,670,437
Real Estate 0.1%
Equity Real Estate Investment Trusts (REITS) 0.1%
American Tower Corp. 1,009 233,826
Essex Property Trust, Inc. 78 24,161
ORIX JREIT, Inc. 203 428,904
Total   686,891
Real Estate Management & Development 0.0%
Emaar Properties PJSC 65,244 71,194
Logan Property Holdings Co., Ltd. 58,000 87,672
Total   158,866
Total Real Estate 845,757
Utilities 0.1%
Electric Utilities 0.0%
Inter RAO UES PJSC 263,000 23,726
Manila Electric Co. 9,140 46,033
Total   69,759
Gas Utilities 0.0%
PT Perusahaan Gas Negara Persero Tbk 473,000 58,623
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Strategic Equity Fund  | Annual Report 2020
11

Table of Contents
Portfolio of Investments  (continued)
January 31, 2020
Common Stocks (continued)
Issuer Shares Value ($)
Independent Power and Renewable Electricity Producers 0.1%
AES Corp. (The) 11,242 223,266
Vistra Energy Corp 2,082 46,887
Total   270,153
Multi-Utilities 0.0%
Atco Ltd., Class I 1,500 58,508
Total Utilities 457,043
Total Common Stocks
(Cost $52,066,383)
58,506,752
Equity Funds 84.8%
  Shares Value ($)
Dividend Income 8.5%
Columbia Dividend Income Fund, Institutional 3 Class(c) 1,406,021 34,742,766
Columbia Global Dividend Opportunity Fund, Institutional 3 Class(c) 1,006,087 18,914,444
Total 53,657,210
International 46.9%
Columbia Contrarian Asia Pacific Fund, Institutional 3 Class(c) 1,062,778 13,008,406
Columbia Contrarian Europe Fund, Institutional 3 Class(c) 7,054,053 49,025,667
Columbia Emerging Markets Fund, Institutional 3 Class(c) 3,666,915 51,116,792
Columbia Global Energy and Natural Resources Fund, Institutional 3 Class(c) 916,492 14,572,212
Columbia Global Infrastructure Fund, Institutional 3 Class(c) 1,805,363 24,643,206
Columbia Global Technology Growth Fund, Institutional 3 Class(a),(c) 846,675 36,821,906
Columbia Overseas Value Fund, Institutional 3 Class(c) 5,834,584 54,611,704
Columbia Select Global Equity Fund, Institutional 3 Class(a),(c) 3,471,827 53,153,672
Total 296,953,565
U.S. Large Cap 25.6%
Columbia Disciplined Value Fund, Institutional 3 Class(c) 6,898,540 62,983,668
Columbia Large Cap Growth Fund, Institutional 3 Class(a),(c) 512,946 24,170,022
Columbia Select Large Cap Equity Fund, Institutional 3 Class(c) 4,283,078 64,417,494
Columbia Select Large Cap Growth Fund, Institutional 3 Class(a),(c) 745,762 10,492,875
Total 162,064,059
Equity Funds (continued)
  Shares Value ($)
U.S. Small Cap 3.8%
Columbia Small Cap Growth Fund I, Institutional 3 Class(a),(c) 1,101,581 23,672,981
Total Equity Funds
(Cost $456,269,506)
536,347,815
Exchange-Traded Equity Funds 2.0%
International Mid Large Cap 2.0%
Columbia Sustainable Global Equity Income ETF(c) 473,280 12,848,889
Total Exchange-Traded Equity Funds
(Cost $12,433,066)
12,848,889
Fixed Income Funds 3.7%
Convertible 3.7%
Columbia Convertible Securities Fund, Institutional 3 Class(c) 1,000,344 23,258,007
Total Fixed Income Funds
(Cost $16,275,786)
23,258,007
    
Preferred Stocks 0.0%
Issuer   Shares Value ($)
Utilities 0.0%
Electric Utilities 0.0%
Cia Energetica de Minas Gerais   11,600 40,521
Total Utilities 40,521
Total Preferred Stocks
(Cost $42,716)
40,521
    
Money Market Funds 0.3%
  Shares Value ($)
Columbia Short-Term Cash Fund, 1.648%(c),(d) 1,579,887 1,579,887
Total Money Market Funds
(Cost $1,579,837)
1,579,887
Total Investments in Securities
(Cost: $538,667,294)
632,581,871
Other Assets & Liabilities, Net   315,846
Net Assets 632,897,717
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Global Strategic Equity Fund  | Annual Report 2020

Table of Contents
Portfolio of Investments  (continued)
January 31, 2020
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold
Currency to
be purchased
Counterparty Settlement
date
Unrealized
appreciation ($)
Unrealized
depreciation ($)
248,000 AUD 167,518 USD Morgan Stanley 03/26/2020 1,349
400,000 BRL 94,487 USD Morgan Stanley 03/26/2020 1,341
250,000 CAD 189,347 USD Morgan Stanley 03/26/2020 446
71,000 CHF 73,132 USD Morgan Stanley 03/26/2020 (850)
302,000 ILS 87,715 USD Morgan Stanley 03/26/2020 (1)
8,311,000 TWD 277,097 USD Morgan Stanley 03/26/2020 2,799
43,759 USD 296,000 DKK Morgan Stanley 03/26/2020 330
233,424 USD 179,000 GBP Morgan Stanley 03/26/2020 3,275
145,884 USD 10,459,000 INR Morgan Stanley 03/26/2020 (732)
43,894 USD 2,764,000 RUB Morgan Stanley 03/26/2020 (902)
58,075 USD 79,000 SGD Morgan Stanley 03/26/2020 (174)
58,235 USD 858,000 ZAR Morgan Stanley 03/26/2020 (1,458)
Total       9,540 (4,117)
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At January 31, 2020, the total value of these securities amounted to $101,426, which represents 0.02% of total net assets.
(c) As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended January 31, 2020 are as follows:
    
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Contrarian Asia Pacific Fund, Institutional 3 Class
  1,103,729 24,261 (65,212) 1,062,778 (101,836) 664,345 267,165 13,008,406
Columbia Contrarian Europe Fund, Institutional 3 Class
  7,627,255 170,214 (743,416) 7,054,053 (279,822) 6,511,427 1,198,305 49,025,667
Columbia Convertible Securities Fund, Institutional 3 Class
  1,036,909 67,325 (103,890) 1,000,344 885,781 385,446 2,260,808 578,326 23,258,007
Columbia Disciplined Value Fund, Institutional 3 Class
  6,576,026 708,959 (386,445) 6,898,540 5,155,560 340,828 (1,301,936) 1,314,462 62,983,668
Columbia Dividend Income Fund, Institutional 3 Class
  1,542,717 45,243 (181,939) 1,406,021 366,619 881,239 4,314,099 698,785 34,742,766
Columbia Emerging Markets Fund, Institutional 3 Class
  2,107,519 2,077,354 (517,958) 3,666,915 1,609,586 5,935,451 267,824 51,116,792
Columbia Global Dividend Opportunity Fund, Institutional 3 Class
  2,058,933 38,854 (1,091,700) 1,006,087 147,346 (505,968) 2,408,149 570,982 18,914,444
Columbia Global Energy and Natural Resources Fund, Institutional 3 Class
  891,142 41,028 (15,678) 916,492 (77,461) (1,171,143) 477,258 14,572,212
Columbia Global Infrastructure Fund, Institutional 3 Class
  1,906,023 141,607 (242,267) 1,805,363 1,349,654 (1,720,749) 4,617,336 494,505 24,643,206
Columbia Global Technology Growth Fund, Institutional 3 Class
  1,024,649 12,844 (190,818) 846,675 435,193 3,317,420 6,798,229 36,821,906
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Strategic Equity Fund  | Annual Report 2020
13

Table of Contents
Portfolio of Investments  (continued)
January 31, 2020
Notes to Portfolio of Investments  (continued)
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
distributions —
affiliated
issuers ($)
Realized gain
(loss) —
affiliated
issuers ($)
Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($)
Dividends —
affiliated
issuers ($)
Value —
affiliated
issuers
at end of
period ($)
Columbia Large Cap Growth Fund, Institutional 3 Class
  552,317 40,706 (80,077) 512,946 1,794,950 583,061 3,215,740 24,170,022
Columbia Overseas Value Fund, Institutional 3 Class
  6,016,420 229,237 (411,073) 5,834,584 110,017 575,445 1,748,414 2,082,956 54,611,704
Columbia Select Global Equity Fund, Institutional 3 Class
  4,013,071 108,048 (649,292) 3,471,827 1,594,813 2,612,475 8,961,331 53,153,672
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  4,536,175 251,884 (504,981) 4,283,078 2,740,509 1,351,816 6,648,482 769,397 64,417,494
Columbia Select Large Cap Growth Fund, Institutional 3 Class
  630,914 203,061 (88,213) 745,762 2,804,763 108,640 (954,778) 10,492,875
Columbia Short-Term Cash Fund, 1.648%
  2,135,321 17,393,059 (17,948,493) 1,579,887 68 50 35,926 1,579,887
Columbia Small Cap Growth Fund I, Institutional 3 Class
  1,175,214 91,957 (165,590) 1,101,581 1,894,374 1,114,625 2,146,204 23,672,981
Columbia Sustainable Global Equity Income ETF
  473,280 473,280 415,823 373,077 12,848,889
Total         19,279,579 10,194,813 53,218,031 9,128,968 574,034,598
    
(d) The rate shown is the seven-day current annualized yield at January 31, 2020.
Currency Legend
AUD Australian Dollar
BRL Brazilian Real
CAD Canada Dollar
CHF Swiss Franc
DKK Danish Krone
GBP British Pound
ILS New Israeli Sheqel
INR Indian Rupee
RUB Russian Ruble
SGD Singapore Dollar
TWD New Taiwan Dollar
USD US Dollar
ZAR South African Rand
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Global Strategic Equity Fund  | Annual Report 2020

Table of Contents
Portfolio of Investments  (continued)
January 31, 2020
Fair value measurements  (continued)
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at January 31, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 1,085,798 4,871,570 5,957,368
Consumer Discretionary 901,972 7,185,344 8,087,316
Consumer Staples 588,636 3,573,830 4,162,466
Energy 566,057 76,206 642,263
Financials 1,184,445 4,688,791 5,873,236
Health Care 817,245 5,853,283 6,670,528
Industrials 744,898 11,178,789 11,923,687
Information Technology 2,036,313 9,180,338 11,216,651
Materials 41,861 2,628,576 2,670,437
Real Estate 257,987 587,770 845,757
Utilities 328,661 128,382 457,043
Total Common Stocks 8,553,873 49,952,879 58,506,752
Equity Funds 536,347,815 536,347,815
Exchange-Traded Equity Funds 12,848,889 12,848,889
Fixed Income Funds 23,258,007 23,258,007
Preferred Stocks        
Utilities 40,521 40,521
Total Preferred Stocks 40,521 40,521
Money Market Funds 1,579,887 1,579,887
Total Investments in Securities 582,628,992 49,952,879 632,581,871
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts 9,540 9,540
Liability        
Forward Foreign Currency Exchange Contracts (4,117) (4,117)
Total 582,628,992 49,958,302 632,587,294
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Strategic Equity Fund  | Annual Report 2020
15

Table of Contents
Portfolio of Investments  (continued)
January 31, 2020
Fair value measurements  (continued)
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Global Strategic Equity Fund  | Annual Report 2020

Table of Contents
Statement of Assets and Liabilities
January 31, 2020
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $52,109,099) $58,547,273
Affiliated issuers (cost $486,558,195) 574,034,598
Unrealized appreciation on forward foreign currency exchange contracts 9,540
Receivable for:  
Investments sold 827,475
Capital shares sold 136,016
Dividends 46,847
Foreign tax reclaims 69,371
Prepaid expenses 2,383
Total assets 633,673,503
Liabilities  
Unrealized depreciation on forward foreign currency exchange contracts 4,117
Payable for:  
Investments purchased 56,845
Capital shares purchased 551,544
Management services fees 1,277
Distribution and/or service fees 4,792
Transfer agent fees 50,677
Compensation of board members 48,378
Compensation of chief compliance officer 139
Other expenses 58,017
Total liabilities 775,786
Net assets applicable to outstanding capital stock $632,897,717
Represented by  
Paid in capital 524,370,095
Total distributable earnings (loss) 108,527,622
Total - representing net assets applicable to outstanding capital stock $632,897,717
The accompanying Notes to Financial Statements are an integral part of this statement.
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17

Table of Contents
Statement of Assets and Liabilities  (continued)
January 31, 2020
Class A  
Net assets $560,843,469
Shares outstanding 36,983,979
Net asset value per share $15.16
Maximum sales charge 5.75%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $16.08
Advisor Class  
Net assets $6,472,015
Shares outstanding 405,257
Net asset value per share $15.97
Class C  
Net assets $31,970,422
Shares outstanding 2,541,779
Net asset value per share $12.58
Institutional Class  
Net assets $29,115,180
Shares outstanding 1,856,546
Net asset value per share $15.68
Institutional 2 Class  
Net assets $2,023,327
Shares outstanding 126,438
Net asset value per share $16.00
Institutional 3 Class  
Net assets $2,090,196
Shares outstanding 132,373
Net asset value per share $15.79
Class R  
Net assets $383,108
Shares outstanding 25,795
Net asset value per share $14.85
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Global Strategic Equity Fund  | Annual Report 2020

Table of Contents
Statement of Operations
Year Ended January 31, 2020
Net investment income  
Income:  
Dividends — unaffiliated issuers $1,259,350
Dividends — affiliated issuers 9,128,968
Foreign taxes withheld (109,544)
Total income 10,278,774
Expenses:  
Management services fees 457,542
Distribution and/or service fees  
Class A 1,372,656
Class C 333,205
Class R 1,671
Transfer agent fees  
Class A 578,280
Advisor Class 10,505
Class C 35,172
Institutional Class 29,802
Institutional 2 Class 1,248
Institutional 3 Class 231
Class R 352
Compensation of board members 26,761
Custodian fees 55,814
Printing and postage fees 63,656
Registration fees 97,107
Audit fees 18,637
Legal fees 13,200
Compensation of chief compliance officer 132
Other 16,843
Total expenses 3,112,814
Expense reduction (520)
Total net expenses 3,112,294
Net investment income 7,166,480
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 2,843,710
Investments — affiliated issuers 10,194,813
Capital gain distributions from underlying affiliated funds 19,279,579
Foreign currency translations (23,375)
Forward foreign currency exchange contracts 16,998
Net realized gain 32,311,725
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 4,851,950
Investments — affiliated issuers 53,218,031
Foreign currency translations 1,392
Forward foreign currency exchange contracts 7,392
Net change in unrealized appreciation (depreciation) 58,078,765
Net realized and unrealized gain 90,390,490
Net increase in net assets resulting from operations $97,556,970
The accompanying Notes to Financial Statements are an integral part of this statement.
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19

Table of Contents
Statement of Changes in Net Assets
  Year Ended
January 31, 2020
Year Ended
January 31, 2019
Operations    
Net investment income $7,166,480 $5,573,580
Net realized gain 32,311,725 45,613,551
Net change in unrealized appreciation (depreciation) 58,078,765 (112,103,298)
Net increase (decrease) in net assets resulting from operations 97,556,970 (60,916,167)
Distributions to shareholders    
Net investment income and net realized gains    
Class A (35,940,334) (40,837,131)
Advisor Class (595,553) (703,290)
Class C (2,363,959) (3,691,124)
Institutional Class (1,852,587) (2,251,894)
Institutional 2 Class (130,760) (158,003)
Institutional 3 Class (139,815) (154,834)
Class R (23,440) (19,813)
Total distributions to shareholders (41,046,448) (47,816,089)
Decrease in net assets from capital stock activity (33,935,975) (14,632,616)
Total increase (decrease) in net assets 22,574,547 (123,364,872)
Net assets at beginning of year 610,323,170 733,688,042
Net assets at end of year $632,897,717 $610,323,170
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Global Strategic Equity Fund  | Annual Report 2020

Table of Contents
Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  January 31, 2020 January 31, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 1,720,698 25,306,120 3,741,438 56,181,458
Distributions reinvested 1,952,589 28,963,472 2,468,909 32,889,866
Redemptions (5,077,676) (74,514,390) (5,093,557) (76,597,436)
Net increase (decrease) (1,404,389) (20,244,798) 1,116,790 12,473,888
Advisor Class        
Subscriptions 238,973 3,668,053 466,836 7,098,843
Distributions reinvested 13,025 203,215 10,882 151,981
Redemptions (609,039) (9,328,890) (198,378) (3,070,792)
Net increase (decrease) (357,041) (5,457,622) 279,340 4,180,032
Class C        
Subscriptions 275,485 3,390,669 369,791 4,716,682
Distributions reinvested 169,036 2,089,000 285,977 3,296,328
Redemptions (951,785) (11,682,065) (2,665,798) (34,784,691)
Net decrease (507,264) (6,202,396) (2,010,030) (26,771,681)
Institutional Class        
Subscriptions 595,692 9,023,520 849,171 13,021,154
Distributions reinvested 72,293 1,106,795 91,657 1,256,458
Redemptions (795,975) (11,983,661) (1,350,486) (21,224,986)
Net decrease (127,990) (1,853,346) (409,658) (6,947,374)
Institutional 2 Class        
Subscriptions 31,073 479,216 134,710 2,164,926
Distributions reinvested 8,363 130,599 11,518 157,820
Redemptions (38,376) (590,479) (55,964) (799,941)
Net increase 1,060 19,336 90,264 1,522,805
Institutional 3 Class        
Subscriptions 26,592 406,154 97,337 1,538,441
Distributions reinvested 9,063 139,628 11,251 154,624
Redemptions (51,099) (778,862) (51,286) (790,520)
Net increase (decrease) (15,444) (233,080) 57,302 902,545
Class K        
Redemptions (8,015) (132,372)
Net decrease (8,015) (132,372)
Class R        
Subscriptions 8,506 122,574 12,630 178,441
Distributions reinvested 1,613 23,440 1,553 19,813
Redemptions (7,586) (110,083) (3,904) (58,713)
Net increase 2,533 35,931 10,279 139,541
Total net decrease (2,408,535) (33,935,975) (873,728) (14,632,616)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Global Strategic Equity Fund  | Annual Report 2020
21

Table of Contents
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 1/31/2020 $13.84 0.17 2.13 2.30 (0.21) (0.77) (0.98)
Year Ended 1/31/2019 $16.41 0.14 (1.60) (1.46) (0.38) (0.73) (1.11)
Year Ended 1/31/2018 $12.75 0.14 3.72 3.86 (0.20) (0.20)
Year Ended 1/31/2017 $11.35 0.13 1.61 1.74 (0.02) (0.32) (0.34)
Year Ended 1/31/2016 $15.35 0.24 (1.00) (0.76) (0.33) (2.91) (3.24)
Advisor Class
Year Ended 1/31/2020 $14.51 0.15 2.32 2.47 (0.24) (0.77) (1.01)
Year Ended 1/31/2019 $17.14 0.19 (1.68) (1.49) (0.41) (0.73) (1.14)
Year Ended 1/31/2018 $13.31 0.24 3.82 4.06 (0.23) (0.23)
Year Ended 1/31/2017 $11.81 0.19 1.66 1.85 (0.03) (0.32) (0.35)
Year Ended 1/31/2016 $15.85 0.39 (1.16) (0.77) (0.36) (2.91) (3.27)
Class C
Year Ended 1/31/2020 $11.66 0.05 1.80 1.85 (0.16) (0.77) (0.93)
Year Ended 1/31/2019 $14.04 0.00(d) (1.35) (1.35) (0.30) (0.73) (1.03)
Year Ended 1/31/2018 $10.95 0.02 3.18 3.20 (0.11) (0.11)
Year Ended 1/31/2017 $9.85 0.03 1.39 1.42 (0.32) (0.32)
Year Ended 1/31/2016 $13.76 0.12 (0.87) (0.75) (0.25) (2.91) (3.16)
Institutional Class
Year Ended 1/31/2020 $14.27 0.22 2.20 2.42 (0.24) (0.77) (1.01)
Year Ended 1/31/2019 $16.87 0.17 (1.63) (1.46) (0.41) (0.73) (1.14)
Year Ended 1/31/2018 $13.11 0.18 3.81 3.99 (0.23) (0.23)
Year Ended 1/31/2017 $11.64 0.16 1.66 1.82 (0.03) (0.32) (0.35)
Year Ended 1/31/2016 $15.66 0.26 (1.01) (0.75) (0.36) (2.91) (3.27)
Institutional 2 Class
Year Ended 1/31/2020 $14.54 0.23 2.24 2.47 (0.24) (0.77) (1.01)
Year Ended 1/31/2019 $17.16 0.22 (1.70) (1.48) (0.41) (0.73) (1.14)
Year Ended 1/31/2018 $13.33 0.19 3.88 4.07 (0.24) (0.24)
Year Ended 1/31/2017 $11.83 0.19 1.67 1.86 (0.04) (0.32) (0.36)
Year Ended 1/31/2016 $15.85 0.32 (1.06) (0.74) (0.37) (2.91) (3.28)
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Global Strategic Equity Fund  | Annual Report 2020

Table of Contents
Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 1/31/2020 $15.16 16.90% 0.48% 0.48%(c) 1.18% 17% $560,843
Year Ended 1/31/2019 $13.84 (8.49%) 0.50% 0.50%(c) 0.90% 17% $531,131
Year Ended 1/31/2018 $16.41 30.57% 0.50% 0.50%(c) 0.95% 18% $611,508
Year Ended 1/31/2017 $12.75 15.63% 0.52% 0.52%(c) 1.05% 54% $515,290
Year Ended 1/31/2016 $11.35 (6.66%) 0.50% 0.50%(c) 1.66% 75% $522,769
Advisor Class
Year Ended 1/31/2020 $15.97 17.29% 0.23% 0.23%(c) 0.97% 17% $6,472
Year Ended 1/31/2019 $14.51 (8.31%) 0.26% 0.26%(c) 1.20% 17% $11,064
Year Ended 1/31/2018 $17.14 30.86% 0.25% 0.25%(c) 1.58% 18% $8,277
Year Ended 1/31/2017 $13.31 16.01% 0.27% 0.27%(c) 1.52% 54% $284
Year Ended 1/31/2016 $11.81 (6.55%) 0.27% 0.27%(c) 2.73% 75% $71
Class C
Year Ended 1/31/2020 $12.58 16.11% 1.23% 1.23%(c) 0.37% 17% $31,970
Year Ended 1/31/2019 $11.66 (9.19%) 1.25% 1.25%(c) 0.00% 17% $35,551
Year Ended 1/31/2018 $14.04 29.48% 1.25% 1.25%(c) 0.14% 18% $71,030
Year Ended 1/31/2017 $10.95 14.81% 1.27% 1.27%(c) 0.28% 54% $74,057
Year Ended 1/31/2016 $9.85 (7.38%) 1.25% 1.25%(c) 0.90% 75% $80,104
Institutional Class
Year Ended 1/31/2020 $15.68 17.23% 0.23% 0.23%(c) 1.43% 17% $29,115
Year Ended 1/31/2019 $14.27 (8.26%) 0.25% 0.25%(c) 1.10% 17% $28,316
Year Ended 1/31/2018 $16.87 30.79% 0.26% 0.26%(c) 1.23% 18% $40,391
Year Ended 1/31/2017 $13.11 15.98% 0.27% 0.27%(c) 1.27% 54% $22,765
Year Ended 1/31/2016 $11.64 (6.48%) 0.24% 0.24%(c) 1.73% 75% $24,809
Institutional 2 Class
Year Ended 1/31/2020 $16.00 17.29% 0.18% 0.18% 1.48% 17% $2,023
Year Ended 1/31/2019 $14.54 (8.21%) 0.21% 0.21% 1.38% 17% $1,823
Year Ended 1/31/2018 $17.16 30.88% 0.21% 0.21% 1.27% 18% $603
Year Ended 1/31/2017 $13.33 16.04% 0.18% 0.18% 1.53% 54% $607
Year Ended 1/31/2016 $11.83 (6.32%) 0.14% 0.14% 2.15% 75% $340
The accompanying Notes to Financial Statements are an integral part of this statement.
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23

Table of Contents
Financial Highlights  (continued)
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Institutional 3 Class
Year Ended 1/31/2020 $14.36 0.23 2.22 2.45 (0.25) (0.77) (1.02)
Year Ended 1/31/2019 $16.96 0.20 (1.65) (1.45) (0.42) (0.73) (1.15)
Year Ended 1/31/2018(e) $13.64 0.36 3.21 3.57 (0.25) (0.25)
Class R
Year Ended 1/31/2020 $13.58 0.14 2.08 2.22 (0.18) (0.77) (0.95)
Year Ended 1/31/2019 $16.13 0.13 (1.60) (1.47) (0.35) (0.73) (1.08)
Year Ended 1/31/2018 $12.54 0.08 3.68 3.76 (0.17) (0.17)
Year Ended 1/31/2017 $11.19 0.08 1.60 1.68 (0.01) (0.32) (0.33)
Year Ended 1/31/2016 $15.19 0.19 (0.98) (0.79) (0.30) (2.91) (3.21)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) The benefits derived from expense reductions had an impact of less than 0.01%.
(d) Rounds to zero.
(e) Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(f) Annualized.
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Columbia Global Strategic Equity Fund  | Annual Report 2020

Table of Contents
Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Institutional 3 Class
Year Ended 1/31/2020 $15.79 17.34% 0.13% 0.13% 1.51% 17% $2,090
Year Ended 1/31/2019 $14.36 (8.16%) 0.16% 0.16% 1.32% 17% $2,122
Year Ended 1/31/2018(e) $16.96 26.47% 0.17%(f) 0.17%(f) 2.52%(f) 18% $1,535
Class R
Year Ended 1/31/2020 $14.85 16.64% 0.72% 0.72%(c) 0.98% 17% $383
Year Ended 1/31/2019 $13.58 (8.70%) 0.76% 0.76%(c) 0.89% 17% $316
Year Ended 1/31/2018 $16.13 30.21% 0.76% 0.76%(c) 0.56% 18% $209
Year Ended 1/31/2017 $12.54 15.30% 0.77% 0.77%(c) 0.68% 54% $872
Year Ended 1/31/2016 $11.19 (6.91%) 0.75% 0.75%(c) 1.35% 75% $2,254
The accompanying Notes to Financial Statements are an integral part of this statement.
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25

Table of Contents
Notes to Financial Statements
January 31, 2020
Note 1. Organization
Columbia Global Strategic Equity Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
The Fund is a “fund-of-funds”, investing significantly in affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), its affiliates, or third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds). The Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. For information on the investment strategies and risks of the Underlying Funds, please refer to the Fund’s current prospectus and the prospectuses of the Underlying Funds, which are available, free of charge, from the Securities and Exchange Commission website at www.sec.gov.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 10 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
All equity securities and exchange-traded funds are valued at the close of business of the New York Stock Exchange. Equity securities and exchange-traded funds are valued at the official closing price on the principal exchange or market on which they trade. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.
Foreign equity securities are valued based on the closing price on the foreign exchange in which such securities are primarily traded. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple
26 Columbia Global Strategic Equity Fund  | Annual Report 2020

Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in the Underlying Funds, with the exception of exchange-traded funds, are valued at the net asset value of the applicable class of the Underlying Fund determined as of the close of the New York Stock Exchange on the valuation date.
Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally
Columbia Global Strategic Equity Fund  | Annual Report 2020
27

Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, additional counterparty credit risk is failure of the clearinghouse or CCP. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives contract counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark and to recover an underweight country exposure in its portfolio. These instruments may be used for other purposes in future periods.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.
The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2020:
  Asset derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 9,540
    
  Liability derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 4,117
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended January 31, 2020:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($)
Foreign exchange risk 16,998
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($)
Foreign exchange risk 7,392
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
The following table is a summary of the average outstanding volume by derivative instrument for the year ended January 31, 2020:
Derivative instrument Average unrealized
appreciation ($)*
Average unrealized
depreciation ($)*
Forward foreign currency exchange contracts 4,887 (3,556)
    
* Based on the ending quarterly outstanding amounts for the year ended January 31, 2020.
Offsetting of assets and liabilities
The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of January 31, 2020:
  Morgan
Stanley ($)
Assets  
Forward foreign currency exchange contracts 9,540
Liabilities  
Forward foreign currency exchange contracts 4,117
Total financial and derivative net assets 5,423
Total collateral received (pledged) (a) -
Net amount (b) 5,423
    
(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(b) Represents the net amount due from/(to) counterparties in the event of default.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees and underlying fund fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 0.02% on net assets invested in Columbia proprietary funds (excluding any underlying funds that do not pay a management services fee (or investment advisory services fee, as applicable) to the Investment Manager), (ii) 0.12% on net assets invested in non-exchange-traded third-party advised mutual funds and (iii) 0.57% on net assets invested in all other securities, instruments and other assets not described above, including other funds advised by the Investment Manager that do not pay a management services fee (or investment advisory services fee, as applicable), exchange-traded funds, derivatives and individual securities. The effective management services fee rate for the year ended January 31, 2020 was 0.07% of the Fund’s average daily net assets.
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
Participating Affiliates
The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates provide services to the Investment Manager (or any affiliated investment subadviser to the Fund as the case may be) either pursuant to subadvisory agreements, personnel-sharing agreements or similar inter-company arrangements and the Fund pays no additional fees and expenses as a result of any such arrangements.
These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered, as appropriate, with respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.
Pursuant to some of these arrangements, certain employees of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information (SAI), may provide such services to the Fund on behalf of the Investment Manager.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
For the year ended January 31, 2020, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.11
Advisor Class 0.11
Class C 0.11
Institutional Class 0.11
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Class R 0.11
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended January 31, 2020, these minimum account balance fees reduced total expenses of the Fund by $520.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rates of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended January 31, 2020, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 274,367
Class C 1.00(b) 2,704
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:
  Contractual
expense cap
July 1, 2019
through
May 31, 2020
Voluntary
expense cap
June 1, 2019
through
June 30, 2019
Contractual
expense cap
prior to
June 1, 2019
Class A 0.50% 0.50% 0.50%
Advisor Class 0.25 0.25 0.25
Class C 1.25 1.25 1.25
Institutional Class 0.25 0.25 0.25
Institutional 2 Class 0.20 0.22 0.22
Institutional 3 Class 0.15 0.16 0.16
Class R 0.75 0.75 0.75
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. The Fund’s management services fee is also excluded from the waiver/reimbursement commitment and is therefore paid by the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At January 31, 2020, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, derivative investments, re-characterization of distributions for investments, foreign currency transactions, and passive foreign investment company (PFIC) holdings. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
Undistributed net
investment
income ($)
Accumulated
net realized
gain ($)
Paid in
capital ($)
1,623,368 (1,623,367) (1)
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
The tax character of distributions paid during the years indicated was as follows:
Year Ended January 31, 2020 Year Ended January 31, 2019
Ordinary
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Long-term
capital gains ($)
Total ($)
8,680,968 32,365,480 41,046,448 16,684,893 31,131,196 47,816,089
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At January 31, 2020, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
708,075 17,341,716 90,522,506
At January 31, 2020, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
542,064,788 95,057,797 (4,535,291) 90,522,506
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $103,007,132 and $151,413,806, respectively, for the year ended January 31, 2020. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the year ended January 31, 2020.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.
The Fund had no borrowings during the year ended January 31, 2020.
Note 9. Significant risks
Market risk
The market values of securities or other investments that the Fund holds may fall, sometimes rapidly or unpredictably, or fail to rise for various reasons including changes or potential or perceived changes in U.S. or foreign economies, financial markets, interest rates, the liquidity of investments and other factors including terrorism, war, natural disasters and disease/virus epidemics. From time to time, certain market segments (such as equity or fixed income), investment styles (such as growth or value), or other investment categories, may fall out of favor which may impair the value of an investment in the Fund. An investment in the Fund could lose money over short or even long periods.
Shareholder concentration risk
At January 31, 2020, one unaffiliated shareholder of record owned 20.0% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 58.3% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted below, there were no items requiring adjustment of the financial statements or additional disclosure.
In February 2020, the Board of Trustees approved an Agreement and Plan of Reorganization to reorganize Columbia Global Strategic Equity Fund with and into Columbia Capital Allocation Aggressive Portfolio. Pursuant to applicable law (including the 1940 Act) the reorganization may be implemented without shareholder approval. The reorganization is expected to occur in the third quarter of 2020 and are expected to be a tax-free reorganization for U.S. federal income tax purposes.
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Table of Contents
Notes to Financial Statements  (continued)
January 31, 2020
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.
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Table of Contents
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Global Strategic Equity Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Global Strategic Equity Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of January 31, 2020, the related statement of operations for the year ended January 31, 2020, the statement of changes in net assets for each of the two years in the period ended January 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended January 31, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
March 24, 2020
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
38 Columbia Global Strategic Equity Fund  | Annual Report 2020

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended January 31, 2020. Shareholders will be notified in early 2021 of the amounts for use in preparing 2020 income tax returns.
Qualified
dividend
income
Dividends
received
deduction
Capital
gain
dividend
Foreign
taxes paid
to foreign
countries
Foreign
taxes paid
per share
to foreign
countries
Foreign
source
income
Foreign
source
income per
share
100.00% 42.48% $32,020,156 $595,591 $0.01 $5,523,270 $0.13
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, Trustees not affiliated with the Investment Manager generally may serve through the end of the calendar year in which they reach the mandatory retirement age established by the Board.
Independent trustees
Name,
address,
year of birth
Position held
with the Trust and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex
overseen
Other directorships
held by Trustee
during the past
five years
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1953
Trustee since 1/17 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 121 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
Columbia Global Strategic Equity Fund  | Annual Report 2020
39

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex
overseen
Other directorships
held by Trustee
during the past
five years
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds Attorney; specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 121 Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 7/07 for RiverSource Funds and since 6/11 for Nations Funds President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991 121 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1950
Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 121 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010; Board of Directors, The MA Business Roundtable 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 12/17 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 121 Trustee, Catholic Schools Foundation since 2004
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1952
Chair of the Board since 1/20; Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 121 Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
40 Columbia Global Strategic Equity Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex
overseen
Other directorships
held by Trustee
during the past
five years
Anthony M. Santomero
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1946
Trustee since 6/11 for RiverSource Funds and since 1/08 for Nations Funds Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000- 2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 121 Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1947
Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 121 Director, BlueCross BlueShield of South Carolina since April 2008; Trustee, Hollingsworth Funds since 2016 (previously Board Chair from 2016-2019); Advisory Board member, Duke Energy Corp. since October 2016; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1964
Trustee since 12/17 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 119 Director, NAPE Education Foundation since October 2016
Columbia Global Strategic Equity Fund  | Annual Report 2020
41

TRUSTEES AND OFFICERS  (continued)
 
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Trust and length of service Principal occupation(s) during the
past five years and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex overseen
Other directorships
held by Trustee
during the past
five years
William F. Truscott
c/o Columbia Management
Investment Advisers, LLC
225 Franklin St.
Boston, MA 02110
1960
Trustee since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and since 5/10 for Nations Funds Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010 - September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006 - August 2012. 192 Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, August 2006-January 2013
* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
Nations Funds refer to the Funds within the Columbia Funds Complex that historically bore the Nations brand and includes series of Columbia Funds Series Trust. RiverSource Funds refer to the Funds within the Columbia Funds Complex that historically bore the RiverSource brand and includes series of Columbia Funds Series Trust II.
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Christopher O. Petersen
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1970
President and Principal Executive Officer (2015) Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010 - December 2014); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke
225 Franklin Street
Boston, MA 02110
Born 1969
Chief Financial Officer, Principal Financial Officer (2009), and Senior Vice President (2019) Vice President, Head of North American Operations, and Co-Head of Global Operations, – Accounting and Tax, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009 – January 2019 and December 2015 – January 2019, respectively).
42 Columbia Global Strategic Equity Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1965
Treasurer, Chief Accounting Officer (Principal Accounting Officer) (2019), and Principal Financial Officer (2020) Vice President — Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President — Pricing and Corporate Actions, May 2010 - March 2017).
Paul B. Goucher
485 Lexington Avenue
New York, NY 10017
Born 1968
Senior Vice President (2011) and Assistant Secretary (2008) Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire
225 Franklin Street
Boston, MA 02110
Born 1972
Senior Vice President and Chief Compliance Officer (2012) Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015.
Colin Moore
225 Franklin Street
Boston, MA 02110
Born 1958
Senior Vice President (2010) Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga
225 Franklin Street
Boston, MA 02110
Born 1970
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); officer of Columbia Funds and affiliated funds since 2005.
Daniel J. Beckman
225 Franklin Street
Boston, MA 02110
Born 1962
Senior Vice President (2020) Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015).
Michael E. DeFao
225 Franklin Street
Boston, MA 02110
Born 1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1960
Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.
Columbia Global Strategic Equity Fund  | Annual Report 2020
43

Columbia Global Strategic Equity Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2020 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN181_01_K01_(03/20)

Item 2. Code of Ethics.

(a)The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.

(c)During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that Brian J. Gallagher, Pamela G. Carlton, Anthony M. Santomero, and Sandra L. Yeager, each of whom are members of the registrant's Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Gallagher, Ms. Carlton, Mr. Santomero, and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item's instructions.

Item 4. Principal Accountant Fees and Services.

Fee information below is disclosed for the three series of the registrant whose reports to stockholders are included in this annual filing.

(a)Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended January 31, 2020 and January 31, 2019 are approximately as follows:

20202019

$60,000               $55,000

Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b)Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended January 31, 2020 and January 31, 2019 are approximately as follows:

2020

2019

$0

$0

Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.

During the fiscal years ended January 31, 2020 and January 31, 2019, there were no Audit-Related Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c)Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended January 31, 2020 and January 31, 2019 are approximately as follows:

2020

2019

$0

$14,700

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.

During the fiscal years ended January 31, 2020 and January 31, 2019, there were no Tax Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d)All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended January 31,

2020 and January 31, 2019 are approximately as follows:

2020

2019

$0

$0

All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

Aggregate All Other Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended January 31, 2020 and January 31, 2019 are approximately as follows:

20202019

$225,000             $225,000

In fiscal years 2020 and 2019, All Other Fees primarily consists of fees billed for internal control examinations of the registrant's transfer agent and investment adviser.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The registrant's Audit Committee is required to pre-approve the engagement of the

registrant's independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the "Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a "Control Affiliate") if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the "Policy"). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant's independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant ("Fund Services"); (ii) non-audit services to the registrant's Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund ("Fund-related Adviser Services"); and (iii) certain other audit and non-audit services to the registrant's Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund's independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC's rules are met.

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre- designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre- approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre- approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre- approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.

*****

(e)(2) 100% of the services performed for items (b) through (d) above during 2020 and 2019 were pre-approved by the registrant's Audit Committee.

(f)Not applicable.

(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended January 31, 2020 and January 31, 2019 are approximately as follows:

20202019

$225,000              $239,700

(h)The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a)The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 11. Controls and Procedures.

(a)The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b)There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

 

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b)Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

(17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly

authorized.

 

 

(registrant)

 

Columbia Funds Series Trust

 

By (Signature and Title)

/s/ Christopher O. Petersen

 

 

 

Christopher O. Petersen, President and Principal Executive Officer

Date

 

March 24, 2020

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

By (Signature and Title)

/s/ Christopher O. Petersen

 

 

Christopher O. Petersen, President and Principal Executive Officer

Date

 

March 24, 2020

 

By (Signature and Title)

/s/ Michael G. Clarke

 

 

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

 

 

and Senior Vice President

Date

 

March 24, 2020

 

By (Signature and Title)

/s/ Joseph Beranek

 

 

Joseph Beranek, Treasurer, Chief Accounting Officer and Principal

 

 

Financial Officer

Date

 

March 24, 2020

 

Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers

 

COLUMBIA FUNDS

 

 

 

Applicable Regulatory Authority

 

Section 406 of the Sarbanes-Oxley Act of 2002;

 

 

Item 2 of Form N-CSR

Related Policies

 

Overview and Implementation of Compliance Program

 

 

Policy

Requires Annual Board Approval

 

No but Covered Officers Must provide annual

 

 

certification

Last Reviewed by AMC

 

July 2019

Overview and Statement

Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:

Whether it has adopted a code of ethics that applies to the investment company's principal executive officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and

Any amendments to, or waivers from, the code of ethics relating to such officers.

The Board of each Fund has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Fund holds its principal executive officer and each of its senior financial officers.

This Code should be read and interpreted in conjunction with the Overview and Implementation of Compliance Program Policy.

Policy The Board of each Fund has adopted the Code in order to comply with applicable regulatory requirements as outlined below:

I.Covered Officers/Purpose of the Code

This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;

Compliance with applicable laws and governmental rules and regulations;

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers

The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

II.Administration of the Code

The Board has designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

The Board has designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code

Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.

III.Managing Conflicts of Interest

A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.

Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers

Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Fund that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Fund covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.

This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Fund. Certain examples of such conflicts of interest follow.

Each Covered Officer must:

Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;

Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer, or a member of his or her family, rather than the benefit of the Fund;

Not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may give rise to conflicts of interest with respect to the Fund.

If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers

Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:

Service as a director on the board of a public or private company or service as a public official;

The receipt of a non-de minimus gift when the gift is in relation to doing business directly or indirectly with the Fund;

The receipt of entertainment from any company with which the Fund has current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

An ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than the Primary Service Providers or any affiliated person thereof; and

A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

IV. Disclosure and Compliance

It is the responsibility of each Covered Officer:

To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as the business and financial operations of the Fund;

To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;

To the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

To adhere to and, within his or her area of responsibility, promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers

V.Reporting and Accountability by Covered Officers Each Covered Officer must:

Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he or she has received, read and understands the Code, using the form attached as Appendix A hereto;

Annually thereafter acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;

Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and

Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.

The Fund will follow the policy set forth below in investigating and enforcing this Code:

The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to him or her;

If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so notify the person(s) reporting the potential violation, and no further action is required;

Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the Code Officer or the CLO to the Fund's Audit

Committee;

The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and

This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.

VI. Other Policies

This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers

Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.

VII. Disclosure of Amendments to the Code

Any amendments will, to the extent required, be disclosed in accordance with law.

VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.

IX. Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Reporting Requirements

Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.

The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.

If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.

All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.

The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.

Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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Monitoring/Oversight/Escalation

The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.

Recordkeeping

All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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Appendix A

INITIAL ACKNOWLEDGEMENT

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

Covered Officer Name and Title: ________________________________________________

(please print)

______________________________________________________________________________

Signature

Date

Please return this completed form to the CLO (_______) within one week from the date of your review of these documents. Thank you!

Appendix B

ANNUAL ACKNOWLEDGEMENT

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.

______________________________________________________________

______________________________________________________________

______________________________________________________________

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.1

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

Covered Officer Name and Title: ________________________________________________

(please print)

______________________________________________________________________________

Signature

Date

Please return this completed form to the CLO (_______) within one week from the date of your receipt of a request to complete and return it. Thank you!

1It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again.

I, Christopher O. Petersen, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Funds Series Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 24, 2020

/s/ Christopher O. Petersen

 

 

Christopher O. Petersen, President and Principal

 

Executive Officer

I, Michael G. Clarke, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Funds Series Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 24, 2020

 

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer,

 

Principal Financial Officer and Senior Vice

 

President

I, Joseph Beranek, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Funds Series Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control

 

over financial reporting to be designed under our supervision, to provide reasonable

 

assurance regarding the reliability of financial reporting and the preparation of financial

 

statements for external purposes in accordance with generally accepted accounting

 

principles;

(c )

evaluated the effectiveness of the registrant's disclosure controls and procedures and

 

presented in this report our conclusions about the effectiveness of the disclosure controls

 

and procedures, as of a date within 90 days prior to the filing date of this report based on

 

such evaluation; and

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 24, 2020

 

/s/ Joseph Beranek

 

 

Joseph Beranek, Treasurer, Chief Accounting

 

Officer and Principal Financial Officer

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Series Trust (the "Trust") on Form N-CSR for the period ending January 31, 2020 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date:

March 24, 2020

/s/ Christopher O. Petersen

 

 

Christopher O. Petersen, President and Principal

 

 

Executive Officer

Date:

March 24, 2020

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer,

 

 

Principal Financial Officer and Senior Vice

 

 

President

Date:

March 24, 2020

/s/ Joseph Beranek

 

 

Joseph Beranek, Treasurer, Chief Accounting

 

 

Officer and Principal Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.