Columbia Funds Series Trust

09/28/2021 | Press release | Distributed by Public on 09/28/2021 11:08

Annual/Semi-Annual Report by Investment Company (SEC Filing - N-CSRS)

Columbia Funds Series Trust

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-09645

Columbia Funds Series Trust

(Exact name of registrant as specified in charter)

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210


(Name and address of agent for service)

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

Date of fiscal year end: January 31

Date of reporting period: July 31, 2021

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

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

Item 1. Reports to Stockholders.


SemiAnnual Report
July 31, 2021
Columbia Capital Allocation Portfolios
Columbia Capital Allocation Conservative Portfolio
Columbia Capital Allocation Moderate Conservative Portfolio
Columbia Capital Allocation Moderate Portfolio
Columbia Capital Allocation Moderate Aggressive Portfolio
Columbia Capital Allocation Aggressive Portfolio
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds' website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Funds, by calling 800.345.6611 or by enrolling in "eDelivery" by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive all future shareholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can call 800.345.6611 to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Funds.
Not Federally Insured • No Financial Institution Guarantee • May Lose Value
Table of Contents
Columbia Capital Allocation Conservative Portfolio Fund at a Glance
3
Columbia Capital Allocation Moderate Conservative Portfolio Fund at a Glance
5
Columbia Capital Allocation Moderate Portfolio Fund at a Glance
7
Columbia Capital Allocation Moderate Aggressive Portfolio Fund at a Glance
9
Columbia Capital Allocation Aggressive Portfolio Fund at a Glance
11
Understanding Your Fund's Expenses
13
Portfolio of Investments
15
Statement of Assets and Liabilities
33
Statement of Operations
37
Statement of Changes in Net Assets
39
Financial Highlights
46
Notes to Financial Statements
66
Liquidity Risk Management Program
84
Approval of Management Agreements
85
Additional Information
89
Columbia Capital Allocation Portfolios | Semiannual Report 2021
Table of Contents
Fund at a Glance
Columbia Capital Allocation Conservative Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Conservative Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a conservative level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2010
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended July 31, 2021)
Inception 6 Months
cumulative
1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 3.93 7.74 5.04 4.59
Including sales charges -1.01 2.62 4.01 4.09
Advisor Class* 06/13/13 4.09 7.97 5.29 4.79
Class C Excluding sales charges 03/04/04 3.66 6.99 4.26 3.82
Including sales charges 2.66 5.99 4.26 3.82
Institutional Class 09/27/10 4.16 8.12 5.30 4.86
Institutional 2 Class* 06/13/13 4.10 8.10 5.33 4.84
Institutional 3 Class* 06/13/13 4.23 8.16 5.39 4.88
Class R 09/27/10 3.90 7.59 4.78 4.34
Blended Benchmark 3.33 6.62 5.63 5.22
Bloomberg Barclays U.S. Aggregate Bond Index 0.21 -0.70 3.13 3.35
Russell 3000 Index 17.58 38.73 17.36 15.16
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 "Bloomberg Barclays" indices will be re-branded as the "Bloomberg" indices effective August 24, 2021.
The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
3
Table of Contents
Fund at a Glance (continued)
Columbia Capital Allocation Conservative Portfolio (Unaudited)
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Portfolio breakdown (%) (at July 31, 2021)
Common Stocks 0.0(a)
Equity Funds 21.0
Fixed Income Funds 70.1
Money Market Funds 8.9
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.
4 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Fund at a Glance
Columbia Capital Allocation Moderate Conservative Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Moderate Conservative Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a moderate conservative level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2009
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended July 31, 2021)
Inception 6 Months
cumulative
1 Year 5 Years 10 Years
Class A Excluding sales charges 10/15/96 6.50 13.21 7.00 6.18
Including sales charges 0.37 6.72 5.73 5.55
Advisor Class* 11/08/12 6.71 13.54 7.28 6.42
Class C Excluding sales charges 10/15/96 6.12 12.48 6.20 5.39
Including sales charges 5.12 11.48 6.20 5.39
Institutional Class 10/15/96 6.56 13.42 7.24 6.44
Institutional 2 Class* 11/08/12 6.72 13.56 7.29 6.46
Institutional 3 Class* 06/13/13 6.66 13.54 7.33 6.48
Class R 01/23/06 6.36 12.90 6.72 5.92
Blended Benchmark 5.64 11.94 7.60 6.83
Bloomberg Barclays U.S. Aggregate Bond Index 0.21 -0.70 3.13 3.35
Russell 3000 Index 17.58 38.73 17.36 15.16
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 "Bloomberg Barclays" indices will be re-branded as the "Bloomberg" indices effective August 24, 2021.
The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
5
Table of Contents
Fund at a Glance (continued)
Columbia Capital Allocation Moderate Conservative Portfolio (Unaudited)
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Portfolio breakdown (%) (at July 31, 2021)
Common Stocks 0.0(a)
Equity Funds 36.0
Fixed Income Funds 60.1
Money Market Funds 3.9
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.
6 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Fund at a Glance
Columbia Capital Allocation Moderate Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Moderate Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a moderate level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2010
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended July 31, 2021)
Inception 6 Months
cumulative
1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 8.42 18.64 9.05 7.74
Including sales charges 2.16 11.77 7.76 7.10
Advisor Class* 06/13/13 8.51 18.83 9.31 7.95
Class C Excluding sales charges 03/04/04 7.91 17.64 8.24 6.93
Including sales charges 6.91 16.64 8.24 6.93
Institutional Class 09/27/10 8.57 18.96 9.34 8.01
Institutional 2 Class* 06/13/13 8.52 18.95 9.35 7.99
Institutional 3 Class* 06/13/13 8.53 18.99 9.40 8.05
Class R 09/27/10 8.22 18.31 8.77 7.46
Blended Benchmark 7.80 17.59 9.68 8.45
Russell 3000 Index 17.58 38.73 17.36 15.16
Bloomberg Barclays U.S. Aggregate Bond Index 0.21 -0.70 3.13 3.35
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.
The "Bloomberg Barclays" indices will be re-branded as the "Bloomberg" indices effective August 24, 2021.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net) and the MSCI Emerging Markets Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
7
Table of Contents
Fund at a Glance (continued)
Columbia Capital Allocation Moderate Portfolio (Unaudited)
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Portfolio breakdown (%) (at July 31, 2021)
Common Stocks 0.0(a)
Equity Funds 51.1
Fixed Income Funds 46.2
Money Market Funds 2.7
Total 100.0
(a) Rounds to zero.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.
8 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Fund at a Glance
Columbia Capital Allocation Moderate Aggressive Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with a moderate aggressive level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2009
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended July 31, 2021)
Inception 6 Months
cumulative
1 Year 5 Years 10 Years
Class A Excluding sales charges 10/15/96 10.56 23.42 10.78 8.81
Including sales charges 4.17 16.36 9.47 8.17
Advisor Class* 11/08/12 10.82 23.83 11.07 9.06
Class C Excluding sales charges 10/15/96 10.21 22.51 9.94 8.01
Including sales charges 9.21 21.51 9.94 8.01
Institutional Class 10/15/96 10.73 23.79 11.06 9.10
Institutional 2 Class* 11/08/12 10.77 23.80 11.10 9.13
Institutional 3 Class* 06/13/13 10.79 23.85 11.15 9.14
Class R 01/23/06 10.52 23.14 10.51 8.56
Class V Excluding sales charges 03/07/11 10.56 23.42 10.78 8.80
Including sales charges 4.17 16.36 9.47 8.15
Blended Benchmark 9.90 23.05 11.55 9.85
Russell 3000 Index 17.58 38.73 17.36 15.16
Bloomberg Barclays U.S. Aggregate Bond Index 0.21 -0.70 3.13 3.35
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.
The "Bloomberg Barclays" indices will be re-branded as the "Bloomberg" indices effective August 24, 2021.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
9
Table of Contents
Fund at a Glance (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio (Unaudited)
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.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Portfolio breakdown (%) (at July 31, 2021)
Common Stocks 0.0(a)
Equity Funds 66.3
Fixed Income Funds 31.2
Money Market Funds 2.5
Total 100.0
(a) Rounds to zero.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund's portfolio composition is subject to change.
10 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Fund at a Glance
Columbia Capital Allocation Aggressive Portfolio (Unaudited)
Investment objective
Columbia Capital Allocation Aggressive Portfolio (the Fund) is designed for investors seeking the highest level of total return that is consistent with an aggressive level of risk.
Portfolio management
Anwiti Bahuguna, Ph.D.
Lead Portfolio Manager
Managed Fund since 2010
Dan Boncarosky, CFA
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended July 31, 2021)
Inception 6 Months
cumulative
1 Year 5 Years 10 Years
Class A Excluding sales charges 03/04/04 13.11 28.99 12.38 10.10
Including sales charges 6.63 21.61 11.05 9.45
Advisor Class* 06/13/13 13.31 29.40 12.68 10.32
Class C Excluding sales charges 03/04/04 12.69 28.03 11.55 9.27
Including sales charges 11.69 27.03 11.55 9.27
Institutional Class 09/27/10 13.28 29.33 12.68 10.38
Institutional 2 Class* 06/13/13 13.32 29.42 12.70 10.37
Institutional 3 Class* 06/13/13 13.34 29.39 12.76 10.41
Class R 09/27/10 13.08 28.76 12.11 9.83
Blended Benchmark 11.94 28.56 13.30 11.12
Russell 3000 Index 17.58 38.73 17.36 15.16
Bloomberg Barclays U.S. Aggregate Bond Index 0.21 -0.70 3.13 3.35
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.
The "Bloomberg Barclays" indices will be re-branded as the "Bloomberg" indices effective August 24, 2021.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Index (Net) and the MSCI Emerging Markets Index (Net), which reflect reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
11
Table of Contents
Fund at a Glance (continued)
Columbia Capital Allocation Aggressive Portfolio (Unaudited)
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Portfolio breakdown (%) (at July 31, 2021)
Common Stocks 0.0(a)
Equity Funds 78.4
Fixed Income Funds 19.1
Money Market Funds 2.5
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.
12 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
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.
February 1, 2021 - July 31, 2021
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 ($)
Fund's effective
annualized
expense ratio (%)
Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual Actual Hypothetical Actual
Columbia Capital Allocation Conservative Portfolio
Class A 1,000.00 1,000.00 1,039.30 1,022.44 2.54 2.52 0.50 4.73 4.69 0.93
Advisor Class 1,000.00 1,000.00 1,040.90 1,023.68 1.27 1.26 0.25 3.46 3.43 0.68
Class C 1,000.00 1,000.00 1,036.60 1,018.70 6.35 6.29 1.25 8.53 8.46 1.68
Institutional Class 1,000.00 1,000.00 1,041.60 1,023.68 1.27 1.26 0.25 3.46 3.43 0.68
Institutional 2 Class 1,000.00 1,000.00 1,041.00 1,023.73 1.22 1.21 0.24 3.41 3.38 0.67
Institutional 3 Class 1,000.00 1,000.00 1,042.30 1,023.98 0.97 0.96 0.19 3.16 3.13 0.62
Class R 1,000.00 1,000.00 1,039.00 1,021.19 3.81 3.78 0.75 6.00 5.95 1.18
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
13
Table of Contents
Understanding Your Fund's Expenses (continued)
(Unaudited)
February 1, 2021 - July 31, 2021
Account value at the
beginning of the
period ($)
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 1,065.00 1,022.84 2.16 2.12 0.42 4.69 4.59 0.91
Advisor Class 1,000.00 1,000.00 1,067.10 1,024.08 0.88 0.86 0.17 3.40 3.33 0.66
Class C 1,000.00 1,000.00 1,061.20 1,019.10 6.01 5.89 1.17 8.53 8.36 1.66
Institutional Class 1,000.00 1,000.00 1,065.60 1,024.08 0.88 0.86 0.17 3.40 3.33 0.66
Institutional 2 Class 1,000.00 1,000.00 1,067.20 1,024.18 0.77 0.76 0.15 3.30 3.23 0.64
Institutional 3 Class 1,000.00 1,000.00 1,066.60 1,024.38 0.57 0.56 0.11 3.09 3.03 0.60
Class R 1,000.00 1,000.00 1,063.60 1,021.59 3.45 3.38 0.67 5.97 5.85 1.16
Columbia Capital Allocation Moderate Portfolio
Class A 1,000.00 1,000.00 1,084.20 1,023.04 1.97 1.92 0.38 4.88 4.74 0.94
Advisor Class 1,000.00 1,000.00 1,085.10 1,024.28 0.68 0.66 0.13 3.59 3.48 0.69
Class C 1,000.00 1,000.00 1,079.10 1,019.35 5.81 5.64 1.12 8.71 8.46 1.68
Institutional Class 1,000.00 1,000.00 1,085.70 1,024.28 0.68 0.66 0.13 3.59 3.48 0.69
Institutional 2 Class 1,000.00 1,000.00 1,085.20 1,024.33 0.62 0.61 0.12 3.54 3.43 0.68
Institutional 3 Class 1,000.00 1,000.00 1,085.30 1,024.53 0.42 0.40 0.08 3.33 3.23 0.64
Class R 1,000.00 1,000.00 1,082.20 1,021.79 3.27 3.18 0.63 6.18 6.00 1.19
Columbia Capital Allocation Moderate Aggressive Portfolio
Class A 1,000.00 1,000.00 1,105.60 1,022.94 2.10 2.02 0.40 5.25 5.04 1.00
Advisor Class 1,000.00 1,000.00 1,108.20 1,024.18 0.79 0.76 0.15 3.94 3.78 0.75
Class C 1,000.00 1,000.00 1,102.10 1,019.25 5.97 5.74 1.14 9.12 8.76 1.74
Institutional Class 1,000.00 1,000.00 1,107.30 1,024.18 0.79 0.76 0.15 3.94 3.78 0.75
Institutional 2 Class 1,000.00 1,000.00 1,107.70 1,024.33 0.63 0.61 0.12 3.78 3.63 0.72
Institutional 3 Class 1,000.00 1,000.00 1,107.90 1,024.58 0.37 0.35 0.07 3.52 3.38 0.67
Class R 1,000.00 1,000.00 1,105.20 1,021.69 3.41 3.28 0.65 6.56 6.30 1.25
Class V 1,000.00 1,000.00 1,105.60 1,022.94 2.10 2.02 0.40 5.25 5.04 1.00
Columbia Capital Allocation Aggressive Portfolio
Class A 1,000.00 1,000.00 1,131.10 1,022.99 2.07 1.97 0.39 5.42 5.14 1.02
Advisor Class 1,000.00 1,000.00 1,133.10 1,024.23 0.74 0.71 0.14 4.09 3.89 0.77
Class C 1,000.00 1,000.00 1,126.90 1,019.25 6.05 5.74 1.14 9.39 8.91 1.77
Institutional Class 1,000.00 1,000.00 1,132.80 1,024.23 0.74 0.71 0.14 4.09 3.89 0.77
Institutional 2 Class 1,000.00 1,000.00 1,133.20 1,024.33 0.64 0.61 0.12 3.99 3.79 0.75
Institutional 3 Class 1,000.00 1,000.00 1,133.40 1,024.58 0.37 0.35 0.07 3.72 3.53 0.70
Class R 1,000.00 1,000.00 1,130.80 1,021.74 3.40 3.23 0.64 6.75 6.40 1.27
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.
14 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Portfolio of Investments
Columbia Capital Allocation Conservative Portfolio, July 31, 2021 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks -%
Issuer Shares Value ($)
Consumer Discretionary -%
Hotels, Restaurants & Leisure -%
Diamond Resorts International, Inc. Escrow(a),(b),(c) 211 -
Total Consumer Discretionary -
Total Common Stocks
(Cost $-)
-
Equity Funds 21.0%
Shares Value ($)
International 5.0%
Columbia Overseas Core Fund, Institutional 3 Class(d) 1,084,169 12,370,374
U.S. Large Cap 14.5%
Columbia Contrarian Core Fund, Institutional 3 Class(d) 326,444 12,026,198
Columbia Disciplined Core Fund, Institutional 3 Class(d) 763,337 12,045,455
Columbia Select Large Cap Equity Fund, Institutional 3 Class(d) 628,620 11,987,782
Total 36,059,435
U.S. Small Cap 1.5%
Columbia Select Small Cap Value Fund, Institutional 3 Class(d) 69,248 1,857,230
Columbia Small Cap Growth Fund, Institutional 3 Class(b),(d) 53,924 1,926,712
Total 3,783,942
Total Equity Funds
(Cost $41,068,099)
52,213,751
Fixed Income Funds 70.1%
Shares Value ($)
Emerging Markets 1.5%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(d) 323,174 3,729,432
High Yield 6.0%
Columbia High Yield Bond Fund, Institutional 3 Class(d) 1,231,011 14,944,471
Investment Grade 62.6%
Columbia Bond Fund, Institutional 3 Class(d) 1,392,939 50,090,091
Columbia Corporate Income Fund, Institutional 3 Class(d) 3,479,279 38,585,208
Columbia Quality Income Fund, Institutional 3 Class(d) 1,412,093 31,998,025
Columbia U.S. Treasury Index Fund, Institutional 3 Class(d) 2,953,013 34,934,142
Total 155,607,466
Total Fixed Income Funds
(Cost $171,309,016)
174,281,369
Money Market Funds 8.9%
Columbia Short-Term Cash Fund, 0.053%(d),(e) 22,039,042 22,036,838
Total Money Market Funds
(Cost $22,037,469)
22,036,838
Total Investments in Securities
(Cost: $234,414,584)
248,531,958
Other Assets & Liabilities, Net 116,524
Net Assets 248,648,482
At July 31, 2021, securities and/or cash totaling $172,274 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI EAFE Index 10 09/2021 USD 1,159,700 - (26,663)
MSCI Emerging Markets Index 18 09/2021 USD 1,149,930 - (85,511)
Total - (112,174)
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
S&P 500 Index E-mini (1) 09/2021 USD (219,475) - (7,397)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
15
Table of Contents
Portfolio of Investments (continued)
Columbia Capital Allocation Conservative Portfolio, July 31, 2021 (Unaudited)
Notes to Portfolio of Investments
(a) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2021, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(b) Non-income producing investment.
(c) Valuation based on significant unobservable inputs.
(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended July 31, 2021 are as follows:
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Capital gain
distributions($)
Realized gain
(loss)($)
Dividends -
affiliated
issuers ($)
End of
period shares
Columbia Bond Fund, Institutional 3 Class
52,368,023 1,199,855 (3,461,135) (16,652) 50,090,091 - (8,169) 470,087 1,392,939
Columbia Contrarian Core Fund, Institutional 3 Class
11,241,629 390,952 (1,152,604) 1,546,221 12,026,198 - 631,143 - 326,444
Columbia Corporate Income Fund, Institutional 3 Class
31,300,833 8,344,595 (1,127,133) 66,913 38,585,208 - 167,604 437,237 3,479,279
Columbia Disciplined Core Fund, Institutional 3 Class
11,364,070 324,710 (1,358,472) 1,715,147 12,045,455 - 553,299 - 763,337
Columbia Emerging Markets Bond Fund, Institutional 3 Class
4,900,917 165,479 (1,240,863) (96,101) 3,729,432 - 84,595 60,012 323,174
Columbia High Yield Bond Fund, Institutional 3 Class
9,929,526 5,401,683 (516,868) 130,130 14,944,471 - 6,505 326,761 1,231,011
Columbia Multi-Asset Income Fund, Institutional 3 Class
10,614,926 27,414 (10,667,861) 25,521 - - (49,478) 27,414 -
Columbia Overseas Core Fund, Institutional 3 Class
11,906,225 939,778 (1,251,517) 775,888 12,370,374 232,668 206,850 66,170 1,084,169
Columbia Quality Income Fund, Institutional 3 Class
31,811,710 1,190,714 (892,469) (111,930) 31,998,025 - 29,212 419,748 1,412,093
Columbia Select Large Cap Equity Fund, Institutional 3 Class
11,296,955 716,102 (1,274,463) 1,249,188 11,987,782 307,714 606,980 47,403 628,620
Columbia Select Small Cap Value Fund, Institutional 3 Class
1,266,480 661,125 (257,296) 186,921 1,857,230 - 103,733 - 69,248
Columbia Short-Term Cash Fund, 0.053%
13,609,188 10,244,668 (1,817,276) 258 22,036,838 - (258) 6,742 22,039,042
Columbia Small Cap Growth Fund, Institutional 3 Class
1,282,850 775,370 (97,210) (34,298) 1,926,712 - 28,401 - 53,924
Columbia U.S. Treasury Index Fund, Institutional 3 Class
42,188,732 1,201,567 (7,629,166) (826,991) 34,934,142 - 474,819 209,062 2,953,013
Total 245,082,064 4,610,215 248,531,958 540,382 2,835,236 2,070,636
(e) The rate shown is the seven-day current annualized yield at July 31, 2021.
Currency Legend
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Portfolio of Investments (continued)
Columbia Capital Allocation Conservative Portfolio, July 31, 2021 (Unaudited)
Fair value measurements (continued)
pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 - Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 - Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 - Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund's Board of Trustees (the Board), the Investment Manager's Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund's investments at July 31, 2021:
Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities
Common Stocks
Consumer Discretionary - - - -
Total Common Stocks - - - -
Equity Funds 52,213,751 - - 52,213,751
Fixed Income Funds 174,281,369 - - 174,281,369
Money Market Funds 22,036,838 - - 22,036,838
Total Investments in Securities 248,531,958 - - 248,531,958
Investments in Derivatives
Liability
Futures Contracts (119,571) - - (119,571)
Total 248,412,387 - - 248,412,387
See the Portfolio of Investments for all investment classifications not indicated in the table.
Derivative instruments are valued at unrealized appreciation (depreciation).
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
17
Table of Contents
Portfolio of Investments
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2021 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks -%
Issuer Shares Value ($)
Consumer Discretionary -%
Hotels, Restaurants & Leisure -%
Diamond Resorts International, Inc. Escrow(a),(b),(c) 347 -
Total Consumer Discretionary -
Total Common Stocks
(Cost $-)
-
Equity Funds 35.9%
Shares Value ($)
International 8.8%
Columbia Overseas Core Fund, Institutional 3 Class(d) 4,127,428 47,093,953
U.S. Large Cap 24.9%
Columbia Contrarian Core Fund, Institutional 3 Class(d) 1,209,175 44,546,015
Columbia Disciplined Core Fund, Institutional 3 Class(d) 2,845,822 44,907,065
Columbia Select Large Cap Equity Fund, Institutional 3 Class(d) 2,333,692 44,503,512
Total 133,956,592
U.S. Small Cap 2.2%
Columbia Select Small Cap Value Fund, Institutional 3 Class(d) 216,998 5,819,874
Columbia Small Cap Growth Fund, Institutional 3 Class(b),(d) 171,249 6,118,721
Total 11,938,595
Total Equity Funds
(Cost $155,483,228)
192,989,140
Fixed Income Funds 60.1%
Shares Value ($)
Emerging Markets 1.7%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(d) 776,660 8,962,653
High Yield 6.7%
Columbia High Yield Bond Fund, Institutional 3 Class(d) 2,987,399 36,267,026
Investment Grade 51.7%
Columbia Bond Fund, Institutional 3 Class(d) 1,997,559 71,832,220
Columbia Corporate Income Fund, Institutional 3 Class(d) 6,936,324 76,923,840
Columbia Quality Income Fund, Institutional 3 Class(d) 2,947,215 66,783,886
Columbia U.S. Treasury Index Fund, Institutional 3 Class(d) 5,235,368 61,934,406
Total 277,474,352
Total Fixed Income Funds
(Cost $316,680,541)
322,704,031
Money Market Funds 3.9%
Columbia Short-Term Cash Fund, 0.053%(d),(e) 20,868,163 20,866,076
Total Money Market Funds
(Cost $20,866,234)
20,866,076
Total Investments in Securities
(Cost: $493,030,003)
536,559,247
Other Assets & Liabilities, Net 301,782
Net Assets 536,861,029
At July 31, 2021, securities and/or cash totaling $544,268 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI EAFE Index 27 09/2021 USD 3,131,190 - (71,990)
MSCI Emerging Markets Index 76 09/2021 USD 4,855,260 - (361,046)
Russell 2000 Index E-mini 3 09/2021 USD 333,240 - (16,380)
Total - (449,416)
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
S&P 500 Index E-mini (2) 09/2021 USD (438,950) - (14,793)
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Portfolio of Investments (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2021 (Unaudited)
Notes to Portfolio of Investments
(a) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2021, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(b) Non-income producing investment.
(c) Valuation based on significant unobservable inputs.
(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended July 31, 2021 are as follows:
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Capital gain
distributions($)
Realized gain
(loss)($)
Dividends -
affiliated
issuers ($)
End of
period shares
Columbia Bond Fund, Institutional 3 Class
69,879,370 3,024,507 (1,063,496) (8,161) 71,832,220 - (8,748) 668,360 1,997,559
Columbia Contrarian Core Fund, Institutional 3 Class
42,337,895 96,499 (3,811,215) 5,922,836 44,546,015 - 2,149,602 - 1,209,175
Columbia Corporate Income Fund, Institutional 3 Class
55,829,954 22,745,095 (2,011,071) 359,862 76,923,840 - 140,448 863,739 6,936,324
Columbia Disciplined Core Fund, Institutional 3 Class
42,657,553 122,771 (4,318,944) 6,445,685 44,907,065 - 1,973,538 - 2,845,822
Columbia Emerging Markets Bond Fund, Institutional 3 Class
8,697,749 581,892 (268,804) (48,184) 8,962,653 - 388 143,666 776,660
Columbia High Yield Bond Fund, Institutional 3 Class
23,689,663 13,096,497 (841,991) 322,857 36,267,026 - 7,234 790,844 2,987,399
Columbia Multi-Asset Income Fund, Institutional 3 Class
23,516,736 60,733 (23,639,974) 62,505 - - (115,581) 60,733 -
Columbia Overseas Core Fund, Institutional 3 Class
44,781,927 3,326,460 (3,700,939) 2,686,505 47,093,953 905,562 972,078 257,540 4,127,428
Columbia Pacific/Asia Fund, Institutional 3 Class
1,656,424 1,196,782 (2,469,189) (384,017) - 1,186,589 (802,546) 9,673 -
Columbia Quality Income Fund, Institutional 3 Class
57,149,581 11,018,959 (1,122,209) (262,445) 66,783,886 - 37,952 872,273 2,947,215
Columbia Select Large Cap Equity Fund, Institutional 3 Class
42,477,525 1,404,171 (4,244,677) 4,866,493 44,503,512 1,136,583 2,027,428 175,088 2,333,692
Columbia Select Small Cap Value Fund, Institutional 3 Class
3,918,738 1,970,378 (704,707) 635,465 5,819,874 - 284,518 - 216,998
Columbia Short-Term Cash Fund, 0.053%
26,132,855 5,934,329 (11,202,184) 1,076 20,866,076 - (1,075) 6,701 20,868,163
Columbia Small Cap Growth Fund, Institutional 3 Class
3,981,384 2,452,051 (226,488) (88,226) 6,118,721 - 29,864 - 171,249
Columbia U.S. Treasury Index Fund, Institutional 3 Class
74,237,995 2,531,039 (13,447,945) (1,386,683) 61,934,406 - 787,614 367,991 5,235,368
Total 520,945,349 19,125,568 536,559,247 3,228,734 7,482,714 4,216,608
(e) The rate shown is the seven-day current annualized yield at July 31, 2021.
Currency Legend
USD US Dollar
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
19
Table of Contents
Portfolio of Investments (continued)
Columbia Capital Allocation Moderate Conservative Portfolio, July 31, 2021 (Unaudited)
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 - Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 - Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 - Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund's Board of Trustees (the Board), the Investment Manager's Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund's investments at July 31, 2021:
Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities
Common Stocks
Consumer Discretionary - - - -
Total Common Stocks - - - -
Equity Funds 192,989,140 - - 192,989,140
Fixed Income Funds 322,704,031 - - 322,704,031
Money Market Funds 20,866,076 - - 20,866,076
Total Investments in Securities 536,559,247 - - 536,559,247
Investments in Derivatives
Liability
Futures Contracts (464,209) - - (464,209)
Total 536,095,038 - - 536,095,038
See the Portfolio of Investments for all investment classifications not indicated in the table.
Derivative instruments are valued at unrealized appreciation (depreciation).
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Portfolio of Investments
Columbia Capital Allocation Moderate Portfolio, July 31, 2021 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks -%
Issuer Shares Value ($)
Consumer Discretionary -%
Hotels, Restaurants & Leisure -%
Diamond Resorts International, Inc. Escrow(a),(b),(c) 1,720 -
Total Consumer Discretionary -
Total Common Stocks
(Cost $-)
-
Equity Funds 51.0%
Shares Value ($)
International 12.6%
Columbia Emerging Markets Fund, Institutional 3 Class(d) 1,549,873 29,385,582
Columbia Overseas Core Fund, Institutional 3 Class(d) 14,791,012 168,765,450
Total 198,151,032
U.S. Large Cap 35.4%
Columbia Contrarian Core Fund, Institutional 3 Class(d) 3,773,380 139,011,324
Columbia Large Cap Growth Fund, Institutional 3 Class(d) 1,933,767 129,136,920
Columbia Large Cap Value Fund, Institutional 3 Class(d) 8,546,531 148,196,847
Columbia Select Large Cap Equity Fund, Institutional 3 Class(d) 7,285,364 138,931,893
Total 555,276,984
U.S. Small Cap 3.0%
Columbia Select Small Cap Value Fund, Institutional 3 Class(d) 849,348 22,779,503
Columbia Small Cap Growth Fund, Institutional 3 Class(b),(d) 660,703 23,606,937
Total 46,386,440
Total Equity Funds
(Cost $647,387,473)
799,814,456
Fixed Income Funds 46.1%
Shares Value ($)
Emerging Markets 1.8%
Columbia Emerging Markets Bond Fund, Institutional 3 Class(d) 2,451,154 28,286,318
High Yield 10.0%
Columbia High Yield Bond Fund, Institutional 3 Class(d) 12,973,203 157,494,676
Investment Grade 34.3%
Columbia Bond Fund, Institutional 3 Class(d) 4,508,138 162,112,643
Columbia Corporate Income Fund, Institutional 3 Class(d) 14,862,935 164,829,947
Columbia Quality Income Fund, Institutional 3 Class(d) 6,143,288 139,206,906
Columbia U.S. Treasury Index Fund, Institutional 3 Class(d) 6,003,225 71,018,158
Total 537,167,654
Total Fixed Income Funds
(Cost $715,595,008)
722,948,648
Money Market Funds 2.6%
Columbia Short-Term Cash Fund, 0.053%(d),(e) 41,299,837 41,295,707
Total Money Market Funds
(Cost $41,295,707)
41,295,707
Total Investments in Securities
(Cost: $1,404,278,188)
1,564,058,811
Other Assets & Liabilities, Net 4,038,457
Net Assets 1,568,097,268
At July 31, 2021, securities and/or cash totaling $4,521,172 were pledged as collateral.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
21
Table of Contents
Portfolio of Investments (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2021 (Unaudited)
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI EAFE Index 80 09/2021 USD 9,277,600 - (213,305)
MSCI Emerging Markets Index 341 09/2021 USD 21,784,785 - (1,619,955)
Nikkei 225 Index 123 09/2021 JPY 1,688,175,000 - (528,950)
Russell 2000 Index E-mini 12 09/2021 USD 1,332,960 - (65,520)
U.S. Treasury 10-Year Note 339 09/2021 USD 45,579,609 968,599 -
Total 968,599 (2,427,730)
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
EURO STOXX 50 Index (331) 09/2021 EUR (13,531,280) - (198,109)
S&P 500 Index E-mini (15) 09/2021 USD (3,292,125) - (110,948)
Total - (309,057)
Notes to Portfolio of Investments
(a) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2021, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(b) Non-income producing investment.
(c) Valuation based on significant unobservable inputs.
(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended July 31, 2021 are as follows:
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Capital gain
distributions($)
Realized gain
(loss)($)
Dividends -
affiliated
issuers ($)
End of
period shares
Columbia Bond Fund, Institutional 3 Class
142,592,982 21,198,830 (1,704,177) 25,008 162,112,643 - (17,056) 1,494,527 4,508,138
Columbia Contrarian Core Fund, Institutional 3 Class
130,334,727 2,156 (10,825,893) 19,500,334 139,011,324 - 5,452,298 - 3,773,380
Columbia Corporate Income Fund, Institutional 3 Class
120,692,643 46,330,967 (3,062,943) 869,280 164,829,947 - 265,543 1,835,323 14,862,935
Columbia Emerging Markets Bond Fund, Institutional 3 Class
19,024,846 10,128,116 (652,679) (213,965) 28,286,318 - 17,433 451,081 2,451,154
Columbia Emerging Markets Fund, Institutional 3 Class
30,964,933 2,704,048 (1,468,739) (2,814,660) 29,385,582 - 1,895,551 - 1,549,873
Columbia High Yield Bond Fund, Institutional 3 Class
113,263,785 44,821,071 (2,070,135) 1,479,955 157,494,676 - 42,640 3,414,957 12,973,203
Columbia Large Cap Growth Fund, Institutional 3 Class
130,848,694 116,777 (17,942,257) 16,113,706 129,136,920 - 9,251,306 - 1,933,767
Columbia Large Cap Value Fund, Institutional 3 Class
129,215,313 9,348,848 (12,908,489) 22,541,175 148,196,847 - 1,917,619 1,034,865 8,546,531
Columbia Multi-Asset Income Fund, Institutional 3 Class
62,234,091 160,724 (61,228,777) (1,166,038) - - 1,025,579 160,724 -
Columbia Overseas Core Fund, Institutional 3 Class
122,324,799 47,947,532 (7,489,834) 5,982,953 168,765,450 3,271,330 3,582,224 930,358 14,791,012
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Portfolio of Investments (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2021 (Unaudited)
Notes to Portfolio of Investments (continued)
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Capital gain
distributions($)
Realized gain
(loss)($)
Dividends -
affiliated
issuers ($)
End of
period shares
Columbia Pacific/Asia Fund, Institutional 3 Class
42,037,842 32,157,917 (61,888,098) (12,307,661) - 31,894,208 (19,735,258) 259,991 -
Columbia Quality Income Fund, Institutional 3 Class
125,410,566 16,192,465 (1,896,793) (499,332) 139,206,906 - 58,601 1,823,148 6,143,288
Columbia Select Large Cap Equity Fund, Institutional 3 Class
130,833,984 4,095,068 (10,990,276) 14,993,117 138,931,893 3,548,438 6,287,819 546,630 7,285,364
Columbia Select Small Cap Value Fund, Institutional 3 Class
16,016,078 6,344,470 (2,289,788) 2,708,743 22,779,503 - 927,767 - 849,348
Columbia Short-Term Cash Fund, 0.053%
36,353,785 33,363,312 (28,421,819) 429 41,295,707 - (429) 13,071 41,299,837
Columbia Small Cap Growth Fund, Institutional 3 Class
16,369,576 8,095,688 (537,973) (320,354) 23,606,937 - 161,350 - 660,703
Columbia U.S. Treasury Index Fund, Institutional 3 Class
117,223,883 3,794,684 (45,614,385) (4,386,024) 71,018,158 - 3,539,515 423,824 6,003,225
Total 1,485,742,527 62,506,666 1,564,058,811 38,713,976 14,672,502 12,388,499
(e) The rate shown is the seven-day current annualized yield at July 31, 2021.
Currency Legend
EUR Euro
JPY Japanese Yen
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 - Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 - Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 - Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund's Board of Trustees (the Board), the Investment Manager's Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
23
Table of Contents
Portfolio of Investments (continued)
Columbia Capital Allocation Moderate Portfolio, July 31, 2021 (Unaudited)
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 July 31, 2021:
Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities
Common Stocks
Consumer Discretionary - - - -
Total Common Stocks - - - -
Equity Funds 799,814,456 - - 799,814,456
Fixed Income Funds 722,948,648 - - 722,948,648
Money Market Funds 41,295,707 - - 41,295,707
Total Investments in Securities 1,564,058,811 - - 1,564,058,811
Investments in Derivatives
Asset
Futures Contracts 968,599 - - 968,599
Liability
Futures Contracts (2,736,787) - - (2,736,787)
Total 1,562,290,623 - - 1,562,290,623
See the Portfolio of Investments for all investment classifications not indicated in the table.
Derivative instruments are valued at unrealized appreciation (depreciation).
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Portfolio of Investments
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2021 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks -%
Issuer Shares Value ($)
Consumer Discretionary -%
Hotels, Restaurants & Leisure -%
Diamond Resorts International, Inc. Escrow(a),(b),(c) 1,910 -
Total Consumer Discretionary -
Total Common Stocks
(Cost $-)
-
Equity Funds 66.0%
Shares Value ($)
International 15.4%
Columbia Emerging Markets Fund, Institutional 3 Class(d) 4,244,095 80,468,037
Columbia Overseas Core Fund, Institutional 3 Class(d) 22,019,723 251,245,039
Total 331,713,076
U.S. Large Cap 46.9%
Columbia Contrarian Core Fund, Institutional 3 Class(d) 6,856,533 252,594,686
Columbia Large Cap Growth Fund, Institutional 3 Class(d) 3,520,067 235,070,078
Columbia Large Cap Value Fund, Institutional 3 Class(d) 15,412,309 267,249,442
Columbia Select Large Cap Equity Fund, Institutional 3 Class(d) 13,232,213 252,338,297
Total 1,007,252,503
U.S. Small Cap 3.7%
Columbia Select Small Cap Value Fund, Institutional 3 Class(d) 1,463,453 39,249,811
Columbia Small Cap Growth Fund, Institutional 3 Class(b),(d) 1,140,828 40,761,778
Total 80,011,589
Total Equity Funds
(Cost $1,142,425,658)
1,418,977,168
Fixed Income Funds 31.1%
Shares Value ($)
High Yield 8.6%
Columbia High Yield Bond Fund, Institutional 3 Class(d) 15,118,058 183,533,224
Investment Grade 22.5%
Columbia Bond Fund, Institutional 3 Class(d) 2,998,251 107,817,102
Columbia Corporate Income Fund, Institutional 3 Class(d) 15,529,542 172,222,618
Columbia Quality Income Fund, Institutional 3 Class(d) 6,150,661 139,373,976
Columbia U.S. Treasury Index Fund, Institutional 3 Class(d) 5,487,590 64,918,198
Total 484,331,894
Total Fixed Income Funds
(Cost $656,209,606)
667,865,118
Money Market Funds 2.6%
Columbia Short-Term Cash Fund, 0.053%(d),(e) 54,652,563 54,647,097
Total Money Market Funds
(Cost $54,647,097)
54,647,097
Total Investments in Securities
(Cost: $1,853,282,361)
2,141,489,383
Other Assets & Liabilities, Net 7,214,584
Net Assets 2,148,703,967
At July 31, 2021, securities and/or cash totaling $8,360,487 were pledged as collateral.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
25
Table of Contents
Portfolio of Investments (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2021 (Unaudited)
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI EAFE Index 137 09/2021 USD 15,887,890 - (365,285)
MSCI Emerging Markets Index 558 09/2021 USD 35,647,830 - (2,650,835)
Nikkei 225 Index 254 09/2021 JPY 3,486,150,000 - (1,092,303)
Russell 2000 Index E-mini 51 09/2021 USD 5,665,080 - (278,459)
U.S. Treasury 10-Year Note 483 09/2021 USD 64,940,859 1,380,040 -
Total 1,380,040 (4,386,882)
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
EURO STOXX 50 Index (682) 09/2021 EUR (27,880,160) - (408,189)
S&P 500 Index E-mini (13) 09/2021 USD (2,853,175) - (96,156)
Total - (504,345)
Notes to Portfolio of Investments
(a) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2021, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(b) Non-income producing investment.
(c) Valuation based on significant unobservable inputs.
(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended July 31, 2021 are as follows:
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Capital gain
distributions($)
Realized gain
(loss)($)
Dividends -
affiliated
issuers ($)
End of
period shares
Columbia Bond Fund, Institutional 3 Class
85,847,252 22,883,166 (934,198) 20,882 107,817,102 - (9,779) 990,699 2,998,251
Columbia Contrarian Core Fund, Institutional 3 Class
235,230,153 - (18,627,749) 35,992,282 252,594,686 - 9,109,722 - 6,856,533
Columbia Corporate Income Fund, Institutional 3 Class
126,889,155 46,905,570 (2,578,460) 1,006,353 172,222,618 - 177,612 1,912,776 15,529,542
Columbia Emerging Markets Fund, Institutional 3 Class
83,162,324 7,063,824 (3,126,148) (6,631,963) 80,468,037 - 4,029,357 - 4,244,095
Columbia High Yield Bond Fund, Institutional 3 Class
133,990,196 49,736,694 (1,953,669) 1,760,003 183,533,224 - 26,806 3,978,179 15,118,058
Columbia Large Cap Growth Fund, Institutional 3 Class
236,004,153 6,281 (27,361,973) 26,421,617 235,070,078 - 19,556,146 - 3,520,067
Columbia Large Cap Value Fund, Institutional 3 Class
232,920,766 13,520,427 (20,194,720) 41,002,969 267,249,442 - 3,019,537 1,862,777 15,412,309
Columbia Multi-Asset Income Fund, Institutional 3 Class
60,812,900 157,053 (61,136,366) 166,413 - - (303,664) 157,053 -
Columbia Overseas Core Fund, Institutional 3 Class
175,451,144 76,510,279 (13,028,689) 12,312,305 251,245,039 4,895,645 1,295,450 1,392,310 22,019,723
Columbia Pacific/Asia Fund, Institutional 3 Class
68,575,676 52,486,335 (101,468,118) (19,593,893) - 52,061,902 (32,711,851) 424,391 -
The accompanying Notes to Financial Statements are an integral part of this statement.
26 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Portfolio of Investments (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2021 (Unaudited)
Notes to Portfolio of Investments (continued)
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Capital gain
distributions($)
Realized gain
(loss)($)
Dividends -
affiliated
issuers ($)
End of
period shares
Columbia Quality Income Fund, Institutional 3 Class
132,175,552 9,220,825 (1,555,376) (467,025) 139,373,976 - 58,857 1,831,024 6,150,661
Columbia Select Large Cap Equity Fund, Institutional 3 Class
235,918,490 7,412,282 (18,728,355) 27,735,880 252,338,297 6,422,853 10,713,762 989,429 13,232,213
Columbia Select Small Cap Value Fund, Institutional 3 Class
28,850,412 9,594,653 (3,970,747) 4,775,493 39,249,811 - 1,604,813 - 1,463,453
Columbia Short-Term Cash Fund, 0.053%
47,608,816 56,129,236 (49,091,344) 389 54,647,097 - (389) 18,417 54,652,563
Columbia Small Cap Growth Fund, Institutional 3 Class
29,114,335 13,217,706 (645,641) (924,622) 40,761,778 - 720,538 - 1,140,828
Columbia U.S. Treasury Index Fund, Institutional 3 Class
109,545,817 3,337,052 (43,830,285) (4,134,386) 64,918,198 - 3,346,358 387,261 5,487,590
Total 2,022,097,141 119,442,697 2,141,489,383 63,380,400 20,633,275 13,944,316
(e) The rate shown is the seven-day current annualized yield at July 31, 2021.
Currency Legend
EUR Euro
JPY Japanese Yen
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 - Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 - Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 - Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund's Board of Trustees (the Board), the Investment Manager's Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
27
Table of Contents
Portfolio of Investments (continued)
Columbia Capital Allocation Moderate Aggressive Portfolio, July 31, 2021 (Unaudited)
Fair value measurements (continued)
illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund's investments at July 31, 2021:
Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities
Common Stocks
Consumer Discretionary - - - -
Total Common Stocks - - - -
Equity Funds 1,418,977,168 - - 1,418,977,168
Fixed Income Funds 667,865,118 - - 667,865,118
Money Market Funds 54,647,097 - - 54,647,097
Total Investments in Securities 2,141,489,383 - - 2,141,489,383
Investments in Derivatives
Asset
Futures Contracts 1,380,040 - - 1,380,040
Liability
Futures Contracts (4,891,227) - - (4,891,227)
Total 2,137,978,196 - - 2,137,978,196
See the Portfolio of Investments for all investment classifications not indicated in the table.
Derivative instruments are valued at unrealized appreciation (depreciation).
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
28 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Portfolio of Investments
Columbia Capital Allocation Aggressive Portfolio, July 31, 2021 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks -%
Issuer Shares Value ($)
Consumer Discretionary -%
Hotels, Restaurants & Leisure -%
Diamond Resorts International, Inc. Escrow(a),(b),(c) 843 -
Total Consumer Discretionary -
Total Common Stocks
(Cost $-)
-
Equity Funds 78.0%
Shares Value ($)
International 19.2%
Columbia Emerging Markets Fund, Institutional 3 Class(d) 4,397,581 83,378,143
Columbia Overseas Core Fund, Institutional 3 Class(d) 17,734,356 202,349,001
Total 285,727,144
U.S. Large Cap 54.4%
Columbia Contrarian Core Fund, Institutional 3 Class(d) 5,504,529 202,786,831
Columbia Large Cap Growth Fund, Institutional 3 Class(d) 2,870,764 191,709,610
Columbia Large Cap Value Fund, Institutional 3 Class(d) 12,187,259 211,327,078
Columbia Select Large Cap Equity Fund, Institutional 3 Class(d) 10,632,507 202,761,906
Total 808,585,425
U.S. Small Cap 4.4%
Columbia Select Small Cap Value Fund, Institutional 3 Class(d) 1,194,237 32,029,444
Columbia Small Cap Growth Fund, Institutional 3 Class(b),(d) 930,495 33,246,586
Total 65,276,030
Total Equity Funds
(Cost $875,999,125)
1,159,588,599
Fixed Income Funds 19.0%
Shares Value ($)
High Yield 7.0%
Columbia High Yield Bond Fund, Institutional 3 Class(d) 8,603,899 104,451,328
Investment Grade 12.0%
Columbia Bond Fund, Institutional 3 Class(d) 4,971,998 178,793,050
Total Fixed Income Funds
(Cost $279,431,990)
283,244,378
Money Market Funds 2.5%
Columbia Short-Term Cash Fund, 0.053%(d),(e) 36,823,494 36,819,811
Total Money Market Funds
(Cost $36,819,811)
36,819,811
Total Investments in Securities
(Cost: $1,192,250,926)
1,479,652,788
Other Assets & Liabilities, Net 7,843,375
Net Assets 1,487,496,163
At July 31, 2021, securities and/or cash totaling $8,864,206 were pledged as collateral.
The accompanying Notes to Financial Statements are an integral part of this statement.
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29
Table of Contents
Portfolio of Investments (continued)
Columbia Capital Allocation Aggressive Portfolio, July 31, 2021 (Unaudited)
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
MSCI EAFE Index 114 09/2021 USD 13,220,580 - (303,960)
MSCI Emerging Markets Index 416 09/2021 USD 26,576,160 - (1,976,249)
Nikkei 225 Index 234 09/2021 JPY 3,211,650,000 - (1,006,295)
Russell 2000 Index E-mini 58 09/2021 USD 6,442,640 - (316,679)
S&P 500 Index E-mini 202 09/2021 USD 44,333,950 1,526,988 -
Total 1,526,988 (3,603,183)
Short futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
EURO STOXX 50 Index (630) 09/2021 EUR (25,754,400) - (377,066)
Notes to Portfolio of Investments
(a) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2021, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(b) Non-income producing investment.
(c) Valuation based on significant unobservable inputs.
(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended July 31, 2021 are as follows:
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Capital gain
distributions($)
Realized gain
(loss)($)
Dividends -
affiliated
issuers ($)
End of
period shares
Columbia Bond Fund, Institutional 3 Class
209,597,358 9,331,241 (40,292,749) 157,200 178,793,050 - (153,956) 1,651,935 4,971,998
Columbia Contrarian Core Fund, Institutional 3 Class
184,199,789 - (11,538,077) 30,125,119 202,786,831 - 5,562,903 - 5,504,529
Columbia Emerging Markets Fund, Institutional 3 Class
84,141,704 8,117,149 (2,670,254) (6,210,456) 83,378,143 - 3,445,567 - 4,397,581
Columbia High Yield Bond Fund, Institutional 3 Class
69,594,733 34,476,535 (587,118) 967,178 104,451,328 - 6,753 2,243,412 8,603,899
Columbia Large Cap Growth Fund, Institutional 3 Class
185,005,981 187,914 (19,195,955) 25,711,670 191,709,610 - 11,138,856 - 2,870,764
Columbia Large Cap Value Fund, Institutional 3 Class
182,348,833 10,559,091 (11,360,356) 29,779,510 211,327,078 - 4,861,697 1,468,485 12,187,259
Columbia Overseas Core Fund, Institutional 3 Class
192,538,841 5,402,542 (9,691,478) 14,099,096 202,349,001 3,931,427 1,641,181 1,118,088 17,734,356
Columbia Select Large Cap Equity Fund, Institutional 3 Class
184,631,382 5,932,233 (11,524,861) 23,723,152 202,761,906 5,126,915 6,652,947 789,792 10,632,507
Columbia Select Small Cap Value Fund, Institutional 3 Class
24,223,264 6,616,655 (2,769,356) 3,958,881 32,029,444 - 1,271,045 - 1,194,237
Columbia Short-Term Cash Fund, 0.053%
24,451,427 59,715,051 (47,346,669) 2 36,819,811 - (2) 11,967 36,823,494
Columbia Small Cap Growth Fund, Institutional 3 Class
24,886,963 9,453,538 (519,093) (574,822) 33,246,586 - 573,651 - 930,495
Total 1,365,620,275 121,736,530 1,479,652,788 9,058,342 35,000,642 7,283,679
The accompanying Notes to Financial Statements are an integral part of this statement.
30 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Portfolio of Investments (continued)
Columbia Capital Allocation Aggressive Portfolio, July 31, 2021 (Unaudited)
Notes to Portfolio of Investments (continued)
(e) The rate shown is the seven-day current annualized yield at July 31, 2021.
Currency Legend
EUR Euro
JPY Japanese Yen
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund's assumptions about the information market participants would use in pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 - Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 - Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 - Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund's Board of Trustees (the Board), the Investment Manager's Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager's organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund's investments at July 31, 2021:
Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities
Common Stocks
Consumer Discretionary - - - -
Total Common Stocks - - - -
Equity Funds 1,159,588,599 - - 1,159,588,599
Fixed Income Funds 283,244,378 - - 283,244,378
Money Market Funds 36,819,811 - - 36,819,811
Total Investments in Securities 1,479,652,788 - - 1,479,652,788
Investments in Derivatives
Asset
Futures Contracts 1,526,988 - - 1,526,988
The accompanying Notes to Financial Statements are an integral part of this statement.
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31
Table of Contents
Portfolio of Investments (continued)
Columbia Capital Allocation Aggressive Portfolio, July 31, 2021 (Unaudited)
Fair value measurements (continued)
Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Liability
Futures Contracts (3,980,249) - - (3,980,249)
Total 1,477,199,527 - - 1,477,199,527
See the Portfolio of Investments for all investment classifications not indicated in the table.
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.
32 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Statement of Assets and Liabilities
July 31, 2021 (Unaudited)
Columbia
Capital
Allocation
Conservative
Portfolio
Columbia
Capital
Allocation
Moderate
Conservative
Portfolio
Columbia
Capital
Allocation
Moderate
Portfolio
Assets
Investments in securities, at value
Affiliated issuers (cost $234,414,584, $493,030,003, $1,404,278,188, respectively) $248,531,958 $536,559,247 $1,564,058,811
Margin deposits on:
Futures contracts 172,274 544,268 4,521,172
Receivable for:
Investments sold 186,641 295,430 408,835
Capital shares sold 179,770 253,840 498,742
Dividends 294,897 569,967 1,458,792
Foreign tax reclaims 17,884 29,787 16,469
Variation margin for futures contracts 1,115 2,230 192,377
Prepaid expenses 9,916 12,175 20,134
Other assets 18,852 - 32,077
Total assets 249,413,307 538,266,944 1,571,207,409
Liabilities
Payable for:
Investments purchased 293,922 569,041 1,456,922
Capital shares purchased 308,601 631,142 963,043
Variation margin for futures contracts 17,850 67,705 446,446
Management services fees 473 623 1,567
Distribution and/or service fees 1,941 4,325 12,485
Transfer agent fees 15,864 35,376 85,473
Compensation of board members 105,642 70,456 103,309
Compensation of chief compliance officer 25 54 154
Other expenses 20,507 27,193 40,742
Total liabilities 764,825 1,405,915 3,110,141
Net assets applicable to outstanding capital stock $248,648,482 $536,861,029 $1,568,097,268
Represented by
Paid in capital 231,519,490 483,035,905 1,361,083,963
Total distributable earnings (loss) 17,128,992 53,825,124 207,013,305
Total - representing net assets applicable to outstanding capital stock $248,648,482 $536,861,029 $1,568,097,268
The accompanying Notes to Financial Statements are an integral part of this statement.
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33
Table of Contents
Statement of Assets and Liabilities (continued)
July 31, 2021 (Unaudited)
Columbia
Capital
Allocation
Conservative
Portfolio
Columbia
Capital
Allocation
Moderate
Conservative
Portfolio
Columbia
Capital
Allocation
Moderate
Portfolio
Class A
Net assets $205,865,996 $456,544,359 $1,376,257,259
Shares outstanding 19,321,524 39,764,534 114,807,659
Net asset value per share $10.65 $11.48 $11.99
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) $11.18 $12.18 $12.72
Advisor Class
Net assets $7,021,391 $5,197,988 $4,170,768
Shares outstanding 664,066 457,741 353,620
Net asset value per share $10.57 $11.36 $11.79
Class C
Net assets $19,106,325 $42,348,653 $108,729,155
Shares outstanding 1,804,724 3,752,374 9,165,425
Net asset value per share $10.59 $11.29 $11.86
Institutional Class
Net assets $11,626,721 $17,242,279 $57,999,483
Shares outstanding 1,091,852 1,528,075 4,846,042
Net asset value per share $10.65 $11.28 $11.97
Institutional 2 Class
Net assets $1,454,402 $6,003,681 $7,435,507
Shares outstanding 137,561 529,131 630,655
Net asset value per share $10.57 $11.35 $11.79
Institutional 3 Class
Net assets $3,251,227 $7,783,013 $10,544,227
Shares outstanding 308,019 697,271 893,743
Net asset value per share $10.56 $11.16 $11.80
Class R
Net assets $322,420 $1,741,056 $2,960,869
Shares outstanding 30,284 151,345 247,876
Net asset value per share $10.65 $11.50 $11.94
The accompanying Notes to Financial Statements are an integral part of this statement.
34 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Statement of Assets and Liabilities (continued)
July 31, 2021 (Unaudited)
Columbia
Capital
Allocation
Moderate
Aggressive
Portfolio
Columbia
Capital
Allocation
Aggressive
Portfolio
Assets
Investments in securities, at value
Affiliated issuers (cost $1,853,282,361, $1,192,250,926, respectively) $2,141,489,383 $1,479,652,788
Cash - 25,825
Foreign currency (cost $900, $-, respectively) 897 -
Margin deposits on:
Futures contracts 8,360,487 8,864,206
Receivable for:
Investments sold 380,245 385,815
Capital shares sold 589,572 513,587
Dividends 1,485,558 639,405
Foreign tax reclaims 12,932 83,850
Variation margin for futures contracts 325,909 183,098
Prepaid expenses 24,693 19,316
Other assets 9,806 22,267
Total assets 2,152,679,482 1,490,390,157
Liabilities
Foreign currency (cost $-, $25,949, respectively) - 25,988
Payable for:
Investments purchased 1,483,100 637,716
Capital shares purchased 1,182,964 1,020,441
Variation margin for futures contracts 832,798 931,862
Management services fees 2,130 1,509
Distribution and/or service fees 16,112 11,586
Transfer agent fees 140,619 95,103
Compensation of board members 266,311 129,547
Compensation of chief compliance officer 210 143
Other expenses 51,271 40,099
Total liabilities 3,975,515 2,893,994
Net assets applicable to outstanding capital stock $2,148,703,967 $1,487,496,163
Represented by
Paid in capital 1,785,315,380 1,143,819,906
Total distributable earnings (loss) 363,388,587 343,676,257
Total - representing net assets applicable to outstanding capital stock $2,148,703,967 $1,487,496,163
The accompanying Notes to Financial Statements are an integral part of this statement.
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35
Table of Contents
Statement of Assets and Liabilities (continued)
July 31, 2021 (Unaudited)
Columbia
Capital
Allocation
Moderate
Aggressive
Portfolio
Columbia
Capital
Allocation
Aggressive
Portfolio
Class A
Net assets $1,788,835,044 $1,318,968,134
Shares outstanding 135,072,649 91,510,378
Net asset value per share $13.24 $14.41
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) $14.05 $15.29
Advisor Class
Net assets $9,808,487 $8,940,831
Shares outstanding 732,182 635,884
Net asset value per share $13.40 $14.06
Class C
Net assets $113,158,990 $89,151,543
Shares outstanding 8,524,880 6,407,928
Net asset value per share $13.27 $13.91
Institutional Class
Net assets $113,181,303 $44,121,937
Shares outstanding 8,567,933 3,074,109
Net asset value per share $13.21 $14.35
Institutional 2 Class
Net assets $12,792,687 $9,698,611
Shares outstanding 956,126 690,125
Net asset value per share $13.38 $14.05
Institutional 3 Class
Net assets $16,421,096 $13,422,246
Shares outstanding 1,265,764 955,767
Net asset value per share $12.97 $14.04
Class R
Net assets $5,637,736 $3,192,861
Shares outstanding 426,083 224,110
Net asset value per share $13.23 $14.25
Class V
Net assets $88,868,624 $-
Shares outstanding 6,709,727 -
Net asset value per share $13.24 $-
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) $14.05 $-
The accompanying Notes to Financial Statements are an integral part of this statement.
36 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Statement of Operations
Six Months Ended July 31, 2021 (Unaudited)
Columbia
Capital
Allocation
Conservative
Portfolio
Columbia
Capital
Allocation
Moderate
Conservative
Portfolio
Columbia
Capital
Allocation
Moderate
Portfolio
Net investment income
Income:
Dividends - affiliated issuers $2,070,636 $4,216,608 $12,388,499
Foreign taxes withheld (788) (472) (365)
Total income 2,069,848 4,216,136 12,388,134
Expenses:
Management services fees 84,591 113,123 279,917
Distribution and/or service fees
Class A 254,727 563,447 1,701,174
Class C 95,653 219,912 553,424
Class R 778 4,222 7,626
Transfer agent fees
Class A 84,293 172,040 455,592
Advisor Class 2,987 2,082 1,259
Class C 7,915 16,789 37,057
Institutional Class 4,618 6,471 16,805
Institutional 2 Class 498 1,486 2,181
Institutional 3 Class 330 594 1,031
Class R 128 645 1,023
Compensation of board members 22,823 19,487 29,734
Custodian fees 9,894 9,982 11,488
Printing and postage fees 9,904 14,400 32,390
Registration fees 52,670 55,809 61,290
Audit fees 12,788 12,788 18,418
Legal fees 6,358 7,747 12,683
Interest on collateral 137 324 2,407
Compensation of chief compliance officer 22 48 140
Other 6,824 6,892 8,801
Total expenses 657,938 1,228,288 3,234,440
Net investment income 1,411,910 2,987,848 9,153,694
Realized and unrealized gain (loss) - net
Net realized gain (loss) on:
Investments - unaffiliated issuers 426 719 3,472
Investments - affiliated issuers 2,835,236 7,482,714 14,672,502
Capital gain distributions from underlying affiliated funds 540,382 3,228,734 38,713,976
Foreign currency translations (6) 455 147,342
Futures contracts 493,796 1,162,129 (627,565)
Swap contracts 101,318 236,965 833,943
Net realized gain 3,971,152 12,111,716 53,743,670
Net change in unrealized appreciation (depreciation) on:
Investments - affiliated issuers 4,610,215 19,125,568 62,506,666
Foreign currency translations (384) (1,188) (135,652)
Futures contracts (286,942) (765,312) (965,083)
Swap contracts (57,640) (133,149) (606,993)
Net change in unrealized appreciation (depreciation) 4,265,249 18,225,919 60,798,938
Net realized and unrealized gain 8,236,401 30,337,635 114,542,608
Net increase in net assets resulting from operations $9,648,311 $33,325,483 $123,696,302
The accompanying Notes to Financial Statements are an integral part of this statement.
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37
Table of Contents
Statement of Operations (continued)
Six Months Ended July 31, 2021 (Unaudited)
Columbia
Capital
Allocation
Moderate
Aggressive
Portfolio
Columbia
Capital
Allocation
Aggressive
Portfolio
Net investment income
Income:
Dividends - affiliated issuers $13,944,316 $7,283,679
Foreign taxes withheld (327) (115)
Total income 13,943,989 7,283,564
Expenses:
Management services fees 388,124 267,823
Distribution and/or service fees
Class A 2,205,675 1,615,311
Class C 579,605 459,048
Class R 13,418 7,582
Class V 109,793 -
Transfer agent fees
Class A 776,729 518,154
Advisor Class 4,134 3,505
Class C 51,047 36,841
Institutional Class 49,286 16,899
Institutional 2 Class 3,416 2,904
Institutional 3 Class 678 813
Class R 2,361 1,216
Class V 38,665 -
Compensation of board members 55,615 32,585
Custodian fees 13,581 11,983
Printing and postage fees 45,799 28,158
Registration fees 65,221 65,122
Audit fees 18,418 20,168
Legal fees 15,504 12,253
Interest on collateral 5,287 1,345
Compensation of chief compliance officer 194 134
Other 9,002 5,173
Total expenses 4,451,552 3,107,017
Net investment income 9,492,437 4,176,547
Realized and unrealized gain (loss) - net
Net realized gain (loss) on:
Investments - unaffiliated issuers 13,593 1,702
Investments - affiliated issuers 20,633,275 35,000,642
Capital gain distributions from underlying affiliated funds 63,380,400 9,058,342
Foreign currency translations 175,645 14,764
Futures contracts 3,222,039 12,480,725
Swap contracts 1,820,372 1,252,581
Net realized gain 89,245,324 57,808,756
Net change in unrealized appreciation (depreciation) on:
Investments - affiliated issuers 119,442,697 121,736,530
Foreign currency translations (158,058) (3,567)
Futures contracts (3,816,253) (4,587,505)
Swap contracts (1,322,415) (947,794)
Net change in unrealized appreciation (depreciation) 114,145,971 116,197,664
Net realized and unrealized gain 203,391,295 174,006,420
Net increase in net assets resulting from operations $212,883,732 $178,182,967
The accompanying Notes to Financial Statements are an integral part of this statement.
38 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Statement of Changes in Net Assets
Columbia Capital Allocation
Conservative Portfolio
Columbia Capital Allocation
Moderate Conservative Portfolio
Six Months Ended
July 31, 2021
(Unaudited)
Year Ended
January 31, 2021
Six Months Ended
July 31, 2021
(Unaudited)
Year Ended
January 31, 2021
Operations
Net investment income $1,411,910 $3,689,998 $2,987,848 $7,686,386
Net realized gain 3,971,152 9,712,683 12,111,716 28,573,826
Net change in unrealized appreciation (depreciation) 4,265,249 1,684,754 18,225,919 4,433,259
Net increase in net assets resulting from operations 9,648,311 15,087,435 33,325,483 40,693,471
Distributions to shareholders
Net investment income and net realized gains
Class A (7,220,796) (6,400,327) (20,646,831) (21,615,858)
Advisor Class (266,277) (232,973) (245,115) (288,834)
Class C (605,607) (658,975) (1,825,185) (2,555,236)
Institutional Class (414,572) (364,161) (812,406) (965,993)
Institutional 2 Class (52,368) (46,766) (268,318) (204,464)
Institutional 3 Class (117,770) (106,053) (367,303) (348,684)
Class R (10,770) (12,062) (75,991) (63,090)
Total distributions to shareholders (8,688,160) (7,821,317) (24,241,149) (26,042,159)
Increase (decrease) in net assets from capital stock activity 1,874,092 14,106,237 4,853,413 (7,125,566)
Total increase in net assets 2,834,243 21,372,355 13,937,747 7,525,746
Net assets at beginning of period 245,814,239 224,441,884 522,923,282 515,397,536
Net assets at end of period $248,648,482 $245,814,239 $536,861,029 $522,923,282
The accompanying Notes to Financial Statements are an integral part of this statement.
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39
Table of Contents
Statement of Changes in Net Assets (continued)
Columbia Capital Allocation
Moderate Portfolio
Columbia Capital Allocation
Moderate Aggressive Portfolio
Six Months Ended
July 31, 2021
(Unaudited)
Year Ended
January 31, 2021
Six Months Ended
July 31, 2021
(Unaudited)
Year Ended
January 31, 2021
Operations
Net investment income $9,153,694 $22,521,124 $9,492,437 $22,513,170
Net realized gain 53,743,670 114,222,572 89,245,324 181,411,960
Net change in unrealized appreciation (depreciation) 60,798,938 12,589,712 114,145,971 26,986,944
Net increase in net assets resulting from operations 123,696,302 149,333,408 212,883,732 230,912,074
Distributions to shareholders
Net investment income and net realized gains
Class A (98,969,668) (67,486,037) (148,535,294) (91,372,958)
Advisor Class (301,872) (160,323) (815,808) (497,744)
Class C (7,539,142) (6,706,016) (9,041,256) (7,080,059)
Institutional Class (4,142,103) (2,085,699) (9,623,910) (6,113,135)
Institutional 2 Class (542,086) (359,145) (1,043,492) (598,563)
Institutional 3 Class (783,790) (594,877) (1,402,944) (828,653)
Class R (212,782) (134,264) (450,999) (269,145)
Class V - - (7,411,787) (4,581,589)
Total distributions to shareholders (112,491,443) (77,526,361) (178,325,490) (111,341,846)
Increase (decrease) in net assets from capital stock activity 61,226,026 (69,122,160) 76,691,283 (101,060,053)
Total increase in net assets 72,430,885 2,684,887 111,249,525 18,510,175
Net assets at beginning of period 1,495,666,383 1,492,981,496 2,037,454,442 2,018,944,267
Net assets at end of period $1,568,097,268 $1,495,666,383 $2,148,703,967 $2,037,454,442
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
Six Months Ended
July 31, 2021
(Unaudited)
Year Ended
January 31, 2021
Operations
Net investment income $4,176,547 $11,931,228
Net realized gain 57,808,756 95,881,134
Net change in unrealized appreciation (depreciation) 116,197,664 81,119,702
Net increase in net assets resulting from operations 178,182,967 188,932,064
Distributions to shareholders
Net investment income and net realized gains
Class A (73,718,064) (47,541,363)
Advisor Class (512,021) (262,684)
Class C (5,157,680) (4,576,064)
Institutional Class (2,440,268) (1,217,948)
Institutional 2 Class (575,407) (410,005)
Institutional 3 Class (747,545) (711,905)
Class R (176,812) (173,566)
Total distributions to shareholders (83,327,797) (54,893,535)
Increase in net assets from capital stock activity 17,132,368 511,041,443
Total increase in net assets 111,987,538 645,079,972
Net assets at beginning of period 1,375,508,625 730,428,653
Net assets at end of period $1,487,496,163 $1,375,508,625
The accompanying Notes to Financial Statements are an integral part of this statement.
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41
Table of Contents
Statement of Changes in Net Assets (continued)
Columbia Capital Allocation
Conservative Portfolio
Columbia Capital Allocation
Moderate Conservative Portfolio
Six Months Ended Year Ended Six Months Ended Year Ended
July 31, 2021 (Unaudited) January 31, 2021 July 31, 2021 (Unaudited) January 31, 2021
Shares Dollars ($) Shares Dollars ($) Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A
Subscriptions 923,642 9,905,846 4,118,003 42,457,241 1,666,020 19,321,159 5,084,420 55,738,688
Distributions reinvested 655,671 6,921,902 595,549 6,117,225 1,691,711 19,228,573 1,876,573 20,105,136
Redemptions (1,407,733) (15,082,918) (3,056,601) (31,453,466) (2,884,889) (33,400,633) (6,475,025) (69,833,036)
Net increase 171,580 1,744,830 1,656,951 17,121,000 472,842 5,149,099 485,968 6,010,788
Advisor Class
Subscriptions 114,001 1,211,226 266,965 2,771,751 36,085 410,559 88,131 948,857
Distributions reinvested 15,616 163,615 15,508 157,787 21,049 236,565 24,067 255,026
Redemptions (162,720) (1,725,496) (172,659) (1,790,202) (96,003) (1,106,329) (105,281) (1,121,093)
Net increase (decrease) (33,103) (350,655) 109,814 1,139,336 (38,869) (459,205) 6,917 82,790
Class C
Subscriptions 269,044 2,869,218 675,500 6,886,648 353,976 4,039,169 967,368 10,247,747
Distributions reinvested 57,511 603,477 63,414 649,365 160,871 1,798,987 237,696 2,513,788
Redemptions (345,394) (3,686,190) (1,350,487) (14,005,946) (821,682) (9,385,377) (2,430,964) (26,589,722)
Net decrease (18,839) (213,495) (611,573) (6,469,933) (306,835) (3,547,221) (1,225,900) (13,828,187)
Institutional Class
Subscriptions 245,728 2,631,642 611,812 6,227,023 356,319 4,055,584 1,298,501 13,703,945
Distributions reinvested 32,174 339,369 28,380 291,018 63,494 709,105 80,715 848,377
Redemptions (182,681) (1,959,657) (529,412) (5,377,784) (394,200) (4,489,977) (1,403,213) (14,750,868)
Net increase (decrease) 95,221 1,011,354 110,780 1,140,257 25,613 274,712 (23,997) (198,546)
Institutional 2 Class
Subscriptions 12,686 134,955 82,593 849,862 200,047 2,312,006 90,501 960,677
Distributions reinvested 4,990 52,274 4,571 46,675 23,769 267,046 19,214 203,061
Redemptions (21,218) (226,010) (40,473) (420,176) (25,237) (287,160) (118,415) (1,270,403)
Net increase (decrease) (3,542) (38,781) 46,691 476,361 198,579 2,291,892 (8,700) (106,665)
Institutional 3 Class
Subscriptions 24,986 264,917 157,914 1,627,691 88,533 999,751 72,168 758,747
Distributions reinvested 11,251 117,675 10,422 105,938 32,831 362,748 32,786 342,068
Redemptions (63,350) (674,787) (81,258) (822,225) (27,209) (307,119) (58,205) (619,316)
Net increase (decrease) (27,113) (292,195) 87,078 911,404 94,155 1,055,380 46,749 481,499
Class R
Subscriptions 1,290 13,894 11,191 110,361 9,143 105,334 85,430 948,773
Distributions reinvested 999 10,536 1,157 11,803 6,668 75,978 5,794 62,647
Redemptions (1,067) (11,396) (32,972) (334,352) (8,084) (92,556) (54,690) (578,665)
Net increase (decrease) 1,222 13,034 (20,624) (212,188) 7,727 88,756 36,534 432,755
Total net increase (decrease) 185,426 1,874,092 1,379,117 14,106,237 453,212 4,853,413 (682,429) (7,125,566)
The accompanying Notes to Financial Statements are an integral part of this statement.
42 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
Table of Contents
Statement of Changes in Net Assets (continued)
Columbia Capital Allocation
Moderate Portfolio
Columbia Capital Allocation
Moderate Aggressive Portfolio
Six Months Ended Year Ended Six Months Ended Year Ended
July 31, 2021 (Unaudited) January 31, 2021 July 31, 2021 (Unaudited) January 31, 2021
Shares Dollars ($) Shares Dollars ($) Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A
Subscriptions 3,421,757 42,146,903 9,978,677 113,695,606 4,336,998 58,934,573 8,583,090 104,647,119
Distributions reinvested 8,208,229 97,822,143 6,138,399 66,648,155 9,846,896 129,834,823 6,880,098 79,682,927
Redemptions (7,989,469) (98,239,612) (18,032,670) (198,368,123) (8,729,630) (119,380,044) (19,928,269) (236,493,056)
Net increase (decrease) 3,640,517 41,729,434 (1,915,594) (18,024,362) 5,454,264 69,389,352 (4,465,081) (52,163,010)
Advisor Class
Subscriptions 82,735 1,001,421 120,842 1,346,810 104,768 1,441,813 352,409 4,436,172
Distributions reinvested 22,308 261,610 13,872 148,307 35,523 473,758 26,845 318,090
Redemptions (27,898) (331,680) (131,486) (1,438,595) (65,915) (903,917) (349,044) (4,501,990)
Net increase 77,145 931,351 3,228 56,522 74,376 1,011,654 30,210 252,272
Class C
Subscriptions 748,582 9,137,320 1,373,397 15,168,468 618,863 8,527,307 1,344,812 15,937,537
Distributions reinvested 632,548 7,464,730 616,316 6,641,857 677,191 8,951,598 597,087 6,945,408
Redemptions (1,552,399) (19,000,482) (6,344,085) (72,279,017) (1,675,680) (23,128,938) (5,078,601) (63,455,753)
Net decrease (171,269) (2,398,432) (4,354,372) (50,468,692) (379,626) (5,650,033) (3,136,702) (40,572,808)
Institutional Class
Subscriptions 2,363,849 29,146,954 2,463,390 27,176,294 1,047,657 14,288,205 2,212,936 26,250,734
Distributions reinvested 213,244 2,537,235 167,991 1,817,252 618,957 8,137,582 440,581 5,088,467
Redemptions (958,693) (11,785,746) (2,686,291) (29,465,060) (1,280,545) (17,460,998) (3,248,188) (38,402,282)
Net increase (decrease) 1,618,400 19,898,443 (54,910) (471,514) 386,069 4,964,789 (594,671) (7,063,081)
Institutional 2 Class
Subscriptions 93,758 1,143,544 229,641 2,518,913 88,253 1,228,287 180,360 2,179,672
Distributions reinvested 46,236 541,889 33,550 359,009 78,360 1,043,492 51,141 598,558
Redemptions (82,954) (1,012,407) (177,704) (1,913,112) (59,197) (816,781) (181,413) (2,161,071)
Net increase 57,040 673,026 85,487 964,810 107,416 1,454,998 50,088 617,159
Institutional 3 Class
Subscriptions 77,291 954,679 125,062 1,387,934 101,430 1,365,221 190,898 2,309,234
Distributions reinvested 66,822 783,790 55,688 594,476 76,444 987,497 50,580 574,610
Redemptions (134,153) (1,626,789) (285,941) (3,149,079) (37,555) (505,994) (257,810) (3,011,185)
Net increase (decrease) 9,960 111,680 (105,191) (1,166,669) 140,319 1,846,724 (16,332) (127,341)
Class R
Subscriptions 60,215 727,525 34,345 374,409 19,681 269,570 41,534 492,673
Distributions reinvested 17,865 212,194 12,326 133,466 34,179 450,224 23,110 267,879
Redemptions (53,636) (659,195) (47,542) (520,130) (35,518) (477,799) (50,137) (609,928)
Net increase (decrease) 24,444 280,524 (871) (12,255) 18,342 241,995 14,507 150,624
Class V
Subscriptions - - - - 22,987 308,167 33,853 424,055
Distributions reinvested - - - - 476,078 6,277,214 332,554 3,853,035
Redemptions - - - - (230,453) (3,153,577) (535,073) (6,430,958)
Net increase (decrease) - - - - 268,612 3,431,804 (168,666) (2,153,868)
Total net increase (decrease) 5,256,237 61,226,026 (6,342,223) (69,122,160) 6,069,772 76,691,283 (8,286,647) (101,060,053)
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
Six Months Ended Year Ended
July 31, 2021 (Unaudited) January 31, 2021
Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A
Subscriptions 2,821,305 41,036,048 4,977,463 62,172,538
Fund reorganization - - 44,359,371 521,667,750
Distributions reinvested 4,642,209 66,662,118 3,775,411 45,369,204
Redemptions (5,990,169) (86,972,944) (12,668,612) (155,953,704)
Net increase 1,473,345 20,725,222 40,443,633 473,255,788
Advisor Class
Subscriptions 107,202 1,515,522 158,305 1,913,661
Fund reorganization - - 551,378 6,335,357
Distributions reinvested 14,036 196,497 14,185 170,581
Redemptions (106,533) (1,509,682) (233,728) (2,960,629)
Net increase 14,705 202,337 490,140 5,458,970
Class C
Subscriptions 494,595 6,954,000 1,087,182 12,621,867
Fund reorganization - - 2,441,471 27,808,276
Distributions reinvested 368,515 5,111,306 400,721 4,553,333
Redemptions (1,348,227) (19,076,838) (3,106,059) (38,853,527)
Net increase (decrease) (485,117) (7,011,532) 823,315 6,129,949
Institutional Class
Subscriptions 997,794 14,378,150 1,431,280 17,801,559
Fund reorganization - - 2,235,823 26,181,370
Distributions reinvested 119,804 1,712,002 78,798 961,799
Redemptions (937,936) (13,548,266) (1,803,390) (22,347,995)
Net increase 179,662 2,541,886 1,942,511 22,596,733
Institutional 2 Class
Subscriptions 97,238 1,370,119 276,157 3,336,081
Fund reorganization - - 152,038 1,745,388
Distributions reinvested 41,118 575,241 34,998 409,842
Redemptions (115,684) (1,649,542) (209,094) (2,452,652)
Net increase 22,672 295,818 254,099 3,038,659
Institutional 3 Class
Subscriptions 92,743 1,316,849 155,061 1,904,299
Fund reorganization - - 20,038 229,813
Distributions reinvested 52,265 730,663 61,610 711,752
Redemptions (130,477) (1,880,833) (160,668) (1,873,285)
Net increase 14,531 166,679 76,041 972,579
Class R
Subscriptions 10,995 158,008 29,106 360,204
Fund reorganization - - 48,363 562,947
Distributions reinvested 12,345 175,179 14,627 169,176
Redemptions (8,537) (121,229) (117,572) (1,503,562)
Net increase (decrease) 14,803 211,958 (25,476) (411,235)
Total net increase 1,234,601 17,132,368 44,004,263 511,041,443
The accompanying Notes to Financial Statements are an integral part of this statement.
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Columbia Capital Allocation Portfolios  | Semiannual Report 2021
45
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
Six Months Ended 7/31/2021 (Unaudited) $10.62 0.06 0.35 0.41 (0.07) (0.31) (0.38)
Year Ended 1/31/2021 $10.31 0.17 0.49 0.66 (0.23) (0.12) (0.35)
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)
Advisor Class
Six Months Ended 7/31/2021 (Unaudited) $10.54 0.08 0.35 0.43 (0.09) (0.31) (0.40)
Year Ended 1/31/2021 $10.24 0.19 0.49 0.68 (0.26) (0.12) (0.38)
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)
Class C
Six Months Ended 7/31/2021 (Unaudited) $10.55 0.02 0.36 0.38 (0.03) (0.31) (0.34)
Year Ended 1/31/2021 $10.25 0.09 0.49 0.58 (0.16) (0.12) (0.28)
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)
Institutional Class
Six Months Ended 7/31/2021 (Unaudited) $10.61 0.08 0.36 0.44 (0.09) (0.31) (0.40)
Year Ended 1/31/2021 $10.30 0.20 0.49 0.69 (0.26) (0.12) (0.38)
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)
Institutional 2 Class
Six Months Ended 7/31/2021 (Unaudited) $10.54 0.08 0.35 0.43 (0.09) (0.31) (0.40)
Year Ended 1/31/2021 $10.24 0.20 0.48 0.68 (0.26) (0.12) (0.38)
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)
The accompanying Notes to Financial Statements are an integral part of this statement.
46 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
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
Six Months Ended 7/31/2021 (Unaudited) $10.65 3.93% 0.50%(c),(d) 0.50%(c),(d) 1.18%(c) 9% $205,866
Year Ended 1/31/2021 $10.62 6.60% 0.55%(d) 0.55%(d),(e) 1.66% 63% $203,326
Year Ended 1/31/2020 $10.31 8.91% 0.57% 0.57%(e) 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
Advisor Class
Six Months Ended 7/31/2021 (Unaudited) $10.57 4.09% 0.25%(c),(d) 0.25%(c),(d) 1.43%(c) 9% $7,021
Year Ended 1/31/2021 $10.54 6.82% 0.30%(d) 0.30%(d),(e) 1.90% 63% $7,348
Year Ended 1/31/2020 $10.24 9.14% 0.32% 0.32%(e) 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
Class C
Six Months Ended 7/31/2021 (Unaudited) $10.59 3.66% 1.25%(c),(d) 1.25%(c),(d) 0.43%(c) 9% $19,106
Year Ended 1/31/2021 $10.55 5.73% 1.30%(d) 1.30%(d),(e) 0.90% 63% $19,243
Year Ended 1/31/2020 $10.25 8.05% 1.32% 1.32%(e) 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
Institutional Class
Six Months Ended 7/31/2021 (Unaudited) $10.65 4.16% 0.25%(c),(d) 0.25%(c),(d) 1.43%(c) 9% $11,627
Year Ended 1/31/2021 $10.61 6.88% 0.30%(d) 0.30%(d),(e) 1.92% 63% $10,576
Year Ended 1/31/2020 $10.30 9.08% 0.32% 0.32%(e) 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
Institutional 2 Class
Six Months Ended 7/31/2021 (Unaudited) $10.57 4.10% 0.24%(c),(d) 0.24%(c),(d) 1.44%(c) 9% $1,454
Year Ended 1/31/2021 $10.54 6.84% 0.29%(d) 0.29%(d) 1.94% 63% $1,487
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
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
Six Months Ended 7/31/2021 (Unaudited) $10.52 0.08 0.36 0.44 (0.09) (0.31) (0.40)
Year Ended 1/31/2021 $10.22 0.20 0.49 0.69 (0.27) (0.12) (0.39)
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)
Class R
Six Months Ended 7/31/2021 (Unaudited) $10.61 0.05 0.36 0.41 (0.06) (0.31) (0.37)
Year Ended 1/31/2021 $10.30 0.14 0.50 0.64 (0.21) (0.12) (0.33)
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)
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) Ratios include interest on collateral expense which is less than 0.01%.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
48 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
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
Six Months Ended 7/31/2021 (Unaudited) $10.56 4.23% 0.19%(c),(d) 0.19%(c),(d) 1.49%(c) 9% $3,251
Year Ended 1/31/2021 $10.52 6.91% 0.24%(d) 0.24%(d) 1.97% 63% $3,526
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
Class R
Six Months Ended 7/31/2021 (Unaudited) $10.65 3.90% 0.75%(c),(d) 0.75%(c),(d) 0.93%(c) 9% $322
Year Ended 1/31/2021 $10.61 6.34% 0.80%(d) 0.80%(d),(e) 1.35% 63% $308
Year Ended 1/31/2020 $10.30 8.54% 0.82% 0.82%(e) 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
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
Six Months Ended 7/31/2021 (Unaudited) $11.29 0.07 0.66 0.73 (0.09) (0.45) (0.54)
Year Ended 1/31/2021 $10.97 0.17 0.72 0.89 (0.23) (0.34) (0.57)
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)
Advisor Class
Six Months Ended 7/31/2021 (Unaudited) $11.17 0.08 0.66 0.74 (0.10) (0.45) (0.55)
Year Ended 1/31/2021 $10.86 0.20 0.71 0.91 (0.26) (0.34) (0.60)
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)
Class C
Six Months Ended 7/31/2021 (Unaudited) $11.11 0.02 0.65 0.67 (0.04) (0.45) (0.49)
Year Ended 1/31/2021 $10.80 0.09 0.71 0.80 (0.15) (0.34) (0.49)
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)
Institutional Class
Six Months Ended 7/31/2021 (Unaudited) $11.11 0.08 0.64 0.72 (0.10) (0.45) (0.55)
Year Ended 1/31/2021 $10.80 0.19 0.72 0.91 (0.26) (0.34) (0.60)
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)
Institutional 2 Class
Six Months Ended 7/31/2021 (Unaudited) $11.16 0.08 0.66 0.74 (0.10) (0.45) (0.55)
Year Ended 1/31/2021 $10.86 0.20 0.70 0.90 (0.26) (0.34) (0.60)
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)
The accompanying Notes to Financial Statements are an integral part of this statement.
50 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
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
Six Months Ended 7/31/2021 (Unaudited) $11.48 6.50% 0.42%(c),(d) 0.42%(c),(d) 1.17%(c) 13% $456,544
Year Ended 1/31/2021 $11.29 8.50% 0.49%(d) 0.49%(d),(e) 1.60% 66% $443,656
Year Ended 1/31/2020 $10.97 10.52% 0.49% 0.49%(e) 2.12% 9% $425,706
Year Ended 1/31/2019 $10.35 (2.62%) 0.48% 0.48%(e) 1.96% 21% $427,506
Year Ended 1/31/2018 $11.38 11.79% 0.48% 0.48%(e) 1.71% 9% $486,408
Year Ended 1/31/2017 $10.62 8.47% 0.49% 0.49%(e) 1.57% 18% $494,948
Advisor Class
Six Months Ended 7/31/2021 (Unaudited) $11.36 6.71% 0.17%(c),(d) 0.17%(c),(d) 1.41%(c) 13% $5,198
Year Ended 1/31/2021 $11.17 8.77% 0.24%(d) 0.24%(d),(e) 1.86% 66% $5,549
Year Ended 1/31/2020 $10.86 10.80% 0.24% 0.24%(e) 2.42% 9% $5,319
Year Ended 1/31/2019 $10.25 (2.40%) 0.23% 0.23%(e) 2.17% 21% $4,943
Year Ended 1/31/2018 $11.28 12.07% 0.23% 0.23%(e) 2.09% 9% $4,592
Year Ended 1/31/2017 $10.53 8.71% 0.24% 0.24%(e) 2.28% 18% $2,705
Class C
Six Months Ended 7/31/2021 (Unaudited) $11.29 6.12% 1.17%(c),(d) 1.17%(c),(d) 0.42%(c) 13% $42,349
Year Ended 1/31/2021 $11.11 7.70% 1.24%(d) 1.24%(d),(e) 0.85% 66% $45,087
Year Ended 1/31/2020 $10.80 9.65% 1.24% 1.24%(e) 1.36% 9% $57,072
Year Ended 1/31/2019 $10.20 (3.23%) 1.23% 1.23%(e) 1.14% 21% $61,019
Year Ended 1/31/2018 $11.21 10.92% 1.23% 1.23%(e) 0.95% 9% $82,192
Year Ended 1/31/2017 $10.47 7.67% 1.24% 1.24%(e) 0.83% 18% $87,493
Institutional Class
Six Months Ended 7/31/2021 (Unaudited) $11.28 6.56% 0.17%(c),(d) 0.17%(c),(d) 1.42%(c) 13% $17,242
Year Ended 1/31/2021 $11.11 8.82% 0.24%(d) 0.24%(d),(e) 1.82% 66% $16,686
Year Ended 1/31/2020 $10.80 10.76% 0.24% 0.24%(e) 2.38% 9% $16,490
Year Ended 1/31/2019 $10.20 (2.32%) 0.23% 0.23%(e) 2.10% 21% $17,131
Year Ended 1/31/2018 $11.22 12.03% 0.23% 0.23%(e) 2.00% 9% $28,796
Year Ended 1/31/2017 $10.48 8.75% 0.24% 0.24%(e) 1.78% 18% $20,476
Institutional 2 Class
Six Months Ended 7/31/2021 (Unaudited) $11.35 6.72% 0.15%(c),(d) 0.15%(c),(d) 1.46%(c) 13% $6,004
Year Ended 1/31/2021 $11.16 8.70% 0.23%(d) 0.23%(d) 1.85% 66% $3,691
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
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
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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
Institutional 3 Class
Six Months Ended 7/31/2021 (Unaudited) $10.99 0.08 0.64 0.72 (0.10) (0.45) (0.55)
Year Ended 1/31/2021 $10.70 0.20 0.70 0.90 (0.27) (0.34) (0.61)
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)
Class R
Six Months Ended 7/31/2021 (Unaudited) $11.31 0.05 0.66 0.71 (0.07) (0.45) (0.52)
Year Ended 1/31/2021 $10.99 0.16 0.70 0.86 (0.20) (0.34) (0.54)
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)
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) Ratios include interest on collateral expense which is less than 0.01%.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
52 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
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)
Institutional 3 Class
Six Months Ended 7/31/2021 (Unaudited) $11.16 6.66% 0.11%(c),(d) 0.11%(c),(d) 1.48%(c) 13% $7,783
Year Ended 1/31/2021 $10.99 8.79% 0.18%(d) 0.18%(d) 1.93% 66% $6,629
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
Class R
Six Months Ended 7/31/2021 (Unaudited) $11.50 6.36% 0.67%(c),(d) 0.67%(c),(d) 0.92%(c) 13% $1,741
Year Ended 1/31/2021 $11.31 8.21% 0.74%(d) 0.74%(d),(e) 1.48% 66% $1,625
Year Ended 1/31/2020 $10.99 10.23% 0.74% 0.74%(e) 1.80% 9% $1,177
Year Ended 1/31/2019 $10.37 (2.78%) 0.73% 0.73%(e) 1.71% 21% $1,431
Year Ended 1/31/2018 $11.39 11.50% 0.73% 0.73%(e) 1.40% 9% $1,924
Year Ended 1/31/2017 $10.63 8.09% 0.73% 0.73%(e) 1.30% 18% $2,549
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
Six Months Ended 7/31/2021 (Unaudited) $11.91 0.08 0.91 0.99 (0.12) (0.79) (0.91)
Year Ended 1/31/2021 $11.32 0.18 1.03 1.21 (0.27) (0.35) (0.62)
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)
Advisor Class
Six Months Ended 7/31/2021 (Unaudited) $11.73 0.09 0.90 0.99 (0.14) (0.79) (0.93)
Year Ended 1/31/2021 $11.17 0.21 1.00 1.21 (0.30) (0.35) (0.65)
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)
Class C
Six Months Ended 7/31/2021 (Unaudited) $11.80 0.03 0.90 0.93 (0.08) (0.79) (0.87)
Year Ended 1/31/2021 $11.21 0.10 1.03 1.13 (0.19) (0.35) (0.54)
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)
Institutional Class
Six Months Ended 7/31/2021 (Unaudited) $11.89 0.09 0.92 1.01 (0.14) (0.79) (0.93)
Year Ended 1/31/2021 $11.31 0.21 1.02 1.23 (0.30) (0.35) (0.65)
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)
Institutional 2 Class
Six Months Ended 7/31/2021 (Unaudited) $11.73 0.09 0.90 0.99 (0.14) (0.79) (0.93)
Year Ended 1/31/2021 $11.16 0.21 1.01 1.22 (0.30) (0.35) (0.65)
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)
Institutional 3 Class
Six Months Ended 7/31/2021 (Unaudited) $11.74 0.09 0.90 0.99 (0.14) (0.79) (0.93)
Year Ended 1/31/2021 $11.17 0.21 1.01 1.22 (0.30) (0.35) (0.65)
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)
The accompanying Notes to Financial Statements are an integral part of this statement.
54 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
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
Six Months Ended 7/31/2021 (Unaudited) $11.99 8.42% 0.38%(c),(d) 0.38%(c),(d) 1.23%(c) 17% $1,376,257
Year Ended 1/31/2021 $11.91 11.31% 0.43%(d) 0.43%(d),(e) 1.66% 86% $1,324,148
Year Ended 1/31/2020 $11.32 12.26% 0.43% 0.43%(e) 2.11% 10% $1,280,253
Year Ended 1/31/2019 $10.70 (4.13%) 0.43% 0.43%(e) 1.94% 20% $1,247,694
Year Ended 1/31/2018 $11.99 16.39% 0.44% 0.44%(e) 1.68% 9% $1,389,747
Year Ended 1/31/2017 $10.99 11.19% 0.44% 0.44%(e) 1.64% 10% $1,309,998
Advisor Class
Six Months Ended 7/31/2021 (Unaudited) $11.79 8.51% 0.13%(c),(d) 0.13%(c),(d) 1.48%(c) 17% $4,171
Year Ended 1/31/2021 $11.73 11.48% 0.18%(d) 0.18%(d),(e) 1.91% 86% $3,244
Year Ended 1/31/2020 $11.17 12.51% 0.18% 0.18%(e) 2.50% 10% $3,051
Year Ended 1/31/2019 $10.57 (3.84%) 0.18% 0.18%(e) 2.28% 20% $1,212
Year Ended 1/31/2018 $11.85 16.68% 0.18% 0.18%(e) 2.60% 9% $1,021
Year Ended 1/31/2017 $10.87 11.39% 0.19% 0.19%(e) 1.98% 10% $355
Class C
Six Months Ended 7/31/2021 (Unaudited) $11.86 7.91% 1.12%(c),(d) 1.12%(c),(d) 0.47%(c) 17% $108,729
Year Ended 1/31/2021 $11.80 10.56% 1.18%(d) 1.18%(d),(e) 0.89% 86% $110,135
Year Ended 1/31/2020 $11.21 11.34% 1.18% 1.18%(e) 1.35% 10% $153,545
Year Ended 1/31/2019 $10.61 (4.82%) 1.18% 1.18%(e) 1.15% 20% $160,172
Year Ended 1/31/2018 $11.89 15.46% 1.19% 1.19%(e) 0.95% 9% $207,421
Year Ended 1/31/2017 $10.91 10.34% 1.19% 1.19%(e) 0.90% 10% $186,170
Institutional Class
Six Months Ended 7/31/2021 (Unaudited) $11.97 8.57% 0.13%(c),(d) 0.13%(c),(d) 1.48%(c) 17% $57,999
Year Ended 1/31/2021 $11.89 11.51% 0.18%(d) 0.18%(d),(e) 1.91% 86% $38,386
Year Ended 1/31/2020 $11.31 12.55% 0.18% 0.18%(e) 2.37% 10% $37,112
Year Ended 1/31/2019 $10.69 (3.80%) 0.18% 0.18%(e) 2.19% 20% $38,025
Year Ended 1/31/2018 $11.97 16.60% 0.19% 0.19%(e) 2.09% 9% $39,872
Year Ended 1/31/2017 $10.98 11.48% 0.19% 0.19%(e) 2.02% 10% $4,598
Institutional 2 Class
Six Months Ended 7/31/2021 (Unaudited) $11.79 8.52% 0.12%(c),(d) 0.12%(c),(d) 1.47%(c) 17% $7,436
Year Ended 1/31/2021 $11.73 11.59% 0.17%(d) 0.17%(d) 1.92% 86% $6,728
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
Institutional 3 Class
Six Months Ended 7/31/2021 (Unaudited) $11.80 8.53% 0.08%(c),(d) 0.08%(c),(d) 1.51%(c) 17% $10,544
Year Ended 1/31/2021 $11.74 11.64% 0.12%(d) 0.12%(d) 1.94% 86% $10,372
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
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
55
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
Six Months Ended 7/31/2021 (Unaudited) $11.87 0.06 0.91 0.97 (0.11) (0.79) (0.90)
Year Ended 1/31/2021 $11.28 0.15 1.03 1.18 (0.24) (0.35) (0.59)
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)
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) Ratios include interest on collateral expense which is less than 0.01%.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
56 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
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
Six Months Ended 7/31/2021 (Unaudited) $11.94 8.22% 0.63%(c),(d) 0.63%(c),(d) 0.97%(c) 17% $2,961
Year Ended 1/31/2021 $11.87 11.06% 0.68%(d) 0.68%(d),(e) 1.40% 86% $2,652
Year Ended 1/31/2020 $11.28 11.92% 0.68% 0.68%(e) 1.79% 10% $2,531
Year Ended 1/31/2019 $10.67 (4.30%) 0.68% 0.68%(e) 1.72% 20% $3,156
Year Ended 1/31/2018 $11.95 16.05% 0.69% 0.69%(e) 1.46% 9% $2,786
Year Ended 1/31/2017 $10.96 10.84% 0.69% 0.69%(e) 1.48% 10% $2,282
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
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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
Six Months Ended 7/31/2021 (Unaudited) $13.05 0.06 1.31 1.37 (0.13) (1.05) (1.18)
Year Ended 1/31/2021 $12.28 0.15 1.33 1.48 (0.19) (0.52) (0.71)
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)
Advisor Class
Six Months Ended 7/31/2021 (Unaudited) $13.18 0.08 1.34 1.42 (0.15) (1.05) (1.20)
Year Ended 1/31/2021 $12.40 0.19 1.33 1.52 (0.22) (0.52) (0.74)
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)
Class C
Six Months Ended 7/31/2021 (Unaudited) $13.07 0.01 1.32 1.33 (0.08) (1.05) (1.13)
Year Ended 1/31/2021 $12.30 0.05 1.35 1.40 (0.11) (0.52) (0.63)
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)
Institutional Class
Six Months Ended 7/31/2021 (Unaudited) $13.02 0.08 1.31 1.39 (0.15) (1.05) (1.20)
Year Ended 1/31/2021 $12.25 0.18 1.33 1.51 (0.22) (0.52) (0.74)
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)
Institutional 2 Class
Six Months Ended 7/31/2021 (Unaudited) $13.17 0.08 1.33 1.41 (0.15) (1.05) (1.20)
Year Ended 1/31/2021 $12.38 0.18 1.36 1.54 (0.23) (0.52) (0.75)
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)
Institutional 3 Class
Six Months Ended 7/31/2021 (Unaudited) $12.80 0.08 1.29 1.37 (0.15) (1.05) (1.20)
Year Ended 1/31/2021 $12.06 0.18 1.31 1.49 (0.23) (0.52) (0.75)
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)
The accompanying Notes to Financial Statements are an integral part of this statement.
58 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
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
Six Months Ended 7/31/2021 (Unaudited) $13.24 10.56% 0.40%(c),(d) 0.40%(c),(d) 0.92%(c) 15% $1,788,835
Year Ended 1/31/2021 $13.05 12.89% 0.50%(d) 0.50%(d),(e) 1.22% 76% $1,690,945
Year Ended 1/31/2020 $12.28 13.51% 0.50% 0.50%(e) 1.77% 10% $1,645,913
Year Ended 1/31/2019 $11.64 (5.48%) 0.49% 0.49%(e) 1.59% 18% $1,603,992
Year Ended 1/31/2018 $13.50 20.88% 0.49% 0.49%(e) 1.35% 9% $1,826,698
Year Ended 1/31/2017 $12.00 13.24% 0.47%(f) 0.47%(e),(f) 1.30% 9% $1,671,442
Advisor Class
Six Months Ended 7/31/2021 (Unaudited) $13.40 10.82% 0.15%(c),(d) 0.15%(c),(d) 1.17%(c) 15% $9,808
Year Ended 1/31/2021 $13.18 13.13% 0.24%(d) 0.24%(d),(e) 1.61% 76% $8,672
Year Ended 1/31/2020 $12.40 13.75% 0.25% 0.25%(e) 1.80% 10% $7,779
Year Ended 1/31/2019 $11.75 (5.19%) 0.24% 0.24%(e) 1.90% 18% $14,622
Year Ended 1/31/2018 $13.61 21.09% 0.24% 0.24%(e) 1.86% 9% $11,216
Year Ended 1/31/2017 $12.10 13.61% 0.22%(f) 0.22%(e),(f) 1.62% 9% $2,128
Class C
Six Months Ended 7/31/2021 (Unaudited) $13.27 10.21% 1.14%(c),(d) 1.14%(c),(d) 0.16%(c) 15% $113,159
Year Ended 1/31/2021 $13.07 12.05% 1.25%(d) 1.25%(d),(e) 0.46% 76% $116,412
Year Ended 1/31/2020 $12.30 12.55% 1.25% 1.25%(e) 1.01% 10% $148,134
Year Ended 1/31/2019 $11.67 (6.12%) 1.24% 1.24%(e) 0.77% 18% $151,414
Year Ended 1/31/2018 $13.52 19.91% 1.24% 1.24%(e) 0.59% 9% $215,268
Year Ended 1/31/2017 $12.04 12.36% 1.22%(f) 1.22%(e),(f) 0.55% 9% $216,271
Institutional Class
Six Months Ended 7/31/2021 (Unaudited) $13.21 10.73% 0.15%(c),(d) 0.15%(c),(d) 1.17%(c) 15% $113,181
Year Ended 1/31/2021 $13.02 13.21% 0.25%(d) 0.25%(d),(e) 1.48% 76% $106,491
Year Ended 1/31/2020 $12.25 13.73% 0.25% 0.25%(e) 2.01% 10% $107,497
Year Ended 1/31/2019 $11.62 (5.17%) 0.24% 0.24%(e) 1.83% 18% $108,487
Year Ended 1/31/2018 $13.47 21.13% 0.24% 0.24%(e) 1.59% 9% $136,761
Year Ended 1/31/2017 $11.98 13.55% 0.22%(f) 0.22%(e),(f) 1.55% 9% $119,833
Institutional 2 Class
Six Months Ended 7/31/2021 (Unaudited) $13.38 10.77% 0.12%(c),(d) 0.12%(c),(d) 1.20%(c) 15% $12,793
Year Ended 1/31/2021 $13.17 13.28% 0.21%(d) 0.21%(d) 1.53% 76% $11,176
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%(f) 0.13%(f) 1.68% 9% $5,706
Institutional 3 Class
Six Months Ended 7/31/2021 (Unaudited) $12.97 10.79% 0.07%(c),(d) 0.07%(c),(d) 1.25%(c) 15% $16,421
Year Ended 1/31/2021 $12.80 13.27% 0.16%(d) 0.16%(d) 1.55% 76% $14,407
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%(f) 0.07%(f) 1.81% 9% $1,128
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Capital Allocation Portfolios  | Semiannual Report 2021
59
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
Six Months Ended 7/31/2021 (Unaudited) $13.03 0.05 1.31 1.36 (0.11) (1.05) (1.16)
Year Ended 1/31/2021 $12.26 0.12 1.33 1.45 (0.16) (0.52) (0.68)
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)
Class V
Six Months Ended 7/31/2021 (Unaudited) $13.05 0.06 1.31 1.37 (0.13) (1.05) (1.18)
Year Ended 1/31/2021 $12.28 0.15 1.33 1.48 (0.19) (0.52) (0.71)
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)
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) Ratios include interest on collateral expense which is less than 0.01%.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) 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.
60 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
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
Six Months Ended 7/31/2021 (Unaudited) $13.23 10.52% 0.65%(c),(d) 0.65%(c),(d) 0.66%(c) 15% $5,638
Year Ended 1/31/2021 $13.03 12.62% 0.75%(d) 0.75%(d),(e) 0.98% 76% $5,315
Year Ended 1/31/2020 $12.26 13.15% 0.75% 0.75%(e) 1.46% 10% $4,823
Year Ended 1/31/2019 $11.63 (5.66%) 0.74% 0.74%(e) 1.37% 18% $4,957
Year Ended 1/31/2018 $13.48 20.51% 0.74% 0.74%(e) 1.14% 9% $4,816
Year Ended 1/31/2017 $11.99 12.97% 0.72%(f) 0.72%(e),(f) 1.10% 9% $3,743
Class V
Six Months Ended 7/31/2021 (Unaudited) $13.24 10.56% 0.40%(c),(d) 0.40%(c),(d) 0.93%(c) 15% $88,869
Year Ended 1/31/2021 $13.05 12.89% 0.50%(d) 0.50%(d),(e) 1.22% 76% $84,036
Year Ended 1/31/2020 $12.28 13.51% 0.50% 0.50%(e) 1.78% 10% $81,137
Year Ended 1/31/2019 $11.64 (5.48%) 0.49% 0.49%(e) 1.58% 18% $79,629
Year Ended 1/31/2018 $13.50 20.88% 0.49% 0.49%(e) 1.35% 9% $93,279
Year Ended 1/31/2017 $12.00 13.24% 0.47%(f) 0.47%(e),(f) 1.30% 9% $86,404
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
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Six Months Ended 7/31/2021 (Unaudited) $13.49 0.04 1.73 1.77 (0.01) (0.84) (0.85)
Year Ended 1/31/2021 $12.58 0.15 1.56 1.71 (0.18) (0.62) (0.80)
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)
Advisor Class
Six Months Ended 7/31/2021 (Unaudited) $13.16 0.06 1.69 1.75 (0.01) (0.84) (0.85)
Year Ended 1/31/2021 $12.29 0.21 1.49 1.70 (0.21) (0.62) (0.83)
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)
Class C
Six Months Ended 7/31/2021 (Unaudited) $13.09 (0.01) 1.67 1.66 - (0.84) (0.84)
Year Ended 1/31/2021 $12.24 0.05 1.51 1.56 (0.09) (0.62) (0.71)
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)
Institutional Class
Six Months Ended 7/31/2021 (Unaudited) $13.42 0.06 1.72 1.78 (0.01) (0.84) (0.85)
Year Ended 1/31/2021 $12.52 0.20 1.53 1.73 (0.21) (0.62) (0.83)
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)
Institutional 2 Class
Six Months Ended 7/31/2021 (Unaudited) $13.15 0.06 1.69 1.75 (0.01) (0.84) (0.85)
Year Ended 1/31/2021 $12.29 0.18 1.51 1.69 (0.21) (0.62) (0.83)
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)
Institutional 3 Class
Six Months Ended 7/31/2021 (Unaudited) $13.14 0.06 1.69 1.75 (0.01) (0.84) (0.85)
Year Ended 1/31/2021 $12.28 0.17 1.53 1.70 (0.22) (0.62) (0.84)
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)
The accompanying Notes to Financial Statements are an integral part of this statement.
62 Columbia Capital Allocation Portfolios  | Semiannual Report 2021
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 (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000's)
Class A
Six Months Ended 7/31/2021 (Unaudited) $14.41 13.11% 0.39%(c),(d) 0.39%(c),(d) 0.61%(c) 6% $1,318,968
Year Ended 1/31/2021 $13.49 14.61% 0.43%(d),(e) 0.43%(d),(e),(f) 1.22% 74% $1,214,331
Year Ended 1/31/2020 $12.58 14.00% 0.47% 0.47%(f) 1.49% 12% $623,971
Year Ended 1/31/2019 $11.90 (6.90%) 0.47% 0.47%(f) 1.30% 20% $599,211
Year Ended 1/31/2018 $14.10 25.45% 0.49% 0.49%(f) 1.08% 13% $670,783
Year Ended 1/31/2017 $12.11 14.95% 0.50% 0.50%(f) 1.06% 12% $582,182
Advisor Class
Six Months Ended 7/31/2021 (Unaudited) $14.06 13.31% 0.14%(c),(d) 0.14%(c),(d) 0.86%(c) 6% $8,941
Year Ended 1/31/2021 $13.16 14.90% 0.17%(d),(e) 0.17%(d),(e),(f) 1.68% 74% $8,176
Year Ended 1/31/2020 $12.29 14.33% 0.22% 0.22%(f) 1.60% 12% $1,611
Year Ended 1/31/2019 $11.64 (6.69%) 0.22% 0.22%(f) 1.58% 20% $1,965
Year Ended 1/31/2018 $13.83 25.76% 0.23% 0.23%(f) 1.10% 13% $1,662
Year Ended 1/31/2017 $11.89 15.20% 0.25% 0.25%(f) 1.27% 12% $1,242
Class C
Six Months Ended 7/31/2021 (Unaudited) $13.91 12.69% 1.14%(c),(d) 1.14%(c),(d) (0.15%)(c) 6% $89,152
Year Ended 1/31/2021 $13.09 13.73% 1.18%(d),(e) 1.18%(d),(e),(f) 0.40% 74% $90,213
Year Ended 1/31/2020 $12.24 13.21% 1.22% 1.22%(f) 0.75% 12% $74,297
Year Ended 1/31/2019 $11.60 (7.64%) 1.22% 1.22%(f) 0.52% 20% $70,524
Year Ended 1/31/2018 $13.77 24.61% 1.24% 1.24%(f) 0.34% 13% $88,717
Year Ended 1/31/2017 $11.85 14.01% 1.25% 1.25%(f) 0.33% 12% $75,648
Institutional Class
Six Months Ended 7/31/2021 (Unaudited) $14.35 13.28% 0.14%(c),(d) 0.14%(c),(d) 0.85%(c) 6% $44,122
Year Ended 1/31/2021 $13.42 14.86% 0.17%(d),(e) 0.17%(d),(e),(f) 1.58% 74% $38,843
Year Ended 1/31/2020 $12.52 14.34% 0.22% 0.22%(f) 1.76% 12% $11,920
Year Ended 1/31/2019 $11.84 (6.65%) 0.22% 0.22%(f) 1.17% 20% $10,382
Year Ended 1/31/2018 $14.04 25.73% 0.23% 0.23%(f) 1.67% 13% $20,763
Year Ended 1/31/2017 $12.06 15.27% 0.25% 0.25%(f) 1.39% 12% $3,329
Institutional 2 Class
Six Months Ended 7/31/2021 (Unaudited) $14.05 13.32% 0.12%(c),(d) 0.12%(c),(d) 0.89%(c) 6% $9,699
Year Ended 1/31/2021 $13.15 14.82% 0.16%(d),(e) 0.16%(d),(e) 1.48% 74% $8,780
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
Institutional 3 Class
Six Months Ended 7/31/2021 (Unaudited) $14.04 13.34% 0.07%(c),(d) 0.07%(c),(d) 0.90%(c) 6% $13,422
Year Ended 1/31/2021 $13.14 14.88% 0.13%(d),(e) 0.13%(d),(e) 1.41% 74% $12,370
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
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
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class R
Six Months Ended 7/31/2021 (Unaudited) $13.35 0.03 1.71 1.74 (0.00)(g) (0.84) (0.84)
Year Ended 1/31/2021 $12.47 0.08 1.57 1.65 (0.15) (0.62) (0.77)
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)
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Annualized.
(d) Ratios include interest on collateral expense which is less than 0.01%.
(e) Ratios include line of credit interest expense which is less than 0.01%.
(f) The benefits derived from expense reductions had an impact of less than 0.01%.
(g) Rounds to zero.
The accompanying Notes to Financial Statements are an integral part of this statement.
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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 (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000's)
Class R
Six Months Ended 7/31/2021 (Unaudited) $14.25 13.08% 0.64%(c),(d) 0.64%(c),(d) 0.36%(c) 6% $3,193
Year Ended 1/31/2021 $13.35 14.23% 0.69%(d),(e) 0.69%(d),(e),(f) 0.70% 74% $2,795
Year Ended 1/31/2020 $12.47 13.77% 0.72% 0.72%(f) 1.21% 12% $2,927
Year Ended 1/31/2019 $11.80 (7.15%) 0.72% 0.72%(f) 1.09% 20% $2,750
Year Ended 1/31/2018 $13.99 25.21% 0.73% 0.73%(f) 0.83% 13% $2,671
Year Ended 1/31/2017 $12.02 14.61% 0.75% 0.75%(f) 1.22% 12% $2,099
The accompanying Notes to Financial Statements are an integral part of this statement.
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Notes to Financial Statements
July 31, 2021 (Unaudited)
Note 1. Organization
Columbia Funds Series Trust and Columbia Funds Series Trust II (each, a Trust and collectively, the Trusts), are registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. Columbia Funds Series Trust is organized as a Delaware statutory trust and Columbia Funds Series Trust II is organized as a Massachusetts business trust.
Information presented in these financial statements pertains to the following series of the Trusts (each, a Fund and collectively, the Funds): Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio, each a series of Columbia Funds Series Trust, and Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio, each a series of Columbia Funds Series Trust II. Each Fund is 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, operations and risks of the Underlying Funds, please refer to the Fund's current prospectus as well as the prospectuses and shareholder reports of the Underlying Funds, which are available from the Securities and Exchange Commission's website at www.sec.gov or on the Underlying Funds' website at columbiathreadneedleus.com/investor/.
Fund shares
Each Trust may issue an unlimited number of shares (without par value) that can be allocated among the separate series as designated by the Board of Trustees.
Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Aggressive Portfolio offer each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trusts' organizational documents or by law. Different share classes pay different net investment income distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. Each share class has its own expense structure and sales charges.
Class A and Class C shares are offered to the general public for investment. Effective April 1, 2021, Class C shares automatically convert to Class A shares after 8 years. Prior to April 1, 2021, Class C shares automatically converted to Class A shares after 10 years. 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 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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Table of Contents
Notes to Financial Statements (continued)
July 31, 2021 (Unaudited)
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and asked prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Investments in the Underlying Funds (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
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.
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, in seeking 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
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Notes to Financial Statements (continued)
July 31, 2021 (Unaudited)
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 clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing 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 counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and 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 instruments' 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 for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. 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.
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
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Notes to Financial Statements (continued)
July 31, 2021 (Unaudited)
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 generally expects to earn interest income on its margin deposits. 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.
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. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. 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
Each Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and 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 transactions 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 typically 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).
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July 31, 2021 (Unaudited)
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.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Funds, including: the fair value of derivatives by risk category and the location of those fair values in the Statements of Assets and Liabilities; and the impact of derivative transactions over the period in the Statements of Operations, including realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
Columbia Capital Allocation Conservative Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2021:
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 119,571*
* 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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Notes to Financial Statements (continued)
July 31, 2021 (Unaudited)
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended July 31, 2021:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk - 101,318 101,318
Equity risk 493,796 - 493,796
Total 493,796 101,318 595,114
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk - (57,640) (57,640)
Equity risk (286,942) - (286,942)
Total (286,942) (57,640) (344,582)
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2021:
Derivative instrument Average notional
amounts ($)
Futures contracts - long 2,295,515*
Futures contracts - short 109,738*
Credit default swap contracts - sell protection 602,604**
* Based on the ending quarterly outstanding amounts for the six months ended July 31, 2021.
** Based on the ending daily outstanding amounts for the six months ended July 31, 2021.
Columbia Capital Allocation Moderate Conservative Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2021:
Liability derivatives
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) - unrealized depreciation on futures contracts 464,209*
* 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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Notes to Financial Statements (continued)
July 31, 2021 (Unaudited)
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended July 31, 2021:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk - 236,965 236,965
Equity risk 1,454,518 - 1,454,518
Interest rate risk (292,389) - (292,389)
Total 1,162,129 236,965 1,399,094
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk - (133,149) (133,149)
Equity risk (979,538) - (979,538)
Interest rate risk 214,226 - 214,226
Total (765,312) (133,149) (898,461)
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2021:
Derivative instrument Average notional
amounts ($)
Futures contracts - long 8,212,715*
Futures contracts - short 219,475*
Credit default swap contracts - sell protection 1,445,192**
* Based on the ending quarterly outstanding amounts for the six months ended July 31, 2021.
** Based on the ending daily outstanding amounts for the six months ended July 31, 2021.
Columbia Capital Allocation Moderate Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2021:
Asset derivatives
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Interest rate risk Component of total distributable earnings (loss) - unrealized appreciation on futures contracts 968,599*
Liability derivatives
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) - unrealized depreciation on futures contracts 2,736,787*
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
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Notes to Financial Statements (continued)
July 31, 2021 (Unaudited)
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended July 31, 2021:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk - 833,943 833,943
Equity risk 2,215,539 - 2,215,539
Interest rate risk (2,843,104) - (2,843,104)
Total (627,565) 833,943 206,378
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk - (606,993) (606,993)
Equity risk (2,843,545) - (2,843,545)
Interest rate risk 1,878,462 - 1,878,462
Total (965,083) (606,993) (1,572,076)
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2021:
Derivative instrument Average notional
amounts ($)
Futures contracts - long 84,842,610*
Futures contracts - short 9,671,803*
Credit default swap contracts - sell protection 2,335,055**
* Based on the ending quarterly outstanding amounts for the six months ended July 31, 2021.
** Based on the ending daily outstanding amounts for the six months ended July 31, 2021.
Columbia Capital Allocation Moderate Aggressive Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2021:
Asset derivatives
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Interest rate risk Component of total distributable earnings (loss) - unrealized appreciation on futures contracts 1,380,040*
Liability derivatives
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) - unrealized depreciation on futures contracts 4,891,227*
* 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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Notes to Financial Statements (continued)
July 31, 2021 (Unaudited)
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended July 31, 2021:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk - 1,820,372 1,820,372
Equity risk 6,401,600 - 6,401,600
Interest rate risk (3,179,561) - (3,179,561)
Total 3,222,039 1,820,372 5,042,411
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk - (1,322,415) (1,322,415)
Equity risk (6,403,629) - (6,403,629)
Interest rate risk 2,587,376 - 2,587,376
Total (3,816,253) (1,322,415) (5,138,668)
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2021:
Derivative instrument Average notional
amounts ($)
Futures contracts - long 137,925,955*
Futures contracts - short 17,963,008*
Credit default swap contracts - sell protection 3,610,846**
* Based on the ending quarterly outstanding amounts for the six months ended July 31, 2021.
** Based on the ending daily outstanding amounts for the six months ended July 31, 2021.
Columbia Capital Allocation Aggressive Portfolio
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2021:
Asset derivatives
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) - unrealized appreciation on futures contracts 1,526,988*
Liability derivatives
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) - unrealized depreciation on futures contracts 3,980,249*
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
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Notes to Financial Statements (continued)
July 31, 2021 (Unaudited)
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended July 31, 2021:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk - 1,252,581 1,252,581
Equity risk 12,480,725 - 12,480,725
Total 12,480,725 1,252,581 13,733,306
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Swap
contracts
($)
Total
($)
Credit risk - (947,794) (947,794)
Equity risk (4,587,505) - (4,587,505)
Total (4,587,505) (947,794) (5,535,299)
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended July 31, 2021:
Derivative instrument Average notional
amounts ($)
Futures contracts - long 104,781,882*
Futures contracts - short 15,275,579*
Credit default swap contracts - sell protection 2,378,275**
* Based on the ending quarterly outstanding amounts for the six months ended July 31, 2021.
** Based on the ending daily outstanding amounts for the six months ended July 31, 2021.
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 recorded on the ex-dividend date.
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.
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July 31, 2021 (Unaudited)
Expenses
General expenses of the Trusts are allocated to the Funds and other funds of the Trusts based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a Fund are charged to that Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses which are charged directly to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of a Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
For federal income tax purposes, each Fund is treated as a separate entity. The Funds intend to qualify each year as separate regulated investment companies under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of their investment company taxable income and net capital gain, if any, for their tax year, and as such will not be subject to federal income taxes. In addition, the Funds intend to distribute in each calendar year substantially all of their ordinary income, capital gain net income and certain other amounts, if any, such that the Funds should not be subject to federal excise tax. Therefore, no federal income or excise tax provisions are recorded.
Foreign taxes
The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid quarterly for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio. Distributions from net investment income, if any, are declared and paid semi-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
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Notes to Financial Statements (continued)
July 31, 2021 (Unaudited)
assets invested in non-exchange-traded third-party advised mutual funds and (iii) 0.57% on assets invested in all other securities, including other funds advised by the Investment Manager that do not pay a management services fee (or investment advisory services fee, as applicable), exchange-traded funds, derivatives and individual securities.
The annualized effective management services fee rates, based on each Fund's average daily net assets for the six months ended July 31, 2021 were as follows:
Effective management services fee rate (%)
Columbia Capital Allocation Conservative Portfolio 0.07
Columbia Capital Allocation Moderate Conservative Portfolio 0.04
Columbia Capital Allocation Moderate Portfolio 0.04
Columbia Capital Allocation Moderate Aggressive Portfolio 0.04
Columbia Capital Allocation Aggressive Portfolio 0.04
In addition to the fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of the Underlying Funds in which the Funds invest. Because the Underlying Funds have varied expense and fee levels and the Funds may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. These expenses are not reflected in the expenses shown in Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Funds as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. Each Fund's liability for these amounts is adjusted for market value changes and remains in the Funds until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Funds. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Funds in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer's total compensation is allocated to the Funds, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
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.
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Notes to Financial Statements (continued)
July 31, 2021 (Unaudited)
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
For the six months ended July 31, 2021, the Funds' annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
Fund Class A
(%)
Advisor
Class (%)
Class C
(%)
Institutional
Class (%)
Institutional 2
Class (%)
Institutional 3
Class (%)
Class R
(%)
Class V
(%)
Columbia Capital Allocation Conservative Portfolio 0.08 0.08 0.08 0.08 0.07 0.02 0.08 -
Columbia Capital Allocation Moderate Conservative Portfolio 0.08 0.08 0.08 0.08 0.06 0.02 0.08 -
Columbia Capital Allocation Moderate Portfolio 0.07 0.07 0.07 0.07 0.06 0.02 0.07 -
Columbia Capital Allocation Moderate Aggressive Portfolio 0.09 0.09 0.09 0.09 0.06 0.01 0.09 0.09
Columbia Capital Allocation Aggressive Portfolio 0.08 0.08 0.08 0.08 0.06 0.01 0.08 -
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Funds and recorded as part of expense reductions in the Statement of Operations. For the six months ended July 31, 2021, no minimum account balance fees were charged by the Funds.
Distribution and service fees
The Funds have entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Funds and providing services to investors.
Under the Plans, each Fund pays a monthly fee to the Distributor at the annual rates of up to 0.25% of each Fund's average daily net assets attributable to Class A shares, up to 1.00% of each Fund's average daily net assets attributable to Class C shares and up to 0.50% of each Fund's average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio).
For Class C shares of the Funds, of 1.00% fee, up to 0.75% is reimbursed for distribution expenses.
The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) for each Fund was approximately as follows:
Fund Class C ($)
Columbia Capital Allocation Conservative Portfolio 336,000
Columbia Capital Allocation Moderate Portfolio 1,589,000
Columbia Capital Allocation Aggressive Portfolio 2,040,000
These amounts are based on the most recent information available as of June 30, 2021, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.
Shareholder services fees
Columbia Capital Allocation Moderate Aggressive Portfolio has adopted a shareholder services plan that permits it to pay for certain services provided to Class V shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund's average daily net assets attributable to Class V shares
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Notes to Financial Statements (continued)
July 31, 2021 (Unaudited)
(comprised of up to 0.25% for shareholder services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.25% of the Fund's average daily net assets attributable to Class V shares.
Sales charges
Sales charges, including front-end and CDSCs, received by the Distributor for distributing each Fund's shares for the six months ended July 31, 2021, 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 70,396 280 N/A
Columbia Capital Allocation Moderate Conservative Portfolio 5.75 - N/A 0.50 - 1.00(a) 1.00(b) N/A 118,410 1,915 N/A
Columbia Capital Allocation Moderate Portfolio 5.75 - N/A 0.50 - 1.00(a) 1.00(b) N/A 558,205 5,424 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) 653,983 5,317 126
Columbia Capital Allocation Aggressive Portfolio 5.75 - N/A 0.50 - 1.00(a) 1.00(b) N/A 564,206 5,129 N/A
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund's other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that each Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Funds' custodian, do not exceed the following annual rate(s) as a percentage of the class' average daily net assets:
June 1, 2021 through May 31, 2022
Fund Class A
(%)
Advisor
Class (%)
Class C
(%)
Institutional
Class (%)
Institutional 2
Class (%)
Institutional 3
Class (%)
Class R
(%)
Class V
(%)
Columbia Capital Allocation Conservative Portfolio 0.54 0.29 1.29 0.29 0.28 0.23 0.79 N/A
Columbia Capital Allocation Moderate Conservative Portfolio 0.54 0.29 1.29 0.29 0.27 0.23 0.79 N/A
Columbia Capital Allocation Moderate Portfolio 0.54 0.29 1.29 0.29 0.28 0.24 0.79 N/A
Columbia Capital Allocation Moderate Aggressive Portfolio 0.51 0.26 1.26 0.26 0.23 0.18 0.76 0.51
Columbia Capital Allocation Aggressive Portfolio 0.51 0.26 1.26 0.26 0.24 0.19 0.76 N/A
Prior to June 1, 2021
Fund Class A
(%)
Advisor
Class (%)
Class C
(%)
Institutional
Class (%)
Institutional 2
Class (%)
Institutional 3
Class (%)
Class R
(%)
Class V
(%)
Columbia Capital Allocation Conservative Portfolio 0.54 0.29 1.29 0.29 0.27 0.22 0.79 N/A
Columbia Capital Allocation Moderate Conservative Portfolio 0.54 0.29 1.29 0.29 0.27 0.23 0.79 N/A
Columbia Capital Allocation Moderate Portfolio 0.47 0.22 1.22 0.22 0.21 0.17 0.72 N/A
Columbia Capital Allocation Moderate Aggressive Portfolio 0.51 0.26 1.26 0.26 0.22 0.17 0.76 0.51
Columbia Capital Allocation Aggressive Portfolio 0.51 0.26 1.26 0.26 0.24 0.20 0.76 N/A
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, costs associated
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July 31, 2021 (Unaudited)
with certain shareholder meetings, 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.
At July 31, 2021, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Fund Tax cost ($) Gross
unrealized
appreciation ($)
Gross
unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
Columbia Capital Allocation Conservative Portfolio 234,415,000 14,117,000 (120,000) 13,997,000
Columbia Capital Allocation Moderate Conservative Portfolio 493,030,000 43,529,000 (464,000) 43,065,000
Columbia Capital Allocation Moderate Portfolio 1,404,278,000 160,749,000 (2,736,000) 158,013,000
Columbia Capital Allocation Moderate Aggressive Portfolio 1,853,282,000 290,658,000 (5,962,000) 284,696,000
Columbia Capital Allocation Aggressive Portfolio 1,192,251,000 289,745,000 (4,796,000) 284,949,000
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Funds has concluded that there are no significant uncertain tax positions in the Funds that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Funds' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
For the six months ended July 31, 2021, the cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, for each Fund aggregated to:
Purchases
($)
Proceeds
from sales
($)
Columbia Capital Allocation Conservative Portfolio 21,339,343 33,762,976
Columbia Capital Allocation Moderate Conservative Portfolio 63,627,835 69,356,158
Columbia Capital Allocation Moderate Portfolio 253,439,359 257,247,637
Columbia Capital Allocation Moderate Aggressive Portfolio 312,052,147 339,787,751
Columbia Capital Allocation Aggressive Portfolio 90,076,897 145,151,642
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
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Notes to Financial Statements (continued)
July 31, 2021 (Unaudited)
value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, each Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager's relationship with each Participating Fund.
The Funds did not borrow or lend money under the Interfund Program during the six months ended July 31, 2021.
Note 8. Line of credit
Each Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., Wells Fargo Bank, 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. Pursuant to a December 1, 2020 amendment, 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 $950 million. 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, 1.25%. 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. Prior to the December 1, 2020 amendment, the Funds had 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. which permitted collective borrowings up to $1 billion. Interest was 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%.
No Fund had borrowings during the six months ended July 31, 2021.
Note 9. Significant risks
Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency or index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund's exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.
Market and environment risk
The Funds may incur losses due to declines in the value of one or more securities in which they invest. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Funds, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and
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Notes to Financial Statements (continued)
July 31, 2021 (Unaudited)
conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events - or the potential for such events - could have a significant negative impact on global economic and market conditions.
The Funds performance may also be significantly negatively impacted by the economic impact of the coronavirus disease 2019 (COVID-19) pandemic. The COVID-19 pandemic has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 - and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future - could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Funds from executing advantageous investment decisions in a timely manner and negatively impact the Funds' ability to achieve their investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Funds.
Shareholder concentration risk
At July 31, 2021, 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 - - 75.8
Columbia Capital Allocation Moderate Conservative Portfolio - - 78.3
Columbia Capital Allocation Moderate Portfolio - - 87.0
Columbia Capital Allocation Moderate Aggressive Portfolio 1 11.9 58.0
Columbia Capital Allocation Aggressive Portfolio - - 73.8
Note 10. Fund reorganization for Columbia Capital Allocation Aggressive Portfolio
At the close of business on July 10, 2020, Columbia Capital Allocation Aggressive Portfolio (the Fund) acquired the assets and assumed the identified liabilities of Columbia Global Strategic Equity Fund (the Acquired Fund), a series of Columbia Funds Series Trust. The reorganization was completed after the Board of Trustees of the Acquired Fund approved a plan of reorganization at a meeting held in February 2020. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.
The aggregate net assets of the Fund immediately before the reorganization were $686,911,997 and the combined net assets immediately after the reorganization were $1,271,442,897.
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Notes to Financial Statements (continued)
July 31, 2021 (Unaudited)
The reorganization was accomplished by a tax-free exchange of 44,911,934 shares of the Acquired Fund valued at $584,530,901 (including $27,785,496 of unrealized appreciation/(depreciation)).
In exchange for the Acquired Fund's shares, the Fund issued the following number of shares:
Shares
Class A 44,359,371
Advisor Class 551,378
Class C 2,441,471
Institutional Class 2,235,823
Institutional 2 Class 152,038
Institutional 3 Class 20,038
Class R 48,363
For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the Acquired Fund's cost of investments was carried forward.
The Fund's financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined Fund's Statement of Operations since the reorganization was completed.
Assuming the reorganization had been completed on February 1, 2020, the Fund's pro-forma results of operations for the year ended January 31, 2021 would have been approximately:
($)
Net investment income 12,706,000
Net realized gain 153,569,000
Net change in unrealized appreciation 14,982,000
Net increase in net assets from operations 181,257,000
Note 11. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 12. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Funds.
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Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management program (Program). The Program's principal objectives include assessing, managing and periodically reviewing the Fund's liquidity risk. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors' interests in the Fund.
The Board has appointed the Investment Manager as the program administrator for the Fund's Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee (the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation for the period January 1, 2020, through December 31, 2020, including:
the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;
there were no material changes to the Program during the period;
the implementation of the Program was effective to manage the Fund's liquidity risk; and
the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
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Approval of Management Agreements
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Capital Allocation Aggressive Portfolio, Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, and Columbia Capital Allocation Moderate Aggressive Portfolio (the Funds). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Funds and other funds distributed by Columbia Management Investment Distributors, Inc.
On an annual basis, the Funds' Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee in November and December 2020 and March, April and June 2021, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and a comprehensive response to requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Oversight Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.
The Board, at its June 15, 2021 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
Information on the investment performance of the Funds relative to the performance of a group of mutual funds determined to be comparable to the Funds by Broadridge, as well as performance relative to benchmarks;
Information on the Funds' management fees and total expenses, including information comparing the Funds' expenses to those of a group of comparable mutual funds, as determined by Broadridge;
The Investment Manager's agreement to contractually limit or cap total operating expenses for the Funds so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Funds' net assets;
Terms of the Management Agreement;
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Funds, including agreements with respect to the provision of transfer agency and shareholder services to the Funds;
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
The profitability to the Investment Manager and its affiliates from their relationships with the Funds; and
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Approval of Management Agreements (continued)
Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight, over the past several years, as well as planned 2021 initiatives in this regard. The Board also took into account the broad scope of services provided by the Investment Manager to the Funds, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided.
In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2020 in the performance of administrative services, and noted the various enhancements anticipated for 2021. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Funds' and their service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Funds' other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes are proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Funds under the Fund Management Agreements.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Funds under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
In this connection, the Board carefully reviewed the investment performance of the Funds, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Funds, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Funds among their comparison groups, (iv) the Funds' performance relative to peers and benchmarks and (v) the net assets of the Funds. With respect to the Columbia Capital Allocation Aggressive Portfolio, the Columbia Capital Allocation Moderate Conservative Portfolio, and the Columbia Capital Allocation Moderate Portfolio, the Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge. With respect to the Columbia Capital Allocation Conservative Portfolio, the Board observed the Fund's underperformance for certain periods, noting that appropriate steps (such as changes to the management team) had been taken or are contemplated to help improve the Fund's performance. With respect to the Columbia Capital Allocation Moderate Aggressive Portfolio, the Board observed that Fund performance was well within the range of that of peers.
The Board also reviewed a description of the third-party data provider's methodology for identifying the Funds' peer groups for purposes of performance and expense comparisons.
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Approval of Management Agreements (continued)
The Board also considered the Investment Manager's performance and reputation generally, and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Funds
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Funds' expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Funds' contribution to the Investment Manager's profitability.
The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. With respect to each Fund, the Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe's median expense ratio.
After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Funds, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Funds. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2020 the Board had considered 2019 profitability and that the 2021 information showed that the profitability generated by the Investment Manager in 2020 increased slightly from 2019 levels. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Funds should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Funds supported the continuation of the Management Agreement.
Economies of scale
The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Funds, to groups of related funds, and to the Investment Manager as a whole, and whether those economies of scale were shared with the Funds through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered that the Management Agreement provides for a fee that is already at a relatively low level that does not include pre-established breakpoints, and requires Columbia Threadneedle to provide investment advice, as well as administrative, accounting and other services to the Fund.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
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Approval of Management Agreements (continued)
On June 15, 2021, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
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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. The Funds' 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-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
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
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.
© 2021 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR124_01_L01_(09/21)

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

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

(b)Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a)The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a

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

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

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

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

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

(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/ Daniel J. Beckman

Daniel J. Beckman, President and Principal Executive Officer

Date

September 22, 2021

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/ Daniel J. Beckman

Daniel J. Beckman, President and Principal Executive Officer

Date

September 22, 2021

By (Signature and Title)

/s/ Michael G. Clarke

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

and Senior Vice President

Date

September 22, 2021

By (Signature and Title)

/s/ Joseph Beranek

Joseph Beranek, Treasurer, Chief Accounting Officer and Principal

Financial Officer

Date

September 22, 2021