Columbia Capital Allocation Conservative Portfolio

[Pages:2]Q1 | MARCH 31, 2023

COLUMBIA CAPITAL ALLOCATION CONSERVATIVE PORTFOLIO

Overview

Target the highest level of total return consistent with a conservative level of risk by investing in a diversified strategy.

Delivers global multi-asset diversification

Achieves meaningful diversification via exposure to a variety of global asset classes

Offers multiple drivers of return

Seeks to maximize the potential of carefully selected managers that have deep experience in bottom-up security analysis

Enhances risk/return potential

Aims to improve the risk/return profile over a full market cycle by making ongoing tactical adjustments to strategic allocation

Share Class Symbol

A ABDAX

Advisor CPCYX

Morningstar Percentile Rankings

Category: Allocation -- 15% to 30% Equity

1-year 3-year 5-year 10-year

Class Inst (%)

72

66

70

53

Class A (%)

77

69

80

62

Total Funds 138

127

125

85

Morningstar Rankings are based on annualized total returns (1 being most favorable and 100 being least).

Expense Ratio*

Class A Class Adv Class C Class Inst Class Inst 2 Class Inst 3 Class R

Net

Gross

0.92

0.92

0.67

0.67

1.67

1.67

0.67

0.67

0.66

0.66

0.60

0.60

1.17

1.17

C RPCCX

Institutional CBVZX

Institutional 2 CPAOX

Institutional 3 CPDHX

Average Annual Total Returns (%)

Inception Date

Without sales charges

Class Inst1

09/27/10

Class A

03/04/04

Class C

03/04/04

Class Inst 31

06/13/13

Capital Allocation Conservative Blended Benchmark

Bloomberg US Aggregate Bond Index

Russell 3000 Index

Morningstar category: Allocation -- 15% to 30% Equity

With sales charge

Class A

Class C

YTD (cum.)

4.11 3.92 3.75 4.04 3.72

2.96 7.18 2.85

-0.99 2.75

1-year

-5.53 -5.88 -6.52 -5.52 -4.16

-4.78 -8.58 -4.41

-10.38 -7.42

Calendar-Year Total Returns (%)

R CBVRX

3-year 5-year

2.09 1.77 1.83 1.49 1.08 0.75 2.14 1.83 1.89 2.83

-2.77 18.48

2.91

0.91 10.45

2.00

0.19 0.50 1.08 0.75

10-year

2.67 2.40 1.64 2.73 3.29

1.36 11.73

2.61

1.90 1.64

Since Inception

3.72 3.55 2.78 3.72

--

-- -- --

3.28 2.78

16

12

8

4

0

-4

-8

-12

-16

2022

2021

2020

Calendar-Year Total Returns (%)

Class Inst

Capital Allocation Conservative Blended Benchmark

Morningstar category: Allocation -- 15% to 30% Equity

2022 -14.35 -12.37 -10.84

2019 2021 4.00 3.32 5.04

2020 8.44 9.29 7.29

2018 2019 2018 10.87 -3.15 12.19 -1.24 11.20 -3.14

Performance data shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. With sales charge performance is calculated with max sales charge of 4.75% for the A share and 1.00% CDSC for the C share. Please visit for performance data current to the most recent month end. Class Adv, Inst, Inst 2, Inst 3 and R shares are sold at net asset value and have limited eligibility. Columbia Management Investment Distributors, Inc. offers multiple share classes, not all available through all firms, and the share class ratings may vary. Contact us for details. 1 The returns shown for periods prior to the share class inception date (including returns since inception, which are since fund inception) include the returns of the fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. For more information please visit: investor/ investment-products/mutual-funds/appended-performance. * The fund's expense ratio is from the most recent prospectus. Not all products and share classes are available through all firms. Returns shown assume reinvestment of distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus or a summary prospectus, which contains this and other important information about the funds, visit . Read the prospectus carefully before investing.

Not FDIC or NCUA Insured No Financial Institution Guarantee May Lose Value Columbia Management Investment Distributors, Inc. 800.426.3750 |

Q1 | MARCH 31, 2023

COLUMBIA CAPITAL ALLOCATION CONSERVATIVE PORTFOLIO

Investment Objective

The fund is designed for investors seeking the highest level of total return that is consistent with a conservative level of risk.

Fund Information

Fund inception

03/04/04

Fiscal year end

01/31/24

Total net assets (all classes, $m)

187

Number of holdings

2,041

Turnover rate (1-year, %)

11

Market cap (weighted median, $b)

82

Wtd avg P/E ratio, trailing

16.6

Price/book ratio (weighted average)

2.22

Standard deviation (3 year)

8.10

Standard deviation, blended benchmark (3 year)

7.43

Sharpe ratio (3 year)

0.18

Net Market Exposure (%)

Portfolio Weight

Domestic Bonds

69.1

Domestic Stock

15.5

Cash and Cash Equivalents

11.1

Foreign Stock

4.9

Foreign Bonds

-0.5

Net market exposure reflects the market value of securities and notional exposures of derivatives contracts. An instrument's notional exposure is the nominal or face amount that is used to calculate payments made on that instrument. Notional exposures help to provide a gauge for how the fund may behave given changes in individual markets.

Portfolio Management

Dan Boncarosky, CFA Thomas Nakamura

15 years of experience 12 years of experience

Credit Ratings (% fixed income assets)

Treasury

2.0

Agency

24.7

AAA

0.4

AA

3.7

A

13.8

BBB

23.2

BB

9.4

B

8.9

CCC

2.2

Not Rated

2.2

Cash and Cash Equivalents

9.2

Top Underlying Funds (% net assets)

Columbia Bond Fund

19.9

Columbia Corporate Income Fund

18.8

Columbia U.S. Treasury Index Fund

13.9

Columbia Quality Income Fund

12.4

Columbia High Yield Bond Fund

5.7

Columbia Contrarian Core Fund

4.7

Columbia Disciplined Core Fund

4.7

Columbia Select Large Cap Equity Fund

4.7

Columbia Overseas Core Fund

4.6

Columbia Emerging Markets Bond Fund

1.4

Percentages may not add up to 100 due to rounding. Future purchases of securities are shown as negative when covered by short-term cash commitments.

Investment risks -- Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The fund's investment in other funds subjects it to the investment performance (positive or negative), risks and expenses of these underlying funds. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer term securities. Foreign investments subject the fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investing in derivatives is a specialized activity that involves special risks that subject the fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in fund value. Asset allocation does not assure a profit or protect against loss.

Standard deviation is a statistical measure of the degree to which an individual value in a probability distribution tends to vary from the mean of the distribution. Price-to-book ratio is a stock's price divided by its book value, and may help determine if it is valued fairly. Price-to-earnings ratio is a stock's price divided by after-tax earnings over a trailing 12-month period, which serves as an indicator of value based on earnings. Sharpe ratio divides a fund's gross return (excluding fees and expenses) in excess of the 90-day Treasury bill by the investment's standard deviation to measure risk-adjusted performance.

Third-party rating agencies provide bond ratings ranging from AAA (highest) to D (lowest). When three ratings are available from Moody's, S&P and Fitch, the middle rating is used. When two are available, the lower rating is used. If only one is available, that rating is used. If a security is Not Rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be Not Rated. Bonds with no third-party rating are designated as Not Rated. Investments are primarily based on internal proprietary research and ratings assigned by our fixed income investment analysts. Therefore, securities designated as Not Rated do not necessarily indicate low credit quality, and for such securities the investment adviser evaluates the credit quality. Holdings of the portfolio other than bonds are categorized under Other. Credit ratings are subjective opinions of the credit rating agency and not statements of fact and may become stale or subject to change. ?2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar Percentile Rankings are based on the average annual total returns of the funds in the category for the periods stated. They do not include sales charges or redemption fees but do include operating expenses and the reinvestment of dividends and capital gains distributions. Share class rankings vary due to different expenses. If sales charges or redemption fees were included, total returns would be lower. The Capital Allocation Conservative Blended Benchmark is a weighted custom composite consisting of 66% Bloomberg U.S. Aggregate Bond Index, 15% Russell 3000 Index, 10% FTSE 3-Month T-Bill Index, 5% MSCI EAFE Index (unhedged net) and 4% Bloomberg High Yield Corporate Bond Index. The FTSE 3-Month T-Bill Index an unmanaged index, represents the performance of three-month Treasury bills. The MSCI EAFE Index is a capitalization-weighted index that tracks the total return of common stocks in 21 developed-market countries within Europe, Australia and the Far East. The Bloomberg High Yield Corporate Bond Index is a market value-weighted index which covers the U.S. non-investment grade fixed-rate debt market. The Bloomberg U.S. Aggregate Bond Index is a market-value-weighted index tracking the daily price, coupon, pay-downs and total return performance of fixed-rate, publicly placed, dollar-denominated and non-convertible investment-grade debt issues with at least $250 million par amount outstanding and at least one year to final maturity. The Russell 3000 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. It is not possible to invest directly in an index.

Source for Bloomberg data: "BLOOMBERG?" is a trademark and service mark of Bloomberg Finance L.P. and its affiliates. Source for FTSE/Russell data: London Stock Exchange Group plc and its undertakings (collectively, the "LSE Group"). These indices have been licensed for use by Columbia Threadneedle Investments. The fund is

not sponsored, endorsed, sold or promoted by Bloomberg or FTSE/Russell and Bloomberg or FTSE/Russell make no representation regarding the advisability of investing in the fund. For more complete information about Bloomberg or FTSE/Russell:

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to

make any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made

of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular

pFuurpnodse)hwoitlhdriensgpesctatorethiassinfoorfmtahtieon.dWaittheougtilvimeitnin,gsaunybojfetchet ftooregcohinag,ningenoaevteantnsyhatllimanyeM, SaCnIdPanrtyohtavreecanoymliambilietynfodraantiyodnasmatgoesb. uy or sell any security. Top holdings include cash but exclude short-term holdings, if applicable.

In addition to the total annual operating expenses that the fund bears directly, fund shareholders indirectly bear the expenses of the acquired funds in which the fund invests. The expense ratio shown represents the sum of the fund's

operating expenses plus the acquired fund's fees and expenses, based on its allocations in the acquired funds.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

FST32189 CR 1Q23

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