Columbia Funds Series Trust NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-09645

Columbia Funds Series Trust
(Exact name of registrant as specified in charter)

225 Franklin Street, Boston, Massachusetts					02110
(Address of principal executive offices)					(Zip code)

Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474
(Name and address of agent for service)

Registrant’s telephone number, including area code:				1-612-671-1947

Date of fiscal year end:	February 28

Date of reporting period:		February 28, 2011

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Columbia Overseas Value Fund

Annual Report for the Period Ended February 28, 2011

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Fund Profile					1

Economic Update					2

Performance Information					4

Understanding Your Expenses					5

Portfolio Manager's Report					6

Investment Portfolio					8

Statement of Assets and Liabilities					13

Statement of Operations					14

Statement of Changes in Net Assets					15

Financial Highlights					17

Notes to Financial Statements					18

Report of Independent Registered Public Accounting Firm					27

Federal Income Tax Information					28

Fund Governance					29

Shareholder Meeting Results					33

Important Information About This Report					37

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Fund. References to specific securities should not be construed as a recommendation or investment advice.

President's Message

Dear Shareholder:

The Columbia Management story began over 100 years ago, and today, we are one of the nation's largest dedicated asset managers. The recent acquisition by Ameriprise Financial, Inc. brings together the talents, resources and capabilities of Columbia Management with those of RiverSource Investments, Threadneedle (acquired by Ameriprise in 2003) and Seligman Investments (acquired by Ameriprise in 2008) to build a best-in-class asset management business that we believe is truly greater than its parts.

RiverSource Investments traces its roots to 1894 when its then newly-founded predecessor, Investors Syndicate, offered a face-amount savings certificate that gave small investors the opportunity to build a safe and secure fund for retirement, education or other special needs. A mutual fund pioneer, Investors Syndicate launched Investors Mutual Fund in 1940. In the decades that followed, its mutual fund products and services lineup grew to include a full spectrum of styles and specialties. More than 110 years later, RiverSource continues to be a trusted financial products leader.

Threadneedle, a leader in global asset management and one of Europe's largest asset managers, offers sophisticated international experience from a dedicated U.K. management team. Headquartered in London, it is named for Threadneedle Street in the heart of the city's financial district, where British investors pioneered international and global investing. Threadneedle was acquired in 2003 and today operates as an affiliate of Columbia Management.

Seligman Investments' beginnings date back to the establishment of the investment firm J. & W. Seligman & Co. in 1864. In the years that followed, Seligman played a major role in the geographical expansion and industrial development of the United States. In 1874, President Ulysses S. Grant named Seligman as fiscal agent for the U.S. Navy—an appointment that would last through World War I. Seligman helped finance the westward path of the railroads and the building of the Panama Canal. The firm organized its first investment company in 1929 and began managing its first mutual fund in 1930. In 2008, J. & W. Seligman & Co. Incorporated was acquired and Seligman Investments became an offering brand of RiverSource Investments, LLC.

We are proud of the rich and distinctive history of these firms, the strength and breadth of products and services they offer, and the combined cultures of pioneering spirit and forward thinking. Together we are committed to providing more for our shareholders than ever before.

> A singular focus on our shareholders
Our business is asset management, so investors are our first priority. We dedicate our resources to identifying timely investment opportunities and provide a comprehensive choice of equity, fixed-income and alternative investments to help meet your individual needs.

> First-class research and thought leadership
We are dedicated to helping you take advantage of today's opportunities and anticipate tomorrow's. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

> A disciplined investment approach
We aren't distracted by passing fads. Our teams adhere to a rigorous investment process that helps ensure the integrity of our products and enables you and your financial advisor to match our solutions to your objectives with confidence.

When you choose Columbia Management, you can be confident that we will take the time to understand your needs and help you and your financial advisor identify the solutions that are right for you. Because at Columbia Management, we don't consider ourselves successful unless you are.

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about the funds, visit www.columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Fund Profile – Columbia Overseas Value Fund

Summary

^g For the 12-month period that ended February 28, 2011, the fund's Class Z shares returned 17.06%.

^g The fund trailed its benchmark, the MSCI EAFE Value Index (Net)¹, which returned 18.55%. Its return also lagged the 21.24% average return of the funds in its peer group, the Lipper International Multi-Cap Value Funds Classification.²

^g Stock selection, especially a focus on more defensive companies in the consumer discretionary sector, held back performance despite strong results from holdings in the financials sector.

Portfolio Management

Fred Copper has managed the fund since 2010. From 2008 until joining Columbia Management Investment Advisers, LLC in May 2010, Mr. Copper was associated with the fund's previous investment adviser as an investment professional.

¹The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Value Index (Net) is a subset of the MSCI EAFE Index, and constituents of the index include securities from Europe, Australasia and the Far East. The index generally represents approximately 50% of the free float-adjusted market capitalization of the underlying MSCI EAFE Index, and consists of those securities classified by Morgan Stanley Capital International, Inc. (MSCI) as most representing the value style, such as higher book value-to-price ratios, higher forward earnings-to-price ratios, higher dividend yields and lower forecasted growth rates than securities representing the growth style.

²Lipper Inc., a widely respected data provider in the industry, calculates an average total return (assuming reinvestment of distributions) for mutual funds with investment objectives similar to those of the fund. Lipper makes no adjustment for the effect of sales loads.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the fund may not match those in an index.

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Please visit www.columbiamanagement.com for daily and most recent month-end performance updates.

Summary

1-year return as of 02/28/11

				+17.06%

				Class Z shares (without sales charge)

				+18.55%

				MSCI EAFE Value Index (Net)

Morningstar Style Box^TM

The Morningstar Style Box^TM is based on the fund's portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend or growth). Information shown is based on the most recent data provided by Morningstar.

© 2011 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.

Economic Update – Columbia Overseas Value Fund

Summary

For the 12-month period that ended February 28, 2011

^g Despite intermittent volatility, stock markets around the world gained ground, as measured by the S&P 500 Index, the MSCI EAFE Index (Net) and the MSCI Emerging Markets Index (Net).

S&P Index				MSCI EAFE Index



MSCI EM Index

As the world shed concerns that key economies might lapse back into recession, the World Bank reported that global gross domestic product (GDP) rose 3.9% in 2010. The improvement over 2009 was more notable in high-income developed economies than in emerging-market countries, which had less ground to make up. Emerging market countries expanded by an estimated 7%, contributing nearly half of all global growth in 2010. This two-speed global recovery is likely to result in slower growth in 2011, but global growth should remain solid at 3.3% to 3.6%¹—higher in emerging market economies, led by China and India.

Robust expansion in the Asia Pacific region

Asian Pacific economies led the global economy in 2010 and are poised to continue in that role. Exports from markets such as Singapore and South Korea have been solid and domestic demand continues to strengthen. Labor markets are healthy, income is rising and confidence runs high across the region. Higher oil prices pose a downside risk to the current expansion, because it could erode demand for Asian exports and increase the risk of inflation. However, if growth exceeds expectations in the United States or Europe, the picture gets even better for Asia.

Austerity measures weigh on Europe

Growth in the developed world was hampered by a debt crisis in Europe's weakest nations. However, the European Union took steps to manage debt restructuring in an orderly fashion and fear subsided—at least for now. In addition, austerity measures were introduced in Greece, Ireland, Portugal and Spain. Public employment and government spending were cut back sharply. Layoffs and pay cuts have been met with resistance, but their necessity is hard to dispute.

Inflation a growing worry

As demand picked up and commodity prices began to rise across the globe, inflation has become a growing worry in both fast-growing emerging markets and slower-growth developed countries. In developed market economies, inflation is generally an external force, resulting from higher commodity prices, especially for food and energy. In emerging markets, excess demand is driving inflation concerns and policymakers have begun to shift their focus from stimulating growth to taming inflation. However, rising food prices are also a problem in Asia since food accounts for a greater percentage of household budgets than it does in more developed areas of the world.

Stocks stall, then pick up steam

¹World Bank estimate, January 12, 2011.

²The Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

³The Morgan Stanley Capital International Europe, Australasia, Far East (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. & Canada. As of May 27, 2010, the MSCI EAFE Index (Net) consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

Economic Update (continued) – Columbia Overseas Value Fund

dollars) for the period. The MSCI Emerging Markets Index (Net)⁴ returned 20.91% (in U.S. dollars), led by strong performances from European and Eastern European markets. Rising inflation pressures and tighter monetary policy late in the 12-month period tempered returns.

Past performance is no guarantee of future results.

⁴The Morgan Stanley Capital International Emerging Markets (MSCI EM) Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of May 27, 2010, the MSCI EM Index (Net) consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

Performance Information – Columbia Overseas Value Fund

Performance data quoted represents past performance and current performance may be lower or higher. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Please visit www.columbiamanagement.com for daily and most recent month-end performance updates.

Performance of a $10,000 investment 03/31/08 – 02/28/11

The chart above shows the change in value of a hypothetical $10,000 investment in Class Z shares of Columbia Overseas Value Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Performance of a $10,000 investment 03/31/08 – 02/28/11 ($)

Sales charge				without				with
Class Z					8,868				n/a

Average annual total return as of 02/28/11 (%)

Share class	Z
Inception	03/31/08
Sales charge	without
1-year		17.06
Life		–4.04

The Fund commenced operations on March 31, 2008. The returns shown do not reflect any sales charges and have not been adjusted to reflect differences in expenses. if differences in expenses were reflected, the return shown would have been lower.

All results shown assume reinvestment of distributions. Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class Z shares have limited eligibility and the investment minimum requirements may vary. 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 class.

Performance results reflect any fee waivers or reimbursements of fund expenses by the Investment Manager and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The tables do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Understanding Your Expenses – Columbia Overseas Value Fund

As a fund shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees or exchange fees. There are also ongoing costs, which generally include investment advisory fees, distribution and service (Rule 12b-1) fees and other fund expenses. The information on this page is intended to help you understand the ongoing costs of investing in the fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing your fund's expenses by share class

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in each share class during the period. The information in the following table is based on an initial investment of $1,000, which is invested at the beginning of the period 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. The amount listed in the "Hypothetical" column for each share class assumes that the return each year is 5% before expenses and is calculated based on the fund's actual operating expenses. 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 this period.

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 5% 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 and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees.

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

^g For shareholders who receive their account statements from Columbia Management Investment Services Corp., your account balance is available online at www.columbiamanagement.com or by calling Shareholder Services at 800.345.6611.

^g For shareholders who receive their account statements from their financial intermediary, contact your financial intermediary to obtain your account balance.

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

2. In the section of the table below titled "Expenses paid during the period," locate the amount for your share class. You will find this number in the column labeled "Actual." Multiply this number by the result from step 1. Your answer is an estimate of the expenses you paid on your account during the period.

If the value of your account falls below the minimum initial investment requirement applicable to you, your account may be subject to a $20 annual fee. This fee is not included in the accompanying table. If you are subject to the fee, keep it in mind when you are estimating the ongoing expenses of investing in the fund and when comparing the expenses of this fund with other funds.

09/01/10 – 02/28/11

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 (%)

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Actual

Class Z

1,000.00

1,216.10

1,019.09

6.32

5.76

1.15

Expenses paid during the period are equal to the annualized expense ratio for the share class, multiplied by the average account value over the period, then multiplied by the number of days in the fund's most recent fiscal half-year and divided by 365.

Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

It is important to note that the expense amounts shown in the table are meant to highlight only ongoing costs of investing in the fund and do not reflect any transaction costs, such as sales charges, redemption fees or exchange fees. Therefore, the hypothetical examples provided may not help you determine the relative total costs of owning shares of different funds. If these transaction costs were included, your costs would have been higher.

Portfolio Manager's Report – Columbia Overseas Value Fund

Net asset value per share

as of 02/28/11 ($)

Class Z

8.00

Distributions declared per share

03/01/10 – 02/28/11 ($)

Class Z

0.15

For the 12-month period that ended February 28, 2011, the fund's Class Z shares returned 17.06%. The fund's results trailed the MSCI EAFE Value Index (Net), which returned 18.55% over the same period. The average return for funds in its peer group, the Lipper International Multi-Cap Value Funds Classification, was 21.24%. Stock selection, especially in the consumer discretionary sector, generally accounted for the fund's shortfall against its benchmark and competing funds. Disappointing results from defensive consumer stocks offset strong returns from financials and from the fund's holdings in Japan.

Global recovery lifted cyclical stocks in foreign markets

We positioned the fund to take advantage of a continued rebound in the world economy, and a strong rally in international equity markets over most of the period contributed to healthy returns. However, the fund's emphasis on defensive consumer discretionary stocks held back performance relative to the index. The fund had less exposure than the index to consumer companies that were closely tied to the economy, which were strong performers as the global economy recovered and consumer demand improved. Some of the fund's consumer holdings also experienced company-specific problems. Game Group of the United Kingdom and Altek of Taiwan (0.5% and 0.6% of net assets, respectively) were two examples. A retailer of video game software, Game Group felt the effects of competition from increased on-line downloading of video games. The absence of new game hardware platforms, which typically drive software sales for video games, also hurt. Meanwhile, Altek, a camera manufacturer, was hurt by higher lens prices, which cut into profit margins. Outside the consumer group, a notable disappointment was AWE (0.5% of net assets). This Australian oil exploration and production company experienced a setback in its oil exploration program.

Financials holdings supported results

Two British financials selections posted standout results. Intermediate Capital (1.0% of net assets), a non-bank corporate lending firm, benefited from the reluctance of many banks with their own balance sheet problems to make new commercial loans. Intermediate Capital was able to provide loans on favorable terms to corporations with good credit. Brit Insurance Holdings, a property-and-casualty insurer, was acquired by a private equity firm at a premium stock price. Another takeover target that supported performance was Demag Cranes, a German industrial crane manufacturer that already did well because of increased shipping activity at the world's major ports. Demag Cranes' share price was lifted further by its acquisition. Good stock selection in Japan also helped lift results. Two strong performers were Miraca Holdings and Daiichikosho (0.8% and 1.3% of net assets, respectively). Miraca provides diagnostic testing services for the health care industry, while Daiichikosho produces a popular line of karaoke equipment.

Despite challenges, foreign equity outlook remains good

We believe the global economy should continue to recover and provide good investment opportunities in foreign equity markets, especially in developed economies where short-term interest rates remain low. We think stocks offer attractive value relative to other asset classes, especially low-yielding fixed-income investments.

Portfolio Manager's Report (continued) – Columbia Overseas Value Fund

Notwithstanding this optimism, there are concerns that can unsettle the markets. Political unrest in the Middle East already has had a direct impact on world markets by pushing up the price of oil. If popular unrest spreads beyond the Middle East, it could create even more uncertainty in the capital markets. On a separate note, equity investors remain unpersuaded that peripheral European nations, such as Greece, are on track to resolve their debt problems, even after receiving assistance from the European Union and the International Monetary Fund. Another European debt crisis remains a possibility.

Despite these uncertainties, we believe the current global economic recovery is sustainable, providing the potential backdrop for further gains both in corporate profits and stock prices. Given this view, we would consider any market weakness caused by Middle Eastern political unrest or European credit problems as an opportunity to buy attractive stocks at favorable prices.

Portfolio characteristics and holdings are subject to change periodically and may not be representative of current characteristics and holdings. The outlook for the fund may differ from those presented for other Columbia Funds.

Equity securities are affected by stock market fluctuations that occur in response to economic and business developments.

International investing may involve certain risks, including currency fluctuations, risks associated with possible differences in financial accounting standards and other monetary and political risks. Significant levels of foreign taxes, including potentially confiscatory levels of taxation and withholding taxes, may also apply to some foreign investments.

Investing in emerging markets may involve greater risks than investing in more developed countries. In addition, concentration of investments in a single region may result in greater volatility.

Value stocks are securities of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor. If the manager's assessment of a company's prospects is wrong, the price of the company's stock may not approach the value the manager has placed on it.

Top 5 sectors

as of 02/28/11 (%)

Financials					32.4
Energy					13.1
Health Care					9.6
Consumer Discretionary					9.3
Telecommunication Services					9.2

Top 10 holdings

as of 02/28/11 (%)

Total					3.4
Royal Dutch Shell					3.3
Banco Santander					2.7
Australia & New Zealand Banking Group					2.0
Vodafone Group					2.0
Sumitomo Mitsui Financial Group					2.0
BP					2.0
Zurich Financial Services AG					2.0
Sanofi-Aventis					1.9
Enel					1.7

The fund is actively managed and the composition of its portfolio will change over time. Information provided is calculated as a percentage of net assets.

Investment Portfolio – Columbia Overseas Value Fund

February 28, 2011

Common Stocks – 100.6%
	Shares		Value ($)
Consumer Discretionary – 9.3%
Auto Components – 1.1%
Exedy Corp.		1,300		43,087
Kongsberg Automotive Holding ASA (a)		66,318		51,513
Auto Components Total				94,600
Automobiles – 3.4%
Fuji Heavy Industries Ltd.		9,000		77,554
Nissan Motor Co., Ltd.		6,300		64,733
Proton Holdings Bhd		28,100		35,642
Toyota Motor Corp.		2,600		121,491
Automobiles Total				299,420
Household Durables – 0.5%
Arnest One Corp.		3,300		41,732
Household Durables Total				41,732
Internet & Catalog Retail – 0.9%
Hyundai Home Shopping Network Corp.		952		78,888
Internet & Catalog Retail Total				78,888
Leisure Equipment & Products – 0.6%
Altek Corp.		38,767		52,958
Leisure Equipment & Products Total				52,958
Media – 1.3%
Daiichikosho Co., Ltd.		5,800		113,152
Media Total				113,152
Specialty Retail – 1.0%
Game Group PLC		45,453		45,073
Halfords Group PLC		6,584		41,475
Specialty Retail Total				86,548
Textiles, Apparel & Luxury Goods – 0.5%
LG Fashion Corp.		1,610		40,222
Textiles, Apparel & Luxury Goods Total				40,222
Consumer Discretionary Total				807,520
Consumer Staples – 2.6%
Beverages – 0.8%
Cott Corp. (a)		8,794		73,518
Beverages Total				73,518
Food & Staples Retailing – 1.3%
Koninklijke Ahold NV		4,977		66,812
Matsumotokiyoshi Holdings Co., Ltd.		1,900		42,656
Food & Staples Retailing Total				109,468

	Shares		Value ($)
Food Products – 0.5%
Balrampur Chini Mills Ltd. (a)		26,485		38,892
Food Products Total				38,892
Consumer Staples Total				221,878
Energy – 13.1%
Energy Equipment & Services – 1.5%
Electromagnetic GeoServices AS (a)		30,033		59,527
Shinko Plantech Co., Ltd.		6,300		67,646
Energy Equipment & Services Total				127,173
Oil, Gas & Consumable Fuels – 11.6%
AWE Ltd. (a)		23,520		39,771
BP PLC		21,266		171,023
ENI SpA		3,814		92,999
Rosneft Oil Co., GDR		9,416		88,887
Royal Dutch Shell PLC, Class B		8,031		287,027
Total SA		4,745		290,791
Yanzhou Coal Mining Co., Ltd., Class H		13,400		40,257
Oil, Gas & Consumable Fuels Total				1,010,755
Energy Total				1,137,928
Financials – 32.4%
Capital Markets – 4.6%
Credit Suisse Group AG, Registered Shares		2,047		94,694
Deutsche Bank AG, Registered Shares		1,666		107,087
ICAP PLC		9,188		77,744
Intermediate Capital Group PLC		15,937		83,268
Tokai Tokyo Financial Holdings, Inc.		11,000		40,799
Capital Markets Total				403,592
Commercial Banks – 13.3%
Australia & New Zealand Banking Group Ltd.		7,065		174,614
Banco Bilbao Vizcaya Argentaria SA		6,651		82,107
Banco Santander SA		18,752		231,209
Bangkok Bank PCL, Foreign Registered Shares		10,400		54,661
BNP Paribas		1,914		149,440
Commonwealth Bank of Australia		1,781		96,811
Mitsubishi UFJ Financial Group, Inc.		11,500		63,882
National Bank of Canada		768		59,176
Sumitomo Mitsui Financial Group, Inc.		4,600		174,072
Turkiye Is Bankasi, Class C		12,068		37,591
UCO Bank		15,506		33,753
Commercial Banks Total				1,157,316

See Accompanying Notes to Financial Statements.

Columbia Overseas Value Fund

February 28, 2011

Common Stocks (continued)
	Shares		Value ($)
Diversified Financial Services – 2.4%
Fuyo General Lease Co., Ltd.		2,200		82,034
ING Groep NV (a)		9,747		122,224
Diversified Financial Services Total				204,258
Insurance – 7.8%
Allianz SE, Registered Shares		818		117,847
Baloise Holding AG, Registered Shares		910		98,336
Hartford Financial Services Group, Inc.		1,994		59,022
Lancashire Holdings Ltd.		4,658		45,471
Muenchener Rueckversicherungs- Gesellschaft AG, Registered Shares		565		94,301
Sampo Oyj, Class A		3,149		97,469
Zurich Financial Services AG, Registered Shares		583		169,234
Insurance Total				681,680
Real Estate Investment Trusts (REITs) – 1.6%
Japan Retail Fund Investment Corp.		52		89,502
Wereldhave NV		461		46,815
Real Estate Investment Trusts (REITs) Total				136,317
Real Estate Management & Development – 2.7%
Cheung Kong Holdings Ltd.		5,500		86,065
Hongkong Land Holdings Ltd.		11,000		75,652
Huaku Development Co., Ltd.		11,000		32,782
Sinolink Worldwide Holdings Ltd.		344,000		42,125
Real Estate Management & Development Total				236,624
Financials Total				2,819,787
Health Care – 9.6%
Biotechnology – 0.7%
Celgene Corp. (a)		1,178		62,552
Biotechnology Total				62,552
Health Care Providers & Services – 0.8%
Miraca Holdings, Inc.		1,800		69,640
Health Care Providers & Services Total				69,640
Pharmaceuticals – 8.1%
AstraZeneca PLC		2,936		142,996
GlaxoSmithKline PLC		6,016		115,501
Jazz Pharmaceuticals, Inc. (a)		1,507		37,117
Novartis AG, Registered Shares		1,777		99,647
Recordati SpA		8,298		77,579
Sanofi-Aventis SA		2,345		161,799
Santen Pharmaceutical Co., Ltd.		1,700		66,500
Pharmaceuticals Total				701,139
Health Care Total				833,331

	Shares		Value ($)
Industrials – 7.9%
Airlines – 0.3%
Turk Hava Yollari A.O. (a)		9,119		25,553
Airlines Total				25,553
Commercial Services & Supplies – 0.8%
Aeon Delight Co., Ltd.		3,800		70,147
Commercial Services & Supplies Total				70,147
Construction & Engineering – 1.3%
KHD Humboldt Wedag International AG		3,458		37,893
Macmahon Holdings Ltd.		125,790		74,383
Construction & Engineering Total				112,276
Industrial Conglomerates – 1.7%
DCC PLC		2,831		90,829
Tyco International Ltd.		1,155		52,368
Industrial Conglomerates Total				143,197
Professional Services – 0.7%
Teleperformance		1,642		62,357
Professional Services Total				62,357
Trading Companies & Distributors – 3.1%
ITOCHU Corp.		7,300		75,913
Kloeckner & Co., SE (a)		2,535		82,382
Mitsui & Co., Ltd.		6,200		113,336
Trading Companies & Distributors Total				271,631
Industrials Total				685,161
Information Technology – 4.9%
Electronic Equipment, Instruments & Components – 2.1%
FUJIFILM Holdings Corp.		1,400		49,291
Hitachi Ltd.		13,000		79,123
Venture Corp., Ltd.		8,000		59,509
Electronic Equipment, Instruments & Components Total				187,923
IT Services – 0.7%
Groupe Steria SCA		1,935		61,041
IT Services Total				61,041
Office Electronics – 0.8%
Canon, Inc.		1,400		67,703
Office Electronics Total				67,703

See Accompanying Notes to Financial Statements.

Columbia Overseas Value Fund

February 28, 2011

Common Stocks (continued)
	Shares		Value ($)
Semiconductors & Semiconductor Equipment – 1.3%
Hanwha SolarOne Co., Ltd., ADR (a)		4,564		39,022
Macronix International		100,267		73,285
Semiconductors & Semiconductor Equipment Total				112,307
Information Technology Total				428,974
Materials – 5.4%
Chemicals – 2.2%
BASF SE		895		74,424
Clariant AG, Registered Shares (a)		2,595		42,789
Kansai Paint Co., Ltd.		8,000		76,208
Chemicals Total				193,421
Containers & Packaging – 0.8%
Smurfit Kappa Group PLC (a)		5,596		69,500
Containers & Packaging Total				69,500
Metals & Mining – 1.5%
Eastern Platinum Ltd. (a)		24,000		38,042
First Quantum Minerals Ltd.		482		62,759
Kobe Steel Ltd.		11,000		30,107
Metals & Mining Total				130,908
Paper & Forest Products – 0.9%
Svenska Cellulosa AB, Class B		4,621		76,389
Paper & Forest Products Total				76,389
Materials Total				470,218
Telecommunication Services – 9.2%
Diversified Telecommunication Services – 4.4%
BCE, Inc.		2,438		90,389
Tele2 AB, Class B		4,184		95,457
Telefonica SA		4,194		106,490
Telenor ASA		5,632		93,377
Diversified Telecommunication Services Total				385,713
Wireless Telecommunication Services – 4.8%
Advanced Info Service PCL, Foreign Registered Shares		15,000		39,002
Freenet AG		7,353		84,827
Softbank Corp.		1,300		53,448
Vivo Participacoes SA, ADR		1,687		62,099
Vodafone Group PLC		61,548		174,397
Wireless Telecommunication Services Total				413,773
Telecommunication Services Total				799,486

	Shares		Value ($)
Utilities – 6.2%
Electric Utilities – 2.9%
Enel SpA		25,316		150,848
Fortum Oyj		3,090		95,728
Electric Utilities Total				246,576
Independent Power Producers & Energy Traders – 0.4%
Energy Development Corp.		276,000		35,627
Independent Power Producers & Energy Traders Total				35,627
Multi-Utilities – 2.4%
AGL Energy Ltd.		3,570		52,962
Centrica PLC		14,977		82,806
RWE AG		1,091		73,635
Multi-Utilities Total				209,403
Water Utilities – 0.5%
Cia de Saneamento Basico do Estado de Sao Paulo		1,800		44,108
Water Utilities Total				44,108
Utilities Total				535,714
Total Common Stocks (cost of $7,884,520)				8,739,997
Total Investments – 100.6% (cost of $7,884,520) (b)				8,739,997
Other Assets & Liabilities, Net – (0.6)%				(49,850	)
Net Assets – 100.0%				8,690,147

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $7,995,076.

Generally accepted accounting principles (GAAP) require 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.

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 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.

See Accompanying Notes to Financial Statements.

Columbia Overseas Value Fund

February 28, 2011

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 (including NAV for open-end mutual funds). 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. Non-U.S. equity securities actively traded in foreign markets may be reflected in Level 2 despite the availability of closing prices, because the Fund evaluates and determines whether those closing prices reflect fair value at the close of the New York Stock Exchange (NYSE) or require adjustment, as described in Note 2 to the financial statements—Security Valuation.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

The following table is a summary of the inputs used to value the Fund's investments as of February 28, 2011:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Consumer Discretionary	$	—	$	807,520		$	—	$	807,520
Consumer Staples		73,518		148,360			—		221,878
Energy		88,887		1,049,041			—		1,137,928
Financials		118,198		2,701,589			—		2,819,787
Health Care		99,669		733,662			—		833,331
Industrials		52,368		632,793			—		685,161
Information Technology		39,022		389,952			—		428,974
Materials		100,801		369,417			—		470,218
Telecommunication Services		152,488		646,998			—		799,486
Utilities		44,108		491,606			—		535,714
Total Common Stocks		769,059		7,970,938			—		8,739,997
Total Investments		769,059		7,970,938			—		8,739,997
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		—		18,815			—		18,815
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		—		(11,771	)		—		(11,771	)
Total	$	769,059	$	7,977,982		$	—	$	8,747,041

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The models utilized by the third party statistical pricing service take into account a security's correlation to available market data including, but not limited to, intraday index, ADR, and ETF movements.

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In				Transfers Out
Level 1		Level 2		Level 1		Level 2
$	—	$	64,400	$	64,400	$	—

Financial assets were transferred from Level 1 to Level 2 as it was determined that the application of factors received from third party statistical services resulted in a price which was more representative of fair value for these securities as of period end.

For the year ended February 28, 2011, transactions in written option contracts were as follows:

	Number of contracts			Premium received
Options outstanding at February 28, 2010		3		$	192
Options written		284			10,230
Options terminated in closing purchase transactions		(101	)		(5,940	)
Options exercised		(60	)		(240	)
Options expired		(126	)		(4,242	)
Options outstanding at February 28, 2011		—		$	—

Forward foreign currency exchange contracts outstanding on February 28, 2011, are:

Foreign Exchange Rate Risk

Counterparty	Forward Foreign Currency Exchange Contracts to Buy	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation
Morgan Stanley
Capital
Services, Inc.	AUD	$	292,175	$	289,318	04/28/11	$	2,857
Morgan Stanley Capital Services, Inc.	EUR		445,415		440,294	04/28/11		5,121
Morgan Stanley Capital Services, Inc.	GBP		302,215		300,325	04/28/11		1,890
Morgan Stanley Capital Services, Inc.	JPY		125,749		125,584	04/28/11		165
Morgan Stanley Capital Services, Inc.	SEK		36,214		35,355	04/28/11		859
Morgan Stanley Capital Services, Inc.	SGD		87,306		87,120	04/28/11		186
							$	11,078

See Accompanying Notes to Financial Statements.

Columbia Overseas Value Fund

February 28, 2011

Counterparty	Forward Foreign Currency Exchange Contracts to Sell	Value		Aggregate Face Value		Settlement Date	Unrealized Appreciation (Depreciation)
Morgan Stanley
Capital
Services, Inc.	CAD	$	299,146	$	293,760	04/28/11	$	(5,386	)
Morgan Stanley Capital Services, Inc.	CHF		142,144		138,915	04/28/11		(3,229	)
Morgan Stanley Capital Services, Inc.	KRW		109,046		111,046	04/28/11		2,000
Morgan Stanley Capital Services, Inc.	MYR		42,778		43,049	04/28/11		271
Morgan Stanley Capital Services, Inc.	NOK		79,935		77,807	04/28/11		(2,128	)
Morgan Stanley Capital Services, Inc.	PHP		35,248		34,929	04/28/11		(319	)
Morgan Stanley Capital Services, Inc.	THB		66,203		65,494	04/28/11		(709	)
Morgan Stanley Capital Services, Inc.	TWD		149,671		155,137	04/28/11		5,466
							$	(4,034	)

The Fund was invested in the following countries at February 28, 2011:

Summary of Securities by Country	Value		% of Total Investments
Japan	$	1,773,755		20.3
United Kingdom		1,266,781		14.5
France		725,428		8.3
Germany		672,397		7.7
Switzerland		504,699		5.8
Australia		438,541		5.0
Spain		419,806		4.8
Canada		323,883		3.7
Italy		321,427		3.7
Netherlands		235,850		2.7
United States		211,060		2.5
Norway		204,418		2.3
Hong Kong		203,842		2.3
Finland		193,197		2.2
Sweden		171,846		2.0
Ireland		160,329		1.8
Taiwan		159,026		1.8
South Korea		119,110		1.4
Brazil		106,206		1.2
Thailand		93,664		1.1
Russia		88,887		1.0
China		79,279		0.9
India		72,645		0.8
Turkey		63,144		0.7
Singapore		59,508		0.7
Malaysia		35,642		0.4
Philippines		35,627		0.4
	$	8,739,997		100.0

Certain securities are listed by country of underlying exposure but may trade predominantly on another exchange.

Acronym				Name
ADR				American Depositary Receipt

AUD				Australian Dollar

CAD				Canadian Dollar

CHF				Swiss Franc

EUR				Euro

GBP				Pound Sterling

GDR				Global Depository Receipt

JPY				Japanese Yen

KRW				South Korean Won

MYR				Malaysian Ringgit

NOK				Norwegian Krone

PHP				Philippine Peso

SEK				Swedish Krona

SGD				Singapore Dollar

THB				Thailand Baht

TWD				New Taiwan Dollar

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Overseas Value Fund
February 28, 2011

		($)
Assets	Investments, at cost		7,884,520
	Investments, at value		8,739,997
	Cash		13,088
	Foreign currency (cost of $1,452)		1,412
	Unrealized appreciation on forward foreign currency exchange contracts		18,815
	Receivable for:
	Dividends		25,285
	Foreign tax reclaims		7,243
	Expense reimbursement due from Investment Manager		14,689
	Prepaid expenses		25
	Total Assets		8,820,554
Liabilities	Unrealized depreciation on forward foreign currency exchange contracts		11,771
	Payable for:
	Investments purchased		4,261
	Foreign capital gains taxes withheld		1,059
	Investment advisory fee		5,673
	Pricing and bookkeeping fees		5,441
	Transfer agent fee		83
	Trustees' fees		18,599
	Audit fee		34,648
	Legal fee		20,047
	Custody fee		8,560
	Reports to shareholders		19,114
	Chief compliance officer expenses		131
	Other liabilities		1,020
	Total Liabilities		130,407
	Net Assets		8,690,147
Net Assets Consist of	Paid-in capital		10,527,110
	Overdistributed net investment income		(88,280	)
	Accumulated net realized loss		(2,610,526	)
	Net unrealized appreciation (depreciation) on:
	Investments		855,477
	Foreign currency translations and forward foreign currency exchange contracts		7,425
	Foreign capital gains tax		(1,059	)
	Net Assets		8,690,147
Class Z	Net assets	$	8,690,147
	Shares outstanding		1,086,879
	Net asset value, offering and redemption price per share	$	8.00

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Overseas Value Fund
For the Year Ended February 28, 2011

		($)
Investment Income	Dividends		285,405
	Interest		3
	Foreign taxes withheld		(24,594	)
	Total Investment Income		260,814
Expenses	Investment advisory fee		64,261
	Transfer agent fee		69
	Pricing and bookkeeping fees		51,388
	Trustees' fees		28,774
	Custody fee		34,447
	Audit fee		47,894
	Legal fees		25,000
	Reports to shareholders		30,000
	Chief compliance officer expenses		975
	Other expenses		3,022
	Total Expenses		285,830
	Fees waived or expenses reimbursed by Investment Manager		(195,697	)
	Expense reductions		(10	)
	Net Expenses		90,123
	Net Investment Income		170,691
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency, Written Options and Foreign Capital Gains Tax	Net realized gain (loss) on:
	Investments		70,199
	Foreign currency transactions and forward foreign currency exchange contracts		(53,057	)
	Written options		3,241
	Net realized gain		20,383
	Net change in unrealized appreciation (depreciation) on:
	Investments		1,039,139
	Foreign currency translations and forward foreign currency exchange contracts		52,830
	Written options		(111	)
	Foreign capital gains tax		(1,047	)
	Net change in unrealized appreciation (depreciation)		1,090,811
	Net Gain		1,111,194
	Net Increase Resulting from Operations		1,281,885

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Overseas Value Fund

		Year Ended February 28,
Increase (Decrease) in Net Assets		2011 ($)			2010 ($)
Operations	Net investment income		170,691			174,290
	Net realized gain (loss) on investments, futures contracts, written options, foreign currency transactions and forward foreign currency exchange contracts		20,383			(354,737)
	Net change in unrealized appreciation (depreciation) on investments, written options, foreign capital gains tax, foreign currency translations and forward foreign currency exchange contracts		1,090,811			3,087,630
	Net increase resulting from operations		1,281,885			2,907,183
Distributions to Shareholders	From net investment income		(165,101	)		(293,672	)
	Net Capital Stock Transactions		1,838			293,672
	Total increase in net assets		1,118,622			2,907,183
Net Assets	Beginning of period		7,571,525			4,664,342
	End of period		8,690,147			7,571,525
	Overdistributed net investment income at end of period		(88,280	)		(51,714	)

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Overseas Value Fund

	Capital Stock Activity
	Year Ended February 28, 2011						Year Ended February 28, 2010
	Shares			Dollars ($)			Shares		Dollars ($)
Class Z
Subscriptions		1,067,133			8,184,910			—		—
Distributions reinvested		22,767			165,101			40,674		293,672
Redemptions		(1,088,418	)		(8,348,173	)		—		—
Net increase		1,482			1,838			40,674		293,672

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Overseas Value Fund

Selected data for a share outstanding throughout each period is as follows:

	Year Ended February 28,						Period Ended February 28,
Class Z Shares	2011			2010			2009 (a)
Net Asset Value, Beginning of Period	$	6.98		$	4.46		$	10.00
Income from Investment Operations:
Net investment income (b)		0.16			0.17			0.27
Net realized and unrealized gain (loss) on investments, futures contracts, written options, foreign capital gains tax and foreign currency		1.01			2.63			(5.56	)
Total from investment operations		1.17			2.80			(5.29	)
Less Distributions to Shareholders:
From net investment income		(0.15	)		(0.28	)		(0.23	)
Return of capital		—			—			(0.02	)
Total distributions to shareholders		(0.15	)		(0.28	)		(0.25	)
Net Asset Value, End of Period	$	8.00		$	6.98		$	4.46
Total return (c)(d)		17.06	%		62.60	%		(53.41	)%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)		1.15	%		1.14	%		1.10	%(g)
Waiver/Reimbursement		2.50	%		1.88	%		2.89	%(g)
Net investment income (f)		2.18	%		2.46	%		3.72	%(g)
Portfolio turnover rate		48	%		62	%		66	%(e)
Net assets, end of period (000s)	$	8,690		$	7,572		$	4,664

(a) The Fund commenced operations on March 31, 2008. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e) Not annualized.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

(g) Annualized.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Overseas Value Fund
February 28, 2011

Note 1. Organization

Columbia Overseas Value Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

Investment Objective

The Fund seeks long-term capital appreciation.

Fund Shares

The Trust has unlimited authorized shares of beneficial interest. The Fund offers Class Z shares, however at February 28, 2011, Class Z shares of the Fund were not publicly offered.

The Fund is authorized to issue Class A, Class C shares, which would be subject to sales charges and Class R shares, which would not be subject to sales charges, however these share classes are not currently offered for sale and have not commenced operations.

Class Z shares are not subject to sales charges and are available only to certain investors, as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) requires the Investment Manager 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Equity securities are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Purchased options are valued at the last reported sale price, or in the absence of a sale, at the last quoted bid price. Written options are valued at the last reported sale price, or in the absence of a sale, at the last quoted ask price.

Forward foreign currency exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies.

Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded.

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (NYSE). The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Occasionally, events affecting the values of such foreign securities may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund's net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.

The Fund may use a systematic fair valuation model provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation.

Columbia Overseas Value Fund, February 28, 2011

consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, the Investment Manager 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 value.

Foreign Currency Transactions and Translations

The values of all assets and liabilities quoted in foreign currencies are translated into U.S. dollars at that day's exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments on the Statement of Operations.

Derivative Instruments

The Fund may use derivative instruments including options and forward foreign currency exchange contracts in order to meet its investment objectives. The Fund employs strategies in differing combinations to permit it to increase, decrease or change the level of exposure to market risk factors. The achievement of any strategy relating to derivatives depends on an analysis of various risk factors, and if the strategies for the use of derivatives do not work as intended, the Fund may not achieve its investment objectives.

In pursuit of its investment objectives, the Fund is exposed to the following market risks, among others:

Equity Risk: Equity risk relates to change in value of equity securities such as common stocks due to general market conditions such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, or adverse investor sentiment. Equity securities generally have greater price volatility than fixed income securities.

Foreign Exchange Rate Risk: Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign-currency-denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

The following provides more detailed information about each derivative type held by the Fund:

Forward Foreign Currency Exchange Contracts—The Fund entered into forward foreign currency exchange contracts to shift its investment exposure from one currency to another.

The Fund used forward contracts to shift its U.S. dollar exposure in order to achieve a representative weighted mix of major currencies in its benchmark and/or to recover an underweight country exposure in its portfolio.

Forward foreign currency exchange contracts are agreements to exchange one currency for another at a future date at a specified price. These contracts are used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. Contracts to buy generally are used to acquire exposure to foreign currencies, while contracts to sell are generally used to reduce the exposure to foreign exchange rate fluctuations. Forward foreign currency exchange contracts are valued daily at the current exchange rate of the underlying currency, resulting in unrealized gains (losses) which become realized at the time the forward foreign currency exchange contracts are closed or mature. Realized and unrealized gains (losses) arising from such transactions are included in net realized and unrealized gains (losses) on foreign currency transactions. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. While the maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened, exposure is typically limited to the change in value of the contract (in U.S. dollars) over the period it remains open. The Fund could also be exposed to risk that counterparties of the contracts may be unable to fulfill the terms of the contracts.

During the year ended February 28, 2011, the Fund entered into 272 forward foreign currency exchange contracts.

Options—The Fund had written covered call and purchased put options to decrease the Fund's exposure to equity risk and to increase return on instruments. Written covered call and purchased put options become more valuable as the price of the underlying instruments depreciates relative to the strike price.

Columbia Overseas Value Fund, February 28, 2011

Writing put options tends to increase the Fund's exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amounts paid on the underlying security transaction to determine the realized gain or loss. The Fund, as a writer of an option, has no control over whether the underlying security may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option. There is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund identifies within its portfolio of investments cash or liquid portfolio securities equal to the amount of the written options contract commitment.

The Fund may also purchase put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund may pay a premium, which is included in the Fund's Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised are added to the amounts paid (call) or offset against the proceeds (put) on the underlying security to determine the realized gain or loss. If the Fund enters into a closing transaction, the Fund will realize a gain or loss, depending on whether the proceeds from the closing transaction are greater or less than the cost of the option.

During the year ended February 28, 2011, the Fund entered into 284 written call options contracts and 46 purchased put options contracts.

Effects of Derivative Transactions in the Financial Statements

The following table is a summary of the value of the Fund's derivative instruments as of February 28, 2011:

Fair Value of Derivative Instruments

Statement of Assets and Liabilities

Assets

Fair Value

Liabilities

Fair Value

Unrealized Appreciation on Forward Foreign
Currency Exchange Contracts

18,815

Unrealized Depreciation on Forward Foreign
Currency Exchange Contracts

11,771

The effect of derivative instruments on the Fund's Statement of Operations for the year ended February 28, 2011:

	Amount of Realized Gain or (Loss) and Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
	Risk Exposure	Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Forward Foreign Currency Exchange Contracts	Foreign Exchange Rate Risk	$	(51,242	)	$	51,736
Written Options	Equity Risk		3,241			(111	)
Purchased Put Options	Equity Risk		(11,939	)		—

Columbia Overseas Value Fund, February 28, 2011

Repurchase Agreements

The Fund may engage in repurchase agreement transactions with institutions that the Investment Manager has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. The Investment Manager is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund's ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

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

Interest income is recorded on the accrual basis.

Corporate actions and dividend income are recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.

Expenses

General expenses of the Trust are allocated to the Fund and other series of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its taxable income, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Foreign Taxes

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, at rates ranging from approximately 10% to 15%. The Fund accrues for such foreign taxes on net realized and unrealized gains at the appropriate rate for each jurisdiction.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid annually. The Fund may, however, declare and pay distributions from net investment income more frequently. The Fund will distribute net realized capital gains (including net short-term capital gains) at least annually after the fiscal year in which the capital gains were earned, unless offset by any available capital loss carryforward. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations which may differ from GAAP.

Indemnification

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown because this would involve future claims against the Fund. Also, under the Trust's organizational documents and by contract, the Trustees and officers of the Trust are indemnified against certain liabilities that may arise out of actions relating to their duties to the Trust. However, based on experience, the Fund expects the risk of loss due to these representations, warranties and indemnities to be minimal.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Services Fee

The Investment Manager determines which securities will be purchased, held or sold. The management fee is based on the annual rate of 0.82% of the Fund's average daily net assets.

Prior to the Closing, Columbia Management Advisors, LLC (Columbia), an indirect, wholly owned subsidiary of Bank of America Corporation (BOA), provided investment management services to the Fund under the same fee structure.

Columbia Overseas Value Fund, February 28, 2011

Administration Fee

Effective upon the Closing, the Investment Manager became the administrator of the Fund and provides administrative and other services to the Fund, including services previously performed under the Pricing and Bookkeeping Oversight and Services Agreement discussed below. The administration fee is based on the annual rate of 0.05% of the Fund's average daily net assets, less the fees payable by the Fund as described under the Pricing and Bookkeeping Fees note below (Pricing and Bookkeeping fees). In the event the administration fee paid to the Investment Manager is not sufficient to cover the Pricing and Bookkeeping fees, the Investment Manager pays the additional Pricing and Bookkeeping fees on behalf of the Fund. Prior to the Closing, Columbia provided administrative services to the Fund at the same fee rate.

Pricing and Bookkeeping Fees

Prior to the Closing, the Fund entered into a Financial Reporting Services Agreement (the Financial Reporting Services Agreement) with State Street Bank and Trust Company (State Street) and Columbia pursuant to which State Street provides financial reporting services to the Fund. The Fund also entered into an Accounting Services Agreement (collectively with the Financial Reporting Services Agreement, the State Street Agreements) with State Street and Columbia pursuant to which State Street provides accounting services to the Fund. Upon the Closing, Columbia assigned and delegated its rights and obligations under the State Street Agreements to the Investment Manager. Under the State Street Agreements, the Fund pays State Street an annual fee of $38,000 paid monthly plus an additional monthly fee based on an annualized percentage rate of average daily net assets of the Fund for the month. The aggregate fee will not exceed $140,000 per year (exclusive of out-of-pocket expenses and charges). The Fund also reimburses State Street for certain out-of-pocket expenses and charges.

Also prior to the Closing, the Fund entered into a Pricing and Bookkeeping Oversight and Services Agreement (the Services Agreement) with Columbia. Under the Services Agreement, Columbia provided services related to Fund expenses and the requirements of the Sarbanes-Oxley Act of 2002, and provided oversight of the accounting and financial reporting services provided by State Street. Under the Services Agreement, the Fund reimbursed Columbia for out-of-pocket expenses and charges, including fees payable to third parties, such as for pricing the Fund's portfolio securities, incurred by Columbia in the performance of services under the Services Agreement. The Services Agreement was terminated upon the Closing. These services are now provided under the Administration Fee note discussed above.

Transfer Agent Fee

In connection with the Closing, RiverSource Service Corporation, a wholly owned subsidiary of Ameriprise Financial, became the transfer agent of the Fund and changed its name to Columbia Management Investment Services Corp. (the New Transfer Agent). The New Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent. The New Transfer Agent receives monthly account-based service fees based on the number of open accounts and asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the New Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). The New Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

The New Transfer Agent receives reimbursement for certain out-of-pocket expenses and may also receive compensation for various shareholder services.

Prior to the Closing, Columbia Management Services, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, provided shareholder services to the Fund and contracted with BFDS to serve as sub-transfer agent, under the same fee structure.

For the year ended February 28, 2011, the Fund's effective transfer agent fee rate for was less than 0.01% of the Fund's average daily net assets.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions on the Statement of Operations. For the year ended February 28, 2011, no minimum account balance fees were charged by the Fund.

Underwriting Discounts, Service and Distribution Fees

In connection with the Closing, RiverSource Fund Distributors, Inc., an indirect wholly owned subsidiary of Ameriprise Financial, became the distributor of the Fund and changed its name to Columbia Management Investment Distributors, Inc. (the New Distributor).

Columbia Overseas Value Fund, February 28, 2011

Prior to the Closing, Columbia Management Distributors, Inc., an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, was the principal underwriter of the Fund's shares. There were no changes to the underwriting discount structure of the Fund or the service or distribution fee rates paid by the Fund as a result of the Transaction.

Expense Limits and Fee Waivers

Effective May 1, 2010, the Investment Manager has voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed 1.15% annually of the Fund's average daily net assets. This arrangement may be modified or terminated by the Investment Manager at any time. Prior to May 1, 2010, Columbia voluntarily reimbursed a portion of the Fund's expenses in the same manner.

Fees Paid to Officers and Trustees

In connection with the Closing, all officers of the Fund are employees of the Investment Manager or its affiliates and, with the exception of the Fund's Chief Compliance Officer, receive no compensation from the Fund. The Board of Trustees has appointed a Chief Compliance Officer to the Fund in accordance with federal securities regulations. The Fund, along with other affiliated funds, pays its pro-rata share of the expenses associated with the Chief Compliance Officer. The Fund's expenses for the Chief Compliance Officer will not exceed $15,000 per year. Prior to the Closing, all officers of the Fund were employees of Columbia or its affiliates and the Fund paid its pro-rata share of the expenses for the Chief Compliance Officer under the same fee structure.

Trustees are compensated for their services to the Fund, as set forth on the Statement of Operations. The Trust's eligible Trustees may participate in a non-qualified deferred compensation plan which may be terminated at any time. Any payments to plan participants are paid solely out of the Fund's assets. Income earned on the plan participant's deferral account is based on the rate of return of the eligible mutual funds selected by the participant or, if no funds are selected, on the rate of return of Columbia Money Market Fund (formerly known as RiverSource Cash Management Fund). Prior to the Closing, if no funds were selected, income earned on the plan participant's deferral account was based on the rate of return of BofA Treasury Reserves. 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 are included in "Trustees' fees" on the Statement of Operations. Liabilities under the deferred compensation plan are included in "Trustees' fees" on the Statement of Assets and Liabilities.

Note 4. Custody Credits

The Fund has an agreement with its custodian bank under which custody fees may be reduced by balance credits. These credits are recorded as part of expense reductions on the Statement of Operations. The Fund could have invested a portion of the assets utilized in connection with the expense offset arrangement in an income-producing asset if it had not entered into such an agreement. For the year ended February 28, 2011, these custody credits reduced total expenses by $10 for the Fund.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated $3,743,390 and $3,772,908, respectively, for the year ended February 28, 2011.

Note 6. Redemption Fees

Effective March 1, 2010, the Fund no longer assesses a 2.00% redemption fee on the proceeds from Fund shares that are redeemed within 60 days of purchase. The redemption fee was designed to offset brokerage commissions and other costs associated with short term trading of fund shares. The redemption fees, which were retained by the Fund, were accounted for as an addition to paid-in capital and were allocated to each class based on the relative net assets at the time of the redemption.

Note 7. Shareholder Concentration

As of February 28, 2011, one shareholder account owned 100.0% of the outstanding shares of the Fund. Purchase and redemption activity of this account may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

The Fund and other affiliated funds participate in a $280,000,000 committed, unsecured revolving line of credit provided by State Street. The maximum amount that may be borrowed by any fund is limited to the lesser of $200,000,000 and the Fund's borrowing limit set forth in the Fund's registration statement. Borrowings are available for short-term liquidity or temporary or emergency purposes.

Columbia Overseas Value Fund, February 28, 2011

Effective October 14, 2010, interest is charged to each participating fund based on the fund's borrowings at a rate per annum equal to the greater of the Federal Funds Rate plus 1.25% or the overnight LIBOR Rate plus 1.25%. In addition, a commitment fee of 0.125% per annum is accrued and apportioned among the participating funds pro rata based on their relative net assets.

Prior to October 14, 2010, interest was charged to each participating fund at the same rates. In addition, a commitment fee of 0.15% per annum was accrued and apportioned among the participating funds pro rata based on their relative net assets.

For the year ended February 28, 2011, the Fund did not borrow under these arrangements.

Note 9. 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. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended February 28, 2011, permanent book and tax basis differences resulting primarily from differing treatments for foreign currency transactions and passive foreign investment companies (PFIC) adjustments were identified and reclassified among the components of the Fund's net assets as follows:

Overdistributed Net Investment Income				Accumulated Net Realized Loss				Paid-In Capital
$	(42,156	)		$	46,189			$	(4,033	)

Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years ended February 28, 2011 and February 28, 2010 was as follows:

	February 28,
Distributions paid from	2011		2010
Ordinary Income*	$	165,101	$	293,672

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

As of February 28, 2011, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income				Undistributed Long-Term Capital Gains				Net Unrealized Appreciation*
$	—			$	—			$	744,921

* The differences between book-basis and tax-basis net unrealized appreciation are primarily due to deferral of losses from wash sales.

Unrealized appreciation and depreciation at February 28, 2011, based on cost of investments for federal income tax purposes and excluding any unrealized appreciation and depreciation from changes in the value of other assets and liabilities resulting from changes in exchange rates, were:

Unrealized appreciation	$	1,331,604
Unrealized depreciation		(586,683	)
Net unrealized appreciation	$	744,921

The following capital loss carryforwards may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Capital Loss Carryforwards
2017	$	365,313
2018		2,028,503
	$	2,393,816

Capital loss carryforwards of $218,748 were utilized during the year ended February 28, 2011.

Under current tax rules, certain currency and capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As of February 28, 2011, post-October currency losses of $11,359 and capital losses of $181,219 attributed to security transactions were deferred to March 1, 2011.

Columbia Overseas Value Fund, February 28, 2011

as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management's conclusions 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). The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 10. Significant Risks and Contingencies

Foreign Securities Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks.

Investments in emerging market countries are subject to additional risk. The risk of foreign investments is typically increased in less developed countries. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets.

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

In June 2004, an action captioned John E. Gallus et al. v. American Express Financial Corp. and American Express Financial Advisors Inc. was filed in the United States District Court for the District of Arizona. The plaintiffs allege that they are investors in several American Express Company (now known as RiverSource) mutual funds and they purport to bring the action derivatively on behalf of those funds under the Investment Company Act of 1940. The plaintiffs allege that fees allegedly paid to the defendants by the funds for investment advisory and administrative services are excessive. The plaintiffs seek remedies including restitution and rescission of investment advisory and distribution agreements. The plaintiffs voluntarily agreed to transfer this case to the United States District Court for the District of Minnesota (the District Court). In response to defendants' motion to dismiss the complaint, the District Court dismissed one of plaintiffs' four claims and granted plaintiffs limited discovery. Defendants moved for summary judgment in April 2007. Summary judgment was granted in the defendants' favor on July 9, 2007. The plaintiffs filed a notice of appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit's decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On December 9, 2010, the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants. On January 10, 2011, plaintiffs filed a notice of appeal with the Eighth Circuit.

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)), entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at http://www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the

Columbia Overseas Value Fund, February 28, 2011

MDOC in these legal proceedings, and have made regular reports to the funds' Boards of Directors/Trustees.

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 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission 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.

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and the Shareholders of Columbia Overseas Value Fund

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Overseas Value Fund (the "Fund") (a series of Columbia Funds Series Trust) at February 28, 2011, and the results of its operations, the changes in its net assets, and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 21, 2011

Federal Income Tax Information (Unaudited) – Columbia Overseas Value Fund

Foreign taxes paid during the fiscal year ended February 28, 2011, of $24,610 are being passed through to shareholders. This represents $0.02 per share. Eligible shareholders may claim this amount as a foreign tax credit.

Gross income derived from sources within foreign countries was $285,012 ($0.26 per share) for the fiscal year ended February 28, 2011.

For non-corporate shareholders 100.00% or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of the ordinary income distributed by the Fund for the fiscal year February 28, 2011 may represent qualified dividend income.

The Fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Fund Governance

The Trustees serve terms of indefinite duration. The names, addresses and birth years of the Trustees and Officers of the Funds in the Columbia Funds Series Trust, the year each was first elected or appointed to office, their principal business occupations during at least the last five years, the number of Funds overseen by each Trustee and other directorships they hold are shown below. Each officer listed below serves as an officer of each Fund in the Columbia Funds Series Trust.

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office				Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Edward J. Boudreau, Jr. (Born 1944)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2005)				Managing Director—E.J. Boudreau & Associates (consulting), from 2000 through current; oversees 44; Trustee—BofA Funds Series Trust.

William P. Carmichael (Born 1943)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1999)				Retired; Oversees 44; Director—Cobra Electronics Corporation (electronic equipment manufacturer); Director—McMoRan Exploration Company (oil and gas exploration and development); Director—The Finish Line (athletic shoes and apparel); Trustee—BofA Funds Series Trust; Former Director—Simmons Company (bedding).

William A. Hawkins (Born 1942)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2005)				Managing Director—Overton Partners (financial consulting), August 2010 to present; President and Chief Executive Officer—California General Bank, N.A., from January 2008 through August 2010; oversees 44; Trustee—BofA Funds Series Trust.

R. Glenn Hilliard (Born 1943)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2005)				Chairman and Chief Executive Officer—Hilliard Group LLC (investing and consulting), from April 2003 through current; Non-Executive Director & Chairman—CNO Financial, Inc. (formerly Conseco, Inc.) (insurance), September 2003 through current; Executive Chairman—Conseco, Inc. (insurance), August 2004 through September 2005; oversees 44; Trustee—BofA Funds Series Trust.

John J. Nagorniak (Born 1944)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2008)				Retired; President and Director—Foxstone Financial, Inc. (consulting), 2000 through December 2007; Director—Mellon Financial Corporation affiliates (investing), 2000 through 2007; Chairman—Franklin Portfolio Associates (investing—Mellon affiliate), 1982 through 2007; oversees 44; Director—MIT Investment Company; Trustee—MIT 401k Plan.

Fund Governance (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office				Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Minor M. Shaw (Born 1947)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2003)				President—Micco Corporation and Mickel Investment Group; oversees 44; Board Member—Piedmont Natural Gas; Trustee—BofA Funds Series Trust.

Interested Trustee

Anthony M. Santomero¹ (Born 1946)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2008)				Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, from 2002 through current; Senior Advisor—McKinsey & Company (consulting), July 2006 through January 2008; President and Chief Executive Officer—Federal Reserve Bank of Philadelphia, July 2000 through April 2006; oversees 44; Director—Renaissance Reinsurance Ltd; Trustee—Penn Mutual Life Insurance Company; Director—Citigroup, Inc.; Citibank, N.A.; Trustee—BofA Funds Series Trust.

¹ Dr. Santomero is currently deemed by the Columbia Funds to be an "interested person" (as defined in the 1940 Act) of the Funds because he serves as a Director of Citigroup, Inc. and Citibank N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the Columbia Funds or other funds or accounts advised/managed by the Adviser.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 800-345-6611.

Officers

Name, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964)

225 Franklin Street Boston, MA 02110 President (since 2009)				Senior Vice President and General Manager—Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.

Michael G. Clarke (Born 1969)

225 Franklin Street Boston, MA 02110 Senior Vice President and Chief Financial Officer (since 2009)				Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.

Fund Governance (continued)

Officers (continued)

Name, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
Scott R. Plummer (Born 1959)

5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Secretary and Chief Legal Officer (since 2010)				Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel—Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel—Asset Management, from 2005 to April 2010, and Vice President—Asset Management Compliance from 2004 to 2005); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006; Vice President, General Counsel and Secretary, RiverSource Funds, since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Linda J. Wondrack (Born 1964)

225 Franklin Street Boston, MA 02110 Senior Vice President and Chief Compliance Officer (since 2007)				Vice President and Chief Compliance Officer, Columbia Management Investment Advisers, LLC since May 2010; Chief Compliance Officer, Columbia Funds, since 2007, and RiverSource Funds, since May 2010; Director (Columbia Management Group, LLC and Investment Product Group Compliance), Bank of America, from June 2005 to April 2010.

William F. Truscott (Born 1960)

53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)				Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010 (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President—U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President—Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director, Columbia Management Investment Distributors, Inc. since May 2010 (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.

Colin Moore (Born 1958)

225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)				Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.

Michael A. Jones (Born 1959)

225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)				President and Director, Columbia Management Investment Advisers, LLC since May 2010; President and Director, Columbia Management Investment Distributors, Inc. since May 2010; Manager, Chairman, Chief Executive Officer and President, Columbia Management Advisors, LLC from 2007 to April 2010; Chief Executive Officer, President and Director, Columbia Management Distributors, Inc. from November 2006 to April 2010; previously, co-president and senior managing director at Robeco Investment Management.

Fund Governance (continued)

Officers (continued)

Name, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
Amy Johnson (Born 1965)

5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)				Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President—Asset Management and Trust Company Services, from 2006 to 2009, and Vice President—Operations and Compliance from 2004 to 2006).

Joseph F. DiMaria (Born 1968)

225 Franklin Street Boston, MA 02110 Treasurer (since 2010) and Chief Accounting Officer (since 2008)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.

Marybeth Pilat (Born 1968)

225 Franklin Street Boston, MA 02110 Deputy Treasurer (since 2010)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Investment Operations, Bank of America, from October 2008 to April 2010; Finance Manager, Boston Children's Hospital from August 2008 to October 2008; Director, Mutual Fund Administration, Columbia Management Advisors, LLC, from May 2007 to July 2008; Vice President, Mutual Fund Valuation, Columbia Management Advisors, LLC, from January 2006 to May 2007; Vice President, Mutual Fund Accounting Oversight, Columbia Management Advisors, LLC from January 2005 to January 2006.

Julian Quero (Born 1967)

225 Franklin Street Boston, MA 02110 Deputy Treasurer (since 2008)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, from August 2008 to April 2010; Senior Tax Manager, Columbia Management Advisors, LLC from August 2006 to July 2008; Senior Compliance Manager, Columbia Management Advisors, LLC from April 2002 to August 2006.

Stephen T. Welsh (Born 1957)

225 Franklin Street Boston, MA 02110 Vice President (since 2006)				President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.

Shareholder Meeting Results

At a Joint Special Meeting of Shareholders held on February 15, 2011, shareholders of the series of Columbia Funds Series Trust, including the Fund, elected each of the nominees for trustees to the Board of Trustees of Columbia Funds Series Trust, each to hold office for an indefinite term, as follows:

Trustee	Votes For		Votes Withheld		Abstentions
Kathleen Blatz		2,145,636,122		248,012,438		0
Edward J. Boudreau, Jr.		2,145,430,114		248,218,446		0
Pamela G. Carlton		2,145,515,949		248,132,612		0
William P. Carmichael		2,145,038,695		248,609,866		0
Patricia M. Flynn		2,145,843,563		247,804,997		0
William A. Hawkins		2,145,359,401		248,289,160		0
R. Glenn Hilliard		2,145,079,400		248,569,161		0
Stephen R. Lewis, Jr.		2,145,092,209		248,556,351		0
John F. Maher		2,145,621,338		248,027,223		0
John J. Nagorniak		2,145,337,494		248,311,067		0
Catherine James Paglia		2,145,615,254		248,033,306		0
Leroy C. Richie		2,145,042,120		248,606,441		0
Anthony M. Santomero		2,145,088,174		248,560,386		0
Minor M. Shaw		2,145,430,762		248,217,798		0
Alison Taunton-Rigby		2,145,393,384		248,255,177		0
William F. Truscott		2,144,907,223		248,741,338		0

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Important Information About This Report

The fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 1-800-345-6611 and additional reports will be sent to you. This report has been prepared for shareholders of Columbia Overseas Value Fund.

A description of the policies and procedures that the fund uses to determine how to vote proxies and a copy of the fund's voting records are available (i) at www.columbiamanagement.com, (ii) on the Securities and Exchange Commission's website at www.sec.gov, and (iii) without charge, upon request, by calling 1-800-368-0346. Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30 is available from the SEC's website. Information regarding how the fund voted proxies relating to portfolio securities is also available from the fund's website, www.columbiamanagement.com.

The fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund's Form N-Q is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081
1-800-345-6611

Distributor

Columbia Management Investment
Distributors, Inc.
225 Franklin Street
Boston, MA 02110

Investment Manager

Columbia Management Investment
Advisers, LLC
225 Franklin Street
Boston, MA 02110

PRSRT STD
U.S. Postage
PAID
Holliston, MA
Permit NO. 20

Columbia Overseas Value Fund
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about the funds, visit columbiamanagement.com. Read the prospectus carefully before investing. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

C-1256 A (04/11)

Columbia Convertible Securities Fund

Annual Report for the Period Ended February 28, 2011

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Fund Profile					1

Economic Update					2

Performance Information					4

Understanding Your Expenses					5

Portfolio Managers' Report					6

Investment Portfolio					8

Statement of Assets and Liabilities					15

Statement of Operations					17

Statement of Changes in Net Assets					18

Financial Highlights					20

Notes to Financial Statements					25

Report of Independent Registered Public Accounting Firm					32

Federal Income Tax Information					33

Fund Governance					34

Board Consideration and Approval of Amendment to Investment Management Services Agreement					38

Summary of Management Fee Evaluation by Independent Fee Consultant					42

Shareholder Meeting Results					45

Important Information About This Report					49

President's Message

Dear Shareholder:

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Fund Profile – Columbia Convertible Securities Fund

Summary

^g For the 12-month period that ended February 28, 2011, the fund's Class A shares returned 24.72% without sales charge.

^g The fund's return exceeded that of its benchmark, the BofAML All Convertibles All Qualities Index¹ and the average return of its peer group, the Lipper Convertible Securities Funds Classification.²

^g Solid security selection across a range of sectors and a focus on equity-sensitive convertibles at a time of rising stock prices fueled the period's impressive results.

Portfolio Management

David L. King, lead manager, has co-managed the fund since 2010. From March 2010 until joining Columbia Management Investment Advisers, LLC (the Investment Manager) in May 2010, Mr. King was associated with the fund's previous investment adviser as an investment professional.

Yan Jin has co-managed the fund since 2010. From 2006 until joining the Investment Manager in May 2010, Mr. Jin was associated with the fund's previous investment adviser as an investment professional.

¹The BofAML All Convertibles All Qualities Index is a widely used index that measures convertible securities performance. It measures the performance of U.S. dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance.

Summary

1-year return as of 02/28/11

				+24.72%

				Class A shares (without sales charge)

				+20.90%

				BofAML All Convertibles All Qualities Index

Economic Update – Columbia Convertible Securities Fund

Summary

For the 12-month period that ended February 28, 2011

^g The U.S. stock market, as measured by the S&P 500 Index, delivered solid returns, despite a summer 2010 correction. Foreign stock market returns were generally in line with the U.S. market, as measured by the MSCI EAFE Index (Net).

S&P Index				MSCI Index

^g Strengthening economic growth and rising interest rates kept a lid on most bond market sectors. The Barclays Capital Aggregate Bond Index delivered modest results. However, high-yield bonds were strong performers, as measured by the JPMorgan Developed BB High Yield Index.

Barclays Aggregate Index				JPMorgan Index

The U.S. economy continued to expand at a modest pace over the past 12 months, as measured by gross domestic product (GDP). After a strong first quarter in 2010, GDP growth dropped to 1.7% in the second quarter and fear spread that the economy would lapse into recession. However, the pace picked up in the third quarter, and growth was strong enough to inspire confidence among consumers, businesses and investors. GDP expanded by 2.6% in the third quarter and 2.8% in the fourth quarter. With the Federal Reserve Board (the Fed) providing additional monetary stimulus to shore up economic growth and the extension of key tax cuts for the next two years, 2011 expectations are for continued growth. Consumer confidence is on the mend, even though job growth has not met expectations. Business spending also tracked higher over the period.

Consumer spending on cars, clothing and other goods generally trended higher throughout the year. Holiday spending rose 5.5% between November 5, 2010 and December 24, 2010, in all retail categories, excluding automobiles, compared with the same period in 2009, according to MasterCard Advisors' SpendingPulse, which tracks spending on all transactions including cash. Analysts say that an increase in personal savings and a decline in consumer debt gave consumers confidence to spend a little more on the 2010 holidays. The personal savings rate edged higher, ending January 2011, the last month for which data was available, at 5.8%. Personal income also increased during the year, surging in January 2011, as payroll tax cuts kicked in.

News on the job front was mostly positive over the 12-month period. A good portion of the jobs added in March, April and May of 2010 were temporary, government-sponsored census positions, which began to unwind in June 2010, July 2010, and August 2010. However, private sector payroll employment began to trend higher in the third quarter, massive layoffs declined and job growth turned solidly positive, with the addition of 255,000 new jobs in the first two months of 2011.

Despite some glimmers of improvement early in 2010, the housing market remained troublesome throughout the period. Both new and existing home sales fell after a federal tax credit for new and repeat homebuyers expired. Distressed properties pressured prices and foreclosures continued—another drag on prices. The inventory of unsold homes ended the period just about where it started, at 7.6 months for both new and existing homes, according to the National Association of Realtors and a joint release from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. The new year brought a bit of good news: Existing home sales increased in January 2011, raising the level of sales above where it was one year ago. According to the National Association of Realtors, it was the first time in seven months that year-over-year sales activity compared favorably.

Reports from the business side of the economy were generally positive. A key measure of the nation's manufacturing situation—the Institute for Supply Management's Index—took a somewhat surprising turn higher in the final months of the period. Technology spending rose 12% in 2010, according to the NPD Group, a national marketing research firm. Purchases of computers, networking and software returned to prerecession levels. Industrial production was disappointingly flat at year end, per the report issued by the Fed, and it slipped further in January 2011. The amount of manufacturing capacity utilized, per the report issued by the Fed—a key measure of the health of the manufacturing sector—continued to inch higher.

Economic Update (continued) – Columbia Convertible Securities Fund

Stocks moved higher despite summer 2010 setback

Against a strengthening economic backdrop, a stock market rally that began early in 2009 continued into 2010 despite a summer setback linked to a debt crisis brewing in Europe, which raised concerns among U.S. investors. These fears were short-lived and stocks regained their footing in September 2010, moving higher through the end of the period. The S&P 500 Index¹ returned 22.57% for the 12 months through February 28, 2011. Outside the United States, stock market returns seesawed but ended just short of U.S. market returns. The MSCI EAFE Index (Net),² a broad gauge of stock market performance in foreign developed markets, returned 20.00% (in U.S. dollars) for the 12-month period, as concerns about the impact of a bailout for weak euro zone economies abated. Emerging stock markets were similarly strong. The MSCI Emerging Markets Index (Net)³ returned 20.91% (in U.S. dollars) for the 12-month period.

Bonds delivered modest returns

As the economy strengthened and interest rates edged higher, most bond sectors delivered modest returns. The Barclays Capital Aggregate Bond Index⁴ returned 4.93%. High-yield bonds led the fixed-income markets. For the 12 months covered by this report, the JPMorgan Developed BB High Yield Index⁵ returned 14.74%. Despite rising yields in the second half of the period, the Treasury market was also positive. The Barclays Capital U.S. Treasury Index⁶ returned 3.71%. However, municipal bonds struggled in the final months of the period, as interest rates inched higher and issue supply surged ahead of the expiration of the Build America Bonds program. The Barclays Capital Municipal Bond Index⁷ gained 1.72% for the period. Despite positive economic activity, the Fed kept a key short-term interest rate—the federal funds rate—close to zero.

Past performance is no guarantee of future results.

¹The Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

²The Morgan Stanley Capital International Europe, Australasia, Far East (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. & Canada. As of May 27, 2010, the MSCI EAFE Index (Net) consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

³The Morgan Stanley Capital International Emerging Markets (MSCI EM) Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of May 27, 2010, the MSCI EM Index (Net) consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

⁴The Barclays Capital Aggregate Bond Index is a market value-weighted index that tracks 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 with at least one year to final maturity.

⁵The JPMorgan Developed BB High Yield Index is an unmanaged index designed to mirror the investable universe of the U.S. dollar developed, BB-rated, high yield corporate debt market.

⁶The Barclays Capital U.S. Treasury Index includes public obligations of the U.S. Treasury. Treasury bills are excluded by the maturity constraint. In addition, certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. STRIPS are excluded from the index because their inclusion would result in double-counting.

⁷The Barclays Capital Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.

Performance Information – Columbia Convertible Securities Fund

Performance of a $10,000 investment 03/01/01 – 02/28/11

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Convertible Securities Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Performance of a $10,000 investment 03/01/01 – 02/28/11 ($)

Sales charge	without		with
Class A		16,480		15,530
Class B		15,287		15,287
Class C		15,283		15,283
Class I		n/a		n/a
Class Z		16,912		n/a

Average annual total return as of 02/28/11 (%)

Share class	A				B				C				I		Z
Inception	09/25/87				07/15/98				10/21/96				09/27/10		05/21/99
Sales charge	without		with		without		with		without		with		without		without
1-year		24.72		17.54		23.83		18.83		23.88		22.88		n/a		25.17
5-year		4.69		3.45		3.90		3.59		3.90		3.90		n/a		4.97
10-year/Life		5.12		4.50		4.34		4.34		4.33		4.33		14.92		5.39

The "with sales charge" returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year, and eliminated thereafter for Class B shares and 1.00% for Class C shares for the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

All results shown assume the reinvestment of distributions. Class I and Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class I and Class Z shares have limited eligibility and the investment minimum requirements may vary. 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 class.

Class I shares were initially offered on September 27, 2010.

The tables do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Understanding Your Expenses – Columbia Convertible Securities Fund

Analyzing your fund's expenses by share class

Compare with other funds

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

^g For shareholders who receive their account statements from their financial intermediary, contact your financial intermediary to obtain your account balance.

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

09/01/10 – 02/28/11

	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 (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,217.50			1,018.99		6.43			5.86		1.17
Class B		1,000.00		1,000.00		1,212.80			1,015.22		10.59			9.64		1.93
Class C		1,000.00		1,000.00		1,213.70			1,015.27		10.54			9.59		1.92
Class I		1,000.00		1,000.00		1,049.20	*		1,020.63		3.63	*		4.21		0.84
Class Z		1,000.00		1,000.00		1,219.40			1,020.23		5.06			4.61		0.92

Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, account value at the end of the period would have been reduced.

*For the period September 27, 2010 through February 28, 2011. Class I shares commenced operations on September 27, 2010.

Portfolio Managers' Report – Columbia Convertible Securities Fund

Net asset value per share

as of 02/28/11 ($)

Class A					15.55
Class B					15.28
Class C					15.51
Class I					15.58
Class Z					15.58

Distributions declared per share

03/01/10 – 02/28/11 ($)

Class A					0.49
Class B					0.39
Class C					0.39
Class I					0.14
Class Z					0.52

Top 10 holdings

as of 02/28/11 (%)

EMC Corp					3.0
Gilead Sciences					2.5
General Motors					2.3
Citigroup					2.0
Invitrogen					1.9
Apache Corp					1.7
DST Systems					1.5
Dollar Financial Corporation					1.5
Alexandria Real Estate Equities					1.5
MGM Mirage					1.5

The fund is actively managed and the composition of its portfolio will change over time. Information provided is calculated as a percentage of net assets.

For the 12-month period that ended February 28, 2011, the fund's Class A shares returned 24.72% without sales charge. Its benchmark, the BofAML All Convertibles All Qualities Index, returned 20.90%. The average return of funds in its peer group, the Lipper Convertible Securities Funds Classification, was 22.02%. Solid security selection across a range of sectors and a focus on equity-sensitive preferreds at a time of rising stock prices fueled the period's impressive results.

Better economic conditions favored consumer and tech issues

Easing credit conditions and rising equity markets combined to fuel gains for convertible securities over the past 12 months. Autos and other consumer discretionary sectors rebounded with the recovering economy, boosting the value of several fund holdings. Ford's convertible preferred, (1.0% of net assets) at times the fund's largest holding, rewarded our commitment with the payment of more than $5 per share of accumulated dividends and a sharp price rise. We cut back on automobile parts makers TRW Automotive and BorgWarner (0.8% and 0.5% of net assets, respectively), booking profits as valuations rose. Similarly, we continue to hold a reduced position in truck maker Navistar International (1.0% of net assets) after reducing exposure when prices moved higher. We purchased trucking operator Swift Transportation's (1.0% of net assets) convertible preferred as a new issue and were rewarded when it rose in value. In technology, we took profits in Salesforce.com, whose applications aid companies in sales and customer service, and in data management specialist Informatica. We also cut back on storage giant EMC (3.0% of net assets) as valuations expanded. Sybase's acquisition by a leading business management software company also boosted fund returns. During the period, Coinstar rose strongly as the company built on its expertise in change-making machines to launch Redbox, which offers DVD rentals through vending machines. We sold the fund's convertible bond position at a significant profit. We reduced exposure to the health care sector, a move that proved timely as the sector lagged. Instead, we focused on areas we judged to be more likely to prosper in an improving economic climate, such as the technology and consumer discretionary sectors, which contributed solidly to returns.

Negative influences were few

There were very few disappointments during the period. Our decision to underweight industrial issues compared to the benchmark was a slight drag on performance as companies in this segment turned in strong results and their securities rose. We sold biotech company Biovail following its merger, but price momentum plus synergies realized from the merger moved the issue sharply higher. To seal in some gains we cut back exposure to equity-sensitive preferreds while remaining open to attractive new opportunities. Among new additions were the convertible bonds of Ares Capital (1.0% of net assets), a private investment company.

Looking ahead

Our longstanding investment process is bottom-up and research centered. We look for attractively valued issues and let sector weights emerge from our selections. That process has led us to invest in equity- and credit-sensitive issues where we see good potential. The market appears fairly valued at this juncture, with future performance unlikely to match the strong results of the past two years. Nevertheless, we are optimistic about the fund's potential to reward shareholders over the upcoming period.

Portfolio Managers' Report (continued) – Columbia Convertible Securities Fund

Most convertible securities are not investment grade and are therefore more speculative in nature than securities with higher ratings.

Investment Portfolio – Columbia Convertible Securities Fund

February 28, 2011

Convertible Bonds – 71.6%
	Par ($)		Value ($)
Consumer Discretionary – 9.6%
Apparel – 1.0%
Iconix Brand Group, Inc. 1.875% 06/30/12		4,810,000		4,930,250
Apparel Total				4,930,250
Auto Components – 1.3%
BorgWarner, Inc. 3.500% 04/15/12		1,120,000		2,674,000
TRW Automotive, Inc. 3.500% 12/01/15 (a)		1,900,000		3,921,125
Auto Components Total				6,595,125
Automobiles – 1.0%
Ford Motor Co. 4.250% 11/15/16		2,650,000		4,842,875
Automobile Total				4,842,875
Hotels, Restaurants & Leisure – 2.0%
Home Inns & Hotels Management, Inc. 2.000% 12/15/15 (a)		3,020,000		2,884,979
MGM Mirage 4.250% 04/15/15 (a)		6,830,000		7,478,850
Hotels, Restaurants & Leisure Total				10,363,829
Internet & Catalog Retail – 0.5%
priceline.com, Inc. 1.250% 03/15/15 (a)		1,650,000		2,668,875
Internet & Catalog Retail Total				2,668,875
Media – 3.1%
Interpublic Group of Companies, Inc. 4.250% 03/15/23		4,210,000		5,009,900
Liberty Global, Inc. 4.500% 11/15/16		1,750,000		2,999,027
Liberty Media Corp. 3.250% 03/15/31		6,500,000		5,118,750
Nielsen Holdings NV 6.250% 02/01/13		5,000,000		2,759,375
Media Total				15,887,052
Specialty Retail – 0.7%
Charming Shoppes, Inc. 1.125% 05/01/14		4,180,000		3,553,000
Specialty Retail Total				3,553,000
Consumer Discretionary Total				48,841,006

	Par ($)		Value ($)
Consumer Staples – 1.5%
Food Products – 0.8%
Smithfield Foods, Inc. 4.000% 06/30/13		3,280,000		4,046,700
Food Products Total				4,046,700
Tobacco – 0.7%
Vector Group Ltd. 3.875% 06/15/26 (b)		3,170,000		3,677,200
Tobacco Total				3,677,200
Consumer Staples Total				7,723,900
Energy – 4.5%
Energy Equipment & Services – 1.4%
Hornbeck Offshore Services, Inc. 1.625% 11/15/26 (1.375% 11/15/13) (a)(c)		5,000,000		4,762,500
1.625% 11/15/26 (1.375% 11/15/13) (c)		2,770,000		2,638,425
Energy Equipment & Services Total				7,400,925
Oil, Gas & Consumable Fuels – 3.1%
Chesapeake Energy Corp. 2.750% 11/15/35		4,420,000		5,348,200
International Coal Group, Inc. 4.000% 04/01/17		1,990,000		3,743,688
Newpark Resources, Inc. 4.000% 10/01/17		2,650,000		2,663,250
SM Energy Co. 3.500% 04/01/27		2,720,000		3,808,000
Oil, Gas & Consumable Fuels Total				15,563,138
Energy Total				22,964,063
Financials – 9.1%
Capital Markets – 2.0%
Ares Capital Corp. 5.750% 02/01/16 (a)		4,970,000		5,305,475
Knight Capital Group, Inc. 3.500% 03/15/15 (a)		5,000,000		4,940,625
Capital Markets Total				10,246,100
Consumer Finance – 1.5%
Dollar Financial Corp. 3.000% 04/01/28		5,987,000		7,790,584
Consumer Finance Total				7,790,584

See Accompanying Notes to Financial Statements.

Columbia Convertible Securities Fund

February 28, 2011

Convertible Bonds (continued)
	Par ($)		Value ($)
Diversified Financial Services – 0.7%
Affiliated Managers Group, Inc. 3.950% 08/15/38		3,170,000		3,677,200
Diversified Financial Services Total				3,677,200
Insurance – 1.2%
National Financial Partners Corp. 4.000% 06/15/17 (a)		2,000,000		2,580,000
Radian Group, Inc. 3.000% 11/15/17		3,510,000		3,316,950
Insurance Total				5,896,950
Real Estate Investment Trusts (REITs) – 2.1%
Digital Realty Trust LP 5.500% 04/15/29 (a)		3,660,000		5,377,912
Vornado Realty LP 3.875% 04/15/25		4,370,000		5,036,425
Real Estate Investment Trusts (REITs) Total				10,414,337
Real Estate Management & Development – 0.6%
Forest City Enterprises, Inc. 3.625% 10/15/14		2,335,000		3,257,325
Real Estate Management & Development Total				3,257,325
Thrifts & Mortgage Finance – 1.0%
MGIC Investment Corp. 5.000% 05/01/17		4,600,000		5,007,100
Thrifts & Mortgage Finance Total				5,007,100
Financials Total				46,289,596
Health Care – 13.0%
Biotechnology – 6.5%
Cubist Pharmaceuticals, Inc. 2.500% 11/01/17		3,610,000		3,608,329
Dendreon Corp. 2.875% 01/15/16		4,950,000		4,914,360
Gilead Sciences, Inc. 1.625% 05/01/16 (a)		11,690,000		12,630,811
Human Genome Sciences, Inc. 2.250% 08/15/12		1,540,000		2,412,025
Invitrogen Corp. 3.250% 06/15/25		8,436,000		9,585,405
Biotechnology Total				33,150,930
Health Care Equipment & Supplies – 1.7%
Alere, Inc. 3.000% 05/15/16		5,500,000		6,139,375
Fisher Scientific International, Inc. 3.250% 03/01/24		1,797,000		2,493,337
Health Care Equipment & Supplies Total				8,632,712

	Par ($)		Value ($)
Health Care Providers & Services – 0.8%
Lincare Holdings, Inc. 2.750% 11/01/37		3,230,000		3,811,400
Health Care Providers & Services Total				3,811,400
Healthcare Products – 1.0%
Insulet Corp. 5.375% 06/15/13		2,320,000		2,624,500
Volcano Corp. 2.875% 09/01/15		2,020,000		2,285,024
Healthcare Products Total				4,909,524
Pharmaceuticals – 3.0%
Allergan, Inc. 1.500% 04/01/26 (a)		1,030,000		1,220,550
1.500% 04/01/26		1,775,000		2,103,375
Mylan, Inc. 1.250% 03/15/12		3,110,000		3,498,750
3.750% 09/15/15		2,020,000		3,752,150
Omnicare, Inc. 3.750% 12/15/25		2,100,000		2,614,500
Salix Pharmaceuticals Ltd. 2.750% 05/15/15		2,000,000		2,137,500
Pharmaceuticals Total				15,326,825
Health Care Total				65,831,391
Industrials – 9.6%
Aerospace & Defense – 0.9%
Alliant Techsystems, Inc. 3.000% 08/15/24		4,080,000		4,641,000
Aerospace & Defense Total				4,641,000
Airlines – 1.0%
UAL Corp. 4.500% 06/30/21		4,710,000		4,845,648
Airlines Total				4,845,648
Building Products – 1.0%
Lennar Corp. 2.750% 12/15/20 (a)		4,560,000		5,251,570
Building Products Total				5,251,570
Commercial Services & Supplies – 0.7%
Covanta Holding Corp. 3.250% 06/01/14		2,950,000		3,477,312
Commercial Services & Supplies Total				3,477,312
Conglomerates – 0.5%
Textron, Inc. 4.500% 05/01/13		1,250,000		2,670,313
Conglomerates Total				2,670,313

See Accompanying Notes to Financial Statements.

Columbia Convertible Securities Fund

February 28, 2011

Convertible Bonds (continued)
	Par ($)		Value ($)
Construction Materials – 0.9%
Cemex SAB de CV 4.875% 03/15/15 (a)		4,460,000		4,543,625
Construction Materials Total				4,543,625
Containers & Packaging – 0.9%
Owens-Brockway Glass Container, Inc. 3.000% 06/01/15 (a)		4,670,000		4,769,237
Containers & Packaging Total				4,769,237
Electrical Equipment – 1.1%
General Cable Corp. 0.875% 11/15/13		3,640,000		4,013,100
4.500% 11/15/29 (c) (2.250% 11/15/19)		1,000,000		1,406,250
Electrical Equipment Total				5,419,350
Machinery – 1.4%
Ingersoll-Rand Global Holding Co. Ltd. 4.500% 04/15/12		880,000		2,245,100
Navistar International Corp. 3.000% 10/15/14		3,560,000		4,975,100
Machinery Total				7,220,200
Marine – 1.2%
DryShips, Inc. 5.000% 12/01/14		5,970,000		5,940,150
Marine Total				5,940,150
Industrials Total				48,778,405
Information Technology – 18.0%
Communications Equipment – 0.8%
Arris Group, Inc. 2.000% 11/15/26		3,585,000		3,869,545
Communications Equipment Total				3,869,545
Computers & Peripherals – 3.5%
EMC Corp. 1.750% 12/01/11		3,280,000		5,576,000
1.750% 12/01/13		5,470,000		9,558,825
SanDisk Corp. 1.500% 08/15/17		2,410,000		2,804,638
Computers & Peripherals Total				17,939,463
Internet Software & Services – 3.5%
Digital River, Inc. 1.250% 01/01/24		1,900,000		1,923,750
2.000% 11/01/30 (a)		4,480,000		4,432,615
Equinix, Inc. 3.000% 10/15/14		4,770,000		5,050,237

	Par ($)		Value ($)
Telvent GIT SA 5.500% 04/15/15 (a)		3,250,000		3,749,688
WebMD Health Corp. 2.500% 01/31/18 (a)		2,400,000		2,564,280
Internet Software & Services Total				17,720,570
IT Services – 2.3%
CACI International, Inc. 2.125% 05/01/14		3,130,000		3,861,638
DST Systems, Inc. 4.125% 08/15/23 (08/15/13) (b)		6,620,000		7,861,250
IT Services Total				11,722,888
Semiconductors & Semiconductor Equipment – 3.2%
Advanced Micro Devices, Inc. 6.000% 05/01/15		7,043,000		7,210,271
Micron Technology, Inc. 1.875% 06/01/14		3,580,000		3,830,600
ON Semiconductor Corp. 2.625% 12/15/26		4,100,000		5,171,125
Semiconductors & Semiconductor Equipment Total				16,211,996
Software – 4.7%
Cadence Design Systems, Inc. 2.625% 06/01/15 (a)		2,570,000		3,742,563
Concur Technologies, Inc. 2.500% 04/15/15 (a)		3,980,000		4,761,075
Nuance Communications, Inc. 2.750% 08/15/27		4,045,000		4,970,294
RightNow Technologies, Inc. 2.500% 11/15/30 (a)		3,525,000		3,859,240
Rovi Corp. 2.625% 02/15/40 (a)		2,870,000		3,878,087
Take-Two Interactive Software, Inc. 4.375% 06/01/14		1,700,000		2,792,250
Software Total				24,003,509
Information Technology Total				91,467,971
Materials – 2.9%
Chemicals – 0.5%
ShengdaTech, Inc. 6.500% 12/15/15 (a)		2,430,000		2,378,363
Chemicals Total				2,378,363

See Accompanying Notes to Financial Statements.

Columbia Convertible Securities Fund

February 28, 2011

Convertible Bonds (continued)
	Par ($)		Value ($)
Metals & Mining – 2.4%
Jaguar Mining, Inc. 5.500% 03/31/16 (a)		2,330,000		2,373,687
Steel Dynamics, Inc. 5.125% 06/15/14		3,720,000		4,733,700
Sterlite Industries India Ltd. 4.000% 10/30/14		4,920,000		4,975,350
Metals & Mining Total				12,082,737
Materials Total				14,461,100
Telecommunication Services – 2.5%
Wireless Telecommunication Services – 2.5%
Ciena Corp. 3.750% 10/15/18 (a)		3,470,000		5,422,743
Comtech Telecommunications Corp. 3.000% 05/01/29		2,250,000		2,321,145
Ixia 3.000% 12/15/15 (a)		2,180,000		2,527,710
Leap Wireless International, Inc. 4.500% 07/15/14		2,620,000		2,436,600
Wireless Telecommunication Services Total				12,708,198
Telecommunication Services Total				12,708,198
Utilities – 0.9%
Multi-Utilities – 0.9%
CMS Energy Corp. 5.500% 06/15/29		3,320,000		4,768,350
Multi-Utilities Total				4,768,350
Utilities Total				4,768,350
Total Convertible Bonds (cost of $316,467,744)				363,833,980
Convertible Preferred Stocks – 24.0%
	Shares
Consumer Discretionary – 3.4%
Automobiles – 2.3%
General Motors Co., 4.750%		232,500		11,829,600
Automobiles Total				11,829,600
Household Durables – 1.1%
Stanley Black & Decker, Inc., 4.750%		44,800		5,268,032
Household Durables Total				5,268,032
Consumer Discretionary Total				17,097,632

	Shares		Value ($)
Consumer Staples – 2.0%
Food Products – 2.0%
Deutsche Bank AG (a)(d)		90,000		4,146,300
Dole Food Automatic Common Exchange Security Trust, 7.000% (a)		428,000		5,798,073
Food Products Total				9,944,373
Consumer Staples Total				9,944,373
Energy – 4.3%
Oil, Gas & Consumable Fuels – 4.3%
Apache Corp., 6.000%		124,500		8,480,940
Chesapeake Energy Corp., 5.000%		50,000		5,505,000
El Paso Corp., 4.990%		320		456,173
El Paso Corp., 4.990% (a)		3,500		5,026,875
Whiting Petroleum Corp., 6.250%		8,480		2,604,038
Oil, Gas & Consumable Fuels Total				22,073,026
Energy Total				22,073,026
Financials – 9.4%
Commercial Banks – 1.9%
Fifth Third Bancorp., 8.500%		49,000		7,423,500
UBS AG, 6.750%		72,500		2,428,025
Commercial Banks Total				9,851,525
Diversified Financial Services – 5.0%
Bank of America Corp., 7.250%		7,300		7,329,200
Citigroup, Inc., 7.500%		74,100		9,966,450
Goldman Sachs Group, Inc., 0.75% (a)		183,921		3,998,994
Omnicare Capital Trust II, 4.000%		92,700		4,083,435
Diversified Financial Services Total				25,378,079
Insurance – 1.0%
Hartford Financial Services Group, Inc., 7.250%		180,000		4,980,600
Insurance Total				4,980,600
Real Estate Investment Trusts (REITs) – 1.5%
Alexandria Real Estate Equities, Inc., Series D, 7.000%		288,000		7,588,800
Real Estate Investment Trusts (REITs) Total				7,588,800
Financials Total				47,799,004

See Accompanying Notes to Financial Statements.

Columbia Convertible Securities Fund

February 28, 2011

Convertible Preferred Stocks (continued)
	Shares		Value ($)
Industrials – 2.0%
Airlines – 0.4%
Continental Airlines Finance Trust II, 6.000%		60,500		2,280,094
Airlines Total				2,280,094
Electrical Equipment – 0.6%
Energy XXI Bermuda Ltd., 5.625%		8,000		3,047,500
Electrical Equipment Total				3,047,500
Road & Rail – 1.0%
2010 Swift Mandatory Common Exchange Security Trust, 6.000% (a)		358,800		4,913,766
Road & Rail Total				4,913,766
Industrials Total				10,241,360
Materials – 1.3%
Metals & Mining – 1.3%
Molycorp, Inc., 5.500%		37,200		3,601,332
UBS AG, 9.375%		100,600		2,969,712
Metals & Mining Total				6,571,044
Materials Total				6,571,044
Utilities – 1.6%
Electric Utilities – 1.6%
Great Plains Energy, Inc., 12.000%		56,300		3,527,195
PPL Corp., CPN		86,100		4,589,991
Electric Utilities Total				8,117,186
Utilities Total				8,117,186
Total Convertible Preferred Stocks (cost of $110,934,217)				121,843,625
Common Stocks – 1.0%
Health Care – 0.5%
Biotechnology – 0.5%
Amgen, Inc. (e)		48,500		2,489,505
Biotechnology Total				2,489,505
Health Care Total				2,489,505

	Shares		Value ($)
Information Technology – 0.5%
Semiconductors & Semiconductor Equipment – 0.5%
Intel Corp.		109,400		2,348,818
Semiconductors & Semiconductor Equipment Total				2,348,818
Information Technology Total				2,348,818
Total Common Stocks (cost of $4,880,045)				4,838,323
Short-Term Obligation – 2.5%
	Par ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 02/28/11, due 03/01/11 at 0.090%, collateralized by a U.S. Government Agency obligation maturing 04/15/14, market value $12,891,900 (repurchase proceeds $12,638,032)		12,638,000		12,638,000
Total Short-Term Obligation (cost of $12,638,000)				12,638,000
Total Investments – 99.1% (cost of $444,920,006) (f)				503,153,928
Other Assets & Liabilities, Net – 0.9%				4,731,849
Net Assets – 100.0%				507,885,777

Notes to Investment Portfolio:

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2011, these securities, which are not illiquid, amounted to $131,910,193, which represents 26.0% of net assets.

(b) The interest rate shown on floating rate or variable rate securities reflects the rate at February 28, 2011.

(c) Step bond. Shown parenthetically is the next interest rate to be paid and the date the security will begin accruing at this rate.

(d) Zero coupon bond.

(e) Non-income producing security.

(f) Cost for federal income tax purposes is $445,189,385.

See Accompanying Notes to Financial Statements.

Columbia Convertible Securities Fund

February 28, 2011

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 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 2—Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3—Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

The following table summarizes the inputs used, as of February 28, 2011, in valuing the Fund's assets:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Convertible Bonds	$	—	$	363,833,980	$	—	$	363,833,980
Convertible Preferred Stocks
Consumer Discretionary		17,097,632		—		—		17,097,632
Consumer Staples		—		9,944,373		—		9,944,373
Energy		17,046,151		5,026,875		—		22,073,026
Financials		33,948,485		13,850,519		—		47,799,004
Industrials		2,280,094		7,961,266		—		10,241,360
Materials		3,601,332		2,969,712		—		6,571,044
Utilities		3,527,195		4,589,991		—		8,117,186
Total Convertible Preferred Stocks		77,500,889		44,342,736		—		121,843,625
Total Common Stocks		4,838,323		—		—		4,838,323
Total Short-Term Obligation		—		12,638,000		—		12,638,000
Total Investments	$	82,339,212	$	420,814,716	$	—	$	503,153,928

Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

The following table reconciles asset balances for the year ending February 28, 2011, in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of February 28, 2010		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases		(Sales)			Transfers into Level 3		Transfers out of Level 3		Balance as of February 28, 2011
Convertible Bonds	$	4,789,500	$	—	$	(184,995	)	$	210,500	$	—	$	(4,815,005	)	$	—	$	—	$	—
Convertible Preferred Stocks		4,440,770		—		(1,045,198	)		559,278		—		(3,954,850	)		—		—		—
Total	$	9,230,270	$	—	$	(1,230,193	)	$	769,778	$	—	$	(8,769,855	)	$	—	$	—	$	—

The information in the above reconciliation represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.

See Accompanying Notes to Financial Statements.

Columbia Convertible Securities Fund

February 28, 2011

There were no significant transfers of financial assets between Levels 1 and 2 during the period.

At February 28, 2011, the asset allocation of the Fund was as follows:

Asset Allocation (Unaudited)	% of Net Assets
Convertible Bonds		71.6
Convertible Preferred Stocks		24.0
Common Stocks		1.0
		96.6
Short-Term Obligation		2.5
Other Assets & Liabilities, Net		0.9
		100.0

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Convertible Securities Fund
February 28, 2011

		($)
Assets	Investments, at identified cost		444,920,006
	Investments, at value		503,153,928
	Cash		945
	Receivable for:
	Investments sold		10,046,424
	Fund shares sold		519,343
	Dividends		267,841
	Interest		2,858,024
	Expense reimbursement due from Investment Manager		243,453
	Prepaid expenses		1,371
	Total Assets		517,091,329
Liabilities	Payable for:
	Investments purchased		5,233,452
	Fund shares repurchased		3,009,677
	Investment advisory fee		250,917
	Administration fee		56,738
	Pricing and bookkeeping fees		10,918
	Transfer agent fee		235,592
	Trustees' fees		74,218
	Custody fee		3,298
	Distribution and service fees		76,318
	Chief compliance officer expenses		196
	Reports to shareholders		180,336
	Other liabilities		73,892
	Total Liabilities		9,205,552
	Net Assets		507,885,777
Net Assets Consist of	Paid-in capital		523,013,307
	Undistributed net investment income		1,966,224
	Accumulated net realized loss		(75,327,676	)
	Net unrealized appreciation on investments		58,233,922
	Net Assets		507,885,777

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia Convertible Securities Fund
February 28, 2011

Class A	Net assets	$	224,608,180
	Shares outstanding		14,441,489
	Net asset value per share	$	15.55	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($15.55/0.9425)	$	16.50	(b)
Class B	Net assets	$	12,088,531
	Shares outstanding		791,122
	Net asset value and offering price per share	$	15.28	(a)
Class C	Net assets	$	21,716,694
	Shares outstanding		1,400,559
	Net asset value and offering price per share	$	15.51	(a)
Class I (c)	Net assets	$	82,875,003
	Shares outstanding		5,318,778
	Net asset value, offering and redemption price per share	$	15.58
Class Z	Net assets	$	166,597,369
	Shares outstanding		10,696,459
	Net asset value, offering and redemption price per share	$	15.58

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

(b) On sales of $50,000 or more the offering price is reduced.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Convertible Securities Fund
For the Year Ended February 28, 2011

		($)
Investment Income	Dividends		7,690,097
	Interest		10,925,830
	Total Investment Income		18,615,927
Expenses	Investment advisory fee		2,756,973
	Administration fee		619,486
	Distribution fee:
	Class B		125,500
	Class C		152,495
	Service fee:
	Class B		41,937
	Class C		50,832
	Distribution and service fees:
	Class A		501,246
	Transfer agent fee—Class A, Class B, Class C and Class Z		604,113
	Pricing and bookkeeping fees		112,948
	Trustees' fees		34,242
	Custody fee		12,979
	Chief compliance officer expenses		1,341
	Other expenses		321,540
	Expenses before interest expense		5,335,632
	Interest expense		196
	Total Expenses		5,335,828
	Fees waived or expenses reimbursed by Investment Manager		(650,305	)
	Expense reductions		(240	)
	Net Expenses		4,685,283
	Net Investment Income		13,930,644
Net Realized and Unrealized Gain (Loss) on Investments	Net realized gain on investments		39,036,443
	Net change in unrealized appreciation (depreciation) on investments		41,939,324
	Net Gain		80,975,767
	Net Increase Resulting from Operations		94,906,411

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Convertible Securities Fund

		Year Ended February 28,
Increase (Decrease) in Net Assets		2011 ($)(a)(b)			2010 ($)
Operations	Net investment income		13,930,644			12,829,250
	Net realized gain on investments and foreign currency transactions		39,036,443			15,826,478
	Net change in unrealized appreciation (depreciation) on investments		41,939,324			97,282,239
	Net increase resulting from operations		94,906,411			125,937,967
Distributions to Shareholders	From net investment income:
	Class A		(7,009,024	)		(5,127,702	)
	Class B		(477,313	)		(632,843	)
	Class C		(567,892	)		(430,613	)
	Class I		(59,986	)		—
	Class Z		(6,617,790	)		(6,553,878	)
	Total distributions to shareholders		(14,732,005	)		(12,745,036	)
	Net Capital Stock Transactions		(6,388,716	)		(74,409,319	)
	Increase from regulatory settlements		—			130,285
	Total increase in net assets		73,785,690			38,913,897
Net Assets	Beginning of period		434,100,087			395,186,190
	End of period		507,885,777			434,100,087
	Undistributed net investment income at end of period		1,966,224			2,467,274

(a) Class I shares commenced operations on September 27, 2010.

(b) Class I shares reflect activity for the period September 27, 2010 through February 28, 2011.

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Convertible Securities Fund

	Capital Stock Activity
	Year Ended February 28, 2011 (a)(b)						Year Ended February 28, 2010
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		2,925,492			41,348,161			1,675,265			19,386,163
Distributions reinvested		305,724			4,103,577			392,420			4,565,152
Redemptions		(3,610,304	)		(49,802,514	)		(2,848,283	)		(33,289,324	)
Net decrease		(379,088	)		(4,350,776	)		(780,598	)		(9,338,009	)
Class B
Subscriptions		26,723			371,670			72,049			795,052
Distributions reinvested		19,289			253,216			45,129			511,890
Redemptions		(1,155,008	)		(15,586,826	)		(1,470,640	)		(16,857,638	)
Net decrease		(1,108,996	)		(14,961,940	)		(1,353,462	)		(15,550,696	)
Class C
Subscriptions		189,350			2,685,171			94,067			1,070,843
Distributions reinvested		20,947			283,145			21,390			248,054
Redemptions		(370,334	)		(5,152,765	)		(395,254	)		(4,679,053	)
Net decrease		(160,037	)		(2,184,449	)		(279,797	)		(3,360,156	)
Class I
Subscriptions		6,348,957			93,563,351			—			—
Distributions reinvested		4,104			59,960			—			—
Redemptions		(1,034,283	)		(15,670,265	)		—			—
Net increase		5,318,778			77,953,046			—			—
Class Z
Subscriptions		4,958,784			70,327,339			3,210,315			37,132,745
Distributions reinvested		184,776			2,531,641			157,678			1,840,625
Redemptions		(9,793,941	)		(135,703,577	)		(7,156,420	)		(85,133,828	)
Net decrease		(4,650,381	)		(62,844,597	)		(3,788,427	)		(46,160,458	)

(a) Class I shares commenced operations on September 27, 2010.

(b) Class I shares reflect activity for the period September 27, 2010 through February 28, 2011.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Convertible Securities Fund

Selected data for a share outstanding throughout each period is as follows:

	Year Ended February 28,									Year Ended February 29,			Period Ended February 28,			Year Ended March 31,
Class A Shares	2011			2010			2009			2008			2007 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	12.92		$	9.93		$	14.90		$	16.62		$	17.59		$	17.35
Income from Investment Operations:
Net investment income (c)		0.45			0.34			0.29			0.32			0.35			0.41
Net realized and unrealized gain (loss) on investments, foreign currency and written options		2.67			2.99			(4.73	)		(0.27	)		0.91			1.32
Total from investment operations		3.12			3.33			(4.44	)		0.05			1.26			1.73
Less Distributions to Shareholders:
From net investment income		(0.49	)		(0.34	)		(0.30	)		(0.38	)		(0.43	)		(0.42	)
From net realized gains		—			—			(0.23	)		(1.39	)		(1.80	)		(1.07	)
Total distributions to shareholders		(0.49	)		(0.34	)		(0.53	)		(1.77	)		(2.23	)		(1.49	)
Increase from regulatory settlements		—			—	(d)		—			—			—			—
Net Asset Value, End of Period	$	15.55		$	12.92		$	9.93		$	14.90		$	16.62		$	17.59
Total return (e)(f)		24.72	%		33.91	%		(30.64	)%		(0.22	)%		7.96	%(g)		10.54	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (h)		1.15	%		1.20	%		1.21	%		1.18	%		1.16	%(i)		1.09	%
Interest expense		—	%(j)		—			��	%(j)		—	%(j)		—	%(i)(j)		—	%(j)
Net expenses (h)		1.15	%		1.20	%		1.21	%		1.18	%		1.16	%(i)		1.09	%
Waiver/Reimbursement		0.16	%		0.04	%		0.03	%		0.01	%		0.01	%(i)		0.06	%(k)
Net investment income (h)		3.27	%		2.88	%		2.33	%		1.91	%		2.25	%(i)		2.39	%
Portfolio turnover rate		118	%		117	%		92	%		77	%		44	%(g)		40	%
Net assets, end of period (000s)	$	224,608		$	191,414		$	154,987		$	274,370		$	328,023		$	352,010

(a) The Fund changed its fiscal year end from March 31 to February 28. Per share data and total return reflect activity from April 1, 2006 through February 28, 2007.

(b) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

(d) Rounds to less than $0.01 per share.

(e) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(f) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(g) Not annualized.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

(i) Annualized.

(j) Rounds to less than 0.01%.

(k) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been -% .

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Convertible Securities Fund

Selected data for a share outstanding throughout each period is as follows:

	Year Ended February 28,									Year Ended February 29,			Period Ended February 28,			Year Ended March 31,
Class B Shares	2011			2010			2009			2008			2007 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	12.70		$	9.77		$	14.66		$	16.37		$	17.38		$	17.16
Income from Investment Operations:
Net investment income (c)		0.35			0.24			0.19			0.19			0.23			0.28
Net realized and unrealized gain (loss) on investments, foreign currency and written options		2.62			2.94			(4.65	)		(0.26	)		0.90			1.30
Total from investment operations		2.97			3.18			(4.46	)		(0.07	)		1.13			1.58
Less Distributions to Shareholders:
From net investment income		(0.39	)		(0.25	)		(0.20	)		(0.25	)		(0.34	)		(0.29	)
From net realized gains		—			—			(0.23	)		(1.39	)		(1.80	)		(1.07	)
Total distributions to shareholders		(0.39	)		(0.25	)		(0.43	)		(1.64	)		(2.14	)		(1.36	)
Increase from regulatory settlements		—			—	(d)		—			—			—			—
Net Asset Value, End of Period	$	15.28		$	12.70		$	9.77		$	14.66		$	16.37		$	17.38
Total return (e)(f)		23.83	%		32.86	%		(31.14	)%		(0.92	)%		7.19	%(g)		9.72	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (h)		1.90	%		1.95	%		1.96	%		1.93	%		1.91	%(i)		1.84	%
Interest expense		—	%(j)		—			—	%(j)		—	%(j)		—	%(i)(j)		—	%(j)
Net expenses (h)		1.90	%		1.95	%		1.96	%		1.93	%		1.91	%(i)		1.84	%
Waiver/Reimbursement		0.16	%		0.04	%		0.03	%		0.01	%		0.01	%(i)		0.06	%(k)
Net investment income (h)		2.61	%		2.10	%		1.53	%		1.16	%		1.50	%(i)		1.64	%
Portfolio turnover rate		118	%		117	%		92	%		77	%		44	%(g)		40	%
Net assets, end of period (000s)	$	12,089		$	24,126		$	31,792		$	74,074		$	99,360		$	116,566

(a) The Fund changed its fiscal year end from March 31 to February 28. Per share data and total return reflect activity from April 1, 2006 through February 28, 2007.

(b) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

(d) Rounds to less than $0.01 per share.

(e) Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(f) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(g) Not annualized.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

(i) Annualized.

(j) Rounds to less than 0.01%.

(k) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been -% .

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Convertible Securities Fund

Selected data for a share outstanding throughout each period is as follows:

	Year Ended February 28,									Year Ended February 29,			Period Ended February 28,			Year Ended March 31,
Class C Shares	2011			2010			2009			2008			2007 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	12.88		$	9.91		$	14.86		$	16.58		$	17.57		$	17.34
Income from Investment Operations:
Net investment income (c)		0.35			0.25			0.20			0.19			0.23			0.28
Net realized and unrealized gain (loss) on investments, foreign currency and written options		2.67			2.97			(4.72	)		(0.27	)		0.92			1.31
Total from investment operations		3.02			3.22			(4.52	)		(0.08	)		1.15			1.59
Less Distributions to Shareholders:
From net investment income		(0.39	)		(0.25	)		(0.20	)		(0.25	)		(0.34	)		(0.29	)
From net realized gains		—			—			(0.23	)		(1.39	)		(1.80	)		(1.07	)
Total distributions to shareholders		(0.39	)		(0.25	)		(0.43	)		(1.64	)		(2.14	)		(1.36	)
Increase from regulatory settlements		—			—	(d)		—			—			—			—
Net Asset Value, End of Period	$	15.51		$	12.88		$	9.91		$	14.86		$	16.58		$	17.57
Total return (e)(f)		23.88	%		32.80	%		(31.13	)%		(0.97	)%		7.23	%(g)		9.68	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (h)		1.90	%		1.95	%		1.96	%		1.93	%		1.91	%(i)		1.84	%
Interest expense		—	%(j)		—			—	%(j)		—	%(j)		—	%(i)(j)		—	%(j)
Net expenses (h)		1.90	%		1.95	%		1.96	%		1.93	%		1.91	%(i)		1.84	%
Waiver/Reimbursement		0.16	%		0.04	%		0.03	%		0.01	%		0.01	%(i)		0.06	%(k)
Net investment income (h)		2.53	%		2.12	%		1.54	%		1.16	%		1.50	%(i)		1.64	%
Portfolio turnover rate		118	%		117	%		92	%		77	%		44	%(g)		40	%
Net assets, end of period (000s)	$	21,717		$	20,103		$	18,239		$	38,320		$	52,794		$	57,193

(a) The Fund changed its fiscal year end from March 31 to February 28. Per share data and total return reflect activity from April 1, 2006 through February 28, 2007.

(b) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

(d) Rounds to less than $0.01 per share.

(e) Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(f) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(g) Not annualized.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

(i) Annualized.

(j) Rounds to less than 0.01%.

(k) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been -% .

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Convertible Securities Fund

Selected data for a share outstanding throughout the period is as follows:

Class I Shares	Period Ended February 28, 2011 (a)
Net Asset Value, Beginning of Period	$	13.69
Income from Investment Operations:
Net investment income (b)		0.17
Net realized and unrealized gain on investments		1.86
Total from investment operations		2.03
Less Distributions to Shareholders:
From net investment income		(0.14	)
Net Asset Value, End of Period	$	15.58
Total return (c)(d)(e)		14.92	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (f)(g)		0.86	%
Waiver/Reimbursement (g)		0.04	%
Net investment income (f)(g)		2.63	%
Portfolio turnover rate (e)		118	%
Net assets, end of period (000s)	$	82,875

(a) Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(e) Not annualized.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

(g) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Convertible Securities Fund

Selected data for a share outstanding throughout each period is as follows:

	Year Ended February 28,									Year Ended February 29,			Period Ended February 28,			Year Ended March 31,
Class Z Shares	2011			2010			2009			2008			2007 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	12.93		$	9.94		$	14.91		$	16.62		$	17.59		$	17.35
Income from Investment Operations:
Net investment income (c)		0.49			0.37			0.33			0.36			0.39			0.46
Net realized and unrealized gain (loss) on investments, foreign currency and written options		2.68			2.99			(4.73	)		(0.26	)		0.91			1.31
Total from investment operations		3.17			3.36			(4.40	)		0.10			1.30			1.77
Less Distributions to Shareholders:
From net investment income		(0.52	)		(0.37	)		(0.34	)		(0.42	)		(0.47	)		(0.46	)
From net realized gains		—			—			(0.23	)		(1.39	)		(1.80	)		(1.07	)
Total distributions to shareholders		(0.52	)		(0.37	)		(0.57	)		(1.81	)		(2.27	)		(1.53	)
Increase from regulatory settlements		—			—	(d)		—			—			—			—
Net Asset Value, End of Period	$	15.58		$	12.93		$	9.94		$	14.91		$	16.62		$	17.59
Total return (e)(f)		25.17	%		34.20	%		(30.43	)%		0.10	%		8.16	%(g)		10.81	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (h)		0.90	%		0.95	%		0.96	%		0.93	%		0.91	%(i)		0.84	%
Interest expense		—	%(j)		—			—	%(j)		—	%(j)		—	%(i)(j)		—	%(j)
Net expenses (h)		0.90	%		0.95	%		0.96	%		0.93	%		0.91	%(i)		0.84	%
Waiver/Reimbursement		0.16	%		0.04	%		0.03	%		0.01	%		0.01	%(i)		0.06	%(k)
Net investment income (h)		3.52	%		3.12	%		2.56	%		2.16	%		2.50	%(i)		2.64	%
Portfolio turnover rate		118	%		117	%		92	%		77	%		44	%(g)		40	%
Net assets, end of period (000s)	$	166,597		$	198,457		$	190,168		$	388,824		$	611,157		$	775,758

(a) The Fund changed its fiscal year end from March 31 to February 28. Per share data and total return reflect activity from April 1, 2006 through February 28, 2007.

(b) On August 22, 2005, the Fund's Investor Z shares were renamed Class Z shares.

(d) Rounds to less than $0.01 per share.

(e) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(f) Total return at net asset value assuming all distributions reinvested.

(g) Not annualized.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

(i) Annualized.

(j) Rounds to less than 0.01%.

(k) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been -% .

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Convertible Securities Fund
February 28, 2011

Note 1. Organization

Columbia Convertible Securities Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

Investment Objective

The Fund seeks total return, consisting of capital appreciation and current income.

Fund Shares

The Trust has unlimited authorized shares of beneficial interest. The Fund offers Class A, Class B, Class C, Class I and Class Z shares. On December 17, 2010, the Investment Manager exchanged Class Z shares valued at $41,751,093 for Class I shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18 months after purchase.

The Fund no longer accepts investments by new or existing investors in the Fund's Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds. Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class I shares are not subject to sales charges and are available only to the Columbia Family of Funds. Class I shares became effective September 27, 2010.

Class Z shares are not subject to sales charges and are available only to certain investors, as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Debt securities generally are valued by pricing services approved by the Trust's Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Columbia Convertible Securities Fund, February 28, 2011

supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, the Investment Manager 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 value.

Repurchase Agreements

Security Transactions

Income Recognition

Interest income is recorded on the accrual basis. Market premiums and discounts are amortized and accreted, respectively, on all debt securities, unless otherwise noted. Original issue discount is accreted to interest income over the life of the security with a corresponding increase in the cost basis, if any. For convertible securities, premiums attributable to the conversion feature are not amortized.

Corporate actions and dividend income are recorded on the ex-date.

Awards from class action litigation are recorded as a reduction of cost if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

The Fund receives information regarding the character of distributions received from real estate investment trusts (REITs) on an annual basis. Distributions received from REITs are allocated among dividend income, capital gain and return of capital based upon such information or based on management's estimates if actual information has not yet been reported. Management's estimates are subsequently adjusted when the actual character of the distributions are disclosed by the REITs which could result in a proportionate increase in returns of capital to shareholders.

Distributions received from REITs in excess of their income are recorded as a reduction of the cost of the related investments. If the Fund no longer owns the applicable securities, any distributions received in excess of income are recorded as realized gains.

Expenses

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses which are charged directly to a share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

Distributions to Shareholders

Distributions from net investment income are declared and paid quarterly. 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.

Columbia Convertible Securities Fund, February 28, 2011

Indemnification

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Services Fee

The Investment Manager determines which securities will be purchased, held or sold. The management fee is based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.65	%
$500 million to $1 billion		0.60	%
$1 billion to $1.5 billion		0.55	%
Over $1.5 billion		0.50	%

The effective management fee rate for the year ended February 28, 2011, was 0.62% of the Fund's average daily net assets.

Administration Fee

Pricing and Bookkeeping Fees

Transfer Agent Fee

In connection with the Closing, RiverSource Service Corporation, a wholly owned subsidiary of Ameriprise Financial, became the transfer agent of the Fund and changed its name to Columbia Management Investment Services Corp. (the New Transfer Agent). The New Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent. The New Transfer Agent receives monthly account-based service fees that vary by class and are based on the number of open accounts and asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the New Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). The New Transfer

Columbia Convertible Securities Fund, February 28, 2011

Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

The New Transfer Agent receives reimbursement for certain out-of-pocket expenses and may also receive compensation for various shareholder services.

Class I shares do not pay transfer agent fees. For the year ended February 28, 2011, the Fund's effective transfer agent fee rate for each class, with the exception of Class I shares, was 0.15% of the Fund's average daily net assets.

Underwriting Discounts, Service and Distribution Fees

For the year ended February 28, 2011, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $9,935 and net CDSC fees paid by shareholders on certain redemptions of Class B and Class C shares amounted to $8,741 and $101, respectively.

The Trust has adopted shareholder servicing plans and distribution plans for the Class B and Class C shares of the Fund and a combined distribution and shareholder servicing plan for the Class A shares of the Fund. The shareholder servicing plans permit the Fund to compensate or reimburse servicing agents for the shareholder services they have provided. The distribution plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Fund to compensate or reimburse the New Distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes' shares. Payments are made at an annual rate and paid monthly, as a percentage of average daily net assets, set from time to time by the Board of Trustees, and are charged as expenses of the Fund directly to the applicable share class. A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of the New Distributor.

The annual rates in effect and plan limits, as a percentage of average daily net assets are as follows:

	Current Rate			Plan Limit
Class A Combined Distribution and Shareholder Servicing Plan		0.25	%		0.25	%
Class B and Class C Shareholder Servicing Plans		0.25	%		0.25	%
Class B and Class C Distribution Plans		0.75	%		0.75	%

Prior to the Closing, Columbia Management Distributors, Inc, an affiliate of Columbia and an indirect, wholly owned subsidiary of BOA, was the principal underwriter of the Fund's shares. There were no changes to the underwriting discount structure of the Fund or the service or distribution fee rates paid by the Fund as a result of the Transaction.

Expense Limits and Fee Waivers

Effective September 27, 2010, the Investment Manager and certain affiliates have contractually agreed to waive fees or reimburse expenses through September 30, 2011, so that the Fund's ordinary operating expenses (excluding certain expenses, such as transaction costs and brokerage commissions, interest, taxes, acquired fund fees and expenses, and extraordinary expenses, if any), after giving effect to any balance credits or overdraft charges from the Fund's custodian, do not exceed the annual rates of 1.15%, 1.90%, 1.90%, 0.85% and 0.90% of the Fund's average daily net assets attributable to Class A, Class B, Class C, Class I and Class Z shares, respectively. This expense arrangement is made pursuant to a fee waiver and expense cap agreement that my be modified or amended only with the approval from all parties to such arrangements, including the Fund and the Investment Manager.

For the period May 1, 2010 through September 26, 2010, the Investment Manager voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution and service fees, brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, did not exceed 0.90%

Columbia Convertible Securities Fund, February 28, 2011

annually of the Fund's average daily net assets. Prior to May 1, 2010, Columbia voluntarily reimbursed a portion of the Fund's expenses in the same manner.

Fees Paid to Officers and Trustees

Note 4. Custody Credits

For the year ended February 28, 2011, these custody credits reduced total expenses by $240 for the Fund.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated $488,148,732 and $504,759,641, respectively, for the year ended February 28, 2011.

Note 6. Regulatory Settlements

During the year ended February 28, 2010, the Fund received payments totaling $130,285 resulting from certain regulatory settlements with third parties in which the Fund had participated. The payments have been included in "Increase from regulatory settlements" in the Statement of Changes in Net Assets.

Note 7. Shareholder Concentration

As of February 28, 2011, two shareholder accounts owned 50.3% of the outstanding shares of the Fund. Purchase and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

For the year ended February 28, 2011, the average daily loan balance outstanding on days where borrowing existed was $2,400,000 at a weighted average interest rate of 1.235%.

Note 9. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may

Columbia Convertible Securities Fund, February 28, 2011

differ from GAAP. Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

For the year ended February 28, 2011, permanent book and tax basis differences resulting primarily from differing treatments for adjustments on certain convertible preferred securities were identified and reclassified among the components of the Fund's net assets as follows:

Undistributed Net Investment Income				Accumulated Net Realized Loss				Paid-In Capital
$	300,311			$	(300,311	)		$	—

Net investment income and net realized gain (losses), as disclosed on the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years ended February 28, 2011 and February 28, 2010 was as follows:

	February 28,
Distributions paid from:	2011		2010
Ordinary Income*	$	14,732,005	$	12,745,036

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

As of February 28, 2011, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income				Undistributed Long-Term Capital Gains				Net Unrealized Appreciation*
$	2,188,269			$	—			$	57,964,543

* The differences between book-basis and tax-basis net unrealized appreciation are primarily due to adjustments on certain convertible preferred securities and deferral of losses from wash sales.

Unrealized appreciation and depreciation at February 28, 2011, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	60,522,660
Unrealized depreciation		(2,558,117	)
Net unrealized appreciation	$	57,964,543

The following capital loss carryforwards may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Capital Loss Carryforwards
2017	$	35,724,600
2018		39,523,679
	$	75,248,279

Capital loss carryforwards of $35,338,481 were utilized during the year ended February 28, 2011.

Management is required to determine whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized by the Fund is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management's conclusions 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). The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

Columbia Convertible Securities Fund, February 28, 2011

funds for investment advisory and administrative services are excessive. The plaintiffs seek remedies including restitution and rescission of investment advisory and distribution agreements. The plaintiffs voluntarily agreed to transfer this case to the United States District Court for the District of Minnesota (the District Court). In response to defendants' motion to dismiss the complaint, the District Court dismissed one of plaintiffs' four claims and granted plaintiffs limited discovery. Defendants moved for summary judgment in April 2007. Summary judgment was granted in the defendants' favor on July 9, 2007. The plaintiffs filed a notice of appeal with the Eighth Circuit Court of Appeals (the Eighth Circuit) on August 8, 2007. On April 8, 2009, the Eighth Circuit reversed summary judgment and remanded to the District Court for further proceedings. On August 6, 2009, defendants filed a writ of certiorari with the U.S. Supreme Court (the Supreme Court), asking the Supreme Court to stay the District Court proceedings while the Supreme Court considers and rules in a case captioned Jones v. Harris Associates, which involves issues of law similar to those presented in the Gallus case. On March 30, 2010, the Supreme Court issued its ruling in Jones v. Harris Associates, and on April 5, 2010, the Supreme Court vacated the Eighth Circuit's decision in the Gallus case and remanded the case to the Eighth Circuit for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On June 4, 2010, the Eighth Circuit remanded the Gallus case to the District Court for further consideration in light of the Supreme Court's decision in Jones v. Harris Associates. On December 9, 2010, the District Court reinstated its July 9, 2007 summary judgment order in favor of the defendants. On January 10, 2011, plaintiffs filed a notice of appeal with the Eighth Circuit.

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and the Shareholders of Columbia Convertible Securities Fund

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Convertible Securities Fund (the "Fund") (a series of Columbia Funds Series Trust) at February 28, 2011, and the results of its operations, the changes in its net assets, and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 21, 2011

Federal Income Tax Information (Unaudited) – Columbia Convertible Securities Fund

For non-corporate shareholders, 46.60% or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of the ordinary income distributed by the Fund for the fiscal year ended February 28, 2011 may represent qualified dividend income.

43.95% of the ordinary income distributed by the Fund for the fiscal year ended February 28, 2011, qualifies for the corporate dividends received deduction.

The Fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Fund Governance

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office				Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Edward J. Boudreau, Jr. (Born 1944)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2005)				Managing Director—E.J. Boudreau & Associates (consulting), from 2000 through current; oversees 44; Trustee—BofA Funds Series Trust.

William P. Carmichael (Born 1943)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1999)				Retired; Oversees 44; Director—Cobra Electronics Corporation (electronic equipment manufacturer); Director—McMoRan Exploration Company (oil and gas exploration and development); Director—The Finish Line (athletic shoes and apparel); Trustee—BofA Funds Series Trust; Former Director—Simmons Company (bedding).

William A. Hawkins (Born 1942)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2005)				Managing Director—Overton Partners (financial consulting), August 2010 to present; President and Chief Executive Officer—California General Bank, N.A., from January 2008 through August 2010; oversees 44; Trustee—BofA Funds Series Trust.

R. Glenn Hilliard (Born 1943)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2005)				Chairman and Chief Executive Officer—Hilliard Group LLC (investing and consulting), from April 2003 through current; Non-Executive Director & Chairman—CNO Financial, Inc. (formerly Conseco, Inc.) (insurance), September 2003 through current; Executive Chairman—Conseco, Inc. (insurance), August 2004 through September 2005; oversees 44; Trustee—BofA Funds Series Trust.

John J. Nagorniak (Born 1944)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2008)				Retired; President and Director—Foxstone Financial, Inc. (consulting), 2000 through December 2007; Director—Mellon Financial Corporation affiliates (investing), 2000 through 2007; Chairman—Franklin Portfolio Associates (investing—Mellon affiliate), 1982 through 2007; oversees 44; Director—MIT Investment Company; Trustee—MIT 401k Plan.

Fund Governance (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office				Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Minor M. Shaw (Born 1947)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2003)				President—Micco Corporation and Mickel Investment Group; oversees 44; Board Member—Piedmont Natural Gas; Trustee—BofA Funds Series Trust.

Interested Trustee

Anthony M. Santomero¹ (Born 1946)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2008)				Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, from 2002 through current; Senior Advisor—McKinsey & Company (consulting), July 2006 through January 2008; President and Chief Executive Officer—Federal Reserve Bank of Philadelphia, July 2000 through April 2006; oversees 44; Director—Renaissance Reinsurance Ltd; Trustee—Penn Mutual Life Insurance Company; Director—Citigroup, Inc.; Citibank, N.A.; Trustee—BofA Funds Series Trust.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 800-345-6611.

Officers

Name, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964)

225 Franklin Street Boston, MA 02110 President (since 2009)				Senior Vice President and General Manager—Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.

Michael G. Clarke (Born 1969)

225 Franklin Street Boston, MA 02110 Senior Vice President and Chief Financial Officer (since 2009)				Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.

Fund Governance (continued)

Officers (continued)

Name, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
Scott R. Plummer (Born 1959)

5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Secretary and Chief Legal Officer (since 2010)				Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel—Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel—Asset Management, from 2005 to April 2010, and Vice President—Asset Management Compliance from 2004 to 2005); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006; Vice President, General Counsel and Secretary, RiverSource Funds, since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Linda J. Wondrack (Born 1964)

225 Franklin Street Boston, MA 02110 Senior Vice President and Chief Compliance Officer (since 2007)				Vice President and Chief Compliance Officer, Columbia Management Investment Advisers, LLC since May 2010; Chief Compliance Officer, Columbia Funds, since 2007, and RiverSource Funds, since May 2010; Director (Columbia Management Group, LLC and Investment Product Group Compliance), Bank of America, from June 2005 to April 2010.

William F. Truscott (Born 1960)

53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)				Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010 (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President—U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President—Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director, Columbia Management Investment Distributors, Inc. since May 2010 (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.

Colin Moore (Born 1958)

225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)				Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.

Michael A. Jones (Born 1959)

225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)				President and Director, Columbia Management Investment Advisers, LLC since May 2010; President and Director, Columbia Management Investment Distributors, Inc. since May 2010; Manager, Chairman, Chief Executive Officer and President, Columbia Management Advisors, LLC from 2007 to April 2010; Chief Executive Officer, President and Director, Columbia Management Distributors, Inc. from November 2006 to April 2010; previously, co-president and senior managing director at Robeco Investment Management.

Fund Governance (continued)

Officers (continued)

Name, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
Amy Johnson (Born 1965)

5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)				Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President—Asset Management and Trust Company Services, from 2006 to 2009, and Vice President—Operations and Compliance from 2004 to 2006).

Joseph F. DiMaria (Born 1968)

225 Franklin Street Boston, MA 02110 Treasurer (since 2010) and Chief Accounting Officer (since 2008)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.

Marybeth Pilat (Born 1968)

225 Franklin Street Boston, MA 02110 Deputy Treasurer (since 2010)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Investment Operations, Bank of America, from October 2008 to April 2010; Finance Manager, Boston Children's Hospital from August 2008 to October 2008; Director, Mutual Fund Administration, Columbia Management Advisors, LLC, from May 2007 to July 2008; Vice President, Mutual Fund Valuation, Columbia Management Advisors, LLC, from January 2006 to May 2007; Vice President, Mutual Fund Accounting Oversight, Columbia Management Advisors, LLC from January 2005 to January 2006.

Julian Quero (Born 1967)

225 Franklin Street Boston, MA 02110 Deputy Treasurer (since 2008)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, from August 2008 to April 2010; Senior Tax Manager, Columbia Management Advisors, LLC from August 2006 to July 2008; Senior Compliance Manager, Columbia Management Advisors, LLC from April 2002 to August 2006.

Stephen T. Welsh (Born 1957)

225 Franklin Street Boston, MA 02110 Vice President (since 2006)				President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.

Board Consideration and Approval of Amendment to Investment Management Services Agreement

In September 2010, the Board (the "Board") of Columbia Funds Series Trust (the "Trust") unanimously approved an amendment to the Investment Management Services Agreement (the "IMS Agreement") between Columbia Management Investment Advisers, LLC ("CMIA") and the Trust, on behalf of Columbia Convertible Securities Fund, Columbia Large Cap Core Fund, Columbia Large Cap Enhanced Core Fund, Columbia Large Cap Value Fund, Columbia Mid Cap Value Fund, Columbia Multi-Advisor International Equity Fund and Columbia Small Cap Value Fund II (each, a "Fund" and together, the "Funds"). As detailed below, the Contracts Review Committee and/or the Board held numerous meetings and discussions with CMIA and reviewed and considered extensive materials in connection with the approval of the changes to the fee rates payable by each Fund before determining to approve the amendment to the IMS Agreement.

Prior to approving the proposed changes to the fee rates payable by the Funds, the trustees (the "Trustees") of the Board were presented with, and requested, received and evaluated, materials about the current IMS Agreement, the proposed changes to the fee rates and fee structures and related matters from CMIA. The Trustees also reviewed reports prepared by an independent provider of investment company data, which included information comparing the Funds' current fees and expense ratios with a group of comparable funds that were selected by the independent provider. Included in these reports were comparisons of contractual and actual investment advisory fee rates and total operating expenses.

In addition, the Trustees considered that the proposed amendment was part of a larger group of proposals, designed to achieve consistent investment management service and fee structures across the family of funds. In this regard, the Board recognized that many of the funds in the fund family were organized at different times by many different sponsors, and as a result, their fees and expenses did not reflect a common overall design.

The Board and its Contract Review Committee also reviewed and considered information that they had previously received, addressing the services CMIA provides and fund performance, among other things, in connection with their most recent consideration and approval of the IMS Agreement. The Trustees also consulted with the non-interested Trustees' independent legal counsel, who advised on applicable legal standards, and otherwise assisted the Trustees in their deliberations.

At the conclusion of its review of the materials discussed above and of the discussions among the Trustees leading up to and during the September 20, 2010 meetings, the Board, on behalf of the Funds, agreed that it had been furnished with sufficient information to make an informed business decision with respect to approval of the amendment to the IMS Agreement.

In making its decision to approve the proposed amendment to the IMS Agreement for each Fund, the Board considered factors bearing on the nature, extent and quality of the services provided to such Fund, and the costs for those services, with a view toward reaching a business judgment as to whether the proposed amendment to the IMS Agreement is, under the circumstances, in the best interest of such Fund and its shareholders. The factors that the Trustees considered included, principally, the following:

• The expected benefits of continuing to retain CMIA as the Funds' investment manager;

• The nature, extent and quality of investment management services provided by CMIA to each Fund;

• The recent evaluation of the historical performance of CMIA in managing the Funds, recognizing that no assurances can be given that a Fund would achieve any level of performance in the future;

• The recent evaluation of each Fund's potential to realize economies of scale through operations of CMIA;

• The indirect benefits, such as from soft dollar arrangements, that CMIA has obtained and will continue to obtain, from managing the Funds;

• The expected benefits to shareholders of further integrating the legacy Columbia branded funds (the "Columbia Funds Complex") and the legacy RiverSource-, Seligman- and Threadneedle-branded funds (the "Columbia RiverSource Funds Complex" and, collectively with the Columbia Funds Complex, the "Combined Fund Complex") by:

o Standardizing investment advisory fee rates and total management fee rates (i.e., the investment advisory fee rates and the administration/administrative fee rates), to the extent practicable, across funds in the Combined Fund Complex that are in the same investment category to promote uniformity of pricing among similar funds;

respective fund's peer group (as determined annually after the initial term by an independent third-party data provider); and

o Correlating investment advisory and administration/administrative fee rates across the Combined Fund Complex commensurate with the level of services being provided.

In making its decision to approve the amendment to the IMS Agreement that included the increase of the investment advisory fee rates payable by each of the Funds at all or most asset levels, the factors that the trustees considered and the conclusions that they reached included, principally, the following:

• The impact of the proposed changes in investment advisory fee rates on the gross and net expense ratios of each Fund, including the contemporaneous reduction in the rates payable by each Fund under its administration services agreement contingent on shareholder approval of the amendment to the IMS Agreement, and the willingness of CMIA to contractually agree to limit total operating expenses for such Fund for a certain period of time;

• Current and projected profits to CMIA from providing investment management and other services to the Fund, both under the current investment advisory fee rates and the proposed investment advisory fee rates; and

• That the proposed investment advisory fee rates are designed to be competitive and to fairly compensate CMIA for services performed for the Funds.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided to the Funds by CMIA under the IMS Agreement, and the resources dedicated to the Funds by CMIA and its affiliates. The Trustees considered, among other things, the ability of CMIA to attract, motivate and retain highly qualified research, advisory and supervisory investment professionals (including CMIA's personnel and other resources, compensation programs for personnel involved in fund management, reputation and other attributes), the portfolio management services provided by those investment professionals, the trade execution services provided on behalf of the Funds and the quality of CMIA's investment research capabilities and the other resources that it devotes to each Fund. The Trustees also considered the potential benefits to shareholders of investing in a mutual fund that is part of a fund complex offering exposure to a variety of asset classes and investment disciplines and providing a variety of fund and shareholder services. The Trustees also considered that the nature, extent and quality of services proposed to be provided under the amended IMS Agreement were not expected to change. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions, that the nature, extent and quality of the services to be provided to each Fund under the amended IMS Agreement supported the approval of the amended IMS Agreement. Quietly

Investment Performance. The Trustees reviewed information about the performance of each Fund over various time periods, including information prepared by an independent third-party data provider that compared the performance of each Fund to the performance of those Funds' peer groups of mutual funds and performance benchmarks. The Trustees also reviewed a description of the third party's methodology for identifying each Fund's peer group for purposes of performance and expense comparisons. In the case of each Fund whose performance lagged that of a relevant peer group for certain (although not necessarily all) periods, the Trustees concluded that other factors relevant to performance were sufficient, in light of other considerations, to warrant approval of the amendment to such Fund's IMS Agreement. Those factors varied from Fund to Fund, but included one or more of the following: (i) that the Fund's performance, although lagging in certain recent periods, was stronger over the longer term; (ii) that the underperformance was attributable, to a significant extent, to investment decisions that were reasonable and consistent with the Fund's investment strategy and policies and that the Fund was performing within a reasonable range of expectations, given those investment decisions, market conditions and the Fund's investment strategy; (iii) that the Fund's performance was competitive when compared to other performance benchmarks or peer groups; and (iv) that CMIA had taken or was considering steps designed to help improve the Fund's investment performance, including, but not limited to, replacing portfolio managers, enhancing the resources supporting the portfolio managers, or modifying investment strategies.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the proposed amendment to the IMS Agreement, that the performance of each Fund and CMIA was sufficient to warrant the approval of the amendment to the IMS Agreement pertaining to that Fund.

Investment Advisory Fee Rates and Other Expenses. The Trustees considered that the proposed amendment to the IMS Agreement would increase the contractual investment advisory fee rates payable

by each Fund at all or certain assets levels, and would be otherwise identical to each Fund's current IMS Agreement. In addition, the Trustees considered that, with the proposed fee reductions under the administration services agreement, the combined contractual fee rates under the IMS Agreement and the proposed administration services agreement would be lower than the current combined contractual fee rates under those agreements, at most asset levels, for all of the Funds except Columbia Large Cap Enhanced Core Fund. For the Columbia Large Cap Enhanced Core Fund, the Trustees considered CMIA's proposal to implement a contractual expense limitation that would mitigate the effect of such Fund's investment advisory fee rate increase by gradually phasing in the increase over a five-year period.

After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions, that the investment advisory fee rates under the amended IMS Agreement and anticipated total expenses of each Fund supported the approval of the amendment to the IMS Agreement.

Costs of Services Provided and Profitability. The Trustees considered information about the investment advisory fee rates charged by CMIA to comparable institutional accounts. In considering the fees charged to those accounts, the Trustees took into account, among other things, CMIA's representations about the differences between managing mutual funds as compared to other types of accounts, including differences in the services provided, differences in the risk profile of such business for CMIA, and the additional resources required to manage mutual funds effectively. In evaluating each Fund's proposed advisory fee rates, the Trustees also took into account the demands, complexity and quality of the investment management of the Fund.

The Trustees also considered the compensation directly or indirectly received by CMIA and its affiliates in connection with their relationships with the Funds. The Trustees reviewed information provided by management as to the current and projected profitability to CMIA and its affiliates of their relationships with each Fund, and information about the allocation of expenses used to calculate profitability.

After reviewing those and related factors, the Trustees concluded, within the context of their overall conclusions, that the proposed changes to the advisory fee rates, and the related profitability to CMIA and its affiliates of their relationships with the Fund, supported the approval of the amendment to the IMS Agreement.

Economies of Scale. The Trustees considered the existence of any economies of scale in the provision by CMIA of services to each Fund, to groups of related funds and to CMIA's investment advisory clients as a whole, and the extent to which those economies of scale would be shared with the Funds through breakpoints in the proposed investment advisory fee rates or other means, such as expense limitation arrangements and additional investments by CMIA in investment, trading and compliance resources. The Trustees noted that all of the Funds were expected to benefit from breakpoints and/or expense limitation arrangements.

In considering those issues, the Trustees also took note of the costs of the services to be provided (both on an absolute and relative basis) and the projected profitability to CMIA and its affiliates of their relationships with the Funds, as discussed above. The Trustees also noted the expected expense synergies and other anticipated benefits to CMIA and fund shareholders of both the rationalization of fees and expenses and the proposed mergers of certain Funds. After reviewing these and related factors, the Trustees determined, within the context of their overall conclusions, that the extent to which economies of scale were expected to be shared with the Funds supported the approval of the amendment to the IMS Agreement.

Other Benefits to CMIA. The Trustees received and considered information regarding any expected "fall-out" or ancillary benefits to be received by CMIA and its affiliates as a result of their relationships with the Funds, such as the provision by CMIA of administration services to the Funds and the provision by CMIA's affiliates of distribution and transfer agency services to the Funds, and how the proposed rationalization of fees and expenses might affect such benefits, including the fact that to the extent expenses payable by the affected Funds decrease, and the expenses of such Funds were subject to a contractual limit or cap, CMIA may pay less in expense reimbursements. The Trustees considered that the Funds' distributor, an affiliate of CMIA, retains a portion of the distribution fees from the Funds and receives a portion of the sales charges on sales or redemptions of certain classes of shares of the Funds, and that other affiliates of CMIA receive various forms of compensation in connection with their sale of shares of the Funds.

disclosure and other processes that would be in place to disclose and to monitor such possible conflicts of interest. The Trustees recognized that CMIA's profitability would be somewhat lower without these benefits.

In their deliberations, the Trustees did not identify any single item that was paramount or controlling and individual Trustees may have attributed different weights to various factors. The Trustees also evaluated all information available to them on a fund-by-fund basis, and their determinations were made separately in respect of each Fund.

Based on the foregoing, the Trustees concluded that the proposed investment advisory fee rates for each Fund are acceptable and competitive, including when compared to similar funds in the industry. Accordingly, the Board unanimously approved the amendment to the IMS Agreement with respect to the Funds.

Summary of Management Fee Evaluation by Independent Fee Consultant

REPORT OF INDEPENDENT FEE CONSULTANT TO THE FUNDS SUPERVISED BY THE COLUMBIA NATIONS BOARD

Prepared Pursuant to the February 9, 2005
Assurance of Discontinuance
among the Office of Attorney General of New York State,
Columbia Management Advisors, LLC, and
Columbia Management Distributors, Inc.

September 21, 2010

I. Overview

On February 9, 2005, Columbia Management Advisors, LLC ("CMA") and Columbia Management Distributors, Inc.¹ ("CMD") agreed to the New York Attorney General's Assurance of Discontinuance ("AOD"). Among other things, the AOD stipulates that CMA may manage or advise a Columbia Fund ("Columbia Fund" and, together with some or all of such funds, the "Columbia Funds") only if the Independent Members of the Columbia Fund's Board of Trustees appoint a Senior Officer or retain an Independent Fee Consultant ("IFC") who is to manage the process by which proposed management fees are negotiated. The AOD further stipulates that the Senior Officer or IFC is to prepare a written annual evaluation of the fee negotiation process.

With effect from January 1, 2007, the Independent Members of the Board of Trustees for certain Columbia Funds known collectively as the "Nations Funds" (together with the other members of that Board, the "Trustees") retained me as IFC for the Nations Funds.² In this capacity, I have prepared this written evaluation of the fee negotiation process. As has been the case with my previous reports, my immediate predecessor as IFC, John Rea, provided invaluable assistance in the preparation of this report.

On September 29, 2009, Ameriprise entered into an asset purchase agreement with Bank of America, N.A. and its parent, Bank of America Corporation (together, the "Bank") pursuant to which the Bank agreed to sell certain CMG assets relating to Columbia's long-term asset management business, including management of the Nations Funds (the "Transaction"). The Transaction, which closed on April 30, 2010,³ resulted in the termination of the existing Investment Management Agreements with CMA. Prior to the closing of the Transaction, the Trustees and shareholders of the Funds approved new Advisory and Administrative Agreements with an Ameriprise subsidiary now called Columbia Management Investment Advisers, LLC ("CMIA"). Those Agreements did not change the rates paid by the Funds from the levels specified in the former agreements with CMA.

CMIA serves as the adviser of funds supervised by three different Boards of Trustees: the Atlantic, Nations, and RiverSource Boards, and a subsidiary of CMIA serves as adviser to funds overseen by a fourth Board, Columbia/Wanger. After reviewing the range of funds overseen by all four Boards, CMIA proposed a series of changes intended, among other things, to rationalize its mutual fund product offerings (by for example proposing to merge funds with similar investment strategies) and the fees charged to the funds by CMIA and its affiliates. These proposals included (1) changes to the advisory fees paid by certain funds, (2) changes to administrative and similar fees paid by certain funds, (3) changes to the transfer agency, sub-transfer agency, custody, and pricing/bookkeeping fees paid by the funds, and (4) mergers involving more than 60 funds. CMIA asked the Trustees to consider these proposals together. This report, consistent with and (to the extent applicable) in fulfillment of the terms of the AOD, will focus on changes to advisory and aggregate management fees and discuss other proposals insofar as they affect total fund expenses, which may be a relevant factor in considering the appropriate level of advisory and management fees (defined for purposes of this report as advisory plus administrative fees).

¹ CMA and CMD are subsidiaries of Columbia Management Group, LLC ("CMG"), and are the successors to the entities named in the AOD.

² I have no material relationship with Bank of America, CMG or Ameriprise Financial, Inc. ("Ameriprise"), aside from serving as IFC, and I am aware of no material relationship with any of their affiliates. I retained John Rea, an independent economic consultant, to assist me with this report.

Unless otherwise stated or required by the context, this report covers only the Nations Funds.

³ Tab 1, CMIA, Supplemental Materials Prepared for the Nations Board, June 16, 2010 ("June Supplemental Materials") at p. 1.

A. Role of the Independent Fee Consultant

The AOD charges the IFC with "managing the process by which proposed management fees ... to be charged the Columbia Fund are negotiated so that they are negotiated in a manner which is at arms' length and reasonable and consistent with this Assurance of Discontinuance." The AOD also provides that CMA "may manage or advise a Columbia Fund only if the reasonableness of the proposed management fees is determined by the Board of Trustees ... using ... an annual independent written evaluation prepared by or under the direction of ... the Independent Fee Consultant." Therefore, the AOD makes clear that the IFC does not supplant the Trustees in negotiating management fees, nor does the IFC substitute his or her judgment for that of the Trustees with respect to the reasonableness of proposed fees or any other matter that is committed to the business judgment of the Trustees.

B. Elements Involved in Managing the Fee Negotiation Process

In preparing the report required by the AOD, the IFC must consider at least the following six factors set forth in the AOD:

1. The nature and quality of the adviser's services, including the Fund's performance;

2. Management fees (including any components thereof) charged by other mutual fund companies for like services;

3. Possible economies of scale as the Fund grows larger;

4. Management fees (including any components thereof) charged to institutional and other clients of the adviser for like services;

5. Costs to the adviser and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit; and

6. Profit margins of the adviser and its affiliates from supplying such services.

II. Findings

1. Based upon my examination of the information supplied by CMG and Ameriprise in the light of the six factors set forth in the AOD, I conclude that the Trustees have the relevant information necessary to evaluate the reasonableness of the proposed management fee changes for each affected Nations Fund (each a "Fee Change Fund").

2. In my view, the process by which the proposed management fees of each Fee Change Fund have been negotiated with CMIA thus far has been, to the extent practicable, at arm's length and reasonable and consistent with the AOD.

3. CMIA has proposed an increase either in contractual advisory or total management fees for 10 Funds (each a "Fee Increase Fund"). All 10 would have higher advisory fees and lower administrative fees. For three Funds, the increase in proposed contractual advisory fees outweighs the decrease in contractual administrative fees, leading to a proposed increase in contractual management fees. Proposed contractual management fees would decline for six Funds and remain unchanged for one.

4. The projected actual management fee, computed on the basis of assets as of October 31, 2009, would increase for only one of the 10 Funds, Large Cap Enhanced Core, after application of CMIA's proposed expense limitation program and consummation of proposed mergers. For eight Funds, actual management fees are projected to decline, reflecting the interaction of changes in contractual management fees, gross expenses, and expense limitations at October 31, 2009 asset levels. No change is projected in the actual management fee of the remaining Fee Increase Fund.

5. CMIA's fee rationalization and merger proposals would have little effect on the quintile rankings of the actual management fees of the Fee Increase Funds. The ranking would change for only one Fund, while remaining unchanged from the current level for the other nine Funds. On a post-rationalization, post-merger basis, half the

actual management fees would be in the fourth or fifth quintiles.

6. Half of the Fee Increase Funds have had median or better-than-median investment performance. None of the Funds would be designated a Review Fund based solely on performance.

7. CMIA proposed that the Funds (except sub-advised Funds) and most other mutual funds it or its affiliates advise or sponsor (together, the "CMIA Funds") be subject to an expense limitation calculated by reference to the median of the relevant fund's Lipper expense group. As a result, all of the Fee Increase Funds are projected to have median or better total expenses after full implementation of the proposed fee changes, expense limitations, and mergers. Some Funds would have higher-than-median actual management fees under this program notwithstanding the newly-established expense limitations. The expense limitation would be recalculated every year based on updated Lipper data. Based upon an analysis of median expenses of Fund peer groups for the 2008-2010 period, it is likely that some Funds would experience sizable changes in their expense limits from year-to-year.

8. CMIA reviewed the differences between management of retail mutual funds and advising institutional accounts and supplied charts plotting contractual and actual institutional and fund fees against assets in various investment categories. The data showed that mutual fund fees are often lower at small asset levels reflecting CMIA's reimbursement of fund expenses. At higher asset levels, mutual fund fees typically exceed institutional fees.

9. CMIA provided fund-by-fund projected profitability data. Due to the significant changes in the operations of the Funds (including the change of the Funds' investment adviser), historical profitability data was judged to have little relevance.

10. CMIA provided data comparing the cumulative benefit to CMIA Fund shareholders of all aspects of its proposals (including proposed mergers) with a projection of synergies in the form of decreased expenses that would benefit CMIA and its parent, Ameriprise.

Shareholder Meeting Results

At a Joint Special Meeting of Shareholders held on February 15, 2011, shareholders of the Fund considered the proposals described below.

Proposal 1. Shareholders of the Fund approved a proposed amendment to the Investment Management Services Agreement with Columbia Management Investment Advisers, LLC, as follows:

Votes For				Votes Against				Abstentions				Broker Non-Votes
	14,983,125				417,711				278,393				3,459,501

Proposal 2. Shareholders of Columbia Funds Series Trust elected each of the nominees for trustees to the Board of Trustees of Columbia Funds Series Trust, each to hold office for an indefinite term, as follows:

Trustee	Votes For		Votes Withheld		Abstentions
Kathleen Blatz		2,145,636,122		248,012,438		0
Edward J. Boudreau, Jr.		2,145,430,114		248,218,446		0
Pamela G. Carlton		2,145,515,949		248,132,612		0
William P. Carmichael		2,145,038,695		248,609,866		0
Patricia M. Flynn		2,145,843,563		247,804,997		0
William A. Hawkins		2,145,359,401		248,289,160		0
R. Glenn Hilliard		2,145,079,400		248,569,161		0
Stephen R. Lewis, Jr.		2,145,092,209		248,556,351		0
John F. Maher		2,145,621,338		248,027,223		0
John J. Nagorniak		2,145,337,494		248,311,067		0
Catherine James Paglia		2,145,615,254		248,033,306		0
Leroy C. Richie		2,145,042,120		248,606,441		0
Anthony M. Santomero		2,145,088,174		248,560,386		0
Minor M. Shaw		2,145,430,762		248,217,798		0
Alison Taunton-Rigby		2,145,393,384		248,255,177		0
William F. Truscott		2,144,907,223		248,741,338		0

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Important Information About This Report

Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081
1-800-345-6611

Distributor

Columbia Management Investment
Distributors, Inc.
225 Franklin Street
Boston, MA 02110

Investment Manager

Columbia Management Investment Advisers, LLC
225 Franklin Street
Boston, MA 02110

PRSRT STD
U.S. Postage
PAID
Holliston, MA
Permit NO. 20

Columbia Convertible Securities Fund
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

C-1226 A (04/11)

Columbia Large Cap Value Fund

Annual Report for the Period Ended February 28, 2011

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Fund Profile					1

Economic Update					2

Performance Information					4

Understanding Your Expenses					5

Portfolio Managers' Report					6

Investment Portfolio					8

Statement of Assets and Liabilities					13

Statement of Operations					15

Statement of Changes in Net Assets					16

Financial Highlights					18

Notes to Financial Statements					26

Report of Independent Registered Public Accounting Firm					34

Federal Income Tax Information					35

Fund Governance					36

Board Consideration and Approval of Amendment to Investment Management Services Agreement					40

Summary of Management Fee Evaluation by Independent Fee Consultant					44

Shareholder Meeting Results					46

Important Information About This Report					49

President's Message

Dear Shareholder:

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Fund Profile – Columbia Large Cap Value Fund

Summary

^g For the 12-month period that ended February 28, 2011, the fund's Class A shares returned 20.45% without sales charge.

^g The fund trailed its benchmark, the Russell 1000 Value Index¹, but slightly outperformed the average return of its peer group, the Lipper Large-Cap Value Funds Classification.²

^g Despite strong gains across all sectors, stock selection in energy and consumer discretionary generally accounted for the fund's shortfall against the Russell index.

Portfolio Management

Lori J. Ensinger has co-managed the fund since 2010. From 2001 until joining Columbia Management Investment Advisers, LLC (the Investment Manager) in May 2010, Ms. Ensinger was associated with the fund's previous investment adviser as an investment professional.

Diane L. Sobin has co-managed the fund since 2010. From 2001 until joining the Investment Manager in May 2010, Ms. Sobin was associated with the fund's previous investment adviser as an investment professional.

David I. Hoffman has co-managed the fund since 2010. From 2004 until joining the Investment Manager in May 2010, Mr. Hoffman was associated with the fund's previous investment adviser as an investment professional.

Noah J. Petrucci has co-managed the fund since 2010. From 2002 until joining the Investment Manager in May 2010, Mr. Petrucci was associated with the fund's previous investment adviser as an investment professional.

¹The Russell 1000 Value Index measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values.

Summary

1-year return as of 02/28/11

				+20.45%

				Class A shares (without sales charge)

				+22.16%

				Russell 1000 Value Index

Morningstar Style Box^TM

Economic Update – Columbia Large Cap Value Fund

Summary

For the 12-month period that ended February 28, 2011

S&P Index				MSCI Index

Barclays Aggregate Index				JPMorgan Index

News on the job front was mostly positive over the 12-month period. A good portion of the jobs added in March, April and May of 2010 were temporary, government-sponsored census positions, which began to unwind in June 2010, July 2010 and August 2010. However, private sector payroll employment began to trend higher in the third quarter, massive layoffs declined and job growth turned solidly positive, with the addition of 255,000 new jobs in the first two months of 2011.

Economic Update (continued) – Columbia Large Cap Value Fund

Stocks moved higher despite summer 2010 setback

Bonds delivered modest returns

Past performance is no guarantee of future results.

¹The Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

⁵The JPMorgan Developed BB High Yield Index is an unmanaged index designed to mirror the investable universe of the U.S. dollar developed, BB-rated, high yield corporate debt market.

⁷The Barclays Capital Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.

Performance Information – Columbia Large Cap Value Fund

Performance of a $10,000 investment 03/01/01 – 02/28/11

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Large Cap Value Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Performance of a $10,000 investment 03/01/01 – 02/28/11 ($)

Sales charge	without		with
Class A		13,951		13,150
Class B		12,924		12,924
Class C		12,924		12,924
Class I		n/a		n/a
Class R		13,781		n/a
Class W		n/a		n/a
Class Y		14,350		n/a
Class Z		14,303		n/a

Average annual total return as of 02/28/11 (%)

Share class	A				B				C				I		R		W		Y		Z
Inception	12/06/89				06/07/93				06/17/92				09/27/10		01/23/06		09/27/10		07/15/09		09/19/89
Sales charge	without		with		without		with		without		with		without		without		without		without		without
1-year		20.45		13.57		19.48		14.48		19.48		18.48		n/a		20.16		n/a		20.98		20.81
5-year		1.17		–0.02		0.42		0.09		0.41		0.41		n/a		0.94		n/a		1.50		1.43
10-year/Life		3.39		2.78		2.60		2.60		2.60		2.60		18.07		3.26		17.79		3.68		3.64

The "with sales charge" returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter for Class B shares and 1.00% for Class C shares in the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

All results shown assume reinvestment of distributions. Class I, Class Y and Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class R and Class W shares are sold at net asset value with distribution and/or service (Rule 12b-1) fees. Class I, Class R, Class W, Class Y and Class Z shares have limited eligibility and the investment minimum requirements may vary. 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 class.

The tables do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The returns for Class R shares include the returns for Class A shares prior to January 23, 2006, the date on which Class R shares were initially offered by the fund. If differences in expenses had been reflected, the returns would have been lower, since Class R shares are subject to a higher Rule 12b-1 fee.

The returns for Class Y shares include the returns for Class Z shares prior to July 15, 2009, the date on which Class Y shares were initially offered by the fund. The returns shown have not been adjusted to reflect any differences in expenses between Class Y and Class Z shares.

Class I and Class W shares were initially offered on September 27, 2010.

Understanding Your Expenses – Columbia Large Cap Value Fund

Analyzing your fund's expenses by share class

Compare with other funds

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

^g For shareholders who receive their account statements from their financial intermediary, contact your financial intermediary to obtain your account balance.

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

09/01/10 – 02/28/11

	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 (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,269.30			1,018.74		6.86			6.11		1.22
Class B		1,000.00		1,000.00		1,265.00			1,015.03		11.06			9.84		1.97
Class C		1,000.00		1,000.00		1,265.00			1,015.03		11.06			9.84		1.97
Class I		1,000.00		1,000.00		1,042.50	*		1,021.32		3.02	*		3.51		0.70
Class R		1,000.00		1,000.00		1,267.80			1,017.50		8.27			7.35		1.47
Class W		1,000.00		1,000.00		1,041.70	*		1,018.74		5.25	*		6.11		1.22
Class Y		1,000.00		1,000.00		1,272.10			1,021.27		4.00			3.56		0.71
Class Z		1,000.00		1,000.00		1,271.30			1,019.98		5.46			4.86		0.97

*For the period September 27, 2010 through February 28, 2011. Class I and Class W shares commenced operations on September 27, 2010.

Portfolio Managers' Report – Columbia Large Cap Value Fund

Net asset value per share

as of 02/28/11 ($)

Class A					11.98
Class B					11.54
Class C					11.54
Class I					12.03
Class R					11.98
Class W					11.99
Class Y					12.02
Class Z					12.01

Distributions declared per share

03/01/10 – 02/28/11 ($)

Class A					0.13
Class B					0.06
Class C					0.06
Class I					0.05
Class R					0.10
Class W					0.03
Class Y					0.17
Class Z					0.16

For the 12-month period that ended February 28, 2011, the fund's Class A shares returned 20.45% without sales charge. This result was behind the 22.16% gain of the fund's benchmark, the Russell 1000 Value Index, and ahead of the 19.63% average return of the Lipper Large-Cap Value Funds Classification peer group. The fund posted strong double-digit gains in nearly all sectors, but it lost some ground versus the index in energy and consumer discretionary. Returns were highly correlated across sectors and disciplines, which made it more difficult for managers who focus on stock selection, as we do, to outperform the market average.

Strong run for the market

U.S. equities ended the 12-month period with handsome gains, most of which came in the second half. Stocks were beset in the first half of the period by a myriad of concerns, including the sustainability of the global economic recovery, the impact of the European sovereign debt crisis and the outcome of U.S. financial regulatory reform. A September announcement by the Federal Reserve that it would undertake an additional Treasury buyback program to help revive the economy lifted stock prices. Large-cap stocks rallied nicely, but not as much as smaller-cap stocks, which had taken a beating in the recent market downturn. Throughout the year, the fund remained focused on attractively valued large-cap stocks that we believe have the potential to improve profitability from operations.

Contributions from financials, health care and industrials

The fund picked up the most ground versus the index in financials, health care and industrials. An underweight in financials helped performance because the sector lagged more economically-sensitive parts of the market. We also avoided a major index component that performed poorly, which benefited results. The fund was rewarded for focusing on higher-quality diversified financial services names, such as JPMorgan Chase (3.7% of net assets), which rallied nicely. Real estate investment trusts (REITs) ProLogis and Rayonier (0.3% and 0.9% of net assets, respectively) further aided performance, as an improving economy boosted prospects for the industry. An underweight in heath care, which produced the weakest returns in the index, as well as an overweight and positive stock selection in the industrials sector, also helped results. Within industrials, security selection was particularly strong among construction and engineering companies, notably infrastructure companies Fluor and Foster Wheeler (0.9% and 0.7% of net assets, respectively). Both companies benefited from a pick-up in the global economy. In addition, Navistar International (0.5% of net assets), which makes truck engines, rallied nicely, as an improving economic outlook bolstered demand for its products.

Lost ground from consumer discretionary and energy

The fund generated strong gains from energy and consumer discretionary holdings, but not as strong as the gains from the same sectors within the index. In energy, the fund did not own certain oil, gas and consumable fuel names that did well within the index and some of the names it held that were not in the index were disappointing performers. Anadarko Petroleum (0.9% of net assets), an oil service company, took a hard hit in the wake of the Gulf of Mexico oil disaster, and Petrobras Petroleo Brasil, a Brazilian company that is not in the index disappointed. We sold Petrobras before period end. Within consumer discretionary, a sizable underweight in media names also hindered results, as an improving economic outlook aided returns in the industry. Investments in the multi-line and specialty retail segments cost the fund additional ground versus the index.

Portfolio Managers' Report (continued) – Columbia Large Cap Value Fund

Encouraging outlook for stocks

We believe the stock market has many factors working in its favor. To start, many large companies have record levels of cash on their balance sheets, which they can use to buy other firms to fuel their own growth. Stocks also stand to benefit as companies use excess cash to undertake shareholder-friendly initiatives, such as the reinstatement of dividends and the start of share repurchase programs. Moreover, we're optimistic about the corporate earnings outlook, given recent cost cutting initiatives and the possibility of increased revenues. Finally, we think stocks will gain as money flows back into equities, which we think will happen as interest rates start to rise and bond prices begin to fall.

Portfolio characteristics and holdings are subject to change periodically and may not be representative of current characteristics and holdings. The outlook for this fund may differ from those presented for other Columbia Funds.

Equity securities are affected by stock market fluctuations that occur in response to economic and business developments.

Value stocks are securities of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor. If the managers' assessment of a company's prospects is wrong, the price of the company's stock may not approach the value the manager has placed on it.

Top 5 sectors

as of 02/28/11 (%)

Financials					27.5
Industrials					14.7
Energy					13.6
Health Care					9.5
Consumer Discretionary					9.1

Top 10 holdings

as of 02/28/11 (%)

Chevron					4.0
JPMorgan Chase					3.7
Wells Fargo					3.2
Goldman Sachs Group					2.2
Occidental Petroleum					2.1
Prudential Financial					2.0
U.S. Bancorp					1.9
AT&T					1.9
MetLife					1.7
ACE Limited					1.7

The fund is actively managed and the composition of its portfolio will change over time. Information provided is calculated as a percentage of net assets.

Investment Portfolio – Columbia Large Cap Value Fund

February 28, 2011

Common Stocks – 94.5%
	Shares		Value ($)
Consumer Discretionary – 9.0%
Auto Components – 0.5%
Dana Holding Corp. (a)		588,400		11,108,992
Auto Components Total				11,108,992
Automobiles – 2.6%
Ford Motor Co. (a)		1,879,110		28,280,605
General Motors Co. (a)		793,103		26,592,744
Automobiles Total				54,873,349
Distributors – 1.1%
Genuine Parts Co.		437,000		23,025,530
Distributors Total				23,025,530
Hotels, Restaurants & Leisure – 1.4%
Carnival Corp.		446,800		19,064,956
Starwood Hotels & Resorts Worldwide, Inc.		147,193		8,993,492
Hotels, Restaurants & Leisure Total				28,058,448
Media – 0.8%
Viacom, Inc., Class B		382,200		17,069,052
Media Total				17,069,052
Multiline Retail – 2.2%
Macy's, Inc.		218,600		5,224,540
Nordstrom, Inc.		364,700		16,506,322
Target Corp.		475,600		24,992,780
Multiline Retail Total				46,723,642
Specialty Retail – 0.4%
Limited Brands, Inc.		251,800		8,062,636
Specialty Retail Total				8,062,636
Consumer Discretionary Total				188,921,649
Consumer Staples – 5.7%
Beverages – 1.9%
Diageo PLC, ADR		288,283		22,561,027
Molson Coors Brewing Co., Class B		405,900		18,561,807
Beverages Total				41,122,834
Food Products – 1.8%
General Mills, Inc.		451,500		16,768,710
H.J. Heinz Co.		409,300		20,555,046
Food Products Total				37,323,756
Household Products – 0.8%
Procter & Gamble Co.		264,800		16,695,640
Household Products Total				16,695,640

	Shares		Value ($)
Tobacco – 1.2%
Philip Morris International, Inc.		400,496		25,143,139
Tobacco Total				25,143,139
Consumer Staples Total				120,285,369
Energy – 12.9%
Energy Equipment & Services – 1.2%
Cameron International Corp. (a)		322,700		19,081,251
Halliburton Co.		116,086		5,449,077
Energy Equipment & Services Total				24,530,328
Oil, Gas & Consumable Fuels – 11.7%
Anadarko Petroleum Corp.		226,200		18,509,946
Apache Corp.		227,900		28,400,898
Chevron Corp.		798,400		82,834,000
El Paso Corp.		1,635,800		30,425,880
Kinder Morgan, Inc. (a)		315,450		9,621,225
Murphy Oil Corp.		138,900		10,213,317
Occidental Petroleum Corp.		430,800		43,928,676
Williams Companies, Inc.		685,400		20,808,744
Oil, Gas & Consumable Fuels Total				244,742,686
Energy Total				269,273,014
Financials – 26.6%
Capital Markets – 2.2%
Goldman Sachs Group, Inc.		278,000		45,530,840
Capital Markets Total				45,530,840
Commercial Banks – 10.7%
BB&T Corp.		783,500		21,624,600
CIT Group, Inc. (a)		354,800		15,369,936
Fifth Third Bancorp.		1,353,622		19,762,881
Huntington Bancshares, Inc.		3,240,502		22,165,034
PNC Financial Services Group, Inc.		483,119		29,808,442
SVB Financial Group (a)		48,300		2,616,894
U.S. Bancorp		1,466,527		40,666,794
Wells Fargo & Co.		2,103,650		67,863,749
Zions Bancorporation		192,800		4,503,808
Commercial Banks Total				224,382,138
Consumer Finance – 0.5%
American Express Co.		229,300		9,990,601
Consumer Finance Total				9,990,601
Diversified Financial Services – 4.8%
Citigroup, Inc. (a)		4,835,700		22,631,076
JPMorgan Chase & Co.		1,660,747		77,540,277
Diversified Financial Services Total				100,171,353

See Accompanying Notes to Financial Statements.

Columbia Large Cap Value Fund

February 28, 2011

Common Stocks (continued)
	Shares		Value ($)
Insurance – 6.5%
ACE Ltd.		570,230		36,067,048
Axis Capital Holdings Ltd.		611,700		22,216,944
MetLife, Inc.		764,823		36,222,017
Prudential Financial, Inc.		626,748		41,258,821
Insurance Total				135,764,830
Real Estate Investment Trusts (REITs) – 1.9%
Equity Residential Property Trust		279,100		15,381,201
ProLogis		401,000		6,520,260
Rayonier, Inc.		311,200		19,085,896
Real Estate Investment Trusts (REITs) Total				40,987,357
Financials Total				556,827,119
Health Care – 9.5%
Health Care Equipment & Supplies – 0.8%
Zimmer Holdings, Inc. (a)		281,300		17,536,242
Health Care Equipment & Supplies Total				17,536,242
Health Care Providers & Services – 2.6%
CIGNA Corp.		86,000		3,618,020
Humana, Inc. (a)		58,400		3,796,584
Medco Health Solutions, Inc. (a)		398,100		24,538,884
Quest Diagnostics, Inc.		127,800		7,252,650
UnitedHealth Group, Inc.		383,200		16,316,656
Health Care Providers & Services Total				55,522,794
Life Sciences Tools & Services – 2.8%
Life Technologies Corp. (a)		507,400		27,079,938
Thermo Fisher Scientific, Inc. (a)		550,125		30,707,978
Life Sciences Tools & Services Total				57,787,916
Pharmaceuticals – 3.3%
Merck & Co., Inc.		566,492		18,450,644
Pfizer, Inc.		1,651,900		31,782,556
Watson Pharmaceuticals, Inc. (a)		329,500		18,448,705
Pharmaceuticals Total				68,681,905
Health Care Total				199,528,857
Industrials – 14.4%
Aerospace & Defense – 2.7%
Honeywell International, Inc.		310,000		17,952,100
Textron, Inc.		280,200		7,590,618
United Technologies Corp.		375,038		31,330,675
Aerospace & Defense Total				56,873,393
Air Freight & Logistics – 1.3%
United Parcel Service, Inc., Class B		353,400		26,080,920
Air Freight & Logistics Total				26,080,920

	Shares			Value ($)
Construction & Engineering – 2.4%
Fluor Corp.		256,700			18,164,092
Foster Wheeler AG (a)		422,000	��		15,259,520
Jacobs Engineering Group, Inc. (a)		331,900			16,614,914
Construction & Engineering Total					50,038,526
Industrial Conglomerates – 2.2%
3M Co.		277,000			25,547,710
General Electric Co.		972,216			20,338,759
Industrial Conglomerates Total					45,886,469
Machinery – 3.3%
ArvinMeritor, Inc. (a)		400,400			7,175,168
Eaton Corp.		154,600			17,126,588
Illinois Tool Works, Inc.		432,500			23,398,250
Ingersoll-Rand PLC		224,600			10,174,380
Kennametal, Inc.		160,100			6,157,446
Navistar International Corp. (a)		87,986			5,453,372
Machinery Total					69,485,204
Professional Services – 1.1%
Manpower, Inc.		377,600			23,977,600
Professional Services Total					23,977,600
Road & Rail – 1.4%
Hertz Global Holdings, Inc. (a)		1,922,600			29,242,746
Road & Rail Total					29,242,746
Industrials Total					301,584,858
Information Technology – 5.6%
Computers & Peripherals – 1.3%
EMC Corp. (a)		463,100			12,600,951
Hewlett-Packard Co.		323,700			14,123,031
Computers & Peripherals Total					26,723,982
Electronic Equipment, Instruments & Components – 0.6%
Tyco Electronics Ltd.		382,400			13,781,696
Electronic Equipment, Instruments & Components Total					13,781,696
IT Services – 1.1%
International Business Machines Corp.		145,200			23,504,976
IT Services Total					23,504,976
Semiconductors & Semiconductor Equipment – 1.7%
Advanced Micro Devices, Inc. (a)		1,322,000			12,175,620
Avago Technologies Ltd.		354,500			12,049,455
Cypress Semiconductor Corp. (a)		521,000			10,920,160
Semiconductors & Semiconductor Equipment Total					35,145,235

See Accompanying Notes to Financial Statements.

Columbia Large Cap Value Fund

February 28, 2011

Common Stocks (continued)
	Shares		Value ($)
Software – 0.9%
Nuance Communications, Inc. (a)		1,005,300		18,758,898
Software Total				18,758,898
Information Technology Total				117,914,787
Materials – 3.5%
Chemicals – 2.3%
Air Products & Chemicals, Inc.		112,500		10,350,000
Celanese Corp., Series A		276,500		11,460,925
LyondellBasell Industries NV, Class A (a)		449,700		17,124,576
Potash Corp. of Saskatchewan, Inc.		130,125		8,015,700
Chemicals Total				46,951,201
Metals & Mining – 1.2%
Allegheny Technologies, Inc.		206,150		13,828,542
Freeport-McMoRan Copper & Gold, Inc.		129,862		6,876,193
United States Steel Corp.		87,400		5,024,626
Metals & Mining Total				25,729,361
Materials Total				72,680,562
Telecommunication Services – 1.9%
Diversified Telecommunication Services – 1.9%
AT&T, Inc.		1,402,572		39,804,993
Diversified Telecommunication Services Total				39,804,993
Telecommunication Services Total				39,804,993
Utilities – 5.4%
Electric Utilities – 2.4%
American Electric Power Co., Inc.		689,100		24,655,998
NextEra Energy, Inc.		458,600		25,438,542
Electric Utilities Total				50,094,540
Multi-Utilities – 3.0%
PG&E Corp.		507,660		23,382,820
Sempra Energy		361,300		19,231,999
Xcel Energy, Inc.		814,200		19,491,948
Multi-Utilities Total				62,106,767
Utilities Total				112,201,307
Total Common Stocks (cost of $1,505,948,803)				1,979,022,515

Convertible Preferred Stocks – 1.7%
	Shares		Value ($)
Consumer Discretionary – 0.1%
Automobiles – 0.1%
General Motors Co., 4.750%		22,793		1,159,708
Automobiles Total				1,159,708
Consumer Discretionary Total				1,159,708
Energy – 0.7%
Oil, Gas & Consumable Fuels – 0.7%
Apache Corp., 6.000%		207,907		14,162,625
Oil, Gas & Consumable Fuels Total				14,162,625
Energy Total				14,162,625
Financials – 0.9%
Commercial Banks – 0.3%
Fifth Third Bancorp., 8.500%		39,400		5,969,100
Commercial Banks Total				5,969,100
Diversified Financial Services – 0.6%
Citigroup, Inc., 7.500%		105,036		14,127,342
Diversified Financial Services Total				14,127,342
Financials Total				20,096,442
Total Convertible Preferred Stocks (cost of $28,275,906)				35,418,775
Convertible Bonds – 0.9%
	Par ($)
Industrials – 0.3%
Machinery – 0.3%
Navistar International Corp. 3.000% 10/15/14		4,210,000		5,883,475
Machinery Total				5,883,475
Industrials Total				5,883,475
Information Technology – 0.6%
Computers & Peripherals – 0.6%
EMC Corp. 1.750% 12/01/13		7,430,000		12,983,925
Computers & Peripherals Total				12,983,925
Information Technology Total				12,983,925
Total Convertible Bonds (cost of $14,143,957)				18,867,400

See Accompanying Notes to Financial Statements.

Columbia Large Cap Value Fund

February 28, 2011

Short-Term Obligation – 2.8%
	Par ($)		Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 02/28/11, due 03/01/11 at 0.090%, collateralized by U.S. Government Agency obligations with various maturities to 08/18/17 market value $60,429,675 (repurchase proceeds $59,242,148)		59,242,000		59,242,000
Total Short-Term Obligation (cost of $59,242,000)				59,242,000
Total Investments – 99.9% (cost of $1,607,610,666) (b)				2,092,550,690
Other Assets & Liabilities, Net – 0.1%				2,051,312
Net Assets – 100.0%				2,094,602,002

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $1,611,687,192.

Fair value inputs are summarized in the three broad levels listed below:

• Level 2—Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3—Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

The following table is a summary of the inputs used to value the Fund's investments as of February 28, 2011:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	1,979,022,515	$	—	$	—	$	1,979,022,515
Convertible Preferred Stocks
Consumer Discretionary		1,159,708		—		—		1,159,708
Energy		14,162,625		—		—		14,162,625
Financials		14,127,342		5,969,100		—		20,096,442
Total Convertible Preferred Stocks		29,449,675		5,969,100		—		35,418,775
Total Convertible Bonds		—		18,867,400		—		18,867,400
Total Short-Term Obligation		—		59,242,000		—		59,242,000
Total Investments	$	2,008,472,190	$	84,078,500	$	—	$	2,092,550,690

Certain short-term obligations may be valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

There were no significant transfers of financial assets between Levels 1 and 2 during the period.

See Accompanying Notes to Financial Statements.

Columbia Large Cap Value Fund

February 28, 2011

At February 28, 2011, the Fund held investments in the following sectors:

Sector (Unaudited)	% of Net Assets
Financials		27.5
Industrials		14.7
Energy		13.6
Health Care		9.5
Consumer Discretionary		9.1
Information Technology		6.2
Consumer Staples		5.7
Utilities		5.4
Materials		3.5
Telecommunication Services		1.9
		97.1
Short-Term Obligation		2.8
Other Assets & Liabilities, Net		0.1
		100.0

Acronym				Name
ADR				American Depositary Receipt

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Large Cap Value Fund
February 28, 2011

		($)
Assets	Investments, at cost		1,607,610,666
	Investments, at value		2,092,550,690
	Cash		768
	Receivable for:
	Investments sold		6,130,634
	Fund shares sold		1,897,507
	Dividends		2,801,444
	Interest		80,368
	Trustees' deferred compensation plan		68,580
	Prepaid expenses		7,560
	Total Assets		2,103,537,551
Liabilities	Payable for:
	Investments purchased		4,713,834
	Fund shares repurchased		1,360,468
	Investment advisory fee		837,671
	Administration fee		275,481
	Pricing and bookkeeping fees		11,984
	Transfer agent fee		1,015,716
	Trustees' fees		99,145
	Custody fee		13,253
	Distribution and service fees		183,687
	Chief compliance officer expenses		449
	Trustees' deferred compensation plan		68,580
	Other liabilities		355,281
	Total Liabilities		8,935,549
	Net Assets		2,094,602,002
Net Assets Consist of	Paid-in capital		2,248,334,107
	Accumulated net investment loss		(36,125	)
	Accumulated net realized loss		(638,636,004	)
	Net unrealized appreciation on investments		484,940,024
	Net Assets		2,094,602,002

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia Large Cap Value Fund
February 28, 2011

Class A	Net assets	$	517,861,150
	Shares outstanding		43,211,025
	Net asset value per share	$	11.98	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share ($11.98/0.9425)	$	12.71	(b)
Class B	Net assets	$	43,172,744
	Shares outstanding		3,740,466
	Net asset value and offering price per share	$	11.54	(a)
Class C	Net assets	$	36,186,982
	Shares outstanding		3,135,085
	Net asset value and offering price per share	$	11.54	(a)
Class I (c)	Net assets	$	123,018,447
	Shares outstanding		10,228,366
	Net asset value, offering and redemption price per share	$	12.03
Class R	Net assets	$	1,210,553
	Shares outstanding		101,045
	Net asset value, offering and redemption price per share	$	11.98
Class W (c)	Net assets	$	2,936
	Shares outstanding		245
	Net asset value, offering and redemption price per share	$	11.99	(d)
Class Y	Net assets	$	7,138,171
	Shares outstanding		593,755
	Net asset value, offering and redemption price per share	$	12.02
Class Z	Net assets	$	1,366,011,019
	Shares outstanding		113,744,566
	Net asset value, offering and redemption price per share	$	12.01

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

(b) On sales of $50,000 or more the offering price is reduced.

(d) Net asset value per share rounds to this amount due to fractional shares outstanding.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Large Cap Value Fund
For the Year Ended February 28, 2011

		($) (a)
Investment Income	Dividends		45,749,903
	Foreign taxes withheld		(21,509	)
	Total Investment Income		45,728,394
Expenses	Investment advisory fee		10,305,640
	Administration fee		3,361,067
	Distribution fee:
	Class B		457,979
	Class C		265,679
	Class R		3,623
	Service fee:
	Class B		152,660
	Class C		88,559
	Class W		3
	Distribution and service fees:
	Class A		1,533,907
	Transfer agent fee:
	Class A, Class B, Class C, Class R, Class W and Class Z		4,336,843
	Class Y		45
	Pricing and bookkeeping fees		141,795
	Trustees' fees		53,639
	Custody fee		56,995
	Chief compliance officer expenses		2,873
	Other expenses		712,986
	Expenses before interest expense		21,474,293
	Interest expense		2,883
	Total Expenses		21,477,176
	Expense reductions		(180	)
	Net Expenses		21,476,996
	Net Investment Income		24,251,398
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency	Net realized gain on:
	Investments		233,872,330
	Foreign currency transactions		39
	Net realized gain		233,872,369
	Net change in unrealized appreciation (depreciation) on investments		124,489,315
	Net Gain		358,361,684
	Net Increase Resulting from Operations		382,613,082

(a) Class I and Class W shares commenced operations on September 27, 2010.

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets – Columbia Large Cap Value Fund

		Year Ended February 28,
Increase (Decrease) in Net Assets		2011 ($)(a)(b)			2010 ($)(c)(d)
Operations	Net investment income		24,251,398			23,132,437
	Net realized gain (loss) on investments and foreign currency transactions		233,872,369			(154,849,867	)
	Net change in unrealized appreciation (depreciation) on investments		124,489,315			918,811,164
	Net increase resulting from operations		382,613,082			787,093,734
Distributions to Shareholders	From net investment income:
	Class A		(6,790,082	)		(9,326,644	)
	Class B		(323,287	)		(503,460	)
	Class C		(213,772	)		(148,010	)
	Class I		(533,119	)		—
	Class R		(9,893	)		(1,783	)
	Class W		(8	)		—
	Class Y		(193,638	)		(88,057	)
	Class Z		(18,764,224	)		(16,140,284	)
	Total distributions to shareholders		(26,828,023	)		(26,208,238	)
	Net Capital Stock Transactions		(589,141,795	)		(171,434,011	)
	Increase from regulatory settlements		—			1,763
	Total increase (decrease) in net assets		(233,356,736	)		589,453,248
Net Assets	Beginning of period		2,327,958,738			1,738,505,490
	End of period		2,094,602,002			2,327,958,738
	Undistributed (Accumulated) net investment income (loss) at end of period		(36,125	)		1,287,424

(a) Class I and Class W shares commenced operations on September 27, 2010.

(b) Class I and Class W shares reflect activity for the period September 27, 2010 through February 28, 2011.

(d) Class Y shares reflect activity for the period July 15, 2009 through February 28, 2010.

See Accompanying Notes to Financial Statements.

Statement of Changes in Net Assets (continued) – Columbia Large Cap Value Fund

	Capital Stock Activity
	Year Ended February 28, 2011 (a)(b)						Year Ended February 28, 2010 (c)(d)
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		6,629,664			70,755,262			14,418,748			127,246,912
Distributions reinvested		514,131			5,387,726			994,912			8,893,118
Redemptions		(52,463,069	)		(540,167,576	)		(22,943,831	)		(205,288,668	)
Net decrease		(45,319,274	)		(464,024,588	)		(7,530,171	)		(69,148,638	)
Class B
Subscriptions		49,453			496,866			173,524			1,441,614
Distributions reinvested		23,701			238,802			54,092			462,394
Redemptions		(6,267,231	)		(64,270,104	)		(9,174,195	)		(80,479,829	)
Net decrease		(6,194,077	)		(63,534,436	)		(8,946,579	)		(78,575,821	)
Class C
Subscriptions		168,724			1,739,351			248,296			2,150,151
Distributions reinvested		15,667			158,109			14,624			126,386
Redemptions		(880,581	)		(8,998,327	)		(1,035,282	)		(9,064,816	)
Net decrease		(696,190	)		(7,100,867	)		(772,362	)		(6,788,279	)
Class I
Subscriptions		16,236,077			172,515,838			—			—
Distributions reinvested		47,136			533,108			—			—
Redemptions		(6,054,847	)		(69,040,190	)		—			—
Net increase		10,228,366			104,008,756			—			—
Class R
Subscriptions		98,178			980,433			8,096			73,330
Distributions reinvested		939			9,893			199			1,783
Redemptions		(23,133	)		(273,944	)		(4,316	)		(39,322	)
Net increase		75,984			716,382			3,979			35,791
Class W
Subscriptions		259			2,650			—			—
Redemptions		(14	)		(154	)		—			—
Net increase		245			2,496			—			—
Class Y
Subscriptions		12,987			130,000			2,538,079			22,992,093
Distributions reinvested		19			203			9			89
Redemptions		(557,752	)		(6,260,373	)		(1,399,587	)		(13,030,304	)
Net increase (decrease)		(544,746	)		(6,130,170	)		1,138,501			9,961,878
Class Z
Subscriptions		13,465,877			141,147,347			23,268,121			200,560,704
Distributions reinvested		1,145,900			12,055,399			1,061,174			9,540,775
Redemptions		(28,724,028	)		(306,282,114	)		(25,864,203	)		(237,020,421	)
Net decrease		(14,112,251	)		(153,079,368	)		(1,534,908	)		(26,918,942	)

(a) Class I and Class W shares commenced operations on September 27, 2010.

(b) Class I and Class W shares reflect activity for the period September 27, 2010 through February 28, 2011.

(d) Class Y shares reflect activity for the period July 15, 2009 through February 28, 2010.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Value Fund

Selected data for a share outstanding throughout each period is as follows:

	Year Ended February 28,									Year Ended February 29,			Period Ended February 28,			Year Ended March 31,
Class A Shares	2011			2010			2009			2008			2007 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	10.07		$	7.00		$	12.37		$	15.16		$	14.60		$	13.10
Income from Investment Operations:
Net investment income (c)		0.11	(d)		0.09			0.18			0.20			0.17			0.19
Net realized and unrealized gain (loss) on investments, foreign currency and written options		1.93			3.08			(5.36	)		(1.14	)		1.37			1.64
Total from investment operations		2.04			3.17			(5.18	)		(0.94	)		1.54			1.83
Less Distributions to Shareholders:
From net investment income		(0.13	)		(0.10	)		(0.19	)		(0.22	)		(0.12	)		(0.16	)
From net realized gains		—			—			—			(1.63	)		(0.86	)		(0.17	)
Total distributions to shareholders		(0.13	)		(0.10	)		(0.19	)		(1.85	)		(0.98	)		(0.33	)
Increase from regulatory settlements		—			—	(e)		—			—			—			—
Net Asset Value, End of Period	$	11.98		$	10.07		$	7.00		$	12.37		$	15.16		$	14.60
Total return (f)		20.45	%		45.49	%(g)		(42.36	)%(g)		(7.55	)%(g)		11.09	%(g)(h)		14.15	%(g)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (i)		1.18	%		1.12	%		1.04	%		0.99	%		1.01	%(j)		0.96	%
Interest expense		—	%(k)		—			—	%(k)		—			—			—
Net expenses (i)		1.18	%		1.12	%		1.04	%		0.99	%		1.01	%(j)		0.96	%
Waiver/Reimbursement		—			0.01	%		0.06	%		0.06	%		0.05	%(j)		0.09	%(l)
Net investment income (i)		1.02	%		0.95	%		1.68	%		1.37	%		1.27	%(j)		1.36	%
Portfolio turnover rate		79	%		61	%		61	%		62	%		66	%(h)		59	%
Net assets, end of period (000s)	$	517,861		$	891,894		$	672,426		$	1,262,700		$	1,332,311		$	1,066,456

(a) The Fund changed its fiscal year end from March 31 to February 28. Per share data and total return reflect activity from April 1, 2006 through February 28, 2007.

(b) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.04 per share.

(e) Rounds to less than $0.01 per share.

(f) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(g) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(h) Not annualized.

(i) The benefits derived from expense reductions had an impact of less than 0.01%.

(j) Annualized.

(k) Rounds to less than 0.01%.

(l) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been 0.03%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Value Fund

Selected data for a share outstanding throughout each period is as follows:

	Year Ended February 28,									Year Ended February 29,			Period Ended February 28,			Year Ended March 31,
Class B Shares	2011			2010			2009			2008			2007 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	9.72		$	6.75		$	11.94		$	14.69		$	14.19		$	12.75
Income from Investment Operations:
Net investment income (c)		0.03	(d)		0.02			0.09			0.09			0.07			0.08
Net realized and unrealized gain (loss) on investments, foreign currency and written options		1.85			2.99			(5.17	)		(1.10	)		1.34			1.59
Total from investment operations		1.88			3.01			(5.08	)		(1.01	)		1.41			1.67
Less Distributions to Shareholders:
From net investment income		(0.06	)		(0.04	)		(0.11	)		(0.11	)		(0.05	)		(0.06	)
From net realized gains		—			—			—			(1.63	)		(0.86	)		(0.17	)
Total distributions to shareholders		(0.06	)		(0.04	)		(0.11	)		(1.74	)		(0.91	)		(0.23	)
Increase from regulatory settlements		—			—	(e)		—			—			—			—
Net Asset Value, End of Period	$	11.54		$	9.72		$	6.75		$	11.94		$	14.69		$	14.19
Total return (f)		19.48	%		44.59	%(g)		(42.84	)%(g)		(8.24	)%(g)		10.38	%(g)(h)		13.22	%(g)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (i)		1.93	%		1.87	%		1.79	%		1.74	%		1.76	%(j)		1.71	%
Interest expense		—	%(k)		—			—	%(k)		—			—			—
Net expenses (i)		1.93	%		1.87	%		1.79	%		1.74	%		1.76	%(j)		1.71	%
Waiver/Reimbursement		—			0.01	%		0.06	%		0.06	%		0.05	%(j)		0.09	%(l)
Net investment income (i)		0.32	%		0.23	%		0.89	%		0.60	%		0.52	%(j)		0.60	%
Portfolio turnover rate		79	%		61	%		61	%		62	%		66	%(h)		59	%
Net assets, end of period (000s)	$	43,173		$	96,524		$	127,489		$	346,218		$	557,033		$	693,558

(a) The Fund changed its fiscal year end from March 31 to February 28. Per share data and total return reflect activity from April 1, 2006 through February 28, 2007.

(b) On August 22, 2005, the Fund's Investor B shares were renamed Class B shares.

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.04 per share.

(e) Rounds to less than $0.01 per share.

(f) Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(g) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(h) Not annualized.

(i) The benefits derived from expense reductions had an impact of less than 0.01%.

(j) Annualized.

(k) Rounds to less than 0.01%.

(l) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been 0.03%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Value Fund

Selected data for a share outstanding throughout each period is as follows:

	Year Ended February 28,									Year Ended February 29,			Period Ended February 28,			Year Ended March 31,
Class C Shares	2011			2010			2009			2008			2007 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	9.72		$	6.75		$	11.94		$	14.69		$	14.19		$	12.75
Income from Investment Operations:
Net investment income (c)		0.03	(d)		0.02			0.09			0.09			0.07			0.08
Net realized and unrealized gain (loss) on investments, foreign currency and written options		1.85			2.99			(5.17	)		(1.10	)		1.34			1.59
Total from investment operations		1.88			3.01			(5.08	)		(1.01	)		1.41			1.67
Less Distributions to Shareholders:
From net investment income		(0.06	)		(0.04	)		(0.11	)		(0.11	)		(0.05	)		(0.06	)
From net realized gains		—			—			—			(1.63	)		(0.86	)		(0.17	)
Total distributions to shareholders		(0.06	)		(0.04	)		(0.11	)		(1.74	)		(0.91	)		(0.23	)
Increase from regulatory settlements		—			—	(e)		—			—			—			—
Net Asset Value, End of Period	$	11.54		$	9.72		$	6.75		$	11.94		$	14.69		$	14.19
Total return (f)		19.48	%		44.59	%(g)		(42.84	)%(g)		(8.24	)%(g)		10.38	%(g)(h)		13.22	%(g)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (i)		1.93	%		1.87	%		1.79	%		1.74	%		1.76	%(j)		1.71	%
Interest expense		—	%(k)		—			—	%(k)		—			—			—
Net expenses (i)		1.93	%		1.87	%		1.79	%		1.74	%		1.76	%(j)		1.71	%
Waiver/Reimbursement		—			0.01	%		0.06	%		0.06	%		0.05	%(j)		0.09	%(l)
Net investment income (i)		0.32	%		0.21	%		0.90	%		0.60	%		0.52	%(j)		0.60	%
Portfolio turnover rate		79	%		61	%		61	%		62	%		66	%(h)		59	%
Net assets, end of period (000s)	$	36,187		$	37,229		$	31,091		$	70,383		$	94,600		$	98,884

(a) The Fund changed its fiscal year end from March 31 to February 28. Per share data and total return reflect activity from April 1, 2006 through February 28, 2007.

(b) On August 22, 2005, the Fund's Investor C shares were renamed Class C shares.

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.04 per share.

(e) Rounds to less than $0.01 per share.

(f) Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(g) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(h) Not annualized.

(i) The benefits derived from expense reductions had an impact of less than 0.01%.

(j) Annualized.

(k) Rounds to less than 0.01%.

(l) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been 0.03%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Value Fund

Selected data for a share outstanding throughout the period is as follows:

Class I Shares	Period Ended February 28, 2011 (a)
Net Asset Value, Beginning of Period	$	10.23
Income from Investment Operations:
Net investment income (b)		0.05
Net realized and unrealized gain on investments and foreign currency		1.80
Total from investment operations		1.85
Less Distributions to Shareholders:
From net investment income		(0.05	)
Net Asset Value, End of Period	$	12.03
Total return (c)(d)		18.07	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)(f)		0.70	%
Net investment income (e)(f)		1.04	%
Portfolio turnover rate (d)		79	%
Net assets, end of period (000s)	$	123,018

(a) Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Not annualized.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

(f) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Value Fund

Selected data for a share outstanding throughout each period is as follows:

	Year Ended February 28,									Year Ended February 29,			Period Ended February 28,			Period Ended March 31,
Class R Shares	2011			2010			2009			2008			2007 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	10.07		$	6.99		$	12.36		$	15.15		$	14.59		$	14.05
Income from Investment Operations:
Net investment income (c)		0.06	(d)		0.07			0.15			0.22			0.14			0.04
Net realized and unrealized gain (loss) on investments, foreign currency and written options		1.95			3.09			(5.36	)		(1.19	)		1.38			0.53
Total from investment operations		2.01			3.16			(5.21	)		(0.97	)		1.52			0.57
Less Distributions to Shareholders:
From net investment income		(0.10	)		(0.08	)		(0.16	)		(0.19	)		(0.10	)		(0.03	)
From net realized gains		—			—			—			(1.63	)		(0.86	)		—
Total distributions to shareholders		(0.10	)		(0.08	)		(0.16	)		(1.82	)		(0.96	)		(0.03	)
Increase from regulatory settlements		—			—	(e)		—			—			—			—
Net Asset Value, End of Period	$	11.98		$	10.07		$	6.99		$	12.36		$	15.15		$	14.59
Total return (f)		20.16	%		45.34	%(g)		(42.54	)%(g)		(7.79	)%(g)		10.90	%(g)(h)		4.05	%(g)(h)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (i)		1.43	%		1.37	%		1.29	%		1.24	%		1.26	%(j)		1.25	%(j)
Interest expense		—	%(k)		—			—	%(k)		—			—			—
Net expenses (i)		1.43	%		1.37	%		1.29	%		1.24	%		1.26	%(j)		1.25	%(j)
Waiver/Reimbursement		—			0.01	%		0.06	%		0.06	%		0.05	%(j)		0.16	%(j)(l)
Net investment income (i)		0.59	%		0.71	%		1.45	%		1.63	%		1.02	%(j)		1.33	%(j)
Portfolio turnover rate		79	%		61	%		61	%		62	%		66	%(h)		59	%(h)
Net assets, end of period (000s)	$	1,211		$	252		$	147		$	236		$	11		$	10

(a) The Fund changed its fiscal year end from March 31 to February 28. Per share data and total return reflect activity from April 1, 2006 through February 28, 2007.

(b) Class R shares commenced operations on January 23, 2006. Per share data and total return reflect activity from that date.

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.04 per share.

(e) Rounds to less than $0.01 per share.

(f) Total return at net asset value assuming all distributions reinvested.

(g) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(h) Not annualized.

(i) The benefits derived from expense reductions had an impact of less than 0.01%.

(j) Annualized.

(k) Rounds to less than 0.01%.

(l) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been 0.10%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Value Fund

Selected data for a share outstanding throughout the period is as follows:

Class W Shares	Period Ended February 28, 2011 (a)
Net Asset Value, Beginning of Period	$	10.21
Income from Investment Operations:
Net investment income (b)		0.03
Net realized and unrealized gain on investments and foreign currency		1.78
Total from investment operations		1.81
Less Distributions to Shareholders:
From net investment income		(0.03	)
Net Asset Value, End of Period	$	11.99
Total return (c)(d)		17.79	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)(f)		1.22	%
Net investment income (e)(f)		0.54	%
Portfolio turnover rate (d)		79	%
Net assets, end of period (000s)	$	3

(a) Class W shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Not annualized.

(e) The benefits derived from expense reductions had an impact of less than 0.01%.

(f) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Value Fund

Selected data for a share outstanding throughout each period is as follows:

Class Y Shares	Year Ended February 28, 2011			Period Ended February 28, 2010 (a)
Net Asset Value, Beginning of Period	$	10.10		$	8.65
Income from Investment Operations:
Net investment income (b)		0.17	(c)		0.08
Net realized and unrealized gain on investments and foreign currency		1.92			1.45
Total from investment operations		2.09			1.53
Less Distributions to Shareholders:
From net investment income		(0.17	)		(0.08	)
Net Asset Value, End of Period	$	12.02		$	10.10
Total return (d)		20.98	%		17.67	%(e)
Ratios to Average Net Assets/Supplemental Data:
Net expenses before interest expense (f)		0.71	%		0.72	%(h)
Interest expense		—	%(g)		—
Net expenses (f)		0.71	%		0.72	%(h)
Net investment income (f)		1.62	%		1.36	%(h)
Portfolio turnover rate		79	%		61	%(e)
Net assets, end of period (000s)	$	7,138		$	11,497

(a) Class Y shares commenced operations on July 15, 2009. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(c) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.04 per share.

(d) Total return at net asset value assuming all distributions reinvested.

(e) Not annualized.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

(g) Rounds to less than 0.01%.

(h) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Large Cap Value Fund

Selected data for a share outstanding throughout each period is as follows:

	Year Ended February 28,									Year Ended February 29,			Period Ended February 28,			Year Ended March 31,
Class Z Shares	2011			2010			2009			2008			2007 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	10.09		$	7.01		$	12.40		$	15.19		$	14.61		$	13.12
Income from Investment Operations:
Net investment income (c)		0.14	(d)		0.11			0.20			0.24			0.21			0.22
Net realized and unrealized gain (loss) on investments, foreign currency and written options		1.94			3.09			(5.39	)		(1.14	)		1.38			1.63
Total from investment operations		2.08			3.20			(5.19	)		(0.90	)		1.59			1.85
Less Distributions to Shareholders:
From net investment income		(0.16	)		(0.12	)		(0.22	)		(0.26	)		(0.15	)		(0.19	)
From net realized gains		—			—			—			(1.63	)		(0.86	)		(0.17	)
Total distributions to shareholders		(0.16	)		(0.12	)		(0.22	)		(1.89	)		(1.01	)		(0.36	)
Increase from regulatory settlements		—			—	(e)		0.02			—			—			—
Net Asset Value, End of Period	$	12.01		$	10.09		$	7.01		$	12.40		$	15.19		$	14.61
Total return (f)		20.81	%		45.93	%(g)		(42.27	)%(g)		(7.29	)%(g)		11.42	%(g)(h)		14.33	%(g)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses before interest expense (i)		0.93	%		0.87	%		0.79	%		0.74	%		0.76	%(j)		0.71	%
Interest expense		—	%(k)		—			—	%(k)		—			—			—
Net expenses (i)		0.93	%		0.87	%		0.79	%		0.74	%		0.76	%(j)		0.71	%
Waiver/Reimbursement		—			0.01	%		0.06	%		0.06	%		0.05	%(j)		0.09	%(l)
Net investment income (i)		1.32	%		1.21	%		1.91	%		1.61	%		1.52	%(j)		1.60	%
Portfolio turnover rate		79	%		61	%		61	%		62	%		66	%(h)		59	%
Net assets, end of period (000s)	$	1,366,011		$	1,290,563		$	907,353		$	1,905,752		$	2,277,652		$	2,009,115

(a) The Fund changed its fiscal year end from March 31 to February 28. Per share data and total return reflect activity from April 1, 2006 through February 28, 2007.

(b) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.04 per share.

(e) Rounds to less than $0.01 per share.

(f) Total return at net asset value assuming all distributions reinvested.

(g) Had the Investment Manager and/or any of its affiliates not waived fees or reimbursed a portion of expenses, total return would have been reduced.

(h) Not annualized.

(i) The benefits derived from expense reductions had an impact of less than 0.01%.

(j) Annualized.

(k) Rounds to less than 0.01%.

(l) Bank of America Corporation assumed certain non-recurring costs. Absent these non-recurring costs, the waiver/reimbursement ratio would have been 0.03%.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Large Cap Value Fund
February 28, 2011

Note 1. Organization

Columbia Large Cap Value Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

Investment Objective

The Fund seeks long-term capital appreciation.

Fund Shares

The Trust has unlimited authorized shares of beneficial interest. The Fund offers Class A, Class B, Class C, Class I, Class R, Class W, Class Y and Class Z shares. On December 17, 2010, the Investment Manager exchanged Class Z shares valued at $18,924,600 for Class I shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class I shares are not subject to sales charges and are available only to the Columbia Family of Funds. Class I shares became effective September 27, 2010.

Class R shares are not subject to sales charges and are available only to qualifying institutional investors.

Class W shares are not subject to sales charges and are available only to investors purchasing through authorized investment programs managed by investment professionals, including discretionary managed account programs. Class W shares became effective September 27, 2010.

Class Y shares are not subject to sales charges and are available only to certain investors, as described in the Fund's prospectus.

Class Z shares are not subject to sales charges and are available only to certain investors, as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Columbia Large Cap Value Fund, February 28, 2011

of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Investments for which market quotations are not readily available, or that have quotations which the Investment Manager believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. If a security is valued at fair value, such value is likely to be different from the last quoted market price for the security. The determination of fair value often requires significant judgment. To determine fair value, the Investment Manager 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 value.

Repurchase Agreements

Security Transactions

Income Recognition

Interest income is recorded on the accrual basis.

Corporate actions and dividend income are recorded on the ex-date.

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

Columbia Large Cap Value Fund, February 28, 2011

Distributions to Shareholders

Indemnification

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Services Fee

The Investment Manager determines which securities will be purchased, held or sold. The management fee is based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.60	%
$500 million to $1 billion		0.55	%
$1 billion to $6 billion		0.43	%
Over $6 billion		0.41	%

The effective management fee rate for the year ended February 28, 2011, was 0.48% of the Fund's average daily net assets.

Administration Fee

Pricing and Bookkeeping Fees

Transfer Agent Fee

Columbia Large Cap Value Fund, February 28, 2011

Services (BFDS) to serve as sub-transfer agent. The New Transfer Agent receives monthly account-based service fees that vary by class and are based on the number of open accounts and asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the New Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). The New Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

The New Transfer Agent receives reimbursement for certain out-of-pocket expenses and may also receive compensation for various shareholder services.

For the year ended February 28, 2011, the Fund's effective transfer agent fee rate for each class, with the exception of Class I shares, as a percentage of the average daily net assets was as follows:

Class A				Class B				Class C				Class R				Class W				Class Y				Class Z
	0.22	%			0.22	%			0.22	%			0.22	%			0.27	%			0.00	%*			0.22	%

Class I shares do not pay transfer agent fees.

* Rounds to less than 0.01%.

Underwriting Discounts, Service and Distribution Fees

For the year ended February 28, 2011, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $18,761 and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $315, $30,573 and $1,633, respectively.

The Trust has adopted shareholder servicing plans and distribution plans for the Class B, Class C and Class W shares of the Fund and a combined distribution and shareholder servicing plan for the Class A shares of the Fund. The Trust has also adopted a distribution plan for the Class R shares of the Fund. The shareholder servicing plans permit the Fund to compensate or reimburse servicing agents for the shareholder services they have provided. The distribution plans, adopted pursuant to Rule 12b-1 under the 1940 Act, permit the Fund to compensate or reimburse the New Distributor and/or selling agents for activities or expenses primarily intended to result in the sale of the classes' shares. Payments are made at an annual rate and paid monthly, as a percentage of average daily net assets, set from time to time by the Board of Trustees, and are charged as expenses of the Fund directly to the applicable share class. A substantial portion of the expenses incurred pursuant to these plans is paid to affiliates of the New Distributor.

The annual rates in effect and plan limits, as a percentage of average daily net assets are as follows:

	Current Rate			Plan Limit
Class A Combined Distribution and Shareholder Servicing Plan		0.25	%		0.25	%
Class B and Class C Shareholder Servicing Plans		0.25	%		0.25	%
Class B and Class C Distribution Plans		0.75	%		0.75	%
Class R Distribution Plan		0.50	%		0.50	%
Class W Shareholder Servicing Plan		0.25	%		0.25	%¹
Class W Distribution Plan		0.00	%		0.25	%¹

¹ The Fund may pay a distribution fee of up to 0.25% of the Fund's average daily net assets attributable to Class W shares and a service fee of up to 0.25% of the Fund's average daily net assets attributable to Class W shares, provided, however, that the aggregate fee shall not exceed 0.25% of the Fund's average daily net assets attributable to Class W shares.

Columbia Large Cap Value Fund, February 28, 2011

Expense Limits and Fee Waivers

Effective September 27, 2010, the Investment Manager has voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rates of 1.25%, 2.00%, 2.00%, 0.87%, 1.50%, 1.25%, 1.00% and 1.00% of the Fund's average daily net assets attributable to Class A, Class B, Class C, Class I, Class R, Class W, Class Y and Class Z shares, respectively. This arrangement may be modified or terminated by the Investment Manager at any time.

Fees Paid to Officers and Trustees

Other Related Party Transactions

Prior to the Closing, the Fund used one or more brokers that were affiliates of BOA in connection with the purchase and sale of its securities.Total brokerage commissions paid to affiliated brokers for the period prior to the Closing were $24,260.

Note 4. Custody Credits

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated $1,601,594,176 and $2,198,336,992, respectively, for the year ended February 28, 2011.

Note 6. Regulatory Settlements

During the year ended February 28, 2010, the Fund received payments totaling $1,763 relating to certain regulatory settlements with third parties that the Fund had participated in during the year. The payments have been included in "Increase from regulatory settlements" on the Statement of Changes in Net Assets.

Note 7. Shareholder Concentration

As of February 28, 2011, two shareholder accounts owned 30.7% of the outstanding shares of the Fund. Purchase and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Columbia Large Cap Value Fund, February 28, 2011

Note 8. Line of Credit

For the year ended February 28, 2011, the average daily loan balance outstanding on days where borrowing existed was $8,375,000 at a weighted average interest rate of 1.55%.

Note 9. Federal Tax Information

For the year ended February 28, 2011, permanent book and tax basis differences resulting primarily from differing treatments for excess distributions were identified and reclassified among the components of the Fund's net assets as follows:

Undistributed Net Investment Income				Accumulated Net Realized Loss				Paid-In Capital
$	1,253,076			$	102,496			$	(1,355,572	)

Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years ended February 28, 2011 and February 28, 2010 was as follows:

	February 28,
Distributions paid from	2011		2010
Ordinary Income*	$	26,828,023	$	26,208,238

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

As of February 28, 2011, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income				Undistributed Long-Term Capital Gains				Net Unrealized Appreciation*
$	—			$	—			$	480,863,498

* The differences between book-basis and tax-basis net unrealized appreciation are primarily due to deferral of losses from wash sales.

Unrealized appreciation and depreciation at February 28, 2011, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	488,631,404
Unrealized depreciation		(7,767,906	)
Net unrealized appreciation	$	480,863,498

The following capital loss carryforwards may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Capital Loss Carryforwards
2017	$	160,922,892
2018		473,592,838
	$	634,515,730

Capital loss carryforwards of $226,294,701 were utilized during the year ended February 28, 2011.

Columbia Large Cap Value Fund, February 28, 2011

Note 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

Columbia Large Cap Value Fund, February 28, 2011

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and the Shareholders of Columbia Large Cap Value Fund

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Large Cap Value Fund (the "Fund") (a series of Columbia Funds Series Trust) at February 28, 2011, and the results of its operations, the changes in its net assets, and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 21, 2011

Federal Income Tax Information (Unaudited) – Columbia Large Cap Value Fund

For non-corporate shareholders, 100.00% or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of the ordinary income distributed by the Fund for the fiscal year ended February 28, 2011 may represent qualified dividend income.

94.92% of the ordinary income distributed by the Fund for the fiscal year ended February 28, 2011, qualifies for the corporate dividends received deduction.

The Fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Fund Governance

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office				Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Edward J. Boudreau, Jr. (Born 1944)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2005)				Managing Director—E.J. Boudreau & Associates (consulting), from 2000 through current; oversees 44; Trustee—BofA Funds Series Trust.

William P. Carmichael (Born 1943)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1999)				Retired; Oversees 44; Director—Cobra Electronics Corporation (electronic equipment manufacturer); Director—McMoRan Exploration Company (oil and gas exploration and development); Director—The Finish Line (athletic shoes and apparel); Trustee—BofA Funds Series Trust; Former Director—Simmons Company (bedding).

William A. Hawkins (Born 1942)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2005)				Managing Director—Overton Partners (financial consulting), August 2010 to present; President and Chief Executive Officer—California General Bank, N.A., from January 2008 through August 2010; oversees 44; Trustee—BofA Funds Series Trust.

R. Glenn Hilliard (Born 1943)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2005)				Chairman and Chief Executive Officer—Hilliard Group LLC (investing and consulting), from April 2003 through current; Non-Executive Director & Chairman—CNO Financial, Inc. (formerly Conseco, Inc.) (insurance), September 2003 through current; Executive Chairman—Conseco, Inc. (insurance), August 2004 through September 2005; oversees 44; Trustee—BofA Funds Series Trust.

John J. Nagorniak (Born 1944)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2008)				Retired; President and Director—Foxstone Financial, Inc. (consulting), 2000 through December 2007; Director—Mellon Financial Corporation affiliates (investing), 2000 through 2007; Chairman—Franklin Portfolio Associates (investing—Mellon affiliate), 1982 through 2007; oversees 44; Director—MIT Investment Company; Trustee—MIT 401k Plan.

Fund Governance (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office				Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Minor M. Shaw (Born 1947)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2003)				President—Micco Corporation and Mickel Investment Group; oversees 44; Board Member—Piedmont Natural Gas; Trustee—BofA Funds Series Trust.

Interested Trustee

Anthony M. Santomero¹ (Born 1946)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2008)				Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, from 2002 through current; Senior Advisor—McKinsey & Company (consulting), July 2006 through January 2008; President and Chief Executive Officer—Federal Reserve Bank of Philadelphia, July 2000 through April 2006; oversees 44; Director—Renaissance Reinsurance Ltd; Trustee—Penn Mutual Life Insurance Company; Director—Citigroup, Inc.; Citibank, N.A.; Trustee—BofA Funds Series Trust.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 800-345-6611.

Officers

Name, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964)

225 Franklin Street Boston, MA 02110 President (since 2009)				Senior Vice President and General Manager—Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.

Michael G. Clarke (Born 1969)

225 Franklin Street Boston, MA 02110 Senior Vice President and Chief Financial Officer (since 2009)				Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.

Fund Governance (continued)

Officers (continued)

Name, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
Scott R. Plummer (Born 1959)

5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Secretary and Chief Legal Officer (since 2010)				Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel—Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel—Asset Management, from 2005 to April 2010, and Vice President—Asset Management Compliance from 2004 to 2005); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006; Vice President, General Counsel and Secretary, RiverSource Funds, since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Linda J. Wondrack (Born 1964)

225 Franklin Street Boston, MA 02110 Senior Vice President and Chief Compliance Officer (since 2007)				Vice President and Chief Compliance Officer, Columbia Management Investment Advisers, LLC since May 2010; Chief Compliance Officer, Columbia Funds, since 2007, and RiverSource Funds, since May 2010; Director (Columbia Management Group, LLC and Investment Product Group Compliance), Bank of America, from June 2005 to April 2010.

William F. Truscott (Born 1960)

53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)				Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010 (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President—U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President—Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director, Columbia Management Investment Distributors, Inc. since May 2010 (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.

Colin Moore (Born 1958)

One Financial Center Boston, MA 02111 Senior Vice President (since 2010)				Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.

Michael A. Jones (Born 1959)

225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)				President and Director, Columbia Management Investment Advisers, LLC since May 2010; President and Director, Columbia Management Investment Distributors, Inc. since May 2010; Manager, Chairman, Chief Executive Officer and President, Columbia Management Advisors, LLC from 2007 to April 2010; Chief Executive Officer, President and Director, Columbia Management Distributors, Inc. from November 2006 to April 2010; previously, co-president and senior managing director at Robeco Investment Management.

Fund Governance (continued)

Officers (continued)

Name, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
Amy Johnson (Born 1965)

5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)				Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President—Asset Management and Trust Company Services, from 2006 to 2009, and Vice President—Operations and Compliance from 2004 to 2006).

Joseph F. DiMaria (Born 1968)

225 Franklin Street Boston, MA 02110 Treasurer (since 2010) and Chief Accounting Officer (since 2008)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.

Marybeth Pilat (Born 1968)

225 Franklin Street Boston, MA 02110 Deputy Treasurer (since 2010)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Investment Operations, Bank of America, from October 2008 to April 2010; Finance Manager, Boston Children's Hospital from August 2008 to October 2008; Director, Mutual Fund Administration, Columbia Management Advisors, LLC, from May 2007 to July 2008; Vice President, Mutual Fund Valuation, Columbia Management Advisors, LLC, from January 2006 to May 2007; Vice President, Mutual Fund Accounting Oversight, Columbia Management Advisors, LLC from January 2005 to January 2006.

Julian Quero (Born 1967)

225 Franklin Street Boston, MA 02110 Deputy Treasurer (since 2008)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, from August 2008 to April 2010; Senior Tax Manager, Columbia Management Advisors, LLC from August 2006 to July 2008; Senior Compliance Manager, Columbia Management Advisors, LLC from April 2002 to August 2006.

Stephen T. Welsh (Born 1957)

225 Franklin Street Boston, MA 02110 Vice President (since 2006)				President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.

Board Consideration and Approval of Amendment to Investment Management Services Agreement

• The expected benefits of continuing to retain CMIA as the Funds' investment manager;

• The nature, extent and quality of investment management services provided by CMIA to each Fund;

• The recent evaluation of the historical performance of CMIA in managing the Funds, recognizing that no assurances can be given that a Fund would achieve any level of performance in the future;

• The recent evaluation of each Fund's potential to realize economies of scale through operations of CMIA;

• The indirect benefits, such as from soft dollar arrangements, that CMIA has obtained and will continue to obtain, from managing the Funds;

o Standardizing investment advisory fee rates and total management fee rates (i.e., the investment advisory fee rates

and the administration/administrative fee rates), to the extent practicable, across funds in the Combined Fund Complex that are in the same investment category to promote uniformity of pricing among similar funds;

o Implementing contractual expense limitations that will generally cap total annual operating expense ratios for each fund in the Combined Fund Complex at levels that are at or below the median net operating expense ratio of funds in the respective fund's peer group (as determined annually after the initial term by an independent third-party data provider); and

o Correlating investment advisory and administration/administrative fee rates across the Combined Fund Complex commensurate with the level of services being provided.

• That the proposed investment advisory fee rates are designed to be competitive and to fairly compensate CMIA for services performed for the Funds.

strategy; (iii) that the Fund's performance was competitive when compared to other performance benchmarks or peer groups; and (iv) that CMIA had taken or was considering steps designed to help improve the Fund's investment performance, including, but not limited to, replacing portfolio managers, enhancing the resources supporting the portfolio managers, or modifying investment strategies.

Investment Advisory Fee Rates and Other Expenses. The Trustees considered that the proposed amendment to the IMS Agreement would increase the contractual investment advisory fee rates payable by each Fund at all or certain assets levels, and would be otherwise identical to each Fund's current IMS Agreement. In addition, the Trustees considered that, with the proposed fee reductions under the administration services agreement, the combined contractual fee rates under the IMS Agreement and the proposed administration services agreement would be lower than the current combined contractual fee rates under those agreements, at most asset levels, for all of the Funds except Columbia Large Cap Enhanced Core Fund. For the Columbia Large Cap Enhanced Core Fund, the Trustees considered CMIA's proposal to implement a contractual expense limitation that would mitigate the effect of such Fund's investment advisory fee rate increase by gradually phasing in the increase over a five-year period.

The Trustees also considered the benefits of research made available to CMIA by reason of brokerage commissions generated by the Funds' securities transactions, and reviewed information about CMIA's practices with respect to allocating portfolio brokerage and the use of "soft" commission dollars to pay for research. The Trustees considered the possible conflicts of interest associated with certain fall-out or other ancillary benefits and the reporting, disclosure and other processes that would be in place to disclose and to monitor such possible conflicts of interest. The Trustees recognized that CMIA's profitability would be somewhat lower without these benefits.

Summary of Management Fee Evaluation by Independent Fee Consultant

REPORT OF INDEPENDENT FEE CONSULTANT TO THE FUNDS SUPERVISED BY THE COLUMBIA NATIONS BOARD

September 21, 2010

I. Overview

A. Role of the Independent Fee Consultant

¹ CMA and CMD are subsidiaries of Columbia Management Group, LLC ("CMG"), and are the successors to the entities named in the AOD.

Unless otherwise stated or required by the context, this report covers only the Nations Funds.

³ Tab 1, CMIA, Supplemental Materials Prepared for the Nations Board, June 16, 2010 ("June Supplemental Materials") at p. 1.

B. Elements Involved in Managing the Fee Negotiation Process

In preparing the report required by the AOD, the IFC must consider at least the following six factors set forth in the AOD:

1. The nature and quality of the adviser's services, including the Fund's performance;

2. Management fees (including any components thereof) charged by other mutual fund companies for like services;

3. Possible economies of scale as the Fund grows larger;

4. Management fees (including any components thereof) charged to institutional and other clients of the adviser for like services;

5. Costs to the adviser and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit; and

6. Profit margins of the adviser and its affiliates from supplying such services.

II. Findings

6. Half of the Fee Increase Funds have had median or better-than-median investment performance. None of the Funds would be designated a Review Fund based solely on performance.

Shareholder Meeting Results

At a Joint Special Meeting of Shareholders held on February 15, 2011, shareholders of the Fund considered the proposals described below.

Proposal 1. Shareholders of the Fund approved a proposed amendment to the Investment Management Services Agreement with Columbia Management Investment Advisers, LLC, as follows:

Votes For				Votes Against				Abstentions				Broker Non-Votes
	98,853,711				23,737,772				702,036				19,761,384

Trustee	Votes For		Votes Withheld		Abstentions
Kathleen Blatz		2,145,636,122		248,012,438		0
Edward J. Boudreau, Jr.		2,145,430,114		248,218,446		0
Pamela G. Carlton		2,145,515,949		248,132,612		0
William P. Carmichael		2,145,038,695		248,609,866		0
Patricia M. Flynn		2,145,843,563		247,804,997		0
William A. Hawkins		2,145,359,401		248,289,160		0
R. Glenn Hilliard		2,145,079,400		248,569,161		0
Stephen R. Lewis, Jr.		2,145,092,209		248,556,351		0
John F. Maher		2,145,621,338		248,027,223		0
John J. Nagorniak		2,145,337,494		248,311,067		0
Catherine James Paglia		2,145,615,254		248,033,306		0
Leroy C. Richie		2,145,042,120		248,606,441		0
Anthony M. Santomero		2,145,088,174		248,560,386		0
Minor M. Shaw		2,145,430,762		248,217,798		0
Alison Taunton-Rigby		2,145,393,384		248,255,177		0
William F. Truscott		2,144,907,223		248,741,338		0

This page intentionally left blank.

Important Information About This Report

Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081
1-800-345-6611

Distributor

Columbia Management Investment
Distributors, Inc.
225 Franklin Street
Boston, MA 02110

Investment Manager

Columbia Management Investment Advisers, LLC
225 Franklin Street
Boston, MA 02110

PRSRT STD
U.S. Postage
PAID
Holliston, MA
Permit NO. 20

Columbia Large Cap Value Fund
P. O. Box 8081
Boston, MA 02266-8081

columbiamanagement.com

C-1211 A (04/11)

Columbia Mid Cap Value Fund

Annual Report for the Period Ended February 28, 2011

Not FDIC insured • No bank guarantee • May lose value

Table of Contents

Fund Profile					1

Economic Update					2

Performance Information					4

Understanding Your Expenses					5

Portfolio Managers' Report					6

Investment Portfolio					8

Statement of Assets and Liabilities					12

Statement of Operations					14

Statement of Changes in Net Assets					15

Financial Highlights					17

Notes to Financial Statements					25

Report of Independent Registered Public Accounting Firm					33

Federal Income Tax Information					34

Fund Governance					35

Board Consideration and Approval of Amendment to Investment Management Services Agreement					39

Summary of Management Fee Evaluation by Independent Fee Consultant					43

Shareholder Meeting Results					45

Important Information About This Report					49

President's Message

Dear Shareholder:

Sincerely,

J. Kevin Connaughton
President, Columbia Funds

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

Fund Profile – Columbia Mid Cap Value Fund

Summary

^g For the 12-month period that ended February 28, 2011, the fund's Class A shares returned 28.87% without sales charge.

^g The fund's performance was roughly in line with its benchmark, the Russell Midcap Value Index,¹ and with the average return of its peer group, the Lipper Mid-Cap Core Funds Classification.²

^g Gains were strong across all sectors, both within the index and the fund. Strong security selection relative to the index in the information technology and consumer discretionary sectors was offset by disappointments in the energy sector.

Portfolio Management

¹The Russell Midcap Value Index measures the performance of those Russell Midcap companies with lower
price-to-book ratios and lower forecasted growth rates. The stocks are also members of the Russell 1000 Value Index.

Summary

1-year return as of 02/28/11

				+28.87%

				Class A shares (without sales charge)

				+29.30%

				Russell Midcap Value Index

Morningstar Style Box^TM

Economic Update – Columbia Mid Cap Value Fund

Summary

For the 12-month period that ended February 28, 2011

S&P Index				MSCI Index

Barclays Aggregate Index				JPMorgan Index

News on the job front was mostly positive over the 12-month period. A good portion of the jobs added in March, April and May of 2010 were temporary, government-sponsored census positions, which began to unwind in June 2010, July 2010 and August 2010. However, private sector payroll employment began to trend higher in the third quarter, massive layoffs declined and job growth turned solidly positive, with the addition of 255,000 new jobs in the first two months of 2011.

Economic Update (continued) – Columbia Mid Cap Value Fund

Stocks moved higher despite summer 2010 setback

Bonds delivered modest returns

Past performance is no guarantee of future results.

¹The Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

⁵The JPMorgan Developed BB High Yield Index is an unmanaged index designed to mirror the investable universe of the U.S. dollar developed, BB-rated, high yield corporate debt market.

⁷The Barclays Capital Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.

Performance Information – Columbia Mid Cap Value Fund

Performance of a $10,000 investment 11/20/01 – 02/28/11

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Mid Cap Value Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

Performance of a $10,000 investment 11/20/01 – 02/28/11 ($)

Sales charge	without		with
Class A		21,882		20,624
Class B		20,409		20,409
Class C		20,409		20,409
Class I		n/a		n/a
Class R		21,606		n/a
Class W		n/a		n/a
Class Y		22,384		n/a
Class Z		22,384		n/a

Average annual total return as of 02/28/11 (%)

Share class	A				B				C				I		R		W		Y		Z
Inception	11/20/01				11/20/01				11/20/01				09/27/10		01/23/06		09/27/10		07/15/09		11/20/01
Sales charge	without		with		without		with		without		with		without		without		without		without		without
1-year		28.87		21.49		27.89		22.89		27.88		26.88		n/a		28.53		n/a		29.23		29.14
5-year		3.59		2.37		2.83		2.48		2.82		2.82		n/a		3.35		n/a		3.85		3.85
10-year/Life		8.81		8.12		8.00		8.00		8.00		8.00		22.40		8.66		22.17		9.08		9.08

The "with sales charge" returns include the maximum initial sales charge of 5.75% for Class A shares and the applicable contingent deferred sales charge of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter for Class B shares and 1.00% for Class C shares in the first year only. The "without sales charge" returns do not include the effect of sales charges. If they had, returns would be lower.

All results shown assume reinvestment of distributions. Class I, Class Y and Class Z shares are sold at net asset value with no distribution and service (Rule 12b-1) fees. Class R and Class W shares are sold at net asset value with distribution and/or service (Rule 12b-1) fees. Class I, Class R, Class Y, Class W and Class Z shares have limited eligibility and the investment minimum requirements may vary. 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 class.

The tables do not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of fund shares.

The returns for Class R shares include the returns of Class A shares prior to January 23, 2006, the date on which Class R shares were initially offered by the fund. If differences in expenses had been reflected, the returns shown would have been lower, since Class R shares are subject to higher distribution and service (Rule 12b-1) fees. The returns for Class Y shares include the returns for Class Z shares prior to July 15, 2009, the date on which Class Y shares were initially offered by the fund. The returns shown have not been adjusted to reflect any differences in expenses between Class Y and Class Z shares.

Class I and Class W shares were initially offered on September 27, 2010.

Understanding Your Expenses – Columbia Mid Cap Value Fund

Analyzing your fund's expenses by share class

Compare with other funds

Estimating your actual expenses

To estimate the expenses that you paid over the period, first you will need your account balance at the end of the period:

^g For shareholders who receive their account statements from their financial intermediary, contact your financial intermediary to obtain your account balance.

1. Divide your ending account balance by $1,000. For example, if an account balance was $8,600 at the end of the period, the result would be 8.6.

09/01/10 – 02/28/11

	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 (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,333.90			1,019.29		6.42			5.56		1.11
Class B		1,000.00		1,000.00		1,329.00			1,015.57		10.74			9.30		1.86
Class C		1,000.00		1,000.00		1,329.70			1,015.57		10.74			9.30		1.86
Class I		1,000.00		1,000.00		1059.50	*		1,021.32		3.04	*		3.51		0.70
Class R		1,000.00		1,000.00		1,332.60			1,018.05		7.87			6.80		1.36
Class W		1,000.00		1,000.00		1058.70	*		1,019.29		4.82	*		5.56		1.11
Class Y		1,000.00		1,000.00		1,336.80			1,020.88		4.58			3.96		0.79
Class Z		1,000.00		1,000.00		1,336.10			1,020.53		4.98			4.31		0.86

*For the period September 27, 2010 through February 28, 2011. Class I and Class W shares commenced operations on September 27, 2010.

Portfolio Manager's Report – Columbia Mid Cap Value Fund

Net asset value per share

as of 02/28/11 ($)

Class A					14.24
Class B					13.89
Class C					13.94
Class I					14.24
Class R					14.23
Class W					14.24
Class Y					14.24
Class Z					14.26

Distributions declared per share

03/01/10 – 02/28/11 ($)

Class A					0.14
Class B					0.09
Class C					0.09
Class I					0.05
Class R					0.12
Class W					0.04
Class Y					0.18
Class Z					0.17

For the 12-month period that ended February 28, 2011, the fund's Class A shares returned 28.87% without sales charge. This return was largely in line with the 29.30% gain of the fund's benchmark, the Russell Midcap Value Index, as well as the 28.81% advance of its peer group, the Lipper Mid-Cap Core Funds Classification. In a year marked by volatility, we believe our decision to stay focused on attractively valued stocks where we could see the potential for improvement, particularly in operating profit margins, aided results.

Mid-cap stocks outpaced larger-cap issues

After a tumultuous first half, U.S. equities ended the reporting period with strong gains. Smaller-cap and lower-quality stocks, which had been hardest hit in the market downturn, were among the biggest winners as the economic outlook improved in the second half of the 12-month period. Across market caps, stocks that could generate above-average earnings growth outperformed stocks that offered attractive valuations relative to earnings and other measures. The market's gains were broad-based, with all sectors in the Russell index reporting strong returns.

Outperformance in information technology and consumer discretionary sectors

Security selection, particularly in the information technology, consumer discretionary and materials sectors, gave the biggest boost to fund results versus the index. Within technology, the biggest gains came from semiconductor stocks. Atmel (0.5% of net assets), which makes chips for mobile digital devices, returned over 200% for the year, as growing demand for its products pushed earnings ahead of estimates. Investors applauded news that the company would begin buying back its shares. In consumer discretionary, stock selection was strongest in the specialty retail area. Winners included footwear retailer, Foot Locker (0.9% of net assets), which benefited from a rebound in the sale of basketball shoes, and Limited Brands (0.7% of net assets), which owns Victoria's Secret and Bath & Body Works. Strong same-store sales at Foot Locker and Limited stores helped propel both stocks higher. In addition, the fund owned some automotive-related winners, including BorgWarner (1.0% of net assets) and auto parts retailer O'Reilly Automotive, an out-of-benchmark position that was sold before period end. O'Reilly gained from an uptick in mileage as more people drive their cars longer. Finally, materials stocks added to performance, thanks to a slight overweight and good stock selection in the sector.

Energy holdings lagged index

Despite strong gains from energy stocks, the fund's holdings lagged those in the index by a sizable margin. Exposure to energy equipment and services companies, such as Pride International, Nabors Industries and Noble (1.1% of net assets—and not in the Russell index), hampered results. All three were hard hit by last spring's oil disaster in the Gulf of Mexico. We sold Pride on the news that it would be acquired by ENSCO International, another portfolio holding. We also sold Nabors before the end of the reporting period. A small stake in coal company Massey Energy further hindered results. Massey's stock tumbled after a fatal accident last spring at one of its West Virginia mines, and we sold the position.

Economically sensitive bias

At period end, the portfolio was positioned for continued slow economic growth with overweights in sectors that are sensitive to economic activity, including consumer discretionary,

Portfolio Manager's Report (continued) – Columbia Mid Cap Value Fund

technology and industrials. We remain focused on companies that can generate improved profitability going forward. As always, the fund's positioning reflects opportunities uncovered by our bottom-up stock selection process. Going forward, we expect the market to benefit from increased merger-and-acquisition activity, as larger companies use their relatively high cash positions to make acquisitions that can help their businesses expand. In addition, we believe stocks have the potential to attract more investor interest from shareholder-friendly initiatives, including the reinstatement or increase in dividends and the introduction of new share repurchase programs.

Equity securities are affected by stock market fluctuations that occur in response to economic and business developments.

Stocks of mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

Top 5 sectors

as of 02/28/11 (%)

Financials					26.5
Consumer Discretionary					12.8
Energy					12.6
Industrials					12.6
Utilities					8.6

Top 10 holdings

as of 02/28/11 (%)

Discover Financial Services					2.0
Spectra Energy					1.8
Parker Hannifin					1.6
Peabody Energy					1.6
PPG Industries					1.6
Lincoln National					1.5
Fifth Third Bancorp					1.5
Equity Residential Property Trust					1.5
Wisconsin Energy					1.4
Murphy Oil					1.4

The fund is actively managed and the composition of its portfolio will change over time. Information provided is calculated as a percentage of net assets.

Investment Portfolio – Columbia Mid Cap Value Fund

February 28, 2011

Common Stocks – 97.4%
	Shares		Value ($)
Consumer Discretionary – 12.8%
Auto Components – 1.7%
BorgWarner, Inc. (a)		652,200		50,617,242
Tenneco, Inc. (a)		860,500		34,316,740
Auto Components Total				84,933,982
Automobiles – 0.5%
Harley-Davidson, Inc.		605,900		24,732,838
Automobiles Total				24,732,838
Hotels, Restaurants & Leisure – 3.0%
Bally Technologies, Inc. (a)		563,500		21,768,005
Darden Restaurants, Inc.		517,600		24,394,488
International Game Technology		1,595,134		26,255,905
Royal Caribbean Cruises Ltd. (a)		1,008,225		44,150,173
Starwood Hotels & Resorts Worldwide, Inc.		609,000		37,209,900
Hotels, Restaurants & Leisure Total				153,778,471
Household Durables – 1.7%
D.R. Horton, Inc.		3,473,325		41,124,168
Stanley Black & Decker, Inc.		610,450		46,290,424
Household Durables Total				87,414,592
Internet & Catalog Retail – 0.5%
Liberty Media Corp., Interactive, Series A (a)		1,571,700		25,241,502
Internet & Catalog Retail Total				25,241,502
Leisure Equipment & Products – 1.2%
Brunswick Corp.		568,800		13,099,464
Hasbro, Inc.		558,550		25,078,895
Mattel, Inc.		915,450		22,941,177
Leisure Equipment & Products Total				61,119,536
Media – 2.0%
CBS Corp., Class B		2,336,300		55,744,118
DISH Network Corp., Class A (a)		2,000,100		46,502,325
Media Total				102,246,443
Multiline Retail – 0.5%
Macy's, Inc.		1,077,300		25,747,470
Multiline Retail Total				25,747,470
Specialty Retail – 1.7%
Foot Locker, Inc.		2,407,100		47,829,077
Limited Brands, Inc.		1,130,450		36,197,009
Specialty Retail Total				84,026,086
Consumer Discretionary Total				649,240,920

	Shares		Value ($)
Consumer Staples – 4.8%
Beverages – 0.6%
Molson Coors Brewing Co., Class B		655,550		29,978,301
Beverages Total				29,978,301
Food & Staples Retailing – 0.8%
Safeway, Inc.		1,852,200		40,415,004
Food & Staples Retailing Total				40,415,004
Food Products – 2.0%
Dean Foods Co. (a)		1,434,400		15,147,264
Hershey Co.		1,025,800		53,669,856
J.M. Smucker Co.		520,465		35,828,811
Food Products Total				104,645,931
Household Products – 0.5%
Clorox Co.		395,950		26,829,572
Household Products Total				26,829,572
Personal Products – 0.9%
Avon Products, Inc.		1,574,200		43,778,502
Personal Products Total				43,778,502
Consumer Staples Total				245,647,310
Energy – 12.6%
Energy Equipment & Services – 4.6%
Cameron International Corp. (a)		647,950		38,313,283
Dresser-Rand Group, Inc. (a)		583,750		28,767,200
Ensco PLC, ADR		765,600		42,950,160
Noble Corp.		1,256,725		56,188,175
Superior Energy Services, Inc. (a)		663,900		25,434,009
Weatherford International Ltd. (a)		1,639,300		39,638,274
Energy Equipment & Services Total				231,291,101
Oil, Gas & Consumable Fuels – 8.0%
Cabot Oil & Gas Corp.		1,284,525		58,651,412
El Paso Corp.		2,063,800		38,386,680
Frontier Oil Corp. (a)		970,400		27,074,160
Murphy Oil Corp.		964,400		70,912,332
Peabody Energy Corp.		1,233,305		80,769,144
QEP Resources, Inc.		695,300		27,499,115
Spectra Energy Corp.		3,330,500		89,090,875
Tesoro Corp. (a)		691,300		16,439,114
Oil, Gas & Consumable Fuels Total				408,822,832
Energy Total				640,113,933

See Accompanying Notes to Financial Statements.

Columbia Mid Cap Value Fund

February 28, 2011

Common Stocks (continued)
	Shares		Value ($)
Financials – 26.5%
Capital Markets – 2.3%
Raymond James Financial, Inc.		1,381,350		52,933,332
TD Ameritrade Holding Corp.		3,035,250		66,168,450
Capital Markets Total				119,101,782
Commercial Banks – 7.1%
CIT Group, Inc. (a)		847,100		36,696,372
City National Corp.		814,287		47,969,647
Comerica, Inc.		922,275		35,876,498
Cullen/Frost Bankers, Inc.		826,225		48,383,736
Fifth Third Bancorp.		5,147,494		75,153,412
Huntington Bancshares, Inc.		5,584,985		38,201,297
SVB Financial Group (a)		770,177		41,728,190
Zions Bancorporation		1,643,625		38,395,080
Commercial Banks Total				362,404,232
Consumer Finance – 2.0%
Discover Financial Services		4,575,409		99,515,145
Consumer Finance Total				99,515,145
Insurance – 4.9%
ACE Ltd.		401,331		25,384,186
Axis Capital Holdings Ltd.		1,108,500		40,260,720
Lincoln National Corp.		2,382,258		75,565,224
Reinsurance Group of America, Inc.		1,141,675		68,945,753
XL Group PLC		1,584,823		37,005,617
Insurance Total				247,161,500
Real Estate Investment Trusts (REITs) – 8.6%
Alexandria Real Estate Equities, Inc.		512,200		41,078,440
Boston Properties, Inc.		591,750		56,760,660
Equity Residential Property Trust		1,340,025		73,848,778
General Growth Properties, Inc. (a)		778,363		12,391,539
Host Hotels & Resorts, Inc.		2,875,097		52,901,785
ProLogis		2,409,200		39,173,592
Rayonier, Inc.		1,029,775		63,156,101
Taubman Centers, Inc.		890,000		49,377,200
Weyerhaeuser Co.		1,970,611		48,102,614
Real Estate Investment Trusts (REITs) Total				436,790,709
Real Estate Management & Development – 0.9%
CB Richard Ellis Group, Inc., Class A (a)		1,777,000		44,496,080
Real Estate Management & Development Total				44,496,080
Thrifts & Mortgage Finance – 0.7%
MGIC Investment Corp. (a)		1,393,154		11,967,193
People's United Financial, Inc.		1,956,550		25,787,329
Thrifts & Mortgage Finance Total				37,754,522
Financials Total				1,347,223,970

	Shares		Value ($)
Health Care – 5.9%
Health Care Equipment & Supplies – 2.3%
Cooper Companies, Inc.		471,775		29,165,130
Teleflex, Inc.		797,925		46,590,841
Zimmer Holdings, Inc. (a)		662,450		41,297,133
Health Care Equipment & Supplies Total				117,053,104
Health Care Providers & Services – 1.3%
Coventry Health Care, Inc. (a)		1,115,100		33,676,020
Quest Diagnostics, Inc.		580,486		32,942,581
Health Care Providers & Services Total				66,618,601
Life Sciences Tools & Services – 1.4%
Agilent Technologies, Inc. (a)		999,825		42,072,636
Mettler-Toledo International, Inc. (a)		154,825		26,532,360
Life Sciences Tools & Services Total				68,604,996
Pharmaceuticals – 0.9%
Watson Pharmaceuticals, Inc. (a)		827,200		46,314,928
Pharmaceuticals Total				46,314,928
Health Care Total				298,591,629
Industrials – 12.6%
Aerospace & Defense – 1.3%
AerCap Holdings NV (a)		3,288,400		44,623,588
L-3 Communications Holdings, Inc.		288,150		22,847,414
Aerospace & Defense Total				67,471,002
Airlines – 0.4%
Delta Air Lines, Inc. (a)		1,796,600		20,193,784
Airlines Total				20,193,784
Building Products – 0.5%
Owens Corning (a)		696,400		24,882,372
Building Products Total				24,882,372
Construction & Engineering – 1.0%
Foster Wheeler AG (a)		1,466,750		53,037,680
Construction & Engineering Total				53,037,680
Electrical Equipment – 1.5%
Babcock & Wilcox Co. (a)		791,600		26,732,332
Cooper Industries PLC, Class A		782,075		50,326,526
Electrical Equipment Total				77,058,858
Machinery – 4.7%
AGCO Corp. (a)		549,475		30,100,240
Crane Co.		718,600		33,946,664
Ingersoll-Rand PLC		824,450		37,347,585
Kennametal, Inc.		749,425		28,822,886
Navistar International Corp. (a)		398,400		24,692,832
Parker Hannifin Corp.		913,350		81,452,553
Machinery Total				236,362,760

See Accompanying Notes to Financial Statements.

Columbia Mid Cap Value Fund

February 28, 2011

Common Stocks (continued)
	Shares		Value ($)
Professional Services – 0.9%
Manpower, Inc.		728,100		46,234,350
Professional Services Total				46,234,350
Road & Rail – 2.3%
Canadian Pacific Railway Ltd.		562,600		38,245,548
Con-way, Inc.		799,873		26,043,865
Hertz Global Holdings, Inc. (a)		3,317,350		50,456,893
Road & Rail Total				114,746,306
Industrials Total				639,987,112
Information Technology – 6.9%
Communications Equipment – 0.5%
Brocade Communications Systems, Inc. (a)		4,311,100		27,461,707
Communications Equipment Total				27,461,707
Computers & Peripherals – 1.1%
Diebold, Inc.		1,558,750		54,805,650
Computers & Peripherals Total				54,805,650
Electronic Equipment, Instruments & Components – 2.0%
Arrow Electronics, Inc. (a)		1,270,725		49,812,420
Molex, Inc.		1,828,750		51,076,987
Electronic Equipment, Instruments & Components Total				100,889,407
Semiconductors & Semiconductor Equipment – 1.8%
Advanced Micro Devices, Inc. (a)		2,459,500		22,651,995
Atmel Corp. (a)		1,799,300		26,413,724
Avago Technologies Ltd.		808,900		27,494,511
Varian Semiconductor Equipment Associates, Inc. (a)		323,300		15,424,643
Semiconductors & Semiconductor Equipment Total				91,984,873
Software – 1.5%
Autodesk, Inc. (a)		910,250		38,276,013
Nuance Communications, Inc. (a)		1,870,300		34,899,798
Software Total				73,175,811
Information Technology Total				348,317,448
Materials – 5.9%
Chemicals – 4.1%
Albemarle Corp.		754,750		43,443,410
Celanese Corp., Series A		932,350		38,645,908
International Flavors & Fragrances, Inc.		497,400		28,326,930

	Shares		Value ($)
LyondellBasell Industries NV, Class A (a)		437,125		16,645,720
PPG Industries, Inc.		894,675		79,071,376
Chemicals Total				206,133,344
Containers & Packaging – 1.3%
Packaging Corp. of America		2,203,500		63,438,765
Containers & Packaging Total				63,438,765
Metals & Mining – 0.5%
United States Steel Corp.		480,375		27,616,759
Metals & Mining Total				27,616,759
Materials Total				297,188,868
Telecommunication Services – 0.8%
Diversified Telecommunication Services – 0.8%
Qwest Communications International, Inc.		5,507,550		37,561,491
Diversified Telecommunication Services Total				37,561,491
Telecommunication Services Total				37,561,491
Utilities – 8.6%
Electric Utilities – 1.8%
American Electric Power Co., Inc.		1,433,925		51,305,837
Northeast Utilities		1,126,725		38,353,719
Electric Utilities Total				89,659,556
Independent Power Producers & Energy Traders – 0.5%
AES Corp. (a)		2,052,674		25,391,577
Independent Power Producers & Energy Traders Total				25,391,577
Multi-Utilities – 6.3%
CMS Energy Corp.		1,596,800		30,754,368
PG&E Corp.		942,875		43,428,822
Public Service Enterprise Group, Inc.		1,245,525		40,728,668
Sempra Energy		1,303,325		69,375,990
Wisconsin Energy Corp.		1,219,475		72,192,920
Xcel Energy, Inc.		2,781,250		66,583,125
Multi-Utilities Total				323,063,893
Utilities Total				438,115,026
Total Common Stocks (cost of $3,730,269,787)				4,941,987,707

See Accompanying Notes to Financial Statements.

Columbia Mid Cap Value Fund

February 28, 2011

Short-Term Obligation – 2.8%
	Par ($)		Value ($)
Repurchase agreement with Fixed Income Clearing Corp., dated 02/28/11, due 03/01/11 at 0.090%, collateralized by a U.S. Government Agency obligation maturing 12/18/13, market value $147,085,125 (repurchase proceeds $144,198,361)		144,198,000		144,198,000
Total Short-Term Obligation (cost of $144,198,000)				144,198,000
Total Investments – 100.2% (cost of $3,874,467,787) (b)				5,086,185,707
Other Assets & Liabilities, Net – (0.2)%				(9,671,096	)
Net Assets – 100.0%				5,076,514,611

Notes to Investment Portfolio:

(a) Non-income producing security.

(b) Cost for federal income tax purposes is $3,894,205,493.

Fair value inputs are summarized in the three broad levels listed below:

• Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

• Level 3 — Valuations based on significant unobservable inputs (including the Fund's own assumptions and judgment in determining the fair value of investments).

The following table is a summary of the inputs used to value the Fund's investments as of February 28, 2011:

Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Common Stocks	$	4,941,987,707	$	—	$	—	$	4,941,987,707
Total Short-Term Obligation		—		144,198,000		—		144,198,000
Total Investments	$	4,941,987,707	$	144,198,000	$	—	$	5,086,185,707

The Fund's assets assigned to the Level 2 input category represent certain short-term obligations which are valued using amortized cost, an income approach which converts future cash flows to a present value based upon the discount or premium at purchase.

There were no significant transfers of financial assets between Levels 1 and 2 during the period.

At February 28, 2011, the Fund held investments in the following sectors:

Sector (Unaudited)	% of Net Assets
Financials		26.5
Consumer Discretionary		12.8
Energy		12.6
Industrials		12.6
Utilities		8.6
Information Technology		6.9
Health Care		5.9
Materials		5.9
Consumer Staples		4.8
Telecommunication Services		0.8
		97.4
Short-Term Obligation		2.8
Other Assets & Liabilities, Net		(0.2	)
		100.0

Acronym				Name
ADR				American Depositary Receipt

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities – Columbia Mid Cap Value Fund
February 28, 2011

		($)
Assets	Investments, at identified cost		3,874,467,787
	Investments, at value		5,086,185,707
	Cash		8,555,136
	Receivable for:
	Investments sold		15,049,141
	Fund shares sold		17,689,178
	Dividends		7,268,816
	Interest		361
	Trustees' deferred compensation plan		47,136
	Prepaid expenses		16,575
	Other assets		982
	Total Assets		5,134,813,032
Liabilities	Expense reimbursement due to Investment Manager		23
	Payable for:
	Investments purchased		42,029,469
	Fund shares repurchased		10,150,175
	Investment advisory fee		2,048,729
	Administration fee		645,777
	Pricing and bookkeeping fees		11,934
	Transfer agent fee		2,384,346
	Trustees' fees		48,511
	Custody fee		23,507
	Distribution and service fees		578,551
	Chief compliance officer expenses		629
	Trustees' deferred compensation plan		47,136
	Other liabilities		329,634
	Total Liabilities		58,298,421
	Net Assets		5,076,514,611
Net Assets Consist of	Paid-in capital		4,521,673,273
	Undistributed net investment income		125,040
	Accumulated net realized loss		(657,001,622	)
	Net unrealized appreciation on investments		1,211,717,920
	Net Assets		5,076,514,611

See Accompanying Notes to Financial Statements.

Statement of Assets and Liabilities (continued) – Columbia Mid Cap Value Fund
February 28, 2011

Class A	Net assets	$	1,511,518,857
	Shares outstanding		106,142,531
	Net asset value per share	$	14.24	(a)
	Maximum sales charge		5.75	%
	Maximum offering price per share	$	15.11	(b)
Class B	Net assets	$	44,651,181
	Shares outstanding		3,215,183
	Net asset value and offering price per share	$	13.89	(a)
Class C	Net assets	$	173,456,751
	Shares outstanding		12,444,266
	Net asset value and offering price per share	$	13.94	(a)
Class I (c)	Net assets	$	150,602,873
	Shares outstanding		10,574,573
	Net asset value, offering and redemption price per share	$	14.24
Class R	Net assets	$	337,000,600
	Shares outstanding		23,686,098
	Net asset value, offering and redemption price per share	$	14.23
Class W (c)	Net assets	$	3,046
	Shares outstanding		214
	Net asset value, offering and redemption price per share	$	14.24	(d)
Class Y	Net assets	$	32,515
	Shares outstanding		2,283
	Net asset value, offering and redemption price per share	$	14.24
Class Z	Net assets	$	2,859,248,788
	Shares outstanding		200,496,740
	Net asset value, offering and redemption price per share	$	14.26

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

(b) On sales of $50,000 or more the offering price is reduced.

(d) Net asset value per share rounds to this amount due to fractional shares outstanding.

See Accompanying Notes to Financial Statements.

Statement of Operations – Columbia Mid Cap Value Fund
For the Year Ended February 28, 2011

		($) (a)
Investment Income	Dividends		99,220,609
	Interest		173,922
	Foreign taxes withheld		(30,176	)
	Total Investment Income		99,364,355
Expenses	Investment advisory fee		24,307,483
	Administration fee		7,614,544
	Distribution fee:
	Class B		399,248
	Class C		1,281,780
	Class R		1,512,389
	Service fee:
	Class B		132,843
	Class C		427,024
	Class W		3
	Distribution and service fees:
	Class A		3,583,587
	Transfer agent fee:
	Class A, Class B, Class C, Class R, Class W, and Class Z		7,175,651
	Class Y		23
	Pricing and bookkeeping fees		141,578
	Trustees' fees		78,684
	Custody fee		106,989
	Registration fees		156,645
	Audit fee		46,885
	Legal fees		48,674
	Reports to shareholders		292,266
	Chief compliance officer expenses		5,030
	Other expenses		148,793
	Total Expenses		47,460,119
	Expense reductions		(289	)
	Net Expenses		47,459,830
	Net Investment Income		51,904,525
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency	Net realized gain on:
	Investments		330,690,724
	Foreign currency transactions		1,343
	Net realized gain		330,692,067
	Net change in unrealized appreciation (depreciation) on investments		792,952,174
	Net Gain		1,123,644,241
	Net Increase Resulting from Operations		1,175,548,766

(a) Class I and Class W shares commenced operations on September 27, 2010.

See Accompanying Notes to Financial Statements.

Statements of Changes in Net Assets – Columbia Mid Cap Value Fund

		Year Ended February 28,
Increase (Decrease) in Net Assets		2011 ($) (a)(b)			2010 ($) (c)(d)
Operations	Net investment income		51,904,525			30,139,302
	Net realized gain (loss) on investments and foreign currency transactions		330,692,067			(299,147,608	)
	Net change in unrealized appreciation (depreciation) on investments		792,952,174			2,039,005,188
	Net increase resulting from operations		1,175,548,766			1,769,996,882
Distributions to Shareholders	From net investment income:
	Class A		(16,528,260	)		(9,486,273	)
	Class B		(347,528	)		(118,551	)
	Class C		(1,183,149	)		(283,569	)
	Class I		(59,745	)		—
	Class R		(2,956,981	)		(1,055,772	)
	Class W		(8	)		—
	Class Y		(255	)		(1,968	)
	Class Z		(36,251,311	)		(19,244,353	)
	From return of capital:
	Class A		—			(1,179,530	)
	Class B		—			(14,741	)
	Class C		—			(35,259	)
	Class R		—			(131,276	)
	Class Y		—			(245	)
	Class Z		—			(2,392,858	)
	Total distributions to shareholders		(57,327,237	)		(33,944,395	)
	Net Capital Stock Transactions		(428,527,709	)		(131,106,499	)
	Increase from regulatory settlements		17,400			44,425
	Total increase in net assets		689,711,220			1,604,990,413
Net Assets	Beginning of period		4,386,803,391			2,781,812,978
	End of period		5,076,514,611			4,386,803,391
	Undistributed (overdistributed) net investment income at end of period		125,040			(48,094	)

(a) Class I and Class W shares commenced operations on September 27, 2010.

(b) Class I and Class W shares reflect activity for the period September 27, 2010 through February 28, 2011.

(d) Class Y shares reflect activity for the period July 15, 2009 through February 28, 2010.

See Accompanying Notes to Financial Statements.

Statements of Changes in Net Assets (continued) – Columbia Mid Cap Value Fund

	Capital Stock Activity
	Year Ended February 28, 2011 (a)(b)						Year Ended February 28, 2010 (c)(d)
	Shares			Dollars ($)			Shares			Dollars ($)
Class A
Subscriptions		24,098,682			295,808,915			34,476,480			320,190,001
Distributions reinvested		1,205,192			14,542,969			1,021,407			9,544,277
Redemptions		(48,053,020	)		(588,007,438	)		(47,315,899	)		(451,182,983	)
Net decrease		(22,749,146	)		(277,655,554	)		(11,818,012	)		(121,448,705	)
Class B
Subscriptions		41,301			494,268			149,471			1,317,009
Distributions reinvested		23,648			276,486			13,472			120,734
Redemptions		(3,076,618	)		(36,566,848	)		(3,787,390	)		(35,177,085	)
Net decrease		(3,011,669	)		(35,796,094	)		(3,624,447	)		(33,739,342	)
Class C
Subscriptions		990,308			12,037,780			1,973,707			18,398,360
Distributions reinvested		73,776			866,581			26,638			240,612
Redemptions		(5,192,512	)		(61,998,199	)		(6,816,392	)		(63,647,129	)
Net decrease		(4,128,428	)		(49,093,838	)		(4,816,047	)		(45,008,157	)
Class I (a)(b)
Subscriptions		11,027,366			149,685,114			—			—
Distributions reinvested		4,539			59,734			—			—
Redemptions		(457,332	)		(6,244,962	)		—			—
Net increase		10,574,573			143,499,886			—			—
Class R
Subscriptions		10,065,747			122,653,544			13,682,875			137,019,802
Distributions reinvested		241,993			2,923,279			123,314			1,166,143
Redemptions		(11,316,146	)		(139,432,480	)		(10,264,977	)		(99,055,533	)
Net increase (decrease)		(1,008,406	)		(13,855,657	)		3,541,212			39,130,412
Class W
Subscriptions		226			2,650			—			—
Redemptions		(12	)		(153	)		—			—
Net increase		214			2,497			—			—
Class Y
Subscriptions		1,130			13,781			207,937			1,954,982
Distributions reinvested		17			201			7			77
Redemptions		—			—			(206,808	)		(2,047,085	)
Net increase (decrease)		1,147			13,982			1,136			(92,026	)
Class Z
Subscriptions		55,584,335			673,554,891			73,875,293			704,601,659
Distributions reinvested		2,057,565			24,860,995			1,549,920			14,489,725
Redemptions		(73,199,198	)		(894,058,817	)		(71,601,663	)		(689,040,065	)
Net increase (decrease)		(15,557,298	)		(195,642,931	)		3,823,550			30,051,319

(a) Class I and Class W shares commenced operations on September 27, 2010.

(b) Class I and Class W shares reflect activity for the period September 27, 2010 through February 28, 2011.

(d) Class Y shares reflect activity for the period July 15, 2009 through February 28, 2010.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Value Fund

Selected data for a share outstanding throughout each period is as follows:

	Year Ended February 28,									Year Ended February 29,			Period Ended February 28,			Year Ended March 31,
Class A Shares	2011			2010			2009			2008			2007 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	11.18		$	6.87		$	13.12		$	15.21		$	15.01		$	14.02
Income from Investment Operations:
Net investment income (c)		0.13	(d)		0.07			0.11			0.13			0.10			0.11
Net realized and unrealized gain (loss) on investments, foreign currency and written options		3.07			4.32			(6.25	)		(1.19	)		1.67			2.47
Total from investment operations		3.20			4.39			(6.14	)		(1.06	)		1.77			2.58
Less Distributions to Shareholders:
From net investment income		(0.14	)		(0.07	)		(0.10	)		(0.16	)		(0.06	)		(0.07	)
From net realized gains		—			—			—			(0.87	)		(1.51	)		(1.52	)
From return of capital		—			(0.01	)		(0.01	)		—			—			—
Total distributions to shareholders		(0.14	)		(0.08	)		(0.11	)		(1.03	)		(1.57	)		(1.59	)
Increase from regulatory settlements		—	(e)		—	(e)		—			—			—			—
Net Asset Value, End of Period	$	14.24		$	11.18		$	6.87		$	13.12		$	15.21		$	15.01
Total return (f)		28.87	%		64.09	%		(47.05	)%		(7.88	)%		13.09	%(g)		20.24	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (h)		1.13	%		1.17	%		1.17	%		1.10	%		1.12	%(i)		1.08	%
Net investment income (h)		1.05	%		0.71	%		0.97	%		0.83	%		0.76	%(i)		0.80	%
Portfolio turnover rate		50	%		56	%		46	%		24	%		53	%(g)		41	%
Net assets, end of period (000s)	$	1,511,519		$	1,441,388		$	966,440		$	1,677,414		$	1,296,803		$	874,429

(a) The Fund changed its fiscal year end from March 31 to February 28. Per share data and total return reflect activity from April 1, 2006 through February 28, 2007.

(b) On August 22, 2005, the Fund's Investor A shares were renamed Class A shares.

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.08 per share.

(e) Rounds to less than $0.01 per share.

(f) Total return at net asset value assuming all distributions reinvested and no initial sales charge or contingent deferred sales charge.

(g) Not annualized.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

(i) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Value Fund

Selected data for a share outstanding throughout each period is as follows:

	Year Ended February 28,									Year Ended February 29,			Period Ended February 28,			Year Ended March 31,
Class B Shares	2011			2010			2009			2008			2007 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	10.94		$	6.73		$	12.86		$	14.94		$	14.80		$	13.89
Income from Investment Operations:
Net investment income (loss) (c)		0.03	(d)		—	(e)		0.02			0.03			—	(e)		0.01
Net realized and unrealized gain (loss) on investments, foreign currency and written options		3.01			4.23			(6.11	)		(1.19	)		1.65			2.43
Total from investment operations		3.04			4.23			(6.09	)		(1.16	)		1.65			2.44
Less Distributions to Shareholders:
From net investment income		(0.09	)		(0.02	)		(0.03	)		(0.05	)		—	(e)		(0.01	)
From net realized gains		—			—			—			(0.87	)		(1.51	)		(1.52	)
From return of capital		—			—	(e)		(0.01	)		—			—			—
Total distributions to shareholders		(0.09	)		(0.02	)		(0.04	)		(0.92	)		(1.51	)		(1.53	)
Increase from regulatory settlements		—	(e)		—	(e)		—			—			—			—
Net Asset Value, End of Period	$	13.89		$	10.94		$	6.73		$	12.86		$	14.94		$	14.80
Total return (f)		27.89	%		62.86	%		(47.41	)%		(8.61	)%		12.36	%(g)		19.32	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (h)		1.88	%		1.92	%		1.92	%		1.85	%		1.87	%(i)		1.84	%
Net investment income (loss) (h)		0.28	%		(0.01	)%		0.18	%		0.18	%		(0.02	)%(i)		0.05	%
Portfolio turnover rate		50	%		56	%		46	%		24	%		53	%(g)		41	%
Net assets, end of period (000s)	$	44,651		$	68,110		$	66,254		$	179,087		$	255,123		$	312,587

(a) The Fund changed its fiscal year end from March 31 to February 28. Per share data and total return reflect activity from April 1, 2006 through February 28, 2007.

(b) On August 22, 2005, the Portfolio's Investor B shares were renamed Class B shares.

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.08 per share.

(e) Rounds to less than $0.01 per share.

(f) Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(g) Not annualized.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

(i) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Value Fund

Selected data for a share outstanding throughout each period is as follows:

	Year Ended February 28,									Year Ended February 29,			Period Ended February 28,			Year Ended March 31,
Class C Shares	2011			2010			2009			2008			2007 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	10.98		$	6.75		$	12.90		$	14.99		$	14.84		$	13.93
Income from Investment Operations:
Net investment income (loss) (c)		0.04	(d)		—	(e)		0.02			0.01			—	(e)		0.01
Net realized and unrealized gain (loss) on investments, foreign currency and written options		3.01			4.25			(6.13	)		(1.18	)		1.66			2.43
Total from investment operations		3.05			4.25			(6.11	)		(1.17	)		1.66			2.44
Less Distributions to Shareholders:
From net investment income		(0.09	)		(0.02	)		(0.03	)		(0.05	)		—	(e)		(0.01	)
From net realized gains		—			—			—			(0.87	)		(1.51	)		(1.52	)
From return of capital		—			—	(e)		(0.01	)		—			—			—
Total distributions to shareholders		(0.09	)		(0.02	)		(0.04	)		(0.92	)		(1.51	)		(1.53	)
Increase from regulatory settlements		—	(e)		—	(e)		—			—			—			—
Net Asset Value, End of Period	$	13.94		$	10.98		$	6.75		$	12.90		$	14.99		$	14.84
Total return (f)		27.88	%		62.97	%		(47.42	)%		(8.65	)%		12.40	%(g)		19.25	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (h)		1.88	%		1.92	%		1.92	%		1.85	%		1.87	%(i)		1.84	%
Net investment income (loss) (h)		0.30	%		(0.03	)%		0.19	%		0.07	%		0.03	%(i)		0.05	%
Portfolio turnover rate		50	%		56	%		46	%		24	%		53	%(g)		41	%
Net assets, end of period (000s)	$	173,457		$	181,941		$	144,370		$	318,190		$	249,067		$	123,789

(a) The Fund changed its fiscal year end from March 31 to February 28. Per share data and total return reflect activity from April 1, 2006 through February 28, 2007.

(b) On August 22, 2005, the Portfolio's Investor C shares were renamed Class C shares.

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.08 per share.

(e) Rounds to less than $0.01 per share.

(f) Total return at net asset value assuming all distributions reinvested and no contingent deferred sales charge.

(g) Not annualized.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

(i) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Value Fund

Selected data for a share outstanding throughout the period is as follows:

Class I Shares	Period Ended February 28, 2011 (a)
Net Asset Value, Beginning of Period	$	11.68
Income from Investment Operations:
Net investment income (b)		0.03
Net realized and unrealized gain on investments and foreign currency		2.58
Total from investment operations		2.61
Less Distributions to Shareholders:
From net investment income		(0.05	)
Net Asset Value, End of Period	$	14.24
Total return (c)(d)		22.40	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)(f)		0.72	%
Net investment income (e)(f)		0.53	%
Portfolio turnover rate (d)		50	%
Net assets, end of period (000s)	$	150,603

(a) Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Not annualized.

(e) Annualized.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Value Fund

Selected data for a share outstanding throughout each period is as follows:

	Year Ended February 28,									Year Ended February 29,			Period Ended February 28,			Period Ended March 31,
Class R Shares	2011			2010			2009			2008			2007 (a)			2006 (b)
Net Asset Value, Beginning of Period	$	11.18		$	6.87		$	13.11		$	15.21		$	15.01		$	14.25
Income from Investment Operations:
Net investment income (c)		0.10	(d)		0.04			0.09			0.05			0.08			0.01
Net realized and unrealized gain (loss) on investments, foreign currency and written options		3.07			4.33			(6.24	)		(1.16	)		1.66			0.75
Total from investment operations		3.17			4.37			(6.15	)		(1.11	)		1.74			0.76
Less Distributions to Shareholders:
From net investment income		(0.12	)		(0.05	)		(0.08	)		(0.12	)		(0.03	)		—	(e)
From net realized gains		—			—			—			(0.87	)		(1.51	)		—
From return of capital		—			(0.01	)		(0.01	)		—			—			—
Total distributions to shareholders		(0.12	)		(0.06	)		(0.09	)		(0.99	)		(1.54	)		—	(e)
Increase from regulatory settlements		—	(e)		—	(e)		—			—			—			—
Net Asset Value, End of Period	$	14.23		$	11.18		$	6.87		$	13.11		$	15.21		$	15.01
Total return (f)		28.53	%		63.69	%		(47.13	)%		(8.17	)%		12.86	%(g)		5.36	%(g)
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (h)		1.38	%		1.42	%		1.42	%		1.35	%		1.37	%(i)		1.44	%(i)
Net investment income (h)		0.80	%		0.44	%		0.94	%		0.35	%		0.61	%(i)		0.44	%(i)
Portfolio turnover rate		50	%		56	%		46	%		24	%		53	%(g)		41	%(g)
Net assets, end of period (000s)	$	337,001		$	276,046		$	145,227		$	46,252		$	7,337		$	10

(a) The Fund changed its fiscal year end from March 31 to February 28. Per share data and total return reflect activity from April 1, 2006 through February 28, 2007.

(b) The Fund's Class R shares commenced operations on January 23, 2006. Per share data and total return reflect activity from that date.

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.08 per share.

(e) Rounds to less than $0.01 per share.

(f) Total return at net asset value assuming all distributions reinvested.

(g) Not annualized.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

(i) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Value Fund

Selected data for a share outstanding throughout the period is as follows:

Class W Shares	Period Ended February 28, 2011 (a)
Net Asset Value, Beginning of Period	$	11.69
Income from Investment Operations:
Net investment income (b)		0.02
Net realized and unrealized gain on investments and foreign currency		2.57
Total from investment operations		2.59
Less Distributions to Shareholders:
From net investment income		(0.04	)
Net Asset Value, End of Period	$	14.24
Total return (c)(d)		22.17	%
Ratios to Average Net Assets/Supplemental Data:
Net expenses (e)(f)		1.14	%
Net investment income (e)(f)		0.34	%
Portfolio turnover rate (d)		50	%
Net assets, end of period (000s)	$	3

(a) Class W shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(d) Not annualized.

(e) Annualized.

(f) The benefits derived from expense reductions had an impact of less than 0.01%.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Value Fund

Selected data for a share outstanding throughout each period is as follows:

Class Y Shares	Year Ended February 28, 2011			Period Ended February 28, 2010 (a)
Net Asset Value, Beginning of Period	$	11.18		$	8.86
Income from Investment Operations:
Net investment income (b)		0.16	(c)		0.08
Net realized and unrealized gain on investments and foreign currency		3.08			2.31
Total from investment operations		3.24			2.39
Less Distributions to Shareholders:
From net investment income		(0.18	)		(0.06	)
From return of capital		—			(0.01	)
Total distributions to shareholders		(0.18	)		(0.07	)
Increase from regulatory settlements (d)		—			—
Net Asset Value, End of Period	$	14.24		$	11.18
Total return (e)		29.23	%		27.00	%(f)
Ratios to Average Net Assets/Supplemental Data:
Net expenses (g)		0.81	%		0.76	%(h)
Net investment income (g)		1.25	%		1.28	%(h)
Portfolio turnover rate		50	%		56	%(f)
Net assets, end of period (000s)	$	33		$	13

(a) Class Y shares commenced operations on July 15, 2009. Per share data and total return reflect activity from that date.

(b) Per share data was calculated using the average shares outstanding during the period.

(c) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.08 per share.

(d) Rounds to less than $0.01 per share.

(e) Total return at net asset value assuming all distributions reinvested.

(f) Not annualized.

(g) The benefits derived from expense reductions had an impact of less than 0.01%.

(h) Annualized.

See Accompanying Notes to Financial Statements.

Financial Highlights – Columbia Mid Cap Value Fund

Selected data for a share outstanding throughout each period is as follows:

		Year Ended February 28,									Year Ended February 29,			Period Ended February 28,			Year Ended March 31,
Class Z Shares		2011			2010			2009			2008			2007 (a)			2006 (b)
Net Asset Value, Beginning of Period		$	11.20		$	6.88		$	13.13		$	15.23		$	15.03		$	14.04
Income from Investment Operations:
Net investment income (c)			0.16	(d)		0.09			0.14			0.17			0.13			0.13
Net realized and unrealized gain (loss) on investments, foreign currency and written options			3.07			4.33			(6.25	)		(1.21	)		1.68			2.49
Total from investment operations			3.23			4.42			(6.11	)		(1.04	)		1.81			2.62
Less Distributions to Shareholders:
From net investment income			(0.17	)		(0.09	)		(0.13	)		(0.19	)		(0.10	)		(0.11	)
From net realized gains			—			—			—			(0.87	)		(1.51	)		(1.52	)
From return of capital			—			(0.01	)		(0.01	)		—			—			—
Total distributions to shareholders			(0.17	)		(0.10	)		(0.14	)		(1.06	)		(1.61	)		(1.63	)
Increase from regulatory settlements			—	(e)		—	(e)		—			—			—			—
Net Asset Value, End of Period	��	$	14.26		$	11.20		$	6.88		$	13.13		$	15.23		$	15.03
Total return (f)			29.14	%		64.55	%		(46.87	)%		(7.70	)%		13.36	%(g)		20.49	%
Ratios to Average Net Assets/ Supplemental Data:
Net expenses (h)			0.88	%		0.92	%		0.92	%		0.85	%		0.87	%(i)		0.84	%
Net investment income (h)			1.30	%		0.95	%		1.23	%		1.10	%		1.00	%(i)		0.94	%
Portfolio turnover rate			50	%		56	%		46	%		24	%		53	%(g)		41	%
Net assets, end of period (000s)		$	2,859,249		$	2,419,305		$	1,459,522		$	2,109,483		$	1,758,133		$	1,415,664

(a) The Fund changed its fiscal year end from March 31 to February 28. Per share data and total return reflect activity from April 1, 2006 through February 28, 2007.

(b) On August 22, 2005, the Fund's Primary A shares were renamed Class Z shares.

(d) Net investment income per share reflects a special dividend. The effect of this dividend amounted to $0.08 per share.

(e) Rounds to less than $0.01 per share.

(f) Total return at net asset value assuming all distributions reinvested.

(g) Not annualized.

(h) The benefits derived from expense reductions had an impact of less than 0.01%.

(i) Annualized.

See Accompanying Notes to Financial Statements.

Notes to Financial Statements – Columbia Mid Cap Value Fund
February 28, 2011

Note 1. Organization

Columbia Mid Cap Value Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

Investment Objective

The Fund seeks long-term capital appreciation.

Fund Shares

The Trust has unlimited authorized shares of beneficial interest. The Fund offers Class A, Class B, Class C, Class I, Class R, Class W, Class Y and Class Z shares. On December 17, 2010, the Investment Manager exchanged Class Z shares valued at $60,923,362 for Class I shares. The Fund is also authorized to issue Class R4 shares, however this share class is not currently offered for sale. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class I shares are not subject to sales charges and are available only to the Columbia Family of Funds. Class I shares became effective September 27, 2010.

Class R shares are not subject to sales charges and are available only to qualifying institutional investors.

Class Y shares are not subject to sales charges and are available only to certain investors, as described in the Fund's prospectus.

Class Z shares are not subject to sales charges and are available only to certain investors, as described in the Fund's prospectus.

Note 2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

Security Valuation

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Columbia Mid Cap Value Fund, February 28, 2011

Repurchase Agreements

Security Transactions

Income Recognition

Interest income is recorded on the accrual basis. Market premium and discount are amortized and accreted, respectively, on all debt securities, unless otherwise noted. Original issue discount is accreted to interest income over the life of the security with a corresponding increase in the cost basis, if any.

Corporate actions and dividend income are recorded on the ex-date.

Expenses

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses which are charged directly to a share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each, for purposes of determining the net asset value of each class.

Federal Income Tax Status

Distributions to Shareholders

Columbia Mid Cap Value Fund, February 28, 2011

Indemnification

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Services Fee

The Investment Manager determines which securities will be purchased, held or sold. The management fee is based on the Fund's average daily net assets at the following annual rates:

Average Daily Net Assets	Annual Fee Rate
First $500 million		0.65	%
$500 million to $1 billion		0.60	%
$1 billion to $1.5 billion		0.55	%
Over $1.5 billion		0.50	%

The effective management fee rate for the year ended February 28, 2011, was 0.53% of the Fund's average daily net assets.

Administration Fee

Pricing and Bookkeeping Fees

Transfer Agent Fee

In connection with the Closing, RiverSource Service Corporation, a wholly owned subsidiary of Ameriprise Financial, became the transfer agent of the Fund and changed its name to Columbia Management Investment Services Corp. (the New Transfer Agent). The New Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent. The New Transfer Agent receives monthly account-based service fees that vary by class and are based on the number of open accounts and asset-based fees, calculated based on assets held in omnibus accounts, which are intended to reimburse the New Transfer Agent for certain sub-transfer agent fees (exclusive of BFDS fees). The New Transfer

Columbia Mid Cap Value Fund, February 28, 2011

Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Fund.

The New Transfer Agent receives reimbursement for certain out-of-pocket expenses and may also receive compensation for various shareholder services.

For the year ended February 28, 2011, the Fund's effective transfer agent fee rate for each class, with the exception of Class I shares, as a percentage of the average daily net assets was as follows

Class A				Class B				Class C				Class R				Class W				Class Y				Class Z
	0.16	%			0.16	%			0.16	%			0.16	%			0.16	%			0.12	%			0.16	%

Class I shares do not pay transfer agent fees.

Underwriting Discounts, Service and Distribution Fees

For the year ended February 28, 2011, initial sales charges paid by shareholders on the purchase of Class A shares amounted to $33,695 and net CDSC fees paid by shareholders on certain redemptions of Class A, Class B and Class C shares amounted to $4,114, $56,082 and $9,853, respectively.

The annual rates in effect and plan limits, as a percentage of average daily net assets are as follows:

	Current Rate			Plan Limit
Class A Combined Distribution and Shareholder Servicing Plan		0.25	%		0.25	%
Class B and Class C Shareholder Servicing Plans		0.25	%		0.25	%
Class B and Class C Distribution Plans		0.75	%		0.75	%
Class R Distribution Plan		0.50	%		0.50	%
Class W Shareholder Servicing Plan		0.25	%		0.25	%¹
Class W Distribution Plan		0.00	%		0.25	%¹

Expense Limits and Fee Waivers

Effective September 27, 2010, the Investment Manager has voluntarily agreed to reimburse a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any brokerage commissions, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rates of 1.30%, 2.05%, 2.05%, 0.91%, 1.55%, 1.30%, 1.05% and 1.05% of the Fund's average daily net assets

Columbia Mid Cap Value Fund, February 28, 2011

attributable to Class A, Class B, Class C, Class I, Class R, Class W, Class Y and Class Z shares, respectively. This arrangement may be modified or terminated by the Investment Manager at any time.

Effective April 30, 2011, the Investment Manager and certain affiliates have contractually agreed to waive fees or reimburse expenses through June 30, 2012, so that the Fund's ordinary operating expenses (excluding certain expenses, such as transaction costs and brokerage commissions, interest, taxes, acquired fund fees and expenses, and extraordinary expenses, if any), after giving effect to any balance credits or overdraft charges from the Fund's custodian, do not exceed the annual rates of 1.19%, 1.94%, 1.94%, 0.80%, 1.44%, 1.19%, 0.94% and 0.94% of the Fund's average daily net assets attributable to Class A, Class B, Class C, Class I, Class R, Class W, Class Y and Class Z shares, respectively. This expense arrangement is made pursuant to a fee waiver and expense cap agreement that my be modified or amended only with the approval from all parties to such arrangements, including the Fund and the Investment Manager.

Fees Paid to Officers and Trustees

Other Related Party Transactions

Prior to the Closing, the Fund used one or more brokers that were affiliates of BOA in connection with the purchase and sale of its securities. Total brokerage commissions paid to affiliated brokers for the period prior to the Closing were $11,204.

Note 4. Custody Credits

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of securities, excluding short-term obligations, aggregated $2,222,660,861 and $2,775,134,152, respectively, for the year ended February 28, 2011.

Note 6. Regulatory Settlements

During the year ended February 28, 2011, and the year ended February 28, 2010, the Fund received payments totaling $17,400 and $44,425, respectively, resulting from certain regulatory settlements in which the Fund had participated during the respective periods.

Columbia Mid Cap Value Fund, February 28, 2011

The payments have been included in "Increase from regulatory settlements" in the Statement of Changes in Net Assets.

Note 7. Shareholder Concentration

As of February 28, 2011, two shareholder accounts owned 20.2% of the outstanding shares of the Fund. Purchase and redemption activity of these accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

For the year ended February 28, 2011, the Fund did not borrow under these arrangements.

Note 9. Federal Tax Information

For the year ended February 28, 2011, permanent book and tax basis differences resulting primarily from differing treatments for excess distributions, proceeds from litigation settlements, foreign currency transactions and non-taxable dividends were identified and reclassified among the components of the Fund's net assets as follows:

Undistributed Net Investment Income				Accumulated Net Realized Loss				Paid-In Capital
$	5,595,846			$	110,489			$	(5,706,335	)

Net investment income and net realized gains (losses), as disclosed on the Statement of Operations, and net assets were not affected by this reclassification.

The tax character of distributions paid during the years ended February 28, 2011 and February 28, 2010 was as follows:

	February 28,
Distributions paid from	2011		2010
Ordinary Income*	$	57,327,237	$	30,190,486
Return of Capital	$	—		3,753,909

* For tax purposes short-term capital gain distributions, if any, are considered ordinary income distributions.

As of February 28, 2011, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income				Undistributed Long-Term Capital Gains				Net Unrealized Appreciation*
$	—			$	—			$	1,191,980,214

* The differences between book-basis and tax-basis net unrealized appreciation are primarily due to deferral of losses from wash sales and non-taxable dividends received.

Unrealized appreciation and depreciation at February 28, 2011, based on cost of investments for federal income tax purposes were:

Unrealized appreciation	$	1,293,261,750
Unrealized depreciation		(101,281,536	)
Net unrealized appreciation	$	1,191,980,214

The following capital loss carryforwards, determined as of February 28, 2011, may be available to reduce taxable income

Columbia Mid Cap Value Fund, February 28, 2011

arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration		Capital Loss Carryforwards
	2017	$	34,355,167
	2018		602,735,614
		$	637,090,781

Capital loss carryforwards of $276,718,220 were utilized during the year ended February 28, 2011.

Note 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

Columbia Mid Cap Value Fund, February 28, 2011

Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds' Boards of Directors/Trustees.

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and the Shareholders of Columbia Mid Cap Value Fund

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Mid Cap Value Fund (the "Fund") (a series of Columbia Funds Series Trust) at February 28, 2011, and the results of its operations, the changes in its net assets, and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
April 21, 2011

Federal Income Tax Information (Unaudited) – Columbia Mid Cap Value Fund

For non-corporate shareholders, 90.08% or the maximum amount allowable under the Jobs and Growth Tax Relief Reconciliation Act of 2003, of the ordinary income distributed by the Fund for the fiscal year ended February 28, 2011 may represent qualified dividend income.

90.08% of the ordinary income distributed by the Fund for the fiscal year ended February 28, 2011, qualifies for the corporate dividends received deduction.

The Fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Fund Governance

Independent Trustees

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office				Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Edward J. Boudreau, Jr. (Born 1944)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2005)				Managing Director—E.J. Boudreau & Associates (consulting), from 2000 through current; oversees 44; Trustee—BofA Funds Series Trust.

William P. Carmichael (Born 1943)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 1999)				Retired; Oversees 44; Director—Cobra Electronics Corporation (electronic equipment manufacturer); Director—McMoRan Exploration Company (oil and gas exploration and development); Director—The Finish Line (athletic shoes and apparel); Trustee—BofA Funds Series Trust; Former Director—Simmons Company (bedding).

William A. Hawkins (Born 1942)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2005)				Managing Director—Overton Partners (financial consulting), August 2010 to present; President and Chief Executive Officer—California General Bank, N.A., from January 2008 through August 2010; oversees 44; Trustee—BofA Funds Series Trust.

R. Glenn Hilliard (Born 1943)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2005)				Chairman and Chief Executive Officer—Hilliard Group LLC (investing and consulting), from April 2003 through current; Non-Executive Director & Chairman—CNO Financial, Inc. (formerly Conseco, Inc.) (insurance), September 2003 through current; Executive Chairman—Conseco, Inc. (insurance), August 2004 through September 2005; oversees 44; Trustee—BofA Funds Series Trust.

John J. Nagorniak (Born 1944)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2008)				Retired; President and Director—Foxstone Financial, Inc. (consulting), 2000 through December 2007; Director—Mellon Financial Corporation affiliates (investing), 2000 through 2007; Chairman—Franklin Portfolio Associates (investing—Mellon affiliate), 1982 through 2007; oversees 44; Director—MIT Investment Company; Trustee—MIT 401k Plan.

Fund Governance (continued)

Independent Trustees (continued)

Name, Address and Year of Birth, Position with Funds, Year First Elected or Appointed to Office				Principal Occupation(s) During Past Five Years, Number of Funds in the Columbia Funds Complex Overseen by Trustee, Other Directorships Held
Minor M. Shaw (Born 1947)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2003)				President—Micco Corporation and Mickel Investment Group; oversees 44; Board Member—Piedmont Natural Gas; Trustee—BofA Funds Series Trust.

Interested Trustee

Anthony M. Santomero¹ (Born 1946)

c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110 Trustee (since 2008)				Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, from 2002 through current; Senior Advisor—McKinsey & Company (consulting), July 2006 through January 2008; President and Chief Executive Officer—Federal Reserve Bank of Philadelphia, July 2000 through April 2006; oversees 44; Director—Renaissance Reinsurance Ltd; Trustee—Penn Mutual Life Insurance Company; Director—Citigroup, Inc.; Citibank, N.A.; Trustee—BofA Funds Series Trust.

The Statement of Additional Information includes additional information about the Trustees of the Funds and is available, without charge, upon request by calling 800-345-6611.

Officers

Name, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
J. Kevin Connaughton (Born 1964)

225 Franklin Street Boston, MA 02110 President (since 2009)				Senior Vice President and General Manager—Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; President, Columbia Funds, since 2009, and RiverSource Funds, since May 2010 (previously Senior Vice President and Chief Financial Officer, Columbia Funds, from June 2008 to January 2009, Treasurer, Columbia Funds, from October 2003 to May 2008, and senior officer of various other affiliated funds since 2000); Managing Director, Columbia Management Advisors, LLC from December 2004 to April 2010.

Michael G. Clarke (Born 1969)

225 Franklin Street Boston, MA 02110 Senior Vice President and Chief Financial Officer (since 2009)				Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, from September 2004 to April 2010; senior officer of Columbia Funds and affiliated funds since 2002.

Fund Governance (continued)

Officers (continued)

Name, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
Scott R. Plummer (Born 1959)

5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President, Secretary and Chief Legal Officer (since 2010)				Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel—Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel—Asset Management, from 2005 to April 2010, and Vice President—Asset Management Compliance from 2004 to 2005); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006; Vice President, General Counsel and Secretary, RiverSource Funds, since December 2006; Senior Vice President, Secretary and Chief Legal Officer, Columbia Funds, since May 2010.

Linda J. Wondrack (Born 1964)

225 Franklin Street Boston, MA 02110 Senior Vice President and Chief Compliance Officer (since 2007)				Vice President and Chief Compliance Officer, Columbia Management Investment Advisers, LLC since May 2010; Chief Compliance Officer, Columbia Funds, since 2007, and RiverSource Funds, since May 2010; Director (Columbia Management Group, LLC and Investment Product Group Compliance), Bank of America, from June 2005 to April 2010.

William F. Truscott (Born 1960)

53600 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)				Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010 (previously President, Chairman of the Board and Chief Investment Officer, from 2001 to April 2010); Chief Executive Officer, U.S. Asset Management & President, Annuities, Ameriprise Financial, Inc. since May 2010 (previously President—U.S. Asset Management and Chief Investment Officer from 2005 to April 2010, and Senior Vice President—Chief Investment Officer, from 2001 to 2005); Director, President and Chief Executive Officer, Ameriprise Certificate Company since 2006; Director, Columbia Management Investment Distributors, Inc. since May 2010 (previously Chairman of the Board and Chief Executive Officer from 2008 to April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006.

Colin Moore (Born 1958)

225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)				Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer of Columbia Management Advisors, LLC from 2007 to April 2010; Head of Equities, Columbia Management Advisors, LLC from 2002 to 2007.

Michael A. Jones (Born 1959)

225 Franklin Street Boston, MA 02110 Senior Vice President (since 2010)				President and Director, Columbia Management Investment Advisers, LLC since May 2010; President and Director, Columbia Management Investment Distributors, Inc. since May 2010; Manager, Chairman, Chief Executive Officer and President, Columbia Management Advisors, LLC from 2007 to April 2010; Chief Executive Officer, President and Director, Columbia Management Distributors, Inc. from November 2006 to April 2010; previously, co-president and senior managing director at Robeco Investment Management.

Fund Governance (continued)

Officers (continued)

Name, Year of Birth and Address				Principal Occupation(s) During the Past Five Years
Amy Johnson (Born 1965)

5228 Ameriprise Financial Center Minneapolis, MN 55474 Senior Vice President (since 2010)				Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, from 2009 until April 2010, Vice President—Asset Management and Trust Company Services, from 2006 to 2009, and Vice President—Operations and Compliance from 2004 to 2006).

Joseph F. DiMaria (Born 1968)

225 Franklin Street Boston, MA 02110 Treasurer (since 2010) and Chief Accounting Officer (since 2008)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC from January 2006 to April 2010; Head of Tax/Compliance and Assistant Treasurer, Columbia Management Advisors, LLC, from November 2004 to December 2005.

Marybeth Pilat (Born 1968)

225 Franklin Street Boston, MA 02110 Deputy Treasurer (since 2010)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Vice President, Investment Operations, Bank of America, from October 2008 to April 2010; Finance Manager, Boston Children's Hospital from August 2008 to October 2008; Director, Mutual Fund Administration, Columbia Management Advisors, LLC, from May 2007 to July 2008; Vice President, Mutual Fund Valuation, Columbia Management Advisors, LLC, from January 2006 to May 2007; Vice President, Mutual Fund Accounting Oversight, Columbia Management Advisors, LLC from January 2005 to January 2006.

Julian Quero (Born 1967)

225 Franklin Street Boston, MA 02110 Deputy Treasurer (since 2008)				Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, from August 2008 to April 2010; Senior Tax Manager, Columbia Management Advisors, LLC from August 2006 to July 2008; Senior Compliance Manager, Columbia Management Advisors, LLC from April 2002 to August 2006.

Stephen T. Welsh (Born 1957)

225 Franklin Street Boston, MA 02110 Vice President (since 2006)				President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc. from July 2004 to April 2010; Managing Director, Columbia Management Distributors, Inc. from August 2007 to April 2010.